Document:

SECOND
        AMENDED AND RESTATED

       

      LIMITED
        LIABILITY COMPANY AGREEMENT

       

      OF

       

      ZYMAN
        GROUP, LLC

       

      THIS
        SECOND AMENDED AND RESTATED OPERATING AGREEMENT
        (as
        amended, this “Agreement”),
        dated
        as of January 11, 2008, is made and entered into by and among ZG ACQUISITION
        INC.,
        a
        Delaware corporation (“MDC”),
        ZYMAN
        COMPANY, INC.,
        a
        Delaware corporation (“Zyman”);
        the
        management unitholders signatory hereto (together with any management
        unitholders who are admitted as members following the date hereof pursuant
        to
        Section 2.4, the “Management
        Unitholders”
(which
        term, for the avoidance of any doubt, shall not include Sergio Zyman
        (“SZ”));
        the
        Management Unitholders together with Zyman and MDC collectively referred
        to as
        the “Members”
and
        individually a “Member”),
        MDC
        PARTNERS INC.,
        a
        corporation organized under the federal laws of Canada (“MDC
        Partners”),
        and
ZYMAN
        GROUP, LLC,
        a
        Delaware limited liability company (the “Company”).
        Capitalized terms used herein and not otherwise defined shall have the meanings
        ascribed to such terms in Article XIII.

       

      WHEREAS,
        Zyman
        and the Management Unitholders are parties to a Limited Liability Company
        Agreement (the “Original
        Operating Agreement”);

       

      WHEREAS,
        pursuant to the Membership Unit Purchase Agreement dated April 1, 2005 (the
        “Purchase
        Agreement”),
        Zyman
        and certain Management Unitholders sold, transferred, conveyed and delivered
        to
        MDC 30,794,384 Class B Units, which units were, effective upon such transfer,
        automatically converted into Class A Units of the Company pursuant to the
        terms
        of the Original Operating Agreement (the “Purchase
        Transaction”),
        such
        that immediately after giving effect to such transfer, the issued and
        outstanding Units of the Company were as set forth on Schedule
        2.1;
        and

       

      WHEREAS,
        in
        connection with the Closing of the Purchase Transaction, the Members admitted
        MDC as a member, and amended and restated the Original Operating Agreement
        in
        the form hereof;

       

      WHEREAS,
        pursuant to an amendment dated as of January 31, 2006, MDC Partners and Zyman
        agreed to amend certain terms and conditions in the Company’s Amended and
        Restated Operating Agreement, which amended terms and conditions are reflected
        in this Agreement;

       

      WHEREAS,
        in
        connection with the Company’s (i) acquisition of substantially all of the assets
        of Tybrett Co., a Georgia corporation doing business as Core Strategy Group
        (“Core
        Strategy”)
        and
        (ii) proposed acquisition of the assets of DMG, Inc. (“DMG”)
        on the
        date hereof (collectively, the “2008
        Acquisitions”),
        the
        Company and its Board of Managers have determined to authorize and issue
        new
        Class C units and to further amend this Agreement on the terms and conditions
        set forth herein;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      NOW,
        THEREFORE,
        in
        consideration of the mutual covenants and agreements set forth in this
        Agreement, and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the Members and the other parties
        hereto do hereby agree as follows:

       

      ARTICLE
        I

       

      FORMATION
        OF LIMITED LIABILITY COMPANY

       

      Section
        1.1   Formation.
        The
        Company was formed as a limited liability company under the laws of the State
        of
        Delaware by the filing with the Secretary of State of Delaware of the
        Certificate of Formation (as may be amended from time to time, the “Certificate”).
        

       

      Section
        1.2   Purpose.
        The
        Company may engage in any lawful business of every kind and character for
        which
        a limited liability company may be organized under the Delaware Limited
        Liability Company Act (as amended from time to time, the “Act”)
        or any
        successor statute. The Company shall have all of the powers provided for
        a
        limited liability company under the Act.

       

      Section
        1.3   Offices;
        Registered Agent.
        The
        principal place of business of the Company shall be 950 East Paces Ferry
        Road,
        N.E., Suite 3300, Atlanta, Georgia 30326, or such other principal place of
        business as the Managers (as defined in Section 11.5) may from time to time
        determine. The Company may have, in addition to such office, such other offices
        and places of business at such locations, both within and without the State
        of
        Delaware, as the Managers may from time to time determine or the business
        and
        affairs of the Company may require. The registered agent of the Company in
        the
        State of Delaware shall be the initial registered agent named in the Certificate
        or such other Person (as defined in Section 13.1) as the Managers may designate
        from time to time in the manner provided by law.

       

      Section
        1.4   Filings
        and Foreign Qualification.
        Upon
        the request of the Managers, the Members shall promptly execute and deliver
        all
        such certificates and other instruments conforming hereto as shall be necessary
        for the Managers to accomplish all filing, recording, publishing and other
        acts
        appropriate to comply with all requirements for the formation and operation
        of a
        limited liability company under the laws of the State of Delaware and for
        the
        qualification and operation of a limited liability company in all other
        jurisdictions where the Company shall propose to conduct business.

       

      Section
        1.5   Term.
        The
        Company commenced on the date the Company initially filed its Certificate
        with
        the Secretary of State of Delaware and shall continue in existence, unless
        sooner terminated in accordance with the provisions of this
        Agreement.

       

      
        
          
          

        

        
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      ARTICLE
        II

       

      MEMBERS;
        MEMBERSHIP INTERESTS; UNITS

       

      Section
        2.1   Members
        and Membership Units.
        

       

      (a) `The
        Company is authorized to issue 31,500,000 Class A Units and 25,000,000 Class
        B
        Units and the issued Class A Units and Class B Units are allocated among
        the
        Members as set forth on Schedule
        2.1.
        Except
        as the Board of Managers may otherwise determine, all Units acquired by the
        Company from any Member pursuant to Article X hereof or otherwise shall not
        be
        cancelled but shall constitute authorized but unissued Units. Upon any change
        in
        the Members or Units, including by reason of the issuance of additional Units,
        Schedule
        2.1 shall
        be
        deemed to be updated to reflect such changes and the Members agree to complete
        a
        revised Schedule
        2.1
        hereof,
        which shall be deemed incorporated into this Agreement as part of this Section
        2.1.

       

      (b) The
        Company is authorized to issue 1,000,000 Class C Units among the Members
        as set
        forth on Schedule
        2.1, which
        Class C Units shall be issued pursuant to the Company’s 2008
        Restricted Unit Plan
        simultaneously adopted by the Board of Managers. Except as the Board of Managers
        may otherwise determine, all Units acquired by the Company from any Member
        pursuant to Article X hereof or otherwise shall not be cancelled but shall
        constitute authorized but unissued Units. Upon any change in the Members
        or
        Units, including by reason of the issuance of additional Units, Schedule
        2.1 shall
        be
        deemed to be updated to reflect such changes and the Members agree to complete
        a
        revised Schedule
        2.1
        hereof,
        which shall be deemed incorporated into this Agreement as part of this Section
        2.1.

       

      Section
        2.2   Classes
        of Units.
        

       

      (a) Class
        A Units.
        The
        Class A Units shall have the following characteristics: (i) an initial Unit
        Capital Account (as defined in Section 7.2(e) hereof), (ii) provisions relating
        to transfer as provided in Article X hereof, (iii) entitlement to a share
        of
        Profits and Losses as set forth in Section 3.3, (iv) entitlement to
        distributions as provided in Sections 3.4 and 9.2, (v) entitlement to
        allocations of PBT as provided in Section 3.5 and (vi) voting rights equal
        to
        one vote per Unit.

       

      (b) Class
        B Units.
        The
        Class B Units shall have the following characteristics: (i) an initial Unit
        Capital Account (as defined in Section 7.2(e) hereof), (ii) provisions relating
        to transfer as provided in Article X hereof, (iii) entitlement to a share
        of
        Profits and Losses as set forth in Section 3.3, (iv) entitlement to
        distributions as provided in Sections 3.4 and 9.2, (v) entitlement to
        allocations of PBT as provided in Section 3.5 and (vi) voting rights equal
        to
        one vote per Unit.

       

      (c) Class
        C Units.
        The
        Class C Units shall have the characteristics, terms and conditions set forth
        in
        the Company’s “2008
        Restricted Unit Plan”
(a
        copy
        of which is annexed hereto as Exhibit A) and any underlying Restricted Unit
        Award Agreement delivered by the Company pursuant to an award of Class C
        Units
        pursuant to such Restricted Unit Plan. In addition, the Class C Units shall
        have
        the following additional characteristics: (i) entitlement to a share of Profits
        and Losses as set forth in Section 3.6, and (ii) entitlement to distributions
        as
        provided in Sections 3.6.

       

      
        
          
          

        

        
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      Section
        2.3   Transfer
        of Units.
        In the
        event a Member transfers all or a portion of its Membership Interests in
        accordance with Article X hereof, then effective as of the date of the sale
        and
        subject to compliance with Section 10.1 hereof, such Member shall automatically
        cease to be a Member in the Company as to such sold Unit. Except as otherwise
        expressly provided herein, upon a transfer of Units permitted by this Agreement,
        the transferee shall have all of the rights, powers and duties of the transferor
        hereunder with respect to the transferred Units and shall be admitted as
        a
        Member, the transferee shall sign a counterpart to this Agreement and
Schedule
        2.1
        shall be
        amended as set forth in Section 2.1.

       

      Section
        2.4   Additional
        Members and Membership Interests.
        Subject
        to Section 2.3, additional Persons may be admitted to the Company as Members
        and
        Membership Interests may be created and issued to such Persons on such terms
        and
        conditions as the Board of Managers shall approve, subject to Section 4.1
        hereof. The terms of admission or issuance may specify the creation of different
        classes or groups of Members having different rights, powers and duties.
        The
        creation of any new class or group of Members shall be indicated in an amendment
        to this Agreement in accordance with Section 14.4 hereof and such amendment
        shall indicate the different rights, powers and duties of the classes or
        groups
        of Members. Upon admission of a new Member, such Person shall sign a counterpart
        to this Agreement and Schedule
        2.1
        shall be
        amended as set forth in Section 2.1.

       

      Section
        2.5   Liability
        of Member.
        Except
        as expressly provided under the Act, no Member shall be liable for the debts,
        liabilities, contracts or other obligations of the Company, and no Member
        shall
        be required to make any loans to the Company. Subject to the limitations
        and
        conditions provided for in Article XI hereof and the Act, the Company shall
        indemnify and hold harmless a Member in the event a Member becomes liable,
        notwithstanding the preceding sentence, for any debt, liability, contract
        or
        other obligation of the Company except to the extent expressly provided in
        the
        preceding sentence.

       

      Section
        2.6   Limitations
        on Members.
        Other
        than as specifically provided for in this Agreement, the Purchase Agreement,
        an
        Employment Agreement entered into pursuant to the Purchase Agreement, or
        the
        Act, no Member shall: (a) be permitted to take part in the business or control
        of the business or affairs of the Company; (b) have any voice in the management
        or operation of any Company property; or (c) have the authority or power
        to act
        as agent for or on behalf of the Company or any other Member, to do any act
        which would be binding on the Company or any other Member, or to incur any
        expenditures, debts, liabilities or obligations on behalf of or with respect
        to
        the Company.

       

      Section
        2.7   Certification
        of Units.
        Unless
        a majority of the Members of each class of Units otherwise agree, the Company
        shall issue certificates to the Members representing the Units held by such
        Members. The following provisions shall apply:

       

      
        
          
          

        

        
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      (a) Certificates
        attesting to the ownership of Units in the Company shall be in such form
        as
        shall be approved by the Managers and shall state that the Company is a limited
        liability company formed under the laws of the State of Delaware, the name
        of
        the Member to whom such certificate is issued and that the certificate
        represents limited liability company interests within the meaning of the
        Act.
        Each such certificate shall be signed by such officers of the Company as
        are
        approved by the Managers and shall bear a legend in substantially the following
        form:

       

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO AN
        EXEMPTION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). IN ADDITION,
        THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER
        AND OTHER RESTRICTIONS SET FORTH IN THE AMENDED AND RESTATED LIMITED LIABILITY
        COMPANY OPERATING AGREEMENT, DATED JANUARY 11, 2008, AMONG ZYMAN GROUP, LLC
        AND
        ITS MEMBERS (THE “AGREEMENT”) AND MAY NOT BE OFFERED OR SOLD EXCEPT IN
        COMPLIANCE WITH SUCH TRANSFER RESTRICTIONS. COPIES OF THE AGREEMENT ARE ON
        FILE
        WITH THE SECRETARY OF THE LIMITED LIABILITY COMPANY AND ARE AVAILABLE WITHOUT
        CHARGE UPON WRITTEN REQUEST THEREFOR. THE HOLDER OF THIS CERTIFICATE, BY
        ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF THE PROVISIONS
        OF
        THE AFORESAID AGREEMENT AND THE APPLICABLE RESTRICTIONS UNDER THE
        ACT.

       

      (b) The
        transfer register or transfer book and blank certificates shall be kept by
        the
        secretary of the Company or by any transfer agent or registrar approved by
        the
        Managers for that purpose. The certificates shall be numbered and registered
        in
        the share or unit register or transfer books of the Company as they are issued.
        Except to the extent that the Company shall have received written notice
        of an
        assignment of any Unit in the Company, the Company shall be entitled to treat
        the Person in whose name any certificates issued by the Company stand on
        the
        books of the Company as the absolute owner thereof, and shall not be bound
        to
        recognize any equitable or other claim to, or interest in, such Unit on the
        part
        of any other Person.

       

      (c) Subject
        to all provisions herein relating to transfers of Units, if the Company shall
        issue certificates in accordance with the provisions of this Section 2.7,
        transfers of Units shall be made on the register or transfer books of the
        Company upon surrender of the certificate therefor, endorsed by the Person
        named
        in the certificate or by an attorney lawfully constituted in
        writing.

       

      (d) The
        holder of any certificates issued by the Company shall immediately notify
        the
        Company of any loss, destruction or mutilation of such certificates, and
        the
        Managers may cause a new certificate or certificates to be issued to such
        holder, in case of mutilation of the certificate, upon the surrender of the
        mutilated certificate or, in case of loss or destruction of the certificate,
        upon satisfactory proof of such loss or destruction and, if the Managers
        shall
        so determine, the granting of an indemnity as is approved by the
        Managers.

       

      
        
          
          

        

        
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      ARTICLE
        III

       

      CAPITAL
        CONTRIBUTIONS; ALLOCATIONS AND DISTRIBUTIONS

       

      Section
        3.1   Capital
        Account; Capital Contributions.
        The
        Capital Accounts of each Member shall be computed in accordance with Section
        7.2. Notwithstanding the foregoing, the initial Capital Accounts of the Members
        shall be set forth as on Schedule 3.1 and adjusted on the same basis as the
        initial Capital Accounts were determined to reflect (grossed-up) any additional
        payments made by MDC for its interest pursuant to the Purchase
        Agreement.

       

      Section
        3.2   Withdrawal
        and Return of Capital Contribution.
        No
        Member shall have the right to receive or withdraw its Capital Contribution
        except to the extent, if any, that any distribution made pursuant to the
        express
        terms of this Agreement may be considered as such by law or as expressly
        provided for in this Agreement.

       

      Section
        3.3   Allocation
        of Profits and Losses.

       

      (a) Except
        as
        otherwise provided in this Section 3.3 and Section 3.6, all Profits and Losses
        of the Company (as such terms are defined in Section 13.1 hereof) for any
        calendar year shall be allocated and charged to the Members for income tax
        purposes (including without limitation the capital account maintenance
        regulations under Section 704(b) of the Code) as follows:

       

      (i) Profits
        shall be allocated as follows:

       

      
        	 	
                (A)

              	
                First,
                  pro rata to those Members to whom PBT (as such term is defined
                  in Section
                  13.1) for such calendar year and each prior calendar year since
                  the
                  Effective Time has been allocated under Section 3.5 until the excess
                  of
                  the allocation to each such Member of Profits under this Section
                  3.3(a)(i)(A) over any allocation to each such Member of Losses
                  under
                  Section 3.3(a)(ii)(B) for such calendar years equals the amount
                  of PBT so
                  allocated to each such Member during such calendar years;
                  and

              

      

       

      
        	 	
                (B)

              	
                Thereafter,
                  to the Members in accordance with the number of Units owned by
                  each.

              

      

       

      (ii) Losses
        shall be allocated as follows:

       

      
        	 	
                (A)

              	
                First,
                  to the extent that Profits allocated under Section 3.3(a)(i)(B)
                  over
                  Losses previously allocated under this Section 3.3(a)(ii)(A) exceed
                  distributions made in accordance with the number of Units owned
                  by each
                  Member under Section 3.4(a)(iv), to the Members in the proportion
                  in which
                  such excess was allocated;

              

      

       

      
        
          
          

        

        
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                (B)

              	
                Second,
                  to the extent that Profits allocated under Section 3.3(a)(i)(A)
                  over
                  Losses previously allocated under this Section 3.3(a)(ii)(B) exceed
                  distributions under Sections 3.4(a)(i), (ii) or (iii), as applicable,
                  to
                  the Members in the proportion in which such excess was
                  allocated;

              

      

       

      
        	 	
                (C)

              	
                Third,
                  to the Members in accordance with the number of Units owned by
                  each.
                  

              

      

       

      (b) Special
        Allocations and Limitations

       

      (1) In
        the
        event a Member unexpectedly receives in any taxable year any adjustments,
        allocations, or distributions described in Treasury Regulation Section
        1.704-1(b)(2)(ii)(d)(4), (5), or (6) which cause or increase an Adjusted
        Capital
        Account Deficit (as defined in Section 13.1) of such Member, items of Company
        income and gain shall be specially allocated to such Member in such taxable
        year
        (and, if necessary in subsequent taxable years), in an amount and manner
        sufficient to eliminate, to the extent required by the Treasury Regulations,
        the
        Adjusted Capital Account Deficit of such Member as quickly as possible, provided
        that an allocation pursuant to this Section 3.3(b)(1) shall be made only
        if and
        to the extent that the Members would have an Adjusted Capital Account Deficit
        after all the allocations provided for in this Section 3 have been tentatively
        made as if this Section 3.3(b)(1) were not in the Agreement.

       

      (2) In
        the
        event any Member has an Adjusted Capital Account Deficit at the end of any
        taxable year which is in excess of the sum of (i) the amount such Member
        is
        obligated to restore pursuant to any provision of this Agreement and (ii)
        the
        amount such Member is deemed to be obligated to restore pursuant to the
        penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5),
        the Member shall be specially allocated items of the Company income and gain
        in
        the amount of such excess as quickly as possible, provided that an allocation
        pursuant to this Section 3.3(b)(2) shall be made only if and to the extent
        that
        such Member would have an Adjusted Capital Account Deficit in excess of such
        sum
        after all other allocations provided for in this Article III have been
        tentatively made as if Section 3.3(b)(1) hereof and this Section 3.3(b)(2)
        were
        not in the Agreement.

       

      (3) Notwithstanding
        the provisions of Section 3.3(a), in no event shall Losses of the Company
        be
        allocated to a Member if such allocation would result in such Member’s having an
        Adjusted Capital Account Deficit at the end of any taxable year. All Losses
        in
        excess of the limitation set forth in this Section 3.3(b)(3) shall be allocated
        to the Members with positive balances in their Capital Accounts, as a class
        pro
        rata in proportion to such positive balances.

       

      
        
          
          

        

        
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      (4) To
        the
        extent an adjustment to the adjusted tax basis of any Company asset, pursuant
        to
        Section 734(b) or Section 743(b) of the Code is required, pursuant to Treasury
        Regulations Section 1.704-1(b)(2)(iv)(m)(2)
        or
        Section 1.704-1(b)(2)(iv)(m)(4),
        to
        be taken into account in determining Capital Accounts as the result of a
        distribution to a Member in complete liquidation of such Member’s interest in
        the Company, the amount of such adjustment to Capital Accounts shall be treated
        as an item of gain (if the adjustment increases the basis of the asset) or
        loss
        (if the adjustment decreases such basis) and such gain or loss shall be
        specifically allocated to the Members in accordance with their interests
        in the
        Company in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2)
        applies, or to the Member to whom such distribution was made in the event
        Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4)
        applies.

       

      (5) The
        allocations set forth in Sections 3.3(b)(1), (2), (3) and (4) (the “Regulatory
        Allocations”)
        are
        intended to comply with certain requirements of Treasury Regulations promulgated
        under Section 704 of the Code. The Regulatory Allocations shall be taken
        into
        account in allocating other Profits, Losses, and items of income, gain, loss,
        and deduction to each Member so that, to the extent possible, and to the
        extent
        permitted by Treasury Regulations, the net amount of such allocations of
        other
        Profits, Losses, and other items and the Regulatory Allocations to each Member
        shall be equal to the net amount that would have been allocated to each Member
        if the Regulatory Allocations had not been made.

       

      (6) The
        respective interests of the Members in the Profits, Losses, or items thereof
        shall remain as set forth above unless changed by amendment to this Agreement
        or
        by an assignment of a Unit authorized by the terms of this Agreement. Except
        as
        otherwise provided herein, for tax purposes, all items of income, gain, loss,
        deduction, or credit shall be allocated to the Members in the same manner
        as are
        Profits and Losses; provided, however, that with respect to property contributed
        to the Company by a Member, such items shall be shared among the Members
        so as
        to take into account the variation between the basis of such property and
        its
        fair market value at the time of contribution in accordance with Section
        704(c)
        of the Code.

       

      (7) The
        Capital Accounts of all Members shall be adjusted pursuant to the rules of
        Treasury Regulation Section 1.704-1(b)(2)(iv)(f) upon the circumstances set
        forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f)(5). Corresponding
        adjustments shall be made as provided for under Treasury Regulation
        1.704-1(b)(2), including Section 1.704-1(b)(2)(iv)(g).

       

      (c) Other
        Special Allocations.
        The
        following special allocations shall be made in the following order:

       

      (1) Except
        as
        otherwise provided in Section 1.704-2(f) of the Treasury Regulations,
        notwithstanding any other provision of this Section 3, if there is a net
        decrease in Company Minimum Gain (as defined in Section 13.1) during any
        fiscal
        year, each Member shall be specially allocated items of Company income and
        gain
        for such fiscal year (and, if necessary, subsequent fiscal years) in an amount
        equal to such Member’s share of the net decrease in Company Minimum Gain,
        determined in accordance with Section 1.704-2(g) of the Treasury Regulations.
        Allocations pursuant to the previous sentence shall be made in proportion
        to the
        respective amounts required to be allocated to each Member pursuant thereto.
        The
        items to be so allocated shall be determined in accordance with Sections
        1.704-2(f)(6) and 1.704-2(j)(2) of the Treasury Regulations. This Section
        3.3(c)(1) is intended to comply with the minimum gain chargeback requirement
        in
        Section 1.704-2(f) of the Treasury Regulations and shall be interpreted
        consistently therewith.

       

      
        
          
          

        

        
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      (2) Except
        as
        otherwise provided in Section 1.704-2(i)(4) of the Treasury Regulations,
        notwithstanding any other provision of this Section 3, if there is a net
        decrease in Member Nonrecourse Debt Minimum Gain (as defined in Section 13.1)
        attributable to a Member Nonrecourse Debt (as defined in Section 13.1) during
        any fiscal year, each Member who has a share of the Member Nonrecourse Debt
        Minimum Gain attributable to such Member Nonrecourse Debt, determined in
        accordance with Section 1.704-2(i)(5) of the Treasury Regulations, shall
        be
        specially allocated items of Company income and gain for such fiscal year
        (and,
        if necessary, subsequent fiscal years) in an amount equal to such Member’s share
        of the net decrease in Member Nonrecourse Debt Minimum Gain attributable
        to such
        Member Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(4)
        of
        the Treasury Regulations. Allocations pursuant to the previous sentence shall
        be
        made in proportion to the respective amounts required to be allocated to
        each
        Member pursuant thereto. The items to be so allocated shall be determined
        in
        accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Treasury
        Regulations. This Section 3.3(c)(2) is intended to comply with the minimum
        gain
        chargeback requirement in Section 1.704-2(i)(4) of the Treasury Regulations
        and
        shall be interpreted consistently therewith. 

       

      (3) Nonrecourse
        Deductions (as defined in Section 13.1) for any fiscal year shall be specially
        allocated among the Members in proportion to their allocable
        Profits.

       

      (4) Any
        Member Nonrecourse Deductions (as defined in Section 13.1) for any fiscal
        year
        shall be specially allocated to the Member who bears the economic risk of
        loss
        with respect to the Member Nonrecourse Debt to which such Member Nonrecourse
        Deductions are attributable in accordance with Section 1.704-2(i)(1) of the
        Treasury Regulations.

       

      (5) Solely
        for purposes of determining a Member’s proportionate share of the “excess
        nonrecourse liabilities” of the Company within the meaning of Section
        1.752-3(a)(3) of the Treasury Regulations, the Members’ interests in Company
        profits are
        in
        proportion to their allocable Profits, and, for purposes of allocating
        Nonrecourse Liabilities (as defined in Section 13.1) of the Company among
        the
        Members pursuant to Treasury Regulation Section 1.752-3(a)(3), the parties
        agree
        that each Member’s interest in Company profits shall be in proportion to their
        allocable Profits.

       

      (6) To
        the
        extent permitted by Section 1.704-2(h)(3) of the Treasury Regulations, the
        Members shall endeavor to treat distributions of funds as having been made
        from
        the proceeds of a Nonrecourse Liability (as defined in Section 13.1) or a
        Member
        Nonrecourse Debt (as defined in Section 13.1) only to the extent that such
        distributions would otherwise cause or increase an Adjusted Capital Account
        Deficit for any Member.

       

      (7) For
        purposes of determining the character (as ordinary income or capital gain)
        of
        any Profits allocated to the Members pursuant to this Section 3.3, such portion
        of Profits that is treated as ordinary income attributable to the recapture
        of
        depreciation shall, to the extent possible, be allocated among the Members
        in
        the proportion which (i) the amount of depreciation previously allocated
        to each
        Member bears to (ii) the total of such depreciation allocated to all Members.
        This Section 3.3(c)(7) shall not alter the amount of allocations among the
        Members pursuant to this Section 3.3, but merely the character of income
        so
        allocated.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      (d) The
        Members are aware of the income tax consequences of the allocations described,
        and hereby agree to be bound by the provisions of Section 3.3 in reporting
        their
        respective shares of Company income and loss for income tax
        purposes.

       

      (e) It
        is the
        intention of the Company and its Members that the Company be taxed as a
        partnership for all purposes of the Code and similar income tax
        laws.

       

      (f) All
        matters concerning the valuation of securities, the allocation of profits,
        gains
        and losses among the Members, including the taxes on those profits, gains
        and
        losses, and accounting procedures, not specifically and expressly provided
        for
        by the terms of this Agreement, shall be determined in good faith by the
        Managers with regard to their fiduciary duty to the Members, whose determination
        in accordance with the terms hereof shall be final, binding and conclusive
        upon
        all of the Members.

       

      (g) In
        connection with the exercise of a Put or a Call with respect to Class B Units
        pursuant to Article X hereof, any Profits attributable to such Class B Units
        arising after the date of exercise of the applicable Put or Call shall be
        allocated to the transferee of such Class B Units so long as the closing
        of such
        transfer occurs.

       

      Section
        3.4   Distributions.

       

      (a) Subject
        to the making of the Tax Distributions (as defined in clause (d) below),
        to the
        extent permitted by the Act, the Company shall make distributions as
        follows:

       

      
        	 	
                (i)

              	
                first,
                  distributions of Class C PBT to the Class C Unit holders in accordance
                  with Section 3.6 hereof;

              

      

       

      
        	 	
                (ii)

              	
                second,
                  100% to the holders of the Class A Units in an amount equal to
                  the sum of
                  (a) the allocation to such holders of PBT under Section 3.5(a)(i)
                  for such
                  calendar year plus (b) the Class A Distribution Shortfall Amount
                  (as
                  defined in Section 13.1) for such year;

              

      

       

      
        	 	
                (iii)

              	
                third,
                  following the distribution pursuant to clauses (i) and (ii) above,
                  100% to
                  the holders of the Class B Units in an amount equal to the sum
                  of (a) the
                  allocation to such holders of PBT under Section 3.5(a)(ii) for
                  such
                  calendar year plus (b) the Class B Distribution Shortfall Amount
                  (as
                  defined in Section 13.1) for such year; 

              

      

       

      
        	 	
                (iv)

              	
                fourth,
                  following the distributions pursuant to clauses (i), (ii) and (iii)
                  above,
                  100% to the Members in accordance with any other amounts which
                  have been
                  allocated pursuant to either or both of Section 3.5(a) and Section
                  3.5(b)
                  and which have not previously been distributed, with any distributions
                  under this clause (iv) first being applied to the allocation of
                  PBT for
                  the earliest year or period for which PBT has been allocated but
                  has not
                  been fully distributed (using a first in-first out approach);
                  and

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (v)

              	
                fifth,
                  following distributions pursuant to clauses (i), (ii), (iii) and
                  (iv)
                  above, 100% to the members pro rata in accordance with the number
                  of Units
                  owned by each.

              

      

      

      It
        is the
        intention of the Members that, subject to clause (b) below, the Company shall
        generally make Distributions as described in 3.4(a)(i), (ii), (iii) and (iv)
        above on a quarterly basis, generally in arrears of no more than 90 days,
        based
        upon the financial statements and the then-current forecasts prepared in
        good
        faith by the officers of the Company and its subsidiaries and taking into
        account the ongoing capital requirements of the Company. Determinations as
        to
        the amount of such distributions shall be made by MDC in good faith after
        consultation with Zyman. Furthermore, in the event that MDC reasonably
        anticipates that, based on the financial statements and then-current forecasts
        of the Company and its subsidiaries, the Company will be able to make
        distributions in an amount equal to the amount set forth in Section 3.4(a)(i)
        and (ii) above during a given calendar year, MDC will in good faith cause
        the
        Company to make distributions to the holders of the Class B Units towards
        the
        amount set forth in Section 3.4(a)(iii) prior to the end of such calendar
        year,
        at such times and in such amounts as MDC may in good faith
        determine.

       

      (b) Any
        distribution of funds prior to the end of the fiscal year in which such funds
        came into possession of the Company (including any Tax Distribution, but
        excluding any Accrued Distribution) shall be treated as a non-interest-bearing
        loan (a “draw”)
        from
        the Company to each Member receiving such draw and shall be deemed repaid
        by
        reducing the amount of each subsequent distribution to the Member receiving
        such
        draw pursuant to this Section 3.4(b) by the lesser of (i) the entire amount
        otherwise distributable to the Member receiving such draw, and (ii) the entire
        amount of any unrepaid draws pursuant to this Section 3.4(b). For purposes
        of
        this clause, a Selling Member (as defined below) and any transferee of such
        Selling Member shall be treated as a single Member with respect to the Units
        transferred by such Selling Member to such transferee.

       

      (c) All
        amounts withheld pursuant to the Code and Tax Regulations or any provision
        of
        any state or local tax law with respect to any payment, distribution, or
        allocation to the Company or the Members shall be treated as amounts distributed
        to the Members pursuant to this Section 3.4 for all purposes under this
        Agreement. The Managers are authorized to withhold from distributions, or
        with
        respect to allocations, to the Members and to pay over to any Federal, state,
        or
        local government any amounts required to be so withheld pursuant to the Code
        and
        Tax Regulations or any provisions of any other Federal, state, or local law,
        and
        shall allocate any such amounts to the Members with respect to which such
        amount
        was withheld. Notwithstanding any other provision in this Agreement, prior
        to
        the making any such distribution, the Managers in their sole discretion may
        require the delivery to the Managers from each or any potential distributee
        such
        evidence as the Managers may reasonably request evidencing the absence of
        any
        third-party claims with respect to such potential distribution.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      (d) Notwithstanding
        anything in this Agreement to the contrary, in preference to any other
        distributions pursuant to this Section 3.4, the Members shall cause the Company
        to distribute cash of the Company to its Members on a quarterly (or other
        reasonable) basis equal to the product of (i) each Member’s distributive share
        of the Company’s taxable income (determined without regard to the election made
        under Section 754 of the Code) for the current year and (ii) the maximum
        individual tax rates for federal taxpayers and Georgia taxpayers (the
“Tax
        Distributions”);
        provided, that, no Member will receive a Tax Distribution unless such Member’s
        allocation of the Company’s taxable income exceeds all prior cumulative
        allocations of the Company’s taxable losses and provided further that if a
        Member receives a Tax Distribution for a particular year that is greater
        than
        any distribution to which that Member is entitled under Section 3.4(a), that
        Member will contribute to the Company an amount equal to the portion of the
        aggregate amount of any Tax Distribution(s) received by such Member which
        exceed
        the amount of tax which is calculated as provided above and is attributable
        to
        such Member’s allocable share of the Company’s taxable income for such year. For
        purposes of Section 3.4(a) hereof, a Tax Distribution shall be deemed to
        be a
        distribution at the time of such Tax Distribution and shall reduce the amount
        of
        each subsequent distribution to any Member receiving such Tax Distribution
        by
        the amount of any such Tax Distribution.

       

      (e) Notwithstanding
        anything in this Agreement to the contrary, any PBT which has been allocated
        to
        the transferred Units of a Selling Member pursuant to Section 3.5(c) shall,
        subject to Section 3.4(b), be distributed to such Selling Member in accordance
        with Section 3.4(a) as if such Selling Member owned Units.

       

      Section
        3.5   Allocation
        of PBT.
        

       

      (a) Subject
        to the allocations of Class C PBT set forth in Section 3.6, PBT for purposes
        of
        this Agreement shall be allocated for each Distribution Period Calendar Year
        as
        follows:

       

      
        	 	
                (i)

              	
                first,
                  100% to the holders of the Class A Units until the holders of Class
                  A
                  Units have been allocated the Preferred Return Amount and any Class
                  A PBT
                  Shortfall Amount with respect to such Distribution Period Calendar
                  Year;

              

      

       

      
        	 	
                (ii)

              	
                second,
                  100% of any remaining PBT after giving effect to the allocations
                  outlined
                  in clause (i) above to the holders of Class B Units until the holders
                  of
                  Class B Units have been allocated an amount equal to the Class
                  B Catch-Up
                  Amount;

              

      

       

      
        	 	
                (iii)

              	
                third,
                  (x) in the event that the PBT Margin for such Distribution Period
                  Calendar
                  Year is at least 30%, 100% of any remaining PBT after giving effect
                  to the
                  allocations outlined in clauses (i) and (ii) above to the Members
                  pro rata
                  in accordance with the number of Units owned by each Member until
                  the
                  Members have been allocated an amount equal to the product of 30%
                  and the
                  Revenues for such Distribution Period Calendar Year and any remainder
                  in
                  accordance with clause (iv) below and (y) in the event that the
                  PBT Margin
                  for such Distribution Period Calendar Year is less than 30%, 100%
                  of any
                  remaining PBT after giving effect to the allocations outlined in
                  clauses
                  (i) and (ii) above to the Members pro rata in accordance with the
                  number
                  of Units owned by each Member; and

              

      

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (iv)

              	
                fourth,
                  (x) for the first two Distribution Period Calendar Years and the
                  portion
                  of the third Distribution Period Calendar Year ending on the second
                  anniversary of the Effective Time (such date, the “Second
                  Anniversary”)
                  100% of any remaining PBT after giving effect to the allocations
                  outlined
                  in clauses (i), (ii) and (iii) above to the Members, allocated
                  25% to the
                  holders of the Class A Units and 75% to the holders of the Class
                  B Units
                  and (y) for the remaining Distribution Period Calendar Years (including
                  the portion of the third Distribution Period Calendar Year following
                  the
                  Second Anniversary), 100% of any remaining PBT after giving effect
                  to the
                  allocations outlined in clauses (i), (ii) and (iii) above to the
                  Members,
                  allocated 30% to the holders of the Class A Units and 70% to the
                  holders
                  of the Class B Units, in each case pro rata in accordance with
                  the number
                  of Units of such class owned by each Member.

              

      

       

      (b) PBT
        for
        purposes of this Agreement shall be allocated for any Post Distribution Period
        Calendar Year to the Members pro rata in accordance with the number of Units
        owned by each Member.

       

      (c) Notwithstanding
        anything in this Agreement to the contrary, in the event that a Member transfers
        any Units (such Member, a “Selling
        Member”),
        then,
        with respect to the calendar year in which such transfer occurred, the Company
        shall allocate PBT to such Selling Member’s transferred Units in accordance with
        Sections 3.5(a) and 3.5(b) above pro rata based on the number of days elapsed
        in
        such calendar year from the first day of such calendar year through the date
        of
        such transfer relative to a 365-day year and pro rata to the transferee based
        on
        the remainder of the number of days in such calendar year subsequent to the
        date
        of transfer.

       

      Section
        3.6 Allocation
        of Profits and Losses; Distributions and PBT to Class C Membership
        Units.

       

      (a) For
        purposes of this Agreement, 100% of the Class C PBT shall be allocated to
        the
        Class C Members as follows: 62.5% to Scott Miller, and upon closing the DMG
        transaction, 37.5% to David Morey. 

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      (b) Subject
        to the making of Tax Distributions (as defined in Section 3.4(d), to the
        extent
        permitted by the Act, at the discretion of a majority of the Managers (after
        consultation with the CEO of the Company), the Company shall distribute funds
        of
        the Company to the Class C Members, which distributions shall be made pro
        rata
        in accordance with such Members' Membership Interests, such that the amount
        of
        Class C PBT for each calendar (as determined by the Managers based upon the
        then
        current financial reports of the Company) is distributed to the Class C Members,
        subject to a reasonable allocation by the Managers (after consultation with
        the
        CEO of the Company) for the Company’s operating and capital expenses consistent
        with the Company’s then current operating and capital expenditure budget.
        Distributions described above shall be made on a quarterly basis, generally
        in
        arrears and subject to cash availability. The Managers shall use good faith
        efforts to make such quarterly distributions as soon as practicable following
        the closing of the Company’s books for the applicable calendar quarter, it being
        understood that such distributions, if any, will be made not later than 10
        days
        following the closing of the Company’s books for the applicable calendar
        quarter. The Managers, by majority approval, shall have the right to make
        additional distribution of funds of the Company in such amounts and at such
        times as determined by the Managers.

       

      ARTICLE
        IV

       

      MANAGEMENT

       

      Section
        4.1   Management
        of the Company.

       

      (a) Except
        to
        the extent otherwise provided for herein, the powers of the Company shall
        be
        exercised by and under the authority of, and the business and affairs of
        the
        Company shall be managed under, the direction of the Managers of the Company.
        Notwithstanding the foregoing or any other provisions hereof to the contrary,
        for as long as Zyman and the Management Unitholders own Class B Units
        representing at least 20% of the outstanding Units, the taking of any of
        the
        actions listed in clauses (i) through (xi) below shall require the consent
        of
        holders of a majority of the Class B Units and the consent of the holders
        of a
        majority of Class C Units. 

       

      (i) a
        sale,
        lease or other disposition of all or substantially all of the assets or business
        of the Company, except in connection with (x) a sale, lease or other disposition
        of all or substantially all of the assets or business or stock of MDC or
        MDC
        Partners, including pursuant to merger, consolidation, amalgamation or similar
        transaction, (an “MDC
        Sale”)
        or (y)
        an MDC Financing (as defined in Section 4.1(f) hereof) or the exercise of
        a
        default remedy under any agreement entered into in connection with an MDC
        Financing;

       

      (ii) a
        merger,
        consolidation or amalgamation of the Company or any of its subsidiaries with
        and
        into another Person or of another Person with and into the Company or any
        of its
        subsidiaries;

       

      (iii) the
        authorization or issuance of additional Class A Units, Class B Units, Class
        C
        Units or other equity ownership interests in, or the granting of any other
        rights to participate in the proceeds of the sale of assets of the Company
        which
        are dilutive to the Class B Unitholders; or the incurring of debt for borrowed
        money in excess of the amount provided for in the approved annual operating
        budget or capital expenditure budget, except in connection with borrowings
        under
        the terms and conditions of the MDC Cash Management Program (and in compliance
        with Section 4.1(d) below); provided, that the agreement of MDC and holders
        of a
        majority of the Class B Units or Class C Units shall not be required in
        connection with issuances of Units to employees of the Company and its
        subsidiaries from time to time so long as such issuances represent in the
        aggregate no more than 10% of the fully-diluted Units outstanding; and provided,
        further, that no approval shall be required in connection with issuances
        of
        Units contemplated by this Agreement and the Purchase Agreement;

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      (iv) a
        material acquisition by the Company or any of its subsidiaries of the stock,
        assets or business of another Person or any investment by the Company of
        funds
        or other assets in another Person (other than money market investments or
        their
        equivalent); 

       

      (v) except
        as
        permitted under Section 14.4 hereof, an amendment or modification to the
        Certificate or this Agreement; 

       

      (vi) the
        payment by the Company or any of its subsidiaries of any management fee to
        any
        Member or one of such Member’s Affiliates;

       

      (vii) a
        relocation of the Company’s primary offices outside of the Atlanta metropolitan
        area;

       

      (viii) entering
        into any business other than, or any transaction outside of, the normal business
        activities of the Company and any of its subsidiaries and related activities
        other than in connection with a transfer by MDC or any of its Affiliates
        of
        their respective interests in the Company to another wholly-owned subsidiary
        of
        MDC Partners;

       

      (ix) the
        making of any loan to any employee of the Company or any of its subsidiaries
        other than reasonable travel and business expense advances in the ordinary
        course and consistent with past practices exceeding $10,000, in the aggregate,
        at any one time outstanding, other than any loans contemplated by Article
        X
        hereof;

       

      (x) any
        change in the name of the Company; and

       

      (xi) the
        delegation to any Manager or to any committee of the Board of Managers of
        the
        Company or any subsidiary or to any officer of the Company or any subsidiary
        the
        power to take any of the actions referred to in the foregoing clauses before
        obtaining the authorization required by this Section;

       

      provided
        that, notwithstanding anything in the foregoing to the contrary, nothing
        in this
        clause (a) shall require the consent of the holders of the Class B Units
        or
        Class C Units in connection with or related to a purchase of Units by the
        Company or MDC pursuant to Article X hereof (including, without limitation,
        any
        incurrence of indebtedness in connection therewith) or any subsequent sale
        or
        issuance of an equal number of Units, options to purchase an equal number
        of
        Units or other equity-based awards with respect to an equal number of Units
        by
        MDC or the Company to any employee, director or consultant of the
        Company.

       

      (b) As
        long
        as this Agreement is in full force and effect, the Company shall keep on
        file at
        its principal office a copy of this Agreement. The Company shall make such
        copy
        available to any Member during normal business hours and upon reasonable
        advance
        written notice.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      (c) As
        long
        as this Agreement is in full force and effect, the Company and the Members
        agree
        that they shall cause any and all subsidiaries of the Company to comply with
        the
        provisions of this Section 4.1 to the extent such provisions are applicable
        to
        such subsidiary.

       

      (d) The
        parties hereto further agree that the operations of the Company and its
        subsidiaries shall be conducted (i) to participate in the overall cash
        management and banking program of MDC Partners as set forth on Schedule
        4.1(d)
        hereto
        (the “MDC
        Cash Management Program”),
        and
        (ii) to comply on a timely basis with the financial reporting and budgeting
        procedures, as well as internal controls over financial reporting, of MDC
        Partners as from time to time in effect, which procedures require the approval
        of an annual operating budget, capital expenditure budget and cash flow
        projections and require management of operating companies to seek approval
        prior
        to material deviations from such budgets. If any Affiliate of MDC Partners
        (other than the Company or any of its subsidiaries) fails to meet its
        obligations under the MDC Cash Management Program, then MDC Partners shall
        satisfy such obligations to the extent that such Affiliate failed to do so.
        

       

      (e) The
        parties hereto further agree that the Company shall hereby adopt, and shall
        take
        appropriate steps to cause the employees of the Company to comply with, the
        Code
        of Conduct of MDC Partners, as the same may be amended from time to
        time.

       

      (f) Notwithstanding
        anything to the contrary contained in this Agreement, in consideration for
        the
        payment of the Purchase Price under Section 2.1 of the Purchase Agreement
        and
        for other good and valuable consideration, the parties hereto hereby (i)
        agree
        that MDC Partners and/or any of its Affiliates, in connection with its or
        any of
        its Affiliates’ current or future credit facilities, debt offerings (including,
        without limitation, senior, subordinated or mezzanine debt issued in a public
        offering or a Regulation S or Rule 144A private placement) or any other debt
        agreements, shall be entitled to: (w) pledge or grant a security interest
        in or
        otherwise have a lien placed upon MDC’s Membership Interests; (x) pledge or
        grant a security interest in or otherwise have a lien placed upon the assets
        and
        properties of the Company and/or its subsidiaries; (y) assign all of its
        rights,
        benefit, title and interest in the Company and distributions therefrom,
        including, without limitation, all rights and claims pursuant to and under
        any
        Put or Call to, or to an agent or representative on behalf of, its bank or
        lender or group of banks or group of lenders or holders of its other senior
        debt
        (as applicable and collectively, the “Lender”);
        and
        (z) have the Company and/or its subsidiaries provide guarantees and such
        other
        ancillary security and related documentation as reasonably required by the
        Lender from time to time (the items in (w), (x), (y) and (z) being collectively
        referred to as an “MDC
        Financing”);
        and
        (ii) consent unconditionally to (x) the granting of all security and the
        execution of all documents required in connection with an MDC Financing and
        the
        enforcement thereof, where applicable, by the Lender; and (y) any transaction
        by
        which the Lender becomes the absolute legal and beneficial owner of any
        Membership Interests which have been pledged or assigned by it. 

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      (g) MDC
        Partners shall cause sufficient working capital to be made available to the
        Company as shall be determined by the Board of Managers to be reasonably
        necessary to execute upon its approved annual operating and capital expenditure
        budgets, but in no event shall MDC Partners or any of its Affiliates be required
        to fund losses of the Company or any of its subsidiaries. Such working capital
        shall be provided to the Company on terms consistent with the MDC Cash
        Management Program and accordingly, neither MDC nor any of its Affiliates
        shall
        be required to provide working capital in the event that the consolidated
        cash
        balance of the Company in the MDC Cash Management Program is
        negative.

       

      (h) The
        Company shall comply with all applicable federal, state and local laws and
        the
        Company shall provide reasonable assistance to MDC and its Affiliates in
        their
        compliance with all applicable federal, state and local laws, including without
        limitation, the provisions of the Sarbanes-Oxley Act of 2002, as amended
        from
        time to time. The Company shall use its reasonable best efforts to undertake
        the
        actions recommended in the 404 Report (as defined in the Purchase
        Agreement).

       

      Section
        4.2   Authority
        of Managers.
        Except
        as set forth below, unless specifically authorized by a resolution duly adopted
        by the Managers, no Manager, solely in his capacity as a Manager, shall have
        the
        authority or power to act as agent for or on behalf of the Company or any
        other
        Manager, to do any act which would be binding on the Company or any other
        Manager, to incur any expenditures on behalf of or for the Company, or to
        execute, deliver and perform any agreements, acts, transactions or other
        matters
        on behalf of the Company. 

       

      Section
        4.3   Number
        and Qualifications of Managers.
        As long
        as Zyman owns Class B Units in the Company, there shall be five Managers
        of the
        Company, of which MDC shall be entitled to appoint three (3) Managers and
        Zyman
        shall be entitled to appoint two (2) Managers, one of whom shall be Sergio
        Zyman
        (each Manager appointed by Zyman must be a full-time employee of the Company
        or
        one of its subsidiaries) and, in the event that Sergio Zyman no longer serves
        in
        the capacity as “Founder” of the Company, and for so long as the Management
        Unitholders own at least 5% of the outstanding Units, the Management Unitholders
        shall be entitled to appoint one Manager. No decrease in the number of Managers
        shall have the effect of shortening the term of any incumbent Manager. None
        of
        the Managers need be Members of the Company or residents of the State of
        Delaware. The current designees of MDC are Miles Nadal, Graham Rosenberg,
        and
        Mitchell Gendel. The other Managers shall be Sergio Zyman and Scott Miller.
        Upon
        closing of the proposed DMG acquisition, the Board of Managers shall be
        increased to seven (7) Managers, and David Morey and David Doft (additional
        MDC
        designee) will be added to the Board.

       

      Section
        4.4   Election
        and Term of Service.
        At each
        annual meeting of Members held in accordance with this Agreement, the Members
        may elect Managers to serve until the next succeeding annual meeting. Subject
        to
        Section 4.3, the individuals receiving the greatest number of votes (determined
        by number of Units cast in favor) shall be the Managers. Cumulative voting
        for
        the election of Managers shall not be permitted. Each Manager elected shall
        serve as Manager for the term for which he is elected and until his successor
        shall have been elected by the Members and qualified or until his earlier
        death,
        resignation, retirement, disqualification or removal in accordance with this
        Agreement.

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      Section
        4.5   Removal;
        Filling of Vacancies.
        As long
        as Sergio Zyman is the Chief Executive Officer or the Management Unitholders
        own
        at least 5% of the outstanding Units, only MDC can remove and replace its
        appointed Managers and only Zyman or the Management Unitholders, as the case
        may
        be, can remove and replace its or their respective appointed Managers. Following
        such time as SZ ceases to be Chief Executive Officer of the Company and the
        Management Unitholders cease to own at least 5% of the outstanding Units,
        the
        Members by the required vote as set forth in Section 5.5 shall be entitled
        to
        remove any Manager and to elect for the unexpired term of such Manager so
        removed another individual. Upon the resignation, retirement or death of
        any of
        the Managers of the Company, subject to Section 4.3, the Members by the required
        vote as set forth in Section 5.5, shall be entitled to elect another Person
        for
        the unexpired term of such Manager.

       

      Section
        4.6   Place
        of Meetings.
        Meetings of the Managers, annual, regular or special, may be held either
        in
        Atlanta, Georgia or Toronto, Ontario, unless otherwise agreed to by the Managers
        (including, for as long as Sergio Zyman is the Chief Executive Officer of
        the
        Company, at least one Manager appointed by MDC and one Manager appointed
        by
        Zyman).

       

      Section
        4.7   Annual
        Meetings.
        Annual
        meetings of the Managers, of which no notice shall be required, shall be
        held at
        the discretion of the Managers immediately following the annual meeting of
        Members for the purpose of designating officers of the Company and the
        transaction of any other business. 

       

      Section
        4.8   Regular
        Meetings.
        The
        Managers shall notify each of the Members of regular meetings of the Managers,
        which meetings shall be held no less frequently than quarterly on the last
        business day of each fiscal quarter or at such times and places as may be
        fixed
        from time to time by resolution adopted by the Managers. Except as otherwise
        provided by statute, any and all business may be transacted at any regular
        meeting. The Managers shall be given reasonable notice of the date, time
        and
        place of any scheduled regular meeting. 

       

      Section
        4.9   Special
        Meetings.
        Special
        meetings of the Managers may be called by any Manager on not less than
        forty-eight hours’ notice to each Manager, either personally or by mail
        (overnight service), email, telephone, facsimile or similar communication.
        Only
        business within the purpose or purposes described in the notice of special
        meeting of Managers may be conducted at the meeting.

       

      Section
        4.10   Quorum
        of and Action by Managers.
        At all
        meetings of the Managers the presence of a majority of the number of Managers
        fixed by or in the manner provided by this Agreement shall be necessary and
        sufficient to constitute a quorum for the transaction of business. Unless
        otherwise specifically required by law or this Agreement, the act of a majority
        of Managers present at a meeting at which a quorum is present shall be the
        act
        of the Managers; provided that such majority includes the affirmative vote
        of
        one MDC Manager. If a quorum shall not be present at any meeting of the
        Managers, the Managers present may adjourn the meeting to another time by
        giving
        reasonable notice of the date, time and place of the adjourned meeting to
        all
        Managers. At any such adjourned meeting at which a quorum is present, any
        business may be transacted that might have been transacted at the meeting
        as
        originally convened.

       

      
        
          
          

        

        
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      Section
        4.11   Approval
        or Ratification of Acts or Contracts by Members.
        The
        Managers, in their discretion, may submit any act or contract for approval
        or
        certification at any annual meeting of the Members, or at any special meeting
        of
        the Members called for the purpose of considering any such act or contract,
        and
        subject to the provisions of Section 4.1(a), any act or contract that shall
        be
        approved or ratified by the holders of a majority of the Units entitled to
        vote
        thereon or such greater percentage as may be provided by any other applicable
        provision of this Agreement shall be as valid and binding upon the Company
        and
        upon all the Members as if it shall have been approved or ratified by every
        Member of the Company.

       

      Section
        4.12   Action
        Without a Meeting.
        Subject
        to Section 4.1(a), any action required or permitted to be taken at any meeting
        of the Managers may be taken without a meeting, with prior notice of such
        contemplated action to each of the Managers (with no requirement to provide
        copies to any additional persons described in Section 14.1 or otherwise),
        and
        without a vote, if a consent or consents in writing, setting forth the action
        so
        taken, shall be signed by the minimum number of Managers that would have
        been
        required to approve such action at a meeting and the writing or writings
        are
        filed with the minutes of proceedings of the Managers. A telegram, telex,
        cablegram, an email or similar transmission by a Manager, or a photographic,
        photostatic, facsimile or similar reproduction of a writing signed by a Manager,
        shall be regarded as signed by the Manager for purposes of this Section
        4.12.

       

      Section
        4.13   Telephone
        Meetings.
        Any
        Manager may participate in any meeting of Managers by using conference telephone
        or similar communications equipment by means of which all individuals
        participating in the meeting can hear each other, and participation in a
        meeting
        pursuant to this Section shall constitute presence in person at such
        meeting.

       

      Section
        4.14   Interested
        Managers and Officers.
        No
        contract or transaction between the Company and one or more of its Managers
        or
        between the Company and any other Person in which one or more of its Members,
        Managers or officers are shareholders, partners, members, directors, managers
        or
        officers, or have a financial or equity interest, shall be void or voidable
        solely for this reason, or solely because the Manager is present at or
        participates in the meeting of the Managers which authorizes the contract
        or
        transaction, or solely because his or their votes are counted for such purpose,
        if: (i) all material facts as to the relationship or interest and as to the
        contract or transaction are disclosed or are known to the Managers, and the
        Managers in good faith authorize the contract or transaction by the affirmative
        vote of a majority of the disinterested Managers, even though the disinterested
        Managers be less than a quorum; (ii) the material facts as to the relationship
        or interest and as to the contract or transaction are disclosed or are known
        to
        the Members entitled to vote thereon, and the contract or transaction is
        specifically approved in good faith by vote of a majority of the disinterested
        holders of Units entitled to vote thereon or such greater percentage as may
        be
        provided by any other applicable provision of this Agreement; or (iii) the
        contract or transaction is fair as to the Company as of the time it is
        authorized, approved or ratified by the Managers or the Members. 

       

      Section
        4.15   Manager’s
        Compensation.
        No
        Manager shall be entitled to receive any compensation for attendance at meetings
        of the Managers or otherwise serving as a Manager. Nothing in this Agreement
        shall be construed to preclude any Manager from serving the Company in any
        other
        capacity and receiving proper compensation therefor.

       

      
        
          
          

        

        
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      Section
        4.16   Time
        Devoted to Company.
        The
        Managers shall devote such time to Company business as they deem necessary
        to
        manage and supervise the business and affairs of the Company in an efficient
        manner; but nothing in this Agreement shall preclude the employment of any
        agent, third party or Affiliate to manage or provide other services with
        respect
        to the Company’s assets or business as the Managers shall
        determine.

       

      Section
        4.17   Liability
        of Managers.
        Except
        as expressly provided under the Act, no Manager shall be liable for the debts,
        liabilities, contracts or other obligations of the Company; provided, however,
        that each Manager shall be liable for any debts, liabilities, contracts or
        other
        obligations of the Company incurred or agreed to by such Manager without
        authorization and in violation of Section 4.2 of this Agreement.

       

      Section
        4.18   2008
        Budget.
        During
        calendar year 2008, the Company shall operate in accordance with the budget
        attached hereto as Exhibit 4.18.

       

      ARTICLE
        V

       

      MEETINGS
        OF MEMBERS

       

      Section
        5.1   Annual
        Meetings.
        An
        annual meeting of the Members shall be held on such date, at such time and
        at
        such place as shall be determined by the Managers and stated in the notice
        of
        the meeting. At such meeting, the Members shall elect the Managers (subject
        to
        Section 4.3 above) and transact such other business as may properly be brought
        before the meeting.

       

      Section
        5.2   Special
        Meetings.
        Special
        meetings of the Members, for any purpose or purposes, unless otherwise
        prescribed by statute, the Certificate or this Agreement, may be called by
        holders of at least a majority of any class of Units. Only business within
        the
        purpose or purposes described in the notice of special meeting of Members
        may be
        conducted at the meeting.

       

      Section
        5.3   Place
        of Meetings.
        Meetings of Members shall be held at such places, within or without the State
        of
        Delaware, as may from time to time be fixed by the Managers or as shall be
        specified or fixed in the respective notices or waivers of notice thereof;
        provided, however, the Members agree that such meetings of Members shall
        be held
        in Atlanta or Toronto, unless otherwise agreed upon by the Members.

       

      Section
        5.4   Notice
        of Meetings.
        Written
        or printed notice (which may be given by email) stating the place, day and
        hour
        of each meeting of the Members and, in case of a special meeting, the purpose
        or
        purposes for which the meeting is called, shall be delivered not less than
        five
        nor more than fifty days before the date of the meeting, either personally,
        by
        mail or by email, by or at the direction of any Manager or individual calling
        the meeting, to each Member entitled to vote at the meeting; provided, however,
        that notice of any meeting shall not be required if all Members not receiving
        notice waive any and all requirements for giving notice of such meeting of
        the
        Members.

       

      
        
          
          

        

        
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      Section
        5.5   Quorum
        of and Action by Members.
        With
        respect to any matter, the holders of at least a majority of the Units entitled
        to vote on that matter, present in person or represented by proxy shall
        constitute a quorum of each meeting of Members for the transaction of business
        with respect to that matter. Unless otherwise provided in this Agreement,
        the
        Members represented in person or by proxy at a meeting of Members at which
        a
        quorum is not present may adjourn the meeting until such time and place as
        may
        be determined by a vote of the holders of a majority of the Units represented
        in
        person or by proxy at that meeting. At any such adjourned meeting at which
        a
        quorum shall be present or represented, any business may be transacted that
        might have been transacted at the meeting as originally convened. Except
        as
        otherwise specifically provided in this Agreement (including without limitation,
        the provisions of Section 4.1(a) hereof) or under applicable law, with respect
        to any matter the affirmative vote or consent of the holders of a majority
        of
        the Units (voting together as one class) entitled to vote on that matter
        and
        represented in person or by proxy at a meeting of Members at which a quorum
        is
        present shall be the act of the Members. Unless otherwise provided in this
        Agreement, once a quorum is present at a meeting of Members, the Members
        represented in person or by proxy may conduct such business as may be properly
        brought before the meeting until it is adjourned, and the subsequent withdrawal
        from the meeting of any Member or the refusal of any Member represented in
        person or by proxy to vote shall not affect the presence of a quorum at the
        meeting.

       

      Section
        5.6   Action
        Without a Meeting.
        Any
        action required by the Act to be taken at any annual or special meeting of
        Members, or any action which may be taken at any annual or special meeting
        of
        Members, may be taken without a meeting, with prior notice of such contemplated
        action to each of the Members thereof (with no requirement to provide copies
        to
        any additional persons described in Section 14.1 or otherwise), and subject
        to
        Section 4.1(a), without a vote, if a consent or consents in writing, setting
        forth the action so taken, shall be signed by the Members holding a majority
        of
        all of the Units (or if a higher percentage of Units is required to take
        action,
        such higher percentage). A telegram, telex, cablegram, an email or similar
        transmission by a Member, or a photographic, photostatic, facsimile or similar
        reproduction of a writing signed by a Member, shall be regarded as signed
        by the
        Member for purposes of this Section 5.6.

       

      Section
        5.7   Telephone
        Meetings.
        Subject
        to the provisions of applicable law and this Agreement regarding notice of
        meetings, a Member may participate in any meeting by using conference telephone
        or similar communications equipment by means of which all individuals
        participating in the meeting can hear each other, and participation in a
        meeting
        pursuant to this Section 5.7 shall constitute presence in person at such
        meeting, except when a Person participates in the meeting for the express
        purpose of objecting to the transaction of any business on the ground that
        the
        meeting was not lawfully called or convened.

       

      ARTICLE
        VI

       

      OFFICERS

       

      Section
        6.1   Officers.
        The
        Managers may designate one or more individuals (who may or may not be Managers)
        to serve as officers of the Company. The Company shall have such officers
        as the
        Managers may from time to time determine. Any two or more offices may be
        held by
        the same individual. An officer of the Company shall have the duties and
        responsibilities consistent with his position and shall perform such duties
        and
        responsibilities as shall from time to time be prescribed or delegated to
        him by
        the Managers, subject to the terms of any employment agreement with the Company
        or one of its subsidiaries to which such officer may be a party. The Managers
        agree that the officers shall be authorized to take the actions set forth
        on
Exhibit
        6.1
        hereto
        without further approval of the Managers.

       

      
        
          
          

        

        
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    ARTICLE
      VII

     

    ACCOUNTING
      AND TAX MATTERS; REPORTS; BANKING

     

    Section
      7.1   Books
      and Records.
      At all
      times during the continuance of the Company, the Company shall maintain and
      cause each of its subsidiaries, if any, to maintain, at their respective
      principal place of business, separate books of account that shall show a true
      and accurate record of all costs and expenses incurred, all charges made, all
      credits made and received and all income derived in connection with the
      operation of their respective businesses in accordance with United States
      generally accepted accounting principles, consistently applied from year to
      year
      (“GAAP”).
      Such
      books of account, together with a copy of this Agreement and of the Certificate,
      shall at all times be maintained at the principal place of business of the
      Company, shall be open to inspection and examination at reasonable times by
      each
      Member and its duly authorized representative for any purpose reasonably related
      to such Member’s interest as a Member of the Company.

     

    Section
      7.2   Capital
      Accounts.
      Each
      Member’s initial individual capital account (the “Capital
      Account”)
      shall
      be as set forth on Schedule 3.1 and adjusted pursuant to Section 3.1. Each
      Capital Account shall be maintained by the Company for each Member as provided
      below: 

     

    (a) Each
      Member’s Capital Contributions when made shall be credited to such Member’s
      Capital Account. The Capital Account of each Member shall, except as otherwise
      provided in this Agreement, be (i) credited with the amount of cash and the
      fair
      market value of any property contributed to the Company by such Member or its
      predecessor in interest (net of liabilities secured by such contributed property
      that the Company is considered to assume or take subject to under Section 752
      of
      the Code), (ii) credited with the amount of any Profits or items of income
      allocated to such member under Section 3.3 or its predecessor in interest for
      federal income tax purposes, (iii) debited by the amount of any Loss or items
      of
      deductions allocated to such member under Section 3.3 or its predecessor in
      interest for federal income tax purposes, and (iv) debited by the amount of
      cash
      or the fair market value of any property distributed to such Member its
      predecessor in interest (net of liabilities secured by such distributed property
      that such Member is considered to assume or take subject to under Section 752
      of
      the Code). Immediately prior to any distribution of property by the Company,
      the
      Members’ Capital Accounts shall be adjusted, as required by Treasury Regulation
      Section 1.704-1(b)(2).

     

    (b) Any
      adjustments of basis of Company property provided for under Sections 734 and
      743
      of the Code and comparable provisions of state law (resulting from an election
      under Section 754 of the Code or comparable provisions of state law) shall
      not
      affect the Capital Accounts of the Members except to the extent required by
      Treasury Regulation § 1.704-1(b)(2)(iv)(m), and the Members’ Capital Accounts
      shall be debited or credited pursuant to the terms of this Section 7.2 as if
      no
      such election had been made.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (c) It
      is the
      intention of the parties that the Capital Account of each Member be kept in
      the
      manner required under Treasury Regulation § 1.704-1(b)(2)(iv).

     

    (d) Capital
      Accounts shall be adjusted, in a manner consistent with this Section 7.2, to
      reflect any adjustments in items of Company Profits, Losses, income, gain or
      deduction that result from amended returns filed by the Company or pursuant
      to
      an agreement by the Company with the Internal Revenue Service or a final court
      decision.

     

    (e) The
      “Unit
      Capital Account”
of
      any
      Unit owned by a Member shall be equal to the Capital Account of such Member
      divided by the number of Units owned by such Member. Upon a transfer of Class
      B
      Units pursuant to Article X hereof, an allocable portion of the Class B Member’s
      Capital Account with respect to such Class B Units shall be transferred to
      the
      purchaser of such Units. 

     

    Section
      7.3   Tax
      Matters Partner.
      The
      Managers shall appoint one of the Members as the tax matters partner
      (“TMP”)
      under
      Section 6231 of the Code, and until the Managers shall appoint another Member,
      such TMP shall be MDC. The TMP shall inform each other Member of all significant
      tax matters that may come to its attention (including, without limitation,
      any
      tax audits of the Company) and shall forward to each other Member copies of
      all
      written communications it may receive in that capacity. The TMP will permit
      each
      Member to participate in any conferences or meetings with any taxing authority
      relating to any tax audit of the Company and any subsequent administrative
      or
      judicial proceedings. Nothing in this Section 7.3 shall limit the ability of
      any
      Member to take any action in its individual capacity with respect to tax audit
      matters that is left to the determination of an individual Member under Sections
      6221 through 6233 of the Code or under any similar state or local provision.
      The
      TMP shall be entitled to the indemnification provided by the Company as set
      forth in Article XI.

     

    Section
      7.4   Tax
      Elections.
      The TMP
      shall make the following elections on behalf of the Company: 

     

    (a) To
      elect
      the fiscal year ending December 31 as the Company’s fiscal year; 

     

    (b) To
      elect
      the accrual method of accounting and partnership tax treatment; 

     

    (c) To
      elect,
      in accordance with Sections 195 and 709 of the Code and applicable Treasury
      Regulations and comparable state law provisions, to treat all organization
      costs
      of the Company as deferred expenses amortizable over 180 months; 

     

    (d) To
      elect
      under Section 754 of the Code to adjust the basis of the Company’s assets
      pursuant to Sections 734 and 743 of the Code; and

     

    (e) To
      elect
      with respect to such other federal, state and local tax matters as the Managers
      shall determine from time to time. 

     

    
      
        
        

      

      
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    Section
      7.5   Bank
      Accounts; Investment of Company Funds.
      The
      Managers shall cause one or more accounts to be maintained in the name of the
      Company in one or more banks, which accounts shall be used for the payment
      of
      expenditures incurred in connection with the business of the Company and in
      which shall be deposited any and all receipts of the Company. All amounts shall
      be and remain the property of the Company and shall be received, held and
      disbursed for the purposes specified in this Agreement. There shall not be
      deposited in any of such accounts any funds other than funds belonging to the
      Company, and no other funds shall in any way be commingled with such funds.
      The
      Managers may invest or cause to be invested the Company funds in any manner
      which the Managers deem appropriate, in their discretion, and is consistent
      with
      prudent business practices. Notwithstanding anything in this Section 7.5 to
      the
      contrary, the Company and/or its subsidiaries shall maintain such accounts
      and
      deposit the funds of the Company and its subsidiaries in such manner as may
      be
      required or advisable in connection with (i) the MDC Cash Management Program
      during the Company’s participation in the program or (ii) an MDC
      Financing.

     

    Section
      7.6   Signature
      of Negotiable Instruments.
      All
      bills, notes, checks or other instruments for the payment of money shall be
      signed or countersigned by such officer, officers, agent or agents, and in
      such
      manner, as are permitted by this Agreement and as from time to time may be
      prescribed by resolution (whether general or special) of the
      Managers.

     

    ARTICLE
      VIII

     

    COVENANTS
      OF THE MEMBERS

     

    Section
      8.1   Independent
      Accountants.
      Notwithstanding anything to the contrary in this Agreement, MDC shall be
      entitled to appoint the independent public accountants of the Company to audit
      the Company’s financial statements.

     

    ARTICLE
      IX

     

    DISSOLUTION,
      LIQUIDATION AND TERMINATION

     

    Section
      9.1   Dissolution.
      The
      Company shall be dissolved upon the first to occur of either of the approval
      of
      the Members or the entry of a decree of judicial dissolution under the Act.
      As
      promptly as possible following the occurrence of either of the foregoing events
      effecting the dissolution of the Company, a Manager of the Company shall execute
      a statement of intent to dissolve, in such form as shall be prescribed by the
      Secretary of State of Delaware.

     

    Section
      9.2   Liquidation.
      Upon
      dissolution of the Company, the Members shall appoint a Manager as liquidating
      trustee, who shall immediately commence to wind up the Company’s affairs;
      provided, however, that a reasonable time shall be allowed for the orderly
      liquidation of the assets of the Company and the satisfaction of liabilities
      to
      creditors so as to enable the Members to minimize the normal losses attendant
      upon a liquidation. Any distribution to the Members in liquidation of the
      Company shall be made by the later of the end of the taxable year in which
      the
      liquidation occurs or 90 days after the date of such liquidation.
      Notwithstanding any provisions in this Agreement to the contrary, no Member
      shall be obligated to restore a deficit balance in its Capital Account at any
      time. The proceeds of liquidation shall be distributed, as realized, in the
      manner provided in the Act, pursuant to Section 3.4. Subject to the immediately
      following sentence, the Members shall continue to share Profits and Losses
      during liquidation in the same proportions, as specified in Section 3.3 hereof,
      as before liquidation. Notwithstanding anything to the contrary herein, the
      Managers shall in their good faith discretion (and in a manner which reflects
      the economic interests of the Members consistent with the intent of the
      transactions set forth in this Agreement and the Purchase Agreement) allocate
      items of income, gain, deduction, and loss for the year of liquidation (and
      for
      earlier years if necessary to the extent then possible) so as to give Members
      positive Capital Account balances, immediately before the distributions provided
      for in the second preceding sentence, equal to the amount (if any) that would
      be
      distributed to Members if distributions were made in accordance with Section
      3.4(a) hereof. In the event that such Manager is unable to perform in his
      capacity as liquidating trustee due to bankruptcy, dissolution, death,
      adjudicated incompetency or any other termination of such Manager as an entity,
      the liquidating trustee shall be a Person approved by the unanimous vote of
      the
      Membership Interests. With respect to this provision, the term “liquidation”
shall have the same meaning as set forth in Treasury Regulation
§1.704-1(b)(2)(ii) as in effect at such time, provided that the events specified
      in Section 10 shall not be deemed a “liquidation”.

     

    
      
        
        

      

      
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    Section
      9.3   Termination.
      The
      Company shall terminate when all of the assets of the Company have been
      distributed in the manner provided for in this Article IX, and the Certificate
      shall have been canceled in the manner required by the Act.

     

    Section
      9.4   Claims
      of the Members.
      Members
      and former Members shall look solely to the Company’s assets for the return of
      their Capital Contributions, and if the assets of the Company remaining after
      payment of or due provision for all debts, liabilities and obligations of the
      Company are insufficient to return such Capital Contributions, the Members
      and
      former Members shall have no recourse against the Company or any other
      Member.

     

    ARTICLE
      X

     

    RESTRICTIONS
      ON TRANSFERS; LIQUIDITY RIGHTS

     

    Section
      10.1   Transfer
      by the Members.
      

     

    (a) Except
      as
      provided in the next sentence, no holder of Class B Units shall directly or
      indirectly sell, transfer, assign, pledge, encumber, hypothecate, distribute,
      dividend or similarly dispose of, either voluntarily or involuntarily, or enter
      into any contract, option or other arrangement or understanding with respect
      to
      the sale, transfer, assignment, pledge, encumbrance, hypothecation,
      distribution, dividend or similar disposition of (collectively, “transfer”)
      any
      Class B Unit without the consent of MDC (which shall not be unreasonably
      withheld in connection with a transfer to any trust for the benefit of a holder
      of Class B Units or his or her immediate family for estate planning purposes),
      except in a transaction pursuant to this Article X. Class A Units and any Class
      B units held by MDC or its transferees shall be freely transferable, directly
      or
      indirectly, without restriction.

     

    (b) Notwithstanding
      anything in the foregoing to the contrary, a Management Unitholder may offer
      to
      sell any or all of its Class B Units (for purposes of this Section 10.1, the
      “Subject
      Units”)
      to the
      following Persons in accordance with the following procedures:

     

    
      
        
        

      

      
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    (i) such
      Management Unitholder shall first offer to sell such Subject Units to the
      Company and the Company shall have the exclusive right to purchase such Subject
      Units for a period of 30 days following the later of (x) the receipt of the
      notice referred to in Section 10.1(c) and (y) the day that is six months and
      one
      day after such Subject Units were acquired by the Management Unitholder;
      and

     

    (ii) in
      the
      event that not all of the Subject Units are purchased pursuant to clause (i)
      above by the end of the period specified therein, such Management Unitholder
      shall offer to sell such unsold Subject Units to MDC and MDC shall have the
      exclusive right to purchase such Subject Units for a period of 30 days following
      the termination of the period set forth in clause (i) above. For purposes of
      this Section 10.1, the Persons described in clauses (i) and (ii) are known
      collectively as the “Purchasers”.
      

     

    (c) In
      order
      for a Management Unitholder to exercise its right to sell its Class B Units
      pursuant to Section 10.1(b), such Management Unitholder shall deliver a written
      notice to the Company of its intention to sell its Units pursuant to this
      Section 10.1, which notice shall set forth the number of Subject Units being
      offered for sale and the FMV (as defined in Section 10.10) per Unit (which
      may
      be the most recent determination made by the Board of Managers). Each Purchaser
      may exercise its rights under this Section 10.1 by delivering a written notice
      to the selling Management Unitholder. The purchase and sale of the Units upon
      the exercise of an offer to sell pursuant to Section 10.1(b) shall be made
      in
      accordance with the applicable provisions of Section 10.10.

     

    Section
      10.2   Special
      Unit Call; Special Unit Put; Eight Year Call.

     

    (a) Subject
      to Section 10.2(d), at any time during the period commencing on the fifth
      anniversary of the Effective Time in the case of the Management Unitholders,
      and
      the third anniversary of the Effective Time in the case of Zyman, and ending,
      solely in the case of the Management Unitholders, on the day prior to the eighth
      anniversary of the Effective time (such period being referred to herein as
      the
“Special
      Unit Call Period”)
      (it
      being understood that with respect to Zyman, the right of MDC to call the
      Special Zyman Units shall continue indefinitely), MDC shall have the right
      (but
      not the obligation), exercisable no more than once in any twelve-month period
      (but which may be exercised for all or a portion of such Units upon each such
      exercise) with respect to each of Zyman and each Management Unitholder, to
      require Zyman and each Management Unitholder to sell to it (such right, the
      "Call"),
      in the
      case of Zyman, up to an aggregate of 2,750,000 Units (such number of Units,
      the
"Special
      Zyman Units")
      from
      time to time, and in the case of each Management Unitholder, up to an aggregate
      of such Management Unitholder's Pro Rata Portion (as defined in Section 13.1)
      of
      3,250,000 Units during the Special Unit Call Period (such Call, the "Special
      Unit Call");
      provided that MDC shall not be entitled to Call any Units from a Member until
      the day that is six months and one day after the date on which such Units were
      acquired by such Member. The purchase and sale of Units upon the exercise of
      a
      Special Unit Call shall be made in accordance with the applicable provisions
      set
      forth in Section 10.10. Any Call Exercise Notice delivered pursuant to this
      section or any other relevant section of this Article X shall set forth the
      number of Units subject to the Call. The Special Zyman Units subject to the
      Special Unit Call at any time shall be reduced by any Special Zyman Units
      purchased by MDC pursuant to Section 10.2(b).

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

    (b) Subject
      to Section 10.2(d), at any time on or after April 1, 2008, and so long as,
      prior
      to such date, the engagement of Sergio Zyman & Company (“Servicer”)
      pursuant to that certain Personal Service Agreement dated April 1, 2007 (as
      amended from time to time, the “PSA”)
      has
      not been terminated under any of the circumstances described in Section 10.4(a)
      (it being understood that the right of Zyman to put the Special Zyman Units
      described herein shall continue indefinitely; provided that, if Servicer’s
      engagement pursuant to the PSA is terminated as described in Section 10.4(a),
      Zyman's rights under this Section 10.2(b) shall automatically terminate), Zyman
      shall have the right (but not the obligation), exercisable not more than once
      in
      any twelve-month period (but, which may be exercised for all or a portion of
      such Units upon each such exercise), to require MDC to purchase from it (such
      right, the "Put"
      (which
      term shall apply to any similar right held by Zyman or a Management Unitholder
      under this Article X)), the Special Zyman Units (such Put, the "Special
      Unit Put");
      provided that Zyman shall not be entitled to Put any Units until the day that
      is
      six months and one day after the date on which such Units were acquired by
      Zyman; and provided further, not more than one-half of the Special Zyman Units
      may be put by Zyman by delivery of a Put Exercise Notice issued prior to
      April 1, 2009. Subject to the foregoing, Zyman may exercise the Special
      Unit Put by delivering written notice of exercise ( a "Put
      Exercise Notice"
      (which
      term shall apply to any notice of exercise of a Put pursuant to this Article
      X)
      and together with a Call Exercise Notice, an "Exercise
      Notice")
      to MDC
      on or after April 1, 2008. The purchase and sale of the Special Zyman Units
      upon the exercise of a Special Unit Put shall be made in accordance with the
      applicable provisions set forth in Section 10.10. Any Put Exercise Notice
      delivered pursuant to this section or any other relevant section of this Article
      X shall set forth the number of Special Zyman Units subject to the Put. The
      Special Zyman Units subject to the Special Unit Put at any time shall be reduced
      by any Special Zyman Units purchased by MDC pursuant to Section
      10.2(a).

     

    (c) At
      any
      time on or after the eighth anniversary of the Effective Time (the “Eighth
      Anniversary Call Period”),
      MDC
      shall have the right (but not the obligation) to Call any and all Units then
      owned by Zyman (such right, the “Eight
      Year Call”);
      provided that MDC shall not be entitled to Call any Units from Zyman until
      the
      day that is six months and one day after the date on which such Units were
      acquired by Zyman. MDC may exercise the Eight Year Call by delivering a Call
      Exercise Notice to Zyman during the Eighth Anniversary Call Period. The purchase
      and sale of the Units upon the exercise of a Call shall be made in accordance
      with the applicable provisions set forth in Section 10.10. 

     

    (d) Notwithstanding
      the foregoing, if the Revenues for the twelve months ending on the date of
      an
      Exercise Notice (such date, the “Exercise
      Date”)
      are
      less than the average Revenues for the two consecutive twelve month periods
      immediately preceding the month of the Exercise Date, then neither MDC nor
      Zyman
      may exercise the Special Unit Call or the Special Unit Put, as applicable,
      in
      such year.

     

    Section
      10.3   Put
      and Call of Zyman Units upon Involuntary Termination of Servicer’s Engagement
      Pursuant to the PSA.

     

    (a) 
      Notwithstanding the Put and Call Periods described in Section 10.2(a) and
      Section 10.2(b) above, in the event that during the period commencing on the
      date hereof and ending on the eighth anniversary of the Effective Time (such
      period, the “Zyman
      Involuntary Termination Period”)
      Servicer shall no longer be engaged under the PSA by reason of SZ’s death,
      Disability (as defined in the PSA), a termination of Servicer under the PSA
      by
      the Company without Cause, or a termination by Servicer for Good Reason under
      the PSA, then 

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    (i) Zyman
      shall be entitled to Put all or a portion of its Units to the Company (the
      “Zyman
      Termination Put”)
      pursuant to and in accordance with the applicable provisions of Section 10.10;
      provided, that Zyman shall not be entitled to Put any Units that it has held
      for
      a period of six months or less. Zyman may exercise the Zyman Termination Put
      by
      delivering a Put Exercise Notice to the Company anytime during the Zyman
      Involuntary Termination Period. The Company shall be entitled to assign its
      obligation to purchase all or a portion of such Units Put by Zyman to MDC;
      and

     

    (ii) the
      Company shall be entitled to Call (the “Company Termination
      Call”)
      all or
      a portion of Zyman’s Units pursuant to and in accordance with the applicable
      provisions of Section 10.10 and, to the extent that the Company has not
      exercised the Company Termination Call, MDC shall be entitled to Call any
      remaining Units; provided, that neither the Company nor MDC shall be entitled
      to
      Call any Units which have not been held by Zyman for at least six months. Each
      of the Company and MDC may exercise the Company Termination Call by delivering
      a
      Call Exercise Notice to Zyman anytime during the Zyman Involuntary Termination
      Period.

     

    (b) Any
      Units
      which have not been purchased pursuant to this Section 10.3 during the Zyman
      Involuntary Termination Period shall become subject to the Eight Year
      Call.

     

    Section
      10.4   Call
      for Zyman Units upon Servicer Resignation Prior to Third anniversary of
      Effective Time; Termination for Cause.

     

    (a) Notwithstanding
      the Call Periods described in Section 10.2(a) above, in the event that Servicer
      voluntarily terminates its engagement with the Company pursuant to the PSA
      at
      any time prior to the third anniversary of the Effective Time (other than for
      Good Reason) or in the event that Servicer’s engagement is terminated by the
      Company for Cause pursuant to the PSA at any time, then the Company shall have
      the right to Call all or a portion of Zyman’s Units pursuant to and in
      accordance with the applicable provisions of Section 10.10 and, to the extent
      that the Company has not exercised the Call, MDC shall be entitled to Call
      any
      remaining Units; provided that neither the Company nor MDC shall be entitled
      to
      Call any Units which Zyman has not held for a period of at least six months.
      Each of the Company and MDC may exercise the Call by delivering a Call Exercise
      Notice to Zyman. Upon the occurrence of a termination of Servicer’s engagement
      pursuant the PSA described in this Section 10.4, Zyman shall no longer be
      entitled to exercise the Special Unit Put. 

     

    (b) Any
      Units
      which have not been purchased pursuant to this Section 10.4 on or before the
      eighth anniversary of the Effective Time shall become subject to the Eight
      Year
      Call.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    Section
      10.5   Call
      for Zyman Units upon Servicer Resignation On or Following the Third Anniversary
      of Effective Time and Prior to the Eighth Anniversary of the Effective
      Time.

     

    (a) Notwithstanding
      the Call Periods described in Section 10.2(a) above, in the event that Servicer
      voluntarily terminates its engagement with the Company pursuant to the PSA
      at
      any time on or following the third anniversary of the Effective Time and prior
      to the eighth anniversary of the Effective Time (including, without limitation,
      if Servicer gives written notice of his intention not to renew the term of
      Servicer’s engagement pursuant to the terms of the PSA), then the Company shall
      have the right to Call all or a portion of Zyman’s Units pursuant to and in
      accordance with the applicable provisions of Section 10.10 and, to the extent
      that the Company has not exercised the Call, MDC shall be entitled to Call
      any
      remaining Units; provided that neither the Company nor MDC shall be entitled
      to
      Call any Units which Zyman has not held for a period of at least six months.
      Each of the Company and MDC may exercise the Call by delivering a Call Exercise
      Notice to Zyman.

     

    (b) Any
      Units
      which have not been purchased pursuant to this Section 10.5 on or before the
      eighth anniversary of the Effective Time shall become subject to the Eight
      Year
      Call.

     

    Section
      10.6   Put
      and Call for Management Unitholders’ Units upon Termination of
      Employment.
      In the
      event that a Management Unitholder shall no longer be an employee of the Company
      or any of its subsidiaries by reason of such Management Unitholder’s death,
      Disability, a termination by the Company without Cause or a termination by
      such
      Management Unitholder for Good Reason, then: 

     

    (a)
      such
      Management Unitholder shall be entitled to Put any such Units to the Company
      at
      a price per Unit equal to the FMV by delivering a Put Exercise Notice to the
      Company (“Manager
      Termination Put”);
      provided that such Management Unitholder shall not be entitled to Put any Units
      which have not been held by such Management Unitholder for a period of at least
      six months. The Company shall be entitled to assign its obligation to purchase
      all or a portion of such Units to MDC; and 

     

    (b)
      the
      Company shall be entitled to Call (the “Manager
      Termination Call”)
      all or
      a portion of such Management Unitholder’s Units pursuant to and in accordance
      with the applicable provisions of Section 10.10 and, to the extent that the
      Company has not exercised the Manager Termination Call, MDC shall be entitled
      to
      Call any remaining Units; provided that neither the Company nor MDC shall be
      entitled to Call any Units which have not been held by such Management
      Unitholder for a period of at least six months. Each of the Company and MDC
      may
      exercise the Manager Termination Call by delivering a Call Exercise Notice
      to
      the Management Unitholder.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    Section
      10.7   Call
      for Management Unitholders’ Units Upon Resignation of a Management Member;
      Termination for Cause.
      Notwithstanding the Call Periods described in Section 10.2(a) above, in the
      event that a Management Unitholder voluntarily terminates his employment with
      the Company (other than a termination for Good Reason) or in the event that
      such
      Management Unitholder’s employment is terminated by the Company for Cause at any
      time, then the Company shall have the right to Call any or all of such
      Management Unitholder’s Units pursuant to and in accordance with the applicable
      provisions of Section 10.10 and, to the extent that the Company has not
      exercised the Call, MDC shall be entitled to Call any remaining Units; provided
      that neither the Company nor MDC shall be entitled to Call any Units which
      have
      not been held by such Management Unitholder for a period of at least six months.
      Each of the Company and MDC may exercise the Call by delivering a Call Exercise
      Notice to the Management Unitholder.

     

    Section
      10.8   Sale
      of Units by Zyman to the Company.

     

    (a) The
      Company has established the restricted Unit purchase plan set forth as Exhibit
      10.8 (the “Plan”),
      pursuant to which it will offer to sell up to 4,379,374 Units to employees
      of
      the Company, from time to time. Such Units shall be offered for sale to such
      employees designated by the Chief Executive Officer of the Company and approved
      by MDC from time to time (the “Employee
      Offerees”),
      in
      accordance with the following schedule: 

     

    (i) 2,360,000
      Units will be offered to the Employee Offerees on or as soon as reasonably
      practicable after the Closing Date (as defined in the Purchase Agreement) for
      a
      period of 60 days; 

     

    (ii) 1,000,000
      Units plus any Units not sold pursuant to clause (i) above will be offered
      to
      the Employee Offerees on or before the first anniversary of the Closing Date
      for
      a period of 60 days;

     

    (iii) 1,000,000
      Units plus any Units not sold pursuant to clauses (i) and (ii) above will be
      offered to the Employee Offerees on or before the second anniversary of the
      Closing Date for a period of 60 days; and

     

    (iv) any
      Units
      not purchased pursuant to clauses (i), (ii) and (iii) will be offered to the
      Employee Offerees on or before the third anniversary of the Closing Date for
      a
      period of 60 days; 

     

    provided,
      that in the event that Servicer shall no longer be engaged by the Company
      pursuant to the PSA as a result of SZ’s death or Disability (as defined in the
      PSA), the Company shall immediately offer to sell to the applicable Employee
      Offerees any of the 4,379,374 Units which have not previously been offered
      pursuant to this Section 10.8(a) and, provided further, that Zyman shall be
      required to hold (and may not Put pursuant to Section 10.3) a number of Units
      equal to such Units until the 60th day following the date of SZ’s death or the
      date on which Servicer’s engagement pursuant to the PSA is terminated as a
      result of SZ’s Disability, as the case may be and shall be required to hold
      until the closing of the purchase any Units subscribed for pursuant to the
      offering. 

     

    (b) Such
      Units shall be offered to the Employee Offerees pursuant to clause (a) for
      FMV
      (as determined based on the most recent valuation prior to the date of each
      offer) and the consideration in respect of such Units shall be in the form
      of
      cash and/or notes payable by the Employee Offerees to the Company substantially
      in the form of Exhibit
      10.8 (each
      a
“Purchase
      Note”)
      or, at
      the election of the relevant Buyer (as defined below), cash.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    (c) In
      the
      event that all of the 4,379,374 Units have not been subscribed for by the
      Employee Offerees pursuant to clause (a) by the 61st
      day
      after the date on which Units are offered pursuant to clause (a)(iv) above
      and
      purchased by such Employee Offerees within the time period set forth in Section
      10.10(d) to the extent such Units have been subscribed for, the Company shall
      create a plan pursuant to which it shall offer to the Employee Offerees the
      option to purchase any such unsold Units beginning no later than the
      90th
      day
      after the third anniversary of the Effective Time, which option may be exercised
      on or before the fifth anniversary of the Effective Time (such period, the
      “Option
      Period”)
      at a
      price equal to the FMV per Unit as of the date of such offer (such option,
      the
“Employee
      Option”).
      The
      consideration paid by an Employee Offeree upon the exercise of such Employee
      Option shall be cash in an amount equal to no less than $0.50 per purchased
      Unit
(or
      such
      lesser cash amount as determined by the Board of Managers, in its sole
      discretion) and
      a
      Purchase Note for the remaining consideration. Notwithstanding anything in
      this
      Agreement to the contrary (including Sections 10.3 and 10.4), during the Option
      Period, Zyman shall be required to hold a number of Units at least equal to
      the
      number of Units subject to the Employee Option (as such number may be reduced
      from time to time).

     

    (d) For
      each
      Unit sold by the Company pursuant to this Section 10.8 Zyman shall sell and
      the
      Company shall purchase or redeem one Unit from Zyman and in consideration
      therefor the Company shall pay and assign to Zyman the cash and/or Purchase
      Notes paid to the Company by any holder in respect of such Units; provided
      that
      the Company shall not purchase or redeem any Units which have not been held
      by
      Zyman for a period of at least six months.

     

    Section
      10.9   Binding
      Obligations Upon Exercise of a Put, a Call or an Offer to
      Sell.
      Upon
      the proper delivery of an Exercise Notice in respect of the exercise of a Put
      by
      a Seller or a Call by a Buyer or a notice of an Offer to Sell by the Management
      Unitholders or the Company, any such Seller shall be obligated to sell the
      Units
      subject to the Call or the Offer to Sell or which it has agreed to sell pursuant
      to a Put as set forth in the applicable notice and any such Buyer shall be
      obligated to buy the Units subject to the Put or which it has agreed to purchase
      pursuant to an Offer to Sell or a Call as set forth in the applicable notice,
      in
      each case, in accordance with the applicable provisions of Section
      10.10.

     

    Section
      10.10   Put/Call
      Purchase Price.
      

     

    (a) Calculation/Payment
      of the Put/Call Purchase Price.

     

    (i)
      In
      connection with the exercise of any Put pursuant to Section 10.2(b) or Section
      10.3(a) or any Call pursuant to Section 10.2(a), Section 10.3(a) or Section
      10.5, or Call of the Special Zyman Units pursuant to the Eight Year Call, each
      Buyer shall calculate and pay to Zyman or the Management Unitholders, as
      applicable, the following amounts (collectively, the “Put/Call
      Purchase Price”):

     

    (x) within
      5
      Business Days following the determination of PBT for YP-1, but in no event
      earlier than the Article X Closing Date (as defined in Section 10.10(d) hereof),
      an amount (the “First
      Payment”)
      equal
      to:

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    

      
        	
                AP
×

              	
                {

              	
                (PBT
                  for YP-1)

              	
                ×
4.75

              	
                }

              
	
                3

              

      

    

     

    (y) within
      5
      Business Days following the determination of PBT for YP, but in no event earlier
      than the Article X Closing Date), an amount (the “Second
      Payment”)
      equal
      to:

     

    
      	
              
                {

              

            	
              AP
                ×

            	
              (((PBT
                for YP-1) + (PBT for YP)) × 4.75)

            	
              
                }

              

            	
               –
                {First Payment}

            
	
              3

            

    

    

    (z) within
      5
      Business Days following the determination of PBT for YP+1, but in no event
      earlier than the Article X Closing Date), an amount (the “Final
      Payment”)
      equal
      to:

     

    
      	
              
                {

              

            	
              AP
                ×

            	
              (

            	
              ((PBT for YP-1) + (PBT for YP)

              +
                (PBT for YP+1))

            	
              ×
                AM

            	
              )

            	
              
                }

              

            	
               –{First Payment + Second Payment}

            
	
              3

            

    

    

    (ii) In
      connection with the exercise of the Eight Year Call (except to the extent such
      Eight Year Call relates to the Special Zyman Units to which clause (i) above
      shall apply) and a Call pursuant to Section 10.4(a), the Buyer shall calculate
      and pay to Zyman the product of 50% multiplied by the Put/Call Purchase Price;
      provided that in connection with a Call pursuant to Section 10.4(a) because
      Servicer voluntarily terminates its engagement with the Company pursuant to
      the
      PSA, the price paid for any Zyman Special Units shall be the Put/Call Purchase
      Price.

     

    (iii) In
      connection with the exercise of a Call pursuant to Section 10.7 or an option
      pursuant to Section 10.8(c) or a Put pursuant to Section 10.6, the Buyer shall
      pay to the applicable seller the product of the number of Units being purchased
      and the FMV per Unit.

     

    (b) Other
      Definitions.

     

    (i) “AM”
shall
      mean the multiple based on applicable PBT Margin and CRGR, as set forth
      below:

     

    
      	
              PBT
                Margin 

            	 	
              Multiple
                Range 

            	 
	 	 	
              CRGR
                <=10%

            	 	
              CRGR
                >=25%

            	 
	
              <
                30%

            	 	 	
              4.0

            	 	 	
              4.0

            	 
	
              >=
                30% & < 35%

            	 	 	
              4.0

            	 	 	
              4.5

            	 
	
              >=
                35% & < 40%

            	 	 	
              4.5

            	 	 	
              5.0

            	 
	
              >=
                40%

            	 	 	
              5.0

            	 	 	
              5.5

            	 

    

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    To
      the
      extent that CRGR and/or PBT Margin are within the ranges noted above, the
      applicable multiple shall be prorated accordingly.

     

    (ii) “Applicable
      Percentage”
or
      “AP”
shall
      mean the percentage that the Class B Units being sold and purchased pursuant
      to
      a Put or Call represents out of the total number of issued and outstanding
      Units, regardless of class.

     

    (iii) “Cumulative
      Revenue Growth Rate”
or
      “CRGR”
shall
      mean the cumulative annual percentage growth rate in Revenues for the three-year
      period ending December 31 of YP+1 (based on the applicable Base Revenues).
      CRGR
      shall be calculated as follows:

     

    
      	
              CRGR
                =

            	
              [(

            	
              Revenues
                for YP + 1

              Base
                Revenues

            	
              )

            	
              1/3

            	
              – 1

            	
              ]

            	
              ×
                100%

            

    

    

    For
      purposes of calculating CRGR, the base revenues (“Base
      Revenues”)
      shall
      be the Revenues for YP-2.

     

    (iv) “FMV”
shall
      mean, with respect to any Units, the price that would be paid for such Units,
      assuming a willing seller and a willing buyer, as determined in good faith
      by
      the Board of Managers of the Company from time to time (and no less frequently
      than annually) with the advice of an independent appraiser selected by the
      Board
      of Managers of the Company. 

     

    (v) “Market
      Value”
with
      respect to the First Payment, Second Payment and Final Payment, as the case
      may
      be, shall be the average of the closing prices per share of MDC Stock in United
      States dollars reported on the NASDAQ Stock Market for the 20 consecutive
      trading days ending three trading days immediately prior to the date the First
      Payment, Second Payment, Final Payment, as the case may be, are required to
      be
      paid pursuant to Sections 10.10(a)(i)(x), (y), and (z), respectively. The
      closing price for each day shall be the closing price on the NASDAQ Stock
      Market.

     

    (vi) “Measuring
      Period”
shall
      mean, as applicable, (x) the calendar year or years included in the applicable
      Put/Call Purchase Price calculation under Section 10.10(a) above or (y) any
      Distribution Period Calendar Year.

     

    (vii) “PBT
      Margin”
for
      the
      Measuring Period shall equal the percentage equivalent of the quotient
      determined by dividing (a) the total PBT plus Class C PBT for the Measuring
      Period, by (b) the total Revenues for the Measuring Period. For purposes of
      this
      Agreement, the PBT Margin shall be rounded up or down, as the case may be,
      to
      the nearest one-tenth of one percent.

     

    (viii) “Revenues”
during
      each relevant calendar year or other period, as applicable, shall mean
      consolidated revenues of the Company and its subsidiaries determined in
      accordance with GAAP, consistently applied with the accounting principles and
      procedures historically utilized by the Company. 

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    (ix) “YP”
shall
      mean the calendar year in which the respective Put or Call was exercised by
      proper delivery of an Exercise Notice. 

     

    (x) “YP+1”
shall
      mean the calendar year immediately following YP.

     

    (xi) “YP+2”
shall
      mean the calendar year immediately following YP+1.

     

    (xii) “YP-1”
shall
      mean the calendar year immediately preceding YP.

     

    (xiii) “YP-2”
shall
      mean the calendar year immediately preceding YP-1. 

    (c) Accounting
      Procedures.

     

    (i) Upon
      the
      exercise of (x) a Put pursuant to Section 10.2(b) or Section 10.3(a) or (y)
      a
      Call pursuant to Section 10.2(a), Section 10.2(c), Section 10.4(a) or Section
      10.5(a) involving the sale of Units representing at least 2% of the outstanding
      Units, MDC shall, and upon the exercise of any Put or Call pursuant to any
      of
      the foregoing sections involving the sale of Units representing less than 2%
      of
      the outstanding Units, MDC may at its option, cause KPMG LLP, or another
      independent national accounting firm chosen by MDC (the “Accountants”),
      as
      soon as practicable after the end of years YP, YP+1 and YP+2, to prepare in
      accordance with GAAP, a report containing an audited consolidated balance sheet
      of the Company and its subsidiaries, if any, as of the close of business on
      the
      anniversary of the Effective Time of each such period, and a related audited
      consolidated statement of income of the Company and its subsidiaries, if any,
      for the relevant year then ended, in each case together with a statement of
      the
      Accountants based upon such report which (x) states that it was prepared in
      accordance with this Agreement and (y) sets forth for the period under
      examination the applicable calculation of PBT, Revenues, PBT Margin and AM,
      and
      (z) sets forth all adjustments required to be made to such audited financial
      statements in order to make the calculations required under this Section 10.10
      (the “Annual
      Determination”).
      MDC
      shall instruct the Accountants to deliver a copy of each such Annual
      Determination to Zyman as soon as possible after the completion of each year
      and
      shall use commercially reasonable efforts to have each such Annual Determination
      delivered not later than 90 days after the end of the period to which such
      Annual Determination relates. 

     

    (ii) If
      Zyman
      does not agree that any Annual Determination correctly states the applicable
      calculations of PBT, Revenues, PBT Margin or AM for the period under
      examination, Zyman shall promptly (but not later than 30 days after the delivery
      of such Annual Determination to Zyman) give written notice to MDC of any
      exceptions thereto (in reasonable detail describing the nature of the
      disagreement asserted). If Zyman and MDC reconcile their differences, the Annual
      Determination shall be adjusted accordingly and shall thereupon become binding,
      final and conclusive upon all of the parties hereto and enforceable in a court
      of law. If Zyman and MDC are unable to reconcile their differences in writing
      within 20 days after written notice of exceptions is delivered to Zyman (the
      “Reconciliation
      Period”),
      the
      items in dispute shall be submitted to a mutually acceptable accounting firm
      (other than the Accountants) (the “Independent
      Auditors”)
      for
      final determination, and the Annual Determination shall be deemed adjusted
      in
      accordance with the determination of the Independent Auditors and shall become
      binding, final and conclusive upon all of the parties hereto and enforceable
      in
      a court of law. The Independent Auditors shall consider only the items in
      dispute and shall be instructed to act within 20 days (or such longer period
      as
      Zyman and MDC may agree) to resolve all items in dispute. If Zyman does not
      give
      written notice of any exception within 30 days after the delivery of an Annual
      Determination or if Zyman gives written notification of its acceptance of an
      Annual Determination prior to the end of such 30 day period, such Annual
      Determination shall thereupon become binding, final and conclusive upon all
      the
      parties hereto and enforceable in a court of law.

     

    
      
        
        

      

      
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    (iii) In
      the
      event the Independent Auditors are for any reason unable or unwilling to perform
      the services required of it under this Section 10.10, then Zyman and MDC agree
      to select another mutually acceptable accounting firm to perform the services
      to
      be performed under this Section 10.10 by the Independent Auditors. If Zyman
      and
      MDC fail to select the Independent Auditors as required by clause (i) above
      within seven days after the expiration of the Reconciliation Period or fail
      to
      select another accounting firm within seven days after it is determined that
      the
      Independent Auditors will not perform the services required, either Zyman or
      MDC
      may request the American Arbitration Association in Atlanta (the “AAA”)
      to
      appoint an independent firm of certified public accountants to perform the
      services required under this Section 10.10 by the Independent Auditors. MDC,
      on
      the one hand, and Zyman, on the other hand, shall share the fees of the AAA
      equally. For purposes of this Section 10.10(c) the term “Independent
      Auditors”
shall
      include such other accounting firm chosen in accordance with this clause
      (iii).

     

    (iv) The
      Independent Auditors shall determine the party (i.e., Zyman or MDC) whose
      asserted position as to the calculation of PBT, Revenues, PBT Margin, or AM
      for
      the period under examination before the Independent Auditors is furthest from
      the determination of PBT, Revenues, PBT Margin, or AM, as the case may be,
      by
      the Independent Auditors, which non-prevailing party shall pay the fees and
      expenses of the Independent Auditors and shall reimburse the prevailing party
      for the portion of the fees of the AAA previously paid by it.

     

    (v) The
      books
      and records of the Company and its subsidiaries shall be made available during
      normal business hours upon reasonable advance notice at the principal office
      of
      the Company, to the parties hereto and their representatives, the Accountants
      and the Independent Auditors to the extent required to determine the
      calculations required under Section 10.10. Zyman, on the one hand, and MDC,
      on
      the other hand, shall make available to the other party and their
      representatives (including auditors) any back-up materials generated by or
      for
      them to support a position that is contrary to the position taken by the other
      party. 

     

    
      
        
        

      

      
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    (d) Closing.
      The
      closing for each purchase and sale of Units (an “Article
      X Closing”)
      pursuant to this Article X shall be held at the offices of the Company within
      30
      days after the later of (i) the delivery of an Exercise Notice, (ii) in the
      case
      of Offers to Sell, 30 days after the receipt of an acceptance of an Offer to
      Sell and (iii) the day that is six months and one day after such Units were
      first acquired by the Seller. The date on which the respective Article X Closing
      takes place is referred to in this Agreement as its “Article
      X Closing Date”.
      At
      each Article X Closing, the parties shall execute an Assignment of Unit
      Agreement in form and substance reasonably acceptable to the purchaser and
      the
      seller in such transaction and an amendment to this Agreement in accordance
      with
      Section 14.4 reflecting such transfer and the reallocated Units (including
      the
      related portion of the Capital Account). The transfer of any Units pursuant
      to
      this Section 10.10 shall be free and clear of all claims, liens and encumbrances
      other than as created by the provisions of this Agreement. Prior to any Article
      X Closing, the applicable purchaser and seller shall use their best efforts
      to
      obtain any required governmental or regulatory approval or approvals. MDC shall
      have the right to postpone any scheduled Article X Closing until any such
      governmental or regulatory approval is obtained. In connection with a sale
      pursuant to this Article X, the transferor shall be entitled to distributions
      pursuant to Section 3.4 as and when declared by the Board of Managers in respect
      of any amounts which have been allocated to the transferred Units as of the
      day
      prior to the effective date of any Put or Call or, in the case of an Offer
      to
      Sell, the applicable Article X Closing Date, and the transferee shall be
      entitled to distributions pursuant to Section 3.4 in respect of any amounts
      which are allocated to the transferred Units on and after the effective date
      or
      the Article X Closing Date, as the case may be.

     

    (e) Put/Call
      Purchase Price Payment.
      

     

    (i)
      If
      MDC is purchasing Units from Zyman pursuant to Section 10.2, Section 10.3,
      Section 10.4 or Section 10.5, payment of each component of the Put/Call Purchase
      Price shall be made by MDC (x) at least 80% in cash (any amount in excess of
      80%
      will be determined by MDC in its sole discretion) by direct wire transfer to
      the
      account of Zyman designated in writing to MDC pursuant to this Agreement and
      (y)
      up to 20% of each component of the Put/Call Purchase Price may be made in Class
      A Shares (subordinate voting shares), of MDC Partners (“MDC
      Stock”)
      (rounded up or down to the nearest whole share) having an aggregate Market
      Value
      (as defined above) equal to up to 20% of such component of the Put/Call Purchase
      Price and, if the Company is purchasing Units pursuant to Section 10.2, Section
      10.3, Section 10.4 or Section 10.5, the purchase price shall be paid in cash.
      Each of the First Payment, Second Payment and Final Payment shall be deemed
      to
      include imputed interest, to the extent required by the Code. Prior to MDC’s
      delivery to Zyman of each Put/Call Purchase Price payment in shares of MDC
      Stock, Zyman shall be required to deliver an Investment Representation
      Certificate in the form of Exhibit
      10.10(e) hereto.
      The shares of MDC Stock shall be eligible for sale in accordance the applicable
      securities laws of the U.S. and Canada, and the terms of the Investment
      Representation Certificate to be delivered by the receipt of such shares of
      MDC
      Stock. 

     

    (ii) Any
      purchase of Units pursuant to Section 10.1 shall be made in cash; provided
      that
      if the Seller is the obligor on any Purchase Note(s) at the time of sale, the
      Buyer may elect to assume a portion of the amounts outstanding under any such
      Purchase Note(s) (equal in proportion to the number of Units being purchased
      by
      such Buyer relative to the number of Units owned by such Seller immediately
      prior to the relevant Article X Closing) and the amount of cash payable shall
      be
      reduced by the value of the portion of the Purchase Note(s) assumed by such
      Buyer.

     

    
      
        
        

      

      
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    (iii) Any
      purchase of Units pursuant to Section 10.6, Section 10.7 or Section 10.8 shall
      be made in cash and/or Purchase Notes, or some combination thereof in accordance
      with the terms set forth in such sections (to the extent provided); provided
      that if the Seller is the obligor on any Purchase Note(s) at the time of sale,
      the Buyer may elect to assume a portion of the amounts outstanding under any
      such Purchase Note(s) (equal in proportion to the number of Units being
      purchased by such Buyer relative to the number of Units owned by such Seller
      immediately prior to the relevant Article X Closing) and the amount of cash
      and/or Purchase Notes payable shall be reduced by the value of the portion
      of
      the Purchase Note(s) assumed by such Buyer.

     

    (f) Effect
      of Events During Period Class B Units Are Issued.
      The
      parties hereto understand and agree that under the terms of each Management
      Unitholder’s employment agreement with the Company, if any, such Management
      Unitholder may be terminated for Cause or without Cause. Accordingly, each
      of
      the parties hereto agrees that if (a) any Management Unitholder ceases to be
      an
      employee of the Company, regardless of the reason therefor, or (b) there are
      changes in the composition of the Board of Managers of the Company or any
      subsidiary of the Company, no party to this Agreement or any Person deriving
      rights through any such party shall have the right to make a claim that such
      cessation of employment or change in the composition of the Board of Managers
      of
      the Company or any subsidiary of the Company (x) constitutes a breach by MDC
      or
      any of its Affiliates of this Agreement, (y) resulted in an adverse effect
      on
      any Put/Call Purchase Price payment under this Agreement forming the basis
      for a
      claim against MDC or any of its Affiliates, or (z) constitutes an event forming
      the basis for such party to dispute any calculation required to be made pursuant
      to the accounting procedures set forth in Section 10.10(c) hereof. In the event
      a Management Unitholder ceases to be employed by the Company, regardless of
      the
      reason therefor, such event shall not affect the right of any Unitholder to
      receive any Put/Call Purchase Price payment under this Agreement.

     

    ARTICLE
      XI

     

    INDEMNIFICATION

     

    Section
      11.1   Indemnification
      of Managers and Members.
      The
      Company shall indemnify and advance expenses to a Person who was or is
      threatened to be made a named defendant or respondent in a proceeding because
      the individual is or was a Manager or Member to the fullest extent permitted
      or
      authorized by the laws of the State of Delaware as if the Company was a
      corporation organized under the laws of Delaware. This indemnification provision
      shall inure to each of the Managers and Members of the Company, and other
      Persons serving at the request of the Company (as provided in this Article),
      and
      in the event of his death shall extend to his legal representatives; but such
      rights shall not be exclusive of any other rights to which he may be
      entitled.

     

    Section
      11.2   Others.
      The
      Company may indemnify and advance expenses to an officer, employee or agent
      of
      the Company to the same extent that it is required to indemnify and advance
      expenses to Managers or Members under this Agreement or by statute. The Company
      may indemnify and advance expenses to Persons who are not or were not officers,
      employees or agents of the Company but who are or were “serving at the request
      of the Company” (as defined in Section 11.5(d)) as a director, officer, partner,
      manager, member, venturer, proprietor, trustee, employee, agent or similar
      functionary of another limited liability company, corporation, partnership,
      employee benefit plan, or other enterprise or entity (individually, an
“Other
      Entity”)
      to the
      same extent that the Company is required to indemnify and advance expenses
      to
      Managers or Members under this Article or by statute.

     

    
      
        
        

      

      
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    Section
      11.3   Insurance
      and Other Arrangements.
      The
      Company may purchase and maintain insurance or establish and maintain another
      arrangement on behalf of any individual who is or was a Manager, officer,
      employee, Member or agent of the Company or who is or was serving at the request
      of the Company as a director, officer, partner, manager, member, venturer,
      proprietor, trustee, employee, agent or similar functionary of an Other Entity,
      against or in respect of any liability asserted against him and incurred by
      him
      in such a capacity or arising out of his status as such an individual, whether
      or not the Company would have the power to indemnify him against that liability
      under this Agreement or by statute. If the insurance or other arrangement is
      with a Person or entity that is not regularly engaged in the business of
      providing insurance coverage, the insurance or other arrangement may provide
      for
      payment of a liability with respect to which the Company would not have the
      power to indemnify the Person only if including coverage for the additional
      liability has been approved by the Members of the Company. Without limiting
      the
      power of the Company to purchase, procure, establish or maintain any kind of
      insurance or other arrangement, the Company may, for the benefit of persons
      indemnified by the Company, (a) create a trust fund; (b) establish any form
      of
      self-insurance; (c) secure its indemnity obligation by grant of a security
      interest or other lien on the assets of the Company; or (d) establish a letter
      of credit, guaranty or surety arrangement. The insurance or other arrangement
      may be purchased, procured, maintained or established within the Company or
      with
      any insurer or other Person deemed appropriate by the Managers regardless of
      whether all or part of the stock or other securities of the insurer or other
      Person are owned in whole or part by the Company. In the absence of fraud,
      the
      judgment of the Managers as to the terms and conditions of the insurance or
      other arrangement and the identity of the insurer or other Person participating
      in an arrangement shall be conclusive and the insurance or arrangement shall
      not
      be voidable and shall not subject the Managers approving the insurance or
      arrangement to liability, on any ground, regardless of whether Managers
      participating in the approval are beneficiaries of the insurance or arrangement.
      

     

    Section
      11.4   Report
      to Members.
      Any
      indemnification of or advance of expenses to a Manager or Member in accordance
      with this Article or the provisions of any statute shall be reported in writing
      to the Members with or before the notice or waiver of notice of the next
      Members’ meeting or with or before the next submission to the Members of a
      consent to action without a meeting and, in any case, within the 12-month period
      immediately following the date of the indemnification or advance.

     

    Section
      11.5   Definitions.
      For
      purposes of this Article XI:

     

    (a) The
      term
“expenses”
      includes court costs and attorneys’ fees and disbursements;

     

    (b) The
      term
“proceeding”
means
      any threatened, pending or completed action, suit or proceeding, whether civil,
      criminal, administrative, arbitrative or investigative, any appeal in such
      an
      action, suit or proceeding, and any inquiry or investigation that could lead
      to
      such an action, suit or proceeding;

     

    
      
        
        

      

      
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    (c) The
      term
“Manager”
means
      any Person who is or was a Manager of the Company and any Person who, while
      a
      Manager of the Company, is or was serving at the request of the Company as
      a
      director, officer, partner, manager, member, venturer, proprietor, trustee,
      employee, agent or similar functionary of an Other Entity;

     

    (d) The
      term
“serving
      at the request of the Company”
as
      used
      above shall include any service as a manager, director, officer, employee or
      agent of the Company or where any such Person performs duties on or otherwise
      involves services with respect to an employee benefit plan, or the participants
      or beneficiaries of the employee benefit plan sponsored by the Company. Excise
      taxes assessed on a Manager with respect to an employee benefit plan pursuant
      to
      applicable law are deemed fines. Action taken or omitted to be taken by a
      Manager with respect to an employee benefit plan in the performance of his
      duties for a purpose reasonably believed by him to be in the interest of the
      participants and beneficiaries of the plan is deemed to be for a purpose which
      is not opposed to the best interests of the Company.

     

    Section
      11.6   Severability.
      The
      provisions of this Article are intended to comply with the Act. To the extent
      that any provision of this Article authorizes or requires indemnification or
      the
      advancement of expenses contrary to such statute or the Certificate, the
      Company’s power to indemnify or advance expenses under such provision shall be
      limited to that permitted by such statute and the Certificate and any limitation
      required by such statute or the Certificate shall not affect the validity of
      any
      other provision of this Article XI.

     

    Section
      11.7   Nonexclusivity
      of Rights.
      The
      right to indemnification and the advancement and payment of expenses conferred
      in this Article XI shall not be exclusive of any other right that a Manager
      or
      other Person indemnified pursuant hereto may have or hereafter acquire under
      any
      law (common or statutory), provision of the Certificate or this Agreement or
      otherwise.

     

    ARTICLE
      XII

     

    ADDITIONAL
      AGREEMENTS

     

    Section
      12.1   “Zyman”
      Name.
      The
      Members hereby agree that (a) all right, title and interest in the trade name
      “Zyman Group” or any variation thereof belong to the Company and (b) so long as
      the Company is an Affiliate of MDC Partners, the Company, the Members and SZ
      shall endeavor to have any materials, documents or other items that reference
      the name “Zyman Group” or any variations thereof to be followed by the words “an
      MDC Partners Company”.

     

    Section
      12.2   2005
      Option Plan.
      For
      each Unit issued to a participant in the Company’s 2005 Unit Option Plan (the
“Plan”) pursuant
      to the exercise of any option granted under such plan, Zyman shall sell and
      the
      Company shall purchase or redeem one Unit from Zyman and, in consideration
      therefor, the Company shall pay and assign the consideration paid to the Company
      by such participant upon the exercise of such option. Zyman agrees that, until
      the expiration of such options, Zyman will hold a number of Units equal to
      the
      number of Units issued under the Plan and such Units shall not be subject to
      any
      of the Puts or Calls hereunder.

     

    
      
        
        

      

      
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    ARTICLE
      XIII

     

    OTHER
      DEFINITIONS

    Section
      13.1   Other
      Definitions.
      When
      used herein, the following terms shall have the following meanings:

     

    “Additional
      Payment”
shall
      have the meaning given thereto in the Purchase Agreement.

     

    “Adjusted
      Capital Account Deficit”
with
      respect to any Member means the deficit balance, if any, in such Member’s
      Capital Account as of the end of the relevant fiscal year, after giving effect
      to the following adjustments:

     

    (i) Credit
      to
      such Capital Account any amounts which such Member is obligated to restore
      pursuant to any provision of this Agreement or is otherwise treated as being
      obligated to restore under Treasury Regulation Section 1.704-1(b)(2)(ii)(c)
      or
      is deemed to be obligated to restore pursuant to the penultimate sentence of
      Treasury Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

     

    (ii) Debit
      to
      such Capital Account the items described in Treasury Regulation Section
      1.704-1(b)(2)(ii)(d)(4), (5), and (6).

     

    The
      foregoing definition of Adjusted Capital Account Deficit is intended to comply
      with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and
      shall be interpreted consistently therewith.

     

    “Adjusted
      PBT”
      for any
      relevant period shall be equal to the consolidated net income (loss) of the
      Company and its subsidiaries but before provision for all federal, state and
      local income taxes for such period, determined in accordance with United States
      generally accepted accounting principles consistently applied (“GAAP”);
      provided, that the following items shall be excluded:

     

    
      	 	
              (A)

            	
              Items
                (A)(1) to (7) listed in the definition of “PBT”
                hereunder;

            

    

     

    
      	 	
              (B)

            	
              any
                expenses for non-cash equity-based compensation which accrues prior
                to, on
                or after Closing and attributable to the 2008
                Acquisitions;

            

    

     

    
      	 	
              (C
                )

            	
              any
                amortization or depreciation expense attributable to the increase
                in the
                book value of any assets (whether tangible or intangible) of the
                Company
                resulting from the 2008
                Acquisitions;

            

    

     

    
      	 	
              (D)

            	
              any
                interest arising from loans or debt incurred by the Company to finance
                the
                purchase price of the 2008 Acquisitions; and

            

    

     

    
      
        
        

      

      
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              (E)

            	
              severance
                expense arising from a termination of Scott Miller and/or David Morey
                by
                the Company, or by Scott Miller and/or David Morey with Good
                Reason.

            

    

     

    “Affiliate”
of
      any
      Person shall mean any Person that directly, or indirectly through one or more
      intermediaries, controls, or is controlled by, or is under common control with
      such Person.

     

    “Business
      Day”
shall
      mean any day on which commercial banks are not authorized or required to close
      in Atlanta, Georgia and Toronto, Ontario.

     

    “Buyer”
shall
      mean the purchaser of Units in any transaction described in Article
      X.

     

    “Capital
      Contribution”
shall
      mean the contribution of a Member and any subsequent contributions of capital
      made by that Member to the Company as set forth in Article III.

     

    “Cause”
means,
      with respect to Servicer, “Cause” as defined in the PSA with the Company and,
      with respect to any other employee of the Company and its subsidiaries, “Cause”
means (A) such employee’s willful failure to perform his or her duties in
      any material respect (other than as a result of total or partial incapacity
      due
      to physical illness), (B) commission of (x) a felony (other than
      traffic-related) under the laws of the United States or any state thereof or
      any
      similar criminal act in a jurisdiction outside the United States or (y) a crime
      involving moral turpitude, (C) such employee’s willful malfeasance or willful
      misconduct which is injurious to the Company, (D) any act of fraud by such
      employee or (E) such employee’s material breach of the Company’s code of
      conduct.

     

    “Class
      A Distribution Shortfall Amount”
with
      respect to any Distribution Period Calendar Year and any Post-Distribution
      Period Calendar Year, shall mean the cumulative amount by which distributions
      under Section 3.4(a)(i) to holders of Class A Units for all preceding years
      since the Effective Time fell short of the cumulative allocations to holders
      of
      Class A Units of PBT under Section 3.5(a)(i) for such prior years (for this
      purpose treating any negative PBT for any calendar year as $0).

     

    “Class
      A PBT
      Shortfall Amount”
shall
      mean, with respect to any calendar year other than the first Distribution Period
      Calendar Year, the amount by which the actual allocation of PBT to holders
      of
      Class A Units under Section 3.5(a)(i) for all previous Distribution Period
      Calendar Year(s) is less than the aggregate Preferred Return Amount(s) with
      respect to such Distribution Period Calendar Year(s).

     

    “Class
      B Catch-Up Amount”
shall
      mean, with respect to any Distribution Period Calendar Year, the lesser of
      (i)
      the difference between (A) the product of the amounts allocated to the holders
      of Class A Units pursuant to Section 3.5(a)(i) for the current and all previous
      Distribution Period Calendar Year(s) and the fraction (expressed as a
      percentage) in which the numerator is the number of outstanding Class B Units
      and the denominator is the number of outstanding Class A Units and (B) the
      amounts allocated to the holders of Class B Units pursuant to Section 3.5(a)(ii)
      for all previous Distribution Period Calendar Year(s) and (ii) the positive
      difference (if any) of PBT for such Distribution Period Calendar Year less
      the
      Preferred Return Amount and less the Class A PBT Shortfall Amount, if
      any.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    “Class
      B Distribution Shortfall Amount”
with
      respect to any Distribution Period Calendar Year and any Post-Distribution
      Period Calendar Year, shall mean the cumulative amount by which distributions
      under Section 3.4(a)(ii) to holders of Class B Units for all preceding calendar
      years since the Effective Time fell short of the cumulative allocations to
      holders of Class B Units of PBT under Section 3.5(a)(ii) for such prior years
      (for this purpose treating any negative PBT for any calendar year as $0).

     

    “Class
      C PBT” for
      any
      relevant period shall mean (Adjusted PBT minus $3,000,000) multiplied by
      16%.

     

     “Code”
shall
      mean the Internal Revenue Code of 1986, as amended from time to time, and any
      successor statute or statutes.

     

    “Company
      Credit Facility”
shall
      mean the revolving credit facility dated as of November 8, 2005 by and between
      the Company and Wachovia Bank, National Association, as amended, modified or
      supplemented from time to time.

     

    “Company
      Minimum Gain”
shall
      have the meaning for “Partnership Minimum Gain” set forth in Sections
      1.704-2(b)(2) and 1.704-2(d) of the Treasury Regulations.

     

    “Depreciation”
shall
      mean for each fiscal year, an amount equal to the depreciation, amortization,
      or
      other cost recovery deduction allowable with respect to an asset for such fiscal
      year, except that if the Gross Asset Value of an asset differs from its adjusted
      basis for Federal income tax purposes at the beginning of such fiscal year,
      Depreciation shall be an amount which bears the same ratio to such beginning
      Gross Asset Value as the Federal income tax depreciation, amortization, or
      other
      cost recovery deduction for such fiscal year bears to such beginning adjusted
      tax basis; provided, however, that if the adjusted basis for Federal income
      tax
      purposes of an asset at the beginning of such fiscal year is zero, Depreciation
      shall be determined with reference to such beginning Gross Asset Value using
      any
      reasonable method selected by the TMP. 

     

    “Disability”
means,
      with respect to SZ, “Disability” as defined in SZ’s employment agreement with
      the Company and, with respect to any other employee of the Company and its
      subsidiaries, “Disability” means the
      inability of an employee to perform the essential functions of the employee’s
      job, with or without reasonable accommodation, by reason of a physical or mental
      infirmity, for a continuous period of six months or for an aggregate of nine
      months in a twenty-four month period.

     

    “Distribution
      Period”
shall
      mean the period from the Effective Time until the earlier of the termination
      of
      the Company or the date that is the fifth anniversary of the Effective
      Time.

     

    “Distribution
      Period Calendar Year”
shall
      mean any of (i) the period from the Effective Time until December 31, 2005,
      (ii)
      the period from January 1st
      through
      December 31st
      of each
      of 2006, 2007, 2008 and 2009 and (iii) the period from January 1, 2010 until
      the
      date that is the fifth anniversary of the Effective Time; provided that if
      the
      Company is terminated prior to the fifth anniversary of the Effective Time,
      the
      last calendar year shall be the period from January 1st
      of the
      year in which the Company is terminated until that date on which the Company
      is
      terminated.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    “Effective
      Time”
shall
      mean the date of the closing of the Purchase Transaction.

     

    “Good
      Reason”
shall
      mean, with respect to SZ, “Good Reason” as defined in SZ’s employment agreement
      with the Company and, with respect to any other employee of the Company and
      its
      subsidiaries, “Good Reason” means a failure by the Company to pay such
      employee’s compensation when due, which failure remains uncured for a period of
      20 days after written notice of such breach from the employee to the
      Company.

     

    “Gross
      Asset Value”,
      with
      respect to any asset, the asset’s adjusted basis for Federal income tax
      purposes, except as follows:

     

    (i) Subject
      to the final sentence of this definition and consistent with the capital
      accounts as described in Section 3.1, the initial Gross Asset Value of any
      asset
      contributed by a Member to the Company shall be the gross fair market value
      of
      such asset, as determined by the Board of Managers;

     

    (ii) The
      Gross
      Asset Value of all Company assets shall be adjusted to equal their respective
      gross fair market values as of the following times: (a) the acquisition of
      additional Units by any new or existing Member in exchange for a Capital
      Contribution; (b) the distribution by the Company to a Member of property as
      consideration for a Unit; and (c) the liquidation of the Company within the
      meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however,
      that adjustments pursuant to clauses (a) and (b) above shall be made only if
      the
      Managers reasonably determine that such adjustments are necessary or appropriate
      to reflect the relative economic interests of the Members in the Company;
      and

     

    (iii) The
      Gross
      Asset Value of any Company asset distributed to any Member shall be adjusted
      to
      equal the gross fair market value of such asset on the date of
      distribution.

     

    If
      the
      Gross Asset Value of an asset has been determined or adjusted pursuant to
      clauses (i) or (ii), hereof, such Gross Asset Value shall thereafter be adjusted
      by the Depreciation taken into account with respect to such asset for purposes
      of computing Profits and Losses.

     

    “MDC
      Credit Facility”
shall
      mean the Financing
      Agreement, dated as of June 18, 2007 (as amended, supplemented or otherwise
      modified from time to time), among MDC Partners Inc., a Canadian corporation,
      Maxxcom Inc., a Delaware corporation, each subsidiary of MDC Partners listed
      as
      a "Guarantor" on the signature pages thereto, the lenders from time to time
      party thereto, Fortress Credit Corp., as collateral agent for the lenders,
      and
      Wells Fargo Foothill, Inc., as administrative agent for the
      lenders.

     

    “Member
      Nonrecourse Debt”
shall
      have the meaning for “Partner Nonrecourse Debt” set forth in Section
      1.704-2(b)(4) of the Treasury Regulations.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    “Member
      Nonrecourse Debt Minimum Gain”
shall
      mean an amount, with respect to each Member Nonrecourse Debt, equal to the
      Company Minimum Gain that would result if such Member Nonrecourse Debt were
      treated as a Nonrecourse Liability, determined in accordance with Section
      1.704-2(i)(3) of the Treasury Regulations.

     

    “Member
      Nonrecourse Deductions”
shall
      have the meaning set forth in Section 1.704-2(i)(2) of the Treasury
      Regulations.

     

    “Membership
      Interest”
of
      any
      Member shall mean such Member’s interest in the Company under this Agreement
      (including, without limitation, such Member’s interest in Profits and Losses,
      distributions, voting, and management, all as specified in this
      Agreement).

     

    “Nonrecourse
      Deductions”
shall
      have the meaning set forth in Section 1.704-2(b)(1) of the Treasury
      Regulations.

     

    “Nonrecourse
      Liability”
shall
      have the meaning set forth in Section 1.704-2(b)(3) of the Treasury
      Regulations.

     

    “Offer
      to Sell”
shall
      mean an offer to sell Units pursuant to Section 10.1 or Section
      10.8.

     

    “Original
      Unitholders”
shall
      mean, those Members who owned Membership Units immediately prior to the
      consummation of the transactions contemplated by the Purchase
      Agreement.

     

    “PBT”
for
      any
      relevant period shall mean: 

     

    (A)
      the
      consolidated net income (loss) of the Company and its subsidiaries but before
      provision for all federal, state and local income taxes for such period,
      determined in accordance with United States generally accepted accounting
      principles consistently applied (“GAAP”);
      provided, that the following amounts shall be excluded:

     

    (1) any
      expenses for non-cash equity-based compensation which accrues prior to, on
      or
      after Closing and is attributable to transactions contemplated by the Purchase
      Agreement.

     

    (2) any
      amortization or depreciation expense attributable to the increase in the book
      value of any assets (whether tangible or intangible) of the Company resulting
      from the merger into the Company of the Nevada limited liability company
      predecessor of the Company, any amortization or depreciation expense
      attributable to the increase in the book value of any assets (whether tangible
      or intangible) of the Company resulting from any acquisition of any Units by
      MDC
      pursuant to the Purchase Agreement, and interest payable by or for the Company
      on indebtedness related to any such acquisition;

     

    (3) neither
      the proceeds from nor any dividends or refunds with respect to, nor any
      increases in the cash surrender value of, any life insurance policy under which
      the Company, or any subsidiary thereof, is the named beneficiary or otherwise
      entitled to recovery shall be included as income, nor shall the premiums payable
      with respect to any such life insurance policy be considered an expense for
      a
      period to the extent a death covered by such life insurance policy occurs in
      any
      such period;

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

    (4) any
      intercompany management fees and overhead allocations charged by MDC or any
      Affiliate of MDC, to the Company or any of its subsidiaries;

     

    (5) any
      interest arising from loans to finance the payment of any of the Purchase Price
      payments and from any indebtedness allocated to the Company by MDC as a result
      of MDC’s acquisition of Membership Interests of the Company; provided, however,
      that any interest or fees (other than fees incurred in connection with
      terminating the Company Credit Facility) arising under the Company Credit
      Facility (or any interest or fees allocable to the Company under the MDC Credit
      Facility, if such facility is used to refinance the Company Credit Facility)
      and
      any working capital loans provided by MDC to the Company from time to time
      shall
      be included in determining PBT; 

     

    (6) any
      interest charges incurred by the Company or any subsidiary resulting from any
      MDC Financing (as defined in the Purchase Agreement); 

     

    and,
      solely for the purposes of calculating any Puts or Calls or Offers to Sell
      exercised by Zyman,

     

    (7) any
      extraordinary or unusual gains or losses and any gains or losses from the sale
      of any capital assets used by the Company or any subsidiary thereof in its
      operations (as opposed to assets acquired in the ordinary course of the business
      of the Company and its subsidiaries for resale or other
      disposition);

     

    (8) severance
      expense arising from a termination of SZ by the Company or by SZ with Good
      Reason; and

     

    (9) premiums
      of up to $75,000 payable with respect to any life insurance policy under which
      the Company, or any subsidiary thereof, is the named beneficiary or otherwise
      entitled to recovery to the extent not already excluded pursuant to (3)
      above;

     

    minus

     

    (B) the
      Class
      C PBT for such period.

     

    “Person”
shall
      mean an individual, partnership, limited partnership, limited liability company,
      trust, estate, corporation, custodian, trustee, executor, administrator, nominee
      or entity in a representative capacity.

     

    “Post
      Distribution Period Calendar Year”
shall
      mean (i) the period from the fifth anniversary of the Effective Time until
      December 31, 2010 and (ii) thereafter, each calendar year ending December 31;
      provided that if the Company is terminated prior to December 31 in any calendar
      year, the last calendar year shall be the period from January 1 of the year
      in
      which the Company is terminated until the date on which the Company is
      terminated.

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    “Preferred
      Return Amount”
shall
      mean, with respect to any Distribution Period Calendar Year, the sum of (i)
      $13,000,000 (provided, that with respect to the first and last Distribution
      Period Calendar Years, the amount in this clause (i) shall be equal to the
      product of $13,000,000 and the fraction (expressed as a percentage) in which
      the
      numerator is the number of days elapsed in such Distribution Period Calendar
      Year and the denominator is 365) and (ii) in the event that an Additional
      Payment (as defined in Section 13.1) is made, from the date on which such
      Additional Payment is made, an amount equal to the product of 20% multiplied
      by
      the amount of such Additional Payment (the “Additional
      Payment Amount”)
      (provided, that with respect to the first and last Distribution Period Calendar
      Years, the amount in this clause (ii) shall be equal to the product of the
      Additional Payment Amount and the fraction (expressed as a percentage) in which
      the numerator is the number of days elapsed in such Distribution Period Calendar
      Year and the denominator is 365).

     

    “Profits
      and Losses”,
      shall
      mean, for each fiscal year, an amount equal to the Company’s taxable income or
      loss for such fiscal year, determined in accordance with Section 703(a) of
      the
      Code (for this purpose, all items of income, gain, loss, or deduction required
      to be stated separately pursuant to Section 703(a)(1) of the Code shall be
      included in taxable income or loss), with the following
      adjustments:

     

    (i) Any
      income of the Company that is exempt from Federal income tax and not otherwise
      taken into account in computing Profits or Losses pursuant to this definition
      shall be added to such taxable income or loss;

     

    (ii) Any
      expenditures of the Company described in Section 705(a)(2)(B) of the Code or
      treated as Code Section 705(a)(2)(B) expenditures pursuant to Section
      1.704-1(b)(2)(iv)(i) of the Treasury Regulations, and not otherwise taken into
      account in computing Profits or Losses pursuant to this definition, shall be
      subtracted from such taxable income or loss;

     

    (iii) In
      the
      event the Gross Asset Value of any Company asset is adjusted pursuant to clauses
      (ii) or (iii) of the definition of “Gross Asset Value” herein, the amount of
      such adjustment shall be taken into account as gain or loss from the disposition
      of such asset for purposes of computing Profits or Losses;

     

    (iv) Gain
      or
      loss resulting from any disposition of property with respect to which gain
      or
      loss is recognized for Federal income tax purposes shall be computed by
      reference to the Gross Asset Value of the property disposed of, notwithstanding
      that the adjusted tax basis of such property differs from its Gross Asset
      Value;

     

    (v) In
      lieu
      of the depreciation, amortization, and other cost recovery deductions taken
      into
      account in computing such taxable income or loss, there shall be taken into
      account depreciation for such fiscal year or other period, computed in
      accordance with the definition thereof;

     

    (vi) To
      the
      extent an adjustment to the adjusted tax basis of any Company asset pursuant
      to
      Code Section 734(b) or Code Section 743(b) is required pursuant to Treasury
      Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in
      determining Capital Accounts as a result of a distribution other than in
      liquidation of a Member’s Units, the amount of such adjustment shall be treated
      as an item of gain (if the adjustment increases the basis of the asset) or
      loss
      (if the adjustment decreases the basis of the asset) from the disposition of
      the
      asset and shall be taken into account for the purposes of computing Profits
      or
      Losses; and

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    (vii) Notwithstanding
      any other provisions of this definition, any items which are specially allocated
      pursuant to Section 3.3(b) and (c) shall not be taken into account in computing
      Profits or Losses.

     

    “Pro
      Rata Portion”
shall
      mean, with respect to any Management Unitholder at any given time, the number
      of
      Units held by such Management Unitholder relative to the number of Units held
      by
      all of the Management Unitholders.

     

    “Seller”
shall
      mean the seller of Units in any transaction described in Article X.

     

    “Treasury
      Regulations”
shall
      mean final regulations issued by the Department of the Treasury interpreting
      the
      Code.

     

    “Units”
shall
      mean Class A Units or Class B Units, as applicable.

     

    ARTICLE
      XIV

     

    MISCELLANEOUS

     

    Section
      14.1   Manner
      of Giving Notice.
      Whenever under the provisions of the Act, the Certificate or this Agreement,
      notice is required to be given to the Company, any Member or Manager of the
      Company, and no provision is made as to how such notice shall be given, any
      such
      notice to be given hereunder shall be in writing and shall be deemed to have
      been given (a) upon personal delivery, if delivered by hand or courier, (b)
      three days after the date of deposit in the mails, postage prepaid, or (c)
      the
      next Business Day if sent by facsimile transmission (if transmission is
      electronically confirmed) or by a prepaid overnight courier service, and in
      each
      case at the respective addresses or numbers set forth below or such other
      address or number as such party may have fixed by notice:

     

    If
      to MDC
      or MDC Partners, to:

     

    MDC
      Partners

    45
      Hazelton Avenue

    Toronto,
      Ontario

    Canada
      M5R 2E3

    Attention:
      Graham Rosenberg

    Fax:
      (416) 960-9555

    Attention:
      Mitch Gendel

    Fax:
      (212) 463-3274

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

    with
      a
      copy to:
      

     

    Simpson
      Thacher & Bartlett LLP

    425
      Lexington Avenue

    New
      York,
      New York 10017

    Attention:
      Marni Lerner, Esq. 

    Fax:
      (212) 455-2502

     

    If
      to
      Zyman, to:

     

    Zyman
      Company, Inc.

    100
      South
      Point Drive

    Apartment
      2905/06

    Miami
      Beach, Florida 33139-7373

    Attention:
      Sergio Zyman

    Fax:
      (305) 674-3806

     

    with
      a
      copy to:

     

    Zyman
      Group LLC

    950
      East
      Paces Ferry Road, N.E.

    Suite
      3300

    Atlanta,
      Georgia 30326

    Attention:
      Chief Financial Officer

    Fax:

     

    with
      a
      copy to:

     

    Jones
      Day

    1420
      Peachtree Street, N.E.

    Suite
      800

    Atlanta,
      Georgia 30309-3053

    Attention:
      Milford B. Hatcher

    Fax:
      (404) 581-8330

     

    If
      to the
      Company, to:

     

    c/o
      MDC
      Partners Inc.

    45
      Hazelton Avenue

    Toronto,
      Ontario

    Canada
      M5R 2E3

    Attention:
      Graham Rosenberg

    Fax:
      (416) 960-9555

    Attention:
      Mitch Gendel

    Fax:
      (212) 463-3274

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

    with
      a
      copy to:

     

    Simpson
      Thacher & Bartlett LLP

    425
      Lexington Avenue

    New
      York,
      New York 10017

    Attention:
      Marni Lerner, Esq. 

    Fax:
      (212) 455-2502

     

    If
      to any
      Management Unitholder, to such person at the address set forth on the signature
      pages hereto.

     

    or
      to
      such other address or fax as hereafter shall be designated in writing by the
      applicable party sent in accordance herewith or in the records of the Company.
      

     

    Section
      14.2   Waiver
      of Notice.
      Whenever any notice is required to be given to any Member or Manager of the
      Company under the provisions of the Act, the Certificate or this Agreement,
      a
      waiver thereof in writing signed by the Person or Persons entitled to such
      notice, whether before or after the time stated therein, shall be deemed
      equivalent to the giving of such notice. 

     

    Section
      14.3   No
      Company Seal.
      The
      Company shall not have a Company seal, and no agreement, instrument or other
      document executed on behalf of the Company that would otherwise be valid and
      binding on the Company shall be invalid or not binding on the Company solely
      because no Company seal is affixed thereto.

     

    Section
      14.4   Amendment
      or Modification.
      The
      power to adopt, alter, amend or repeal this Agreement is vested solely in the
      Members. Except for the amendments contemplated by Sections 2.1, Section 2.3,
      and Section 2.4 hereof and subject to the provisions of Section 4.1, this
      Agreement may be altered or amended only by the vote or written consent of
      MDC
      and holders of a majority of the outstanding Class B Units; provided that,
      in
      the event that an amendment does not affect the interests of any holder of
      Class
      B Units other than Zyman, then such amendment may only be effected with the
      vote
      or written consent of MDC and Zyman (it being understood that the consent of
      any
      other holders of Class B Units shall not be required to effect such
      amendment).

     

    Section
      14.5   Binding
      Effect; Assignment.
      Subject
      to the restrictions on transfer and assignment set forth in Article X of this
      Agreement, this Agreement is binding on and inures to the benefit of the Members
      and their respective successors and assigns, including without limitation,
      any
      Lender who exercises a default remedy under any agreement entered into in
      connection with an MDC Financing. Except as expressly provided herein, none
      of
      the Company, Zyman nor any Management Unitholder shall be entitled to assign
      any
      of its rights or obligations under this Agreement. Except as expressly provided
      herein, the rights and obligations of MDC under this Agreement shall be freely
      assignable; provided that, except in connection with a transfer by MDC of its
      Units (in which case MDC shall have no further obligations hereunder), MDC
      shall
      continue to remain liable for any of its obligations under this Agreement in
      the
      event that MDC assigns its rights hereunder.

     

    Section
      14.6   Governing
      Law; Severability.
      This
      Agreement is governed by and shall be construed in accordance with the law
      of
      the State of Delaware without regard to the principles of conflict of laws
      thereof. In the event of a direct conflict between the provisions of this
      Agreement and any provision in the Certificate or any mandatory provision of
      the
      Act, the applicable provisions of the Certificate or the Act shall control.
      If
      any provision of this Agreement or the application thereof to any Person or
      circumstance is held invalid or unenforceable to any extent, the remainder
      of
      this Agreement and the application of that provision to other Persons or
      circumstances is not affected thereby and that provision shall be enforced
      to
      the greatest extent permitted by law.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    Section
      14.7   Counterparts.
      This
      Agreement may be executed by the parties hereto in any number of counterparts,
      each of which shall be deemed an original, but all of which shall constitute
      one
      and the same agreement.

     

    Section
      14.8   Entire
      Agreement.
      This
      Agreement, including the other documents referred to herein and the Exhibits
      and
      Schedules hereto that form a part hereof, contains the entire understanding
      of
      the parties hereto with respect to the subject matter contained herein and
      therein. This Agreement supersedes all prior agreements and understandings
      between the parties with respect to such subject matter, including without
      limitation, the Original Operating Agreement.

     

    Section
      14.9   Consent
      and Acknowledgement.
      Sergio
      Zyman, Sergio Zyman & Company (a Georgia corporation), and each of the
      parties hereto hereby consent and agree (i) to the proposed 2008 Acquisitions
      by
      the Company; (ii) to the proposed hiring of each of Scott Miller and David
      Morey, on the terms and conditions proposed and presented to the Company's
      Board
      of Managers; and (iii) that the proposed duties and responsibilities of Sergio
      Zyman and Sergio Zyman & Company, after giving effect to the 2008
      Acquisitions and the hiring of Scott Miller and David Morey, shall not
      constitute "good reason" as defined in Section 5 of that certain Personal
      Services Agreement dated as of April 1, 2007.

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      the
      undersigned have executed this Second Amended and Restated Limited Liability
      Company Agreement as of the day and year first above written.

     

    
      	 	
              MDC
                PARTNERS INC.

               

              By:
                ___________________________________

              Name: Graham
                Rosenberg

              Title: Managing
                Director

               

              By:
                ___________________________________

              Name: Mitchell
                Gendel

              Title: Secretary

               

              ZG
                ACQUISITION INC.

               

              By:
                ___________________________________

              Name: 

              Title: 

               

              By:
                ___________________________________

              Name: 

              Title: 

               

              ZYMAN
                COMPANY INC.

               

              By:
                ___________________________________

              Name:

              Title:

               

              ZYMAN
                GROUP LLC

               

              By: __________________________________

              Name:

              Title:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              MANAGEMENT
                UNITHOLDER

               

              By: __________________________________

              Name:

              Address:  
                c/o
                MDC Partners Inc.

              45
                Hazelton Avenue

              Toronto,
                Ontario

              Canada
                M5R 2E3

               

              SERGIO
                ZYMAN & COMPANY

               

              By: __________________________________

              Name:

              Title:

               

              By:
                ___________________________________

              Sergio
                Zyman

            

    

     

    
      
        
        

      

      
        2EX-4.7 Credit Agreement

Table of Contents

Confidential Treatment Requested

The portions of this document marked by “XXXXX” have been omitted pursuant to a request for confidential treatment and

have been filed separately with the Securities and Exchange Commission

EXHIBIT 4.7

CREDIT AGREEMENT

DATED 28 January, 2008

US$189,871,237.25

CREDIT FACILITY

FOR

CHARTERED SEMICONDUCTOR MANUFACTURING LTD

ARRANGED BY

SOCIÉTÉ GÉNÉRALE

Allen & Overy LLP

15335-01152 PG:2140636.16

 

CONTENTS

	 	 	 	 	 	 	 
	Clause	 	 	 	Page
	1.
	 	Interpretation	 	 	1	 
	2.
	 	Facility	 	 	19	 
	3.
	 	Purpose	 	 	20	 
	4.
	 	Conditions Precedent	 	 	20	 
	5.
	 	Utilisation — Loans	 	 	21	 
	6.
	 	Repayment	 	 	23	 
	7.
	 	Prepayment and Cancellation	 	 	23	 
	8.
	 	Interest	 	 	26	 
	9.
	 	Terms	 	 	28	 
	10.
	 	Market Disruption	 	 	29	 
	11.
	 	Taxes	 	 	30	 
	12.
	 	Increased Costs	 	 	31	 
	13.
	 	Mitigation	 	 	32	 
	14.
	 	Payments	 	 	32	 
	15.
	 	Representations and Warranties	 	 	35	 
	16.
	 	Financial Covenants	 	 	42	 
	17.
	 	Affirmative Covenants	 	 	43	 
	18.
	 	Negative Covenants	 	 	50	 
	19.
	 	Events of Default	 	 	53	 
	20.
	 	Security	 	 	56	 
	21.
	 	The Administrative Parties	 	 	59	 
	22.
	 	Evidence and Calculations	 	 	64	 
	23.
	 	Fees	 	 	65	 
	24.
	 	Indemnities and Break Costs	 	 	66	 
	25.
	 	Expenses	 	 	67	 
	26.
	 	Amendments and Waivers	 	 	68	 
	27.
	 	Changes to the Parties	 	 	69	 
	28.
	 	Disclosure of Information	 	 	72	 
	29.
	 	Set-off	 	 	73	 
	30.
	 	Pro Rata Sharing	 	 	73	 
	31.
	 	Severability	 	 	74	 
	32.
	 	Counterparts	 	 	74	 
	33.
	 	Notices	 	 	74	 
	34.
	 	Language	 	 	76	 
	35.
	 	Governing Law	 	 	76	 
	36.
	 	Enforcement	 	 	76	 

	 	 	 	 	 
	15335-01152 PG:2140636.16	 	 	 	 

 

Table of Contents

	 	 	 	 	 	 	 
	Schedules	 	 	 	Page
	1.
	 	Original Parties	 	 	78	 
	2.
	 	Conditions Precedent Documents	 	 	79	 
	3.
	 	Form of Request	 	 	82	 
	4.
	 	Forms of Transfer Certificate	 	 	83	 
	5.
	 	Form of Compliance Certificate	 	 	87	 
	6.
	 	Acquisition List	 	 	90	 
	7.
	 	Form of legal opinion of Allen & Overy LLP	 	 	91	 
	8.
	 	Further information	 	 	93	 
	9.
	 	Contact details	 	 	96	 
	 
	 	 	 	 	 	 
	Signatories
	 	 	 	 	98	 

	 	 	 	 	 
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THIS
AGREEMENT is dated            January, 2008 and is made BETWEEN:

	(1)	 	CHARTERED SEMICONDUCTOR MANUFACTURING LTD (the Company);
	 
	(2)	 	SOCIÉTÉ GÉNÉRALE as mandated lead arranger (in this capacity the Arranger);
	 
	(3)	 	THE FINANCIAL INSTITUTION listed in Schedule 1 (Original Parties) as original lender (the
Original Lender);
	 
	(4)	 	SOCIÉTÉ GÉNÉRALE as facility agent (in this capacity the Facility Agent);
	 
	(5)	 	THE BANK OF NEW YORK as security trustee (in this capacity the Security Trustee); and
	 
	(6)	 	THE BANK OF NEW YORK as account bank (in this capacity the Account Bank).

IT IS AGREED as follows:

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions

	 	 	In this Agreement:
	 
	 	 	Account Bank means The Bank of New York.
	 
	 	 	Acquisition List means the goods list in the form of Schedule 6 subject to Atradius DSB and
the Lenders approval as amended, modified or supplemented from time to time.
	 
	 	 	Administrative Party means the Arranger, the Security Trustee or the Facility Agent.
	 
	 	 	Agent means the Facility Agent or the Security Trustee.
	 
	 	 	Applicable Law means any constitution, statute, law, rule, regulation, ordinance, judgment,
order, decree, Government Approval, or any published directive, guideline, requirement or
other governmental restriction that has the force of law or any determination by, or
interpretation of, any of the foregoing by any judicial authority, binding on a given Person
whether in effect as of the date hereof or as of any date thereafter, including all
applicable Environmental Laws.
	 
	 	 	Atradius DSB means Atradius Dutch State Business NV
	 
	 	 	Atradius Insurance means the insurance provided by Atradius DSB with at least 95 per cent.
cover over the Loans for commercial risks and 98 per cent. cover over the Loans for
political risks, capital and interest and on terms and conditions satisfactory to the
Facility Agent.
	 
	 	 	Atradius Premium means the Tranche A Premium and the Tranche B Premium, each of which is
payable in respect of the Atradius Insurance.
	 
	 	 	Affiliate means a Subsidiary or a Holding Company of a person or any other Subsidiary of
that Holding Company.
	 
	 	 	Authorised Officer means the Chairman of the Board of Directors, the Chief Executive
Officer, the Chief Financial Officer or the Financial Controller of the Company.

	 	 	 	 	 
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	 	 	Availability Period means:

	 	(a)	 	in relation to the Tranche A Facility, the period from and including the date
of this Agreement to and including 1 August 2008; and
	 
	 	(b)	 	in relation to the Tranche B Facility, the period from and including the date
of this Agreement to and including 15 December 2009.

	 	 	Break Costs means the amount (if any) which a Lender is entitled to receive under Clause
24.3 (Break Costs).
	 
	 	 	Business Day means a day (other than a Saturday or a Sunday) on which banks are open for
general business in London, Paris and Singapore.
	 
	 	 	Capital Expenditures means any payments that are made in connection with the rental, lease,
purchase, construction or use of any property the value or cost of which, under GAAP, should
be capitalised and categorised on the Company’s balance sheet as “property”, “plant” and
“equipment”.
	 
	 	 	Capital Stock of a Person means any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interest in (however designated) the
common or preferred equity or equity or preference share capital, including, without
limitation, partnership interests, and any securities convertible into or exchangeable for
any thereof.
	 
	 	 	Casualty Event means an event (other than a Total Event of Loss) that causes any portion of
the Phase II Facilities or any other Property of the Company to be damaged, destroyed or
rendered unfit for normal use for any reason whatsoever.
	 
	 	 	Casualty Proceeds means all proceeds resulting from a Casualty Event.
	 
	 	 	Commitment means:

	 	(a)	 	for the Original Lender, the amount set opposite its name in Schedule 1
(Original parties) under the heading Commitments and designated Tranche A or Tranche B
and the amount of any other Commitment it acquires; and
	 
	 	(b)	 	for any other Lender, the amount of any other Commitment it acquires,

	 	 	to the extent not cancelled, transferred or reduced under this Agreement.
	 
	 	 	Compliance Certificate means a certificate substantially in the form of Schedule 5 (Form of
Compliance Certificate) setting out, among other things, calculations of the financial
covenants.
	 
	 	 	Control means the power to direct the management and policies of an entity, whether through
the ownership of voting capital, by contract or otherwise.
	 
	 	 	Corporate Cash Balance means the cash or cash equivalent held by the Company from time to
time, as certified at any time of determination by an Authorised Officer of the Company.
	 
	 	 	Debt Service means without duplication, for any period, the aggregate of all principal,
interest, fees, expenses, prepayment premiums and all other amounts paid or payable by the
Company under this Agreement and under each other agreement of the Company pursuant to

	 	 	 	 	 
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	 	 	which the Company has incurred Indebtedness or (without duplication) evidencing any
Indebtedness of the Company.
	 
	 	 	Debt Service Reserve Account means the US$ denominated account of the Company established
with the Account Bank for the benefit of the Lenders and pledged or charged in favour of the
Finance Parties under the Security Agreement.
	 
	 	 	Debt Service Reserve Requirement means:

	 	(a)	 	the Tranche A Debt Service Reserve Requirement; or
	 
	 	(b)	 	the Tranche B Debt Service Reserve Requirement,

	 	 	as the context may require, together with any other amounts as may be agreed between the
parties from time to time.
	 
	 	 	Debt to Equity Ratio means on any date of computation the quotient of (a) the aggregate
principal amount as of the date of computation of the Indebtedness of the Company then
outstanding over (b) the Net Worth of the Company.
	 
	 	 	Default means:

	 	(a)	 	an Event of Default; or
	 
	 	(b)	 	an event or circumstance which would be (with the expiry of a grace period, the
giving of notice or the making of any determination under the Finance Documents or any
combination of them) an Event of Default.

	 	 	Disruption Event means:

	 	(a)	 	a material disruption to the payment or communications systems or to the
financial markets which are required to operate in order for payments to be made (or
other transactions to be carried out) in connection with the transactions contemplated
by the Finance Documents, which is not caused by, and is beyond the control of, any of
the Parties; or
	 
	 	(b)	 	the occurrence of any other event which results in a disruption (of a technical
or systems-related nature) to the treasury or payments operations of a Party preventing
it, or any other Party from:

	 	(i)	 	performing its payment obligations under the Finance Documents;
or
	 
	 	(ii)	 	communicating with other Parties under the Finance Documents,
	 
	 	and which is not caused by, and is beyond the control of, the Party whose operations
are disrupted.

	 	 	EBITDA means, for any period, the sum of:

	 	(a)	 	net income from operations determined in accordance with GAAP for such period;
plus
	 
	 	(b)	 	net interest payments made during such period; plus
	 
	 	(c)	 	taxes paid during such period; plus

	 	 	 	 	 
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	 	(d)	 	depreciation of capital assets and amortization of intangible assets and leasehold
improvements for such period; plus
	 
	 	(e)	 	any non-cash expenses for such period.

	 	 	Environmental Claim means, with respect to any Person, any notice, claim, administrative,
regulatory or judicial action, suit, judgment, demand or other communication (whether
written or oral) by any other Person alleging or asserting such Person’s liability for
investigatory costs, cleanup costs, governmental response costs, damages to natural
resources or other property of such Person, personal injuries, fines or penalties arising
out of, based on or result from:

	 	(a)	 	the presence, use or release into the environment of any Hazardous Material
at any location, whether or not owned by such Person; or
	 
	 	(b)	 	any fact, circumstance, condition or occurrence forming the basis of any
violation, or alleged violation, of any Environmental Law or Environmental
Requirement.

	 	 	The term “Environmental Claim” shall include, without limitation:

	 	(c)	 	any and all claims by Governmental Authorities for enforcement, cleanup,
removal, response, remedial or other actions or damages pursuant to any applicable
Environmental Law or Environmental Requirement; and
	 
	 	(d)	 	any and all claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief resulting from
Hazardous Materials or arising from alleged injury or threat of injury to health,
safety or the environment.

	 	 	Environmental Law means any statute, law, rule, regulation, ordinance, code, international
convention or policy having the force of law, in each case applicable to the Company now or
hereafter in effect and in each case as amended, and any applicable judicial or
administrative interpretation thereof that has the force of law, including any judicial or
administrative order, decree or judgment applicable to the Company relating to any
Environmental Matter.
	 
	 	 	Environmental Matter means any of the following to the extent related or applicable to the
Company:

	 	(a)	 	release, emission, entry or introduction of any Hazardous Materials into the
air, including, without limitation, the ambient air;
	 
	 	(b)	 	discharge, release or entry of any Hazardous Materials into water including,
without limitation, into any river, watercourse, lake, pond (whether natural or
artificial or above ground or that joins or flows into any such water outlet above
ground) or reservoir, or the surface of the riverbed or of other land supporting such
waters, ground waters, sewer or the sea;
	 
	 	(c)	 	deposit, disposal, keeping, treatment, importation, exportation, production,
transportation, handling, processing, carrying, manufacture, collection, sorting or
presence of any Hazardous Materials;
	 
	 	(d)	 	nuisance, noise, defective premises, workplace health and safety, industrial
illness, industrial injury due to environmental factors, and environmental health
problem (including, without limitation, asbestosis or any other illness or injury
cause by

	 	 	 	 	 
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	 	 	 	exposure to asbestos) that is regulated by Applicable Law or Environmental
Requirements;
	 
	 	(e)	 	conservation, preservation or protection of the natural resources environment
as regulated by Applicable Law or Environmental Requirements; or
	 
	 	(f)	 	other matter whatsoever directly affecting the environment (including,
without limitation, living and not living organisms) and human health and safety as
regulated by Applicable Law or Environmental Requirements.

	 	 	Environmental Requirements means the World Bank Environmental Guidelines.
	 
	 	 	euro means the single currency of the Participating Member States.
	 
	 	 	Event of Default means an event or circumstance specified as such in Clause 19 (Events of
Default).
	 
	 	 	EXIM means the Export-Import Bank of the United States of America.
	 
	 	 	Fab 7 Plant means the fabrication plant located at 60 Woodlands Industrial Park D, Street
2, in the Republic of Singapore (as expanded by the Phase II Project).
	 
	 	 	Facility means a credit facility made available under this Agreement.
	 
	 	 	Facility Office means the office(s) notified by a Lender to the Facility Agent:

	 	(a)	 	on or before the date it becomes a Lender; or
	 
	 	(b)	 	by not less than five Business Days’ notice,

	 	 	as the office(s) through which it will perform its obligations under this Agreement.

	 	 	Fee Letter means any letter entered into by reference to this Agreement between one or more
Administrative Parties and the Company setting out the amount of certain fees referred to
in this Agreement.
	 
	 	 	Final Repayment Date means, in relation to each Facility, the date falling 5 years after
the first Repayment Date for that Facility.
	 
	 	 	Finance Document means:

	 	(a)	 	this Agreement;
	 
	 	(b)	 	a Security Document;
	 
	 	(c)	 	a Fee Letter;
	 
	 	(d)	 	a Transfer Certificate; or
	 
	 	(e)	 	any other document designated as such by the Facility Agent and the Company.

	 	 	Finance Party means a Lender or an Administrative Party.

	 	 	 	 	 
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	 	 	Financial Year means the accounting year of the Company commencing each year on January 1
and ending on December 31, or such other period agreed between the Company and the Facility
Agent.
	 
	 	 	First Batch means the Goods delivered by the Supplier to the Company pursuant to P.Os set
out in Schedule 6 (Acquisition List) under “First Batch” with an aggregate value of euro
94,196,088.
	 
	 	 	Fixed Loan means a Loan the interest related to which has been switched to a Fixed Rate
pursuant to Clause 8.5 (Interest Switch Option).
	 
	 	 	Fixed Rate means the applicable rate per annum determined under Clause 8.5 (Interest Switch
Option).
	 
	 	 	Floating Rate means a rate per annum determined under Clause 8.1 (Calculation of interest).
	 
	 	 	GAAP means generally accepted accounting principles in the United States of America, as in
effect from time to time, consistently applied.
	 
	 	 	Goods means goods:

	 	(a)	 	purchased in The Netherlands under P.Os and exported from The Netherlands to
the Republic of Singapore; and
	 
	 	(b)	 	listed on the Acquisition List,

	 	 	provided that the Facility Agent shall determine what does and does not constitute Goods
and such determination, in the absence of manifest error, shall be conclusive and binding
for all purposes.
	 
	 	 	Government Approval means any consent, license, approval, registration, permit, sanction,
filing or registration with, or other authorisation or other action of any nature that is
required to be granted or taken by or with any Governmental Authority.
	 
	 	 	Governmental Authority shall mean any national, state, county, city, town, village,
municipal or other local governmental department, commission, board, bureau, agency,
authority or instrumentality of the Netherlands or Singapore, as applicable, or any
political subdivision thereof, and any person or entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to any of the foregoing
entities, including, without limitation, all commissions, boards, bureaus, arbitrators and
arbitration panels, and any authority or other person or entity controlled by any of the
foregoing.
	 
	 	 	Group means the Company and its Subsidiaries.
	 
	 	 	Guarantee by any Person means any obligation, contingent or otherwise, of such Person
directly or indirectly guaranteeing in any manner any Indebtedness or other obligation of
any other Person and, without limiting the generality of the foregoing, any obligation,
direct or indirect, contingent or otherwise, of such Person:

	 	(a)	 	to purchase or pay (or advance or supply funds for the purchase or payment
of) such Financial Indebtedness or other obligation (whether arising by virtue of
partnership arrangements, by agreement to keep well, to purchase assets, goods,
securities or services, to take or pay, or to maintain financial statement conditions
or otherwise); or

	 	 	 	 	 
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	 	(b)	 	entered into for the purpose of assuring in any other manner the obligee of
such Indebtedness or other obligation of the payment thereof or to protect such oblige
against loss in respect thereof (in whole or in part);

	 	 	provided, however, that the term “Guarantee” shall not include:

	 	(a)	 	endorsements for collection or deposit in the ordinary course of business; or
	 
	 	(b)	 	indemnity or hold harmless provisions included in contracts entered into in
the ordinary course of business.

	 	 	Hazardous Materials means:

	 	(a)	 	any chemicals, materials or substances defined as or included in the
definition of “hazardous substances,” “hazardous wastes,” “hazardous materials,”
“extremely hazardous wastes,” “restricted hazardous wastes,” “toxic substances,”
“toxic pollutants,” “contaminants” or “pollutants,” or words of similar import, under
any applicable Environmental Law or Environmental Requirement; and
	 
	 	(b)	 	any other chemical, material, substance, ray, ion or emissions, in each case
to the extent exposure to the same is prohibited, limited or regulated by any
Environmental Law or Environmental Requirement by reason of its hazardous nature.

	 	 	Hedging Policies means the hedging policies of the Company set forth in Part 5 of Schedule
8 (Further information).
	 
	 	 	Historical Debt Service Coverage Ratio means, for any period comprising two (2) consecutive
financial quarters of the Company, the quotient of (a) EBITDA for such period over (b) the
sum of (i) Debt Service scheduled to be paid during the next two (2) consecutive financial
quarters (calculated at the interest rate in effect on the date of determination with
respect to any portion of the Loans then bearing interest at the Floating Rate) minus (ii)
any lump sum principal payment due and payable during such period in a single instalment at
maturity in respect of any Indebtedness of the Company.
	 
	 	 	Holding Company of any other person, means a person in respect of which that other person
is a Subsidiary.
	 
	 	 	Increased Cost means:

	 	(a)	 	an additional or increased cost;
	 
	 	(b)	 	a reduction in the rate of return from a Facility or on a Finance Party’s (or
its Affiliate’s) overall capital; or
	 
	 	(c)	 	a reduction of an amount due and payable under any Finance Document,

	 	 	which is incurred or suffered by a Finance Party or any of its Affiliates but only to the
extent attributable to that Finance Party having entered into any Finance Document or
funding or performing its obligations under any Finance Document.
	 
	 	 	Indebtedness means, as to any Person:

	 	(a)	 	all indebtedness (including principal, interest, fees and charges) for
borrowed money;

	 	 	 	 	 
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	 	(b)	 	all obligations issued, undertaken or assumed as the deferred purchase price of
Property or services;
	 
	 	(c)	 	all outstanding reimbursement obligations with respect to surety bonds,
performance bonds, letters of credit, bankers’ acceptances and similar instrument;
	 
	 	(d)	 	without duplication of clause (c) above, the currently available amount of all
surety bonds, performance bonds, letters of credit or other similar instruments issued
for the account of such Person;
	 
	 	(e)	 	all obligations evidenced by notes, bonds, debentures, commercial paper, bills
of exchange or similar instruments, including obligations so evidenced incurred in
connection with the acquisition of Property, assets of businesses;
	 
	 	(f)	 	all indebtedness created or arising under any conditional sale or other title
retention agreement, or incurred as financing, in either case with respect to Property
acquired by such Person (even though the rights and remedies of the seller or bank
under such agreement in the event of default are limited to repossession or sale of
such Property);
	 
	 	(g)	 	all capital lease obligations;
	 
	 	(h)	 	obligations pursuant to any agreement to purchase materials, supplies or other
Property if such agreement provides that payment shall be made regardless of whether
delivery of such materials, supplies or other Property is ever made or tendered;
	 
	 	(i)	 	obligations in respect of any commodity, interest rate or currency swap, cap or
collar agreement or similar arrangement between such Person and a financial institution
providing for the transfer or mitigation of commodity pricing, currency or interest
risks either generally or under specific contingencies (but without regard to any
notional principal amount relating thereto);
	 
	 	(j)	 	all liabilities secured by (or for which the holder of such indebtedness has an
existing right, contingent, or otherwise to be secured by) any Security Interest upon
or in Property (including accounts and contract rights) owned by such Person, even
though such Person has not assumed or become liable for the payment of such
indebtedness; and
	 
	 	(k)	 	all Guarantees of obligations in respect of indebtedness or obligations of
others of the kinds referred to in clauses (a) through (j) of this definition.

	 	 	Independent Accountant means KPMG Singapore, any of the other “Big Four” accounting firms or
any replacement therefore of international recognised standing appointed by the Company with
the consent of the Facility Agent.
	 
	 	 	Insolvency Proceeding means:

	 	(a)	 	any case, action or proceeding before any court or other Governmental Authority
under any Applicable Laws relating to bankruptcy, reorganisation, insolvency, judicial
management, liquidation, receivership, dissolution, winding-up, relief of debtors,
moratorium or composition or adjustment of debts or suspension of payments of the like;
or

	 	 	 	 	 
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	 	(b)	 	any general assignment for the benefit of creditors, composition, marshalling
of assets for creditors or other similar arrangement in respect of a Person’s creditors
generally or any substantial portion of a Person’s creditors.

	 	 	Investment means for any Person:

	 	(a)	 	the acquisition (whether for cash property, services or securities or
otherwise) or holding of Capital Stock, bonds notes, debentures or other securities of
or in any other Person;
	 
	 	(b)	 	the making of any deposit with, or advance, loan or other extension of credit
to, any other Person or any Guarantee of, or other contingent obligation with respect
to any Indebtedness or other liability of any other Person and (without duplication)
any amount committed to be advanced, lent or extended to any other Person; and
	 
	 	(c)	 	the acquisition of any similar property, right or interest or in any other
Person.

	 	 	Lender means:

	 	(a)	 	the Original Lender; or
	 
	 	(b)	 	any person which becomes a Party in accordance with Clause 27.2 (Assignments
and transfers by Lenders).

	 	 	LIBOR means for a Term of any Loan or overdue amount denominated in any currency other than
euro:

	 	(a)	 	the applicable Screen Rate; or
	 
	 	(b)	 	if no Screen Rate is available for the relevant currency or Term of that Loan
or overdue amount, the arithmetic mean (rounded upward to four decimal places) of the
rates, as supplied to the Facility Agent at its request, quoted by the Reference Banks
to leading banks in the London interbank market provided that if the Term is not a
whole number of months, the rate shall be the higher of the rates for the periods of
whole months which would end prior to and immediately after, respectively, the last day
of such Term,

	 	 	as of 11.00 a.m. (London time) on the Rate Fixing Day for the offering of deposits in the
currency of that Loan or overdue amount for a period comparable to that Term.
	 
	 	 	Loan means, unless otherwise stated in this Agreement, the principal amount of each
borrowing under this Agreement or the principal amount outstanding of that borrowing.
	 
	 	 	Majority Lenders means, at any time, Lenders:

	 	(a)	 	whose share in the outstanding Loans and whose undrawn Commitments then
aggregate 662/3 per cent. or more of the aggregate of all the
outstanding Loans and the undrawn Commitments of all the Lenders;
	 
	 	(b)	 	if there is no Loan then outstanding, whose undrawn Commitments then aggregate
662/3 per cent. or more of the Total Commitments; or

	 	 	 	 	 
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	 	(c)	 	if there is no Loan then outstanding and the Total Commitments have been reduced
to zero, whose Commitments aggregated 662/3 per cent. or more
of the Total Commitments immediately before the reduction.

	 	 	Margin means 0.20 per cent. per annum.
	 
	 	 	Material Adverse Effect means a material adverse effect on:

	 	(a)	 	the business, prospects or financial condition of any member of the Group or
the Group as a whole;
	 
	 	(b)	 	the ability of the Company to perform its obligations under any Finance
Document;
	 
	 	(c)	 	the validity or enforceability, or the effectiveness or ranking of any Security
Interest granted or purported to be granted pursuant to, of any Finance Document; or
	 
	 	(d)	 	any right or remedy of a Finance Party in respect of a Finance Document.

	 	 	Moody’s means Moody’s Investors Service Limited or any successor to its ratings business.
	 
	 	 	Net Worth means at any date of determination for any Person the sum of the following for
such Person and its Subsidiaries, determined in accordance with GAAP:

	 	(a)	 	the amount of Capital Stock of such Person; plus
	 
	 	(b)	 	the amount of surplus and retained earnings of such Person; or
	 
	 	(c)	 	(in the case of a surplus or retained earnings deficit), minus the amount of
such deficit.

	 	 	Other Phase II Credit Facilities means credit facilities extending credit to the Company for
the purpose of financing in part the Phase II Project in an aggregate principal amount,
which when added to the amount of the Facilities, does not exceed US$1,100 million (or its
equivalent in other currencies).
	 
	 	 	Original Financial Statements means the audited consolidated financial statements of the
Company for the year ended 31 December 2006.
	 
	 	 	Participating Member State means a member state of the European Communities that adopts or
has adopted the euro as its lawful currency under the legislation of the European Community
for Economic Monetary Union.
	 
	 	 	Party means a party to this Agreement.
	 
	 	 	Permitted Indebtedness means:

	 	(a)	 	prior to the date on which fifty per cent (50%) or more of the Loans have been
repaid;

	 	(i)	 	Indebtedness incurred by the Company under the Finance
Documents;
	 
	 	(ii)	 	Indebtedness set forth in Part 4 of Schedule 8 (Further information),
together with any refinancings of the Indebtedness described in
Part II of Part 4 of

	 	 	 	 	 
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	 	 	 	Schedule 8 (Further information) in an amount up to the aggregate original
principal amount of such Indebtedness;
	 
	 	(iii)	 	Indebtedness of the Company subordinated to the Loans on
terms acceptable to the Facility Agent;
	 
	 	(iv)	 	Indebtedness of the Company consisting of trade payables in
respect of Capital Expenditures incurred in the ordinary course of business
due and payable not later than three hundred sixty (360) days from the
incurrence thereof;
	 
	 	(v)	 	Indebtedness of the Company consisting of other trade
payables incurred in the ordinary course of business due and payable not later
than three hundred sixty (360) days from the incurrence thereof and not
exceeding US$200,000,000 (or its equivalent in any currency) at any one time
outstanding;
	 
	 	(vi)	 	unsecured working capital Indebtedness of the Company having
a maturity of not greater than three hundred sixty-four (364) days from the
date incurred;
	 
	 	(vii)	 	Indebtedness of the Company incurred in connection with any
hedging arrangements entered into from time to time in accordance with the
Hedging Policies;
	 
	 	(viii)	 	Indebtedness of the Company in an aggregate amount of up to US$300,000,000
at any one time outstanding; provided that if such Indebtedness is payable in
a single instalment at maturity, such instalment shall not be due earlier than
the fifth (5th) anniversary of the disbursement of such Indebtedness;
	 
	 	(ix)	 	Up to US$100,000,000 (or its equivalent in any currency) in
the aggregate of obligations of the Company under leases required to be
capitalised in accordance with GAAP; provided that any Indebtedness incurred
pursuant to this clause (a)(ix) shall reduce the amount of Indebtedness of the
Company permitted to be incurred under clause (a)(viii) above by the aggregate
amount of the obligations of the Company under the relevant capital lease or
leases; and

	 	(b)	 	after the date on which fifty per cent (50%) or more of the Loans have been
repaid, any Indebtedness of the Company; provided that, after giving effect thereto,
no Default shall have occurred and be continuing.

	 	 	Permitted Investments:

	 	(a)	 	any deposits made with any commercial bank whose long-term unsecured senior
debt is rated at least “A” (or the equivalent) by Standard & Poor’s Ratings Services
and at least “A2” (or the equivalent) by Moody’s Investors Service;
	 
	 	(b)	 	Investments as of the date hereof in Chartered Silicon Partners Pte Ltd and
future Investments in Chartered Silicon Partners Pte Ltd to the extent necessary to
allow Chartered Silicon Partners Pte Ltd to pay its current obligations;

	 	 	 	 	 
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	 	(c)	 	Investments in Subsidiaries or in other Persons engaged, in either case, in
businesses reasonably related to the core business of the Company, provided that, at
any time prior to the date on which fifty per cent. (50%) or more of the Loans have
been repaid, Investments permitted under this paragraph (c) shall not exceed
US$200,000,000 at any one time outstanding; and
	 
	 	(d)	 	any other Investments disclosed to and approved by the Facility Agent.

	 	 	Permitted Security Interests means:

	 	(a)	 	Security Interests arising solely by operation of law and not by way of
contract that are discharged within ninety (90) days from the date such Security
Interests arise;
	 
	 	(b)	 	Security Interests imposed by law for taxes that are not yet due or are being
contested in good faith by appropriate proceedings promptly instituted and diligently
conducted; provided that adequate reserves therefore have been established in
accordance with GAAP;
	 
	 	(c)	 	Security Interests in respect of capitalised lease obligations permitted
under Clause 18.6 (Indebtedness);
	 
	 	(d)	 	Security Interests arising under any retention of title, hire purchase or
conditional sale arrangement or arrangements having similar effect in respect of goods
supplied to the Company in the ordinary course of trading and on the suppliers
standard or usual terms and not arising as a result of any default by the Company-;
provided that any such Security Interests shall encumber only the asset acquired with
the proceeds of such Indebtedness;
	 
	 	(e)	 	Security Interests solely on any cash earnest money deposits made by the
Company or any Subsidiary in connection with any letter of intent or purchase
agreement permitted hereunder;
	 
	 	(f)	 	Security Interests that are contractual rights of set off:

	 	(i)	 	relating to the establishment of depository relations with
banks not given in connection with the issuance of Indebtedness, or
	 
	 	(ii)	 	pertaining to pooled deposit and/or sweep accounts of the
Company and/or any Subsidiary of the Company to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of the
Company and the Subsidiaries of the Company;

	 	(g)	 	Security Interests created pursuant to the Security Agreement and any other
Security Interests in favour of the Security Trustee;
	 
	 	(h)	 	to the extent that they constitute a Security Interest under this Agreement,
Security Interests consisting of operating leases or subleases to other Persons of
properties or assets owned or leased by the Company or a Subsidiary of the Company;
	 
	 	(i)	 	Security Interests in respect of Permitted Indebtedness entered into by the
Company for the acquisition of assets in the ordinary course of business provided that
any such Security Interest shall encumber only the assets acquired with the proceeds
of such Permitted Indebtedness and shall be created at the time of the acquisition;

	 	 	 	 	 
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	 	(j)	 	Security Interests created under the deed of charge between, amongst others,
EXIM and the Company dated 17 March 2005, the supplemental deed of charge entered into
between amongst others EXIM and the Company dated 12 October 2007, the deed of charge
entered into between amongst others Japan Bank for International Co-operation and the
Company dated 10 December 2007 and the deed of charge to be entered into shortly after
the date of this Agreement between EXIM and the Company in respect of the Phase II
Project; and
	 
	 	(k)	 	any other Security Interests disclosed to and approved by the Facility Agent.

	 	 	Person means any individual, firm, corporation, partnership, association, joint stock
company, joint venture, trust, unincorporated organisation, Governmental Authority or
political subdivision thereof or any other entity, incorporated or unincorporated, whether
having distinct legal personality or not.
	 
	 	 	P.Os means the purchase orders approved or to be approved by Atradius DSB and the Facility
Agent (or if no purchase order is executed, any other document(s) satisfactory to the
Facility Agent) for the purchase by or on behalf of the Company for Goods from the Supplier
together with all terms and conditions, exhibits, letter agreements, attachments and
addenda relating thereto.
	 
	 	 	Phase II Facilities means the facilities constructed in connection with the Phase II
Project.
	 
	 	 	Phase II Project means collectively the design, construction, financing, furnishing,
installation and ownership and expansion of the Fab 7 Plant to produce 300 millimetre
silicon wafers using 0.13 micron and 90 nanometre process technology and other advanced
process technology up to an expanded capacity of 37,000 wafers per month.
	 
	 	 	Pro Rata Share means:

	 	(a)	 	for the purpose of determining a Lender’s share in a utilisation of a
Facility, the proportion which its Commitment bears to all the Commitments under that
Facility; and
	 
	 	(b)	 	for any other purpose on a particular date:

	 	(i)	 	the proportion which a Lender’s share of the Loans (if any)
bears to all the Loans;
	 
	 	(ii)	 	if there is no Loan outstanding on that date, the proportion
which its Commitment bears to the Total Commitments on that date;
	 
	 	(iii)	 	if the Total Commitments have been cancelled, the proportion
which its Commitment bore to the Total Commitments immediately before being
cancelled; or
	 
	 	(iv)	 	when the term is used in relation to a Facility, the above proportions
but applied only to the Loans and Commitments for that Facility.

	 	 	 	For the purpose of sub-paragraph (iv) above, the Facility Agent will determine, in
the case of a dispute whether the term in any case relates to a particular
Facility.

	 	 	Property means any right or interest in or to property of any kind whatsoever, including
revenues, whether real, personal or mixed and whether tangible or intangible, and
regardless

	 	 	 	 	 
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	 	 	of whether owned or in existence at the date of this Agreement or thereafter
acquired or created.

	 	 	Prudent Industry Practice means those practices, methods, equipment, specifications and
standards of safety and performance, as the same may change from time to time, as are
commonly used by foundries comparable to the Fab 7 Plant as good, safe and prudent
engineering practices in connection with the operation, maintenance, repair and use of
electricity generation and other equipment and facilities, with commensurate standards or
safety, performance, dependability, efficiency and economy.
	 
	 	 	Rate Fixing Day means the second Business Day before the first day of a Term or such other
day as the Facility Agent determines is generally treated as the rate fixing day by market
practice in the relevant interbank market.
	 
	 	 	Reference Banks means the Facility Agent, BNP Paribas in Paris and Calyon Crédit Agricole
CIB in Paris and any other bank or financial institution appointed as such by the Facility
Agent under this Agreement.
	 
	 	 	Repayment Date means the date of each Repayment Instalment.
	 
	 	 	Repayment Instalment means each scheduled instalment for repayment of the Loans.
	 
	 	 	Repeating Representations means at any time the representations and warranties which are
then made or deemed to be repeated under Clause 15.31 (Repetition) or any other Finance
Document.
	 
	 	 	Request means a request for a Loan, substantially in the form of Schedule 3 (Form of
Request).
	 
	 	 	S&P means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.
or any successor to its ratings business.
	 
	 	 	Screen Rate means the British Bankers Association Interest Settlement Rate, for the
relevant currency and Term displayed on the appropriate page of the Reuters screen selected
by the Facility Agent. If the relevant page is replaced or the service ceases to be
available, the Facility Agent (after consultation with the Lenders) may specify another
page or service displaying the appropriate rate. If the Term is not a whole number of
months, the Screen Rate shall be the higher of the Screen Rate for the periods of whole
months which would end prior to and immediately after, respectively, the last day of such
Term.
	 
	 	 	Second Batch means the Goods to be delivered by the Supplier to the Company pursuant to
P.Os set out in Schedule 6 (Acquisition List) under “Second Batch” to be entered into with
an aggregate value of no greater than euro 63,539,109.
	 
	 	 	Security Agreement means the pledge or charge over the Debt Service Reserve Account dated
on or about the date of this Agreement between the Company, the Security Trustee, the
Facility Agent and the Account Bank.
	 
	 	 	Security Document means:

	 	(a)	 	each Security Agreement; and

	 	 	 	 	 
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	 	(b)	 	any other document evidencing or creating security over any asset of the
Company to secure any obligation of the Company to a Finance Party under the Finance
Documents.

	 	 	Security Interest means any mortgage, pledge, lien, charge, security by way of assignment,
hypothecation or security interest or any other agreement or arrangement having a similar
effect.
	 
	 	 	Subsidiary means an entity of which a person has direct or indirect Control or owns
directly or indirectly more than 50 per cent. of the voting capital or similar right of
ownership.
	 
	 	 	Supplier means ASML Netherlands B.V.
	 
	 	 	Switch Date has the meaning given to that term in Clause 8.5 (Interest Switch Option).
	 
	 	 	Switch Indemnified Amounts has the meaning given to that term in Clause 8.5 (Interest
Switch Option).
	 
	 	 	Switch Indemnified Parties has the meaning given to that term in Clause 8.5 (Interest
Switch Option).
	 
	 	 	Switch Option has the meaning given to that term in Clause 8.5 (Interest Switch Option).
	 
	 	 	Switch Prepayment Premium means the amount (if any) the Facility Agent is entitled to
receive under Clause 24.4 (Switch Prepayment Premium).
	 
	 	 	Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature
(including any related penalty or interest).
	 
	 	 	Tax Deduction means a deduction or withholding for or on account of Tax from a payment
under a Finance Document.
	 
	 	 	Tax Payment means a payment made by the Company to a Finance Party in any way relating to a
Tax Deduction or under any indemnity given by the Company in respect of Tax under any
Finance Document.
	 
	 	 	Temasek means Temasek Holdings (Private) Limited.
	 
	 	 	Term means each period determined under this Agreement by reference to which interest on a
Loan or an overdue amount is calculated.
	 
	 	 	Total Commitments means the aggregate of the Commitments of all the Lenders.
	 
	 	 	Total Event of Loss means with respect to the Phase II Facilities or the Company:

	 	(a)	 	the destruction, damage, impairment or loss of use of the Phase II Facilities
in their entirety or a portion thereof such that the remaining portion cannot
practically be used for the intended purposes; or
	 
	 	(b)	 	the destruction, damage, impairment or loss of use of the Phase II Facilities
that results in an insurance settlement or receipt of insurance proceeds with respect
to the Phase II Facilities on the basis of an actual or constructive total loss.

	 	 	 	 	 
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	 	 	Total Tranche A Commitments means the aggregate of the Tranche A Commitments of all the
Lenders, being the total amount specified as such in Schedule 1 (Original parties) at the
date of this Agreement.
	 
	 	 	Total Tranche B Commitments means the aggregate of the Tranche B Commitments of all the
Lenders, being the total amount specified as such in Schedule 1 (Original parties) at the
date of this Agreement.
	 
	 	 	Tranche A Commitment means:

	 	(a)	 	for the Original Lender, the amount set opposite its name in Schedule 1
(Original Parties) under the heading Tranche A Commitments and the amount of any other
Tranche A Commitment it acquires; and
	 
	 	(b)	 	for any other Lender, the amount of any Tranche A Commitment it acquires,

	 	 	to the extent not cancelled, transferred or reduced under this Agreement.
	 
	 	 	Tranche A Debt Service Reserve Requirement means, on any date after giving effect to all
payments of Debt Service as of such date:

	 	(a)	 	if the Historical Debt Service Coverage Ratio is less than 1.3, an amount
equal to the aggregate Debt Service of the Company payable during the next succeeding
six (6) months in respect of the Tranche A Loans; and
	 
	 	(b)	 	if the Historical Debt Service Coverage Ratio is equal to or greater than
1.3, zero.

	 	 	Tranche A Facility means the term loan facility made available under this Agreement and
referred to in Clause 2.1 (Tranche A Facility).
	 
	 	 	Tranche A Loan means a Loan under the Tranche A Facility and identified as such in its
Request.
	 
	 	 	Tranche A Premium means the amount of insurance premium payable to Atradius by the Company
in relation to the Tranche A Facility.
	 
	 	 	Tranche B Commitment means:

	 	(a)	 	for the Original Lender, the amount set opposite its name in Schedule 1
(Original Parties) under the heading Tranche B Commitments and the amount of any other
Tranche B Commitment it acquires; and
	 
	 	(b)	 	for any other Lender, the amount of any Tranche B Commitment it acquires,

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

	 	 	Tranche B Debt Service Reserve Requirement means, on any date after giving effect to all
payments of Debt Service as of such date:

	 	(a)	 	if the Historical Debt Service Coverage Ratio is less than 1.3, an amount
equal to the aggregate Debt Service of the Company payable during the next succeeding
six (6) months in respect of the Tranche B Loans; and
	 
	 	(b)	 	if the Historical Debt Service Coverage Ratio is equal to or greater than
1.3, zero.

	 	 	 	 	 
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	 	 	Tranche B Facility means the term loan facility made available under this Agreement and
referred to in Clause 2.2 (Tranche B Facility).
	 
	 	 	Tranche B Loan means a Loan under the Tranche B Facility and identified as such in its
Request.
	 
	 	 	Tranche B Premium means the amount of insurance premium payable to Atradius by the Company
in relation to the Tranche B Facility.
	 
	 	 	Transfer Certificate means:

	 	(a)	 	for a transfer by novation, a certificate substantially in the form of Part 1
of Schedule 4 (Forms of Transfer Certificate); and
	 
	 	(b)	 	for a transfer by assignment, assumption and release, a certificate
substantially in the form of Part 2 of Schedule 4 (Forms of Transfer Certificate),

	 	 	in each case with such amendments as the Facility Agent may approve or reasonably require or
any other form agreed between the Facility Agent and the Company.
	 
	 	 	UK means the United Kingdom.
	 
	 	 	US$ means the lawful currency of the United States of America.
	 
	 	 	US$ Equivalent means, in relation to an amount or value specified in euro, the US$
equivalent based on a fixed exchange rate of euro 1 = US$1.467.
	 
	 	 	Utilisation Date means each date on which the Facility is utilised.
	 
	 	 	World Bank Environmental Guidelines means any and all of the following operational
directives and policies (including all relevant annexes thereto) prepared by the world Bank:
(a) the August 1998 World Bank Pollution Prevention and Abatement Handbook Guidelines; (b)
Operational Directive 4.30: Involuntary Resettlement, dated June 1990; and (c) Operational
Directive 4.20: Indigenous Peoples, dated September 1991.

	1.2	 	Construction

	(a)	 	In this Agreement, unless the contrary intention appears, a reference to:

	 	(i)	 	an amendment includes a supplement, novation, extension (whether of
maturity or otherwise), restatement, re-enactment or replacement (however fundamental
and whether or not more onerous) and amended will be construed accordingly;
	 
	 	(ii)	 	assets includes present and future properties, revenues and rights of
every description;
	 
	 	(iii)	 	an authorisation includes an authorisation, consent, approval,
resolution, permit, licence, exemption, filing, registration or notarisation;
	 
	 	(iv)	 	disposal means a sale, transfer, assignment, grant, lease, licence,
declaration of trust or other disposal, whether voluntary or involuntary, and dispose
will be construed accordingly;

	 	 	 	 	 
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	 	(v)	 	indebtedness includes any obligation (whether incurred as principal or as
surety and whether present or future, actual or contingent) for the payment or
repayment of money;
	 
	 	(vi)	 	know your customer requirements are to the identification checks that a
Finance Party requests in order to meet its obligations under any applicable law or
regulation to identify a person who is (or is to become) its customer;
	 
	 	(vii)	 	a person includes any individual, company, corporation, unincorporated
association or body (including a partnership, trust, fund, joint venture or
consortium), government, state, agency, organisation or other entity whether or not
having separate legal personality;
	 
	 	(viii)	 	a regulation includes any regulation, rule, official directive, request or
guideline (whether or not having the force of law but, if not having the force of law,
being of a type with which any person to which it applies is accustomed to comply) of
any governmental, inter-governmental or supranational body, agency, department or
regulatory, self-regulatory or other authority or organisation;
	 
	 	(ix)	 	a currency is a reference to the lawful currency for the time being of the
relevant country;
	 
	 	(x)	 	a Default being outstanding means that it has not been remedied or waived;
	 
	 	(xi)	 	a provision of law is a reference to that provision as extended, applied,
amended or re-enacted and includes any subordinate legislation;
	 
	 	(xii)	 	a Clause, a Subclause or a Schedule is a reference to a clause or
subclause of, or a schedule to, this Agreement;
	 
	 	(xiii)	 	a Party or any other person includes its successors in title, permitted
assigns and permitted transferees;
	 
	 	(xiv)	 	a Finance Document or other document or security includes (without
prejudice to any prohibition on amendments) any amendment to that Finance Document or
other document or security, including any change in the purpose of, any extension for
or any increase in the amount of a facility or any additional facility; and
	 
	 	(xv)	 	a time of day is a reference to Paris time.

	(b)	 	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 or the calendar
month in which it is to end, except that:

	 	(i)	 	if the numerically corresponding day is not a Business Day, the period will
end on the next Business Day in that month (if there is one) or the preceding Business
Day (if there is not);
	 
	 	(ii)	 	if there is no numerically corresponding day in that month, that period
will end on the last Business Day in that month; and
	 
	 	(iii)	 	notwithstanding subparagraph (i) above, a period which commences on the
last Business Day of a month will end on the last Business Day in the next month or the
calendar month in which it is to end, as appropriate.

	 	 	 	 	 	 	 
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	(c)	 	Unless expressly provided to the contrary in a Finance
Document, a person who is not a party to a Finance Document
may not enforce any of its terms under the Contracts (Rights
of Third Parties) Act 1999 and, notwithstanding any term of
any Finance Document, no consent of any third party is
required for any amendment (including any release or
compromise of any liability) or termination of any Finance
Document.
	 
	(d)	 	Unless the contrary intention appears:

	 	(i)	 	a reference to a Party will not include that Party if it has ceased to be a
Party under this Agreement;
	 
	 	(ii)	 	a word or expression used in any other Finance Document or in any notice
given in connection with any Finance Document has the same meaning in that Finance
Document or notice as in this Agreement; and
	 
	 	(iii)	 	any obligation of the Company under the Finance Documents which is not a
payment obligation remains in force for so long as any payment obligation of the
Company is, may be or is capable of becoming outstanding under the Finance Documents.

	(e)	 	The headings in this Agreement do not affect its interpretation.

	2.	 	FACILITY

	2.1	 	Tranche A Facility
	 
	 	 	Subject to the terms of this Agreement, the Lenders make available to the Company a term
loan facility in an aggregate amount equal to the Total Tranche A Commitments.

	2.2	 	Tranche B Facility
	 
	 	 	Subject to the terms of this Agreement, the Lenders make available to the Company a term
loan facility in an aggregate amount equal to the Total Tranche B Commitments.

	2.3	 	Nature of a Finance Party’s rights and obligations
	 
	 	 	Unless all the Finance Parties agree otherwise:

	 	(a)	 	the obligations of a Finance Party under the Finance Documents are several;
	 
	 	(b)	 	failure by a Finance Party to perform its obligations does not affect the
obligations of any other person under the Finance Documents;
	 
	 	(c)	 	no Finance Party is responsible for the obligations of any other Finance
Party under the Finance Documents;
	 
	 	(d)	 	the rights of a Finance Party under the Finance Documents are separate and
independent rights;
	 
	 	(e)	 	a Finance Party may, except as otherwise stated in the Finance Documents,
separately enforce those rights; and
	 
	 	(f)	 	a debt arising under the Finance Documents to a Finance Party is a separate
and independent debt.

	 	 	 	 	 	 	 
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Confidential Treatment Requested

The portions of this document marked by “XXXXX” have been omitted pursuant to a request for confidential treatment and

have been filed separately with the Securities and Exchange Commission

	3.	 	PURPOSE

	3.1	 	Tranche A Loans
	 
	 	 	Each Tranche A Loan may only be used to reimburse the Company for up to 85 per cent. of the
US$ Equivalent of the value of the First Batch and to reimburse or finance as the case may
be the Tranche A Premium.

	3.2	 	Tranche B Loans
	 
	 	 	Each Tranche B Loan may only be used to partially reimburse the Company for up to 85 per
cent. of the US$ Equivalent of the lower of (i) the value of the Second Batch as approved by
Atradius DSB and (ii) euro 55,803,912 and to reimburse or finance as the case may be the
Tranche B Premium.

	3.3	 	No obligation to monitor
	 
	 	 	No Finance Party is bound to monitor or verify the utilisation of the Facilities.

	4.	 	CONDITIONS PRECEDENT

	4.1	 	Conditions precedent documents
	 
	(a)	 	A Request for a Tranche A Loan may not be given until the Facility Agent has
notified the Company and the Lenders that it has received all of the
documents and evidence set out in Part 1 (Tranche A Documents) of Schedule 2
(Conditions precedent documents) in form and substance satisfactory to the
Facility Agent.
	 
	(b)	 	A Request for a Tranche B Loan may not be given until the Facility Agent has
given the notice specified in paragraph (a) above and has also notified the
Company and the Lenders that it has received all of the documents and
evidence set out in Part 2 (Tranche B Documents) of Schedule 2 (Conditions
precedent documents) in form and substance satisfactory to the Facility
Agent.
	 
	(c)	 	The Facility Agent must give the notifications in paragraphs (a) and (b)
above to the Company and the Lenders promptly upon being so satisfied.

	4.2	 	Further conditions precedent
	 
	 	 	The obligations of each Lender to participate in any Loan are subject to the further
conditions precedent that on both the date of the Request and the Utilisation Date for that
Loan:

	 	(a)	 	the Repeating Representations are correct in all material respects;
	 
	 	(b)	 	no Default is outstanding or would result from the Loan;
	 
	 	(c)	 	the Facility Agent has received confirmation from Atradius DSB or other
evidence satisfactory to it that, in relation to the Tranche A Facility, the Atradius
Premium is XXXXX per cent. flat on the amount of the Tranche A Facility (rounded up to
the nearest dollar) which is used to reimburse the Company for up to 85 per cent. of the

	 	 	 	 	 	 	 
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Confidential Treatment Requested

The portions of this document marked by “XXXXX” have been omitted pursuant to a request for confidential treatment and

have been filed separately with the Securities and Exchange Commission

	 	 	 	US$ Equivalent of the value of the First Batch or such other premium acceptable to
the Company;
	 
	 	(d)	 	the Facility Agent has not received notice from Atradius DSB instructing
the Lenders not to participate in any Loans and no event has occurred or is threatened
to occur that may result in the Atradius Insurance not fully applying to any Loan; and
	 
	 	(e)	 	if the Loan is to be used to reimburse the Company for the payment of the
Atradius Premium, evidence that the Atradius Premium has been paid.

	4.3	 	Further conditions precedent — Tranche B Loans
	 
	 	 	The obligations of each Lender to participate in any Tranche B Loan are subject to the
further conditions precedent that on both the date of the Request and the Utilisation Date
for that Tranche B Loan:

	 	(a)	 	the repayment conditions of the Tranche B Loans have been determined by
Atradius DSB in consultation with the Company provided that such repayment conditions
are on terms satisfactory to the Facility Agent and the Company;
	 
	 	(b)	 	a certified copy of the P.Os that have been entered into in relation to the
Second Batch, together with evidence to the satisfaction of the Facility Agent that
such P.Os have been duly executed and delivered by the Company and the Supplier and a
confirmation in writing by the Company and the Supplier that such P.Os are in full
force and effect; and
	 
	 	(c)	 	the Facility Agent has received confirmation from Atradius DSB or other
evidence satisfactory to it, that, in relation to the Tranche B Facility, the Atradius
Premium is XXXXX per cent. flat on the amount of the Tranche B Facility (rounded up to
the nearest dollar) which is used to reimburse the Company for up to 85 per cent. of
the US$ Equivalent of the lower of (i) the value of the Second Batch as approved by
Atradius DSB and (ii) euro 55,803,912 or such other premium acceptable to the Company

	4.4	 	Termination of the Facilities
	 
	(a)	 	If, by 31 January 2008, the conditions precedent in Clause
4.1 have not been satisfied, the Facility Agent must, by
notice to the Company, cancel the Total Tranche A Commitments
unless an extension is agreed by the Majority Lenders.
	 
	(b)	 	If, by the date falling one year after the date of this
Agreement or such earlier date as the Company notifies to the
Facility Agent, the conditions precedent in Clause 4.3 have
not been satisfied, and if the Majority Lenders so require,
the Facility Agent must, by notice to the Company, cancel the
Total Tranche B Commitments.

	5.	 	UTILISATION — LOANS

	5.1	 	Giving of Requests
	 
	(a)	 	The Company may borrow a Loan by giving to the Facility Agent
a duly completed Request.

	 	 	 	 	 	 	 
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	(b)	 	Unless the Facility Agent otherwise agrees, the latest time for receipt by the Facility Agent
of a duly completed Request is 11.00 a.m. 10 Business Days before the Rate Fixing Day for the
proposed borrowing.
	 
	(c)	 	Each Request is irrevocable.
	 
	(d)	 	The first Request in respect of each of the Tranche A Facility and the Tranche B Facility must
include a Loan in respect of the relevant Atradius Premium.

	5.2	 	Completion of Requests
	 
	 	 	A Request for a Loan will not be regarded as having been duly completed unless:

	 	(a)	 	it identifies the Facility under which the Loan is to be made;
	 
	 	(b)	 	the Utilisation Date is a Business Day falling within the Availability
Period for the Facility under which the Loan is to be made;
	 
	 	(c)	 	the amount of the Loan requested is:

	 	(i)	 	a minimum of US$500,000;
	 
	 	(ii)	 	the maximum undrawn amount available under the relevant
Facility on the proposed Utilisation Date; or
	 
	 	(iii)	 	such other amount as the Facility Agent may agree; and

	 	(d)	 	the proposed Term complies with this Agreement.

	 	 	Only one Loan may be requested in a Request.

	5.3	 	Advance of Loan
	 
	(a)	 	The Facility Agent must promptly notify each Lender of the details of the requested Loan and
the amount of its share in that Loan.
	 
	(b)	 	The amount of each Lender’s share of the requested Loan will be its Pro Rata Share on the
proposed Utilisation Date.
	 
	(c)	 	No Lender is obliged to participate in a Loan if, as a result:

	 	(i)	 	its share in the Loans under a Facility would exceed its Commitment for
that Facility; or
	 
	 	(ii)	 	the Loans would exceed the Total Commitments.

	(d)	 	If the conditions set out in this Agreement have been met, each Lender
must make its share in the requested Loan available to the Facility
Agent for the Company through its Facility Office on the Utilisation
Date.

	 	 	 	 	 	 	 
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	6.	 	REPAYMENT

	6.1	 	Repayment of Tranche A Loans
	 
	(a)	 	The Company must repay the Tranche A Loans in full by ten equal
semi-annual instalments.
	 
	(b)	 	The first Repayment Instalment must be repaid on 1 March 2009, and
subsequent Repayment Instalments must be repaid at six-monthly
intervals from that date.
	 
	(c)	 	The last Repayment Instalment must be repaid on the Final Repayment
Date for the Tranche A Facility.

	6.2	 	Repayment of Tranche B Loans
	 
	(a)	 	The Company must repay the Tranche B Loans in full by ten equal
semi-annual instalments.
	 
	(b)	 	The first Repayment Instalment must be repaid six months after the
date falling on the earlier of:

	 	(i)	 	the date specified by Atradius DSB; and
	 
	 	(ii)	 	15 June 2010

	 	 	and subsequent Repayment Instalments must be repaid at six-monthly intervals from that
date.
	 
	(c)	 	The last Repayment Instalment must be repaid on the Final
Repayment Date for the Tranche B Facility.

	6.3	 	Repayment Schedule
	 
	 	 	The Facility Agent will deliver to the Company a repayment schedule for each Facility at
least 15 Business Days prior to the first Repayment Date for that Facility

	7.	 	PREPAYMENT AND CANCELLATION

	7.1	 	Mandatory prepayment — illegality
	 
	(a)	 	A Lender must notify the Facility Agent and the Company
promptly if it becomes aware that it is unlawful in any
applicable jurisdiction for that Lender to
perform any of its obligations under a Finance Document or to fund or maintain
its share in any Loan.
	 
	(b)	 	After notification under paragraph (a) above
the Facility Agent must notify the Company
promptly that:

	 	(i)	 	the Company must repay or prepay the share of that Lender in each Loan on
the date specified in paragraph (c) below; and
	 
	 	(ii)	 	the Commitment of that Lender will be immediately cancelled.

	(c)	 	The date for repayment or prepayment of a Lender’s share in a Loan will be:

	 	(i)	 	the last day of the current Term of that Loan;

	 	 	 	 	 	 	 
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	 	(ii)	 	if earlier, the date specified by the Lender in the notification under
paragraph (a) above and which must not be earlier than the last day of any applicable
grace period allowed by law; or
	 
	 	(iii)	 	such other date as the Lender may agree.

	7.2	 	Mandatory prepayment — change of control
	 
	(a)	 	For the purposes of this Subclause:
	 
	 	 	a change of control occurs if Temasek ceases to:

	 	(i)	 	Control the Company;
	 
	 	(ii)	 	be the beneficial owner directly or indirectly through wholly owned
Subsidiaries of more than 30 per cent. of the Capital Stock of the Company; or
	 
	 	(iii)	 	be the single largest owner directly or indirectly through wholly
owned subsidiaries of Capital Stock of the Company.

	(b)	 	The Company must promptly notify the Facility Agent if it
becomes aware of any change of control.
	 
	(c)	 	After a change of control, if the Majority Lenders so
require, the Facility Agent must, by notice to the
Company:

	 	(i)	 	cancel the Total Commitments; and
	 
	 	(ii)	 	declare all outstanding Loans, together with accrued interest and all
other amounts accrued under the Finance Documents, to be immediately due and payable
on a date no earlier than the date falling 30 days after the occurrence of a change of
control.

	 	 	Any such notice will take effect in accordance with its terms.

	7.3	 	Mandatory prepayment — Casualty Event
	 
	 	 	Upon the occurrence of any Casualty Event affecting the Phase II Facilities, the Loans
shall be repaid on the date falling six months after the occurrence of such Casualty Event
from (and in the amount of) any Casualty Proceeds therefrom not applied within six months
from the day of the occurrence of such Casualty Event to the restoration or repair of the
Phase II Facilities, provided, however, that if the Company repairs, rebuilds or restores
the Phase II Facilities, the obligation to prepay the Loans pro rata from the Casualty
Proceeds shall only arise following completion of such repair, rebuilding or restoration
and only to the extent of the remaining amount of the Casualty Proceeds received by or on
account of the Company.

	7.4	 	Voluntary prepayment
	 
	(a)	 	After the expiry of the Availability Period for a Facility,
the Company may, by giving not less than 30 days’ prior
notice to the Facility Agent, prepay any Loan under that
Facility on the last day of its current Term in whole or in
part.
	 
	(b)	 	A prepayment of part of a Loan must be in a minimum amount of
US$5,000,000 and an integral multiple of US$1,000,000.

	 	 	 	 	 	 	 
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	7.5	 	Automatic cancellation
	 
	 	 	The Commitment of each Lender will be automatically cancelled at the close of business on
the last day of the Availability Period.
	 
	7.6	 	Voluntary cancellation
	 
	(a)	 	The Company may, by giving not less than 30 days’ prior notice to the Facility Agent, cancel
the unutilised amount of the Total Commitments in whole or in part.
	 
	(b)	 	Partial cancellation of the Total Commitments must be in a minimum amount of US$5,000,000 and
an integral multiple of US$1,000,000.
	 
	(c)	 	Any cancellation in part will be applied against the Commitment of each Lender pro rata.
	 
	7.7	 	Right of repayment and cancellation of a single Lender
	 
	(a)	 	If the Company is, or will be, required to pay to a Lender:

	 	(i)	 	a Tax Payment; or
	 
	 	(ii)	 	an Increased Cost,

the Company may, while the requirement continues, give notice to the Facility Agent requesting
prepayment and cancellation in respect of that Lender.

	(b)	 	After notification under paragraph (a) above:

	 	(i)	 	the Company must repay or prepay that Lender’s share in each Loan on the date
specified in paragraph (c) below; and
	 
	 	(ii)	 	the Commitment of that Lender will be immediately cancelled.

	(c)	 	The date for repayment or prepayment of a Lender’s share in a Loan will be:

	 	(i)	 	the last day of the current Term for that Loan; or
	 
	 	(ii)	 	if earlier, the date specified by the Company in its notification.

	7.8	 	Partial prepayment of Loans
	 
	(a)	 	Any partial prepayment of a Tranche A Loan will be applied against the remaining Repayment
Instalments for the Tranche A Facility in inverse order of maturity.
	 
	(b)	 	Any partial prepayment of a Tranche B Loan will be applied against the remaining Repayment
Instalments for the Tranche B Facility in inverse order of maturity.
	 
	(c)	 	Any voluntary prepayment of a Tranche A Loan under Clause 7.4 (Voluntary prepayment) will be
applied against the remaining Repayment Instalments for the Tranche A Facility in inverse
order of maturity.
	 
	(d)	 	Any voluntary prepayment of a Tranche B Loan under Clause 7.4 (Voluntary prepayment) will be
applied against the remaining Repayment Instalments for the Tranche B Facility in inverse
order of maturity.

	 	 	 	 	 
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	(e)	 	No amount of a Loan prepaid under this Agreement may subsequently be re-borrowed.
	 
	7.9	 	Miscellaneous provisions
	 
	(a)	 	Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must
specify the relevant date(s) and the affected Loans and Commitments. The Facility Agent must
notify the Lenders promptly of receipt of any such notice.
	 
	(b)	 	All prepayments under this Agreement must be made with accrued interest on the amount
prepaid. No premium or penalty is payable in respect of any prepayment except for Break
Costs.
	 
	(c)	 	The Majority Lenders may agree a shorter notice period for a voluntary prepayment or a
voluntary cancellation.
	 
	(d)	 	No prepayment or cancellation is allowed except in accordance with the express terms of this
Agreement.
	 
	(e)	 	No amount of the Total Commitments cancelled under this Agreement may subsequently be
reinstated.

	8.	 	INTEREST
	 
	8.1	 	Calculation of interest
	 
	 	 	Subject to Clause 8.2, (Interest Switch Option) the rate of interest on each Loan for each
Term is the percentage rate per annum equal to the aggregate of the applicable:

	 	(a)	 	Margin; and
	 
	 	(b)	 	LIBOR.

	8.2	 	Payment of interest
	 
	 	 	Except where it is provided to the contrary in this Agreement, the Company must pay accrued
interest on each Loan made to it on the last day of each Term and also, if the Term is
longer than six months, on the dates falling at six-monthly intervals after the first day
of that Term.
	 
	8.3	 	Interest on overdue amounts
	 
	(a)	 	If the Company fails to pay any amount payable by it under the Finance Documents, it must
immediately on demand by the Facility Agent pay interest on the overdue amount from its due
date up to the date of actual payment, both before, on and after judgment.
	 
	(b)	 	Interest on an overdue amount is payable at a rate determined by the Facility Agent to be one
per cent. per annum above 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 this purpose, the Facility Agent may (acting reasonably):

	 	(i)	 	select successive Terms of any duration of up to three months; and
	 
	 	(ii)	 	determine the appropriate Rate Fixing Day for that Term.

	(c)	 	Notwithstanding paragraph (b) above, if the overdue amount is a principal amount of a Loan
and becomes due and payable before the last day of its current Term, then:

	 	 	 	 	 
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	 	(i)	 	the first Term for that overdue amount will be the unexpired portion of that
Term; and
	 
	 	(ii)	 	the rate of interest on the overdue amount for that first Term will be one
per cent. per annum above the rate then payable on that Loan.

	 	 	After the expiry of the first Term for that overdue amount, the rate on the overdue amount
will be calculated in accordance with paragraph (b) above.
	 
	(d)	 	Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the
end of each of its Terms but will remain immediately due and payable.
	 
	8.4	 	Notification of rates of interest
	 
	 	 	The Facility Agent must promptly notify each relevant Party of the determination of a rate
of interest under this Agreement.
	 
	8.5	 	Interest Switch Option
	 
	(a)	 	The Company has the option (the Switch Option) at any time after first Utilisation, on only
one occasion and with the consent of the Facility Agent, to require the Lenders to switch the
interest payable under this Agreement from a Floating Rate to a Fixed Rate with respect to the
Tranche A Facility or the Tranche B Facility or both provided that, the Company may only
exercise the Switch Option:

	 	(i)	 	with the consent of the Facility Agent;
	 
	 	(ii)	 	if no Default has occurred and is continuing on the Switch Date; and
	 
	 	(iii)	 	if the aggregate outstanding principal amount of the Loans is at least
US$10,000,000.

	(b)	 	The Company must give 10 Business Days prior written notice (which shall be irrevocable) to
the Facility Agent specifying:

	 	(i)	 	that it wishes to exercise the Switch Option;
	 
	 	(ii)	 	the date it wishes to fix the rate (the Switch Option Date); and
	 
	 	(iii)	 	the date (which must be the last day of a Term) of the proposed interest
rate switch (the Switch Date).

	(c)	 	On the proposed Switch Option Date relating to the Switch Option:

	 	(i)	 	by no later than 12:00 p.m. (Paris time), the Facility Agent must notify the
Company of the proposed fixed rate applicable to such Switch Option which shall be
determined by the Facility Agent on the basis of such factors as the Facility Agent
deems relevant (including, without limitation, based on the fixed rate obtained under
a swap agreement arranged by or on behalf of the Facility Agent with respect to the
interest payable on the Loans the subject of such Switch Option); and
	 
	 	(ii)	 	the Company must immediately notify the Facility Agent whether the fixed rate
is acceptable.

	(d)	 	If the Company accepts a proposed fixed rate (the Fixed Rate) in respect of the Tranche A
Facility or Tranche B Facility or both, the Fixed Rate shall not be subject to change.

	 	 	 	 	 
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	(e)	 	The Company agrees to indemnify the Finance Parties (the Switch Indemnified Parties) from and
against any and all damages, losses, claims, liabilities and related costs and expenses,
including legal advisers’ fees and disbursements (all the foregoing being collectively
referred to as Switch Indemnified Amounts) awarded against or incurred by such Switch
Indemnified Party arising out of or as a result of:

	 	(i)	 	a failure of the interest rate conversion referred to herein to occur on the
scheduled applicable Switch Date, excluding, however, applicable Switch Indemnified
Amounts to the extent resulting directly from gross negligence or wilful misconduct on
the part of such Switch Indemnified Party; or
	 
	 	(ii)	 	a failure by the Company to pay the Switch Prepayment Premium.

	9.	 	TERMS
	 
	9.1	 	Selection
	 
	(a)	 	Each Loan has successive Terms.
	 
	(b)	 	Each Term for a Loan will be six months or any other period agreed by the Company and all the
Lenders.
	 
	9.2	 	Consolidation
	 
	 	 	The first Term for a Loan will end on the same day as the current Term for any other Loan
under the same Facility as that Loan. On the last day of those Terms, those Loans will be
consolidated and treated as one Loan.
	 
	9.3	 	Coincidence with Repayment Instalment dates
	 
	(a)	 	The Company may select any Term of less than six months for a Loan (and may redesignate any
Loan as two Loans) to ensure that the amount of the Loans with a Term ending on a date for
repayment of a Repayment Instalment is not less than the Repayment Instalment due on that
date.
	 
	(b)	 	If the Company fails to make a selection in the circumstances envisaged in paragraph (a)
above, the Facility Agent may, before the Rate Fixing Day for the relevant Term shorten any
Term for a Loan (and may designate any Loan as two Loans) to achieve the same end.
	 
	9.4	 	No overrunning the Final Repayment Date
	 
	(a)	 	If a Term for a Tranche A Loan would otherwise overrun the Final Repayment Date for the
Tranche A Facility, it will be shortened so that it ends on the Final Repayment Date for the
Tranche A Facility.
	 
	(b)	 	If a Term for a Tranche B Loan would otherwise overrun the Final Repayment Date for the
Tranche B Facility, it will be shortened so that it ends on the Final Repayment Date for the
Tranche B Facility.
	 
	9.5	 	Other adjustments
	 
	 	 	The Facility Agent and the Company may enter into such other arrangements as they may agree
for the adjustment of Terms and the consolidation and/or splitting of Loans, but no

	 	 	 	 	 
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	 	 	Term in excess of six months may be agreed by the Facility Agent without the prior consent of all
the Lenders.
	 
	9.6	 	Notification
	 
	 	 	The Facility Agent must notify each relevant Party of the duration of each Term promptly
after ascertaining its duration.

	10.	 	MARKET DISRUPTION
	 
	10.1	 	Failure of a Reference Bank to supply a rate
	 
	 	 	If LIBOR is to be calculated by reference to the Reference Banks but a Reference Bank does
not supply a rate by 12.00 noon (local time) on a Rate Fixing Day, the applicable LIBOR
will, subject as provided below, be calculated on the basis of the rates of the remaining
Reference Banks.
	 
	10.2	 	Market disruption
	 
	(a)	 	In this Clause, each of the following events is a market disruption event:

	 	(i)	 	LIBOR is to be calculated by reference to the Reference Banks but no, or
(where there is more than one Reference Bank) only one, Reference Bank supplies a rate
by 12.00 noon (local time) on the Rate Fixing Day; or
	 
	 	(ii)	 	the Facility Agent receives by close of business on the Rate Fixing Day
notification from Lenders whose shares in the relevant Loan exceed 30 per cent. of
that Loan that the cost to them of obtaining matching deposits in the relevant
interbank market is in excess of LIBOR for the relevant Term.

	(b)	 	The Facility Agent must promptly notify the Company and the Lenders of a market disruption
event.
	 
	(c)	 	After notification under paragraph (b) above, the rate of interest on each Lender’s share in
the affected Loan for the relevant Term will be the aggregate of the applicable:

	 	(i)	 	Margin; and
	 
	 	(ii)	 	rate notified to the Facility Agent by that Lender as soon as practicable,
and in any event before interest is due to be paid in respect of that Term, to be that
which expresses as a percentage rate per annum the cost to that Lender of funding its
share in that Loan from whatever source it may reasonably select.

	10.3	 	Alternative basis of interest or funding
	 
	(a)	 	If a market disruption event occurs and the Facility Agent or the Company so requires, the
Company and the Facility Agent must enter into negotiations for a period of not more than 30
days with a view to agreeing an alternative basis for determining the rate of interest and/or
funding for the affected Loan.
	 
	(b)	 	Any alternative basis agreed will be, with the prior consent of all the Lenders, binding on
all the Parties.

	 	 	 	 	 
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	11.	 	TAXES
	 
	11.1	 	Tax gross-up
	 
	(a)	 	The Company must make all payments to be made by it under the Finance Documents without any
Tax Deduction, unless a Tax Deduction is required by law.
	 
	(b)	 	If the Company or a Lender is aware that the Company must make a Tax Deduction (or that there
is a change in the rate or the basis of a Tax Deduction), it must promptly notify the Facility
Agent. The Facility Agent must then promptly notify the affected Parties.
	 
	(c)	 	If a Tax Deduction is required by law to be made by the Company or the Facility Agent, and
if:

	 	(i)	 	an Event of Default has occurred and is continuing; or
	 
	 	(ii)	 	there is an introduction of, or any change in, or any change in the
interpretation, administration or application of, any law or recognition, double
taxation agreement, treaty or any published practice or concession of any relevant
taxing authority that would leave the Lenders in less favourable conditions than those
applicable at 22 October 2007,

	 	 	the amount of the payment due from the Company will be increased to an amount which (after
making the Tax Deduction) leaves an amount equal to the payment which would have been due
if no Tax Deduction had been required.
	 
	(d)	 	If the Company is required to make a Tax Deduction, it must make the minimum Tax Deduction
allowed by law and must make any payment required in connection with that Tax Deduction within
the time allowed by law.
	 
	(e)	 	Within 30 days of making either a Tax Deduction or a payment required in connection with a
Tax Deduction, the Company must deliver to the Facility Agent for the relevant Finance Party
evidence satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has
been made or (as applicable) the appropriate payment has been paid to the relevant taxing
authority.
	 
	11.2	 	Tax indemnity
	 
	(a)	 	Except as provided below, the Company must indemnify a Finance Party against any loss or
liability which that Finance Party (in its absolute discretion) determines will be or has been
suffered (directly or indirectly) by that Finance Party for or on account of Tax in relation
to a payment received or receivable (or any payment deemed to be received or receivable) under
a Finance Document.
	 
	(b)	 	Paragraph (a) above does not apply to any Tax assessed on a Finance Party under the laws of
the jurisdiction in which:

	 	(i)	 	that Finance Party is incorporated or, if different, the jurisdiction (or
jurisdictions) in which that Finance Party has a Facility Office and is treated as
resident for tax purposes; or
	 
	 	(ii)	 	that Finance Party’s Facility Office is located in respect of amounts
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	 	 	if that Tax is imposed on or calculated by reference to the net income received or
receivable by that Finance Party. However, any payment deemed to be received or
receivable, including any amount treated as income but not actually received by the Finance
Party, such as a Tax Deduction, will not be treated as net income received or receivable
for this purpose.
	 
	(c)	 	A Finance Party making, or intending to make, a claim under paragraph (a) above must promptly
notify the Company of the event which will give, or has given, rise to the claim.
	 
	11.3	 	Stamp taxes
	 
	 	 	The Company must pay and indemnify each Finance Party against any stamp duty, stamp duty
land tax, registration or other similar Tax payable in connection with the entry into,
performance or enforcement of any Finance Document, except for any such Tax payable in
connection with the entry into a Transfer Certificate.
	 
	11.4	 	Value added taxes
	 
	(a)	 	Any amount payable under a Finance Document by the Company is exclusive of any value added
tax or any other Tax of a similar nature which might be chargeable in connection with that
amount. If any such Tax is chargeable, the Company must pay to the Finance Party (in addition
to and at the same time as paying that amount) an amount equal to the amount of that Tax.
	 
	(b)	 	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or
expenses, that Party must also at the same time pay and indemnify the Finance Party
against all value added tax or any other Tax of a similar nature incurred by the Finance
Party in respect of those costs or expenses but only to the extent that the Finance Party
(acting reasonably) determines that it is not entitled to credit or repayment from the
relevant tax authority in respect of the Tax.

	12.	 	INCREASED COSTS
	 
	12.1	 	Increased Costs
	 
	 	 	Except as provided below in this Clause, the Company must pay to a Finance Party the amount
of any Increased Cost incurred by that Finance Party or any of its Affiliates as a result
of:

	 	(a)	 	the introduction of, or any change in, or any change in the interpretation,
administration or application of, any law or regulation; or
	 
	 	(b)	 	compliance with any law or regulation made after the date of this Agreement.

	12.2	 	Exceptions
	 
	 	 	The Company need not make any payment for an Increased Cost to the extent that the
Increased Cost is:

	 	(a)	 	compensated for under another Clause or would have been but for an exception
to that Clause; or
	 
	 	(b)	 	attributable to a Finance Party or its Affiliate wilfully failing to comply
with any law or regulation.

	 	 	 	 	 
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	12.3	 	Claims
	 
	(a)	 	A Finance Party intending to make a claim for an Increased Cost must notify the Facility
Agent of the circumstances giving rise to and the amount of the claim, following which the
Facility Agent will promptly notify the Company.
	 
	(b)	 	Each Finance Party must, as soon as practicable after a demand by the Facility Agent, provide
a certificate confirming the amount of its Increased Cost.

	13.	 	MITIGATION
	 
	13.1	 	Conduct of business by a Finance Party
	 
	 	 	No term of any Finance Document 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 in respect of Tax or the extent, order and
manner of any claim; or
	 
	 	(c)	 	oblige any Finance Party to disclose any information relating to its affairs
(Tax or otherwise) or any computation in respect of Tax.

	14.	 	PAYMENTS
	 
	14.1	 	Place
	 
	 	 	Unless a Finance Document specifies that payments under it are to be made in another
manner, all payments by a Party (other than the Facility Agent) under the Finance Documents
must be made to the Facility Agent to its account at such office or bank in New York, as it
may notify to that Party for this purpose by not less than five Business Days’ prior
notice.
	 
	14.2	 	Funds
	 
	 	 	Payments under the Finance Documents to the Facility Agent must be made for value on the
due date at such times and in such funds as the Facility Agent may specify to the Party
concerned as being customary at the time for the settlement of transactions in that
currency in the place for payment.
	 
	14.3	 	Distribution
	 
	(a)	 	Each payment received by the Facility Agent under the Finance Documents for another Party
must, except as provided below, be made available by the Facility Agent to that Party by
payment (as soon as practicable after receipt) to its account with such office or bank in New
York  as it may notify to the Facility Agent for this purpose by not less than five
Business Days’ prior notice.
	 
	(b)	 	The Facility Agent may apply any amount received by it for the Company in or towards payment
(as soon as practicable after receipt) of any amount due from the Company under the Finance
Documents or in or towards the purchase of any amount of any currency to be so applied.

	 	 	 	 	 
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	(c)	 	Where a sum is paid to the Facility Agent under this Agreement for another Party, the
Facility Agent is not obliged to pay that sum to that Party until it has established that it
has actually received it. However, the Facility Agent may assume that the sum has been paid
to it, and, in reliance on that assumption, make available to that Party a corresponding
amount. If it transpires that the sum has not been received by the Facility Agent, that Party
must immediately on demand by the Facility Agent refund any corresponding amount made
available to it together with interest on that amount from the date of payment to the date of
receipt by the Facility Agent at a rate calculated by the Facility Agent to reflect its cost
of funds.
	 
	14.4	 	Currency
	 
	(a)	 	Unless a Finance Document specifies that payments under it are to be made in a different
manner, the currency of each amount payable under the Finance Documents is determined under
this Subclause.
	 
	(b)	 	Amounts payable in respect of Taxes, fees, costs and expenses are payable in the currency in
which they are incurred.
	 
	(c)	 	Each other amount payable under the Finance Documents is payable in US Dollars.
	 
	14.5	 	No set-off or counterclaim
	 
	 	 	All payments made by the Company under the Finance Documents must be calculated and made
without (and free and clear of any deduction for) set-off or counterclaim.
	 
	14.6	 	Business Days
	 
	(a)	 	If a payment under the Finance Documents is due on a day which is not a Business Day, the due
date for that payment will instead be the next Business Day in the same calendar month (if
there is one) or the preceding Business Day (if there is not) or whatever day the Facility
Agent determines is market practice.
	 
	(b)	 	During any extension of the due date for payment of any principal under this Agreement
interest is payable on that principal at the rate payable on the original due date.
	 
	14.7	 	Partial payments
	 
	(a)	 	If the Facility Agent receives a payment insufficient to discharge all the amounts then due
and payable by the Company under the Finance Documents, the Facility Agent must apply that
payment towards the obligations of the Company under the Finance Documents in the following
order:

	 	(i)	 	first, in or towards payment pro rata of any unpaid fees, costs and expenses
of the Administrative Parties under the Finance Documents;
	 
	 	(ii)	 	secondly, in or towards payment pro rata of any accrued interest or fee due
but unpaid under this Agreement;
	 
	 	(iii)	 	thirdly, in or towards payment pro rata of any principal amount 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.

	 	 	 	 	 
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	(b)	 	The Facility Agent must, if so directed by the Lenders, vary the order set out in
sub-paragraphs (a)(ii) to (iv) above.
	 
	(c)	 	This Subclause will override any appropriation made by the Company.
	 
	14.8	 	Disruption to payment systems
	 
	(a)	 	If the Facility Agent determines (in its discretion) that a Disruption Event has occurred or
the Company notifies the Facility Agent that a Disruption Event has occurred, the Facility
Agent:

	 	(i)	 	may, and must if requested by the Company, enter into discussions with the
Company for a period of not more than 5 days with a view to agreeing any changes to
the operation or administration of the Facilit(ies) (changes) as the Facility Agent
may decide is necessary;
	 
	 	(ii)	 	is not obliged to enter into discussions with the Company in relation to any
changes if, in its opinion, it is not practicable so to do and has no obligation to
agree to any changes;
	 
	 	(iii)	 	may consult with the Finance Parties in relation to any changes but is not
obliged so to do if, in its opinion, it is not practicable in the circumstances; and
	 
	 	(iv)	 	must notify the Finance Parties of any changes agreed under this Subclause.
	 
	 	(v)	 	Any agreement between the Facility Agent and the Company will be, (whether or
not it is finally determined that a Disruption Event has occurred), binding on the
Parties notwithstanding the provisions of Clause 26 (Amendments and waivers).

	(b)	 	The Facility Agent accepts the discretions given to it by this Subclause only on the basis
that it will not be liable (either in contract or tort) for any damages, costs or losses of
any kind which any Party may incur or sustain as a result of the Facility Agent taking or not
taking any action under this Subclause.
	 
	(c)	 	If the Facility Agent makes any payment to any person in respect of a liability incurred as a
result of taking or not taking any action under this Subclause, the amount of that payment is
an amount in respect of which each Lender must indemnify the Facility Agent for that Lender’s
Pro Rata Share of any loss or liability incurred by the Facility Agent under this Subclause
(unless the Facility Agent has been reimbursed by the Company under a Finance Document).
	 
	(d)	 	Paragraph (c) above applies notwithstanding:

	 	(i)	 	any other term of any Finance Document (including any term in Clause 21 (The
Administrative Parties); and
	 
	 	(ii)	 	irrespective of whether the payment was made as a result of actual or alleged
negligence or gross negligence or wilful misconduct of the Facility Agent but so that
the Facility Agent has no indemnity for claims against it which arise as a result of
fraud by the Facility Agent.

	14.9	 	Timing of payments
	 
	 	 	If a Finance Document does not provide for when a particular payment is due, that payment will be
due within three Business Days of demand by the relevant Finance Party.

	 	 	 	 	 
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	15.	 	REPRESENTATIONS AND WARRANTIES
	 
	15.1	 	Representations and Warranties of the Company.
	 
	 	 	The Company represents and warrants to each of the Finance Parties that:

	15.2	 	Organisation and Status
	 
	 	 	The Company is a public company limited by shares duly organised, validly existing and in
good standing under the laws of Singapore.

	15.3	 	Capitalisation
	 
	(a)	 	Part 1 of Schedule 8 (Additional information) sets forth the
capitalisation of the Company as of the date of this Agreement,
including

	 	(i)	 	the Capital Stock issued and outstanding; and
	 
	 	(ii)	 	the shareholders of the Company holding five percent (5%) or more of the
Capital Stock of the Company and the Capital Stock held by each such shareholder.

	(b)	 	All of the issued and outstanding Capital Stock is validly issued,
fully paid and non-assessable.

	15.4	 	Power and Authority
	 
	 	 	The Company:

	 	(a)	 	has the requisite power and authority to:

	 	(i)	 	execute, deliver and perform each Finance Document and
other material agreement to which it is a party in accordance with its terms;
	 
	 	(ii)	 	own the Property it purports to own;
	 
	 	(iii)	 	conduct its business as now being conducted and as
proposed to be conducted;
	 
	 	(iv)	 	lease, possess or otherwise use the Property leased,
possessed or otherwise used by it; and
	 
	 	(v)	 	incur Indebtedness, and

	 	(b)	 	is duly qualified to conduct business and is in good standing in all
jurisdictions where qualification is necessary for any of the foregoing.

	15.5	 	Due Authorisation, Execution and Delivery of Finance Documents
	 
	(a)	 	All corporate and, where necessary, shareholder action on the part of the Company and each of its shareholders
that is required for the authorisation, execution, delivery and performance of each Finance Document to which the
Company is or will be a party has been duly and effectively taken.
	 
	(b)	 	The Company has (or by the first Utilisation Date will have) duly executed and delivered each Finance Document to
which it is a party.

	 	 	 	 	 
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	(c)	 	The obligations of the Company under the Finance Documents to which the Company is or will be a party are or, in
the event that any such Finance Document has not yet been executed and delivered by the Company, will be when
executed and delivered, the legal, valid and binding obligations of the Company, enforceable in accordance with
their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganisation,
moratorium or similar laws affecting the rights of creditors generally and by general principles of equity
(regardless of whether enforcement thereof is sought in a proceeding at law or in equity).

	15.6	 	Due Authorisation, Execution and Delivery of P.Os
	 
	(a)	 	All corporate and, where necessary, shareholder action on the part of the Company and each of its shareholders
that is required for the authorisation, execution, delivery and performance of the P.Os and the importation of
the Goods provided under the P.Os has been (or will be prior to the Utilisation Date which relates to that P.O)
duly and effectively taken.
	 
	(b)	 	The Company has (or by the first Utilisation Date of the Tranche A Facility will have) duly executed and
delivered the P.Os in relation to the First Batch.
	 
	(c)	 	The Company has (or by the first Utilisation Date of the Tranche B Facility will have) duly executed and
delivered the P.Os in relation to the Second Batch.

	15.7	 	No Consent, Violation or Conflict
	 
	 	 	None of the execution, delivery or performance of any Finance Document to which the Company
is a party, the consummation of any of the transactions contemplated thereby or the
performance of or compliance with the terms and conditions thereof:

	 	(a)	 	requires the approval or consent of any counterparty or holder or trustee
of any debt or other obligation of the Company that has not been obtained;
	 
	 	(b)	 	constitutes a material default by the Company under, or results in the
material violation of, any contract, agreement or arrangement to which the Company is
a party or by which it or any of its Property or assets may be bound or affected;
	 
	 	(c)	 	violates any Environmental Requirement or the material terms of any
Applicable Law applicable to the Company including, without limitation, any
Environmental Law; or
	 
	 	(d)	 	constitutes a default under or contravenes or violates any provision of
the Company’s constitutional documents.

	15.8	 	Government Approvals
	 
	(a)	 	The Company is in compliance in all material respects with all Government Approvals that are required
to be obtained by or are otherwise applicable to the Company including, without limitation, with
respect to the Finance Documents and P.Os.
	 
	(b)	 	The Company is in compliance in all material respects with Applicable Laws.

	15.9	 	Projections
	 
	(a)	 	Each of the financial and operating projections provided to any of the Finance Parties by or on behalf
of the Company:

	 	 	 	 	 
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	 	(i)	 	was prepared with due care and in good faith by the Company;
	 
	 	(ii)	 	represents a good faith, reasonable estimate as of the date such
projection was provided, based on reasonable assumptions as to all matters affecting
the estimates therein (including with respect to material liabilities) that are
consistent with the Finance Documents and fairly present the Company’s expectations as
to the matters covered thereby as of the date thereof; and
	 
	 	(iii)	 	was prepared on a basis substantially consistent with the financial
statements referred to in Clause 15.13 (Financial Statements).

	(b)	 	There are no statements, assumptions or conclusions in any
such projections that are based upon or include
information then known to the Company to be misleading at
the time made or that fail to take into account material
information then known to the Company regarding the
matters reported therein.

	15.10	 	Proceedings; Labour Disputes and Force Majeure
	 
	(a)	 	Except as set forth in Part 2 of Schedule 8 (Additional
information), there are no actions, suits, proceedings,
claims or investigations at law or in equity by or before
any Governmental Authority, arbitral tribunal or other
body pending or, to the best of the Company’s knowledge,
threatened against or affecting the Company or its
Property:

	 	(i)	 	that are likely to affect the validity or enforceability of any Finance
Document or that are likely to result in suspensions or injunctions of any performance
thereunder; or
	 
	 	(ii)	 	that allege an obligation of the Company in excess of US$10,000,000 (or
its equivalent in any currency).

	(b)	 	The Company is not in default under any order of any
court, arbitrator, administrative agency or other
Governmental Authority, other than defaults that could not
reasonably be expected to result in a Default.
	 
	(c)	 	The business of the Company has not been affected by any
labour dispute or other force majeure event.

	15.11	 	Defaults
	 
	(a)	 	No Default has occurred and is continuing or would result
from the entry into of, or the performance of any
transaction contemplated by, any Finance Document.
	 
	(b)	 	The Company is not in material default under any material
agreement to which it is a party.

	15.12	 	Information
	 
	(a)	 	All factual information, reports, financial statements,
exhibits and schedules furnished by or on behalf of the
Company in writing to any of the Finance Parties were
true, complete and accurate in all material respects on
the date provided and were not on such date incomplete by
omitting to state any material fact required to be
disclosed under any Applicable Law or Environmental
Requirement or necessary to make such information, taken
as a whole, not misleading in any material respect.
	 
	(b)	 	To the best of the Company’s knowledge after due inquiry,
no document, agreement or information exists that has not
been disclosed to the Facility Agent in writing that is
material

	 	 	 	 	 
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	 	 	in the context of the Finance Documents or that
has the effect of varying any material provision of any
Finance Document.

	15.13	 	Financial Statements
	 
	(a)	 	Each financial statement of the Company delivered to the
Finance Parties pursuant to Clause 4.1 (Conditions
precedent documents)) and 17.12 (Financial Statements, as
applicable, is true, complete and correct in all material
respects as of the date of such statement, has been
prepared in accordance with GAAP and fairly presents the
financial condition, results of operations and cash flows
of the Company as of the date thereof.
	 
	(b)	 	Except as set forth in such financial statements or
disclosed to the Facility Agent in writing, there are no
liabilities or obligations of any nature whatsoever
(whether absolute, accrued, contingent or otherwise, and
whether or not due, but not including any liabilities or
obligations that would not be required to be disclosed in
a financial statement, including the footnotes thereto,
pursuant to GAAP for the period to which such financial
statements relate) with respect to the Company that could
reasonably be expected to have a Material Adverse Effect.
	 
	(c)	 	With respect to each financial statement delivered
pursuant to Clause 4.1 (Conditions precedent documents)
and 17.12 (Financial Statements), since the date of the
Company’s most recent financial statement, no event,
condition, occurrence or circumstance has existed or
exists that constitutes a Material Adverse Effect.
	 
	(d)	 	The Company does not know of any reasonable basis for the
assertion against the Company of any liability or
obligation of any nature whatsoever (whether absolute,
accrued, contingent or otherwise and whether or not due)
that is not fully reflected in
such financial statements or is an obligation set forth in or contemplated by
the Finance Documents that, either individually or in the aggregate, could
reasonably be expected to be material to the Company.

	15.14	 	Taxes
	 
	(a)	 	The Company has filed or caused to be
filed all Tax and information returns that
are required to have been filed by it in
any jurisdiction and has paid in full all
Taxes due and payable on such returns and
all other Taxes payable by it, to the
extent that such Taxes have become due and
payable, except for filings and Taxes that
are being contested by the Company in good
faith and for which the Company has
established appropriate reserves in
accordance with GAAP.
	 
	(b)	 	All required stamp duties, registration
fees, filing costs and other charges in
connection with the execution, delivery,
filing, recording, perfection, priority
and/or admissibility in evidence of any
Finance Document payable as of the date
that this representation and warranty is
given have been paid in full or an
appropriate exemption therefrom has been
obtained.
	 
	(c)	 	Other than amounts that have been paid in
full or will be paid in full on the first
Utilisation Date or as otherwise disclosed
in writing to, and approved by, the
Facility Agent, no Taxes are required to
be paid in connection with the execution,
delivery, filing, recording, perfection,
priority and/or admissibility in evidence
of the Finance Documents or to ensure the
legality, validity, enforceability,
perfection, priority or admissibility in
evidence of the Finance Documents.
	 
	(d)	 	Except for withholding Taxes set forth in
Part 3 of Schedule 8 (Additional
information), the Company is not required
to make any deduction or withholding from
any payment it may make to any Finance
Party under any of the Finance Documents.

	 	 	 	 	 
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	15.15	 	Immunity
	 
	(a)	 	Neither the Company nor its property has
any, or is entitled to claim or assert
any, right of immunity on the grounds of
sovereignty or otherwise from jurisdiction
of any court, suit, setoff, legal
proceedings generally, attachment before
judgment, attachment in aid of execution
or other attachment or execution of
judgment under the Applicable Laws of
Singapore, the United Kingdom or any other
jurisdiction in which property of the
Company is located in connection with any
action to enforce this Agreement or any
other Finance Document.
	 
	(b)	 	The execution, delivery and performance by
the Company of each Finance Document to
which it is a party are private and
commercial acts performed for private and
commercial purposes.

	15.16	 	Legal Form
	 
	 	 	Subject to the exceptions set forth in the legal opinions delivered pursuant to Clause 4.1
(Conditions precedent documents), each Finance Document is:

	 	(a)	 	a legally binding, valid and enforceable obligation;
	 
	 	(b)	 	in proper legal form under the Applicable Laws of Singapore;
	 
	 	(c)	 	capable of enforcement in Singapore without further action on the part of
any Finance Party; and
	 
	 	(d)	 	admissible in evidence in Singapore.

	15.17	 	No Undisclosed Liabilities
	 
	(a)	 	As of the date of this Agreement, the Company has no Indebtedness or other obligations
or liabilities, contingent or otherwise, of any nature whatsoever (whether absolute,
accrued, contingent or otherwise and whether or not due), other than:

	 	(i)	 	those incurred under or permitted by the Finance Documents; and
	 
	 	(ii)	 	the Indebtedness set forth in Part 4 of Schedule 8 (Additional
information).

	(b)	 	The Company does not know of any reasonable basis for the
assertion against the Company of any material liability or
material obligation of any nature whatsoever (whether
absolute, accrued, contingent or otherwise and whether or
not due) that is not fully reflected in the Indebtedness
set forth in Part 4 of Schedule 8 (Additional information)
and the obligations incurred under or permitted by the
Finance Documents.
	 
	(c)	 	On the first Utilisation Date and on each date thereafter
upon which this representation and warranty is restated,
the Company has no Indebtedness or other liabilities,
contingent or otherwise, other than those incurred under
or permitted by the Finance Documents and those set forth
in Part 4 of Schedule 8 (Additional information).

	15.18	 	No Material Adverse Effect
	 
	 	 	As of the date hereof, no Material Adverse Effect has occurred and is continuing; nor is
there any fact or circumstance known to the Company that could reasonably be expected to
result in a Material Adverse Effect.

	 	 	 	 	 
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	15.19	 	Principal Office
	 
	(a)	 	The Company’s principal executive office is located at 60
Woodlands Industrial Park D, Street 2, Singapore 738406.
	 
	(b)	 	The Company has not transacted any business under any name
other than Chartered Semiconductor Manufacturing Ltd.

	15.20	 	Use of Proceeds
	 
	 	 	The Company has not used the proceeds of any Loan for any purpose other than in accordance
with Clause 3 (Purpose).

	15.21	 	No Additional Fees
	 
	 	 	The Company has not paid or become obligated to pay any fee or commission to any broker,
finder or intermediary for or on account of arranging the financing of the transactions
contemplated by the Finance Documents (other than any fees or commissions payable under the
Finance Documents).

	15.22	 	Condition of Systems
	 
	 	 	All material property, equipment and systems of the Company are in good repair, working
order and condition, ordinary wear and tear excepted, and are in material compliance with:

	 	(a)	 	Applicable Law; and
	 
	 	(b)	 	all Government Approvals applicable to the Phase II Project.

	15.23	 	Insurance
	 
	 	 	The Company has obtained and maintained, or caused to be obtained and maintained, all
insurance required in connection with the Phase II Project from financially sound and
reputable insurers and in amounts and with coverages, deductibles and indemnities that are,
in each case, consistent with Prudent Industry Practice.

	15.24	 	Solvency
	 
	 	 	As of the date hereof, on a pro forma basis after giving effect to the transactions
contemplated hereby,

	 	(a)	 	the aggregate assets, at a fair valuation, of the Company will exceed the
aggregate Indebtedness of the Company;
	 
	 	(b)	 	the Company will not have incurred, does not intend to incur, and does
not believe that it will incur, Indebtedness beyond its ability to pay such
Indebtedness as such Indebtedness matures; and
	 
	 	(c)	 	the Company will not have (and has have no reason to believe that it will
have thereafter) unreasonably small capital for the conduct of its business.

	15.25	 	P.Os
	 
	 	 	No Applicable Law of Singapore is or will be violated by either the P.Os or the Company’s
performance of its obligations under the P.Os.

	 	 	 	 	 
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	15.26	 	Use of Goods
	 
	 	 	The Goods will be used for lawful purposes.

	15.27	 	No adverse consequences
	 
	(a)	 	It is not necessary under the laws of Singapore:

	 	(i)	 	in order to enable any Finance Party to enforce its rights under any
Finance Document; or
	 
	 	(ii)	 	by reason of the entry into of any Finance Document or the performance
by it of its obligations under any Finance Document,

	 	 	that any Finance Party should be licensed, qualified or otherwise entitled to carry on
business in Singapore; and
	 
	(b)	 	no Finance Party is or will be deemed to be resident,
domiciled or carrying on business in Singapore by reason
only of the entry into, performance and/or enforcement of
any Finance Document.

	15.28	 	Jurisdiction/governing law
	 
	(a)	 	Its:

	 	(i)	 	irrevocable submission under this Agreement to the jurisdiction of the
courts of England;
	 
	 	(ii)	 	agreement that this Agreement is governed by English law; and
	 
	 	(iii)	 	agreement not to claim any immunity to which it or its assets may be
entitled,

	 	 	are legal, valid and binding under the laws of its jurisdiction of incorporation; and
	 
	(b)	 	any judgment obtained in England will be recognised and be enforceable by
the courts of its jurisdiction of incorporation.

	15.29	 	Ownership of Goods
	 
	 	 	The Company owns the Goods delivered in relation to the First Batch, and will, upon
delivery by the Supplier of the Second Batch, own the Goods delivered in relation to the
Second Batch.

	15.30	 	Unconditional and Irrevocable Obligation
	 
	 	 	The obligation of the Company to make payments under the Finance Documents and to observe
and perform all of its obligations under the Finance Documents are (subject to the terms of
the Finance Documents) unconditional and irrevocable obligations of the Company and
accordingly shall not:

	 	(a)	 	be in any way affected or discharged by reason of any matter affecting
the P.Os including without limitation, its performance, frustration or validity, the
insolvency or dissolution of the Supplier, non completion or non-functioning of works
to be constructed or materials to be supplied thereunder; or

	 	 	 	 	 
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	 	(b)	 	be conditional on performance by the Finance Parties of any obligations
save such as may be specified in the Finance Documents in order to give rise to a
relevant obligation of the Company hereunder.

	15.31	 	Repetition
	 
	(a)	 	The representations and warranties set out in this Clause
are made by the Company on the date of this Agreement.
	 
	(b)	 	Unless a representation is deemed to be given at a
specific date, each representation and warranty is deemed
to be repeated by the Company on the date of each Request.
	 
	(c)	 	The representations and warranties contained in Clause
15.2 (Organisation and Status), 15.4 (Power and
Authority), 15.5 (Due Authorisation, Execution and
Delivery of Finance Documents), 15.6 (Due Authorisation,
Execution and Delivery of P.Os), 15.7 (No Consent,
Violation or Conflict), 15.10 (Proceedings; Labour
Disputes and Force Majeure), 15.11 (Defaults), 15.12
(Information), 15.13 (Financial Statements), 15.14
(Taxes), 15.15 (Immunity), 15.16 (Legal Form), 15.26 (Use
of Goods), 15.28 (Jurisdiction/governing law) and 15.30
(Unconditional and Irrevocable Obligation) are also deemed
to the be repeated by the Company on the first day of each
Term.
	 
	(d)	 	When a representation and warranty is repeated, it is
applied to the circumstances existing as at the time of
the repetition.

	16.	 	FINANCIAL COVENANTS

	16.1	 	Debt Service Reserve Requirement
	 
	(a)	 	The Company shall fund the Debt Service Reserve Account in
the amount of the relevant Debt Service Reserve
Requirement.
	 
	(b)	 	If, as of any Repayment Date, the Facility Agent
determines that the funded amount of the Debt Service
Reserve Account exceeds the relevant Debt Service Reserve
Requirement at such time (the amount of such excess, the
DSRA Surplus) and no Default has occurred and is
continuing, then at the written request of the Company,
the Facility Agent shall, after confirming receipt of all
amounts due and payable on such Repayment Date, consent to
the withdrawal of such DSRA Surplus solely in order to
reduce the funded amount of the Debt Service Reserve
Account by the amount of the DSRA Surplus.

	16.2	 	Historical Debt Service Coverage Ratio
	 
	(a)	 	On or before each Repayment Date, the Company shall
calculate and submit to the Finance Parties the Historical
Debt Service Coverage Ratio for the two most recent
financial quarters of the Company immediately preceding
each Repayment Date.
	 
	(b)	 	If, on any Repayment Date, such Historical Debt Service
Coverage Ratio is less than 1.3, then within thirty (30)
days after submission of such calculation to the Finance
Parties, the relevant Debt Service Reserve Requirement
(or, if applicable, the funded balance of the Debt Service
Reserve Account) shall be increased by an amount equal to
the Debt Service Reserve Requirement for the Tranche A
Facility and the Tranche B Facility.

	 	 	 	 	 
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	16.3	 	Debt to Equity Ratio
	 
	(a)	 	Within thirty (30) days after each Repayment Date, the
Company shall calculate and submit to the Finance Parties
the Debt to Equity Ratio as of such Repayment Date.
	 
	(b)	 	If the Debt to Equity Ratio as of such Repayment Date is
greater than 1.8, the Company shall, within ninety (90)
days after submission of such calculation to the Finance
Parties, provide evidence to the Finance Parties, in form
and substance satisfactory to the Facility Agent, that the
Debt to Equity Ratio, as of the date that such evidence is
submitted to the Finance Parties, is not greater than 1.8.

	16.4	 	Net Worth
	 
	 	 	The Company must ensure that at each Repayment Date the Net Worth is not less than US$1
billion.

	16.5	 	Compliance Certificate
	 
	 	 	At the time of calculating the Net Worth, the Debt to Equity Ratio and the Historical Debt
Service Coverage Ratio, the Company must provide a certificate of an Authorised Officer of
the Company substantially in the form of Part 2 of Schedule 5 (Compliance Certificate).

	17.	 	AFFIRMATIVE COVENANTS

	17.1	 	Affirmative Covenants of the Company
	 
	 	 	The Company covenants and agrees that until all amounts owing under this Agreement and have
been paid in full and the Total Commitments have been cancelled or terminated, unless the
Facility Agent shall have consented in writing:

	17.2	 	Maintenance of Existence
	 
	 	 	The Company shall at all times preserve and maintain:

	 	(a)	 	its legal existence under Applicable Laws of Singapore;
	 
	 	(b)	 	its qualifications to do business in full force and effect in Singapore
and each other jurisdiction in which the character of the property owned or leased by
it or in which the transaction of its business as conducted or proposed to be
conducted makes such qualification necessary; and
	 
	 	(c)	 	its principal place of business and chief executive office in Singapore.

	17.3	 	Government Approvals
	 
	 	 	The Company shall obtain and at all times maintain and comply as and when required under
Applicable Law and Environmental Requirements, in full force and effect and, where
applicable, renew, all material Government Approvals required under any law or regulation
to enable it to perform its obligations under, or for the validity or enforceability of,
any Finance Document.

	17.4	 	Compliance with Laws
	 
	(a)	 	The Company shall at all times:

	 	 	 	 	 
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	(b)	 	comply in all respects with Environmental Requirements; and
	 
	(c)	 	comply in all material respects with all other Applicable Laws.

	17.5	 	Insurance
	 
	 	 	The Company shall obtain and maintain, or shall cause to be obtained and maintained, all
insurance required in connection with the Phase II Project from financially sound and
reputable insurers and in amounts and with coverages, deductibles and indemnities that are,
in each case, consistent with Prudent Industry Practice.

	17.6	 	Title; Rights to Property
	 
	 	 	The Company shall have and maintain all rights to use the parcels of land underlying its
facilities and the P.Os.

	17.7	 	Books, Records and Inspections; Accounting and Audit Matters
	 
	(a)	 	The Company shall maintain adequate management information
and cost control systems and shall keep proper books of
record and account adequate to reflect fairly the financial
condition and results of operations of the Company and all
dealings and transactions related to its business in which
full, true and correct entries shall be made in conformity
with GAAP and Applicable Law, consistently applied.
	 
	(b)	 	The Company shall permit, upon reasonable notice at
reasonable times, any Finance Party and any officers and
designated representatives of any such Person to visit and
inspect any of the property of the Company for any
reasonable purposes (including the purpose of carrying out
an inspection or verification by any such Person to assess
whether the proceeds of the Loans have been used for the
purchase of Goods, and to determine the actual or likely
cost of Goods financed by the Loans), and to examine and
make copies of the books of record and account and documents
of the Company and discuss the affairs and accounts of the
Company with, and be advised as to the same by, the officers
and personnel of the Company; provided, however, that each
such Person shall comply with the Company’s ordinary course
safety procedures and not interfere with the operation of
the Phase II Facilities.

	17.8	 	Taxes
	 
	(a)	 	The Company shall pay, or arrange for the payment prior to
delinquency of, all Taxes and all other charges:

	 	(i)	 	imposed on the Company or its income, profits or any of its Property; or
	 
	 	(ii)	 	payable on or in connection with the execution, issue, delivery,
registration, notarisation, perfection or performance, or for the legality, validity
or enforceability, of this Agreement, the other Finance Documents and any other
documents related to this Agreement, except any Taxes or such other charges that
are being contested in good faith by the Company for which adequate cash reserves
have been set aside in accordance with GAAP, so long as such contest does not
result in a Material Adverse Effect.

	(b)	 	The Company shall promptly pay or cause to be paid any
valid, final judgment enforcing any such Taxes or other
claims, levies or liabilities of the Company related to such
Taxes and shall cause the same to be satisfied of record.

	 	 	 	 	 
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	17.9	 	Proper Legal Form
	 
	 	 	The Company shall take all action within its control required or, in the reasonable opinion
of each Finance Party, advisable to ensure that each Finance Document:

	 	(a)	 	is in proper legal form under Applicable Laws of Singapore and (if
different) of the jurisdiction by which it is governed; and
	 
	 	(b)	 	is capable of enforcement in Singapore and such other jurisdiction (if
applicable) without further action on the part of any Finance Party.

	17.10	 	Consultation and Co-operation
	 
	 	 	The Company:

	 	(a)	 	shall consult with the Facility Agent regarding the P.Os as required by
the Finance Documents and, where not so required, pursuant to any request of the
Facility Agent (acting reasonably if no Default shall then have occurred and be
continuing);
	 
	 	(b)	 	agrees to co-operate in all reasonable respects with the Facility Agent
and any consultant retained by either of them in the administration of the Finance
Documents; and
	 
	 	(c)	 	shall ensure that the Facility Agent and any such consultant will be
provided in a timely manner with all information reasonably requested and reasonably
required by any such Person.

	17.11	 	Additional Documents
	 
	 	 	The Company shall execute and deliver, from time to time as reasonably requested by any
Finance Party at the Company’s expense, such other documents as shall be reasonably
necessary or advisable or that such Finance Party may reasonably request in connection with
the rights and remedies of the Finance Parties granted or provided for by the Finance
Documents, and to consummate the transactions contemplated therein.

	17.12	 	Financial Statements
	 
	 	 	The Company shall deliver to the Finance Parties the following:

	 	(a)	 	As soon as available, but in any event within one hundred twenty (120)
days after the end of each Financial Year, annual reports containing the following:

	 	(i)	 	its audited balance sheet as at the end of such Financial
Year, with related statements of income and retained earnings, cash flow
statements and a statement of sources and uses of funds for such Financial
Year, in each case in customary form setting out comparative figures for the
preceding Financial Year; and
	 
	 	(ii)	 	a report thereon by the Independent Accountant, which
shall include a certification that all such statements:

	 	(A)	 	are in agreement with the Company’s
books of account;

	 	 	 	 	 
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	 	(B)	 	fairly present the Company’s financial
condition and results of operations; and
	 
	 	(C)	 	are prepared in accordance with GAAP.

	 	(b)	 	Promptly after receipt by the Company, and in any event within thirty
(30) days after receipt thereof, any other annual or interim reports given to the
Company by the Independent Accountant other than ordinary course non-substantive
correspondence.
	 
	 	(c)	 	As soon as available, but in any event within sixty (60) days after each
of the first three financial quarters in each Financial Year, a complete unaudited
balance sheet of the Company as at the end of each such financial quarter with related
statements of income and retained earnings and statements of cash flows for each such
financial quarter and for the elapsed portion of the Financial Year ended with the
last day of each such financial quarter, prepared in accordance with GAAP (other than
in relation to the provision of footnotes) and setting out comparative unaudited
figures for the comparable periods in the prior Financial Year, together with a
certificate of an Authorised Officer of the Company setting forth information
regarding the Company’s depreciation of capital assets and amortisation of its
intangible assets and leasehold improvements for such period, all of which shall be in
a form acceptable to the Facility Agent.
	 
	 	(d)	 	At the time of delivery of any financial statements pursuant to this
Clause 17.12, a certificate of an Authorised Officer of the Company substantially in
the form of Schedule 5 (Compliance Certificate) and otherwise satisfactory to the
Facility Agent, to the effect that, based upon such Authorised Officer’s review of the
terms of the Finance Documents and the financial condition of the Company during the
relevant accounting period:

	 	(i)	 	such financial statements are true, complete and correct
in all material respects as of the date of such statements, have been prepared
in accordance with GAAP and fairly present in all material respects the
financial condition, results of operations and the cash flows of the Company
as at the end of and for the applicable period (subject, in the
case of quarterly financial statements, to normal year-end audit
adjustments);
	 
	 	(ii)	 	other than as set forth in such financial statements or
otherwise previously disclosed in writing to the Facility Agent, there are no
liabilities or obligations that could reasonably be expected to be material to
the Company or that could reasonably be expected to have a Material Adverse
Effect; and
	 
	 	(iii)	 	no Default has occurred and is continuing that has not
been waived,

	 	 	 	or, if any of the foregoing certifications cannot be made, an explanation of the
reasons that such certification cannot be made and what remedial action the Company
is taking or proposes to take in response thereto.
	 
	 	(e)	 	Promptly after the Company’s receipt thereof, a copy of any material
management letters or other material communications between the Company and any
accountant in relation to:

	 	(i)	 	its financial, accounting and other systems; or
	 
	 	(ii)	 	its management or accounts.

	 	 	 	 	 
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	17.13	 	Form of financial statements
	 
	(a)	 	The Company must notify the Facility Agent of any change to the manner in which its audited
consolidated financial statements are prepared.
	 
	(b)	 	If requested by the Facility Agent, the Company must supply to the Facility Agent:

	 	(i)	 	a full description of any change notified under paragraph (a) above; and
	 
	 	(ii)	 	sufficient information to enable the Finance Parties to make a proper
comparison between the financial position shown by the set of financial statements
prepared on the changed basis and its most recent audited consolidated financial
statements delivered to the Facility Agent under this Agreement.

	(c)	 	If requested by the Facility Agent, the Company must enter into discussions for a period of
not more than 30 days with a view to agreeing any amendments required to be made to this
Agreement to place the Company and the Lenders in the same position as they would have been in
if the change had not happened. Any agreement between the Company and the Facility Agent will
be, with the prior consent of the Majority Lenders, binding on all the Parties.
	 
	(d)	 	If no agreement is reached under paragraph (c) above on the required amendments to this
Agreement, the Company must ensure that its auditors certify those amendments; the certificate
of the auditors will be, in the absence of manifest error, binding on all the Parties.
	 
	17.14	 	Notice of Certain Events and Circumstances
	 
	 	 	Promptly (but in any event within five (5) Business Days (in the case of Clause 17.14(a))
or fourteen (14) Business Days (in each other case)) after the Company obtains knowledge or
becomes aware thereof (or reasonably should have become aware thereof), the Company shall
provide to the Finance Parties:

	 	(a)	 	notice of the occurrence or existence of any Default specifying the nature of
such Default and any action the Company is taking or proposes to take to remedy the
same;
	 
	 	(b)	 	notice of the occurrence or existence of any pending or threatened (in
writing) litigation, action, suit, proceeding, claim or dispute:

	 	(i)	 	that could reasonably be expected individually or in the
aggregate to result in a judgment exceeding US$10,000,000; or
	 
	 	(ii)	 	that is reasonably expected individually or in the aggregate
to have a Material Adverse Effect;

	 	(c)	 	notice of the occurrence or existence of any change of any Authorised Officer
of the Company having primary responsibility for the administration of this Agreement
and the transactions contemplated hereunder (including the execution
and delivery of any certificates required hereunder), together with certified
specimen signatures of any new officer so appointed and, if requested by the
Finance Parties, reasonably satisfactory evidence of the authority of such new
Authorised Officer;

	 	 	 	 	 
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	 	(d)	 	notice of the occurrence or existence of any failure by Temasek to maintain
Control of the Company or a less than thirty percent (30%) ownership interest in the
Company’s Capital Stock;
	 
	 	(e)	 	copies of all documents despatched by the Company to its shareholders (or any
class of them) or its creditors generally or any class of them at the same time as
they are despatched; and
	 
	 	(f)	 	promptly on request, such further information regarding the financial
condition and operations of the Group as any Finance Party through the Facility Agent
may reasonably request.

	17.15	 	Know your customer requirements
	 
	(a)	 	The Company must promptly on the request of any Finance Party supply to that Finance Party
any documentation or other evidence which is reasonably requested by that Finance Party
(whether for itself, on behalf of any Finance Party or any prospective new Lender) to enable a
Finance Party or prospective new Lender to carry out and be satisfied with the results of all
applicable know your customer requirements.
	 
	(b)	 	Each Lender must promptly on the request of the Facility Agent supply to the Facility Agent
any documentation or other evidence which is reasonably required by the Facility Agent to
carry out and be satisfied with the results of all know your customer requirements.

	17.16	 	Environmental Reporting
	 
	(a)	 	Within thirty (30) days after the end of each calendar year, the Company shall provide to the
Facility Agent a report on the Company’s compliance over the preceding year with Environmental
Laws and Environmental Requirements. Such report shall include a narrative summary of:

	 	(i)	 	any environmental deficiencies identified by any Governmental Authority and
any remedial action taken with respect thereto;
	 
	 	(ii)	 	any changes in applicable Environmental Laws or Environmental Requirements
and the potential effect on the Company therefrom; and
	 
	 	(iii)	 	any such other items as the Facility Agent may reasonably request.

	(b)	 	Promptly (but in any event within three (3) Business Days) after an officer of the Company
obtains knowledge or becomes aware thereof (or, with respect to the remedial plan referred to
in clause (ii)(C) below, after a complete draft thereof is prepared), the Company shall
provide to the Finance Parties:

	 	(i)	 	notice of any pending or, to the best of the Company’s knowledge, material
threatened Environmental Claim otherwise relating to the Company’s assets; and

	 	(ii)	 	(A)	 	notice of any act or omission of the Company or any other fact,
circumstance, condition or occurrence at, on, or arising in any way from the Phase II
Project that results in any material non-compliance with or material liability under
any other Environmental Laws or any non-compliance or liability under any
Environmental Requirement;

	 	 	 	 	 
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	 	(B)	 	a description of such non-compliance or liability, and the
Company’s plan to assess the impact of such non-compliance or liability and
determine the remedial efforts required with respect to such non-compliance or
liability;
	 
	 	(C)	 	a copy of the Company’s remedial plan; and
	 
	 	(D)	 	as and when taken, notice of the steps implemented by the
Company with respect thereto.

	17.17	 	Atradius Relationship
	 
	 	 	The Company must:

	 	(a)	 	promptly provide any information requested by Atradius DSB to the Facility
Agent; and
	 
	 	(b)	 	perform any acts and do any thing necessary to ensure that the Atradius
Insurance remains effective at all times.

	17.18	 	Payment of Obligations
	 
	 	 	The Company shall pay, when due, all material obligations.
	 
	17.19	 	Use of Goods
	 
	 	 	The Goods will be used for lawful purposes, and the Company shall not sell the Goods, and
it shall not use or permit the use of the Goods in any country other than Singapore.
	 
	17.20	 	Other Acts
	 
	 	 	The Company shall from time to time do all things as may be necessary or as reasonably
requested by the Finance Parties (or any of them) in order to effect the purposes of this
Agreement and to protect the interests of the Finance Parties under the Atradius Insurance.
	 
	17.21	 	Marine and Transit Hazards Insurance
	 
	 	 	The Company shall obtain or cause to be obtained insurance against marine and transit
hazards on all shipments of Goods in an amount not less than the amount of the Loans that
have been or are to be made with respect to those shipments; and shall use reasonable
commercial efforts to give Dutch insurers a non-discriminatory opportunity to bid for such
insurance business related to such Goods.
	 
	17.22	 	Pari Passu Ranking of Loans
	 
	 	 	Subject to any exceptions provided by Applicable Law, the Company shall take all actions
necessary to ensure that the Loans rank at least pari passu in right of payment and (other
than obligations secured by Permitted Security Interests) in right of security with any
other obligation of the Company.

	 	 	 	 	 
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	18.	 	NEGATIVE COVENANTS
	 
	18.1	 	Negative Covenants of the Company
	 
	 	 	The Company covenants and agrees that until all amounts owing under this Agreement have
been paid in full and the Commitments have been cancelled or terminated, unless the
Facility Agent shall have consented in writing:
	 
	18.2	 	Restricted Payments
	 
	(a)	 	The Company shall not reduce its capital or make any payments (directly or indirectly, by
effect or otherwise) to any of its shareholders, or authorize or make any other distribution,
payment or delivery of property or cash to any such Person, or redeem, retire, purchase or
otherwise acquire, directly or indirectly, for consideration, any shares of any class of its
Capital Stock now or hereafter outstanding (or any options or warrants issued by the Company
with respect to its Capital Stock) or set aside any funds for any of the foregoing purposes
(each of the foregoing events being a Restricted Payment), or enter into any profit sharing or
royalty arrangement that would have the effect of a Restricted Payment:

	 	(i)	 	if after giving effect to such Restricted Payment the aggregate amount of the
Corporate Cash Balance together with the amount of all committed and available but
unutilised credit under the Other Phase II Credit Facilities would be less than
US$500,000,000; or
	 
	 	(ii)	 	in contravention of Applicable Law.

	(b)	 	Nothing in this Clause 18.2 shall restrict the Company’s ability to enter into and perform
arm’s-length commercial transactions with shareholders in the ordinary course of business.
	 
	18.3	 	Immunity
	 
	 	 	In any proceedings in Singapore or elsewhere, the Company shall not claim or assert for
itself, its property any immunity (including claims of sovereign immunity) as against any
Finance Party from suit, execution, attachment or other legal process, whether through
service of notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise.
	 
	18.4	 	Security Interests
	 
	 	 	The Company shall not, and shall not agree to, and shall not permit any of its Subsidiaries
to, or to agree to, directly or indirectly, create, incur, assume, suffer to exist or
otherwise permit at any time any Security Interest now or hereafter upon or with respect to
any of its Property, other than Permitted Security Interests.
	 
	18.5	 	Investments
	 
	 	 	The Company shall not directly or indirectly:

	 	(a)	 	make or permit to remain outstanding any Investments other than Permitted
Investments; or
	 
	 	(b)	 	make any advances, Guarantees or loans other than as permitted under the
Finance Documents.

	 	 	 	 	 
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	18.6	 	Indebtedness
	 
	 	 	The Company shall not, and shall not agree to, and shall not permit any of its Subsidiaries
to, or to agree to, directly or indirectly, contract, create, incur, assume, suffer to
exist, Guarantee or otherwise be or become liable with respect to any Indebtedness other
than Permitted Indebtedness.
	 
	18.7	 	Merger; Sale of Assets; Dissolution
	 
	 	 	The Company shall not, and shall not agree, directly or indirectly, to:

	 	(a)	 	enter into any transaction of merger or consolidation;
	 
	 	(b)	 	wind up, liquidate, dissolve itself, or put itself under judicial management,
or file any petition or pass a resolution seeking the same;
	 
	 	(c)	 	commence any voluntary Insolvency Proceeding;
	 
	 	(d)	 	acquire Property or assets outside of the ordinary course of its business (it
being understood that (without limiting any other provisions of this Agreement)
Investments consisting of strategic acquisitions, joint ventures or partnerships, in
each case related to the Company’s business, shall be deemed to be within the ordinary
course of the Company’s business); or
	 
	 	(e)	 	convey, sell, assign, lease (as lessor), transfer, pledge or otherwise
dispose of any Property or assets (including the P.Os (or any of rights, benefits or
interests, whether legal, equitable or other, in respect of or derived from the P.Os)
other than:

	 	(i)	 	sales of inventory and product;
	 
	 	(ii)	 	leases of or other agreements relating to unused or
underutilised production capacity in the ordinary course of business;
	 
	 	(iii)	 	agreements relating to dedication of production capacity to
customers, in the form of leases or otherwise, in the ordinary course of
business; and
	 
	 	(iv)	 	sales or leases of any material portion of its Property or
assets that are:

	 	(A)	 	uneconomic or obsolete;
	 
	 	(B)	 	(y) no longer used or useful or necessary
in connection with the operation of the Company’s business; or
	 
	 	(C)	 	at the end of their useful life and that
are replaced by other Property or assets of equal value and utility
as at the beginning of its useful life,

	 	 	 	provided, however, that in each case set forth in clauses (i) through (iv)
of this clause (e) the Company shall have received consideration
determined on an arm’s-length basis (or if no consideration was given,
such determination was made on an arm’s-length basis).

	18.8	 	Nature of Business
	 
	 	 	The Company shall not, directly or indirectly:

	 	 	 	 	 
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	 	(a)	 	enter into any transactions except in the ordinary course of business and on
an arm’s-length basis; or
	 
	 	(b)	 	take any action, whether by acquisition or otherwise, that would constitute
or result in any material alteration to the nature of its business or the nature, size
or scope of the Phase II Project.

	18.9	 	Corporate Documents; Capital Structure
	 
	 	 	The Company shall not:

	 	(a)	 	amend or modify its constitutional documents except for any amendment or
modification:

	 	(i)	 	necessary to cure an ambiguity, inconsistency, formal defect
or omission therein, for the purposes of increasing its capital or for
immaterial changes reasonably required to comply with mandatory requirements
of Applicable Law; and
	 
	 	(ii)	 	that does not adversely affect the Agents or the Lenders
under the Finance Documents;

	 	(b)	 	change its legal form;
	 
	 	(c)	 	without providing the Facility Agent with ninety (90) days’ prior written
notice thereof, change its name or Financial Year; or
	 
	 	(d)	 	without the prior written consent of the Facility Agent, change its principal
place of business or chief executive office.

	18.10	 	Use of Sites or Project
	 
	 	 	The Company shall not use, maintain, operate or occupy, or allow the use, maintenance,
operation or occupancy of, any portion of the Company’s facilities and the sites where
these facilities are located for any purpose, or in any manner, contrary to Prudent
Industry Practice or, without limiting the foregoing, for any purpose or in any manner:

	 	(a)	 	that could reasonably be expected to have a Material Adverse Effect; or
	 
	 	(b)	 	other than for the intended purpose thereof.

	18.11	 	Hazardous Materials
	 
	 	 	The Company shall not use, store, hold or release or permit the use, storage, holding or
release of, any Hazardous Materials at the Phase II Facilities in violation of any
Applicable Law or Environmental Requirement.
	 
	18.12	 	Hedging
	 
	 	 	The Company shall not enter into any interest rate, currency or commodity price-rise
hedging arrangement or forward contract that contravenes the Hedging Policies without the
prior written consent of the Facility Agent.

	 	 	 	 	 
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	18.13	 	Accounting Changes
	 
	 	 	The Company shall not replace the Independent Accountant with any accountant other than a
member of the “Big Four” accounting firms without the prior written consent of the Facility
Agent.
	 
	18.14	 	Acquisition List and P.Os
	 
	 	 	The Company shall not amend or alter the Acquisition List or the P.Os or assign or
otherwise transfer any rights under the P.Os without the prior written consent of the
Facility Agent.
	 
	18.15	 	Transactions with Affiliates
	 
	 	 	The Company will not (and will ensure that its Subsidiaries will not) enter into any
transactions with any Affiliate other than on arms-length terms.

	19.	 	EVENTS OF DEFAULT
	 
	19.1	 	Events of Default
	 
	 	 	Each of the specified events or conditions set forth in clauses 19.2 through 19.10 below
shall constitute an event of default (an Event of Default):
	 
	19.2	 	Payments
	 
	 	 	Any failure by the Company to pay at the place and in the currency at which or in which it
is expressed to be payable any principal of the Loans or any interest on Loans when due and
payable (whether by scheduled maturity, required prepayment, by acceleration or otherwise)
or any fee payable under any this Agreement or any other amounts owing hereunder or under
any other Finance Document.
	 
	19.3	 	Representations
	 
	 	 	Any representation or warranty made by the Company herein or in any other Finance Document,
or any representation, warranty or statement in any certificate, financial statement or
other document furnished to an Agent by or on behalf of the Company hereunder or under any
other Finance Document, shall prove to have been false or misleading in any material
respect as of the time made, deemed made, confirmed or furnished and if the condition that
renders such representation or warranty false or misleading is capable of being rectified,
such condition is not rectified for a period of thirty (30) days after the date on which an
Authorised Officer of the Company first became aware of such misrepresentation (provided
that such thirty (30)-day grace period shall not apply to any wilful misrepresentation made
or deemed to be made by the Company herein or in any other Finance Document).
	 
	19.4	 	Covenants
	 
	(a)	 	The Company shall default in the due performance or observance by it of any term, covenant or
agreement contained in Clauses 16.1(a), 16.3, 16.4, 17.2, 17.3, 17.4, 17.9, 17.14(a), 17.17,
17.22, 18.2, 18.4, 18.5, 18.6, 18.7, 18.11 or 18.14.
	 
	(b)	 	The Company shall default in the due performance or observance by it of any term, covenant or
agreement contained herein or in any other Finance Document (except as provided in Clauses
19.2 and 19.4(a)) and, if capable of being cured, such default shall continue unremedied for a
period of thirty (30) days after the earlier of:

	 	 	 	 	 
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	 	(i)	 	the date on which the Company knows or should reasonably have known of such
failure; and
	 
	 	(ii)	 	the date on which written notice thereof shall have been received by the
Company from the Facility Agent.

	19.5	 	Default in Respect of Other Indebtedness
	 
	 	 	Without limiting Clauses 19.2, the Company shall default (beyond any applicable grace
period therefor) in:

	 	(a)	 	the payment of principal, interest or other amounts due under any other
agreement evidencing, securing or creating any Indebtedness of the Company in excess
of US$10,000,000 (or its equivalent in any currency); or
	 
	 	(b)	 	the performance of any other obligation under any such agreement and, as a
consequence thereof, the outstanding principal amount of the Indebtedness thereunder
becomes (or is capable of being declared) due and payable prior to its stated
maturity.

	19.6	 	Environmental Claim
	 
	 	 	Without limiting any other Event of Default hereunder:

	 	(a)	 	any administrative, regulatory or judicial action, suit or proceeding under
or relating to any Environmental Law or Environmental Requirement or asserting any
Environmental Claim shall be asserted or instituted; or
	 
	 	(b)	 	any order, judgment or decree shall be issued relating to an Environmental
Claim, Environmental Law, Environmental Requirement or any governmental authorisation
issued under any Environmental Law or Environmental Requirement,

	 	 	that, in the case of either (a) or (b) above, could in the Facility Agent’s opinion be
expected to result in a Material Adverse Effect on the Phase II Project or the Company.

	19.7	 	Invalidity and Repudiation, Etc.
	 
	 	 	Any Finance Document (or any material provision of any such document) at any time for any
reason:

	 	(a)	 	shall be or shall become invalid, illegal or unenforceable or shall fail to
be in full force and effect, or shall be repudiated, denied or disavowed by the
obligor thereunder;
	 
	 	(b)	 	shall be suspended, revoked or terminated (other than upon expiration in
accordance with its terms) or the Company shall so assert; or
	 
	 	(c)	 	shall be assigned or otherwise transferred by any party thereto, other than
as explicitly contemplated herein.

	19.8	 	Bankruptcy; Liquidation
	 
	(a)	 	The Company shall:

	 	(i)	 	commence any voluntary Insolvency Proceeding;

	 	 	 	 	 
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	 	(ii)	 	fail to controvert in a timely and appropriate manner, or acquiesce in
writing to, any petition filed against it in any involuntary Insolvency Proceeding;
	 
	 	(iii)	 	apply for, consent to or fail to contest in a timely and appropriate manner,
the appointment of, or the taking of possession by, a receiver,
custodian, trustee, judicial manager, liquidator, assignee, sequestrator or the like of itself or of
all or a substantial part of its assets (taken as a whole), domestic or foreign;
	 
	 	(iv)	 	admit in writing its inability to pay its debts as such debts become due;
	 
	 	(v)	 	make an assignment for the benefit of its creditors generally;
	 
	 	(vi)	 	take any corporate action for the purpose of effecting any of the foregoing;
	 
	 	(vii)	 	be generally unable to pay its debts as such debts become due; or
	 
	 	(viii)	 	otherwise become insolvent;

	(b)	 	An involuntary Insolvency Proceeding shall be commenced against the Company and shall
continue undismissed for a period of sixty (60) or more days (or such shorter period of time
as the Company has pursuant to Applicable Law to cause the dismissal of such case or
proceeding or stay the effectiveness of such order, judgment or decree);
	 	 	 	 	 
	(c)	 	(i) 	 	The Company shall be terminated or dissolved (as a matter of Applicable Law or
otherwise); or

	 	(ii)	 	proceedings shall be commenced by any Person seeking the termination or
dissolution of the Company and (x) such proceeding shall continue undismissed, or (y)
an order, judgment or decree approving or ordering any of the foregoing shall be
entered and continue unstayed and in effect in each case for a period of sixty (60) or
more days (or such shorter period of time as the Company has pursuant to Applicable
Law to cause the dismissal of such case or proceeding or stay the effectiveness of
such order, judgment or decree); or
	 
	 	(iii)	 	There shall occur in relation to the Company under any Applicable Law in any
country or territory in which the Company carries on business, or to the jurisdiction
of whose courts any part of the Company’s property is subject, any other event that
would have under the same conditions an effect analogous to any of those described in
Clause 19.8(a), (b) or (c).

	19.9	 	Material Adverse Effect

	 	 	 	At any time, one or more events, conditions, circumstances or occurrences shall
exist or shall have occurred that have had, or could reasonably be expected to
have, a Material Adverse Effect.

	19.10	 	Judgments
	 
	 	 	One or more unpaid or unsatisfied judgments, decrees or orders shall be entered against the
Company and such judgments, decrees or orders shall not be vacated, discharged or stayed or
bonded pending appeal for any period of sixty (60) consecutive days, and the aggregate
amount of such judgments, decrees or orders shall exceed US$10,000,000 (or its equivalent
in any currency).

	 	 	 	 	 
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	19.11	 	Atradius Insurance
	 
	 	 	The Atradius Insurance is not or ceases to remain in full force and effect in relation to
any Loan or any part thereof or the Atradius Insurance is suspended.
	 
	19.12	 	Declared Company
	 
	 	 	The Company is declared to be a declared company under the provisions of Part IX of the
Singapore Companies Act.
	 
	19.13	 	Acceleration
	 
	 	 	If an Event of Default is outstanding, the Facility Agent may, and must if so instructed by
the Majority Lenders, by notice to the Company:

	 	(a)	 	cancel all or any part of the Total Commitments; and/or
	 
	 	(b)	 	declare that all or part of any amounts outstanding under the Finance
Documents are:

	 	(i)	 	immediately due and payable; and/or
	 
	 	(ii)	 	payable on demand by the Facility Agent acting on the
instructions of the Majority Lenders.

	 	 	Any notice given under this Subclause will take effect in accordance with its terms.
	 
	19.14	 	Cessation of business
	 
	 	 	The Company ceases, or threatens to cease, to carry on business.
	 
	19.15	 	Other rights
	 
	 	 	The terms of this Clause 19 shall be in addition to and not in limitation of any other
rights of the Finance Parties under this Agreement or any other Finance Document.

	20.	 	SECURITY
	 
	20.1	 	Security Trustee as holder of security
	 
	 	 	Unless expressly provided to the contrary in any Finance Document, the Security Trustee
holds any security created by a Security Document governed by English law or Singaporean
law on trust for the Finance Parties subject to and in accordance with the terms of such
Security Document.
	 
	20.2	 	Responsibility
	 
	(a)	 	The Security Trustee is not liable or responsible to any other Finance Party for:

	 	(i)	 	any failure in perfecting or protecting the security created by any Security
Document;
	 
	 	(ii)	 	any other action taken or not taken by it in connection with any Security
Document,

	 	 	unless directly caused by its gross negligence or wilful misconduct.
	 
	(b)	 	No Administrative Party is responsible for:

	 	 	 	 	 
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	 	(i)	 	the right or title of any person in or to, or the value of, or sufficiency of
any part of the security created by the Security Documents;
	 
	 	(ii)	 	the priority of any security created by the Security Documents; or
	 
	 	(iii)	 	the existence of any other Security Interest affecting any asset secured
under a Security Document.

	20.3	 	Title
	 
	 	 	The Security Trustee may accept, without enquiry, the title (if any) the Company may have
to any asset over which security is intended to be created by any Security Document.
	 
	20.4	 	Possession of documents
	 
	 	 	The Security Trustee is not obliged to hold in its own possession any Security Document,
title deed or other document in connection with any asset over which security is intended
to be created by a Security Document. Without prejudice to the above, the Security Trustee
may allow any bank providing safe custody services or any professional adviser to the
Security Trustee to retain any of those documents in its possession.
	 
	20.5	 	Investments
	 
	 	 	Except as otherwise provided in any Security Document, all moneys received by the Security
Trustee under a Security Document may be:

	 	(a)	 	invested in the name of, or under the control of, the Security Trustee in any
investment for the time being authorised by English law for the investment by trustees
of trust money or in any other investments which may be selected by the Security
Trustee with the consent of the Majority Lenders; or
	 
	 	(b)	 	placed on deposit in the name of, or under the control of, the Security
Trustee at any bank or institution (including any Finance Party) and on such terms as
the Security Trustee may agree.

	20.6	 	Approval
	 
	 	 	Each Finance Party:

	 	(a)	 	confirms its approval of each Security Document; and
	 
	 	(b)	 	authorises and directs the Security Trustee (by itself or by such person(s)
as it may nominate) to enter into and enforce the Security Documents as trustee (or
agent) or as otherwise provided (and whether or not expressly in the names of the Finance Parties) on its behalf.

	20.7	 	Conflict with Security Documents
	 
	 	 	If there is any conflict between this Agreement and any Security Document with regard to
instructions to, or other matters affecting, the Security Trustee, this Agreement will
prevail.
	 
	20.8	 	Release of security
	 
	(a)	 	If a disposal of any asset subject to security created by a Security Document is made to a
person (which is and will remain) outside the Group in the following circumstances:

	 	 	 	 	 
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	 	(i)	 	the Majority Lenders agree to the disposal;
	 
	 	(ii)	 	the disposal is allowed by the terms of the Finance Documents and will not
result or could not reasonably be expected to result in any Default;
	 
	 	(iii)	 	the disposal is being made at the request of the Security Trustee in
circumstances where any security created by the Security Documents has become
enforceable; or
	 
	 	(iv)	 	the disposal is being effected by enforcement of a Security Document,

	 	 	the asset(s) being disposed of will be released from any security over it created by a
Security Document. However, the proceeds of any disposal (or an amount corresponding to
them) must be applied in accordance with the requirements of the Finance Documents (if
any).
	 
	(b)	 	Any release under this Subclause will not become effective until the date of the relevant
disposal or otherwise in accordance with the consent of the Majority Lenders.
	 
	(c)	 	If a disposal is not made, then any release relating to that disposal will have no effect,
and the obligations of the Company under the Finance Documents will continue in full force and
effect.
	 
	(d)	 	If the Security Trustee is satisfied that a release is allowed under this Subclause, (at the
request and expense of the Company) each Finance Party must enter into any document and do all
such other things which are reasonably required to achieve that release. Each other Finance
Party irrevocably authorises the Security Trustee to enter into any such document.
	 
	20.9	 	Co-security Trustee
	 
	(a)	 	The Security Trustee may appoint a separate security trustee or a co-security trustee in any
jurisdiction outside England and Wales:

	 	(i)	 	if the Security Trustee considers that without the appointment the interests
of the Lenders under the Finance Documents might be materially and adversely affected;
	 
	 	(ii)	 	for the purpose of complying with any law, regulation or other condition in
any jurisdiction; or
	 
	 	(iii)	 	for the purpose of obtaining or enforcing a judgment or enforcing any
Finance Document in any jurisdiction.

	(b)	 	Any appointment under this Subclause will only be effective if the security trustee or
co-security trustee confirms to the Security Trustee and the Company in form and substance
satisfactory to the Security Trustee that it is bound by the terms of this Agreement as if it
were the Security Trustee.
	 
	(c)	 	The Security Trustee may remove any security trustee or co-security trustee appointed by it
and may appoint a new security trustee or co-security trustee in its place.
	 
	(d)	 	The Company must pay to the Security Trustee any remuneration properly incurred by the
Security Trustee to any security trustee or co-security trustee appointed by it, together with
any related costs and expenses properly incurred by the security trustee or co-security
trustee.

	 	 	 	 	 
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	20.10	 	Perpetuity period
	 
	 	 	The perpetuity period for trusts in this Agreement is 80 years.

	20.11	 	Information
	 
	 	 	Each Finance Party and the Company must supply the Agents with any information that they
may reasonably specify as being necessary or desirable to enable it perform their functions
under this Clause.

	20.12	 	Perfection of security
	 
	 	 	The Company must (at its own cost) take any action and enter into and deliver any document
which is required by an Agent so that a Security Document provides for effective and
perfected security in favour of any successor Security Trustee.

	21.	 	THE ADMINISTRATIVE PARTIES

	21.1	 	Appointment and duties of the Agents
	 
	(a)	 	Each Finance Party (other than the Facility Agent) irrevocably appoints the Facility Agent to
act as its agent under and in connection with the Finance Documents.
	 
	(b)	 	Each Finance Party (other than the Security Trustee) irrevocably appoints the Security
Trustee to act as its agent under and in connection with the Finance Documents.
	 
	(c)	 	Each Finance Party irrevocably authorises the Agents to:

	 	(i)	 	perform the duties and to exercise the rights, powers and discretions that
are specifically given to them under the Finance Documents, together with any other
incidental rights, powers and discretions; and
	 
	 	(ii)	 	enter into and deliver each Finance Document expressed to be entered into by
that Agent.

	(d)	 	The Agents have only those duties which are expressly specified in the Finance Documents.
Those duties are solely of a mechanical and administrative nature.

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

	21.3	 	No fiduciary duties
	 
	 	 	Except as specifically provided in a Finance Document:

	 	(a)	 	nothing in the Finance Documents makes an Administrative Party a trustee or
fiduciary for any other Party or any other person; and
	 
	 	(b)	 	no Administrative Party need hold in trust any moneys paid to it or recovered
by it for a Party in connection with the Finance Documents or be liable to account for
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	21.4	 	Individual position of an Administrative Party
	 
	(a)	 	If it is also a Lender, each Administrative Party has the same rights and powers under the
Finance Documents as any other Lender and may exercise those rights and powers as though it
were not an Administrative Party.
	 
	(b)	 	Each Administrative Party may:

	 	(i)	 	carry on any business with the Company or its related entities (including
acting as an agent or a trustee for any other financing); and
	 
	 	(ii)	 	retain any profits or remuneration it receives under the Finance Documents or
in relation to any other business it carries on with the Company or its related
entities.

	21.5	 	Reliance
	 
	 	 	An Agent may:

	 	(a)	 	rely on any notice or document believed by it to be genuine and correct and
to have been signed by, or with the authority of, the proper person;
	 
	 	(b)	 	rely on any statement made by any person regarding any matters which may
reasonably be assumed to be within his knowledge or within his power to verify;
	 
	 	(c)	 	engage, pay for and rely on professional advisers selected by it (including
those representing a Party other than that Agent); and
	 
	 	(d)	 	act under the Finance Documents through its personnel and agents.

	21.6	 	Majority Lenders’ instructions
	 
	(a)	 	Each Agent is fully protected if it acts on the instructions of the Majority Lenders in the
exercise of any right, power or discretion or any matter not expressly provided for in the
Finance Documents. Any such instructions given by the Majority Lenders will be binding on all
the Lenders. In the absence of instructions, an Agent may act as it considers to be in the
best interests of all the Lenders.
	 
	(b)	 	Each Agent may assume that unless it has received notice to the contrary, any right, power,
authority or discretion vested in any Party or the Majority Lenders has not been exercised.
	 
	(c)	 	Each Agent may refrain from acting in accordance with the instructions of the Majority
Lenders (or, if appropriate, the Lenders) until it has received security satisfactory to it,
whether by way of payment in advance or otherwise, against any liability or loss which it may
incur in complying with the instructions.
	 
	(d)	 	No Agent is authorised to act on behalf of a Lender (without first obtaining that Lender’s
consent) in any legal or arbitration proceedings in connection with any Finance Document,
unless the legal or arbitration proceedings relate to:

	 	(i)	 	the perfection, preservation or protection of rights under the Security
Documents; or
	 
	 	(ii)	 	the enforcement of any Security Document.

	 	 	 	 	 
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	21.7	 	Responsibility
	 
	(a)	 	No Administrative Party is responsible for the adequacy, accuracy or completeness of any
statement or information (whether written or oral) made in or supplied in connection with any
Finance Document.
	 
	(b)	 	No Administrative Party is responsible for the legality, validity, effectiveness, adequacy,
completeness or enforceability of any Finance Document or any other document.
	 
	(c)	 	Without affecting the responsibility of the Company for information supplied by it or on its
behalf in connection with any Finance Document, each Lender confirms that it:

	 	(i)	 	has made, and will continue to make, its own independent appraisal of all
risks arising under or in connection with the Finance Documents (including the
financial condition and affairs of the Company and its related entities and the nature
and extent of any recourse against any Party or its assets); and
	 
	 	(ii)	 	has not relied exclusively on any information provided to it by any
Administrative Party in connection with any Finance Document or agreement entered into
in anticipation of or in connection with any Finance Document.

	21.8	 	Exclusion of liability
	 
	(a)	 	No Agent is liable or responsible to any other Finance Party for any action taken or not
taken by it in connection with any Finance Document, unless directly caused by its gross
negligence or wilful misconduct.
	 
	(b)	 	No Party (other than the relevant Administrative Party) may take any proceedings against any
officers, employees or agents of an Administrative Party in respect of any claim it might have
against that Administrative Party or in respect of any act or omission of any kind by that
officer, employee or agent in connection with any Finance Document. Any officer, employee or
agent of an Administrative Party may rely on this Subclause and enforce its terms under the
Contracts (Rights of Third Parties) Act 1999.
	 
	(c)	 	No Agent is liable for any delay (or any related consequences) in crediting an account with
an amount required under the Finance Documents to be paid by an Agent if the Agent has taken
all necessary steps as soon as reasonably practicable to comply with the regulations or
operating procedures of any recognised clearing or settlement system used by the Agent for
that purpose.

	(d)	 	(i)	 	Nothing in this Agreement will oblige any Administrative Party to satisfy any know your
customer requirement in relation to the identity of any person on behalf of any Finance Party.

	 	(ii)	 	Each Finance Party confirms to each Administrative Party that it is solely
responsible for any know your customer requirements it is required to carry out and
that it may not rely on any statement in relation to those requirements made by any
other person.

	21.9	 	Default
	 
	(a)	 	No Agent is obliged to monitor or enquire whether a Default has occurred. Neither Agent is
deemed to have knowledge of the occurrence of a Default.
	 
	(b)	 	If an Agent:

	 	 	 	 	 
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	 	(i)	 	receives notice from a Party referring to this Agreement, describing a Default and
stating that the event is a Default; or
	 
	 	(ii)	 	is aware of the non-payment of any principal, interest or fee payable to a
Finance Party (other than itself) under this Agreement,

	 	 	it must promptly notify the other Finance Parties.
	 
	21.10	 	Information
	 
	(a)	 	Each Agent must promptly forward to the person concerned the original or a copy of any
document which is delivered to that Agent by a Party for that person.
	 
	(b)	 	Except where a Finance Document specifically provides otherwise, no Agent is obliged to
review or check the adequacy, accuracy or completeness of any document it forwards to another
Party.
	 
	(c)	 	Except as provided above, no Agent has any duty:

	 	(i)	 	either initially or on a continuing basis to provide any Lender with any credit
or other information concerning the risks arising under or in connection with the
Finance Documents (including any information relating to the financial condition or
affairs of the Company or its related entities or the nature or extent of recourse
against any Party or its assets) whether coming into its possession before, on or after
the date of this Agreement; or
	 
	 	(ii)	 	unless specifically requested to do so by a Lender in accordance with a Finance
Document, to request any certificate or other document from the Company.

	(d)	 	In acting as an Agent, each Agent will be regarded as acting through its agency division
which will be treated as a separate entity from its other divisions and departments. Any
information acquired by an Agent which, in its opinion, is acquired by another division or
department or otherwise than in its capacity as an Agent may be treated as confidential by
that Agent and will not be treated as information possessed by that Agent in its capacity as
such.
	 
	(e)	 	No Agent is obliged to disclose to any person any confidential information supplied to it by
or on behalf of a member of the Group solely for the purpose of evaluating whether any waiver
or amendment is required in respect of any term of the Finance Documents.
	 
	(f)	 	The Company irrevocably authorises each Agent to disclose to the other Finance Parties any
information which, in its opinion, is received by it in its capacity as an Agent.
	 
	21.11	 	Indemnities
	 
	(a)	 	Without limiting the liability of the Company under the Finance Documents, each Lender must
indemnify each Agent for that Lender’s Pro Rata Share of any loss or liability incurred by
that Agent in acting as an Agent (unless that Agent has been reimbursed by the Company under a
Finance Document), except to the extent that the loss or liability is caused by the Agent’s
gross negligence or wilful misconduct.
	 
	(b)	 	If a Party owes an amount to an Agent under the Finance Documents, that Agent may, after
giving notice to that Party:

	 	 	 	 	 
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	 	(i)	 	deduct from any amount received by it for that Party any amount due to that
Agent from that Party under a Finance Document but unpaid; and
	 
	 	(ii)	 	apply that amount in or towards satisfaction of the owed amount.

	 	 	That Party will be regarded as having received the amount so deducted.
	 
	21.12	 	Compliance
	 
	 	 	Each Administrative Party may refrain from doing anything (including disclosing any
information) which might, in its opinion, constitute a breach of any law or regulation or be
otherwise actionable at the suit of any person, and may do anything which, in its opinion,
is necessary or desirable to comply with any law or regulation.
	 
	21.13	 	Resignation of an Agent
	 
	(a)	 	An Agent may resign and appoint any of its Affiliates as successor Agent by giving notice to
the other Finance Parties and the Company.
	 
	(b)	 	Alternatively, an Agent may resign by giving notice to the Finance Parties and the Company,
in which case the Majority Lenders may appoint a successor Agent.
	 
	(c)	 	If no successor Agent has been appointed under paragraph (b) above within 30 days after
notice of resignation was given, the relevant Agent may appoint a successor Agent.
	 
	(d)	 	The person(s) appointing a successor Agent must, if practicable, consult with the Company
prior to the appointment.
	 
	(e)	 	The resignation of the an Agent and the appointment of any successor Agent will both become
effective only when the following conditions have been satisfied:

	 	(i)	 	the successor Agent notifies all the Parties that it accepts its appointment;
	 
	 	(ii)	 	the successor Agent has received legal advice to the effect that the rights
under the Finance Documents (and any related documentation) have been transferred or
assigned to it; and
	 
	 	(iii)	 	each Finance Party (other than the resigning Agent) confirms to the resigning
Agent that it is satisfied with the credit rating of the proposed successor Agent.

	 	 	On satisfaction of the above conditions the successor Agent will succeed to the position of
the retiring Agent and the term Facility Agent or Security Trustee (as applicable) will mean
the successor Agent.
	 
	(f)	 	The retiring Agent must, at its own cost:

	 	(i)	 	make available to the successor Agent those documents and records and provide
any assistance as the successor Agent may reasonably request for the purposes of
performing its functions as the Facility Agent or the Security Trustee (as applicable)
under the Finance Documents; and
	 
	 	(ii)	 	enter into and deliver to the successor Agent those documents and effect any
registrations as may be required for the transfer or assignment of all of its rights
and benefits under the Finance Documents to the successor Agent.

	 	 	 	 	 
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	(g)	 	The Company must take any action and enter into and deliver any document which is required by
the Security Trustee to ensure that a Security Document provides for effective and perfected
Security Interests in favour of any successor Security Trustee.
	 
	(h)	 	Upon its resignation becoming effective, this Clause will continue to benefit the retiring
Agent in respect of any action taken or not taken by it in connection with the Finance
Documents while it was an Agent, and, subject to paragraph (f) above, it will have no further
obligations under any Finance Document.
	 
	(i)	 	The Majority Lenders may, by notice to an Agent, require it to resign under paragraph (b)
above.
	 
	21.14	 	Relationship with Lenders
	 
	(a)	 	Each Agent may treat each Lender as a Lender, entitled to payments under this Agreement and
as acting through its Facility Office(s) until it has received not less than five Business
Days’ prior notice from that Lender to the contrary.
	 
	(b)	 	The Facility Agent may at any time, and must if requested to do so by the Majority Lenders,
convene a meeting of the Lenders.
	 
	(c)	 	The Facility Agent must keep a record of all the Parties and supply any other Party with a
copy of the record on request. The record will include each Lender’s Facility Office(s) and
contact details for the purposes of this Agreement.
	 
	21.15	 	Notice period
	 
	 	 	Where this Agreement specifies a minimum period of notice to be given to an Agent, the Agent
may, at its discretion, accept a shorter notice period.

	22.	 	EVIDENCE AND CALCULATIONS
	 
	22.1	 	Accounts
	 
	 	 	Accounts maintained by a Finance Party in connection with this Agreement are prima facie
evidence of the matters to which they relate for the purpose of any litigation or
arbitration proceedings.
	 
	22.2	 	Certificates and determinations
	 
	 	 	Any certification or determination by a Finance Party of a rate or amount under the Finance
Documents will be, in the absence of manifest error, conclusive evidence of the matters to
which it relates.

	 	 	 	 	 
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Confidential Treatment Requested

The portions of this document marked by “XXXXX” have been omitted pursuant to a request for confidential treatment and

have been filed separately with the Securities and Exchange Commission

	22.3	 	Calculations
	 
	 	 	Any interest or fee accruing under this Agreement accrues from day to day and is calculated
on the basis of the actual number of days elapsed and a year of 360 or otherwise, depending
on what the Facility Agent determines is market practice.

	23.	 	FEES
	 
	23.1	 	Management fee
	 
	 	 	The Company must pay to the Facility Agent for its own account a management fee in the
amount and manner agreed in the Fee Letter between the Facility Agent and the Company.
	 
	23.2	 	Security Trustee Fee
	 
	 	 	The Company must pay to the Security Trustee for its own account a fee in the amount and
manner agreed in the Fee Letter between the Security Trustee and the Company.
	 
	23.3	 	Arrangement fee
	 
	 	 	The Company must pay to the Arranger for its own account an arrangement fee in the amount
and manner agreed in the Fee Letter between the Arranger and the Company.
	 
	23.4	 	Commitment fee
	 
	(a)	 	The Company must pay to the Facility Agent for each Lender a commitment fee computed at the
rate of XXXXX per cent. per annum on the daily undrawn, uncancelled amount of each Lender’s
Commitment:

	 	(i)	 	in relation to the Tranche A Facility, from the date of this Agreement until
the end of the Availability Period in respect of the Tranche A Facility; and
	 
	 	(ii)	 	in relation to the Tranche B Facility, from the date of this Agreement until
the end of the Availability Period in respect of the Tranche B Facility.

	(b)	 	Accrued commitment fee is payable semi-annually in arrear. Accrued commitment fee is also
payable to the Facility Agent for a Lender on the date its Commitment is cancelled in full.
	 
	23.5	 	Atradius Premium
	 
	 	 	The Company must pay the Atradius Premium, together with any fees (including, without
limitation, any commitment fee or any adjustment fee on the Atradius Premium or any
extension fees linked to any extension of the promise of cover issued by Atradius DSB or an
increase in the Atradius Insurance) in accordance with Atradius DSB’s specifications and
immediately on demand by the Facility Agent.

	 	 	 	 	 
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	24.	 	INDEMNITIES AND BREAK COSTS
	 
	24.1	 	Currency indemnity

	(a)	The Company must, as an independent obligation, indemnify each Finance Party against any loss
or liability which that Finance Party incurs as a consequence of:

	 	(i)	 	that Finance Party receiving an amount in respect of the Company’s liability
under the Finance Documents; or
	 
	 	(ii)	 	that liability being converted into a claim, proof, judgment or order,

	 	in a currency other than the currency in which the amount is expressed to be payable under
the relevant Finance Document.

	(b)	Unless otherwise required by law, the Company waives any right it may have in any
jurisdiction to pay any amount under the Finance Documents in a currency other than that in
which it is expressed to be payable.

	24.2	 	Other indemnities

	(a)	The Company must indemnify each Finance Party against any loss or liability which that
Finance Party incurs as a consequence of:

	 	(i)	 	the occurrence of any Event of Default;
	 
	 	(ii)	 	any failure by the Company to pay any amount due under a Finance Document on
its due date, including any resulting from any distribution or redistribution of any
amount among the Lenders under this Agreement;
	 
	 	(iii)	 	(other than by reason of negligence or default by that Finance Party) a Loan
not being made after a Request has been delivered for that Loan; or
	 
	 	(iv)	 	a Loan (or part of a Loan) not being prepaid in accordance with this
Agreement.

	 	The Company’s liability in each case includes any loss or expense on account of funds
borrowed, contracted for or utilised to fund any amount payable under any Finance Document
or any Loan.

	(b)	The Company must indemnify the Agents against any loss or liability incurred by an Agent as a
result of:

	 	(i)	 	investigating any event which the an Agent reasonably believes to be a
Default; or
	 
	 	(ii)	 	acting or relying on any notice which an Agent reasonably believes to be
genuine, correct and appropriately authorised.

	24.3	 	Break Costs

	(a)	The Company must pay to each Lender its Break Costs if a Loan or an overdue amount is repaid
or prepaid otherwise than on the last day of any Term applicable to it.
	 
	(b)	Break Costs are the amount (if any) determined by the relevant Lender by which:

	 	 	 	 	 
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	 	(i)	 	the interest which that Lender would have received for the period from the
date of receipt of any part of its share in a Loan or an overdue amount to the last
day of the applicable Term for that Loan or overdue amount if the principal or overdue
amount received had been paid on the last day of that Term;

	 	exceeds

	 	(ii)	 	the amount which that Lender would be able to obtain by placing an amount
equal to the amount received by it on deposit with a leading bank in the appropriate
interbank market for a period starting on the Business Day following receipt and
ending on the last day of the applicable Term.

	(c)	Each Lender must supply to the Facility Agent for the Company details of the amount of any
Break Costs claimed by it under this Subclause.

	24.4	 	Switch Prepayment Premium
	 
	 	 	The Company acknowledges and agrees that in connection with the fixing of a fixed rate in
connection with a Switch Option, the Lenders will enter into hedging arrangements with
third parties on terms and conditions which could result in substantial losses to the
Lenders or such third party if (i) any portion of a Commitment in respect of which a Switch
Option is exercised has been cancelled for any reason whatsoever, or (ii) any portion of
the principal of a Fixed Loan is paid prior to the scheduled Repayment Date, and that,
therefore, if (i) any portion of a Commitment is so cancelled or (ii) any portion of the
principal of a Fixed Loan is so paid (whether as a result of voluntary or mandatory
prepayment, delayed or unpaid amounts, rescheduling, acceleration, by operation of law, or
otherwise) the Company will pay to the Lenders as liquidated damages and not as a penalty,
any costs, losses or expenses which the Lenders may incur due to the aforementioned hedging
arrangements being terminated early, in whole or in part, as a result of (i) such portion
of a Commitment being cancelled or (ii) such portion of a Fixed Loan being paid prior to
its scheduled Repayment Date, calculated in the manner as shall have been notified to the
Company by the Lenders at the time such Fixed Rate was proposed by the Lenders to the
Company in connection with its exercise of a Switch Option.

	25.	 	EXPENSES
	 
	25.1	 	Initial costs

	 	 	The Company must pay to each Administrative Party the amount of all costs and expenses
(including legal fees in the agreed amount) reasonably incurred by it in connection with
the negotiation, preparation, printing, entry into and syndication of the Finance
Documents.

	25.2	 	Subsequent costs
	 
	 	 	The Company must pay to each Agent the amount of all costs and expenses (including legal
fees) reasonably incurred by it in connection with:

	 	(a)	 	the negotiation, preparation, printing and entry into of any Finance Document
(other than a Transfer Certificate) entered into after the date of this Agreement; and
	 
	 	(b)	 	any amendment, waiver or consent requested by or on behalf of the Company or
specifically allowed by a Finance Document.

	 	 	 	 	 
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	25.3	 	Enforcement costs
	 
	 	 	The Company must pay to each Finance Party the amount of all costs and expenses (including
legal fees) incurred by it in connection with the enforcement of, or the preservation of
any rights under, any Finance Documents.

	26.	 	AMENDMENTS AND WAIVERS
	 
	26.1	 	Procedure

	(a)	 	Except as provided in this Clause, any term of the Finance Documents may be amended or waived
with the agreement of the Company and the Majority Lenders. The Facility Agent may effect, on
behalf of any Finance Party, an amendment or waiver allowed under this Clause.
	 
	(b)	 	The Facility Agent must promptly notify the other Parties of any amendment or waiver effected
by it under paragraph (a) above. Any such amendment or waiver is binding on all the Parties.

	26.2	 	Exceptions

	(a)	 	An amendment or waiver which relates to:
	 	 	 
	 	 	(i)	 	the definition of Majority Lenders in Clause 1.1 (Definitions);
	 
	 	 	(ii)	 	an extension of the date of payment of any amount to a Lender under the
Finance Documents;
	 
	 	 	(iii)	 	a reduction in the Margin or a reduction in the amount of any payment of
principal, interest, fee or other amount payable to a Lender under the Finance
Documents;
	 
	 	 	(iv)	 	an increase in, or an extension of, a Commitment or the Total Commitments;
	 
	 	 	(v)	 	a release of any Security Document other than in accordance with the terms of
the Finance Documents;
	 
	 	 	(vi)	 	a term of a Finance Document which expressly requires the consent of each
Lender;
	 
	 	 	(vii)	 	the right of a Lender to assign or transfer its rights or obligations under
the Finance Documents; or
	 
	 	 	(viii)	 	this Clause,
	 
	 	 	may only be made with the consent of all the Lenders.
	 
	(b)	 	An amendment or waiver which relates to the rights or obligations of an Administrative Party
may only be made with the consent of that Administrative Party.
	 
	(c)	 	A Fee Letter may be amended or waived with the agreement of the Administrative Party that is
a party to that Fee Letter and the Company.

	26.3	 	Change of currency
	 
	 	 	If a change in any currency of a country occurs (including where there is more than one
currency or currency unit recognised at the same time as the lawful
currency of a country), the

	 	 	 	 	 
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	 	 	Finance Documents will be amended to the extent the Facility Agent (acting reasonably
and after consultation with the Company) determines is necessary to reflect the change.

	26.4	 	Waivers and remedies cumulative
	 
	 	 	The rights of each Finance Party under the Finance Documents:

	 	(a)	 	may be exercised as often as necessary;
	 
	 	(b)	 	are cumulative and not exclusive of its rights under the general law; and
	 
	 	(c)	 	may be waived only in writing and specifically.

	 	 	Delay in exercising or non-exercise of any right is not a waiver of that right.

	27.	 	CHANGES TO THE PARTIES
	 
	27.1	 	Assignments and transfers by the Company
	 
	 	 	The Company may not assign or transfer any of its rights and obligations under the Finance
Documents without the prior consent of all the Lenders.
	 
	27.2	 	Assignments and transfers by Lenders
	 
	(a)	 	Subject to the following provisions of this Clause, a Lender (the Existing Lender) may at any
time:

	 	(i)	 	assign any of its rights; or
	 
	 	(ii)	 	transfer either by way of novation or by way of assignment, assumption and
release any of its rights or obligations under this Agreement,

	 	 	to Atradius DSB or any other bank or financial institution or to a trust, fund or other
entity which is regularly engaged in or established for the purpose of making, purchasing
or investing in loans, securities or other financial assets (the New Lender).

	27.3	 	Conditions to assignment or transfer — consents
	 
	 	 	The consent of the Company is required for any assignment or transfer unless the New Lender
is Atradius DSB, another Lender or an Affiliate of a Lender or an Event of Default is
outstanding. The consent of the Company (if required) must not be unreasonably withheld or
delayed. The Company will be deemed to have given its consent five Business Days after the
Company is given notice of the request unless it is expressly refused by the Company within
that time.
	 
	27.4	 	Other conditions to assignment or transfer
	 
	(a)	 	Unless the Company and the Facility Agent otherwise agree, a transfer of part of a Commitment
or part of its rights and obligations under this Agreement by the Existing Lender (other than
a transfer to Atradius DSB) must be in a minimum amount of US$5,000,000.
	 
	(b)	 	The Facility Agent is not obliged to enter into a Transfer Certificate or otherwise give
effect to an assignment or transfer until it has completed all know your customer requirements
to its satisfaction. The Facility Agent must promptly notify the Existing Lender and the New
Lender if there are any such requirements.

	 	 	 	 	 
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	(c)	 	If the consent of the Company is required for any assignment or transfer (irrespective of
whether it may be unreasonably withheld or not), the Facility Agent is not obliged to enter
into a Transfer Certificate if the Company withholds its consent.
	 
	(d)	 	Unless the Facility Agent otherwise agrees, the New Lender must pay to the Facility Agent for
its own account, on or before the date any assignment or transfer occurs, a fee of US$2,500.
	 
	(e)	 	Any reference in this Agreement to a Lender includes a New Lender but excludes a Lender if no
amount is or may be owed to or by it under this Agreement.
	 
	27.5	 	Procedure for assignment of rights
	 
	 	 	An assignment of rights will only be effective on receipt by the Facility Agent of written
confirmation from the New Lender (in form and substance satisfactory to the Facility Agent)
that the New Lender will, in relation to the assigned rights, assume obligations to the
other Finance Parties equivalent to those it would have been under if it had been the
Original Lender.
	 
	27.6	 	Procedure for transfer using a Transfer Certificate
	 
	(a)	 	In this Subclause:

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

	 	(i)	 	the proposed Transfer Date specified in that Transfer Certificate; and
	 
	 	(ii)	 	the date on which the Facility Agent executes that Transfer Certificate.

	(b)	 	A transfer of rights or obligations using a Transfer Certificate will be effective if:

	 	(i)	 	the Existing Lender and the New Lender deliver to the Facility Agent a duly
completed Transfer Certificate; and
	 
	 	(ii)	 	the Facility Agent enters into it.

	(c)	 	Where a transfer is to be effected using a novation on the Transfer Date:

	 	(i)	 	the New Lender will assume the rights and obligations of the Existing Lender
expressed to be the subject of the novation in the Transfer Certificate in
substitution for the Existing Lender;
	 
	 	(ii)	 	the Existing Lender will be released from those obligations and cease to have
those rights; and
	 
	 	(iii)	 	the New Lender will become a Lender under this Agreement and be bound by the
terms of this Agreement as Lender.

	(d)	 	Where a transfer is to be effected by an assignment, assumption and release, on the Transfer
Date:

	 	(i)	 	the Existing Lender will assign absolutely to the New Lender the Existing
Lender’s rights expressed to be the subject of the assignment in the Transfer
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	 	(ii)	 	the New Lender will assume obligations equivalent to those obligations of the
Existing Lender expressed to be the subject of the assumption in the Transfer
Certificate;
	 
	 	(iii)	 	to the extent the obligations referred to in subparagraph (ii) above are
effectively assumed by the New Lender, the Existing Lender will be released from its
obligations referred to in the Transfer Certificate; and
	 
	 	(iv)	 	the New Lender will become a Lender under this Agreement and will be bound by
the terms of this Agreement as a Lender.

	(e)	 	The Facility Agent must enter into a Transfer Certificate delivered to it and which appears
on its face to be in order as soon as reasonably practicable and, as soon as reasonably
practicable after it has entered into a Transfer Certificate, send a copy of that Transfer
Certificate to the Company.
	 
	(f)	 	Each Party (other than the Existing Lender and the New Lender) irrevocably authorises the
Facility Agent to enter into and deliver any duly completed Transfer Certificate on its
behalf.

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

	 	(i)	 	the financial condition of the Company; or
	 
	 	(ii)	 	the legality, validity, effectiveness, enforceability, adequacy, accuracy,
completeness or performance of:

	 	(A)	 	any Finance Document or any other document;
	 
	 	(B)	 	any statement or information (whether written or oral) made
in or supplied in connection with any Finance Document, or
	 
	 	(C)	 	any observance by the Company of its obligations under any
Finance Document or other document,

	 	 	and any representations or warranties implied by law are excluded.

	(b)	 	Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

	 	(i)	 	has made, and will continue to make, its own independent appraisal of all
risks arising under or in connection with the Finance Documents (including the
financial condition and affairs of the Company and its related entities and the nature
and extent of any recourse against any Party or its assets) in connection with its
participation in this Agreement; and
	 
	 	(ii)	 	has not relied exclusively on any information supplied to it by the Existing
Lender in connection with any Finance Document.

	(c)	 	Nothing in any Finance Document requires 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; or

	 	 	 	 	 
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	 	(ii)	 	support any losses incurred by the New Lender by reason of the
non-performance by the Company of its obligations under any Finance Document or
otherwise.

	27.8	 	Costs resulting from change of Lender or Facility Office

	 	 	If:

	 	(a)	 	a Lender assigns or transfers any of its rights and obligations under the
Finance Documents or changes its Facility Office; and
	 
	 	(b)	 	as a result of circumstances existing at the date the assignment, transfer or
change occurs, the Company would be obliged to pay a Tax Payment or an Increased Cost,

	 	 	then the Company need only pay that Tax Payment or Increased Cost to the same extent that
it would have been obliged to if no assignment, transfer or change had occurred.

	27.9	 	Changes to the Reference Banks
	 
	 	 	If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an
Affiliate) ceases to be a Lender, the Facility Agent must (in consultation with the
Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.

	28.	 	DISCLOSURE OF INFORMATION
	 
	(a)	 	Each Finance Party must keep confidential any information supplied to it by or on behalf of
the Company in connection with the Finance Documents. However, a Finance Party is entitled to
disclose information:

	 	(i)	 	which is publicly available, other than as a result of a breach by that
Finance Party of this Clause;
	 
	 	(ii)	 	in connection with any legal or arbitration proceedings;
	 
	 	(iii)	 	if required to do so under any law or regulation;
	 
	 	(iv)	 	to a governmental, banking, taxation or other regulatory authority;
	 
	 	(v)	 	to its professional advisers;
	 
	 	(vi)	 	to Atradius DSB;
	 
	 	(vii)	 	to the extent allowed under paragraph (b) below; or
	 
	 	(viii)	 	with the agreement of the Company.

	(b)	 	A Finance Party may disclose to an Affiliate or any person (a third party) with (or through)
whom that Finance Party enters into (or may enter into) any kind of transfer, participation or
hedge agreement in relation to this Agreement or any other transaction under which payments
are to be made by reference to this Agreement or the Company:

	 	(i)	 	a copy of any Finance Document; and
	 
	 	(ii)	 	any information which that Finance Party has acquired under or in connection
with any Finance Document.

	 	 	 	 	 
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	 	 	However, before a third party may receive any confidential information, it must agree with
the relevant Finance Party to keep that information confidential on the terms of paragraph
(a) above.

	(c)	 	This Clause supersedes any previous confidentiality undertaking given by a Finance Party in
connection with this Agreement prior to it becoming a Party.

	29.	 	SET-OFF
	 
	 	 	A Finance Party may set off any matured obligation owed to it by the Company under the
Finance Documents (to the extent beneficially owned by that Finance Party) against any
obligation (whether or not matured) owed by that Finance Party to the Company, 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.

	30.	 	PRO RATA SHARING
	 
	30.1	 	Redistribution
	 
	 	 	If a Finance Party (the recovering Finance Party) receives or recovers any amount from the
Company other than in accordance with this Agreement (a recovery) and applies that amount
to a payment due under a Finance Document, then:

	 	(a)	 	the recovering Finance Party must, within three Business Days, supply details
of the recovery to the Facility Agent;
	 
	 	(b)	 	the Facility Agent must calculate whether the recovery is in excess of the
amount which the recovering Finance Party would have received if the recovery had been
received and distributed by the Facility Agent in accordance with this
Agreement without taking account of any Tax which would be imposed on the
Facility Agent in relation to a recovery or distribution; and
	 
	 	(c)	 	the recovering Finance Party must pay to the Facility Agent an amount equal
to the excess (the redistribution).

	30.2	 	Effect of redistribution
	 
	(a)	 	The Facility Agent must treat a redistribution as if it were a payment by the Company under
this Agreement and distribute it among the Finance Parties, other than the recovering Finance
Party, accordingly.
	 
	(b)	 	When the Facility Agent makes a distribution under paragraph (a) above, the recovering
Finance Party will be subrogated to the rights of the Finance Parties which have shared in
that redistribution.
	 
	(c)	 	If and to the extent that the recovering Finance Party is not able to rely on any rights of
subrogation under paragraph (b) above, the Company will owe the recovering Finance Party a
debt which is equal to the redistribution, immediately payable and of the type originally
discharged.
	 
	(d)	 	If:

	 	 	 	 	 
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	 	(i)	 	a recovering Finance Party must subsequently return a recovery, or an amount
measured by reference to a recovery, to the Company; and
	 
	 	(ii)	 	the recovering Finance Party has paid a redistribution in relation to that
recovery,

	 	 	each Finance Party, on the request of the Facility Agent, must reimburse the recovering
Finance Party all or the appropriate portion of the redistribution paid to that Finance
Party, together with interest for the period while it held the redistribution. In this
event, the subrogation in paragraph (b) above will operate in reverse to the extent of the
reimbursement.

	30.3	 	Exceptions
	 
	 	 	Notwithstanding any other term of this Clause, a recovering Finance Party need not pay a
redistribution to the extent that:

	 	(a)	 	it would not, after the payment, have a valid claim against the Company in
the amount of the redistribution; or
	 
	 	(b)	 	it would be sharing with another Finance Party any amount which the
recovering Finance Party has received or recovered as a result of legal or arbitration
proceedings, where:

	 	(i)	 	the recovering Finance Party notified the Facility Agent of
those proceedings; and
	 
	 	(ii)	 	the other Finance Party had an opportunity to participate in
those proceedings but did not do so or did not take separate legal or
arbitration proceedings as soon as reasonably practicable after receiving
notice of them.

	31.	 	SEVERABILITY
	 
	 	 	If a term of a Finance Document is or becomes illegal, invalid or unenforceable in any
respect under any jurisdiction, that will not affect:

	 	(a)	 	the legality, validity or enforceability in that jurisdiction of any other
term of the Finance Documents; or
	 
	 	(b)	 	the legality, validity or enforceability in other jurisdictions of that or
any other term of the Finance Documents.

	32.	 	COUNTERPARTS
	 
	 	 	Each Finance Document may be executed in any number of counterparts. This has the same
effect as if the signatures on the counterparts were on a single copy of the Finance
Document.

	33.	 	NOTICES
	 
	33.1	 	In writing
	 
	(a)	 	Any communication in connection with a Finance Document must be in writing and, unless
otherwise stated, may be given:

	 	(i)	 	in person, by post or fax; or

	 	 	 	 	 
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	 	(ii)	 	to the extent agreed by the Parties making and receiving communication, by
e-mail or other electronic communication.

	(b)	 	For the purpose of the Finance Documents, an electronic communication will be treated as
being in writing.
	 
	(c)	 	Unless it is agreed to the contrary, any consent or agreement required under a Finance
Document must be given in writing.

	33.2	 	Contact details
	 
	(a)	 	Except as provided below and in Schedule 9 (Contact details), the contact details of each
Party for all communications in connection with the Finance Documents are those notified by
that Party for this purpose to the Facility Agent on or before the date it becomes a Party.
	 
	(b)	 	Any Party may change its contact details by giving five Business Days’ notice to the Facility
Agent or (in the case of the Facility Agent) to the other Parties.
	 
	(c)	 	Where a Party nominates a particular department or officer to receive a communication, a
communication will not be effective if it fails to specify that department or officer.
	 
	33.3	 	Effectiveness
	 
	(a)	 	Except as provided below, any communication in connection with a Finance Document will be
deemed to be given as follows:

	 	(i)	 	if delivered in person, at the time of delivery;
	 
	 	(ii)	 	if posted, five days after being deposited in the post, postage prepaid, in a
correctly addressed envelope;
	 
	 	(iii)	 	if by fax, when received in legible form; and
	 
	 	(iv)	 	if by e-mail or any other electronic communication, when received in legible
form.

	(b)	 	A communication given under paragraph (a) above but received on a non-working day or after
business hours in the place of receipt will only be deemed to be given on the next working day
in that place.
	 
	(c)	 	A communication to the Facility Agent will only be effective on actual receipt by it.

	33.4	 	The Company
	 
	 	 	All formal communication under the Finance Documents to or from the Company must be sent
through the Facility Agent.

	33.5	 	Use of websites
	 
	(a)	 	Except as provided below, the Company may deliver any information under this Agreement to a
Lender by posting it on to an electronic website if:

	 	(i)	 	the Facility Agent and the Lender agree;
	 
	 	(ii)	 	the Company and the Facility Agent designate an electronic website for this
purpose;

	 	 	 	 	 
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	 	(iii)	 	the Company notifies the Facility Agent of the address of and password for
the website; and
	 
	 	(iv)	 	the information posted is in a format agreed between the Company and the
Facility Agent.

	 	 	The Facility Agent must supply each relevant Lender with the address of and password for
the website.

	(b)	 	Notwithstanding the above, the Company must supply to the Facility Agent in paper form a copy
of any information posted on the website together with sufficient copies for:

	 	(i)	 	any Lender not agreeing to receive information via the website; and
	 
	 	(ii)	 	within 10 Business Days of request any other Lender, if that Lender so
requests.

	(c)	 	The Company must, promptly upon becoming aware of its occurrence, notify the Facility Agent
if:

	 	(i)	 	the website cannot be accessed;
	 
	 	(ii)	 	the website or any information on the website is infected by any electronic
virus or similar software;
	 
	 	(iii)	 	the password for the website is changed; or
	 
	 	(iv)	 	any information to be supplied under this Agreement is posted on the website
or amended after being posted.

	 	 	If the circumstances in sub-paragraphs (i) or (ii) above occur, the Company must supply any
information required under this Agreement in paper form until the Facility Agent is
satisfied that the circumstances giving rise to the notification are no longer continuing.

	34.	 	LANGUAGE
	 
	(a)	 	Any notice given in connection with a Finance Document must be in English.
	 
	(b)	 	Any other document provided in connection with a Finance Document must be:

	 	(i)	 	in English; or
	 
	 	(ii)	 	(unless the Facility Agent otherwise agrees) accompanied by a certified
English translation. In this case, the English translation prevails unless the
document is a statutory or other official document.

	35.	 	GOVERNING LAW
	 
	 	 	This Agreement is governed by English law.

	36.	 	ENFORCEMENT
	 
	36.1	 	Jurisdiction
	 
	(a)	 	The English courts have exclusive jurisdiction to settle any dispute in connection with any
Finance Document.

	 	 	 	 	 
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	(b)	 	The English courts are the most appropriate and convenient courts to settle any such dispute
in connection with any Finance Document. The Company agrees not to argue to the contrary and
waives objection to those courts on the grounds of inconvenient forum or otherwise in relation
to proceedings in connection with any Finance Document.
	 
	(c)	 	This Clause is for the benefit of the Finance Parties only. To the extent allowed by law,
the Finance Parties may take:

	 	(i)	 	proceedings in any other court; and
	 
	 	(ii)	 	concurrent proceedings in any number of jurisdictions.

	(d)	 	References in this Clause to a dispute in connection with a Finance Document includes any
dispute as to the existence, validity or termination of that Finance Document.
	 
	36.2	 	Service of process
	 
	(a)	 	The Company irrevocably appoints Chartered Semiconductor Europe Ltd as its agent under the
Finance Documents for service of process in any proceedings before the English courts in
connection with any Finance Document.
	 
	(b)	 	If any person appointed as process agent under this Clause is unable for any reason to so
act, the Company must immediately (and in any event within 5 Business Days of the event taking
place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the
Facility Agent may appoint another process agent for this purpose.
	 
	(c)	 	The Company agrees that failure by a process agent to notify it of any process will not
invalidate the relevant proceedings.
	 
	(d)	 	This Clause does not affect any other method of service allowed by law.
	 
	36.3	 	Waiver of immunity
	 
	 	 	The Company irrevocably and unconditionally:

	 	(a)	 	agrees not to claim any immunity from proceedings brought by a Finance Party
against the Company in relation to a Finance Document and to ensure that no such claim
is made on its behalf;
	 
	 	(b)	 	consents generally to the giving of any relief or the issue of any process in
connection with those proceedings; and
	 
	 	(c)	 	waives all rights of immunity in respect of it or its assets.

	36.4	 	Waiver of trial by jury
	 
	 	 	EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN
CONNECTION WITH ANY FINANCE DOCUMENT OR ANY TRANSACTION CONTEMPLATED BY ANY FINANCE
DOCUMENT. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY COURT.
	 
	This Agreement has been entered into on the date stated at the beginning of this Agreement.

	 	 	 	 	 
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SCHEDULE 1

ORIGINAL PARTIES

	 	 	 
	Name of Original Lender

	 	Tranche A Commitments
	 
	 	 
	Société Générale

	 	US$119,234,185.15
	 
	 	 
	 
	 	 
	 
	 	 
	Total Tranche A Commitments

	 	US$119,234,185.15
	 
	 	 
	 
	 	 
	 
	 	 
	Name of Original Lender

	 	Tranche B Commitments
	 
	 	 
	Société Générale

	 	US$70,637,052.10
	 
	 	 
	 
	 	 
	 
	 	 
	Total Tranche B Commitments

	 	US$70,637,052.10
	 
	 	 
	 
	 	 

	 	 	 	 	 
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SCHEDULE 2

CONDITIONS PRECEDENT DOCUMENTS

PART 1

TRANCHE A DOCUMENTS

Corporate documentation

	1.	 	A copy of the constitutional documents of the Company.
	 
	2.	 	A copy of a resolution of the board of directors of the Company approving the terms of, and the
transactions contemplated by, this Agreement.
	 
	3.	 	A specimen of the signature of each person authorised on behalf of the Company to enter into or witness
the entry into of any Finance Document or to sign or send any document or notice in connection with any
Finance Document.
	 
	4.	 	A certificate of an authorised signatory of the Company certifying that each copy document specified in
this Schedule is correct, complete and in full force and effect as at a date no earlier than the date of
this Agreement.
	 
	5.	 	Evidence that the agent of the Company under the Finance Documents for service of process in England &
Wales has accepted its appointment.

Security Agreement

	1.	 	The Security Agreement and all Fee Letters duly entered into by the parties to it.
	 
	2.	 	A copy of the following notices required to be sent under the Security Document(s):

	 	(a)	 	notice of charge from the Company to the Account Bank; and
	 
	 	(b)	 	acknowledgement from the Account Bank to the Company.

Legal opinions

	1.	 	A legal opinion of Rajah & Tann LLP, legal advisers in Singapore to the Company, addressed to the Finance
Parties.
	 
	2.	 	A legal opinion of Allen & Overy LLP, legal advisers in England and Wales to the Arranger and the Facility
Agent, substantially in the form of Schedule 7 (Form of legal opinion of Allen & Overy LLP), addressed to
the Finance Parties.
	 
	3.	 	A legal opinion of Allen & Overy Shook Lin & Bok, legal advisers in Singapore to the Arranger and the
Facility Agent, in respect of the Security Agreement addressed to the Finance Parties.

Other documents and evidence

	1.	 	In relation to the Tranche A Facility, a copy of the Atradius Insurance policy together with
evidence that the Atradius Insurance policy is in full force and effect.

	 	 	 	 	 
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	2.	 	In relation to the Tranche A Facility, a certified copy of the P.Os that have been entered into,
together with evidence that such P.Os have been duly executed and delivered by the Company and the
Supplier and confirmation in writing by the Company and the Supplier that such P.Os are in full
force and effect.
	 
	3.	 	If the Loan is being used to reimburse the Company for payment of the Atradius Premium, evidence
that such premium has been paid.
	 
	4.	 	Evidence that the Debt Service Reserve Account has been opened and if the Tranche A Debt Service
Reserve Requirement is greater than zero, evidence that an amount equal to the Tranche A Debt
Service Reserve Requirement has been deposited into the Debt Service Reserve Account.
	 
	5.	 	A certified copy of the Original Financial Statements.
	 
	6.	 	Evidence that all fees and expenses then due and payable from the Company under the Finance
Documents have been or will be paid by the first Utilisation Date.
	 
	7.	 	An executed pdf copy of the statement containing prescribed particulars of the Security Agreement,
the executed letter of confirmation and authorisation to Shook Lin & Bok LLP in relation to the said
statement (for the purposes of registration with the Accounting and Corporate Authority of
Singapore) and evidence of such registration.
	 
	8.	 	A copy of any other authorisation or other document, opinion or assurance which the Facility Agent
has notified the Company is necessary or desirable in connection with the entry into and performance
of, and the transactions contemplated by, any Finance Document or for the validity and
enforceability of any Finance Document.

	 	 	 	 	 
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PART 2

TRANCHE B DOCUMENTS

Other documents and evidence

	1.	 	In relation to the Tranche B Facility, a copy
of the Atradius Insurance policy together with
evidence that the Atradius Insurance policy is
in full force and effect.
	 
	2.	 	In relation to the Tranche B Facility, a
certified copy of the P.Os that have been
entered into, together with evidence that such
P.Os have been duly executed and delivered by
the Company and the Supplier and confirmation
in writing by the Company and the Supplier that
such P.Os are in full force and effect.
	 
	3.	 	If the Loan is being used to reimburse the
Company for payment of the Atradius Premium,
evidence that such premium has been paid.
	 
	4.	 	If the Tranche B Debt Service Reserve
Requirement is greater than zero, evidence that
an amount equal to the Tranche B Debt Service
Reserve Requirement has been deposited into the
Debt Service Reserve Account.
	 
	5.	 	Evidence that all fees and expenses then due
and payable from the Company under the Finance
Documents have been or will be paid by the
first Utilisation Date in respect of the
Tranche B Facility.
	 
	6.	 	In respect of the Tranche B Facility only, a
copy of any other authorisation or other
document, opinion or assurance which the
Facility Agent has notified the Company is
necessary or desirable in connection with the
entry into and performance of, and the
transactions contemplated by, any Finance
Document or for the validity and enforceability
of any Finance Document.

	 	 	 	 	 
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SCHEDULE 3

FORM OF REQUEST

	To:	 	SOCIÉTÉ GÉNÉRALE as Facility Agent
	 
	From:	 	[                    ]
	 
	Date:	 	[                    ]

CHARTERED
SEMICONDUCTOR MANUFACTURING LTD—US$189,871,237.25 Credit

Agreement dated [          ], 2008 (the Agreement)

	1.	 	We refer to the Agreement. This is a Request.
	 
	2.	 	We wish to borrow a [Tranche A/Tranche B] Loan on the following terms:

	 	(a)	 	Utilisation Date: [                    ];
	 
	 	(b)	 	Amount/currency: Euro [                    ] and US$
Equivalent [                    ];
	 
	 	(c)	 	Term: [                    ].

	3.	 	Our payment instructions are: [                    ].
	 
	4.	 	We attach to this Request:

	 	(a)	 	evidence that the Goods have been delivered by the Supplier to the Company;
and
	 
	 	(b)	 	evidence of payment by the Company to the Supplier in relation to those
Goods.

	5.	 	[We confirm that US$[l] of the amount requested in the
Request will be used to [pay/reimburse us for] the relevant
Atradius Premium.]
	 
	6.	 	We confirm that each condition precedent under the Agreement
which must be satisfied on the date of this Request is so
satisfied.
	 
	7.	 	This Request is irrevocable.

By:

[                    ]

	 	 	 	 	 
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SCHEDULE 4

FORMS OF TRANSFER CERTIFICATE

PART 1

TRANSFERS BY NOVATION

	To:	 	SOCIÉTÉ GÉNÉRALE as Facility Agent
	 
	From:	 	[EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender)
	 
	Date:	 	[                    ]

CHARTERED SEMICONDUCTOR MANUFACTURING LTD — US$189,871,237.25 Credit

Agreement

dated [          ], 2008 (the Agreement)

We refer to the Agreement. This is a Transfer Certificate.

	1.	 	The Existing Lender transfers by novation to the New Lender the Existing
Lender’s rights and obligations referred to in the Schedule below in accordance
with the terms of the Agreement.
	 
	2.	 	The proposed Transfer Date is
[          ].
	 
	3.	 	The administrative details of the New Lender for the purposes of the Agreement
are set out in the Schedule.
	 
	4.	 	[The New Lender is a UK Non-Bank Lender.]2
	 
	5.	 	The New Lender expressly acknowledges the limitations on the Existing Lender’s
obligations in respect of this Transfer Certificate contained in the Agreement.
	 
	6.	 	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 the Transfer Certificate.
	 
	7.	 	This Transfer Certificate is governed by English law.

 

			
	2	 	Include if applicable.

	 	 	 	 	 
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THE SCHEDULE

Rights and obligations to be transferred by novation

[insert relevant details, including applicable Commitment (or part)]

Administrative details of the New Lender

[insert details of Facility Office, address for notices and payment details etc.]

	 	 	 
	[EXISTING LENDER]
	 	[NEW LENDER]
	 

	By:
	 	By:

The Transfer Date is confirmed by the Facility Agent as [               ].

SOCIÉTÉ GÉNÉRALE

By:

Note: It is the responsibility of each New Lender to ascertain whether any other document or
formality is required to perfect the transfer contemplated by this Transfer Certificate or to take
the benefit of any interest in any security.

	 	 	 	 	 
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PART 2

TRANSFERS BY ASSIGNMENT, ASSUMPTION AND RELEASE

	To:	 	[AGENT] as Facility Agent
	 
	From:	 	[EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New
Lender)
	 
	Date:	 	[                    ]

CHARTERED SEMICONDUCTOR MANUFACTURING LTD — US$189,871,237.25 Credit

Agreement dated
[          ],
2008 (the Agreement)

We refer to the Agreement. This is a Transfer Certificate.

	1.	In accordance with the terms of the Agreement:

	 	(a)	 	the Existing Lender assigns absolutely to the New Lender all the rights
of the Existing Lender specified in the Schedule;
	 
	 	(b)	 	the New Lender assumes obligations equivalent to those obligations of the
Existing Lender under the Agreement specified in the Schedule;
	 
	 	(c)	 	to the extent the obligations referred to in paragraph (b) above are
effectively assumed by the New Lender, the Existing Lender is released from its
obligations under the Agreement specified in the Schedule; and
	 
	 	(d)	 	the New Lender becomes a Lender under the Agreement and is bound by the
terms of the Agreement as a Lender.

	2.	 	The proposed Transfer Date is [          ].
	 
	3.	 	The administrative details of the New Lender for the purposes
of the Agreement are set out in the Schedule.
	 
	4.	 	[The New Lender is a UK Non-Bank Lender.]3
	 
	5.	 	The New Lender expressly acknowledges the limitations on the
Existing Lender’s obligations in respect of this Transfer
Certificate contained in the Agreement.
	 
	6.	 	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 the
Transfer Certificate.
	 
	7.	 	This Transfer Certificate is governed by English law.

 

			
	3	 	Include if applicable.

	 	 	 	 	 
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THE SCHEDULE

Rights and obligations to be transferred by assignment, assumption and release

[insert relevant details, including applicable Commitment (or part)]

Administrative details of the New Lender

[insert details of Facility Office, address for notices and payment details etc.]

	 	 	 
	[EXISTING LENDER]
	 	[NEW LENDER]
	 

	By:
	 	By:

The Transfer Date is confirmed by the Facility Agent as [          ].

[AGENT]

As Facility Agent, for and on behalf of

each of the parties to the Agreement

(other than the Existing Lender and

the New Lender)

Note: It is the responsibility of each individual New Lender to ascertain whether any other
document or formality is required to perfect the transfer contemplated by this Transfer Certificate
or to take the benefit of any interest in any security.]

	 	 	 	 	 
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SCHEDULE 5

FORM OF COMPLIANCE CERTIFICATE

PART 1

FORM OF COMPLIANCE CERTIFICATE TO BE PROVIDED WITH FINANCIAL STATEMENTS

	To:	 	SOCIÉTÉ GÉNÉRALE as Facility Agent
	 
	From:	 	CHARTERED SEMICONDUCTOR MANUFACTURING LTD
	 
	Date:	 	[                    ]

CHARTERED SEMICONDUCTOR MANUFACTURING LTD — US$189,871,237.25 Credit Agreement dated [          ], 2008 (the Agreement)

	1.	 	I refer to the Agreement. This is a Compliance Certificate.
	 
	2.	 	I, [name], hereby certify that I am the duly [[elected] or [appointed] insert appropriate
term] and qualified
[title]4 of the Company and that, in such capacity, I am
authorised to execute this certificate on behalf of the Company.
	 
	3.	 	The Company certifies that:

	 	(a)	 	attached as Exhibit A are copies of the most recent [audited annual] [and]
[unaudited quarterly] financial statements of the Company[, and the most recent annual
or interim reports given to the Company by the Independent Account (other than
ordinary course non-substantive correspondence)] (the Financial Statements);
	 
	 	(b)	 	the Financial Statements:

	 	(i)	 	are true, correct and complete in all
material respects as of the date of such statements;
	 
	 	(ii)	 	have been prepared in accordance with GAAP;
and
	 
	 	(iii)	 	present fairly, in all material respects,
the financial condition of the Company and the results of its
operations and cash flows as at the end of and for the applicable
period [(subject, in the case of quarterly financial statements, to
normal year-end
adjustments)]5;

	 	(c)	 	other than as set forth in the Financial Statements or otherwise previously
disclosed to the Facility Agent, there are no liabilities or obligations that could
reasonably be expected to be material to the Company or could reasonably be
expected to have a Material Adverse Effect; and
	 
	 	(d)	 	no Default has occurred and is continuing that has not been waived.

 

			
	4	 	Must be the chief financial officer or other appropriate financial officer.
	 
	5	 	Insert, if applicable, only if submitting quarterly financials.

	 	 	 	 	 
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	CHARTERED SEMICONDUCTOR MANUFACTURING LTD

 
	By:  	 	 	 
	 	 	 	 
	[insert applicable certification language]	 	 
	 	 	 	 
	for ............................ 	 	 

	 	 	 	 	 
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PART 2

FORM OF COMPLIANCE CERTIFICATE TO BE PROVIDED IN RELATION TO FINANCIAL COVENANTS

	To:	 	SOCIÉTÉ GÉNÉRALE as Facility Agent
	 
	From:	 	CHARTERED SEMICONDUCTOR MANUFACTURING LTD
	 
	Date:	 	[                    ]

CHARTERED
SEMICONDUCTOR MANUFACTURING LTD — US$189,871,237.25 Credit
Agreement dated [          ], 2008 (the Agreement)

	1.	 	I refer to the Agreement. This is a Compliance Certificate.
	 
	2.	 	I, [name], hereby certify that I am the duly [[elected] or [appointed] insert appropriate
term] and qualified
[title]6 of the Company and that, in such capacity, I am
authorised to execute this certificate on behalf of the Company.
	 
	3.	 	The Company confirms that as at [relevant testing date]:

	 	(a)	 	Net Worth is [                    ];
	 
	 	(b)	 	Indebtedness was [l] and Net Worth was [l]; therefore the Debt to
Equity Ratio was [l] to 1;
	 
	 	(c)	 	EBITDA was [l] and Debt Service was [                    ]; therefore, the
Historical Debt Service Coverage Reserve [l] to 1.]

	4.	 	We set out below calculations establishing the figures in paragraph 3 above:
	 
	 	 	[                    ].

	 	 	 	 	 
	CHARTERED SEMICONDUCTOR MANUFACTURING LTD

 
	By:  	 	 	 
	 
	[insert applicable certification language] 	 	 
	 
	for
................................................ 	 	 
	 

 

			
	6	 	Must be the chief financial officer or other appropriate financial officer.

	 	 	 	 	 
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SCHEDULE 6

ACQUISITION LIST

	 	 	 	 	 
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SCHEDULE 7

FORM OF LEGAL OPINION OF ALLEN & OVERY LLP

			
	To:	 	The Finance Parties named

original parties to the Credit Agreement

(as defined below).

and

Atradius Dutch State Business NV

[DATE]

Dear Sirs,

CHARTERED SEMICONDUCTOR MANUFACTURING LTD — US$189,871,237.25 Credit

Agreement dated [          ], 2008 (the Credit Agreement)

We have received instructions from Société Générale in connection with the Credit Agreement.

Agreement means the Credit Agreement.

Words defined in the Credit Agreement have the same meaning when used in this opinion.

Subject to the qualifications set out below and to any matters not disclosed to us, we are of the
opinion that, so far as the present laws of England are concerned:

	1.	 	Legal validity: Each Agreement constitutes a legally binding, valid and enforceable
obligation of the Company.
	 
	2.	 	Consents: No authorisations of governmental, judicial or public bodies or authorities in
England are required by the Company in connection with the performance, validity or
enforceability of its payment obligations under each Agreement.
	 
	3.	 	Registration requirements: Except for registration at the appropriate registry, where the
Security Agreement creates security over an asset situated in England or Wales it is not
necessary or advisable to file, register or record any Agreement in any public place or
elsewhere in England.
	 
	4.	 	Stamp duties: No stamp, registration or similar tax or charge is payable in England in
respect of any Agreement.
	 
	5.	 	Choice of law: The choice of English law as the governing law of each Agreement would be
upheld as a valid choice by the courts of England except that where all the other elements
relevant to the relevant Agreement at the time of the choice are connected with one country
only, the fact that the parties have chosen English law will not prejudice the application of
any mandatory rules under the laws of that other country which cannot be derogated from by
contract.

The qualifications to which this opinion is subject are as follows:

	(a)	 	We assume that each Agreement has been duly authorised and entered into by each party to it.

	 	 	 	 	 
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	(b)	 	This opinion is subject to all insolvency and other laws affecting the rights of creditors
generally.
	 
	(c)	 	We assume that no foreign law affects the conclusions stated above. We assume, in
particular, that, so far as the laws of Singapore are concerned, each Agreement is a legal,
valid, binding and enforceable obligation of the Company. In this regard we have relied on
copies of the Allen & Overy Shook Lin & Bok and Rajah & Tann LLP [and [l]] legal
opinions referred to in Schedule 2 to the Credit Agreement.
	 
	(d)	 	An English court may stay proceedings if concurrent proceedings are being brought elsewhere.
	 
	(e)	 	No opinion is expressed as to:

	 	(i)	 	the title of the Company to any Security Asset;
	 
	 	(ii)	 	the priority of any security created or to be created by the Security
Agreement;
	 
	 	(iii)	 	the nature of the security created by the Security Agreement (whether fixed
or floating);
	 
	 	(iv)	 	the marketability of, or rights of enforcement over, any Security Asset; or
	 
	 	(v)	 	any other restriction affecting any Security Asset or the security created by
the Security Agreement.

	 	 	These matters are too lengthy to cover in this opinion.
	 
	(f)	 	The term enforceable means that a document is of a type and form enforced by the English
courts. It does not mean that each obligation will be enforced in accordance with its terms.
Certain rights and obligations of the Company may be qualified by the non-conclusivity of
certificates, doctrines of good faith and fair conduct, the availability of equitable remedies
and other matters, but in our view these qualifications would not defeat your legitimate
expectations in any material respect.

This opinion is given for the sole benefit of:

	(a)	 	the persons to whom the opinion is addressed; and
	 
	(b)	 	any person that becomes a Lender as part of primary syndication within 6 months of the date
of this letter.

This opinion may not be disclosed to anyone else except that it may be disclosed, but only on the
express basis that they may not rely on it, to any professional adviser or to any potential
assignee, transferee and sub-participant of a Facility or as required by law or regulation.

Yours faithfully,

	 	 	 	 	 
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SCHEDULE 8

FURTHER INFORMATION

PART 1

CAPITALISATION OF THE COMPANY

	(1)	 	Share Capital of the Company as at December 31, 2007

	 	 	 	 	 	 	 	 	 
	Share Capital Issued	 	 	No. of shares	 	 	Share Capital (S$)
	 
	 	 	 	 	 	 	 	 
	Current Issued and Paid-up capital
	 	 	2,539,625,807	 	 	 	4,383,651,191.72	 

	(2)	 	List of shareholder owning directly 5% or more of the Company’s shares as at December 31, 2007

	 	 	 	 	 	 	 	 	 
	Name of Shareholder	 	 	No. of Shares	 	 	% of issued share capital
	 	 	 	 	 	 	 	 	 
	Singapore Technologies Semiconductors Pte Ltd
	 	 	1,510,324,883	 	 	 	59.47%	 

Note: Temasek Holdings (Private) Limited is deemed to be interested in the 1,510,324,883 shares
held by Singapore Technologies Semiconductors Pte Ltd

PART 2

PROCEEDINGS

None.

	 	 	 	 	 
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PART 3

WITHHOLDING TAX

	 	 	 	 	 
	This Agreement	 	 	 	 
	 	 	 	 	 
	Commitment Fee
	 	 	0	 
	 	 	 	 	 
	Interest Payment to Lenders
	 	 	10	%
	 	 	 	 	 
	Atradius Premium
	 	 	0	 
	 	 	 	 	 
	Fee Letter
	 	 	 	 
	 	 	 	 	 
	Management Fee
	 	 	0	 
	 	 	 	 	 
	Arrangement Fee
	 	 	0	 

PART 4

INDEBTEDNESS

	 	 	 	 	 
	 	 	Original Principal
	List of Indebtedness	 	Amount (US$million)
	 	 	 	 	 
	Part 1
	 	 	 	 
	 	 	 	 	 
	Ex-Im Phase I Project Credit Facilities*
	 	 	653.00	 
	 	 	 	 	 
	Ex-Im Phase II Project Credit Facilities
	 	 	610.00	 
	 	 	 	 	 
	SMBC Revolving Credit Facility
	 	 	150.00	 
	 	 	 	 	 
	Bank of America Revolving Credit Facility
	 	 	50.00	 
	 	 	 	 	 
	Convertible Redeemable Preference Shares**
	 	 	300.00	 
	 	 	 	 	 
	6.00% Amortizing Bonds due 2010*
	 	 	47.00	 
	 	 	 	 	 
	6.25% Senior Notes due 2013
	 	 	300.00	 
	 	 	 	 	 
	6.375% Senior Notes due 2015
	 	 	250.00	 
	 	 	 	 	 
	Japan Bank for International Cooperation Credit Agreement
	 	 	300.00	 
	 	 	 	 	 
	Part II
	 	 	 	 
	 	 	 	 	 
	5.75% Senior Notes due 2010
	 	 	375.00	 
	 
	 
	 	 	 	 
	 
	Total
	 	 	3035.00	 
	 

			
	*	 	Has been partly repaid.
	 
	**	 	Currently accounted for as mezzanine equity in financial statements.

	 	 	 	 	 
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PART 5

HEDGING POLICIES

(ATTACHED)

	 	 	 	 	 
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SCHEDULE 9

CONTACT DETAILS

	 	(a)	 	The contact details of the Company are:
	 
	 	 	 	Address:	 	60 Woodlands Industrial Park D, Street 2, Singapore 738406
	 	 	 	Fax number:	 	+65 6362 2909
	 	 	 	Attention:	 	Chief Financial Officer.
	 
	 	(b)	 	The contact details of the Security Trustee are:
	 
	 	 	 	Address:	 	One Temapek Avenue

#02-01 Millenia Tower

Singapore 039192
	 	 	 	Fax number:	 	+65 6883 0338
	 	 	 	[E-mail:	 	gtsaprm@bankofny.com & gtsapta@bankofny.com
	 	 	 	Attention:	 	Global Corporate Trust.

	 	(c)	 	The contact details of the Facility Agent are :

	 	 	 	 	 	 	 
	
CREDIT MATTERS
	 	Details of the individual who will be responsible for the credit aspects of the facility (waivers, covenants, financial accounts...)	 	 	 	 
	NAME(S):
	 	Marie-Cécile FOURNIER	 	 	 	 
	ADDRESS
	 	OPER/CAF/EXT 17 Cours Valmy 75886 Paris Cedex 18	 	 	 	 
	TELEPHONE NUMBER:
	 	33.1.58.98.46.09	 	 	 	 
	FAX:
	 	33.1.46.92.45.97	 	 	 	 
	E-MAIL:
	 	marie-cecile.fournier@sgcib.com	 	 	 	 
	 
	 	 	 	 	 	 
	NAME(S):
	 	Mr Lionel Lecrinier	 	 	 	 
	ADDRESS
	 	OPER/CAF/EXT 17 cours Valmy 75886 Paris Cedex 18	 	 	 	 
	TELEPHONE NUMBER:
	 	33.1.42.13.09.06	 	 	 	 
	FAX:
	 	33.1.46.92.45.97	 	 	 	 
	E-MAIL:
	 	Lionel.lecrinier@sgcib.com	 	 	 	 
	
OPERATIONAL MATTERS
	 	Closing New — details of the individual who is responsible for the closing aspects of the deal	 	 	 	 
	NAME(S):
	 	Carole HENAUT / Cécile FAYON	 	 	 	 
	ADDRESS
	 	OPER/CAF/CLO/NEW 17 Cours Valmy 75886 Paris Cedex 18	 	 	 	 
	TELEPHONE NUMBER:
	 	33.1.42.14.48.76 / 33.1.42.13.30.07	 	 	 	 
	FAX:
	 	33.1.46.92.46.21	 	 	 	 

	 	 	 	 	 
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	E-MAIL:
	 	carole.henaut@sgcib.com	 	 	 	 
	 
	cecile.fayon@sgcib.com	 	 	 	 
	
OPERATIONAL MATTERS
	 	Deal manager — details of the individual who is responsible for the operational aspects of the facility (drawdowns, rollovers, interest payments...)	 	 	 	 
	NAME(S):
	 	Chantal MAURY/Catherine ALCARAS	 	 	 	 
	ADDRESS
	 	OPER/CAF/DMT 6 — 17 Cours Valmy - 75886 Paris  Cedex 18	 	 	 	 
	TELEPHONE NUMBER:
	 	33.1.42.14.54.38 / 33.1.42.13.72.11	 	 	 	 
	FAX:
	 	33.1.46.92.45.98	 	 	 	 
	E-MAIL:
	 	chantal.maury@sgcib.com
/ catherine.alcaras@sgcib.com	 	 	 	 

	 	 	 	 	 
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SIGNATORIES

Company

CHARTERED SEMICONDUCTOR MANUFACTURING LTD

			
	By:	 	/s/ George Thomas
Senior Vice President and Chief Financial Officer

 

 

Arranger

SOCIÉTÉ GÉNÉRALE

			
	By:	 	/s/Michelle Ling

 

 

Original Lender

SOCIÉTÉ GÉNÉRALE

			
	By:	 	/s/ Michelle Ling

 

 

Facility Agent

SOCIÉTÉ GÉNÉRALE

			
	By:	 	/s/ Michelle Ling

 

 

Security Trustee

THE BANK OF NEW YORK

			
	By:	 	/s/ Kris Lee

Assistant Treasurer

 

 

Account Bank

THE BANK OF NEW YORK

			
	By:	 	/s/ Kris Lee

Assistant Treasurer

	 	 	 	 	 
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