Document:

exv10w1

 

EXHIBIT 10.1

CONFORMED COPY

AGREEMENT

DATED 22ND FEBRUARY, 2005

£170,000,000

CREDIT FACILITY

FOR

CENTEX DEVELOPMENT FUNDING COMPANY UK LIMITED

ARRANGED BY

THE ROYAL BANK OF

SCOTLAND PLC

AND

LLOYDS TSB BANK PLC

ALLEN & OVERY

ALLEN & OVERY LLP

LONDON

 

 

CONTENTS

	 	 	 	 	 	 	 
	Clause	 	 	 	Page
	 
	 	 	 	 	 	 
	1.

	 	Interpretation
	 	 	1	 
	2.

	 	Facility
	 	 	16	 
	3.

	 	Purpose
	 	 	17	 
	4.

	 	Conditions precedent
	 	 	17	 
	5.

	 	Utilisation
	 	 	17	 
	6.

	 	Repayment
	 	 	18	 
	7.

	 	Prepayment and cancellation
	 	 	19	 
	8.

	 	Interest
	 	 	20	 
	9.

	 	Terms
	 	 	21	 
	10.

	 	Market disruption
	 	 	22	 
	11.

	 	Taxes
	 	 	23	 
	12.

	 	Increased Costs
	 	 	25	 
	13.

	 	Mitigation
	 	 	26	 
	14.

	 	Payments
	 	 	26	 
	15.

	 	Guarantee and indemnity
	 	 	28	 
	16.

	 	Representations
	 	 	30	 
	17.

	 	Information covenants
	 	 	36	 
	18.

	 	Financial covenants
	 	 	39	 
	19.

	 	General covenants
	 	 	40	 
	20.

	 	Default
	 	 	46	 
	21.

	 	The Administrative Parties
	 	 	51	 
	22.

	 	Evidence and calculations
	 	 	56	 
	23.

	 	Fees
	 	 	56	 
	24.

	 	Indemnities and Break Costs
	 	 	57	 
	25.

	 	Expenses
	 	 	59	 
	26.

	 	Amendments and waivers
	 	 	59	 
	27.

	 	Changes to the Parties
	 	 	61	 
	28.

	 	Disclosure of information
	 	 	63	 
	29.

	 	Set-off
	 	 	64	 
	30.

	 	Pro Rata Sharing
	 	 	64	 
	31.

	 	Severability
	 	 	65	 
	32.

	 	Counterparts
	 	 	65	 
	33.

	 	Notices
	 	 	65	 
	34.

	 	Language
	 	 	67	 
	35.

	 	Governing law
	 	 	67	 
	36.

	 	Enforcement
	 	 	67	 
	37.

	 	Complete Agreement
	 	 	68	 

 

 

	 	 	 	 	 	 	 
	Schedules	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	1.

	 	Original Parties
	 	 	69	 
	2.

	 	Conditions precedent documents
	 	 	70	 
	3.

	 	Form of Request
	 	 	72	 
	4.

	 	Calculation of the Mandatory Cost
	 	 	73	 
	5.

	 	Form of Transfer Certificate
	 	 	76	 
	6.

	 	Existing Security
	 	 	78	 
	7.

	 	Form of Compliance Certificate
	 	 	79	 
	 	 	 	 	 
	Signatories	 	 	83	 

 

 

THIS AGREEMENT is dated 22nd February, 2005

BETWEEN:

	(1)  	CENTEX DEVELOPMENT FUNDING COMPANY UK LIMITED (incorporated in England and Wales with
registered number 4167358) as borrower (the Borrower);
	 
	(2)  	CENTEX CORPORATION (a company incorporated in Nevada, U.S.) as guarantor (the Guarantor);
	 
	(3)  	THE ROYAL BANK OF SCOTLAND PLC as book-runner (in this capacity the Book-runner);
	 
	(4)  	THE ROYAL BANK OF SCOTLAND PLC and LLOYDS TSB BANK PLC as joint mandated lead arrangers (in
this capacity, each a Joint Mandated Lead Arranger);
	 
	(5)  	THE FINANCIAL INSTITUTIONS listed in the Schedule 1 (Original Parties) as original lenders
(the Original Lenders); and
	 
	(6)  	THE ROYAL BANK OF SCOTLAND PLC as facility agent (in this capacity the Facility Agent).

IT IS AGREED as follows:

	1.  	INTERPRETATION
	 
	1.1  	Definitions
	 
	   	In this Agreement:
	 
	   	Administrative Party means the Joint Mandated Lead Arrangers or the Facility Agent.
	 
	   	Affiliate of any person means any other person who directly or indirectly controls, or
is controlled by, or is under common control with, such person, and, for the purposes of
this definition only, control, controlled by, and under common control with means
possession, directly or indirectly, of the power to direct or cause the direction of
management or policies (whether through ownership of voting securities, by contract, or
otherwise).
	 
	   	Anti–Terrorism Law means any U.S. State or Federal law relating to terrorism, money
considering or any related seizure, forfeiture or confiscation of assets including:

	 	(a)  	Executive Order No. 13224 of 23rd September, 2001 – Blocking Property and
Prohibiting Transactions with Persons who Commit, Threaten to Commit or Support
Terrorism (the Executive Order);
	 
	 	(b)  	the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the USA Patriot
Act); and
	 
	 	(c)  	the Money Laundering Control Act of 1986, Public Law 99-570.

	   	Availability Period means the period from and including the date of this Agreement to
and including the date which falls one month before the Final Maturity Date.

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	   	Borrower Change of Control means any event or series of events by which the Guarantor
ceases to control the Borrower. For this purpose control has the meaning given to it in
section 416 of the Income and Corporation Taxes Act 1988.
	 
	   	Break Costs means the amount (if any) which a Lender is entitled to receive under
Clause 24.3 (Break Costs) as compensation if any part of a Loan or overdue amount is repaid
or prepaid.
	 
	   	Business Day means a day (other than a Saturday or a Sunday) on which banks are open
for general business in London.
	 
	   	Capitalised Lease Obligations means all obligations under any capital lease or sublease
which should be capitalised on a balance sheet in accordance with accounting principles and
practices generally accepted in the jurisdiction of the Guarantor.
	 
	   	Code means the United States Internal Revenue Code of 1986, as amended, together with
the rules and regulations promulgated thereunder.
	 
	   	Commitment means:

	 	(a)  	for an Original Lender, the amount set opposite its name in Schedule 1
(Original Parties) under the heading Commitments and the amount of any other Commitment
it acquires; and
	 
	 	(b)  	for any other Lender, the amount of any 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 7
(Form of Compliance Certificate) setting out, among other things, calculations of the
financial covenants.
	 
	   	Consolidated Adjusted Net Income means consolidated net earnings (after income taxes and
without deduction for losses) of the Group but excluding:

	 	(a)  	gains from extraordinary items; and
	 
	 	(b)  	any aggregate net gain arising from the sale, exchange or other disposal of
capital assets by the Guarantor and its Subsidiaries (including any fixed assets,
whether tangible or intangible, all inventory sold in conjunction with the disposition
of fixed assets and all securities (other than securities sold in the ordinary course
of business)).

	   	Consolidated Debt Outstanding means:

	 	(a)  	all Financial Indebtedness of the Guarantor and each of its Restricted
Subsidiaries; less
	 
	 	(b)  	Excess Cash not subject to any Security Interest or other restrictions not
inherent in the particular investment or obligation,
	 
	 	   	provided that, for the purposes of Clause 18.5 (Recourse Debt of Unrestricted
Subsidiaries), Consolidated Debt Outstanding means, as of the date of determination,

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	 	   	all Financial Indebtedness of the Guarantor and each of its Restricted Subsidiaries,
on a consolidated basis.

	   	Consolidated EBITDA means the EBITDA of the Guarantor and the Restricted Subsidiaries,
on a consolidated basis.
	 
	   	Consolidated Interest Expense means the Interest Expense of the Guarantor and the
Restricted Subsidiaries, on a consolidated basis.
	 
	   	Consolidated Tangible Net Worth means the Tangible Net Worth of the Guarantor and its
Subsidiaries (other than any Excluded Subsidiary), on a consolidated basis.
	 
	   	Contingent Obligations means:

	 	(a)  	any obligations guaranteeing any Financial Indebtedness, leases, dividends, or
other obligations of any person in any manner, whether directly or indirectly; and
	 
	 	(b)  	any other obligation, whether or not contingent, pursuant to which any person
is liable under or with respect to the obligations of another person,

	   	in each case that would be included in a balance sheet (or disclosed and assigned a monetary
value in the footnotes thereto) properly prepared in accordance with accounting principles
and practices generally accepted in the jurisdiction of the relevant person.
	 
	   	Cumulative Consolidated Net Income means the sum of Quarterly Consolidated Net Income
for the financial quarter ended 30th June, 2004 and for each succeeding financial quarter
during the term of this Agreement.
	 
	   	Default means:

	 	(a)  	an Event of Default; or
	 
	 	(b)  	an event 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.

	   	Deferred Purchase Agreement means an agreement for the purchase of freehold or
leasehold land in the U.K. by a member of the Group under which payment of the purchase
price is deferred for a period of time after legal and beneficial title to that land has
been transferred to the relevant member of the Group.
	 
	   	EBITDA means, with respect to any period, an amount equal to:

	 	(a)  	consolidated net income for such period; less
	 
	 	(b)  	the sum of:

	 	(i)  	income tax credits;
	 
	 	(ii)  	interest income;
	 
	 	(iii)  	gains from extraordinary items for such period;

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	 	(iv)  	any aggregate net gain during such period arising from the
sale, exchange or other disposition of capital assets (including any fixed
assets, whether tangible or intangible, all inventory sold in conjunction with
the disposition of fixed assets and all securities (other than securities sold
in the ordinary course of business)),

	 	   	in each case to the extent included in the calculation of consolidated net
income for such period; less
	 
	 	(c)  	any cash payments made in respect of any item of extraordinary loss accrued
during a prior period and added back to EBITDA in such prior period; plus
	 
	 	(d)  	the sum of:

	 	(i)  	any provision for income taxes;
	 
	 	(ii)  	Interest Expense;
	 
	 	(iii)  	the amount of depreciation and amortisation for such period;
	 
	 	(iv)  	the amount of any deduction to consolidated net income as a
result of any stock option expense;
	 
	 	(v)  	the amount of any item of extraordinary loss not paid in cash
in such period; and
	 
	 	(vi)  	the absolute value of any aggregate net loss during such period
arising from the sale, exchange or other disposal of capital assets (including
any fixed assets, whether tangible or intangible, all inventory sold in
conjunction with the disposition of fixed assets and all securities (other than
securities sold in the ordinary course of business)),

	 	   	in each case to the extent included in the calculation of consolidated net
income for such period.

	   	Environment means all or any of the following media: the air, water (including, without
limitation, ground and surface water) and land.
	 
	   	Environmental Approval means any authorisation required by an Environmental Law.
	 
	   	Environmental Claim means any claim by any person in connection with:

	 	(a)  	a breach, or alleged breach, of an Environmental Law;
	 
	 	(b)  	any accident, fire, explosion or other event of any type involving an emission
or substance which is capable of causing harm to any living organism or the
environment; or
	 
	 	(c)  	any other environmental contamination.

	   	Environmental Law means any law or regulation concerning:

	 	(a)  	the protection of health and safety;

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	 	(b)  	the environment; or
	 
	 	(c)  	any emission or substance which is capable of causing harm to any living
organism or the environment.

	   	Equity Issuance means the issue or sale by the Guarantor or any Restricted Subsidiary
of any Stock other than present and future Stock issued to the Guarantor or any of its
Subsidiaries or employees, directors or consultants of any of the Guarantor or any of its
Subsidiaries.
	 
	   	ERISA means the U.S. Employee Retirement Income Security Act of 1974 and any rule or
regulation issued thereunder from time to time in effect.
	 
	   	ERISA Affiliate means any company, trade or business (whether or not incorporated)
which, for the purposes of Title IV of ERISA, is a member of the Guarantor’s controlled
group or which is under common control with the Guarantor within the meaning of Section
414(b), (c), (m) or (o) of the code.
	 
	   	Event of Default means an event specified as such in Clause 20 (Default).
	 
	   	Excess Cash means, in respect of the Guarantor and each of its Restricted Subsidiaries:

	 	(a)  	all cash; plus
	 
	 	(b)  	time deposits with, and certificates of deposit, bank notes and bankers’
acceptances issued by any Lender or any lender under the Guarantor’s Facility Agreement
or any U.S. domestic bank, savings bank or savings and loan association having capital,
surplus and undivided profits aggregating at least U.S.$1,000,000,000; plus
	 
	 	(c)  	investments in direct obligations of the U.S. or any agency,
government-sponsored enterprise or instrumentality thereof, or obligations fully
guaranteed by the U.S. or any agency, government-sponsored enterprise or
instrumentality thereof provided that such obligations mature within one (1) year of
the date of acquisition thereof; plus
	 
	 	(d)  	investments in commercial paper rated (at the time of purchase) in one of the
two highest short-term rating categories by two (2) or more recognised credit rating
agencies and maturing not more than two hundred and seventy (270) days from the date of
creation thereof; plus
	 
	 	(e)  	repurchase agreements involving any of the obligations described in paragraphs
(b), (c) and (d) above so long as the other party to the repurchase agreement has
short-term unsecured debt obligations or short-term deposits rated (at the time of
purchase) in the highest grade by two (2) or more recognised credit rating agencies;
plus
	 
	 	(f)  	investments in direct obligations of any money-market fund or other similar
investment company that is rated “AAAm” or “AAAm-G” by S&P and “Aaa” by Moody’s or
whose investments consist, directly or indirectly, primarily of short-term money market
securities, which may include obligations described in the foregoing paragraphs of this
definition; minus
	 
	 	(g)  	$15,000,000 or its equivalent,

	   	PROVIDED THAT in no event shall Excess Cash be less than zero.

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	   	Excluded Subsidiary means any Unrestricted Subsidiary in relation to which a default or
event of default under any Financial Indebtedness in excess of U.S.$25,000,000 (or its
equivalent) at any time has occurred and is continuing.
	 
	   	Existing Indebtedness means the Financial Indebtedness of the Borrower existing at the
date of this Agreement including under:

	 	(a)  	a £100,000,000 credit agreement dated 30th March, 2001 (as amended) between
(amongst others) the Borrower and the Facility Agent; and
	 
	 	(b)  	a £20,000,000 credit agreement dated 31st March, 2004 between National
Westminster Bank plc and the Borrower.

	   	Facility means the 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 Borrower setting out the amount of certain fees referred
to in this Agreement.
	 
	   	Final Maturity Date means the date which falls three years after the date of this
Agreement.
	 
	   	Finance Document means:

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

	   	Finance Party means a Lender or an Administrative Party.
	 
	   	Financial Hedge means a swap, collar, floor, cap or other contract which is intended to
reduce or eliminate the risk of fluctuations in interest rates.
	 
	   	Financial Indebtedness means (without duplication) for any person (the Debtor):

	 	(a)  	all liabilities, obligations and indebtedness for monies borrowed;
	 
	 	(b)  	all liabilities, obligations and indebtedness which is evidenced by bonds,
notes, debentures or other similar instruments;
	 
	 	(c)  	all Capitalised Lease Obligations:
	 
	 	(d)  	all obligations issued or assumed as the deferred purchase price of property,
all conditional sale obligations and obligations under any title retention agreements
(but

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	 	   	excluding trade accounts payable arising in the ordinary course of business that are
not overdue for more than ninety (90) days);
	 
	 	(e)  	all Contingent Obligations;
	 
	 	(f)  	all obligations of the type referred to in paragraphs (a) and (b) above of
other persons secured by any Security Interest on any property or asset of the Debtor
(whether or not such obligation is assumed by the Debtor);
	 
	 	(g)  	the face amount of all letters of credit and banker’s acceptances and (without
duplication) all drafts drawn and unpaid thereunder;
	 
	 	(h)  	all Stock subject to repurchase or redemption (other than where such option to
repurchase or redeem such Stock is at the sole option of the Debtor);
	 
	 	(i)  	all obligations to purchase Stock (or other property) which arise out of or in
connection with the sale of the same or substantially similar Stock (or other
property); and
	 
	 	(j)  	net obligations arising under Financial Hedges (as determined in accordance
with accounting principles and practices generally accepted in the jurisdiction of the
relevant Obligor).

	   	Group means the Guarantor and its Subsidiaries.
	 
	   	Guarantor Change of Control means any event or series of events by which:

	 	(a)  	any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the U.S. Securities Exchange Act 1934, but excluding any employee benefit plan of the
Guarantor or its Subsidiaries and any person acting in its capacity as trustee, agent
or other fiduciary or administrator of any such plan) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 of the U.S. Securities Exchange Act 1934, except
that a person or group shall be deemed to have “beneficial ownership” of all securities
that such person or Group has the right to acquire (an Option Right), whether such
right is exercisable immediately or only after the passage of time), directly or
indirectly, of fifty per cent. (50%) or more of the equity securities of the Guarantor
entitled to vote for members of the board of directors or equivalent governing body of
the Guarantor on a fully-diluted basis (and taking into account all such securities
that such person or group has the right to acquire pursuant to any Option Right);
	 
	 	(b)  	during any period of twelve (12) consecutive months, a majority of the members
of the board of directors or other equivalent governing body of the Guarantor cease to
be composed of individuals:

	 	(i)  	who were members of that board or equivalent governing body on
the first day of such period;
	 
	 	(ii)  	whose election or nomination to that board or equivalent
governing body was approved by individuals referred to in paragraph (i) above
constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body; or
	 
	 	(iii)  	whose election or nomination to that board or equivalent
governing body was approved by individuals referred to in clauses (i) and (ii)
above constituting

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	 	   	at the time of such election or nomination at least a majority of that board
or equivalent governing body (excluding in the case of both paragraph (ii)
and this paragraph (iii) any individual whose initial nomination for, or
assumption of office as, a member of that board or equivalent governing body
occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person
or group other than a solicitation for the election of one or more directors
by or on behalf of the board of directors).

	   	Guarantor’s Facility Agreement means the U.S.$800,000,000 Credit Agreement for Centex
Corporation dated 16th July, 2004 (as amended, supplemented or replaced from time to time)
with Banc of America, N.A. as Administrative Agent.
	 
	   	Hazardous Material means “hazardous substance”, “pollutant or contaminant”, and
“petroleum” and “natural gas liquids” as those terms are defined or used in Section 101 of
the U.S. Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C.
96.01 et seq.), as amended or supplemented from time to time, and any other substances
regulated because of their effect or potential effect on public health and the Environment
including PCBs, lead paint, asbestos, urea formaldehyde, radioactive materials, putrescible
materials, petroleum distillates, medical waste and infectious materials.
	 
	   	Holding Company of any other person, means a company 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 under a Finance Document or on its 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.
	 
	   	Interest Coverage Ratio means the ratio of:

	 	(a)  	Consolidated EBITDA plus the net income of each Unrestricted Subsidiary that is
earned and eligible for distribution,
	 
	 	   	to
	 
	 	(b)  	Consolidated Interest Expense,

	   	in each case for the most recent four (4) financial quarters ending on or prior to the
date of determination.
	 
	   	Interest Expense means, for any entity, the aggregate amount of all interest (including
facility and utilisation fees) on all Financial Indebtedness of such entity, whether paid in
cash or accrued as a liability and payable in cash during such period including:

	 	(a)  	imputed interest on Capitalised Lease Obligations;

8

 

	 	(b)  	the amortisation of any original issue discount on any Financial Indebtedness;
	 
	 	(c)  	the interest portion of any deferred payment obligations;
	 
	 	(d)  	all commissions, discounts, and other fees and charges owed with respect to
letters of credit or banker’s acceptance financing;
	 
	 	(e)  	net interest costs associated with Financial Hedges;
	 
	 	(f)  	the interest component of any Financial Indebtedness that is guaranteed or
secured by such entity and all cash premiums for the repayment, redemption or
repurchase of Financial Indebtedness.

	   	Lender means:

	 	(a)  	an Original Lender; or
	 
	 	(b)  	any person which becomes a Lender after the date of this Agreement.

	   	Leverage Ratio means, as at the last day of any financial quarter of the Guarantor, the
ratio of:

	 	(a)  	Consolidated Debt Outstanding on such date minus Subordinated Debt in an amount
not to exceed U.S.$200,000,000; to
	 
	 	(b)  	the sum of:

	 	(i)  	Consolidated Debt Outstanding on such date; plus
	 
	 	(ii)  	Consolidated Tangible Net Worth on such date.

	   	LIBOR means for a Term of any Loan or overdue amount:

	 	(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,

	   	as of 11.00 a.m. 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 66 2/3 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
66 2/3 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 66 2/3 per cent. or
more of the Total Commitments immediately before the reduction.

	   	Mandatory Cost means the percentage rate per annum calculated by the Facility Agent
under Schedule 4 (Calculation of the Mandatory Cost).
	 
	   	Margin means 0.55 per cent. per annum.
	 
	   	Material Adverse Effect means any set of circumstances or events which, individually or
collectively, could reasonably be expected to result in any:

	 	(a)  	material impairment of the ability of an Obligor to perform its payment or
other material obligations under the Finance Documents;
	 
	 	(b)  	material and adverse effect on the business, properties, condition (financial
or otherwise) or results of operations of the Group (taken as a whole);
	 
	 	(c)  	material and adverse effect on the validity or enforceability of any Finance
Document or the rights of any Finance Party thereunder; or
	 
	 	(d)  	Default.

	   	The term Material Adverse Effect is used in this Agreement to qualify certain of the
representations, warranties and covenants contained herein, but is not, in and of itself, a
condition precedent to any borrowing under this Agreement or an independent representation,
covenant or Event of Default.
	 
	   	Maturity Date means the last day of the Term of a Loan.
	 
	   	Moody’s means Moody’s Investors Service, Inc.
	 
	   	Moody’s Rating means the most recently-announced rating of Moody’s assigned to any
class of long-term senior, unsecured debt securities issued by the Guarantor in respect of
which no letter of credit or guarantee is in place, regardless of whether all or any part of
such securities have been issued at the time such rating was issued.
	 
	   	Multi-employer Plan means a “Multi-employer plan” as defined in section 3(37) or
4001(a)(3) of ERISA or Section 414(f) of the Code to which the Guarantor or any of its ERISA
Affiliates is making, or has made, or is accruing, or has accrued an obligation to
contribute.
	 
	   	Net Proceeds means, with respect to any Equity Issuance by the Guarantor or any
Restricted Subsidiary, the amount of cash received by such person in connection with such
transaction after deducting therefrom the aggregate, without duplication, of the following
amounts to the extent properly attributable to such transaction:

	 	(a)  	reasonable brokerage commissions, legal fees, finder’s fees, financial advisory
fees, accounting fees, underwriting fees, investment banking fees and other similar
commissions and fees (and expenses and disbursements of any of the foregoing);
	 
	 	(b)  	printing and related expenses and filing, recording or registration fees or
charges or similar fees or charges paid by such entity; and

10

 

	 	(c)  	taxes paid or payable by such entity to any governmental authority as a result
of the transaction.

	   	Obligor means the Guarantor or the Borrower.
	 
	   	Original Financial Statements means:

	 	(a)  	(in respect of the Guarantor) the audited consolidated financial statements of
the Guarantor for the year ended 31st March, 2004; and
	 
	 	(b)  	(in respect of the Borrower) the audited consolidated financial statements of
the Borrower for the year ended 31st March, 2004.

	   	Party means a party to this Agreement.
	 
	   	PBGC means the Pension Benefit Guaranty Corporation.
	 
	   	Plan means an “employee pension benefit plan” covered by Title IV of ERISA and
established or maintained by the Guarantor or any of its ERISA Affiliates, but not including
any Multi-Employer Plan.
	 
	   	Pro Rata Share means:

	 	(a)  	for the purpose of determining a Lender’s share in a utilisation of the
Facility, the proportion which its Commitment bears to the Total Commitments; 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; or
	 
	 	(iii)  	if there is no Loan outstanding on such date and the Total
Commitments have been cancelled, the proportion which its Commitment bore to
the Total Commitments immediately before being cancelled.

	   	Quarterly Consolidated Net Income means, in respect of any financial quarter of the
Guarantor, Consolidated Adjusted Net Income for that quarter, provided that if Consolidated
Adjusted Net Income for any quarter is less than 0, then Quarterly Consolidated Adjusted Net
Income for such quarter shall be 0.
	 
	   	Rate Fixing Day means 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.
	 
	   	Recourse Debt means all Financial Indebtedness of each Unrestricted Subsidiary in
respect of which the Guarantor or any Restricted Subsidiary has indebtedness, whether as a
guarantor or otherwise.
	 
	   	Reference Banks means the Facility Agent, Lloyds TSB Bank PLC, JPMorgan Chase Bank,
N.A., BNP Paribas, London Branch and any other bank or financial institution appointed as
such by the Facility Agent under this Agreement.

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	   	Release means any spilling, leaking, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, leaching, dumping or disposing into the environment (including air,
groundwater, surface water, soil, other environmental media or natural resources).
	 
	   	Repeating Representations means the representations which are deemed to be repeated
under Clause 16.23 (Times for making representations).
	 
	   	Reportable Event means a reportable event as defined in Section 4043 of ERISA and the
regulations issued under that section with respect to a Plan, excluding events for which the
notice requirement is waived under applicable PBGC regulations other than those events
described in Sections 2615.11, 2615.15 and 2615.19 of such regulations, including each such
provisions as it may subsequently be renumbered.
	 
	   	Request means a request for a Loan, substantially in the form of Schedule 3 (Form of
Request).
	 
	   	Reservations means the time barring of claims under any limitation acts (or any other
applicable laws or regulations having a similar effect), the possibility that an undertaking
to assume liability for or to indemnify against non-payment of stamp duty may be void, the
possibility that a provision relating to capitalisation of interest may be void under the
laws of some jurisdictions and defences of set-off, counterclaim or similar principles.
	 
	   	Responsible Officer means the chairman, vice chairman, president, chief executive
officer, chief financial officer, executive vice president, senior vice president, treasurer
or any other officer designated from time to time by the Board of Directors or Executive
Committee and who is acceptable to the Facility Agent.
	 
	   	Restricted Party means any individual or entity:

	 	(a)  	listed in the Annex to the Executive Order or is otherwise subject to the
provisions of the Executive Order;
	 
	 	(b)  	listed on the “Specially Designated Nationals and Blocked Persons” list
maintained by the Office of Foreign Assets Control (OFAC) of the United States
Department of the Treasury, as updated or amended from time to time, or any similar
list issued by OFAC; or
	 
	 	(c)  	whose property has been blocked, or is subject to seizure, forfeiture or
confiscation, by any order relating to terrorism or money laundering issued by the
President, Attorney General, Secretary of State, Secretary of Defense, Secretary of the
Treasury or any other U.S. State or Federal governmental official or entity.

	   	Restricted Subsidiary means each of the Guarantor’s Subsidiaries, other than the
Unrestricted Subsidiaries.
	 
	   	Rollover Loan means one or more Loans:

	 	(a)  	to be made on the same day that a maturing Loan is due to be repaid;
	 
	 	(b)  	the aggregate amount of which is equal to or less than the maturing Loan; and
	 
	 	(c)  	to be made for the purpose of refinancing a maturing Loan.

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	   	Screen Rate means the British Bankers Association Interest Settlement Rate, for the
relevant currency and Term displayed on the appropriate page of the Telerate 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 Borrower and the Lenders) may
specify another page or service displaying the appropriate rate.
	 
	   	Security Interest means any lien, mortgage, security interest, pledge, assignment,
charge, title retention agreement, or encumbrance of any kind and any other right of or
arrangement with any creditor (other than under or relating to subordination or other
intercreditor arrangements) to have its claim satisfied out of any property or other assets,
or the proceeds therefrom, prior to the general creditors of the owners thereof.
	 
	   	Solvent means:

	 	(a)  	in respect of the Guarantor, that:

	 	(i)  	the aggregate fair market value of its assets exceeds its
liabilities (whether contingent, subordinated, unmatured, unliquidated or
otherwise);
	 
	 	(ii)  	it has sufficient cash flow to enable it to pay its Financial
Indebtedness as it matures; and
	 
	 	(iii)  	its does not have unreasonably small capital to conduct it’s
business;

	 	(b)  	in respect of the Borrower, that none of the events listed in Clause 20.6
(Insolvency) has occurred.

	   	S&P means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc.
	 
	   	S&P Rating means the most recently-announced rating of S&P assigned to any class of
long-term senior, unsecured debt securities issued by the Guarantor in respect of which no
letter of credit or guarantee is in place regardless of whether all or any part of such
securities has been issued at the time such rating was issued.
	 
	   	Stock means all shares, options, warrants, general or limited partnership interests,
membership interests or other ownership interests (regardless of how designated) of or in a
corporation, partnership, limited liability company, trust or other entity, whether voting
or non-voting, including common stock, preferred stock, or any similar “equity security” (as
such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the
Securities and Exchange Commission under the U.S. Securities Exchange Act 1934, as amended).
	 
	   	Subordinated Debt means any Financial Indebtedness of the Guarantor which:

	 	(a)  	is subordinated to its obligations under this Agreement or under the
Guarantor’s Facility Agreement on terms including customary provisions regarding
payment blockage, payover, standstill and voting rights, and notices;
	 
	 	(b)  	is not considered a “current liability” in accordance with the accounting
principles and practices generally accepted in the Guarantor’s jurisdiction of
incorporation; and
	 
	 	(c)  	requires no payments of principal until its maturity.

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	   	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 and control for this purpose means the power to direct the management and the
policies of the entity whether through the ownership of voting capital, by contract or
otherwise.
	 
	   	Tangible Net Worth means, for any person, the consolidated (if that person has
Subsidiaries) shareholders’ equity of the relevant person less:

	 	(a)  	all intangibles determined in accordance with accounting principles and
practices generally accepted in the jurisdiction of incorporation of that person
(including, without limitation, goodwill and deferred or capitalised acquisition
costs);
	 
	 	(b)  	unamortized Financial Indebtedness discount and expense;
	 
	 	(c)  	any non-cash gain (or plus any non-cash loss, as applicable) resulting from any
mark-to-market adjustments made directly to consolidated shareholders’ equity as a
result of fluctuations in the value of financial instruments owned by the Guarantor or
its Subsidiaries as mandated under FAS 133; and
	 
	 	(d)  	all reserves (except contingency reserves not allocated to specific purposes
and not deducted from assets, which are properly treated as appropriations of surplus
or retained earnings) and any write-up in book value of assets resulting from a
revaluation of such asset subsequent to 31st March, 2004.

	   	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 an Obligor to a Finance Party in any way relating
to a Tax Deduction or under any indemnity given by that Obligor in respect of Tax under any
Finance Document.
	 
	   	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.
	 
	   	Transfer Certificate means a certificate, substantially in the form of Schedule 5 (Form
of Transfer Certificate), with such amendments as the Facility Agent may approve or
reasonably require or any other form agreed between the Facility Agent and the Borrower.
	 
	   	U.K. means the United Kingdom.
	 
	   	United States or U.S. means the United States of America.
	 
	   	Unrestricted Subsidiary means, at any time, a Subsidiary of the Guarantor which is at
that time (or was immediately prior to the repayment, cancellation or expiry of the
Guarantor’s Facility Agreement) an Unrestricted Subsidiary under the Guarantor’s Facility
Agreement.
	 
	   	Utilisation Date means each date on which the Facility is utilised.

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

	 	(i)  	an amendment includes a supplement, novation, restatement or re-enactment 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,
licence, exemption, filing, registration or notarisation;
	 
	 	(iv)  	disposal means a sale, transfer, grant, lease or other disposal, whether
voluntary or involuntary, and dispose will be construed accordingly;
	 
	 	(v)  	indebtedness includes any obligation (whether incurred as principal or as
surety) for the payment or repayment of money;
	 
	 	(vi)  	know your customer requirements are 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, 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 another document is a reference to that Finance Document
or other document as amended; and
	 
	 	(xv)  	a time of day is a reference to London time.

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	(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 sub-paragraph (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.

	(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 variation (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 an Obligor under the Finance Documents which is not a
payment obligation remains in force for so long as any payment obligation of an Obligor
is or may be outstanding under the Finance Documents.

	(e)  	The headings in this Agreement do not affect its interpretation.
	 
	2.  	FACILITY
	 
	2.1  	Facility
	 
	   	Subject to the terms of this Agreement, the Lenders make available to the Borrower a
revolving credit facility in an aggregate amount equal to the Total Commitments.
	 
	2.2  	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 Party under the Finance Documents;
	 
	 	(c)  	no Finance Party is responsible for the obligations of any other Finance Party
under the Finance Documents;

16

 

	 	(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.

	3.  	PURPOSE
	 
	3.1  	Loans
	 
	   	Each Loan may only be used for:

	 	(a)  	the lawful corporate purposes of the Group; and
	 
	 	(b)  	the repayment of Existing Indebtedness.

	3.2  	No obligation to monitor
	 
	   	No Finance Party is bound to monitor or verify the utilisation of the Facility.
	 
	4.  	CONDITIONS PRECEDENT
	 
	4.1  	Conditions precedent documents
	 
	   	A Request may not be given until the Facility Agent has notified the Borrower and the
Lenders that it has received all of the documents and evidence set out in Schedule 2
(Conditions precedent documents) in form and substance satisfactory to the Facility Agent.
The Facility Agent must give this notification to the Borrower 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; and
	 
	 	(b)  	no Default or, in the case of a Rollover Loan, no Event of Default is
outstanding or would result from the Loan.

	4.3  	Maximum number
	 
	   	Unless the Facility Agent agrees, a Request may not be given if, as a result, there
would be more than 15 Loans outstanding.
	 
	5.  	UTILISATION
	 
	5.1  	Giving of Requests
	 
	(a)  	The Borrower may borrow a Loan by giving to the Facility Agent a duly completed Request.

17

 

	(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. one Business Day before the Rate Fixing Day for the
proposed borrowing.
	 
	(c)  	Each Request is irrevocable.
	 
	5.2  	Completion of Requests
	 
	   	A Request for a Loan will not be regarded as having been duly completed unless:

	 	(a)  	the Utilisation Date is a Business Day falling within the Availability Period;
	 
	 	(b)  	the amount of the Loan requested is:

	 	(i)  	a minimum of £2,000,000 and an integral multiple of £1,000,000;
	 
	 	(ii)  	the maximum undrawn amount available under the Facility on the
proposed Utilisation Date; or
	 
	 	(iii)  	such other amount as the Facility Agent may agree; and

	 	(c)  	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 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 would exceed its Commitment; 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 Loan available to the Facility Agent for the Borrower through its Facility Office on the
Utilisation Date.
	 
	6.  	REPAYMENT
	 
	(a)  	The Borrower must repay each Loan made to it in full on its Maturity Date.
	 
	(b)  	Subject to the other terms of this Agreement, any amounts repaid under paragraph (a) above or
otherwise voluntarily prepaid pursuant to Clause 7.2 (Voluntary prepayment), may be
re-borrowed.

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	7.  	PREPAYMENT AND CANCELLATION
	 
	7.1  	Mandatory prepayment - illegality
	 
	(a)  	A Lender must notify the Borrower promptly if it becomes aware that it is unlawful in any
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:

	 	(i)  	the Borrower must repay or prepay the share of that Lender in each Loan made to
it 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; or
	 
	 	(ii)  	if earlier, the date specified by the Lender in the notification under
paragraph (a) above and which must not be earlier that the last day of any applicable
grace period allowed by law.

	7.2  	Voluntary prepayment
	 
	(a)  	The Borrower may, by giving not less than three (3) Business Days’ prior notice to the
Facility Agent, prepay any Loan made to it at any time in whole or in part.
	 
	(b)  	A prepayment of part of a Loan must be in a minimum amount of £1,000,000 and an integral
multiple of £1,000,000.
	 
	7.3  	Automatic cancellation
	 
	   	The Commitment of each Lender will be automatically cancelled at the close of business
on the last day of the Availability Period.
	 
	7.4  	Voluntary cancellation
	 
	(a)  	The Borrower may, by giving not less than five (5) Business Days’ prior written 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 £5,000,000 and
an integral multiple of £1,000,000.
	 
	(c)  	Any cancellation in part will be applied against the Commitment of each Lender pro rata.
	 
	7.5  	Involuntary prepayment and cancellation
	 
	(a)  	If an Obligor is, or will be, required to pay to a Lender:

	 	(i)  	a Tax Payment;
	 
	 	(ii)  	an Increased Cost; or
	 
	 	(iii)  	any amount under paragraph 3 of Schedule 4 (Calculation of the Mandatory
Cost),

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	   	the Borrower 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 Borrower must repay or prepay that Lender’s share in each Loan made to it
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 Term for that Loan; or
	 
	 	(ii)  	if earlier, the date specified by the Borrower in notification.

	7.6  	Re-borrowing of Loans
	 
	   	Any voluntary prepayment of a Loan may be re-borrowed on the terms of this Agreement.
Any mandatory or involuntary prepayment of a Loan may not be re-borrowed.
	 
	7.7  	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
	 
	   	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;
	 
	 	(b)  	LIBOR; and
	 
	 	(c)  	Mandatory Cost.

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	8.2  	Payment of interest
	 
	   	Except where it is provided to the contrary in this Agreement, the Borrower 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 an Obligor 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:

	 	(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.
	 
	9.  	TERMS
	 
	9.1  	Selection
	 
	(a)  	Each Loan has one Term only.
	 
	(b)  	The Borrower must select the Term for a Loan in the relevant Request.
	 
	(c)  	Subject to the following provisions of this Clause, each Term for a Loan will be one, two,
three or six months or any other period (not greater than twelve months) agreed by the
Borrower and the Lenders.

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	9.2  	No overrunning the Final Maturity Date
	 
	   	If a Term would otherwise overrun the Final Maturity Date, it will be shortened so that
it ends on the Final Maturity Date.
	 
	9.3  	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 (London 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 only
one, Reference Bank supplies a rate by 12.00 noon (London 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 Borrower 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;
	 
	 	(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; and
	 
	 	(iii)  	Mandatory Cost.

	10.3  	Alternative basis of interest or funding
	 
	(a)  	If a market disruption event occurs and the Facility Agent or the Borrower so requires the
Borrower 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.

22

 

	(b)  	Any alternative basis agreed will be, with the prior consent of all the Lenders, binding on
all the Parties.
	 
	11.  	TAXES
	 
	11.1  	General
	 
	   	In this Clause:
	 
	   	Qualifying Lender means a Lender which is within the charge to U.K. corporation tax in
respect of, and beneficially entitled to, a payment of interest on a Loan made by a person
that was a bank for the purposes of section 349 of the Taxes Act (as currently defined in
section 840A of the Taxes Act) at the time the Loan was made.
	 
	   	Tax Credit means a credit against any Tax or any relief or remission for Tax (or its
repayment).
	 
	   	Taxes Act means the Income and Corporation Taxes Act 1988.
	 
	11.2  	Tax gross-up
	 
	(a)  	Each Obligor 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:

	 	(i)  	a Lender is not, or ceases to be, a Qualifying Lender; or
	 
	 	(ii)  	an Obligor or a Lender is aware that an Obligor 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)  	Except as provided below, if a Tax Deduction is required by law to be made by an Obligor or
the Facility Agent, the amount of the payment due from the Obligor 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)  	Except as provided below, an Obligor is not required to make an increased payment under
paragraph (c) above for a Tax Deduction in respect of the tax imposed by the U.K. to a Lender
that is not, or has ceased to be, a Qualifying Lender in excess of the amount that the Obligor
would have had to pay had the Lender been, or not ceased to be, a Qualifying Lender.
	 
	(e)  	Paragraph (d) above will not apply if the Lender has ceased to be a Qualifying Lender by
reason of any change after the date it became a Lender under this Agreement in (or in the
interpretation, administration, or application of) any law or any published practice or
concession of any relevant taxing authority.
	 
	(f)  	If an Obligor is required to make a Tax Deduction, that Obligor 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.

23

 

	(g)  	Within 30 days of making either a Tax Deduction or a payment required in connection with a
Tax Deduction, the Obligor making that Tax Deduction or payment 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.
	 
	11.3  	Tax indemnity
	 
	(a)  	Except as provided below, the Obligors 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 received
or receivable in that jurisdiction,

	   	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 Borrower of the event which will give, or has given, rise to the claim together
with reasonable evidence of the loss or liability from such event.
	 
	11.4  	Tax Credit
	 
	   	If an Obligor makes a Tax Payment and the relevant Finance Party (in its absolute
discretion) determines that:

	 	(a)  	a Tax Credit is attributable to that Tax Payment; and
	 
	 	(b)  	it has used that Tax Credit,

	   	the Finance Party must pay an amount to the Obligor which that Finance Party determines
(in its absolute discretion) will leave it (after that payment) in the same after-tax
position as it would have been if the Tax Payment had not been required to be made by the
Obligor.
	 
	11.5  	Stamp taxes
	 
	   	The Obligors must pay and indemnify each Finance Party against any stamp duty,
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.

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	11.6  	Value added taxes
	 
	(a)  	Any amount payable under a Finance Document by an Obligor 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 Obligor 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 Borrower 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 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 Borrower 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;
	 
	 	(b)  	a tax on the overall net income of a Finance Party or any of its Affiliates; or
	 
	 	(c)  	attributable to a Finance Party or its Affiliate wilfully, negligently or
recklessly failing to comply with any law or regulation.

	12.3  	Claims
	 
	   	A Finance Party intending to make a claim for an Increased Cost must notify the
Borrower promptly of the circumstances giving rise to, and the amount of, the claim together
with reasonable evidence supporting the amount of such claim.

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	13.  	MITIGATION
	 
	13.1  	Mitigation
	 
	(a)  	Each Finance Party must, in consultation with the Borrower, take all reasonable steps to
mitigate any circumstances which arise and which result or would result in:

	 	(i)  	any Tax Payment or Increased Cost being payable to that Finance Party;
	 
	 	(ii)  	that Finance Party being able to exercise any right of prepayment and/or
cancellation under this Agreement by reason of any illegality; or
	 
	 	(iii)  	that Finance Party incurring any cost of complying with the minimum reserve
requirements of the European Central Bank,

	   	including transferring its rights and obligations under the Finance Documents to an
Affiliate or changing its Facility Office.
	 
	(b)  	Paragraph (a) above does not in any way limit the obligations of any Obligor under the
Finance Documents.
	 
	(c)  	The Borrower must indemnify each Finance Party for all costs and expenses reasonably incurred
by that Finance Party as a result of any step taken by it under this Subclause.
	 
	(d)  	A Finance Party is not obliged to take any step under this Subclause if, in the opinion of
that Finance Party (acting reasonably), to do so might be prejudicial to it.
	 
	13.2  	Conduct of business by a Finance Party
	 
	   	No term of this Agreement will:

	 	(a)  	interfere with the right of any Finance Party to arrange its affairs (Tax or
otherwise) in whatever manner it thinks fit;
	 
	 	(b)  	oblige any Finance Party to investigate or claim any credit, relief, remission
or repayment available to it 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 London, 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

26

 

	   	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
London, 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 an Obligor in or towards payment
(as soon as practicable after receipt) of any amount due from that Obligor under the Finance
Documents or in or towards the purchase of any amount of any currency to be so applied.
	 
	(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 Clause.
	 
	(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 Sterling.
	 
	14.5  	No set-off or counterclaim
	 
	   	All payments made by an Obligor under the Finance Documents must be made without
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.

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	14.7  	Partial payments
	 
	(a)  	If the Facility Agent receives a payment insufficient to discharge all the amounts then due
and payable by the Obligors under the Finance Documents, the Facility Agent must apply that
payment towards the obligations of the Obligors 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.

	(b)  	The Facility Agent must, if so directed by the Majority Lenders, vary the order set out in
sub-paragraphs (a)(ii) to (iv) above.
	 
	(c)  	This Subclause will override any appropriation made by an Obligor.
	 
	14.8  	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.
	 
	15.  	GUARANTEE AND INDEMNITY
	 
	15.1  	Guarantee and indemnity
	 
	   	The Guarantor irrevocably and unconditionally:

	 	(a)  	guarantees to each Finance Party punctual performance by the Borrower of all
its payment obligations under the Finance Documents;
	 
	 	(b)  	undertakes with each Finance Party that, whenever the Borrower does not pay any
amount when due under any Finance Document, the Guarantor must immediately on demand by
the Facility Agent pay that amount as if it were the principal obligor; and
	 
	 	(c)  	indemnifies each Finance Party immediately on demand against any loss or
liability suffered by that Finance Party if any payment obligation guaranteed by it is
or becomes unenforceable, invalid or illegal; the amount of the loss or liability under
this indemnity will be equal to the amount the Finance Party would otherwise have been
entitled to recover.

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

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	15.3  	Reinstatement
	 
	(a)  	If any discharge (whether in respect of the obligations of the Borrower or any security for
those obligations or otherwise) or arrangement is made in whole or in part on the faith of any
payment, security or other disposition which is avoided or must be restored on insolvency,
liquidation or otherwise without limitation, the liability of the Guarantor under this Clause
will continue as if the discharge or arrangement had not occurred.
	 
	(b)  	Each Finance Party may concede or compromise any claim that any payment, security or other
disposition is liable to avoidance or restoration.
	 
	15.4  	Waiver of defences
	 
	   	The obligations of the Guarantor under this Clause will not be affected by any act,
omission or thing which, but for this provision, would reduce, release or prejudice any of
its obligations under this Clause (whether or not known to it or any Finance Party). This
includes:

	 	(a)  	any time or waiver granted to, or composition with, any person;
	 
	 	(b)  	any release of any person under the terms of any composition or arrangement;
	 
	 	(c)  	the taking, variation, compromise, exchange, renewal or release of, or refusal
or neglect to perfect, take up or enforce, any rights against, or security over assets
of, any person;
	 
	 	(d)  	any non-presentation or non-observance of any formality or other requirement in
respect of any instrument or any failure to realise the full value of any security;
	 
	 	(e)  	any incapacity or lack of power, authority or legal personality of or
dissolution or change in the members or status of any person;
	 
	 	(f)  	any amendment (however fundamental) of a Finance Document or any other document
or security; or
	 
	 	(g)  	any unenforceability, illegality, invalidity or non-provability of any
obligation of any person under any Finance Document or any other document or security.

	15.5  	Immediate recourse
	 
	   	The Guarantor waives any right it may have of first requiring any Finance Party (or any
trustee or agent on its behalf) to proceed against or enforce any other right or security or
claim payment from any person before claiming from the Guarantor under this Clause.
	 
	15.6  	Appropriations
	 
	   	Until all amounts which may be or become payable by the Borrower under the Finance
Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on
its behalf) may without affecting the liability of the Guarantor under this Clause:

	 	(a)  	refrain from applying or enforcing any other moneys, security or rights held or
received by that Finance Party (or any trustee or agent on its behalf) in respect of
those amounts; or

29

 

	 	(b)  	apply and enforce them in such manner and order as it sees fit (whether against
those amounts or otherwise); and
	 
	 	(c)  	hold in an interest-bearing suspense account any moneys received from the
Guarantor or on account of the Guarantor’s liability under this Clause.

	15.7  	Non-competition
	 
	   	Unless:

	 	(a)  	all amounts which may be or become payable by the Borrower under the Finance
Documents have been irrevocably paid in full; or
	 
	 	(b)  	the Facility Agent otherwise directs,

	   	the Guarantor will not, after a claim has been made or by virtue of any payment or
performance by it under this Clause:

	 	(i)  	be subrogated to any rights, security or moneys held, received or receivable by
any Finance Party (or any trustee or agent on its behalf);
	 
	 	(ii)  	be entitled to any right of contribution or indemnity in respect of any payment
made or moneys received on account of the Guarantor’s liability under this Clause;
	 
	 	(iii)  	claim, rank, prove or vote as a creditor of the Borrower or its estate in
competition with any Finance Party (or any trustee or agent on its behalf); or
	 
	 	(iv)  	receive, claim or have the benefit of any payment, distribution or security
from or on account of the Borrower, or exercise any right of set-off as against the
Borrower.

	   	The Guarantor must hold in trust for and immediately pay or transfer to the Facility
Agent for the Finance Parties any payment or distribution or benefit of security received by
it contrary to this Clause or in accordance with any directions given by the Facility Agent
under this Clause.
	 
	15.8  	Additional security
	 
	   	This guarantee is in addition to and is not in any way prejudiced by any other security
now or subsequently held by any Finance Party.
	 
	16.  	REPRESENTATIONS
	 
	16.1  	Representations
	 
	   	The representations set out in this Clause are made by each Obligor to each Finance
Party.
	 
	16.2  	Status
	 
	(a)  	In the case of the Borrower, it is a limited liability company which is duly incorporated and
validly existing under the laws of England & Wales.
	 
	(b)  	In the case of the Guarantor, it is duly organised, validly existing and in good standing
under the laws of the State of Nevada.

30

 

	(c)  	It and (in respect of the Borrower) each of its Subsidiaries has the power to own its assets
and carry on its business as it is being conducted, except where the failure to do so would
not have a Material Adverse Effect.
	 
	(d)  	In respect of the Guarantor, it and each of its Restricted Subsidiaries is duly qualified to
transact business and is in good standing in each jurisdiction where the nature and extent of
its business and properties require it to be so qualified, except where failure to be so
qualified would not have a Material Adverse Effect.
	 
	16.3  	Powers and authority
	 
	   	It has the power to enter into and perform, and has taken all necessary action to
authorise the entry into and performance of, the Finance Documents to which it is or will be
a party and the transactions contemplated by those Finance Documents.
	 
	16.4  	Legal validity
	 
	   	Subject to the Reservations and to any general principles of law limiting its
obligations and referred to in any legal opinion required under this Agreement, each Finance
Document to which it is a party is its legally binding, valid and enforceable obligation.
	 
	16.5  	Non-conflict
	 
	   	The entry into and performance by it of, and the transactions contemplated by, the
Finance Documents do not conflict with:

	 	(a)  	any law or regulation applicable to any member of the Group (other than
conflicts which individually or collectively would not have a Material Adverse Effect);
	 
	 	(b)  	any member of the Group’s constitutional documents; or
	 
	 	(c)  	any material written or oral agreements, contracts, commitments or
understandings to which any member of the Group is a party (other than conflicts which
individually or collectively would not constitute a Material Adverse Effect).

	16.6  	No default
	 
	(a)  	No Default is outstanding or will result from the execution of, or the performance of any
transaction contemplated by, any Finance Document; and
	 
	(b)  	no other event is outstanding which constitutes a default under any material written or oral
agreements, contracts, commitments or understandings to which any Obligor is party which
could, individually or collectively, have a Material Adverse Effect.
	 
	16.7  	Authorisations
	 
	   	All authorisations required by it and by each Restricted Subsidiary of the Guarantor in
the conduct of its respective business and in connection with the entry into, performance,
validity and enforceability of, and the transactions contemplated by, the Finance Documents
have been obtained or effected (as appropriate) and are in full force and effect, except,
with respect to the conduct of its business, where the failure to obtain or effect such
authorisation will not have a Material Adverse Effect. No defaults under or enforceable
adverse limitations on are outstanding in respect of any such authorisations and those
authorisations are not subject to

31

 

	   	any proceedings or claims opposing their issue, development or use or contesting their
validity, except for any such circumstance that could not have a Material Adverse Effect.
	 
	16.8  	Solvency
	 
	   	Each Obligor is Solvent.
	 
	16.9  	Financial statements
	 
	(a)  	Its audited financial statements most recently delivered to the Facility Agent (which, in the
case of the Obligors at the date of this Agreement, are the Original Financial Statements):

	 	(i)  	have been prepared in accordance with accounting principles and practices
generally accepted in its jurisdiction of incorporation, consistently applied; and
	 
	 	(ii)  	fairly represent (in all material respects) its financial condition
(consolidated, if applicable), results of operations, and cash flows, as at the date to
which they were drawn up (subject to normal year end adjustments).

	(b)  	There were no material liabilities, direct or indirect, fixed or contingent as of the date to
which the financial statements most recently delivered to the Facility Agent were drawn up
which are required under the accounting principles utilised in the preparation of the
financial statements to be reflected therein or in the notes thereto, and are not so
reflected.
	 
	16.10  	No material adverse change
	 
	   	As at the date of this Agreement there has been no material adverse change in the
consolidated financial condition of the Obligors since the date to which the Original
Financial Statements were drawn up.
	 
	16.11  	Litigation
	 
	(a)  	No member of the Group is subject to, or aware of the threat of, any litigation, arbitration
or administrative proceedings which are reasonably likely to be determined adversely to any
member of the Group, and which, if so adversely determined, could (individually or
collectively with other litigation, arbitration or administrative proceedings) have a Material
Adverse Effect nor are (to the knowledge of the Obligors) any such litigation, arbitration or
administrative proceedings pending.
	 
	(b)  	There are no outstanding orders or judgments for the payment of money in excess of
U.S.$25,000,000 or its equivalent (individually or collectively) or any warrant of attachment,
sequestration or similar proceeding against the assets of any member of the Group having a
value (individually or collectively) of U.S.$25,000,000 or its equivalent or more which is not
either:

	 	 (i)  	stayed on appeal;
	 
	 	 (ii)  	being contested in good faith by appropriate proceedings diligently conducted,
and against which reserves or other provisions required under accounting principles
generally accepted in the jurisdiction of the relevant member of the Group have been
made.

	(c)  	There are no formal complaints, suits, claims, investigations or proceedings initiated at or
by any governmental authority pending or, to the best of the Obligors’ knowledge, threatened

32

 

	   	against any member of the Group which is
reasonably likely to be adversely
determined and, if so adversely
determined, could have a Material
Adverse Effect nor are any judgments,
decrees or orders of any governmental
authority outstanding against any
Obligor that could have a Material
Adverse Effect.
	 
	16.12  	Full disclosure
	 
	(a)  	There is no material fact or condition relating to:

	 	 (i)  	the Finance Documents or
	 
	 	 (ii)  	the financial condition, business or property of any member of the Group,

	   	which could have a Material Adverse Effect and which has not been disclosed in writing
to the Facility Agent.
	 
	(b)  	All information supplied by any Obligor to any Finance Party in connection with the Finance
Documents was, and all such information supplied by any Obligor to any Finance Party in
connection with the Finance Documents after the date of this Agreement will be, true and
accurate in all material respects or based on reasonable estimates on the date as of which
such information is stated or certified.
	 
	16.13  	Taxes
	 
	(a)  	As at the date of this Agreement, all amounts payable by it under the Finance Documents may
be made without any Tax Deduction.
	 
	(b)  	All tax returns of each member of the Group required to be filed have been filed (or
extensions have been granted) prior to delinquency, except for any such returns for which the
failure to so file could not have a Material Adverse Effect and all Taxes imposed upon each
member of the Group which are due and payable have been paid prior to delinquency, other than
Taxes:

	 	 (i)  	that are being contested in good faith by appropriate proceedings diligently
conducted, and against which reserves or other provisions required under accounting
principles generally accepted in the jurisdiction of the relevant member of the Group
have been made; or
	 
	 	 (ii)  	in respect of which a failure to pay could not have a Material Adverse Effect.

	16.14  	Stamp duties
	 
	   	As at the date of this Agreement, no stamp or registration duty or similar Tax or
charge is payable in its jurisdiction of incorporation in respect of any Finance Document.
	 
	16.15  	Environmental matters
	 
	   	No Obligor, after reasonable enquiry:

	 	 (a)  	knows of any environmental condition or circumstance, such as the presence or
Release of any Hazardous Materials, on any property presently or previously owned or
leased by any member of the Group or to which Hazardous Materials generated by any
member of the Group have been taken, that could have a Material Adverse Effect; or

33

 

	 	 (b)  	knows of any violation by any member of the Group of any Environmental Law that
could have a Material Adverse Effect; or
	 
	 	 (c)  	knows that any member of the Group is under any obligations to remedy any
violation of any Environmental Law or any Release or threatened Release of any
Hazardous Materials that could have a Material Adverse Effect.

	16.16  	Properties
	 
	(a)  	The Guarantor and each Restricted Subsidiary has good legal and beneficial title to all its
property reflected in the Guarantor’s most recently delivered consolidated financial
statements, except for property that is:

	 	 (i)  	obsolete;
	 
	 	 (ii)  	has been disposed of in the ordinary course of business or as otherwise
permitted by the Finance Documents.

	(b)  	Except for Security Interests permitted by the Finance Documents, there is no Security
Interest on any property of any Obligor.
	 
	16.17  	Transactions with Affiliates
	 
	   	No Obligor is a party to a transaction with any of its Affiliates, other than
transactions on fair and reasonable terms not materially less favourable than such Obligor
could obtain or could become entitled to in an arm’s-length transaction with a person or
entity that was not its Affiliate.
	 
	16.18  	Immunity
	 
	   	In the case of the Guarantor:

	 	 (a)  	the execution by it of each Finance Document constitutes, and the exercise by
it of its rights and performance of its obligations under each Finance Document will
constitute, private and commercial acts performed for private and commercial purposes;
and
	 
	 	 (b)  	it will not be entitled to claim immunity from suit, execution, attachment or
other legal process in any proceedings taken in its jurisdiction of incorporation in
relation to any Finance Document.

	16.19  	No adverse consequences
	 
	   	In the case of the Guarantor:

	 	 (a)  	it is not necessary under the laws of its jurisdiction of incorporation:

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

34

 

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

	16.20  	Jurisdiction/governing law
	 
	(a)  	In the case of the Guarantor, its:

	 	 (i)  	irrevocable submission under this Agreement to the jurisdiction of the courts
of England and New York;
	 
	 	 (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 or in New York will be recognised and be enforceable by the
courts of its jurisdiction of incorporation.
	 
	16.21  	Government Regulations
	 
	   	No member of the Group is subject to regulation under:

	 	 (a)  	the United States Public Utility Holding Company Act of 1935;
	 
	 	 (b)  	the Investment Company Act of 1940;
	 
	 	 (c)  	the United States Federal Power Act of 1920; or
	 
	 	 (d)  	any United States Federal or State law or regulation that limits its ability to
incur or guarantee indebtedness (other than Regulation T, U and X of the Board of
Governors of the Federal Reserve System).

	16.22  	ERISA

	(a)	 (i)	No Plan has incurred an accumulated funding
deficiency, as defined in Section 302 of ERISA
and Section 412 of the Code:
	 
	 	 (i)  	Neither the Guarantor nor any of its ERISA Affiliates has:

	 	(A)  	incurred a liability which is currently due and remains unpaid
under Title IV of ERISA to the PBGC or to a Plan in connection with such Plan;
or
	 
	 	(B)  	withdrawn in whole or in part from participation in a
Multi-employer Plan.

	 	 (ii)  	The Guarantor has not engaged in any “prohibited transaction” (as defined in
Section 406 of ERISA or Section 4975 of the Code); and
	 
	 	 (iii)  	No Reportable Event has occurred which is reasonably likely to result in the
termination of a Plan,

35

 

	   	if such accumulated funding deficiency, liability, withdrawal, prohibited transaction
or Reportable Event is reasonably likely to result (individually or in aggregate) in
liability on the part of the Guarantor in excess of U.S.$25,000,000 or its equivalent.
	 
	(b)  	The present value of all benefit liabilities within the meaning of Title IV of ERISA under
each Plan (based on those actuarial assumptions used to fund each Plan) did not, as of the
last annual valuation date for the most recent plan year of such Plan, exceed the value of the
assets of such Plan, and the total present values of all benefit liabilities within the
meaning of Title IV of ERISA of all Plans (based on those actuarial assumptions used to fund
each Plan) did not, as of the respective annual valuation dates for the most recent plan year
of each such Plan, exceed the value of the assets of all Plans.
	 
	16.23  	Times for making representations
	 
	(a)  	The representations set out in this Clause are made by each Obligor on the date of this
Agreement.
	 
	(b)  	Unless a representation is expressed to be given at a specific date, each representation is
deemed to be repeated by each Obligor on the date of each Request and the first day of each
Term.
	 
	(c)  	When a representation in Clause 16.6(a) (No default) is repeated on a Request for a Rollover
Loan the reference to a Default will be construed as a reference to an Event of Default.
	 
	(d)  	When a representation is repeated, it is applied to the circumstances existing at the time of
repetition.
	 
	17.  	INFORMATION COVENANTS
	 
	17.1  	Financial statements
	 
	(a)  	The Guarantor must supply to the Facility Agent in sufficient copies (in electronic form or
otherwise) for distribution to the Lenders:

	 	 (i)  	its audited consolidated financial statements for each of its financial years;
and
	 
	 	 (ii)  	its quarterly unaudited consolidated financial statements for each of its
financial quarters (other than the last fiscal quarter of a financial year).

	(b)  	The Borrower must supply to the Facility Agent in sufficient copies (in electronic form or
otherwise) for distribution to the Lenders its audited consolidated financial statements for
each of its financial years.
	 
	(c)  	All financial statements must be supplied as soon as they are available and:

	 	 (i)  	in the case of the Guarantor’s audited consolidated financial statements,
within one hundred and twenty (120) days;
	 
	 	 (ii)  	in the case of the Guarantor’s quarterly unaudited financial statements, within
forty five (45) days; and
	 
	 	 (iii)  	in the case of the Borrower’s audited consolidated financial statements,
within one hundred and fifty (150) days,

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	 	of the end of the relevant financial period.
	 
	17.2  	Form of financial statements
	 
	(a)  	Each Obligor must ensure that each set of financial statements supplied under this Agreement
gives (if audited) a true and fair view (in the case of the Borrower) or (in the case of the
Guarantor) presents fairly of, or (in each case, if unaudited) fairly represents in all
material respects, the financial condition (consolidated or otherwise) of the relevant person
as at the date to which those financial statements were drawn up.
	 
	(b)  	If an Obligor or any Finance Party determines that a change in the generally accepted
accounting principles and practices applicable to an Obligor from that in effect on that date
of this Agreement has altered the treatment of certain financial data to its detriment under
this Agreement, then such party may, by written notice to the Facility Agent and the other
Parties not later than ten (10) days after the effective date of such change, request
renegotiation of the financial covenants affected by such change.
	 
	(c)  	After notification under paragraph (b) above, the relevant Obligor must enter into
discussions with the Lenders and the Facility Agent for a period of not more than 30 days with
a view to agreeing any amendments required to be made to the financial covenants affected by
any change referred to in paragraph (b) above. Any agreement between an Obligor 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 phrase “accounting principles and practices generally accepted in its
jurisdiction of incorporation” wherever used in this Agreement shall be construed to mean
accounting principles and practices generally accepted in its jurisdiction of incorporation
without giving effect to the change that gave rise to the negotiation.
	 
	17.3  	Compliance Certificate
	 
	(a)  	The Guarantor must supply to the Facility Agent a Compliance Certificate with each set of its
financial statements sent to the Facility Agent under this Agreement.
	 
	(b)  	A Compliance Certificate must be signed by an authorised signatory of the Guarantor.
	 
	17.4  	Information - miscellaneous
	 
	   	The Guarantor must supply to the Facility Agent, copies (in electronic form or
otherwise) for distribution to the Lenders if the Facility Agent so requests:

	 	(a)  	promptly after filing, a copy of each Form 10-K and Form 10-Q filed by or on
behalf of the Guarantor with the U.S. Securities and Exchange Commission, and notice of
the filing of any Form 8-K by or on behalf of the Guarantor with the U.S. Securities
and Exchange Commission;
	 
	 	(b)  	promptly upon becoming aware of them, and in any event within three (3)
Business Days after becoming aware of them, details of any change in the Moody’s Rating
or the S&P Rating;
	 
	 	(c)  	promptly upon becoming aware of them, details of any litigation, arbitration or
administrative proceedings which are current, threatened or pending and which are

37

 

	 	   	reasonably likely to be determined adversely to any member of the Group and which,
if so determined adversely, could have a Material Adverse Effect; and
	 
	 	(d)  	promptly on request, at any time a list of all of its Unrestricted Subsidiaries
at that time; and
	 
	 	(e)  	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.

	17.5  	Inspections
	 
	   	The Obligors shall, upon reasonable notice, allow any Finance Party (at such Finance
Party’s expense (except in the case of the Facility Agent if an Event of Default has
occurred and is outstanding)) to inspect any of their properties, to review reports, files
and other records and to make and take away copies thereof, to conduct tests or
investigations and to discuss any of their affairs, conditions and finances with other
creditors, directors, officers, employees and independent accountants of the Obligors during
reasonable business hours.
	 
	17.6  	Notification of Default
	 
	(a)  	Unless the Facility Agent has already been so notified by another Obligor, each Obligor must
notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it)
promptly upon becoming aware of its occurrence.
	 
	(b)  	Promptly on request by the Facility Agent, the Guarantor must supply to the Facility Agent a
certificate, signed by an authorised signatory on its behalf, certifying that no Default is
outstanding or, if a Default is outstanding, specifying the Default and the steps, if any,
being taken to remedy it.
	 
	17.7  	Year end
	 
	   	No Obligor may (and the Guarantor shall procure that no Restricted Subsidiary shall)
change its fiscal year for book accounting purposes except upon delivery of written notice
to the Facility Agent.
	 
	17.8  	Use of websites
	 
	(a)  	Except as provided below, the Obligors 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 Borrower and the Facility Agent designate an electronic website for this
purpose;
	 
	 	(iii)  	the Borrower 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 Borrower and the
Facility Agent.

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

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	(b)  	Notwithstanding the above, the Borrower 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 ten Business Days of request by any other Lender, if that Lender so
requests.

	(c)  	The Borrower 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 Borrower 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.
	 
	17.9  	Know your customer requirements
	 
	   	Each Obligor 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 which are required to be complied
with under any money laundering provisions in force at that date.
	 
	18.  	FINANCIAL COVENANTS
	 
	18.1  	Interpretation
	 
	(a)  	An accounting term used in this Clause (or in the underlying definitions) is to be construed
in accordance with the principles applied in connection with the Original Financial
Statements.
	 
	(b)  	No item must be credited or deducted more than once in any calculation under this Clause.
	 
	18.2  	Leverage Ratio
	 
	   	The Guarantor shall not permit the Leverage Ratio (expressed as a per cent.), as at the
last day of any financial quarter of the Guarantor, to be greater than fifty-five per cent.
(55%).
	 
	18.3  	Interest Coverage Ratio
	 
	   	The Guarantor shall not permit the Interest Coverage Ratio, as of the last day of any
financial quarter of the Guarantor, to be less than 2:1.

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	18.4  	Minimum Tangible Net Worth
	 
	   	The Guarantor shall not permit Consolidated Tangible Net Worth, as of any date, to be
less than the sum of:

	 	(a)  	U.S.$2,210,538,000; and
	 
	 	(b)  	fifty per cent. (50%) of the amount of Net Proceeds from any Equity Issuance
occurring on or after 31st March, 2004; and
	 
	 	(c)  	fifty per cent. (50%) of the Cumulative Consolidated Net Income.

	18.5  	Recourse Debt of Unrestricted Subsidiaries
	 
	   	The Guarantor shall procure, in accordance with the procedure set out in the
Guarantor’s Facility Agreement, that the aggregate of the Recourse Debt of all of the
Unrestricted Subsidiaries of the Guarantor (on a consolidated basis in accordance with
accounting principles and practices generally accepted in the Guarantor’s jurisdiction of
incorporation), does not exceed, at any time, the greater of:

	 	(a)  	twenty-five per cent. (25%) of Consolidated Debt Outstanding; or
	 
	 	(b)  	$750,000,000 or its equivalent.

	19.  	GENERAL COVENANTS
	 
	19.1  	General
	 
	   	Each Obligor agrees to be bound by the covenants set out in this Clause relating to it
and, where the covenant is expressed to apply to each member of the Group, each Obligor must
ensure that each of its Subsidiaries performs that covenant.
	 
	19.2  	Authorisations
	 
	   	Each Obligor must promptly obtain, maintain and comply with the terms of any
authorisation required under any law or regulation to enable it to perform its obligations
under, or for the validity or enforceability of, any Finance Document.
	 
	19.3  	Maintenance of existence, assets and business
	 
	   	Except as permitted by Clause 19.12 (Mergers), each member of the Group shall at all
times:

	 	(a)  	maintain its existence and (if applicable) good standing in the jurisdiction of
its incorporation and its authority to transact business in all other jurisdictions
where the failure to so maintain could have a Material Adverse Effect;
	 
	 	(b)  	maintain all licenses, permits and franchises necessary for its business where
the failure to so maintain could have a Material Adverse Effect;
	 
	 	(c)  	keep all of its assets which are useful in or necessary to its business in good
working order and condition (ordinary wear and tear excepted) and make all necessary
repairs thereto and replacements thereof where the failure to do so could have a
Material Adverse Effect; and

40

 

	 	(d)  	do all things necessary to obtain, renew, extend and continue in effect all
authorisations which may at any time be necessary for any member of the Group to
operate its business in compliance with all applicable laws and regulations where the
failure to so obtain, renew, extend or continue in effect could have a Material Adverse
Effect.

	19.4  	Compliance with laws and documents
	 
	(a)  	Each member of the Group must comply in all respects with:

	 	(i)  	all laws to which it is subject; and
	 
	 	(ii)  	any material written or oral agreement, contract, commitment or understanding
to which it is a party,

	   	unless the failure to so comply does not have a Material Adverse Effect.
	 
	(b)  	No member of the Group shall violate the provisions of its constitutional documents or
modify, repeal, replace or amend any provision of its constitutional documents, if such action
could materially and adversely affect the rights of any Finance Party under the Finance
Documents.
	 
	19.5  	Taxes
	 
	   	Each Obligor shall:

	 	(a)  	promptly pay when due any and all Taxes other than Taxes where failure to pay
would not have a Material Adverse Effect or the applicability, amount or validity of
which is being contested in good faith by appropriate proceedings diligently conducted,
and against which reserves or other provisions have been made and in respect of which
levy and execution of any lien securing the same have been and continue to be stayed;
and
	 
	 	(b)  	notify the Facility Agent immediately if any taxing authority commences or
notifies any Obligor of its intention to commence an audit or investigation with
respect to any Taxes of any kind due or alleged to be due from any Obligor to the
extent that failure to pay such Taxes would have a Material Adverse Effect.

	19.6  	Pari passu ranking
	 
	   	Each Obligor must ensure that its payment obligations under the Finance Documents rank
at least pari passu with all its other present and future unsecured payment obligations,
except for obligations mandatorily preferred by law applying to companies generally.
	 
	19.7  	Transactions with Affiliates
	 
	   	No Obligor shall enter into any transaction with any of its Affiliates other than
transactions upon fair and reasonable terms not materially less favourable to that Obligor
than it could obtain or could become entitled to in an arm’s-length transaction with a
person or entity that was not its Affiliate.

41

 

	19.8  	Negative pledge
	 
	(a)  	Except as provided below, neither the Borrower, the Borrower’s Subsidiaries, the Guarantor
nor any Restricted Subsidiary may create or allow to exist any Security Interest on any of its
assets.
	 
	(b)  	Paragraph (a) does not apply to:

	 	(i)  	any Security Interest listed in Schedule 6 (Existing Security) except to the
extent the principal amount secured by that Security Interest exceeds the amount stated
in that Schedule;
	 
	 	(ii)  	any Security Interest comprising a netting or set-off arrangement entered into
by any member of the Group in the ordinary course of its banking arrangements for the
purpose of netting debit and credit balances;
	 
	 	(iii)  	any lien arising by operation of law and in the ordinary course of trading;
	 
	 	(iv)  	any Security Interest arising out of retention of title provisions in a
supplier’s standard conditions of supply of goods;
	 
	 	(v)  	any Security Interest securing consideration payable by any member of the Group
incorporated in England and Wales under a Deferred Purchase Agreement the amount of
which (when aggregated with the amount of any other consideration which has the benefit
of a Security Interest allowed under this sub-paragraph (v)) does not exceed
£40,000,000 or its equivalent in any other currency;
	 
	 	(vi)  	any Security Interest on an asset, or an asset of any person, acquired by any
member of the Group after the date of this Agreement but only for the period of 6
months from the date of acquisition and to the extent that the principal amount secured
by that Security Interest has not been incurred or increased in contemplation of, or
since, the acquisition;
	 
	 	(vii)  	any Security Interest entered into pursuant to a Finance Document;
	 
	 	(viii)  	pledges or deposits made to secure payment of worker’s compensation, or to
participate in any fund in connection with worker’s compensation, unemployment
insurance, pensions or other social security programmes;
	 
	 	(ix)  	good-faith pledges or deposits made to secure performance of bids, tenders,
insurance or other contracts (other than for the repayment of borrowed money), or
leases or to secure statutory obligations, surety or appeal bonds or indemnity,
performance or other similar bonds in each case to the extent that such Security
Interest arises in the ordinary course of trading;
	 
	 	(x)  	Security Interests consisting of zoning restrictions, easements or other
restrictions on the use of real property, none of which impair in any material respect
the use of such property by the member of the Group in question in the operation of its
business, and none of which is violated by existing or proposed structures or land use;
	 
	 	(xi)  	Security Interests in favour of mortgagees or landlords arising solely by
operation of law, on fixtures and movable property located on premises leased in the
ordinary course of business;

42

 

	 	(xii)  	the following, so long as the applicability, amount or validity of which is
being contested in good faith by appropriate proceedings diligently conducted and
against which reserves or other provisions have been made, levy and execution thereon
have been stayed and continue to be stayed, and they do not in aggregate materially
detract from the value of the property in question, or materially impair the use
thereof in the operation of its business:
	 
	 	   	any claim or Security Interest:

	 	(A)  	for Taxes (other than those relating to Environmental Laws or
ERISA);
	 
	 	(B)  	upon, (including in this case defects of title to), real or
personal property, including any attachment of personal or real property or
other legal process prior to adjudication of a dispute on the merits; and
	 
	 	(C)  	of mechanics, materialmen, warehousemen, carriers and landlords
or other similar Security Interests;

	 	(xiii)  	Security Interests in cash collateral securing letters of credit under a Letter of
Credit and Reimbursement Agreement dated 16th July, 2004 (as amended, supplemented or
replaced from time to time) between the Guarantor, Bank of America and certain other
parties as lenders;
	 
	 	(xiv)  	Security Interests in favour of an Obligor;
	 
	 	(xv)  	Security Interests in assets or properties acquired with Financial Indebtedness
securing only such Financial Indebtedness;
	 
	 	(xvi)  	Security Interests on any property or asset of any person existing at the time
such person becomes a Subsidiary of or is merged or consolidated with or into the
Guarantor or any Restricted Subsidiary or at the time such property or asset is
acquired from such other person, other than any Security Interest placed on any
property or asset of such person in contemplation of such acquisition, merger or
consolidation;
	 
	 	(xvii)  	Security Interests securing non-recourse Financial Indebtedness incurred in
connection with industrial revenue or similar financing;
	 
	 	(xviii)  	Security Interests for current Taxes not yet due;
	 
	 	(xix)  	any other Security Interest securing indebtedness or other obligations the
amount of which (when aggregated with the amount of any other indebtedness or other
obligations which has the benefit of a Security Interest not allowed under the
preceding sub-paragraphs) is U.S.$25,000,000 (or its equivalent) or less at any time;
or
	 
	 	(xx)  	any renewals, extensions or refinancings (but not increases in the principal
amount thereof) of any of the forgoing permitted Security Interests.

	19.9  	Lending and guarantees
	 
	   	The Borrower may not (and the Guarantor shall procure that Centex Development Company UK
Limited does not):

43

 

	 	 (a)  	make any loans or any form of credit available to any member of the Group other
than Centex Development Company UK Limited or a Subsidiary of Centex Development
Company UK Limited; or
	 
	 	 (b)  	give any guarantee or indemnity to or for the benefit of any person in respect
of any indebtedness of any member of the Group other than Centex Development Company UK
Limited or a Subsidiary of Centex Development Company UK Limited.

	19.10  	Disposals
	 
	(a)  	Except as provided below, no member of the Group other than an Unrestricted Subsidiary may,
either in a single transaction or in a series of transactions and whether related or not,
dispose of all or substantially all of its assets.
	 
	(b)  	Paragraph (a) does not apply to any disposal:

	 	 (i)  	made in the ordinary course of trading of the disposing entity;
	 
	 	 (ii)  	of assets in exchange for other assets comparable or superior as to type, value
and quality;
	 
	 	 (iii)  	to the Guarantor or to another Restricted Subsidiary; or
	 
	 	 (iv)  	where the market value (when aggregated with the market value for any other
disposal not allowed under the preceding sub-paragraphs) does not exceed
U.S.$100,000,000 (or its equivalent) in any financial year of the Guarantor.

	19.11  	Change of business
	 
	   	The Guarantor shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, permit or suffer to exist any material change (on a consolidated basis) in the
type of businesses in which it is engaged from the businesses (on a consolidated basis) of
the Group as conducted on the date of this Agreement.
	 
	19.12  	Mergers
	 
	(a)  	The Guarantor shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, merge or consolidate with any other person.
	 
	(b)  	The Guarantor shall not, and shall not permit any Restricted Subsidiary to, liquidate, wind
up or dissolve (or suffer any liquidation or dissolution).
	 
	(c)  	The Guarantor shall not, and shall not permit any Restricted Subsidiary to, sell, assign,
lease, transfer or otherwise dispose of the Stock of any other Restricted Subsidiary.
	 
	(d)  	Paragraph (a) does not apply to:

	 	 (i)  	mergers or consolidations involving the Guarantor if the Guarantor is the
surviving entity;
	 
	 	 (ii)  	mergers or consolidations among any Subsidiaries of the Guarantor

	   	provided that:

44

 

	 	 (iii)  	no Default is outstanding or would arise as a result of that merger or
consolidation; and
	 
	 	 (iv)  	in any merger involving a Restricted Company, a Restricted Company is the
surviving entity.

	(e)  	Paragraph (b) does not apply to liquidations, winding ups or dissolutions incidental to
mergers or consolidations permitted under this Clause.
	 
	(f)  	Paragraph (c) does not apply to sales, assignments, leases, transfers or other such
dispositions to another member of the Group.
	 
	(g)  	Paragraphs (a), (b) and (c) shall not apply to mergers, consolidations, liquidations, winding
ups or dissolutions of any member of the Group or the sale, assignment, lease, transfer, or
other disposal of the Stock of any member of the Group provided that:

	 	 (i)  	no Default is outstanding or would result from such merger, consolidation,
liquidation, winding up or dissolution or the sale, assignment, lease, transfer or
other disposal of such Stock; and
	 
	 	 (ii)  	after giving effect thereto, the character of the business of the Guarantor and
the Restricted Subsidiaries, on a consolidated basis, will not be materially changed;
and
	 
	 	 (iii)  	the assets, annual revenues and annual net income (in each case determined in
accordance with generally accepted accounting principles in the relevant Subsidiary’s
jurisdiction) of the affected Subsidiary is U.S.$100,000,000 (or its equivalent) or
less.

	19.13  	ERISA
	 
	(a)  	The Guarantor shall not, directly or indirectly:

	 	 (i)  	engage in any “prohibited transaction” (as defined in Section 406 of ERISA or
Section 4975 of the Tax Code);
	 
	 	 (ii)  	incur any “accumulated funding deficiency” (as defined in Section 302 of
ERISA);
	 
	 	 (iii)  	permit any Plan to be subject to involuntary termination proceedings pursuant
to Title IV of ERISA; or
	 
	 	 (iv)  	fully or partially withdraw from any Multi-employer Plan,

	   	if such prohibited transaction, accumulated funding deficiency, termination proceeding
or withdrawal would result individually or in aggregate in liability on the part of the
Guarantor in excess of U.S.$25,000,000 (or its equivalent).
	 
	19.14  	Government regulations
	 
	   	The Guarantor shall not, and shall not permit any Restricted Subsidiary to, conduct its
business in such a way that it will become subject to regulation under:

	 	(a)  	the U.S. Investment Company Act of 1940; or
	 
	 	(b)  	the U.S. Public Utility Holding Company Act of 1935.

45

 

	19.15  	Restricted Parties
	 
	   	Each Obligor agrees:

	 	 (a)  	not to receive any funds from a Restricted Party and, in any case, to exclude
any funds derived from any Restricted Party or from any person or entity involved in
the violation of any Anti-Terrorism Law from being used to pay debt service or any
other amounts owing under the Finance Documents; and
	 
	 	 (b)  	to indemnify the Finance Parties for any costs incurred by any of them as a
result of any violation of an Anti-Terrorism Law by any Obligor or any Affiliates of
any Obligor.

	19.16  	Environmental matters
	 
	(a)  	Each member of the Group must ensure that it is, and has been, in compliance with all
Environmental Law and Environmental Approvals applicable to it, where failure to do so has or
is reasonably likely to have a Material Adverse Effect.
	 
	(b)  	Each Obligor must promptly notify the Facility Agent of the receipt by any member of the
Group of notice of any violation or alleged violation of any Environmental Law, which
violation or alleged violation could, individually or collectively with such other violations
or allegations, reasonably be expected to have a Material Adverse Effect.
	 
	19.17  	Insurance
	 
	(a)  	Each member of the Group shall maintain with financially sound, responsible and reputable
insurance companies or associations insurance concerning its properties and businesses against
casualties and contingencies and of types and in amounts (and with co-insurance and
deductibles) as is customary in the case of similar businesses.
	 
	(b)  	At the request of the Facility Agent each Obligor shall deliver to the Facility Agent
evidence of insurance or each policy of insurance and evidence of payment of all premiums.
	 
	20.  	DEFAULT
	 
	20.1  	Events of Default
	 
	(a)  	Each of the events set out in this Clause is an Event of Default.
	 
	(b)  	In this Clause:
	 
	   	Permitted Transaction means:

	 	 (i)  	an intra-Group re-organisation on a solvent basis of a member of the Group
which is not an Obligor; or
	 
	 	 (ii)  	any other transaction agreed to by the Majority Lenders.

	20.2  	Non-payment
	 
	(a)  	An Obligor does not pay on the due date any amount of principal payable by it under the
Finance Documents in the manner required under the Finance Documents.

46

 

	(b)  	An Obligor does not pay on the due date any amount payable by it under the Finance Documents
(other than the amounts referred to in paragraph (a) above) within five days of the due date.
	 
	20.3  	Breach of other obligations
	 
	(a)  	An Obligor does not comply with any term of Clauses 17.1 (Financial statements) to Clause
17.6 (Notification of Default) (inclusive); or
	 
	(b)  	an Obligor does not comply with any term of Clause 18 (Financial covenants), 19.4(b)
(Compliance with laws and documents), 19.8 (Negative pledge), 19.9 (Lending, dividends and
guarantees), 19.10 (Disposals), 19.11 (Change of business), 19.12 (Mergers), 19.13 (ERISA) or
19.14 (Government regulations), unless the non-compliance:

	 	(i)  	is capable of remedy; and
	 
	 	(ii)  	is remedied within ten (10) days of the earlier of:

	 	(A)  	the Facility Agent giving notice to the Borrower; and
	 
	 	(B)  	the relevant Obligor acquiring actual knowledge of the
non-compliance.

	(c)  	an Obligor does not comply with any other term of the Finance Documents not already referred
to in this Clause or in Clause 20.2 (Non-payment), unless the non-compliance:

	 	(i)  	is capable of remedy; and
	 
	 	(ii)  	is remedied within thirty (30) days of the earlier of:

	 	(A)  	the Facility Agent giving notice to the Borrower; and
	 
	 	(B)  	the relevant Obligor acquiring actual knowledge of the
non-compliance.

	20.4  	Misrepresentation
	 
	   	A representation made or repeated by an Obligor in any Finance Document or in any
document delivered by or on behalf of any Obligor under any Finance Document is incorrect in
any material respect when made or deemed to be repeated unless the circumstances giving rise
to the misrepresentation:

	 	(a)  	are capable of remedy; and
	 
	 	(b)  	are remedied within twenty one (21) days of the earlier of:

	 	(i)  	the Facility Agent giving notice to the Borrower; and
	 
	 	(ii)  	that Obligor acquiring actual knowledge of the misrepresentation.

	20.5  	Cross-default
	 
	   	Any of the following occurs in respect of the Borrower, the Borrower’s Subsidiaries,
the Guarantor or its Restricted Subsidiaries:

	 	(a)  	any of its Financial Indebtedness is not paid when due (after the expiry of any
applicable grace period);

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	 	(b)  	any of its Financial Indebtedness:

	 	(i)  	becomes prematurely due and payable;
	 
	 	(ii)  	is placed on demand; or
	 
	 	(iii)  	is capable of being declared by a creditor to be prematurely
due and payable or being placed on demand,

	 	   	in each case, as a result of an event of default or any provision having a
similar effect (howsoever described) which has not been waived,

	   	unless the aggregate amount of Financial Indebtedness falling within all or any of
paragraphs (a)-(b) above (whether individually or collectively) is U.S.$25,000,000 (or its
equivalent) or less.
	 
	20.6  	Insolvency
	 
	   	Any of the following occurs in respect of the Borrower:

	 	(a)  	it is, or is deemed for the purposes of any law to be, unable to pay its debts
as they fall due or insolvent;
	 
	 	(b)  	it admits its inability to pay its debts as they fall due;
	 
	 	(c)  	it suspends making payments on any of its debts or announces an intention to do
so;
	 
	 	(d)  	by reason of actual or anticipated financial difficulties, it begins
negotiations with any creditor for the rescheduling of any of its indebtedness; or
	 
	 	(e)  	a moratorium is declared in respect of any of its indebtedness.

	   	If a moratorium occurs in respect of the Borrower, the ending of the moratorium will
not remedy any Event of Default caused by the moratorium.
	 
	20.7  	Insolvency proceedings
	 
	(a)  	Except as provided below, any of the following occurs in respect of the Borrower:

	 	(i)  	any step is taken with a view to a moratorium or a composition, assignment or
similar arrangement with any of its creditors;
	 
	 	(ii)  	a meeting of its shareholders, directors or other officers is convened for the
purpose of considering any resolution for, to petition for or to file documents with a
court or any registrar for, its winding-up, administration or dissolution or any such
resolution is passed;
	 
	 	(iii)  	any person presents a petition, or files documents with a court or any
registrar, for its winding-up, administration or dissolution;
	 
	 	(iv)  	an order for its winding-up, administration or dissolution is made;

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	 	(v)  	any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager,
receiver, administrative receiver, administrator or similar officer is appointed in
respect of it or any of its assets;
	 
	 	(vi)  	its shareholders, directors or other officers request the appointment of, or
give notice of their intention to appoint, a liquidator, trustee in bankruptcy,
judicial custodian, compulsory manager, receiver, administrative receiver,
administrator or similar officer; or
	 
	 	(vii)  	any other analogous step or procedure is taken in any jurisdiction.

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

	 	(i)  	any step or procedure which is part of a Permitted Transaction; or
	 
	 	(ii)  	a petition for winding-up presented by a creditor which is being contested in
good faith and with due diligence and is discharged or struck out within twenty eight
(28) days.

	20.8  	Judgments and Attachments
	 
	   	The Guarantor or any Restricted Subsidiary fails, within sixty (60) days of the entry,
to pay, bond or otherwise discharge any judgment or order for the payment of money in excess
of U.S. $25,000,000 (or its equivalent), whether individually or collectively, or any
warrant of attachment, sequestration or similar proceeding against the Guarantor’s or any
Restricted Subsidiary’s assets having a value (individually or collectively) of
U.S.$25,000,000 (or its equivalent), in each case, which is not stayed on appeal.
	 
	20.9  	Cessation of business
	 
	   	An Obligor ceases, or threatens to cease, to carry on business except:

	 	(a)  	as part of a Permitted Transaction; or
	 
	 	(b)  	as a result of any disposal allowed under this Agreement.

	20.10  	Effectiveness of Finance Documents
	 
	(a)  	It is or becomes unlawful for any Obligor to perform any of its obligations under the Finance
Documents.
	 
	(b)  	Any Finance Document shall, at any time after its execution and delivery and for any reason,
cease to be in full force and effect in any material respect (other than in accordance with
its terms) or be declared to be null and void or the validity or enforceability of any Finance
Document be contested by any Obligor or any Obligor shall deny in writing that it has any or
any further liability or obligations under any Finance Document to which it is a Party.
	 
	20.11  	Change of control
	 
	   	A Borrower Change of Control or a Guarantor Change of Control occurs.
	 
	20.12  	Debtor relief
	 
	(a)  	In this Clause:

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	   	U.S. Bankruptcy Law means the United States Bankruptcy Code of 1978 or any other United
States Federal or State bankruptcy, insolvency or similar law.
	 
	(b)  	The Guarantor or any Restricted Subsidiary:

	 	(i)  	shall not be Solvent;
	 
	 	(ii)  	fails to pay its Financial Indebtedness generally as it becomes due;
	 
	 	(iii)  	makes an assignment for the benefit of creditors;
	 
	 	(iv)  	voluntarily seeks, consents to, or acquiesces in the benefit of any U.S.
Bankruptcy Law other than as a creditor or claimant; or
	 
	 	(v)  	becomes a party to or is made the subject of any proceeding provided for by any
U.S. Bankruptcy Law, other than as a creditor or claimant, that could suspend or
otherwise adversely affect the rights of any Finance Party under the Finance Documents
(unless, in the event such proceedings are involuntary, the petition instituting the
same is dismissed within sixty (60) days after its filing without the entry of an order
for relief or the appointment of a receiver) or an order of relief or judgment is
entered in, or a receiver or similar officer is appointed pursuant to, any such
proceeding.

	20.13  	ERISA
	 
	(a)  	A Reportable Event, or a failure to make a required instalment or other payment (within the
meaning of Section 412(n)(1) of the Code), occurs with respect to a Plan that is reasonably
expected to result in liability of the Guarantor to the PBGC or to a Plan in an aggregate
amount exceeding U.S.$25,000,000 (or its equivalent); or
	 
	(b)  	The Guarantor or any of its ERISA Affiliates has provided to any affected party a sixty (60)
day notice of intent to terminate a Plan pursuant to a distress termination in accordance with
Section 4041(c) of ERISA if the liability reasonably expected to be incurred as a result of
such termination will exceed U.S.$25,000,000 (or its equivalent); or
	 
	(c)  	A trustee is appointed by a United States district court to administer any Plan pursuant to
Section 4042(b) of ERISA; or
	 
	(d)  	The PBGC institutes proceedings (including giving notice of intent thereof) to terminate any
Plan if such termination proceeding is reasonably expected to result in liability on the part
of the Guarantor in excess of U.S.$25,000,000 (or its equivalent); or
	 
	(e)  	The Guarantor or any of its ERISA Affiliates is notified by the sponsor of a Multiemployer
Plan that it has incurred withdrawal liability (within the meaning of Section 4201 of ERISA)
to such Multiemployer Plan and:

	 	 (i)  	neither the Guarantor nor any of its ERISA Affiliates has reasonable grounds
for contesting such withdrawal liability or is not contesting such withdrawal liability
in a timely and appropriate manner; and
	 
	 	 (ii)  	the amount of such withdrawal liability specified in such notice, when
aggregated with all other amounts required to be paid to Multiemployer Plans in
connection with withdrawal liabilities (determined as of the date or dates of such
notification), exceeds U.S.$25,000,000;

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	(f)  	The Guarantor or any of its ERISA Affiliates is notified by the sponsor of a Multiemployer
Plan that such Multiemployer Plan is in reorganization or is being terminated, within the
meaning of Title IV of ERISA, if solely as a result of such reorganization or termination the
aggregate annual contributions of the Guarantor or any of its ERISA Affiliates to all
Multiemployer Plans that are then in reorganization or have been or are being terminated, have
been or will be increased over the amounts required to be contributed to such Multiemployer
Plans for their most recently completed plan years by an amount exceeding U.S.$25,000,000.
	 
	20.14  	Acceleration
	 
	(a)  	If an Event of Default described in Subclause 20.12 (Debtor relief) occurs, the Total
Commitments will, if not already cancelled under this Agreement, be immediately and
automatically cancelled and all amounts outstanding under the Finance Documents will be
immediately and automatically due and payable.
	 
	(b)  	If an Event of Default is outstanding, the Facility Agent may, and must if so instructed by
the Majority Lenders, by notice to the Borrower:

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

	 	(A)  	immediately due and payable; and/or
	 
	 	(B)  	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.
	 
	21.  	THE ADMINISTRATIVE PARTIES
	 
	21.1  	Appointment and duties of the Facility Agent
	 
	(a)  	Each Finance Party (other than the Facility Agent) irrevocably appoints the Facility Agent to
act as its agent under the Finance Documents.
	 
	(b)  	Each Finance Party irrevocably authorises the Facility Agent to:

	 	(i)  	perform the duties and to exercise the rights, powers and discretions that are
specifically given to it under the Finance Documents, together with any other
incidental rights, powers and discretions; and
	 
	 	(ii)  	execute each Finance Document expressed to be executed by the Facility Agent.

	(c)  	The Facility Agent has 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 Joint Mandated Lead Arrangers
	 
	   	Except as specifically provided in the Finance Documents, the Joint Mandated Lead
Arrangers have no obligations of any kind to any other Party in connection with any Finance
Document.

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	21.3  	No fiduciary duties
	 
	   	Except as specifically provided in a Finance Document, nothing in the Finance Documents
makes an Administrative Party a trustee or fiduciary for any other Party or any other
person. No Administrative Party need hold in trust any moneys paid to it for a Party or be
liable to account for interest on those moneys.
	 
	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 any Obligor 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 any Obligor or its related
entities.

	21.5  	Reliance
	 
	   	The Facility 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 the Facility Agent); and
	 
	 	(d)  	act under the Finance Documents through its personnel and agents.

	21.6  	Majority Lenders’ instructions
	 
	(a)  	The Facility 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, the Facility Agent may act as it considers
to be in the best interests of all the Lenders.
	 
	(b)  	The Facility 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)  	The Facility Agent is not 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.

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	(d)  	The Facility Agent may require the receipt of 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 of the Majority Lenders.
	 
	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 any Obligor 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 each Obligor 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.

	21.8  	Exclusion of liability
	 
	(a)  	The Facility Agent is not 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 Facility Agent) may take any proceedings against any officer,
employee or agent of the Facility Agent in respect of any claim it might have against the
Facility Agent 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 the Facility
Agent may rely on this Subclause and enforce its terms under the Contracts (Rights of Third
Parties) Act 1999.
	 
	(c)  	The Facility Agent is not liable for any delay (or any related consequences) in crediting an
account with an amount required under the Finance Documents to be paid by the Facility Agent
if the Facility 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 Facility 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.
	 
	 	(i)  	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.

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	21.9  	Default
	 
	(a)  	The Facility Agent is not obliged to monitor or enquire whether a Default has occurred. The
Facility Agent is not deemed to have knowledge of the occurrence of a Default.
	 
	(b)  	If the Facility Agent:

	 	 (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 the Facility Agent or a Joint Mandated Lead Arranger) under
this Agreement,

	   	it must promptly notify the other Finance Parties.
	 
	21.10  	Information
	 
	(a)  	The Facility Agent must promptly forward to the person concerned the original or a copy of
any document which is delivered to the Facility Agent by a Party for that person.
	 
	(b)  	Except where a Finance Document specifically provides otherwise, the Facility Agent is not
obliged to review or check the adequacy, accuracy or completeness of any document it forwards
to another Party.
	 
	(c)  	Except as provided above, the Facility Agent has no 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 any Obligor 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 any Obligor.

	(d)  	In acting as the Facility Agent, the agency division of the Facility Agent is treated as a
separate entity from its other divisions and departments. Any information acquired by the
Facility Agent which, in its opinion, is acquired by it otherwise than in its capacity as the
Facility Agent may be treated as confidential by the Facility Agent and will not be treated as
information possessed by the Facility Agent in its capacity as such.
	 
	(e)  	The Facility Agent is not 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)  	Each Obligor irrevocably authorises the Facility Agent to disclose to the other Finance
Parties any information which, in its opinion, is received by it in its capacity as the
Facility Agent.

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	21.11  	Indemnities
	 
	(a)  	Without limiting the liability of any Obligor under the Finance Documents, each Lender must
indemnify the Facility Agent for that Lender’s Pro Rata Share of any loss or liability
incurred by the Facility Agent in acting as the Facility Agent, except to the extent that the
loss or liability is caused by the Facility Agent’s gross negligence or wilful misconduct.
	 
	(b)  	The Facility Agent may deduct from any amount received by it for a Lender any amount due to
the Facility Agent from that Lender under a Finance Document but unpaid.
	 
	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 the Facility Agent
	 
	(a)  	The Facility Agent may resign and appoint any of its Affiliates as successor Facility Agent
by giving notice to the other Finance Parties and the Borrower.
	 
	(b)  	Alternatively, the Facility Agent may resign by giving notice to the Finance Parties and the
Borrower, in which case the Majority Lenders with the consent of the Obligors (such consent
not to be unreasonably withheld or delayed) may appoint a successor Facility Agent.
	 
	(c)  	If no successor Facility Agent has been appointed under paragraph (b) above within 30 days
after notice of resignation was given, the Facility Agent may appoint a successor Facility
Agent.
	 
	(d)  	The person(s) appointing a successor Facility Agent must, if practicable, consult with the
Borrower prior to the appointment. Any successor Facility Agent must have an office in the
U.K.
	 
	(e)  	The resignation of the Facility Agent and the appointment of any successor Facility Agent
will both become effective only when the successor Facility Agent notifies all the Parties
that it accepts its appointment. On giving the notification, the successor Facility Agent
will succeed to the position of the Facility Agent and the term Facility Agent will mean the
successor Facility Agent.
	 
	(f)  	The retiring Facility Agent must, at its own cost, make available to the successor Facility
Agent such documents and records and provide such assistance as the successor Facility Agent
may reasonably request for the purposes of performing its functions as the Facility Agent
under the Finance Documents.
	 
	(g)  	Upon its resignation becoming effective, this Clause will continue to benefit the retiring
Facility Agent in respect of any action taken or not taken by it in connection with the
Finance Documents while it was the Facility Agent, and, subject to paragraph (f) above, it
will have no further obligations under any Finance Document.
	 
	(h)  	The Majority Lenders may, by notice to the Facility Agent, require it to resign under
paragraph (b) above.

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	21.14  	Relationship with Lenders
	 
	(a)  	The Facility 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 register of all the Parties and supply any other Party with a
copy of the register on request. The register will include each Lender’s Facility Office(s)
and contact details for the purposes of this Agreement.
	 
	21.15  	Facility Agent’s management time
	 
	   	If the Facility Agent requires, any amount payable to the Facility Agent by any Party
under any indemnity or in respect of any costs or expenses incurred by the Facility Agent
under the Finance Documents after the date of this Agreement may include the cost of using
its management time or other resources and will be calculated on the basis of such
reasonable daily or hourly rates as the Facility Agent may notify to the relevant Party.
This is in addition to any amount in respect of fees or expenses paid or payable to the
Facility Agent under any other term of the Finance Documents.
	 
	21.16  	Notice period
	 
	   	Where this Agreement specifies a minimum period of notice to be given to the Facility
Agent, the Facility 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, prima facie evidence of the
matters to which it relates.
	 
	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 365 days
or otherwise, depending on what the Facility Agent determines is market practice.
	 
	23.  	FEES
	 
	23.1  	Facility Agent’s fee
	 
	   	The Borrower must pay to the Facility Agent for its own account an agency fee in the
manner agreed in the Fee Letter between the Facility Agent and the Borrower.

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	23.2  	Commitment fee
	 
	(a)  	The Borrower must pay a commitment fee computed at the rate of 0.22 per cent. per annum on
the undrawn, uncancelled amount of each Lender’s Commitment.
	 
	(b)  	Accrued commitment fee is payable quarterly in arrear. Accrued commitment fee is also
payable to the Facility Agent for a Lender on the date its Commitment is cancelled in full.
	 
	23.3  	Participation Fee
	 
	   	The Borrower must pay to the Facility Agent for each Lender a Participation Fee in the
amount and manner described in the Fee Letter between the Facility Agent and the Borrower.
	 
	23.4  	Co-ordination/Book-runner’s fee
	 
	   	The Borrower must pay to the Book-runner for its own account a
co-ordination/book-runner’s fee in the manner agreed in the Fee Letter between the
Book-runner and the Borrower.
	 
	24.  	INDEMNITIES AND BREAK COSTS
	 
	24.1  	Currency indemnity
	 
	(a)  	The Borrower 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 an Obligor’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, each Obligor 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 Borrower 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 an Obligor 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.

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	   	The Borrower’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 Borrower must indemnify the Facility Agent against any loss or liability incurred by the
Facility Agent as a result of:

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

	(c)  	The Borrower shall indemnify and hold harmless each Finance Party and their respective
Affiliates, directors, officers, employees, counsel, agents, and attorneys-in-fact
(collectively, Indemnitees) from and against any and all liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses, and
disbursements (including all reasonable fees, expenses and disbursements of any law firm or
other external counsel) of any kind or nature whatsoever which may at any time be imposed on,
incurred by or asserted against any such Indemnitee in any way relating to or arising out of
or in connection with:

	 	(i)  	any Commitment, Loan, or the use or proposed use of the proceeds of any of
them; or
	 
	 	(ii)  	any actual or alleged presence or Release of Hazardous Materials on or from any
property currently or formerly owned or operated by any Obligor, or any liability under
Environmental Law related in any way to any Obligor; or
	 
	 	(iii)  	any actual or prospective claim, litigation, investigation, or proceeding
relating to any of the foregoing, whether based on contract, tort, or any other theory
(including any investigation of, preparation for, or defence of any pending or
threatened claim, investigation, litigation, or proceeding) and regardless of whether
any Indemnitee is a party thereto (together, the Indemnified Liabilities).

	(d)  	The indemnity set out in paragraph (c) above shall apply in all cases, whether or not caused
by or arising, in whole or in part, out of the negligence of the Indemnitee provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities,
obligations, losses, damages, penalties, claims, demands actions, judgments, suits, costs,
expenses, or disbursements are determined by a court of competent jurisdiction by final and
nonappealable judgement to have resulted from the gross negligence, bad faith, or wilful
misconduct of such Indemnitee.
	 
	(e)  	No Indemnitee shall be liable for any damages arising from the use by others of any
information or other materials obtained through IntraLinks or other similar information
transmission systems in connection with this Agreement, nor shall any Obligor or Indemnitee
have any liability for any indirect, punitive, or consequential damages relating to this
Agreement or any Finance Document or arising out of its activities in connection herewith or
therewith. All amounts due under this Clause shall be payable within ten (10) Business Days
after demand therefor. The obligations set out in this Clause shall survive the resignation of
the Facility Agent, the replacement of any Lender, the termination of the Commitments, and the
repayment, satisfaction or discharge of the Loans.
	 
	24.3  	Break Costs
	 
	(a)  	The Borrower must pay to each Lender its Break Costs.

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	(b)  	Break Costs are the amount (if any) determined by the relevant Lender by which:

	 	(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 Borrower details of the amount of any
Break Costs claimed by it under this Subclause.
	 
	25.  	EXPENSES
	 
	25.1  	Initial costs
	 
	   	The Borrower must pay to each Administrative Party the amount of all out-of-pocket
costs and expenses (including legal fees) reasonably incurred by it in connection with the
negotiation, preparation, printing, execution and syndication of the Finance Documents.
	 
	25.2  	Subsequent costs
	 
	   	The Borrower must pay to the Facility Agent the amount of all out-of-pocket costs and
expenses (including legal fees) reasonably incurred by it in connection with:

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

	25.3  	Enforcement costs
	 
	   	The Borrower 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 Document.
	 
	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 Guarantor 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.

59

 

	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 an Obligor other than in accordance with the terms of this
Agreement (including any release of the Guarantor);
	 
	 	(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 Borrower.
	 
	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 Finance Documents will be amended to the extent the Facility Agent (acting reasonably
and after consultation with the Borrower) 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.

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	27.  	CHANGES TO THE PARTIES
	 
	27.1  	Assignments and transfers by Obligors
	 
	   	No Obligor may 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)  	A Lender (the Existing Lender) may, subject to the following provisions of this Subclause, at
any time assign or transfer (including by way of novation) any of its rights and obligations
under this Agreement to any other bank (the New Lender).
	 
	(b)  	The consent of the Borrower and the Guarantor is required for any assignment or transfer
unless the New Lender is another Lender or (if a bank) an Affiliate of a Lender or an Event of
Default is outstanding. The consent of the Borrower and the Guarantor must not be
unreasonably withheld or delayed. The Borrower and the Guarantor will be deemed to have given
its consent ten Business Days after the Borrower and the Guarantor are given notice of the
request unless it is expressly refused by the Borrower and the Guarantor within that time.
	 
	(c)  	Neither the Borrower nor the Guarantor may withhold its consent solely because the assignment
or transfer might increase the Mandatory Cost.
	 
	(d)  	The Facility Agent is not obliged to execute a Transfer Certificate 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.
	 
	(e)  	A transfer of obligations will be effective only if either:

	 	(i)  	the obligations are novated in accordance with the following provisions of this
Clause; or
	 
	 	(ii)  	the New Lender confirms to the Facility Agent and the Borrower in form and
substance satisfactory to the Facility Agent that it is bound by the terms of this
Agreement as a Lender. On the transfer becoming effective in this manner the Existing
Lender will be released from its obligations under this Agreement to the extent that
they are transferred to the New Lender.

	(f)  	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.
	 
	27.3  	Assignment or transfer fee
	 
	   	The New Lender shall, on the date upon which an assignment or transfer takes effect,
pay to the Facility Agent (for its own account) a fee of £1,000.
	 
	27.4  	Procedure for transfer by way of novations
	 
	(a)  	In this Subclause:
	 
	   	Transfer Date means, for a Transfer Certificate, the later of:

	 	(i)  	the proposed Transfer Date specified in that Transfer Certificate; and

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	 	(ii)  	the date on which the Facility Agent executes that Transfer Certificate.

	(b)  	A novation is effected if:

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

	   	The Facility Agent must execute as soon as reasonably practicable a Transfer
Certificate delivered to it and which appears on its face to be in order.
	 
	(c)  	Each Party (other than the Existing Lender and the New Lender) irrevocably authorises the
Facility Agent to execute any duly completed Transfer Certificate on its behalf.
	 
	(d)  	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; and
	 
	 	(ii)  	the Existing Lender will be released from those obligations and cease to have
those rights.

	(e)  	The Facility Agent must, as soon as reasonably practicable after it has executed a Transfer
Certificate, send to the Borrower a copy of that Transfer Certificate.
	 
	27.5  	Limitation of responsibility of Existing Lender
	 
	(a)  	Unless expressly agreed to the contrary, an Existing Lender is not responsible to a New
Lender for the legality, validity, adequacy, accuracy, completeness or performance of:

	 	(i)  	any Finance Document or any other document; or
	 
	 	(ii)  	any statement or information (whether written or oral) made in or supplied in
connection with any Finance 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 each Obligor 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 any Obligor of its obligations under any Finance Document or otherwise.

	27.6  	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, an Obligor would be obliged to pay a Tax Payment or an Increased Cost,

	   	then, unless the assignment, transfer or change is made by a Lender to mitigate any
circumstance giving rise to the Tax Payment, an Increased Cost or a right to be prepaid
and/or cancelled by reason of illegality, the Obligor 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.
	 
	27.7  	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
Borrower) 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
any Obligor 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 the extent allowed under paragraph (b) below;
	 
	 	(vii)  	to another Obligor; or
	 
	 	(viii)  	with the agreement of the relevant Obligor.

	(b)  	A Finance Party may disclose to an Affiliate or any person with whom it may enter, or has
entered into, any kind of transfer, participation or other agreement in relation to this
Agreement (a participant):

	 	(i)  	a copy of any Finance Document; and

63

 

	 	(ii)  	any information which that Finance Party has acquired under or in connection
with any Finance Document.

	   	However, before a participant 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
	 
	   	Following the occurrence of an Event of Default, a Finance Party may set off any
matured obligation owed to it by an Obligor 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 that Obligor, regardless of the place of payment, booking
branch or currency of either obligation. If the obligations are in different currencies,
the Finance Party may convert either obligation at a market rate of exchange in its usual
course of business for the purpose of the set-off.
	 
	30.  	PRO RATA SHARING
	 
	30.1  	Redistribution
	 
	   	If any amount owing by an Obligor under this Agreement to a Lender (the recovering
Lender) is discharged by payment, set-off or any other manner other than through the
Facility Agent under this Agreement (a recovery), then:

	 	(a)  	the recovering Lender 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 Lender would have received if the recovery had been
received and distributed by the Facility Agent under this Agreement; and
	 
	 	(c)  	the recovering Lender 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 relevant
Obligor under this Agreement and distribute it among the Lenders, other than the recovering
Lender, accordingly.
	 
	(b)  	When the Facility Agent makes a distribution under paragraph (a) above, the recovering Lender
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 Lender is not able to rely on any rights of
subrogation under paragraph (b) above, the relevant Obligor will owe the recovering Lender 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 Lender must subsequently return a recovery, or an amount measured
by reference to a recovery, to an Obligor; and
	 
	 	(ii)  	the recovering Lender has paid a redistribution in relation to that recovery,

	   	each Finance Party must reimburse the recovering Lender 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 Lender need not pay a
redistribution to the extent that:

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

	 	(i)  	the recovering Lender 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
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, fax, e-mail or any other electronic communication approved
by the Facility Agent; or

65

 

	 	(ii)  	if between the Facility Agent and a Lender and the Facility Agent and the
Lender agree, 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, 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)  	The contact details of the Guarantor for this purpose are:

	 	 	 	 	 
	 

	 	Address:
	 	Centex Corporation
	

	 	 	 	2728 N.Harwood
	

	 	 	 	Dallas, Texas
	

	 	 	 	75201 – 1516.
	

	 	Fax number:
	 	214-981-6858
	

	 	E-mail:
	 	gpeck@centex.com
	

	 	Attention:
	 	Gail M.Peck, Vice President and Treasurer

	(c)  	The contact details of the Borrower for this purpose are:

	 	 	 	 	 
	 

	 	Address:
	 	Centex Development Funding Company UK Limited
	

	 	 	 	3rd Floor, Meirion House
	

	 	 	 	18-28 Guildford Road
	

	 	 	 	Woking
	

	 	 	 	Surrey GU22 7QF
	

	 	Fax number:
	 	01483 775 909
	

	 	E-mail:
	 	stanley.jackson@centex.co.uk
	

	 	Attention:
	 	Stanley Jackson, Finance Director

	(d)  	The contact details of the Facility Agent for this purpose are:

	 	 	 	 	 
	 

	 	Address:
	 	2 1/2 Devonshire Square,
	

	 	 	 	London EC2
	

	 	Fax number:
	 	020 7615 7673
	

	 	E-mail:
	 	terry.mcdaniel@rbs.co.uk
	

	 	Attention:
	 	Loans Admin

	(e)  	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.
	 
	(f)  	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:

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	 	(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  	Obligors
	 
	(a)  	All communications under the Finance Documents to or from an Obligor must be sent through the
Facility Agent.
	 
	(b)  	All communications under the Finance Documents to or from an Obligor must be sent to each
Obligor.
	 
	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.
	 
	(b)  	Notwithstanding paragraph (a) above, any New York State court or Federal court sitting in the
City and County of New York City also has jurisdiction to settle any dispute in connection
with any Finance Document.
	 
	(c)  	The English courts are the most appropriate and convenient courts to settle any such dispute
and each Obligor waives objection to those courts on the grounds of inconvenient forum or
otherwise in relation to proceedings in connection with any Finance Document.

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	(d)  	This Clause is for the benefit of the Finance Parties only. To the extent allowed by law, a
Finance Party may take:

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

	36.2  	Service of process
	 
	(a)  	The Guarantor irrevocably appoints the Borrower as its agent under the Finance Documents for
service of process in any proceedings before the English courts and the Borrower hereby
accepts such appointment.
	 
	(b)  	If any person appointed as process agent is unable for any reason to act as agent for service
of process, the Borrower (on behalf of all the Obligors) must immediately appoint another
agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint
another agent for this purpose.
	 
	(c)  	Each Obligor 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
	 
	   	Each Obligor irrevocably and unconditionally:

	 	(a)  	agrees not to claim any immunity from proceedings brought by a Finance Party
against it 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.
	 
	37.  	COMPLETE AGREEMENT
	 
	   	The Finance Documents contain the complete agreement between the Parties on the matters
to which they are related and supersede all prior commitments, agreements and
understandings, whether written or oral, on those matters.

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	 	Commitments	 
	 
	 	 	 	 
	THE ROYAL BANK OF SCOTLAND PLC
	 	£	50,000,000	 
	 
	 	 	 	 
	LLOYDS TSB BANK PLC
	 	£	50,000,000	 
	 
	 	 	 	 
	J.P. MORGAN CHASE BANK, N.A.
	 	£	35,000,000	 
	 
	 	 	 	 
	BNP PARIBAS, LONDON BRANCH
	 	£	35,000,000	 
	 
	 	 	 	 
	 
	 	 	 
	 
	 	 	 	 
	Total Commitments
	 	£	170,000,000	 
	 
	 	 	 	 
	 
	 	 	 

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SCHEDULE 2

CONDITIONS PRECEDENT DOCUMENTS

TO BE DELIVERED BEFORE THE FIRST REQUEST

Guarantor

	1.  	A certified copy of the Guarantor’s articles or certificate of incorporation, by laws,
organisational documents or such other documents as govern the Guarantor’s formation,
organisation and management.
	 
	2.  	Resolutions of its Board of Directors (or of the Executive Committee of the Board of
Directors upon delivery of resolutions of the Board of Directors authorising such action by an
Executive Committee) approving and authorising the execution, delivery and performance of the
Finance Documents to which the Guarantor is a party.
	 
	3.  	A specimen of the signature of each person authorised on behalf of the Guarantor to execute
or witness the execution of any Finance Document or to sign or send any document or notice in
connection with any Finance Document.

Borrower

	4.  	A copy of the constitutional documents of the Borrower.
	 
	5.  	A copy of a resolution of the board of directors of the Borrower approving the terms of, and
the transactions contemplated by, this Agreement.
	 
	6.  	A specimen of the signature of each person authorised on behalf of the Borrower to execute or
witness the execution of any Finance Document or to sign or send any document or notice in
connection with any Finance Document.
	 
	7.  	A certificate of an authorised signatory of the Borrower:

	 	(a)  	confirming that utilising the Total Commitments in full would not breach any
limit binding on any Obligor; and
	 
	 	(b)  	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.

Legal opinions

	1.  	A legal opinion of Allen & Overy LLP, legal advisers in England to the Book-runner and the
Facility Agent, addressed to the Finance Parties.
	 
	2.  	A legal opinion of Kummer Kaempfer Bonner & Renshaw, legal advisers in Nevada to the
Book-runner and the Facility Agent, addressed to the Finance Parties.

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Other documents and evidence

	1.  	Evidence that all fees and expenses then due and payable from the Borrower under this
Agreement have been or will be paid by the first Utilisation Date.
	 
	2.  	Evidence that the Existing Indebtedness will be prepaid and cancelled in full on or by the
first Utilisation Date.
	 
	3.  	Evidence that any Security Interest granted by the any Obligor to secure the Existing
Indebtedness will be released on the first Utilisation Date.
	 
	4.  	A certified copy of the Guarantor’s Facility Agreement.

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SCHEDULE 3

FORM OF REQUEST

	 	 	 
	To:

	 	[AGENT] as Facility Agent
	 
	 	 
	From:

	 	[                                   ]
	 
	 	 
	Date:

	 	[                                   ]

CENTEX DEVELOPMENT FUNDING COMPANY UK LIMITED £170,000,000 Credit

Agreement

dated [            ] February, 2005 (the Agreement)

	 	 	 	 	 
	1.	 	We refer to the Agreement. This is a Request.
	 
	 	 	 	 
	2.	 	We wish to borrow a Loan on the following terms:
	 
	 	 	 	 
	

	 	(a)
	 	Utilisation Date: [                                   ]
	 
	 	 	 	 
	

	 	(b)
	 	Amount: [                                   ]
	 
	 	 	 	 
	

	 	(c)
	 	Term: [                                   ].
	 
	 	 	 	 
	3.	 	Our payment instructions are: [                                   ].
	 
	 	 	 	 
	4.	 	We confirm that each condition precedent under the Agreement which must be satisfied on the
date of this Request is so satisfied.
	 
	 	 	 	 
	5.	 	This Request is irrevocable.
	 
	 	 	 	 
	By:
	 	 	 	 
	 
	 	 	 	 
	CENTEX DEVELOPMENT FUNDING COMPANY UK LIMITED

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SCHEDULE 4

CALCULATION OF THE MANDATORY COST

	1.  	General
	 
	(a)  	The Mandatory Cost is to compensate a Lender for the cost of compliance with:

	 	(i)  	the requirements of the Bank of England and/or the Financial Services Authority
(or, in either case, any other authority which replaces any of its functions); or
	 
	 	(ii)  	the requirements of the European Central Bank.

	(b)  	The Mandatory Cost is expressed as a percentage rate per annum.
	 
	(c)  	The Mandatory Cost is the weighted average (weighted in proportion to the percentage share of
each Lender in the relevant Loan) of the rates for the Lenders calculated by the Facility
Agent in accordance with this Schedule on the first day of a Term (or as soon as possible
after then).
	 
	(d)  	The Facility Agent must distribute each amount of Mandatory Cost among the Lenders on the
basis of the rate for each Lender.
	 
	(e)  	Any determination by the Facility Agent pursuant to this Schedule will be, in the absence of
manifest error, conclusive and binding on all the Parties.
	 
	2.  	For a Lender lending from a Facility Office in the U.K.
	 
	(a)  	The relevant rate for a Lender lending from a Facility Office in the U.K. is calculated in
accordance with the following formula:

	 	 	 	 	 
	 

	 	AB + C(B – D) + E x 0.01	 	 
	

	 	

	 	per cent. per annum
	

	 	100 – (A + C)	 	 

	   	where on the day of application of the formula:

	 	A  	is the percentage of that Lender’s eligible liabilities (in excess of any stated
minimum) which the Bank of England requires it to hold on a non-interest-bearing
deposit account in accordance with its cash ratio requirements;
	 
	 	B  	is the percentage rate of LIBOR for the relevant Term;
	 
	 	C  	is the percentage (if any) of that Lender’s eligible liabilities which the Bank of
England requires it to place as an interest bearing special deposit;
	 
	 	D  	is the percentage rate per annum payable by the Bank of England on interest
bearing special deposits; and
	 
	 	E  	is calculated by the Facility Agent as being the average of the rates of charge
under the fees rules supplied by the Reference Banks to the Facility Agent under
paragraph (d) below and expressed in pounds per £1 million.

	(b)  	For the purposes of this paragraph 2:

73

 

	 	(i)  	eligible liabilities and special deposit(s) have the meanings given to them at
the time of application of the formula pursuant to the Bank of England Act 1988 or (as
appropriate) by the Bank of England;
	 
	 	(ii)  	fees rules means the then current rules on periodic fees in the Supervision
Manual of the FSA Handbook or any other law or regulation as may then be in force for
the payment of fees for the acceptance of deposits;
	 
	 	(iii)  	fee tariffs means the fee tariffs specified in the fees rules under fee-block
Category A1 (Deposit acceptors) ignoring any minimum fee or zero rated fee required
pursuant to the fees rules but applying any applicable discount rate); and
	 
	 	(iv)  	tariff base has the meaning given to it in, and will be calculated in
accordance with, the fees rules.
	 
	(c)	(i)	In the application of the formula, A, B, C and D are included as figures and not as
percentages, e.g. if A = 0.5% and B = 15%, AB is calculated as 0.5 x 15. A negative result
obtained by subtracting D from B is taken as zero.
	 
	 	(ii)  	Each rate calculated in accordance with the formula is, if necessary, rounded
upward to four decimal places.

	(d)  	If requested by the Facility Agent, each Reference Bank must, as soon as practicable after
publication by the Financial Services Authority, supply to the Facility Agent the rate of
charge payable by that Reference Bank to the Financial Services Authority under the fees rules
for that financial year of the Financial Services Authority (calculated by that Reference Bank
as being the average of the fee tariffs applicable to that Reference Bank for that financial
year) and expressed in pounds per £1 million of the tariff base of that Reference Bank.
	 
	(e)  	Each Lender must supply to the Facility Agent the information required by it to make a
calculation of the rate for that Lender. In particular, each Lender must supply the following
information on or prior to the date on which it becomes a Lender:

	 	(i)  	the jurisdiction of its Facility Office; and
	 
	 	(ii)  	any other information that the Facility Agent reasonably requires for that
purpose.

	   	Each Lender must promptly notify the Facility Agent of any change to the information
supplied to it under this paragraph.
	 
	(f)  	The percentages of each Lender for the purposes of A and C above and the rates of charge of
each Reference Bank for the purpose of E above are determined by the Facility Agent based upon
the information supplied to it under paragraphs (d) and (e) above. Unless a Lender notifies
the Facility Agent to the contrary, the Facility Agent may assume that the Lender’s
obligations in respect of cash ratio deposits and special deposits are the same as those of a
typical bank from its jurisdiction of incorporation with a Facility Office in the U.K.
	 
	(g)  	The Facility Agent has no liability to any Party if its calculation over or under compensates
any Lender. The Facility Agent is entitled to assume that the information provided by any
Lender or Reference Bank under this Schedule is true and correct in all respects.

74

 

	3.  	For a Lender lending from a Facility Office in a Participating Member State
	 
	(a)  	The relevant rate for a Lender lending from a Facility Office in a Participating Member State
is the percentage rate per annum notified by that Lender to the Facility Agent. This
percentage rate per annum must be certified by that Lender in its notice to the Facility Agent
as its reasonable determination of the cost (expressed as a percentage of that Lender’s share
in all Loans made from that Facility Office) complying with the minimum reserve requirements
of the European Central Bank in respect of Loans made from that Facility Office.
	 
	(b)  	If a Lender fails to specify a rate under paragraph (a) above, the Facility Agent will assume
that the Lender has not incurred any such cost.
	 
	4.  	Changes
	 
	(a)  	The Facility Agent may, after consultation with the Borrower and the Lenders, determine and
notify all the Parties of any amendment to this Schedule which is required to reflect:

	 	(i)  	any change in law or regulation; or
	 
	 	(ii)  	any requirement imposed by the Bank of England, the Financial Services
Authority or the European Central Bank (or, in any case, any successor authority).

	(b)  	If the Facility Agent, after consultation with the Borrower, determines that the Mandatory
Cost for a Lender lending from a Facility Office in the U.K. can be calculated by reference to
a screen, the Facility Agent may notify all the Parties of any amendment to this Agreement
which is required to reflect this.

75

 

SCHEDULE 5

FORM OF TRANSFER CERTIFICATE

	 	 	 
	To:

	 	[AGENT] as Facility Agent
	 
	 	 
	From:

	 	[THE EXISTING LENDER] (the Existing Lender) and [THE NEW LENDER] (the New Lender)
	 
	 	 
	Date:

	 	[                        ]

CENTEX DEVELOPMENT FUNDING COMPANY UK LIMITED £170,000,000 Credit

Agreement

dated [            ] February, 2005 (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 Lender is a U.K. Non-Bank Lender]1.
	 
	5.  	This Transfer Certificate is governed by English law.

	1	Include if applicable.

76

 

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 [            ].

[AGENT]

By:

77

 

SCHEDULE 6

EXISTING SECURITY

	 	 	 	 	 	 	 	 	 
	Member of the Group	 	Details of security	 	 	Maximum principal	 
	creating security	 	 	 	 	amount secured	 
	 
	 	 	 	 	 	 	 	 

78

 

SCHEDULE 7

FORM OF COMPLIANCE CERTIFICATE

	 	 	 	 	 	 
	 	DATE:

	 	 	[l]	 
	 	SUBJECT PERIOD:

	 	 	[l] ended [l]	 
	 	FACILITY AGENT:

	 	 	[AGENT]	 
	 	BORROWER:

	 	 	Centex Development Funding Company UK Limited	 
	 

This certificate is delivered under the Credit Agreement dated [l] February, 2005 as
amended, modified, supplemented, or restated from time to time (the Credit Agreement), between the
Borrower, the Facility Agent, and the Lenders (all as defined in the Credit Agreement).

Capitalised terms used in the Credit Agreement shall, unless defined in this certificate,
shall have the meanings when used in this certificate.

The undersigned certifies that:

	(a)  	the undersigned is a Responsible Officer of the Guarantor in the position(s) set out under
the signature below;
	 
	(b)  	the Financial Statements attached to this certificate were prepared in accordance with
generally accepted accounting principles in the U.S., and present fairly in all material
respects the consolidated financial condition and results of operations of the Guarantor as
of, and for the [three, six, or nine months, or fiscal year] ended on, [l] (the Subject
Period) (subject only to normal year-end audit adjustments);
	 
	(c)  	a review of the activities of the Guarantor during the Subject Period has been made under my
supervision with a view to determining whether, during the Subject Period, the Guarantor has
kept, observed, performed, and fulfilled all of its obligations under the Finance Documents,
and during the Subject Period, (i) the Guarantor kept, observed, performed, and fulfilled each
and every covenant and condition of the Finance Documents (except for the deviations, if any,
set forth on Annex A to this certificate) in all material respects, and (ii) no Default has
occurred which has not been cured or waived (except the Defaults, if any, described on Annex A
to this certificate);
	 
	(d)  	the status of compliance by the Guarantor with Clause 18 (Financial Covenants) of the Credit
Agreement at the end of the Subject Period is as set forth on Annex B to this certificate.

[Signature of Responsible Officer of Borrower]

79

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	
By: ..............................................................................	 
	 	 	 	 	 	 	 	Name: .........................................................	 
	 	 	 	 	 	 	 	Title: ...........................................................	 
	 

80

 

ANNEX A TO COMPLIANCE CERTIFICATE

DEVIATIONS FROM FINANCE DOCUMENTS/

DEFAULTS

(If none, so state.)

81

 

ANNEX B TO COMPLIANCE CERTIFICATE

(Centex Corporation)

Status of Compliance with Clause 18 (Financial Covenants) of the Credit Agreement2

The Guarantor shall provide to Facility Agent (for the benefit of Lenders) detailed
calculations, in form and substance reasonably acceptable to Facility Agent, demonstrating
compliance with the following covenants:

Clause 18.2   Leverage Ratio

Clause 18.3   Interest Coverage Ratio

Clause 18.4   Minimum Tangible Net Worth

Clause 18.5   Recourse Debt of Unrestricted Subsidiaries.

	2	 	All as more particularly determined in
accordance with the terms of the Credit Agreement, which control in the event
of conflicts with this forms.

82

 

SIGNATORIES

	 	 	 
	Borrower
	 
	 	 
	CENTEX DEVELOPMENT FUNDING COMPANY UK LIMITED
	 
	 	 
	By:

	 	STANLEY JACKSON
	 
	 	 
	

	 	ROBERT WOOD
	 
	Guarantor
	 
	 	 
	CENTEX CORPORATION
	 
	 	 
	By:

	 	GAIL M. PECK, VICE PRESIDENT AND TREASURER
	 
	 	 
	Book-runner
	 
	 	 
	THE ROYAL BANK OF SCOTLAND PLC
	 
	 	 
	By:

	 	JOHN HARE
	 
	 	 
	Joint Mandated Arrangers
	 
	 	 
	THE ROYAL BANK OF SCOTLAND PLC
	 
	 	 
	By:

	 	JOHN HARE
	 
	 	 
	LLOYDS TSB BANK PLC
	 
	 	 
	By:

	 	SIMON DENTON
	 
	 	 
	Original Lenders
	 
	 	 
	THE ROYAL BANK OF SCOTLAND PLC
	 
	 	 
	By:

	 	PAUL DAVEY
	 
	 	 
	LLOYDS TSB BANK PLC
	 
	 	 
	By:

	 	RICHARD HEATH

83

 

	 	 	 
	JP MORGAN CHASE BANK, N.A.
	 
	 	 
	By:

	 	DAVID HOWARD, VICE PRESIDENT
	 
	 	 
	BNP PARIBAS, LONDON BRANCH
	 
	 	 
	By:

	 	STEVE DURANTI, RELATIONSHIP MANAGER
	 
	 	 
	

	 	ANN RIX, RELATIONSHIP MANAGER
	 
	 	 
	Facility Agent
	 
	 	 
	THE ROYAL BANK OF SCOTLAND PLC
	 
	 	 
	By:

	 	JOHN HARE

84exv4w1

 

Exhibit 4.1

AMENDMENT NO. 1 TO THE RIGHTS AGREEMENT

      Amendment No. 1 to the Rights Agreement, dated as of February 23, 2005 (the
“Amendment”), by and between Janus Capital Group Inc., a Delaware corporation (the
“Company”) (formerly known as Stilwell Financial Inc., a Delaware corporation), and UMB
Bank, N.A., a national banking association organized and existing under the laws of the United
States of America, as Rights Agent (the “Rights Agent”).

      WHEREAS, on June 14, 2000, the Company and the Rights Agent entered into a Rights Agreement
(the “Agreement”); and

      WHEREAS, pursuant to Section 26 of the Agreement, the Company has determined to modify the
terms of the Agreement in certain respects.

      NOW, THEREFORE, in consideration of the premises and mutual agreements herein set forth, and
intending to be legally bound hereby, the parties hereto agree that the Agreement shall be and
hereby is amended in the following manner:

      Section 1. Amendment of “Certain Definitions” Section. Section 1(a) of the Agreement
is hereby amended and restated in its entirety to read as follows:

      “Acquiring Person” shall mean any Person who, together with all Affiliates and
Associates of such Person, shall be the Beneficial Owner of a Substantial Block, but shall
not include: (i) the Company; (ii) any Subsidiary of the Company; (iii) any employee
benefit plan of the Company, or of any Subsidiary of the Company, or any Person organized,
appointed or established by the Company or by any Subsidiary of the Company for or pursuant
to the terms of any such plan; (iv) any Person who, together with all Affiliates and
Associates of such Person, becomes the Beneficial Owner of a Substantial Block solely as a
result of a reduction in the number of shares of Common Stock of the Company outstanding,
including due to the repurchase of shares of Common Stock of the Company by the Company,
unless and until such Person, after becoming aware that such Person, together with all
Affiliates and Associates of such Person, has become the Beneficial Owner of a Substantial
Block, acquires beneficial ownership of additional shares of Common Stock of the Company
representing one-quarter of one-percent (0.25%) or more of the shares of Common Stock of
the Company then outstanding; or (v) any Person who, together with all Affiliates and
Associates of such Person, has reported or is required to report such ownership (but less
than sixteen percent (16%)) on Schedule 13G under the Exchange Act (or any comparable or
successor report) or on Schedule 13D under the Exchange Act (or any comparable or successor
report) which Schedule 13D does not state any intention to or reserve the right to control
or influence the management or policies of the Company or engage in any of the actions
specified in Item 4 of

 

 

such schedule (other than the disposition of the Common Stock) and, within ten (10)
Business Days of being requested by the Company to advise it regarding the same, certifies
to the Company that such Person (together with all Affiliates and Associates of such
Person) acquired shares of Common Stock of the Company in excess of 14.9% inadvertently or
without knowledge of the terms of the Rights and who, together with all Affiliates and
Associates of such Person, thereafter does not acquire additional shares of Common Stock of
the Company while the Beneficial Owner of a Substantial Block; provided,
however, that if the Person requested to so certify fails to do so within ten (10)
Business Days, then such Person shall become an Acquiring Person immediately after such
10-Business Day period. It is provided, further, that, (x) any Person who,
together with all Affiliates and Associates of such Person, may have become an Acquiring
Person prior to the effectiveness of Amendment No. 1 to this Agreement (the
“Amendment”), dated February 23, 2005 (the “Amendment Effective Date”),
solely as a result of actions taken prior to the Amendment Effective Date, pursuant to the
definition of Acquiring Person in effect prior to the Amendment Effective Date, but who
would not have otherwise become an Acquiring Person under the definition of Acquiring
Person adopted in the Amendment, shall not be deemed to be or have become an Acquiring
Person solely as a result of such actions and any Share Acquisition Date that may have
occurred, and any Distribution Date that might otherwise occur, solely as a result thereof
shall be deemed not to have occurred or shall not occur, as applicable, and (y) from and
after the Amendment Effective Date, for all purposes (including the determination of
whether any Person is an Acquiring Person) this Agreement shall be governed by the
definition of “Acquiring Person” adopted in the Amendment as if such definition was in
effect from the original date of this Agreement in place of any prior definition.

      Section 2. “Agreement” as Amended. The term “Agreement” as used in the Agreement
shall be deemed to refer to the Agreement as amended hereby, and all references to the Agreement
shall be deemed to include this Amendment.

      Section 3. Effectiveness. This Amendment shall be effective as of the date first
written above, and except as set forth herein, the Agreement shall remain in full force and effect
and otherwise shall be unaffected hereby.

      Section 4. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Delaware applicable to contracts to be made and performed
entirely within such State.

      Section 5. Counterparts. This Amendment may be executed in two or more counterparts,
each of which shall be deemed an original but all of which together shall constitute one and the
same instrument.

2

 

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
attested as of the date first written above.

	 	 	 	 	 
	 	JANUS CAPITAL GROUP INC.

 	 
	 	By:  	/s/ John H. Bluher
 	 
	 	 	Name:  	John H. Bluher 	 
	 	 	Title:  	Senior Vice President,

General Counsel, Chief Public

Affairs Officer and Secretary 	 
	 
	 	UMB BANK, N.A.

 	 
	 	By:  	/s/ K. Scott Mathews
 	 
	 	 	Name:  	K. Scott Mathews 	 
	 	 	Title:  	Vice President 	 
	 

3

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