Document:

exv4w8

Exhibit 4.8

EXECUTION VERSION

FACILITY AGREEMENT

JUNE 2009

£750,000,000 Revolving Credit Facilities

for

BRITISH SKY BROADCASTING GROUP PLC

Guaranteed by

CERTAIN SUBSIDIARIES OF

BRITISH SKY BROADCASTING GROUP PLC

Arranged by

BANC OF AMERICA SECURITIES LIMITED

BANCO SANTANDER, S.A., LONDON BRANCH

BANK OF CHINA LIMITED, LONDON BRANCH

BARCLAYS CAPITAL

BNP PARIBAS

CREDIT SUISSE

DEUTSCHE BANK AG LONDON BRANCH

J.P. MORGAN PLC

MORGAN STANLEY BANK INTERNATIONAL LIMITED

SOCIETE GENERALE CORPORATE & INVESTMENT BANKING

and

THE ROYAL BANK OF SCOTLAND PLC

Agent

BARCLAYS BANK PLC

 

 

CONTENTS

	 	 	 	 	 	 	 
	Clause	 	 	 	Page	 
	 
	1.
	 	Interpretation	 	 	1	 
	2.
	 	Construction	 	 	17	 
	3.
	 	The Facilities	 	 	20	 
	4.
	 	Purpose	 	 	21	 
	5.
	 	Conditions of Utilisation	 	 	21	 
	6.
	 	Utilisation	 	 	22	 
	7.
	 	Optional Currencies	 	 	27	 
	8.
	 	Repayment	 	 	28	 
	9.
	 	Prepayment and Cancellation	 	 	28	 
	10.
	 	Interest	 	 	31	 
	11.
	 	Interest Periods	 	 	32	 
	12.
	 	Changes to the Calculation of Interest	 	 	32	 
	13.
	 	Fees	 	 	33	 
	14.
	 	Tax Gross Up and Indemnities	 	 	37	 
	15.
	 	Increased Costs	 	 	41	 
	16.
	 	Other Indemnities	 	 	42	 
	17.
	 	Mitigation by the Lenders	 	 	43	 
	18.
	 	Costs and Expenses	 	 	44	 
	19.
	 	Guarantee and Indemnity	 	 	44	 
	20.
	 	Representations	 	 	51	 
	21.
	 	General Undertakings	 	 	54	 
	22.
	 	Events of Default	 	 	61	 
	23.
	 	Changes to the Lenders	 	 	65	 
	24.
	 	Changes to the Obligors	 	 	71	 
	25.
	 	Role of the Agent and the Mandated Lead Arrangers	 	 	71	 
	26.
	 	Conduct of Business by the Finance Parties	 	 	76	 
	27.
	 	Sharing among the Finance Parties	 	 	76	 
	28.
	 	Payment Mechanics	 	 	77	 
	29.
	 	Set-off	 	 	81	 
	30.
	 	Notices	 	 	81	 
	31.
	 	Calculations and Certificates	 	 	84	 
	32.
	 	Partial Invalidity	 	 	84	 
	33.
	 	Remedies and Waivers	 	 	84	 
	34.
	 	Amendments and Waivers	 	 	84	 
	35.
	 	Counterparts	 	 	86	 
	36.
	 	Governing Law	 	 	86	 
	37.
	 	Enforcement	 	 	86	 
	 
	 	 	 	 	 	 
	Schedule	 	 	 	 
	 
	 	 	 	 	 	 
	1.
	 	The Original Parties	 	 	87	 
	 
	 	Part 1 The Obligors	 	 	87	 
	 
	 	Part 2 The Agent and the Original Lenders	 	 	89	 
	2.
	 	Conditions Precedent to Initial Utilisation	 	 	90	 
	3.
	 	Requests	 	 	91	 
	 
	 	Part 1 Utilisation Request	 	 	91	 
	 
	 	Part 2 Utilisation Request	 	 	92	 
	4.
	 	Mandatory Cost Formulae	 	 	93	 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	5.
	 	Form of Transfer Certificate	 	 	96	 
	6.
	 	Form of Deed of Guarantor Accession	 	 	98	 
	7.
	 	Documents and Evidence to be Delivered by Acceding Guarantors	 	 	99	 
	8.
	 	Form of Compliance Certificate	 	 	100	 
	9.
	 	Timetables	 	 	102	 
	10.
	 	Form of Letter of Credit	 	 	103	 
	 
	 	 	 	 	 	 
	Signatories	 	 	108	 
	 
	 	 	 	 	 	 
	Appendix	 	 	 	 
	 
	 	 	 	 	 	 
	1.
	 	Form of Claim	 	 	106	 
	2.
	 	Form of Discharge	 	 	107	 

 

 

THIS AGREEMENT is dated            June 2009 and made

BETWEEN:

	(1)	 	BRITISH SKY BROADCASTING GROUP PLC (No. 2247735) whose registered office is at Grant Way,
Isleworth, Middlesex TW7 5QD (the Borrower);
	 
	(2)	 	THE SUBSIDIARIES of BRITISH SKY BROADCASTING GROUP PLC listed in Part 1 of Schedule 1 (The
Original Parties) as original guarantors (the Original Guarantors and each an Original
Guarantor);
	 
	(3)	 	BANC OF AMERICA SECURITIES LIMITED, BANCO SANTANDER, S.A., LONDON BRANCH, BANK OF CHINA
LIMITED, LONDON BRANCH, BARCLAYS CAPITAL, BNP PARIBAS, CREDIT SUISSE, DEUTSCHE BANK AG LONDON
BRANCH, J.P. MORGAN PLC, MORGAN STANLEY BANK INTERNATIONAL LIMITED, SOCIETE GENERALE CORPORATE
& INVESTMENT BANKING and THE ROYAL BANK OF SCOTLAND PLC (the Mandated Lead Arrangers and each
a Mandated Lead Arranger);
	 
	(4)	 	THE FINANCIAL INSTITUTIONS listed in Part 2 of Schedule 1 (The Original Parties) as lenders
(the Original Lenders and each an Original Lender); and
	 
	(5)	 	BARCLAYS BANK PLC as agent of the Lenders (the Agent).

IT IS AGREED as follows:

	1.	 	INTERPRETATION
	 
	1.1	 	Purpose
	 
	 	 	This Agreement sets out the terms and conditions upon and subject to which the Lenders
agree, according to their several obligations, to make available to the Borrower under the
guarantee of the Guarantors, a revolving credit facility of up to £750,000,000 or the
equivalent in Optional Currencies for the purpose of refinancing the Existing Facility and,
following the Forward Start Date:

	 	(a)	 	for general corporate purposes; and
	 
	 	(b)	 	to finance the working capital and/or capital expenditure requirements of the
Group.

	1.2	 	Definitions
	 
	 	 	In this Agreement, unless the context otherwise requires:
	 
	 	 	Acceding Guarantors means those Group Members who have become a party to this Agreement as
Guarantors pursuant to Clause 19.17 (Acceding Guarantors);
	 
	 	 	Additional Cost Rate means, in relation to any period, a percentage calculated for such
period at an annual rate determined by the application of the formula set out in Schedule 4
(Mandatory Cost Formulae);
	 
	 	 	Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company
of that person or any other Subsidiary of that Holding Company;

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	 	 	Agent’s Spot Rate of Exchange means the Agent’s spot rate of exchange for the purchase of
any relevant currency with the Base Currency in the London foreign exchange market at or
about 11.00 a.m. on a particular day;
	 
	 	 	Authorised Officer means any director, employee or officer of the Borrower or any other
Obligor authorised to sign Authorised Officer’s Compliance Certificates, Utilisation
Requests and other notices, requests or confirmations referred to in this Agreement or
relating to the Facilities;
	 
	 	 	Availability Period means the period from the Forward Start Date and ending on the earliest
of (a) the Termination Date; and (b) such date on which the Total Commitments are reduced to
zero;
	 
	 	 	Available Commitment means a Lender’s Commitment under the Facility minus:

	 	(a)	 	the Base Currency Amount of its participation in any outstanding Utilisations;
and
	 
	 	(b)	 	in relation to any proposed Utilisation, the Base Currency Amount of its
participation in any Loans or other Utilisations that are due to be made on or before
the proposed Utilisation Date, other than that Lender’s participation in any
Utilisations that are due to be repaid or prepaid on or before the proposed Utilisation
Date;

	 	 	Available Facility means the aggregate for the time being of each Lender’s Available
Commitment in respect of the Facility;
	 
	 	 	Banking Day means:

	 	(a)	 	Unless paragraph (b) below applies, a day (other than a Saturday or Sunday) on
which banks are open for business in:

	 	(i)	 	London; and
	 
	 	(ii)	 	if a payment is required in an Optional Currency (other than
euros), the principal financial centre of the country of such Optional Currency;
and

	 	(b)	 	in relation to a rate fixing for euros only, a TARGET Day;

	 	 	Base Currency means Sterling;

	 	 	Base Currency Amount means, in relation to a Utilisation, the amount specified in the
Utilisation Request delivered by the Borrower for that Utilisation (or, if the amount
requested is not denominated in the Base Currency, that amount converted into the Base
Currency at the Agent’s Spot Rate of Exchange on the date which is three Banking Days before
the Utilisation Date or, if later, on the date the Agent receives the Utilisation Request
and, in the case of a Letter of Credit, as adjusted pursuant to Clause 6.6(i) (Revaluation
of Letters of Credit) at six-monthly intervals) adjusted to reflect any repayment, (other
than a repayment arising from a change of currency), prepayment, consolidation or division
of the Utilisation;
	 
	 	 	Break Costs means the amount (if any) by which:

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

	 	 	exceeds:

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

	 	 	Broadcasting Law means the Broadcasting Act 1990 and all other laws, regulations and
judgments relating to broadcasting applicable to the Borrower (or any of its Subsidiaries)
and/or the business carried on by the Borrower (or any of its Subsidiaries);
	 
	 	 	Cash and Cash Equivalents means, at any time:

	 	(a)	 	cash in hand or on deposit with any acceptable institution (including cash held
in a Cash Collateral Account);
	 
	 	(b)	 	certificates of deposit, maturing within one year after the relevant date of
calculation, issued by an acceptable bank;
	 
	 	(c)	 	any investment in marketable obligations issued or guaranteed by the government
of (or an instrumentality or agency of the government of) an acceptable jurisdiction;
	 
	 	(d)	 	open market commercial paper:

	 	(i)	 	for which a recognised trading market exists;
	 
	 	(ii)	 	issued by an issuer incorporated in an acceptable jurisdiction;
	 
	 	(iii)	 	which matures within one year of the relevant date of
calculation; and
	 
	 	(iv)	 	which has a credit rating of either A-1 by Standard & Poor’s or
FitchIBCA or P-1 by Moody’s, or, if no rating is available in respect of the
commercial paper, the issuer of which has, in respect of its long-term debt
obligations, an equivalent rating;

	 	(e)	 	Sterling bills of exchange eligible for rediscount at the Bank of England and
accepted by an acceptable institution;
	 
	 	(f)	 	any investment in money market funds:

	 	(i)	 	which have a long term credit rating of AA or higher by Standard
& Poor’s or FitchIBCA or Aa2 or higher by Moody’s, or a short term credit rating
of either A-1 or higher by Standard & Poor’s or FitchIBCA or P-1 or higher by
Moody’s,
	 
	 	(ii)	 	which invest substantially all their assets in securities of the
types described in paragraphs (a) to (e) above;
	 
	 	(iii)	 	investments which can be converted into cash on not more than 30
days’ notice; and
	 
	 	(iv)	 	which are treated as cash (or equivalent to cash) under IFRS;

	 	(g)	 	any bond which, or fund which invests exclusively in bonds, if that bond or
fund:

	 	(i)	 	has a credit rating of either AA or higher by Standard & Poor’s
or FitchIBCA or Aa2 or higher by Moody’s;
	 
	 	(ii)	 	is issued by a corporate issuer incorporated in an acceptable jurisdiction;

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	 	(iii)	 	for which a recognised trading market exists; and
	 
	 	(iv)	 	which are treated as cash (or equivalent to cash) under IFRS; or

	 	(h)	 	any other instrument, security or investment approved by the Majority Lenders,

	 	 	in each case, to which any member of the Group is beneficially entitled at that time and
which is capable of being applied against Indebtedness. An acceptable institution for this
purpose is a commercial bank, investment fund or trust company which has a rating of A- or
higher by Standard & Poor’s or FitchIBCA or A3 or higher by Moody’s or a comparable rating
from an internationally recognised credit rating agency for its long-term debt obligations
or has been approved by the Majority Lenders. An acceptable jurisdiction for this purpose
is:

	 	(i)	 	the United Kingdom;
	 
	 	(ii)	 	the United States of America;
	 
	 	(iii)	 	a Participating Member State (as at the date of this Agreement) with a
sovereign rating of A- or higher by Standard & Poor’s or FitchIBCA or A3 or higher by
Moody’s or a comparable rating from an internationally recognised credit rating agency
for its long-term debt obligations or has been approved by the Majority Lenders; or
	 
	 	(iv)	 	any other nation approved by the Majority Lenders;

	 	 	Cash Collateral Account means an interest bearing blocked deposit account in the name of the
Borrower opened, or to be opened, with the Agent or other relevant Finance Party (as the
relevant provision of any Finance Document so provides) pursuant to or otherwise in
connection with any Finance Document;
	 
	 	 	Collateral Instruments means notes, bills of exchange, certificates of deposit and other
negotiable and non-negotiable instruments, guarantees, and any other documents or
instruments which contain or evidence an obligation (with or without security) to pay,
discharge or be responsible directly or indirectly for, any Indebtedness or liabilities
under the Finance Documents and includes Encumbrances;
	 
	 	 	Commitment means:

	 	(a)	 	in relation to an Original Lender, the amount in the Base Currency set opposite
its name under the heading “Commitment” in Part 2 of Schedule 1 (The Original Parties)
and the amount of any other Commitment transferred to it under this Agreement; and
	 
	 	(b)	 	in relation to any other Lender, the amount in the Base Currency of any
Commitment transferred to it under this Agreement,

	 	 	to the extent not cancelled, reduced or transferred by it under this Agreement;
	 
	 	 	Compliance Certificate means either a certificate provided by the Borrower in accordance
with paragraph 12 of Schedule 2 (Conditions Precedent to Initial Utilisation) or a
certificate in relation to compliance (or otherwise) with the undertakings in Clause 21.4
(Financial undertakings), in each case substantially in the form of Schedule 8 (Form of
Compliance Certificate);
	 
	 	 	Consolidated Interest Charges means, in respect of each Half-Yearly Period in each financial
year of the Group, the aggregate amount of interest, discounts, finance charges and/or fees
accrued during that Half-Yearly Period in respect of Total Debt including, for this purpose,
any acceptance

4

 

	 	 	commission in respect of any bills of exchange or other negotiable instruments, any initial
issue discounts allowed on the issue of debentures attributable to such Half-Yearly Period
(calculated on a pro rata basis by reference to the initial term for which such debentures
were issued) and the interest component of rentals under Finance Leases, and after deduction
of the aggregate amount of interest accrued in respect of deposits held with any banks or on
commercial paper owned by any Group Member during the same Half-Yearly Period of the Group;
	 
	 	 	Debt Instrument means any debenture, bond, note, loan stock or other similar security
evidencing Indebtedness;
	 
	 	 	Deed of Guarantor Accession means a deed to be executed and delivered by the relevant Group
Member substantially in the form of Schedule 6 (Form of Deed of Guarantor Accession);
	 
	 	 	Deed of Subordination means any instrument evidencing subordination and priority
arrangements entered or to be entered into pursuant to Clause 21.2(e) (Indebtedness);
	 
	 	 	Default means an Event of Default or any event or circumstance specified in Clause 22
(Events of Default) which would (with the expiry of a grace period, the giving of notice,
the making of any determination (in each case under or pursuant to the Finance Documents) or
any combination of any of the foregoing) be an Event of Default;
	 
	 	 	Defaulting Lender means any Lender:

	 	(a)	 	which has failed to make its participation in a Loan available by the
Utilisation Date of that Loan in accordance with Clause 6.4 (Lenders’ participation) or
failed to comply with any of its obligations under Clause 6.6(d) (Indemnities) unless
(i) its failure to pay is caused by administrative or technical error and payment is
made within five Banking Days of its due date; (ii) the Lender is disputing in good
faith whether it is contractually obliged to make the payment in question or (iii) the
provisions of Clause 9.1 (Illegality) apply to that Lender;
	 
	 	(b)	 	which fails to confirm, within five Banking Days of request from the Borrower,
that, to the best of its knowledge, it is not aware of any reason why it should not be
able to comply with its obligations under this Agreement in relation to any future
Utilisation. Any such request from the Borrower must be:

	 	(i)	 	given at a time when the Borrower has reasonable grounds to
believe that that Lender may not be able to comply with its obligations under
this Agreement in relation to any future Utilisation;
	 
	 	(ii)	 	subject to Clause 30.5 (Communication when Agent is Impaired
Agent), given through the Agent; and
	 
	 	(iii)	 	copied directly by the Borrower to that Lender by electronic
mail, fax and telephone to the principal managerial contact on the Agent’s
records for that Lender;

	 	(c)	 	which has given notice to the Borrower or the Agent that it will not make or
participate in any Utilisations in accordance with the requirements of this Agreement
(other than by reason of non-satisfaction of a condition under this Agreement to that
Lender’s obligation to make or participate in any such Loan) or has repudiated its
obligation to do so;
	 
	 	(d)	 	which has rescinded or repudiated a Finance Document; or
	 
	 	(e)	 	in respect of which an Insolvency Event has occurred and is continuing;

5

 

	 	 	EBITDA means, in respect of a Half-Yearly Period, the consolidated operating profit of the
Group:

	 	(a)	 	in relation to each Half-Yearly Period, as shown in the relevant unaudited
consolidated profit and loss account provided to the Agent under this Agreement before:

	 	(i)	 	depreciation; and
	 
	 	(ii)	 	amortisation of goodwill but, for the avoidance of doubt, not
before any charge for the amortisation of any cost or expense incurred in
relation to the acquisition of rights to or in connection with any programmes or
films;

	 	 	 	but adjusted by excluding any EBITDA (whether positive or negative and as determined
in accordance with this definition) of any Special Purpose Subsidiary; and
	 
	 	(b)	 	in relation to the second Half-Yearly Period in each financial year only, as
shown in the relevant audited consolidated profit and loss account provided to the
Agent under this Agreement before the items referred to in (a)(i) and (ii) above and as
adjusted as referred to in (a) above and (in each case) by the deduction of the amount
calculated under (a) above in relation to the first Half-Yearly Period in such
financial year,

	 	 	having made such adjustments and making such further adjustments as may be appropriate in
the opinion of the auditors of the Borrower in order that all such amounts are calculated in
accordance with the Original Accounting Principles;
	 
	 	 	Encumbrance means any mortgage, charge (whether fixed or floating), pledge, lien,
hypothecation, assignment, trust arrangement or security interest of any kind securing any
obligation of any person or any other type of preferential arrangement (including retention
of title and sale and leaseback arrangements);
	 
	 	 	Environmental Law means any law or regulation relating to (a) the pollution, conservation or
protection of the environment (both natural and built), (b) the creation, storage, handling
and disposal of industrial waste and hazardous substances and (c) health and safety at work
or elsewhere but excluding the Planning Acts (being the Town and Country Planning Act 1990,
the Planning (Listed Buildings and Conservation Areas) Act 1990, the Planning (Consequential
Provisions) Act 1990 and subordinate legislation made thereunder);
	 
	 	 	EURIBOR means, in relation to any Loan or overdue amount in euro:

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

	 	 	as of the Specified Time on the Quotation Day for the offering of deposits in euro for a
period comparable to the Interest Period of the relevant Loan;
	 
	 	 	euro and € mean the single currency of Participating Member States introduced in
accordance with the provisions of Article 109(1)4 of the Treaty and in respect of all
payments to be made under the Finance Documents in euro means immediately available, freely
transferable funds;
	 
	 	 	Event of Default means any event or circumstance specified as such in Clause 22 (Events of
Default);

6

 

	 	 	Executive Officers means, in relation to the Borrower, the Chief Executive, the Chief
Operating Officer, the General Counsel, the Chief Financial Officer and the Company
Secretary and any other officer of the Borrower who, at any relevant time, is responsible
for all or any of the management functions of any such person as at the date of this
Agreement in place of such person and, in relation to any other Obligor, its Directors;
	 
	 	 	Existing Agent means the agent party to the Existing Facility Agreement;
	 
	 	 	Existing Available Facility means the Available Facility under (and as defined in) the
Existing Facility Agreement;
	 
	 	 	Existing Commitment means a Commitment under (and as defined in) the Existing Facility
Agreement;
	 
	 	 	Existing Facility means the £1,000,000,000 revolving credit facility made available under
the Existing Facility Agreement;
	 
	 	 	Existing Facility Agreement means the facility agreement dated 3 November 2004 (as amended
from time to time) between, among others, the Borrower and Barclays Bank PLC as agent;
	 
	 	 	Existing Facility LC means an LC under (and as defined in) the Existing Facility Agreement;
	 
	 	 	Existing Facility Lender means a Lender who is also a Lender under (and as defined in) the
Existing Facility Agreement;
	 
	 	 	Existing Facility Share means, in relation to an Original Lender, the proportion which its
Existing Commitment bears to the Existing Total Commitments at the opening of business on
the date of this Agreement.
	 
	 	 	Existing Finance Document means a Finance Document under (and as defined in) the Existing
Facility Agreement;
	 
	 	 	Existing Loan means a Loan under (and as defined in) the Existing Facility Agreement;
	 
	 	 	Existing Total Commitments means the Total Commitments under (and as defined in) the
Existing Facility Agreement;
	 
	 	 	Existing Utilisation means a Utilisation under (and as defined in) the Existing Facility
Agreement;
	 
	 	 	Expiry Date means, in respect of a Letter of Credit, the last day of its Term;
	 
	 	 	Facility means the revolving loan facility made available under this Agreement as described
in Clause 3 (The Facilities);
	 
	 	 	Facility Office means the office or offices notified by a Lender to the Agent in writing on
or before the date it becomes a Lender (or, following that date, by not less than five
Banking Days’ written notice) as the office or offices through which it will perform its
obligations under this Agreement;
	 
	 	 	Fee Letter means any letter or letters between the Agent and/or the Mandated Lead Arrangers
(or any of them) and the Borrower setting out the terms of any of the fees referred to in
Clause 13 (Fees);
	 
	 	 	Finance Document means this Agreement, any Transfer Certificate, any Fee Letter, any Deed of
Subordination, any Deed of Guarantor Accession, any Letter of Credit, and any other document
designated as such by the Agent and the Borrower;

7

 

	 	 	Finance Lease means a lease treated as a finance lease in accordance with Statement of
Standard Accounting Practice 21 as amended or as substituted by any generally accepted
accounting principles in the United Kingdom from time to time;
	 
	 	 	Finance Parties means the Agent, the Mandated Lead Arrangers and the Lenders, and Finance
Party means any of them;
	 
	 	 	Financial Definitions means the definitions of each of Consolidated Interest Charges,
EBITDA, Net Debt and Total Debt;
	 
	 	 	Forward Start Date means the earlier of (a) the date on which all Existing Utilisations (if
any) are repaid in full and the Existing Total Commitments have been cancelled in full and
(b) 30 July 2010;
	 
	 	 	Group means the Borrower and its Subsidiaries, excluding any joint venture company in which
the Group Members, taken as a whole, do not have a majority shareholding, or do not have the
right to appoint or remove a majority of its board of directors, or do not have sole control
of a majority of the voting rights in it;
	 
	 	 	Group Member means any member of the Group;
	 
	 	 	Guaranteed Liabilities means all moneys, obligations and liabilities expressed to be
guaranteed by the Guarantors in Clause 19.1 (Covenant to pay);
	 
	 	 	Guarantors means the Original Guarantors and any Acceding Guarantor (other than any such
Original Guarantor or Acceding Guarantor as has been released from this Agreement pursuant
to Clause 19.18 (Release of Guarantors) and has not since become an Acceding Guarantor again
pursuant to Clause 19.17 (Acceding Guarantors));
	 
	 	 	Half-Yearly Period means each reporting period for the Group of six months ending on 30th
June or 31st December in any year;
	 
	 	 	Harlequin 1 means the studios, production facilities, technical facilities and offices
currently under construction by Group Members in Osterley, Middlesex known as Harlequin 1
and its associated infrastructure;
	 
	 	 	Hedging Arrangements means any arrangements, whether by way of swap, cap, collar or
otherwise in relation to any derivative transaction entered into in connection with
protection against or benefit from fluctuation in any rate or price which, in each case,
prior to the Forward Start Date, has a term which is greater than 12 months from the
relevant date of calculation;
	 
	 	 	Holding Company means a holding company within the meaning of section 1159 Companies Act
2006;
	 
	 	 	IFRS means international accounting standards within the meaning of the IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements;
	 
	 	 	Impaired Agent means the Agent at any time when:

	 	(a)	 	it has failed to make (or has notified a Party that it will not make) a payment
required to be made by it under the Finance Documents by the due date for payment
unless (i) its failure to pay is caused by administrative or technical error and
payment is made within five Banking Days of its due date; (ii) the Agent is disputing
in good faith whether it is contractually obliged to make the payment in question;
(iii) the Agent has been instructed not to make the relevant payment pursuant to
instructions received by it from the Majority Lenders or the

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	 	 	 	Lenders (as applicable) or (iv) its failure to pay is caused by the Borrower failing
to make a required payment to the Agent;
	 
	 	(b)	 	it has rescinded or repudiated a Finance Document;
	 
	 	(c)	 	(if the Agent is also a Lender) it is a Defaulting Lender under paragraphs (a)
to (d) of the definition of “Defaulting Lender”; or
	 
	 	(d)	 	an Insolvency Event has occurred and is continuing with respect to the Agent;

	 	 	Incapacity means in relation to a person the death, bankruptcy, unsoundness of mind,
insolvency, liquidation, dissolution, winding-up, administration, receivership,
amalgamation, reconstruction or other incapacity of that person whatsoever (and, in the case
of a partnership, includes the termination or change in the composition of the partnership);
	 
	 	 	Indebtedness means any obligation for the payment or repayment of money, whether as
principal or surety, and whether present or future, in respect of:

	 	(a)	 	money borrowed or raised and debit balances at banks;
	 
	 	(b)	 	any bond, note, loan stock, debenture or other similar debt instrument;
	 
	 	(c)	 	any amount raised by acceptance or documentary credit facilities;
	 
	 	(d)	 	receivables sold or discounted (other than on a non-recourse basis);
	 
	 	(e)	 	deferred payments for assets or services acquired (other than in the ordinary
course of trading or pursuant to a genuine trade dispute);
	 
	 	(f)	 	the capital element of Finance Leases;
	 
	 	(g)	 	any other transaction (including forward sale or purchase agreements) having
the commercial effect of a borrowing or raising of money, or of any of (a) to (f)
above;
	 
	 	(h)	 	any counter-indemnity obligation in respect of a guarantee, indemnity, bond,
standby or documentary letter of credit or any other instrument (other than any such
guarantee, indemnity, bond, standby or documentary letter of credit or other instrument
which relates solely to a performance obligation) issued by a bank or financial
institution; and
	 
	 	(i)	 	without duplication, guarantees in respect of the obligations of any person
falling within any of (a) to (h) above;

	 	 	Insolvency Event means in relation to a Lender or the Agent (as applicable):

	 	(a)	 	any liquidator, receiver, compulsory manager, administrator, administrative
receiver or similar officer in any jurisdiction is appointed in respect of that Lender
or the Agent (as applicable) or substantially all of its assets; or
	 
	 	(b)	 	that Lender or the Agent (as applicable) suspends making payments on all or
substantially all of its debts or publicly announces an intention to do so;

	 	 	Interest Period means, in relation to a Loan, each period determined in accordance with
Clause 11 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in
accordance with Clause 10.4 (Default interest);

9

 

	 	 	LC Limit means £100,000,000 (or its equivalent in Optional Currencies);
	 
	 	 	LC Liabilities means, in relation to any Letter of Credit, at any relevant time:

	 	(a)	 	the aggregate of (i) the maximum principal amount that may be or become payable
to the beneficiary of such Letter of Credit and (ii) any amount that had been properly
paid by the Lenders to such beneficiary but which has not been reimbursed to the
Lenders pursuant to 6.6(c)(ii) (Claims under a Letter of Credit),

	 	 	less

	 	(b)	 	the aggregate amount of any cash cover (not including any cash cover lodged by
any Lender) held in relation to that Letter of Credit,

	 	 	or such lesser amount as the Agent may agree with the Borrower, both acting in good faith,
represents the maximum liability of the Lenders in respect of that Letter of Credit;
	 
	 	 	Lender means:

	 	(a)	 	any Original Lender; and
	 
	 	(b)	 	any bank or financial institution which has become a Party in accordance with
Clause 23 (Changes to the Lenders),

	 	 	which in each case has not ceased to be a Party in accordance with the terms of this
Agreement;
	 
	 	 	Letter of Credit or LC means any guarantee, bond, indemnity, letter of credit, or any other
instrument of suretyship or payment, issued, undertaken or made or, as the case may be,
proposed to be issued, undertaken or made by the Lenders under this Agreement at the request
of the Borrower, in each case in a form substantially similar to that set out in Schedule 10
(Form of Letter of Credit) or otherwise on terms agreed between the Agent (with the prior
consent of all the Lenders) and the Borrower (each acting reasonably) and as the same may be
varied from time to time;
	 
	 	 	LIBOR means, in relation to any Loan or overdue amount due in a currency other than euro:

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

	 	 	as of the Specified Time on the Quotation Day for the offering of deposits in the currency
of that Utilisation and for a period comparable to the Interest Period for that Loan;
	 
	 	 	Licences means licences granted under any Broadcasting Law and held by any Group Member;
	 
	 	 	Loan means a loan made or to be made by way of cash advance under the Facility or the
principal amount outstanding for the time being of that loan;
	 
	 	 	Majority Lenders means:

	 	(a)	 	if there are no Utilisations then outstanding, a Lender or Lenders whose
Commitments aggregate more than 662/3  per cent. of the Total Commitments (or, if the
Total Commitments

10

 

	 	 	 	have been reduced to zero, aggregated more than
662/3 per cent. of the Total
Commitments immediately prior to the reduction); or

	 	(b)	 	at any other time, a Lender or Lenders whose participation in the Utilisations
then outstanding aggregate more than 662/3  per cent. of all the Utilisations then
outstanding;

	 	 	Mandatory Cost means the percentage rate per annum calculated by the Agent in accordance
with Schedule 4 (Mandatory Cost Formulae);
	 
	 	 	Margin means the rate per annum calculated in accordance with 10.2 (Calculation of Margin);
	 
	 	 	month means a period beginning in one calendar month and ending in the next calendar month
on the day numerically corresponding to the day of the calendar month on which it started,
provided that (a) if the period started on the last Banking Day in a calendar month or if
there is no such numerically corresponding day, it shall end on the last Banking Day in such
next calendar month and (b) if such numerically corresponding day is not a Banking Day, the
period shall end on the next following Banking Day in the same calendar month but if there
is no such Banking Day it shall end on the preceding Banking Day and months and monthly
shall be construed accordingly;
	 
	 	 	Net Debt means Total Debt excluding, for the purposes of this definition only, any amounts
in respect of item (a) and, when such preference share capital is not redeemable, item (b)
of the definition of “Total Debt”, less:

	 	(a)	 	the aggregate principal amount of Subordinated Loans;
	 
	 	(b)	 	accrued but unpaid interest in respect of Subordinated Loans; and
	 
	 	(c)	 	Cash and Cash Equivalents

	 	 	but including, for the purposes of Clause 21.4(a) (Net Debt: EBITDA) only, the principal
amount of any Indebtedness of any person other than a Group Member which is guaranteed by
any Group Member;
	 
	 	 	New Money Commitment means:

	 	(a)	 	in relation to an Existing Facility Lender whose Commitment is greater than its
Existing Commitment, the amount by which its Commitment exceeds its Existing
Commitment; or
	 
	 	(b)	 	in relation to a Lender who is not an Existing Facility Lender, its Commitment;

	 	 	New Money Lender means an Existing Facility Lender whose Commitment is greater than its
Existing Commitment or an Original Lender who is not an Existing Facility Lender;
	 
	 	 	Non-Recourse Liabilities means liabilities of a Special Purpose Subsidiary where such
liabilities are not the subject of any guarantee, indemnity or similar assurance from any
other Group Member other than a Permitted Assurance and, except for recourse in respect of
such Permitted Assurance, there is no other recourse for any payment in respect of such
liabilities to the assets of any other Group Member other than recourse to the shares in
such Special Purpose Subsidiary charged as security for such liabilities;
	 
	 	 	Obligors means the Borrower and each Guarantor;
	 
	 	 	Optional Currency means a currency (other than the Base Currency) which complies with the
conditions set out in Clause 5.3 (Conditions relating to Optional Currencies);

11

 

	 	 	Original Accounting Principles means those accounting principles, standards and practices
which were used in the preparation of the consolidated audited financial statements of the
Group as at 30 June 2008, including IFRS;
	 
	 	 	Original Commitment means, in relation to an Original Lender, its Commitment on the date of
this Agreement;
	 
	 	 	Participating Member State means any member state of the European Communities that adopts or
has adopted the euro as its lawful currency in accordance with legislation of the European
Union relating to Economic and Monetary Union;
	 
	 	 	Party means a party to this Agreement and includes its successors in title, permitted
assigns and permitted transferees;
	 
	 	 	Permitted Assurance means any assurance, undertaking or support given by a Group Member
provided that the same shall be given by such Group Member:

	 	(a)	 	other than in respect of a payment obligation or an indemnity in respect
thereof or any obligation to comply with any financial ratios or other tests of
financial condition; and
	 
	 	(b)	 	generally in the ordinary course of its business;

	 	 	Permitted Encumbrance means:

	 	(a)	 	retention of title or similar arrangements in contracts entered into in the
ordinary course of trading;
	 
	 	(b)	 	liens arising in the ordinary course of trading by operation of law or by
contract having equivalent effect;
	 
	 	(c)	 	contractual set-off or netting arrangements with a clearing bank in the United
Kingdom in respect of overdraft facilities made available to any Group Member(s), and
entered into for the netting of Group credit and debit balances maintained with that
bank,
	 
	 	(d)	 	contractual set-off or netting arrangements entered into with a financial
institution in respect of multiple hedging transactions with such financial
institution;
	 
	 	(e)	 	liens or pledges created or subsisting in the ordinary course of trading over
documents of title, insurance policies or sale contracts in relation to goods or assets
supplied, to secure the purchase price of such goods or assets;
	 
	 	(f)	 	deposits or escrow arrangements in the ordinary course of trading in connection
with the acquisition of any goods or assets or the financing of any such acquisition or
to secure performance bonds;
	 
	 	(g)	 	Encumbrances which secure Indebtedness in aggregate at any time outstanding of
not more than £50,000,000 (or its equivalent) over:

	 	(i)	 	assets acquired after the date of this Agreement or over the
assets of companies which become Group Members after such date, if, in each
case, the Encumbrance was in existence before the date of acquisition of the
asset or Group Member concerned and provided that it was not created in
contemplation of such acquisition; the amount secured by any such Encumbrance is
not increased, such Encumbrances

12

 

	 	 	 	are not increased or extended to other assets of any Group Member and such
Encumbrances are released within six months of the date of the acquisition;
and
	 
	 	(ii)	 	any asset or Investment acquired by any Group Member after the
date of this Agreement and created at the time of such acquisition to secure
payment of the purchase price of such asset or Investment or to secure any
Indebtedness incurred for the purpose of financing such acquisition, provided
that (A) the Indebtedness so secured does not exceed the acquisition cost of
such asset or Investment, (B) such Encumbrances are not increased or extended to
other assets of any Group Member and (C) any such Encumbrance is released within
six months of the date of acquisition of the asset.

	 	 	 	For the purposes of this paragraph Investment means the entire issued share capital
of any company or corporation or all of the assets, property or business of any
company or corporation or any assets that constitute a division or operating unit of
the business of any company or corporation;
	 
	 	(h)	 	Encumbrances where the benefit of such Encumbrance or such other Encumbrance as
the Agent considers equivalent to it is at the same time extended equally and rateably
to the obligations of the Obligors under this Agreement to the satisfaction of the
Majority Lenders;
	 
	 	(i)	 	Encumbrances by Group Members over assets the aggregate value of which does not
exceed £300,000,000 less (if the Group or any member of it has effected any Permitted
Securitisation) the value (without double-counting) of all assets, loans, disposals and
Encumbrances which form part of any Permitted Securitisation, provided that for these
purposes the value of an asset shall be determined as at the time of the creation of
the Encumbrance or the occurrence of any relevant Permitted Securitisation;
	 
	 	(j)	 	the sale or disposal of any interest in Harlequin 1 by any Group Member to any
person on terms whereby such asset is leased back to a Group Member, where:

	 	(i)	 	the sale or disposal is on arm’s length terms for cash
consideration; and
	 
	 	(ii)	 	the net proceeds from all such disposals do not exceed
£200,000,000 (or its equivalent in other currencies) in aggregate;

	 	(k)	 	Encumbrances by, or over the share capital of, a Special Purpose Subsidiary in
respect of Non-Recourse Liabilities of that Special Purpose Subsidiary;
	 
	 	(l)	 	Encumbrances granted in favour of the Finance Parties (or any of them) over any
Cash Collateral Account; and
	 
	 	(m)	 	Encumbrances approved by the Majority Lenders;

	 	 	Permitted Securitisation means, without prejudice to the ability of the Group to otherwise
effect any securitisation in accordance with the provisions of this Agreement, a
securitisation or securitisations of assets by a Group Member provided that the aggregate
value (without double-counting) of:

	 	(a)	 	all assets of the Group which are subject to such securitisation or
securitisations;
	 
	 	(b)	 	all loans of cash or assets made pursuant to such securitisation or
securitisations;
	 
	 	(c)	 	all disposals made pursuant to such securitisation or securitisations;

13

 

	 	(d)	 	all Encumbrances granted pursuant to such securitisation or securitisations;
and
	 
	 	(e)	 	all assets encumbered pursuant to Clause 21.2 (Negative undertakings),

	 	 	shall not exceed £300,000,000 at any time;
	 
	 	 	Qualifying Lender has the meaning given to it in Clause 14 (Tax Gross Up and Indemnities);
	 
	 	 	Quotation Day means, in relation to any period for which an interest rate is to be
determined:

	 	(a)	 	(if the currency is Sterling) the first day of that period;
	 
	 	(b)	 	(if the currency is euro) two TARGET Days before the first day of that period;
or
	 
	 	(c)	 	(for any other currency) two Banking Days before the first day of that period,

	 	 	unless market practice differs in the Relevant Interbank Market for a currency, in which
case the Quotation Day for that currency will be determined by the Agent in accordance with
market practice in the Relevant Interbank Market (and if quotations would normally be given
by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day
will be the last of those days);
	 
	 	 	Reference Banks means the principal London offices of Barclays Bank PLC, Deutsche Bank AG
London Branch and The Royal Bank of Scotland plc or such other banks as may be appointed by
the Agent in consultation with the Borrower pursuant to Clause 25.16 (Reference Bank);
	 
	 	 	Relevant Interbank Market means in relation to euro, the European interbank market and, in
relation to any other currency, the London interbank market;
	 
	 	 	Relevant Jurisdiction means each jurisdiction in which any Obligor is incorporated or
formed;
	 
	 	 	Relevant Proportion means, in relation to a Lender in respect of any Letter of Credit at any
relevant time, the proportion which that Lender’s Commitment bears to the Total Commitments
at such time but so that if at such time such Lender’s Commitment has been reduced pursuant
to Clause 9.1 (Illegality), 9.4 (Right of repayment and cancellation in relation to a single
Lender) or 9.5 (Change of Control) then as amongst the Finance Parties (but not so as to
give any rights to any other person and for the purpose of this definition only) such
Lender’s Commitment shall not be deemed to have been reduced to the extent that the Borrower
does not discharge the LC Liabilities representing such Lender’s Commitment;
	 
	 	 	Renewal Request means a written notice delivered to the Agent in accordance with Clause
6.6(h) (Renewal of a Letter of Credit);
	 
	 	 	Repeating Representations means each of the representations set out in Clauses 20.1(a) (Due
incorporation of the Borrower) to 20.1(j) (Financial statements of the Obligors correct and
complete) (inclusive) and Clauses 20.1(o) (Compliance with consents and licences) to 20.1(q)
(Broadcasting Laws) (inclusive);
	 
	 	 	Reporting Accounting Principles means those accounting principles, standards and practices
adopted by the Group from time to time in accordance with generally accepted accounting
principles and practices in England and Wales and/or international accounting standards,
including IFRS;
	 
	 	 	Rollover Loan means one or more Loans:

	 	(a)	 	made or to be made on the same day that a maturing Loan under the Facility is
due to be repaid;

14

 

	 	(b)	 	the aggregate amount of which is equal to or less than the maturing Loan;
	 
	 	(c)	 	in the same currency as the maturing Loan (unless it arose as a result of the
operation of Clause 7.2 (Unavailability of a currency)); and
	 
	 	(d)	 	made or to be made to the Borrower for the purpose of refinancing a maturing
Loan;

	 	 	Screen Rate means:

	 	(a)	 	in relation to LIBOR, the British Bankers Association Interest Settlement Rate
for the relevant currency and period; and
	 
	 	(b)	 	in relation to EURIBOR, the percentage rate per annum determined by the Banking
Federation of the European Union for the relevant period,

	 	 	displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or
service ceases to be available, the Agent may specify another page or service displaying the
appropriate rate after consultation with the Borrower and the Lenders;
	 
	 	 	Shareholder means News Corporation;
	 
	 	 	Special Purpose Subsidiary means a Group Member (which is not an Obligor) whose principal
assets and business are constituted by the ownership, acquisition, development and/or
operation of particular assets whether directly or indirectly and whose only liabilities are
Non-Recourse Liabilities;
	 
	 	 	Specified Time means a time determined in accordance with Schedule 9 (Timetables);
	 
	 	 	Sterling and £ mean the lawful currency for the time being of the United Kingdom and in
respect of all payments to be made under the Finance Documents in Sterling mean immediately
available, freely transferable cleared funds;
	 
	 	 	Subordinated Loans means any Indebtedness in relation to which subordination and priority
arrangements have been entered into in accordance with the provisions of Clause 21.2(e)(A)
and (B) (Indebtedness);
	 
	 	 	Subsidiary means:

	 	(a)	 	a subsidiary within the meaning of section 1159 Companies Act 2006; and
	 
	 	(b)	 	for the purposes of the Financial Definitions and Clauses 20.1(j) (Financial
statements of the Obligors correct and complete), 21.1(f) (Provision of further
information), and 21.4 (Financial undertakings) only, a subsidiary undertaking within
the meaning of section 1162 Companies Act 2006;

	 	 	TARGET means the Trans-European Automated Real-time Gross Settlement Express Transfer
payment system which utilises a single shared platform and which was launched on 19 November
2007;
	 
	 	 	TARGET Day means any day on which TARGET is open for the settlement of payments in euro;
	 
	 	 	Tax or Taxes includes all present and future taxes, levies, imposts, duties, fees, charges,
deductions or withholdings of whatever nature together with interest on them and penalties
in respect of them, and Taxation shall be construed accordingly;

15

 

	 	 	Taxes Act means the Income and Corporation Taxes Act 1988;
	 
	 	 	Term means the period for which the Lenders are under a liability under a Letter of Credit;
	 
	 	 	Termination Date means 30 July 2012;
	 
	 	 	Testing Accounting Principles means the Original Accounting Principles as may be amended
from time to time in accordance with Clause 21.6 (Testing Accounting Principles);
	 
	 	 	Top-Up Commitment Fee Rate means a rate per annum equal to 40 per cent. of the applicable
Top-Up Existing Facility Margin;
	 
	 	 	Top-Up Existing Facility Margin means at any time, a percentage rate per annum equal to the
applicable Margin less the applicable Margin under and as defined in the Existing Facility
Agreement;
	 
	 	 	Top-Up Utilisation Fee Rate means, at any time, a percentage rate per annum (not less than
zero per cent. per annum) equal to the utilisation fee rate that would apply under Clause
13.5 (Utilisation Fee) if the Facility were utilised in the same proportion as the Existing
Facility, less the applicable utilisation fee rate under clause 13.5 (Utilisation Fee) of
the Existing Facility Agreement;
	 
	 	 	Total Commitments means the aggregate of the Commitments, being £750,000,000 at the date of
this Agreement;
	 
	 	 	Total Debt means at any time, the aggregate outstanding principal or capital amount of
Indebtedness of the Group together with:

	 	(a)	 	the nominal amount of any issued and paid up share capital (other than equity
share capital) of any Subsidiary of the Borrower not beneficially owned by any other
Group Member;
	 
	 	(b)	 	the nominal amount of any preference share capital in any Group Member not
owned by any other Group Member;
	 
	 	(c)	 	Indebtedness secured by any Encumbrance over all or any part of the
undertaking, property, assets, rights or revenues of any Group Member irrespective of
whether or not such Indebtedness is supported by a personal covenant on the part of any
other Group Member;
	 
	 	(d)	 	(prior to the Forward Start Date only) the aggregate net liabilities (if any)
of the Group in respect of currency Hedging Arrangements, the amount of such
liabilities being calculated as at any relevant date on the basis of the aggregate net
cost to the Group of entering into new Hedging Arrangements with such of the Reference
Banks as the Borrower may nominate from time to time or, in default of such nomination,
with the Agent, which are both equal and opposite to those Hedging Arrangements to
which the Group is (or members of it are) party on any relevant date, and which would
have the economic effect of closing out the Group’s aggregate current position as at
such date under such existing Hedging Arrangements; and
	 
	 	(e)	 	obligations under guarantees in respect of the obligations of any other person
which, if such person were a Group Member, would fall within (a) to (d) above;

	 	 	provided that:

	 	(i)	 	moneys owed by one Group Member to another Group Member shall not be taken into
account;

16

 

	 	(ii)	 	no liability shall be taken into account more than once in such computation;
	 
	 	(iii)	 	any amount (other than an amount outstanding under this Agreement) expressed
in or calculated by reference to a currency other than Sterling shall be converted into
Sterling by reference to the Agent’s Spot Rate of Exchange ruling on the date on which
any relevant calculation falls to be made, unless, after the Forward Start Date, the
Group has Hedging Arrangements in place in which case the effect of those Hedging
Arrangements shall be taken into account such that currencies other than Sterling shall
be converted into Sterling by reference to the rate set out in those Hedging
Arrangements;
	 
	 	(iv)	 	the amount of all Utilisations outstanding under this Agreement shall be deemed
to be the Base Currency Amount thereof;
	 
	 	(v)	 	the principal amount of Total Debt deemed to be outstanding in relation to
Finance Leases or hire purchase agreements shall be calculated in accordance with the
relevant provisions of the IAS 17 as amended or as substituted by any generally
accepted accounting principles in the United Kingdom from time to time; and
	 
	 	(vi)	 	Non-Recourse Liabilities of a Special Purpose Subsidiary shall not be taken
into account;

	 	 	Transfer Certificate means a certificate substantially in the form set out in Schedule 5
(Form of Transfer Certificate);
	 
	 	 	Transfer Date means, in relation to a transfer, the later of:

	 	(a)	 	the proposed Transfer Date specified in the Transfer Certificate; and
	 
	 	(b)	 	the date on which the Agent executes the Transfer Certificate;

	 	 	Treaty means the Treaty establishing the European Economic Community, being the Treaty of
Rome of 25 March 1957, as amended by the Single European Act 1986 and the Maastricht Treaty
(which was signed on 7 February 1992 and came into force on 1 November 1993), as amended,
varied or supplemented from time to time;
	 
	 	 	Unpaid Sum means any sum due and payable but unpaid by an Obligor under the Finance
Documents;
	 
	 	 	Utilisation means a utilisation of the Facility by way of Loan or Letter of Credit;
	 
	 	 	Utilisation Date means the date on which a Utilisation is made;
	 
	 	 	Utilisation Request means (a), in the case of a Utilisation by way of Loan, a notice
substantially in the form set out in Part 1 of Schedule 3 (Requests) and (b), in the case of
a Utilisation by way of a Letter of Credit, a notice substantially in the form set out in
Part 2 of Schedule 3 (Requests); and
	 
	 	 	VAT means value added tax as provided for in the Value Added Tax Act 1994 and any other tax
of a similar nature.
	 
	2.	 	CONSTRUCTION
	 
	2.1	 	Construction
	 
	(a)	 	Unless the contrary indication appears, any reference in this Agreement to the Agent, the
Mandated Lead Arrangers, any Finance Party, any Lender, any Obligor or any Party shall be
construed so as to include its successors in title, permitted assigns and permitted
transferees.

17

 

	(b)	 	Any reference in this Agreement to:

	 	(i)	 	assets includes present and future properties, revenues and rights of every
description;
	 
	 	(ii)	 	the European interbank market means the interbank market for euro operating in
Participating Member States;
	 
	 	(iii)	 	a Finance Document or any other agreement or instrument is a reference to that
Finance Document or other agreement or instrument as from time to time amended,
reinstated, supplemented (including by any increase in amounts thereunder or any change
to the parties thereto) or novated in accordance with its terms;
	 
	 	(iv)	 	a person includes any person, firm, company, corporation, government, state or
agency of a state or any association, trust or partnership (whether or not having
separate legal personality) or two or more of the foregoing;
	 
	 	(v)	 	a regulation includes any regulation, rule, official directive, request or
guideline (whether or not having the force of law) of any governmental,
intergovernmental or supranational body, agency, department or regulatory authority or
organisation;
	 
	 	(vi)	 	a provision of law is a reference to that provision as amended or re-enacted;
	 
	 	(vii)	 	unless a contrary indication appears, a time of day is a reference to London
time;
	 
	 	(viii)	 	a guarantee includes an indemnity or other assurance against financial loss
including, without limitation, an obligation to purchase assets or services as a
consequence of a default by any other person to pay any indebtedness and guaranteed
shall be construed accordingly;
	 
	 	(ix)	 	the equivalent of an amount specified in a particular currency (the specified
currency amount) shall be construed as a reference to the amount of the other relevant
currency which would be required to purchase the specified currency amount in the
London foreign exchange market at the Agent’s Spot Rate of Exchange on the day on which
the calculation falls to be made and for spot delivery, as conclusively determined by
the Agent;
	 
	 	(x)	 	the agreed form means, in relation to any document, the form of such document
as shall be agreed between the Borrower and the Agent for and on behalf of all of the
Finance Parties;
	 
	 	(xi)	 	discharge includes, in respect of contingent liabilities:

	 	(A)	 	an obligation to use best endeavours to procure the release of
the relevant Finance Parties from any liability in respect of such contingent
liabilities which may be effected by (I) providing cash collateral in accordance
with paragraph (B) below, (II) permanently reducing the amount that may be
demanded or (III) cancelling the relevant instrument under which the liabilities
arise by returning the original of such instrument to the relevant person liable
together with confirmation (in form and substance satisfactory to the relevant
person liable) from the beneficiary that the relevant person liable has no
further liability under that instrument; and
	 
	 	(B)	 	to the extent required by the relevant person liable (by notice
through the Agent), an obligation to pay to the relevant person liable for the
credit of a Cash Collateral Account by way of cash collateral an amount as at
the date of such notice which is equal to the amount of the relevant contingent
liabilities to be discharged, whereupon such amount shall become immediately or
in accordance with such notice due and payable.

18

 

	 	 	 	Amounts so credited to a Cash Collateral Account (and interest thereon) shall be
applied in paying the amount of such contingent liabilities as they fall due on
maturity or other crystallisation (and discharged should be construed accordingly);

	 	(xii)	 	(A) the winding up, dissolution, or administration of a person; or

	 	(B)	 	to a receiver or administrative receiver in the context of
insolvency proceedings or security enforcement actions in respect of a person,

	 	 	 	shall be construed so as to include any equivalent or analogous proceedings or any
equivalent and analogous person or appointee (respectively) under the law of the
jurisdiction in which such person is established or incorporated or any jurisdiction
in which such person carries on business including (in respect of proceedings) the
seeking or occurrence of liquidation, winding up, reorganisation, dissolution,
administration, arrangement, adjustment, protection or relief of debtors;
	 
	 	(xiii)	 	an amount borrowed includes any amount utilised by way of Letter of Credit;
	 
	 	(xiv)	 	a Utilisation made, or to be made, to the Borrower includes a Letter of Credit
issued on its behalf;
	 
	 	(xv)	 	a Lender funding its participation in a Utilisation includes a Lender
participating in a Letter of Credit;
	 
	 	(xvi)	 	amounts outstanding under this Agreement include amounts outstanding under any
Letter of Credit;
	 
	 	(xvii)	 	a Letter of Credit is repaid or prepaid in whole or in part (as applicable) if:

	 	(A)	 	the Borrower provides cash cover for such Letter of Credit;
	 
	 	(B)	 	the maximum amount payable under such Letter of Credit is reduced
in accordance with its terms; or
	 
	 	(C)	 	the Agent is satisfied that the Lenders have no further liability
under such Letter of Credit,

	 	 	 	and the amount by which a Letter of Credit is repaid or prepaid pursuant to (i) and
(ii) above is the amount of the relevant cash cover or reduction;
	 
	 	(xviii)	 	cash cover is provided for a Letter of Credit if the Borrower pays an amount in the
currency of the Letter of Credit to an interest-bearing account with the Agent in
London in the name of the Borrower and the following conditions are met:

	 	(A)	 	until no amount is or may be outstanding under that Letter of
Credit, withdrawals from the account may only be made to pay a Finance Party
amounts due and payable to it under that Letter of Credit; and
	 
	 	(B)	 	the Borrower has executed a security document over that account,
in form and substance satisfactory to the Agent, creating a first ranking
security interest over that account in favour of the Lenders.

	(c)	 	Section, Clause and Schedule headings are for ease of reference only.

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	(d)	 	Unless a contrary indication appears, a term used in any other Finance Document or in any
notice given under or in connection with any Finance Document has the same meaning in that
Finance Document or notice as in this Agreement.
	 
	(e)	 	A Default (other than an Event of Default) is continuing if it has not been remedied or
waived and an Event of Default is continuing if it has not been waived.
	 
	(f)	 	Any provision in a definition that purports to be operative shall take effect as an operative
provision of this Agreement notwithstanding that such provision is contained in a definition.
	 
	(g)	 	Unless expressly stated to the contrary, in the event of any inconsistency between the terms
of this Agreement and any other Finance Document, the terms of this Agreement shall prevail.
	 
	(h)	 	Each reference to Barclays Capital shall be to the investment banking division of Barclays
Bank PLC.
	 
	2.2	 	Granting rights under the Contracts (Rights of Third Parties) Act 1999
	 
	(a)	 	Except as provided in a Finance Document, the terms of a Finance Document may be enforced
only by a party to it and the operation of the Contracts (Rights of Third Parties) Act 1999 is
excluded.
	 
	(b)	 	Subject to Clause 33 (Remedies and Waivers), the parties to a Finance Document do not require
the consent of any third party to rescind or vary any Finance Document at any time.
	 
	3.	 	THE FACILITIES
	 
	3.1	 	The Facilities
	 
	(a)	 	Subject to the terms of this Agreement, the Lenders make available to the Borrower a
multicurrency revolving loan facility in an aggregate amount equal to the Total Commitments,
to be utilised by way of cash advances and/or, subject always to the LC Limit, Letters of
Credit.
	 
	(b)	 	The Borrower shall ensure that at no time shall:

	 	(i)	 	the aggregate Base Currency Amount of the Utilisations exceed the Total
Commitments; and/or
	 
	 	(ii)	 	the aggregate Base Currency Amount of the LC Liabilities exceed the Base
Currency Amount of the LC Limit.

	3.2	 	Finance Parties’ rights and obligations
	 
	(a)	 	The obligations of each Finance Party under this Agreement are several. Failure by a Finance
Party to perform its obligations under the Finance Documents does not affect the obligations
of any other Party under the Finance Documents. No Finance Party is responsible for the
obligations of any other Finance Party under this Agreement.
	 
	(b)	 	The rights of each Finance Party under or in connection with the Finance Documents are
separate and independent rights and any debt arising under the Finance Documents to a Finance
Party from an Obligor shall be a separate and independent debt.
	 
	(c)	 	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce
its rights under the Finance Documents.

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	4.	 	PURPOSE
	 
	4.1	 	Purpose
	 
	 	 	The Borrower shall apply all amounts utilised by it under the Facility towards the purposes
specified in Clause 1.1 (Purpose).
	 
	4.2	 	Monitoring
	 
	 	 	No Finance Party is bound to monitor or verify the application of any amount borrowed
pursuant to this Agreement.
	 
	5.	 	CONDITIONS OF UTILISATION
	 
	5.1	 	Initial conditions precedent
	 
	 	 	The Borrower may not deliver a Utilisation Request unless the Agent has received all of the
documents and other evidence listed in Schedule 2 (Conditions Precedent to Initial
Utilisation) in form and substance satisfactory to the Agent. The Agent shall notify the
Borrower and the Lenders promptly upon being so satisfied.
	 
	5.2	 	Further conditions precedent
	 
	 	 	The Lenders will only be obliged to comply with Clause 6.4 (Lenders’ participation) if on
the date of the Utilisation Request and on the proposed Utilisation Date:

	 	(a)	 	in the case of a Rollover Loan, no Event of Default is continuing or would
result from the proposed Loan and, in the case of any other Utilisation, no Default is
continuing or would result from the proposed Utilisation; and
	 
	 	(b)	 	the Repeating Representations to be made by each Obligor are true in all
material respects.

	5.3	 	Conditions relating to Optional Currencies
	 
	(a)	 	A currency will constitute an Optional Currency in relation to a Utilisation if:

	 	(i)	 	it is readily available in the amount required and freely convertible into the
Base Currency in the Relevant Interbank Market on the Quotation Day and the Utilisation
Date for that Utilisation; and
	 
	 	(ii)	 	it has been approved by the Agent (acting on the instructions of all the
Lenders) on or prior to receipt by the Agent of the relevant Utilisation Request.

	(b)	 	If the Agent has received a written request from the Borrower for a currency to be approved
under Clause 5.3(a)(ii) above, the Agent will confirm to the Borrower by the Specified Time:

	 	(i)	 	whether or not the Lenders have granted their approval; and
	 
	 	(ii)	 	if approval has been granted, the minimum amount (and, if required, integral
multiples) for any subsequent Utilisation in that currency.

	5.4	 	Maximum number of Utilisations
	 
	(a)	 	The Borrower may not deliver a Utilisation Request if, as a result of the proposed
Utilisation, more than 15 Utilisations would be outstanding.

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	(b)	 	Any Utilisation made by a single Lender under Clause 7.2 (Unavailability of a currency) shall
not be taken into account in this 

Clause 5.4.
	 
	5.5	 	Waiver of Conditions Precedent
	 
	 	 	The conditions in this Clause 5 (Conditions of Utilisation) are inserted solely for the
benefit of the Lenders and may be waived on their behalf in whole or in part and with or
without conditions by the Agent acting on the instructions of the Majority Lenders.
	 
	6.	 	UTILISATION
	 
	6.1	 	Delivery of a Utilisation Request
	 
	 	 	The Borrower may utilise the Facility by delivery to the Agent of a duly completed
Utilisation Request not later than the Specified Time.
	 
	6.2	 	Completion of a Utilisation Request
	 
	(a)	 	Each Utilisation Request is irrevocable and will not be regarded as having been duly
completed unless:

	 	(i)	 	in the case of a Loan:

	 	(A)	 	the proposed Utilisation Date is a Banking Day within the
Availability Period;
	 
	 	(B)	 	the currency and amount of the Utilisation comply with Clause 6.3
(Currency and amount); and
	 
	 	(C)	 	the proposed Interest Period complies with Clause 11 (Interest
Periods); and

	 	(ii)	 	in the case of a Letter of Credit;

	 	(A)	 	it specifies that it is for a Letter of Credit;
	 
	 	(B)	 	the proposed Utilisation Date is a Banking Day within the
Availability Period;
	 
	 	(C)	 	the currency and amount of the Letter of Credit comply with
Clause 6.3 (Currency and amount);
	 
	 	(D)	 	an agreed form Letter of Credit is attached;
	 
	 	(E)	 	the Utilisation Request is accompanied by a copy of the form of
the documentation or other instrument evidencing the obligation of the Borrower
which will be the subject of the Letter of Credit and such documentation or
other instrument is reasonably acceptable to the Agent;
	 
	 	(F)	 	there is a maximum limit to the stated liability of the Lenders
under the Letter of Credit and such Letter of Credit has a specified Expiry Date
falling not later than the Termination Date;
	 
	 	(G)	 	the Base Currency Amount of the Letter of Credit is a minimum of
£2,500,000 or the balance of the unutilised LC Limit, or such other lesser
amount as the Agent may agree;

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	 	(H)	 	the identity of the beneficiary of the Letter of Credit has been
approved by the Agent, acting reasonably and in accordance with the instructions
of the Majority Lenders;
	 
	 	(I)	 	the delivery instructions for the Letter of Credit are specified;
and
	 
	 	(J)	 	the terms of the Letter of Credit contain a clear procedure for
the making of claims reasonably satisfactory to the Agent.

	(b)	 	No more than one currency may be requested in any single Utilisation Request, and a
Utilisation by way of Letter of Credit must be requested in a separate Utilisation Request.
The Borrower may, subject to the other terms of this Agreement, deliver more than one
Utilisation Request on any one day.
	 
	6.3	 	Currency and amount
	 
	(a)	 	The currency specified in a Utilisation Request must be the Base Currency or an Optional
Currency.
	 
	(b)	 	The amount of the proposed Utilisation must be an amount whose Base Currency Amount is not
more than the Available Facility (and, if such Utilisation is to be made by way of Letter of
Credit, not more than the available LC Limit in any event) and which is a minimum of
£5,000,000 (or its equivalent) in the case of a Utilisation by way of Loan, or a minimum of
£2,500,000 (or its equivalent) in the case of a Utilisation by way of Letter of Credit or, if
less, the Available Facility (or, in the case of a Utilisation by way of Letter of Credit, the
LC Limit).
	 
	6.4	 	Lenders’ participation
	 
	(a)	 	If the conditions set out in this Agreement have been met, on the Utilisation Date:

	 	(i)	 	each Lender shall make its participation in each Loan available through its
Facility Office; and/or, as applicable
	 
	 	(ii)	 	the Agent shall execute each Letter of Credit for itself as a Lender, and as
agent for and on behalf of each other Lender, and shall deliver such Letter of Credit
to the stated beneficiary. Each Lender irrevocably authorises the Agent to execute
each Letter of Credit which is to be issued in accordance with this Agreement on its
behalf without further consent or consultation.

	(b)	 	The amount of each Lender’s participation in each Utilisation will be equal to the proportion
borne by its Available Commitment to the Available Facility immediately prior to making the
Utilisation.
	 
	(c)	 	The Agent shall notify each Lender of the amount, currency and the Base Currency Amount of
each requested Utilisation at the Specified Time.
	 
	6.5	 	Deemed Loans
	 
	(a)	 	In this Clause Rollover Amount means, in respect of a Lender and each currency in which any
Loan to be advanced on the first Utilisation Date is denominated, the lesser of:

	 	(i)	 	the amount (if any) to be paid in that currency, on the first Utilisation Date,
to that Lender as an Existing Facility Lender by way of repayment of principal amounts
owing under the Existing Facility; and

23

 

	 	(ii)	 	the participation share of that Lender in any Loan(s) in that currency to be
advanced on the first Utilisation Date.

	(b)	 	This Clause applies only if the Agent and the Existing Agent are the same person on the first
Utilisation Date. The Existing Agent, and any member of the Group which is a party to the
Existing Facility, may rely on this Clause.
	 
	(c)	 	If, on the first Utilisation Date, any Lender is also an Existing Facility Lender then,
unless that Lender notifies the Agent to the contrary no later than the Banking Day
immediately prior to the first Utilisation Date:

	 	(i)	 	that Lender, in its capacity as an Existing Facility Lender, directs the
Existing Agent to pay any Rollover Amounts directly to the Agent;
	 
	 	(ii)	 	the amount which that Lender is obliged to pay in any currency to the Agent
under Clause 6.4 (Lenders’ participation) will be reduced by the Rollover Amounts in
that currency; and
	 
	 	(iii)	 	the Agent will make the Rollover Amounts available to the relevant Borrowers
notwithstanding the operation of sub-paragraph (ii) above.

	(d)	 	Each Lender acknowledges that to the extent this Clause 6.5 (Deemed Loans) applies, it is not
entitled to receive repayment of any Rollover Amounts as an Existing Facility Lender.
	 
	(e)	 	This Clause does not apply to Letters of Credit.
	 
	6.6	 	Letters of Credit
	 
	(a)	 	Immediately payable
	 
	 	 	If a Letter of Credit or any amount outstanding under a Letter of Credit is expressed to be
immediately payable, the Borrower shall repay or prepay that amount immediately.
	 
	(b)	 	Assignments and transfers
	 
	 	 	If the conditions and procedure for transfer specified in Clause 23 (Changes to the Lenders)
are satisfied, and to the extent that an Existing Lender seeks to transfer any rights or
obligations relating to a Letter of Credit (an Existing LC) to a New Lender (any such
transfer being a LC Transfer), then, subject to the agreement of the relevant beneficiary,
on the Transfer Date:

	 	(i)	 	the Agent shall issue a further Letter of Credit (the New LC) on the terms of
the Existing LC, but amended to reflect the revised Commitment of each Lender resulting
from the LC Transfer; and
	 
	 	(ii)	 	simultaneously with the delivery of the New LC to the relevant beneficiary, the
Existing LC shall be surrendered to the Agent and cancelled in full.

	 	 	This Clause 6.6(b) (Assignments and transfers) is without prejudice to the ability of an
Existing Lender to transfer its obligations under any Existing LC in accordance with its
terms.
	 
	(c)	 	Claims under a Letter of Credit

	 	(i)	 	The Borrower irrevocably and unconditionally authorises each Lender to pay any
claim made or purported to be made under a Letter of Credit and which appears on its
face to be in order (a claim).

24

 

	 	(ii)	 	The Borrower shall immediately on demand pay to the Agent for the Lenders an
amount equal to the amount of, and in the same currency as, any claim.
	 
	 	(iii)	 	The Borrower acknowledges that each Lender:

	 	(A)	 	is not obliged to carry out any investigation or seek any
confirmation from any other person before paying a claim; and
	 
	 	(B)	 	deals in documents only and will not be concerned with the
legality of a claim or any underlying transaction or any available set-off,
counterclaim or other defence of any person.

	 	(iv)	 	The obligations of the Borrower under this Clause 6.6(c) (Claims under a Letter
of Credit) will not be affected by:

	 	(A)	 	the sufficiency, accuracy or genuineness of any claim or any
other document; or
	 
	 	(B)	 	any incapacity of, or limitation on the powers of, any person
signing a claim or other document.

	 	(v)	 	Without prejudice to subparagraph (i) of this Clause 6.6(c) (Claims under a
Letter of Credit), the Agent shall use reasonable efforts to notify the Borrower before
the Lenders pay any claim.

	(d)	 	Indemnities

	 	(i)	 	The Borrower shall immediately on demand indemnify each Lender against any
cost, loss or liability whatsoever incurred by such Lender (otherwise than by reason of
such Lender’s gross negligence or wilful misconduct) in carrying out its function under
any Letter of Credit, whether pursuant to sub-paragraph (c)(i) above or otherwise.
	 
	 	(ii)	 	The Borrower shall immediately on demand indemnify the Agent against any cost,
loss or liability whatsoever incurred by the Agent (otherwise than by reason of the
Agent’s gross negligence or wilful misconduct) in carrying out its function under any
Letter of Credit.
	 
	 	(iii)	 	Each Lender shall (according to its Relevant Proportion) immediately on demand
indemnify the Agent against any cost, loss or liability incurred by the Agent
(otherwise than by reason of the Agent’s gross negligence or wilful misconduct) in
carrying out its function under any Letter of Credit (unless the Agent has been
reimbursed by an Obligor pursuant to a Finance Document).
	 
	 	(iv)	 	The Borrower shall immediately on demand reimburse any Lender for any payment
it makes to the Agent under sub-paragraph (iii) above unless the Borrower has already
indemnified (A) the Agent in full in respect of such payment under sub-paragraph (iii)
above, (in which instance the Agent shall promptly reimburse each Lender to the extent
of any payment made by such Lender to the Agent under sub-paragraph (iii) above, or (B)
such Lender in full in respect of such payment under sub-paragraph (i) above.
	 
	 	(v)	 	The obligations of each Lender and the Borrower under this paragraph (d) are
continuing obligations and will extend to the ultimate balance of sums payable by that
Lender or the Borrower (as the case may be) in respect of any Letter of Credit,
regardless of any intermediate payment or discharge in whole or in part.

25

 

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

	 	(A)	 	any time, waiver or consent granted to, or composition with, any
Obligor, any beneficiary under a Letter of Credit or other person;
	 
	 	(B)	 	the release of any Obligor or any other person under the terms of
any composition or arrangement with any creditor or any member of the Group;
	 
	 	(C)	 	the taking, variation, compromise, exchange, renewal or release
of, or refusal or neglect to perfect, take up or enforce, any rights against, or
security over assets of, any Obligor, any beneficiary under a Letter of Credit
or other person or any non-presentation or non-observance of any formality or
other requirement in respect of any instrument or any failure to realise the
full value of any security;
	 
	 	(D)	 	any incapacity or lack of power, authority or legal personality
of or dissolution or change in the members or status of an Obligor, any
beneficiary under a Letter of Credit or any other person;
	 
	 	(E)	 	any amendment (however fundamental) or replacement of a Finance
Document, any Letter of Credit or any other document;
	 
	 	(F)	 	any unenforceability, illegality or invalidity of any obligation
of any person under any Finance Document, any Letter of Credit or any other
document; or
	 
	 	(G)	 	any insolvency or similar proceedings.

	(e)	 	Rights of contribution
	 
	 	 	No Obligor will be entitled to any right of contribution or indemnity from any Finance Party
in respect of any payment it may make under this Clause 6.6 (Letters of Credit).
	 
	(f)	 	Additional Security
	 
	 	 	The obligations of the Borrower under paragraph (d) above shall be in addition to, and shall
not be in any way prejudiced by, any collateral or other security now or hereafter held by
any Finance Party as security or any lien to which that Finance Party may be entitled.
	 
	(g)	 	Preservation of Rights
	 
	 	 	No invalidity or unenforceability of all or any part of paragraph (d) above shall affect any
rights of indemnity or otherwise which any Finance Party would or may have in the absence
of, or in addition to, paragraph (d) above.
	 
	(h)	 	Renewal of a Letter of Credit

	 	(i)	 	The Borrower may request any Letter of Credit issued on its behalf be renewed
by delivery to the Agent of a Renewal Request by the Specified Time.
	 
	 	(ii)	 	The Finance parties shall treat any Renewal Request in the same way as a
Utilisation Request for a Letter of Credit except that the conditions set out in
subparagraphs (ii)(D) and (ii)(H) of Clause 6.2(a) (Completion of a Utilisation
Request) shall not apply.

26

 

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

	 	(A)	 	its amount may be less than the amount of the Letter of Credit
immediately prior to its renewal; and
	 
	 	(B)	 	its Term shall start on the date which was the Expiry Date of the
Letter of Credit immediately prior to its renewal, and shall end on the proposed
maturity date specified in the Renewal Request.

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

	(i)	 	Revaluation of Letters of Credit

	 	(i)	 	If any Letter of Credit is denominated in an Optional Currency, the Agent shall
at six monthly intervals after the date upon which the Letter of Credit is first issued
recalculate the Base Currency Amount of that Letter of Credit by notionally converting
into the Base Currency the outstanding amount of that Letter of Credit on the basis of
the Agent’s Spot Rate of Exchange on the date of calculation.
	 
	 	(ii)	 	The Borrower shall, if requested by the Agent within five days of any
calculation under paragraph (i) above, ensure that within three Banking Days of such
request sufficient Utilisations are prepaid to prevent the Base Currency Amount of the
Utilisations exceeding the Total Commitments (or the Base Currency Amount of the LC
Utilisations exceeding the LC Limit, as the case may be) following any adjustment to a
Base Currency Amount under paragraph (i) above.

	(j)	 	Lender obligations several
	 
	 	 	The obligations of each Lender under any Letter of Credit are several. Failure of any
Lender to carry out its obligations under such Letter of Credit shall not relieve any other
Lender of its obligations under such Letter of Credit. No Lender shall be responsible for
the obligations of any other Lender under any Letter of Credit.
	 
	7.	 	OPTIONAL CURRENCIES
	 
	7.1	 	Selection of currency
	 
	 	 	The Borrower shall select the currency of a Utilisation (in the case of an initial
Utilisation) in a Utilisation Request. No more than five currencies shall be permitted in
respect of outstanding Utilisations at any time.
	 
	7.2	 	Unavailability of a currency
	 
	 	 	If before the Specified Time on any Quotation Day:

	 	(a)	 	the Agent has received notice from a Lender that the Optional Currency
requested is not readily available to it in the amount required; or
	 
	 	(b)	 	a Lender notifies the Agent that compliance with its obligation to participate
in a Utilisation in the proposed Optional Currency would contravene a law or regulation
applicable to it,

27

 

	 	 	the Agent will give notice to the Borrower to that effect by the Specified Time on that day.
In this event, any Lender that gives notice pursuant to this Clause 7.2 will be required to
participate in the Utilisation in the Base Currency (in an amount equal to that Lender’s
proportion of the Base Currency Amount or, in respect of a Rollover Loan, an amount equal to
that Lender’s proportion of the Base Currency Amount of the maturing Loan that is due to be
repaid) and its participation will be treated as a separate Utilisation denominated in the
Base Currency during that Interest Period.
	 
	7.3	 	Agent’s calculations
	 
	 	 	Each Lender’s participation in a Utilisation will be determined in accordance with Clause
6.4(b) (Lenders’ participation).
	 
	8.	 	REPAYMENT
	 
	 	 	Subject to Clause 28.7 (Cashless rollovers), the Borrower shall repay each Utilisation made
by way of Loan in full on the last day of its Interest Period, and each Utilisation made by
way of Letter of Credit in full on the last day of its Term. All outstanding Utilisations
shall be repaid in full on the Termination Date in any event.
	 
	9.	 	PREPAYMENT AND CANCELLATION
	 
	9.1	 	Illegality
	 
	 	 	If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its
obligations as contemplated by this Agreement or to fund its participation in any Loan or
maintain its obligations in respect of any Letter of Credit:

	 	(a)	 	that Lender shall promptly notify the Agent upon becoming aware of that event;
	 
	 	(b)	 	upon the Agent notifying the Borrower, the Commitment of that Lender will be
immediately cancelled; and
	 
	 	(c)	 	the Borrower shall repay that Lender’s participation in the Utilisations made
to it on the last day of the Interest Period for each Utilisation occurring after the
Agent has notified it or, if earlier, the date specified by the Lender in the notice
delivered to the Agent (being no earlier than the last day of any applicable grace
period permitted by law).

	9.2	 	Voluntary cancellation
	 
	 	 	The Borrower may, if it gives the Agent not less than five Banking Days’ (or such shorter
period as the Majority Lenders may agree) prior written notice, cancel the whole or any part
(being a minimum amount of £5,000,000) of the Available Facility. Any cancellation under
this Clause 9.2 shall reduce the Commitments of the Lenders rateably.
	 
	9.3	 	Voluntary Prepayment
	 
	 	 	The Borrower may, if it gives the Agent not less than three Banking Days’ (or such shorter
period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a
Utilisation (but if in part, being an amount that reduces the Base Currency Amount of the
Utilisation by a minimum amount of £5,000,000 or any larger sum which is an integral
multiple of £1,000,000).
	 
	9.4	 	Right of repayment and cancellation in relation to a single Lender
	 
	(a)	 	If:

28

 

	 	(i)	 	any sum payable to any Lender by an Obligor is required to be increased under
Clause 14.2(c) (Tax gross-up);
	 
	 	(ii)	 	any Lender claims indemnification from the Borrower under Clause 14.3 (Tax
indemnity) or Clause 15.1 (Increased costs);
	 
	 	(iii)	 	equivalent or similar circumstances to those referred to in paragraphs (i) or
(ii) above apply in relation to a Lender which is also an Existing Facility Lender, and
the Ultimate Holding Company under (and as defined in) the Existing Facility Agreement
is giving notice to cancel the commitments and prepay the participation of that
Existing Facility Lender under the Existing Facility Agreement; or
	 
	 	(iv)	 	a Lender is a Defaulting Lender,

	 	 	the Borrower may, whilst the circumstance giving rise to the requirement or indemnification
continues or whilst the Lender is a Defaulting Lender, give the Agent notice of cancellation
of the Commitments of that Lender and its intention to procure the repayment of that
Lender’s participation in the Utilisations.
	 
	(b)	 	On receipt of a notice referred to in Clause 9.4(a), the Commitments of that Lender shall
immediately be reduced to zero.
	 
	(c)	 	On the last day of each Interest Period which ends after the Borrower has given notice under
Clause 9.4(a) (or, if earlier, the date specified by the Borrower in that notice), the
Borrower shall repay that Lender’s participation in any relevant Utilisation.
	 
	(d)	 	The rights of the Borrower in this Clause 9.4 are in addition to its rights under Clause 23.8
(Replacement of Lender).
	 
	9.5	 	Change of Control
	 
	(a)	 	Upon a Change of Control, each Lender shall give written notice to the Agent and the Borrower
either:

	 	(i)	 	requiring the Borrower to prepay all amounts outstanding to that Lender under
or pursuant to the Facility (a Prepayment Notice); or
	 
	 	(ii)	 	confirming its consent to such Change of Control (a Confirmation Notice),

	 	 	in either case, on a date no later than that falling 30 days after receipt by the Agent of
notice of such Change of Control (the Decision Date) (such notice to be sent to the Agent by
the Borrower within five days of any Change of Control in any event).
	 
	 	 	A Change of Control shall occur if any person or group of persons acting in concert (other
than the Shareholder, any Subsidiary or the Holding Company of the Shareholder, or any other
Subsidiary of such Holding Company) acquire direct or indirect control of the Borrower;
	 
	 	 	Control has the meaning given to that term in section 840 of the Income and Corporation
Taxes Act 1988; and
	 
	 	 	acting in concert has the meaning given to that term in the City Code on Takeovers and
Mergers.
	 
	(b)	 	The Agent shall promptly notify the Lenders of any Change of Control to the extent that it is
so notified in accordance with Clause 9.5(a) above. Following such notification, each Lender
may, in

29

 

	 	 	its absolute discretion, deliver a Prepayment Notice or a Confirmation Notice but any Lender
which fails to deliver either such notice on or prior to the Decision Date shall be deemed
to have given a Confirmation Notice in any event.
	 
	(c)	 	On delivery of a Prepayment Notice, the Commitments of the relevant Lender shall immediately
be reduced to zero.
	 
	(d)	 	On the last day of each Interest Period which ends after a Lender delivers a Prepayment
Notice in accordance with Clause 9.5(a), the Borrower shall repay that Lender’s participation
in any relevant Utilisation.
	 
	9.6	 	Existing Facility
	 
	(a)	 	If, prior to the Forward Start Date:

	 	(i)	 	any of the Existing Commitments are cancelled; or
	 
	 	(ii)	 	any of the Existing Utilisations are mandatorily prepaid,

	 	 	and as a result the aggregate amount of the Existing Total Commitments is less than the
Total Commitments, then the Total Commitments shall be automatically cancelled so that the
Total Commitments are equal to the Existing Total Commitments.
	 
	(b)	 	Any cancellation under paragraph (a) above shall occur on the same date as the relevant
cancellation or prepayment referred to in sub-paragraphs (a)(i) or (ii) above and shall reduce
the Commitments of the Lenders rateably.
	 
	9.7	 	Restrictions
	 
	(a)	 	Any notice of cancellation or prepayment given by any Party under this Clause 9 (Prepayment
and Cancellation) shall be irrevocable and, unless a contrary indication appears in this
Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment
is to be made and the amount of that cancellation or prepayment.
	 
	(b)	 	Any prepayment under this Agreement shall be made together with accrued interest on the
amount prepaid and, subject to any Break Costs, without premium or penalty.
	 
	(c)	 	Unless a contrary indication appears in this Agreement, any part of the Facility which is
prepaid voluntarily may be reborrowed in accordance with the terms of this Agreement.
	 
	(d)	 	The Borrower authorises the Agent on behalf of the Obligors to withdraw monies from any Cash
Collateral Account and apply such monies upon the occurrence of an Event of Default in respect
of which a notice has been given pursuant to Clause 22.2 (Acceleration), against any amounts
due and payable by it under the Finance Documents.
	 
	(e)	 	Any prepayment of the Facility pursuant to Clauses 9.1 (Illegality), 9.3 (Voluntary
Prepayment), 9.4 (Right of repayment and cancellation in relation to a single Lender) or 9.5
(Change of Control) shall include the discharge of LC Liabilities to the extent of the
relevant Lender’s Relevant Proportion of the amount of the LC Liabilities outstanding at the
relevant time.
	 
	(f)	 	The Borrower shall not repay or prepay all or any part of the Utilisations or cancel all or
any part of the Commitments except at the times and in the manner expressly provided for in
this Agreement.

30

 

	(g)	 	No amount of the Total Commitments cancelled under this Agreement may be subsequently
reinstated.
	 
	(h)	 	If the Agent receives a notice under this Clause 9 (Prepayment and Cancellation) it shall
promptly forward a copy of that notice to either the Borrower or the affected Lender, as
appropriate.
	 
	10.	 	INTEREST
	 
	10.1	 	Calculation of interest
	 
	 	 	The rate of interest on each Loan for each Interest Period is the percentage rate per annum
which is the aggregate of the applicable:

	 	(a)	 	Margin from time to time;
	 
	 	(b)	 	LIBOR or, in relation to any Loan in euro, EURIBOR; and
	 
	 	(c)	 	Mandatory Cost, if any.

	10.2	 	Calculation of Margin
	 
	 	 	The Margin in relation to any Loan, and the Letter of Credit fee for the purposes of Clause
13.5(a) (Letter of Credit fee) shall (subject to the proviso below) be the rate set out in
column (1) below which corresponds to the ratio of Net Debt to EBITDA set out in column (2)
below, EBITDA being calculated as the aggregate EBITDA for the two most recently preceding
Half-Yearly Periods in respect of which a Compliance Certificate has been delivered to the
Agent in accordance with Clause 21.1(e)(iii) (Delivery of reports) (and, if applicable,
paragraph 12 of Schedule 2 (Conditions Precedent to Initial Utilisation) and determined from
the most recent such Compliance Certificate:

	 	 	 
	(1)	 	(2)
	Rate (per cent. per annum)	 	Net Debt: EBITDA
	2.50

	 	greater than or equal to 2.00:1
	2.25

	 	Less than 2.00:1 and greater than or equal to 1.00:1
	2.00

	 	Less than 1.00:1

	 	 	provided that:

	 	(a)	 	prior to the date upon which the Agent receives a Compliance Certificate
relating to the Half-Yearly Period ending 30 June 2009, the Margin shall be 2.25 per
cent. per annum; and
	 
	 	(b)	 	if the Borrower has failed to deliver a Compliance Certificate due under this
Agreement within five days of its due date (and until the Compliance Certificate is
delivered), or while an Event of Default is continuing, the Margin shall be 2.50 per
cent. per annum.

	 	 	For the avoidance of doubt, any change in Margin shall take effect immediately following
delivery of a Compliance Certificate to the Agent in accordance with Clause 21.1(e)
(Delivery of reports).

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	10.3	 	Payment of interest
	 
	 	 	The Borrower shall pay accrued interest on each Loan on the last day of each Interest Period
(and, if the Interest Period is longer than six months, on the dates falling at six monthly
intervals after the first day of the Interest Period).
	 
	10.4	 	Default interest
	 
	(a)	 	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date,
interest shall accrue on the overdue amount from the due date up to the date of actual payment
(both before and after judgment) at a rate one per cent higher than the rate which would have
been payable if the overdue amount had, during the period of non-payment, constituted a
Utilisation in the currency of the overdue amount for successive Interest Periods, each of a
duration selected by the Agent (acting reasonably). Any interest accruing under this Clause
10.4 shall be immediately payable by the Obligor on demand by the Agent.
	 
	(b)	 	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue
amount at the end of each Interest Period applicable to that overdue amount but will remain
immediately due and payable.
	 
	10.5	 	Notification of rates of interest
	 
	 	 	The Agent shall promptly notify the Lenders and the Borrower of the determination of a rate
of interest under this Agreement.
	 
	11.	 	INTEREST PERIODS
	 
	11.1	 	Selection of Interest Periods
	 
	(a)	 	The Borrower may select an Interest Period for a Loan in the Utilisation Request for that
Loan.
	 
	(b)	 	Subject to this Clause 11, the Borrower may select an Interest Period of one, two, three or
six months or any other period agreed between the Borrower and the Agent.
	 
	(c)	 	An Interest Period for a Loan shall not extend beyond the Termination Date.
	 
	(d)	 	Each Loan shall have one Interest Period only.
	 
	11.2	 	Non-Banking Days
	 
	 	 	If an Interest Period would otherwise end on a day which is not a Banking Day, that Interest
Period will instead end on the next Banking Day in that calendar month (if there is one) or
the preceding Banking Day (if there is not).
	 
	12.	 	CHANGES TO THE CALCULATION OF INTEREST
	 
	12.1	 	Absence of quotations
	 
	 	 	Subject to Clause 12.2 (Market disruption), if LIBOR or, if applicable, EURIBOR is to be
determined by reference to the Reference Banks but a Reference Bank does not supply a
quotation by the Specified Time on the Quotation Day, the applicable LIBOR or EURIBOR shall
be determined on the basis of the quotations of the remaining Reference Banks.

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

	 	(i)	 	the applicable Margin;
	 
	 	(ii)	 	the rate notified to the Agent by that Lender as soon as practicable and in any
event before interest is due to be paid in respect of that Interest Period, to be that
which expresses as a percentage rate per annum the cost to that Lender of funding its
participation in that Loan from whatever source it may reasonably select; and
	 
	 	(iii)	 	the Mandatory Cost, if any, applicable to that Lender’s participation in the
Loan.

	(b)	 	In this Agreement Market Disruption Event means:

	 	(i)	 	at or about noon on the Quotation Day for the relevant Interest Period the
Screen Rate is not available and none or only one of the Reference Banks supplies a
rate to the Agent to determine LIBOR or, if applicable, EURIBOR for the relevant
currency and period; or
	 
	 	(ii)	 	before close of business in London on the Quotation Day for the relevant
Interest Period, the Agent receives notifications from a Lender or Lenders (whose
participations in a Loan exceed
331/3  per cent. of that Loan) that the cost to it of
obtaining matching deposits in the Relevant Interbank Market would be in excess of
LIBOR or, if applicable, EURIBOR.

	12.3	 	Alternative basis of interest or funding
	 
	(a)	 	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and
the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view
to agreeing a substitute basis for determining the rate of interest.
	 
	(b)	 	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of
all the Lenders and the Borrower, be binding on all Parties.
	 
	12.4	 	Break Costs
	 
	(a)	 	The Borrower shall, within three Banking Days of demand by a Finance Party, pay to that
Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being
paid by that Borrower on a day other than the last day of an Interest Period for that Loan or
Unpaid Sum.
	 
	(b)	 	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a
certificate confirming the amount of its Break Costs for any Interest Period in which they
accrue.
	 
	13.	 	FEES
	 
	13.1	 	Arrangement fee
	 
	 	 	The Borrower shall pay to the Mandated Lead Arrangers an arrangement fee in the amount and
at the times agreed in a Fee Letter.
	 
	13.2	 	Agency fee
	 
	 	 	The Borrower shall pay to the Agent (for its own account) an agency fee in the amount and at
the times agreed in a Fee Letter.

33

 

	13.3	 	Commitment fee
	 
	(a)	 	Subject to paragraph (b) below, the Borrower shall pay to the Agent (for the account of each
Lender) a fee in the Base Currency computed at the rate per annum of 40 per cent. of the
Margin from day to day on that Lender’s Available Commitment for the Availability Period.
	 
	(b)	 	The fee referred to in paragraph (a) above shall not be payable to a Lender while it is a
Defaulting Lender.
	 
	(c)	 	Commitment fee will accrue on a daily basis from (and including) the Forward Start Date to
(but excluding) the last day of the Availability Period.
	 
	(d)	 	Accrued commitment fee is payable on the last day of each successive period of three months
which ends during the Availability Period, on the last day of the Availability Period and on
the cancelled amount of any Lender’s Commitment at the time the cancellation is effective.
	 
	13.4	 	New money commitment fee
	 
	(a)	 	Subject to paragraph (b) below, the Borrower shall pay to the Agent on behalf of each New
Money Lender a new money commitment fee in the Base Currency. The new money commitment fee
will be computed at a rate per annum equal to 40 per cent. of the Margin from day to day and
will be calculated on an amount equal to that New Money Lender’s New Money Commitment.
	 
	(b)	 	The fee referred to in paragraph (a) above shall not be payable to a Lender while it is a
Defaulting Lender.
	 
	(c)	 	New money commitment fee will accrue on a daily basis from (and including) the date of this
Agreement to (but excluding) the Forward Start Date.
	 
	(d)	 	The new money commitment fee is payable on each day on which the commitment fee is payable
under the Existing Facility Agreement.
	 
	(e)	 	The new money commitment fee is payable in addition to any amounts payable under the Existing
Facility Agreement to a New Money Lender as an Existing Facility Lender.
	 
	13.5	 	Letter of Credit Fees
	 
	(a)	 	The Borrower shall pay fees calculated on the aggregate daily Base Currency Amount of the LC
Liabilities, as determined by the Agent at an annual rate equal to the applicable Margin, to
the Agent for the account of each Lender.
	 
	(b)	 	The accrued Letter of Credit fees are payable in respect of each Letter of Credit on the last
day of each successive period of three months (or such shorter period as shall end on the
maturity date of such Letter or Credit) starting on the date of issue of such Letter of
Credit. Accrued Letter of Credit fees are also payable on the cancelled amount of any
Lender’s Commitment at the time that such cancellation is effective if that Commitment is
cancelled in full and the Letters of Credit are prepaid or repaid in full.
	 
	13.6	 	Utilisation Fee
	 
	(a)	 	If the aggregate of the Base Currency Amount of all outstanding Utilisations is greater than
662/3 per cent. of the Total Commitments, the Borrower shall pay to the Agent (for the account of
each Lender) a utilisation fee in the Base Currency computed at a rate per annum of 0.50 per
cent. of the Base Currency Amount of all outstanding Utilisations.

34

 

	(b)	 	If the aggregate of the Base Currency Amount of all outstanding Utilisations is greater than
331/3  per cent. of the Total Commitments but less than or equal to 662/3  per cent of the Total
Commitments, the Borrower shall pay to the Agent (for the account of each Lender) a
utilisation fee in the Base Currency computed at a rate per annum of 0.25 per cent. of the
Base Currency Amount of all outstanding Utilisations.
	 
	(c)	 	If the aggregate of the Base Currency Amount of all outstanding Utilisations is equal to or
less than 331/3  per cent. of the Total Commitments, the Borrower is not required to pay a
utilisation fee.
	 
	(d)	 	Utilisation fee will be calculated on a daily basis. Accrued utilisation fee is payable on
the last day of each successive period of three months which ends during the Availability
Period and on the last day of the Availability Period.
	 
	13.7	 	Top-Up Existing Facility Margin
	 
	(a)	 	The Borrower shall pay to the Agent on behalf of each Original Lender a top-up margin in
relation to each Existing Utilisation. The top-up margin accrues from day to day, and is
computed on each day, at a rate per annum equal to the Top-Up Existing Facility Margin, in
respect of each Original Lender and each Existing Utilisation outstanding on that day, on an
amount calculated in accordance with paragraph (b) below.
	 
	(b)	 	The amount on which the top-up margin is computed for an Original Lender and an Existing
Utilisation, is calculated by:

	 	(i)	 	multiplying the relevant Existing Facility Share by the amount of the Existing
Utilisation; and
	 
	 	(ii)	 	if the relevant Existing Facility Share multiplied by the aggregate amount of
the Existing Utilisations exceeds the relevant Original Commitment, notionally reducing
(for the purposes of this calculation) the amount of all Existing Utilisations by such
proportion as would, if that reduction were applied to all calculations under this
paragraph (b) in relation to that Original Lender, reduce that excess to zero.

	(c)	 	The top-up margin is payable in respect of any Existing Utilisation in the currency in which
that Existing Utilisation is denominated.
	 
	(d)	 	The accrued top-up margin calculated by reference to an Existing Loan is payable on the last
day of each Interest Period (as defined in the Existing Facility Agreement) for that Existing
Loan and on any other date on which interest on the Existing Loan becomes payable.
	 
	(e)	 	The accrued top-up margin calculated by reference to an Existing Facility LC is payable on
each day on which any Letter of Credit fee is payable in respect of that Existing Facility LC
under the Existing Facility Agreement.
	 
	(f)	 	The Agent shall notify the Borrower, no later than five Banking Days before the date on which
any top-up margin is payable (or, if an Interest Period (as defined in the Existing Facility
Agreement) or a period for calculation of Letter of Credit fee under the Existing Facility
Agreement is of a duration of five or fewer Banking Days, no later than the Banking Day
following the first Banking Day of that Interest Period or that period for calculation of
Letter of Credit fee (as applicable)), of the amount of the top-up margin then payable, giving
reasonable details of the Agent’s calculations in reaching that amount.
	 
	(g)	 	The top-up margin is payable in addition to any amounts payable under the Existing Facility
Agreement to an Existing Facility Lender as a Lender under and as defined in the Existing
Facility

35

 

	 	 	Agreement, including the margin and Letter of Credit fee payable under the Existing Facility
Agreement in respect of the Existing Utilisations.
	 
	(h)	 	Unless and to the extent an Original Lender’s right to receive top-up margin is expressly
transferred in accordance with Clause 23.5 (Procedure for transfer), an Original Lender is
entitled to receive top-up margin irrespective of whether it remains a Lender.
	 
	13.8	 	Top-up commitment fee
	 
	(a)	 	The Borrower shall pay to the Agent on behalf of each Original Lender a top-up commitment
fee. The top-up commitment fee accrues from day to day, and is computed for each Original
Lender on each day, at a rate per annum equal to the Top-Up Commitment Fee Rate, on an amount
calculated in accordance with paragraph (b) below.
	 
	(b)	 	The amount on which the top-up commitment fee is computed for an Original Lender on any day
is the lesser of:

	 	(i)	 	that Original Lender’s Existing Facility Share multiplied by the Existing
Available Facility on that day; and
	 
	 	(ii)	 	(A) the Original Commitment of that Original Lender less (B) the relevant
Existing Facility Share multiplied by the aggregate Base Currency Amount of the
Existing Utilisations,

	 	 	but if either of the amounts referred to in paragraphs (i) and (ii) above are less than
zero, no top-up commitment fee shall accrue on that day for that Original Lender.
	 
	(c)	 	The top-up commitment fee is payable in the Base Currency.
	 
	(d)	 	The top-up commitment fee shall accrue on a daily basis from (and including) the date of this
Agreement to (but excluding) the earlier of (i) the last day of the Availability Period (as
defined in the Existing Facility Agreement) and (ii) the date on which the Total Commitments
under (and as defined in) the Existing Facility Agreement are cancelled in full.
	 
	(e)	 	Accrued top-up commitment fee is payable on each day on which the commitment fee is payable
under the Existing Facility Agreement.
	 
	(f)	 	The top-up commitment fee is payable in addition to any amounts payable under the Existing
Facility Agreement to an Existing Facility Lender as a Lender under and as defined in the
Existing Facility Agreement.
	 
	(g)	 	Unless and to the extent an Original Lender’s right to receive top-up commitment fee is
expressly transferred in accordance with Clause 23.5 (Procedure for transfer), an Original
Lender is entitled to receive top-up commitment fee irrespective of whether it remains a
Lender.
	 
	13.9	 	Top-up utilisation fee
	 
	(a)	 	The Borrower shall pay to the Agent on behalf of each Original Lender a top-up utilisation
fee in the Base Currency computed at a rate per annum equal to the Top-Up Utilisation Fee Rate
on the daily Base Currency Amount of the lesser of (i) that Original Lender’s share of all
outstanding Existing Utilisations and (ii) that Original Lender’s Original Commitment.
	 
	(b)	 	The top-up utilisation fee shall accrue on a daily basis from (and including) the date of the
Facility Agreement to (but excluding) the Forward Start Date.

36

 

	(c)	 	Accrued top-up utilisation fee is payable on each day on which the utilisation fee is payable
under the Existing Facility Agreement.
	 
	(d)	 	The top-up utilisation fee is payable in addition to any amounts payable under the Existing
Facility Agreement to an Existing Facility Lender as a Lender under and as defined in the
Existing Facility Agreement.
	 
	(e)	 	If the aggregate of the Base Currency Amount of all Existing Utilisations is equal to or less
than
331/3
per cent. of the Existing Total Commitments, then no top-up utilisation fee is
payable.
	 
	(f)	 	Unless and to the extent an Original Lender’s right to receive top-up commitment fee is
expressly transferred in accordance with Clause 23.5 (Procedure for transfer), an Original
Lender is entitled to receive top-up commitment fee irrespective of whether it remains a
Lender.
	 
	13.10	 	Calculations
	 
	(a)	 	For the purpose of Clauses 13.4 (New money commitment fee) and 13.7 (Top-Up Existing Facility
Margin) to 13.9 (Top-up utilisation fee) if an Affiliate of a Lender (other than an entity
which is an Affiliate of a Lender by reason of common ownership by any government or any
entity controlled by a government) (a Relevant Affiliate) has an Existing Commitment, the
Existing Commitments and share in Existing Utilisations of that Lender and such Relevant
Affiliate will be deemed to be the Existing Commitment or, as the case may be, share in
Existing Utilisations, of that Lender.
	 
	(b)	 	For the purpose of calculating the Existing Commitment or the share in the Existing
Utilisations (as the case may be) under paragraph (a) above, a Lender must promptly notify the
Agent in writing if a Relevant Affiliate has an Existing Commitment. If a Lender does not
provide such written notification to the Agent, the Agent shall not be required to include the
Existing Commitments and share in Existing Utilisations of any such Relevant Affiliate when
determining the Existing Commitment or, as the case may be, share in Existing Utilisations, of
that Lender.
	 
	(c)	 	Where the Existing Commitments and share in Existing Utilisations of a Lender and a Relevant
Affiliate are deemed to be the Existing Commitment or share in Existing Utilisations of that
Lender under paragraph (a) above, the Agent shall notify the Borrower of the identity of the
Relevant Affiliates of that Lender.
	 
	14.	 	TAX GROSS UP AND INDEMNITIES
	 
	14.1	 	Definitions
	 
	(a)	 	In this Clause 14 (Tax Gross Up and Indemnities):
	 
	 	 	Bank Lender means a Lender:

	 	(i)	 	which is a bank (as defined for the purpose of section 879 of the ITA 2007)
making an advance under a Finance Document; or
	 
	 	(ii)	 	in respect of an advance made under a Finance Document by a person that was a
bank (as defined for the purposes of section 879 of the ITA 2007) at the time that such
advance was made,

	 	 	and which is within the charge to United Kingdom corporation tax as respects any payments of
interest made in respect of that advance.
	 
	 	 	CTA 2009 means the Corporation Tax Act 2009.

37

 

	 	 	ITA 2007 means the Income Tax Act 2007.
	 
	 	 	Protected Party means a Finance Party which is or will be, for or on account of Tax, subject
to any liability or required to make any payment in relation to a sum received or receivable
(or any sum deemed for the purposes of Tax to be received or receivable) under a Finance
Document.
	 
	 	 	Qualifying Lender means a Lender which is (on the date a payment falls due):

	 	(i)	 	beneficially entitled to the interest payable to it in respect of an advance
under a Finance Document; and
	 
	 	(ii)	 	a Bank Lender, a UK Lender or a Treaty Lender.

	 	 	Tax Credit means a credit against, relief or remission for, or repayment of any Tax.
	 
	 	 	Tax Deduction means a deduction or withholding for or on account of Tax from a payment under
a Finance Document.
	 
	 	 	Tax Payment means an increased payment made by an Obligor to a Finance Party under
Clause 14.2 (Tax gross-up) or a payment under Clause 14.3 (Tax indemnity).
	 
	 	 	Treaty Lender means a Lender who, by virtue of a double taxation agreement between the
United Kingdom and the country of residence of that Lender, is (subject only to a prior
direction given to the Borrower by the United Kingdom HM Revenue and Customs following an
application by that Lender) eligible to receive payments from the Borrower under this
Agreement without any deduction in respect of Taxes and does not carry on a business in the
UK through a permanent establishment with which such Lender’s participation in the Loan is
effectively connected.
	 
	 	 	UK Lender means a person who is:

	 	(i)	 	a company resident in the UK for tax purposes; or
	 
	 	(ii)	 	a partnership each of whose members is:

	 	(A)	 	a company resident in the UK for UK tax purposes; or
	 
	 	(B)	 	a company not resident in the UK for UK tax purposes but which
carries on a trade in the UK through a permanent establishment and is required
to bring into account in computing its chargeable profits (for the purpose of
section 19 of the CTA 2009) the whole of any share of interest payable to it
under this Agreement which is attributable to it by reason of Part 17 of the CTA
2009; or

	 	(iii)	 	a company not so resident in the UK for tax purposes, but which carries on a
trade in the UK through a permanent establishment and is required to bring into account
interest payable to it under this Agreement in computing its chargeable profits for the
purpose of section 19 of the CTA 2009.

	(b)	 	In this Clause 14 (Tax Gross Up and Indemnities) a reference to determines or determined
means a determination made in the absolute discretion of the person making the determination.
	 
	14.2	 	Tax gross-up
	 
	(a)	 	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax
Deduction is required by law.

38

 

	(b)	 	The Borrower or a Lender shall promptly upon becoming aware that an Obligor must make a Tax
Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the
Agent accordingly. If the Agent receives such notification from a Lender it shall notify the
Borrower and that Obligor.
	 
	(c)	 	If a Tax Deduction is required by law to be made by an Obligor the amount of the payment due
from that Obligor shall be increased, subject to paragraph (d) below, to an amount which
(after making any Tax Deduction) leaves an amount equal to the payment which would have been
due if no Tax Deduction had been required.
	 
	(d)	 	An Obligor is not required to make an increased payment to a Lender under paragraph (c) above
for a Tax Deduction in respect of tax imposed by the United Kingdom from a payment of interest
on a Loan, if on the date on which the payment falls due:

	 	(i)	 	the payment could have been made to the relevant Lender without a Tax Deduction
if it was a Qualifying Lender, but on that date the relevant Lender is not or has
ceased to be a Qualifying Lender other than as a result of any change after the date it
became a Lender under this Agreement in (or in the interpretation, administration or
application of) any law or double taxation agreement or any published practice or
concession of any relevant taxing authority; or

	 	(ii)	 	(A)	 	the relevant Lender is a UK Lender, or would have been a UK Lender were it
not for any change after the date it became a Lender under this Agreement in (or in the
interpretation, administration, or application of) any law or double taxation
agreement, or any published practice or concession of any relevant taxing authority;
and

	 	(B)	 	an officer of HM Revenue and Customs has given (and not revoked)
a direction under section 931 of the ITA 2007 (as that provision has effect on
the date on which the relevant Lender becomes a party to this Agreement) which
relates to that payment and the Lender has received from that Obligor a
certified copy of that direction and the payment could have been made to the
Lender without any tax deduction in the absence of that direction; or

	 	(iii)	 	the relevant Lender is a Treaty Lender and the Obligor making the payment is
able to demonstrate that the payment could have been made to the Lender without the Tax
Deduction had that Lender complied with its obligations under paragraph (g) below.

	(e)	 	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction
and any payment required in connection with that Tax Deduction within the time allowed and in
the minimum amount required by law.
	 
	(f)	 	Within 30 days of making either a Tax Deduction or any payment required in connection with
that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the
Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party
that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the
relevant taxing authority.
	 
	(g)	 	A Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is
entitled shall co-operate in completing any procedural formalities necessary for that Obligor
to obtain authorisation to make that payment without a Tax Deduction, provided that if a
Treaty Lender is also a New Lender (as such term is defined in Clause 23.1 (Assignments and
transfers by the Lenders)) it shall be deemed, for the purposes of this paragraph and
sub-paragraph (d)(iii) above, to have failed to comply with its obligations under this
paragraph if, following its assumption of obligations

39

 

	 	 	pursuant to Clause 23 (Changes to the
Lenders), it omits to file an
application for relief under any
applicable double taxation agreement
with the relevant authorities in its
country of residence.
	 
	14.3	 	Tax indemnity
	 
	(a)	 	The Borrower shall (within three Banking Days of demand by the Agent) pay to a Protected
Party an amount equal to the loss, liability or cost which that Protected Party determines
will be or has been (directly or indirectly) suffered for or on account of Tax by that
Protected Party in respect of a Finance Document.
	 
	(b)	 	Paragraph (a) above shall not apply:

	 	(i)	 	with respect to any Tax assessed on a Finance Party:

	 	(A)	 	under the law of the jurisdiction in which that Finance Party is
incorporated or, if different, the jurisdiction (or jurisdictions) in which that
Finance Party is treated as resident for tax purposes; or
	 
	 	(B)	 	under the law of the jurisdiction in which that Finance Party’s
Facility Office is located in respect of amounts received or receivable in that
jurisdiction,

	 	 	 	if that Tax is imposed on or calculated by reference to the net income received or
receivable (but not any sum deemed to be received or receivable) by that Finance
Party; or
	 
	 	(ii)	 	with respect to any Tax assessed on the Agent, as a result of the failure by a
Lender to satisfy on the due date of a payment of interest the condition set out in
Clause 25.15 (Lenders’ tax status confirmation); or
	 
	 	(iii)	 	to the extent that a loss, liability or cost:

	 	(A)	 	is compensated for by an increased payment under Clause 14.2 (Tax
gross-up); or
	 
	 	(B)	 	would have been compensated for by an increased payment under
Clause 14.2 (Tax gross-up) but was not so compensated solely because one of the
exclusions in Clause 14.2(d) applied.

	(c)	 	A Protected Party making, or intending to make a claim pursuant to Clause 14.3(a) above shall
promptly notify the Agent of the event which will give, or has given, rise to the claim,
following which the Agent shall notify the Borrower.
	 
	(d)	 	A Protected Party shall, on receiving a payment from an Obligor under this Clause 14.3,
notify the Agent.
	 
	14.4	 	Tax Credit
	 
	 	 	If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

	 	(a)	 	a Tax Credit is attributable either to an increased payment of which that Tax
Payment forms part, or to that Tax Payment; and
	 
	 	(b)	 	that Finance Party has obtained, utilised and retained that Tax Credit,

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

40

 

	14.5	 	Stamp taxes
	 
	 	 	The Borrower shall pay and, within three Banking Days of demand, indemnify each Finance
Party against any cost, loss or liability that Finance Party incurs in relation to all stamp
duty, registration and other similar Taxes payable in respect of any Finance Document.
	 
	14.6	 	Value added tax
	 
	(a)	 	All amounts set out or expressed in a Finance Document to be payable by any Party to a
Finance Party which (in whole or in part) constitute the consideration for a supply or
supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on
such supply or supplies, and accordingly, subject to paragraph (b) below, if VAT is or becomes
chargeable on any supply made by any Finance Party to any Party under a Finance Document, that
Party shall pay to the Finance Party (in addition to and at the same time as paying that
consideration) an amount equal to the amount of such VAT (and such Finance Party shall
promptly provide an appropriate VAT invoice to such Party).
	 
	(b)	 	If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to
any other Finance Party (the “Recipient”) under a Finance Document, and any Party other than
the Recipient (the “Subject Party”) is required by the terms of any Finance Document to pay an
amount equal to the consideration for such supply to the Supplier (rather than being required
to reimburse the Recipient in respect of that consideration), such Party shall also pay to the
Supplier (in addition to and at the same time as paying such amount) an amount equal to the
amount of such VAT. The Recipient will promptly pay to the Subject Party an amount equal to
any credit or repayment obtained by the Recipient from the relevant tax authority which the
Recipient reasonably determines is in respect of such VAT.
	 
	(c)	 	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any
cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance
Party for the full amount of such cost or expense, including such part thereof as represents
VAT, save to the extent that such Finance Party reasonably determines that neither it nor any
other member of any group of which it is a member for VAT purposes is entitled to credit or
repayment in respect of such VAT from the relevant tax authority.
	 
	15.	 	INCREASED COSTS
	 
	15.1	 	Increased costs
	 
	(a)	 	Subject to Clause 15.3 (Exceptions) the Borrower shall, within three Banking Days of a demand
by the Agent, pay for the account of a Finance Party the amount of any Increased Costs
incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of
or any change in (or in the interpretation, administration or application of) any law or
regulation or (ii) compliance with any law or regulation made after the date of this
Agreement.
	 
	(b)	 	In this Agreement Increased Costs means:

	 	(i)	 	a reduction in the rate of return from the Facility or on a Finance Party’s (or
its Affiliate’s) overall capital;
	 
	 	(ii)	 	an additional or increased cost; or

	 	(iii)	 	a reduction of any amount due and payable under any Finance Document,

41

 

	 	 	which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that
it is attributable to that Finance Party having entered into its Commitment or funding or
performing its obligations under any Finance Document. This shall include any Increased
Costs incurred prior to the Forward Start Date by reason of any change after the date of
this Agreement in (or interpretation, administration or application of) any law or capital
ratio or reserve requirements that may be imposed by regulatory authorities from time to
time affecting the treatment or characterisation of the Facility.

	15.2	 	Increased cost claims
	 
	(a)	 	A Finance Party intending to make a claim pursuant to Clause 15.1 (Increased costs) shall
notify the Agent of the event giving rise to the claim, following which the Agent shall
promptly notify the Borrower.
	 
	(b)	 	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a
certificate confirming the amount of its Increased Costs.
	 
	15.3	 	Exceptions
	 
	(a)	 	Clause 15.1 (Increased costs) does not apply to the extent any Increased Cost is:

	 	(i)	 	attributable to a Tax Deduction required by law to be made by an Obligor;
	 
	 	(ii)	 	compensated for by Clause 14.3 (Tax indemnity) (or would have been compensated
for under Clause 14.3 (Tax indemnity) but was not so compensated solely because one of
the exclusions in Clause 14.3(b) (Tax indemnity) applied);
	 
	 	(iii)	 	compensated for by the payment of the Mandatory Cost; or
	 
	 	(iv)	 	attributable to the wilful breach by the relevant Finance Party or its
Affiliates of any law or regulation.

	(b)	 	In this Clause 15.3, a reference to a Tax Deduction has the same meaning given to the term in
Clause 14.1 (Definitions).
	 
	16.	 	OTHER INDEMNITIES
	 
	16.1	 	Currency indemnity
	 
	(a)	 	If any sum due from an Obligor under the Finance Documents (a Sum), or any order, judgment or
award given or made in relation to a Sum, has to be converted from the currency (the First
Currency) in which that Sum is payable into another currency (the Second Currency) for the
purpose of:

	 	(i)	 	making or filing a claim or proof against that Obligor;
	 
	 	(ii)	 	obtaining or enforcing an order, judgment or award in relation to any
litigation or arbitration proceedings,

	 	 	that Obligor shall as an independent obligation, within three Banking Days of demand,
indemnify each Finance Party to whom that Sum is due against any cost, loss or liability
arising out of or as a result of the conversion including any discrepancy between (A) the
rate of exchange used to convert that Sum from the First Currency into the Second Currency
and (B) the rate or rates of exchange available to that person at the time of its receipt of
that Sum.

42

 

	(b)	 	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the
Finance Documents in a currency or currency unit other than that in which it is expressed to
be payable.
	 
	16.2	 	Other indemnities
	 
	 	 	The Borrower shall (or shall procure that an Obligor will), within three Banking Days of
demand, indemnify each Lender against any cost, loss or liability incurred by that Lender as
a result of:

	 	(a)	 	the occurrence of any Event of Default;
	 
	 	(b)	 	a failure by an Obligor to pay any amount due under a Finance Document on its
due date, including without limitation, any cost, loss or liability arising as a result
of Clause 27 (Sharing among the Finance Parties);
	 
	 	(c)	 	funding, or making arrangements to fund, its participation in a Utilisation
requested by the Borrower in a Utilisation Request but not made by reason of the
operation of any one or more of the provisions of this Agreement (other than by reason
of default or negligence by that Lender alone); or
	 
	 	(d)	 	a Utilisation (or part of a Utilisation) not being prepaid in accordance with a
notice of prepayment given by the Borrower.

	16.3	 	Indemnity to the Agent
	 
	 	 	The Borrower shall promptly indemnify the Agent against any cost, loss or liability incurred
by the Agent (acting reasonably) as a result of:

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

	17.	 	MITIGATION BY THE LENDERS
	 
	17.1	 	Mitigation
	 
	(a)	 	Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to
mitigate any circumstances which arise and which would result in any amount becoming payable
under, or cancelled pursuant to, any of Clause 9.1 (Illegality), Clause 14 (Tax Gross Up and
Indemnities) or Clause 15 (Increased Costs) or paragraph 3 of Schedule 4 (Mandatory Cost
Formulae) including (but not limited to) transferring its rights and obligations under the
Finance Documents to another Affiliate or Facility Office.
	 
	(b)	 	Paragraph (a) above does not in any way limit the obligations of any Obligor under the
Finance Documents.
	 
	17.2	 	Limitation of liability
	 
	(a)	 	The Borrower shall indemnify each Finance Party for all costs and expenses reasonably
incurred by that Finance Party as a result of steps taken by it under Clause 17.1
(Mitigation).
	 
	(b)	 	A Finance Party is not obliged to take any steps under Clause 17.1 (Mitigation) if, in the
opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

43

 

	18.	 	COSTS AND EXPENSES
	 
	18.1	 	Transaction expenses
	 
	 	 	The Borrower shall promptly on demand pay the Agent and the Mandated Lead Arrangers the
amount of all costs and expenses (including legal fees) reasonably incurred by any of them
in connection with the negotiation, preparation, printing, execution and syndication of:

	 	(a)	 	this Agreement and any other documents referred to in this Agreement; and
	 
	 	(b)	 	any other Finance Documents executed after the date of this Agreement.

	18.2	 	Amendment costs
	 
	 	 	If (a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required
pursuant to Clause 28.11 (Change of currency), the Borrower shall, within three Banking Days
of demand, reimburse the Agent for the amount of all costs and expenses (including legal
fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or
complying with that request or requirement.
	 
	18.3	 	Enforcement costs
	 
	 	 	The Borrower shall, within three Banking Days of demand, pay to each Finance Party the
amount of all costs and expenses (including legal fees) incurred by that Finance Party in
connection with the enforcement of, or the preservation of any rights under, any Finance
Document.
	 
	19.	 	GUARANTEE AND INDEMNITY
	 
	19.1	 	Covenant to pay
	 
	 	 	Each Guarantor irrevocably and unconditionally jointly and severally guarantees to pay to
the Agent, for the account of the Finance Parties, on demand by the Agent all moneys and
discharge all obligations and liabilities now or hereafter due, owing or incurred by the
Borrower to the Finance Parties (or any of them) under or pursuant to the Finance Documents
when the same become due for payment or discharge whether by acceleration or otherwise and
whether such moneys are denominated in Sterling or in any Optional Currency.
	 
	19.2	 	Guarantors as principal debtors; indemnity
	 
	(a)	 	As a separate and independent stipulation, the Guarantors jointly and severally agree that if
any purported obligation or liability of the Borrower which would have been the subject of
this guarantee had it been valid and enforceable is not or ceases to be valid or enforceable
against the Borrower on any ground whatsoever whether or not known to the Finance Parties or
any of them (including, without limitation, any irregular exercise or absence of any corporate
power or lack of authority of, or breach of duty by, any person purporting to act on behalf of
the Borrower or any legal or other limitation, whether under the Limitation Acts or otherwise
or any disability or Incapacity or any change in the constitution of the Borrower) the
Guarantors shall nevertheless be jointly and severally liable to the Finance Parties in
respect of that purported obligation or liability as if the same were fully valid and
enforceable and such Guarantor was the principal debtor in respect thereof. The Guarantors
hereby jointly and severally agree to keep the Finance Parties fully indemnified on demand
against all damages, losses, costs and expenses arising from any failure of the Borrower to
perform or discharge any such purported obligation or liability.

44

 

	(b)	 	Each Guarantor waives any right it may have of first requiring any Finance Party (or any
trustee or agent on its behalf) to proceed against or enforce any other rights or security or
claim payment from any person before claiming from that Guarantor under this Clause 19. This
waiver applies irrespective of any law or any provision of a Finance Document to the contrary.
	 
	19.3	 	No security taken by Guarantors
	 
	 	 	The Guarantors jointly and severally warrant that they have not taken or received, and
undertake that until all the Guaranteed Liabilities have been paid or discharged in full,
they will not take or receive, the benefit of any security from the Borrower or any other
person in respect of their obligations under this guarantee.
	 
	19.4	 	Interest
	 
	 	 	Each Guarantor agrees to pay interest on each amount demanded of it under this guarantee
from the date of such demand until payment (as well after as before judgment) at the rate
specified in Clause 10.4 (Default interest). Such interest shall be compounded at the end
of each period determined for this purpose by the Agent in the event of it not being paid
when demanded but without prejudice to the Lenders’ right to require payment of such
interest.
	 
	19.5	 	Continuing security and other matters
	 
	 	 	This guarantee shall:

	 	(a)	 	secure the ultimate balance from time to time owing to the Finance Parties by
the Borrower and shall be a continuing security, notwithstanding any settlement of
account or other matter whatsoever;
	 
	 	(b)	 	be in addition to any present or future Collateral Instrument, right or remedy
held by or available to the Lenders or any of them or each Mandated Lead Arranger or
the Agent; and
	 
	 	(c)	 	not be in any way prejudiced or affected by the existence of any such
Collateral Instrument, rights or remedies or by the same becoming wholly or in part
void, voidable or unenforceable on any ground whatsoever or by the Agent or the
Mandated Lead Arrangers or the Lenders or any of them dealing with, exchanging, varying
or failing to perfect or enforce any of the same or giving time for payment or
indulgence or compounding with any other person liable.

	19.6	 	Appropriations

	 	(a)	 	Paragraph (c) below applies while any amounts are due, owing or incurred by the
Obligors under the Finance Documents or any Commitment is in force until all amounts
which may be or become payable by the Obligors under or in connection with the Finance
Documents have been irrevocably paid in full, or would be irrevocably paid in full upon
the application of those moneys, securities or other rights.
	 
	 	(b)	 	Paragraph (c) below only applies where there is a continuing Default.
	 
	 	(c)	 	In the circumstance envisaged by paragraph (a), each Finance Party (or any
trustee or agent on its behalf) may:

	 	(i)	 	refrain from applying or enforcing any other moneys, security or
rights held or received by that Finance Party (or any trustee or agent on its
behalf) in respect of those amounts, or apply and enforce the same in such
manner and order as it sees fit

45

 

	 	 	 	(whether against those amounts or otherwise) and no Guarantor shall be
entitled to the benefit of the same; and

	 	(ii)	 	hold in an interest-bearing suspense account any moneys received
from any Guarantor or on account of any Guarantor’s liability under this Clause
19.

	19.7	 	Liability unconditional
	 
	 	 	The obligations of each Guarantor under this Clause 19 will not be affected by an act,
omission, matter or thing which, but for this Clause, would reduce, release or prejudice any
of its obligations under this Clause 19 (without limitation and whether or not known to it
or any Finance Party) including:

	 	(a)	 	any time, waiver or consent granted to, or composition with, any Obligor or
other person;
	 
	 	(b)	 	the release of any other Obligor or any other person under the terms of any
composition or arrangement with any creditor of any member of the Group;
	 
	 	(c)	 	the taking, variation, compromise, exchange, renewal or release of, or refusal
or neglect to perfect, take up or enforce, any rights against, or security over assets
of, any Obligor or other person or any non-presentation or non-observance of any
formality or other requirement in respect of any instrument or any failure to realise
the full value of any security;
	 
	 	(d)	 	any incapacity or lack of power, authority or legal personality of or
dissolution or change in the members or status of an Obligor or any other person;
	 
	 	(e)	 	any amendment, novation, supplement, extension, restatement (however
fundamental and whether or not more onerous) or replacement of any Finance Document or
any other document or security including without limitation any change in the purpose
of, any extension of or any increase in any facility or the addition of any new
facility under any Finance Document or other document or security;
	 
	 	(f)	 	any unenforceability, illegality or invalidity of any obligation of any person
under any Finance Document or any other document or security; or
	 
	 	(g)	 	any insolvency or similar proceedings.

	19.8	 	Collateral Instruments
	 
	 	 	No Finance Party shall be obliged to make any claim or demand on the Borrower or to resort
to any Collateral Instrument or other means of payment now or hereafter held by or available
to them or it before enforcing this guarantee and no action taken or omitted by any Finance
Party in connection with any such Collateral Instrument or other means of payment shall
discharge, reduce, prejudice or affect the liability of any Guarantor under this guarantee
nor shall any Finance Party be obliged to apply any money or other property received or
recovered in consequence of any enforcement or realisation of any such Collateral Instrument
or other means of payment in reduction of the Guaranteed Liabilities.
	 
	19.9	 	Waiver of Guarantors’ rights
	 
	 	 	Until all the Guaranteed Liabilities have been paid, discharged or satisfied in full (and
notwithstanding payment of a dividend in any liquidation or under any compromise or
arrangement) each Guarantor agrees that, without the prior written consent of the Agent, it
will not:

46

 

	 	(a)	 	exercise its rights of subrogation, reimbursement and indemnity against any
other Obligor or any other person liable; or
	 
	 	(b)	 	demand or accept repayment in whole or in part of any Indebtedness now or
hereafter due as a consequence of entering into this Agreement as a Guarantor or making
a payment under this Agreement as a Guarantor, due to such Guarantor from any other
Group Member or from any other person liable or demand or accept any Collateral
Instrument in respect of the same or dispose of the same; or
	 
	 	(c)	 	take any step to enforce any right either against any other Obligor arising as
a consequence of entering into this Agreement as a Guarantor or making a payment under
this Agreement as a Guarantor or against any other person liable in respect of any
Guaranteed Liabilities; or
	 
	 	(d)	 	claim any set off or counterclaim against any other Obligor or any other person
liable or claim or prove in competition with any Finance Party in the liquidation of
any other Obligor or any other person liable or have the benefit of, or share in, any
payment from or composition with, any other Obligor or any other person liable or any
other Collateral Instrument now or hereafter held by any Finance Party for any
Guaranteed Liabilities or for the obligations or liabilities of any other person liable
but so that, if so directed by the Agent, it will prove for the whole or any part of
its claim in the liquidation of any other Obligor on terms that the benefit of such
proof and of all money received by it in respect thereof shall be held on trust for the
Finance Parties and applied in or towards discharge of the Guaranteed Liabilities in
accordance with the order set out in Clause 28.6(a) (Partial payments).

	19.10	 	Suspense accounts
	 
	 	 	Any money received in connection with this guarantee (whether before or after any Incapacity
of any Obligor) may be placed to the credit of a suspense account with a view to preserving
the rights of the Finance Parties to prove for the whole of their respective claims against
any Obligor or any other person liable or may be applied in or towards satisfaction of the
Guaranteed Liabilities in accordance with the order set out in Clause 28.6(a) (Partial
payments) save where such money is received pursuant to a demand by the Agent under Clause
10.1 (Calculation of interest) and is in an amount equal to the sum demanded, in which case
such money shall be applied in or towards satisfaction of the Guaranteed Liabilities in
accordance with the order set out in Clause 28.6(a) (Partial payments).
	 
	19.11	 	Settlements conditional
	 
	 	 	Any release, discharge or settlement between any Guarantor and the Finance Parties shall be
conditional upon no security, disposition or payment to the Finance Parties by any Obligor
or any other person liable being void, set aside or ordered to be refunded pursuant to any
enactment or law relating to bankruptcy, liquidation, administration or insolvency or for
any other reason whatsoever and if such condition shall not be fulfilled the Finance Parties
shall be entitled to enforce this Guarantee subsequently as if such release, discharge or
settlement had not occurred and any such payment had not been made.
	 
	19.12	 	Guarantors to deliver up certain property
	 
	 	 	If, contrary to Clauses 19.3 (No security taken by Guarantors) or 19.4 (Interest), any
Guarantor takes or receives the benefit of any security or receives or recovers any money or
other property, such security, money or other property shall be held on trust for the
Finance Parties and shall be delivered to the Agent on demand.

47

 

	19.13	 	Retention of this guarantee
	 
	 	 	The Finance Parties shall be entitled to retain this guarantee after as well as before the
payment or discharge of all the Guaranteed Liabilities for such period as the Agent may
reasonably determine.
	 
	19.14	 	Changes in constitution or reorganisations of Lenders
	 
	 	 	For the avoidance of doubt and without prejudice to the provisions of Clause 23 (Changes to
the Lenders), this guarantee shall remain binding on the Guarantors notwithstanding any
change in the constitution of the Finance Parties or any of them or their or its absorption
in, or amalgamation with, or the acquisition of all or part of their or its undertaking or
assets by, any other person, or any reconstruction or reorganisation of any kind, to the
intent that this guarantee shall remain valid and effective in all respects in favour of any
successor in title of the Lenders, the Mandated Lead Arrangers and the Agent, any substitute
and any successor Agent appointed pursuant to Clause 25.11 (Resignation of the Agent) in the
same manner as if such successor in title, substitute or successor Agent had been named in
this guarantee as a party instead of, or in addition to, the relevant Lender or the relevant
Mandated Lead Arranger or the Agent, as the case may be.
	 
	19.15	 	Other guarantors
	 
	 	 	Each Guarantor agrees to be bound by this guarantee notwithstanding that any other person
intended to execute or to be bound by any other guarantee or assurance under or pursuant to
this Agreement may not do so or may not be effectually bound and notwithstanding that such
other guarantee or assurance may be determined or be or become invalid or unenforceable
against any other person, whether or not the deficiency is known to the Finance Parties or
any of them.
	 
	19.16	 	Interpretation
	 
	 	 	References in this Clause 19 to this guarantee shall be construed as including references to
each separate or independent stipulation or agreement by the Guarantors contained in this
Clause 19 (Guarantee and Indemnity).
	 
	19.17	 	Acceding Guarantors
	 
	(a)	 	The Borrower undertakes to procure that:

	 	(i)	 	the aggregate turnover, fixed and current assets and the contribution to EBITDA
of the Obligors at all times are equal to or more than 85 per cent. of the turnover,
fixed and current assets and EBITDA of the Group (excluding for the avoidance of doubt
the turnover and fixed and current assets of any Special Purpose Subsidiary), as
determined by reference to the latest financial statements of the Obligors and the
Group delivered to the Agent under Clause 21.1(d) (Financial statements) provided that
(A) no Special Purpose Subsidiary shall be required to become an Obligor pursuant to
this Clause 19.17(a) (Guarantee and Indemnity), and (B) EBITDA shall be calculated in
accordance with the Testing Accounting Principles;
	 
	 	(ii)	 	each Group Member which is the holder of a Licence which is material in the
context of the business, assets or financial condition of the Group (taken as a whole)
is an Obligor; and
	 
	 	(iii)	 	no Subsidiary of the Borrower which is not an Obligor shall issue, or give any
guarantee in respect of, any Debt Instrument in a principal amount in excess of
£50,000,000 (or its equivalent in other currencies) other than a Special Purpose
Subsidiary in respect of Non-Recourse Liabilities.

48

 

	(b)	 	The Borrower shall procure that any Group Member which may be required to become an Obligor
in order to comply with paragraph (a) above enters into and delivers to the Agent a Deed of
Guarantor Accession together with the documents and evidence set out in Schedule 7 (Documents
and Evidence to be Delivered by Acceding Guarantors) in form and substance satisfactory to the
Agent, in accordance with paragraphs (c), (d) or (f) below as appropriate. Subject to
compliance with the provisions of paragraphs (c) and (d) of Clause 19.19 (“Know your customer”
checks) the relevant Group Member shall become an Acceding Guarantor when the Agent notifies
the other Finance Parties and the Borrower that it has received a duly executed Deed of
Guarantor Accession and all the documents and evidence listed in Schedule 7 (Documents and
Evidence to be delivered by an Acceding Guarantor) in form and substance satisfactory to it.
The Agent shall give this notice as soon as reasonably practicable.
	 
	(c)	 	Where a Group Member is required to become a Guarantor in order to comply with sub-paragraphs
(a)(i) or (ii) above, the delivery to the Agent of the items referred to in paragraph (b)
shall be effected within 30 days of the date of delivery of financial statements pursuant to
Clause 21.1(d) (Financial statements) demonstrating that the turnover, fixed and current
assets or contribution to EBITDA of the Obligors in aggregate fell below 85 per cent. of the
turnover, fixed and current assets or EBITDA of the Group or the relevant Group Member
becoming the holder of a relevant Licence (as the case may be) or, if later, five Banking Days
after the last request by the Agent or any Lender for any information required to establish
compliance with paragraphs (a) and (d) of Clause 19.19 (“Know your customer” checks).
	 
	(d)	 	Where a Group Member is required to become a Guarantor in order to comply with sub-paragraph
(a)(iii) above the delivery to the Agent of the items referred to in paragraph (b) above shall
be effected on or before the date on which such Subsidiary issues, or gives a guarantee in
respect of, the relevant Debt Instrument.
	 
	(e)	 	The Agent may at the written request of the Borrower permit the extension of any period
referred to in paragraph (c) above for such further period as the Agent shall consider
appropriate (acting reasonably), where the Borrower provides confirmation satisfactory to the
Agent that, by virtue of either the need to comply with legal requirements in one or more
relevant jurisdiction(s), or the need to obtain consent of a third party to the entry into the
Deed of Guarantor Accession, the time period imposed in paragraph (c) above cannot be complied
with. At the same time as making any such request, the Borrower shall submit to the Agent
details of the relevant legal requirements or requisite third party consent(s) together with
details of the steps taken and proposed, to comply with such requirement or to obtain such
consent.
	 
	(f)	 	The Borrower may request the Agent in writing to, and the Agent, acting in accordance with
the instructions of the Majority Lenders, shall extend any of the periods referred to in
paragraphs (c), (d) or (f) above.
	 
	(g)	 	The Borrower may request that one of its wholly-owned Subsidiaries becomes an Acceding
Guarantor by giving the Agent not less than ten Banking Days’ prior notice (and the Agent must
promptly notify the Lenders). Subject to compliance with the provisions of paragraph (d) of
Clause 19.19 (“Know your customer” checks), the relevant Subsidiary shall become an Acceding
Guarantor when the Agent notifies the other Finance Parties and the Borrower that it has
received a duly executed Deed of Guarantor Accession and all the documents and evidence listed
in Schedule 7 (Documents and Evidence to be delivered by an Acceding Guarantor) in form and
substance satisfactory to it. The Agent shall give this notice as soon as reasonably
practicable.
	 
	19.18	 	Release of Guarantors
	 
	 	 	If any Guarantor which is a Subsidiary of the Borrower is no longer required to be an
Obligor in order to comply with Clause 19.17(a) (Acceding Guarantors) the Borrower may by
written notice to

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	 	 	the Agent require that such Guarantor be released from its obligations under this Agreement
as a Guarantor. The Finance Parties agree to execute such documentation as the relevant
Guarantor may reasonably require to effect its release as a Guarantor from the terms of this
Agreement provided that the Agent (acting reasonably) is satisfied that the obligations of
the other Obligors under this Agreement and of the parties to any Deed of Subordination will
remain in full force and effect notwithstanding such release and such other Obligors
undertake to execute such documentation as the Agent may reasonably require in connection
therewith.

	19.19	 	“Know your customer” checks
	 
	(a)	 	If:

	 	(i)	 	the introduction of or any change in (or in the interpretation, administration
or application of) any law or regulation made after the date of this Agreement;
	 
	 	(ii)	 	any change in the status of an Obligor after the date of this Agreement; or
	 
	 	(iii)	 	a proposed assignment or transfer by a Lender of any of its rights and
obligations under this Agreement to a party that is not a Lender prior to such
assignment or transfer,

	 	 	obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective
new Lender) to comply with “know your customer” or similar identification procedures in
circumstances where the necessary information is not already available to it, each Obligor
shall promptly upon the request of the Agent or any Lender supply, or procure the supply of,
such documentation and other evidence as is reasonably requested by the Agent (for itself or
on behalf of any Lender) or any Lender (for itself or, in the case of the event described in
paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such
Lender or, in the case of the event described in paragraph (iii) above, any prospective new
Lender to carry out and be satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations pursuant to the
transactions contemplated in the Finance Documents.
	 
	(b)	 	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of,
such documentation and other evidence as is reasonably requested by the Agent (for itself) in
order for the Agent to carry out and be satisfied it has complied with all necessary “know
your customer” or other similar checks under all applicable laws and regulations pursuant to
the transactions contemplated in the Finance Documents.
	 
	(c)	 	The Borrower shall, by not less than ten Banking Days’ prior written notice to the Agent,
notify the Agent (which shall promptly notify the Lenders) if a Group Member is to become an
Acceding Guarantor pursuant to Clause 19.17 (Acceding Guarantors).
	 
	(d)	 	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such
Acceding Guarantor obliges the Agent or any Lender to comply with “know your customer” or
similar identification procedures in circumstances where the necessary information is not
already available to it, the Borrower shall promptly upon the request of the Agent or any
Lender supply, or procure the supply of, such documentation and other evidence as is
reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for
itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or
any prospective new Lender to carry out and be satisfied it has complied with the results of
all necessary “know your customer” or other similar checks under all applicable laws and
regulations pursuant to the accession of such Group Member to this Agreement as an Acceding
Guarantor.

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	20.	 	REPRESENTATIONS
	 
	20.1	 	Representations and warranties
	 
	 	 	Each Obligor represents and warrants to each Finance Party (the Borrower in respect of
itself and its Subsidiaries, and each other Obligor in respect of itself only) that:

	 	(a)	 	Due incorporation of the Borrower
	 
	 	 	 	the Borrower is duly incorporated and validly existing under the laws of England and
Wales as a limited liability company and has power to carry on its business as it is
now being conducted and to own its property and other assets;
	 
	 	(b)	 	Due incorporation of the Guarantors
	 
	 	 	 	each Guarantor is duly incorporated and validly existing under the laws of the
country of its incorporation as a limited liability company and has power to carry on
its business as it is now being conducted and to own its property and other assets;
	 
	 	(c)	 	Corporate power to borrow or guarantee
	 
	 	 	 	each Obligor has power to execute, deliver and perform its obligations under the
Finance Documents and each Group Member has power to execute, deliver and perform its
obligations under any Deed of Subordination to which it is a party and (in the case
of the Borrower) to borrow the Commitments; all necessary corporate, shareholder and
other action has been taken by each Obligor and each other relevant Group Member to
authorise the execution, delivery and performance of the same and no limitation on
the powers of any Obligor to borrow or give guarantees will be exceeded as a result
of borrowings under this Agreement or as a result of the giving of the guarantee
contained in this Agreement;
	 
	 	(d)	 	Binding obligations
	 
	 	 	 	the Finance Documents and any Deed of Subordination constitute valid and legally
binding obligations of, in the case of the Finance Documents, each Obligor and, in
the case of any Deed of Subordination, each Group Member party thereto enforceable in
accordance with their respective terms to the extent permitted by applicable law;
	 
	 	(e)	 	No conflict with other obligations
	 
	 	 	 	the execution and delivery of, the performance of its obligations under, and
compliance with the provisions of, the Finance Documents and any Deed of
Subordination by, in the case of the Finance Documents, each Obligor and, in the case
of any Deed of Subordination, each Group Member party thereto will not (i)
contravene, in any material respect any existing applicable law, statute, rule or
regulation or any judgment, decree or permit to which such Obligor or Group Member is
subject, (ii) conflict with, or result in any breach of any of the terms of, or
constitute a default under, any agreement or other instrument to which such Obligor
or Group Member is a party or is subject or by which it or any of its property is
bound, (iii) contravene or conflict with any provision of such Obligor’s or Group
Member’s Memorandum and Articles of Association or equivalent constitutional
documents or (iv) result in the creation or imposition of or oblige any Obligor or
any of its Subsidiaries to create any Encumbrance on any of such Obligor’s or any of
its Subsidiaries’, undertakings, assets, rights or revenues;
	 
	 	(f)	 	Consents obtained

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	 	 	 	every consent, authorisation, licence or approval of, or registration with or
declaration to, governmental or public bodies or authorities or courts required by
each Obligor to authorise, or required in connection with, the execution, delivery,
validity, enforceability or admissibility in evidence of the Finance Documents by
each Obligor or any Deed of Subordination by each Group Member party thereto or the
performance by each Obligor of its respective obligations under the Finance Documents
or by each relevant Group Member of its respective obligations under any Deed of
Subordination to which it is a party, has been obtained or made and is in full force
and effect in all material respects and there has been no default in the observance
of the conditions or restrictions (if any) imposed in, or in connection with, any of
the same;

	 	(g)	 	No filings required
	 
	 	 	 	it is not necessary to ensure the legality, validity, enforceability or admissibility
in evidence of the Finance Documents and any Deed of Subordination that any such
document or any other instrument be notarised, filed, recorded, registered or
enrolled in any court, public office or elsewhere in any Relevant Jurisdiction or
that any stamp, registration or similar tax or charge be paid in any Relevant
Jurisdiction on or in relation to the Finance Documents or any Deed of Subordination
and the Finance Documents and any Deed of Subordination are in proper form for their
enforcement in the courts of each Relevant Jurisdiction;
	 
	 	(h)	 	No litigation
	 
	 	 	 	no litigation, arbitration or administrative proceeding is:

	 	(i)	 	taking place; or
	 
	 	(ii)	 	to the knowledge of the Executive Officers of each Obligor,
pending or threatened,

	 	 	 	against such Obligor or, where such Obligor is the Borrower, such Obligor or any of
its Subsidiaries, and in any such case which is reasonably likely to have a material
adverse effect on the business, assets or financial condition of the Group (taken as
a whole);
	 
	 	(i)	 	No Default
	 
	 	 	 	no Default has occurred and is continuing;
	 
	 	(j)	 	Financial statements of the Obligors correct and complete

	 	(i)	 	the audited financial statements of the Obligors (being in the
case of the Borrower the audited consolidated financial statements of the Group)
and the audited consolidated financial statements of the Group, in respect of
the financial year ended on 30 June 2008; and
	 
	 	(ii)	 	the consolidated financial statements of the Group, in respect of
the Half-Yearly Period ended on 31 December 2008,

	 	 	 	each as respectively delivered to the Agent, have been prepared in accordance with
the Original Accounting Principles which have been consistently applied and present
fairly and accurately the financial position of each Obligor and the consolidated
financial position of the Group respectively as at such dates, and the results of the
operations of each Obligor and the consolidated results of the operations of the
Group respectively for the financial year and Half-Yearly Period ended on such dates.
As at 30 June 2008 no Group Member had any liabilities (contingent or otherwise) or
any unrealised or unanticipated losses which are not

52

 

	 	 	 	disclosed by, or reserved against or provided for in, such audited financial
statements which would have a material adverse effect on the financial position of
the Group as set out in such audited financial statements;

	 	(k)	 	No material adverse change
	 
	 	 	 	there has been no material adverse change in the financial position of the Obligors
or the consolidated financial position of the Group from that set forth in the
financial statements referred to in paragraph (j) above which would have a material
adverse effect on the ability of the Obligors (taken as a whole) to perform all or
any of their obligations under the Finance Documents;
	 
	 	(l)	 	Information
	 
	 	 	 	to the best of its knowledge and belief, having made all reasonable and careful
enquiries all factual information prepared or approved by the Borrower for the
purposes of the Facility that has been made available to each Mandated Lead Arranger,
any Lender or potential Lender in connection with the Facility was, on the date on
which it was supplied, correct in all material respects and does not contain any
untrue statement of material fact or omit to state a material fact necessary in order
to make the statements contained therein not misleading in light of the circumstances
under which such statements were made;
	 
	 	(m)	 	Choice of law and enforcement

	 	(i)	 	the choice by the Obligors of English law to govern this
Agreement and the submission by each relevant Guarantor to the exclusive
jurisdiction of the English courts are valid and binding;
	 
	 	(ii)	 	any judgment in England in relation to a Finance Document will be
recognised and enforced in its jurisdiction of incorporation;

	 	(n)	 	Deduction of Tax
	 
	 	 	 	as at the date of this Agreement, it is not required under the law of its
jurisdiction of incorporation to make any deduction for or on account of Tax from any
payment it may make under any Finance Document;
	 
	 	(o)	 	Compliance with consents and licences

	 	(i)	 	every consent, authorisation, licence or approval required by any
Group Member (including the Licences and those required under or pursuant to any
Broadcasting Law) in connection with the conduct by any Group Member of its
business and the ownership, use, exploitation or occupation of its property and
assets has been obtained and is in full force and effect and there has been no
default in the observance of the conditions and restrictions (if any) imposed
in, or in connection with, any of the same (save in each case, where the failure
to obtain the same or maintain the same in full force and effect or such breach
(as the case may be) would not or is reasonably likely not to have a material
adverse effect on the business, assets or financial condition of the Group
(taken as a whole)); and
	 
	 	(ii)	 	to the knowledge of the Executive Officers of the relevant
Obligor no circumstances have arisen whereby any remedial action is reasonably
likely to be required to be taken by, or at the expense of, such Group Member
under or pursuant to any law or regulation (including, without limitation, any
Broadcasting Law) applicable to the

53

 

	 	 	 	business, property or assets of the Group (save in each case, where the
failure to take such remedial action would not or is reasonably likely to not
have a material adverse effect on the business, assets or financial condition
of the Group (taken as a whole));

	 	(p)	 	Copyright matters
	 
	 	 	 	no Obligor has any knowledge, nor is it aware of any claim, that it or any of its
Subsidiaries is or may be liable to any person for any copyright infringement of any
nature whatsoever as a result of the operation of its business which liability would
or is reasonably likely to have a material adverse effect on the ability of the
Obligors and any other relevant Group Member (taken as a whole) to perform all or any
of their obligations under or otherwise to comply with the terms of the Finance
Documents and any Deed of Subordination to which any of them is a party;
	 
	 	(q)	 	Broadcasting Laws
	 
	 	 	 	all Group Members comply and have at all times complied with all applicable
Broadcasting Laws save where the failure to do so would not have a material adverse
effect on the ability of the Obligors and any other relevant Group Members (taken as
a whole) to perform their material obligations under the Finance Documents (taken as
a whole) and any Deed of Subordination to which any of them is a party; and

	20.2	 	Repetition
	 
	 	 	The Repeating Representations are deemed to be made by each Obligor by reference to the
facts and circumstances then existing on:

	 	(a)	 	the date of each Utilisation Request and the first day of each Interest Period
except that where the representation in Clause 20.1(i) (No Default) is deemed made in
relation to a Rollover Loan the reference to “Default” in that Clause shall be to
“Event of Default”; and
	 
	 	(b)	 	in the case of an Acceding Guarantor, the day on which the company becomes (or
it is proposed that the company becomes) an Acceding Guarantor,

	 	 	but so that the representation and warranty in Clause 20.1(j) (Financial statements of the
Obligors correct and complete) shall for this purpose refer to the then latest consolidated
financial statements of the Group verified by the auditors of the Group (as relevant), as if
the reference to “Original Accounting Principles” were to the Reporting Accounting
Principles and delivered to the Agent under Clause 21.1(d) (Financial statements).
	 
	21.	 	GENERAL UNDERTAKINGS
	 
	21.1	 	Positive undertakings
	 
	 	 	Each Obligor undertakes with each of the Lenders and the Agent that, from the date of this
Agreement and so long as any moneys are owing under the Finance Documents and while all or
any part of the Commitments remains outstanding, it will:

	 	(a)	 	Notice of Default
	 
	 	 	 	promptly inform the Agent of any occurrence of which it becomes aware which is
reasonably likely to affect materially adversely its ability to perform its
obligations under the Finance Documents and of any Default (and the steps, if any,
being taken to remedy it) forthwith upon becoming aware thereof and (in the case of
the Borrower), if so requested by

54

 

	 	 	 	the Agent, confirm to the Agent in writing that no Default has occurred and is
continuing (or if a Default has occurred and is continuing, specifying the Default
and the steps, if any, being taken to remedy it). For the purposes of this paragraph
an Obligor shall be deemed to be aware of any matter if, (and only if) any of its
Executive Officers are aware of the same;

	 	(b)	 	Consents and licences
	 
	 	 	 	without prejudice to Clauses 5 (Conditions of Utilisation) and 20.1(k) (No material
adverse change):

	 	(i)	 	obtain or cause to be obtained, maintain in full force and effect
and comply in all material respects with the conditions and restrictions (if
any) imposed in, or in connection with, every consent, authorisation, licence or
approval of governmental or public bodies or authorities or courts necessary or
desirable under applicable law, save where failure to do so would not have a
material adverse effect on the due performance by the Obligors and any other
relevant Group Member (taken as a whole) of all or any of their obligations
under the Finance Documents and any Deed of Subordination to which any of them
is a party; and
	 
	 	(ii)	 	do, or cause to be done, all other acts and things which may from
time to time be necessary or desirable under applicable law for the continued
due performance of all its or any of its Subsidiaries’ obligations under the
Finance Documents and any Deed of Subordination to which any of them is a party;

	 	(c)	 	Pari passu
	 
	 	 	 	ensure that its obligations under the Finance Documents shall, without prejudice to
the provisions of Clause 21.2 (Negative undertakings), at all times rank at least
pari passu with all its other present and future unsecured and unsubordinated
Indebtedness, with the exception of any obligations which are mandatorily preferred
by law and not by contract;
	 
	 	(d)	 	Financial statements

	 	(i)	 	prepare, in the case of each Obligor other than the Borrower,
annual financial statements, and in the case of the Borrower annual consolidated
financial statements (consolidated at the level of the Borrower) each in
accordance with the Reporting Accounting Principles, and cause the same to be
reported on by their respective auditors;
	 
	 	(ii)	 	(in the case of the Borrower) prepare unaudited consolidated
financial statements consolidated at the level of the Borrower in respect of
each Half-Yearly Period ending on 31 December in any year on the same basis as
the statements referred to in (i) above (for the avoidance of doubt including a
statement of Total Debt and reasonable details of the calculation thereof (such
calculation to be made in accordance with the Testing Accounting Principles) so
as to enable the Lenders to determine compliance or otherwise with the
undertakings contained in this Agreement and including details of the
outstanding amount of any Subordinated Loan); and
	 
	 	(iii)	 	respectively deliver sufficient copies of the statements
referred to in (i) and (ii) above to the Agent for distribution to all the
Lenders as soon as practicable but not later than 150 days (in the case of
audited financial statements) or 75 days (in the case of unaudited financial
statements) after the end of the financial period to which they respectively
relate;

55

 

	 	(e)	 	Delivery of reports
	 
	 	 	 	deliver to the Agent, for distribution to the Lenders, sufficient copies for all the
Lenders of each of the following documents, in each case at the time of issue thereof
or (in the case of the certificate referred to in paragraph (iii) below together with
the financial statements prepared pursuant to paragraph (d) above in respect of the
financial period to which such certificate relates:

	 	(i)	 	(in the case of the Borrower) every report, circular, notice or
like document which the Borrower is required by law to send to its shareholders;
	 
	 	(ii)	 	(in the case of each Obligor) every report, circular, notice or
like document issued by such Obligor to its creditors generally; and
	 
	 	(iii)	 	(in the case of the Borrower), a Compliance Certificate from the
Chief Financial Officer or another director of the Borrower stating that the
Borrower as at the date of its latest consolidated financial statements (whether
audited or unaudited) and on the basis of such statements, was in compliance
with the covenants and undertakings in Clauses 19.17(a)(i) (Acceding Guarantors)
and 21.4 (Financial undertakings) (or if it was not in compliance indicating the
nature and extent of the breach);

	 	(f)	 	Provision of further information
	 
	 	 	 	(in the case of the Borrower only) provide the Agent with such financial and other
information concerning the Borrower and its Subsidiaries and their respective affairs
as the Agent or any Lender (acting through the Agent) may from time to time
reasonably require and provide the Agent with details of any proposed changes to the
corporate structure of the Group involving any Obligor and which are material in the
context of the Facility;
	 
	 	(g)	 	Insurance
	 
	 	 	 	(in the case of the Borrower only) insure or procure the insurance of all its
properties and fixed assets and procure that all the properties and fixed assets of
each of its Subsidiaries are insured, and take out or procure the taking out of such
other insurance, in all cases with underwriters or insurance companies of repute, to
such extent and against such risks as prudent companies engaged in businesses similar
to those of the Borrower or the relevant Subsidiary (as the case may be), normally
insure including, without limitation, business interruption insurance;
	 
	 	(h)	 	Compliance with laws and regulations
	 
	 	 	 	(in the case of the Borrower only) comply, and procure that its Subsidiaries comply,
in all material respects, with the terms and conditions of all laws, regulations,
agreements, licences and concessions necessary or desirable in relation to the
carrying on of its business (including, without limitation, Broadcasting Laws) save
where the failure so to do would not have a material adverse effect on the ability of
the Obligors and any other relevant Group Members (taken as a whole) to perform all
or any of their obligations under the Finance Documents and any Deed of Subordination
to which any of them is a party; and
	 
	 	(i)	 	Environmental matters
	 
	 	 	 	(in the case of the Borrower) comply, and procure that its Subsidiaries comply, in
all material respects with all material requirements of Environmental Law applicable
to the Borrower and its Subsidiaries to the extent prudent in the context of the
Borrower Group’s

56

 

	 	 	 	business and without entailing excessive cost and promptly notify the Agent of any
remedial action required as a result of the enforcement of any Environmental Law, to
be taken by, or at the expense of, the Borrower, or any of its Subsidiaries under or
pursuant to any Environmental Law applicable to the business, property or assets of
the Borrower or any of its Subsidiaries, the cost of which will exceed £5,000,000.

	21.2	 	Negative undertakings
	 
	 	 	Each Obligor undertakes with each of the Lenders and the Agent that, from the date of this
Agreement and so long as any moneys are owing under the Finance Documents and while all or
any part of the Commitments remains outstanding, without the prior written consent of the
Agent acting on the instructions of the Majority Lenders:

	 	(a)	 	Negative pledge
	 
	 	 	 	it will not permit, and will procure that none of its Subsidiaries permits, any
Encumbrance to subsist, arise or be created or extended over all or any part of their
respective present or future undertakings, assets, rights or revenues to secure or
prefer any present or future Indebtedness of the Group or any other person, other
than Permitted Encumbrances;
	 
	 	(b)	 	Disposals
	 
	 	 	 	save where such disposal is

	 	(i)	 	pursuant to a Permitted Securitisation;
	 
	 	(ii)	 	the disposal of any interest of any Group Member in a Special
Purpose Subsidiary; or
	 
	 	(iii)	 	the disposal by a Special Purpose Subsidiary of any of its
undertaking, assets, rights or revenues,

	 	 	 	it will not and, in the case of the Borrower, will procure that no Group Member will
in any financial year lend any asset other than as permitted under paragraph (c)
below or sell, transfer, or otherwise dispose of or cease to exercise direct control
over any part of its present or future undertaking, assets, rights or revenues
(whether by one or a series of transactions related or not and other than in any such
case to any Group Member (other than a Special Purpose Subsidiary)), which:

	 	(A)	 	directly or indirectly generated 15per cent. or more of (I) the
consolidated turnover for the Group for the previous financial year, or (II)
EBITDA for the Group for the previous financial year; or
	 
	 	(B)	 	which represented 15per cent. or more of fixed and current assets
of the Group as at the last day of the previous financial year,

	 	 	 	in each case when such sale, transfer or other disposal is aggregated with any other
sale, transfer or other disposal (unless permitted under paragraphs (i) to (iii)
above) in any financial year of the Group and all, if so requested by the Lenders, as
separately certified by the Group’s auditors, and in any event as shown in the
consolidated audited financial statements of the Group for the previous financial
year delivered to the Agent under this Agreement, but after having made such
adjustments as may be appropriate in the opinion of the Group’s auditors in order
that all such amounts are calculated in accordance with the Testing Accounting
Principles;

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	 	(c)	 	Loans and guarantees
	 
	 	 	 	it will not, and will procure that none of its Subsidiaries will:

	 	(i)	 	make any loans other than:

	 	(A)	 	the lending of cash or assets pursuant to any
Permitted Securitisation,

	 	(B)	 	the lending of cash or assets to another Group
Member other than any Special Purpose Subsidiary provided that, in
relation to any such loan of an asset, the relevant loan shall be on a
short-term basis renewable only with the consent of the relevant lender;
or
	 
	 	(C)	 	a loan to any Obligor,

	 	(ii)	 	grant any credit (save for normal trade credit in the ordinary
course of business), or
	 
	 	(iii)	 	give any guarantee to or for the benefit of any person (other
than a guarantee relating solely to performance obligations of a Group Member
other than any Special Purpose Subsidiary),

	 	 	 	if, on (and as at) the date upon which any such loan is made, such credit is granted
or such guarantee is given, the ratio of Net Debt (calculated in accordance with the
Testing Accounting Principles and taking into account the relevant loan, credit or
guarantee) to EBITDA (calculated in accordance with the Testing Accounting Principles
as the aggregate EBITDA for the two most recently preceding Half-Yearly Periods in
respect of which a Compliance Certificate has been delivered to the Agent in
accordance with Clause 21.1(e)(iii) (Delivery of reports)) would exceed the ratio set
out in Clause 21.4(a) (Net Debt: EBITDA) against the period during which such loan is
to be made, such credit is to be granted or such guarantee is to be given;
	 
	 	(d)	 	Change in nature of business
	 
	 	 	 	it will not and will procure that none of its Subsidiaries makes any material change
to the nature or diversification of the businesses of the Group (taken as a whole)
from that of the businesses of (i) broadcasting (including the acquisition,
production and sale of programming content, entertainment, advertising, broadcasting
technology and data and interactive services) by any distribution means, (ii) any and
all media (including multimedia and the internet), (iii) sporting activities, (iv)
telecommunications (including but not limited to telephony) and broadband and (v)
installation of products associated with any of the businesses referred to in (i) to
(iv) above and (vi) other businesses related to the businesses at (i) to (v) above;
	 
	 	(e)	 	Indebtedness
	 
	 	 	 	it will not, and will procure that none of its Subsidiaries will, create, assume,
incur or otherwise permit to be outstanding any Indebtedness (other than:

	 	(i)	 	under this Agreement or, on or before the Forward Start Date,
under the Existing Facility Agreement;
	 
	 	(ii)	 	in respect of any Subordinated Loan,
	 
	 	(iii)	 	in respect of Indebtedness provided by another Group Member; or

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	 	(iv)	 	in respect of Indebtedness raised by a Special Purpose Subsidiary
in respect of its Non-Recourse Liabilities),

	 	 	 	if, on (and as at) the date upon which such Indebtedness becomes outstanding the
ratio of Net Debt (calculated in accordance with the Testing Accounting Principles
and taking into account the relevant Indebtedness) to EBITDA (calculated in
accordance with the Testing Accounting Principles as the aggregate EBITDA for the two
most recently preceding Half-Yearly Periods in respect of which a Compliance
Certificate has been delivered to the Agent in accordance with Clause 21.1(e)(iii)
(Delivery of reports) (and, if relevant, paragraph 12 of Schedule 2) (Conditions
Precedent to Initial Utilisation)) would exceed the ratio set out in Clause 21.4(a)
(Net Debt: EBITDA) against the period during which such Indebtedness is to become
outstanding unless:

	 	(A)	 	the Agent, (acting on the instructions of the Majority Lenders)
has approved the terms of such Indebtedness; or
	 
	 	(B)	 	the provider of such Indebtedness and the relevant Group Member
have first entered into such subordination and priority arrangements in relation
to such Indebtedness as the Agent (acting on the instructions of the Majority
Lenders) may require and delivered to the Agent such evidence as it may
reasonably require that such arrangements are legal, valid and binding on such
provider and the relevant Group Member.

	21.3	 	Existing Facility Agreement
	 
	(a)	 	The Borrower shall supply to the Agent:

	 	(i)	 	promptly (and in any event no later than the immediately following Banking Day)
after its delivery to the Existing Agent, a copy of any notice of cancellation,
prepayment or default delivered under the Existing Facility Agreement;
	 
	 	(ii)	 	promptly upon request, details of the principal amount of drawn loans and the
undrawn commitments, in each case under the Existing Facility Agreement, to the extent
required to calculate amounts payable under Clauses 13.6 (Top-Up Existing Facility
Margin) to 13.9 (New money fee); and
	 
	 	(iii)	 	promptly upon request, such further information regarding the Existing
Facility as any Finance Party through the Agent may reasonably request.

	(b)	 	The Borrower shall ensure that no amendment or waiver of or supplement to the Existing
Facility Agreement becomes effective unless the Borrower has, by notice to the Agent, offered
to amend or waive or supplement (as the case may be) this Agreement to the same extent, and
either:

	 	(i)	 	15 or more Banking Days have passed since the Borrower’s notice was given to
the Agent; or
	 
	 	(ii)	 	the corresponding amendments, waivers or supplements to this Agreement have
become effective.

	(c)	 	If the Majority Lenders (or, if required, the Lenders) accept an offer by the Borrower under
paragraph (b) above, the Obligors and the Agent shall promptly enter into such documents as
are required to give effect to the relevant amendment, waiver or supplement to this Agreement.

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	(d)	 	If, on the Forward Start Date, any amount is outstanding under the Existing Facility
Agreement, the Borrower shall ensure that on the Forward Start Date the proceeds of the
utilisation of the Facility are applied towards repayment of outstanding Existing Utilisations
and the Existing Utilisations are (in any event) repaid or prepaid in full and the Existing
Commitments are cancelled in full.
	 
	21.4	 	Financial undertakings
	 
	 	 	The Borrower undertakes with each Finance Party that, from the date of this Agreement and so
long as any moneys are owing under the Finance Documents and while all or any part of the
Commitments remain outstanding it will ensure that:

	 	(a)	 	Net Debt: EBITDA
	 
	 	 	 	on the last day of each Half-Yearly Period of the Group commencing with the
Half-Yearly Period ending on 30 June 2009, the ratio of Net Debt (taking into account
the amount of any Utilisation due to be made or repaid on such day) to EBITDA (EBITDA
being calculated as the aggregate EBITDA for (i) such Half-Yearly Period and (ii) the
immediately preceding Half-Yearly Period as determined in accordance with a
Compliance Certificate delivered to the Agent in accordance with 21.1(e)(iii)
(Delivery of reports) (and, if relevant, paragraph 12 of Schedule 2) (Conditions
Precedent to Initial Utilisation)), does not exceed 3.00:1; and
	 
	 	(b)	 	Interest Cover
	 
	 	 	 	on the last day of each Half-Yearly Period of the Group commencing with the
Half-Yearly Period ending on 30 June 2009, the ratio of EBITDA to Consolidated
Interest Charges (calculated in each case as the aggregate amounts for (i) such
Half-Yearly Period and (ii) the immediately preceding Half-Yearly Period as
determined in accordance with a Compliance Certificate delivered to the Agent in
accordance with Clause 21.1(e)(iii) (Delivery of reports) (and, if relevant,
paragraph 12 of Schedule 2 (Conditions Precedent to Initial Utilisation)), shall not
be less than 3.50:1.

	21.5	 	Auditors certificate
	 
	 	 	If at any time the Majority Lenders consider that any figure set out in any Compliance
Certificate is not correct, they shall be entitled within 30 days of the date of the
delivery of such Compliance Certificate to the Agent pursuant to Clause 21.1(e) (Delivery of
reports) to require the Agent to notify the Borrower accordingly. The Borrower and the
Agent shall arrange to meet to discuss such inaccuracy within 14 days of the date of such
notification with a view to reviewing the figures and remedying such inaccuracy. In the
event that such inaccuracy is not resolved to the satisfaction of the Majority Lenders or if
no such meeting is held within the specified 14 day period, the Agent may at any time after
the date of such meeting or, as the case may be, after the expiry of the said 14 day period
call for a certificate from the auditors of the Group as to such figure. For such purposes
the Group’s auditors shall act as independent experts and not as arbiters and every such
certificate shall be addressed to the Agent (on behalf of the Lenders) and be at the expense
of the Borrower. If the Majority Lenders call for such a certificate, all calculations
under this Agreement by reference to the relevant figure shall (i) until the Group’s
auditors deliver the relevant certificate under this Clause be made by reference to the
figure set out in the relevant Compliance Certificate delivered to the Agent under this
Agreement and (ii) following the delivery by the Group’s auditors of a certificate under
this Clause be made by reference to such certificate and the Borrower undertakes forthwith
to take all action, including, without limitation, the prepayment of all or part of any
Utilisation so as to procure that all action hereunder taken on the basis of the relevant
Compliance Certificate, which on the basis of such auditors certificate is incorrect and
would not have been permitted, is reversed.

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	21.6	 	Testing Accounting Principles
	 
	(a)	 	Each amount calculated in respect of the Financial Definitions pursuant to Clauses 21.4
(Financial undertakings) and 21.5 (Auditors certificate) shall be calculated in accordance
with the Testing Accounting Principles.
	 
	(b)	 	To the extent that the Borrower (or any other Group Member) adopts any new accounting policy
or changes the consistency of application of its accounting principles from the Original
Accounting Principles, the Borrower shall notify the Agent and, if required by the Agent
(acting on the instructions of the Majority Lenders) or the Borrower, the parties shall
negotiate in good faith to amend Clause 21.4 (Financial undertakings) and/or the Financial
Definitions (or any of them) as required by the Agent in order for it to be able to make the
same judgments as to the financial performance of the Group as it was able to make under the
accounting policy or practice which applied immediately before the adoption of the revised
policy or practice. If such negotiations are not concluded to the satisfaction of the Agent
within 30 days, the Borrower agrees that it will either:

	 	(i)	 	provide financial statements prepared on the same basis as before; or
	 
	 	(ii)	 	provide financial statements prepared under the revised policy or practice
together with a statement that reconciles the treatment of such statements under the
accounting policy or practice which applied before adoption of the revised policy or
practice with the treatment of such statements under the then current accounting policy
in order that the Agent may make the same judgments as to the financial performance of
the Group as it was able to make under the accounting policy or practice which applied
immediately before the adoption of such revised policy or practice.

	 	 	If: 

	 	(A)	 	the Borrower has agreed with the Agent amendments to Clause 21.4 (Financial
undertakings) and/or the Financial Definitions in accordance with this paragraph, then
the Testing Accounting Principles shall be the revised policy or practice adopted by
the Borrower which resulted in such agreement; or
	 
	 	(B)	 	the Borrower has not agreed with the Agent amendments to Clause 21.4 (Financial
undertakings) and/or the Financial Definitions in accordance with this paragraph, then
the Testing Accounting Principles shall be the Testing Accounting Principles which
applied before adoption of the revised policy or practice adopted by the Borrower.

	22.	 	EVENTS OF DEFAULT
	 
	22.1	 	Events of default
	 
	 	 	Each of the events and circumstances set out below is an Event of Default (whether or not
caused by any reason outside the control of any Obligor):

	 	(a)	 	Non payment: the Borrower fails to pay any sum due from it pursuant to the
Finance Documents in Sterling or the relevant Optional Currency, at the time and in the
manner stipulated in any relevant Finance Document except where the failure to pay any
such sum is due solely to technical or administrative delays in the transmission of
funds and such sum is paid in full within three Banking Days after the due date for
payment; or
	 
	 	(b)	 	Breach of certain obligations: the Borrower or any Guarantor commits any breach
of or omits to observe any of the obligations or undertakings expressed to be assumed
by it under

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	 	 	 	Clauses 21.1(c) (Pari passu), 21.2 (Negative undertakings) or 21.4 (Financial
undertakings); or

	 	(c)	 	Breach of other obligations: any Group Member commits any breach of or omits to
observe any of the obligations or undertakings expressed to be assumed by it pursuant
to the Finance Documents (other than breaches referred to in paragraphs (a) and (b)
above) or any Subsidiary fails to become an Acceding Guarantor in accordance with
Clause 19.17 (Acceding Guarantors), unless, the failure to comply is capable of remedy
and is remedied within 28 days of the earlier of (i) the Agent giving notice of the
failure to comply to the Borrower and (ii) any Obligor becoming aware of the
non-compliance; or
	 
	 	(d)	 	Misrepresentation: any representation or warranty made or deemed to be made or
repeated by or in respect of any Obligor in or pursuant to this Agreement or in any
notice, certificate or statement referred to in or delivered under this Agreement is or
proves to have been incorrect or misleading in any material respect; or
	 
	 	(e)	 	Cross default: any Indebtedness of any Group Member is not paid when due or
within any originally applicable grace period or becomes (whether by declaration or
automatically in accordance with the relevant agreement or instrument constituting the
same) due and payable prior to the date when it would otherwise have become due or any
creditor of any Group Member becomes entitled (other than a creditor who is entitled in
accordance with the original terms on which such Indebtedness was made available to
demand immediate repayment of such Indebtedness at any time) to declare any such
Indebtedness due and payable being, in any such case, in an amount, or aggregate amount
at any one time, of not less than £25,000,000 when aggregated with any amount under any
Hedging Arrangements to which paragraph (f) below applies provided that the non-payment
of Indebtedness due in respect of any Subordinated Loan for so long as the relevant
Group Member is prohibited from paying by virtue of any Deed of Subordination shall not
constitute an Event of Default under this paragraph; or
	 
	 	(f)	 	Hedging Default: any Group Member commits any breach or omits to observe any of
its obligations or undertakings expressed to be assumed by it under any Hedging
Arrangements of an amount or aggregate amount, at one time, of not less than
£25,000,000 when aggregated with any Indebtedness to which paragraph (e) above applies
which breach or omission amounts to an event of default or an event entitling the
relevant counterparty to terminate such Hedging Arrangements (howsoever described); or
	 
	 	(g)	 	Legal process:

	 	(i)	 	any judgment or order made against any Group Member is not stayed
or is not complied with within such period as may be designated in such judgment
or order for compliance, or if no period is so designated, within 14 days, or
	 
	 	(ii)	 	a creditor attaches or takes possession of, or a distress,
execution, sequestration or other process is levied or enforced upon or sued out
against, any of the undertakings, assets, rights or revenues of any Group Member
and is not discharged within 14 days and (in each case) the same is in respect
of claims in aggregate at any one time of not less than £15,000,000; or

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	 	(h)	 	Insolvency: any Group Member is deemed unable or admits inability to pay its
debts as they fall due pursuant to sections 123(1)(a), (b) or (e) or (2) of the
Insolvency Act 1986; suspends making payments on any of its debts or announces an
intention to do so; becomes insolvent; or suffers the declaration of a moratorium in
respect of any of its indebtedness; or
	 
	 	(i)	 	Winding up: any corporate action, legal proceedings or other procedure or step
is taken for the purpose of winding up any Group Member (not being a petition which the
Borrower can demonstrate to the satisfaction of the Agent, by providing an opinion of
leading counsel to that effect, is frivolous, vexatious or an abuse of the process of
the court or relates to a claim to which such Group Member has a good defence and which
is being vigorously contested by such Group Member) or an order is made or resolution
passed for the winding up of any Group Member or a notice is issued convening a meeting
for the purpose of passing any such resolution other than (i) pursuant to a solvent
reorganisation previously approved in writing by the Majority Lenders, or (ii) in
relation to the solvent winding up of any Group Member other than any Obligor; or
	 
	 	(j)	 	Administration: any petition is presented, notice given or other step is taken
for the purpose of the appointment of an administrator of any Group Member or any such
petition or other step is imminent or an administration order is made in relation to
any Group Member; or
	 
	 	(k)	 	Appointment of receivers and managers: any administrative or other receiver is
appointed of any Group Member or any part of their respective assets and/or
undertakings or any other steps are taken to enforce any Encumbrance over all or any
part of the assets of any Group Member; or
	 
	 	(l)	 	Compositions: any corporate action, legal proceedings or other procedures or
steps are taken, or negotiations commenced, by any Group Member or by any of their
respective creditors (other than the Finance Parties or any Finance Party) with a view
to proposing any kind of composition, compromise or arrangement involving such company
and its creditors generally; or
	 
	 	(m)	 	Analogous proceedings: there occurs, in relation to any Group Member, in any
country or territory in which any of them carries on business or to the jurisdiction of
whose courts any part of their respective assets is subject, any event which, in the
reasonable opinion of the Agent, appears in that country or territory to correspond
with, or have an effect equivalent or similar to, any of those mentioned in Clauses
22.1(g) (Legal process) to 22.1(l) (Compositions) (inclusive) or any Group Member
otherwise becomes subject, in any such country or territory, to the operation of any
law relating to insolvency, bankruptcy or liquidation; or
	 
	 	(n)	 	Cessation of business: any Group Member suspends or ceases or threatens to
suspend or cease to carry on its respective business other than (i) pursuant to a
solvent reorganisation previously approved in writing by the Majority Lenders or (ii)
in relation to the solvent winding up of any Group Member other than any Obligor; or
	 
	 	(o)	 	Seizure: all or a material part of the undertakings, assets, rights or revenues
of, or shares or other ownership interests in, any Group Member are seized,
nationalised, expropriated or compulsorily acquired by or under the authority of any
government; or
	 
	 	(p)	 	Unlawfulness: it becomes unlawful at any time for any Group Member to perform
all or any of its obligations under the Finance Documents or any Deed of Subordination
to which it is a party; or

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	 	(q)	 	Repudiation: any Obligor repudiates any Finance Document, or any relevant Group
Member repudiates any Deed of Subordination to which it is a party, or, in the case of
an Obligor, does or causes or permits to be done any act or thing evidencing an
intention to repudiate any Finance Document or, in the case of any relevant Group
Member, any Deed of Subordination to which it is a party; or
	 
	 	(r)	 	Obligations of any Guarantor ceasing to be effective: save to the extent set
out in the qualifications to any legal opinion delivered to the Agent in accordance
with Clause 5.1 (Initial conditions precedent) or Clause 19.17 (Acceding Guarantors),
the obligations of any Guarantor under the Finance Documents become invalid,
ineffective or unenforceable for any reason and such Guarantor is not replaced in
accordance with Clause 19.17 (Acceding Guarantors) to ensure on-going compliance with,
inter alia, Clause 19.17(a); or
	 
	 	(s)	 	Licences: any of the Licences are not granted or are suspended, revoked,
cancelled, withdrawn, terminated, expired and are not renewed or otherwise cease to be
in full force and effect, which event or circumstance would have a material adverse
effect on the ability of the Obligors and any other relevant Group Member (taken as a
whole) to perform all or any of their obligations under the Finance Documents and any
Deed of Subordination to which any of them is a party,

	 	 	provided that there shall not be an Event of Default solely by reason of (i) any of the
events or circumstances described in paragraphs (e) to (o) above taking place with respect
to (A) a Special Purpose Subsidiary or (B) any other Subsidiary of the Borrower which is not
an Obligor unless (in the case of (B) only), in the reasonable opinion of the Majority
Lenders, the ability of the Obligors and any other relevant Group Member (taken as a whole)
to perform all or any of their respective obligations under, or otherwise to comply in all
material respects with the terms of, the Finance Documents and any Deed of Subordination to
which any of them is a party, shall be materially and adversely affected or (ii) the
enforcement of any Encumbrance over the share capital of a Special Purpose Subsidiary.
	 
	22.2	 	Acceleration
	 
	 	 	The Agent may and if so requested by the Majority Lenders shall, without prejudice to any
other rights of the Lenders, at any time after the happening of an Event of Default so long
as the same is continuing by notice to the Borrower declare that:

	 	(a)	 	the obligation of each Lender to make its Commitment available shall be
terminated, whereupon the Commitments shall be reduced to zero forthwith; and/or
	 
	 	(b)	 	declare that full cash cover in respect of each Letter of Credit is immediately
due and payable, whereupon it shall become immediately due and payable; and/or
	 
	 	(c)	 	all outstanding Utilisations and all interest, fees and commitment commission
accrued and all other sums payable under the Finance Documents have become immediately
due and payable or have become due and payable on demand, whereupon the same shall,
immediately or in accordance with the terms of such notice, become so due and payable.

	22.3	 	Demand basis
	 
	 	 	If, pursuant to Clause 22.2 (Acceleration), the Agent declares all outstanding Utilisations
to be due and payable on demand then, at any time thereafter, the Agent may (and, if so
instructed by the Majority Lenders, shall) by written notice to the Borrower (a) call for
repayment of the Loans and the discharge of the LC Liabilities on such date as may be
specified in such notice (provided that any such date so specified shall not be a date
earlier than the date of such notice) whereupon the Loans

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	 	 	and the LC Liabilities shall become due and payable (and/or as appropriate, due for
discharge) on the date so specified together with all interest and commitment commission
accrued and all other sums payable under the Finance Documents or (b) withdraw such
declaration with effect from the date specified in such notice.
	 
	23.	 	CHANGES TO THE LENDERS
	 
	23.1	 	Assignments and transfers by the Lenders
	 
	 	 	Subject to this Clause 23 (Changes to the Lenders), a Lender (the Existing Lender) may:

	 	(a)	 	assign any of its rights; or
	 
	 	(b)	 	transfer by novation any of its rights and obligations,

	 	 	to another bank or financial institution (the New Lender).
	 
	23.2	 	Conditions of assignment or transfer
	 
	(a)	 	The consent of the Borrower is required for transfer or assignment by a Lender, unless the
transfer or assignment is to a Lender, an Affiliate of a Lender, or is made following the
occurrence of an Event of Default.
	 
	(b)	 	The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or
delayed where the proposed New Lender is a Qualifying Lender. The Borrower will be deemed to
have given its consent five Banking Days after the Lender has requested it unless consent is
expressly refused by the Borrower within that time.
	 
	(c)	 	The consent of the Borrower to an assignment or transfer must not be withheld solely because
the assignment or transfer may result in an increase to the Mandatory Cost.
	 
	(d)	 	An assignment will only be effective on:

	 	(i)	 	receipt by the Agent of written confirmation from the New Lender (in form and
substance satisfactory to the Agent) that the New Lender will assume the same
obligations to the other Finance Parties as it would have been under if it was an
Original Lender; and
	 
	 	(ii)	 	performance by the Agent of all necessary “know your customer” or other similar
checks under all applicable laws and regulations in relation to such assignment to a
New Lender, the completion of which the Agent shall promptly notify to the Existing
Lender and the New Lender.

	(e)	 	A transfer will only be effective if the procedure set out in Clause 23.5 (Procedure for
transfer) is complied with.

	(f) 	(i)	 	 A Lender shall notify the Borrower in advance of any transfer or assignment by that
Lender to its Affiliate.
	 
	 	(ii)	 	Any transfer by an Existing Lender to a New Lender of part of its rights or
obligations under this Agreement shall be of at least £5,000,000.
	 
	 	(iii)	 	Where an Existing Lender transfers part of its rights and obligations pursuant
to Clause 23.5 (Procedure for transfer), that Existing Lender must transfer equal
fractions of its Commitment and participation in the Utilisations (if any) under the
Facility.

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	 	(iv)	 	If at the time when a transfer takes effect more than one Utilisation is
outstanding under the Facility, the transfer of an Existing Lender’s participation
shall take effect in respect of the same fraction of each such Utilisation.

	(g)	 	If:

	 	(i)	 	a Lender assigns or transfers any of its rights or obligations under this
Agreement or changes its Facility Office; and
	 
	 	(ii)	 	as a result of circumstances existing at the date the assignment, transfer or
change occurs, an Obligor would be obliged to make a payment to the New Lender or
Lender acting through its new Facility Office under Clause 14 (Tax Gross Up and
Indemnities) or Clause 15 (Increased Costs),

	 	 	then the New Lender or Lender acting through its new Facility Office is only entitled to
receive payment under those Clauses to the same extent as the Existing Lender or Lender
acting through its previous Facility Office would have been if the assignment, transfer or
change had not occurred.
	 
	(h)	 	If the consent or co-operation of a beneficiary of a Letter of Credit is necessary in
accordance with Clause 6.6(b) (Assignments and transfers), in connection with an assignment or
transfer, for the Existing Lender’s obligations under any Letters of Credit to be replaced by
obligations of the New Lender, the Borrower must use its reasonable endeavours to assist in
obtaining the consent or co-operation of the relevant beneficiary.

	(i)	 	Each New Lender, by executing the relevant Transfer Certificate, confirms that the Agent has
authority to execute on its behalf any amendment or waiver that has been approved by or on
behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the
date on which the transfer or assignment becomes effective in accordance with this Agreement
and that it is bound by that decision to the same extent as the Existing Lender would have
been had it remained a Lender.

	23.3	 	Assignment or transfer fee
	 
	 	 	The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to
the Agent (for its own account) a fee of £1,500.
	 
	23.4	 	Limitation of responsibility of Existing Lenders
	 
	(a)	 	Unless expressly agreed to the contrary, an Existing Lender makes no representation or
warranty and assumes no responsibility to a New Lender for:

	 	(i)	 	the legality, validity, effectiveness, adequacy or enforceability of the
Finance Documents or any other documents;
	 
	 	(ii)	 	the financial condition of any Obligor and its related entities;
	 
	 	(iii)	 	the performance and observance by any Obligor of its obligations under the
Finance Documents or any other documents; or
	 
	 	(iv)	 	the accuracy of any statements (whether written or oral) made in or in
connection with any Finance Document or any other document,

	 	 	and any representations or warranties implied by law are excluded.

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

	 	(i)	 	has made (and shall continue to make) its own independent investigation and
assessment of the financial condition and affairs of each Obligor and its related
entities in connection with its participation in this Agreement and has not relied
exclusively on any information provided to it by the Existing Lender in connection with
any Finance Document; and
	 
	 	(ii)	 	will continue to make its own independent appraisal of the creditworthiness of
each Obligor and its related entities whilst any amount is or may be outstanding under
the Finance Documents or any Commitment is in force.

	(c)	 	Nothing in any Finance Document obliges an Existing Lender to:

	 	(i)	 	accept a re-transfer from a New Lender of any of the rights and obligations
assigned or transferred under this Clause 23; or
	 
	 	(ii)	 	support any losses directly or indirectly incurred by the New Lender by reason
of the non-performance by any Obligor of its obligations under the Finance Documents or
otherwise.

	23.5	 	Procedure for transfer
	 
	(a)	 	Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) a
transfer is effected in accordance with paragraph (b) below when the Agent executes an
otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the
New Lender. The Agent shall, as soon as reasonably practicable after receipt by it of a duly
completed Transfer Certificate appearing on its face to comply with the terms of this
Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer
Certificate.
	 
	(b)	 	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the
Existing Lender and the New Lender once it is satisfied it has complied with all necessary
“know your customer” or other similar checks under all applicable laws and regulations in
relation to the transfer to such New Lender.
	 
	(c)	 	On the Transfer Date:

	 	(i)	 	to the extent that in the Transfer Certificate the Existing Lender seeks to
transfer by novation its rights and obligations under this Agreement each of the
Obligors and the Existing Lender shall be released from further obligations towards one
another under this Agreement and their respective rights against one another shall be
cancelled (being the Discharged Rights and Obligations);
	 
	 	(ii)	 	each of the Obligors and the New Lender shall assume obligations towards one
another and/or acquire rights against one another which differ from the Discharged
Rights and Obligations only insofar as that Obligor and the New Lender have assumed
and/or acquired the same in place of that Obligor and the Existing Lender;
	 
	 	(iii)	 	the Agent, the Mandated Lead Arrangers, the New Lender and other Lenders shall
acquire the same rights and assume the same obligations between themselves as they
would have acquired and assumed had the New Lender been an Original Lender with the
rights and/or obligations acquired or assumed by it as a result of the transfer and to
that extent the Agent, the Mandated Lead Arrangers and the Existing Lender shall each
be released from further obligations to each other under this Agreement; and

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

	(d)	 	Unless a Transfer Certificate expressly provides to the contrary, paragraph (c) above shall
not operate to transfer any rights or obligations in relation to amounts payable under Clauses
13.7 (Top-Up Existing Facility Margin), 13.8 (Top-up commitment fee) or 13.9 (Top-up
utilisation fee).
	 
	23.6	 	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 any information about any Obligor, the Group, the Finance Documents or the Existing
Finance Documents as that Finance Party shall consider appropriate to any of its Affiliates
and to any other person:

	 	(i)	 	to (or through) whom that Lender assigns or transfers (or may potentially
assign or transfer) all or any of its rights and obligations under this Agreement;
	 
	 	(ii)	 	with (or through) whom that Lender enters into (or may potentially enter into)
any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, this Agreement or any Obligor;
	 
	 	(iii)	 	if that information is publicly available, other than as a result of a breach
by that Finance Party of this Clause;
	 
	 	(iv)	 	in favour of whom that Lender may (in accordance with Clause 23.9 (Encumbrance
over Lenders’ rights) charge, assign or create an Encumbrance over its rights under the
Finance Documents;
	 
	 	(v)	 	in connection with any legal or arbitration proceedings;
	 
	 	(vi)	 	that is a governmental, banking, taxation or other regulatory authority;
	 
	 	(vii)	 	that is its professional adviser;
	 
	 	(viii)	 	to whom, and to the extent that, information is required to be disclosed by any
applicable law or regulation; or
	 
	 	(ix)	 	with the agreement of the relevant Obligor,

	 	 	if, in relation to paragraphs (a) and (b) above, the person to whom the information is to be
given has entered into a confidentiality undertaking in the then current recommended form of
the Loan Market Association or any other form reasonably acceptable to the Borrower and the
Agent. Any Lender may also disclose the size and term of the Facility (but not the other
terms of the Facility) and the name of each of the Obligors to any investor or potential
investor in a securitisation (or similar transaction of broadly equivalent economic effect)
of that Lender’s rights or obligations under the Finance Documents.
	 
	(b)	 	The Agent shall provide to the Borrower within five Banking Days of a request by the Borrower
(but no more frequently than once in each financial quarter of the Borrower) a list (which may
be in electronic form) setting out the identity of each Lender as at the date that the list is
provided, its respective Commitment and the address and electronic mail address of the
principal managerial contact on the Agent’s records for that Lender.

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	23.7	 	Disclosure to numbering service providers
	 
	(a)	 	Any Finance Party may disclose to any national or international numbering service provider
appointed by that Finance Party to provide identification numbering services in respect of
this Agreement, the Facility and/or one or more Obligors the following information:

	 	(i)	 	names of Obligors;
	 
	 	(ii)	 	country of domicile of Obligors;
	 
	 	(iii)	 	place of incorporation of Obligors;
	 
	 	(iv)	 	date of this Agreement;
	 
	 	(v)	 	the names of the Agent and the Mandated Lead Arrangers;
	 
	 	(vi)	 	date of each amendment and restatement of this Agreement;
	 
	 	(vii)	 	amount of Total Commitments;
	 
	 	(viii)	 	currencies of the Facility;
	 
	 	(ix)	 	type of Facility;
	 
	 	(x)	 	ranking of Facility;
	 
	 	(xi)	 	Termination Date;
	 
	 	(xii)	 	changes to any of the information referred to in paragraphs (i) to (xi) above; and
	 
	 	(xiii)	 	any other information agreed between such Finance Party and the Borrower,

	 	 	to enable such numbering service provider to provide its usual syndicated loan numbering
identification services.
	 
	(b)	 	The Parties acknowledge and agree that each identification number assigned to this Agreement,
the Facility and/or one or more Obligors by a numbering service provider and the information
associated with each such number may be disclosed to users of its services in accordance with
the standard terms and conditions of that numbering service provider.
	 
	(c)	 	The Agent shall notify the Borrower and the other Finance Parties of:

	 	(i)	 	the name of any numbering service provider appointed by the Agent in respect of
this Agreement, the Facility and/or one or more Obligors; and
	 
	 	(ii)	 	the number or, as the case may be, numbers assigned to this Agreement, the
Facility and/or one or more Obligors by such numbering service provider.

	23.8	 	Replacement of Lender
	 
	(a)	 	If at any time:

	 	(i)	 	the provisions of Clause 9.1 (Illegality) apply to any Lender;
	 
	 	(ii)	 	any Lender becomes a Defaulting Lender; or

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	 	(iii)	 	an Obligor becomes obliged to pay additional amounts pursuant to Clause 15.1
(Increased Costs) or Clauses 14.2(c) (Tax gross-up) or 14.3 (Tax indemnity) to any
Lender,

	 	 	then the Borrower, having notified the Agent and such Lender in writing, may replace such
Lender by requiring such Lender to (and such Lender shall) transfer pursuant to Clause 23
(Changes to the Lenders) all (and not part only) of its rights and obligations under this
Agreement to a Lender or other bank or financial institution (a Replacement Lender) selected
by the Borrower which confirms its willingness to assume and does assume all the obligations
of the transferring Lender (including the assumption of the transferring Lender’s
participations on the same basis as the transferring Lender) for a purchase price in cash
payable at the time of transfer equal to the outstanding principal amount of such Lender’s
participation in the outstanding Utilisations (unless otherwise agreed with the transferring
Lender) and all accrued interest and/or Letter of Credit fees, Break Costs and other amounts
payable in relation thereto under the Finance Documents.
	 
	(b)	 	The replacement of a Lender pursuant to this Clause shall be subject to the following
conditions:

	 	(i)	 	the Borrower shall have no right to replace the Agent;
	 
	 	(ii)	 	neither the Agent nor the Lender shall have any obligation to the Borrower to
find a Replacement Lender;
	 
	 	(iii)	 	the transfer must take place no later than the later of:

	 	(A)	 	ten Banking Days (or five Banking Days if the relevant Lender is
a Defaulting Lender) after the Borrower notified the relevant Lender that it
required it to transfer its rights and obligations under this Agreement; and
	 
	 	(B)	 	three Banking Days after the Agent has confirmed that it has
completed all necessary “know your customer” or similar checks under all
applicable laws and regulations in relation to the Replacement Lender, the
completion of which the Agent shall promptly notify to the Borrower and the
Replacement Lender;

	 	(iv)	 	a Lender may not be replaced unless the procedure set out in Clause 6.6(b)
(Assignments and transfers) is followed in relation to all Letters of Credit to which
that Lender is a party; and
	 
	 	(v)	 	in no event shall the Lender replaced under this paragraph (b) be required to
pay or surrender to such Replacement Lender any of the fees received by such Lender
pursuant to the Finance Documents.

	23.9	 	Encumbrances over Lenders’ rights
	 
	 	 	Each Lender may, without consulting with or obtaining consent from any Obligor, at any time
charge, assign or otherwise create any Encumbrance in or over all or any of its rights under
any Finance Document to secure obligations of that Lender including, without limitation, any
charge, assignment or other Encumbrance to secure obligations to a federal reserve or
central bank, except that no such charge, assignment or Encumbrance shall:

	 	(a)	 	release a Lender from any of its obligations under the Finance Documents or
substitute the beneficiary of the relevant charge, assignment or Encumbrance for the
Lender as a party to any of the Finance Documents; or

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	 	(b)	 	require any payments to be made by an Obligor or grant to any person any more
extensive rights than those required to be made or granted to the relevant Lender under
the Finance Documents.

	24.	 	CHANGES TO THE OBLIGORS
	 
	 	 	No Obligor may assign any of its rights or transfer any of its rights or obligations under
this Agreement.
	 
	25.	 	ROLE OF THE AGENT AND THE MANDATED LEAD ARRANGERS
	 
	25.1	 	Appointment of the Agent
	 
	(a)	 	Each Finance Party appoints the Agent to act as its agent under and in connection with the
Finance Documents.
	 
	(b)	 	Each Finance Party authorises the Agent to exercise the rights, powers, authorities and
discretions specifically given to the Agent under or in connection with the Finance Documents
together with any other incidental rights, powers, authorities and discretions.
	 
	25.2	 	Duties of the Agent
	 
	(a)	 	The Agent shall promptly forward to the Lenders a copy of any claim received under a Letter
of Credit and to a Party the original or a copy of any document which is delivered to the
Agent for that Party by any other Party.
	 
	(b)	 	If the Agent receives notice from a Party referring to this Agreement, describing a Default
and stating that the circumstance described is a Default, it shall promptly notify the other
Finance Parties.
	 
	(c)	 	The Agent shall promptly notify the other Finance Parties of any Default arising under
Clause 22.1(a) (Non payment).
	 
	(d)	 	The Agent’s duties under the Finance Documents are solely mechanical and administrative in
nature.
	 
	25.3	 	Role of the Mandated Lead Arrangers
	 
	 	 	Except as specifically provided in the Finance Documents, no Mandated Lead Arranger has any
obligations of any kind to any other Party under or in connection with any Finance Document.
	 
	25.4	 	No fiduciary duties
	 
	(a)	 	Nothing in this Agreement constitutes the Agent or any Mandated Lead Arranger as a trustee or
fiduciary of any other person.
	 
	(b)	 	Neither the Agent nor any Mandated Lead Arranger shall be bound to account to any Finance
Party for any sum or the profit element of any sum received by it for its own account.
	 
	25.5	 	Business with the Group
	 
	 	 	The Agent and the Mandated Lead Arrangers may accept deposits from, lend money to and
generally engage in any kind of banking or other business with any member of the Group.
	 
	25.6	 	Rights and discretions of the Agent
	 
	(a)	 	The Agent may rely on:

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	 	(i)	 	any representation, notice or document believed by it to be genuine, correct
and appropriately authorised; and
	 
	 	(ii)	 	any statement made by a director, authorised signatory or employee of any
person regarding any matters which may reasonably be assumed to be within his knowledge
or within his power to verify.

	(b)	 	The Agent may assume (unless it has received notice to the contrary in its capacity as agent
for the Lenders or, as the case may be, trustee for the Finance Parties) that:

	 	(i)	 	no Default has occurred (unless it has actual knowledge of a Default arising
under Clause 22.1(a) (Non payment));
	 
	 	(ii)	 	any right, power, authority or discretion vested in any Party or the Majority
Lenders has not been exercised; and
	 
	 	(iii)	 	any notice or request made by the Borrower (other than a Utilisation Request)
is made on behalf of and with the consent and knowledge of all the Obligors.

	(c)	 	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants,
surveyors or other experts.
	 
	(d)	 	The Agent may act in relation to the Finance Documents through its personnel and agents.
	 
	25.7	 	Instructions to Agent
	 
	(a)	 	Unless a contrary indication appears in a Finance Document, the Agent shall (i) act in
accordance with any instructions given to it by the Majority Lenders (or, if so instructed by
the Majority Lenders, refrain from acting or exercising any right, power, authority or
discretion vested in it as Agent) and (ii) not be liable for any act (or omission) if it acts
(or refrains from taking any action) in accordance with such an instruction of the Majority
Lenders.
	 
	(b)	 	Unless a contrary indication appears in a Finance Document, any instructions given to the
Agent by the Majority Lenders will be binding on all the Finance Parties.
	 
	(c)	 	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders
(or, if appropriate, the Lenders) until it has received such security as it may require for
any cost, loss or liability (together with any associated VAT) which it may incur in complying
with the instructions.
	 
	(d)	 	In the absence of instructions from, in the case of the Agent, the Majority Lenders, (or, if
appropriate, the Lenders) the Agent may act (or refrain from taking action) as it considers to
be in the best interest of the Lenders. The Borrower and all other Obligors shall not be
concerned with whether the Agent shall be acting in accordance with this provision and shall
be conclusively entitled to assume that the Agent has all the necessary right, title and
authority.
	 
	(e)	 	The Agent is not authorised to act on behalf of a Finance Party (without first obtaining that
Finance Party’s consent) in any legal or arbitration proceedings relating to any Finance
Document.
	 
	(f)	 	Each Obligor shall be entitled (and bound) to assume that any directions given by the Agent
or pursuant to this Agreement are either the directions of the Majority Lenders or, as the
case may be, the Lenders, being made through the Agent, or the directions of the Agent itself,
acting pursuant to the provisions of the Finance Documents to which the Agent may from time to
time be party (as appropriate) or as otherwise duly authorised or empowered by or on behalf of
the Lenders.

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	25.8	 	Responsibility for documentation
	 
	 	 	Neither the Agent nor any Mandated Lead Arranger:

	 	(a)	 	is responsible for the adequacy, accuracy and/or completeness of any
information (whether oral or written) supplied by the Agent, any Mandated Lead
Arranger, an Obligor or any other person given in or in connection with any Finance
Document; or
	 
	 	(b)	 	is responsible for the legality, validity, effectiveness, adequacy or
enforceability of any Finance Document or any other agreement, arrangement or document
entered into, made or executed in anticipation of or in connection with any Finance
Document.

	25.9	 	Exclusion of liability
	 
	(a)	 	Without limiting paragraph (b) below, the Agent will not be liable for any action taken by it
under or in connection with any Finance Document, unless directly caused by its gross
negligence or wilful misconduct.
	 
	(b)	 	No Party may take any proceedings against any officer, employee or agent of the Agent in
respect of any claim it might have against the Agent or in respect of any act or omission of
any kind by that officer, employee or agent in relation to any Finance Document and any
officer, employee or agent of the Agent may rely on this Clause.
	 
	 	 	Any third party referred to in this Clause 25.9(b) may enjoy the benefit and enforce the
terms of this Clause in accordance with the provisions of the Contracts (Rights of Third
Parties) Act 1999.
	 
	(c)	 	The Agent will not be liable for any delay (or any related consequences) in crediting an
account with an amount required under the Finance Documents to be paid by the Agent if it has
taken all necessary steps as soon as reasonably practicable to comply with the regulations or
operating procedures of any recognised clearing or settlement system used by it for that
purpose.
	 
	(d)	 	Nothing in this Agreement shall oblige the Agent or the Mandated Lead Arrangers to carry out
any “know your customer” or other checks in relation to any person on behalf of any Lender and
each Lender confirms to the Agent and the Mandated Lead Arrangers that it is solely
responsible for any such checks it is required to carry out and that it may not rely on any
statement in relation to such checks made by the Agent or the Mandated Lead Arrangers.
	 
	25.10	 	Lenders’ indemnity to the Agent
	 
	(a)	 	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total
Commitments are then zero, to its share of the Total Commitments immediately prior to their
reduction to zero) indemnify the Agent, within three Banking Days of demand, against any cost,
loss or liability incurred by the Agent (otherwise than by reason of the Agent’s gross
negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the
Agent has been reimbursed by an Obligor pursuant to a Finance Document).
	 
	(b)	 	Each Obligor shall counter-indemnify the Lenders against all payments made by them under this
Clause.
	 
	25.11	 	Resignation of the Agent
	 
	(a)	 	The Agent may resign and appoint one of its Affiliates acting through an office in London as
successor by giving notice to the other Finance Parties and the Borrower.

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	(b)	 	Alternatively the Agent may resign by giving notice to the other Finance Parties and the
Borrower, in which case the Majority Lenders (after consultation with the Borrower) may
appoint a successor Agent, as the case may be.
	 
	(c)	 	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b)
above within 30 days after notice of resignation was given, the Agent, as the case may be,
(after consultation with the Borrower) may appoint a successor Agent (acting through an office
in London).
	 
	(d)	 	The retiring Agent shall, at its own cost, make available to the successor Agent such
documents and records and provide such assistance as the successor Agent may reasonably
request for the purposes of performing its functions as Agent under the Finance Documents.
	 
	(e)	 	The resignation notice of the Agent shall only take effect upon the appointment of a
successor.
	 
	(f)	 	Upon the appointment of a successor, the retiring Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of
this Clause 25 (Role of the Agent and the Mandated Lead Arrangers). Its successor and each of
the other Parties shall have the same rights and obligations amongst themselves as they would
have had if such successor had been an original Party.
	 
	(g)	 	After consultation with the Borrower, the Majority Lenders may, by notice to the Agent,
require it to resign. In this event, the Agent (as the case may be) shall resign in
accordance with paragraph (b) above. At any time the Agent is an Impaired Agent and after
consultation with the Borrower, the Majority Lenders may, on written notice to the Agent,
replace the Agent by appointing a successor Agent and in this event the appointment of the
successor Agent shall take effect on the date specified in the notice from the Majority
Lenders to the retiring Agent.
	 
	(h)	 	The Agent may not resign or be required to resign while any amounts are or may become
outstanding under the Existing Facility, unless (i) at the same time as the resignation takes
effect, the same successor agent becomes Agent and Existing Agent or (ii) if the Agent is an
Impaired Agent.
	 
	25.12	 	Confidentiality
	 
	(a)	 	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its
agency or loan administration division which shall be treated as a separate entity from any
other of its divisions or departments.
	 
	(b)	 	If information is received by another division or department of the Agent, it may be treated
as confidential to that division or department and the Agent shall not be deemed to have
notice of it.
	 
	(c)	 	Notwithstanding any other provision of any Finance Document to the contrary, neither the
Agent nor any Mandated Lead Arranger is obliged to disclose to any other person (i) any
confidential information or (ii) any other information if the disclosure would or might in its
reasonable opinion constitute a breach of any law or a breach of a fiduciary duty.
	 
	25.13	 	Relationship with the Lenders
	 
	(a)	 	The Agent may treat each Lender as a Lender, entitled to payments under the Finance Documents
and acting through its Facility Office unless the Agent has received not less than five
Banking Days prior notice from that Lender to the contrary in accordance with the terms of
this Agreement.
	 
	(b)	 	Each Lender shall supply the Agent with any information required by the Agent in order to
calculate the Mandatory Cost in accordance with Schedule 4 (Mandatory Cost Formulae).

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	25.14	 	Credit appraisal by the Lenders
	 
	 	 	Without affecting the responsibility of any Obligor for information supplied by it or on its
behalf in connection with any Finance Document, each Finance Party confirms to the Agent and
the Mandated Lead Arrangers that it has been, and will continue to be, solely responsible
for making its own independent appraisal and investigation of all risks arising under or in
connection with any Finance Document including but not limited to:

	 	(a)	 	the financial condition, status and nature of each member of the Group;
	 
	 	(b)	 	the legality, validity, effectiveness, adequacy or enforceability of any
Finance Document and any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document;
	 
	 	(c)	 	whether that Lender has recourse, and the nature and extent of that recourse,
against any Party or any of its respective assets under or in connection with any
Finance Document, the transactions contemplated by the Finance Documents or any other
agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document; and
	 
	 	(d)	 	the adequacy, accuracy and/or completeness of any other information provided by
the Agent, any Party or by any other person under or in connection with any Finance
Document, the transactions contemplated by the Finance Documents or any other
agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document.

	25.15	 	Lenders’ tax status confirmation
	 
	 	 	Each Lender confirms in favour of the Agent and the Borrower on the date of this Agreement
or, in the case of a Lender which becomes a Party pursuant to a transfer or assignment, on
the date on which the relevant transfer or assignment becomes effective that it is a
Qualifying Lender (and undertakes to notify the Agent and the Borrower to the extent that it
is a Treaty Lender), and each Lender shall promptly notify the Agent and the Borrower if
there is any change in its position from that set out above.
	 
	25.16	 	Reference Bank
	 
	 	 	If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an
Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Borrower)
appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.
	 
	25.17	 	Compliance
	 
	 	 	The Agent may refrain from doing anything which might, in its reasonable 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 of any jurisdiction.
	 
	25.18	 	Agent’s management time
	 
	 	 	Any amount payable to the Agent under Clause 16.3 (Indemnity to the Agent), Clause 18 (Costs
and Expenses) and Clause 25.10 (Lenders’ indemnity to the Agent) shall include the cost of
utilising the Agent’s management time or other resources, and will be calculated on the
basis of such reasonable

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	 	 	daily or hourly rates as the Agent may notify to the Borrower and the Lenders, and is in
addition to any fee paid or payable to the Agent pursuant to Clause 13 (Fees).
	 
	26.	 	CONDUCT OF BUSINESS BY THE FINANCE PARTIES
	 
	 	 	No provision of this Agreement will:

	 	(a)	 	interfere with the right of any Finance Party to arrange its affairs (tax or
otherwise) in whatever manner it thinks fit;
	 
	 	(b)	 	oblige any Finance Party to investigate or claim any credit, relief, remission
or repayment available to it or the extent, order and manner of any claim; or
	 
	 	(c)	 	oblige any Finance Party to disclose any information relating to its affairs
(tax or otherwise) or any computations in respect of Tax.

	27.	 	SHARING AMONG THE FINANCE PARTIES
	 
	27.1	 	Payments to Finance Parties
	 
	 	 	If a Finance Party (a Recovering Lender) receives or recovers any amount from an Obligor
other than in accordance with Clause 28 (Payment Mechanics) and applies that amount to a
payment due under the Finance Documents then:

	 	(a)	 	the Recovering Lender shall, within three Banking Days, notify details of the
receipt or recovery to the Agent;
	 
	 	(b)	 	the Agent shall determine whether the receipt or recovery is in excess of the
amount the Recovering Lender would have been paid had the receipt or recovery been
received or made by the Agent and distributed in accordance with Clause 28 (Payment
Mechanics), without taking account of any Tax which would be imposed on the Agent in
relation to the receipt, recovery or distribution; and
	 
	 	(c)	 	the Recovering Lender shall, within three Banking Days of demand by the Agent,
pay to the Agent an amount (the Sharing Payment) equal to such receipt or recovery less
any amount which the Agent determines may be retained by the Recovering Lender as its
share of any payment to be made, in accordance with Clause 28.6 (Partial payments).

	27.2	 	Redistribution of payments
	 
	 	 	The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and
distribute it between the Finance Parties (other than the Recovering Lender) in accordance
with Clause 28.6 (Partial payments).
	 
	27.3	 	Recovering Lender’s rights
	 
	(a)	 	On a distribution by the Agent under Clause 27.2 (Redistribution of payments), the Recovering
Lender will be subrogated to the rights of the Finance Parties which have shared in the
redistribution.
	 
	(b)	 	If and to the extent that the Recovering Lender is not able to rely on its rights under
paragraph (a) above, the relevant Obligor shall be liable to the Recovering Lender for a debt
equal to the Sharing Payment which is immediately due and payable.

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	27.4	 	Reversal of redistribution
	 
	 	 	If any part of the Sharing Payment received or recovered by a Recovering Lender becomes
repayable and is repaid by that Recovering Lender, then:

	 	(a)	 	each Finance Party which has received a share of the relevant Sharing Payment
pursuant to Clause 27.2 (Redistribution of payments) shall, upon request of the Agent,
pay to the Agent for account of that Recovering Lender an amount equal to its share of
the Sharing Payment (together with an amount as is necessary to reimburse that
Recovering Lender for its proportion of any interest on the Sharing Payment which that
Recovering Lender is required to pay); and
	 
	 	(b)	 	that Recovering Lender’s rights of subrogation in respect of any reimbursement
shall be cancelled and the relevant Obligor will be liable to the reimbursing Finance
Party for the amount so reimbursed.

	27.5	 	Exceptions
	 
	(a)	 	This Clause shall not apply to the extent that the Recovering Lender would not, after making
any payment pursuant to this Clause, have a valid and enforceable claim against the relevant
Obligor.
	 
	(b)	 	A Recovering Lender is not obliged to share with any other Lender any amount which the
Recovering Lender has received or recovered as a result of taking legal or arbitration
proceedings, if:

	 	(i)	 	it notified the other Lenders of the legal or arbitration proceedings; and
	 
	 	(ii)	 	the other Lenders had an opportunity to participate in those legal or
arbitration proceedings but did not do so as soon as reasonably practicable having
received notice or did not take separate legal or arbitration proceedings.

	28.	 	PAYMENT MECHANICS
	 
	28.1	 	Payments to the Agent
	 
	(a)	 	On each date on which an Obligor or a Lender is required to make a payment under a Finance
Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary
indication appears in a Finance Document) for value on the due date at the time and in such
funds specified by the Agent as being customary at the time for settlement of transactions in
the relevant currency in the place of payment.
	 
	(b)	 	Payment shall be made to such account in the principal financial centre of the country of
that currency (or, in relation to euro, in a principal financial centre in a Participating
Member State or London) with such bank as the Agent specifies.
	 
	28.2	 	Distributions by the Agent
	 
	 	 	Each payment received by the Agent under the Finance Documents for another Party shall,
subject to Clause 28.3 (Distributions to an Obligor) and Clause 28.5 (Clawback) be made
available by the Agent as soon as practicable after receipt to the Party entitled to receive
payment in accordance with this Agreement (in the case of a Lender, for the account of its
Facility Office), to such account as that Party may notify to the Agent by not less than
five Banking Days’ notice with a bank in the principal financial centre of the country of
that currency (or, in relation to euro, in the principal financial centre of a Participating
Member State or London).

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	28.3	 	Distributions to an Obligor
	 
	 	 	The Agent may (with the consent of the Obligor or in accordance with Clause 29 (Set-off))
apply any amount received by it for that Obligor in or towards payment (on the date and in
the currency and funds of receipt) of any amount due from that Obligor under the Finance
Documents or in or towards purchase of any amount of any currency to be so applied.
	 
	28.4	 	First Utilisation
	 
	 	 	On the first Utilisation Date, the Agent may pay all or part of any Loan directly to the
Existing Agent to the extent necessary that all outstanding amounts under the Existing
Facility will be repaid in full on that date. This overrides any instruction to the
contrary given in a Utilisation Request.
	 
	28.5	 	Clawback
	 
	(a)	 	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the
Agent is not obliged to pay that sum to that other Party (or to enter into or perform any
related exchange contract) until it has been able to establish to its satisfaction that it has
actually received that sum.
	 
	(b)	 	If the Agent pays an amount to another Party and it proves to be the case that the Agent had
not actually received that amount, then the Party to whom that amount (or the proceeds of any
related exchange contract) was paid by the Agent shall on demand refund the same to the Agent
together with interest on that amount from the date of payment to the date of receipt by the
Agent, calculated by the Agent to reflect its cost of funds.
	 
	28.6	 	Partial payments
	 
	(a)	 	If the Agent receives a payment that is insufficient to discharge all the amounts then due
and payable by an Obligor under the Finance Documents, the Agent shall apply that payment
towards the obligations of that Obligor under the Finance Documents in the following order:

	 	(i)	 	first, in or towards payment pro-rata of any unpaid fees, costs and expenses
(ignoring any fees payable under Clause 13 (Fees)) of the Agent or the Mandated Lead
Arrangers under the Finance Documents;
	 
	 	(ii)	 	secondly, in or towards payment to the Lenders pro-rata of any amount owing to
the Lenders under Clause 25.10 (Lenders’ indemnity to the Agent);
	 
	 	(iii)	 	thirdly, in or towards payment to the Mandated Lead Arrangers of any portion
of the arrangement fee payable under Clause 13 (Fees) which is due but unpaid;
	 
	 	(iv)	 	fourthly, in or towards payment to the Agent of any portion of the agency fee
payable under Clause 13 (Fees) which is due but unpaid;
	 
	 	(v)	 	fifthly, in or towards payment to the Lenders pro-rata of any fees payable
under Clause 13 (Fees) which are due but unpaid;
	 
	 	(vi)	 	sixthly, in or towards payment to the Lenders pro-rata of any accrued interest
and guarantee and fronting fees relating to Letters of Credit and which are due but
unpaid but so that any amount payable by virtue of Clause 14 (Tax Gross Up and
Indemnities) shall be excluded;
	 
	 	(vii)	 	seventhly, in or towards payment to the Lenders pro-rata of any principal
including LC Liabilities which is due but unpaid;

78

 

	 	(viii)	 	eighthly, in or towards payment to the relevant Lenders pro-rata of any amount
payable to those Lenders by virtue of Clause 14 (Tax Gross Up and Indemnities) which is
unpaid; and
	 
	 	(ix)	 	ninthly, in or towards payment pro-rata of any other sum due but unpaid under
the Finance Documents.

	 	 	Each reference in sub-paragraphs (a)(i) to (v) above (inclusive) to a category of unpaid
sums shall include interest on those sums payable in accordance with this Agreement
(including, without limitation, default interest). Accordingly, sub-paragraph (a)(vi)
refers to interest on principal and accrued interest on those sums which remain unpaid to
the extent due.
	 
	(b)	 	The Agent shall, if so directed by the Majority Lenders, vary the order set out in
sub-paragraphs (a)(v) to (ix) above.
	 
	(c)	 	Paragraphs (a) and (b) above will override any appropriation made by an Obligor.
	 
	28.7	 	Cashless rollovers
	 
	 	 	Where the last day of an Interest Period for an outstanding Loan coincides with the
Utilisation Date for a Rollover Loan, the Agent will apply the proceeds of the Rollover Loan
in or towards repayment of the outstanding Loan so that:

	 	(a)	 	where the amount of the outstanding Loan exceeds the amount of the Rollover
Loan, the Borrower will only be required to repay the excess; and
	 
	 	(b)	 	where the amount of the outstanding Loan is exactly the same as the amount of
the Rollover Loan, the Borrower will not be required to make any payment in respect of
the principal amount of the outstanding Loan.

	28.8	 	No set-off by Obligors
	 
	 	 	Except as provided in Clause 28.7 (Cashless rollovers), all payments to be made by an
Obligor under the Finance Documents shall be calculated and be made without (and free and
clear of any deduction for) set-off or counterclaim.
	 
	28.9	 	Banking Days
	 
	(a)	 	Any payment which is due to be made on a day that is not a Banking Day shall be made on the
next Banking Day in the same calendar month (if there is one) or the preceding Banking Day (if
there is not).
	 
	(b)	 	During any extension of the due date for payment of any principal or an Unpaid Sum under this
Agreement interest is payable on the principal at the rate payable on the original due date.
	 
	28.10	 	Currency of account
	 
	(a)	 	Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and
payment for any sum due from an Obligor under any Finance Document.
	 
	(b)	 	A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be
made in the currency in which that Utilisation or Unpaid Sum is denominated on its due date.
	 
	(c)	 	Each payment of interest shall be made in the currency in which the sum in respect of which
the interest is payable was denominated when that interest accrued.

79

 

	(d)	 	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which
the costs, expenses or Taxes are incurred.
	 
	(e)	 	Any amount expressed to be payable in a currency other than the Base Currency shall be paid
in that other currency.
	 
	28.11	 	Change of currency
	 
	(a)	 	Unless otherwise prohibited by law, if more than one currency or currency unit are at the
same time recognised by the central bank of any country as the lawful currency of that
country, then:

	 	(i)	 	any reference in the Finance Documents to, and any obligations arising under
the Finance Documents in, the currency of that country shall be translated into, or
paid in, the currency or currency unit of that country designated by the Agent (after
consultation with the Borrower); and
	 
	 	(ii)	 	any translation from one currency or currency unit to another shall be at the
official rate of exchange recognised by the central bank for the conversion of that
currency or currency unit into the other, rounded up or down by the Agent (acting
reasonably).

	(b)	 	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent
(acting reasonably and after consultation with the Borrower) specifies to be necessary, be
amended to comply with any generally accepted conventions and market practice in the Relevant
Interbank Market and otherwise to reflect the change in currency.
	 
	28.12	 	Cash Collateral Accounts
	 
	(a)	 	Each amount from time to time standing to the credit of a Cash Collateral Account shall be
applied in accordance with the relevant provisions of the Finance Documents (including
paragraph (c)(ii) below) and no other withdrawals may be made from any Cash Collateral Account
without the consent of the Agent.
	 
	(b)	 	The Borrower shall, or shall procure that any other member of the Group shall, execute such
further documents as are necessary to ensure that each Cash Collateral Account is charged in
favour of the Agent or other relevant Finance Party (as relevant) to the satisfaction of the
Agent acting reasonably.
	 
	(c)	 	Each amount from time to time standing to the credit of a Cash Collateral Account shall bear
interest by reference to successive deposit periods at the rate at which the Agent or other
relevant Finance Party (as relevant) pays interest on deposits for such period from its
corporate customers but the Borrower acknowledges that none of the Finance Parties shall have
any responsibility to it for any loss occasioned as a consequence of the application of the
amount standing to the credit of any Cash Collateral Account prior to the last day of any such
deposit period, such application being expressly permitted by the terms of the Finance
Documents other than in the case of their negligence, wilful default or misconduct.
	 
	(d)	 	In respect of each Cash Collateral Account, provided no Default shall have occurred and be
continuing, the Agent or other relevant Finance Party (as relevant) shall, at the request of
the Borrower, pay to it any interest that has accrued on the amount standing to the credit of
such Cash Collateral Account. Such interest shall only be paid at six-monthly intervals or on
such days that the principal amount standing to the credit of such Cash Collateral Account is
reduced to zero pursuant to the terms of this Agreement.

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	28.13	 	Impaired Agent
	 
	(a)	 	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is
required to make a payment under the Finance Documents to the Agent in accordance with Clause
28.1 (Payments to the Agent) may instead either pay that amount direct to the required
recipient or pay that amount to an interest-bearing account held with an acceptable
institution as defined in the definition of “Cash and Cash Equivalents” and in relation to
which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the
Lender making the payment and designated as a trust account for the benefit of the Party or
Parties beneficially entitled to that payment under the Finance Documents. In each case such
payments must be made on the due date for payment under the Finance Documents.
	 
	(b)	 	All interest accrued on the amount standing to the credit of the trust account shall be for
the benefit of the beneficiaries of the trust account pro rata to their respective
entitlements.
	 
	(c)	 	A Party which has made a payment in accordance with this Clause 28.13 shall be discharged of
the relevant payment obligation under the Finance Documents and shall not take any credit risk
with respect to the amounts standing to the credit of the trust account.
	 
	(d)	 	Promptly upon the appointment of a successor Agent in accordance with Clause 25.11
(Resignation of the Agent), each Party which has made a payment to a trust account in
accordance with this Clause 28.13 shall give all requisite instructions to the bank with whom
the trust account is held to transfer the amount (together with any accrued interest) to the
successor Agent for distribution in accordance with Clause 28.2 (Distributions by the Agent).
	 
	29.	 	SET-OFF
	 
	 	 	A Finance Party may set off any matured obligation due from an Obligor under the Finance
Documents (to the extent beneficially owned by that Finance Party) against any matured
obligation owed by that Finance Party to that Obligor, 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.	 	NOTICES
	 
	30.1	 	Communications in writing
	 
	 	 	Any communication to be made under or in connection with the Finance Documents shall be made
in writing and, unless otherwise stated, may be made by fax or letter.
	 
	30.2	 	Addresses
	 
	 	 	The address and fax number (and the department or officer, if any, for whose attention the
communication is to be made) of each Party for any communication or document to be made or
delivered under or in connection with the Finance Documents is:

	 	(a)	 	in the case of each Obligor, that identified with its name in Schedule 1 (The
Original Parties);
	 
	 	(b)	 	in the case of each Lender, that notified in writing to the Agent on or prior
to the date on which it becomes a Party; and

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	 	(c)	 	in the case of the Agent, that identified with its name in Part 2 of Schedule 1
(The Original Parties),

		 	or any substitute address, fax number or department or officer as the Party may notify to
the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent)
by not less than five Banking Days’ notice.
	 
	30.3	 	Delivery
	 
	(a)	 	Any communication or document made or delivered by one person to another under or in
connection with the Finance Documents will only be effective:

	 	(i)	 	if by way of fax, when received in legible form; or
	 
	 	(ii)	 	if by way of letter, when it has been left at the relevant address or five
Banking Days after being deposited in the post postage prepaid in an envelope addressed
to it at that address;

	 	 	and, if a particular department or officer is specified as part of its address details
provided under Clause 30.2 (Addresses), if addressed to that department or officer.
	 
	(b)	 	Any communication or document to be made or delivered to the Agent will be effective only
when actually received by the Agent and then only if it is expressly marked for the attention
of the department or officer identified with the Agent’s signature below (or any substitute
department or officer as the Agent shall specify for this purpose).
	 
	(c)	 	Subject to Clause 30.5 (Communication when Agent is Impaired Agent), all notices from or to
an Obligor shall be sent through the Agent.
	 
	(d)	 	Any communication or document made or delivered to the Borrower in accordance with this
Clause will be deemed to have been made or delivered to each of the Obligors.

	30.4	 	Notification of address and fax number
	 
	 	 	Promptly upon receipt of notification of an address or fax number or change of address or
fax number pursuant to Clause 30.2 (Addresses) or changing its own address or fax number,
the Agent shall notify the other Parties.
	 
	30.5	 	Communication when Agent is Impaired Agent
	 
	 	 	If the Agent is an Impaired Agent the Parties may, instead of communicating with each other
through the Agent, communicate with each other directly and (while the Agent is an Impaired
Agent) all the provisions of the Finance Documents which required communications to be made
or notices to be given to or by the Agent shall be varied so that communications may be made
and notices given to or by the relevant parties directly. This provision shall not operate
after a replacement Agent has been appointed.
	 
	30.6	 	Electronic communication
	 
	(a)	 	Any communication to be made between the Agent and a Lender under or in connection with the
Finance Documents may be made by electronic mail or other electronic means, if the Agent and
the relevant Lender:

	 	(i)	 	agree that, unless and until notified to the contrary, this is to be an
accepted form of communication;

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	 	(ii)	 	notify each other in writing of their electronic mail address and/or any other
information required to enable the sending and receipt of information by that means;
and
	 
	 	(iii)	 	notify each other of any change to their address or any other such information
supplied by them.

	(b)	 	Any electronic communication made between the Agent and a Lender will be effective only when
actually received in readable form and in the case of any electronic communication made by a
Lender to the Agent only if it is addressed in such a manner as the Agent shall specify for
this purpose.
	 
	30.7	 	English language
	 
	(a)	 	Any notice given under or in connection with any Finance Document must be in English.
	 
	(b)	 	All other documents provided under or in connection with any Finance Document must be:

	 	(i)	 	in English; or
	 
	 	(ii)	 	if not in English, and if so required by the Agent, accompanied by a certified
English translation and, in this case, the English translation will prevail unless the
document is a constitutional, statutory or other official document.

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

	 	(i)	 	the Agent and the Lender agree;
	 
	 	(ii)	 	the Borrower and the Agent designate an electronic website for this purpose;
	 
	 	(iii)	 	the Borrower notifies the 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 Agent.

	 	 	The Agent must supply each relevant Lender with the address of and password for the website.
	 
	(b)	 	Notwithstanding the above, the Borrower must supply to the Agent in paper form a copy of any
information posted on the website together with sufficient copies for:

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

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

	 	(i)	 	the website cannot be accessed due to a technical failure;
	 
	 	(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

83

 

	 	(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 Agent is satisfied that
the circumstances giving rise to the notification are no longer continuing.
	 
	31.	 	CALCULATIONS AND CERTIFICATES
	 
	31.1	 	Accounts
	 
	 	 	In any litigation or arbitration proceedings arising out of or in connection with a Finance
Document, the entries made in the accounts maintained by a Finance Party are prima facie
evidence of the matters to which they relate.
	 
	31.2	 	Certificates and Determinations
	 
	 	 	Any certification or determination by a Finance Party of a rate or amount under any Finance
Document is, in the absence of manifest error, prima facie evidence of the matters to which
it relates.
	 
	31.3	 	Day count convention
	 
	 	 	Any interest, commission or fee accruing under a Finance Document will accrue from day to
day and is calculated on the basis of the actual number of days elapsed and a year of 365
days or, in any case where the practice in the Relevant Interbank Market differs, in
accordance with that market practice.
	 
	32.	 	PARTIAL INVALIDITY
	 
	 	 	If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or
unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction will in any way be
affected or impaired.
	 
	33.	 	REMEDIES AND WAIVERS
	 
	 	 	No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any
right or remedy under the Finance Documents shall operate as a waiver, nor shall any single
or partial exercise of any right or remedy prevent any further or other exercise or the
exercise of any other right or remedy. The rights and remedies provided in this Agreement
are cumulative and not exclusive of any rights or remedies provided by law.
	 
	34.	 	AMENDMENTS AND WAIVERS
	 
	34.1	 	Required consents
	 
	(a)	 	Subject to Clause 34.2 (Exceptions) and Clause 34.4 (Amendments binding) any term of the
Finance Documents may be amended or waived only with the consent of the Majority Lenders and
the Obligors party thereto and any such amendment or waiver will be binding on all Parties.
	 
	(b)	 	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by
this Clause.
	 
	34.2	 	Exceptions
	 
	(a)	 	An amendment or waiver that has the effect of changing or which relates to:

84

 

	 	(i)	 	the definition of “Majority Lenders” in Clause 1.2 (Definitions);
	 
	 	(ii)	 	an extension to the date of payment of any amount under the Finance Documents
or to any Availability Period;
	 
	 	(iii)	 	a reduction in the Margin or the amount of any payment of principal, interest,
fees or commission payable;
	 
	 	(iv)	 	the currency in which any amount is payable under any Finance Document;
	 
	 	(v)	 	an increase in Commitment;
	 
	 	(vi)	 	a change to the Borrower or Guarantors other than in accordance with Clause
19.17 (Acceding Guarantors) or Clause 24 (Changes to the Obligors);
	 
	 	(vii)	 	any provision which expressly requires the consent of all the Lenders; or
	 
	 	(viii)	 	Clause 3.2 (Finance Parties’ rights and obligations), Clause 23 (Changes to the
Lenders), Clause 27.1 (Payments to Finance Parties) or this Clause 34.

	 	 	shall not be made without the prior consent of all the Lenders.
	 
	(b)	 	An amendment or waiver which relates to the rights or obligations of the Agent or a Mandated
Lead Arranger may not be effected without the consent of the Agent or such Mandated Lead
Arranger.
	 
	34.3	 	Releases
	 
	 	 	Except with the prior consent of all the Finance Parties, the Agent shall not have authority
to release:

	 	(a)	 	any Obligor from the subordination arrangements constituted by any Deed of
Subordination; or
	 
	 	(b)	 	any Obligor from any of its guarantee or other assurance obligations under this
Agreement,

	 	 	in each case, other than any such release as part of a disposal made pursuant to Clause
21.2(b) (Disposals).
	 
	34.4	 	Amendments binding
	 
	 	 	Without prejudice to the other provisions of this Agreement each Obligor confirms that if
the Borrower and the Finance Parties or any of them enter into any amendment or supplement
to, or restatement of, this Agreement, the Borrower’s execution of any such amendment,
supplement or restatement, whether or not expressly or purportedly made on behalf of that
Obligor, shall bind that Obligor without the need to obtain any confirmation or
acknowledgement from such Obligor. For this purpose, each Obligor, for the benefit of the
Finance Parties, irrevocably designates, appoints and empowers the Borrower as its agent and
attorney.
	 
	34.5	 	Disenfranchisement of Defaulting Lenders
	 
	(a)	 	For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority
Lenders or whether any given percentage (including unanimity) of the Total Commitments has
been obtained to approve any request for a consent, waiver, amendment or other vote under the
Finance Documents, that Defaulting Lender’s Commitment will be reduced by the amount of its
Available Commitments.

85

 

	(b)	 	For the purposes of this Clause, the Agent may assume that the following Lenders are
Defaulting Lenders:

	 	(i)	 	any Lender which has notified the Agent that it has become a Defaulting Lender;
	 
	 	(ii)	 	any Lender in relation to which it is aware that any of the events of
circumstances referred to in the definition of “Defaulting Lender” has occurred,

	 	 	unless it has received notice to the contrary from the Lender concerned (together with any
supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that
the Lender is not or has ceased to be a Defaulting Lender.
	 
	35.	 	COUNTERPARTS
	 
	 	 	Each Finance Document may be executed in any number of counterparts, and this has the same
effect as if the signatures on the counterparts were on a single copy of the Finance
Document.
	 
	36.	 	GOVERNING LAW
	 
	 	 	This Agreement and any non-contractual obligations arising out of or in connection with it
are governed by English law.
	 
	37.	 	ENFORCEMENT
	 
	37.1	 	Jurisdiction of English courts
	 
	(a)	 	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in
connection with this Agreement (including a dispute regarding the existence, validity or
termination of this Agreement) (a Dispute).
	 
	(b)	 	The Parties agree that the courts of England are the most appropriate and convenient courts
to settle Disputes and accordingly no Party will argue to the contrary.
	 
	(c)	 	This Clause is for the benefit of the Finance Parties only. As a result, no Finance Party
shall be prevented from taking proceedings relating to a Dispute in any other courts with
jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent
proceedings in any number of jurisdictions.

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement.

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SCHEDULE 1

THE ORIGINAL PARTIES

PART 1

THE OBLIGORS

	 	 	 
	Name of Borrower
	 	Registration number (or equivalent, if any)
	 
	 	 
	British Sky Broadcasting Group PLC
	 	2247735
	Grant Way
	 	 
	Isleworth
	 	 
	Middlesex
	 	 
	TW7 5QD
	 	 
	 
	 	 
	Fax: 020 7705 3453
	 	 
	Attention: Chief Financial Officer
	 	 
	 
	 	 
	Name of Original Guarantor
	 	Registration number (or equivalent, if any)
	 
	 	 
	British Sky Broadcasting Limited
	 	2906991
	Grant Way
	 	 
	Isleworth
	 	 
	Middlesex
	 	 
	TW7 5QD
	 	 
	 
	 	 
	Fax: 020 7705 3453
	 	 
	Attention: Chief Financial Officer
	 	 
	 
	 	 
	BSkyB Finance UK plc
	 	5576975
	Grant Way
	 	 
	Isleworth
	 	 
	Middlesex
	 	 
	TW7 5QD
	 	 
	 
	 	 
	Fax: 020 7705 3453
	 	 
	Attention: Chief Financial Officer
	 	 
	 
	 	 
	BSkyB Investments Limited
	 	5374700
	Grant Way
	 	 
	Isleworth
	 	 
	Middlesex
	 	 
	TW7 5QD
	 	 
	 
	 	 
	Fax: 020 7705 3453
	 	 
	Attention: Chief Financial Officer
	 	 

87

 

	 	 	 
	Name of Borrower
	 	Registration number (or equivalent, if any)
	 
	BSkyB Publications Limited
	 	3071751
	Grant Way
	 	 
	Isleworth
	 	 
	Middlesex
	 	 
	TW7 5QD
	 	 
	 
	 	 
	Fax: 020 7705 3453
	 	 
	Attention: Chief Financial Officer
	 	 
	 
	 	 
	Sky In-Home Service Limited
	 	2067075
	Grant Way
	 	 
	Isleworth
	 	 
	Middlesex
	 	 
	TW7 5QD
	 	 
	 
	 	 
	Fax: 020 7705 3453
	 	 
	Attention: Chief Financial Officer
	 	 
	 
	 	 
	Sky Subscribers Services Limited
	 	2340150
	Grant Way
	 	 
	Isleworth
	 	 
	Middlesex
	 	 
	TW7 5QD
	 	 
	 
	 	 
	Fax: 020 7705 3453
	 	 
	Attention: Chief Financial Officer
	 	 

88

 

PART 2

THE AGENT AND THE ORIGINAL LENDERS

	 	 	 	 	 
	The Original Lenders	 	Commitment (£)
	Banco Santander, S.A., London Branch

	 	 	68,200,000	 
	Bank of America, N.A.

	 	 	68,180,000	 
	Bank of China Limited, London Branch

	 	 	68,180,000	 
	Barclays Bank PLC

	 	 	68,180,000	 
	BNP Paribas

	 	 	68,180,000	 
	Credit Suisse

	 	 	68,180,000	 
	Deutsche Bank AG London Branch

	 	 	68,180,000	 
	JPMorgan Chase Bank, N.A.

	 	 	68,180,000	 
	Morgan Stanley Bank, N.A.

	 	 	68,180,000	 
	Société Générale

	 	 	68,180,000	 
	The Royal Bank of Scotland plc

	 	 	68,180,000	 

The Agent

	 	 	 
	Agent	 	Contact Details
	Barclays Bank PLC

	 	5, The North Colonnade
	 

	 	Canary Wharf
	 

	 	London
	 

	 	E14 4BB
	 
	 	 
	 

	 	Contact: Head of Agency
	 

	 	Fax: 020 7773 4893

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SCHEDULE 2

CONDITIONS PRECEDENT TO INITIAL UTILISATION

	1.	 	A copy, certified as a true, complete and up-to-date copy by the Company Secretary or a
Director of the relevant company of the Memorandum and Articles of Association or equivalent
constitutional documents of the Borrower and the Original Guarantors.
	 
	2.	 	A copy, certified as a true copy by the Company Secretary or a Director of the relevant
company, of resolutions of the Board of Directors or a Committee of the Board of Directors of
the Borrower and the Original Guarantors evidencing approval of the Finance Documents and
authorising its appropriate officers to execute and deliver the Finance Documents and to give
all notices and take all other action required under the Finance Documents together with, if
relevant, the resolutions of the Board of Directors appointing such Committee.
	 
	3.	 	If applicable, a certified copy of a resolution of the Board of Directors of the Borrower
and/or the Original Guarantors establishing any Committee of the Board of Directors referred
to in paragraph 2 above.
	 
	4.	 	A copy, certified as a true copy by the Company Secretary or a Director of the relevant
company, of a resolution, signed by all the holders of the issued and allotted shares in each
Original Guarantor approving the terms of, and the transactions contemplated by, this
Agreement.
	 
	5.	 	A certificate from a Director or the Company Secretary of the Borrower confirming that the
entry into and performance of this Agreement will not violate any borrowing or guaranteeing
limits or the equivalent contained in the memorandum and articles of association or equivalent
constitutional documents of any Obligor or otherwise.
	 
	6.	 	Specimen signatures, authenticated by the Company Secretary or a Director of the relevant
company, of the persons authorised in the resolutions of the Boards of Directors or
equivalent, as referred to in paragraph 2 above.
	 
	7.	 	An opinion of Allen & Overy LLP.
	 
	8.	 	An unaudited schedule of all Indebtedness of the Group as at the date of this Agreement.
	 
	9.	 	An unaudited schedule of all Hedging Arrangements of the Group in place as at the date of
this Agreement.
	 
	10.	 	The consolidated audited financial statements of the Group for the financial year ending
30 June 2008 and the consolidated unaudited financial statements of the Group for the
Half-Yearly Period ending on 31 December 2008.
	 
	11.	 	The audited financial statements of each Original Guarantor for the financial year ending
30 June 2008.
	 
	12.	 	Compliance Certificate for the period ending 31 December 2008.
	 
	13.	 	Each of the Finance Documents including the Fee Letters duly signed by the parties thereto.
	 
	14.	 	Evidence that all Existing Utilisations (if any) have been repaid in full, or will be repaid
in full from the first Utilisation (or contemporaneous first Utilisations) and no Existing
Commitment will continue to exist (following such repayment, if applicable).

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SCHEDULE 3

REQUESTS

PART 1

UTILISATION REQUEST

[FOR A LOAN]

From: British Sky Broadcasting Group PLC

To: [Agent]

Dated:

Dear Sirs

British Sky Broadcasting Group PLC

£750,000,000 Multi-currency revolving credit facility dated            June 2009

(the Facility Agreement)

We refer to the Facility Agreement. Terms defined in the Facility Agreement shall have the same
meanings where used in this Utilisation Request.

	1.	 	We wish to make a Utilisation on the following terms:

	 	 	 
	      Proposed Utilisation Date:

	 	[          ] (or, if that is not a Banking Day, the next Banking Day)
	 
	 	 
	      Currency of Loan:

	 	[          ]
	 
	 	 
	      Amount:

	 	[          ] or, if less, the Available Facility
	 
	 	 
	      Interest Period:

	 	[          ]

	2.	 	We confirm that each condition specified in Clause 5.2 (Further conditions precedent) is
satisfied on the date of this Utilisation Request.

3. The proceeds of this Loan should be credited to [account].

4. This Utilisation Request is irrevocable.

	 	 	 
	Yours faithfully
	 	 
	 
	 	 
	 

Authorised Officer of

	 	 
	British Sky Broadcasting Group PLC
	 	 

91

 

PART 2

UTILISATION REQUEST

[FOR A LETTER OF CREDIT]

From: British Sky Broadcasting Group PLC

To: [Agent]

Dated:

Dear Sirs

British Sky Broadcasting Group PLC

£750,000,000 Multi-currency revolving credit facility agreement dated            June 2009

(the Facility Agreement)

We refer to the Facility Agreement. Terms defined in the Facility Agreement shall have the same
meanings where used in this Utilisation Request.

	1.	 	We wish to arrange for a Letter of Credit to be issued on the following terms:

	 	 	 
	      Proposed Utilisation Date:

	 	[          ] (or, if that is not a Banking Day, the next Banking Day)
	 
	 	 
	      Maturity Date:

	 	[          ]
	 
	 	 
	      Currency:
	 	 
	 
	 	 
	      Amount:

	 	[          ] or, if less, the Available Facility (subject always to
the LC Limit)
	 
	 	 
	      Beneficiary:

	 	[          ] (the Beneficiary)

	 	 	Attached as Annex [A] are details of the documentation and other instruments evidencing the
guaranteed obligation.

	 	 	Attached as Annex [B] is the form of Letter of Credit required by the Beneficiary, as
previously approved by you.

	 	 	[Delivery instructions]

	2.	 	We confirm that each condition specified in Clause 5.2 (Further conditions precedent) is
satisfied on the date of this Utilisation Request.

	3.	 	This Utilisation Request is irrevocable.

	 	 	 
	Yours faithfully
	 	 
	 
	 	 
	 

Authorised Officer of

	 	 
	British Sky Broadcasting Group PLC
	 	 

92

 

SCHEDULE 4

MANDATORY COST FORMULAE

	1.	 	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of
compliance with (a) the requirements of the Bank of England and/or the Financial Services
Authority (or, in either case, any other authority which replaces all or any of its functions)
or (b) the requirements of the European Central Bank.

	2.	 	On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall
calculate, as a percentage rate, a rate (the Additional Cost Rate) for each Lender, in
accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the
Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to
the percentage participation of each Lender in the relevant Loan) and will be expressed as a
percentage rate per annum.

	3.	 	The Additional Cost Rate for any Lender lending from a Facility Office in a Participating
Member State will be the percentage notified by that Lender to the Agent. This percentage
will be certified by that Lender in its notice to the Agent to be its reasonable determination
of the cost (expressed as a percentage of that Lender’s participation in all Loans made from
that Facility Office) of complying with the minimum reserve requirements of the European
Central Bank in respect of loans made from that Facility Office.

	4.	 	The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom
will be calculated by the Agent as follows:

	 	(a)	 	in relation to a sterling Loan:

	 	 	 	 	 
	 

	 	AB+C(B–D)+E×0.01
100–(A+C)
	 	% per annum

	 	(b)	 	in relation to a Loan in any currency other than sterling:

	 	 	 	 	 
	 

	 	E×0.01
300
	 	% per annum.

	 	 	Where:

	 	A 	 	is the percentage of Eligible Liabilities (assuming these to be in excess of
any stated minimum) which that Lender is from time to time required to maintain as an
interest free cash ratio deposit with the Bank of England to comply with cash ratio
requirements.
	 
	 	B 	 	is the percentage rate of interest (excluding the Margin and the Mandatory Cost
and, if the Loan is an Unpaid Sum, the additional rate of interest specified in Clause
10.4 (Default interest) payable for the relevant Interest Period on the Loan.
	 
	 	C 	 	is the percentage (if any) of Eligible Liabilities which that Lender is
required from time to time to maintain as interest bearing Special Deposits with the
Bank of England.
	 
	 	D 	 	is the percentage rate per annum payable by the Bank of England to the Agent on
interest bearing Special Deposits.
	 
	 	E 	 	is designed to compensate Lenders for amounts payable under the Fees Rules and
is calculated by the Agent as being the average of the most recent rates of charge
supplied by

93

 

	 	 	 	the Reference Banks to the Agent pursuant to paragraph 7 below and expressed in
pounds per £1,000,000.

	5.	 	For the purposes of this Schedule:

	 	(a)	 	Eligible Liabilities and Special Deposits have the meanings given to them from
time to time under or pursuant to the Bank of England Act 1998 or (as may be
appropriate) by the Bank of England;
	 
	 	(b)	 	Fees Rules means the rules on periodic fees contained in the FSA Supervision
Manual or such other law or regulation as may be in force from time to time in respect
of the payment of fees for the acceptance of deposits;
	 
	 	(c)	 	Fee Tariffs means the fee tariffs specified in the Fees Rules under the
activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee
required pursuant to the Fees Rules but taking into account any applicable discount
rate); and
	 
	 	(d)	 	Tariff Base has the meaning given to it in, and will be calculated in
accordance with, the Fees Rules.

	6.	 	In application of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e. 5 per cent. will be included in the formula as 5 and not as 0.05). A
negative result obtained by subtracting D from B shall be taken as zero. The resulting
figures shall be rounded to four decimal places.

	7.	 	If requested by the Agent, each Reference Bank shall, as soon as practicable after
publication by the Financial Services Authority, supply to the Agent, the rate of charge
payable by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules
in respect of the relevant financial year of the Financial Services Authority (calculated for
this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that
Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff
Base of that Reference Bank.

	8.	 	Each Lender shall supply any information required by the Agent for the purpose of calculating
its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the
following information on or prior to the date on which it becomes a Lender:

	 	(a)	 	the jurisdiction of its Facility Office; and
	 
	 	(b)	 	any other information that the Agent may reasonably require for such purpose.

	 	 	Each Lender shall promptly notify the Agent in writing of any change to the information
provided by it pursuant to this paragraph.

	9.	 	The percentages of each Lender for the purpose of A and C above and the rates of charge of
each Reference Bank for the purpose of E above shall be determined by the Agent based upon the
information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that,
unless a Lender notifies the Agent to the contrary, each Lender’s obligations in relation to
cash ratio deposits and Special Deposits are the same as those of a typical bank from its
jurisdiction of incorporation with a Facility Office in the same jurisdiction as its Facility
Office.

	10.	 	The Agent shall have no liability to any person if such determination results in an
Additional Cost Rate which over or under compensates any Lender and shall be entitled to
assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3,
7 and 8 above is true and correct in all respects.

94

 

	11.	 	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost
to the Lenders on the basis of the Additional Cost Rate for each Lender based on the
information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8
above.

	12.	 	Any determination by the Agent pursuant to this Schedule in relation to a formula, the
Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the
absence of manifest error, be conclusive and binding on all Parties.

	13.	 	The Agent may from time to time, after consultation with the Borrower and the Lenders,
determine and notify to all Parties any amendments which are required to be made to this
Schedule in order to comply with any change in law, regulation or any requirements from time
to time imposed by the Bank of England, the Financial Services Authority or the European
Central Bank (or, in any case, any other authority which replaces all or any of its functions)
and any such determination shall, in the absence of manifest error, be conclusive and binding
on all Parties.

95

 

SCHEDULE 5

FORM OF TRANSFER CERTIFICATE

To:
Barclays Bank PLC as Agent

From: [The Existing Lender] (the Existing Lender) and [The New Lender] (the New Lender)

Dated:

British Sky Broadcasting Group PLC

£750,000,000 Multi-currency revolving credit facility agreement dated            June 2009

(the Facility Agreement)

We refer to the Facility Agreement. Terms defined in the Facility Agreement shall have the same
meanings where used in this Transfer Certificate.

	1.	 	We refer to Clause 23.5 (Procedure for transfer):

	 	(a)	 	The Existing Lender and the New Lender agree to the Existing Lender
transferring to the New Lender by novation all or part of the Existing Lender’s
Commitment, rights and obligations referred to in the Schedule in accordance with
Clause 23.5 (Procedure for transfer).
	 
	 	(b)	 	The proposed Transfer Date is
[          ].
	 
	 	(c)	 	The Facility Office and address, fax number and attention details for notices
of the New Lender for the purposes of Clause 30.2 (Addresses) are set out in the
Schedule.

	2.	 	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations
set out in Clause 23.4 (Limitation of responsibility of Existing Lenders).

	3.	 	The New Lender confirms that the person beneficially entitled to interest payable to that
Lender in respect of an advance under a Finance Document is a Qualifying Lender.

	4.	 	This Transfer Certificate may be executed in any number of counterparts and this has the same
effect as if the signatures on the counterparts were on a single copy of this Transfer
Certificate.

	5.	 	This Transfer Certificate is governed by English law.

96

 

THE SCHEDULE

Commitment/rights and obligations to be transferred

[insert relevant details – note that if top-up amounts are being transferred to the New Lender then
they must be included specifically, otherwise (under Clause 23.5(d) (Procedure for transfer)) they
will not be transferred]

[Facility Office address, fax number and attention details for notices and account details for payments,]

	 	 	 
	[Existing Lender]

	 	[New Lender]
	 
	 	 
	By:

	 	By:

This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [          ].

[Agent]

By:

97

 

SCHEDULE 6

FORM OF DEED OF GUARANTOR ACCESSION

THIS DEED dated [l] is supplemental to a revolving credit facility agreement (the Facility
Agreement) dated [l] 2009 and made between British Sky Broadcasting Group PLC as Borrower
(1), certain Subsidiaries of British Sky Broadcasting Group PLC whose names and registered offices
or principal places of business are set out in schedule 1 thereto as Original Guarantors (2),
Barclays Capital and [     ] as Mandated Lead Arrangers (3), the Lenders whose names and
addresses are set out in schedule 2 thereto as Lenders (4) and Barclays Bank PLC as Agent (5).
Terms defined in the Agreement shall bear the same meaning herein.

	1.	 	[Company] hereby agrees to be an Acceding Guarantor pursuant to Clause 19.17 (Acceding
Guarantors) of the Facility Agreement and accordingly undertakes henceforth to perform all the
obligations expressed to be undertaken under the Facility Agreement by a Guarantor in all
respects as if it had been party to the Facility Agreement as an Original Guarantor.

	2.	 	[Company] hereby represents and warrants to the Lenders in respect of itself in the terms of
the Repeating Representations.

	3.	 	[Company’s] administrative details are as follows, for the purpose of Clause 30 (Notices) of
the Agreement:

	 	 	 
	      Address

	 	[l]
	 
	 	 
	      Facsimile No.

	 	[l]
	 
	 	 
	      Attention

	 	[l]

	4.	 	This Deed is governed by and shall be construed in accordance with English law.

	5.	 	[(To be included where the Acceding Guarantor is a foreign company.] [Company] agrees for the
benefit of the Agent, the Mandated Lead Arrangers and the Lenders that any legal action or
proceedings arising out of or in connection with this Deed or the Facility Agreement against
it or any of its assets may be brought in the English courts, irrevocably and unconditionally
submits to the jurisdiction of such courts and irrevocably designates, appoints and
empowers[     ] at present of[     ] to receive for it and on its behalf,
service of process issued out of the English courts in any such legal action or proceedings.
The submission to such jurisdiction shall not (and shall not be construed so as to) limit the
right of the Agent, the Mandated Lead Arrangers and the Lenders to take proceedings against
[Company] in the courts of any other competent jurisdiction, nor shall the taking of
proceedings in any one or more jurisdictions preclude the taking of proceedings in any other
jurisdiction, whether concurrently or not.

IN WITNESS WHEREOF this Deed has been executed the day and year first before written.

	 	 	 	 	 	 	 	 	 
	EXECUTED as a DEED
	 	 	)	 	 	 	 	 
	BY [     ]
	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	Director
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	Director/Secretary

98

 

SCHEDULE 7

DOCUMENTS AND EVIDENCE TO BE DELIVERED BY ACCEDING GUARANTORS

	1.	 	A copy, certified as true, complete and up to date by the Company Secretary or a Director of
the relevant Group Member of the Certificate of Incorporation and the Memorandum and Articles
of Association (or equivalent constitutional documents) of the relevant Group Member.

	2.	 	A copy, certified as a true copy by the Company Secretary or a Director of the relevant Group
Member, of resolutions of the Board of Directors (or equivalent) of the relevant Group Member,
evidencing approval of this Agreement and the relevant Deed of Guarantor Accession and
authorising its appropriate officers to execute and deliver such Deed of Guarantor Accession.

	3.	 	A copy, certified as a true copy by the Company Secretary or a Director of the relevant Group
Member, of a resolution, signed by all the holders of the issued and allotted shares in the
relevant Group Member approving the terms of, and the transactions contemplated by, this
Agreement and the relevant Deed of Guarantor Accession.

	4.	 	A copy, certified as a true copy by the Company Secretary or a Director of the relevant Group
Member of all consents, authorisations, licences and approvals required by the relevant Group
Member to authorise, or required by the relevant Group Member in connection with, the
execution, delivery, validity, enforceability and admissibility in evidence of this Agreement
and the relevant Deed of Guarantor Accession and the performance by the relevant Group Member
of its obligations under the relevant Deed of Guarantor Accession and this Agreement.

	5.	 	Specimen signatures, authenticated by the company secretary or equivalent officer of the
relevant Group Member of the persons authorised in the resolutions of the Board of Directors
or equivalent, referred to in paragraph (b), above.
	 
	6.	 	An opinion of Allen & Overy LLP.

	7.	 	If the relevant Group Member is not incorporated in England and Wales, an opinion of legal
advisers in the country of incorporation of the relevant Group Member to the Agent, dated not
more than 15 Banking Days prior to the date of the relevant Deed of Guarantor Accession, in a
form satisfactory to the Agent.

	8.	 	In the case of a Group Member not incorporated in England and Wales, a copy, certified as a
true copy by the company secretary or equivalent officer of the relevant Group Member of a
letter from the agent of the relevant Group Member for receipt of service of process referred
to in the Deed of Guarantor Accession accepting its appointment.

	9.	 	The most up-to-date financial statements of the relevant Group Member.

	10.	 	A certificate from the Director of the relevant Group Member confirming that the guaranteeing
of the Facility will not violate any borrowing or guaranteeing limits or the equivalent
imposed under its Memorandum and Articles of Association or equivalent constitutional
documents or otherwise.

99

 

SCHEDULE 8

FORM OF COMPLIANCE CERTIFICATE

Barclays Bank PLC

[l]

			
	 	 	 
	Attention: [l]
	 	[Date]

Dear Sirs

British Sky Broadcasting Group PLC

£750,000,000 Multi-currency revolving credit facility agreement dated            June 2009

(the Facility Agreement)

We refer to the Facility Agreement and deliver this certificate in respect of the [Half-Yearly
Period][financial year] of the Group ended [l] pursuant to [Clause 21.4 (Financial
undertakings)] [paragraph 12 of Schedule 2 (Conditions Precedent to Initial Utilisation)] of the
Facility Agreement. Terms defined in the Facility Agreement shall have the same meaning when used
in this Certificate.

We confirm that, based on the financial statements delivered to the Agent pursuant to [Clause
21.1(d) (Financial statements)] [paragraph 10 of Schedule 2 (Conditions Precedent to Initial
Utilisation)] of the Facility Agreement in respect of the [Half-Yearly Period][financial year] of
the Borrower and its Subsidiaries ended [l]:

	(a)	 	as at the last day of such [Half-Yearly Period] [financial year] Net Debt was [l],
[including all Hedging Arrangements as specified in the attached schedule].

	(b)	 	EBITDA in respect of such [Half-Yearly Period] [financial year] was [l]. EBITDA in
respect of the previous Half-Yearly Period was [l].

	(c)	 	Consolidated Interest Charges in respect of such [Half-Yearly Period] [financial year] were
[l]. Consolidated Interest Charges in respect of the previous Half-Yearly Period were [l]*.

Based on the above and such statements, we confirm that on the last day of such[Half-Yearly
Period][financial year]:

	(a)	 	the ratio of Net Debt to EBITDA was [l].
	 
	(b)	 	the ratio of EBITDA to Consolidated Interest Charges was [l].

No Event of Default is continuing and therefore the Margin should be [l] per cent. per annum.

Accordingly, we confirm that the Borrower is in compliance with its obligations set out at Clause
21.4 (Financial undertakings) of the Facility Agreement. [Not applicable to the Compliance
Certificate to be delivered pursuant to paragraph 12 of Schedule 2 (Conditions Precedent to Initial
Utilisation)]

We confirm that all calculations have been performed in accordance with the Testing Accounting
Principles.

For and on behalf of

British Sky Broadcasting Group PLC

 

			
	*	 	Not in the case of a certificate in respect of a
financial year.

100

 

	 	 	 
	 

Chief Financial Officer/Director

	 	 

101

 

SCHEDULE 9

TIMETABLES

	 	 	 	 	 	 	 
	 	 	 	 	Loans in	 	Loans in Optional
	 	 	Letters of Credit	 	sterling	 	Currencies
	The Borrower
requests an
Optional Currency
in accordance with
Clause 5.3
(Conditions
relating to
Optional
Currencies)

	 	 	 	 	 	4.00 p.m., U-Day
minus four Banking
Days
	 
	 	 	 	 	 	 
	Agent notifies the
Borrower if a
currency is
approved as an
Optional Currency
in accordance with
Clause 5.3
(Conditions
relating to
Optional
Currencies)

	 	 	 	 	 	2.00 p.m., U-Day
minus three Banking
Days
	 
	 	 	 	 	 	 
	Delivery of a duly
completed
Utilisation Request
(Clause 6.1
(Delivery of a
Utilisation
Request))

	 	11.00 a.m., U-Day
minus five Banking
Days
	 	9.00 a.m., U-Day
	 	5.00 p.m., U-Day
minus three Banking
Days
	 
	 	 	 	 	 	 
	Agent notifies the
Lenders of the
details of the
Utilisation in
accordance with
Clause 6.4
(Lenders’
participation)

	 	 	 	10.00 a.m., U-Day
	 	9.30 a.m., U-Day
minus two Banking
Days
	 
	 	 	 	 	 	 
	Delivery of a
completed Renewal
Request (Clause
6.6(h) (Renewal of
a Letter of
Credit))

	 	five Banking Days
prior to the
relevant Expiry
Date	 	 	 	 
	 
	 	 	 	 	 	 
	Agent receives a
notification from a
Lender under Clause
7.2 (Unavailability
of a currency)

	 	 	 	 	 	10.00 a.m., U-Day
minus two Banking
Days
	 
	 	 	 	 	 	 
	Agent gives notice
in accordance with
Clause 7.2
(Unavailability of
a currency)

	 	 	 	 	 	10.30 a.m., U-Day
minus two Banking
Days
	 
	 	 	 	 	 	 

U-Day means Utilisation Date

The timetable for any proposed Utilisation by way of Letter of Credit shall be determined on a
case-by-case basis.

	 	 	 	 	 	 	 
	LIBOR or EURIBOR is fixed

	 	Quotation Day as of
11.00 a.m. London
time in respect of
LIBOR and as of
11.00 a.m.
(Brussels time) in
respect of EURIBOR
	 	Quotation Day as of
11.00 a.m.
	 	Quotation Day as of
11.00 a.m.

102

 

SCHEDULE 10

FORM OF LETTER OF CREDIT

To: [Beneficiary]

[Date]

Dear Sirs,

[Details of Letter of Credit]

	1.	 	The banks listed in paragraph 3 below (the Lenders) understand that:

	 	(a)	 	[     ] (the Beneficiary) has entered into an agreement on
[     ] (the Agreement) with [     ] (the Company) in connection with
[transaction description]; and

	 	(b)	 	the Company has agreed to provide to the Beneficiary in connection with the
Agreement a [guarantee (this Guarantee)] for an aggregate amount not exceeding
[     ] ([Currency] [     ]) (the Guaranteed Amount).

	2.	 	Each Lender irrevocably (subject to the terms hereof) guarantees to the Beneficiary that, if
the Company has failed to pay to the Beneficiary any amount payable under the Agreement for a
period of ten days after such amount becomes due, then, within ten days of receipt of a
written claim (the Claim) from the Beneficiary in the form set out in Appendix 1, that Lender
shall, subject to such Lender’s maximum liability specified in paragraph 3 below, pay its
percentage of any sum demanded in that Claim in accordance with the following provisions of
this Guarantee and confirmed in the Claim to be due and payable under the Agreement into the
following account, such payment being in satisfaction of the Claim of the Beneficiary:

	 	 	 	 	 
	      [
	 	 	 	 
	 
	 	 	 	 
	

	 	
	 	]
	 
	 	 	 	 
	     Account ref:

	 	      ]
	 	 
	 
	 	 	 	 
	      Account no:

	 	[     ]	 	 
	 
	 	 	 	 
	      [Sort code:

	 	[     ]	 	 

	3.	 	The maximum aggregate liability of the Lenders under this Guarantee shall not exceed the
Guaranteed Amount. The liability of each of the Lenders under this Guarantee shall not exceed
the percentage set opposite its name below of the Guaranteed Amount:

	 	 	 	 	 
	 	 	Name	 	Percentage
	     1

	 	 	 	[     ]
	 
	 	 	 	 
	     2

	 	 	 	[     ]
	 
	 	 	 	 
	     3

	 	 	 	[     ]

103

 

	 	 	 	 	 
	 	 	Name	 	Percentage
	     4

	 	 	 	[     ]
	 
	 	 	 	 
	     [etc.]
	 	 	 	 

	4.	 	The obligations of each Lender under this Guarantee are several. Failure of a Lender to
carry out its obligations under this Guarantee shall not relieve any other Lender of its
obligations under this Guarantee. No Lender shall be responsible for the obligations of any
other Lender under this Guarantee.

	5.	 	A Claim under this Guarantee by the Beneficiary must be received in writing by Barclays Bank
PLC as agent for the Lenders (in this capacity the Agent) at its office at 5, The North
Colonnade, Canary Wharf, London E14 4BB marked for the attention of Head of Agency, on any
date on or after [ ] but not later than [ten Banking Days before the Termination Date of the
£750m RCF] (the Expiry Date) accompanied by the signed statement of the Beneficiary that the
Company has failed to fulfil its payment obligations under the Agreement in respect of a
specified amount for a period of ten days as set out in the Claim. Without prejudice to any
rights the Company may have directly against the Beneficiary or any disputes raised by the
Company, any Claim shall be accepted under this Guarantee as conclusive evidence that the
amount claimed is due to the Beneficiary.

	6.	 	A Claim under this Guarantee shall be made in writing (which shall not include facsimile,
telex, cable or similar forms of communication) and shall be effective upon actual receipt at
the office of the Agent referred to in paragraph 5 above. No Claim may be validly made unless
it is accompanied by a certified copy of a demand made on the Company in respect of the sum
demanded in that Claim.

	7.	 	A Claim must bear the confirmation of the [bankers] of the Beneficiary that the signatories
are authorised to sign that Claim.

	8.	 	The liability of a Lender under this Guarantee shall be discharged in full prior to the
Expiry Date on the date (the Discharge Date) when either (a) the Beneficiary delivers a notice
to the Agent confirming that such Lender is discharged from all liabilities under this
Guarantee, substantially in the form set out in Appendix 2 or (b) such Lender pays the
Beneficiary an amount equal to its then maximum liability under this Guarantee.

	9.	 	This Guarantee shall remain valid until the Expiry Date or, if earlier, the Discharge Date,
after which it shall become null and void whether returned to the Agent for cancellation or
not and no Claim may be made on the Lenders. A Claim received after the Expiry Date or, if
earlier, the Discharge Date shall be ineffective. This Guarantee shall be returned by the
Beneficiary to the Agent on the Expiry Date or, if earlier, the Discharge Date.

	10.	 	(a)	 	This Guarantee and the rights under it are personal to the Beneficiary and are not
transferable or assignable.
	 
	 	 	(b)	 	A Lender shall not be entitled to transfer any part of its obligations under
this Guarantee unless and to the extent that it procures that a transferee (acceptable
to the Beneficiary, acting reasonably) issues a guarantee on substantially the same
terms as this Guarantee in favour of the Beneficiary in respect of the obligations to
be transferred to that Lender, whereupon the maximum liability of that Lender under
this Guarantee shall be reduced accordingly. Following any such transfer the
Beneficiary and the Lenders shall endorse this Guarantee with a memorandum recording
the reduction in the Lender’s maximum liability hereunder.

104

 

	11.	 	Any payment under this Guarantee will satisfy the obligations of the Company pro tanto. Upon
making any payment under this Guarantee, the Lenders shall be subrogated to the rights of the
Beneficiary in respect of the amount paid.

	12.	 	This Guarantee shall be governed by and construed in accordance with the laws of England and
shall be subject to the exclusive jurisdiction of the English courts. Only the courts of
England and not those of any other jurisdiction shall have jurisdiction in any proceedings the
Beneficiary may initiate against the Agent or the Lenders arising out of or in connection with
this letter where indicated below.

Please confirm your agreement to the terms of this Guarantee by counter-signing this letter where
indicated below.

	 	 	 
	Yours faithfully
	 	 
	 
	 	 
	 

For and on behalf of

	 	 
	[The Lenders]
	 	 
	 
	 	 
	We agree to the above
	 	 
	 
	 	 
	 

For and on behalf of

	 	 
	[Beneficiary]
	 	 

105

 

APPENDIX 1

FORM OF CLAIM

			
	To:	 	Barclays Bank PLC

[Address

Contact]

[Date]

Dear Sirs,

	1.	 	We refer to the guarantee dated [     ] (the Guarantee) executed by the Agent on
behalf of the Lenders in our favour (copy attached). This is a Claim under the Guarantee.

	2.	 	We claim [     ] under the Guarantee. We confirm that [     ] has failed to
fulfil its payments obligations under the Agreement in the same amount for a period of ten
days after the due date. We attach a certified copy of a demand made on [     ].

	3.	 	Terms defined in the Guarantee have the same meaning in this letter. This Claim shall be
governed by and construed in accordance with English law.

	 	 	 
	Yours faithfully,
	 	 
	 
	 	 
	 

Name:

	 	 
	Position:
	 	 
	 
	 	 
	duly authorised, for and on behalf of
	 	 
	[Beneficiary]
	 	 

106

 

APPENDIX 2

FORM OF DISCHARGE

			
	To:	 	Barclays Bank PLC

[Address

Contact]

[Date]

Dear Sirs,

	1.	 	We refer to the guarantee dated [     ] (the Guarantee) executed by you as Agent for
the Lenders in our favour.

	2.	 	We confirm that the [Lender is] [Lenders are] irrevocably discharged from all liabilities
under the Guarantee.

3. [We hereby return the Guarantee for retention by the Agent.]

This Discharge shall be governed by and construed in accordance with English law.

Yours faithfully,

	 	 	 
	 

Name:

	 	 
	Position:
	 	 
	 
	 	 
	duly authorised, for and on behalf of
	 	 
	[Beneficiary]
	 	 

107

 

SIGNATORIES

	 	 	 	 	 
	The Borrower
	 	 	 	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BRITISH SKY BROADCASTING
	 	 	)	 
	GROUP PLC
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	The Guarantors
	 	 	 	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BRITISH SKY BROADCASTING
	 	 	)	 
	LIMITED
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BSKYB FINANCE PLC
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BSKYB INVESTMENTS LIMITED
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BSKYB PUBLICATIONS LIMITED
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	SKY IN-HOME SERVICE LIMITED
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	SKY SUBSCRIBERS SERVICES
	 	 	)	 
	LIMITED
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 

108

 

	 	 	 	 	 
	The Mandated Lead Arrangers
	 	 	 	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BANC OF AMERICA SECURITIES LIMITED
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BANCO SANTANDER, S.A., LONDON
	 	 	)	 
	BRANCH
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BANK OF CHINA LIMITED, LONDON
	 	 	)	 
	BRANCH
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BARCLAYS CAPITAL
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BNP PARIBAS
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	CREDIT SUISSE
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	DEUTSCHE BANK AG LONDON BRANCH
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 

109

 

	 	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	J.P. MORGAN PLC
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	MORGAN STANLEY BANK
	 	 	)	 
	INTERNATIONAL LIMITED
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	SOCIETE GENERALE CORPORATE &
	 	 	)	 
	INVESTMENT BANKING
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	THE ROYAL BANK OF SCOTLAND PLC
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	The Lenders
	 	 	 	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BANCO SANTANDER, S.A., LONDON
	 	 	)	 
	BRANCH
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BANK OF AMERICA, N.A.
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BANK OF CHINA LIMITED, LONDON
	 	 	)	 
	BRANCH
	 	 	)	 
	by:
	 	 	)	 

110

 

	 	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BARCLAYS BANK PLC
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BNP PARIBAS
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	CREDIT SUISSE
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	DEUTSCHE BANK AG LONDON BRANCH
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	JPMORGAN CHASE BANK, N.A.
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	MORGAN STANLEY BANK, N.A.
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	SOCIÉTÉ GÉNÉRALE
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	THE ROYAL BANK OF SCOTLAND PLC
	 	 	)	 
	 
	 	 	)	 
	by:
	 	 	)	 

111

 

	 	 	 	 	 
	The Agent
	 	 	 	 
	 
	 	 	 	 
	SIGNED for and on behalf of
	 	 	)	 
	BARCLAYS BANK PLC
	 	 	)	 
	by:
	 	 	)	 

112Exhibit 10.2

Exhibit 10.2

MONSTER WORLDWIDE, INC.

RESTRICTED STOCK AWARD

GRANT NOTICE

MONSTER WORLDWIDE, INC., a Delaware corporation (the “Company”), hereby notifies [Participant
Name] (the “Participant”) of a grant of Restricted Stock by the Committee to the Participant on
[Grant Date] (the “Grant Date”) pursuant to the Company’s 2008 Equity Incentive Plan, as amended
(the “Plan”), upon such terms and subject to such forfeiture and other conditions as set forth in
this Grant Notice and the Plan. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan.

1. Grant of the Restricted Stock. Subject to the terms and conditions of the Plan and
this Grant Notice, the Participant has been granted as Restricted Stock [Number of Shares] shares
of Common Stock for a purchase price of zero ($0.00). The Restricted Stock shall vest and become
nonforfeitable, if at all, in accordance with Section 2 hereof.

2. Vesting.

(a) Subject to the Participant’s continuous employment by the Company and its Affiliates, the
Restricted Stock granted to the Participant shall vest and become nonforfeitable as to the
percentage of the Restricted Stock indicated on the dates specified below (each a “Restricted Stock
Vesting Date”):

	 	 	 	 	 
	 	 	Percentage of Restricted	 
	Date	 	Stock Becoming Vested	 
	First Anniversary of Grant Date
	 	 	25	%
	Second Anniversary of Grant Date
	 	 	25	%
	Third Anniversary of Grant Date
	 	 	25	%
	Fourth Anniversary of Grant Date
	 	 	25	%

In the event the above vesting schedule results in the vesting of any fractional share of Common
Stock, such fractional share of Common Stock shall not be deemed vested hereunder but shall vest
and become nonforfeitable when such fractional share of Common Stock aggregates a whole share of
Common Stock.

(b) If the Participant’s continued employment by the Company and its Affiliates is terminated
or terminates for any reason (other than death or Disability), then the Restricted Stock, to the
extent not then vested, shall be forfeited by the Participant to the Company without consideration;
provided, however, that if the Participant’s continued service terminates because of the
Participant’s death or Disability, then the Restricted Stock, to the extent not then vested and not
previously forfeited, shall immediately become fully vested.

 

 

 

(c) Notwithstanding any other provision of this Grant Notice to the contrary, in the event
that a Change in Control shall occur prior to the date that all of the Restricted Stock is vested,
then to the extent not previously forfeited all of the unvested Restricted Stock shall vest
effective upon the Change in Control. In the event that a Change in Control occurs on a date prior
to the date that a Participant is determined to be Disabled for purposes of the Plan and this Grant
Notice, but the Committee, in its sole determination, expects the Participant to be Disabled at the
end of the 9-month period referred to in Section 3(a) of this Grant Notice, then all of the
unvested Restricted Stock of such Participant, to the extent not previously forfeited, shall vest
upon the date of the Change in Control.

(d) In the event that any calendar date on which vesting is purportedly scheduled pursuant to
the terms of Section 2 is not a Business Day, the vesting shall automatically be delayed until the
first Business Day following that calendar date. “Business Day” means a date on which commercial
banks in New York, New York are open for general business.

(e) Notwithstanding any provision of this Grant Notice to the contrary, any and all dividends
(whether cash, Common Stock, securities or other property) that may be payable with respect to
Restricted Stock that is not vested at the time such dividend is payable shall not be paid.
Instead, dividends on such unvested Restricted Stock shall vest, become nonforfeitable and be paid
or delivered (without interest), if at all, when, as and only to the extent that the Restricted
Stock in respect of which such dividend was payable shall vest and become nonforfeitable pursuant
to this Grant Notice. Any dividends on such unvested Restricted Stock shall be forfeited when such
Restricted Stock in respect of which such dividend was payable shall be forfeited, and references
in this Grant Notice to Restricted Stock that is not vested shall include the dividends payable in
respect of such unvested Restricted Stock.

3. Certain Definitions. The following term shall have the following meaning:

(a) “Disability” or “Disabled” means, notwithstanding any definition in the Plan, that, in the
determination of the Committee, the Participant is both (i) unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or that can be expected to last for a continuous period of not less
than 12 months and (ii) (x) in case the Participant is eligible for the long term disability
program offered to United States-based employees by the Company or its Affiliates, the Participant
has actually received long term disability benefits for no less than 9 months or (y) in case the
Participant is not eligible for such long term disability program solely by virtue of not having
been based in the United States, the Participant would have been eligible to receive long term
disability benefits for no less than 9 months but for the Participant not being based in the United
States. For purposes of Section 2(b) above, it is understood that the Disability shall be deemed
to be incurred on the last day of the 9-month period contemplated in clause (ii) of the immediately
preceding sentence. In the event the Participant has met the condition set forth in clause (i) of
the first sentence of this definition but does not satisfy the condition set forth in clause (ii)
of this definition solely by reason of the Participant’s death, then the provisions of such clause
(ii) shall be deemed to have been satisfied and for purposes of Section 2(b) above the Disability
shall be deemed to be incurred on the date of such death.

 

2

 

4. Delivery of Restricted Stock. The Restricted Stock subject to this Grant Notice
shall be maintained in “book-entry” form, registered in the Participant’s name on the books of the
Company, and no actual certificates therefore shall be delivered by the Company. As and to the
extent the Restricted Stock shall vest pursuant to Section 2, the Company shall cause the shares of
vested Restricted Stock (net of any shares required to be withheld) to be credited to the
Participant’s account with the third party administering the Company’s equity awards programs
(currently Charles Schwab) (the “Administrator”). It is a condition to the Company’s obligation to
deliver any evidence of the shares of vested Restricted Stock to the Participant pursuant to this
Grant Notice that the Participant shall have opened an account with the Administrator. The
Participant shall be the record owner of the Restricted Stock until such Restricted Stock is
forfeited pursuant to Section 2 hereof. As record owner, the Participant shall be entitled to all
rights of a holder of the Common Stock, except (1) as set forth in Section 2(e) of this Grant
Notice, (2) that any and all shares of Common Stock or other securities received by the Participant
with respect to the unvested Restricted Stock as a result of a stock split, spin-off, split-off,
recapitalization, capital reorganization, reclassification of shares of Common Stock, merger or
consolidation shall be deemed to be Restricted Stock subject to all of the provisions of this Grant
Notice and shall vest at the same time as the Restricted Stock giving rise to such additional
shares or securities received, and (3) that until the Restricted Stock Vesting Date, the Restricted
Stock shall be subject to the limitations on transfer set forth in the Plan and Section 10 of this
Grant Notice, and the Company may so limit transfers of the Restricted Stock on its books.

5. No Employment Rights; Termination of Employment. Nothing in this Grant Notice
shall give the Participant any right to continue in the employment of the Company or any of its
Affiliates or to interfere in any way with the right of the Company or any of its Affiliates to
terminate the employment of the Participant. For purposes of this Grant Notice, a Participant’s
continued employment shall not be deemed terminated solely by virtue of the Participant’s voluntary
cessation of employment in circumstances that the Committee determines are reasonably likely to
result in a Disability for so long as the Committee determines that the Participant continues to
satisfy the conditions that would ultimately lead to the Committee’s determination that the
Participant has incurred a Disability.

6. Plan Provisions. The provisions of the Plan shall govern, and if or to the extent
that there are inconsistencies between those provisions and the provisions hereof, the provisions
of the Plan shall govern. A copy of the Plan is available on the Company’s global Intranet Web
site, currently located at http://insideworldwide.com.

7. Withholding. In the event that prior to any Restricted Stock Vesting Date the
Participant has not provided the Company with notice (which may be by written notice or by an
election made via the website operated by the Administrator) (the “Payment Notice”) to the effect
that the Participant will provide the Company (or the Administrator on the Company’s behalf)
payment of the amount, if any, deemed necessary by the Company in its reasonable discretion to
enable the Company and its Affiliates to satisfy the minimum federal, foreign or other tax
withholding or similar obligations of the Company and its Affiliates with respect to the shares of
Common Stock vesting on such Restricted Stock Vesting Date, or in the event the Participant
provides the Payment Notice but does not deliver payment of the appropriate amount to the Company
(or the Administrator on the Company’s behalf) by such Restricted Stock
Vesting Date, then the Company shall satisfy the minimum federal, foreign or other tax
withholding or similar obligation of the Company and its Affiliates with respect to such vesting by
withholding the number of whole shares of Common Stock (on and valued as of the Restricted Stock
Vesting Date) sufficient to satisfy such minimum withholding and other obligations.

 

3

 

8. Notices. All notices or other communications to be given or delivered in
connection with this Grant Notice shall be either in electronic format or in writing and shall be
deemed to have been properly served if delivered electronically, personally, by courier, or by
certified or registered mail, return receipt requested and first class postage prepaid, in the case
of notices to the Company, to the attention of Director of Human Resources, at the Company’s
offices at 5 Clock Tower Place, Suite 500, Maynard, MA 01754 and in the case of notices to the
Participant, to the Participant’s last known address (as noted in the Participant’s personnel file)
or such other addresses (including any electronic mail addresses) as the recipient party has
specified by prior notice to the sending party. All such notices and communications shall be deemed
received upon the actual delivery thereof in accordance with the foregoing.

9. Binding Effect; Headings. This Grant Notice shall be binding upon and shall inure
to the benefit of the Company, the Participant and their respective successors and permitted
assigns. The subject headings of Sections are included for the purpose of convenience only and
shall not affect the construction or interpretation of any of the provisions of this Grant Notice.

10. Non-Assignability, Etc. The Restricted Stock may not be assigned, alienated,
pledged, attached, hypothecated, sold or otherwise transferred or encumbered by the Participant and
any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance of the
Restricted Stock shall be void and unenforceable against the Company.

11. Securities Laws; Insider Trading. The Committee may from time to time impose any
conditions on the Restricted Stock as it deems necessary or advisable to ensure that the Plan, this
Grant Notice and the issuance and resale or any securities comply with all applicable securities
laws, including without limitation the Securities Act and Rule 16b-3 under the Exchange Act. Such
conditions may include, among other things, the requirement that certificates for shares of Common
Stock to be issued to the Participant hereunder contain a restrictive legend in such form and
substance as may be determined by the Committee. Without limiting the foregoing, it is understood
that Affiliates of the Company may resell Common Stock only pursuant to an effective registration
statement under the Securities Act, pursuant to Rule 144 under the Securities Act, or pursuant to
another exemption from registration under the Securities Act. The Participant understands and
agrees that any and all transactions involving shares of Common Stock or other securities of the
Company must comply with applicable laws, rules, regulations and policies, including but not
limited to the Company’s policy regarding insider trading, which policy, among other things,
prohibits transactions involving shares of Common Stock or other securities of the Company by
individuals who have material non-public information relating to the Company.

 

4

 

12. General. This Grant Notice shall be deemed to be an Award Agreement as defined in
the Plan. This Grant Notice shall be governed by and construed in accordance with the laws of the
State of New York (other than the conflict of laws provisions thereof). This
Grant Notice constitutes the entire understanding of the legal obligation between the parties
with respect to the subject matter hereof and controls and supersedes any prior understandings,
agreements or representations by or between the parties, written or oral with respect to its
subject matter, including but not limited to the provisions of any and all employment agreements
and offer letters (such as terms providing for acceleration or other enhancement to restricted
stock or other equity interests in the event of the occurrence of specified events), except and
only to the extent of any rights of the Company or its Affiliates relating to Section 280G of the
Internal Revenue Code of 1986, as amended. The Participant should not rely on any representation
not set forth in this Grant Notice.

13. Amendment. This Grant Notice may be unilaterally amended by the Company without
Participant’s consent as provided in the Plan or to conform the Grant Notice to any changes
required by the Administrator or as a result of the change of Administrator.

 

5

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