Document:

EX-4.22

 

Exhibit 4.22

Confidential
material has been omitted and filed separately with the Commission

AGREEMENT

BETWEEN THE SHAREHOLDERS OF

CGG ARDISEIS

On the 23th day of June 2006. THIS AGREEMENT was made and entered into by and between:

	1.	 	“INDUSTRIALIZATION & ENERGY SERVICES COMPANY”, a Saudi Joint Stock Company organized under
the laws of the Kingdom of Saudi Arabia, having its head office in the city of Riyadh,
(hereinafter referred to as “TAQA”), represented by its Chairman of the Board, Dr. Abdulaziz
Saleh Al-Jarbou.

(OF THE FIRST PARTY)

	2.	 	“COMPAGNIE GENERALE DE GEOPHYSIQUE”, existing under the laws of France, having its head
office at 1, rue Leon Migaux – 91341 – MASSY Cedex – France (hereinafter referred to as
“CGG”), represented by its Chairman and CEO, Mr. Robert BRUNCK.

(OF THE SECOND PARTY)

TAQA and CGG are collectively referred to as the “Parties”, and individually as “the Party” and/or
“a Party”.

PREAMBLE

	•	 	Whereas, “CGG ARDISEIS FZCO”, hereinafter referred to as the
“COMPANY”, which is registered in the Commercial Register of the
Jebel Ali Free Zone as a Free Zone Company under N° 01952 dated
March 7, 2006 has been set up between CGG and GEOCO (a French
company having its registered office at 18, rue Surcouf, 75007
Paris, France (hereinafter referred to as “GEOCO”).
	 
	•	 	Whereas, the COMPANY has been set up with an initial share capital
of 500,000 AED (five hundred thousand UAE Dirhams) divided into 5
shares of 100,000 AED each and held by CGG (4 shares) and GEOCO (1
share).
	 
	•	 	Whereas, COMPANY has been set up with the objectives to target the
market of the “land and shallow water seismic data acquisition
business” in
[CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
and countries within the Gulf Cooperation Council (the "Countries");
the "Gulf Cooperation Council" or "GCC" being defined as the
countries pertaining to the Gulf Cooperation Council at the date
hereof, other than the Kingdom of Saudi Arabia, i.e. Oman, Kuwait,
United Arab Emirates, Qatar and Bahrain.
	 
	•	 	Whereas, it is understood between TAQA and CGG that other
neighbouring countries with business potential may be added in the
future to the Countries, as listed above, subject to mutual
agreement between the Parties.
	 
	•	 	Whereas, for this purpose, CGG has transferred to COMPANY the
ownership of the equipment it has to conduct the Activities, as
hereinafter defined, in the Countries, according to an Asset

 

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	 	 	Purchase Agreement entered into on June 23, 2006 (the “APA”). Such equipment are listed in the
APA and are hereinafter referred to as the “Equipment”.
	 
	 	 	The Equipment have been sold according to the terms of the APA for a price of USD 28,178,000.
(the “APA Purchase Price”) which is deemed to represent the Equipment’s market value and has
been paid to CGG before the date hereof. However, the Parties have agreed that the Equipment’s
final purchase price will be confirmed based upon an evaluation made by a third party ; such
evaluation being not fully completed at the date hereof. Consequently, upon receipt of the final
report of such third-party’s evaluation and if such report leads to a value of the Equipment
different than USD 28,178,000. (the “Third-Party’s Value”), the Equipment purchase price will be
adjusted upward or downward according to the following rules :

	 	•	 	If the Third-Party Value is between USD 26,000,000. and USD 30,000,000., the Equipment
final purchase price will be USD 28,178,000 ;
	 
	 	•	 	If the Third-Party Value is between USD 30,000,000. and USD 32,000,000., the Equipment
final purchase price will be USD 28,178,000. increased by the difference between USD
30,000,000. and the Third-Party Value ;
	 
	 	•	 	If the Third-Party Value is between USD 24,000,000. and USD 26,000,000., the Equipment
final purchase price will be USD 28,178,000. decreased by the difference between USD
26,000,000. and the Third-Party Value ;
	 
	 	•	 	If the Third-Party Value is higher than USD 32,000,000., the Equipment final purchase
price will be USD 30,000,000.
	 
	 	•	 	If the Third-Party Value is lower than USD 24,000,000., the Equipment final purchase
price will be USD 26,000,000.

	 	 	In case of such difference between the APA Purchase Price and the Third-Party Value and
adjustment of the Equipment purchase price according to the above mentioned provisions, such
adjustment amount will be either paid by COMPANY to CGG or reimbursed by CGG to COMPANY.
	 
	 	 	Similarly, CGG will sell to COMPANY inventory related to the Equipment and the Activities for an
amount around USD 5,000,000. based upon a list of such inventory mutually made between CGG and
COMPANY, the final purchase price of said inventory to be confirmed and adjusted at the transfer
date to correspond to the exact transferred inventory items at such date on the basis of the
purchase price at which CGG purchased the related inventory items..

	•	 	To allow the financing of such purchase and the activities of the
COMPANY, the share capital of the COMPANY has been increased from
500,000 AED to 157,800,000 AED (being the equivalent of USD
42,964,000.), divided into 1,578 shares of 100,000 AED each.
	 
	•	 	Whereas, CGG undertakes to provide evidence satisfactory to TAQA
that cash totalling AED 157,800,000 in the form of share capital
has been invested in the COMPANY either by CGG or GEOCO.
	 
	•	 	Whereas, GEOCO is wishing to transfer its participation in the
COMPANY and TAQA has expressed its interest to take over such
participation and to further invest in the COMPANY in order to
hold 49% of the COMPANY’s share capital.
	 
	•	 	Whereas, TAQA will become a shareholder of the COMPANY with effect
from the date of the shares purchase described in Article 3.1. of
this agreement.
	 
	•	 	Whereas, TAQA and CGG have entered into a Memorandum of
Understanding on March 27th, 2006, to define the
outlines of their relations within the COMPANY.

 

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	•	 	And whereas the Parties hereto wish to define the organization of
the COMPANY and their relations.

NOW, THEREFORE, THE TWO PARTIES HERETO HAVE AGREED AS FOLLOWS:

ARTICLE (1)

PURPOSE AND OBJECTS OF THE COMPANY

	1.1	 	The purpose and objects of the COMPANY will be as follows:

	 	a)	 	To undertake land and shallow water seismic data acquisition business in the
Countries, for the exploration and/or production of oil, gas, water, minerals and/or
other mineral resources, by using exclusively onshore or shallow water vibroseis,
explosive, or airgun sources and recording equipment temporally deployed on the earth
surface or sea bed (the “Activities”).
	 
	 	 	 	For the avoidance of doubt, “shallow water seismic” is defined as Ocean Bottom Cable
(OBC) operations realized close to the shore in shallow water depth and which typically
represent an extension of land/transition zone seismic surveys (whether concomitant or
not).
	 
	 	b)	 	To undertake all geodetic, mapping and survey activities in direct relation
with the Activities.
	 
	 	c)	 	To undertake import, export, management, maintenance and repair of any and all
equipment necessary or useful to the Activities.
	 
	 	d)	 	To undertake direct or indirect participation in any business, firm or company
whose object would be primarily to promote and conduct the Activities.
	 
	 	e)	 	And, generally, to undertake any business, industrial, mining, financial,
personal or real property operations relating directly to the Activities.

	1.2	 	It is understood that, notwithstanding article 10.1 hereinafter:

	 	a)	 	until COMPANY has been registered and fully licensed in [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
to conduct the Activities in such countries and until completion of the client
contracts in progress at the date of such local registration(s)/license(s), the
equipment transferred to COMPANY under the APA will be leased to CGG at a leasing hire
to be mutually agreed and the clients contracts will continue to be carried out by CGG.
	 
	 	b)	 	CGG will be entitled to continue activities in [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] through the relations it
currently has with [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT]
	 
	 	 	 	The equipment presently located in [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] and to be sold to COMPANY will be then leased
to CGG for its operations in [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] with [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT], at a lease rate to be mutually agreed
until such date as decided by CGG.

 

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	 	c)	 	CGG will be entitled to continue its current activities in the Jebel Ali Free
Zone, through its branch, and consisting of importing, exporting, maintaining,
repairing and upgrading offshore and onshore vehicles and equipment, procuring spare
parts, services and providing technical support to CGG’s and its affiliates’
operations, including those of the COMPANY, when required and under terms and
conditions to be mutually agreed.

	1.3	 	In case clients request offers or services or the COMPANY wishes to provide offers or
services including both (i) the Activities, as defined in the first paragraph of Article 1.1
a) and (ii) other products or services such as, but not limited to, equipment, offshore
streamers seismic data acquisition, permanent or semi-permanent seismic data acquisition,
field monitoring and/or instrumentation, processing and/or interpretation (the “Excluded
Business”), such Excluded Business will not be part of the COMPANY business. The COMPANY will
promptly inform CGG of such business opportunities and CGG will decide whether to pursue those
business opportunities in relation with the Excluded Business or not.
	 
	 	 	In case CGG decides to pursue such opportunities:

	 	•	 	the part of the contract with clients related to the Activities will be fully
carried out by the COMPANY; and
	 
	 	•	 	the part of the contract with clients related to the Excluded Business will be
carried out by CGG or any of its affiliates.

	 	 	In such case, CGG and the COMPANY will do their best efforts to have a tripartite agreement
with the client under which they will act severally or to have separate agreements with
clients for the Activities (the agreement with client being signed by COMPANY) and for the
Excluded Business (the agreement with client being signed by CGG). If any of such schemes is
not accepted by the client, CGG will decide whether the contract with the client will be
signed by the COMPANY or CGG acting as prime contractor. In such case the Excluded Business
(if the COMPANY is the prime contractor) will be fully subcontracted to CGG or the
Activities (in case CGG is the prime contractor) will be fully subcontracted to the COMPANY
on a back-to-back basis, the subcontracting party assuming and benefiting from all rights
and obligations under the contract with the client as far as they relate to the Excluded
Business or the Activities, as if it was the prime contractor.
	 
	 	 	For the avoidance of doubt, in case a request or an offer is only related to an Excluded
Business, such opportunity or offer will be conducted by CGG, exclusively in its own name
and on its own behalf.
	 
	1.4.	 	It is hereby understood that according to the articles of incorporation of Arabian
Geophysical & Survey Company Ltd (“ARGAS”), a Saudi company conducting land seismic
acquisition business in the Kingdom of Saudi Arabia and in which TAQA and CGG are the
shareholders, TAQA and CGG have agreed that ARGAS and the COMPANY shall co-operate for the
Activities in the GCC Countries according to the terms and conditions attached hereto as
Appendix I.
	 
	 	 	Therefore, as long as such cooperation between ARGAS and the COMPANY will be in force under
the terms and conditions attached hereto:

	 	a)	 	COMPANY shall not promote or conduct any of the Activities (Article 1.1 a) in
the Kingdom of Saudi Arabia; and

 

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	 	b)	 	COMPANY and ARGAS will cooperate for the Activities in the GCC Countries according to the
terms and conditions of ARGAS’s articles of association attached hereto as Appendix I.

ARTICLE (2)

SHARE CAPITAL 

	2.1.	 	The share capital of the COMPANY is equal to 157,800.000.00 AED and is divided into 1,578
shares of 100,000.00 AED each (hereinafter “Share” or “Shares”).
	 
	2.2.	 	Any modification of the COMPANY’s share capital will be decided by a resolution of the
shareholders of the COMPANY representing at least sixty seven per cent (67%) of the COMPANY’s
share capital according to article 6 hereof. and be subject to the approval of the Jebel Ali
Free Zone Authority (“JAFZA”).

ARTICLE (3)

SHARES – TRANSFER OF SHARES

	3.1.	a) 	The Parties hereby agree that 773 (seven hundred seventy three) Shares of the COMPANY
presently held by CGG and GEOCO (CGG: 772 and GEOCO: 1) will be purchased by and transferred
to TAQA, in consideration of a price of 100,000.00 per Share. CGG will provide TAQA with
satisfactory evidence that the price of AED 100,000.00 per share has been paid into the
COMPANY as a cash investment in the share capital of the COMPANY. Such purchase and sale of
the Shares will be effective at the latest date to occur of (i) the signature between the
Parties of the Shares Sale Agreement as per form attached in Appendix II hereto and (ii)
signature by the Parties in front of the Jebel Ali Free Zone Authority of the documents as per
form attached in Appendix III (the “Completion”).
	 
	 	 	The total Shares purchase price of AED 77,300,000 will be payable in US Dollars and will
be converted in US Dollars at the Completion date at the average official USD/AED
exchange rate prevailing during the thirty (30) business days preceding the Completion.
	 
	 	 	Such purchase price will be paid by TAQA to CGG as soon as possible after Completion and
in any and all cases by or on July 8, 2006, by wire transfer to the following CGG’s bank
account or any other account notified by CGG :
	 
	 	 	BNP PARIBAS

Branch : Massy Saclay

2/12, Chemin des Femmes

91300 Massy

France
	 
	 	 	Branch : Massy Saclay

RIB/ID : 30004 00684 00010023710 13

IBAN : FR 76 3000 4006 8400 0100 2371 013

BIC : BNPAFRPPMAS
	 
	 	 	Should the new COMPANY’s license and shares certificates materialising the new
shareholding in the COMPANY have not been issued by the JAFZ Authorities within

 

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	 	 	sixty (60) days from the Completion, the present Agreement will be terminated and the transfer
of Shares referred to in the present Article 3.1. will be cancelled, unless the Parties
decide otherwise by mutual consent.

	 	b)	 	Subject to the provisions hereof, CGG will indemnify and hold TAQA harmless of
any COMPANY’s liabilities arising due to acts, defaults or negligence of COMPANY
occurred before the date TAQA effectively becomes a shareholder of the COMPANY and
which have been or should have been recorded or disclosed in the COMPANY’s books and
accounts for the period ending on such date according to international accounting
principles, whether a claim has been asserted by a third-party or not before or on such
date, unless such liabilities have been incurred in the ordinary course of business,
are covered by insurance programs or may be recovered from a third-party alleged to be
responsible thereof. It is understood that such indemnification by CGG to TAQA will be
limited to a percentage of the above mentioned liabilities ; such percentage being
equal to the percentage held by TAQA in the share capital of the COMPANY at the date
such liabilities become final for the COMPANY.
	 
	 	 	 	CGG hereby represents and warrants that, at the date of the present Agreement, there is
no pending litigation involving the COMPANY, whether as claimant or defendant.

	3.2.	 	TAQA and CGG recognize that COMPANY’s strategic positioning in the region could strongly
benefit from the participation of other regional business partners in this COMPANY.
Accordingly, CGG shall benefit from a call right to purchase from TAQA, shares corresponding
to 15% (fifteen per cent) of COMPANY’s total share capital (“Call Right”). These shares would
be purchased at Actual Equity Value to be calculated pursuant to Article (16), or at the value
at which TAQA have acquired the corresponding shares, which ever is the highest (the “Call
Purchase Price”). The purpose of this purchase is to allow for participation in the COMPANY
by entities from other GCC countries.
	 
	 	 	If CGG exercises its Call Right in accordance with the foregoing provisions, TAQA shall sell
and transfer to CGG, or to the person designated by CGG (“Designated Person”), TAQA’s Shares
representing 15% (fifteen per cent) of the COMPANY’s share capital at the Call Purchase
Price. The closing of the transfer and sale by TAQA to CGG or the Designated Person of
TAQA’s Shares in the COMPANY shall occur no later than 30 calendar days after the final
determination of the Call Purchase Price. After the transfer has been completed, CGG, or the
Designated Person shall pay the Call Purchase Price by delivering to TAQA cash in
immediately available funds to the order of TAQA and the present agreement will be amended
to take into account the change in the shareholding. Concurrently with the delivery of the
cash for the payment of the Call Purchase Price, TAQA shall execute the instruments of
transfer as shall be sufficient to fully vest such ownership interest in TAQA’s Shares in
the COMPANY to CGG or the designated person. The closing shall take place at such place as
may be agreed upon by the Parties.
	 
	 	 	It is however understood that the Call Purchase Price will only be applicable to any Call
Right exercised by CGG during a period of ten (10) years from the execution date of the
present Agreement and that, before expiration of such period, the Parties will negotiate in
good faith the purchase price that will apply to any Call Right which might be exercised by
CGG after expiration of such ten (10) years period.

 

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	3.3.	a) 	 Save as stated in article 3.2., any transfer of Shares or any other transaction such as a
merger which results in Shares being held by a party other than the entity which was the
original holder shall require the written consent of the non–selling Party.
	 
	 	 	Unless the Parties otherwise agree, if a Party (“Seller”) is wishing to sell Shares to a
third-Party buyer (a “Purchaser”), the other Party (the “Non-Seller”) has the right of first
refusal for the Shares so offered to a Purchaser. The right of first refusal may be
exercised in the manner set forth below and the provisions hereof shall apply whether the
Purchaser is an Affiliate of the Seller or not (an Affiliate being defined as to any company
at least 50% of the capital of which is owned directly or indirectly by Seller or any
company that directly or indirectly owns at least 50% of the capital of Seller or any
company that is directly or indirectly owned as to at least 50% of its capital by a company
that owns directly or indirectly at least 50% of the capital of the Seller).
	 
	 	 	The Seller shall send a written notice (the “Transfer Notice”) to the non-selling Party
stating the number of Shares to be sold or transferred (the “Offered Shares”), the identity
of the proposed Purchaser and the offered price (the “Offered Price”) and other terms of the
proposed transfer. The proposed transfer must be bonafide, and the Seller shall, upon
request, provide the Non-Seller with a copy of the document(s) in which the Purchaser offers
or agrees to purchase the Offered Shares and any further information concerning the Purchase
as the Non-Seller may reasonably request. The Non-Seller is entitled to purchase or have a
designated party purchase the Offered Shares (at the option of the Non-Seller) at the
Offered Price and on the terms specified in the Transfer Notice. The Non-Seller shall within
60 days of the Transfer Notice advise the Seller in writing whether it wishes to purchase,
or have a designee purchase, the Offered Shares.

	 	b)	 	In the event the Non-Seller does not wish to exercise its right of first refusal set
forth in the foregoing Paragraph, it may, with a written notice delivered to the Seller
within 60 days of the Transfer Notice, elect to approve the sale of the Shares to the
Purchaser.
	 
	 	 	 	In the event the Non-Seller (i) does not confirm in writing its decision to exercise its
right of first refusal as set forth above or (ii) fails to respond to the Transfer Notice
within 60 days, the Seller may, at any time within 120 days after the date of the Transfer
Notice, sell or transfer all (but not less than all) of the Offered Shares to the Purchaser
at any price not less than the Offered Price and on terms not more favourable than those
specified in the Transfer Notice.
	 
	 	c)	 	The Parties shall, as soon as practicable after the exercise by the Non-Seller of its
right of first refusal, but in any event not later than 90 days after the date of the
Transfer notice or, in case of a determination of the Actual Equity Value according to
Article (16), not later than 20 days after the final determination of the Actual Equity
Value, complete the sale and transfer of the relevant number of Shares, this period being
subject to extension only (a) as may be needed to obtain any required governmental
approvals and/or (b) as far as CGG is concerned, as may be necessary for CGG to obtain
financing through an increase of its share capital.
	 
	 	d)	 	Any Purchaser must agree in writing, prior to the acquisition or the Offered Shares, to
be bound by the terms of this Agreement as the same might be amended from time to time.
	 
	 	e)	 	Neither Party shall pledge or encumber Shares without the prior written consent of the
other Party.

 

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	 	f)	 	Any transfer of Shares shall be deemed completed upon the registration of such transfer
in the relevant Shares book, once the prior approval of the JAFZA has been granted.
Registration of such transfer will be made upon decision of the Board of Directors. The
Parties shall cause their representatives on the Board of Directors to vote for the
registration of any Share transfer undertaken in accordance with the provisions of this
Agreement.
	 
	 	g)	 	Any transfer made in violation of the terms and conditions of the present Agreement
shall be nil and void.
	 
	 	h)	 	The Share certificates issued by the COMPANY shall bear the following notice displayed
in a visible manner:
	 
	 	 	 	“The Shares represented by the present Share certificate are subject to limitation as set
forth in the agreements entered into with the shareholders of the COMPANY. They cannot be
freely pledged or encumbered nor transferred. Any transfer may be restricted by the
agreements entered into between the shareholders of the COMPANY. Any transfer made in
violation of such agreements will be nil and void.”

	3.4.	 	The Parties (a) shall cause their representatives to vote at any Board of Directors meeting
for any and all proposed resolutions to have the above provisions fully and timely implemented
according to their terms and conditions and (b) shall fully cooperate to obtain from the Jebel
Ali Free Zone Authority (the “Authority”) its approval regarding the above mentioned
transactions.

ARTICLE (4)

FINANCING

	4.	 	The COMPANY shall exert its best endeavours to secure its own financing required for
executing its programs. It will also do its best to obtain, from acceptable sources, any loans
it might need to meet its financial requirements. In the event that the COMPANY shall be
unable to secure by itself the necessary loans, and the COMPANY requests the Parties to
furnish guarantees for any such loans, and provided that all the Parties agree to furnish such
guarantees then the Parties shall furnish guarantees for such loans, each in proportion to its
respective participation in the paid-up capital of the COMPANY.

ARTICLE (5)

DURATION OF THE COMPANY

	5.1.	 	The term of this COMPANY shall be ten (10) years as from the 7th March 2006.
	 
	5.2.	 	The term of the Company shall automatically renew for successive ten (10) year periods
unless, no later than six months prior to the expiration of the then current term, TAQA or CGG
notifies the other Party in writing of its intention not to renew, in which event the term
shall expire at the end of the then current term.
	 
	5.3.	 	The term of the COMPANY shall be automatically extended either for the period necessary for
carrying out and completing the contracts in progress and signed by the COMPANY before the
expiration date of this Agreement.

 

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ARTICLE (6)

COLLECTIVE DECISIONS OF THE SHAREHOLDERS

	6.1.	 	Organisation
	 
	 	 	The shareholders of the COMPANY (“Shareholders”) shall rule collectively on the following
matters :

	 	a)	 	approve the annual accounts of the COMPANY and decide and approve the
dividends distribution;
	 
	 	b)	 	appoint the statutory auditors of the COMPANY;
	 
	 	c)	 	change the COMPANY’s name, address and business scope;
	 
	 	d)	 	change the COMPANY’s share capital;
	 
	 	e)	 	decide to extend the duration of the COMPANY, and
	 
	 	f)	 	liquidate, wind-up, amalgamate or merge the COMPANY with any other entity.

	 	 	Matters shall be referred to the Shareholders collectively by the Chairman of the Board of
Directors or the General Manager of the COMPANY. Any decision shall be taken by
consultation by correspondence, private agreement, fax signed by all Shareholders or
general meeting.
	 
	 	 	The agenda, texts of motions and necessary information documents shall be passed to each
Shareholder on the occasion of any consultation.
	 
	 	 	If consultation takes place by correspondence, the texts of the proposed motions and the
documents necessary to inform the Shareholders shall be sent to each in writing (letter or
fax). Shareholders shall have a maximum of ten (10) working days from receipt of draft
motions to vote. Votes shall be cast in writing (letter or fax). Any Shareholder who does
not answer within the ten-day deadline shall be deemed to have abstained.
	 
	 	 	Mention shall be made of the consultation in the minutes drawn up by the Chairman of the
Board of Directors, recording each Shareholder’s response.
	 
	 	 	Each share shall carry an entitlement to one vote.
	 
	6.2.	 	Majority rules
	 
	 	 	All decisions for which the Shareholders are competent shall be
taken by simple majority of the voting rights held by the
Shareholders who voted, except that the decisions specified in items
c), d), e) & f) of article 6.1. hereof shall be made by a resolution
of the shareholders of the COMPANY representing at least sixty seven
per cent (67%) of the COMPANY’s share capital.
	 
	6.3	 	Approval of accounts
	 
	 	 	Shareholders shall review and rule on the corporate financial
statements for the previous financial year within three (3) months of
its end, or as soon thereafter as the auditors present their audited
financial statements to the Shareholders.

 

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	 	 	In accordance with Article 13.1., they shall decide on the
appropriation of income, and determine the dividends.
	 
	 	 	The Shareholders shall cause the COMPANY to indemnify members of the Board of Directors and
the General Manager for their actions that are made in good faith in the interest of the
COMPANY.
	 
	6.4	 	Information provided to Shareholders
	 
	 	 	Each Shareholder shall receive the agenda, the texts of motions and
the necessary information documents on each consultation and/or
resolution.
	 
	 	 	Any Shareholder may request to be sent a financial situation, the
provisional financial statements and a business report quarterly.

	 
	 	 	Collective decisions of Shareholders duly taken shall represent, and
be binding on, all Shareholders, even if they dissent, lack legal
capacity or did not vote.

ARTICLE (7)

BOARD OF DIRECTORS

	7.1.	 	The Board of Directors will be the highest executive corporate body of the COMPANY and will
decide on any and all matters relating to the COMPANY, unless those matters to be decided by
the shareholders according to article 6.1. and the matters that have been delegated to the
General Manager.
	 
	 	 	In particular the Board of Directors shall have authority to:

	 	–	 	define the COMPANY’s strategy;
	 
	 	–	 	approve the annual budget and business plan of the COMPANY;
	 
	 	–	 	approve any revision to the annual budget, business plan or extraordinary
expenses not anticipated in the annual budget;
	 
	 	–	 	prepare the annual accounts of the COMPANY and propose the dividends
distribution.

	7.2.	 	The COMPANY shall have a Board of Directors of five (5) members. However, Parties agree that
the number of Directors may vary depending upon the shareholding evolution. As long as CGG
holds fifty one per cent (51%) and TAQA holds forty nine per cent (49%) of the share capital
of the COMPANY:

	 	–	 	three (3) members of the Board of Directors shall be appointed by CGG; and
	 
	 	–	 	two (2) members of the Board of Directors shall be appointed by TAQA.

	 	 	Each director will hold office until he resigns or is replaced by the Party which appointed
him.
	 
	7.3.	 	The Board of Directors will elect the Chairman of the Board of Directors, the General Manager
and the Secretary of the COMPANY.
	 
	 	 	The Chairman and the General Manager will hold their respective position for as long as they
are directors of the COMPANY, or until they resign from such position or are replaced by the
Board of Directors.

 

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	7.4.	 	Meetings of the Board of Directors may be convened by the Chairman or by any other member of
the Board of Directors. Meetings will be convened with a prior notice of at least ten (10)
days, unless all the Directors waive such prior notice. The meetings of the Board of Directors
shall be held at least every 6 months. Meetings shall be held at the COMPANY’s head office or
at such other location as may be agreed by the Board of Directors. With the consent of all the
Directors, meetings may also be held through video or telephone conference. The proceedings of
meetings of the Board of Directors will be in English. The official minutes will be kept in
English and be kept in the minutes book.
	 
	7.5.	 	Decisions may be taken by the Board of Directors without a meeting if a proposal for action
is submitted in turn to each of the members of the Board of Directors and a majority of all
the directors consent to such action by signing the proposed resolution.
	 
	7.6.	 	The quorum for meetings of the Board of Directors of five (5) members shall be three (3)
directors with attendance of at least one (1) director appointed by CGG and one (1) director
appointed by TAQA. If such quorum is not reached on first notice, the meeting will be
reconvened according to provisions of article 7.4. and on such second meeting only a quorum of
three (3) directors will be requested Any decision of the Board of Directors will require the
affirmative vote of the simple majority of the directors present.
	 
	 	 	For the avoidance of doubt, the Chairman of the Board of Directors shall have no casting
vote.

ARTICLE (8)

EXECUTIVE MANAGEMENT

	8.1.	 	The executive management of the COMPANY shall be in the hands of the General Manager.
	 
	 	 	The General Manager will be required to work in compliance with the decisions of the Board
of Directors.
	 
	 	 	The General Manager will be assisted by Managers including :

	 	–	 	a Business Development Manager to be approved by the Board of Directors upon
proposal of TAQA ;
	 
	 	–	 	a Chief Financial Officer to be proposed by CGG and to be approved by TAQA;
such approval not to be unreasonably withheld.

	8.2.	 	The powers and responsibilities of the General Manager shall be set forth by the Board of
Directors.
	 
	8.3.	 	The General Manager shall represent the COMPANY before all courts, government entities,
dispute settlement commissions of all types and levels, and all other authorities (the
“Authorities”) as well as in its relations with third parties and pleading for and defending
the COMPANY. The General Manager also has the right to authorize others to represent the
COMPANY on his behalf in front of the aforementioned Authorities and to carry out the
activities falling within his duty to represent the COMPANY.

 

12

ARTICLE (9)

DEADLOCK

	9.1.	 	In case of a “Deadlock” (any disagreement between the Parties and resulting inability of the
Board of Directors to approve any decision which continues to exist after two consecutive
meetings of the Board of Directors convened within a period of 3 months), the disputed matter
will be referred, at the option of either Party, to the respective Chief executive officers /
chairmen of the board of the Parties.
	 
	9.2.	 	If the Deadlock shall not have been resolved between the respective Parties’ Chief executive
officers / chairmen of the board within sixty (60) days from the date a Party referred the
disputed matter to the other Party, CGG shall have the option to purchase all of the Shares
held by TAQA in the COMPANY (the “Call Option Upon Deadlock”) for a Actual Equity Value in
accordance with the terms of Article (16).
	 
	 	 	If CGG decides to exercise its Call Option Upon Deadlock, CGG shall send TAQA a Call Option
Upon Deadlock notice (“Call Option Upon Deadlock Notice”), which shall be deemed an Appraisal
Notice, with sixty (60) days from expiration of the period of time set forth in the foregoing
paragraph.
	 
	9.3.	 	If CGG exercises its Call Option Upon Deadlock in accordance with Article 9.2, TAQA shall
transfer and sell to CGG, all of TAQA’s Shares at the Actual Equity Value, as defined in
Article (16) below. The closing of the transfer and sale by TAQA to CGG of all of TAQA’s
Shares in the COMPANY shall occur no later than 20 calendar days after the final determination
of the Actual Equity Value. At the closing, CGG shall pay the Actual Equity Value by
delivering to TAQA cash in immediately available funds to the order of TAQA. Concurrently
with the delivery of such Actual Equity Value, TAQA shall execute or cause to be executed such
instruments of transfer as shall be sufficient to fully vest such ownership interest in TAQA’s
Shares to CGG. The closing shall take place at such place as may be agreed upon by TAQA and
CGG.
	 
	9.4.	 	If CGG does not exercise its Call Option Upon Deadlock in accordance with Article (9), either
Party may request the liquidation and winding up of the COMPANY in which case the Shareholders
shall decide to liquidate the COMPANY.

ARTICLE (10)

OBLIGATIONS OF THE TWO PARTIES

Non-competition

	10.1.	 	Subject to provisions of Article 1.2., as long as CGG holds shares in the COMPANY, CGG
covenants not to, directly or indirectly, (i) engage in any activities identical or similar to
those of the COMPANY as defined in Article 1.1, or (ii) invest in or derive any profit from
any business, partnership, corporation, limited liability company or similar entity that
engages in any activities identical or similar to those of the COMPANY as defined in Article
1.1 in [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT], whether as an owner, partner,
shareholder, member, equity holder, joint venture party, employer, agent, independent
contractor, consultant, broker or otherwise.

 

13

	10.2.	 	As long as TAQA holds shares in the COMPANY, TAQA covenants not to, directly or indirectly,
(i) engage in any activities identical or similar to those of the COMPANY as defined in
Article 1.1, or (ii) invest in or derive any profit from any business, partnership,
corporation, limited liability company or similar entity that engages in any activities
identical or similar to those of the COMPANY as defined in Article 1.1 in [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT], whether as an owner, partner, shareholder, member, equity holder,
joint venture party, employer, agent, independent contractor, consultant, broker or otherwise.

Assistance from CGG

	10.3.	 	CGG shall provide the COMPANY with its management, marketing and technical assistance,
consisting of assistance in:

	 	A.	 	Management assistance:
	 
	 	 	 	This assistance will be provided to COMPANY in relations with its activities outside GCC
Countries :

	 	–	 	Expertise provided at the operational level by CGG central teams
(HSEMS, mechanical, electronic, surveying expertise) during the mobilization and in
the course of the operation;
	 
	 	–	 	Expertise provided by CGG support functions in finance, procurement,
logistics, tax, insurance and legal matters.

	 	B.	 	Marketing assistance:

	 	•	 	Support provided by CGG for commercial actions and strategy, marketing
intelligence, conception, design, costing of projects and actual sales.

	 	C.	 	Technology assistance:

	 	•	 	Support provided by CGG for engineering, fundamental and applied Research &
Development and Intellectual Property.

	 	 	In consideration of such services, COMPANY shall pay CGG fees equal to:

	 	•	 	For the assistance described in article 10.3. paragraphs B and C: [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] of the revenues made by the COMPANY (costs of sponsors, commercial consultants,
agents and other third-parties are not covered by these fees);
	 
	 	•	 	For the assistance described in article 10.3. paragraph A: [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] of the
revenues made by the COMPANY outside GCC Countries, such fee for the management
assistance being capped to [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT] per year. For GCC countries this assistance ( paragraph A) is not included,
but may be provided, if requested and subject to availability, under terms and
conditions to be mutually agreed between COMPANY, ARGAS and CGG.

	 	 	The above fees will be calculated on the revenues of the COMPANY ; the revenues of the
COMPANY being defined as the total amount invoiced by COMPANY to clients and third-parties
(with the exclusion of the amounts invoiced to CGG and its subsidiaries for rental of CGG
Ardiseis’ equipment), excluding VAT, sales tax and similar tax if any and before deduction
of any taxes or withholdings taxes.
	 
	 	 	Any and all taxes due outside France on such fees shall be paid and borne by the COMPANY in
order that CGG receives the amount of such fees as if no taxes were levied.

 

14

Purchase or Rental of Equipment

	10.4.	 	The COMPANY has the right to obtain any equipment required for its activities directly from
manufacturing companies, including CGG and its Affiliates in any part of the world.
	 
	10.5.	 	CGG and its Affiliates shall be the preferred sellers to the COMPANY of any necessary
equipment for the COMPANY’s activities, provided that the prices offered to the COMPANY, by
CGG or its Affiliates, for the sale of equipment shall be competitive with the prevailing
prices on the international market for comparable equipment in quality and specifications.
	 
	10.6.	 	CGG, its geophysical services’ Affiliates and the COMPANY shall rent to each other, if
necessary and available, seismic data acquisition equipment, under terms and conditions to be
mutually agreed.

Secondment of key field employees

	10.7.	 	CGG shall second to COMPANY, in consideration of a secondment fee, key field employees who
are necessary to carry out the field operations, under terms and conditions to be mutually
agreed.
	 
	 	 	The agreed secondment fees will cover in particular but not exclusively the following costs
: salary, social benefits, time off, annual leave, pension/retirement funds, travel
expenses, accomodations, visas etc ... of the related field employees
	 
	 	 	In addition to such secondment fees and in consideration of:

	 	–	 	Handling all administrative issues for CGG and CGG’s affiliates key field
personnel seconded to COMPANY’s operations (holidays, pensions, social benefits,
trainings, visas, plane tickets, etc...);
	 
	 	–	 	Sourcing of independent / subcontracted qualified key field personnel as
required, COMPANY shall pay to CGG an annual fee equal to [CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT], which represents a handling
fee.

ARTICLE (11)

MAJOR DEFAULT

11.1. Each of the following events shall constitute a “Major Default” for the purposes of this
Agreement:

	 	a)	 	breach of the exclusivity and non competition provisions defined in Articles 10.1 and
10.2 of this Agreement by either of the Parties;
	 
	 	b)	 	breach of any of the contractual voting conventions defined in the Agreement;
	 
	 	c)	 	any transfer, attempted transfer or disposal of shares of the COMPANY in violation of
this Agreement; and
	 
	 	d)	 	failure to comply with the provisions of the Deadlock clause in Article (9) of this
Agreement.

 

15

	11.2	 	If a Party (the “Non Defaulting Party”) believes that the other Party (the “Defaulting
Party”) is in Major Default of its obligations hereunder, then the Non-Defaulting Party may
serve a notice (the “Default Notice”) to the Defaulting Party and the Board of Directors of
the COMPANY to cure such default. In the event that such Major Default has not been cured
within thirty (30) days of the Default Notice thereof to the Defaulting Party, the
Non-Defaulting Party shall be entitled to issue an Appraisal Notice (as defined in Article
(16) herein above) within thirty (30) days and exercise, in its absolute discretion :

- if the Non Defaulting Party is TAQA, a put option (“Put Option Upon Default”) to sell all
(but not less than all) of its shares to the Defaulting Party (CGG), at the Actual Equity
Value to be calculated pursuant to Article (16) below,

- if the Non Defaulting Party is CGG, a call option (“Call Option Upon Default”) to purchase
all (but not less than all) of the shares of the Defaulting Party (TAQA) at the Actual
Equity Value to be calculated pursuant to Article (16) below.

Upon determination of the Actual Equity Value, the Non-Defaulting Party shall, within thirty
(30) days, issue a notice to the Defaulting Party specifying the effective exercise of its
option. The Defaulting Party shall not be entitled to reject to such notice and shall be
required to consummate any and all transactions in order to finalize the purchase and sale
of the shares, as the case may be. The sale or the purchase of the shares shall be finalized
within thirty (30) days of the notice issued by the Non-Defaulting Party, unless it is
necessary to extend this period in order (a) to obtain necessary governmental authorizations
and/or (b) as far as CGG is concerned, for CGG to obtain financing through an increase of
its share capital.

ARTICLE (12)

CHANGE OF CONTROL

	12.1.	 	If a Change of Control (as defined in Article 12.5) of CGG (the “Affected Party”) occurs,
TAQA(the “Non-Affected Party”) will have the option, in its absolute discretion, to exercise a
put option (“Put Option Upon Change of Control”) to sell all (but not less than all) of its
shares to CGG at the Actual Equity Value to be calculated pursuant to Article (16) below.12.2.
If a Change of Control (as defined in Article 12.5) of TAQA (the “Affected Party”) occurs, CGG
(the “Non-Affected Party”) will have the option, in its absolute discretion, to exercise a
call option (“Call Option Upon Change of Control”) to purchase all (but not less than all) of
the shares of TAQA at the Actual Equity Value to be calculated pursuant to Article (16) below.
	 
	12.3.	 	Within 15 (fifteen) Business Days (a “Business Day” being defined in this Agreement as a day
during which businesses are transacted in the United Kingdom) of a Change of Control of the
Affected Party, or, if earlier, within 15 Business Days, upon the execution and delivery of an
agreement pursuant to which a Change of Control of the Affected Party will occur, the Affected
Party shall send a notice (a “Change of Control Notice”) to the Non-Affected Party stating (i)
that a Change of Control of the Affected Party has occurred (or, if the Change of Control has
not yet occurred, when that Change of Control will reasonably occur), (ii) the manner in which
the Change of Control occurred (or is to occur) and (iii) the ultimate beneficial owner of the
Affected Party, in the case of a stock purchase, and the ultimate beneficial owner of the
successor entity, in the case of a merger, or, in the case of an asset purchase, the ultimate
beneficial owner of the purchaser of the assets. Irrespective of whether the Affected Party
sends a Change of Control Notice, if, upon a Change of

 

16

	 	 	Control of the Affected Party, the Non-Affected Party exercises its option as defined in
Article 12.1 and Article 12.2 then it shall send to the Affected Party a written notice (an
“Exercise Notice”), being understood that if the Non-Affected Party does receive a Change of
Control Notice, the Non-Affected Party may exercise its option at any time without any limit
in time.
	 
	12.4.	 	Upon determination of the Actual Equity Value, the Non-Affected Party shall, within thirty
(30) Business Days, issue a notice to the Affected Party specifying the effective exercise of
its option. The Affected Party shall not be entitled to reject such notice and shall be
required to complete any transactions in order to finalize the purchase and sale of the
shares, as the case may be. The sale or the purchase of the shares shall be finalized within
thirty (30) Business Days of the notice issued by the Non-Affected Party, unless it is
necessary to extend this period in order (a) to obtain necessary governmental authorizations
and/or (b) as far as CGG is concerned, for CGG to obtain financing through an increase of its
share capital.
	 
	12.5.	 	“Change of Control” shall mean, with respect to TAQA and CGG, that any one of the following
events has occurred after the date of this Agreement:

	 	a)	 	a change occurs as a result of which an entity newly acquires the right to
control the appointment of at least two-thirds of the board of directors of TAQA or
CGG; or
	 
	 	b)	 	any entity together with its affiliates, has newly become, at any date
hereafter, the beneficial owner, directly or indirectly, of 50% or more of the voting
power of its then-outstanding voting securities; or
	 
	 	c)	 	the approval by the shareholders of TAQA or the shareholders of CGG, as the
case may be, of the merger or consolidation of TAQA or CGG, as the case may be, or the
sale of all or substantially all of the assets of TAQA or CGG, as the case may be, to,
any other entity, unless the members of its board of directors as constituted,
immediately before such merger, consolidation or sale shall constitute at least a
majority of the directors of the surviving corporation of such merger or consolidation
of the transferee in such sale, immediately following the completion of any such
transaction, or any parent.

ARTICLE (13)

PROFITS AND LOSSES

	13.1	 	The net profits accruing from the operations of the COMPANY, when distributed, shall be
distributed between the Parties in proportion to their respective percentage participation in
the capital of the COMPANY. Taking into account the business perspectives and the anticipated
cash needs of the COMPANY, the Shareholders shall decide a reasonable amount from the net
profits of the COMPANY to be declared as dividends to be distributed to the Shareholders.
	 
	13.2.	 	The responsibility of the Parties for the losses of the COMPANY will be limited to the
nominal value of the shares they hold in the COMPANY and neither Party shall be directly or
indirectly liable for damages or claims arising out of the activities of the COMPANY.

 

17

ARTICLE (14)

AUDITING OF ACCOUNTS

The Shareholders shall, at the commencement of each fiscal year, appoint auditors, authorized to
work in Dubai, to conduct the audit and prepare and certify the correctness of the COMPANY’s
accounts. The auditor’s report shall be presented to the Shareholders for approval and shall form
the basis for the determination of the net profits and losses of the COMPANY.

For the avoidance of doubt, as long as the COMPANY will be consolidated by CGG, the auditors will
have to perform any work or to issue any opinion required for CGG compliance purposes to its
obligations as a listed company in Paris and in New-York.

ARTICLE (15)

EXPIRATION, LIQUIDATION AND CANCELLATION OF THE COMPANY

	15.1.	 	The COMPANY shall expire at the end of the period stipulated in Article 5.1, unless the term
of the COMPANY is renewed according to provisions of article 5.2..
	 
	15.2.	 	In case of liquidation, the Board of Directors will ensure that, in accordance with the
applicable laws, the value of the COMPANY’s properties and assets is distributed between the
Parties in proportion to their percentage of the capital.

ARTICLE (16)

ACTUAL EQUITY VALUE

	16.1.	 	The appraiser selected pursuant to the provisions of this Article 16 shall be instructed to
adopt equity value for the purpose of calculating the value of the COMPANY in accordance with
the terms of Article 16 (the Actual Equity Value).
	 
	 	 	“Actual Equity Value” means at any time the aggregate of:

	 	A.	 	the amount paid up or credited as paid up on the issued share capital of the
COMPANY; and
	 
	 	B.	 	the amount standing to the credit of the capital and retained earnings of the
COMPANY, based on the latest published audited balance sheet of the COMPANY, but
adjusted by, without double-counting:

	 	(i)	 	adding any amount standing to the credit of the profit and loss account
of the COMPANY for the period ending on the date of the latest balance sheet to the
extent not included in item B above;
	 
	 	(ii)	 	deducting any dividend or other distribution declared, recommended or
made by the COMPANY;
	 
	 	(iii)	 	deducting any amount attributable to an upward revaluation of assets;
	 
	 	(iv)	 	reflecting any variation in the amount of the issued share capital of
the COMPANY and the capital and retained earnings of the COMPANY after the date of
the latest balance sheet; and
	 
	 	(v)	 	including any amount attributable to minority interests; and

	 	 	The resulting amount being prorated to take into account the percentage that the Shares
to be sold or purchased represent in the total share capital of the COMPANY.

 

18

	16.2	 	Requests for Determination of the Actual Equity Value:
	 
	 	 	In the event a notice shall be issued by either Party in order to have the Actual Equity
Value be calculated for rights of buyout associated with a Call Right under Article (3.2.)
or Call Option Upon Deadlock Article (9), a Default Notice under Article (11), a Put Option
Upon Default or Call Option Upon Default under Article (12) or a Transfer Notice under
Article (3.3), such Party shall deliver a written request to the COMPANY and all other
Shareholders (the “Appraisal Notice”). In the event that an Appraisal Notice is made, the
Parties will attempt to agree within 10 days of the date of the Transfer Notice or the
Appraisal notice, as the case may be, by appointing an independent adjudicator or if the
Parties cannot agree on the adjudicator within 10 days, then a notary public appointed by
either Party or by the COMPANY will on the next day select an adjudicator by drawing names
at random from the following list:
	 
	 	 	Price Waterhouse Coopers

Deloitte Touch

KPMG

Ernst & Young
	 
	 	 	The person so appointed or selected is hereafter referred to as the “Adjudicator”.
	 
	 	 	The Parties will immediately ask the Adjudicator selected whether they have had significant
prior business dealings with the Parties. If it has and either Party believes there exists a
conflict of interests for this reason, then the Adjudicator will be selected on the next day
by a second random draw by the same notary public form the same list. The Parties agree to
accept the results of the second draw.
	 
	 	 	If no Adjudicator may be appointed through the foregoing provisions, the Adjudicator will be
appointed by the International Centre for Expertise of the International Chamber of Commerce
among the international and independent accounting and auditing firms, provided that the
so-selected firm has no direct or indirect relation with either of the Parties.
	 
	 	 	The Actual Equity Value will be determined as of the last day of the calendar month in which
the Appraisal Notice is delivered (the “Determination Date”).
	 
	16.3.	 	The Adjudicator will be instructed by either Party or by the COMPANY to calculate the Actual
Equity Value within six weeks.
	 
	16.4.	 	The Actual Equity Value as determined by the Adjudicator who shall act as an expert and not
as an arbitrator will be final and will bind the COMPANY and both Parties.
	 
	16.5.	 	TAQA and CGG shall bear the fees and costs of the outside adjudicator firm they appoint and
share equally the fees and costs of the independent adjudicator firm, if any are appointed.
However in case of Actual Equity Value determination associated with a Major Default or Change
of Control of one of the Parties, the Defaulting Party or Affected Party shall bear any and
all costs arising from such determination. The Shareholders agree that they and the COMPANY
shall provide the independent adjudicator firm with the necessary information and date, and
make available to the firm any COMPANY representatives and officers, the adjudicator firm may
request.

 

19

ARTICLE (17)

NOTICES

Any notice, consent or agreement, to be given by any party hereto to the other party, shall be
given by sending the notice, consent or agreement by registered airmail post to the principal place
of business at that time, or to the last known address of the party.

ARTICLE (18)

FORCE MAJEURE

No party to this Agreement shall be liable to the other party for any failure or delay in
performance of its obligations under this Agreement, if resulting from any cause or circumstances
which is entirely beyond its control, including but without limiting the generality of the
foregoing, any such failure or delay as is caused by strikes, lockouts, fires, shipwrecks, acts of
God, natural disasters or riots, civil unrest, insurrection, revolution or rebellion, and
interference by military authorities with the orders of any government authorities.

ARTICLE (19)

SETTLEMENT OF DISPUTES

	19.1.	 	This Agreement shall be subject in its interpretation and execution to the laws and
regulations in force in Dubai and the Jebel Ali Free Zone.
	 
	19.2.	 	If any dispute or difference shall arise resulting from or relation to this Agreement, the
two parties shall exert their utmost efforts to settle this dispute amicably.
	 
	19.3.	 	All disputes arising in connection with this Agreement whether arising during its terms or
thereafter and which cannot be resolved amicably by the parties shall be finally settled
according to the rules of arbitration of the International Chamber of Commerce by one or
several arbitrators appointed as set out by these rules. In all cases, the Arbitration
Tribunal shall decide in accordance with the terms of the Agreement and shall take into
account any trade usage applicable to the transaction. A dispute shall be deemed to have
arisen when either party notifies the other party in writing to that effect. Arbitration shall
take place in Dubai, the United Arab Emirates and the arbitration shall be held in English.
Any decision of the Arbitrator shall be final and binding upon the parties to the arbitration.

ARTICLE (20)

CALENDAR

All periods of time and dates in this Agreement shall be counted in accordance with the Gregorian
Calendar.

The fiscal year of the COMPANY will end on December 31 of each Gregorian year.

 

20

ARTICLE (21)

ENTIRE AGREEMENT

This present Agreement replaces and cancels all previous agreements between the Parties in relation
to the COMPANY and their relations within the COMPANY. Specially, the present Agreement replaces
and cancels the Memorandum of Understanding signed on March 27, 2006.

If there is any conflict between any provision of this Agreement and any provision of the Jebel Ali
Free Zone Authority Implementing Regulations No.1/99 issued pursuant to Dubai Law No.2 of 1986
(the “Implementing Regulations”) except where the relevant provision of the Implementing
Regulations is a mandatory provision the relevant provision of this Agreement shall prevail.

In case of any conflict or discrepancy between any provision of this Agreement and any provision of
the documents or agreements attached hereto, the provisions of the Agreement shall prevail.

ARTICLE (22)

NUMBERED ORIGINALS AND LANGUAGES

This Agreement shall be drawn up in four (4) signed originals in English and each Party hereto
shall retain one signed original.

The remaining copies have been delivered to the COMPANY’s management for the COMPANY files.

FIRST PARTY

INDUSTRIALIZATION & ENERGY SERVICES COMPANY

(“TAQA”)

/s/ Dr Abdulaziz S. Al JARBOU               

Dr Abdulaziz S. Al JARBOU

Chairman

SECOND PARTY

COMPAGNIE GENERALE DE GEOPHYSIQUE

(“CGG”)

/s/ Dominique ROBERT               

Dominique ROBERT

Attorney

 

 

Appendix 1

*********************************

AMENDMENT TO THE ARTICLES OF ASSOCIATION OF

THE ARABIAN GEOPHYSICAL AND SURVEYING

COMPANY (ARGAS) (A Limited Liability Company)

     On the 27th of Safar 1427 H corresponding to the 27th of March 2006 G. this
agreement was made and entered into by and between:

	 	1.	 	“INDUSTRIALIZATION & ENERGY SERVICES COMPANY (“IESC” or “TAQA”), a Saudi stock company
established according to Royal Decree no. M/2 dated 21/01/1424 H; and its commercial
registration no is 1010188904 dated 04/06/1424 H, located in the city of Riyadh and its
address is P.O. Box 28589, Riyadh 11427 and represented by the Chairman of the Board Dr.
Abdulaziz Saleh Al-Jarbou, a Saudi national as per civil registration 1000885929 dated
20/04/1383 H, issued in Hayel.

(OF THE FIRST PARTY)

	 	2.	 	“COMPAGNIE GENERALE DE GEOPHYSIQUE”, existing under the laws of France, having its head
office at 1, rue Leon Migaux — 91341 — MASSY Cedex — France (hereinafter referred to as
« CGG »), represented by its Chairman of its Board of Directors, Mr. Robert Brunck, a
French National, holding Passport N° 05VK11681 issued from PARIS (France) on
26th of January 2005.

(OF THE SECOND PARTY)

P R E A M B L E

	 	•	 	Whereas, the two parties are the shareholders of the limited liability company named
“THE ARABIAN GEOPHYSICAL & SURVEYING COMPANY (ARGAS)”, hereinafter referred to as “THE
COMPANY”, which is registered in the Commercial Register in Dammam under N° 2051001444
dated 28.1.1389 H. (corresponding to 15.4.1969 G.).

	 	•	 	Whereas the parties have agreed to develop their cooperation within the COMPANY by
developing the land and shallow water seismic data acquisition activities of the
COMPANY, as a sub-contractor of CGG, in the countries of the Gulf Cooperation Council
(outside the Kingdom of Saudi Arabia).

NOW, IT HAS AGREED AND DECIDED AS FOLLOWS

First

The following provisions
shall be added at the end of article 1.2. :

 

 

“The provisions of the present article 1.2. shall not apply to the Activities in the GCC
Countries as detailed in article 1.4..”

Second

A new article 1.4. is created as follows:

	 	“1.4. 	 	As from the final approval and registration of the present amendment by the
appropriate authorities of the Kingdom of Saudi Arabia, COMPANY will be the exclusive
sub-contractor of CGG Ardiseis, a CGG subsidiary set up in Jebel Ali Free Zone — Dubai
- (“CGG Ardiseis”) for the Activities in the GCC Countries, under the following terms
and conditions.

When used in the present article 1.4. :

	 	•	 	The word “Activities” is defined as land and shallow water seismic data
acquisition business; for the avoidance of doubts the terms “shallow water”
means Ocean Bottom Cable (OBC) operations realized close to the shore in shallow
water depth and which typically represent an extension of land/transition zone
seismic surveys (whether simultaneously or not).
	 
	 	•	 	The word “GCC Countries” is defined as the countries pertaining to the Gulf
Cooperation Council at the date hereof, other than the KSA, i.e. Oman, Kuwait,
United Arab Emirates, Qatar and Bahrain.

For the avoidance of doubts, the activities of COMPANY in the Kingdom of Saudi Arabia
as per described in the present Articles of Association remain unchanged.

With regard to the Activities in the GCC Countries:

	 	a)	 	CGG Ardiseis shall act as the leading party of the cooperation with COMPANY
in the GCC Countries and shall carry out, exclusively for the benefit of COMPANY in
the manner herein contemplated, the marketing and promotion of the Activities in the
GCC Countries.
	 
	 	 	 	CGG Ardiseis shall identify the calls for tender and opportunities for Activities in
the GCC Countries and shall transmit to COMPANY the related calls for tender.
	 
	 	b)	 	COMPANY shall evaluate such calls for tender and opportunities and shall
prepare competitive offers to such requests, with the CGG Ardiseis engineering and
technical support.
	 
	 	 	 	As leading party and prime contractor, CGG Ardiseis shall submit all commercial
offers to the clients, such offers being based upon and/or including the offer
prepared by COMPANY under the client’s format.
	 
	 	 	 	COMPANY shall assist CGG Ardiseis in case of questions or requests issued by clients
in relation with the COMPANY’s offer. Any modification to the COMPANY’s offer and/or
to the contract proposed by clients shall have to be approved by COMPANY before CGG
Ardiseis accepts the same with clients.

 

 

	 	 	 	In case COMPANY is not interested by a call for tenders or a contract opportunity or
has no resources to conduct the resulting contract, CGG Ardiseis will be entitled to
submit an offer for the related project and to sign and conduct, by it-self and for
its own account, the resulting contract.
	 
	 	c)	 	In case of awards based upon the offer prepared by COMPANY, the resulting
contracts with clients shall be in the name of CGG Ardiseis and all the operations and
related obligations shall be subcontracted by CGG Ardiseis to COMPANY on a strict
back-to-back basis, COMPANY assuming the contractor’s obligations under the said
contracts as if it was the prime contractor (including, but not limited to, issuance of
bonds (such as bid bonds, performance bonds), warranties and insurance certificates).
	 
	 	d)	 	The prices offered to and agreed with clients by CGG Ardiseis shall include (i)
the prices agreed to by COMPANY, (ii) a 4% (four per cent) mark-up (such mark-up being
net of any and all taxes) corresponding to the CGG Ardiseis compensation for the
marketing, commercial, technical and engineering assistance provided to COMPANY (such
assistance fee covering the marketing support (i.e. support provided by CGG Ardiseis
for commercial actions and strategy, marketing intelligence, conception, design,
costing of projects and actual sales (Costs of sponsors, commercial consultants or
agents are not covered by these fees) and the technical and engineering assistance
(i.e. support provided by CGG Ardiseis for engineering, fundamental and applied
Research & Development and Intellectual Property)).
	 
	 	 	 	The above assistance and the related fees do not cover any management or operational
assistance, such as :

	 	•	 	Expertise provided at the operational level by CGG central teams (HSEMS,
mechanical, electronic, surveying expertise) during the mobilization and/or in
the course of the operations.
	 
	 	•	 	Expertise provided by CGG support functions in finance, procurement,
logistics, tax, insurance and legal matters.

However, this assistance may be provided, if requested and subject to availability,
under terms and conditions to be mutually agreed between COMPANY, CGG and CGG
Ardiseis.

	 	e)	 	The operations subcontracted by CGG Ardiseis to COMPANY and the related
contractor’s obligations under the contracts with clients shall be carried out by
COMPANY under its sole responsibility and at its sole risks using:

	 	•	 	Its own equipment (whether those presently owned or those that COMPANY might
decide to invest in, in the future) and human resources;
	 
	 	•	 	CGG’s and/or CGG Ardiseis’ equipment and human resources, if necessary and
available, such resources to be provided to COMPANY on the basis of prevailing
international market prices;
	 
	 	•	 	Third-party’s equipment and resources subject to respect of the CGG’s and CGG
Ardiseis preferred supplier status defined in the present Articles of
Association.

Third

 

 

Existing article 1.4. remains unchanged and is renumbered as article 1.5..

Fourth

The rest of the Articles of Association that have not been included in this Amendment
shall remain as they are without any amendment or change.

Fifth

          This Amendment has been printed into eight (8) copies and each party has received one copy
to act in accordance with it, and the other copies are intended to be submitted to the relevant
authorities to finalise the legal procedures. The parties have delegated Mr Habibullah M. Mousa
Merghelani and Mr Patrice Kermoal together or alone to finalise these procedures.

Written on 27th of Safar 1427 H corresponding to March 27,2006 G.

First Party

INDUSTRIALIZATION & ENERGY SERVICES COMPANY — TAQA -

/s/ Dr
Abdulaziz S. Al JARBOU

 

Represented by: Dr Abdulaziz S. Al JARBOU

Second Party

COMPAGNIE GENERALE DE GEOPHYSIQUE

/s/
Robert BRUNCK

 

Represented
by: Mr Robert BRUNCKEX-4.24

 

Exhibit 4.24

EXECUTION COPY

US$1,600,000,000

SINGLE CURRENCY TERM FACILITY AGREEMENT

dated 22 November 2006

for

COMPAGNIE GÉNÉRALE DE GÉOPHYSIQUE

arranged by

CREDIT SUISSE INTERNATIONAL

with

The Companies Listed Herein as Original Guarantors

The Financial Institutions Listed Herein

as Original Lenders

CREDIT SUISSE, LONDON BRANCH

acting as Agent

CREDIT SUISSE, LONDON BRANCH

acting as Security Agent

Cravath, Swaine & Moore LLP

CityPoint

One Ropemaker Street

London EC2Y 9HR

 

CONTENTS

	 	 	 	 	 
	CLAUSE	 	PAGE
	SECTION 1 INTERPRETATION

	 	 	1	 
	1. Definitions and Interpretation

	 	 	1	 
	SECTION 2 THE FACILITY

	 	 	28	 
	2. The Facility

	 	 	28	 
	3. Purpose

	 	 	29	 
	4. Conditions of Utilization

	 	 	30	 
	SECTION 3 UTILIZATION

	 	 	31	 
	5. Utilization

	 	 	31	 
	SECTION 4 REPAYMENT, PREPAYMENT AND CANCELLATION

	 	 	32	 
	6. Repayment

	 	 	32	 
	7. Prepayment and cancellation

	 	 	32	 
	SECTION 5 COSTS OF UTILIZATION

	 	 	38	 
	8. Interest

	 	 	38	 
	9. Interest Periods

	 	 	41	 
	10. Changes to the calculation of interest

	 	 	41	 
	11. Fees

	 	 	43	 
	12. Tax gross up and indemnities

	 	 	44	 
	13. Increased costs

	 	 	47	 
	14. Other indemnities

	 	 	48	 
	15. Mitigation by the Lenders

	 	 	50	 
	16. Costs and expenses

	 	 	51	 
	SECTION 7 GUARANTEE

	 	 	52	 
	17. Guarantee and indemnity

	 	 	52	 
	SECTION 8 REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

	 	 	55	 
	18. Representations

	 	 	55	 
	19. Information undertakings

	 	 	62	 
	20. Financial condition

	 	 	66	 
	21. General undertakings

	 	 	71	 
	22. Events of Default

	 	 	83	 
	SECTION 9 CHANGES TO PARTIES

	 	 	89	 
	23. Changes to the Lenders

	 	 	89	 
	24. Changes to the Obligors

	 	 	92	 

(i)

 

	 	 	 	 	 
	CLAUSE	 	PAGE
	SECTION 10 THE FINANCE PARTIES

	 	 	95	 
	25. Role of the Agent, the Arranger and the Security Agent

	 	 	95	 
	26. Conduct of business by the Finance Parties

	 	 	108	 
	27. Sharing among the Finance Parties

	 	 	108	 
	SECTION 11 ADMINISTRATION

	 	 	110	 
	28. Payment mechanics

	 	 	110	 
	29. Set-off

	 	 	113	 
	30. Notices

	 	 	113	 
	31. Calculations and certificates

	 	 	115	 
	32. Partial invalidity

	 	 	115	 
	33. Remedies and waivers

	 	 	115	 
	34. Amendments and waivers

	 	 	115	 
	35. Counterparts

	 	 	116	 
	36. U.S.A. Patriot Act

	 	 	116	 
	37. Interest Rate Limitation

	 	 	117	 
	SECTION 12 GOVERNING LAW AND ENFORCEMENT

	 	 	118	 
	38. Governing law

	 	 	118	 
	39. Enforcement

	 	 	118	 
	 
	 	 	 	 
	SCHEDULE 1 The Original Parties

	 	 	120	 
	SCHEDULE 2 Conditions Precedent

	 	 	122	 
	SCHEDULE 3 Requests

	 	 	127	 
	SCHEDULE 4 Mandatory Cost formula

	 	 	129	 
	SCHEDULE 5 Form of Transfer Certificate

	 	 	132	 
	SCHEDULE 6 Form of Accession Letter

	 	 	134	 
	SCHEDULE 7 Form of Resignation Letter

	 	 	135	 
	SCHEDULE 8 Form of Compliance Certificate

	 	 	136	 
	SCHEDULE 9 Existing Security

	 	 	137	 
	SCHEDULE 10 LMA Form of Confidentiality Undertaking

	 	 	139	 
	SCHEDULE 11 Form of Target Share Pledge Agreement

	 	 	144	 
	SCHEDULE 12 [Reserved]

	 	 	164	 
	SCHEDULE 13 Form of TEG Letter

	 	 	165	 
	SCHEDULE 14 [Reserved]

	 	 	167	 
	SCHEDULE 15 Specified Time

	 	 	168	 
	SCHEDULE 16 [Reserved]

	 	 	169	 
	SCHEDULE 17 Existing Financial Indebtedness

	 	 	170	 

(ii)

 

THIS AGREEMENT is dated 22 November 2006 and made between:

	(1)	 	COMPAGNIE GÉNÉRALE DE GÉOPHYSIQUE, a société anonyme incorporated in France, having its
registered office at 1 rue Léon Migaux, 91300 Massy and registered at the Evry commercial
registry under number 969 202 241 R.C.S. Evry (the “Borrower”);
	 
	(2)	 	THE COMPANIES listed in Part IA of Schedule 1 as original guarantors (the “Original
Guarantors”);
	 
	(3)	 	CREDIT SUISSE INTERNATIONAL (the “Arranger”);
	 
	(4)	 	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 as lenders (the “Original
Lenders”);
	 
	(5)	 	CREDIT SUISSE, LONDON BRANCH, as agent of the other Finance Parties (the “Agent”); and
	 
	(6)	 	CREDIT SUISSE, LONDON BRANCH, as security agent of the other Finance Parties (the “Security
Agent”).

IT IS AGREED as follows:

SECTION 1

INTERPRETATION

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Acceptable Bank” means:

	 	(a)	 	a bank or financial institution which has a rating for its long-term unsecured
and non credit-enhanced debt obligations of A- or higher by Standard & Poor’s Rating
Services or Fitch Ratings Ltd or A3 or higher by Moody’s Investor Services Limited or a
comparable rating from an internationally recognized credit rating agency; or
	 
	 	(b)	 	any other bank or financial institution approved by the Agent.

“Accession Letter” means a document substantially in the form set out in Schedule 6 (Form of
Accession Letter).

“Accounting Reference Date” means 31 December.

“Additional Cost Rate” has the meaning given to it in Schedule 4 (Mandatory Cost formula).

1

 

“Additional Guarantor” means a company which becomes an Additional Guarantor in accordance
with Clause 24 (Changes to the Obligors).

“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.

“Auditors” means the external auditors of the Borrower.

“Authorization” means an authorization, consent, approval, resolution, license, exemption,
filing, notarization or registration.

“Availability Period” means the period from and including the date of this Agreement to and
including the earlier of (x) the Closing Date and (y) April 15, 2007.

“Base Case Model” means the base case model prepared by the Borrower and delivered to the
Agent prior to the date of this Agreement.

“Base Currency” means US$.

“Board” shall mean the Board of Governors of the Federal Reserve System of the United States
of America.

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

	 	(a)	 	the interest (excluding the Margin and Mandatory Costs) which a Lender should
have received for the period from the date of receipt of all or any part of its
participation in the 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:

	 	(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 Business Day following
receipt or recovery and ending on the last day of the current Interest Period.

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for
general business in New York, London and Paris.

“Capital Expenditure” has the meaning given to that term in Clause 20 (Financial Condition).

“Cash Equivalent Investments” means at any time:

	 	(a)	 	certificates of deposit maturing within one year after the relevant date of
calculation and issued by an Acceptable Bank;
	 
	 	(b)	 	any investment in marketable debt obligations issued or guaranteed by the
government of the United States of America, the United Kingdom, any

2

 

	 	 	 	member state of the European Economic Area or any Participating Member State or by
an instrumentality or agency of any of them having an equivalent credit rating,
maturing within one year after the relevant date of calculation and not convertible
or exchangeable to any other security;
	 
	 	(c)	 	commercial paper not convertible or exchangeable to any other security:

	 	(i)	 	for which a recognized trading market exists;
	 
	 	(ii)	 	issued by an issuer incorporated in the United States of
America, the United Kingdom, any member state of the European Economic Area or
any Participating Member State;
	 
	 	(iii)	 	which matures within one year after the relevant date of
calculation; and
	 
	 	(iv)	 	which has a credit rating of either A-1 or higher by Standard
& Poor’s Rating Services or Fitch Ratings Ltd or P-1 or higher by Moody’s
Investor Services Limited, or, if no rating is available in respect of the
commercial paper, the issuer of which has, in respect of its long-term
unsecured and non-credit enhanced debt obligations, an equivalent rating;

	 	(d)	 	sterling bills of exchange eligible for rediscount at the Bank of England and
accepted by an Acceptable Bank (or their dematerialized equivalent);
	 
	 	(e)	 	any investment accessible within 30 days in money market funds which have a
credit rating of either A-1 or higher by Standard & Poor’s Rating Services or Fitch
Rating Ltd or P-1 or higher by Moody’s Investor Services Limited and which invest
substantially all their assets in securities of the types described in sub-paragraphs
(a) to (d) above; or
	 
	 	(f)	 	any other debt security approved by the Majority Lenders,

in each case, to which any member of the Group is beneficially entitled at that time and
which is not issued or guaranteed by any member of the Group or subject to any Security
Interest (other than one arising under the Security Documents).

“Cash” has the meaning given to that term in Clause 20.1
(Financial definitions).

“Charged Property” means all of the assets of the Obligors which from time to time are, or
are expressed to be, the subject of the Transaction Security.

“Closing Date” means the date on which completion of the Merger occurs in accordance with
the Merger Agreement.

“Collateral Agreement” means the Collateral Agreement among each of the Obligors and the
Security Agent, all as at the date of such agreement, in a form substantially similar to the
collateral agreement executed in connection with the Senior Facilities.

“Commitment” means:

3

 

	 	(a)	 	in relation to each Original Lender, the amount set forth opposite its name
under the heading “ Commitment” in Part II 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 of any Commitment transferred to it
under this Agreement, to the extent not cancelled, reduced or transferred by it under
this Agreement.

“Commitment Letter” means any letter so entitled and entered into by the Borrower on 4
September 2006 or, in connection with the syndication of the Facility, thereafter.

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 8
(Form of Compliance Certificate).

“Confidentiality Undertaking” means a confidentiality undertaking substantially in a
recommended form of the LMA as set out in Schedule 10 (LMA Form of Confidentiality
Undertaking) or in any other form agreed between the Borrower and the Agent.

“Constitutional Documents” means the statuts of the Borrower.

“Continuing Directors” means, as of any date of determination, any member of the board of
directors who (a) was a member of the board of directors on the date of this Agreement or
(b) was nominated for election to the board of directors with the approval of, or whose
election to the board of directors was ratified by, at least a majority of the members of
the board of directors who were members of the board of directors on the date of this
Agreement or who were so elected to the board of directors thereafter.

“Debt Refinancing Securities” means the debt securities subject to the Engagement Letter.

“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 under the Finance Documents or
any combination of any of the foregoing) be an Event of Default.

“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Security Agent
pursuant to Clause 25.41 (Delegation).

“Demand Securities” means the demand securities subject to any Fee Letter.

“Disruption Event” means either or both of:

	 	(a)	 	material disruption to those payment or communications systems or to those
financial markets which are, in each case, required to operate in order for payments to
be made in connection with the Facility (or otherwise in order for the transactions
contemplated by the Finance Documents to be carried out), which disruption is not
caused by, and is beyond the control of, any of the Parties; or

4

 

	 	(b)	 	the occurrence of any other event which results in a disruption (of a technical
or systems-related nature) to the treasury or payments operations of a Party preventing
that, or any other Party:

	 	(i)	 	from performing its payment obligations under the Finance
Documents; or
	 
	 	(ii)	 	from communicating with other Parties in accordance with the
terms of the Finance Documents,

(and which (in either such case)) is not caused by, and is beyond the control of, the Party
whose operations are disrupted.

“Engagement Letter” means the engagement letter dated 4 September 2006 between the Borrower
and the Manager.

“Environmental Claim” means any claim, proceeding, formal notice or investigation by any
person in respect of any Environmental Law.

“Environmental Law” means any applicable law or regulation which relates to:

	 	(a)	 	the pollution or protection of the environment;
	 
	 	(b)	 	harm to or the protection of human health;
	 
	 	(c)	 	the conditions of the workplace; or
	 
	 	(d)	 	any emission or substance capable of causing harm to any living organism or
the environment.

“Environmental Permits” means any permit and other Authorization and the filing of any
notification, report or assessment required under any Environmental Law for the operation of
the business of any member of the Group conducted on or from the properties owned or used by
any member of the Group.

“Event of Default” means any event or circumstance specified as such in Clause 22
(Events of Default).

“Existing Bonds” means the existing 71/2% Senior Notes due 2015 of the Borrower.

“Extended Maturity Date” means the date that is two years after the Utilization Date.

“Extension Request” has the meaning given to it in Clause 2.2 (Request for Extension).

“Facility” means the term loan facility made available under this Agreement as described in
Clause 2 (The Facility).

“Facility Office” means the office or offices notified by a Lender to the Agent in writing
on or before the date it becomes a Lender (or, following that date, by not less

5

 

than five Business Days’ written notice) as the office or offices through which it will
perform its obligations under this Agreement.

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers, as published
on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards,
if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions
received by the Agent from three Federal funds brokers of recognized standing selected by
it.

“Fee Letter” means any letter or letters dated 4 September 2006 between Credit Suisse
International and the Borrower, and any other agreement entered into in connection with the
syndication of the Facility, setting out any of the fees referred to in Clause 11 (Fees).

“Finance Document” means this Agreement, any Commitment Letter, the Engagement Letter, any
Accession Letter, any Compliance Certificate, any Fee Letter, any Resignation Letter, any
Selection Notice, any Security Document, the Utilization Request and any other document
designated as a “Finance Document” by the Agent and the Borrower.

“Finance Party” means the Agent, the Arranger, the Security Agent or a Lender.

“Financial Indebtedness” means any indebtedness for or in respect of:

	 	(a)	 	moneys borrowed;
	 
	 	(b)	 	any amount raised by acceptance under any acceptance credit facility;
	 
	 	(c)	 	any amount raised pursuant to any note purchase facility or the issue of bonds,
notes, debentures, loan stock or any similar instrument;
	 
	 	(d)	 	the amount of any liability in respect of any lease or hire purchase contract
which would, in accordance with IFRS, be treated as a finance or capital lease;
	 
	 	(e)	 	receivables sold or discounted (other than any receivables to the extent they
are sold on a non-recourse basis);
	 
	 	(f)	 	any amount raised under any other transaction (including any forward sale or
purchase agreement) having the commercial effect of a borrowing;
	 
	 	(g)	 	any derivative transaction entered into in connection with protection against
or benefit from fluctuation in any rate or price (and, when calculating the value of
any derivative transaction, only the marked to market value shall be taken into
account);
	 
	 	(h)	 	any counter-indemnity obligation in respect of a guarantee, indemnity, bond,
standby or documentary letter of credit or any other instrument issued by a bank or
financial institution; and

6

 

	 	(i)	 	the amount of any liability in respect of any guarantee or indemnity for any of
the items referred to in paragraphs (a) to (h) above;

provided that any indebtedness for or in respect of any guarantee set forth in clause (c) of
the definition of Permitted Guarantee shall not constitute “Financial Indebtedness”
hereunder.

“Financial Quarter” has the meaning given to that term in Clause 20 (Financial Condition).

“Financial Year” has the meaning given to that term in Clause 20 (Financial Condition).

“French GAAP” means generally accepted accounting principles in France.

“Government Authority” means the government of the United States or any other nation, or any
state, regional or local political subdivision or department thereof, and any other
governmental or regulatory agency, authority, body, commission, central bank, board, bureau,
organ, court, instrumentality or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government, in
each case whether federal, state, local or foreign (including supra-national bodies such as
the European Union or the European Central Bank).

“Group” means the Borrower and its Subsidiaries, including, on and after the Closing Date,
the Target Group.

“Guarantor” means an Original Guarantor or an Additional Guarantor, unless it has ceased to
be a Guarantor in accordance with Clause 24 (Changes to the
Obligors).

“Holding Company” means, in relation to a company, corporation or other entity, any other
company, corporation or other legal entity in respect of which the former company,
corporation or other entity is a Subsidiary.

“IFRS” means International Financial Reporting Standards issued by the International
Accounting Standards Board and adopted by the European Union.

“Initial Maturity Date” means the date that is eighteen months after the Utilization Date.

“Intellectual Property” means:

	 	(a)	 	any patents, trade marks, service marks, designs, business names, copyrights,
design rights, moral rights, inventions, confidential information, know-how and other
intellectual property rights and interests, whether registered or unregistered; and
	 
	 	(b)	 	the benefit of all applications and rights to use such assets of each member
of the Group.

“Intercreditor Agreement” means the intercreditor agreement between, among others, the
Security Agent, the collateral agent under the Senior Facilities and certain

7

 

members of the Group, all as at the date of such agreement, in a form agreed upon by the
Agent and the Borrower and reasonably acceptable to the Original Lenders (such form to be
substantially consistent with similar such agreements used in connection with customary U.S.
first-lien, second-lien debt financings in which the collateral agent under the Senior
Facilities acts as collateral agent, it being understood that, pursuant to such agreement,
the Security Agent will be entitled to the rights of a security agent for a second-lien
credit facility).

“Interest Period” means, in relation to the Loan, each period determined in accordance with
Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in
accordance with Clause 8.4 (Default interest).

“Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended.

“Joint Venture” means any joint venture entity, whether a company, unincorporated firm,
undertaking, association, joint venture or partnership or any other entity.

“Joint Venture Agreement” means the joint venture agreement between Veritas Geophysical
(Nigeria) Limited (formerly known as Digital Exploration (Nigeria) Limited) and Ashbert
Limited, effective March 1, 2001.

“Legal Reservations” means:

	 	(a)	 	the principle that equitable remedies may be granted or refused at the
discretion of a court and the limitation of enforcement by laws relating to
insolvency, reorganization and other laws generally affecting the rights of creditors;
	 
	 	(b)	 	the time barring of claims under any statute of limitations, the possibility
that an undertaking to assume liability for or indemnify a person against non-payment
of UK stamp duty may be void and defenses of set-off or counterclaim; and
	 
	 	(c)	 	similar principles, rights and defenses under the laws of any Relevant
Jurisdiction.

“Lender” means:

	 	(a)	 	any Original Lender; and
	 
	 	(b)	 	any bank, financial institution or credit institution (établissement de crédit)
in France (or which is recognized as such in accordance with EU regulations), trust,
fund or other entity 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.

“LIBOR” means, in relation to the Loan:

8

 

	 	(a)	 	for all Interest Periods other than the initial Interest Period for the Loan
(referenced in Clause 9.1(d)), the applicable Screen Rate; or
	 
	 	(b)	 	with respect to the initial Interest Period for the Loan (referenced in Clause
9.1(d)) or if no Screen Rate is available for the currency or Interest Period of the
Loan, the arithmetic mean of the rates (rounded upwards to four decimal places) as
supplied to the Agent at its request quoted by the Reference Banks to leading banks in
the London interbank market, as of the Specified Time on the Quotation Day for the
offering of deposits in the currency of that Loan and for a period comparable to the
Interest Period for that Loan.

“LMA” means the Loan Market Association.

“Loan” means the loan or deemed loan made or to be made under the Facility or the principal
amount outstanding for the time being of that loan or deemed loan.

“Majority Lenders” means:

	 	(a)	 	if there are no Loans outstanding, a Lender or Lenders whose Commitments
aggregate more than 50.01% of the Total Commitments (or, if the Total Commitments have
been reduced to zero, aggregated more than 50.01% of the Total Commitments immediately
prior to the reduction); or
	 
	 	(b)	 	at any other time, a Lender or Lenders whose participations in the Loans then
outstanding aggregate more than 50.01% of the Loan then outstanding.

“Manager” means Credit Suisse Securities (Europe) Limited, as Manager of an offering or
offerings of Debt Refinancing Securities.

“Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance
with Schedule 4 (Mandatory Cost formula).

“Margin” means the rate calculated in accordance with Clause 8.3 (Margin Ratchet).

“Margin Stock” shall have the meaning assigned to such term in Regulation U.

“Material Adverse Effect” means a material adverse effect on:

	 	(a)	 	the business, operations, property or condition (financial or otherwise) of the
Group taken as a whole; or
	 
	 	(b)	 	the ability of the Obligors, taken as a whole, to perform their obligations
under the Finance Documents; or
	 
	 	(c)	 	the validity or enforceability of, or the effectiveness or ranking of any
Security granted or purporting to be granted pursuant to any of, the Finance Documents
or the rights or remedies of any Finance Party under any of the Finance Documents.

“Material Subsidiary” means, at any time, a Subsidiary of the Borrower whose total assets,
revenues and / or ORBDA as defined in Clause 20.1 (Financial Definitions) then equal or
exceed, individually, 10% of the total assets, revenues and/or ORBDA

9

 

of the Group; provided that if at any time the total assets, revenues and/or ORBDA of such
individual Material Subsidiaries, when added to that of the Obligors, collectively, do not
equal or exceed 85% of the total assets, revenues and/or ORBDA of the Group, the Borrower
shall designate additional Subsidiaries as Material Subsidiaries such that the total assets,
revenues and/or ORBDA of all Material Subsidiaries, when added to that of the Obligors,
collectively, equal or exceed 85% of the total assets, revenues and / or ORBDA of the Group.

For this purpose:

	 	(a)	 	the consolidated total assets, revenues and / or ORBDA of a Subsidiary of the
Borrower will be determined from its financial statements (unconsolidated if it has
Subsidiaries) upon which the latest audited financial statements of the Group have been
based;
	 
	 	(b)	 	if a Subsidiary of the Borrower becomes a member of the Group after the date on
which the latest audited financial statements of the Group have been prepared, the
consolidated total assets, revenues and / or ORBDA of that Subsidiary will be
determined from its latest financial statements;
	 
	 	(c)	 	the consolidated total assets, revenues and / or ORBDA of the Group will be
determined from its latest audited financial statements, adjusted (where appropriate)
to reflect the total assets, revenues and / or ORBDA of any company or business
subsequently acquired or disposed of; and
	 
	 	(d)	 	if a Material Subsidiary disposes of all or substantially all of its assets to
another Subsidiary of the Borrower, it will immediately cease to be a Material
Subsidiary and the other Subsidiary (if it is not already) will immediately become a
Material Subsidiary; the subsequent financial statements of those Subsidiaries and the
Group will be used to determine whether those Subsidiaries are Material Subsidiaries or
not.
	 
	 	 	 	If there is a dispute as to whether or not a company is a Material Subsidiary, a
certificate of the auditors of the Borrower will be, in the absence of manifest
error, conclusive.

“Maturity Date” means the Initial Maturity Date, unless extended under Clause 2.4 (Extension
of Facility), in which case, the “Maturity Date” shall mean the “Extended Maturity Date”.

“Mergeco” means the surviving company in the Merger.

“Merger” means, together, the merger between Newco 1 with and into the Target and the merger
of the resulting company with and into Newco 2.

“Merger Agreement” means the agreement and plan of merger among the Borrower, the Target,
Newco 1 and Newco 2, dated 4 September 2006.

“Merger Costs” means all brokers’ commissions, fees, costs and expenses, stamp, registration
and other Taxes specifically contemplated under this Agreement and legal

10

 

fees incurred by the Borrower or any other member of the Group in each case in connection
with the Merger or the Transaction Documents.

“Merger Documents” means the Merger Agreement and any other document or agreement executed
in connection therewith.

“Month” means a period starting on one day in a calendar month and ending on the numerically
corresponding day in the next calendar month, except that as to the last Month of any
period:

	 	(a)	 	(subject to paragraph (c) below) if the numerically corresponding day is not a
Business Day, that period shall end on the next Business Day in that calendar month in
which that period is to end if there is one, or if there is not, on the immediately
preceding Business Day;
	 
	 	(b)	 	if there is no numerically corresponding day in the calendar month in which
that period is to end, that period shall end on the last Business Day in that calendar
month; and
	 
	 	(c)	 	if an Interest Period begins on the last Business Day of a calendar month, that
Interest Period shall end on the last Business Day in the calendar month in which that
Interest Period is to end.

“Moody’s” means Moody’s Investor Service Limited.

“Net Debt Cover” has the meaning given to that term in Clause 20.1
(Financial definitions).

“Newco 1” means Volnay Acquisition Co. I, a Delaware corporation.

“Newco 2” means Volnay Acquisition Co. II, a Delaware corporation.

“Norwegian Guarantor” means CGG Marine Resources Norge A/S, a company organized under the
laws of Norway.

“Obligor” means the Borrower or a Guarantor.

“ORBDA” has the meaning given to that term in Clause 20.1
(Financial definitions).

“Original Financial Statements” means:

	 	(a)	 	IFRS (French GAAP in the case of the 2003 fiscal year) with a US GAAP
reconciliation (or, in the case of the Target Group, US GAAP) audited consolidated
balance sheets and related statements of income, stockholders’ equity and cash flows
of the Borrower for the 2003, 2004 and 2005 fiscal years and for the Target Group for
the 2004, 2005 and 2006 fiscal years;
	 
	 	(b)	 	(i) IFRS with a US GAAP reconciliation (or, in the case of the Target Group,
US GAAP) unaudited consolidated balance sheets and related statements of income,
stockholders’ equity and cash flows of each of the Borrower and the Target Group for
each such entity’s subsequent fiscal quarter ended 45 days before the Closing Date,
which financial statements shall not be materially

11

 

	 	 	 	inconsistent with the financial statements or forecasts previously provided to the
Agent and (ii) statements showing ORBDA to Total Interest Costs and Net Debt Cover,
in each case, measured quarterly on a rolling 12 month basis, and total Capital
Expenditure during a rolling 12 month period of each of the Borrower and the Target
Group, in each case, ended not earlier than 30 days before the Closing Date; and
	 
	 	(c)	 	in relation to any other Obligor, its audited financial statements delivered
to the Agent as required by Clause 24 (Changes to the
Obligors).

“Original Obligor” means the Borrower and each Original Guarantor.

“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 Community relating to Economic and Monetary Union.

“Party” means a party to this Agreement.

“Permitted Acquisition” means:

	 	(a)	 	the Merger;
	 
	 	(b)	 	an acquisition by way of merger provided that the merger is permitted under
paragraph (c) of the definition of Permitted Merger;
	 
	 	(c)	 	the acquisition of, or investment in, any share or interest in any Permitted
Joint Venture, provided that the acquisition of or investment therein does not
exceed $75,000,000 in the aggregate;
	 
	 	(d)	 	the acquisition of, or investment in, any share or interest in the Veritas
Caspian limited liability partnership, a joint venture between Veritas DGC Limited,
Kazmorgeophisika JSC and Kazgeoengineering LLC pursuant to a joint venture agreement
dated 2 September 2005;
	 
	 	(e)	 	the acquisition by a member of the Group of any share, interest or asset sold,
leased, transferred or otherwise disposed of by another member of the Group in
circumstances constituting a Permitted Disposal;
	 
	 	(f)	 	the acquisition by a member of the Group of Cash Equivalent Investments;
	 
	 	(g)	 	an acquisition by a member of the Group to which the Agent (on the instructions
of the Majority Lenders) shall have given prior written consent;
	 
	 	(h)	 	an acquisition that is a Qualifying Acquisition; or
	 
	 	(i)	 	an acquisition of any business or all of the issued share capital of a limited
liability company or corporation (or, as applicable in a jurisdiction outside the
United States, an organization having an equivalent status in such jurisdiction) if the
aggregate net expenditures in such acquisitions for members of the Group is less than
$25,000,000 (or its equivalent in another currency or currencies).

12

 

“Permitted Disposal” means any sale, lease, transfer or other disposal:

	 	(a)	 	made in the ordinary course of business of the disposing entity;
	 
	 	(b)	 	of access to multi-client data libraries owned by any member of the Group, but
not including the sale, lease, transfer or other disposal of the ownership interests
therein;
	 
	 	(c)	 	of assets in exchange for other assets comparable or superior as to type, value
and quality;
	 
	 	(d)	 	the sale, transfer or disposal of assets by the Borrower or any member of the
Group consisting of one 2D seismic vessel and/or one 3D seismic vessel, in exchange for
equity, joint venture interests or other consideration;
	 
	 	(e)	 	made by (i) an Obligor to another Obligor or (ii) a non Obligor to another non
Obligor or (iii) a non Obligor to an Obligor or (iv) an Obligor to a non Obligor
subject to a maximum aggregate amount for all such disposals under this sub-clause (iv)
of $50,000,000 during the term of the Facility;
	 
	 	(f)	 	constituting the creation of any Permitted Security;
	 
	 	(g)	 	to which the Agent (on the instructions of the Majority Lenders) shall have
given prior written consent; or
	 
	 	(h)	 	where the higher of the market value or consideration receivable (when
aggregated with the higher of the market value or consideration receivable for any
other sale, lease, transfer or other disposal by the Group in any related transaction)
does not exceed in aggregate $50,000,000 (or its equivalent in another currency or
currencies);
	 
	 	(i)	 	of surplus, obsolete or worn out equipment;
	 
	 	(j)	 	of notes or accounts receivable that, in order to resolve disputes that occur
in the ordinary course of business, an Obligor may discount or otherwise compromise for
less than the face value thereof;
	 
	 	(k)	 	of Cash or Cash Equivalent Instruments;
	 
	 	(l)	 	of shares of capital stock or other equity interests by an Obligor in any of
its Subsidiaries in order to qualify members of the board of directors (or similar
governing body) of the Subsidiary, if required by applicable law;
	 
	 	(m)	 	to the extent (i) required by a Government Authority or (ii) pursuant to a
synergies implementation plan, in each case in connection with the Merger;
	 
	 	(n)	 	of joint venture interests of Veritas Geophysical (Nigeria) in accordance with
the terms of the option granted to Ashbert Limited pursuant to the Joint Venture
Agreement;
	 
	 	(o)	 	of the Massy 1 processing center premises in Massy, France; or

13

 

	 	(p)	 	in connection with a sale and leaseback of the Borrower’s Massy Principal
headquarters in Massy, France.

“Permitted Financial Indebtedness” means:

	 	(a)	 	any Financial Indebtedness arising or permitted under any Finance Document;
	 
	 	(b)	 	any Financial Indebtedness not exceeding $20,000,000 arising under the credit
facility dated 12 March 2004 between, among others, the Borrower and Natexis Banques
Populaires as Agent (the “Existing Facility”);
	 
	 	(c)	 	any Financial Indebtedness arising under the Senior Facilities;
	 
	 	(d)	 	any Permitted Guarantee;
	 
	 	(e)	 	any Financial Indebtedness permitted under Clause 21.27 (Treasury
Transactions);
	 
	 	(f)	 	any Financial Indebtedness arising under a Permitted Joint Venture up to a
maximum aggregate amount of $50,000,000 (or its equivalent in another currency or
currencies) at any one time outstanding;
	 
	 	(g)	 	any Financial Indebtedness incurred by a member of the Group to which the Agent
(on the instructions of the Majority Lenders) shall have given prior written consent;
	 
	 	(h)	 	any Financial Indebtedness arising under or as a result of (i) a finance or
capital lease the aggregate principal amount of which when aggregated with the
Financial Indebtedness under each other finance or capital lease entered into by
members of the Group does not at any one time exceed $25,000,000 (or its equivalent in
another currency or currencies); (ii) the sale and leaseback of the Borrower’s Massy
Principal headquarters in Massy, France; and (iii) the vessel charter of the Target
being treated as a finance or capital lease under IFRS;
	 
	 	(i)	 	the Existing Bonds;
	 
	 	(j)	 	the Debt Refinancing Securities and any Demand Securities;
	 
	 	(k)	 	any Financial Indebtedness listed in Schedule 17 (Existing Financial
Indebtedness);
	 
	 	(l)	 	any Financial Indebtedness (other than falling within (g) of the definition of
Financial Indebtedness) incurred by any Obligor not falling within paragraphs (a) to
(h) above, the aggregate outstanding principal amount of which does not at any one time
exceed $50,000,000 (or its equivalent in another currency or currencies);
	 
	 	(m)	 	any Permitted Refinancing Indebtedness;
	 
	 	(n)	 	any Permitted Loan falling within (b) of the definition of Permitted Loan;

14

 

	 	(o)	 	any Financial Indebtedness not exceeding $85,000,000 arising under the credit
facility dated 6 February 2004 between, among others, the Target and Wells Fargo Bank,
National Association as U.S. Agent (the “Existing Target Facility”);
	 
	 	(p)	 	any Financial Indebtedness not exceeding $8,500,000 arising under the various
unsecured credit lines of the Target that may be used exclusively for the issuance of
letters of credit and bank guarantees in geographic areas not covered by the lending
institutions in the Existing Target Facility;
	 
	 	(q)	 	the existing Convertible Senior Notes due 2024 of the Target (the “Target
Convertible Notes”); or
	 
	 	(r)	 	any Financial Indebtedness not exceeding $25,000,000 arising in connection with
the acquisition of the Alizé.

“Permitted Guarantee” means:

	 	(a)	 	any guarantee arising under the Finance Documents;
	 
	 	(b)	 	any guarantee arising under the Senior Facilities, the Debt Refinancing
Securities, the Demand Securities or the Permitted Refinancing Indebtedness;
	 
	 	(c)	 	any guarantee issued by a member of the Group in the ordinary course of
business, including for the avoidance of doubt, any guarantee given to ship-managers or
ship-owners in relation to vessel charter contracts in the ordinary course of business;
	 
	 	(d)	 	any guarantee issued by a member of the Group in respect of the Financial
Indebtedness of another member of the Group;
	 
	 	(e)	 	any guarantee or indemnity or liability to which the Agent (acting on the
instructions of the Majority Lenders) has consented in writing; or
	 
	 	(f)	 	all guarantees, indemnities and liabilities (other than those permitted
pursuant to paragraphs (a) to (e) above) the aggregate amount of which is less than
$10,000,000 (or its equivalent in another currency or currencies) at any one time
outstanding.

“Permitted Joint Venture” means:

	 	(a)	 	any Joint Venture to which the Agent (acting on the instructions of the
Majority Lenders) has given prior written consent; or
	 
	 	(b)	 	any Joint Venture where:

	 	(i)	 	no Default is continuing on the date of the acquisition of or
investment in, or transfer or loan to, or guarantee, Security or Quasi Security
for the obligations of, the Joint Venture or would occur as a result of the
acquisition of or investment in, or transfer or loan to, or guarantee, Security
or Quasi Security for the obligations of, a Joint Venture;

15

 

	 	(ii)	 	the Joint Venture carries on, or is, a business substantially
the same as that carried on by the Group; and
	 
	 	(iii)	 	the Joint Venture does not have any material contingent
off-balance sheet, environmental, litigation or other liability except to the
extent for which adequate reserves are being maintained in accordance with IFRS
and/or in respect of which the relevant vendor (if any) has indemnified that
member of the Group.

“Permitted Loan” means:

	 	(a)	 	any loan granted by a member of the Group in the ordinary course of business;
	 
	 	(b)	 	any loan granted by a member of the Group to another member of the Group;
	 
	 	(c)	 	any loan consented to which the Agent (acting on the instructions of the
Majority Lenders) shall have given prior written consent;
	 
	 	(d)	 	loans or advances to officers, directors and employees of the Borrower or any
member of the Group made in the ordinary course of business and consistent with past
practices of the Borrower and the Group in an aggregate amount not to exceed $5,000,000
outstanding at any one time; or
	 
	 	(e)	 	all loans and credits (other than those permitted pursuant to paragraphs (a) to
(d) above) the aggregate amount of which is less than $10,000,000 (or its equivalent in
another currency or currencies) at any one time outstanding.

“Permitted Merger” means:

	 	(a)	 	the Merger;
	 
	 	(b)	 	an acquisition or disposal by way of merger provided that the acquisition or
disposal is a Permitted Acquisition or a Permitted Disposal, as the case may be;
	 
	 	(c)	 	an amalgamation, demerger, merger, consolidation or corporate reconstruction on
a solvent basis of a member of the Group where all of the business and assets of that
member remain within the Group and if that member of the Group was an Obligor
immediately prior to that amalgamation, demerger, merger, consolidation or corporate
reconstruction, all of the business and assets of that member are retained by one or
more other Obligors or a company which becomes an Obligor upon such merger,
	 
	 	 	 	and:

	 	(A)	 	the surviving entity of that amalgamation,
demerger, merger, consolidation or corporate reconstruction is liable
for the obligations of the member of the Group it has merged with; and
	 
	 	(B)	 	the surviving entity of that amalgamation,
demerger, merger, consolidation or corporate reconstruction is
incorporated in the same jurisdiction as that member of the Group;

16

 

	 	(d)	 	a divestiture or other corporate reconstruction of a member of the Group to the
extent (i) required by a Governmental Authority or (ii) pursuant to a synergies
implementation plan, in each case in connection with the Merger; or
	 
	 	(e)	 	an amalgamation, demerger, merger, consolidation or corporate reconstruction on
a solvent basis of any members of the Group that are not Obligors.

“Permitted Refinancing Indebtedness” shall mean any Indebtedness issued in exchange for, or
the net proceeds of which are used to extend, refinance, renew, replace, defease or refund
(collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings
thereof constituting Permitted Refinancing Indebtedness); provided that:

	 	(a)	 	the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if
applicable) of the Indebtedness so Refinanced (plus any unpaid accrued interest and
premium thereon and any underwriting discounts, fees, commissions and expenses incurred
in connection with such Refinancing);
	 
	 	(b)	 	each of the stated maturity and the average life to maturity of such Permitted
Refinancing Indebtedness is greater than or equal to that of the Indebtedness being
Refinanced;
	 
	 	(c)	 	if the Indebtedness being Refinanced is subordinated in right of payment to the
obligations under this Agreement, such Permitted Refinancing Indebtedness shall be
subordinated in right of payment to such obligations on terms at least as favorable to
the Lenders as those contained in the documentation governing the Indebtedness being
Refinanced;
	 
	 	(d)	 	no Permitted Refinancing Indebtedness shall have different obligors, or greater
guarantees or security, than the Indebtedness being Refinanced; and
	 
	 	(e)	 	if the Indebtedness being Refinanced is secured by any collateral (whether
equally and ratably with, or junior to, the Secured Parties or otherwise), such
Permitted Refinancing Indebtedness may be secured by such collateral on terms no less
favorable to the Secured Parties than those contained in the documentation governing
the Indebtedness being Refinanced.

“Permitted Security” means:

	 	(a)	 	any Security granted pursuant to the terms of the Existing Facility or the
Existing Target Facility prior to the date hereof;
	 
	 	(b)	 	any Security granted pursuant to the terms of the Senior Facilities, the Debt
Refinancing Securities or the Demand Securities;
	 
	 	(c)	 	any Security listed in Schedule 9 (Existing Security) except to the extent the
principal amount secured by that Security exceeds the amount as stated in that Schedule
(or, if higher, the maximum amount of the relevant facility as stated in that
Schedule);

17

 

	 	(d)	 	any netting or set-off arrangement entered into by (i) any member of the Group
in the ordinary course of its cash management arrangements for the purpose of netting
debit and credit balances or (ii) in connection with a derivative transaction
constituting Permitted Financial Indebtedness;
	 
	 	(e)	 	any lien arising by operation of law and in the ordinary course of business;
	 
	 	(f)	 	any sale of receivables on recourse terms or any Security constituted by any
title transfer or retention of title or conditional sale arrangements, in each case
which are entered into by any member of the Group in the normal course of its business
up to a maximum aggregate amount of $25,000,000;
	 
	 	(g)	 	any Security or Quasi-Security over or affecting any asset acquired by a member
of the Group after the date of this Agreement if:

	 	(i)	 	the Security or Quasi-Security was not created in contemplation
of the acquisition of that asset by a member of the Group;
	 
	 	(ii)	 	the principal amount (or, if higher, the maximum principal
amount of the relevant facility) secured has not been increased in
contemplation of, or since the acquisition of that asset by a member of the
Group; and
	 
	 	(iii)	 	the Security is removed or discharged within six months of the
date of acquisition of such asset if not otherwise permitted under this
Agreement; provided that this clause (iii) shall not apply to (i) any
Security existing on the Closing Date on any asset of the Target Group or (ii)
any Security on the Alizé;

	 	(h)	 	any Security or Quasi-Security over or affecting any asset of any company which
becomes a member of the Group after the date of this Agreement, where the Security is
created prior to the date on which that company becomes a member of the Group, if:

	 	(i)	 	the Security or Quasi-Security was not created in contemplation
of the acquisition of that company;
	 
	 	(ii)	 	the principal amount (or, if higher, the maximum principal
amount of the relevant facility) secured has not increased in contemplation of
or since the acquisition of that company; and
	 
	 	(iii)	 	the Security is removed or discharged within six months of the
date of acquisition of such asset if not otherwise permitted under this
Agreement; provided that this clause (iii) shall not apply to (i) any
Security existing on the Closing Date on any asset of the Target Group or (ii)
any Security on the Alizé;

	 	(i)	 	any Security or Quasi-Security entered into pursuant to any Finance Document;
	 
	 	(j)	 	any Security created in respect of any tax assessment or governmental charge or
claim provided that (i) the aggregate amount secured by such Security is less than
$5,000,000 (or its equivalent in another currency or currencies),

18

 

	 		 	(ii) that such assessment, charge or claim has not yet become due or is being
contested in good faith, (iii) adequate reserves are being maintained for such
assessment, charge or claim, (iv) payment in respect of such assessment, charge or
claim has not yet become due or can be lawfully withheld and (v) any such
assessment, charge or claim which relates to an amount in excess of $2,500,000 (or
its equivalent in another currency or currencies) has been notified to the Agent;
	 
	 	(k)	 	any Security to which the Agent (acting on the instructions of the Majority
Lenders) shall have given prior written consent;
	 
	 	(l)	 	any Security securing Financial Indebtedness arising or permitted under
paragraph (h) of the definition of Permitted Financial Indebtedness;
	 
	 	(m)	 	any Security securing indebtedness the principal amount of which (when
aggregated with the principal amount of any other indebtedness which has the benefit of
Security given by any member of the Group other than any permitted under paragraphs (a)
to (l) above or (n) to (y) below) does not exceed $25,000,000 (or its equivalent in
another currency or currencies) at any one time outstanding, of which not more than
$5,000,000 (or its equivalent in another currency or currencies) may be senior to or
pari passu with the Transaction Security;
	 
	 	(n)	 	deposits made in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security, or to secure
the performance of statutory obligations, bids, leases, government contracts, trade
contracts, and other similar obligations (exclusive of obligations for the payment of
borrowed money), so long as no foreclosure, sale or similar proceedings have been
commenced with respect to any portion of the Transaction Security on account thereof;
	 
	 	(o)	 	any attachment or judgment Security not constituting an Event of Default under
Clause 22.15 (Litigation) and being contested in good
faith or discharged within 60 days;
	 
	 	(p)	 	licenses (with respect to Intellectual Property and other property), leases or
subleases granted to third parties in accordance with any applicable terms of the
Finance Documents and not interfering in any material respect with the ordinary conduct
of the business of the Borrower or any of its Subsidiaries or resulting in a material
diminution in the value of any Transaction Security as security for the obligations
under the Finance Documents;
	 
	 	(q)	 	easements, rights-of-way, restrictions, encroachments, and other minor defects
or irregularities in title, in each case which do not and will not interfere in any
material respect with the ordinary conduct of the business of the Borrower or any of
its Subsidiaries or result in a material diminution in the value of any Transaction
Security as security for the obligations under the Finance Documents;
	 
	 	(r)	 	any (i) interest or title of a lessor or sublessor under any lease not
prohibited by this Agreement, (ii) Security or restriction that the interest or title
of such

19

 

	 	 	 	lessor or sublessor may be subject to, or (iii) subordination of the interest of the
lessee or sublessee under such lease to any Security or restriction referred to in
the preceding clause (ii), so long as the holder of such Security or restriction
agrees to recognize the rights of such lessee or sublessee under such lease;
	 
	 	(s)	 	Security arising from filing UCC financing statements relating solely to leases
not prohibited by this Agreement;
	 
	 	(t)	 	Security over rental deposits in respect of any property leased or licensed by
a member of the Group in the ordinary course of business;
	 
	 	(u)	 	any zoning or similar law or right reserved to or vested in any Government
Authority to control or regulate the use of any real property;
	 
	 	(v)	 	Security securing obligations (other than obligations representing Financial
Indebtedness for borrowed money) under operating, reciprocal easement or similar
agreements entered into in the ordinary course of business of the Borrower and its
Subsidiaries;
	 
	 	(w)	 	Security or Quasi-Security on assets acquired in a Permitted Acquisition to
secure any Permitted Financial Indebtedness used to finance such Permitted Acquisition;
	 
	 	(x)	 	Security over shares in a Permitted Joint Venture to secure obligations to the
other Joint Venture partners; or
	 
	 	(y)	 	Security over bank accounts granted pursuant to such bank’s standard terms and
conditions.

“Permitted Share Issue” means:

	 	(a)	 	the issue of shares in connection with the Merger pursuant to the terms of the
Merger Agreement;
	 
	 	(b)	 	the issue of shares pursuant to any warrants, rights, options, convertible debt
securities or any other convertible securities (including pursuant to any anti-dilution
provisions contained in the agreements governing such securities) issued by the
Borrower or the Target and outstanding on the Closing Date;
	 
	 	(c)	 	the issue by the Borrower of any shares pursuant to any share option scheme or
issue of free shares to senior management of the Group;
	 
	 	(d)	 	distributions in the form of common equity or perpetual preferred shares by any
member of the Group (other than the Borrower) to its shareholders or equityholders on a
pro rata basis;
	 
	 	(e)	 	the issue (i) of shares or other equity interests by an Obligor to an Obligor;
(ii) of shares or other equity interests by a non-Obligor to a
non-Obligor; (iii) of shares or other equity interests by a wholly-owned non-Obligor, in connection with the
CGG Services project, to an Obligor in exchange for consideration consisting solely of
non-Cash and non-Cash Equivalent Investments; and (iv)

20

 

	 		 	of common equity or perpetual preferred shares issued in connection with a Permitted
Acquisition under clauses (c) or (d) of the definition thereof; or
	 
	 	(f)	 	the issue by the Borrower of its own common equity or
perpetual preferred shares.

“Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability company or
government or other entity.

“Qualifying Acquisition” means an acquisition of any business or all of the issued share
capital of a limited liability company or corporation (or, as applicable in a jurisdiction
outside the United States, an organization having an equivalent status in such jurisdiction)
if:

	 	(a)	 	the total aggregate net expenditures in all such acquisitions for members of
the Group is less than $100,000,000 (or its equivalent in another currency or
currencies);
	 
	 	(b)	 	if the relevant company, business, undertaking, person, partnership or similar
arrangement had been consolidated, on a pro forma basis, in the most recent set of
consolidated financial statements delivered by the Borrower in accordance with Clause
19.1 (Financial statements), all requirements of Clause 22.2 (Financial covenants and
other obligations) would have been satisfied on the date that such requirements were
tested by reference to such consolidated financial statements in accordance with Clause
20.3 (Financial testing); and
	 
	 	(c)	 	the relevant company, business, undertaking, person, partnership or similar
arrangement carries on, or is, a business substantially the same as that carried on by
the Group.

“Qualifying Lender” has the meaning given to it in Clause 12.1 (Tax definitions).

“Quarter Date” means the last day of a Financial Quarter.

“Quasi-Security” has the meaning given to that term in Clause 21.13 (Negative pledge).

“Quotation Day” means, in relation to any period for which an interest rate is to be
determined, two Business Days before the first day of that period unless market practice
differs in the Relevant Interbank Market in which case the Quotation Day 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); provided that the
“Quotation Day” for the initial Interest Period for the Loan (as referenced in Clause
9.1(d)) shall be one Business Day before the first day of such Interest Period.

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole
or any part of the Charged Property.

21

 

“Reference Banks” means BNP Paribas and Credit Suisse or such other banks as may be
appointed by the Agent in consultation with the Borrower.

“Regulation T” shall mean Regulation T of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

“Regulation U” shall mean Regulation U of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

“Regulation X” shall mean Regulation X of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

“Relevant Interbank Market” means the London interbank market.

“Relevant Jurisdiction” means, in relation to an Obligor or, solely for the purposes of
Clause 24.2(a), any Subsidiary:

	 	(a)	 	its jurisdiction of incorporation;
	 
	 	(b)	 	any jurisdiction where any asset subject to or intended to be subject to the
Transaction Security to be created by it is situated;
	 
	 	(c)	 	any jurisdiction where it conducts its business; and
	 
	 	(d)	 	the jurisdiction whose laws govern the perfection of any of the Security
Documents entered into by it.

“Relevant Period” has the meaning given to that term in Clause 20 (Financial Condition).

“Repeating Representations” means each of the representations set out in Clause 18.2 (Status) to Clauses 18.7
(Governing law and enforcement), Clause 18.11 (No default),
Clause 18.13 (Original Financial Statements), Clause
18.19 (Ranking) to Clause 18.21 (Legal
and beneficial ownership) and Clause 18.25 (Centre of main
interests and establishments).

“Resignation Letter” means a letter substantially in the form set out in Schedule 7 (Form of
Resignation Letter).

“Screen Rate” means the British Bankers’ Association International Settlement Rate for
dollars for the relevant period 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 Telerate 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.

“Secured Parties” means each Finance Party from time to time party to this Agreement.

“Securities Act” means the U.S. Securities Act of 1933, as amended.

22

 

“Security” means a mortgage, charge, pledge, lien, assignment or other security interest
securing any obligation of any person or any other agreement or arrangement having a similar
effect.

“Security Documents” means the Share Pledge Agreements, the Collateral Agreement (if any)
and the Intercreditor Agreement (if any), together with any other document entered into by
any Obligor creating or expressed to create any Security over all or any part of its assets
in respect of the obligations of any of the Obligors under any of the Finance Documents,
including the Senior Facilities Security Documents.

“Selection Notice” means a notice substantially in the form set out in Part II of Schedule 3
(Requests) given in accordance with Clause 9 (Interest Periods).

“Senior Facilities” means the facilities made available pursuant to the Senior Facilities
Agreement.

“Senior Facilities Agreement” means (i) the agreement for the provision of certain senior
facilities to be entered into among, among others, the Borrower, Mergeco and Credit Suisse
International and each other mandated lead arranger named therein, the agent named therein,
the security trustee named therein, and the lenders named therein, as amended, modified,
supplemented, refinanced or replaced from time to time, and (ii) to the extent such a
facility is not provided for in the agreement referred to in clause (i) above, an agreement
for the provision of a senior secured revolving credit facility in an amount not to exceed
$200,000,000 (or its equivalent in another currency or currencies), to be entered into
among, among others, the Borrower and/or another French Obligor, each mandated lead arranger
named therein, the agent named therein, the security trustee named therein, and the lenders
named therein, which will include certain of the Original Lenders, as amended, modified,
supplemented, refinanced or replaced from time to time.

“Senior Facilities Security Documents” means all security documents entered into by any
Obligor creating or expressed to create any Security over all or any part of its assets in
respect of the obligations of any of the Obligors in connection with the Senior Facilities
Agreement.

“Shares” means all the issued shares in the capital of (i) Newco 1, (ii) Newco 2, (iii)
Mergeco and (iv) all first-tier material subsidiaries of the Target; provided,
however, that, to the extent that the pledge of any greater percentage would result
in a material adverse tax consequences to the Borrower, no more than 66% of the voting
equity interests of the first-tier non-US subsidiaries of the Target will be constitute
“Shares”.

“Share Pledge Agreements” means the Target Share Pledge Agreement and certain other share
pledge agreements, each dated the Closing Date between the applicable pledgor and the
Security Agent in respect of the applicable Shares, to be in a form substantially similar to
the Target Share Pledge Agreement (with such modifications as may be necessary in respect of
the applicable pledgor, including, without limitation, as a result of financial assistance
laws applicable to such pledgor or similar such laws regarding limitations on Security
applicable to such pledgor).

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“Specified Time” means a time determined in accordance with Schedule 15 (Specified
Time).

“Standard & Poor’s” means Standard & Poor’s Rating Services, a division of the McGraw-Hill
Companies Inc.

“Subsidiary” means, in relation to any Person (the “parent”), (a) another company which is
controlled by it within the meaning of article L.233-3 of the French Code de Commerce,
(b) another company which is fully consolidated in its consolidated financial
statements in accordance with article L.233-16 of the French Code de Commerce or (c) any
corporation, partnership, trust, limited liability company, association, Joint Venture or
other business entity of which more than 50% of the total voting power of shares of stock or
other ownership interests entitled (without regard to the occurrence of any contingency) to
vote in the election of the members of the board of directors (or similar governing body) is
at the time owned or controlled, directly or indirectly, by the parent or one or more of the
other Subsidiaries of the parent or a combination thereof.

“Syndication Date” means the day on which the Arranger confirms that the primary syndication
of the Facility has been completed, in any event no later than the date falling six (6)
months after the Closing Date.

“Target” means Veritas DGC, Inc., a Delaware corporation.

“Target Group” means the Target and its Subsidiaries.

“Target Required Cash Amount” means the aggregate amount of cash that Mergeco will have to
pay to the holders of the Target Convertible Notes outstanding on the Closing Date upon
conversion of all such Target Convertible Notes pursuant to the terms of the
Supplemental Indenture governing such Target Convertible Notes, less $320,000,000;
provided that such amount shall not exceed $165,000,000.

“Target Share Pledge Agreement” means the share pledge agreement, dated the Closing Date
between the Borrower and the Security Agent in respect of the shares of Mergeco,
substantially in the form of Schedule 11 (Form of Target Share Pledge Agreement).

“Target Share Repurchase Amount” means the aggregate amount of common equity or perpetual
preferred shares (or the corresponding amount of the Borrower’s American Depositary
Shares) that the Borrower will have to issue to the holders of the Target Convertible
Notes outstanding on the Closing Date upon conversion of all such Target Convertible
Notes pursuant to the terms of the Supplemental Indenture governing such Target
Convertible Notes, less 1,000,000 (or the corresponding amount of the Borrower’s
American Depositary Shares); provided that such amount shall not exceed
2,000,000 shares (or the corresponding amount of the Borrower’s American Depositary
Shares).

“Term-out Advance” means a term loan made or to be made under Clause 2.4 (Extension of
Facility).

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“Total Commitments” means the aggregate of the Commitments, being US$1,600,000,000, subject
to reduction pursuant to Clause 2.1.

“Total Interest Costs” has the meaning assigned to that term in Section 20.1 (Financial
definitions).

“Transaction Documents” means the Merger Documents and the Finance Documents.

“Transaction Security” means the Security granted in favor of the Finance Parties by any
Obligor pursuant to each Security Document.

“Transfer Certificate” means a certificate substantially in the form set out in Schedule 5
(Form of Transfer Certificate) or any other form agreed between the Agent and the Borrower.

“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.

“Treasury Transaction” means any derivative transaction entered into in connection with
protection against or benefit from fluctuation in any rate or price.

“Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance
Documents.

“US” means the United States of America.

“US GAAP” means generally accepted accounting principles in the US.

“US Obligor” means an Obligor that is a US Person.

“US Person” means a “United States Person” as defined in Section 7701(a)(30) of the
Internal Revenue Code and includes the sole owner of any entity that is disregarded as being
an entity separate from such owner for US federal income tax purposes.

“USD”, “$” and “dollars” denote the lawful currency of the United States of America.

“Utilization Date” means the date on which the Loan is made.

“Utilization Request” means a notice substantially in the form set out in Part I of Schedule
3 (Requests).

	1.2	 	Construction

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

	 	(i)	 	the “Agent”, the “Security Agent”, the “Arranger”, any “Finance
Party”, any “Lender”, any “Obligor” or any “Party” shall be

25

 

	 	 	 	construed so as to include its successors in title, permitted assigns and
permitted transferees;
	 
	 	(ii)	 	“assets” includes present and future properties, revenues and
rights of every description;
	 
	 	(iii)	 	“corporate reconstruction” includes in relation to any company
any contribution of part of its business in consideration of shares (apport
partiel d’actifs) and any demerger (scission) implemented in accordance with
articles L.236-1 to L.236-24 of the French Code de Commerce; any merger and any
transmission universelle de patrimonie;
	 
	 	(iv)	 	a “Finance Document” or any other agreement or instrument is a
reference to that Finance Document or other agreement or instrument as amended,
modified, supplemented, replaced or novated;
	 
	 	(v)	 	a “guarantee” includes any “cautionnement”, “aval” and any
“garantie” which is independent from the debt to which it relates;
	 
	 	(vi)	 	“indebtedness” includes any obligation (whether incurred as
principal or as surety) for the payment or repayment of money, whether present
or future, actual or contingent;
	 
	 	(vii)	 	“merger” includes any fusion implemented in accordance with
articles L.236-1 to L.236-24 of the French Code de Commerce or any merger
implemented in accordance with the Delaware General Corporation Law;
	 
	 	(viii)	 	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;
	 
	 	(ix)	 	a “regulation” includes any regulation, rule, official
directive, request or guideline (whether or not having the force of law but if
not having the force of law, compliance with which is customary for the persons
to whom it is addressed) of any governmental, intergovernmental or
supranational body, agency, department or regulatory, self-regulatory or other
authority or organization; and
	 
	 	(x)	 	a “security interest” includes any type of security (sûreté
réelle) and transfer by way of security;

	 	(b)	 	Section, Clause and Schedule headings are for ease of reference only.
	 
	 	(c)	 	Unless a contrary indication appears, a term used in any other Finance Document
or in any notice given under or in connection with any Finance Document has the same
meaning in that Finance Document or notice as in this Agreement.

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

	1.3	 	Intercreditor Agreement
	 
	 	 	This Agreement shall be read and construed in accordance with the terms of the Intercreditor
Agreement (if any). In the case of any inconsistency between the terms of this Agreement
and the Intercreditor Agreement, the terms of the Intercreditor Agreement shall prevail.

27

 

SECTION 2

THE FACILITY

	2.	 	THE FACILITY
	 
	2.1	 	The Facility
	 
	 	 	Subject to the terms of this Agreement, the Lenders make available to the Borrower a US
Dollar term loan facility in an aggregate amount of US$1,600,000,000, subject to reduction
by the sum of (x) the amount of any term loans to be drawn under the Senior Facilities on
the Closing Date, less the Target Required Cash Amount (if greater than zero), and (y) the
net cash proceeds from the issuance (if any) of any Debt Refinancing Securities on or prior
to the Closing Date, with the option to extend the outstanding Loan under the Facility by a
Term-out Advance for a further six months.
	 
	2.2	 	Request for Extension

	 	(a)	 	The Borrower may request that the outstanding Loan under the Facility owed by
it on the Initial Maturity Date be extended for a further six months in a single
Term-out Advance with effect from the Initial Maturity Date.
	 
	 	(b)	 	Such request (the “Extension Request”) shall be made by notice in writing not
less than one month before the Initial Maturity Date.
	 
	 	(c)	 	Once issued such notice shall be unconditional and irrevocable.
	 
	 	(d)	 	Only one Extension Request may be made.

	2.3	 	Notification to Lenders
	 
	 	 	Promptly after receiving it, the Agent shall forward a copy of any Extension Request to each
Lender.
	 
	2.4	 	Extension of Facility

	 	(a)	 	If:

	 	(i)	 	the Borrower has delivered a valid Extension Request to the
Agent under Clause 2.2 (Request for Extension);
	 
	 	(ii)	 	the Repeating Representations are correct in all material respects;
	 
	 	(iii)	 	no Default or Event of Default is outstanding; and
	 
	 	(iv)	 	the Borrower has paid to the Agent any fee required by the Lenders,
	 
	 	 	 	the outstanding Loan on the Initial Maturity Date shall, at the sole option of the
Majority Lenders, be converted and consolidated into, and treated as, a single
Term-out Advance drawn by the Borrower and the Maturity Date in respect of the
Facility shall be extended to the Extended Maturity Date,

28

 

	 	 	 	without such extension in any way being deemed a waiver of any Default or Event of
Default existing on the Initial Maturity Date.

	 	(b)	 	The first Interest Period for such Term-out Advance shall commence on the
Initial Maturity Date and its duration shall be determined in accordance with Clause
9.1 (Selection of Interest Periods).

	2.5	 	Finance Parties’ rights and obligations

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

	3.	 	PURPOSE
	 
	3.1	 	Purpose
	 
	 	 	The Borrower shall use all amounts borrowed by it under the Facility, together with the
proceeds of any term loans under the Senior Facilities (other than any such proceeds used to
fund the Target Required Cash Amount) and any Debt Refinancing Securities (if any) issued on
or prior to the Closing Date, to fund (a) the cash component of the consideration payable
pursuant to the Merger, (b) the redemption of certain of the Target’s debt, (c) the payment
of Merger Costs and (d) the repurchase of the Borrower’s common equity or perpetual
preferred shares (including, without limitation, the Borrower’s American Depositary Shares)
pursuant to Clause 21.18(b)(vii).
	 
	3.2	 	Monitoring
	 
	 	 	No Finance Party is bound to monitor or verify the application of any amount borrowed
pursuant to this Agreement.
	 
	3.3	 	No unlawful purpose
	 
	 	 	No part of the Facility may be used for any purpose which would result in the provision of
unlawful financial assistance.

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	4.	 	CONDITIONS OF UTILIZATION
	 
	4.1	 	Initial conditions precedent

	 	(a)	 	The Borrower may not deliver a Utilization Request unless the Agent has
received all of the documents and other evidence listed in paragraphs 1 to 3 inclusive
of Part I of Schedule 2 (Conditions Precedent) in form and substance satisfactory to
the Agent. The Agent shall notify the Borrower and the Lenders promptly upon being so
satisfied.
	 
	 	(b)	 	No Loan may occur unless the Agent has given the notification contemplated by
Clause 4.1(a) above.

	4.2	 	Further conditions precedent
	 
	 	 	The Lenders will only be obliged to comply with Clause 5.2 (Lenders’ participation) if, on the
date of this Agreement, the representations made by each Obligor pursuant to Clause 18 were
true in all material respects and, on the date of the Utilization Request and on the
proposed Utilization Date:

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

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SECTION 3

UTILIZATION

	5.	 	UTILIZATION
	 
	5.1	 	Loan

	 	(a)	 	Subject to the other terms of this Agreement, the Facility shall be drawn down
in one Loan in an aggregate amount not to exceed $1,600,000,000, less the sum of (x)
the amount of any term loans to be drawn under the Senior Facilities on the Closing
Date, less the Target Required Cash Amount (if greater than zero), and (y) the net cash
proceeds from the issuance (if any) of any Debt Refinancing Securities on or prior to
the Closing Date, during the Availability Period when requested by the Borrower by
means of delivery to the Agent of a duly completed Utilization Request (signed by an
authorized signatory on behalf of the Borrower) not later than 11:00 a.m., London time
on the second Business Day before the Closing Date (or such other time and/or date
agreed by the Agent).
	 
	 	(b)	 	The Utilization Request shall be irrevocable and the Borrower shall be obliged
to borrow in accordance with its terms.
	 
	 	(c)	 	At 5:00 p.m., London time on the last day of the Availability Period, the
Facility shall cease to be available for utilization and shall be cancelled and the
Total Commitments shall be reduced accordingly to zero.

	5.2	 	Lenders’ participation

	 	(a)	 	If the conditions set out in this Agreement have been met, each Lender shall
make its participation in the Loan available by no later than 12:00 noon, London time
on the Utilization Date through its Facility Office.
	 
	 	(b)	 	The amount of each Lender’s participation in the Loan will be equal to the
proportion borne by its Commitment to the Total Commitments immediately prior to making
the Loan.
	 
	 	(c)	 	The Agent shall notify each Lender of the amount of the Loan and the amount of
its participation in the Loan by the Specified Time.

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SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

	6.	 	REPAYMENT
	 
	6.1	 	Repayment of the Loan
	 
	 	 	The Borrower shall repay the Loan in full by no later than the Maturity Date.
	 
	6.2	 	Reborrowing
	 
	 	 	The Borrower may not reborrow any part of the Facility which is repaid.
	 
	7.	 	PREPAYMENT AND CANCELLATION
	 
	7.1	 	Definitions
	 
	 	 	For the purposes of this Clause 7:
	 
	 	 	“Debt Offer” means an offering to the public or any third party of (i) Debt Refinancing
Securities made pursuant to the provisions of Clause 21.30
(Refinancing Securities) and the Engagement Letter and (ii) Demand Securities made pursuant
to the provisions of the relevant Fee Letter;
	 
	 	 	“Net Debt Proceeds” means the net cash proceeds from any Debt Offer and from any term loans
drawn under the Senior Facilities after the Closing Date (excluding term loans the proceeds
of which are used to fund the Target Required Cash Amount and any other term loan drawn
after the date of the initial drawing of term loans under the Senior Facilities), where “net
cash proceeds” means all cash proceeds received in a Debt Offer or pursuant to a drawing of
term loans under the Senior Facilities after the Closing Date less all legal fees,
accountants’ fees, consultant and other costs and expenses reasonably incurred in connection
with such Debt Offer or such drawing;
	 
	 	 	“Net Disposal Proceeds” means the cash proceeds (including any amount received in repayment
of intercompany debt) of all disposals (other than a disposal listed in paragraphs (a)
through (l) and (p) of the definition of Permitted Disposal) of assets of any member of the
Group in excess of €2,500,000 individually and €25,000,000 in the aggregate after
deducting:

	 	(a)	 	legal fees, accountant’s fees, consultant and other customary fees and other
costs and expenses reasonably incurred in connection with such disposal;
	 
	 	(b)	 	VAT paid or payable by the seller due to such disposal;
	 
	 	(c)	 	any other tax incurred and required to be paid by the seller in connection with
such disposal (as reasonably determined by the seller, acting in good faith, on the
basis of existing rates and taking account of any available credit, deduction or
allowance);
	 
	 	(d)	 	amounts required to be applied to the repayment of (i) the Senior Facilities
pursuant to the terms of the Senior Facilities Agreement or (ii) any financial

32

 

	 	 	 	indebtedness secured by a lien on the asset disposed of and not otherwise prohibited
by this Agreement;
	 
	 	(e)	 	cash reserved or escrowed for sale indemnities except to the extent released
and not paid to the purchaser; and
	 
	 	(f)	 	amounts invested, in any one or more businesses, assets or capital
expenditures, in each case used or useful in a business, the majority of whose revenues
are derived from the activities of the Borrower and its Subsidiaries as of the
Utilization Date; provided that such investment is made (i) within 6 months of such
disposal or (ii) pursuant to an agreement entered into within 6 months of such disposal
and such amounts are actually invested within 12 months of such disposal.

“Net Insurance Proceeds” means the cash proceeds of any insurance claim (other than in
relation to third party liabilities that are actually applied to meet such liabilities or in
relation to consequential loss policies that are actually applied to cover operating losses
or business interruption) received by any member of the Group (after deducting legal fees,
accountants’ fees, consultant and other customary fees and other costs and expenses
reasonably and actually incurred by any member of the Group in relation to such claim) other
than (a) any proceeds which are applied to the replacement, reinstatement and/or repair of
the assets in respect of which the relevant insurance claim was made as soon as reasonably
practicable and, in any event, within twelve months of receipt of such proceeds (or such
longer period as agreed by the Agent acting reasonably) and (b) any proceeds required to be
applied to the repayment of the Senior Facilities pursuant to the terms of the Senior
Facilities Agreement or to be paid over to a holder of security over the asset that is the
subject of the claim.

“Net Proceeds” means the Net Disposal Proceeds, Net Insurance Proceeds or Net Debt Proceeds.

	7.2	 	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 or maintain its participation in
the Loan:

	 	(a)	 	that Lender shall promptly notify the Agent upon becoming aware of that event;
	 
	 	(b)	 	unless the Borrower has elected to replace such Lender pursuant to Clause 7.10,
the Commitment of such Lender will be immediately cancelled on the sixteenth Business
Day after the Agent has notified the Borrower; and
	 
	 	(c)	 	unless the Borrower has elected to replace such Lender pursuant to Clause 7.10,
the Borrower shall, subject to the Intercreditor Agreement, repay such Lender’s
participation in the Loan made to the Borrower on the last day of the Interest Period
occurring after the Agent has notified the Borrower 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).

33

 

	7.3	 	Change of control

	 	(a)	 	Upon the occurrence of a Change of Control:

	 	(i)	 	the Borrower shall promptly notify the Agent upon becoming
aware of the Change of Control; and
	 
	 	(ii)	 	if a Lender so requires and notifies the Agent within seven
days of the Borrower notifying the Agent of the Change of Control, the Agent
shall, by not less than 30 days notice to the Borrower, cancel the Commitment
of that Lender and declare the participation of that Lender in the outstanding
Loan, together with accrued interest, and all other amounts accrued under the
Finance Documents immediately due and payable, whereupon the Commitment of that
Lender will be cancelled and all such outstanding amounts will become
immediately due and payable.

	 	(b)	 	For the purpose of paragraph (a) above “Change of Control” shall be deemed to
have occurred upon the occurrence of any of the following:

	 	(i)	 	the sale, lease, transfer, conveyance or other disposition
(other than by merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties or assets of the
Borrower and its Subsidiaries, taken as a whole;
	 
	 	(ii)	 	the adoption, by shareholders of the Borrower, of a voluntary
plan relating to the liquidation or dissolution of the Borrower;
	 
	 	(iii)	 	the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any
person, or persons acting in concert, becomes the beneficial owner, directly or
indirectly through one or more intermediaries, of more than 50% of the voting
power of the outstanding voting shares of the Borrower;
	 
	 	(iv)	 	the first day on which more than a majority of the members of
the board of directors of the Borrower are not Continuing Directors; or
	 
	 	(v)	 	any of Newco 1, Newco 2 or Mergeco cease to be a wholly-owned
subsidiary of the Borrower.

	 	(c)	 	For the purpose of paragraph (a) above “acting in concert” has the meaning
given in article L.233-10 of the French Code de Commerce.

	7.4	 	Mandatory prepayment of proceeds
	 
	 	 	Within 20 Business Days of the receipt by any member of the Group of Net Proceeds, subject
to the terms of the Intercreditor Agreement, the Borrower shall apply the full amount of
such Net Proceeds received in prepayment of the Loan, subject to Clause 7.9(g)
(Restrictions).

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	7.5	 	[Intentionally Omitted]
	 
	7.6	 	Voluntary cancellation
	 
	 	 	Prior to the Utilization Date, the Borrower may, if it gives the Agent not less than three
Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice,
cancel the whole or any part (being a minimum amount of US$10,000,000) of the Facility. Any
cancellation under this Clause 7.6 shall reduce the Commitments of the Lenders ratably.
	 
	7.7	 	Voluntary prepayment of the Loan
	 
	 	 	The Borrower may, subject to the terms of the Intercreditor Agreement and the terms of the
Senior Facilities Agreement, if it gives the Agent not less than 5 Business Days’ (or such
shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part
of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a
minimum amount of US$10,000,000).
	 
	7.8	 	[Intentionally Omitted]
	 
	7.9	 	Restrictions

	 	(a)	 	Any notice of cancellation or prepayment given by any Party under this Clause 7
shall be irrevocable and, unless a contrary indication appears in this Agreement, shall
specify the date or dates upon which the relevant cancellation or prepayment is to be
made and the amount of that cancellation or prepayment.
	 
	 	(b)	 	Any prepayment under this Agreement shall be made together with accrued
interest on the amount prepaid and, subject to any Break Costs, without premium or
penalty.
	 
	 	(c)	 	The Borrower may not reborrow any part of the Facility which is prepaid.
	 
	 	(d)	 	The Borrower shall not repay or prepay all or any part of the Loan or cancel
all or any part of the Commitments except at the times and in the manner expressly
provided for in this Agreement.
	 
	 	(e)	 	No amount of the Total Commitments cancelled under this Agreement may be
subsequently reinstated.
	 
	 	(f)	 	If the Agent receives a notice under this Clause 7, it shall promptly forward a
copy of that notice to either the Borrower or the affected Lender, as appropriate.
	 
	 	(g)	 	Clause 7.4 (Mandatory prepayment of proceeds) shall not apply to the extent
that it would be unlawful to do so, provided that the Borrower has (and it shall ensure
that the relevant member(s) of the Group have) used all reasonable efforts to:

	 	(i)	 	avoid such unlawfulness and, if and to the extent it is not
unlawful to do so, to pay such Net Proceeds into an account which is subject to

35

 

	 	 	 	security, in form and substance satisfactory to the Security Agent (acting
reasonably), in favor of the Lenders to secure all of the obligations of the
Obligors under the Finance Documents; and
	 
	 	(ii)	 	facilitate cash movement within the Group (taking into account
the need for cash resources of relevant members of the Group) to enable an
amount equal to the prepayment to be made,

until the relevant unlawfulness no longer applies.

	7.10	 	Replacement of a Lender

	 	(a)	 	In this Clause 7.10 and in Clause 7.11 (Conditions to replacement of a Lender):

	 	(i)	 	“Non-Consenting Lender” means any Lender which does not agree
to a consent, waiver or amendment if:

	 	(A)	 	the Borrower or the Agent has requested a
consent under, or waiver or amendment of any provision of, any Finance
Document;
	 
	 	(B)	 	that consent, waiver or amendment requires the
agreement of all the Lenders; and
	 
	 	(C)	 	the Majority Lenders have agreed to that
consent, waiver or amendment,

	 	(ii)	 	“Non-Funding Lender” means:

	 	(A)	 	any Lender which has failed to make or
participate in the Loan as required by this Agreement; or
	 
	 	(B)	 	any Lender which has given notice to the
Borrower or the Agent that it does not intend to make or participate in
the Loan as required by this Agreement or has repudiated its obligation
to do so.

	 	(b)	 	If:

	 	(i)	 	any Lender becomes a Non-Consenting Lender;
	 
	 	(ii)	 	any Lender becomes a Non-Funding Lender,
	 
	 	(iii)	 	any sum payable to any Lender by an Obligor is required to be
increased under paragraph (c) of Clause 12.2 (Tax gross-up);
	 
	 	(iv)	 	any Lender claims indemnification from the Borrower under
Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs);
	 
	 	(v)	 	any Lender notifies the Agent of any amount which becomes
payable under paragraph 3 or 4 of Schedule 4 (Mandatory Cost Formula); or

36

 

	 	(vi)	 	it becomes unlawful in any applicable jurisdiction for a Lender
to perform any of its obligations as contemplated by this Agreement or to fund
or maintain its participation in the Loan,

the Borrower or the Majority Lenders may, if it gives or, as the case may be, they
give, the Agent and such Lender not less than 15 Business Days’ prior notice,
arrange for the transfer of the whole (but not part only) of such Lender’s
Commitment and participations in the Loan at par plus interest accrued to the date
of such transfer plus all fees and other amounts accrued for the account of such
Lender (including any amounts under Sections 10.4 and 14.2) to a new or existing
Lender willing to accept that transfer.

	7.11	 	Conditions to replacement of a Lender
	 
	 	 	The replacement of a Lender pursuant to this Clause 7.11 or Clause 7.10 (Replacement of a
Lender) shall be subject to the following conditions:

	 	(a)	 	no Finance Party shall have any obligation to find a replacement Lender;
	 
	 	(b)	 	any replacement of a Non-Consenting Lender must take place no later than 60
days after the earlier of (A) the date of the Non-Consenting Lender notified the Agent
of its refusal to agree to the relevant consent waiver or amendment and (B) the
deadline (being not less than 15 Business Days after the Lender received the request
for the relevant consent, waiver or amendment) by which the Non-Consenting Lender
failed to reply to that request;
	 
	 	(c)	 	any replacement of a Non-Funding Lender must take place no later than 60 days
of it failing to make or participate in the Loan or giving notice under paragraph
(a)(ii)(B) of Clause 7.10 (Replacement of a Lender);
	 
	 	(d)	 	any Lender replaced pursuant to this Clause 7.11 or Clause 7.10 (Replacement of
a Lender) shall not be required to refund, or to pay to surrender to any other Lender,
any of the fees or other amounts received by that Lender under any Finance Document;
and
	 
	 	(e)	 	any replacement pursuant to this Clause 7.11 or Clause 7.10 (Replacement of a
Lender) of a Lender which is the Agent shall not affect its role as the Agent.

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SECTION 5

COSTS OF UTILIZATION

	8.	 	INTEREST
	 
	8.1	 	Calculation of interest
	 
	 	 	The rate of interest on the Loan for each Interest Period is the percentage rate per annum
which is the aggregate of the applicable:

	 	(a)	 	Margin (as defined in Clause 8.3) (Margin ratchet);
	 
	 	(b)	 	US$ LIBOR; and
	 
	 	(c)	 	Mandatory Cost, (if any).

for the first nine months following the funding of the Loan, plus 1.00% per annum during the
first three month period thereafter and plus 2.00% per annum during the remaining period
thereafter to the Maturity Date.

	8.2	 	Payment of interest
	 
	 	 	The Borrower shall pay accrued interest on the 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).
	 
	8.3	 	Margin ratchet

	 	(a)	 	The “Margin” will be based upon the ratings of the Facility or, if the Facility
is not rated, upon the rating of the Existing Bonds and will be calculated in
accordance with Clauses 8.3(b) and (c) (Margin ratchet).
	 
	 	(b)	 	The Margin will, on each date on which a credit rating is assigned to the
Facility or the Existing Bonds by either Moody’s or Standard & Poor’s after the date of
this Agreement, be equal to the percentage rate specified in the table below and set
opposite the relevant credit rating assigned to the Facility or the Existing Bonds at
that time.

	 	 	 	 	 	 	 
	Rating
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Standard & Poor’s

	 	Moody’s
	 	Margin

	 

	 	 	 	(%. per annum)

	BB-

or higher

	 	Ba3

or higher
	 	 	3.75	 
	 
	 	 	 	 	 	 
	B+

	 	B1
	 	 	4.50	 
	 
	 	 	 	 	 	 
	B

	 	B2
	 	 	5.00	 
	 
	 	 	 	 	 	 
	B-

or lower

	 	B3

or lower
	 	 	5.50	 

38

 

	 	(c)	 	If at any time there is a difference in the long term credit rating assigned to
the Facility or the Existing Bonds, as applicable, by each of Moody’s and Standard &
Poor’s, the Margin will be the average of the corresponding Margins. If there is only
one long term credit rating assigned to the Facility or the Existing Bonds, the Margin
shall be determined on the basis of that rating.
	 
	 	(d)	 	If at any time neither Moody’s nor Standard & Poor’s assigns a credit rating to
neither the Facility nor the Existing Bonds, the Margin will, in the absence of
agreement to the contrary pursuant to paragraph (h) below, be 5.50% per annum.
	 
	 	(e)	 	Any adjustment to the Margin (whether upwards or downwards) in accordance with
paragraphs (b), (c) or (d) above will apply for the Loan with effect from:

	 	(i)	 	the date of announcement of any change to the relevant assigned
credit rating (in the case of a rating downgrade);
	 
	 	(ii)	 	the date of published confirmation of any change to the
relevant assigned credit rating (in the case of a rating upgrade); and/or
	 
	 	(iii)	 	the date on which a credit rating ceases to be assigned to the
Facility or the Existing Bonds, as the case may be, by either Moody’s or
Standard & Poor’s.

	 	(f)	 	Promptly upon the directors of the Borrower becoming aware of the same, the
Borrower shall inform the Agent in writing if any change in the credit rating assigned
by either Moody’s or Standard & Poor’s to the Facility or the Existing Bonds are
published, confirmed or announced or if a credit rating ceases to be assigned to the
Facility or the Existing Bonds by either Moody’s or Standard & Poor’s.
	 
	 	(g)	 	The Borrower will use its commercially reasonable efforts to ensure that both
Moody’s and Standard & Poor’s assign a credit rating to the the Facility or the
Existing Bonds.
	 
	 	(h)	 	If, except as a result of a neglect or breach of this Agreement by the
Borrower, neither Moody’s nor Standard & Poor’s assigns a rating to the Facility or the
Existing Bonds and the Borrower so requests, the Borrower and the Agent shall enter
into negotiations for a period of not more than 30 days regarding an alternative basis
for determining the Margin.
	 
	 	(i)	 	Any alternative basis agreed will, with the prior consent of all the Lenders
and the Borrower, be binding on all the Parties.

	8.4	 	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 which, subject to
paragraph (b) below, is one percent higher than the rate

39

 

	 	 	 	which would have been payable if the overdue amount had, during the period of
non-payment, constituted the Loan in the currency of the overdue amount for
successive Interest Periods, each of a duration selected by the Agent (acting
reasonably). Any interest accruing under this Clause 8.4 shall be immediately
payable by the Obligor on demand by the Agent.
	 
	 	(b)	 	If any overdue amount consists of all or part of the Loan which became due on a
day which was not the last day of an Interest Period relating to the Loan:

	 	(i)	 	the first Interest Period for that overdue amount shall have a
duration equal to the unexpired portion of the current Interest Period relating
to the Loan; and
	 
	 	(ii)	 	the rate of interest applying to the overdue amount during that
first Interest Period shall be one percent higher than the rate which would
have applied if the overdue amount had not become due.

	 	(c)	 	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 only if, within the meaning of
Article 1154 of the French Code civil, such interest is due for a period of at least
one year.

	8.5	 	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.
	 
	8.6	 	Effective global rate (Taux Effectif Global)
	 
	 	 	For the purposes of Articles L313-1 et seq, R 313-1 and R313-2 of the Code de la
Consommation, the Parties acknowledge that by virtue of certain characteristics of the
Facility (and in particular the variable interest rate applicable to the Loan and the
Borrower’s right to select the duration of the Interest Period of the Loan) the taux
effectif global cannot be calculated at the date of this Agreement. However, the Borrower
acknowledges that it has received from the Agent a letter substantially in the form of
Schedule 13 (Form of TEG letter) containing an indicative calculation of the taux effectif
global, based on figured examples calculated on assumptions as to the taux de période and
durée de période set out in the letter. The Parties acknowledge that that letter forms part
of this Agreement.
	 
	8.7	 	Interest Act (Canada)
	 
	 	 	For the purpose of calculating amounts of interest payable by any Guarantor incorporated in
Canada or any province thereof, each interest rate which is calculated under this Agreement
on any basis other than the actual number of days in a calendar year (the “deemed interest
period”) is, for the purposes of the Interest Act (Canada), equivalent to a yearly rate
calculated by dividing such interest rate by the number of days in the deemed interest
period, then multiplying such result by the actual number of days in the calendar year (365
or 366).

40

 

	8.8	 	Nominal Rate of Interest/Deemed Re-investment Principle
	 
	 	 	The Parties acknowledge and agree that all calculations of interest under this Agreement are
to be made on the basis of the nominal interest rates described in this Agreement and not on
the basis of effective yearly rates or on any other basis which gives effect to the
principle of deemed reinvestment of interest. The Parties acknowledge that there may be a
material difference between the stated nominal interest rates and the effective yearly rates
of interest and that they are capable of making the calculations required to determine such
effective yearly rates of interest.
	 
	9.	 	INTEREST PERIODS
	 
	9.1	 	Selection of Interest Periods

	 	(a)	 	The Borrower may select an Interest Period for the Loan in the Utilization
Request for the Loan or in a Selection Notice. During the 60-day period following the
Closing Date, the Borrower will use commercially reasonable efforts to select the
duration for the Interest Period in consultation with the Agent in order to facilitate
syndication of the Loan.
	 
	 	(b)	 	Each Selection Notice for the Loan is irrevocable and must be delivered to the
Agent by the Borrower.
	 
	 	(c)	 	If the Borrower fails to deliver a Selection Notice to the Agent in accordance
with paragraph (b) above, the relevant Interest Period will, subject to Clause 9.2
(Changes to Interest Periods), be one Month.
	 
	 	(d)	 	Subject to this Clause 9, the Borrower may select an Interest Period of one,
two or three Months or any other period determined by the Agent (acting on the
instructions of all the Lenders); provided that the initial Interest Period for the
Loan shall be one week.
	 
	 	(e)	 	An Interest Period shall not extend beyond the Initial Maturity Date or, if
applicable, the Extended Maturity Date.
	 
	 	(f)	 	Each Interest Period for the Loan shall start on the Utilization Date and, in
the case of any Interest Period commencing after the Utilization Date, on the last day
of its preceding Interest Period.

	9.2	 	Changes to Interest Periods
	 
	 	 	If the Agent makes any change to an Interest Period referred to in this Clause 9, it shall
promptly notify the Borrower and the Lenders.
	 
	9.3	 	Non-Business Days
	 
	 	 	If an Interest Period would otherwise end on a day which is not a Business Day, such
Interest Period will instead end on the next Business Day in that calendar month (if there
is one) or the preceding Business Day (if there is not).
	 
	10.	 	CHANGES TO THE CALCULATION OF INTEREST

41

 

	10.1	 	Absence of quotations
	 
	 	 	Subject to Clause 10.2 (Market disruption), if US$ LIBOR 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 US$ LIBOR shall be determined on the basis of the
quotations of the remaining Reference Banks.
	 
	10.2	 	Market disruption

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

	 	(i)	 	the 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 the 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)	 	none or only one of the Reference Banks supplies a rate to the
Agent to determine US$ LIBOR for the initial Interest Period for the Loan
(referenced in Clause 9.1(d)); or
	 
	 	(ii)	 	at or about noon on the Quotation Day for the relevant Interest
Period, other than the initial Interest Period for the Loan (referenced in
Clause 9.1(d), the Screen Rate is not available and none or only one of the
Reference Banks supplies a rate to the Agent to determine US$ LIBOR for the
such Interest Period; or
	 
	 	(iii)	 	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 the Loan exceed 35% of that Loan) that the
cost to it or them of obtaining matching deposits in the Relevant Interbank
Market would be in excess of US$ LIBOR.

	10.3	 	Alternative basis of interest for 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
thirty days) regarding 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.

42

 

	10.4	 	Break Costs

	 	(a)	 	The Borrower shall, within three Business Days of demand by a Finance Party,
pay to that Finance Party its Break Costs attributable to all or any part of the Loan
or Unpaid Sum being paid by such Borrower on a day other than the last day of an
Interest Period for the Loan or Unpaid Sum.
	 
	 	(b)	 	Each Lender shall, as soon as reasonably practicable after a demand by the
Agent, provide a certificate confirming the amount of its Break Costs for any Interest
Period in which they accrue.

	11.	 	FEES
	 
	11.1	 	Commitment fee
	 
	 	 	The Borrower shall, at the time set out in any Fee Letter, pay to the Agent (for the account
of each Lender) a fee computed at the rate of 0.50% per annum on such Lender’s Commitment
for the Availability Period, whether or not the Loan is made.
	 
	11.2	 	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 any Fee Letter.
	 
	11.3	 	Security Agency fee
	 
	 	 	The Borrower shall pay to the Security Agent (for its own account) an agency fee in the
amount and at the times agreed in any Fee Letter.
	 
	11.4	 	Other fees
	 
	 	 	The Borrower shall pay to the Arranger other fees in the amounts and at the times agreed in
any Fee Letter (without duplication of the fees set forth in this Clause 11).

43

 

SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

	12.	 	TAX GROSS UP AND INDEMNITIES
	 
	12.1	 	Tax definitions

	 	(a)	 	In this Agreement:

“Protected Party” means a Finance Party which is or will be subject to any liability, or
required to make any payment, for or on account of Tax in relation to a sum received or
receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a
Finance Document.

“Qualifying Lender” means a Lender which:

	 	(i)	 	has its Facility Office in France; or
	 
	 	(ii)	 	fulfils the conditions imposed by French law taking into
account, as the case may be, any double taxation agreement in force on the date
(subject to the completion of any necessary procedural formalities), in order
for that payment not to be subject to (or as the case may be, to be exempt
from) any Tax Deduction.

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

“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 the Borrower to a Finance Party under
Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity).

“Treaty Lender” means a Lender which is entitled to that payment under a double taxation
agreement (subject to the completion of any necessary procedural formalities) without a Tax
Deduction.

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

	12.2	 	Tax gross-up

	 	(a)	 	Each Obligor shall make all payments to be made by it without any Tax
Deduction, unless a Tax Deduction is required by law.

44

 

	 	(b)	 	The Borrower shall promptly, upon becoming aware that an Obligor must make a
Tax Deduction (or that there is any change in the rate or the basis of a Tax
Deduction), notify the Agent accordingly. Similarly, a Lender shall notify the Agent on
becoming so aware in respect of a payment payable to that Lender. If the Agent
receives such notification from a Lender, it shall notify the Borrower and such
Obligor.
	 
	 	(c)	 	If a Tax Deduction is required by law to be made by an Obligor, the amount of
the payment due from such Obligor to a Finance Party shall be increased to an amount
which (after making any Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required.
	 
	 	(d)	 	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 France from a
payment of interest on the 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 that 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, regulation or
double taxation agreement, or any published practice or concession of any
relevant taxing authority; or
	 
	 	(ii)	 	the relevant Lender is a Treaty Lender and the Obligor making
the payment is able to demonstrate that the payment could have been made to the
Lender without the Tax Deduction had that Lender complied with its obligations
under paragraph (g) below.

	 	(e)	 	If an Obligor is required to make a Tax Deduction, that Obligor shall make that
Tax Deduction and any payment required in connection with that Tax Deduction within the
time allowed and in the minimum amount required by law.
	 
	 	(f)	 	Within thirty (30) days of making either a Tax Deduction or any payment
required in connection with that Tax Deduction, the Obligor making that Tax Deduction
shall deliver to the Agent, for the Finance Party entitled to the payment, evidence
reasonably satisfactory to such 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 such Obligor to obtain authorization to make such payment without a Tax Deduction.
	 
	 	(h)	 	Each Lender represents that, as at the date of this Agreement or, if it becomes
a party to this Agreement after the date of this Agreement, on the date it becomes
party to this Agreement, it is a Qualifying Lender.

45

 

	12.3	 	Tax indemnity

	 	(a)	 	The Borrower shall (within three Business Days of demand by the Agent) pay to a
Protected Party an amount equal to the loss, liability or cost which such 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 such
Finance Party is incorporated or, if different, the jurisdiction (or
jurisdictions) in which such Finance Party is treated as resident for
tax purposes; or
	 
	 	(B)	 	under the law of the jurisdiction in which such
Finance Party’s Facility Office is located in respect of amounts
received or receivable in that jurisdiction,

if such Tax is imposed on, or calculated by reference to, the net income of
such Finance Party which is received or receivable (but not any sum deemed
to be received or receivable) by such Finance Party; or

	 	(ii)	 	to the extent a loss, liability or cost:

	 	(A)	 	is compensated for by an increased payment
under Clause 12.2 (Tax gross-up); or
	 
	 	(B)	 	would have been compensated for by an increased
payment under Clause 12.2 (Tax gross-up) but was not so compensated
solely because one of the exclusions in paragraph (d) of Clause 12.2
(Tax gross-up) applied.

	 	(c)	 	A Protected Party making, or intending to make a claim under paragraph (a)
above shall promptly notify the Agent of the event which will give, or has given, rise
to the claim, following which the Agent shall notify the Borrower.
	 
	 	(d)	 	A Protected Party shall, on receiving a payment from an Obligor under this
Clause 12.3, notify the Agent.

	12.4	 	Tax Credit
	 
	 	 	If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

	 	(a)	 	a Tax Credit is attributable to such Tax Payment; and
	 
	 	(b)	 	such Finance Party has obtained, utilized and retained such Tax Credit,

46

 

the Finance Party shall pay an amount to such Obligor which such 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 such Obligor.

This Clause 12.4 shall not be construed to require a Finance Party to make available its tax
returns (or any other information relating to its Taxes which it deems confidential) to an
Obligor or any other person.

	12.5	 	Stamp taxes
	 
	 	 	The Borrower shall pay and, within three Business Days of demand, indemnify each Finance
Party against any cost, loss or liability such Finance Party incurs in relation to all stamp
duty, registration and other similar Taxes payable in respect of any Finance Document.
	 
	12.6	 	Value added tax

	 	(a)	 	All consideration expressed to be payable under a Finance Document by any Party
to a Finance Party shall be deemed to be exclusive of any VAT. If VAT is chargeable,
on any supply made by any Finance Party to any Party in connection with a Finance
Document, such Party shall pay to the Finance Party (in addition to and at the same
time as paying the consideration) an amount equal to the amount of the VAT.
	 
	 	(b)	 	Where a Finance Document requires any Party to reimburse a Finance Party for
any costs or expenses, such Party shall also at the same time pay and indemnify the
Finance Party against all VAT incurred by the Finance Party in respect of the costs or
expenses to the extent that the Finance Party reasonably determines that it is not
entitled to credit or repayment of the VAT.

	13.	 	INCREASED COSTS
	 
	13.1	 	Increased Costs

	 	(a)	 	Subject to Clause 13.3 (Exceptions) the Borrower shall, within three Business Days
of a demand by the Agent, pay for the account of a Finance Party the amount of any
Increased Costs incurred by such 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,

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which is incurred or suffered by a Finance Party or any of its
Affiliates to the extent that it is attributable to such Finance Party having
entered into its Commitment or funding or performing its obligations under any
Finance Document.

	13.2	 	Increased cost claims

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

	13.3	 	Exceptions

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

	 	(i)	 	attributable to a Tax Deduction required by law to be made by
an Obligor;
	 
	 	(ii)	 	compensated for by Clause 12.3 (Tax indemnity) (or would have
been compensated for under Clause 12.3 (Tax indemnity) but was not so
compensated solely because any of the exclusions in paragraph (b) of Clause
12.3 (Tax indemnity) applied);
	 
	 	(iii)	 	compensated for by the payment of the Mandatory Cost; or
	 
	 	(iv)	 	attributable to the willful breach by the relevant Finance
Party or its Affiliates of any law or regulation.

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

	14.	 	OTHER INDEMNITIES
	 
	14.1	 	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 such 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,

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

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including any discrepancy between (A) the rate of exchange used to convert such 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 such Sum.

	 	(b)	 	Each Obligor waives any right it may have in any jurisdiction to pay any amount
under the Finance Documents in a currency or currency unit other than that in which it
is expressed to be payable.

	14.2	 	Other indemnities
	 
	 	 	The Borrower shall (or shall ensure that an Obligor will), within three Business Days of
demand, indemnify each Finance Party against any cost, loss or liability incurred by such
Finance Party 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 the Loan
requested by the Borrower in the Utilization 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 such Lender alone);
	 
	 	(d)	 	the Loan (or part of the Loan) not being prepaid in accordance with a notice of
prepayment given by the Borrower or the Borrower; or
	 
	 	(e)	 	the receipt by the Agent of any part of the Loan, or an Unpaid Sum, otherwise
than on the last day of its Interest Period (from which shall be deducted any sum paid
by the Borrower (or another Obligor) in respect of the same event under Clause 10.4
(Break Costs),

except to the extent that such cost, loss or liability was caused by such Finance Party’s
own gross negligence or willful misconduct.

	14.3	 	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 authorized,

except to the extent that such cost, loss or liability was caused by the Agent’s own gross
negligence or willful misconduct.

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	14.4	 	Indemnity to the Security Agent
	 
	 	 	The Borrower shall promptly indemnify the Security Agent and every Delegate against any
cost, loss or liability incurred by it as a result of:

	 	(a)	 	the taking, holding, protection or enforcement of any Transaction Security;
	 
	 	(b)	 	the exercise of any rights, powers, discretion and remedies vested in the
Security Agent and each Delegate by the Finance Documents or by law; and
	 
	 	(c)	 	any default by any Obligor in the performance of any of the obligations
expressed to be assumed by it in the Finance Documents,

except to the extent that such cost, loss or liability was caused by the Security Agent’s
own gross negligence or willful misconduct.

The Security Agent may, in priority to any payment to the other Finance Parties, indemnify
itself out of the Charged Property in respect of, and pay and retain, all sums necessary to
give effect to the indemnity in this Clause 14.4 and shall have a lien on the Transaction
Security and the proceeds of the enforcement of the Transaction Security for all amounts
payable to it.

	15.	 	MITIGATION BY THE LENDERS
	 
	15.1	 	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 pursuant to, or cancelled pursuant to, any of
Clause 7.2 (Illegality), Clause 12.2 (Tax gross-up), Clause 13 (Increased costs) or
paragraph 3 of Schedule 4 (Mandatory Cost formula) 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.

	15.2	 	Limitation of liability

	 	(a)	 	The Borrower shall indemnify each Finance Party for all costs and expenses
reasonably incurred by such Finance Party as a result of steps taken by it under Clause
15.1 (Mitigation).
	 
	 	(b)	 	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation)
if, in the opinion of such Finance Party (acting reasonably), to do so might be
prejudicial to it.

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	16.	 	COSTS AND EXPENSES
	 
	16.1	 	Transaction expenses
	 
	 	 	The Borrower shall promptly on demand pay the Agent and the Arranger 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.

	16.2	 	Amendment costs
	 
	 	 	If (a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required
pursuant to Clause 28.9 (Change of currency), the Borrower
shall, within three Business 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.
	 
	16.3	 	Enforcement costs
	 
	 	 	The Borrower shall, within three Business Days of demand, pay to each Finance Party the
amount of all costs and expenses (including legal fees) incurred by such Finance Party in
connection with the enforcement of, or the preservation of any rights under, any Finance
Document.

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SECTION 7

GUARANTEE

	17.	 	GUARANTEE AND INDEMNITY
	 
	17.1	 	Guarantee and indemnity
	 
	 	 	Each Guarantor irrevocably and unconditionally jointly and severally:

	 	(a)	 	guarantees to each Finance Party punctual performance by the Borrower of its
obligations under the Finance Documents;
	 
	 	(b)	 	undertakes with each Finance Party, subject to the terms of the Intercreditor
Agreement, that whenever the Borrower does not pay any amount when due under or in
connection with any Finance Document, such Guarantor shall immediately on demand pay
that amount as if it was the principal obligor; and
	 
	 	(c)	 	indemnifies each Finance Party immediately on demand against any cost, loss or
liability suffered by such Finance Party if any obligation guaranteed by it is or
becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability
shall be equal to the amount which such Finance Party would otherwise have been
entitled to recover.

	17.2	 	Continuing guarantee
	 
	 	 	This guarantee is a continuing guarantee and will extend to the ultimate balance of sums
payable by any Obligor under the Finance Documents, regardless of any intermediate payment
or discharge in whole or in part.
	 
	17.3	 	Reinstatement
	 
	 	 	If any payment by an Obligor or any discharge given by a Finance Party (whether in respect
of the obligations of any Obligor or any security for those obligations or otherwise) is
avoided or reduced as a result of insolvency or any similar event:

	 	(a)	 	the liability of each Obligor shall continue as if the payment, discharge,
avoidance or reduction had not occurred; and
	 
	 	(b)	 	each Finance Party shall be entitled to recover the value or amount of such
security or payment from each Obligor, as if the payment, discharge, avoidance or
reduction had not occurred.

	17.4	 	Waiver of defenses
	 
	 	 	The obligations of each Guarantor under this Clause 17 will not be affected by an act,
omission, matter or thing which, but for this Clause, would reduce, release or prejudice any
of its obligations under this Clause 17 (without limitation and whether or not known to it or
any Finance Party), including:

	 	(a)	 	any time, waiver or consent granted to, or composition with, any Obligor or
other person;

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	 	(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 realize
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 (however fundamental) or replacement of a Finance Document or any
other document or security;
	 
	 	(f)	 	any unenforceability, illegality or invalidity of any obligation of any person
under any Finance Document or any other document or security; or
	 
	 	(g)	 	any insolvency or similar proceedings.

	17.5	 	Immediate recourse
	 
	 	 	Each Guarantor waives any right it may have of first requiring any Finance Party (or any
trustee or agent on its behalf) to proceed against or enforce any other rights or security
or claim payment from any person before claiming from that Guarantor under this Clause 17.
This waiver applies irrespective of any law or any provision of a Finance Document to the
contrary.
	 
	17.6	 	Appropriations
	 
	 	 	Until all amounts which may be or become payable by the Obligors under or in connection with
the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee
or agent on its behalf) may:

	 	(a)	 	refrain from applying or enforcing any other amounts, security or rights held
or received by such Finance Party (or any trustee or agent on its behalf) in respect of
those amounts, or apply and enforce the same in such manner and order as it sees fit
(whether against those amounts or otherwise) and no Guarantor shall be entitled to the
benefit of the same; and
	 
	 	(b)	 	hold in an interest-bearing suspense account any moneys received from any
Guarantor or on account of any Guarantor’s liability under this Clause 17.

	17.7	 	Deferral of Guarantors’ rights
	 
	 	 	Until all amounts which may be or become payable by the Obligors under or in connection with
the Finance Documents have been irrevocably paid in full and unless the Agent otherwise
directs, no Guarantor will exercise any rights which it may have by reason of performance by
it of its obligations under the Finance Documents:

	 	(a)	 	to be indemnified by an Obligor;

53

 

	 	(b)	 	to claim any contribution from any other guarantor of any Obligor’s obligations
under the Finance Documents; and/or
	 
	 	(c)	 	to take the benefit (in whole or in part and whether by way of subrogation or
otherwise) of any rights of the Finance Parties under the Finance Documents or of any
other guarantee or security taken pursuant to, or in connection with, the Finance
Documents by any Finance Party.

	17.8	 	Additional security
	 
	 	 	This guarantee is in addition to, and is not in any way prejudiced by, any other guarantee
or security now or subsequently held by any Finance Party.
	 
	17.9	 	Limitation on Liability.

	 	(a)	 	Any term or provision of this Agreement to the contrary notwithstanding, the
maximum aggregate amount of the Borrower’s obligations guaranteed hereunder by any
Guarantor shall not exceed the maximum amount that can be hereby guaranteed without
rendering this Agreement, as it relates to such Guarantor, voidable under applicable
laws relating to fraudulent conveyance or fraudulent transfer or similar laws affecting
the rights of creditors generally.
	 
	 	(b)	 	Notwithstanding any provisions in this Agreement or any other Finance Document
to the contrary, no obligation of a US Obligor under this Agreement or any Finance
Document shall be guaranteed or otherwise assured by any person that is not a US Person
that is also a “related person” as defined in Section 267(b) or Section 707(b)(1) of
the Internal Revenue Code with respect to such US Obligor to the extent such guarantee
or assurance would result in the US Obligor being subject to the limitations on the
deductibility of interest under Section 163(j)(1) of the Internal Revenue Code in an
amount in excess of the limitation, if any to which such US Obligor would be subject
absent such guarantee.
	 
	 	(c)	 	Notwithstanding anything to the contrary contained herein, the liabilities of
the Norwegian Guarantor under the Finance Documents shall be limited if (and only if)
required by an application of the provisions of the Norwegian Limited Liabilities
Companies Act (in Norwegian: “aksjeloven”), prohibited loans and guarantees (Section
8-7), as amended, supplemented and/or re-enacted from time to time.

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SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

	18.	 	REPRESENTATIONS
	 
	18.1	 	General
	 
	 	 	Each Obligor makes the representations and warranties set out in this Clause 18 to each
Finance Party.
	 
	18.2	 	Status

	 	(a)	 	It and each of its Subsidiaries is a limited liability company, general
partnership, limited partnership or corporation (or, as applicable in a jurisdiction
outside the United States, an organization having an equivalent status in such
jurisdiction) (except Sea Survey II and Sea Survey III, each of which is an unlimited
liability corporation and, after the Closing Date, Veritas Geophysical (Canada) Corp.,
which is an unlimited liability company), duly formed and validly existing under the
law of its jurisdiction of formation.
	 
	 	(b)	 	It and each of its Subsidiaries has the corporate, company, partnership or
organizational power to own its assets and carry on its business as it is being
conducted.

	18.3	 	Binding obligations
	 
	 	 	Subject to the Legal Reservations:

	 	(a)	 	the obligations expressed to be assumed by it in each Transaction Document to
which it is a party, or under which it is otherwise obligated to perform, are legal,
valid, binding and enforceable obligations; and
	 
	 	(b)	 	(without limiting the generality of paragraph (a) above), each Security
Document to which it is a party, or under which it is otherwise obligated to perform,
creates the security interests which that Security Document purports to create and
those security interests are valid and effective.

	18.4	 	Non-conflict with other obligations
	 
	 	 	The entry into and performance by it of, and the transactions contemplated by, the
Transaction Documents and the granting of the Security do not and will not conflict with:

	 	(a)	 	any law or regulation applicable to it;
	 
	 	(b)	 	the constitutional documents of any member of the Group; or
	 
	 	(c)	 	any material agreement or material instrument binding upon it or any member of
the Group or any of its, or any member of the Group’s, assets or constitute a default
or termination event (however described) under any such agreement or instrument.

55

 

	 	18.5	 	Power and authority

	 	(a)	 	It has the corporate, company, partnership or organizational power to enter
into, perform and deliver, and has taken all necessary action to authorize its entry
into, performance and delivery of, the Transaction Documents to which it is or will be
a party, or under which it is obligated to perform, and the transactions contemplated
by those Transaction Documents.
	 
	 	(b)	 	No limit on its corporate, company, partnership or organizational powers will
be exceeded as a result of the borrowing, grant of security or giving of guarantees or
indemnities contemplated by the Transaction Documents to which it is a party.

	18.6	 	Validity and admissibility in evidence

	 	(a)	 	All Authorizations required:

	 	(i)	 	to enable it lawfully to enter into, exercise its rights and
comply with its obligations under the Transaction Documents to which it is a
party, or under which it is obligated to perform; and
	 
	 	(ii)	 	to make the Transaction Documents to which it is a party, or
under which it is obligated to perform, admissible in evidence in its Relevant
Jurisdictions other than any actions specifically referred to in the legal
opinions delivered under Part I and Part II of Schedule 2 (Conditions
Precedent) and which are not taken by the Finance Parties (where such actions
are actions to be taken voluntarily by the Finance Parties),

	 	 	 	have been obtained or effected and are in full force and effect.
	 
	 	(b)	 	All Authorizations necessary for the conduct of the business, trade and
ordinary activities of members of the Group have been obtained or effected and are in
full force and effect, except where failure to do so could not be reasonably expected
to have a Material Adverse Effect.

	18.7	 	Governing law and enforcement
	 
	 	 	Subject to the Legal Reservations,

	 	(a)	 	the choice of law specified in each Finance Document as the governing law of
such Finance Document will be recognized and enforced in its Relevant Jurisdictions;
and
	 
	 	(b)	 	any judgment obtained in New York (or in the jurisdiction of the governing law
of such Finance Document) in relation to a Finance Document will be recognized and
enforced in its Relevant Jurisdictions.

	18.8	 	Insolvency
	 
	 	 	No:

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	 	(a)	 	corporate action, legal proceeding or other procedure or step described in
paragraph (a) of Clause 22.7 (Insolvency proceedings); or
	 
	 	(b)	 	creditors’ process described in Clause 22.8 (Creditors’ process),

	 	 	has been taken or, to the knowledge of the Borrower, threatened in relation to a member of
the Group; and none of the circumstances described in Clause 22.6 (Insolvency) applies to an
Obligor or a Material Subsidiary.
	 
	18.9	 	No filing or stamp taxes
	 
	 	 	Under the laws of its Relevant Jurisdiction, it is not necessary that the Finance Documents
be filed, recorded or enrolled with any court or other authority in that jurisdiction or
that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to
the Finance Documents or the transactions contemplated by the Finance Documents other than
any actions specifically referred to in the legal opinions delivered under Part I and Part
II of Schedule 2 (Conditions Precedent) and which are not taken by the Finance Parties
(where such actions are actions to be taken voluntarily by the Finance Parties).
	 
	18.10	 	Deduction of Tax
	 
	 	 	The Borrower is not required to make any deduction for or, on account of, Tax from any
payment it may make under any Finance Document, assuming that each Lender is a Qualifying
Lender.
	 
	18.11	 	No default

	 	(a)	 	No Event of Default and, on the date of this Agreement and the Closing Date, no
Default is continuing or would result from the making of the Loan or the entry into,
the performance of, or any transaction contemplated by, any Transaction Document.
	 
	 	(b)	 	No other event or circumstance is outstanding which constitutes (or, with the
expiry of a grace period, the giving of notice, the making of any determination or any
combination of any of the foregoing, would constitute) a default or termination event
(however described) under any other agreement or instrument which is binding on it or
any of its Subsidiaries, or to which its (or any of its Subsidiaries’) assets are
subject, which has or is reasonably likely to have a Material Adverse Effect.

	18.12	 	No misleading information

	 	(a)	 	Any factual information provided by or on behalf of any member of the Group, or
by or on behalf of the Target and its Subsidiaries prior to the Closing Date, to any of
the Finance Parties was true and accurate in all material respects (in the case of the
Target or its Subsidiaries, to the Borrower’s knowledge) as at the date of the relevant
report or document containing the information or (as the case may be) as at the date
the information is expressed to be given.

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	 	(b)	 	No event or circumstance has occurred or arisen, no information has been
omitted from the information provided by or on behalf of any member of the Group, or by
or on behalf of the Target and its Subsidiaries prior to the Closing Date, and no
information has been given or withheld that results in the information, opinions,
intentions, forecasts or projections contained in such information provided being
untrue or misleading in any material respect (in the case of the Target or its
Subsidiaries, to the Borrower’s knowledge).
	 
	 	(c)	 	All material information provided by or on behalf of any member of the Group,
or by or on behalf of the Target and its Subsidiaries, to a Finance Party in connection
with the Merger on or before the date of this Agreement and not superseded before that
date is accurate and not misleading in any material respect (in the case of the Target
or its Subsidiaries, to the Borrower’s knowledge), and all projections prepared by or
on behalf of any member of the Group, or by or on behalf of the Target and its
Subsidiaries, which are provided to any Finance Party on or before the date of this
Agreement have been prepared in good faith on the basis of assumptions which were
reasonable at the time at which they were prepared and supplied (in the case of the
Target or its Subsidiaries, to the Borrower’s knowledge).
	 
	 	(d)	 	All other written information provided by or on behalf of any member of the
Group, or by or on behalf of the Target and its Subsidiaries prior to the Closing Date,
including its advisers, to a Finance Party was true, complete and accurate in all
material respects (in the case of the Target or its Subsidiaries, to the Borrower’s
knowledge) as at the date it was provided and is not misleading in any respect (in the
case of the Target or its Subsidiaries, to the Borrower’s knowledge).

	18.13	 	Original Financial Statements

	 	(a)	 	The Borrower’s Original Financial Statements were prepared in accordance with
IFRS or French GAAP, as applicable, consistently applied and the Original Financial
Statements of the Target were prepared in accordance with US GAAP consistently applied.
	 
	 	(b)	 	The Borrower’s and the Target’s Original Financial Statements fairly present
its and the Target’s, as applicable, financial condition and results of operations for
the relevant Financial Year or Financial Quarter, as applicable.
	 
	 	(c)	 	There has been no Material Adverse Effect since the date of the Borrower’s
Original Financial Statements for the most recently ended Financial Year prior to the
date hereof.
	 
	 	(d)	 	The Original Financial Statements of the Borrower and the Target do not
consolidate the results, assets or liabilities of any person or business which does not
form part of the Group (exclusive of the Target Group for all periods prior to the
Closing Date) or the Target Group, respectively.
	 
	 	(e)	 	The Borrower’s and the Target’s most recent financial statements delivered
pursuant to Clause 19.1 (Financial Statements):

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	 	(i)	 	have been prepared in accordance with IFRS (in the case of the
Borrower) and US GAAP (in the case of the Target); and
	 
	 	(ii)	 	fairly present the Borrower’s and the Target’s, as applicable,
consolidated or unconsolidated as the case may be financial condition as at the
end of, and consolidated or unconsolidated as the case may be results of
operations for, the period to which they relate.

	 	(f)	 	As at each Quarter Date, there has been no Material Adverse Effect since the
date of the immediately preceding Quarter Date.
	 
	 	(g)	 	The budgets and forecasts supplied under this Agreement or any Finance Document
have been prepared in good faith on the basis of recent historical information and on
the basis of assumptions which were reasonable as at the date they were prepared and
supplied.

	18.14	 	No proceedings pending or threatened
	 
	 	 	No litigation, arbitration or administrative proceedings or investigations of, or before,
any court, arbitral body or agency which, if adversely determined, are reasonably likely to
have a Material Adverse Effect have (to the best of its knowledge and belief (having made
due and careful inquiry)) been started or threatened against it or any of its Subsidiaries.
	 
	18.15	 	No breach of laws

	 	(a)	 	It has not (and none of its Subsidiaries has) breached any law or regulation
which breach has or is reasonably likely to have a Material Adverse Effect.
	 
	 	(b)	 	No labor disputes are current or, to the best of its knowledge and belief
(having made due and careful inquiry), threatened against any member of the Group which
have or are reasonably likely to have a Material Adverse Effect.

	18.16	 	Environmental laws

	 	(a)	 	Each member of the Group is in compliance with Clause 21.3 (Environmental
compliance) and, to the best of its knowledge and belief (having made due and careful
inquiry), no circumstances have occurred which would prevent such compliance in a
manner or to an extent which has or is reasonably likely to have a Material Adverse
Effect.
	 
	 	(b)	 	No Environmental Claim has been commenced or (to the best of its knowledge and
belief (having made due and careful inquiry)) is threatened against any member of the
Group where that claim has or is reasonably likely, if determined against that member
of the Group, to have a Material Adverse Effect.

	18.17	 	Taxation

	 	(a)	 	It is not (and none of its Subsidiaries is) materially overdue in the filing of
any Tax returns and it is not (and none of its Subsidiaries is) overdue in the

59

 

	 	 	 	payment of any amount in respect of Tax of $10,000,000 (or its equivalent in any
other currency) or more.
	 
	 	(b)	 	No claims or investigations are being made or conducted against it (or any of
its Subsidiaries) with respect to Taxes such that a liability of, or claim against, any
member of the Group of $10,000,000 (or its equivalent in any other currency) or more is
reasonably likely to arise.

	 	18.18	 	Security and Financial Indebtedness

	 	(a)	 	No Security or Quasi-Security exists over all or any of the present or future
assets of any member of the Group other than as permitted by this Agreement.
	 
	 	(b)	 	No member of the Group has any Financial Indebtedness outstanding other than as
permitted by this Agreement.

	18.19	 	Ranking

	 	(a)	 	Subject to the terms of the Intercreditor Agreement, its payment obligations
under the Finance Documents to which it is a party rank at least pari passu in right of
payment with all of its other present and future senior indebtedness, except for
indebtedness mandatorily preferred by laws of general application to companies.
	 
	 	(b)	 	Subject to the terms of the Intercreditor Agreement, the Transaction Security
has or will have first ranking priority and it is not subject to any prior ranking or
pari passu ranking Security except Permitted Security (excluding any Permitted Security
referred to in clauses (c) (to the extent securing subordinated indebtedness), (k) (to
the extent specified in the applicable consent) or (m) of the definition thereof).

	18.20	 	Good title to assets
	 
	 	 	It and each of its Subsidiaries has a good, valid and marketable title to, or valid leases
or licenses of, and all appropriate Authorizations to use, the assets necessary to carry on
its business as presently conducted, except where failure to do so could not be reasonably
expected to have a Material Adverse Effect.
	 
	18.21	 	Legal and beneficial ownership

	 	(a)	 	It and each of its Subsidiaries is the sole legal and beneficial owner of the
respective assets over which it purports to grant Security.
	 
	 	(b)	 	All the Shares acquired prior to the date of this Agreement are, and those
acquired after the date of this Agreement will be, legally and beneficially owned by
the Borrower and the Target free from any claims, third party rights or competing
interests.

	18.22	 	Shares
	 
	 	 	The shares of any member of the Group which are subject to the Transaction Security are
fully paid and not subject to any option to purchase or similar rights. The

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	 	 	constitutional documents of companies whose shares are subject to the Transaction Security
do not and could not restrict or inhibit any transfer of those shares on creation or
enforcement of the Transaction Security.
	 
	18.23	 	Intellectual Property
	 
	 	 	It and each of its Subsidiaries:

	 	(a)	 	is the sole legal and beneficial owner of, or has licensed to it on normal
commercial terms, all the Intellectual Property that is material in the context of its
business and that is required by it in order to carry on its business as it is being
presently conducted;
	 
	 	(b)	 	does not (nor does any of its Subsidiaries), in carrying on its businesses,
infringe any Intellectual Property of any third party in any respect which would be
reasonably likely to have a Material Adverse Effect; and
	 
	 	(c)	 	has taken all formal or procedural actions (including payment of fees) required
to maintain any material Intellectual Property owned by it.

	18.24	 	Accounting reference date
	 
	 	 	Except for the Target and members of the Target Group, whose Accounting Reference Date is 31
July, the Accounting Reference Date of each Obligor and Material Subsidiary is 31 December.
	 
	18.25	 	Centre of main interests and establishments
	 
	 	 	For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency
Proceedings (the “Regulation”), its centre of main interest (as that term is used in Article
3(1) of the Regulation) is situated in its jurisdiction of incorporation and it has no
“establishment” (as that term is used in Article 2(h) of the Regulations) in any other
jurisdiction.
	 
	18.26	 	Federal Reserve Regulations

	 	(a)	 	It is not engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of buying or carrying Margin Stock.
	 
	 	(b)	 	No part of the proceeds of the Loan will be used, whether directly or
indirectly, and whether immediately, incidentally or ultimately, for any purpose that
entails a violation of the provisions of the Regulations of the Board, including
Regulation T, U or X.

	18.27	 	Investment Company Act.
	 
	 	 	It is not an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.

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	18.28	 	Times when representations made

	 	(a)	 	Except as set out in paragraph (e), all the representations and warranties in
this Clause 18 are made by each Original Obligor on the date of this Agreement.
	 
	 	(b)	 	The representations and warranties in Clause 18.12 (No misleading information)
are deemed to be made by each Obligor on the Syndication Date.
	 
	 	(c)	 	The Repeating Representations are deemed to be made by each Obligor on the date
of the Utilization Request and the Selection Notice, on the Utilization Date, on the
first day of each Interest Period (except that those contained in paragraphs (a), (b),
(d) and (e) of Clause 18.13 (Original Financial Statements) will cease to be so made
once subsequent financial statements have been delivered under this Agreement and those
in paragraph (c) shall not be repeated after the date of this Agreement).
	 
	 	(d)	 	The Repeating Representations in this Clause 18 except Clause 18.12 (No
misleading information), are deemed to be made by each Additional Guarantor on the day
on which it becomes (or it is proposed that it becomes) an Additional Guarantor.
	 
	 	(e)	 	Each representation or warranty deemed to be made after the date of this
Agreement shall be deemed to be made by reference to the facts and circumstances
existing at the date the representation or warranty is deemed to be made.

	19.	 	INFORMATION UNDERTAKINGS
	 
	 	 	The undertakings in this Clause 19 remain in force from the date of this Agreement for so
long as any amount is outstanding under the Finance Documents or any Commitment is in force.
	 
	 	 	In this Clause 19:
	 
	 	 	“Annual Financial Statement” means the financial statements for a Financial Year delivered
pursuant to paragraph (a) of Clause 19.1 (Financial statements).
	 
	 	 	“Quarterly Financial Statement” means the financial statements delivered pursuant to
paragraph (b) of Clause 19.1 (Financial statements).
	 
	19.1	 	Financial statements
	 
	 	 	The Borrower shall supply to the Agent, in sufficient copies for all the Lenders:

	 	(a)	 	as soon as they are available, but in any event within 180 days after the end
of each of its Financial Years, its audited consolidated financial statements for that
Financial Year; and
	 
	 	(b)	 	within 60 days after the end of each of the first and third quarter of each
Financial Year (and within 75 days after the end of the second quarter of each
Financial Year), its unaudited consolidated financial statements for that Financial
Quarter.

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	19.2	 	Provision and contents of Compliance Certificate

	 	(a)	 	The Borrower shall supply a Compliance Certificate to the Agent quarterly with
each set of its Financial Statements delivered under Clause 19.1(b) above.
	 
	 	(b)	 	The Compliance Certificate shall, among other things, set out (in reasonable
detail) computations as to compliance with Clause 20 (Financial Condition).
	 
	 	(c)	 	Each Compliance Certificate shall be signed by two authorized officers of the
Borrower and, if required to be delivered with the consolidated Annual Financial
Statements of the Borrower, shall be reported on by the Borrower’s Auditors in a form
acceptable to the Auditors and reasonably acceptable to the Agent.

	19.3	 	Requirements as to financial statements

	 	(a)	 	The Borrower shall ensure that each set of Annual Financial Statements and
Quarterly Financial Statements includes a balance sheet, profit and loss account and
cashflow statement. In addition, the Borrower shall ensure that each set of Annual
Financial Statements shall be audited by the Auditors.
	 
	 	(b)	 	Each set of financial statements delivered pursuant to Clause 19.1 (Financial
statements):

	 	(i)	 	shall be certified by an authorized officer of the relevant
company as presenting fairly, in accordance with applicable accounting
standards, its financial condition and operations as at the date as at which
those financial statements were prepared;
	 
	 	(ii)	 	in the case of consolidated financial statements (annual and
quarterly) of the Group, shall be accompanied by a statement by the management
of the Borrower; comparing actual performance for the period to which the
financial statements relate to the actual performance for the corresponding
period in the preceding Financial Year of the Group; and
	 
	 	(iii)	 	in the case of the Borrower, shall be prepared in accordance
with IFRS and accounting practices applied in the preparation of the Base Case
Model, unless, in relation to any set of financial statements, the Borrower
notifies the Agent that there has been a change in IFRS or the accounting
practices and its Auditors deliver to the Agent:

	 	(A)	 	a description of any change necessary for those
financial statements to reflect IFRS or accounting practices upon which
the Base Case Model was prepared; and
	 
	 	(B)	 	sufficient information, in form and substance
as may be reasonably required by the Agent, to enable the Lenders to
determine whether Clause 20 (Financial condition) has been complied
with and to make an accurate comparison between

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	 	 	 	the financial position indicated in those financial statements and
the Base Case Model.

	 	 	 	Any reference in this Agreement to any financial statements shall be construed as a
reference to those financial statements as adjusted to reflect the basis upon which
the Base Case Model was prepared.
	 
	 	(c)	 	If the Agent wishes to discuss the financial position of any member of the
Group with the Auditors, the Agent may notify the Borrower, stating the questions or
issues which the Agent wishes to discuss with the Auditors. In this event, the
Borrower must ensure that the Auditors are authorized (at the reasonable expense of the
Borrower):

	 	(i)	 	to discuss the financial position of each member of the Group
with the Agent on request from the Agent; and
	 
	 	(ii)	 	to disclose to the Agent for the Finance Parties any
information which the Agent may reasonably request.

	19.4	 	[Intentionally Omitted]
	 
	19.5	 	Presentations
	 
	 	 	Once in every Financial Year, or more frequently if requested to do so by the Agent if the
Agent reasonably suspects a Default is continuing or may have occurred or may occur a
reasonably short amount of time after making such request, at least two authorized officers
of the Borrower (one of whom shall be the chief financial officer) must give a presentation
to the Finance Parties about:

	 	(a)	 	the on-going business and financial performance of the Group; and
	 
	 	(b)	 	any other matter which a Finance Party may reasonably request relating to any
such suspected Default.

	19.6	 	Year-end

	 	(a)	 	The Borrower shall not change its Accounting Reference Date.
	 
	 	(b)	 	The Borrower shall not change its quarterly accounting period.

	19.7	 	Information: miscellaneous
	 
	 	 	The Borrower shall supply to the Agent (in sufficient copies for all the Lenders, if the
Agent so requests):

	 	(a)	 	at the same time as they are dispatched, copies of all documents dispatched by
the Borrower to its shareholders generally (or any class of them) or dispatched by the
Borrower or any Obligor to its creditors generally (or any class of them);
	 
	 	(b)	 	promptly upon becoming aware of them, the details of any litigation,
arbitration or administrative proceedings which are current, threatened or

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	 	 	 	pending against any member of the Group, and which, if adversely determined, are
reasonably likely to have a Material Adverse Effect;
	 
	 	(c)	 	promptly upon becoming aware of the relevant claim, the details of any disposal
or insurance claim which will require a prepayment under Clause 7.4 (Mandatory
Prepayment of Proceeds); and
	 
	 	(d)	 	promptly on request, such further information regarding the financial
condition, assets and operations of the Group and/or any member of the Group (including
any requested amplification or explanation of any item in the financial statements,
budgets or other material provided by any Obligor under this Agreement or any Finance
Document, any changes to senior management of the Borrower and an up to date copy of
its shareholders’ register (or equivalent in its jurisdiction of incorporation), to the
extent such document exists), as any Finance Party through the Agent may reasonably
request; provided that the Borrower shall not be obliged to supply to the Agent
(or to any Lender) copies of any Auditors’ letter or other communications to the board
of directors or management of the Group.

	19.8	 	Notification of default

	 	(a)	 	Each Obligor shall notify the Agent of any Default (and the steps, if any,
being taken to remedy it) promptly upon becoming aware of its occurrence (unless that
Obligor is aware that a notification has already been provided by another Obligor).
	 
	 	(b)	 	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a
certificate signed by two of its senior officers on its behalf certifying that no
Default is continuing (or if a Default is continuing, specifying the Default and the
steps, if any, being taken to remedy it).

	19.9	 	“Know your customer” checks

	 	(a)	 	If:

	 	(i)	 	the introduction of, or any change in (or in the
interpretation, administration or application of), any law or regulation made
after the date of this Agreement;
	 
	 	(ii)	 	any change in the status of an Obligor or the composition of
the shareholders 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/or 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 ensure the supply of, such documentation and

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	 	 	 	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 with the results of 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 ensure 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 with the
results of 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 10 Business Days’ prior written notice to
the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention
to request that one of its Subsidiaries becomes an Additional Guarantor pursuant to
Clause 24 (Changes to the Obligors).
	 
	 	(d)	 	Following the giving of any notice pursuant to paragraph (c) above, if the
accession of such Additional 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 ensure 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 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 Subsidiary to this Agreement as an Additional Guarantor.

	20.	 	FINANCIAL CONDITION
	 
	20.1	 	Financial definitions
	 
	 	 	In Clause 20 (Financial Condition) the following terms have the following meanings:
	 
	 	 	“Cash” means, at any time, cash at banks (including short-term deposits) denominated in any
currency and credited to an account in the name of a member of the Group with a bank and to
which such member of the Group is alone beneficially entitled and provided that (a) such
cash is repayable on demand with or without penalty (except where cash is repayable with a
penalty, such penalty shall be taken into account in determining the amount of such cash),
(b) repayment of such cash is not contingent on the prior discharge of any other
indebtedness of any Group member or of any other person whatsoever or on the satisfaction of
any other condition and (c) such cash is freely transferable to an Obligor.

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	 	 	“Capital Expenditure” means investments made in multi-client surveys as such item appears in
the consolidated accounts “Document de Référence” (or, if different, the figure that would
appear in the item so entitled in the consolidated financial statements of the Borrower
presented in the same manner as, and prepared in accordance with, the principles and
accounting practices followed for preparation of the financial statements in the Base Case
Model) plus purchase of tangible and intangibles or property, plant and equipment as the
case may be plus equipment acquired under capital lease.
	 
	 	 	“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent
or other amounts under any lease of (or other arrangement conveying the right to use) real
or personal property, or a combination thereof, which obligations are required to be
classified and accounted for as capital leases on a balance sheet of such Person under IFRS,
and the amount of such obligations shall be the capitalized amount thereof determined in
accordance with IFRS.
	 
	 	 	“Financial Quarter” means the period commencing on the day after one Quarter Date and ending
on the next Quarter Date.
	 
	 	 	“Financial Year” means a calendar year ending on 31 December.
	 
	 	 	“Net Debt Cover” means the ratio of Total Net Debt (denominated in euro, as indicated in the
Borrower’s consolidated financial statements relating to the period ending on the last day
of such Relevant Period) divided by the euro/dollar closing exchange rate for the Relevant
Period to ORBDA (denominated in euro, as indicated in the Borrower’s consolidated financial
statements relating to the period ending on the last day of such Relevant Period) divided by
the euro/dollar average exchange rate for the Relevant Period.
	 
	 	 	“ORBDA” (Operating Result Before Depreciation and Amortization, previously denominated
“Adjusted EBITDA”) is defined as operating income (loss) excluding non-recurring revenues
(expenses) plus depreciation, amortization, additions (deductions) to valuation allowances
of assets and dividends received from companies accounted for by the Borrower under the
equity method.
	 
	 	 	“Relevant Period” means:

	 	(a)	 	each period of twelve months ending on the last day of the Borrower’s financial
year; and
	 
	 	(b)	 	each period of twelve months ending on the last day of each Financial Quarter
of the Borrower’s Financial Year.

	 	 	“Total Interest Costs” means, with respect to any person for any period, the sum, without
duplication, of the following:

	 	(a)	 	the consolidated interest expense of such person and its restricted
Subsidiaries for such period, whether paid or accrued (including, without limitation,
amortization of original issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all payments
associated with capital lease obligations,

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	 	 	 	commissions, discounts and other fees and charges incurred in respect of letter of
credit or bankers’ acceptance financings, and net of all payments made or received
(if any) pursuant to Treasury Transactions in respect of interest rates but
excluding amortization of debt issuance costs and non-cash charges other than
non-cash interest expenses related to convertible bonds) and
	 
	 	(b)	 	the consolidated interest expense of such person and its restricted
Subsidiaries that was capitalized during such period.

	 	 	“Total Net Debt” means, at any time (without double counting), the aggregate indebtedness,
after deducting Cash of the Borrower, in respect of:

	 	(a)	 	moneys borrowed in respect of bank debt;
	 
	 	(b)	 	all amounts outstanding under any Finance Document;
	 
	 	(c)	 	any amount raised pursuant to any note purchase facility or the issue of bonds,
notes, debentures, loan stock or any similar instrument;
	 
	 	(d)	 	any amount raised pursuant to any issue of shares which are expressed to be
redeemable and all obligations to purchase, retire, defease or otherwise acquire for
value any share capital of any person or any warrants, rights or options to acquire
such share capital before such date in respect of transactions which, in each such
case, have the commercial effect of a borrowing or which finance a member of the Group
or the Group’s operations or capital requirements;
	 
	 	(e)	 	the amount of any liability in respect of any Capital Lease Obligations;
	 
	 	(f)	 	the amount of any liability in respect of any advance or deferred purchase
agreement if the primary reason for entering into such agreement is to raise finance;
	 
	 	(g)	 	receivables sold or discounted (other than on a non-recourse basis);
	 
	 	(h)	 	any agreement or option to re-acquire an asset if the primary reason for
entering into such agreement or option is to raise finance; and
	 
	 	(i)	 	any amount raised under any other transaction (including any forward sale or
purchase agreement) having the commercial effect of a borrowing, except for financing
by trade creditors.

	 	 	provided that any indebtedness for or in respect of any guarantee set forth in clause (c) of
the definition of Permitted Guarantee shall not constitute indebtedness for purposes of this
definition.
	 
	20.2	 	Financial covenants
	 
	 	 	The Borrower shall ensure that the financial condition of the Group shall be such that:

	 	(a)	 	ORBDA: Total Interest Costs for each Relevant Period specified in column 1
below shall not be less than the ratio set out in column 2 below opposite such Relevant
Period.

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	Column 1
	 	 
	Any
Relevant Period
	 	Column 2
	expiring
in the year
	 	Ratio
	rolling 12 month period ending
	 	 	 	 
	31 December 2006
	 	 	15.0:1.00	 
	31 March 2007
	 	 	8.9:1.00	 
	30 June 2007
	 	 	6.5:1.00	 
	30 September 2007
	 	 	5.2:1.00	 
	31 December 2007
	 	 	4.0:1.00	 
	31 March 2008
	 	 	3.8:1.00	 
	30 June 2008
	 	 	3.7:1.00	 
	30 September 2008
	 	 	3.6:1.00	 
	31 December 2008
	 	 	3.5:1.00	 

	 	(b)	 	Net Debt Cover: Net Debt Cover in respect of each Relevant Period specified in
column 1 below shall not be more than the ratio set out in column 2 below opposite such
Relevant Period.

	 	 	 	 	 
	Column
1
	 	 
	Any
Relevant Period
	 	Column 2
	expiring
in the year
	 	Ratio
	rolling 12 month period ending
	 	 	 	 
	31 December 2006
	 	 	2.25:1.00	 
	31 March 2007
	 	 	2.25:1.00	 
	30 June 2007
	 	 	2.20:1.00	 
	30 September 2007
	 	 	2.10:1.00	 
	31 December 2007
	 	 	2.10:1.00	 
	31 March 2008
	 	 	2.10:1.00	 
	30 June 2008
	 	 	2.00:1.00	 
	30 September 2008
	 	 	2.00:1.00	 
	31 December 2008
	 	 	1.90:1.00	 

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	 	(c)	 	ORBDA minus Capital Expenditure: Total Interest Costs for each Relevant Period
specified in column 1 below shall not be less than the ratio set out in column 2 below
opposite such Relevant Period.

	 	 	 	 	 
	Column
1
	 	 
	Any
Relevant Period
	 	Column 2
	expiring
in the year
	 	Ratio
	rolling 12 month period ending
	 	 	 	 
	31 December 2006
	 	 	4.00:1.00	 
	31 March 2007
	 	 	1.50:1.00	 
	30 June 2007
	 	 	1.50:1.00	 
	30 September 2007
	 	 	1.50:1.00	 
	31 December 2007
	 	 	1.50:1.00	 
	31 March 2008
	 	 	1.50:1.00	 
	30 June 2008
	 	 	1.75:1.00	 
	30 September 2008
	 	 	1.75:1.00	 
	31 December 2008
	 	 	1.75:1.00	 

	20.3	 	Financial testing
	 
	 	 	The financial covenants set out in this Clause 20 (Financial Condition) shall be tested by
reference to, and as at the date of, each of the financial statements and/or each Compliance
Certificate delivered pursuant to Clause 19.1 (Financial statements).
	 
	20.4	 	Auditor’s verification
	 
	 	 	The Agent may, at any time if it has reasonable grounds for believing that the figures
prepared by the Borrower are incorrect, inaccurate or incomplete, request that the Borrower
recalculate such figures (and the Borrower shall do so promptly) and if the Agent reasonably
believes that such recalculated figures are incorrect, inaccurate or

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	 	 	incomplete, the Agent
may, at the Borrower’s expense, require the auditors of the Group to verify the figures
supplied by the Borrower in connection with the financial conditions set out in Clause 20.2
(Financial covenants).
	 
	 	 	The Agent may, in accordance with this Clause 20.4, request verification of any figure or
calculation made in a Compliance Certificate delivered under Clause 19.2 (Provision and
contents of Compliance Certificate) and/or any figure contained in the financial statements
delivered under Clause 19 (Information Undertaking) which is relevant to the calculation of
the financial conditions referred to above.
	 
	 	 	If such auditors fail to verify such figures to the reasonable satisfaction of the Agent
after being requested to do so, the Agent may appoint an independent firm of accountants to
carry out an appropriate investigation and give a certificate, in form and substance
reasonably satisfactory to the Agent, certifying or verifying the relevant figures and
satisfaction of the above financial conditions shall be determined by reference to the
figures so verified or certified even if the audited or management accounts for the same
date or period have not yet been published.
	 
	20.5	 	Accounting terms
	 
	 	 	All accounting expressions to the extent not otherwise defined herein shall be construed in
accordance with IFRS.
	 
	21.	 	GENERAL UNDERTAKINGS
	 
	 	 	The undertakings in this Clause 21 remain in force from the date of this Agreement for so
long as any amount is outstanding under the Finance Documents or any Commitment is in force.
	 
	 	 	Authorizations and compliance with laws
	 
	21.1	 	Authorizations
	 
	 	 	Each Obligor shall promptly:

	 	(a)	 	obtain, comply with and do all that is necessary to maintain in full force and
effect; and
	 
	 	(b)	 	supply certified copies to the Agent of,

	 	 	any Authorization required under any law or regulation of a Relevant Jurisdiction to:

	 	(i)	 	enable it to perform its obligations under the Finance
Documents;
	 
	 	(ii)	 	ensure the legality, validity, enforceability or admissibility
in evidence of any Finance Document; and
	 
	 	(iii)	 	carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.

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	21.2	 	Compliance with laws
	 
	 	 	Each Obligor shall (and the Borrower shall ensure that each member of the Group will) comply
in all respects with all laws to which it may be subject, if failure to so comply has or is
reasonably likely to have a Material Adverse Effect.
	 
	21.3	 	Environmental compliance
	 
	 	 	Each Obligor shall (and the Borrower shall ensure that each member of the Group will):

	 	(a)	 	comply with all Environmental Laws;
	 
	 	(b)	 	obtain, maintain and ensure compliance with all requisite Environmental
Permits; and
	 
	 	(c)	 	implement procedures to monitor compliance with and to prevent liability under
any Environmental Law,

	 	 	where failure to do so has or is reasonably likely to have a Material Adverse Effect.
	 
	21.4	 	Environmental claims
	 
	 	 	Each Obligor shall (through the Borrower), promptly upon becoming aware of the same, inform
the Agent in writing of:

	 	(a)	 	any Environmental Claim against any member of the Group which is current,
pending or threatened; and
	 
	 	(b)	 	any facts or circumstances which are reasonably likely to result in any
Environmental Claim being commenced or threatened against any member of the Group,

	 	 	where such claim, if determined against such member of the Group, has or is reasonably
likely to have a Material Adverse Effect.
	 
	21.5	 	Taxation

	 	(a)	 	Each Obligor shall (and the Borrower shall ensure that each member of the Group
will) pay and discharge all material Taxes imposed upon it or its assets within the
time period allowed without incurring penalties, unless (and only to the extent that):

	 	(i)	 	such payment is being contested in good faith;
	 
	 	(ii)	 	adequate reserves are being maintained for those Taxes and the
costs required to contest them which have been disclosed in its latest
financial statements delivered to the Agent under Clause 19.1 (Financial
statements); and
	 
	 	(iii)	 	such payment can be lawfully withheld.

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	 	 	Restrictions on business focus
	 
	21.6	 	Merger
	 
	 	 	No Obligor shall (and the Borrower shall ensure that no other member of the Group will)
enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction
except for a Permitted Merger.
	 
	21.7	 	Change of business
	 
	 	 	The Borrower shall ensure that no substantial change is made to the general nature of the
business of the Borrower, the Obligors or the Group taken as a whole carried on at the date
of this Agreement.
	 
	21.8	 	Acquisitions

	 	(a)	 	No Obligor shall (and the Borrower shall ensure that no other member of the
Group will):

	 	(i)	 	acquire a company or any shares or securities or a business or
undertaking (or, in each case, any interest in any of them); or
	 
	 	(ii)	 	incorporate a company.

	 	(b)	 	Paragraph (i) above does not apply to an acquisition of a company, of shares,
securities or a business or undertaking (or, in each case, any interest in any of them)
or the incorporation of a company which is a Permitted Acquisition.

	 	 	Restrictions on dealing with assets and Security
	 
	21.9	 	Joint ventures

	 	(a)	 	Except as permitted under paragraph (b) below, no Obligor shall (and the
Borrower shall ensure that no other member of the Group will):

	 	(i)	 	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or
	 
	 	(ii)	 	transfer any assets or lend to, or guarantee or give an
indemnity for, or give Security for the obligations of a Joint Venture or
maintain the solvency of or provide working capital to any Joint Venture (or
agree to do any of the foregoing).

	 	(b)	 	Paragraph (a) above does not apply to any acquisition of (or agreement to
acquire) any interest in a Joint Venture or transfer of assets (or agreement to
transfer assets) to a Joint Venture or loan made to, or guarantee given in respect of
the obligations of, a Joint Venture if such transaction is a Permitted Acquisition, a
Permitted Disposal or a Permitted Joint Venture.

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	21.10	 	Preservation of assets
	 
	 	 	Each Obligor shall (and the Borrower shall ensure that each member of the Group will)
maintain in good working order and condition (ordinary wear and tear excepted) all of its
assets necessary in the conduct of its business.
	 
	21.11	 	Pari passu ranking

	 	(a)	 	Subject to the terms of the Intercreditor Agreement, each Obligor shall ensure
that at all times, any payment obligations of a Finance Party under the Finance
Documents rank at least pari passu in right of payment with the claims of all its other
present and future senior indebtedness, except for indebtedness mandatorily preferred
by laws of general application to companies.
	 
	 	(b)	 	Subject to the terms of the Intercreditor Agreement, each Obligor shall ensure
that at all times the Transaction Security has or will have first ranking priority and
it is not subject to any prior ranking or pari passu ranking Security except
Permitted Security (excluding any Permitted Security referred to in clauses (c) (to
the extent securing subordinated indebtedness), (k) (to the extent specified in the
applicable consent) or (m) of the definition thereof).

	21.12	 	Merger Documents

	 	(a)	 	The Borrower shall promptly pay all amounts payable to the applicable party
under any relevant Merger Documents as and when they become due (except to the extent
that any such amounts are being contested in good faith by a member of the Group and
where adequate reserves are set aside for any such payment).
	 
	 	(b)	 	The Borrower shall (and the Borrower will ensure that each relevant member of
the Group will) take all reasonable and practical steps to preserve and enforce its
rights (or the rights of any other member of the Group) and pursue any claims and
remedies arising under any Merger Documents.

	21.13	 	Negative pledge
	 
	 	 	In this Clause 21.13, “Quasi-Security” means a transaction described in paragraph (b) below.
	 
	 	 	Except as permitted under paragraph (c) below:

	 	(a)	 	No Obligor shall (and the Borrower shall ensure that no other member of the
Group will) create or permit to exist any Security over any of its assets.
	 
	 	(b)	 	No Obligor shall (and the Borrower shall ensure that no other member of the
Group will):

	 	(i)	 	sell, transfer or otherwise dispose of any of its assets on
terms whereby they are or may be leased to or re-acquired by an Obligor or any
other member of the Group;

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	 	(ii)	 	sell, transfer or otherwise dispose of any of its receivables
on recourse terms;
	 
	 	(iii)	 	enter into any arrangement under which money or the benefit of
a bank or other account may be applied, set-off or made subject to a
combination of accounts; or
	 
	 	(iv)	 	enter into any other preferential arrangement having a similar
effect,

	 	 	 	in circumstances where the arrangement or transaction is entered into primarily as a
method of raising Financial Indebtedness or of financing the acquisition of an
asset.
	 
	 	(c)	 	Paragraphs (a) and (b) above do not apply to any Security or, as the case may
be, Quasi-Security, which is a Permitted Security.

	21.14	 	Disposals

	 	(a)	 	Except as permitted under paragraph (b) below, no Obligor shall (and the
Borrower shall ensure that no other member of the Group will) enter into a single
transaction or a series of transactions (whether related or not and whether voluntary
or involuntary) to sell, lease, transfer or otherwise dispose of any asset.
	 
	 	(b)	 	Paragraph (a) above does not apply to any sale, lease, transfer or other
disposal which is a Permitted Disposal, a Permitted Share Issue or any Permitted Merger
referred to in clause (d) of the definition thereof.

	21.15	 	Arm’s length basis

	 	(a)	 	Except as permitted by paragraph (b) below, no Obligor shall (and the Borrower
shall ensure no other member of the Group will) enter into any transaction with any
Affiliate that is not an Obligor, except on arm’s length terms and for fair market
value.
	 
	 	(b)	 	The following transactions shall not be a breach of this Clause 21.15:

	 	(i)	 	intra-Group loans permitted under Clause 21.16 (Loans or
credit);
	 
	 	(ii)	 	fees, costs and expenses payable under the Transaction
Documents in the amounts set out in the Transaction Documents, delivered to the
Agent under Clause 4.1 (Initial conditions precedent) or agreed to by the
Agent;
	 
	 	(iii)	 	any employment agreement or other employee compensation plan
or arrangement (including stock purchase and stock option plans) entered into
(or amended, restated or supplemented from time to time) by the Borrower,
Target or any member of the Group or Target Group (1) in the ordinary course of
business of the Borrower or such member of the Group or (2) in connection with
the Merger or any integration or synergies implementation plans relating
thereto, including, for the avoidance of doubt, any compensation plan,
incentive plan, retention

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	 	 	 	plan, severance plan, stock purchase plan, stock
option plan and any other arrangement involving officers, directors or
employees of any member of the Group (including any member of the Target Group)
relating thereto and any transaction contemplated by any of the foregoing;
provided, that, in the case of (a) any such stock option or free share
plans subject to this clause (iii) that are applicable only to executive
officers or other members of senior management, such plans are approved by the
Borrower’s board of directors pursuant to a recommendation by an appropriate
committee of the Borrower’s board of directors, (b) any other plans subject to
this clause (iii) that are applicable only to the Borrower’s chief executive
officer, the Borrower’s president and/or the Target’s president, such plans are
approved by the Borrower’s board of directors pursuant to a recommendation by
an appropriate committee of the Borrower’s board of directors, and (c) any
other plans subject to this clause (iii) that are
applicable to executive officers or other members of senior management
(other than the chief executive officer and/or the presidents), such plans
are approved by the Borrower’s chief executive officer; and
	 
	 	(iv)	 	loans or advances to officers, directors and employees of the
Borrower or any member of the Group made in the ordinary course of business and
consistent with past practices of the Borrower and the Group in an aggregate
amount not to exceed €1,000,000 outstanding at any one time.

	 	 	Restrictions on movement of cash — cash out
	 
	21.16	 	Loans or credit

	 	(a)	 	Except as permitted under paragraph (b) below, no Obligor shall (and the
Borrower shall ensure that no other member of the Group will) be a creditor in respect
of any Financial Indebtedness.
	 
	 	(b)	 	Paragraph (a) above does not apply to a Permitted Loan.

	21.17	 	No Guarantees or indemnities

	 	(a)	 	Except as permitted under paragraph (b) below, no Obligor shall (and the
Borrower shall ensure that no member of the Group will) incur, or allow to remain
outstanding, any guarantee in respect of any obligation of any person.
	 
	 	(b)	 	Paragraph (a) does not apply to a guarantee which is a Permitted Guarantee.

	21.18	 	Dividends and share redemption

	 	(a)	 	Except as permitted under paragraph (b) below, the Borrower shall ensure that
no member of the Group will:

	 	(i)	 	declare, make or pay any dividend, charge, fee or other
distribution (or interest on any unpaid dividend, charge, fee or other
distribution)

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	 	 	 	(whether in cash or in kind) on, or in respect of, its share
capital (or any class of its share capital);
	 
	 	(ii)	 	repay or distribute any dividend or share premium reserve;
	 
	 	(iii)	 	pay, or allow any member of the Group to pay, any management,
advisory or other fee to, or to the order of, any shareholder holding 10% or
more of the equity interests of the Borrower; or
	 
	 	(iv)	 	redeem, repurchase, defease, retire or repay any of its share
capital or resolve to do so.

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

	 	(i)	 	any dividend or share redemption constituting a Permitted Share
Issue;
	 
	 	(ii)	 	(1) any Subsidiary of the Borrower may pay dividends or return
capital to the Borrower or any wholly-owned Subsidiary of the Borrower, and (2)
any non-wholly-owned Subsidiary of the Borrower may pay cash dividends to its
shareholders generally so long as the Borrower or its respective Subsidiary
which owns the ownership interests in the Subsidiary paying such dividends
receives at least its proportionate share thereof (based upon its relative
holding of the ownership interests in the Subsidiary paying such dividends and
taking into account the relative preferences, if any, of the various classes of
ownership interests of such Subsidiary);
	 
	 	(iii)	 	the Borrower may, so long as no Event of Default then exists
or would result therefrom, pay cash in lieu of issuing fractional shares of the
Borrower’s common equity or perpetual preferred shares;
	 
	 	(iv)	 	so long as no Event of Default then exists or would result
therefrom, the Borrower may repurchase its common equity or perpetual
preferred shares (and/or options or warrants in respect thereof) pursuant to, and in
accordance with the terms of, (1) any employment agreement, plan or arrangement
of a type described in Clause 21.15(b)(iii), provided that the
aggregate amount of cash paid in respect of all such repurchases in any
calendar year pursuant to this clause (1) does not exceed $20,000,000 and (2)
the liquidity contract between the Borrower and Société Rothschild & Cie Banque
dated 1 November 2005, provided that the net obligations of the
Borrower pursuant to this clause (2) does not exceed €20,000,000 at any
time;
	 
	 	(v)	 	the Borrower may issue and exchange shares of any class or
series of its common equity or perpetual preferred shares now or hereafter
outstanding for shares of any other class or series of its common equity or
perpetual preferred shares now or hereafter outstanding;
	 
	 	(vi)	 	the Borrower may, in connection with any reclassification of
its common equity or perpetual preferred shares and any exchange permitted by
clause (v) above, pay cash in lieu of issuing

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	 	 	 	fractional shares of any class or
series of its common equity or perpetual preferred shares;
	 
	 	(vii)	 	the Borrower may issue shares of any class or series of its
common equity or perpetual preferred shares (including, without limitation, the
Borrower’s American Depositary Shares) required to be issued upon conversion of
the Target Convertible Notes and, after the Closing Date, repurchase
such shares; provided that the Borrower may not repurchase more than the
Target Share Repurchase Amount pursuant to this clause (vii); and
	 
	 	(viii)	 	the Borrower may make cash payments to the holders of the Target Convertible
Notes in connection with the conversion of such Target Convertible Notes after
the Closing Date of up to an amount equal to the sum of (x) the Target Required
Cash Amount (if greater than zero) and (y) $320,000,000.

	 	 	Restrictions on movement of cash — cash in
	 
	21.19	 	Financial Indebtedness

	 	(a)	 	Except as permitted under paragraph (b) below, no Obligor shall (and the
Borrower shall ensure that no other member of the Group will) incur, or allow to remain
outstanding, any Financial Indebtedness.
	 
	 	(b)	 	Paragraph (a) above does not apply to Financial Indebtedness which is Permitted
Financial Indebtedness.

	21.20	 	Share capital
	 
	 	 	No Obligor shall (and the Borrower shall ensure no other
member of the Group will) issue any shares except pursuant to a Permitted Share Issue.
	 
	 	 	Miscellaneous
	 
	21.21	 	Insurance

	 	(a)	 	Each Obligor shall (and the Borrower shall ensure that each member of the Group
will) maintain insurance on, and in relation to, its business and assets against those
risks and to the extent customary for companies carrying on the same or substantially
similar business.
	 
	 	(b)	 	All insurance must be with reputable independent insurance companies or
underwriters.

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	21.22	 	Pensions

	 	(a)	 	The Borrower shall ensure that all pension schemes operated by or maintained
for the benefit of members of the Group and/or any of its employees are fully funded in
accordance with the governing provisions of the scheme and as may be required by
applicable laws with any shortfall advised by actuaries of recognized standing being
rectified in accordance with those governing provisions and that no action or omission
is taken by any member of the Group in relation to such a pension scheme which has or
is reasonably likely to have a Material Adverse Effect.
	 
	 	(b)	 	The Borrower shall promptly notify the Agent of any material change in the rate
of contributions to any pension schemes mentioned in (a) above paid or recommended to
be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise).

	21.23	 	Access
	 
	 	 	Each Obligor shall (and the Borrower shall ensure that each member of the Group will) (not
more than once in every Financial Year unless the Agent reasonably suspects a Default is
continuing or may occur a reasonably short amount of time thereafter) permit the Agent
and/or the Security Agent and/or accountants or other professional advisers and contractors
of the Agent or Security Agent to have free access, at all reasonable times and on
reasonable notice, at the risk and cost of the
Obligor or Borrower to (a) the premises, assets, books, accounts and records of each member
of the Group and (b) meet and discuss matters with its senior management.
	 
	21.24	 	Intellectual Property
	 
	 	 	Each Obligor shall (and the Borrower shall ensure that each Group member will):

	 	(a)	 	preserve and maintain the subsistence and validity of the Intellectual Property
necessary for the business of the relevant Group member;
	 
	 	(b)	 	use reasonable efforts to prevent any infringement in any material respect of
the Intellectual Property;
	 
	 	(c)	 	make registrations and pay all registration fees and taxes to the extent that
the Borrower determines in its reasonable commercial judgment that such registration is
necessary to maintain the Intellectual Property in full force and effect and record its
interest in that Intellectual Property; and
	 
	 	(d)	 	not use or permit the Intellectual Property to be used in a way or take any
step or omit to take any step in respect of that Intellectual Property that may
materially and adversely affect the existence or value of the Intellectual Property or
imperil the right of any member of the Group to use such property.

	21.25	 	Amendments
	 
	 	 	No Obligor shall (and the Borrower shall ensure that no member of the Group will) amend,
vary, novate, supplement, supersede, waive or terminate any term of a Transaction Document
or any other document delivered to the Agent pursuant to

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	 	 	Clauses 4.1 (Initial conditions
precedent) or Clause 24 (Changes to the Obligors) except in writing in accordance with the
provisions of Clause 34 (Amendments and Waivers).
	 
	21.26	 	Financial assistance
	 
	 	 	To the extent applicable, each Obligor shall (and the Borrower shall ensure that each member
of the Group will) comply in all respects with Sections 151 to 158 of the United Kingdom
Companies Act 1985 and any equivalent legislation in other jurisdictions including in
relation to the execution of the Security Documents and payment of amounts due under this
Agreement.
	 
	21.27	 	Treasury Transactions
	 
	 	 	No Obligor shall (and the Borrower shall ensure that no other member of the Group will)
enter into any Treasury Transaction, other than:

	 	(i)	 	spot and forward delivery foreign exchange contracts entered
into in the ordinary course of business and not for speculative purposes; and
	 
	 	(ii)	 	any Treasury Transaction entered into for the hedging of actual
or projected real exposures arising in the ordinary course business of a member
of the Group and not for speculative purposes.

	21.28	 	Further assurance

	 	(a)	 	Each Obligor shall (and the Borrower shall ensure that each member of the Group
will) promptly do all such acts or execute all such documents (including assignments,
transfers, mortgages, charges, notices and instructions) as the Security Agent may
reasonably specify (and in such form as the Security Agent may reasonably require in
favor of the Security Agent or its nominee(s)):

	 	(i)	 	to perfect the Security created or intended to be created under
or evidenced by the Security Documents (which may include the execution of a
mortgage, charge, assignment or other Security over all or any of the assets
which are, or are intended to be, the subject of the Transaction Security) or
for the exercise of any rights, powers and remedies of the Security Agent or
the Finance Parties provided by or pursuant to the Finance Documents or by law;
	 
	 	(ii)	 	to confer on the Security Agent or the Finance Parties Security
over any property and assets of such Obligor located in any jurisdiction
equivalent or similar to the Security intended to be conferred by or pursuant
to the Security Documents; and/or
	 
	 	(iii)	 	to facilitate the realization of the assets which are, or are
intended to be, the subject of the Transaction Security.

	 	(b)	 	Each Obligor shall (and the Borrower shall ensure that each member of the Group
will) take all such action as is available to it (including making all filings and
registrations) as may be necessary for the purpose of the creation,

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	 	 	 	perfection,
protection or maintenance of any Security conferred or intended to be conferred on the
Security Agent or the Finance Parties by or pursuant to the Finance Documents.
	 
	 	(c)	 	Each Obligor shall (and the Borrower shall ensure that each member of the Group
will) ensure that at any time that Security is granted to the lenders under the Senior
Facilities pursuant to the Senior Facilities Agreement or the Senior Facilities
Security Documents, such Security shall simultaneously be granted to the Lenders
pursuant to substantially similar documentation, agreements or arrangements (subject to
differences in lien priority and any modifications that may be necessary or reasonably
appropriate as a result of structural differences between the Facility and the Senior
Facilities, including, without limitation, as a result of applicable financial
assistance laws of any Relevant Jurisdiction or other similar such applicable laws of
any Relevant Jurisdiction regarding limitations on guarantees or granting of Security),
including the execution of the Intercreditor Agreement and the Collateral Agreement, on
terms consistent with the Intercreditor Agreement.

	21.29	 	Syndication
	 
	 	 	The Borrower and the Obligors shall each provide reasonable assistance to the Arranger (and
the Borrower shall use its commercially reasonable efforts to cause the Target and the
Target Group to provide such assistance) in the preparation of an
information memorandum and the primary syndication of the Facility (including, without
limitation, by making senior management available for the purpose of making presentations
to, or meeting, potential lending institutions) and will comply (and the Borrower shall use
its commercially reasonable efforts to cause the Target and the Target Group to comply with
all reasonable requests for information from potential syndicate members prior to completion
of syndication.
	 
	21.30	 	Refinancing Securities

	 	(a)	 	The Obligors will use their reasonable best efforts to (i) cause the issuer of
the Debt Refinancing Securities to offer and sell the Debt Refinancing Securities, in
any one or a series of offerings, in an amount sufficient to finance the Merger or
refinance in full the Facility, as applicable, and (ii) to pay all fees and expenses
related thereto, in each case, as promptly as practicable.
	 
	 	(b)	 	The Borrower will cause all members of the Group, their counsel and their
auditors to reasonably assist and facilitate the Manager, in its capacity as
underwriter of the Debt Refinancing Securities, in completing due diligence, including
providing access to Group personnel, legal and tax advisors and facilities at such
reasonable times as shall be requested.
	 
	 	(c)	 	The Borrower will deliver to the Manager, in its capacity as underwriter of the
Debt Refinancing Securities, completed printed preliminary offering circulars for the
distribution of the Debt Refinancing Securities in a form customary for offerings
underwritten by the Manager, in its capacity as underwriter of the Debt Refinancing
Securities, in the debt and equity, as the case may be, securities markets suitable to
use on a road show. Such offering circulars shall contain all financial statements and
other data to be included therein

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	 	 	 	(including all audited financial statements, all
unaudited financial statements (which shall have been reviewed by the Auditors and the
independent accountants for the Target, as applicable, as provided in the accounting
standards applicable to the Borrower in France and the US and the Target in the US) and
all appropriate pro forma financial statements) that the Securities and Exchange
Commission would require in a registered offering of the Debt Refinancing Securities or
that would be necessary for the Manager, in its capacity as underwriter of the Debt
Refinancing Securities, to receive customary “comfort” (including “negative assurance”
comfort, if available from the Auditors) from independent accountants in connection
with the offering of the Debt Refinancing Securities, not later than 21 days prior to
the proposed closing date of such offering. The Borrower will deliver completed final
offering circulars in accordance with the Manager’s customary market practice in such
markets.
	 
	 	(d)	 	The Borrower will cause senior management of the Borrower and of the issuer of
any Debt Refinancing Securities to participate in road shows for the sale of the Debt
Refinancing Securities and other customary marketing efforts at such reasonable times
as shall be requested.
	 
	 	(e)	 	Prior to such road show or road shows, the Borrower will prepare materials for,
and participate in, presentations to the appropriate rating agencies to obtain ratings
for the Debt Refinancing Securities.
	 
	 	(f)	 	Upon the pricing and the closing of the offering or offerings of Debt
Refinancing Securities, the Borrower will cause (i) the Auditors, Target’s auditors and
any other required auditors to deliver, in each case, to the Manager, in its capacity
as underwriter of the Debt Refinancing Securities and as representative of the several
underwriters, a SAS 72 comfort letter or letters, as appropriate, in a form customary
for the Manager’s offering of securities in the relevant debt or equity markets and
(ii) its legal counsel to deliver customary legal opinions and “10b-5 letters” to the
Manager, in its capacity as underwriter of the Debt Refinancing Securities and as
representatives of the several underwriters.
	 
	 	(g)	 	The indenture for and the terms and conditions of any high yield Debt
Refinancing Securities will be substantially in the form of the indenture for, and
terms and conditions of, the Existing Bonds, modified as appropriate to reflect changes
in the financial condition and prospects of the Borrower and the Group, prevailing
conditions and terms that are customary in the market for high yield debt securities by
European issuers, or otherwise in form and substance reasonably satisfactory to the
Manager and following consultation with the Borrower.
	 
	 	(h)	 	If any US Dollar-denominated Debt Refinancing Securities are issued in a
transaction not registered under the Securities Act, such Debt Refinancing Securities
shall be entitled to the benefit of a registration rights agreement to be entered into
by the issuer of the Debt Refinancing Securities substantially in the form of the
registration rights agreement for the Existing Bonds.

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	 	(i)	 	The Borrower will use all reasonable efforts to list any high yield Debt
Refinancing Securities on the Luxembourg Stock Exchange (or another exchange reasonably
satisfactory to the Manager) and to maintain such listing for so long as any such Debt
Refinancing Securities are outstanding.

	22.	 	EVENTS OF DEFAULT
	 
	 	 	Each of the events or circumstances set out in Clause 22 is an Event of Default.
	 
	22.1	 	Non-payment
	 
	 	 	An Obligor does not pay, on the relevant due date, any amount payable pursuant to a Finance
Document at the place at and in the currency in which it is expressed to be payable unless:

	 	(a)	 	its failure to pay is caused by administrative or technical error; and
	 
	 	(b)	 	payment is made within 2 Business Days of its due date.

	22.2	 	Financial covenants and other obligations

	 	(a)	 	Any requirement of Clause 20 (Financial Condition) is not satisfied or an
Obligor does not comply with the provisions of Clauses 21.8 (Acquisitions), 21.6
(Merger), 21.13 (Negative Pledge) or 21.14 (Disposals).
	 
	 	(b)	 	An Obligor does not comply with any provision of any Security Document.

	22.3	 	Other obligations

	 	(a)	 	An Obligor does not comply with any provision of the Finance Documents (other
than those referred to in Clause 22.1 (Non-payment) and Clause 22.2 (Financial
covenants and other obligations)).
	 
	 	(b)	 	No Event of Default under paragraph (a) above will occur if the failure to
comply is capable of remedy and is remedied within 15 Business Days (or in the case of
any Event of Default under Clause 19 (Information Undertakings), 10 Business Days) of
the Agent giving notice to the Borrower or relevant Obligor or the Borrower or an
Obligor becoming aware of the failure to comply.

	22.4	 	Misrepresentation
	 
	 	 	Any representation or statement made or deemed to be made by an Obligor in the Finance
Documents or any other document delivered by or on behalf of any Obligor under or in
connection with any Finance Document is or proves to have been incorrect or misleading in
any material respect when made or deemed to be made.
	 
	22.5	 	Cross default and cross-acceleration

	 	(a)	 	Any Financial Indebtedness of any member of the Group is not paid when due or
within any originally applicable grace period.

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	 	(b)	 	Any Financial Indebtedness of any member of the Group is declared to be or
otherwise becomes due and payable prior to its specified maturity as a result of an
event of default (however described).
	 
	 	(c)	 	Any commitment for any Financial Indebtedness of any member of the Group is
cancelled or suspended by a creditor of any member of the Group as a result of an event
of default (however described).
	 
	 	(d)	 	Any creditor of any member of the Group becomes entitled to declare any
Financial Indebtedness of any member of the Group due and payable prior to its
specified maturity as a result of an event of default (however described).
	 
	 	(e)	 	No Event of Default will occur under this Clause 22.5 if the aggregate amount
of Financial Indebtedness or commitment for Financial Indebtedness falling within
paragraphs (a) to (d) above is less than $10,000,000 (or its equivalent in any other
currency or currencies).

	22.6	 	Insolvency

	 	(a)	 	An Obligor or a Material Subsidiary (i) is unable or admits inability to pay
its debts as they become due, (ii) is declared to be unable to pay its debts under
applicable law, or (iii) suspends or threatens to suspend making payments on any of its
debts.
	 
	 	(b)	 	The value of the assets of any Obligor is less than its liabilities (taking
into account contingent and prospective liabilities).
	 
	 	(c)	 	A moratorium is declared in respect of any indebtedness of any Obligor or
Material Subsidiary. If a moratorium occurs, the ending of the moratorium will not
remedy any Event of Default caused by such moratorium.
	 
	 	(d)	 	The Borrower or any Obligor or Material Subsidiary which conducts business in
France is in a state of cessation des paiements, or any member of the Group becomes
insolvent for the purpose of any applicable insolvency law.

	22.7	 	Insolvency proceedings

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

	 	(i)	 	the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration or reorganization (by way of voluntary
arrangement, scheme of arrangement or otherwise) of any member of the Group
other than a solvent liquidation or reorganization of any member of the Group
which is not an Obligor;
	 
	 	(ii)	 	an assignment for the benefit of creditors of any member of the
Group;
	 
	 	(iii)	 	the appointment of a liquidator (other than in respect of a
solvent liquidation of a member of the Group which is not an Obligor),
bankruptcy receiver, administrator, or other similar officer in respect of any
member of the Group or any material part of its assets; or

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	 	(iv)	 	enforcement of any Security over all or any material portion of
the assets of the Group,

	 	 	 	or any analogous procedure or step is taken in any jurisdiction (each a “Winding-up
Petition”).
	 
	 	(b)	 	Paragraph (a) shall not apply to:

	 	(i)	 	any involuntary Winding-up Petition which is dismissed within
60 days after the filing or commencement thereof or an order for relief having
been entered with respect thereto; or
	 
	 	(ii)	 	any corporate action, legal proceedings, Winding-up Petition or
other procedure or step which is part of a solvent reorganization of any member
of the Group permitted under this Agreement.

	 	(c)	 	The Borrower or any member of the Group commences proceedings for conciliation
in accordance with articles L. 611-3 to L. 611-15 of the French Code de commerce.
	 
	 	(d)	 	A judgment for sauvegarde, redressement judiciaire, cession totale de
l’entreprise or liquidation judiciaire is entered in relation to the Borrower or any
member of the Group under articles L. 620-1 to L. 644-6 of the French Code de commerce.

	22.8	 	Creditors’ process
	 
	 	 	Any expropriation, attachment, sequestration, distress or execution or any of the
enforcement proceedings provided for in French law no. 91 650 of 9 July 1991, or any
analogous process in any jurisdiction, affects any asset or assets of a Material Subsidiary
and is not discharged within 14 days.
	 
	22.9	 	Unlawfulness and invalidity

	 	(a)	 	It is or becomes unlawful for an Obligor to perform any of its obligations
under the Finance Documents, any Transaction Security created or expressed to be
created or evidenced by the Security Documents ceases to be effective or any
subordination created under the Intercreditor Agreement is or becomes unlawful.
	 
	 	(b)	 	Any obligation or obligations of any Obligor under any Finance Documents are
not (subject to the Legal Reservations), or cease to be, legal, valid, binding or
enforceable and the cessation individually or cumulatively materially and adversely
effects the interests of the Lenders under the Finance Documents.
	 
	 	(c)	 	Any Finance Document ceases to be in full force and effect or any Transaction
Security ceases to be legal, valid, binding, enforceable or effective or is alleged by
a party to it (other than a Finance Party) to be ineffective.

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	22.10	 	Cessation of business
	 
	 	 	Any Obligor or Material Subsidiary suspends or ceases to carry on (or threatens to suspend
or cease to carry on) all or a material part of its business except as a result of a
disposal which is a Permitted Disposal or a Permitted Merger.
	 
	22.11	 	Change of ownership

	 	(a)	 	An Obligor (other than the Borrower) ceases to be a wholly-owned (directly or
indirectly) Subsidiary of the Borrower; or
	 
	 	(b)	 	An Obligor ceases to own at least the same percentage of shares in a Material
Subsidiary,

	 	 	except, in either case, as a result of a disposal which is a Permitted Disposal, Permitted
Share Issue or a Permitted Merger.
	 
	22.12	 	Audit qualification
	 
	 	 	The Auditors of the Group qualify the audited annual consolidated financial statements of
the Borrower.
	 
	22.13	 	Expropriation
	 
	 	 	The authority or ability of any Obligor or Material Subsidiary to conduct its business is
limited or wholly or substantially curtailed by any seizure, expropriation, nationalization,
intervention, restriction or other action by or on behalf of any
governmental, regulatory or other authority or other person in relation to any Obligor or
Material Subsidiary or any of its assets.
	 
	22.14	 	Repudiation and rescission of agreements
	 
	 	 	An Obligor (or any other relevant party) rescinds, or purports to rescind, or repudiates, or
purports to repudiate, a Finance Document or any of the Transaction Security or evidences an
intention to rescind or repudiate a Finance Document or any Transaction Security.
	 
	22.15	 	Litigation
	 
	 	 	Any litigation, arbitration, administrative, governmental, regulatory or other
investigations, proceedings or disputes are commenced (a) in relation to the Transaction
Documents or the transactions contemplated in the Transaction Documents or (b) against any
member of the Group or its assets which has or is reasonably likely to have a Material
Adverse Effect.
	 
	22.16	 	Security Documents
	 
	 	 	Any member of the Group does not enter into any Security Documents within the period
contemplated by reason of any failure by any person to complete any financial assistance or
corporate benefit procedures.

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	22.17	 	Material adverse change
	 
	 	 	Any event or circumstance occurs which has had a Material Adverse Effect.
	 
	22.18 Acceleration
	 
	 	 	On and at any time after the occurrence of an Event of Default which is continuing, the
Agent may without mise en demeure or any other judicial or extra judicial step, and shall if
so directed by the Majority Lenders, by notice to the Borrower but subject to the mandatory
provisions of articles L. 620-1 et seq. of the French Code de commerce:

	 	(a)	 	cancel the Total Commitments at which time they shall immediately be cancelled;
and/or
	 
	 	(b)	 	declare that all or part of the Loan, together with accrued interest, and all
other amounts accrued or outstanding under the Finance Documents be immediately due and
payable, at which time it shall become immediately due and payable; and/or
	 
	 	(c)	 	declare that all or part of the Loan be payable on demand, at which time it
shall immediately become payable on demand by the Agent on the instructions of the
Majority Lenders; and/or
	 
	 	(d)	 	exercise or direct the Security Agent to exercise any or all of its rights,
remedies, powers or discretions under the Finance Documents.

	22.19	 	Clean-up Period

	 	(a)	 	If, on the date of the Loan, any event or circumstance has occurred with
respect to any member of the Target Group of which the Borrower was unaware and which
would constitute a Default (the “Relevant Default”):

	 	(i)	 	promptly upon becoming aware of its occurrence, the Borrower
shall notify the Agent of that Relevant Default and the related event or
circumstance (and the steps, if any, being taken to remedy it); and
	 
	 	(ii)	 	subject to paragraph (b) below, during the Clean-up Period,
that Relevant Default shall not constitute a Default and the Agent shall not be
entitled to give any notice under Clause 22.18 (Acceleration) with respect to
that Relevant Default until (if that Relevant Default is then continuing) the
earlier of:

	 	(A)	 	the date immediately after the end of the
Clean-up Period;
	 
	 	(B)	 	the date (if any) on which the Relevant Default
becomes incapable of remedy within the Clean-Up Period; and
	 
	 	(C)	 	the date (if any) on which a Material Adverse
Effect occurs or becomes reasonably likely to occur.

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	 	(b)	 	Paragraph (a)(ii) above shall not apply with respect to any Relevant Default
(i) under Clauses 22.6 (Insolvency) or 22.7 (Insolvency proceedings) or (ii) that is
not capable of remedy within the Clean-Up Period.
	 
	 	(c)	 	For the avoidance of doubt, paragraph (a)(ii) above shall not restrict the
Agent’s right to give any notice under Clause 22.18 (Acceleration) with respect to any
Default which is not a Relevant Default.

	 	 	“Clean-Up Period” means the period from the date of signing of the Facility Agreement to the
date falling 90 days thereafter.

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SECTION 9

CHANGES TO PARTIES

	23.	 	CHANGES TO THE LENDERS
	 
	23.1	 	Assignments and transfers by the Lenders
	 
	 	 	Subject to this Clause 23, 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 or credit institution (établissement de crédit) to
a trust, fund or other entity which is regularly engaged in or established for the purpose
of making, purchasing or investing in loans, securities or other financial assets (the “New
Lender”).
	 
	23.2	 	Conditions of assignment or transfer

	 	(a)	 	The consent of either the Borrower or the Agent shall be required for an
assignment or transfer by an Existing Lender, other than (i) an assignment or a
transfer to another Lender or to an Affiliate of a Lender or (ii) an assignment or a
transfer by the Arranger or its affiliates. Any assignment or transfer by an Existing
Lender must be in a minimum amount of US$5,000,000 in respect of the Facility, other
than an assignment or a transfer to another Lender or to an Affiliate of a Lender, for
which no minimum amount is required.
	 
	 	(b)	 	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.
	 
	 	(c)	 	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 or regulations in relation to
such assignment to a New Lender, the completion of which the Agent shall
promptly provide notice to the Existing Lender and the New Lender.

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

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

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	 	(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 12 (Tax gross-up and indemnities) or Clause 13 (Increased Costs),

	 	 	then the New Lender or Lender acting through its new Facility Office is only entitled to
receive payment under such Clauses to the same extent as the Existing Lender or Lender
acting through its previous Facility Office would have been entitled if the assignment,
transfer or change had not occurred.
	 
	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 US$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;
	 
	 	(iii)	 	the performance and observance by any Obligor of its
obligations under the Finance Documents or any other documents; or
	 
	 	(iv)	 	the accuracy of any statements (whether written or oral) made
in or in connection with any Finance Document or any other document,

	 	 	and any representations or warranties implied by law are excluded.

	 	(b)	 	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 while 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:

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	 	(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 (c) 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, subject to paragraph (b) below,
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)	 	Provided that the Agent or the Borrower consents to such transfer or
assignment, 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 that 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 the
Finance Documents, each of the Obligors and the Existing Lender shall be
released from further obligations with respect to each other under the Finance
Documents and their respective rights against each other under the Finance
Documents shall be cancelled (being the “Discharged Rights and Obligations”);
	 
	 	(ii)	 	each of the Obligors and the New Lender shall assume
obligations toward, and/or acquire rights against, each other which differ from
the Discharged Rights and Obligations only insofar as such Obligor and the New
Lender have assumed and/or acquired the same in place of such Obligor and the
Existing Lender;
	 
	 	(iii)	 	the Agent, the Arranger, the New Lender and other Lenders
shall acquire the same rights and assume the same obligations between
themselves as they would have acquired and assumed had the New Lender been 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 Arranger and the
Existing Lender shall each be released from further obligations to each other
under the Finance Documents; and
	 
	 	(iv)	 	the New Lender shall become a Party as a “Lender”.

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	23.6	 	Copy of Transfer Certificate to Borrower
	 
	 	 	The Agent shall, as soon as reasonably practicable after it has executed a Transfer
Certificate, send to the Borrower a copy of such Transfer Certificate.
	 
	23.7	 	Disclosure of information
	 
	 	 	Any Lender may disclose to any of its Affiliates and any other person (including its
auditors, professional advisors and any rating agencies):

	 	(a)	 	to (or through) whom such Lender assigns or transfers (or may potentially
assign or transfer) all or any of its rights and obligations under this Agreement;
	 
	 	(b)	 	with (or through) whom such 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;
	 
	 	(c)	 	to whom, and to the extent that, information is required to be disclosed by any
applicable law or regulation;
	 
	 	(d)	 	if it becomes generally available to the public (other than as a result of a
breach of this Clause 23.7); or
	 
	 	(e)	 	to whom, and to the extent that, information is required to be disclosed
pursuant to a court order in connection with any legal proceedings,

	 	 	any information about any Obligor, the Group and the Finance Documents as such Lender shall
consider appropriate, provided that, in relation to paragraphs (a) and (b) above, the person
to whom the information is to be given has first entered into a Confidentiality Undertaking
and such Lender has delivered to the Borrower a notification (identifying the recipient and
giving notice of the information to be disclosed), and in relation to paragraph (c) above,
unless specifically prohibited by applicable law or court order, such Lender shall (to the
extent reasonably practicable) notify the Borrower of any request by any Government
Authority or representative thereof (other than any such request in connection with any
examination of the financial condition of such Lender by such Government Authority) for
disclosure of any such non-public information prior to disclosure of such information.
	 
	24.	 	CHANGES TO THE OBLIGORS
	 
	24.1	 	Assignments and transfer by Obligors
	 
	 	 	No Obligor may assign any of its rights or transfer any of its rights or obligations under
the Finance Documents.
	 
	24.2	 	Additional Guarantors

	 	(a)	 	Prior to, or simultaneous with, any Subsidiary becoming (i) a borrower under or
a guarantor of the Senior Facilities or (ii) a guarantor of the Existing Bonds, the
Borrower shall cause that Subsidiary to become an Additional Guarantor; provided that
such Subsidiary shall not be required to become an Additional

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	 	 	 	Guarantor if its accession hereto would result in the provision of unlawful
financial assistance pursuant to the applicable laws of any Relevant Jurisdiction or
would result in the violation of any similar applicable laws of any Relevant
Jurisdiction regarding limitations on guarantees. For the avoidance of doubt, the
Borrower shall cause Mergeco and any Subsidiaries of the Target that, on the Closing
Date, will be guarantors of the Senior Facilities to become Additional Guarantors on
the Closing Date. To the extent that Mergeco is not required to become an
Additional Guarantor otherwise pursuant to the terms of this Clause 24.2(a), the
Borrower shall cause Mergeco to become an Additional Guarantor on the Closing Date.
	 
	 	(b)	 	Subject to compliance with the provisions of paragraph (c) and (d) of Clause
19.9 (“Know your customer” checks), the Borrower may request that any of its
Subsidiaries become an Additional Guarantor.
	 
	 	(c)	 	A Subsidiary shall become an Additional Guarantor when:

	 	(i)	 	the Borrower delivers to the Agent a duly completed and
executed Accession Letter; and
	 
	 	(ii)	 	the Agent has received all of the documents and other evidence
listed in Part II of Schedule 2 (Conditions Precedent) in relation to that
Additional Guarantor, each in form and substance satisfactory to the Agent.

	 	(d)	 	The Agent shall notify the Borrower and the Lenders promptly upon being
satisfied that it has received (in form and substance satisfactory to it) all the
documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent).

	24.3	 	Repetition of Representations
	 
	 	 	Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the
Repeating Representations are true and correct in relation to it as at the date of delivery
as if made by reference to the facts and circumstances then existing.
	 
	24.4	 	Resignation of a Guarantor

	 	(a)	 	The Borrower may request that a Guarantor (other than the Borrower) ceases to
be a Guarantor by delivering to the Agent a Resignation Letter.
	 
	 	(b)	 	The Agent shall accept a Resignation Letter and notify the Borrower and the
Lenders of its acceptance if:

	 	(i)	 	no Default is continuing or would result from the acceptance of
the Resignation Letter (and the Borrower has provided confirmation of such);
and
	 
	 	(ii)	 	all the Lenders have consented to the Borrower’s request;
provided that no such consent shall be required in connection with a
disposal of the shares of such Guarantor, which disposal constitutes a
Permitted Disposal.

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SECTION 10

THE FINANCE PARTIES

	25.	 	ROLE OF THE AGENT, THE ARRANGER AND THE SECURITY AGENT
	 
	25.1	 	Appointment of the Agent and the Security Agent

	 	(a)	 	Each other Finance Party appoints the Agent to act as its agent under and in
connection with the Finance Documents.
	 
	 	(b)	 	Each other Finance Party appoints the Security Agent to act as its agent under,
and in connection with, the Finance Documents in accordance with the terms and
conditions set out in the Intercreditor Agreement (if any).
	 
	 	(c)	 	Each other Finance Party authorizes the Agent and the Security Agent to
exercise the rights, powers, authorities and discretions specifically given to the
Agent and the Security Agent under or in connection with the Finance Documents,
together with any other incidental rights, powers, authorities and discretions.
Without limiting the foregoing, each other Finance Party authorizes the Agent and the
Security Agent to negotiate, execute and deliver, without the need for any further
authority from the Secured Parties, the Intercreditor Agreement and each other Security
Document entered into by or on behalf of the Secured Parties in connection herewith.

	25.2	 	Duties of the Agent

	 	(a)	 	The Agent shall promptly forward to a Party the original or a copy of any
document which is delivered to the Agent for that Party by any other Party.
	 
	 	(b)	 	Except where a Finance Document specifically provides otherwise, the Agent is
not obliged to review or check the adequacy, accuracy or completeness of any document
it forwards to another Party.
	 
	 	(c)	 	If the Agent receives notice from a Party referring to this Agreement,
describing a Default and stating that the circumstance described is a Default, it shall
promptly notify the Finance Parties.
	 
	 	(d)	 	If the Agent is aware of the non-payment of any principal, interest, commitment
fee or other fee payable to a Finance Party (other than the Agent or the Arranger)
under this Agreement, it shall promptly notify the other Finance Parties.
	 
	 	(e)	 	The Agent’s duties under the Finance Documents are solely mechanical and
administrative in nature.

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

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	25.4	 	No fiduciary duties

	 	(a)	 	Nothing in this Agreement constitutes the Agent or the Arranger as a trustee or
fiduciary of any other person.
	 
	 	(b)	 	Neither the Agent nor the Arranger shall be bound to account to any Lender for
any sum or the profit element of any sum received by it for its own account.

	25.5	 	Business with the Group
	 
	 	 	The Agent and the Arranger may accept deposits from, lend money to and generally engage in
any kind of banking or other business with any member of the Group.
	 
	25.6	 	Rights and discretions of the Agent

	 	(a)	 	The Agent may rely on:

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

	 	(b)	 	The Agent may assume (unless it has received notice to the contrary in its
capacity as agent for the Lenders) that:

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

	 	(c)	 	The Agent may engage, pay for and rely on the advice or services of any
lawyers, accountants, surveyors or other experts.
	 
	 	(d)	 	The Agent may act in relation to the Finance Documents through its personnel
and agents.
	 
	 	(e)	 	The Agent may disclose to any other Party any information it reasonably
believes it has received as agent under this Agreement.
	 
	 	(f)	 	Notwithstanding any other provision of any Finance Document to the contrary,
neither the Agent nor the Arranger is obliged to do or omit to do anything if it would
or might in its reasonable opinion constitute a breach of any law or regulation or a
breach of a fiduciary duty or duty of confidentiality.

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	25.7	 	Majority Lenders’ instructions

	 	(a)	 	Unless a contrary indication appears in a Finance Document, the Agent shall (i)
exercise any right, power, authority or discretion vested in it as Agent in accordance
with any instructions given to it by the Majority Lenders (or, if so instructed by the
Majority Lenders, refrain from exercising any right, power, authority or discretion
vested in it as Agent) and (ii) not be liable for any act (or omission) if it acts (or
refrains from taking any action) in accordance with an instruction of the Majority
Lenders.
	 
	 	(b)	 	Unless a contrary indication appears in a Finance Document, any instructions
given by the Majority Lenders will be binding on all the Finance Parties.
	 
	 	(c)	 	The Agent may refrain from acting in accordance with the instructions of the
Majority Lenders (or, if appropriate, the Lenders) 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 the Majority Lenders (or, if appropriate,
the Lenders), the Agent may act (or refrain from taking action) as it considers to be
in the best interest of the Lenders.
	 
	 	(e)	 	The Agent is not authorized to act on behalf of a Lender (without first
obtaining that Lender’s consent) in any legal or arbitration proceedings relating to
any Finance Document.

	25.8	 	Responsibility for documentation
	 
	 	 	Neither the Agent nor the Arranger:

	 	(a)	 	is responsible for the adequacy, accuracy and/or completeness of any
information (whether oral or written) supplied by the Agent, the Arranger, an Obligor
or any other person given in or in connection with any Finance Document or any
information memorandum used in connection with the syndication of the Facility; 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 (and without prejudice to the provisions
of paragraph (e) of Clause 28.10 (Disruption to Payment Systems etc.), the Agent will
not be liable (including, without limitation, for negligence or any other category of
liability whatsoever) for any action taken by it under or in connection with any
Finance Document, unless directly caused by its gross negligence or willful misconduct.

	 	(b)	 	No Party (other than the Agent) may take any proceedings against any officer,
employee or agent of the Agent in respect of any claim it might have against

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	 	 	 	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.
	 
	 	(c)	 	The Agent will not be liable for any delay (or any related consequences) in
crediting an account with an amount required under the Finance Documents to be paid by
the Agent if the Agent has taken all necessary steps as soon as reasonably practicable
to comply with the regulations or operating procedures of any recognized clearing or
settlement system used by the Agent for that purpose.
	 
	 	(d)	 	Nothing in this Agreement shall oblige the Agent or the Arranger 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 Arranger 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 Arranger.

	25.10	 	Lenders’ indemnity to the Agent
	 
	 	 	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total
Commitments are then zero, to its share of the Total Commitments immediately prior to their
reduction to zero) indemnify the Agent, within three Business Days of demand, against any
cost, loss or liability (including, without limitation, for negligence or any other category
of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s
gross negligence or willful misconduct) (or, in the case of any cost, loss or liability
pursuant to Clause 28.10 (Disruption to Payment Systems etc.) notwithstanding the Agent’s
negligence, gross negligence or any other category of liability whatsoever but not including
any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents
(unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document).
	 
	25.11	 	Resignation of the Agent

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

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	 	(e)	 	The Agent’s resignation notice shall only take effect upon the appointment of a
successor.
	 
	 	(f)	 	Upon the appointment of a successor, the retiring Agent shall be discharged
from any further obligation in respect of the Finance Documents but shall remain
entitled to the benefit of this Clause 25. 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 accordance with paragraph (b) above. In this event,
the Agent shall resign in accordance with paragraph (b) above.

	25.12	 	Confidentiality

	 	(a)	 	In acting as agent for the Finance Parties, the Agent shall be regarded as
acting through its agency division which shall be treated as a separate entity from any
other of its divisions or departments.
	 
	 	(b)	 	If information is received by another division or department of the Agent, it
may be treated as confidential to that division or department and the Agent shall not
be deemed to have notice of it.

	25.13	 	Relationship with the Lenders

	 	(a)	 	The Agent may treat each Lender as a Lender, entitled to payments under this
Agreement and acting through its Facility Office unless it has received not less than
five Business Days prior notice from that Lender to the contrary in accordance with the
terms of this Agreement.
	 
	 	(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
formula).

	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 Lender confirms to the Agent and the
Arranger that it has been, and will continue to be, solely responsible for making its own
independent appraisal and investigation of all risks arising under or in connection with any
Finance Document including but not limited to:

	 	(a)	 	the financial condition, status and nature of each member of the Group;
	 
	 	(b)	 	the legality, validity, effectiveness, adequacy or enforceability of any
Finance Document and 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

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	 	 	 	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 information memorandum used
in connection with the syndication of the Facility and any other information provided
by the Agent, any Party or by any other person under or in connection with any Finance
Document, the transactions contemplated by the Finance Documents or any other
agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document.

	25.15	 	Reference Banks
	 
	 	 	If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an
Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Borrower)
appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.
	 
	25.16	 	Agent’s management time
	 
	 	 	Any amount payable to the Agent under Clause 14.3 (Indemnity to the Agent), Clause 16 (Costs
and Expenses) and Clause 25.10 (Lenders’ indemnity to the Agent) shall include the cost of
utilizing the Agent’s management time or other resources and will be calculated on the basis
of such reasonable daily or hourly rates as the Agent may notify to the Borrower and the
Lenders, and is in addition to any fee paid or payable to the Agent under Clause 11 (Fees).
	 
	25.17	 	Deduction from amounts payable by the Agent
	 
	 	 	If any Party owes an amount to the Agent under the Finance Documents, the Agent may, after
giving notice to that Party, deduct an amount not exceeding that amount from any payment to
that Party which the Agent would otherwise be obliged to make under the Finance Documents
and apply the amount deducted in or towards satisfaction of the amount owed. For the
purposes of the Finance Documents, that Party shall be regarded as having received any
amount so deducted.
	 
	25.18	 	Trust
	 
	 	 	The Security Agent declares that it shall hold the Transaction Security on trust for the
Secured Parties on the terms contained in this Agreement. Each of the parties to this
Agreement agrees that the Security Agent shall have only those duties, obligations and
responsibilities expressly specified in this Agreement or in the Security Documents (and no
others shall be implied).
	 
	25.19	 	No independent power
	 
	 	 	The Secured Parties shall not have any independent power to enforce, or have recourse to,
any of the Transaction Security or to exercise any rights or powers arising under the
Security Documents except through the Security Agent.

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	25.20	 	Security Agent’s instructions
	 
	 	 	The Security Agent shall:

	 	(a)	 	unless a contrary indication appears in a Finance Document, act in accordance
with any instructions given to it by the Agent and shall be entitled to assume that (i)
any instructions received by it from the Agent are duly given by or on behalf of the
Majority Lenders or, as the case may be, the Lenders in accordance with the terms of
the Finance Documents and (ii) unless it has received actual notice of revocation that
any instructions or directions given by the Agent have not been revoked;
	 
	 	(b)	 	be entitled to request instructions, or clarification of any direction, from
the Agent as to whether, and in what manner, it should exercise, or refrain from
exercising, any rights, powers and discretions and the Security Agent may refrain from
acting unless and until those instructions or clarification are received by it; and
	 
	 	(c)	 	be entitled to carry out all dealings with the Lenders through the Agent and
may give to the Agent any notice or other communication required to be given by the
Security Agent to the Lenders.

	25.21	 	Security Agent’s actions
	 
	 	 	Subject to the provisions of this Clause 25:

	 	(a)	 	the Security Agent may, in the absence of any instructions to the contrary,
take such action in the exercise of any of its powers and duties under the Finance
Documents which, in its absolute discretion, it considers to be for the protection and
benefit of all the Secured Parties; and
	 
	 	(b)	 	at any time after receipt by the Security Agent of notice from the Agent
directing the Security Agent to exercise all or any of its rights, remedies, powers or
discretions under any of the Finance Documents, the Security Agent may, and shall if so
directed by the Agent, take any action as in its sole discretion it thinks fit to
enforce the Transaction Security.

	25.22	 	Security Agent’s discretions
	 
	 	 	The Security Agent may:

	 	(a)	 	assume (unless it has received actual notice to the contrary in its capacity as
Security Agent for the Secured Parties) that (i) no Default has occurred and no Obligor
is in breach of or default under its obligations under any of the Finance Documents and
(ii) any right, power, authority or discretion vested in any person has not been
exercised;
	 
	 	(b)	 	if it receives any instructions or directions from the Agent to take any action
in relation to the Transaction Security, assume that all applicable conditions under
the Finance Documents for taking that action have been satisfied;

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	 	(c)	 	engage, pay for and rely on the advice or services of any lawyers, accountants,
surveyors or other experts (whether obtained by the Security Agent or by any other
Secured Party) whose advice or services may at any time seem necessary, expedient or
desirable;
	 
	 	(d)	 	rely upon any communication or document believed by it to be genuine and, as to
any matters of fact which might reasonably be expected to be within the knowledge of a
Finance Party or an Obligor, upon a certificate signed by or on behalf of that person;
and
	 
	 	(e)	 	refrain from acting in accordance with the instructions of the Agent or Lenders
(including bringing any legal action or proceeding arising out of or in connection with
the Finance Documents) until it has received any indemnification and/or security that
it may in its absolute discretion require (whether by way of payment in advance or
otherwise) for all costs, losses and liabilities which it may incur in bringing such
action or proceedings.

	25.23	 	Security Agent’s obligations
	 
	 	 	The Security Agent shall promptly inform the Agent of:

	 	(a)	 	the contents of any notice or document received by it in its capacity as
Security Agent from any Obligor under any Finance Document; and
	 
	 	(b)	 	the occurrence of any Default or any default by an Obligor in the due
performance of or compliance with its obligations under any Finance Document of which
the Security Agent has received notice from any other party to this Agreement.

	25.24	 	Excluded obligations
	 
	 	 	The Security Agent shall not:

	 	(a)	 	be bound to enquire as to the occurrence or otherwise of any Default or the
performance, default or any breach by an Obligor of its obligations under any of the
Finance Documents;
	 
	 	(b)	 	be bound to account to any other Party for any sum or the profit element of any
sum received by it for its own account;
	 
	 	(c)	 	be bound to disclose to any other person (including any Secured Party) (i) any
confidential information or (ii) any other information if disclosure would, or might in
its reasonable opinion, constitute a breach of any law or be a breach of fiduciary
duty;
	 
	 	(d)	 	be under any obligations other than those which are specifically provided for
in the Finance Documents; or
	 
	 	(e)	 	have or be deemed to have any duty, obligation or responsibility to, or
relationship of trust or agency with, any Obligor.

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	25.25	 	Exclusion of Security Agent’s liability
	 
	 	 	Unless caused directly by its gross negligence or willful misconduct, the Security Agent
shall not accept responsibility or be liable for:

	 	(a)	 	the adequacy, accuracy and/or completeness of any information supplied by the
Security Agent or any other person in connection with the Finance Documents or 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 the Finance Documents;
	 
	 	(b)	 	the legality, validity, effectiveness, adequacy or enforceability of any
Finance Document or the Transaction Security or any other agreement, arrangement or
document entered into, made or executed in anticipation of, under or in connection with
any Finance Document or the Transaction Security;
	 
	 	(c)	 	any losses to any person or any liability arising as a result of taking or
refraining from taking any action in relation to any of the Finance Documents or the
Transaction Security or otherwise, whether in accordance with an instruction from an
Agent or otherwise;
	 
	 	(d)	 	the exercise of, or the failure to exercise, any judgment, discretion or power
given to it by or in connection with any of the Finance Documents, the Transaction
Security or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with the Finance Documents or the
Transaction Security; or
	 
	 	(e)	 	any shortfall which arises on the enforcement of the Transaction Security.

	25.26	 	No proceedings
	 
	 	 	No Party (other than the Security Agent) may take any proceedings against any officer,
employee or agent of the Security Agent in respect of any claim it might have against the
Security 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 Security
Agent may rely on this Clause.
	 
	25.27	 	Own responsibility
	 
	 	 	It is understood and agreed by each Secured Party that at all times such Secured Party has
itself been, and will continue to be, solely responsible for making its own independent
appraisal of, and investigation into, all risks arising under or in connection with the
Finance Documents including but not limited to:

	 	(a)	 	the financial condition, creditworthiness, condition, affairs, status and
nature of each of the Obligors;
	 
	 	(b)	 	the legality, validity, effectiveness, adequacy and enforceability of each of
the Finance Documents and the Transaction Security and any other agreement, arrangement
or document entered into, made or executed in anticipation of, under or in connection
with the Finance Documents or the Transaction Security;

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	 	(c)	 	whether such Secured Party has recourse, and the nature and extent of that
recourse, against any Obligor or any other person or any of their respective assets
under or in connection with the Finance Documents, the transactions contemplated in the
Finance Documents or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under to or in connection with the Finance Documents;
	 
	 	(d)	 	the adequacy, accuracy and/or completeness of any information provided by any
person in connection with the Finance Documents, the transactions contemplated in the
Finance Documents or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with the Finance Documents; and
	 
	 	(e)	 	the right or title of any person in or to, or the value or sufficiency of any
part of the Charged Property, the priority of any of the Transaction Security or the
existence of any security interest affecting the Charged Property,

	 	 	and each Secured Party warrants to the Security Agent that it has not relied on and will not
at any time rely on the Security Agent in respect of any of these matters.
	 
	25.28	 	No responsibility to perfect Transaction Security
	 
	 	 	The Security Agent shall not be liable for any failure to:

	 	(a)	 	require the deposit with it of any deed or document certifying, representing or
constituting the title of any Obligor to any of the Charged Property;
	 
	 	(b)	 	obtain any license, consent or other authority for the execution, delivery,
legality, validity, enforceability or admissibility in evidence of any of the Finance
Documents or the Transaction Security;
	 
	 	(c)	 	register, file, record or otherwise protect any of the Transaction Security (or
the priority of any of the Transaction Security) under any applicable laws in any
jurisdiction or to give notice to any person of the execution of any of the Finance
Documents or of the Transaction Security;
	 
	 	(d)	 	take, or to require any of the Obligors to take, any steps to perfect its title
to any of the Charged Property or to render the Transaction Security effective or to
secure the creation of any ancillary security interest under the laws of any
jurisdiction; or
	 
	 	(e)	 	require any further assurances in relation to any of the Security Documents.

	25.29	 	Insurance by Security Agent

	 	(a)	 	The Security Agent shall not be under any obligation to insure any of the
Charged Property, to require any other person to maintain any insurance or to verify
any obligation to arrange or maintain insurance contained in the Finance Documents.
The Security Agent shall not be responsible for any loss which may be suffered by any
person as a result of the lack of or inadequacy of any such insurance.

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	 	(b)	 	Where the Security Agent is named on any insurance policy as an insured party,
it shall not be responsible for any loss which may be suffered by reason of, directly
or indirectly, its failure to notify the insurers of any material fact relating to the
risk assumed by the insurers or any other information of any kind, unless any Secured
Party has requested it to do so in writing and the Security Agent has failed to do so
within fourteen days after receipt of that request.

	25.30	 	Custodians and nominees
	 
	 	 	The Security Agent may appoint and pay any person to act as a custodian or nominee on any
terms in relation to any assets of the trust as the Security Agent may determine, including
for the purpose of depositing with a custodian this Agreement or any document relating to
the trust created under this Agreement and the Security Agent shall not be responsible for
any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the
misconduct, omission or default on the part of any person appointed by it under this
Agreement or be bound to supervise the proceedings or acts of any person.
	 
	25.31	 	Acceptance of title
	 
	 	 	The Security Agent shall be entitled to accept without inquiry, and shall not be obliged to
investigate, the right and title as each of the Obligors may have to any of the Charged
Property and shall not be liable for or bound to require any Obligor to remedy any defect in
its right or title.
	 
	25.32	 	Refrain from illegality
	 
	 	 	The Security Agent may refrain from doing anything which in its opinion will or may be
contrary to any relevant law, directive or regulation of any jurisdiction which would or
might otherwise render it liable to any person, and the Security Agent may do anything which
is, in its opinion, necessary to comply with any law, directive or regulation.
	 
	25.33	 	Business with the Obligors
	 
	 	 	The Security Agent may accept deposits from, lend money to, and generally engage in any kind
of banking or other business with any of the Obligors.
	 
	25.34	 	Releases

	 	(a)	 	Upon a disposal of any of the Charged Property:

	 	(i)	 	pursuant to the enforcement of the Transaction Security by a
receiver or the Security Agent; or
	 
	 	(ii)	 	which is permitted under the Finance Documents,

	 	the Security Agent shall (at the cost of the Obligors) release that property from the
Transaction Security and is authorized to execute, without the need for any further
authority from the Secured Parties, any release of the Transaction Security or other claim
over that asset.

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	 	(b)	 	To ensure that the Guarantors and the Transaction Security do not differ from
the guarantors under, and the Security granted to the lenders pursuant to, the Senior
Facilities, in the event that, after the Senior Facilities Agreement has been executed,
any Guarantor hereunder is not a guarantor under the Senior Facilities or any assets
comprising the Transaction Security are not subject to Security under the Senior
Facilities Security Documents, then the Agent and the Security Agent shall (at the cost
of the Obligors) release, as applicable, (i) such Guarantor from its guarantee
hereunder or (ii) such assets from the Transaction Security. Each of the Finance
Parties authorizes the Agent and the Security Agent to execute, without the need for
any further authority from the Secured Parties, any release of such guarantee and such
assets from the Transaction Security or any other claim over such Obligor or such
assets.

	25.35	 	Winding up of trust
	 
	 	 	If the Security Agent, with the approval of the Majority Lenders, determines that (a) all of
the obligations secured by any of the Security Documents have been fully and finally
discharged and (b) none of the Secured Parties is under any commitment, obligation or
liability (actual or contingent) to make advances or provide other financial accommodation
to any Obligor pursuant to the Finance Documents, the trusts set out in this Agreement shall
be wound up and the Security Agent shall release, without recourse or warranty, all of the
Transaction Security and the rights of the Security Agent under each of the Security
Documents.
	 
	25.36	 	[Intentionally omitted]
	 
	25.37	 	[Intentionally omitted]
	 
	25.38	 	Agent division separate
	 
	 	 	In acting as agent for the Secured Parties, the Security Agent shall be regarded as acting
through its Security Agent’s agent division which shall be treated as a separate entity from
any of its other divisions or departments and any information received by any other division
or department of the Security Agent may be treated as confidential and shall not be regarded
as having been given to the Security Agent’s agent division.
	 
	25.39	 	[Intentionally omitted]
	 
	25.40	 	Resignation of Security Agent

	 	(a)	 	The Security Agent may resign and appoint one of its Affiliates as successor by
giving notice to the other Parties (or to the Agent on behalf of the Lenders).
	 
	 	(b)	 	Alternatively the Security Agent may resign by giving notice to the other
Parties (or to the Agent on behalf of the Lenders) in which case the Majority Lenders
may appoint a successor Security Agent.
	 
	 	(c)	 	If the Majority Lenders have not appointed a successor Security Agent in
accordance with paragraph (b) above within 30 days after the notice of resignation was
given, the Security Agent (after consultation with the Agent) may appoint a successor
Security Agent.

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	 	(d)	 	The retiring Security Agent shall, at its own cost, make available to the
successor Security Agent such documents and records and provide such assistance as the
successor Security Agent may reasonably request for the purposes of performing its
functions as Security Agent under the Finance Documents.
	 
	 	(e)	 	The Security Agent’s resignation notice shall only take effect upon (i) the
appointment of a successor and (ii) the transfer of all of the Transaction Security to
that successor.
	 
	 	(f)	 	Upon the appointment of a successor, the retiring Security Agent shall be
discharged from any further obligation in respect of the Finance Documents but shall
remain entitled to the benefit of Clauses 25 (Role of the Agent, the Arranger and the
Security Agent). 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)	 	The Majority Lenders may, by notice to the Security Agent, require it to resign
in accordance with paragraph (b) above. In such event, the Security Agent shall resign
in accordance with paragraph (b) above.

	25.41	 	Delegation

	 	(a)	 	The Security Agent may, at any time, delegate by power of attorney or otherwise
to any person for any period, all or any of the rights, powers and discretions vested
in it by any of the Finance Documents.
	 
	 	(b)	 	The delegation may be made upon any terms and conditions (including the power
to sub-delegate) and subject to any restrictions as the Security Agent may think fit in
the interests of the Secured Parties and it shall not be bound to supervise, or be in
any way responsible for any loss incurred by reason of any misconduct or default on the
part of any Delegate or sub-Delegate.

	25.42	 	Additional agents

	 	(a)	 	The Security Agent may at any time appoint (and subsequently remove) any person
to act as a separate agent or as a co-agent jointly with it (i) if it considers that
appointment to be in the interests of the Secured Parties or (ii) for the purposes of
conforming to any legal requirements, restrictions or conditions which the Security
Agent deems to be relevant or (iii) for obtaining or enforcing any judgment in any
jurisdiction, and the Security Agent shall give prior notice to the Borrower and the
Agent of that appointment.
	 
	 	(b)	 	Any person so appointed shall have the rights, powers and discretions (not
exceeding those conferred on the Security Agent by this Agreement) and the duties and
obligations that are conferred or imposed by the instrument of appointment.
	 
	 	(c)	 	The remuneration that the Security Agent may pay to any person, and any costs
and expenses incurred by that person in performing its functions

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	 	 	 	pursuant to that appointment, shall, for the purposes of this Agreement, be treated
as costs and expenses incurred by the Security Agent.

	26.	 	CONDUCT OF BUSINESS BY THE FINANCE PARTIES
	 
	 	 	No provision of any Finance Document will:

	 	(a)	 	interfere with the right of any Finance Party to arrange its affairs (tax or
otherwise) in whatever manner it thinks fit;
	 
	 	(b)	 	oblige any Finance Party to investigate or claim any credit, relief, remission
or repayment available to it 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 Finance Party”) 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 Finance Party shall, within three Business Days, notify details
of the receipt or recovery, to the Agent;
	 
	 	(b)	 	the Agent shall determine whether the receipt or recovery is in excess of the
amount the Recovering Finance Party 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 Finance Party shall, within three Business Days of demand by the
Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or
recovery less any amount which the Agent determines may be retained by the Recovering
Finance Party as its share of any payment to be made, in accordance with Clause 28.5
(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 Finance Party) in
accordance with Clause 28.5 (Partial payments).

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	27.3	 	Recovering Finance Party’s rights

	 	(a)	 	On a distribution by the Agent under Clause 27.2 (Redistribution of payments),
the Recovering Finance Party 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 Finance Party is not able to rely on
its rights under paragraph (a) above, the relevant Obligor shall be liable to the
Recovering Finance Party for a debt equal to the Sharing Payment which is immediately
due and payable.

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

	 	(a)	 	each 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 the account of such Recovering Finance Party an amount equal to
the appropriate part of its share of the Sharing Payment (together with an amount as is
necessary to reimburse such Recovering Finance Party for its proportion of any interest
on the Sharing Payment which such Recovering Finance Party is required to pay); and
	 
	 	(b)	 	such Recovering Finance Party’s rights of subrogation in respect of any
reimbursement shall be cancelled and the relevant Obligor will be liable to the
reimbursing Finance Party for the amount so reimbursed.

	27.5	 	Exceptions

	 	(a)	 	This Clause 27 shall not apply to the extent that the Recovering Finance Party
would not, after making any payment pursuant to this Clause, have a valid and
enforceable claim against the relevant Obligor.
	 
	 	(b)	 	A Recovering Finance Party is not obliged to share with any other Finance Party
any amount which the Recovering Finance Party has received or recovered as a result of
taking legal or arbitration proceedings, if:

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

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SECTION 11

ADMINISTRATION

	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, such 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 28.4 (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 Business 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).
	 
	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	 	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.

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	28.5	 	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, subject to the terms of the Intercreditor Agreement, apply such payment towards
the obligations of such Obligor under the Finance Documents in the following order:

	 	(i)	 	first, in or towards payment pro rata of any unpaid fees, costs
and expenses of the Agent and the Security Agent under the Finance Documents;
	 
	 	(ii)	 	second, in or towards payment pro rata of any accrued interest,
fee or commission due but unpaid under this Agreement;
	 
	 	(iii)	 	third, in or towards payment pro rata of any principal due but
unpaid under this Agreement; and
	 
	 	(iv)	 	fourth, in or towards payment pro rata of any other sum due but
unpaid under the Finance Documents.

	 	(b)	 	The Agent shall, if so directed by the Majority Lenders, vary the order set out
in paragraphs (a)(ii) to (iv) above.
	 
	 	(c)	 	Paragraphs (a) and (b) above will override any appropriation made by an
Obligor.

	28.6	 	No set-off by Obligors
	 
	 	 	All payments to be made by an Obligor under the Finance Documents shall be calculated and be
made without (and free and clear of any deduction for) set-off or counterclaim.
	 
	28.7	 	Business Days

	 	(a)	 	Any payment which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the
preceding Business Day (if there is not).
	 
	 	(b)	 	During any extension of the due date for payment of any principal or Unpaid Sum
under this Agreement interest is payable on the principal or Unpaid Sum at the rate
payable on the original due date.

	28.8	 	Currency of account

	 	(a)	 	Subject to paragraphs (b) and (c) below, the US dollar is the currency of
account and payment for any sum due from an Obligor under any Finance Document.
	 
	 	(b)	 	Each payment in respect of costs, expenses or Taxes shall be made in the
currency in which the costs, expenses or Taxes are incurred.

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	 	(c)	 	Any amount expressed to be payable in a currency other than dollars shall be
paid in that other currency.

	28.9	 	Change of currency

	 	(a)	 	Unless otherwise prohibited by law, if more than one currency or currency unit
are at the same time recognized 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 recognized 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.

	28.10	 	Disruption to Payment Systems etc.
	 
	 	 	If either the Agent determines (in its discretion) that a Disruption Event has occurred or
the Agent is notified by the Borrower that a Disruption Event has occurred:

	 	(a)	 	the Agent may, and shall if requested to do so by the Borrower, consult with
the Borrower regarding such changes to the operation or administration of the Facility
as the Agent may deem necessary in the circumstances;
	 
	 	(b)	 	the Agent shall not be obliged to consult with the Borrower in relation to any
changes mentioned in paragraph (a) if, in its opinion, it is not practicable to do so
in the circumstances and, in any event, shall have no obligation to agree to such
changes;
	 
	 	(c)	 	the Agent may consult with the Finance Parties in relation to any changes
mentioned in paragraph (a) but shall not be obliged to do so if, in its opinion, it is
not practicable to do so in the circumstances;
	 
	 	(d)	 	any such changes agreed upon by the Agent and the Borrower shall (whether or
not it is finally determined that a Disruption Event has occurred) be binding upon the
Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance
Documents notwithstanding the provisions of Clause 34 (Amendments and Waivers);
	 
	 	(e)	 	the Agent shall not be liable for any damages, costs or losses whatsoever
(including, without limitation for negligence, gross negligence or any other category
of liability whatsoever but not including any claim based on the fraud

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	 	 	 	of the Agent) arising as a result of its taking, or failing to take, any actions
pursuant to or in connection with this Clause 28.10; and
	 
	 	(f)	 	the Agent shall notify the Finance Parties of all changes agreed pursuant to
paragraph (d) above.

	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 such Finance Party to such 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 the Borrower, that identified with its name below;
	 
	 	(b)	 	in the case of each Lender or any other Original Obligor, that notified in
writing to the Agent on or prior to the date on which it becomes a Party; and
	 
	 	(c)	 	in the case of the Agent, that identified with its name below,

	 	 	or any substitute address or fax number or department or officer as the Party may notify to
the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent)
by not less than five Business Days’ notice.
	 
	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 Business Days after being deposited in the post postage prepaid
in an envelope addressed to it at that address;

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	 	 	 	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)	 	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	 	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;
	 
	 	(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.

	30.6	 	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

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	 	(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.

	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, conclusive 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 360
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), any term of the Finance Documents may be
amended or waived only with the consent of the Majority Lenders and the Obligors and
any such amendment or waiver will be binding on all Parties.

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	 	(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:

	 	(i)	 	the definition of “Majority Lenders” in Clause 1.1
(Definitions);
	 
	 	(ii)	 	an extension to the date of payment of any amount under the
Finance Documents except any extension of the Maturity Date by 6 months
pursuant to Clause 2.4 (Extension of Facility);
	 
	 	(iii)	 	a reduction in the Margin or a reduction in the amount of any
payment of principal, interest, fees or commission payable;
	 
	 	(iv)	 	an increase in or an extension of any Commitment;
	 
	 	(v)	 	a change to the Borrower or Guarantors other than in accordance
with Clause 24 (Changes to the Obligors);
	 
	 	(vi)	 	any provision in a Finance Document which expressly requires
the consent of all the Lenders;
	 
	 	(vii)	 	Clause 2.5 (Finance Parties’ rights and obligations), Clause
23 (Changes to the Lenders), or this Clause 34;
	 
	 	(viii)	 	any release of any material portion of the Transaction Security or material
change to the scope of the Charged Property;
	 
	 	(ix)	 	the ranking of the Lenders’ claims under the Intercreditor
Agreement; and
	 
	 	(x)	 	any extension of an Availability Period.

	 	 	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,
the Security Agent or the Arranger may not be effected without the consent of the
Agent, the Security Agent or the Arranger.

	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.	 	U.S.A. PATRIOT ACT
	 
	 	 	Each Lender hereby notifies the Borrower that pursuant to the requirements of the U.S.A.
Patriot Act, it is or may be required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the

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	 	 	Borrower and other information that will allow such Lender to identify the Borrower in
accordance with the U.S.A. Patriot Act.
	 
	37.	 	INTEREST RATE LIMITATION
	 
	 	 	Notwithstanding anything herein to the contrary, if at any time the interest rate applicable
to the Loan, together with all fees, charges and other amounts that are treated as interest
on the Loan or participation therein under applicable law (collectively, the “Charges”),
shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for,
charged, taken, received or reserved by any Lender holding the Loan or participation therein
in accordance with applicable law, the rate of interest payable in respect of the Loan
hereunder, together with all Charges payable in respect thereof, shall be limited to the
Maximum Rate and, to the extent lawful, the interest and Charges that would have been
payable in respect of the Loan or participation therein but were not payable as a result of
the operation of this Section 37 shall be cumulated and the interest and Charges payable to
such Lender in respect of the Loan or participation therein or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together with
interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have
been received by such Lender.

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SECTION 12

GOVERNING LAW AND ENFORCEMENT

	38.	 	GOVERNING LAW
	 
	 	 	This Agreement and the other Finance Documents (other than as expressly set forth in any
other Finance Documents) shall be construed in accordance with and governed by the laws of
the State of New York.
	 
	39.	 	ENFORCEMENT
	 
	39.1	 	Jurisdiction; consent to service of process

	 	(a)	 	Each of the parties hereto hereby irrevocably and unconditionally submits, for
itself and its property, to the exclusive jurisdiction of any New York State court or
federal court of the United States of America sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or the other Finance Documents, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may
be heard and determined in such New York State or, to the extent permitted by law, in
such federal court. Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing
in this Agreement shall affect any right that any Lender may otherwise have to bring
any action or proceeding relating to this Agreement or the other Finance Documents
against any Obligor or their properties in the courts of any jurisdiction.
	 
	 	(b)	 	Each of the parties hereto hereby irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection that it may now
or hereafter have to the laying of venue of any suit, action or proceeding arising out
of or relating to this Agreement or the other Finance Documents in any New York State
or federal court. Each of the parties hereto thereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.
	 
	 	(c)	 	Each of the Obligors (other than an Obligor incorporated in the US) irrevocably
designates and appoints CT Corporation (the “Process Agent”) as its authorized agent
upon which process may be served in any action, suit or proceeding arising out of or
relating to this Agreement or the Other Finance Documents that may be instituted in any
Federal or state court in the State of New York. Each such Obligor hereby agrees that
service of any process, summons, notice or document by US registered mail addressed to
the Process Agent, with written notice of said service to such Obligor at its address
for notices shall be effective service of process for any action, suit or proceeding
brought in any such court. Each such Obligor further agrees to take any and all
action, including execution and filing of any and all such documents and
instruments, as may be necessary to continue the designation and appointment of the
Process Agent for a period of six years from the date of this Agreement.

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	39.2	 	WAIVER OF JURY TRIAL
	 
	 	 	EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER FINANCE
DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER
FINANCE DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS CLAUSE 39.2.

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 IA

The Original Obligors

	 	 	 
	Name of Borrower	 	Registration number (or equivalent, if any)
	Compagnie Générale de Géophysique

	 	France – 969 202 241 R.C.S. Evry

	 	 	 
	Name of Original Guarantor	 	Registration number (or equivalent, if any)
	Sercel Inc.

	 	Oklahoma, US – N/A
	Sercel Canada Ltd.

	 	New Brunswick, Canada – 512684
	Sercel Australia Pty Ltd

	 	New South Wales, Australia –

     ABN 74 107 312 041
	CGG Americas, Inc.

	 	Texas, US – Org. ID No. 24374700
	CGG Canada Services Ltd.

	 	Alberta, Canada – 208641803
	CGG Marine Resources Norge A/S

	 	Norway – 980 464 989
	Volnay Acquisition Co. I

	 	Delaware, US – Org. ID No. 4214485
	Volnay Acquisition Co. II

	 	Delaware, US – Org. ID No. 4214483

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Part II

The Original Lenders

	 	 	 	 	 
	Name of Original Lender	 	Commitment
	Credit Suisse International
	 	$	1,040,000,000	 
	Natexis Banques Populaires
	 	$	115,000,000	 
	Royal Bank of Canada Europe Limited
	 	$	115,000,000	 
	Société Générale
	 	$	100,000,000	 
	Crédit Industriel et Commercial
	 	$	75,000,000	 
	BNP Paribas
	 	$	57,500,000	 
	BNP Paribas, London branch
	 	$	57,500,000	 
	Calyon SA
	 	$	40,000,000	 

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SCHEDULE 2

Conditions Precedent

Part I

Conditions Precedent to Utilization

	1.	 	Original Obligors

	 	(a)	 	A K-bis extract or equivalent for the Borrower, not more than one month old.
	 
	 	(b)	 	A copy of the constitutional documents (statuts) of each Original Obligor.
	 
	 	(c)	 	A copy of a resolution of the board of directors (conseil d’administration)
of each Original Obligor:

	 	(i)	 	approving the terms of, and the transactions contemplated by,
the Finance Documents to which it is a party and resolving that it execute the
Finance Documents to which it is a party;
	 
	 	(ii)	 	authorizing a specified person or persons to execute the
Finance Documents to which it is a party on its behalf; and
	 
	 	(iii)	 	authorizing a specified person or persons, on its behalf, to
sign and/or dispatch all documents and notices (including, if relevant, the
Utilization Request and Selection Notice) to be signed and/or dispatched by it
under or in connection with the Finance Documents to which it is a party.

	 	(d)	 	A specimen of the signature of each person authorized by the resolution
referred to in paragraph (b) above.
	 
	 	(e)	 	A copy of a resolution signed by all the holders of the issued shares in each
Original Guarantor, approving the terms of, and the transactions contemplated by, the
Finance Documents to which the Original Guarantor is a party to the extent required by
its constitutional documents or applicable law.
	 
	 	(f)	 	A certificate of the Borrower (signed by a director) confirming that borrowing
or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing,
guaranteeing or similar limit binding on any Original Obligor to be exceeded.
	 
	 	(g)	 	A certificate of an authorized signatory of the relevant Original Obligor
certifying that each copy document relating to it specified in this Part I of Schedule
2 is correct, complete and in full force and effect as at a date no earlier than the
date of this Agreement.

	2.	 	Legal opinions

	 	(a)	 	A legal opinion of Linklaters, legal advisers to the Borrower in New York,
containing customary opinions for transactions of this type and in a form reasonably
acceptable to the Agent and its counsel (or substantially in the form

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	 	 	 	agreed in connection with the Senior Facilities Agreement, to the extent that a New
York legal opinion will be delivered simultaneously thereunder).
	 
	 	(b)	 	A legal opinion of French counsel to the Borrower, containing customary
opinions for transactions of this type and in a form reasonably acceptable to the
Agent and its counsel (or substantially in the form agreed in connection with the
Senior Facilities Agreement, to the extent that a French legal opinion will be
delivered simultaneously thereunder).
	 
	 	(c)	 	If an Original Obligor is incorporated in a jurisdiction other than New York
or France, a legal opinion of the legal advisers to the Borrower in the relevant
jurisdiction, containing customary opinions for transactions of this type and in a
form reasonably acceptable to the Agent and its counsel (or substantially in the form
agreed in connection with the Senior Facilities Agreement, to the extent that a legal
opinion for such jurisdiction will be delivered simultaneously thereunder).

	3.	 	Other documents and evidence

	 	(a)	 	Evidence that any process agent referred to in Clause 39.1 (Jurisdiction;
consent to service of process), if not an Original Obligor, has accepted its
appointment.
	 
	 	(b)	 	A copy of any other Authorization or other document, opinion or assurance,
including any required corporate, governmental or regulatory consents or approvals
which the Agent considers to be necessary or desirable (if it has notified the
Borrower accordingly) in connection with the entry into and performance of the
transactions contemplated by any Finance Document or for the validity and
enforceability of any Finance Document.
	 
	 	(c)	 	The Original Financial Statements.
	 
	 	(d)	 	Evidence that the fees, costs and expenses then due from the Borrower pursuant
to Clause 11 (Fees) and Clause 16 (Costs and expenses) have been paid or will be paid
by the Utilization Date.
	 
	 	(e)	 	If any term loans are drawn under the Senior Facilities on the Closing Date,
duly executed Security Documents. Otherwise, duly executed Share Pledge Agreements.
	 
	 	(f)	 	A certificate from the chief executive or chief financial officer of the
Borrower confirming that: (i) after giving pro forma effect to the Merger and all
related transactions, no Default or Event of Default exists under the Facility, (ii)
the representations made by each Obligor on the date of this Agreement pursuant to
Clause 18 were true in all material respects as of the date of this Agreement, (iii)
the Repeating Representations to be made by each Obligor are true in all material
respects, (iv) the Borrower has the ability to upstream cash from its operating
Subsidiaries, including the Target and members of the Target Group and (v) there will
be no change to the capitalization and structure of the Borrower adverse to the
Lenders, as reasonably determined by the Agent, after

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	 	 	 	giving effect to the Merger and all related transactions from that which was
approved by the Agent (except as permitted by this Agreement).
	 
	 	(g)	 	The Agent shall have received a financial model and funds flow for the Group.
	 
	 	(h)	 	The provision of all information reasonably required by the Lenders to comply
with Anti-Money Laundering and “know your client” regulations.
	 
	 	(i)	 	Evidence that the terms of each of the Existing Facility and the Existing
Target Facility have been amended solely to permit the Merger and the related
transactions.
	 
	 	(j)	 	The Merger shall have been consummated substantially simultaneously with the
Loan in accordance with applicable law and on the terms described in the Merger
Agreement and no material term or condition of the Merger Agreement shall have been
waived or amended in any respect that is adverse to the interest of the Lenders (as
reasonably determined by the Agent) without the consent of the Agent (which consent
shall not be unreasonably withheld or delayed).
	 
	 	(k)	 	There not having occurred any event, change or condition since 31 July 2005
that, individually or in the aggregate, has had, or could reasonably be expected to
have, a Material Adverse Effect (as defined in the Merger Agreement) on the Target and
its subsidiaries.

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Part II

Conditions Precedent Required to be

Delivered by an Additional Guarantor

	1.	 	A K-bis extract (or its equivalent) for the Additional Guarantor, not more than one
month old.
	 
	2.	 	An Accession Letter, duly executed by the Additional Guarantor and the Borrower.
	 
	3.	 	A copy of the constitutional documents of the Additional Guarantor.
	 
	4.	 	A copy of a resolution of the board of directors of the Additional Guarantor:

	 	(a)	 	approving the terms of, and the transactions contemplated by, the Accession
Letter and the Finance Documents and resolving that it execute the Accession Letter;
	 
	 	(b)	 	authorizing a specified person or persons to execute the Accession Letter on
its behalf; and
	 
	 	(c)	 	authorizing a specified person or persons, on its behalf, to sign and/or
dispatch all other documents and notices to be signed and/or dispatched by it under or
in connection with the Finance Documents.

	5.	 	A specimen of the signature of each person authorized by the resolution referred to in
paragraph 3 above.
	 
	6.	 	A copy of a resolution signed by all the holders of the issued shares of the
Additional Guarantor, approving the terms of, and the transactions contemplated by, the
Finance Documents to which the Additional Guarantor is a party if required by its
constitutional documents or under applicable law.
	 
	7.	 	A certificate of the Additional Guarantor (signed by a director or other authorized
signatory) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments
would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded.
	 
	8.	 	A certificate of an authorized signatory of the Additional Guarantor certifying that
each copy document listed in this Part II of Schedule 2 is correct, complete and in full force
and effect as at a date no earlier than the date of the Accession Letter.
	 
	9.	 	A copy of any other Authorization or other document, security document, opinion or
assurance which the Agent considers to be necessary or desirable in connection with the entry
into and performance of the transactions contemplated by the Accession Letter or for the
validity and enforceability of any Finance Document.

124

 

	10.	 	If available, the latest audited financial statements of the Additional Guarantor.
	 
	11.	 	A legal opinion of Linklaters, legal advisers to the Borrower in New York, containing
customary opinions for transactions of this type and in a form reasonably acceptable to the
Agent and its counsel (or substantially in the form agreed in connection with the Senior
Facilities distributed to the Original Lenders and the Borrower prior to signing this
Agreement, to the extent that a New York legal opinion will be delivered simultaneously
thereunder).
	 
	12.	 	If the Additional Guarantor is incorporated in a jurisdiction other than New York, a
legal opinion of the legal advisers to the Additional Guarantor in the jurisdiction in which
the Additional Guarantor is incorporated, containing customary opinions for transactions of
this type and in a form reasonably acceptable to the Agent and its counsel (or substantially
in the form agreed in connection with the Senior Facilities distributed to the Original
Lenders and the Borrower prior to signing this Agreement, to the extent that a legal opinion
for such jurisdiction will be delivered simultaneously thereunder).
	 
	13.	 	If the Additional Guarantor is incorporated in a jurisdiction other than the US,
evidence that the process agent specified in Clause 39.1 (Jurisdiction; consent to service of
process), if not an Obligor, has accepted its appointment in relation to the proposed
Additional Guarantor.
	 
	14.	 	The Additional Guarantor shall have become a party to the Intercreditor Agreement and
the Collateral Agreement, whether by executing a counterpart thereto or otherwise, to the
extent such agreements have been executed and provided that such Additional Guarantor is
required to grant Security pursuant to Clause 21.28(c) of this Agreement.

125

 

SCHEDULE 3

Requests

Part I

Utilization Request

From: [Borrower]

To:    [Agent]

Dated:

Dear Sirs

Compagnie Générale de Géophysique – US$1,600,000,000 Facility Agreement

dated 22 November 2006 (the “Agreement”)

	1.	 	We refer to the Agreement. This is the Utilization Request. Terms defined in the Agreement
have the same meaning in this Utilization Request unless given a different meaning in this
Utilization Request.
	 
	2.	 	We wish to borrow the Loan on the following terms:

	 	 	 	 	 
	 

	 	Proposed Utilization Date:
	 	[       ] (or, if that is not a
Business Day, the next Business
Day)
	 

	 	Amount:
	 	[       ]
	 

	 	Interest Period:
	 	[            ]

	3.	 	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is
satisfied on the date of this Utilization Request.
	 
	4.	 	The Loan is made for the following purpose [l].
	 
	5.	 	The proceeds of this Loan should be credited to [account].
	 
	6.	 	This Utilization Request is irrevocable.

Yours faithfully

 

authorized signatory for

[name of the Borrower]

126

 

Part II

Selection Notice

From: [Borrower]

To:     [Agent]

Dated:

Dear Sirs

Compagnie Générale de Géophysique – US$1,600,000,000 Facility Agreement

dated 22 November 2006 (the “Agreement”)

	1.	 	We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have
the same meaning in this Selection Notice unless given a different meaning in this Selection
Notice.
	 
	2.	 	We request that the next Interest Period for the Loan is [ ].
	 
	3.	 	This Selection Notice is irrevocable.

Yours faithfully

 

authorized signatory for

[name of the Borrower]

127

 

SCHEDULE 4

Mandatory Cost formula

	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 the Loan 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:

	 		 	 

	 	 	Where:

	 	A	 	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 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

128

 

	 	 	 	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.	 	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.
	 
	7.	 	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 of any change to the information provided by it
pursuant to this paragraph.
	 
	8.	 	The rates of charge of each Reference Bank for the purpose of A above shall be determined by
the Agent based upon the information supplied to it pursuant to paragraphs 6 and 7 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.
	 
	9.	 	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,
6 and 7 above is true and correct in all respects.
	 
	10.	 	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, 6 and 7
above.
	 
	11.	 	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.
	 
	12.	 	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

129

 

	 	 	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.

130

 

SCHEDULE 5

Form of Transfer Certificate

	 	 	 
	To:

	 	[       ] as Agent
	From:

	 	[The Existing Lender] (the “Existing Lender”) and [The New Lender]
(the “New Lender”)
	Dated:
	 	 

Compagnie Générale de Géophysique, S.A. – US$1,600,000,000 Facility Agreement

dated 22 November 2006 (the “Agreement”)

	1.	 	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement
have the same meaning in this Transfer Certificate unless given a different meaning in this
Transfer Certificate.
	 
	2.	 	We refer to Clause 23.5 (Procedure for transfer):

	 	(a)	 	The Existing Lender and the New Lender agree to the Existing
Lender transferring (cession) 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.

	3.	 	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations
set out in paragraph (c) of Clause 23.4 (Limitation of responsibility of Existing Lenders).
	 
	[4/5].	 	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.
	 
	[5/6].	 	This Transfer Certificate is governed by New York law.

THE SCHEDULE

Commitment/rights and obligations to be transferred

[insert relevant details]

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

and account details for payments,]

	 	 	 
	[Existing Lender]

	 	[New Lender]
	By:

	 	By:

131

 

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

[Agent]

By:

132

 

SCHEDULE 6

Form of Accession Letter

To:     [       ] as Agent

From: [Subsidiary] and [Borrower]

Dated:

Dear Sirs

Compagnie Générale de Géophysique – US$1,600,000,000 Facility Agreement

dated 22 November 2006 (the “Agreement”)

	1.	 	We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have
the same meaning in this Accession Letter unless given a different meaning in this Accession
Letter.
	 
	2.	 	[Subsidiary] agrees to become an Additional Guarantor and to be bound by the terms of the
Agreement as an Additional Guarantor pursuant to Clause 24.2 (Additional Guarantors)] of the
Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of relevant
jurisdiction].
	 
	3.	 	[Subsidiary’s] administrative details are as follows:
	 
	 	 	Address:
	 
	 	 	Fax No:
	 
	 	 	Attention:
	 
	4.	 	This Accession Letter is governed by New York law.
	 
	 	 	[This Guarantor Accession Letter is entered into by deed.]

	 	 	 
	[Borrower]

	 	[Subsidiary]

133

 

SCHEDULE 7

Form of Resignation Letter

To:     [       ] as Agent

From: [resigning Obligor] and [Borrower]

Dated:

Dear Sirs

Compagnie Générale de Géophysique – US$1,600,000,000 Facility Agreement

dated 22 November 2006 (the “Agreement”)

	1.	 	We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement
have the same meaning in this Resignation Letter unless given a different meaning in this
Resignation Letter.
	 
	2.	 	Pursuant to Clause 24.4 (Resignation of a Guarantor), we request that [resigning Obligor] be
released from its obligations as a Guarantor under the Agreement.
	 
	3.	 	We confirm that:

	 	(a)	 	no Default is continuing or would result from the acceptance of
this request; and
	 
	 	(b)	 	all the Lenders have consented to this request.

	4.	 	This Resignation Letter is governed by New York law.

	 	 	 
	[Borrower]

	 	[Subsidiary]
	 
	 	 
	By:

	 	By:

134

 

SCHEDULE 8

Form of Compliance Certificate

To:     [       ] as Agent

From: [Borrower]

Dated:

Dear Sirs

Compagnie Générale de Géophysique – US$1,600,000,000 Facility Agreement

dated 22 November 2006 (the “Agreement”)

	1.	 	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement
have the same meaning in this Compliance Certificate unless given a different meaning in this
Compliance Certificate.
	 
	2.	 	We confirm that: [Insert details of covenants to be certified]
	 
	3.	 	[We confirm that no Default is continuing.]

	 	 	 	 	 	 	 	 	 
	Signed:
	 	 	 	 	 	 	 	 
	 

	 	 

Officer
	 	 	 	 

Officer
	 	 
	 

	 	Of
	 	 	 	Of	 	 
	 

	 	[Borrower]
	 	 	 	[Borrower]	 	 

[insert applicable certification language]

                                                            

for and on behalf of

[name of auditors of the Borrower]

135

 

SCHEDULE 9

Existing Security

(30 September, 2006)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount	 	 
	 	 	 	 	 	 	Maximum Facility	 	Outstanding	 	Due
	Name of Obligor	 	Bank	 	Facility Type	 	Amount	 	(09/30/2006)	 	date
	Compagnie Générale de Géophysique
	 	Natexis Banques Populaires (as Agent)	 	Syndicated Credit	 	US$	20,000,000	 	 	 	—	 	 	 	03/2007	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	IBM	 	Capital Lease	 	€	119,715	 	 	€	119,715	 	 	 	12/2007	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	Econocom	 	Capital Lease	 	€	39,183	 	 	€	39,183	 	 	 	10/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
	 	LDA	 	Capital Lease	 	US$	4,185,343	 	 	US$	4,185,343	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
	 	LDA	 	Capital Lease	 	US$	3,265,497	 	 	US$	3,265,497	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
	 	LDA	 	Capital Lease	 	US$	832,529	 	 	US$	832,529	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
Resources Norge AS
	 	Rieber	 	Capital Lease	 	US$	6,957,781	 	 	US$	6,957,781	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sea Survey II
	 	Crédit Industriel	 	Medium Term Loan	 	US$	17,126,352	 	 	US$	17,126,352	 	 	 	2010	 
	 
	 	et Commercial	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sea Survey III
	 	Crédit Industriel	 	Medium Term Loan	 	US$	25,164,436	 	 	US$	25,164,436	 	 	 	2011	 
	 
	 	et Commercial	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration
Resources ASA
	 	DnB	 	Medium Term Loan	 	US$	2,500,000	 	 	US$	2,500,000	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration Vessel
Resources AS
	 	DnB	 	Medium Term Loan	 	US$	2,500,000	 	 	US$	2,500,000	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration Vessel
Resources II AS
	 	DnB	 	Medium Term Loan	 	US$	1,000,000	 	 	US$	1,000,000	 	 	 	09/2007	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration Vessel
Resources II AS
	 	DnB	 	Medium Term Loan	 	US$	560,000	 	 	US$	560,000	 	 	 	12/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration
Investment
Resources II AS
	 	DnB	 	Medium Term Loan	 	US$	70,000,000	 	 	US$	70,000,000	 	 	 	2011	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration
Investment
Resources II AS
	 	Geoshipping	 	Capital Lease	 	US$	52,421,675	 	 	US$	52,421,675	 	 	 	2011	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	285,781	 	 	US$	285,781	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	607,258	 	 	US$	607,258	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	71,375	 	 	US$	71,375	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	87,661	 	 	US$	87,661	 	 	 	2008	 

136

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount	 	 
	 	 	 	 	 	 	Maximum Facility	 	Outstanding	 	Due
	Name of Obligor	 	Bank	 	Facility Type	 	Amount	 	(09/30/2006)	 	date
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	131,630	 	 	US$	131,630	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	1,102,547	 	 	US$	1,102,547	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	1,297,257	 	 	US$	1,297,257	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	129,931	 	 	US$	129,931	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	43,627	 	 	US$	43,627	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	373,427	 	 	US$	373,427	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	1,778,317	 	 	US$	1,778,317	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	653,129	 	 	US$	653,129	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	103,075	 	 	US$	103,075	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel Inc.
	 	GE Capital	 	Mortgage	 	US$	1,568,000	 	 	US$	1,568,000	 	 	 	2014	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel Inc.
	 	GE Capital	 	Mortgage	 	US$	621,000	 	 	US$	621,000	 	 	 	2013	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel England
	 	Natwest	 	Mortgage	 	£	102,000	 	 	£	102,000	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel England
	 	Natwest	 	Medium Term Loan	 	£	27,000	 	 	£	27,000	 	 	 	2008	 

137

 

SCHEDULE 10

LMA Form of Confidentiality Undertaking

[Letterhead of Seller]

From: [l] (the “Seller”)

To:

[l] [as agent/broker of] [l] (the “Purchaser”)

[insert name of Potential

Purchaser/Purchaser’s

agent/broker]

Re: The Agreement

Borrower: Compagnie Générale de Géophysique

Date:

Amount:

Agent:

Dear Sirs,

We understand that you are considering acquiring an interest in the Agreement (the “Acquisition”).
In consideration of us agreeing to make available to you certain information, by your signature of
a copy of this letter you agree as follows:

	1.	 	CONFIDENTIALITY UNDERTAKING
	 
	 	 	You undertake (a) to keep the Confidential Information confidential and not to disclose it to
anyone except as provided for by paragraph 2 below, (b) to use the Confidential Information
only for the Permitted Purpose and (c) to use all reasonable endeavours to ensure that any
person to whom you pass any Confidential Information (unless disclosed under paragraph 2(d)
below) acknowledges and complies with the provisions of this letter as if that person were
also a party to it.
	 
	2.	 	PERMITTED DISCLOSURE
	 
	 	 	We agree that you may disclose Confidential Information:
	 
	(a)	 	to members of the Purchaser Group and their officers, directors, employees and
professional advisers to the extent necessary for the Permitted Purpose and to any auditors
(commissaires aux comptes) of members of the Purchaser Group;
	 
	(b)	 	subject to the requirements of the Agreement, in accordance with the Permitted Purpose so
long as any prospective purchaser has delivered a letter to you in equivalent form to this
letter;

138

 

	(c)	 	subject to the requirements of the Agreement, to any person to (or through) whom you assign
or transfer (or may potentially assign or transfer) all or any of the rights, benefits and
obligations which you may acquire under the Agreement or with (or through) whom you enter into
(or may potentially enter into) any sub-participation in relation to, or any other transaction
under which payments are to be made by reference to, the Agreement or the Borrower or any
member of the Group in each case so long as that person has delivered a letter to you in
equivalent form to this letter; and
	 
	(d)	 	(i) where requested or required by any court of competent jurisdiction or any competent
judicial, governmental, supervisory or regulatory body, (ii) where required by the rules of
any stock exchange on which the shares or other securities of any member of the Purchaser
Group are listed or (iii) where required by the laws or regulations of any country with
jurisdiction over the affairs of any member of the Purchaser Group.
	 
	3.	 	NOTIFICATION OF REQUIRED OR UNAUTHORISED DISCLOSURE
	 
	 	 	You agree (to the extent permitted by law) to inform us of the full circumstances of any
disclosure under paragraph 2(d) or upon becoming aware that Confidential Information has been
disclosed in breach of this letter.
	 
	4.	 	RETURN OF COPIES
	 
	 	 	If we so request in writing, you shall return all Confidential Information supplied to you by
us and destroy or permanently erase all copies of Confidential Information made by you and
use all reasonable endeavours to ensure that anyone to whom the Purchaser has supplied any
such Confidential Information destroys or permanently erases such Confidential Information
and any copies made by them, in each case save to the extent that you are required to retain
any such Confidential Information by any applicable law, rule or regulation or by any
competent judicial, governmental, supervisory or regulatory body or in accordance with
internal policy, or where the Confidential Information has been disclosed under paragraph
2(d) above.
	 
	5.	 	CONTINUING OBLIGATIONS
	 
	 	 	The obligations in this letter are continuing and, in particular, shall survive the
termination of any discussions or negotiations between you and us. Notwithstanding the
previous sentence, the obligations in this letter shall cease (a) if you become a party to or
otherwise acquire (by assignment or sub-participation) an interest, direct or indirect, in
the Agreement or (b) twelve months after you have returned all Confidential Information
supplied to you by us and destroyed or permanently erased all copies of Confidential
Information made by you (other than any such Confidential Information or copies which have
been disclosed under paragraph 2 above (other than

139

 

	 	 	sub-paragraph 2(a)) or which, pursuant to paragraph 4 above, are not required to be returned
or destroyed).
	 
	6.	 	NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC
	 
	 	 	You acknowledge and agree that neither we nor any member of the Group nor any of our or their
respective officers, employees or advisers (each a “Relevant Person”) (i) make any
representation or warranty, express or implied, as to, or assume any responsibility for, the
accuracy, reliability or completeness of any of the Confidential Information or any other
information supplied by us or the assumptions on which it is based or (ii) shall be under any
obligation to update or correct any inaccuracy in the Confidential Information or any other
information supplied by us or be otherwise liable to you or any other person in respect to
the Confidential Information or any such information.
	 
	7.	 	NO WAIVER; AMENDMENTS, ETC
	 
	 	 	This letter sets out the full extent of your obligations of confidentiality owed to us in
relation to the information the subject of this letter. No failure or delay in exercising
any right, power or privilege hereunder will operate as a waiver thereof nor will any single
or partial exercise of any right, power or privilege preclude any further exercise thereof or
the exercise of any other right, power or privileges hereunder. The terms of this letter and
your obligations hereunder may only be amended or modified by written agreement between us.
	 
	8.	 	INSIDE INFORMATION
	 
	 	 	You acknowledge that some or all of the Confidential Information is or may be price-sensitive
information and that the use of such information may be regulated or prohibited by applicable
legislation relating to insider dealing and you undertake not to use any Confidential
Information for any unlawful purpose.
	 
	9.	 	GOVERNING LAW AND JURISDICTION
	 
	(a)	 	This letter (including the agreement constituted by your acknowledgement of its terms) is
governed by French law.
	 
	(b)	 	The parties submit to the non-exclusive jurisdiction of the [tribunaux du ressort de la Cour
d’appel] de Paris.
	 
	10.	 	DEFINITIONS
	 
	 	 	In this letter (including the acknowledgement set out below) terms defined in the Agreement
shall, unless the context otherwise requires, have the same meaning and:
	 
	 	 	“Borrower” means Compagnie Générale de Géophysique.

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	 	 	“Confidential Information” means any information relating to the Borrower, its financial,
commercial or legal situation, the Group, the Agreement and/or the Acquisition provided to
you by us or any of our affiliates or advisers, in whatever form, and includes information
given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes
information that (a) is or becomes public knowledge other than as a direct or indirect result
of any breach of this letter or (b) is known by you before the date the information is
disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you
thereafter, other than from a source which is connected with the Group and which, in either
case, as far as you are aware, has not been obtained in violation of, and is not otherwise
subject to, any obligation of confidentiality;
	 
	 	 	“Group” means Compagnie Générale de Géophysique and its Subsidiaries for the time being;
	 
	 	 	“Permitted Purpose” means subject to the terms of this letter, [passing on information to a
prospective purchaser for the purpose of] considering and evaluating whether to enter into
the Acquisition; and
	 
	 	 	“Purchaser Group” means you, each of your holding companies and Subsidiaries and each
Subsidiary of each of your holding companies.
	 
	 	 	“Subsidiary” means, in relation to any company, another company which is controlled by it
within the meaning of article L.233-3 of the French Code de commerce.

     Please acknowledge your agreement to the above by signing and returning the enclosed copy.

Yours faithfully

                                                            

For and on behalf of

[Seller]

To:    [Seller]

The Borrower and each other member of the Group

We acknowledge and agree to the above:

                                                            

For and on behalf of

[Potential Purchaser]

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SCHEDULE 11

Form of Target Share Pledge Agreement

 

SHARE PLEDGE AGREEMENT

dated as of

[l], 200[l]

among

COMPAGNIE GÉNÉRALE DE GÉOPHYSIQUE,

and

CREDIT SUISSE, LONDON BRANCH,

as Security Agent

 

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TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	Definitions
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.01. Credit Agreement
	 	 	147	 
	SECTION 1.02. Other Defined Terms
	 	 	147	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	Pledge of Securities
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.01. Pledge
	 	 	148	 
	SECTION 2.02. Delivery of the Pledged Collateral
	 	 	149	 
	SECTION 2.03. Representations, Warranties and Covenants
	 	 	149	 
	SECTION 2.04. Certification of Limited Liability Company Interests and
Limited Partnership Interests
	 	 	150	 
	SECTION 2.05. Registration in Nominee Name; Denominations
	 	 	151	 
	SECTION 2.06. Voting Rights; Dividends and Interest, Etc.
	 	 	151	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	Remedies
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.01. Remedies Upon Default
	 	 	153	 
	SECTION 3.02. Application of Proceeds
	 	 	154	 
	SECTION 3.03. [Intentionally Omitted.]
	 	 	155	 
	SECTION 3.04. Securities Act, Etc.
	 	 	155	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.01. Notices
	 	 	156	 
	SECTION 4.02. Security Interest Absolute
	 	 	156	 
	SECTION 4.03. Survival of Agreement
	 	 	156	 
	SECTION 4.04. Binding Effect; Several Agreement
	 	 	156	 
	SECTION 4.05. Successors and Assigns
	 	 	156	 
	SECTION 4.06. Security Agent’s Fees and Expenses; Indemnification
	 	 	157	 
	SECTION 4.07. Security Agent Appointed Attorney-in-Fact
	 	 	157	 
	SECTION 4.08. Applicable Law
	 	 	158	 
	SECTION 4.09. Waivers; Amendment
	 	 	158	 
	SECTION 4.10. WAIVER OF JURY TRIAL
	 	 	159	 

143

 

	 	 	 	 	 
	 	 	 	Page	 
	SECTION 4.11. Severability
	 	 	159	 
	SECTION 4.12. Counterparts
	 	 	159	 
	SECTION 4.13. Headings
	 	 	159	 
	SECTION 4.14. Jurisdiction; Consent to Service of Process
	 	 	160	 
	SECTION 4.15. Termination or Release
	 	 	160	 
	SECTION 4.16. [Intentionally Omitted.]
	 	 	161	 
	SECTION 4.17. Right of Setoff
	 	 	161	 
	SECTION 4.18. Credit Agreement  Governs
	 	 	161	 

144

 

     SHARE PLEDGE AGREEMENT dated as of [l], 200[l] (this
“Agreement”), among COMPAGNIE GÉNÉRALE DE GÉOPHYSIQUE, a société
anonyme incorporated in France (the “Borrower”), and Credit
Suisse, London Branch, as security agent (the “Security Agent”).

PRELIMINARY STATEMENT

          Reference is made to the Single Currency Term Facility Agreement dated as of November 22, 2006
(as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among
the Borrower, the guarantors from time to time party thereto, the lenders from time to time party
thereto (the “Lenders”), Credit Suisse, London Branch, as administrative agent (in such capacity,
the “Administrative Agent”) and Security Agent.

          The Lenders have agreed to extend credit to the Borrower pursuant to, and upon the terms and
conditions specified in, the Credit Agreement. The obligations of the Lenders to extend credit to
the Borrower are conditioned upon, among other things, the execution and delivery of this Agreement
by the Borrower. Accordingly, the parties hereto agree as follows:

ARTICLE I

Definitions

          SECTION 1.01. Credit Agreement. (a) Capitalized terms used in this Agreement and not
otherwise defined herein have the meanings set forth in the Credit Agreement. All capitalized
terms defined in the New York UCC (as such term is defined herein) and not defined in this
Agreement have the meanings specified therein. All references to the Uniform Commercial Code shall
mean the New York UCC.

     (b) The rules of construction specified in Article 1.2 of the Credit Agreement also
apply to this Agreement.

          SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

          “Administrative Agent” shall have the meaning assigned to such term in the preliminary
statement.

          “Borrower” shall have the meaning assigned to such term in the preamble.

          “Equity Interests” shall mean shares of capital stock (whether denominated as common stock or
preferred stock), beneficial, partnership or membership interests, participations or other
equivalents (regardless of how designated) of or in a corporation, partnership, limited liability
company, trust or equivalent entity, whether voting or non-voting.

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          “Federal Securities Laws” shall have the meaning assigned to such term in Section 3.04.

          “Grantor” shall mean the Borrower.

          “Indemnitees” shall have the meaning assigned to such term in Section 4.06.

          “New York UCC” shall mean the Uniform Commercial Code as from time to time in effect in the
State of New York.

          “Obligations” shall mean (a) the due and punctual payment of (i) the principal of and interest
(including interest accruing during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the
Loan, when and as due, whether at maturity, by acceleration, upon one or more dates set for
prepayment or otherwise, and (ii) all other monetary obligations of the Borrower to any of the
Secured Parties under the Credit Agreement and each of the other Finance Documents, including fees,
costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise
(including monetary obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding), and (b) the due and punctual performance of all other obligations of the Borrower
under or pursuant to the Credit Agreement and each of the other Finance Documents.

          “Pledged Collateral” shall have the meaning assigned to such term in Section 2.01.

          “Pledged Securities” shall mean any stock certificates or other securities now or hereafter
included in the Pledged Collateral, including all certificates, instruments or other documents
representing or evidencing any Pledged Securities; provided, however, that, if the issuer of any
such Pledged Securities is a controlled foreign corporation (as such term is defined in Section
957(a) of the Internal Revenue Code), the Pledged Securities shall not include any Equity Interests
of such issuer to the extent that creation of a security interest by the Grantor in such Equity
Interests could reasonably be expected to result in material adverse tax consequences to the
Grantor, it being acknowledged and agreed that the creation of a security interest in Equity
Interests possessing up to 66% of the voting power of all classes of Equity Interests of such
issuer entitled to vote will not result in such adverse tax consequences.

          “Security Agent” shall have the meaning assigned to such term in the preamble.

ARTICLE II

Pledge of Securities

          SECTION 2.01. Pledge. As security for the payment or performance, as the case may be,
in full of the Obligations, the Grantor hereby assigns and pledges

146

 

to the Security Agent, its successors and assigns, for the ratable benefit of the Secured
Parties, and hereby grants to the Security Agent, its successors and assigns, for the ratable
benefit of the Secured Parties, a security interest in, all of the Grantor’s right, title and
interest in, to and under (a)(i) the Equity Interests owned by the Grantor in Mergeco on the date
hereof (such Equity Interests listed on Schedule I), and (ii) the certificate(s) representing all
such Equity Interests, (b) subject to Section 2.06, all payments of dividends, cash, instruments
and other property from time to time received, receivable or otherwise distributed in respect of,
in exchange for or upon the conversion of, and all other Proceeds received in respect of, the
Equity Interests referred to in clause (a) above, (c) subject to Section 2.06, all rights and
privileges of the Grantor with respect to the Equity Interests and other property referred to in
clauses (a) and (b) above, and (d) all Proceeds of any of the foregoing (the items referred to in
clauses (a) through (d) above being collectively referred to as the “Pledged Collateral”).

          TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers,
privileges and preferences pertaining or incidental thereto, unto the Security Agent, its
successors and assigns, for the ratable benefit of the Secured Parties, forever; subject, however,
to the terms, covenants and conditions hereinafter set forth.

          SECTION 2.02. Delivery of the Pledged Collateral. (a) The Grantor agrees promptly to deliver
or cause to be delivered to the Security Agent any and all certificates, instruments or other
documents representing or evidencing Pledged Collateral.

     (b) Upon delivery to the Security Agent, (i) any certificate, instrument or document
representing or evidencing Pledged Collateral shall be accompanied by undated stock powers
duly executed in blank or other undated instruments of transfer satisfactory to the
Security Agent and duly executed in blank and by such other instruments and documents as
the Security Agent may reasonably request and (ii) all other property comprising part of
the Pledged Collateral shall be accompanied by proper instruments of assignment duly
executed by the Grantor and such other instruments or documents as the Security Agent may
reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule
describing the applicable securities, which schedule shall be attached hereto as Schedule I
and made a part hereof; provided that failure to attach any such schedule hereto shall not
affect the validity of the pledge of such Pledged Securities. Each schedule so delivered
shall supplement any prior schedules so delivered.

          SECTION 2.03. Representations, Warranties and Covenants. The Grantor represents, warrants and
covenants to and with the Security Agent, for the benefit of the Secured Parties, that:

     (a) Schedule I correctly sets forth the percentage of the issued and outstanding shares of each class of the Equity Interests of the issuer thereof represented by such
Pledged Securities and includes all Equity Interests required to be pledged hereunder;

147

 

     (b) the Pledged Securities have been duly and validly authorized and issued by the
issuer thereof and are fully paid and nonassessable;

     (c) except for the security interests granted hereunder (or otherwise permitted under
the Credit Agreement), the Grantor (i) is and, subject to any transfers made in compliance
with the Credit Agreement, will continue to be the direct owner, beneficially and of
record, of the Pledged Securities indicated on Schedule I as owned by the Grantor, (ii)
holds the same free and clear of all Security, (iii) will make no assignment, pledge,
hypothecation or transfer of, or create or permit to exist any security interest in or
other Security on, the Pledged Collateral, other than in compliance with the Credit
Agreement, and (iv) subject to Section 2.06, will cause any and all Pledged Collateral,
whether for value paid by the Grantor or otherwise, to be forthwith deposited with the
Security Agent and pledged or assigned hereunder;

     (d) except for restrictions and limitations imposed by the Finance Documents or
securities laws generally, the Pledged Collateral is and will continue to be freely
transferable and assignable, and none of the Pledged Collateral is or will be subject to
any option, right of first refusal, shareholders agreement, charter or by-law provisions or
contractual restriction of any nature that might prohibit, impair, delay or otherwise
affect the pledge of such Pledged Collateral hereunder, the sale or disposition thereof
pursuant hereto or the exercise by the Security Agent of rights and remedies hereunder;

     (e) the Grantor (i) has the power and authority to pledge the Pledged Collateral
pledged by it hereunder in the manner hereby done or contemplated and (ii) will defend its
title or interest thereto or therein against any and all Security (other than any Security
created or permitted by the Finance Documents), however arising, of all persons whomsoever;

     (f) no consent or approval of any Government Authority, any securities exchange or any
other person was or is necessary to the validity of the pledge effected hereby (other than
such as have been obtained and are in full force and effect);

     (g) by virtue of the execution and delivery by the Grantor of this Agreement, when any
Pledged Securities are delivered to the Security Agent in accordance with this Agreement,
the Security Agent will obtain a legal, valid and perfected first priority lien upon and
security interest in such Pledged Securities as security for the payment and performance of
the Obligations; and

     (h) the pledge effected hereby is effective to vest in the Security Agent, for the
ratable benefit of the Secured Parties, the rights of the Security Agent in the Pledged
Collateral as set forth herein and all action by any Grantor necessary or desirable to
protect and perfect the Security on the Pledged Collateral has been duly taken.

          SECTION 2.04. Certification of Limited Liability Company Interests and Limited Partnership
Interests. The Equity Interests pledged hereunder shall be represented by a certificate (or
certificates) and shall be a “security” within the

148

 

meaning of (and governed by) Article 8 of the New York UCC, or, if the Equity Interests
pledged hereunder are not “securities” within the meaning of (and governed by) Article 8 of the New
York UCC, the Grantor shall not take any action that, under Article 8 of the New York UCC, converts
such Equity Interests into securities without causing the issuer thereof to issue to it
certificates or instruments evidencing such Equity Interests, which it shall promptly deliver to
Security Agent as provided in Section 2.02.

          SECTION 2.05. Registration in Nominee Name; Denominations. The Security Agent, on behalf of
the Secured Parties, shall have the right (in its sole and absolute discretion) to hold the Pledged
Securities in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the
name of the Grantor, endorsed or assigned in blank or in favor of the Security Agent. The Grantor
will promptly give to the Security Agent copies of any notices or other communications received by
it with respect to Pledged Collateral in its capacity as the registered owner thereof. The
Security Agent shall at all times have the right to exchange the certificates representing Pledged
Collateral for certificates of smaller or larger denominations for any purpose consistent with this
Agreement and the Credit Agreement.

          SECTION 2.06. Voting Rights; Dividends and Interest, Etc. (a) Unless and until an Event of
Default shall have occurred and be continuing and the Security Agent shall have notified the
Grantor that their rights under this Section 2.06 are being suspended:

     (i) The Grantor shall be entitled to exercise any and all voting and/or
other consensual rights and powers inuring to an owner of Pledged Securities or
any part thereof for any purpose consistent with the terms of this Agreement,
the Credit Agreement and the other Finance Documents; provided, however, that
such rights and powers shall not be exercised in any manner that could
materially and adversely affect the rights inuring to a holder of any Pledged
Securities or the rights and remedies of any of the Security Agent or the other
Secured Parties under this Agreement or the Credit Agreement or any other
Finance Document or the ability of the Secured Parties to exercise the same.

     (ii) The Security Agent shall execute and deliver to the Grantor, or cause
to be executed and delivered to the Grantor, all such proxies, powers of
attorney and other instruments as the Grantor may reasonably request for the
purpose of enabling the Grantor to exercise the voting and/or consensual rights
and powers it is entitled to exercise pursuant to paragraph (i) above.

     (iii) The Grantor shall be entitled to receive and retain any and all
dividends and other distributions paid on or distributed in respect of the
Pledged Securities to the extent and only to the extent that such dividends and
other distributions are permitted by, and otherwise paid or distributed in
accordance with, the terms and conditions of the Credit Agreement, the other
Finance Documents and applicable law; provided, however, that any non-cash
dividends or other distributions that would constitute Pledged Collateral,

149

 

whether resulting from a subdivision, combination or reclassification of
the outstanding Equity Interests of the issuer of any Pledged Securities or
received in exchange for Pledged Securities or any part thereof, or in
redemption thereof, or as a result of any merger, consolidation, acquisition or
other exchange of assets to which such issuer may be a party or otherwise,
shall be and become part of the Pledged Collateral, and, if received by the
Grantor, shall not be commingled by the Grantor with any of its other funds or
property but shall be held separate and apart therefrom, shall be held in trust
for the ratable benefit of the Secured Parties and shall be forthwith delivered
to the Security Agent in the same form as so received (with any necessary
endorsement or instrument of assignment).

     (b) Upon the occurrence and during the continuance of an Event of Default, after the
Security Agent shall have notified the Grantor of the suspension of its rights under
paragraph (a)(iii) of this Section 2.06, then all rights of the Grantor to dividends or
other distributions that the Grantor is authorized to receive pursuant to paragraph
(a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become
vested in the Security Agent, which shall have the sole and exclusive right and authority
to receive and retain such dividends or other distributions. All dividends or other
distributions received by the Grantor contrary to the provisions of this Section 2.06 shall
be held in trust for the benefit of the Security Agent, shall be segregated from other
property or funds of the Grantor and shall be forthwith delivered to the Security Agent
upon demand in the same form as so received (with any necessary endorsement or instrument
of assignment). Any and all money and other property paid over to or received by the
Security Agent pursuant to the provisions of this paragraph (b) shall be retained by the
Security Agent in an account to be established by the Security Agent upon receipt of such
money or other property and shall be applied in accordance with the provisions of Section
3.02. After all Events of Default have been cured or waived and the Grantor has delivered
to the Administrative Agent certificates to that effect, the Security Agent shall promptly
repay to the Grantor (without interest) all dividends or other distributions that the
Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii)
of this Section 2.06 and that remain in such account.

     (c) Upon the occurrence and during the continuance of an Event of Default, after the
Security Agent shall have notified the Grantor of the suspension of its rights under
paragraph (a)(i) of this Section 2.06, then all rights of the Grantor to exercise the
voting and consensual rights and powers it is entitled to exercise pursuant to paragraph
(a)(i) of this Section 2.06, and the obligations of the Security Agent under paragraph
(a)(ii) of this Section 2.06, shall cease, and all such rights shall thereupon become
vested in the Security Agent, which shall have the sole and exclusive right and authority
to exercise such voting and consensual rights and powers; provided that, unless otherwise
directed by the Majority Lenders, the Security Agent shall have the right from time to time
following and during the continuance of an Event of Default to permit the Grantor to
exercise such rights.

150

 

     (d) Any notice given by the Security Agent to the Grantor exercising its rights under
paragraph (a) of this Section 2.06 (i) may be given by telephone if promptly confirmed in
writing, and (ii) may suspend the rights of the Grantor under paragraph (a)(i) or paragraph
(a)(ii) in part without suspending all such rights (as specified by the Security Agent in
its sole and absolute discretion) and without waiving or otherwise affecting the Security
Agent’s rights to give additional notices from time to time suspending other rights so long
as an Event of Default has occurred and is continuing.

ARTICLE III

Remedies

          SECTION 3.01. Remedies Upon Default. Upon the occurrence and during the continuance of an
Event of Default, the Grantor agrees to deliver each item of Pledged Collateral to the Security
Agent on demand, and the Grantor agrees that the Security Agent shall have the right, subject to
the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of
the Pledged Collateral at a public or private sale or at any broker’s board or on any securities
exchange, for cash, upon credit or for future delivery as the Security Agent shall deem
appropriate. The Security Agent shall be authorized at any such sale (if it deems it advisable to
do so) to restrict the prospective bidders or purchasers to persons who will represent and agree
that they are purchasing the Pledged Collateral for their own account for investment and not with a
view to the distribution or sale thereof, and upon consummation of any such sale the Security Agent
shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the
Pledged Collateral so sold. Each such purchaser at any such sale shall hold the property sold
absolutely, free from any claim or right on the part of the Grantor, and the Grantor hereby waives
(to the extent permitted by law) all rights of redemption, stay and appraisal which the Grantor now
has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted.

          The Security Agent shall give the Grantor 10 days’ written notice (which each Grantor agrees
is reasonable notice within the meaning of Section 9 611 of the New York UCC or its equivalent in
other jurisdictions) of the Security Agent’s intention to make any sale of Pledged Collateral.
Such notice, in the case of a public sale, shall state the time and place for such sale and, in the
case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange
at which such sale is to be made and the day on which the Pledged Collateral, or portion thereof,
will first be offered for sale at such board or exchange. Any such public sale shall be held at
such time or times within ordinary business hours and at such place or places as the Security Agent
may fix and state in the notice (if any) of such sale. At any such sale, the Pledged Collateral,
or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the
Security Agent may (in its sole and absolute discretion) determine. The Security Agent shall not
be obligated to make any sale of any Pledged Collateral if it shall determine not to do so,
regardless of the fact that notice of sale of such Pledged Collateral shall have been given. The
Security Agent may, without notice or publication, adjourn any public or private sale or cause the
same to be adjourned from time to time by announcement at the time

151

 

and place fixed for sale, and such sale may, without further notice, be made at the time and
place to which the same was so adjourned. In case any sale of all or any part of the Pledged
Collateral is made on credit or for future delivery, the Pledged Collateral so sold may be retained
by the Security Agent until the sale price is paid by the purchaser or purchasers thereof, but the
Security Agent shall not incur any liability in case any such purchaser or purchasers shall fail to
take up and pay for the Pledged Collateral so sold and, in case of any such failure, such Pledged
Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law,
private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to
the extent permitted by applicable law) from any right of redemption, stay, valuation or appraisal
on the part of the Grantor (all said rights being also hereby waived and released to the extent
permitted by applicable law), the Pledged Collateral or any part thereof offered for sale and may
make payment on account thereof by using any claim then due and payable to such Secured Party from
the Grantor as a credit against the purchase price, and such Secured Party may, upon compliance
with the terms of sale, hold, retain and dispose of such property without further accountability to
the Grantor therefor. For purposes hereof, a written agreement to purchase the Pledged Collateral
or any portion thereof shall be treated as a sale thereof; the Security Agent shall be free to
carry out such sale pursuant to such agreement and the Grantor shall not be entitled to the return
of the Pledged Collateral or any portion thereof subject thereto, notwithstanding the fact that
after the Security Agent shall have entered into such an agreement all Events of Default shall have
been remedied and the Obligations paid in full. As an alternative to exercising the power of sale
herein conferred upon it, the Security Agent may proceed by a suit or suits at law or in equity to
foreclose this Agreement and to sell the Pledged Collateral or any portion thereof pursuant to a
judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding
by a court-appointed receiver. Any sale pursuant to the provisions of this Section 3.01 shall be
deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the
New York UCC or its equivalent in other jurisdictions.

          SECTION 3.02. Application of Proceeds. The Security Agent shall apply the proceeds of any
collection, sale, foreclosure or other realization upon any Pledged Collateral, including any
Pledged Collateral consisting of cash, as follows:

     FIRST, to the payment of all costs and expenses incurred by the Administrative Agent
or the Security Agent (in their respective capacities as such hereunder or under any other
Finance Document) in connection with such collection, sale, foreclosure or realization or
otherwise in connection with this Agreement, any other Finance Document or any of the
Obligations, including all court costs and the fees and expenses of its agents and legal
counsel, the repayment of all advances made by the Administrative Agent and/or the Security
Agent hereunder or under any other Finance Document on behalf of the Grantor and any other
costs or expenses incurred in connection with the exercise of any right or remedy hereunder
or under any other Finance Document;

     SECOND, to the payment in full of the Obligations (the amounts so applied to be
distributed among the Secured Parties pro rata in accordance

152

 

with the amounts of the Obligations owed to them on the date of any such
distribution);

     THIRD, to the Grantor, its successors or assigns, or as a court of competent
jurisdiction may otherwise direct.

The Security Agent shall have absolute discretion as to the time of application of any such
proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Pledged
Collateral by the Security Agent (including pursuant to a power of sale granted by statute or under
a judicial proceeding), the receipt of the Security Agent or of the officer making the sale shall
be a sufficient discharge to the purchaser or purchasers of the Pledged Collateral so sold and such
purchaser or purchasers shall not be obligated to see to the application of any part of the
purchase money paid over to the Security Agent or such officer or be answerable in any way for the
misapplication thereof.

          SECTION 3.03. [Intentionally Omitted.]

          SECTION 3.04. Securities Act, Etc. In view of the position of the Grantor in relation to the
Pledged Collateral, or because of other current or future circumstances, a question may arise under
the U.S. Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter
enacted analogous in purpose or effect (such Act and any such similar statute as from time to time
in effect being called the “Federal Securities Laws”) with respect to any disposition of the
Pledged Collateral permitted hereunder. The Grantor understands that compliance with the Federal
Securities Laws might very strictly limit the course of conduct of the Security Agent if the
Security Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might
also limit the extent to which or the manner in which any subsequent transferee of any Pledged
Collateral could dispose of the same. Similarly, there may be other legal restrictions or
limitations affecting the Security Agent in any attempt to dispose of all or part of the Pledged
Collateral under applicable “blue sky” or other state securities laws or similar laws analogous in
purpose or effect. The Grantor recognizes that in light of such restrictions and limitations the
Security Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers to
those who will agree, among other things, to acquire such Pledged Collateral for their own account,
for investment, and not with a view to the distribution or resale thereof. The Grantor
acknowledges and agrees that in light of such restrictions and limitations, the Security Agent, in
its sole and absolute discretion (a) may proceed to make such a sale whether or not a registration
statement for the purpose of registering such Pledged Collateral or part thereof shall have been
filed under the Federal Securities Laws and (b) may approach and negotiate with a limited number of
potential purchasers (including a single potential purchaser) to effect such sale. The Grantor
acknowledges and agrees that any such sale might result in prices and other terms less favorable to
the seller than if such sale were a public sale without such restrictions. In the event of any such
sale, the Security Agent shall incur no responsibility or liability for selling all or any part of
the Pledged Collateral at a price that the Security Agent, in its sole and absolute discretion, may
in good faith deem reasonable under the circumstances, notwithstanding the possibility that a
substantially higher price might have been realized if the sale were deferred until after
registration as aforesaid or if more than a limited number of purchasers (or a single purchaser)
were approached. The provisions of this Section 3.04 will apply

153

 

notwithstanding the existence of a public or private market upon which the quotations or sales
prices may exceed substantially the price at which the Security Agent sells.

ARTICLE IV

Miscellaneous

          SECTION 4.01. Notices. All communications and notices hereunder shall (except as otherwise
expressly permitted herein) be in writing and given as provided in Clause 30 of the Credit
Agreement.

          SECTION 4.02. Security Interest Absolute. All rights of the Security Agent hereunder, the
grant of a security interest in the Pledged Collateral and all obligations of the Grantor hereunder
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of
the Credit Agreement, any other Finance Document, any agreement with respect to any of the
Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change
in the time, manner or place of payment of, or in any other term of, all or any of the Obligations,
or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any
other Finance Document or any other agreement or instrument relating to the foregoing, (c) any
exchange, release or non-perfection of any Security on other collateral, or any release or
amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing
all or any of the Obligations, or (d) any other circumstance that might otherwise constitute a
defense available to, or a discharge of, the Grantor in respect of the Obligations or this
Agreement (other than payment of the Obligations in full).

          SECTION 4.03. Survival of Agreement. All covenants, agreements, representations and
warranties made by the Borrower in the Finance Documents and in the certificates or other
instruments prepared or delivered in connection with or pursuant to this Agreement or any other
Finance Document shall be considered to have been relied upon by the Lenders and shall survive the
execution and delivery of the Finance Documents and the making of any Loan, regardless of any
investigation made by any Lender or on its behalf and notwithstanding that the Security Agent or
any Lender may have had notice or knowledge of any Default or incorrect representation or warranty
at the time any credit is extended under the Credit Agreement, and shall continue in full force and
effect as long as the principal of or any accrued interest on any Loan or any fee or any other
amount payable under any Finance Document is outstanding and unpaid and so long as the Commitments
have not expired or terminated.

          SECTION 4.04. Binding Effect; Several Agreement. This Agreement shall become effective as to
the Borrower when a counterpart hereof executed on behalf of the Borrower shall have been delivered
to the Security Agent and a counterpart hereof shall have been executed on behalf of the Security
Agent, and thereafter shall be binding upon the Borrower and the Security Agent and their
respective permitted successors and assigns.

          SECTION 4.05. Successors and Assigns. Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the permitted successors and assigns of such
party; and all covenants,

154

 

promises and agreements by or on behalf of the Grantor or the Security Agent that are
contained in this Agreement shall bind and inure to the benefit of their respective permitted
successors and assigns; provided, however, that the Grantor shall not have the right to assign or
transfer its rights or obligations hereunder or any interest herein or in the Pledged Collateral
(and any such assignment or transfer shall be void) except as expressly contemplated or permitted
by this Agreement or the Credit Agreement.

          SECTION 4.06. Security Agent’s Fees and Expenses; Indemnification. (a) The parties hereto
agree that the Security Agent shall be entitled to reimbursement of its expenses incurred hereunder
as provided in Clause 14 of the Credit Agreement.

     (b) Without limitation of its indemnification obligations under the other Finance
Documents, the Grantor agrees to indemnify each Finance Party (collectively, the
“Indemnitees”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities, and related out of pocket expenses, including the fees, charges and
disbursements of any outside counsel for any Indemnitee, incurred by or asserted against
any Indemnitee arising out of, in any way connected with, or as a result of, the execution,
delivery or performance of this Agreement or any agreement or instrument contemplated
hereby or any claim, litigation, investigation or proceeding relating to any of the
foregoing or to the Pledged Collateral, regardless of whether any Indemnitee is a party
thereto or whether initiated by a third party or by the Borrower or any Affiliate thereof;
provided, however, that such indemnity shall not, as to any Indemnitee, be available to the
extent that such losses, claims, damages, liabilities or related expenses have resulted
from the gross negligence or willful misconduct of such Indemnitee. To the extent
permitted by applicable law, the Grantor agrees that it shall not assert, and the Grantor
hereby waives any claim against any Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement or any agreement or
instrument contemplated hereby, or the transactions contemplated hereby.

     (c) Any such amounts payable as provided hereunder shall be additional Obligations
secured hereby and by the other Security Documents. The provisions of this Section 4.06
shall remain operative and in full force and effect regardless of the termination of this
Agreement or any other Finance Document, the consummation of the transactions contemplated
hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any
term or provision of this Agreement or any other Finance Document, or any investigation
made by or on behalf of the Security Agent or any other Secured Party. All amounts due
under this Section 4.06 shall be payable on written demand therefor and shall bear
interest, on and from the date of demand, as provided in Clause 8 of the Credit Agreement.

          SECTION 4.07. Security Agent Appointed Attorney-in-Fact. (i) The Grantor hereby appoints the
Security Agent as the attorney-in-fact of the Grantor for the purpose of carrying out the
provisions of this Agreement and taking any action and executing any instrument that the Security
Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is
irrevocable and

155

 

coupled with an interest. Without limiting the generality of the foregoing, the Security Agent
shall have the right, upon the occurrence and during the continuance of an Event of Default, with
full power of substitution either in the Security Agent’s name or in the name of the Grantor (a) to
receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money
orders or other evidences of payment relating to the Pledged Collateral or any part thereof, (b) to
demand, collect, receive payment of, give receipt for and give discharges and releases of all or
any of the Pledged Collateral, (c) to sign the name of the Grantor on any invoice or bill of lading
relating to any of the Pledged Collateral, (d) to commence and prosecute any and all suits, actions
or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise
realize on all or any of the Pledged Collateral or to enforce any rights in respect of any Pledged
Collateral, (e) to settle, compromise, compound, adjust or defend any actions, suits or proceedings
relating to all or any of the Pledged Collateral, (f) to use, sell, assign, transfer, pledge, make
any agreement with respect to or otherwise deal with all or any of the Pledged Collateral, and to
do all other acts and things necessary to carry out the purposes of this Agreement in accordance
with its terms, as fully and completely as though the Security Agent were the absolute owner of the
Pledged Collateral for all purposes; provided, however, that nothing herein contained shall be
construed as requiring or obligating the Security Agent to make any commitment or to make any
inquiry as to the nature or sufficiency of any payment received by the Security Agent, or to
present or file any claim or notice, or to take any action with respect to the Pledged Collateral
or any part thereof or the moneys due or to become due in respect thereof or any property covered
thereby.

     (ii) The Security Agent and the other Secured Parties shall be accountable
only for amounts actually received as a result of the exercise of the powers
granted to them herein, and neither they nor their officers, directors,
employees or agents shall be responsible to the Grantor for any act or failure
to act hereunder, except for their own gross negligence, willful misconduct or
bad faith. The Security Agent shall exercise reasonable care in the custody of
any Pledged Collateral in its possession and the accounting for moneys received
by it (including by any Delegate or sub-agent) hereunder.

          SECTION 4.08. Applicable Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

          SECTION 4.09. Waivers; Amendment. (a) No failure or delay by the Security Agent, the
Administrative Agent, or any Lender in exercising any right or power hereunder or under any other
Finance Document shall operate as a waiver hereof or thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
a right or power, preclude any other or further exercise thereof or the exercise of any other right
or power. The rights and remedies of the Security Agent, the Administrative Agent, and the Lenders
hereunder and under the other Finance Documents are cumulative and are not exclusive of any rights
or remedies that they would otherwise have. No waiver of any provision of any Finance Document or
consent to any departure by any Loan Party therefrom shall in any event be effective unless the
same shall be permitted by paragraph (b) of this Section 4.09, and then such waiver or consent
shall be effective

156

 

only in the specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, the making of a Loan shall not be construed as a waiver of any
Default, regardless of whether the Security Agent or any Lender may have had notice or knowledge of
such Default at the time. No notice or demand on the Borrower in any case shall entitle the
Borrower to any other or further notice or demand in similar or other circumstances.

     (b) Neither this Agreement nor any provision hereof may be waived, amended or modified
except pursuant to an agreement or agreements in writing entered into by the Security Agent
and the Borrower with respect to which such waiver, amendment or modification is to apply,
subject to any consent required in accordance with Clause 34 of the Credit Agreement.

          SECTION 4.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE
OTHER FINANCE DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCE
DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 4.10.

          SECTION 4.11. Severability. In the event any one or more of the provisions contained in this
Agreement or in any other Finance Document should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and
therein shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect
the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions.

          SECTION 4.12. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of
which when taken together shall constitute a single contract, and shall become effective as
provided in Section 4.04. Delivery of an executed signature page to this Agreement by facsimile
transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

          SECTION 4.13. Headings. Article and Section headings and the Table of Contents used herein
are for convenience of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement.

157

 

          SECTION 4.14. Jurisdiction; Consent to Service of Process. (a) The Grantor hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of any New York State court or Federal court of the United States of America, sitting in New York
City, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment, and the Borrower
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent permitted by law,
in such Federal court. The Borrower agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement or any other Finance Document shall affect
any right that the Security Agent, the Administrative Agent, or any Lender may otherwise have to
bring any action or proceeding relating to this Agreement or any other Finance Document against the
Grantor or its properties in the courts of any jurisdiction.

     (b) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent
it may legally and effectively do so, any objection which it may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in paragraph (a) of this Section 4.14. The Borrower
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

     (c) The Borrower hereby irrevocably consents to service of process in the manner
provided for notices in Section 4.01. Nothing in this Agreement or any other Finance
Document will affect the right of the Security Agent to serve process in any other manner
permitted by law.

          SECTION 4.15. Termination or Release. (a) (i) This Agreement, the pledge of the Pledged
Collateral and all other security interests granted hereby shall terminate when all the Obligations
have been paid in full and the Lenders have no further commitment to lend under the Credit
Agreement. (ii) This Agreement shall terminate and be superseded in all respects by the Collateral
Agreement upon its execution.

     (b) Upon any disposal by the Grantor of any Pledged Collateral that is permitted under
the Credit Agreement, the security interests of the Security Agent for the benefit of the
Secured Parties in such Pledged Collateral and all other security interests granted hereby
shall be automatically released.

     (c) In connection with any termination or release pursuant to paragraphs (a) and (b)
above, the Security Agent shall promptly execute and deliver to the Grantor, at the
Grantor’s expense, all Uniform Commercial Code termination statements and similar documents
that the Grantor shall reasonably request to evidence such termination or release. Any
execution and delivery of documents pursuant to this Section 4.15 shall be without recourse
to or representation or warranty by the Security Agent or any Secured Party. Without
limiting the provisions of Section 4.06, the Borrower shall reimburse the Security Agent
upon demand for all costs and out of pocket expenses,

158

 

including the fees, charges and expenses of outside counsel, incurred by it in
connection with any action contemplated by this Section 4.15.

          SECTION 4.16. [Intentionally Omitted.]

          SECTION 4.17. Right of Setoff. If an Event of Default shall have occurred and is continuing,
each Secured Party is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all Pledged Collateral (including any deposits
(general or special, time or demand, provisional or final)) at any time held and other obligations
at any time owing by such Secured Party to or for the credit or the account of the Grantor against
any and all of the obligations of the Grantor now or hereafter existing under this Agreement and
the other Finance Documents held by such Secured Party, irrespective of whether or not such Secured
Party shall have made any demand under this Agreement or any other Finance Document and although
such obligations may be unmatured. The rights of each Secured Party under this Section 4.17 are in
addition to other rights and remedies (including other rights of setoff) which such Secured Party
may have.

          SECTION 4.18. Credit Agreement Governs. If any conflict or inconsistency exists between this
Agreement and the Credit Agreement, the Credit Agreement shall govern.

[Remainder of page intentionally left blank]

159

 

          IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.

	 	 	 	 	 
	 	COMPAGNIE GÉNÉRALE DE

GÉOPHYSIQUE,

 	 
	 	  by  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	CREDIT SUISSE, LONDON BRANCH,

 AS SECURITY AGENT,

 	 
	 	  by  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

160

 

Schedule I to the

Share Pledge Agreement

EQUITY INTERESTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Number and	 	 	Percentage	 
	 	 	Number of	 	 	Registered	 	 	Class of	 	 	of Equity	 
	Issuer	 	Certificate	 	 	Owner	 	 	Equity Interest	 	 	Interests	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

161

 

SCHEDULE 12

[Reserved]

162

 

SCHEDULE 13

Form of TEG Letter

From: [the Agent]

To:     [the Borrower]

[date]

Dear Sirs,

We refer to the US$1,600,000,000 single currency term facility agreement (the “Facility Agreement”)
dated 22 November 2006 and made between, inter alia, Compagnie Générale de Géophysique as Borrower
and Credit Suisse, London Branch as Agent. Terms defined in the Facility Agreement shall have the
same meaning in this notice.

This is the letter referred to in Clause 8.6 (Effective global rate (Taux Effectif Global)) of the
Facility Agreement.

The floating nature of the interest rate applicable to the Loan makes it impossible to specify a
taux effectif global applicable for the duration of the Facility Agreement.

However, in order to meet the requirements of article L. 313-1 et seq. R. 313-1 and R. 313-2 of the
French Code de la consommation and in accordance with the provisions of Clause 8.6 (Effective
Global Rate (Taux Effectif Global)) of the Facility Agreement, we set out below an indicative
calculation of the taux effectif global, based on the assumptions set out in this letter.

Assumed LIBOR and Margin:

LIBOR:                      [to be completed by the Agent]

Margin:                      [to be completed by the Agent]

Based on the assumptions set out above (and including the Margin, all fees and expenses relating to
the Loan), the interest rate (taux de période) for an Interest Period (durée de période) of [to be
completed by the Agent] months would be [to be completed by the Agent] % per annum and the
effective global rate (taux effectif global annuel) would be [to be completed by the Agent]% per
annum.

163

 

The calculations set out in this letter are for illustrative purposes only and shall not bind the
parties to the Facility Agreement. Nothing expressed or implied in this letter constitutes any
commitment on the part of any of the Finance Parties.

Yours sincerely,

[ l ]

For and on behalf

of [the Agent]

Receipt acknowledged

[ l ]

For and on behalf of

[the Borrower]

164

 

SCHEDULE 14

[Reserved]

165

 

SCHEDULE 15

Specified Time

“D- “refers to the number of Business Days before the Utilisation Date/the first day of the
relevant Interest Period.

	 	 	 
	 	 	Loan
	Delivery of the duly completed
Utilisation Request (Clause 5.1
(Delivery of a Utilisation Request))

	 	D-2
11:00 a.m. GMT
	 
	 	 
	Agent notifies the Lenders of the
Utilisation Request in accordance
with Clause 5.2 (Lenders’
participation)

	 	D-2
3:00 p.m. GMT
	 
	 	 
	Delivery of a duly completed
Selection Notice (Clause 9.1
(Selection of Interest Periods))

	 	D-3
11:00 a.m. GMT
	 
	 	 
	Agent notifies the Lenders of the
Selection Notice in accordance with
Clause 5.2 (Lenders’ participation)

	 	D-3
3:00 p.m. GMT
	 
	 	 
	LIBOR is fixed

	 	Quotation Day as of 11:00 a.m. GMT

166

 

SCHEDULE 16

[Reserved]

167

 

SCHEDULE 17

Existing Financial Indebtedness

(30 September 2006)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount	 	 
	 	 	 	 	 	 	Maximum Facility	 	Outstanding	 	 
	Name of Obligor	 	Bank	 	Facility Type	 	Amount	 	(09/30/2006)	 	Due date
	Compagnie Générale de Géophysique
	 	Natexis Banques Populaires (as Agent)	 	Syndicated Credit	 	US$	20,000,000	 	 	 	—	 	 	 	03/2007	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	IBM	 	Capital Lease	 	€	119,715	 	 	€	119,715	 	 	 	12/2007	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	Econocom	 	Capital Lease	 	€	39,183	 	 	€	39,183	 	 	 	10/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
	 	LDA	 	Capital Lease	 	US$	4,185,343	 	 	US$	4,185,343	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
	 	LDA	 	Capital Lease	 	US$	3,265,497	 	 	US$	3,265,497	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
	 	LDA	 	Capital Lease	 	US$	832,529	 	 	US$	832,529	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
Resources Norge AS
	 	Rieber	 	Capital Lease	 	US$	6,957,781	 	 	US$	6,957,781	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sea Survey II
	 	Crédit Industriel	 	Medium Term Loan	 	US$	17,126,352	 	 	US$	17,126,352	 	 	 	2010	 
	 
	 	et Commercial	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sea Survey III
	 	Crédit Industriel	 	Medium Term Loan	 	US$	25,164,436	 	 	US$	25,164,436	 	 	 	2011	 
	 
	 	et Commercial	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration
Resources ASA
	 	DnB	 	Medium Term Loan	 	US$	2,500,000	 	 	US$	2,500,000	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration Vessel
Resources AS
	 	DnB	 	Medium Term Loan	 	US$	2,500,000	 	 	US$	2,500,000	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration Vessel
Resources II AS
	 	DnB	 	Medium Term Loan	 	US$	1,000,000	 	 	US$	1,000,000	 	 	 	09/2007	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration Vessel
Resources II AS
	 	DnB	 	Medium Term Loan	 	US$	560,000	 	 	US$	560,000	 	 	 	12/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration
Investment
Resources II AS
	 	DnB	 	Medium Term Loan	 	US$	70,000,000	 	 	US$	70,000,000	 	 	 	2011	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exploration
Investment
Resources II AS
	 	Geoshipping	 	Capital Lease	 	US$	52,421,675	 	 	US$	52,421,675	 	 	 	2011	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	285,781	 	 	US$	285,781	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	607,258	 	 	US$	607,258	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	71,375	 	 	US$	71,375	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	87,661	 	 	US$	87,661	 	 	 	2008	 

168

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount	 	 
	 	 	 	 	 	 	Maximum Facility	 	Outstanding	 	 
	Name of Obligor	 	Bank	 	Facility Type	 	Amount	 	(09/30/2006)	 	Due date
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	131,630	 	 	US$	131,630	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	1,102,547	 	 	US$	1,102,547	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	1,297,257	 	 	US$	1,297,257	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	129,931	 	 	US$	129,931	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	43,627	 	 	US$	43,627	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	373,427	 	 	US$	373,427	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	1,778,317	 	 	US$	1,778,317	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	653,129	 	 	US$	653,129	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Multiwave
Geophysical Company
AS
	 	SG Equipment Finans	 	Capital Lease	 	US$	103,075	 	 	US$	103,075	 	 	 	2010	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel Inc.
	 	GE Capital	 	Mortgage	 	US$	1,568,000	 	 	US$	1,568,000	 	 	 	2014	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel Inc.
	 	GE Capital	 	Mortgage	 	US$	621,000	 	 	US$	621,000	 	 	 	2013	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel England
	 	Natwest	 	Mortgage	 	£	102,000	 	 	£	102,000	 	 	 	2009	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel England
	 	Natwest	 	Medium Term Loan	 	£	27,000	 	 	£	27,000	 	 	 	2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	CSFB	 	High Yield Bond	 	US$	165,000,000	 	 	US$	165,000,000	 	 	 	2015	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale de Géophysique
	 	CSFB	 	High Yield Bond Add-on	 	US$	165,000,000	 	 	US$	165,000,000	 	 	 	2015	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	KBC	 	Overdraft	 	€	300,000	 	 	 	—	 	 	At sight
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	Natwest	 	Overdraft	 	£	500,000	 	 	£	420,354	 	 	At sight
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Dhofar al	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
	 	Omani Al	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	de Géophysique
	 	Fransi Mascate	 	Overdraft	 	OMR	100,000	 	 	 	—	 	 	 	01/2007	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	BCP	 	Overdraft	 	EGP	3,000,000	 	 	EGP	55,491	 	 	 	12/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	Société Générale	 	Accounting Overdraft	 	 	—	 	 	€	738,428	 	 	 	10/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	BNP Paribas	 	Accounting Overdraft	 	 	—	 	 	€	973,111	 	 	 	10/2006	 

169

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount	 	 
	 	 	 	 	 	 	Maximum Facility	 	Outstanding	 	 
	Name of Obligor	 	Bank	 	Facility Type	 	Amount	 	(09/30/2006)	 	Due date
	Compagnie Générale
	 	Crédit Industriel	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	de Géophysique
	 	et Commercial	 	Accounting Overdraft	 	 	—	 	 	€	84,788	 	 	 	10/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	First National Bank	 	Accounting Overdraft	 	 	—	 	 	ZAR	146,859	 	 	 	10/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
de Géophysique
	 	BNP Paribas	 	Accounting Overdraft	 	 	—	 	 	AED	444,535	 	 	 	10/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
	 	Natexis Banques	 	Overdraft	 	€	1,000,000	 	 	 	—	 	 	At sight
	 
	 	Populaires	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Marine
	 	Natexis Banques	 	Accounting Overdraft	 	 	—	 	 	£	800,561	 	 	 	10/2006	 
	 
	 	Populaires	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Americas Inc.
	 	Amegy	 	Overdraft	 	US$	1,000,000	 	 	US$	100,000	 	 	 	12/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Canada
	 	RBC	 	Overdraft	 	CAD	800,000	 	 	 	—	 	 	 	12/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG do Brasil
	 	Sudameris	 	Overdraft	 	BRL	3,000,000	 	 	BRL	1,871,000	 	 	 	11/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG do Brasil
	 	HSBC	 	Overdraft	 	BRL	5,000,000	 	 	 	—	 	 	 	01/2007	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG do Brasil
	 	Société Générale	 	Overdraft	 	BRL	3,107,700	 	 	 	—	 	 	 	02/2007	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG India
	 	ICICI	 	Medium Term Loan	 	INR	10,000,000	 	 	INR	10,000,000	 	 	 	12/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG AP
	 	RHB	 	Overdraft	 	MYR	500,000	 	 	 	—	 	 	 	12/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG AP
	 	Bumiputra	 	Overdraft	 	MYR	300,000	 	 	 	—	 	 	 	12/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EXGEO
	 	Banco Venezolano de	 	Overdraft	 	VEB	16,000,000,000	 	 	VEB	10,700,000,000	 	 	 	12/2006	 
	 
	 	Credito	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EXGEO
	 	Banesco	 	Overdraft	 	VEB	10,000,000,000	 	 	VEB	4,803,000,000	 	 	 	12/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Crédit Industriel	 	Medium Term Loan	 	US$	300,000	 	 	US$	300,000	 	 	 	06/2007	 
	 
	 	de l’Ouest	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Crédit Industriel	 	Medium Term Loan	 	US$	2,400,000	 	 	US$	2,400,000	 	 	 	2010	 
	 
	 	de l’Ouest	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Banque du Crédit	 	Medium Term Loan	 	US$	750,000	 	 	US$	750,000	 	 	 	12/2007	 
	 
	 	Mutuel pour	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	l’Entreprise	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Banque du Crédit	 	Medium Term Loan	 	US$	1,250,000	 	 	US$	1,250,000	 	 	 	2008	 
	 
	 	Mutuel pour	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	l’Entreprise	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Banque du Crédit	 	Medium Term Loan	 	US$	2,400,000	 	 	US$	2,400,000	 	 	 	2009	 
	 
	 	Mutuel pour	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	l’Entreprise	 	 	 	 	 	 	 	 	 	 	 	 	 	 

170

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount	 	 
	 	 	 	 	 	 	Maximum Facility	 	Outstanding	 	 
	Name of Obligor	 	Bank	 	Facility Type	 	Amount	 	(09/30/2006)	 	Due date
	Sercel
	 	Banque du Crédit	 	Medium Term Loan	 	US$	3,000,000	 	 	US$	3,000,000	 	 	 	2011	 
	 
	 	Mutuel pour	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	l’Entreprise	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Caisse Régionale du	 	Medium Term Loan	 	US$	3,000,000	 	 	US$	3,000,000	 	 	 	2011	 
	 
	 	Crédit Agricole	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Caisse Régionale du	 	Medium Term Loan	 	US$	1,392,300	 	 	US$	1,392,300	 	 	 	2008	 
	 
	 	Crédit Agricole	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Caisse Régionale du	 	Medium Term Loan	 	€	1,400,000	 	 	€	1,400,000	 	 	 	06/2007	 
	 
	 	Crédit Agricole	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Société Générale	 	Accounting Overdraft	 	 	—	 	 	€	733,207	 	 	 	10/2006	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Natexis Banques	 	Accounting Overdraft	 	 	—	 	 	€	53,788	 	 	 	10/2006	 
	 
	 	Populaires	 	 	 	 	 	 	 	 	 	 	 	 	 	 

BONDS AND GUARANTEES

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount	 	 
	 	 	 	 	 	 	Maximum Facility	 	Outstanding	 	 
	Name of Obligor	 	Bank	 	Facility Type	 	Amount	 	(09/30/2006)	 	Due date
	Compagnie Générale
	 	Natexis Banques	 	Guarantees, Bonds	 	€	26,000,000	 	 	€	14,856,202	 	 	Between 2006 and
	de Géophysique
	 	Populaires	 	and Letters of	 	 	 	 	 	 	 	 	 	2010
		 		 	Credit	 			 	 			 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
	 	Société Générale	 	Guarantees, Bonds	 	€	14,000,000	 	 	€	3,336,786	 	 	Between 2006 and
	de Géophysique
	 	 	 	and Letters of	 	 	 	 	 	 	 	 	 	2009
		 		 	Credit	 			 	 			 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
	 	BNP Paribas	 	Guarantees, Bonds	 	€	15,000,000	 	 	€	10,408,619	 	 	Between 2006 and
	de Géophysique
	 	 	 	and Letters of	 	 	 	 	 	 	 	 	 	2007
		 		 	Credit	 			 	 			 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
	 	Crédit Industriel	 	Guarantees, Bonds	 	€	10,000,000	 	 	€	6,277,702	 	 	Between 2006 and
	de Géophysique
	 	et Commercial	 	and Letters of	 	 	 	 	 	 	 	 	 	2007
		 		 	Credit	 			 	 			 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Compagnie Générale
	 	KBC	 	Guarantees, Bonds	 	€	2,000,000	 	 	€	447,867	 	 	2009
	de Géophysique
	 	 	 	and Letters of	 	 	 	 	 	 	 	 	 	 
		 		 	Credit	 			 	 			 	 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG Ardiseis
	 	BNP Paribas	 	Guarantees, Bonds	 	US$	2,000,000	 	 	US$	250,000	 	 	2007
	 
	 	 	 	and Letters of	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	Credit	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CGG AP
	 	Bumiputra	 	Guarantees, Bonds	 	MYR	1,200,000	 	 	MYR	525,400	 	 	2007
	 
	 	 	 	and Letters of	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	Credit	 	 	 	 	 	 	 	 	 	 

171

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount	 	 
	 	 	 	 	 	 	Maximum Facility	 	Outstanding	 	 
	Name of Obligor	 	Bank	 	Facility Type	 	Amount	 	(09/30/2006)	 	Due date
	Sercel
	 	Société Générale	 	Guarantees, Bonds	 	€	3,668,842	 	 	€	3,668,842	 	 	Between 2006 and
	 
	 	 	 	and Letters of	 	 	 	 	 	 	 	 	 	2009
	 
	 	 	 	Credit	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Natexis Banques	 	Guarantees, Bonds	 	€	6,987,838	 	 	€	6,987,838	 	 	Between 2006 and
	 
	 	Populaires	 	and Letters of	 	 	 	 	 	 	 	 	 	2008
	 
	 	 	 	Credit	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sercel
	 	Crédit Agricole	 	Guarantees, Bonds	 	€	1,079,453	 	 	€	1,079,453	 	 	Between 2006 and
	 
	 	 	 	and Letters of	 	 	 	 	 	 	 	 	 	2010
	 
	 	 	 	Credit	 	 	 	 	 	 	 	 	 	 

172

 

The Borrower

COMPAGNIE GÉNÉRALE DE GÉOPHYSIQUE

	 	 	 
	Address:

	 	Tour Montparnasse — 33 avenue du Maine — 75755 Paris cedex 15
	 
	 	 
	Fax No:

	 	+33 (0)1 64 47 34 31
	 
	 	 
	Attention:

	 	Mr. Stéphane-Paul Frydman

By: /s/
Robert Brunck

The Original Guarantors

SERCEL, INC.

By: /s/
Pascal Rouiller
      Chief Executive Officer

SERCEL CANADA LTD.

By: /s/
Pascal Rouiller  /s/ [ILLEGIBLE]
      President

SERCEL AUSTRALIA PTY LTD

By: /s/
Pascal Rouiller      /s/
Gérard
Dufoulon
      Director                        Director

CGG AMERICAS, INC.

By: /s/
Robert Brunck

CGG CANADA SERVICES LTD.

By: /s/ J.
Miller

CGG MARINE RESOURCES NORGE A/S

By: /s/
[ILLEGIBLE]

 

 

VOLNAY ACQUISITION CO. I

By: /s/
Thierry Le Roux

VOLNAY ACQUISITION CO. II

By: /s/ Thierry Le Roux

 

 

The Arranger

CREDIT SUISSE INTERNATIONAL

By: /s/
Craig Klaasmeyer

The Original Lenders

CREDIT SUISSE INTERNATIONAL

By: /s/ Craig Klaasmeyer

NATEXIS BANQUES POPULAIRES

By: /s/
Olivier Menard    /s/ Jean-Christophe Brun

BNP PARIBAS

By: /s/ P.
Beauchat and /s/ J.D. Balons

ROYAL BANK OF CANADA EUROPE LIMITED

By: /s/
[ILLEGIBLE]

SOCIETE GENERALE

By: /s/
Thomas-Craig Bennett

CRéDIT INDUSTRIEL ET COMMERCIAL

By: /s/
Roland Borrois    /s/ Alain Poulet

CALYON SA

By: /s/
Anthony Filhue          /s/ Valérie
Louvean
      Relationship
Manager      Directors
Adjoint
                                                   Corporate Banking

 

 

BNP PARIBAS, LONDON BRANCH

By: /s/
Arnand Tresca

       Director

 

 

The Agent

CREDIT SUISSE, LONDON BRANCH

Address:
One Cabot Square, London E14 4QJ

Fax No:
+44 (0)20 7888 8891

Attention:

By: /s/
Craig Klaasmeyer

The Security Agent

CREDIT SUISSE, LONDON BRANCH

Address: One Cabot Square, London E14 4QJ

Fax No:
+44 (0)20 7888 8891

Attention:

By: /s/ Craig Klaasmeyer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]