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Exhibit 10.1 |
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COMFORT COPY |
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western
power distribution plc
AS
THE COMPANY
hsbc
BANK PLC
AND
MIZUHO
BANK, LTD.
AS JOINT
COORDINATORS and bookrunners
Abbey
national treasury services plc
(TRADING AS SANTANDER GLOBAL BANKING AND MARKETS)
BARCLAYS
BANK PLC
HSBC
BANK PLC
LLOYDS
BANK PLC
MIZUHO
BANK, LTD.
RBC
EUROPE LIMITED
The
Bank of Tokyo-Mitsubishi UFJ, Ltd.
and
The
Royal bank of scotland plc
as mandated
lead arrangers
AND
MIZUHO
BANK, LTD.
AS FACILITY
AGENT
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£210,000,000 multicurrency REVOLVING FACILITY AGREEMENT |
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CONTENTS |
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Clause |
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Page |
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1 |
Interpretation |
1 |
2 |
The Facility |
22 |
3 |
Purpose |
24 |
4 |
Conditions Precedent |
24 |
5 |
Utilisation |
25 |
6 |
Optional Currencies |
28 |
7 |
Repayment |
29 |
8 |
Prepayment and Cancellation |
30 |
9 |
Interest |
33 |
10 |
Terms |
34 |
11 |
Changes To The Calculation Of Interest |
35 |
12 |
Tax gross-up and indemnities |
36 |
13 |
Increased Costs |
45 |
14 |
Mitigation |
46 |
15 |
Payments |
48 |
16 |
Representations |
51 |
17 |
Information Covenants |
55 |
18 |
Financial Covenants |
59 |
19 |
General Covenants |
62 |
20 |
Default |
69 |
21 |
Role of the Facility Agent, the Arranger and the Coordinators |
73 |
22 |
Conduct of business by the Finance Parties |
82 |
23 |
Evidence and Calculations |
82 |
24 |
Fees |
83 |
25 |
Other Indemnities |
84 |
26 |
Expenses |
85 |
27 |
Amendments and Waivers |
85 |
28 |
Changes to the Parties |
88 |
29 |
Confidentiality and Disclosure of Information |
94 |
30 |
Confidentiality of Funding Rates |
97 |
31 |
Set-off |
99 |
32 |
Pro rata sharing |
99 |
33 |
Severability |
100 |
34 |
Counterparts |
100 |
35 |
Notices |
101 |
36 |
Language |
103 |
37 |
Governing law |
103 |
38 |
Enforcement |
103 |
Schedule 1 Original Parties |
105 |
Schedule 2 Conditions Precedent |
106 |
Schedule 3 Requests |
107 |
Schedule 4 Form of Transfer Certificate |
108 |
Schedule 5 Form of Assignment Agreement |
111 |
Schedule 6 Form of Compliance Certificate |
115 |
Schedule 7 Form of Increase Confirmation |
116 |
Schedule 8 Timetables |
119 |
Schedule 9 Forms of notifiable debt purchase transaction notice |
120 |
Part I Form of notice on entering into notifiable debt purchase transaction |
120 |
Part II Form of notice on termination of notifiable debt purchase transaction/notifiable debt
purchase transaction ceasing to be with relevant person |
121 |
Schedule 10 Form of Subordination Deed |
122 |
Schedule 11 Form of Distribution Certificate |
134 |
THIS AGREEMENT is dated 13 January
2016
BETWEEN:
| (1) | WESTERN POWER DISTRIBUTION PLC (registered number 09223384) (the "Company"); |
| (2) | HSBC BANK PLC and MIZUHO BANK, LTD. as joint coordinators and bookrunners (the "Co-ordinators"); |
| (3) | ABBEY NATIONAL TREASURY SERVICES PLC (TRADING AS SANTANDER GLOBAL BANKING AND MARKETS), BARCLAYS
BANK PLC, HSBC BANK PLC, LLOYDS BANK PLC, MIZUHO BANK, LTD., RBC EUROPE LIMITED, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. and
THE ROYAL BANK OF SCOTLAND PLC as mandated lead arrangers (whether acting individually or together the "Arranger"); |
| (4) | THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Original Parties) as original lenders
(the "Original Lenders"); and |
| (5) | MIZUHO BANK, LTD. as facility agent (the "Facility Agent"). |
IT IS AGREED as follows:
In this Agreement:
"Acceptable
Bank" means 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 A- or higher by Fitch Ratings Ltd or A3 or higher by Moody's
Investors Services Limited or a comparable rating from an internationally recognised credit rating agency.
"Acceptable
Jurisdiction" means:
| (a) | the United States of America; |
| (b) | the United Kingdom; or |
| (c) | any other member state of the European Union or any Participating Member State where such country
has long term sovereign credit rating of AA or higher by Standard & Poor's Rating Services or Aa2 or higher from Moody's Investor
Services Limited or AA or higher from Fitch Ratings Ltd. |
"Act"
means the Electricity Act 1989 and, unless the context otherwise requires, all subordinate legislation made pursuant thereto.
"Administrative
Party" means the Arranger, the Coordinators or the Facility Agent.
"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. Notwithstanding the foregoing, in relation to The Royal Bank of Scotland plc as a Lender, the term "Affiliate"
shall not include (i) the UK government or any member or
instrumentality thereof, including Her Majesty's Treasury and UK Financial Investments Limited (or any directors, officers, employees
or entities thereof) or (ii) any persons or entities controlled by or under common control with the UK government or any member
or instrumentality thereof (including Her Majesty's Treasury and UK Financial Investments Limited) and which are not part of The
Royal Bank of Scotland Group plc and its subsidiaries or subsidiary undertakings.
"Agent's
Spot Rate of Exchange" means the Facility Agent's spot rate of exchange for the purchase of the relevant currency in the
London foreign exchange market with the Base Currency at or about 11.00 a.m. on a particular day.
"Applicable
Accounting Principles" means those accounting principles, standards and practices generally accepted in the United Kingdom
and the accounting and reporting requirements of the Companies Act 2006, in each case as used in the Original Financial Statements.
"Assignment
Agreement" means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement) or
any other form agreed between the relevant assignor and assignee.
"Authority"
means The Gas and Electricity Markets Authority established under Section 1 of the Utilities Act 2000.
"Availability
Period" means, in respect of any Lender's Available Commitment, the period from and including the date of this Agreement
to and including the date falling one month prior to the Final Maturity Date applicable to that Lender's Commitment.
"Available
Commitment" means a Lender's Commitment minus:
| (a) | the Base Currency Amount of its participation in any outstanding Loans; and |
| (b) | in relation to any proposed Loans, the Base Currency Amount of its participation in any Loans that
are due to be made on or before the proposed Drawdown Date, |
other than that Lender's participation
in any Loans that are due to be repaid or prepaid on or before the proposed Drawdown Date.
"Available
Facility" means the aggregate for the time being of each Lender's Available Commitment.
"Balancing
and Settlement Code" means the document, as modified from time to time, setting out the electricity balancing and settlement
arrangements designated by the Secretary of State and adopted by The National Grid Company plc (Registered No. 2366977) or its
successor pursuant to its transmission licence.
"Balancing
and Settlement Code Framework Agreement" means the agreement of that title, in the form approved by the Secretary of State,
as amended from time to time,
to which a Distribution Company
is a party and by which the Balancing and Settlement Code is made binding upon that Distribution Company.
"Base
Currency" means Sterling.
"Base
Currency Amount" means, in relation to a Loan, the amount specified in the Request delivered by the Borrower for that
Loan (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the
Agent's Spot Rate of Exchange on the date which is three Business Days before the Drawdown Date or, if later, on the date the Facility
Agent receives the Request) adjusted to reflect any repayment or prepayment of the Loan.
"Basel
III" means:
| (a) | the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel
III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework
for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical
capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or
restated; |
| (b) | the rules for global systematically important banks contained in "Global systematically important
banks: assessment methodology and the additional loss absorbency requirement – Rules text" published by the Basel Committee
on Banking Supervision in November 2011, as amended, supplemented or restated; and |
| (c) | any further guidance or standards published by the Basel Committee on Banking Supervision relating
to "Basel III". |
"Borrower"
means the Company or any person which becomes the Borrower after the date of this Agreement in accordance with Clause 28.1 (Assignments
and transfers by the Borrower).
"Break
Costs" means the amount (if any) determined by the relevant Lender by which:
| (a) | the interest (excluding Margin) which that Lender would have received for the period from the date
of receipt of any part of its share in a Loan or Unpaid Sum to the last day of the applicable Term for that Loan or Unpaid Sum
if the principal or Unpaid Sum received had been paid on the last day of that Term; |
exceeds:
| (b) | the amount which that Lender would be able to obtain by placing an amount equal to the amount received
by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the
last day of the applicable Term. |
"Business
Day" means a day (other than a Saturday or a Sunday) on which commercial banks are open for general business in London,
and:
| (a) | (in relation to any date for payment or purchase of a currency other than euro) the principal financial
centre of the country of that currency; or |
| (b) | (in relation to any date for payment or purchase of euro) any TARGET Day. |
"Code"
means the US Internal Revenue Code of 1986.
"Commitment"
means:
| (a) | in relation to an Original Lender, the amount in the Base Currency set opposite its name under
the heading "Commitment" in Schedule 1 (Original Parties) and the amount of any other Commitment transferred to
it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and |
| (b) | in relation to any other Lender, the amount in the Base Currency of any Commitment transferred
to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase), |
to the extent not cancelled, reduced
or transferred by it under this Agreement.
"Compliance
Certificate" means a certificate substantially in the form of Schedule 6 (Form of Compliance Certificate) setting
out, among other things, calculations of the financial covenants.
"Confidential
Information" means all information relating to each of the Company and its Subsidiaries, PPL Corporation and any of its
Subsidiaries which directly or indirectly holds shares in the Company and the directors, officers and employees of any of them
(the "Extended Group"), the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity
as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose
of becoming a Finance Party under, the Finance Documents or the Facility from either:
| (a) | any member of the Extended Group or any of its advisers; or |
| (b) | another Finance Party, if the information was obtained by that Finance Party directly or indirectly
from any member of the Extended Group or any of its 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:
| (A) | is or becomes public information other than as a direct or indirect result of any breach by that
Finance Party of Clause 29 (Confidentiality and disclosure of information); or |
| (B) | is identified in writing at the time of delivery as non-confidential by any member of the Extended
Group or any of its advisers; or |
| (C) | is known by that Finance Party before the date the information is disclosed to it in accordance
with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far
as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has
not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and |
"Confidentiality
Undertaking" means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed
between the Borrower and the Facility Agent.
"Contribution
Notice" means a contribution notice issued by the Pensions Regulator under section 38 or section 47 of the Pensions Act
2004.
"CRD
IV" means:
| (a) | Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms; and |
| (b) | Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to
the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive
2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. |
"CTA
2009" means the Corporation Tax Act 2009.
"CTA
2010" means the Corporation Tax Act 2010.
"Debt
Purchase Transaction" means, in relation to a person, a transaction where such person:
| (a) | purchases by way of assignment or transfer; |
| (b) | enters into any sub-participation in respect of; or |
| (c) | enters into any other agreement or arrangement having an economic effect substantially similar
to a sub-participation in respect of, |
any Commitment or amount outstanding
under this Agreement.
"Default"
means:
| (a) | an Event of Default; or |
| (b) | an event or circumstance which would be (with the lapse of time, the expiry of a grace period,
the giving of notice or the making of any determination under the Finance Documents or any combination of them) an Event of Default. |
"Defaulting
Lender" means any Lender:
| (a) | which has failed to make its participation in a Loan available or has notified the Facility Agent
that it will not make its participation in a Loan available by the Drawdown Date of that Loan in accordance with Clause 5.4
(Advance of Loan); |
| (b) | which has otherwise rescinded or repudiated a Finance Document; or |
| (c) | with respect to which an Insolvency Event has occurred and is continuing, |
unless, in the case of paragraph
(a) above:
| (i) | its failure to pay is caused by: |
| (A) | administrative or technical error; or |
and payment is made within five
Business Days of its due date; or
| (ii) | the Lender is disputing in good faith whether it is contractually obliged to make the payment in
question. |
"Disruption
Event" means either or both of:
| (a) | 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 Finance Documents (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 |
| (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.
"Distribution
Certificate" means a distribution certificate substantially in the form of Schedule 11 (Form of Distribution Certificate).
"Distribution
Companies" means Western Power Distribution (South West) plc, Western Power Distribution (South Wales) plc, Western Power
Distribution (West Midlands) plc and Western Power Distribution (East Midlands) plc and any other distribution company which is
licensed by OFGEM or any successor regulatory body as
a distribution network operator
and owned (whether directly or indirectly) by the Borrower from time to time.
"Drawdown
Date" means each date on which a Loan is made.
"Environment"
means humans, animals, plants and all other living organisms including the ecological systems of which they form part and the following
media:
| (a) | air (including, without limitation, air within natural or man-made structures, whether above or
below ground); |
| (b) | water (including, without limitation, territorial, coastal and inland waters, water under or within
land and water in drains and sewers); and |
| (c) | land (including, without limitation, land under water). |
"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) | the conditions of the workplace; or |
| (c) | the generation, handling, storage, use, release or spillage of any substance which, alone or in
combination with any other, is capable of causing harm to the Environment, including, without limitation, any waste. |
"EURIBOR"
means, in relation to any Loan in euro:
| (a) | the applicable Screen Rate as of the Specified Time for euro and for a period equal in length to
the Term of that Loan; or |
| (b) | as otherwise determined pursuant to Clause 11.1 (Unavailability of Screen Rate), |
and if, in each case, that rate
is less than zero, EURIBOR shall be deemed to be zero.
"Existing
RCF" means a £210,000,000 revolving credit facility agreement dated 21 December 2012 and entered into inter alia
between (now) the Company, Mizuho Bank, Ltd. (formerly Mizuho Corporate Bank, Ltd.) as facility agent and the other financial institutions
listed therein.
"Event
of Default" means an event or circumstance specified as such in this Agreement.
"Facility"
means the multicurrency revolving credit facility made available under this Agreement as described in sub-clause 2.1 of Clause
2 (The Facility).
"Facility
Office" means the office(s) notified by a Lender to the Facility Agent:
| (a) | on or before the date it becomes a Lender; or |
| (b) | by not less than five Business Days' notice, |
as the office(s) through which
it will perform its obligations under this Agreement.
"FATCA"
means:
| (a) | sections 1471 to 1474 of the Code or any associated regulations; |
| (b) | any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred
to in paragraph (a) above; or |
| (c) | any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other
jurisdiction. |
"FATCA
Application Date" means:
| (a) | in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code
(which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; |
| (b) | in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the Code
(which relates to "gross proceeds" from the disposition of property of a type that can produce interest from sources
within the US), 1 January 2019; or |
| (c) | in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling
within paragraphs (a) or (b) above, 1 January 2019, |
or, in each case, such other date
from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after
the date of this Agreement.
"FATCA
Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA.
"FATCA
Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction.
"Fee
Letter" means any letter entered into by reference to the Facility between one or more Administrative Parties and the
Borrower setting out the amount of certain fees referred to in the Agreement.
"Final
Maturity Date" means, subject to Clause 5.5 (Extension option), the fifth anniversary of the date of this Agreement.
"Finance
Document" means:
| (c) | a Transfer Certificate; |
| (d) | an Assignment Agreement; or |
| (e) | any other document designated as such by the Facility Agent and the Borrower. |
"Finance
Party" means a Lender or an Administrative Party.
"Financial
Indebtedness" means any indebtedness for or in respect of:
| (b) | any acceptance credit; |
| (c) | any bond, note, debenture, loan stock or other similar instrument; |
| (d) | any redeemable preference share; |
| (e) | any finance or capital lease; |
| (f) | receivables sold or discounted (otherwise than on a non-recourse basis); |
| (g) | the acquisition cost of any asset to the extent payable after its acquisition or possession by
the party liable where the deferred payment is arranged primarily as a method of raising finance or financing the acquisition of
that asset; |
| (h) | any derivative transaction protecting against or benefiting from fluctuations in any rate or price
(and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due
as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account); |
| (i) | any other transaction (including any forward sale or purchase agreement) of a type not referred
to in any other paragraph of this definition which has the commercial effect of a borrowing; |
| (j) | any counter-indemnity obligation in respect of any guarantee, indemnity, bond, letter of credit
or any other instrument issued by a bank or financial institution; or |
| (k) | any guarantee, indemnity or similar assurance against financial loss of any person in respect of
any item referred to in paragraphs (a) to (j) above. |
"Financial
Support Direction" means a financial support direction issued by the Pensions Regulator under section 43 of the Pensions
Act 2004.
"Funding
Rate" means any individual rate notified by a Lender to the Facility Agent pursuant to paragraph (b) of sub-clause 11.3.1
of Clause 11.3 (Cost of funds).
"Group"
means the Borrower and its Subsidiaries.
"Holding
Company" means in relation to a person, any other person in respect of which it is a Subsidiary.
"Impaired
Agent" means the Facility Agent at any time when:
| (a) | it has failed to make (or has notified a Party that it will not make) a payment required to be
made by it under the Finance Documents by the due date for payment; |
| (b) | the Facility Agent otherwise rescinds or repudiates a Finance Document; |
| (c) | (if the Facility Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of
the definition of "Defaulting Lender"; or |
| (d) | an Insolvency Event has occurred and is continuing with respect to the Facility Agent, |
unless, in the case of paragraph
(a) above:
| (i) | its failure to pay is caused by: |
| (A) | administrative or technical error; or |
and payment is made within five
Business Days of its due date; or
| (ii) | the Facility Agent is disputing in good faith whether it is contractually obliged to make the payment
in question. |
"Increase
Confirmation" means a confirmation substantially in the form set out in Schedule 7 (Form of Increase Confirmation).
"Increase
Lender" has the meaning given to that term in Clause 2.2 (Increase).
"Increased
Cost" means:
| (a) | an additional or increased cost; |
| (b) | a reduction in the rate of return under a Finance Document or on a Finance Party's (or its Affiliate's)
overall capital; or |
| (c) | a reduction of an amount due and payable under any Finance Document, |
which is incurred or suffered
by a Finance Party or any of its Affiliates but only to the extent attributable to that Finance Party having entered into any Finance
Document or funding or performing its obligations under any Finance Document.
"Insolvency
Event" in relation to a Finance Party means that the Finance Party:
| (a) | is dissolved (other than pursuant to a consolidation, amalgamation or merger); |
| (b) | becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally
to pay its debts as they become due; |
| (c) | makes a general assignment, arrangement or composition with or for the benefit of its creditors; |
| (d) | institutes or has instituted against it, by a regulator, supervisor or any similar official with
primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation
or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding
up or liquidation by it or such regulator, supervisor or similar official; |
| (e) | has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for
its winding up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding
or petition is instituted or presented by a person or entity not described in paragraph (d) above and: |
| (i) | results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making
of an order for its winding up or liquidation; or |
| (ii) | is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution
or presentation thereof; |
| (f) | has a resolution passed for its winding up, official management or liquidation (other than pursuant
to a consolidation, amalgamation or merger); |
| (g) | seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long
as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a
person or entity described in paragraph (d) above); |
| (h) | has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within
30 days thereafter; |
| (i) | causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in paragraphs (a) to (h) above; or |
| (j) | takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in, any of the foregoing acts. |
"Interpolated
Screen Rate" means, in relation to any Loan, the rate rounded to the same number of decimal places as the two relevant
Screen Rates which results from interpolating on a linear basis between:
| (a) | the applicable Screen Rate for the longest period (for which that Screen Rate is available) which
is less than the Term of that Loan; and |
| (b) | the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which
exceeds the Term of that Loan, |
each as of the Specified Time
for the currency of that Loan.
"ITA"
means the Income Tax Act 2007.
"Legal
Reservations" means:
| (a) | the principle that equitable remedies may be granted or refused at the discretion of a court and
the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; |
| (b) | the time barring of claims under the Limitation Act 1980 and the Foreign Limitation Periods Act
1984, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK stamp duty may
be void and defences of set-off or counterclaim; |
| (c) | similar principles, rights and defences under the laws of any jurisdiction in which a member of
the Group or a Holding Company of the Borrower is incorporated; and |
| (d) | any other matters which are set out as qualifications or reservations as to matters of law of general
application in any legal opinion provided under Schedule 2 (Conditions Precedent). |
"Lender"
means:
| (a) | an Original Lender; or |
| (b) | any person which becomes a Lender after the date of this Agreement in accordance with Clause 2.2
(Increase) or Clause 28 (Changes to the Parties), |
which in each case has not ceased
to be a Lender in accordance with the terms of this Agreement.
"LIBOR"
means, in relation to any Loan:
| (a) | the applicable Screen Rate as of the Specified Time for the currency of that Loan and for a period
equal in length to the Term of that Loan; or |
| (b) | as otherwise determined pursuant to Clause 11.1 (Unavailability of Screen Rates), |
and if, in each case, that rate
is less than zero, LIBOR shall be deemed to be zero.
"Licence"
means:
| (a) | each electricity distribution licence made and treated as granted to a Distribution Company under
Section 6(1)(c) of the Act pursuant to a licensing scheme made by the Secretary of State under Part II of Schedule 7 to the Utilities
Act 2000 on 28 September, 2001; or |
| (b) | any statutory amendment or replacement licence or licences granted pursuant to the Utilities Act
2000 (or any equivalent legislation which supersedes the Utilities Act) which permit a Distribution Company to distribute electricity
in the area it is certified to operate in. |
"LMA"
means the Loan Market Association.
"Loan"
means, unless otherwise stated in this Agreement, the principal amount of each borrowing under this Agreement or the principal
amount outstanding of that borrowing.
"Majority
Lenders" means, at any time, Lenders:
| (a) | whose share in the outstanding Loans and whose undrawn Commitments then aggregate 66⅔ per
cent. or more of the aggregate of all the outstanding Loans and the undrawn Commitments of all the Lenders; |
| (b) | if there are no Loans then outstanding, whose undrawn Commitments then aggregate 66⅔ per
cent. or more of the Total Commitments; or |
| (c) | if there are no Loans then outstanding and the Total Commitments have been reduced to zero, whose
Commitments aggregated 66⅔ per cent. or more of the Total Commitments immediately before the reduction. |
"Margin"
means, provided that:
| (a) | at least one of Moody's Investors Services Limited ("Moody's") and Standard &
Poor's Ratings Services ("Standard & Poor's") has provided a rating (being an issuer rating with respect to
the Borrower from Moody's and a long-term corporate credit rating with respect to the Borrower from Standard & Poor's) (the
"Ratings"); and |
| (b) | no Event of Default is outstanding, |
the rate set out in the table
below:
Rating
(Moody's) |
Rating
(Standard & Poor's) |
Margin (per annum) |
Less than or equal to Ba1 |
Less than or equal to BB+ |
1.30% |
Baa3 |
BBB- |
1.00% |
Baa2 |
BBB |
0.85% |
Baa1 |
BBB+ |
0.75% |
More than or equal to A3 |
More than or equal to A- |
0.65% |
If the current Moody's and
Standard & Poor's Ratings imply different Margin rates, the Margin shall be the average of the two Margin rates implied. If
only one of Moody's and Standard & Poor's provides a Rating, that Rating alone shall be used to determine the applicable Margin.
If neither Moody's nor Standard & Poor's provides a Rating, or if an Event of Default is outstanding, the applicable Margin
shall be 1.30% per annum. Any increase or decrease in the Margin shall take effect on (i) the date on which the Moody's and/or
Standard & Poor's Rating is published or, as the case may be, changed or (ii) where the Facility Agent receives notice from
the Borrower or otherwise becomes aware that an Event of Default has occurred or has ceased to be outstanding, with effect from
the date on which such Event of Default occurs or ceases to be outstanding.
The Borrower shall notify the
Facility Agent of any change to the Moody's or Standard & Poor's Rating pursuant to sub-clause 17.4.7.
For the purposes
of this definition, an Event of Default being "outstanding" means that it has not been remedied (as evidenced by the
Borrower to the Facility Agent (acting reasonably)) or waived.
"Material
Adverse Effect" means a material adverse effect on:
| (a) | the business, assets or financial condition of the Group taken as a whole; |
| (b) | the ability of the Borrower to perform its payment obligations under the Finance Documents or its
obligations under Clauses 18.3 (Interest Cover) or 18.4 (Asset Cover) of this Agreement; or |
| (c) | the validity or enforceability of the Finance Documents or the rights or remedies of any Finance
Party under any of the Finance Documents. |
"Maturity
Date" means the last day of the Term of a Loan.
"Measurement
Date" means the last day of a Measurement Period, being 31 March or 30 September.
"Measurement
Period" means each period of twelve months ending on 31 March or 30 September.
"New
Lender" has the meaning given to that term in sub-clause 28.2.1 of Clause 28.2 (Assignments and transfers by
Lenders).
"OFGEM"
means the Office of Gas and Electricity Markets.
"Optional
Currency" means a currency (other than the Base Currency) which complies with the conditions set out in Clause 4.3 (Conditions
relating to Optional Currencies).
"Original
Financial Statements" means the audited consolidated financial statements of the Company and each Distribution Company
for the year ended 31 March 2015.
"Participating
Member State" means any member state of the European Union that has the euro as its lawful currency in accordance with
the legislation of the European Union relating to Economic and Monetary Union.
"Party"
means a party to this Agreement.
"Pensions
Regulator" means the body corporate called the Pensions Regulator established under Part I of the Pensions Act 2004.
"Permitted
Acquisition" means the acquisition by any member of the Group of an entity:
| (a) | which carries out a Permitted Business; |
| (b) | which is incorporated or established in England or the European Union; and |
| (c) | in respect of which the Borrower has delivered to the Facility Agent, not later than three Business
Days before the relevant member of the Group legally commits to make such acquisition, a certificate signed by two directors of
the Borrower to which is attached a copy of the latest audited accounts (or if not available, management accounts) of the target
entity giving calculations showing in reasonable detail that the Borrower would have remained in compliance with its obligations
under Clause 18 (Financial Covenants) if the covenant tests had been recalculated for the most recently ended Measurement
Period consolidating the financial statements of the target entity (consolidated if it has Subsidiaries) with the financial statements
of the Group for such period on a pro forma basis and as if the consideration (including associated costs and expenses) for the
proposed acquisition had been paid at the start of that Measurement Period. |
"Permitted
Business" means:
| (i) | possesses characteristics similar to the regulated business of a distribution network operator,
as carried out by any of the Distribution Companies (a "DNO Business"); |
| (ii) | provides facilities for and connected with a DNO Business; |
| (iii) | is complementary or ancillary to the operation of a DNO Business or any other business already
conducted by an entity within the Group; |
| (iv) | provides services to any member of the Group which are currently provided by third parties; or |
| (b) | any other business approved or consented to by the Facility Agent. |
"Person"
has the meaning given to that term in Clause 16.20 (Sanctions).
"PPL
Corporation" means PPL Corporation, a company incorporated in Pennsylvania, U.S.A., whose head office is at 2 N 9th
Street, Allentown, PA18101, Pennsylvania, U.S.A., and whose registered number is 2570936.
"PPL
Group" means PPL Corporation and any of its Subsidiaries.
"Pro
Rata Share" means:
| (a) | for the purpose of determining a Lender's share in a Loan, the proportion which its Available Commitment
bears to the Available Facility immediately prior to making the Loan; and |
| (b) | for any other purpose on a particular date: |
| (i) | the proportion which its Commitment bears to the Total Commitments on that date; or |
| (ii) | if the Total Commitments have been cancelled, the proportion which its Commitments bore to the
Total Commitments immediately before being cancelled. |
"PUHCA"
means the Public Utility Holding Company Act of 2005, as amended, of the United States of America.
"Qualifying
Lender" has the meaning given to it in Clause 12 (Tax gross-up and Indemnities).
"Rate
Fixing Day" means, in relation to any period for which an interest rate is to be determined:
| (a) | (if the currency is Sterling) the first day of that period; |
| (b) | (if the currency is euro) two TARGET Days before the first day of that period; or |
| (c) | (for any other currency) two Business Days before the first day of that period, |
unless market practice differs
in the Relevant Market for that currency, in which case the Rate Fixing Day for that currency will be determined by the Facility
Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day,
the Rate Fixing Day will be the last of those days).
"Related
Fund" in relation to a fund (the "first fund"), means a fund which is managed or advised by the same
investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment
adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser
of the first fund.
"Relevant
Market" means, in relation to euro, the European interbank market and, in relation to any other currency, the London interbank
market.
"Repeating
Representations" means the representations which are deemed to be repeated under this Agreement.
"Representative"
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.
"Request"
means a request for a Loan, substantially in the relevant form set out in Schedule 3 (Requests).
"Rollover
Loan" means one or more Loans:
| (a) | made or to be made on the same day that a maturing Loan is due to be repaid; |
| (b) | the aggregate amount of which is equal to or less than the maturing Loan; |
| (c) | in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause
6.2 (Unavailability of a currency)); and |
| (d) | made or to be made to the Borrower for the purpose of refinancing a maturing Loan. |
"Sanctions"
has the meaning given to that term in Clause 16.20 (Sanctions).
"Screen
Rate" means:
| (a) | in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration
Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed (before
any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen
(or any replacement Thomson Reuters page which displays that rate); and |
| (b) | in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets
Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (before any
correction, recalculation or republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement
Thomson Reuters page which displays that rate), |
or, in each case, on the appropriate
page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or
service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after consultation
with the Borrower.
"Secretary
of State" means the Secretary of State for Business, Innovation and Skills.
"Security
Interest" means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement
or arrangement having a similar effect.
"Specified
Time" means a day or time determined in accordance with Schedule 7 (Timetable).
"Subordination
Deed" means a document substantially in the form set out in Schedule 10 (Form of Subordination Deed) duly completed
and executed by the parties thereto.
"Subsidiary"
means:
| (a) | a subsidiary within the meaning of section 1159 of the Companies Act 2006; and |
| (b) | unless the context otherwise requires, a subsidiary undertaking within the meaning of section 1162
of the Companies Act 2006. |
"TARGET
2" means the Trans-European Automated Real-Time Gross Settlement Express Transfer payment system which utilises a single
shared platform and which was launched on 19 November 2007.
"TARGET
Day" means any day on which TARGET 2 is open for the settlement of payments in euro.
"Tax"
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty, addition to tax or
any interest payable in connection with any failure to pay or any delay in paying any of the same).
"Tax
Credit" has the meaning given to it in Clause 12 (Tax gross-up and Indemnities).
"Tax
Deduction" has the meaning given to it in Clause 12 (Tax gross-up and Indemnities).
"Tax
Payment" means either the increase in a 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).
"Term"
means, in respect of a Loan, each period determined under this Agreement by reference to which interest on a Loan or an overdue
amount is calculated.
"Total
Commitments" means the aggregate of the Commitments, being £210,000,000 at the date of this Agreement.
"Transfer
Certificate" means a certificate, substantially in the form of Schedule 4 (Form of Transfer Certificate), with
such amendments as the Facility Agent may approve or reasonably require or any other form agreed between the Facility Agent and
the Borrower.
"Transfer
Date" means, in relation to a transfer, the later of:
| (a) | the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate;
and |
| (b) | the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate. |
"Treaty
Lender" has the meaning given to it in Clause 12 (Tax gross-up and Indemnities).
"U.K."
means the United Kingdom.
"Unpaid
Sum" means any sum due and payable but unpaid by the Borrower under the Finance Documents.
"US"
means the United States of America.
"VAT"
means:
| (a) | any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system
of value added tax (EC Directive 2006/112); and |
| (b) | any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere. |
| 1.2.1 | The following definitions have the meanings given to them in Clause 18 (Financial Covenants): |
| (b) | Cash Equivalent Investments; |
| (e) | Regulatory Asset Value; and |
| 1.2.2 | In this Agreement, unless the contrary intention appears, a reference to: |
| (a) | an amendment includes a supplement, novation, restatement or re-enactment and amended
will be construed accordingly; |
| (b) | assets includes present and future properties, revenues and rights of every description; |
| (c) | an authorisation includes an authorisation, consent, approval, resolution, licence, exemption,
filing, registration or notarisation; |
| (d) | disposal means a sale, transfer, grant, lease or other disposal, whether voluntary or involuntary,
and dispose will be construed accordingly; |
| (e) | indebtedness includes any obligation (whether incurred as principal or as surety) for the
payment or repayment of money; |
| (f) | know your customer requirements are the identification checks that a Finance Party requests
in order to meet its obligations under any |
applicable law or regulation to
identify a person who is (or is to become) its customer;
| (g) | a person includes any individual, company, corporation, unincorporated association or body
(including a partnership, trust, joint venture or consortium), government, state, agency, organisation or other entity whether
or not having separate legal personality; |
| (h) | a regulation includes any regulation, rule, official directive, request or guideline (whether
or not having the force of law but, if not having the force of law, being of a type with which any person to which it applies is
accustomed to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory
or other authority or organisation; |
| (i) | the winding-up of a person includes the administration, dissolution or liquidation or other
like process of that person, any composition or arrangement with the creditors, amalgamation, reconstruction, reorganisation or
consolidation pursuant to Part XXVI of the Companies Act 2006 proposed or carried out in respect of that person or a company voluntary
arrangement pursuant to the Insolvency Act 1986 carried out or proposed in respect of that person; |
| (j) | a currency is a reference to the lawful currency for the time being of the relevant country; |
| (k) | save as set out in the definition of Margin in Clause 1.1 (Definitions), a Default (other
than an Event of Default) being outstanding means that it has not been remedied or waived and an Event of Default being
outstanding means that it has not been waived; |
| (l) | a provision of law is a reference to that provision as extended, applied, amended or re-enacted
and includes any subordinate legislation; |
| (m) | a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to,
this Agreement; |
| (n) | a person includes its successors in title, permitted assigns and permitted transferees; |
| (o) | a Finance Document or another document is a reference to that Finance Document or other document
as amended; |
| (p) | a "group of Lenders" includes all the Lenders; and |
| (q) | a time of day is a reference to London time. |
| 1.2.3 | Unless the contrary intention appears, a reference to a month or months is a reference
to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month
or the calendar month in which it is to end, except that: |
| (a) | if the numerically corresponding day is not a Business Day, the period will end on the next Business
Day in that month (if there is one) or the preceding Business Day (if there is not); |
| (b) | if there is no numerically corresponding day in that month, that period will end on the last Business
Day in that month; and |
| (c) | notwithstanding paragraph (a) above, a period which commences on the last Business Day of a month
will end on the last Business Day in the next month or the calendar month in which it is to end, as appropriate. |
| 1.2.4 | Unless the contrary intention appears: |
| (a) | a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement; |
| (b) | a word or expression used in any other Finance Document or in any notice given in connection with
any Finance Document has the same meaning in that Finance Document or notice as in this Agreement; and |
| (c) | any obligation of the Borrower under the Finance Documents which is not a payment obligation remains
in force for so long as any payment obligation of the Borrower is or may be outstanding under the Finance Documents. |
| 1.2.5 | The headings in this Agreement do not affect its interpretation. |
| 1.2.6 | The determination of the extent to which a rate is "for a period equal in length"
to a Term shall disregard any inconsistency arising from the last day of that Term being determined pursuant to the terms of this
Agreement. |
| 1.3.1 | Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has
no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy
the benefit of any term of this Agreement. |
| 1.3.2 | Notwithstanding any term of any Finance Document, the consent of any person who is not a Party
is not required to rescind or vary this Agreement at any time. |
| 1.4 | Currency symbols and definitions |
| 1.4.1 | "$", "USD" and "dollars" denote the lawful currency of the United
States of America. |
| 1.4.2 | "€", "EUR" and "euro" denote the single currency of the Participating
Member States. |
| 1.4.3 | "£", "GBP" and "Sterling" denote the lawful currency of the
United Kingdom. |
Subject to the terms of this Agreement,
the Lenders make available to the Borrower a multicurrency revolving credit facility in an aggregate amount in the Base Currency
which is equal to the Total Commitments.
| 2.2.1 | The Borrower may by giving prior notice to the Facility Agent by no later than the date falling
10 Business Days after the effective date of a cancellation of: |
| (a) | the Available Commitments of a Defaulting Lender in accordance with sub-clause 8.6.4 of Clause 8.6
(Involuntary prepayment and cancellation); or |
| (b) | the Commitments of a Lender in accordance with Clause 8.1 (Mandatory prepayment –
illegality), |
request that the Total Commitments
be increased (and the Total Commitments shall be so increased) in an aggregate amount in the Base Currency of up to the amount
of the Available Commitments or Commitments so cancelled as follows:
| (c) | the increased Commitments will be assumed by one or more Lenders or other banks, financial institutions,
trusts, funds or other entities (each an "Increase Lender") selected by the Borrower (each of which shall not
be a member of the Group and which is further acceptable to the Facility Agent (acting reasonably)) and each of which confirms
its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments
which it is to assume, as if it had been an Original Lender; |
| (d) | the Borrower and any Increase Lender shall assume obligations towards one another and/or acquire
rights against one another as the Borrower and the Increase Lender would have assumed and/or acquired had the Increase Lender been
an Original Lender; |
| (e) | each Increase Lender shall become a Party as a "Lender" and any Increase Lender and each
of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase
Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender; |
| (f) | the Commitments of the other Lenders shall continue in full force and effect; and |
| (g) | any increase in the Total Commitments shall take effect on the date specified by the Borrower in
the notice referred to above or any later date on which the conditions set out in sub-clause 2.2.2 below are satisfied. |
| 2.2.2 | An increase in the Total Commitments will only be effective on: |
| (a) | the execution by the Facility Agent of an Increase Confirmation from the relevant Increase Lender;
and |
| (b) | in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase,
the performance by the Facility Agent of all necessary "know your customer" or other similar checks under all applicable
laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender, the completion of which
the Facility Agent shall promptly notify to the Borrower and the Increase Lender. |
| 2.2.3 | Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt)
that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of
the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective. |
| 2.2.4 | Unless the Facility Agent otherwise agrees or the increased Commitment is assumed by an existing
Lender, the Borrower shall, on the date upon which the increase takes effect, pay to the Facility Agent (for its own account) a
fee of £1,750 and the Borrower shall promptly on demand pay the Facility Agent the amount of all costs and expenses (including
legal fees) reasonably incurred by it in connection with any increase in Commitments under this Clause 2.2. |
| 2.2.5 | The Borrower may pay to the Increase Lender a fee in the amount and at the times agreed between
the Borrower and the Increase Lender in a letter between the Borrower and the Increase Lender setting out that fee. A reference
in this Agreement to a Fee Letter shall include any letter referred to in this paragraph. |
| 2.2.6 | Clause 28.4 (Limitation of responsibility of Existing Lender) shall apply mutatis
mutandis in this Clause 2.2 in relation to an Increase Lender as if references in that Clause to: |
| (a) | an "Existing Lender" were references to all the Lenders immediately prior to the relevant
increase; |
| (b) | the "New Lender" were references to that "Increase Lender"; and |
| (c) | a "re-transfer" and "re-assignment" were references to respectively a "transfer"
and "assignment"." |
| 2.2.7 | Each Party (other than the Increase Lender) irrevocably authorises the Facility Agent to execute
any duly completed Increase Confirmation on its behalf. |
| 2.3 | Finance Party's rights and obligations |
| 2.3.1 | 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.
| 2.3.2 | 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 the Borrower is a separate and
independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with sub-clause 2.3.3
below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance
of doubt, any part of a Loan or other amount owed by the Borrower which relates to a Finance Party's participation in the Facility
or its role under a Finance Document (including any such amount payable to the Facility Agent on its behalf) is a debt owing to
that Finance Party by the Borrower. |
| 2.3.3 | A Finance Party may, except as specifically provided in the Finance Documents, separately enforce
its rights under or in connection with the Finance Documents. |
The Borrower shall apply all amounts
borrowed by it under the Facility towards the general corporate purposes of the Group (in relation to each of the Distribution
Companies, in compliance with its Licence) including, but not limited to, the refinancing of the Existing RCF.
| 3.2 | No obligation to monitor |
No Finance Party is bound to monitor
or verify any amount borrowed pursuant to this Agreement.
| 4.1 | Conditions precedent documents |
| 4.1.1 | A Request may not be given until the Facility Agent has notified the Borrower and the Lenders that
it has received (or, subject to all Lender consent, waived receipt of) all of the documents and evidence set out in Schedule 2
(Conditions Precedent) in form and substance satisfactory to the Facility Agent. The Facility Agent shall give this notification
to the Borrower and the Lenders upon being so satisfied. |
| 4.1.2 | Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the
contrary before the Facility Agent gives the notification described in paragraph 4.1.1 above, the Lenders authorise (but do not
require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses
whatsoever as a result of giving any such notification. |
| 4.2 | Further conditions precedent |
The obligations of each Lender
to participate in any Loan are subject to the further conditions precedent that on both the date of the Request and the Drawdown
Date for that Loan:
| 4.2.1 | the Repeating Representations are correct in all material respects; and |
| 4.2.2 | no Default or, in the case of a Rollover Loan, no Event of Default is outstanding or would result
from the Loan. |
| 4.3 | Conditions relating to Optional Currencies |
| 4.3.1 | A currency will constitute an Optional Currency in relation to a Loan if: |
| (a) | it is readily available in the amount required and freely convertible into the Base Currency in
the wholesale market for that currency on the Rate Fixing Day and the Drawdown Date for that Loan; and |
| (b) | it is dollars, euro or has been approved by the Facility Agent (acting on the instructions of all
the Lenders) on or prior to receipt by the Facility Agent of the relevant Request for that Loan. |
| 4.3.2 | If the Facility Agent has received a written request from the Borrower for a currency to be approved
under paragraph (b) of sub-clause 4.3.1 above, the Facility Agent will confirm to the Borrower by the Specified Time: |
| (a) | whether or not the Lenders have granted their approval; and |
| (b) | if approval has been granted, the minimum amount (and, if required, integral multiples) for any
subsequent Loan in that currency. |
| 4.4.1 | Unless the Facility Agent agrees, a Request may not be given if, as a result, there would be more
than 10 Loans outstanding. |
| 4.4.2 | Any Loan made by a single Lender under Clause 6.2 (Unavailability of a currency) shall not
be taken into account in this Clause 4.4. |
| 5.1.1 | The Borrower may borrow a Loan by giving to the Facility Agent a duly completed Request not later
than the Specified Time. |
| 5.1.2 | Each Request is irrevocable. |
| 5.2 | Completion of Requests |
A Request for a Loan will not
be regarded as having been duly completed unless:
| 5.2.1 | the Drawdown Date is a Business Day falling within the Availability Period; |
| 5.2.2 | the currency and amount of the proposed Loan comply with Clause 5.3 (Currency and amount);
and |
| 5.2.3 | the proposed Term complies with this Agreement. |
Only one Loan may be requested
in a Request.
| 5.3.1 | The currency specified in a Request must be either the Base Currency or an Optional Currency. |
| 5.3.2 | The amount of the proposed Loan must be: |
| (a) | if the currency selected is the Base Currency, a minimum of £5,000,000 and an integral multiple
of £1,000,000 or, if less, the Available Facility; or |
| (b) | if the currency selected is dollars, a minimum of $5,000,000 and an integral multiple of $1,000,000
or, if less, the Available Facility; or |
| (c) | if the currency selected is euro, a minimum of EUR5,000,000 and an integral multiple of EUR1,000,000
or, if less, the Available Facility; or |
| (d) | if the currency selected is an Optional Currency, the minimum amount (and, if required, integral
multiple) specified by the Facility Agent pursuant to paragraph (b) of sub-clause 4.3.2 (Conditions relating to Optional Currencies)
or, if less, the Available Facility; and |
| (e) | in any event such that its Base Currency Amount is less than or equal to the Available Facility. |
| 5.4.1 | The Facility Agent must promptly notify each Lender of the details of the requested Loan and the
amount of its share in that Loan. |
| 5.4.2 | The amount of each Lender's share of the Loan will be its Pro Rata Share on the proposed Drawdown
Date. |
| 5.4.3 | No Lender is obliged to participate in a Loan if as a result: |
| (a) | its share in the aggregate Base Currency Amount of the Loans would exceed its Commitment; or |
| (b) | the aggregate Base Currency Amount of the Loans would exceed the Total Commitments. |
| 5.4.4 | If the conditions set out in this Agreement have been met, and subject to Clause 7.2 (Cashless
Rollover), each Lender must make its share in the Loan |
available to the Facility Agent
for the Borrower by no later than 2.00 pm on the Drawdown Date.
| 5.4.5 | The Facility Agent shall determine the Base Currency Amount of each Loan which is to be made in
an Optional Currency and shall notify each Lender of the amount, currency and Base Currency Amount of each Loan, the amount of
its participation in that Loan, and, if different, the amount of that participation to be made available in accordance with Clause
15.2 (Funds) in each case by the Specified Time. |
| 5.5.1 | The Borrower may by notice to the Facility Agent (the "Initial Extension Request")
not more than 60 days and not less than 30 days before the first anniversary of the date of this Agreement (the "First
Anniversary"), request that the Final Maturity Date be extended for a further period of one year. |
| 5.5.2 | The Borrower may by notice to the Facility Agent (the "Second Extension Request")
not more than 60 days and not less than 30 days before the second anniversary of the date of this Agreement (the "Second
Anniversary"), request that the Final Maturity Date: |
| (a) | with respect to Lenders who have agreed to the Initial Extension Request, be extended for a further
period of one year; and/or |
| (b) | if no Initial Extension Request has been made, or with respect to Lenders who refused the Initial
Extension Request: |
| (i) | be extended for a period of one year; or |
| (ii) | be extended for a period of two years, |
as selected by the Borrower in
the notice to the Facility Agent.
| 5.5.3 | The Facility Agent must promptly notify the Lenders of any Initial Extension Request or Second
Extension Request (an "Extension Request"). |
| 5.5.4 | Each Lender may, in its sole discretion, agree to any Extension Request. Each Lender that agrees
to an Extension Request by the date falling 15 days before the relevant anniversary of the date of this Agreement will extend its
Commitment for a further period of one year or two years, as set out in the relevant Extension Request, from the then current Final
Maturity Date in respect of that Lender's Commitment and the Final Maturity Date with respect to the Commitment of that Lender
will be extended accordingly. |
| 5.5.5 | The Borrower shall pay an extension fee to each Lender that has agreed to an Extension Request
in the amount and at the time agreed between the relevant Lender and the Borrower. |
| 5.5.6 | If any Lender fails to reply to an Extension Request on or before the date falling 15 days before
the relevant anniversary of the date of this Agreement, it will be |
deemed to have refused that Extension
Request and its Commitment will not be extended.
| 5.5.7 | Subject to sub-clause 5.5.9 below, each Extension Request is irrevocable. |
| 5.5.8 | If one or more (but not all) of the Lenders agree to an Extension Request, then the Facility Agent
must notify the Borrower, identifying in that notification which Lenders have not agreed to the Extension Request. |
| 5.5.9 | The Borrower may, on the basis that one or more of the Lenders have not agreed to the Extension
Request and no later than the date falling 5 days before the relevant anniversary of the date of this Agreement, withdraw the request
by notice to the Facility Agent which will promptly notify the Lenders. |
| 5.5.10 | Any extension of the Final Maturity Date under this Clause 5.5 will only take effect if on the
date of the Extension Request, and in the case of the Initial Extension Request, on the first anniversary of the date of this Agreement
or, in the case of the Second Extension Request, on the second anniversary of the date of this Agreement: |
| (a) | no Event of Default is continuing or would result from the proposed extension; |
| (b) | the Borrower has paid the extension fee to each relevant Lender pursuant to sub-clause 5.5.5 above;
and |
| (c) | the Repeating Representations are true in all material respects. |
The Borrower shall select the
currency of a Loan in a Request.
| 6.2 | Unavailability of a currency |
If before the Specified Time on
any Rate Fixing Day:
| 6.2.1 | a Lender notifies the Facility Agent that the Optional Currency requested is not readily available
to it in the amount required; or |
| 6.2.2 | a Lender notifies the Facility Agent that compliance with its obligation to participate in a Loan
in the proposed Optional Currency would contravene a law or regulation applicable to it, |
the Facility Agent will give notice
to the Borrower to that effect by the Specified Time on that day. In this event, any Lender that gives notice pursuant to this
Clause 6.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender's Pro Rata
Share of the Base Currency Amount or, in respect of a Rollover Loan, an amount equal to that Lender's Pro Rata Share of the Base
Currency Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated
in the Base Currency during that Term.
| 6.3 | Participation in a Loan |
Each Lender's participation in
a Loan will be determined in accordance with sub-clause 5.4.2 of Clause 5.4 (Advance of Loan).
| 7.1.1 | The Borrower must repay each Loan in full on its Maturity Date. No Lender's participation in a
Loan may be outstanding after the Final Maturity Date applicable to that Lender's Commitment. |
| 7.1.2 | Subject to the other terms of this Agreement, any amounts repaid under sub-clause 7.1.1 above
may be re-borrowed. |
| 7.2.1 | Without prejudice to the Borrower's obligation under Clause 7.1 above, if: |
| (a) | one or more Loans are to be made available to the Borrower: |
| (i) | on the same day that a maturing Loan is due to be repaid by the Borrower; |
| (ii) | in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause
6.2 (Unavailability of a currency)); and |
| (iii) | in whole or in part for the purpose of refinancing the maturing Loan, and |
| (b) | the proportion borne by each Lender's participation in the maturing Loan to the amount of that
maturing Loan is the same as the proportion borne by that Lender's participation in the new Loans to the aggregate amount of those
new Loans, |
the aggregate amount of the new
Loans shall be treated as if applied in or towards repayment of the maturing Loan so that:
| (c) | if the amount of the maturing Loan exceeds the aggregate amount of the new Loans: |
| (i) | the Borrower will only be required to pay an amount in cash in the relevant currency equal to that
excess; and |
| (ii) | each Lender's participation (if any) in the new Loans shall be treated as having been made available
and applied by the Borrower in or towards repayment of that Lender's participation (if any) in the maturing Loan and that Lender
will not be required to make its participation in the new Loans available in cash; and |
| (d) | if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loans: |
| (i) | the Borrower will not be required to make any payment in cash; and |
| (ii) | each Lender will be required to make its participation in the new Loans available in cash only
to the extent that its participation (if any) in the new Loans exceeds that Lender's participation (if any) in the maturing Loan
and the remainder of that Lender's participation in the new Loans shall be treated as having been made available and applied by
the Borrower in or towards repayment of that Lender's participation in the maturing Loan. |
| 8. | Prepayment and Cancellation |
| 8.1 | Mandatory prepayment - illegality |
| 8.1.1 | A Lender must notify the Borrower promptly if it becomes aware that it is unlawful in any jurisdiction
for that Lender to perform any of its obligations under a Finance Document or to fund or maintain its share in any Loan or it becomes
unlawful for any Affiliate of a Lender for that Lender to do so. |
| 8.1.2 | After notification under sub-clause 8.1.1 above: |
| (a) | the Borrower must repay or prepay the share of that Lender in each Loan made to it on the date
specified in sub-clause 8.1.3 below; and |
| (b) | the Available Commitments of that Lender will be immediately cancelled. |
| 8.1.3 | The date for repayment or prepayment of a Lender's share in a Loan will be: |
| (a) | the Business Day following receipt by the Borrower of notice from the Lender under sub-clause 8.1.1
above; or |
| (b) | if later, the latest date allowed by the relevant law, |
and on such date that Lender's
corresponding Commitment shall be cancelled in the amount of the participation repaid.
| 8.2 | Mandatory prepayment - change of control |
If, except to
the extent of a group reorganisation where the Borrower continues to be controlled directly or indirectly by PPL Corporation, the
Borrower becomes aware of any person (whether alone or together with any associated person or persons) gaining control of the Borrower
(for these purposes "associated person" means, in relation to any person, a person who is (i) "acting in concert"
(as defined in the City Code on Takeovers and Mergers) with that person or (ii) a "connected person" (as defined
in section 1122 of the CTA 2010) of that person and "control" means the relevant person satisfies any of the criteria
set out in paragraphs (1)(a) to (c) of Section 1159 of the Companies Act 2006):
| 8.2.1 | within five days of such date, the Borrower shall give notice of such change of control to the
Facility Agent; |
| 8.2.2 | the Lenders and the Borrower shall immediately enter into negotiations for a period of not more
than 45 days from the date of the change of control with a view to agreeing whether the Facility shall continue to be made
available and on what terms; |
| 8.2.3 | if no such agreement is reached within the said period of 45 days then: |
| (a) | any Lender may on 10 days' notice to the Facility Agent and to the Borrower require the repayment
of its share in each Loan and cancel its Commitment; and |
| (b) | the Majority Lenders may on 10 days' notice to the Borrower require repayment in full of all outstanding
Loans and cancel the Total Commitments; and |
| 8.2.4 | a Lender shall not be obliged to fund any further loans under the Facility (except for a Rollover
Loan) during the negotiation period set out in sub-clause 8.2.2, and if no agreement is reached within such negotiation period,
during the 10 day notice period set out in sub-clause 8.2.3. |
| 8.3.1 | The Borrower may, by giving not less than five Business Days' prior written notice to the Facility
Agent, prepay any Loan at any time in whole or in part. |
| 8.3.2 | A prepayment of part of a Loan must be by an amount that reduces the Base Currency Amount of the
Loan by a minimum amount of £5,000,000 and an integral multiple of £1,000,000. |
| 8.3.3 | Any prepayment of a Loan pursuant to this Clause 8.3 shall be applied pro rata to each
Lender's participation in that Loan. |
| 8.4 | Automatic cancellation |
The Commitments of each Lender
will be automatically cancelled at the close of business on the last day of the Availability Period.
| 8.5 | Voluntary cancellation |
| 8.5.1 | The Borrower may, by giving not less than three Business Days' prior written notice to the Facility
Agent, cancel the unutilised amount of the Total Commitments in whole or in part. |
| 8.5.2 | Partial cancellation of the Total Commitments must be by an amount that reduces the Base Currency
Amount of the Loan by a minimum amount of £5,000,000 and an integral multiple of £1,000,000. |
| 8.5.3 | Any cancellation in part shall be applied against the Commitment of each Lender pro rata. |
| 8.6 | Involuntary prepayment and cancellation |
| 8.6.1 | If the Borrower is, or will be, required to pay to a Lender a Tax Payment or an Increased Cost,
the Borrower may, while the requirement continues, give notice to the Facility Agent requesting prepayment and cancellation in
respect of that Lender. |
| 8.6.2 | After notification under sub-clause 8.6.1 above: |
| (a) | the Borrower must repay or prepay that Lender's share in each Loan made to it on the date specified
in sub-clause 8.6.3 below; and |
| (b) | the Commitments of that Lender will be immediately cancelled. |
| 8.6.3 | The date for repayment or prepayment of a Lender's share in a Loan will be the last day of the
current Term for that Loan or, if earlier, the date specified by the Borrower in its notification. |
| 8.6.4 | If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the Lender continues
to be a Defaulting Lender, give the Facility Agent five Business Days' notice of cancellation of the Available Commitment of that
Lender. |
| 8.6.5 | On the notice referred to in sub-clause 8.6.4 above becoming effective, the Available Commitment
of the Defaulting Lender shall immediately be reduced to zero. |
| 8.6.6 | The Facility Agent shall as soon as practicable after receipt of a notice referred to in sub-clause
8.6.4 above, notify all the Lenders. |
Any voluntary prepayment of a
Loan may be re-borrowed on the terms of this Agreement. Any mandatory or involuntary prepayment of a Loan may not be re-borrowed.
| 8.8 | Miscellaneous provisions |
| 8.8.1 | Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must specify
the relevant date(s) and the affected Loans and Commitments. The Facility Agent must notify the Lenders promptly of receipt of
any such notice. |
| 8.8.2 | All prepayments under this Agreement must be made with accrued interest on the amount prepaid.
No premium or penalty is payable in respect of any prepayment except for Break Costs. |
| 8.8.3 | The Majority Lenders may agree a shorter notice period for a voluntary prepayment or a voluntary
cancellation. |
| 8.8.4 | No prepayment or cancellation is allowed except in accordance with the express terms of this Agreement. |
| 8.8.5 | Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under
this Agreement may subsequently be reinstated. |
| 9.1 | Calculation of interest |
The rate of interest on each Loan
for each Term is the percentage rate per annum equal to the aggregate of the applicable:
| 9.1.2 | LIBOR, or in relation to any Loan in euro, EURIBOR. |
Except where it is provided to
the contrary in this Agreement, the Borrower must pay accrued interest on each Loan made to it on the last day of each Term and
also, if the Term is longer than six months, on the dates falling at six-monthly intervals after the first day of that Term.
| 9.3 | Interest on overdue amounts |
| 9.3.1 | If the Borrower fails to pay any amount payable by it under the Finance Documents on its due date,
it must immediately on demand by the Facility Agent pay interest on the overdue amount from its due date up to the date of actual
payment, both before, on and after judgment. |
| 9.3.2 | Interest on an overdue amount is payable at a rate determined by the Facility Agent to be one per
cent. per annum above the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted
a Loan in the currency of the overdue amount. For this purpose, the Facility Agent may (acting reasonably): |
| (a) | select successive Terms of any duration of up to three months; and |
| (b) | determine the appropriate Rate Fixing Day for that Term. |
| 9.3.3 | Notwithstanding sub-clause 9.3.2 above, if the overdue amount is a principal amount of a Loan
and becomes due and payable prior to the last day of its current Term, then: |
| (a) | the first Term for that overdue amount will be the unexpired portion of that Term; and |
| (b) | the rate of interest on the overdue amount for that first Term will be one per cent. per annum
above the rate then payable on that Loan. |
After the expiry of the first Term
for that overdue amount, the rate on the overdue amount will be calculated in accordance with sub-clause 9.3.2 above.
| 9.3.4 | Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the end
of each of its Terms but will remain immediately due and payable. |
| 9.4 | Notification of rates of interest |
| 9.4.1 | The Facility Agent must promptly notify each relevant Party of the determination of a rate of interest
under this Agreement. |
| 9.4.2 | The Facility Agent shall promptly notify the Borrower of each Funding Rate relating to a Loan. |
| 10.1.1 | Each Loan has one Term only. |
| 10.1.2 | The Borrower must select the Term for a Loan in the relevant Request. |
| 10.1.3 | Subject to the following provisions of this Clause, each Term for a Loan will be one, two, three
or six months or any other period agreed between the Borrower and the Lenders in relation to the relevant Loan. |
| 10.1.4 | A Term for a Loan shall start on the Drawdown Date for that Loan. |
| 10.2 | No overrunning the Final Maturity Date |
If a Term would otherwise overrun
the earliest then applicable Final Maturity Date, it will be shortened so that it ends on such Final Maturity Date.
| 10.3.1 | The Facility Agent and the Borrower may enter into such other arrangements as they may agree for
the adjustment of Terms and the consolidation and/or splitting of Loans. |
| 10.3.2 | Subject to sub-clause 10.3.3 below, if two or more Terms in respect of Loans denominated in
the same currency end on the same date, those Loans will, unless the Borrower specifies to the contrary in the Request for the
next Term, be consolidated into, and treated as, a single Loan on the last day of the Term. |
| 10.3.3 | Subject to Clause 4.4 (Maximum Number) and Clause 5.2 (Completion of Requests)
if the Borrower requests in a Request that a Loan be divided into two or more Loans, that Loan will, on the last day of its Term,
be so divided into the amounts specified in that Request, having an aggregate amount equal to the amount of and in the same currency
as the Loan immediately before its division. |
The Facility Agent must notify
the Borrower and the Lenders of the duration of each Term promptly after ascertaining its duration.
| 11. | Changes To The Calculation Of Interest |
| 11.1 | Unavailability of Screen Rate |
| 11.1.1 | Interpolated Screen Rate: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR
for the Term of a Loan, the applicable LIBOR or EURIBOR shall be the Interpolated Screen Rate for a period equal in length to the
Term of that Loan. |
| 11.1.2 | Cost of funds: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR for: |
| (a) | the currency of a Loan; or |
| (b) | the Term of a Loan and it is not possible to calculate the Interpolated Screen Rate, |
there shall be
no LIBOR or EURIBOR for that Loan and Clause 11.3 (Cost of funds) shall apply to that Loan for that Term.
If before close of business in
London on the Rate Fixing Day for the relevant Term the Facility Agent receives notifications from a Lender or Lenders (whose participations
in a Loan exceed 50 per cent. of that Loan) that the cost to it of funding its participation in that Loan from whatever source
it may reasonably select would be in excess of LIBOR or, if applicable, EURIBOR then Clause 11.3 (Cost of funds) shall
apply to that Loan for the relevant Term.
| 11.3.1 | If this Clause 11.3 applies, the rate of interest on each Lender's share of the relevant Loan
for the relevant Term shall be the percentage rate per annum which is the sum of: |
| (b) | the rate notified to the Facility Agent by that Lender as soon as practicable and in any event
before interest is due to be paid in respect of that Term, to be that which expresses as a percentage rate per annum the cost to
the relevant Lender of funding its participation in that Loan from whatever source it may reasonably select. |
| 11.3.2 | If this Clause 11.3 applies and the Facility Agent or the Borrower so requires, the Facility
Agent and the Borrower shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute
basis for determining the rate of interest. |
| 11.3.3 | Any alternative basis agreed pursuant to sub-clause 11.3.2 above shall, with the prior consent
of all the Lenders and the Borrower, be binding on all Parties. |
| 11.4.1 | 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 a Loan or Unpaid Sum being paid by the Borrower on a day other than the
last day of a Term for that Loan or Unpaid Sum. |
| 11.4.2 | Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide
a certificate confirming the amount of its Break Costs for any Term in which they accrue. |
| 12. | Tax gross-up and indemnities |
"Qualifying
Lender" means:
| (a) | a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance
under a Finance Document and is: |
| (A) | which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under
a Finance Document and which is within the charge to United Kingdom corporation tax as respects any payments of interest made in
respect of that advance or would be within such charge as respects such payment apart from section 18A of the CTA 2009; or |
| (B) | in respect of an advance made under a Finance Document by a person that was a bank (as defined
for the purpose of section 879 of the ITA) at the time that that advance was made, and which is within the charge to United Kingdom
corporation tax as respects any payments of interest made in respect of that advance; or |
| (A) | a company resident in the United Kingdom for United Kingdom tax purposes; |
| (B) | a partnership each member of which is: |
| (1) | a company so resident in the United Kingdom; or |
| (2) | a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account in computing its chargeable |
profits (within the meaning of section
19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17
of the CTA 2009; or
| (C) | a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the CTA 2009) of that company; or |
| (b) | a Lender which is a building society (as defined for the purpose of section 880 of the ITA) making
an advance under a Finance Document. |
"Tax Confirmation"
means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance
under a Finance Document is either:
| (a) | a company resident in the United Kingdom for United Kingdom tax purposes; |
| (b) | a partnership each member of which is: |
| (iv) | a company so resident in the United Kingdom; or |
| (v) | a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section
19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17
of the CTA 2009; or |
| (c) | a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the CTA 2009) of that company. |
"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, other than a FATCA Deduction.
"Treaty
Lender" means a Lender which:
| (a) | is treated as a resident of a Treaty State for the purposes of the Treaty; |
| (b) | does not carry on a business in the United Kingdom through a permanent establishment with which
that Lender's participation in the Loan is effectively connected; and |
| (c) | meets all other conditions which must be met under the Treaty for residents of such Treaty State
to obtain full exemption from tax on interest imposed by the United Kingdom, except that for this purpose it shall be assumed that
the following are satisfied: |
| (vi) | any condition which relates (expressly or by implication) to the amounts or terms of any Loan or
the Finance Documents or any condition which relates (expressly or by implication) to there not being a special relationship between
the Borrower and the Finance Party or between them both and another person; and |
| (vii) | any necessary procedural formality. |
"Treaty
State" means a jurisdiction having a double taxation agreement (a "Treaty") with the United Kingdom which
makes provision for full exemption from tax imposed by the United Kingdom on interest.
"UK Non-Bank
Lender" means where a Lender becomes a Party after the day on which this Agreement is entered into, a Lender which gives
a Tax Confirmation in the Assignment Agreement, Transfer Certificate or Increase Confirmation which it executes on becoming a Party.
| 12.1.2 | 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. |
| 12.2.1 | The Borrower shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by law. |
| 12.2.2 | The Borrower shall promptly upon becoming aware that it must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall notify
the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification
from a Lender it shall notify the Borrower. |
| 12.2.3 | If a Tax Deduction is required by law to be made by the Borrower, the amount of the payment due
from the Borrower 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. |
| 12.2.4 | A payment shall not be increased under sub-clause 12.2.3 above by reason of a Tax Deduction
on account of Tax imposed by the United Kingdom, if on the date on which the payment falls due: |
| (a) | the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had
been 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 or Treaty, or any published practice or published concession of any relevant taxing authority; or |
| (b) | the relevant Lender is a Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition
of Qualifying Lender and: |
| (i) | an officer of HM Revenue & Customs has given (and not revoked) a direction (a "Direction")
under section 931 of the ITA which relates to the payment and that Lender has received from the Borrower a certified copy of that
Direction; and |
| (ii) | the payment could have been made to the Lender without any Tax Deduction if that Direction had
not been made; or |
| (c) | the relevant Lender is a Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition
of Qualifying Lender and: |
| (i) | the relevant Lender has not given a Tax Confirmation to the Borrower; and |
| (ii) | the payment could have been made to the Lender without any Tax Deduction if the Lender had given
a Tax Confirmation to the Borrower on the basis that the Tax Confirmation would have enabled the Borrower to have formed a reasonable
belief that the payment was an "excepted payment" for the purpose of section 930 of the ITA; or |
| (d) | the relevant Lender is a Treaty Lender and the Borrower 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
sub-clause 12.2.7 below. |
| 12.2.5 | If the Borrower is required to make a Tax Deduction, the Borrower 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. |
| 12.2.6 | Within thirty days of making either a Tax Deduction or any payment required in connection with
that Tax Deduction, the Borrower making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled to
the payment a statement under Section 975 of the ITA, or other evidence reasonably satisfactory to that Finance Party that the
Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. |
| (a) | Subject to paragraph (b) below, a Treaty Lender and the Borrower which makes a payment to
which that Treaty Lender is entitled shall co-operate |
in completing any procedural formalities
necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction.
| (b) | Nothing in paragraph (a) above shall require a Treaty Lender to: |
| (i) | register under the HMRC DT Treaty Passport scheme; |
| (ii) | apply the HMRC DT Treaty Passport scheme to any Loan if it has so registered; or |
| (iii) | file Treaty forms if it has included an indication to the effect that it wishes the HMRC DT Treaty
Passport scheme to apply to this Agreement in accordance with sub-clause 12.2.9 below or sub-clause 12.6.1 of Clause 12.6
(HMRC DT Treaty Passport scheme confirmation) and the Borrower making that payment has not complied with its obligations
under sub-clause 12.2.10 below or sub-clause 12.6.2 of Clause 12.6 (HMRC DT Treaty Passport scheme confirmation). |
| 12.2.8 | A UK Non-Bank Lender shall promptly notify the Borrower and the Facility Agent if there is any
change in the position from that set out in the Tax Confirmation. |
| 12.2.9 | A Treaty Lender which becomes a Party on the day on which this Agreement is entered into that holds
a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall include an
indication to that effect (for the benefit of the Facility Agent and without liability to the Borrower) by including its scheme
reference number and its jurisdiction of tax residence opposite its name in Schedule 1 (Original Parties). |
| 12.2.10 | Where a Lender includes the indication described in sub-clause 12.2.9 above in Schedule 1
(Original Parties), the Borrower shall file a duly completed form DTTP2 in respect of such Lender with HM Revenue &
Customs within 30 days of the date of this Agreement and shall promptly provide the Lender with a copy of that filing provided
that the Borrower shall not be liable in respect of any non-compliance with its obligations under this sub-clause 12.2.10
where such non-compliance is due to circumstances beyond the control of the Borrower (including, without limitation, any delay,
failure or omission on the part of the relevant Lender or the Facility Agent to comply with any obligation owed to the Borrower,
or to any inaccuracy in any information provided by the relevant Lender or the Facility Agent in connection with the DT Treaty
Passport scheme). |
| 12.2.11 | Any Lender which has confirmed that it is entitled to use its DT Treaty Passport in accordance
with sub-clause 12.2.9 or sub-clause 12.6.1 of Clause 12.6 (HMRC DT Treaty Passport scheme confirmation)
will reasonably promptly notify the Facility Agent and the Borrower if at any time it ceases to holds a passport under the HMRC
DT Treaty Passport scheme or if it ceases to be able to use such passport as a Lender. |
| 12.2.12 | If a Lender has not included an indication to the effect that it wishes the HMRC DT Treaty Passport
scheme to apply to this Agreement in accordance with sub- |
clause 12.2.9 above or sub-clause 12.6.1
of Clause 12.6 (HMRC DT Treaty Passport scheme confirmation), the Borrower shall not file any form relating to the
HMRC DT Treaty Passport scheme in respect of that Lender's Commitment or its participation in any Loan.
| 12.3.1 | Except as provided below, the Borrower must indemnify a Finance Party, within three Business Days
of demand, against any loss or liability which that Finance Party (in its absolute discretion) determines will be or has been suffered
(directly or indirectly) by that Finance Party for or on account of Tax in relation to a payment received or receivable (or any
payment deemed to be received or receivable) under a Finance Document. |
| 12.3.2 | Sub-clause 12.3.1 above does not apply to any Tax assessed on a Finance Party under the laws
of the jurisdiction in which: |
| (a) | that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which
that Finance Party is treated as resident for tax purposes; or |
| (b) | that Finance Party's Facility Office is located in respect of amounts received or receivable in
that jurisdiction, |
if that Tax is imposed on or calculated
by reference to the net income received or receivable by that Finance Party. However, any payment deemed to be received or receivable,
including any amount treated as income but not actually received by the Finance Party, such as a Tax Deduction, will not be treated
as net income received or receivable for this purpose.
| 12.3.3 | Sub-clause 12.3.1 above does not apply to any Tax assessed on a Finance Party to the extent
the loss or liability: |
| (a) | is compensated for by an increased payment under Clause 12.2 (Tax gross-up); |
| (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 Clause 12.2 (Tax gross-up) applied; or |
| (c) | relates to a FATCA Deduction required to be made by a Party. |
| 12.3.4 | A Finance Party making, or intending to make, a claim under sub-clause 12.3.1 above must promptly
notify the Borrower of the event which will give, or has given, rise to the claim. |
If the Borrower makes a Tax Payment
and the relevant Finance Party determines that:
| 12.4.1 | a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that
Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and |
| 12.4.2 | that Finance Party has obtained and utilised that Tax Credit, |
then, if in its discretion (acting
reasonably) it can do so without any further adverse consequences for it, the Finance Party shall pay an amount to the Borrower
which that Finance Party determines will leave it (after that payment) in the same after Tax position as it would have been in
had the Tax Payment not been required to be made by the Borrower.
| 12.5 | Lender Status Confirmation |
Each Lender which becomes a Party
to this Agreement after the date of this Agreement shall indicate, in the Transfer Certificate, Assignment Agreement or Increase
Confirmation which it executes on becoming a Party, and for the benefit of the Facility Agent and without liability to the Borrower,
which of the following categories it falls in:
| 12.5.1 | not a Qualifying Lender; |
| 12.5.2 | a Qualifying Lender (other than a Treaty Lender); or |
If a New Lender or Increase Lender
fails to indicate its status in accordance with this Clause 12.5 then such New Lender or Increase Lender shall be treated
for the purposes of this Agreement as if it is not a Qualifying Lender until such time as it notifies the Facility Agent which
category applies (and the Facility Agent, upon receipt of such notification, shall inform the Borrower). For the avoidance of doubt,
a Transfer Certificate, Assignment Agreement or Increase Confirmation shall not be invalidated by any failure of a Lender to comply
with this Clause 12.5.
| 12.6 | HMRC DT Treaty Passport scheme confirmation |
| 12.6.1 | A New Lender or Increase Lender that is a Treaty Lender that holds a passport under the HMRC DT
Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall include an indication to that effect (for
the benefit of the Facility Agent and without liability to the Borrower) in the Assignment Agreement, Transfer Certificate or Increase
Confirmation (as applicable) which it executes by including its scheme reference number and its jurisdiction of tax residence in
that Assignment Agreement, Transfer Certificate or Increase Confirmation. |
| 12.6.2 | Where a New Lender or Increase Lender includes the indication described in sub-clause 12.6.1
above in the relevant Assignment Agreement, Transfer Certificate or Increase Confirmation (as applicable) the Borrower shall file
a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of the relevant Transfer Date
or the date on which such increase takes effect and shall promptly provide the Lender with a copy of that filing. |
The Borrower shall pay and, within
three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation
to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document, except for any such Tax payable
in respect of a Transfer Certificate or other transfer or disposal of a Lender's rights or obligations under a Finance Document.
| 12.8.1 | All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which
(in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which
is chargeable on that supply and, accordingly, subject to sub-clause 12.8.2 below, if VAT is or becomes chargeable on any
supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant
tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration
for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice
to that Party). |
| 12.8.2 | If VAT is or becomes chargeable on any supply made by any Finance Party (the "Supplier")
to any other Finance Party (the "Recipient") under a Finance Document, and any Party other than the Recipient
(the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the consideration
for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): |
| (a) | (where the Supplier is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount
of the VAT. The Recipient must (where this paragraph (a) applies) promptly pay to the Relevant Party an amount equal to any credit
or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT
chargeable on that supply; and |
| (b) | (where the Recipient is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must promptly, following demand from the Recipient pay to the Recipient an amount equal to the VAT chargeable
on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT. |
| 12.8.3 | Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost
or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or
expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it
is entitled to credit or repayment in respect of such VAT from the relevant tax authority. |
| 12.8.4 | Any reference in this Clause 12.8 to any Party shall, at any time when such Party is treated
as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the
representative member of such group at such time (the term "representative member" to have the same meaning as in the
Value Added Tax Act 1994). |
| 12.8.5 | In relation to any supply made by a Finance Party to any Party under a Finance Document if reasonably
requested by such Finance Party that Party must promptly provide such Finance Party with details of that Party's VAT registration
and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation
to such supply. |
| 12.9.1 | Subject to sub-clause 12.9.3 below, each Party shall, within ten Business Days of a reasonable
request by another Party: |
| (a) | confirm to that other Party whether it is: |
| (i) | a FATCA Exempt Party; or |
| (ii) | not a FATCA Exempt Party; |
| (b) | supply to that other Party such forms, documentation and other information relating to its status
under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and |
| (c) | supply to that other Party such forms, documentation and other information relating to its status
as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange
of information regime. |
| 12.9.2 | If a Party confirms to another Party pursuant to paragraph (a) of sub-clause 12.9.1 above that
it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party
shall notify that other Party reasonably promptly. |
| 12.9.3 | Sub-clause 12.9.1 above shall not oblige any Finance Party to do anything, and paragraph (c) of
sub-clause 12.9.1 above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute
a breach of: |
| (a) | any law or regulation; |
| (b) | any fiduciary duty; or |
| (c) | any duty of confidentiality. |
| 12.9.4 | If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with paragraphs (a) or (b) of sub-clause 12.9.1 above (including, for the avoidance
of doubt, where sub-clause 12.9.3 above applies), then such Party shall be treated |
for the purposes of the Finance
Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the
requested confirmation, forms, documentation or other information.
| 12.10.1 | Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such
a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. |
| 12.10.2 | Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition,
shall notify the Borrower and the Facility Agent and the Facility Agent shall notify the other Finance Parties. |
Except as provided below in this
Clause, the Borrower must pay to a Finance Party the amount of any Increased Cost incurred by that Finance Party or any of its
Affiliates as a result of:
| 13.1.1 | the introduction of, or any change in, or any change in the interpretation, administration or application
of, any law or regulation; |
| 13.1.2 | compliance with any law or regulation made after the date of this Agreement; |
| 13.1.3 | the implementation or application of, or compliance with, Basel III or CRD IV or any law or regulation
that implements or applies Basel III or CRD IV to the extent such increased costs were not reasonably capable of being accurately
calculated prior to the date of this Agreement; or |
| 13.1.4 | compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act or any law or regulation
made under, or connected with, that Act. |
The Borrower need not make any
payment for an Increased Cost to the extent that the Increased Cost is:
| 13.2.1 | compensated for under another Clause or would have been but for an exception to that Clause; |
| 13.2.2 | attributable to a Tax Deduction required by law to be made by the Borrower; |
| 13.2.3 | 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);
| 13.2.4 | attributable to a FATCA Deduction required to be made by a Party; |
| 13.2.5 | attributable to a Finance Party or its Affiliate wilfully failing to comply with any law or regulation;
or |
| 13.2.6 | attributable to the implementation or application of or compliance with the "International
Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee on Banking
Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III)
("Basel II") or any other law or regulation which implements Basel II (whether such implementation, application
or compliance is by a government, regulator, Finance Party or any of its Affiliates). |
A Finance Party intending to make
a claim for an Increased Cost must notify the Borrower promptly of the circumstances giving rise to, and the amount of, the claim.
| 14.1.1 | Each Finance Party shall, in consultation with the Borrower (other than upon the occurrence of
an event referred to at paragraph (d) below where no such consultation is required), take all reasonable steps to mitigate any
circumstances which arise and which result or would result in the Facility ceasing to be available or: |
| (a) | any Tax Payment or Increased Cost being payable to that Finance Party; |
| (b) | that Finance Party being able to exercise any right of prepayment and/or cancellation under this
Agreement by reason of any illegality; |
| (c) | that Finance Party incurring any cost of complying with the minimum reserve requirements of the
European Central Bank; or |
| (d) | the occurrence of any market disruption event, |
including transferring its rights
and obligations under the Finance Documents to an Affiliate or changing its Facility Office.
| 14.1.2 | A Finance Party is not obliged to take any step under this Clause 14 if, in the opinion of
that Finance Party (acting reasonably), to do so might be prejudicial to it. |
| 14.1.3 | Each Finance Party must promptly notify the Borrower of any circumstances as described in paragraphs
(a) to (d) of sub-clause 14.1.1 of this Clause 14.1. |
| 14.1.4 | The Borrower must indemnify each Finance Party for all costs and expenses reasonably incurred by
it as a result of any step taken under this Clause 14.1. |
| 14.1.5 | This Clause does not in any way limit the obligations of the Borrower under the Finance Documents. |
Notwithstanding Clause 14.1 (Mitigation),
if any circumstances arise which result in:
| 14.2.1 | any Tax Payment or Increased Cost being payable to that Finance Party; |
| 14.2.2 | that Finance Party being able to exercise any right of prepayment and/or cancellation under this
Agreement by reason of any illegality; |
| 14.2.3 | that Finance Party incurring any cost of complying with the minimum reserve requirements of the
European Central Bank; or |
| 14.2.4 | the occurrence of any market disruption event, |
then the Borrower, at its expense,
at any time within 180 days after the occurrence of the relevant event or circumstance, so long as no Default is outstanding, may
by notice to the Facility Agent and such Finance Party require it (and, if applicable, its Affiliate) to (and to the extent permitted
by law such Finance Party or, if applicable, its Affiliate shall) novate pursuant to Clause 28 (Changes to the Parties)
all (and not part only) of its rights and obligations under this Agreement to a bank, financial institution, trust, fund or other
entity (a "Replacement Finance Party") selected by the Borrower, and which is acceptable to the Facility Agent
(acting reasonably) (unless the Facility Agent is an Impaired Agent), which confirms its willingness to assume and does assume
all the obligations of the transferring Finance Party (including the assumption of the transferring Finance Party's participations
or unfunded participations (as the case may be) on the same basis as the transferring Finance Party) for a purchase price in cash
payable at the time of transfer in an amount equal to the outstanding principal amount of such Finance Party's participation in
the outstanding Loans and all accrued interest (to the extent that the Facility Agent has not given a notification under Clause
28.9 (Pro rata interest settlement)), Break Costs and other amounts payable to such Finance Party under the Finance Documents
provided that:
| 14.2.5 | the Borrower shall have paid to the Finance Party (or, if applicable, its Affiliate) all amounts
accrued and owing to such Finance Party (or, if applicable, its Affiliate) hereunder; |
| 14.2.6 | the Borrower shall have no right to replace the Facility Agent; |
| 14.2.7 | neither the Facility Agent nor such Finance Party shall have any obligation to the Borrower to
find a Replacement Finance Party; |
| 14.2.8 | the transfer must take place no later than 14 days after the notice referred to above; |
| 14.2.9 | in no event shall such Finance Party be required to pay or surrender to the Replacement Finance
Party any of the fees received by such Finance Party pursuant to the Finance Documents; and |
| 14.2.10 | the Finance Party shall only be obligated to transfer its rights and obligations pursuant to this
Clause 14.2 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 that transfer to the Replacement Finance Party. |
Notwithstanding the above, the
Borrower shall not be entitled to require a novation under this Clause 14.2 with respect to any Finance Party if:
| 14.2.11 | the relevant Finance Party shall have mitigated the effect of the relevant event or circumstance
as provided in sub-clause 14.1.1 of Clause 14.1 (Mitigation), and the novation would have no greater or further
mitigating effect; or |
| 14.2.12 | the relevant event or circumstances are applicable to all Finance Parties. |
| 14.3 | Conduct of business by a Finance Party |
No term of this Agreement will:
| 14.3.1 | interfere with the right of any Finance Party to arrange its affairs (Tax or otherwise) in whatever
manner it thinks fit or oblige any Finance Party to investigate or claim any Tax Credit; or |
| 14.3.2 | oblige any Finance Party to disclose any information relating to its affairs (Tax or otherwise)
or any computation in respect of Tax. |
Unless a Finance Document specifies
that payments under it are to be made in another manner, all payments by a Party (other than the Facility Agent) under the Finance
Documents must be made to the Facility Agent to its account at such office or bank in 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 as it may notify
to that Party for this purpose by not less than five Business Days' prior notice.
Payments under the Finance Documents
to the Facility Agent must be made for value on the due date at such times and in such funds as the Facility Agent may specify
to the Party concerned as being customary at the time for the settlement of transactions in the relevant currency in the place
of payment.
| 15.3.1 | Each payment received by the Facility Agent under the Finance Documents for another Party must,
except as provided below, be made available by the Facility |
Agent to that Party by payment (as
soon as practicable after receipt) to its account with such office or bank:
| (a) | in the principal financial centre of the country of that currency; or |
| (b) | in relation to euro, in a principal financial centre in a Participating Member State or London, |
in each case, as it may to that
Party for this purpose by not less than five Business Days' prior notice.
| 15.3.2 | The Facility Agent may apply any amount received by it for the Borrower in or towards payment (as
soon as practicable after receipt) of any amount due from the Borrower under the Finance Documents or in or towards the purchase
of any amount of any currency to be so applied. |
| 15.3.3 | Where a sum is paid to the Facility Agent under this Agreement for another Party, the Facility
Agent is not obliged to pay that sum to that Party (or enter into or perform any related exchange contract) until it has established
that it has actually received it. However, the Facility Agent may assume that the sum has been paid to it, and, in reliance on
that assumption, make available to that Party a corresponding amount. Unless sub-clause 15.3.4 applies, if it transpires that the
sum has not been received by the Facility Agent, that Party must immediately on demand by the Facility Agent refund any corresponding
amount made available to it together with interest on that amount from the date of payment to the date of receipt by the Facility
Agent at a rate calculated by the Facility Agent to reflect its cost of funds. |
| 15.3.4 | If the Facility Agent has notified the Lenders that it is willing to make available amounts for
the account of the Borrower before receiving funds from the Lenders then if and to the extent that the Facility Agent does so but
it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrower: |
| (a) | the Borrower shall on demand refund it to the Facility Agent; and |
| (b) | the Lender by whom those funds should have been made available or, if that Lender fails to do so,
the Borrower shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the
Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that
Lender. |
| 15.4.1 | Subject to sub-clauses 15.4.2 and 15.4.5 below, the Base Currency is the currency of account and
payment for any sum due from the Borrower under any Finance Document. |
| 15.4.2 | A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency
in which that Loan or Unpaid Sum is denominated, pursuant to this Agreement, on its due date. |
| 15.4.3 | Each payment of interest shall be made in the currency in which the sum in respect of which the
interest is payable was denominated, pursuant to this Agreement, when that interest accrued. |
| 15.4.4 | Amounts payable in respect of costs and expenses and Taxes are payable in the currency in which
they are incurred. |
| 15.4.5 | Any amount expressed to be payable in a currency other than the Base Currency shall be paid in
that other currency. |
| 15.5 | No set-off or counterclaim |
All payments made by the Borrower
under the Finance Documents must be made without set-off or counterclaim.
| 15.6.1 | If a payment under the Finance Documents is due on a day which is not a Business Day, the due date
for that payment will instead be the next Business Day in the same calendar month (if there is one) or the preceding Business Day
(if there is not) or whatever day the Facility Agent determines is market practice. |
| 15.6.2 | During any extension of the due date for payment of any principal (or overdue amount) under this
Agreement interest is payable on that principal (or overdue amount) at the rate payable on the original due date. |
| 15.7.1 | If, at any time, the Facility Agent becomes an Impaired Agent, the Borrower or a Lender which is
required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 15.1 (Place)
may instead either pay that amount direct to the required recipient or pay that amount to an interest bearing account held with
an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Borrower or
the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to
that payment under the Finance Documents. In each case such payments must be made on the due date for payment under the Finance
Documents. |
| 15.7.2 | All interest accrued on the amount standing to the credit of the trust account shall be for the
benefit of the beneficiaries of that trust account pro rata to their respective entitlements. |
| 15.7.3 | A Party which has made a payment in accordance with this Clause 15.7 shall be discharged of
the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing
to the credit of the trust account. |
| 15.7.4 | Promptly upon the appointment of a successor Facility Agent in accordance with Clause 21.13
(Replacement of the Facility Agent), each Party which has made a payment to a trust account in accordance with this Clause 15.7
shall give all requisite instructions to the bank with whom the trust account is held to |
transfer the amount (together with
any accrued interest) to the successor Facility Agent for distribution in accordance with Clause 15.3 (Distribution).
| 15.7.5 | For the purposes of this Clause 15.7 only, an Acceptable Bank shall include any bank or financial
institution approved by the Facility Agent or, if the Facility Agent is an Impaired Agent, the Majority Lenders. |
| 15.8.1 | If any Administrative Party receives a payment insufficient to discharge all the amounts then due
and payable by the Borrower under the Finance Documents, the Administrative Party must apply that payment towards the obligations
of the Borrower under the Finance Documents in the following order: |
| (a) | first, in or towards payment pro rata of any unpaid amounts owing to the Administrative
Parties under the Finance Documents; |
| (b) | secondly, in or towards payment pro rata of any accrued interest or fee due but unpaid
under this Agreement; |
| (c) | thirdly, in or towards payment pro rata of any principal amount due but unpaid under
this Agreement; and |
| (d) | fourthly, in or towards payment pro rata of any other sum due but unpaid under the
Finance Documents. |
| 15.8.2 | The Facility Agent must, if so directed by all the Lenders, vary the order set out in paragraphs
(a) to (d) of sub-clause 15.8.1 of this Clause 15.8. |
| 15.8.3 | This Clause will override any appropriation made by the Borrower. |
If a Finance Document does not
provide for when a particular payment is due, that payment will be due within three Business Days of demand by the relevant Finance
Party.
The representations set out in
this Clause are made by the Borrower to each Finance Party.
It is a limited liability company,
duly incorporated and validly existing under the Companies Act 2006 in England and Wales.
It has the power to enter into
and perform, and has taken all necessary action to authorise the entry into and performance of, the Finance Documents to which
it is or will be a party and the transactions contemplated by those Finance Documents.
Subject to any general principles
of law limiting its obligations and referred to in any legal opinion required under this Agreement, each Finance Document to which
it is a party is its legally binding, valid and enforceable obligation.
The entry into and performance
by it of, and the transactions contemplated by, the Finance Documents do not conflict with any borrowing or other power or restriction
granted or imposed by:
| 16.5.1 | any law or regulation applicable to it and violation of which has or is likely to have a Material
Adverse Effect; or |
| 16.5.2 | its constitutional documents. |
| 16.6.1 | No Event of Default is outstanding or might reasonably be expected to result from the making of
any Loan. |
| 16.6.2 | No other event or circumstance is outstanding which constitutes a default 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 might have a Material Adverse Effect. |
All authorisations required by
it (including any authorisations required under PUHCA or the Act, if any):
| 16.7.1 | in connection with the entry into, performance, validity and enforceability of, and the transactions
contemplated by, the Finance Documents; and |
| 16.7.2 | to make the Finance Documents admissible in evidence in England and Wales, |
have been obtained or effected
(as appropriate) and are in full force and effect.
Its and each of the Distribution
Companies' audited consolidated financial statements most recently delivered to the Facility Agent (which, at the date of this
Agreement, are the Original Financial Statements):
| 16.8.1 | have been prepared in accordance with accounting principles and practices generally accepted in
its jurisdiction of incorporation, consistently applied; and |
| 16.8.2 | fairly represent its consolidated financial condition as at the date to which they were drawn up, |
except, in each case, as disclosed
to the contrary in those financial statements.
| 16.9 | No material adverse change |
Other than as disclosed in writing
to the Arranger prior to the date of this Agreement, there has been no material adverse change in its consolidated financial condition
since the date to which the Original Financial Statements were drawn up.
No litigation, arbitration or
administrative proceedings are current or, to its knowledge, pending or threatened, which, if adversely determined, are reasonably
likely to have a Material Adverse Effect.
No meeting has been convened for
its winding-up and, so far as it is aware, no petition, application or the like is outstanding for its winding-up.
| 16.12 | Non-Violation of other Agreements: |
Its entry into, exercise of its
rights and/or performance of or compliance with its obligations under this Agreement do not and will not violate, to an extent
or in a manner which has or is likely to have a Material Adverse Effect on it, any agreement to which it is a party or which is
binding on it.
| 16.13 | Governing Law and Enforcement |
| 16.13.1 | The choice of English law as the governing law of the Finance Documents will be recognised and
enforced in its jurisdiction of incorporation. |
| 16.13.2 | Any judgement obtained in England in relation to a Finance Document will be recognised and enforced
in its jurisdiction of incorporation. |
It is not required to make any
deduction for or on account of Tax from any payment it may make under any Finance Document to a Lender which is:
| 16.14.1 | a Qualifying Lender: |
| (a) | falling within paragraph (a)(i) of the definition of Qualifying Lender; or |
| (b) | except where a Direction has been given under section 931 of the ITA in relation to the payment
concerned, falling within paragraph (a)(ii) of the definition of Qualifying Lender; or |
| (c) | falling within paragraph (b) of the definition of Qualifying Lender; or |
| 16.14.2 | a Treaty Lender and the payment is one specified in a direction given by the Commissioners of Revenue
& Customs under Regulation 2 of the Double Taxation Relief (Taxes on Income) (General) Regulations 1970 (SI 1970/488). |
| 16.15 | No filing or stamp taxes |
Under the law of its jurisdiction
of incorporation 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 or similar tax be paid on or in relation to the Finance Documents (which for
these purposes does not include a Transfer Certificate or other transfer or disposal of a Lender's rights or obligations under
a Finance Document) or the transactions contemplated by the Finance Documents.
| 16.16 | No misleading information |
| 16.16.1 | Any factual information provided by any member of the Group to any Finance Party in connection
with the Facility was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which
it is stated. |
| 16.16.2 | Nothing has occurred or been omitted from the information provided to any Finance Party in connection
with the Facility and no information has been given or withheld that results in the information provided being untrue or misleading
in any material respect. |
Its payment obligations under
the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors,
except for obligations mandatorily preferred by law applying to companies generally.
Each Licence is in full force
and effect and there is no investigation or proceeding current, pending or threatened which could, if adversely determined, result
in the termination of any Licence.
Each member of the Group has conducted
its businesses in compliance with applicable anti-corruption laws and has instituted and maintained policies and procedures designed
to promote and achieve compliance with such laws.
No member of the Group or, to
the knowledge of the Company, any director, officer employee, agent, affiliate or representative of any member of the Group is
an individual or entity (the "Person") currently the subject of any sanctions administered or enforced by the
U.S. Department of Treasury's Office of Foreign Assets Control (the "OFAC"), the U.S. Department of State, the
United Nations Security Council (the "UNSC"), the
European Union, Her Majesty's
Treasury (the "HMT"), or other relevant sanctions authority (collectively, "Sanctions"), nor
is any member of the Group located, organized or resident in a country or territory that is the subject of Sanctions. The Borrower
represents for itself and on behalf of other members of the Group that no member of the Group will, directly or indirectly, use
the proceeds of the transaction, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other Person, to fund any activities of or business with any Person, or in Burma/Myanmar, Syria, Cuba, Iran, North Korea,
Sudan, the Crimea region or in any other country or territory, that, at the time of such funding, is the subject of Sanctions,
or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether
as underwriter, advisor, investor or otherwise) of Sanctions.
| 16.21 | Times for making representations |
| 16.21.1 | The representations set out in this Clause are made by the Borrower on the date of this Agreement. |
| 16.21.2 | The representations in Clauses 16.2 to 16.8 (inclusive), 16.10, 16.12, and 16.13, are deemed
to be repeated by the Borrower on the date of each Request and the first day of each Term. |
| 16.21.3 | When a representation is repeated, it is applied to the circumstances existing at the time of repetition. |
| 17.1.1 | The Borrower must supply to the Facility Agent (in sufficient copies for all the Lenders if the
Facility Agent so requests): |
| (a) | its and each of the Distribution Companies' audited consolidated financial statements for each
of their financial years; and |
| (b) | its interim consolidated financial statements for the first half-year of each of its financial
years. |
| 17.1.2 | All financial statements must be supplied as soon as they are available and: |
| (a) | in the case of the Borrower's and each of the Distribution Companies' audited consolidated financial
statements, within 180 days; and |
| (b) | in the case of the Borrower's interim financial statements, within 90 days, |
of the end of the relevant financial
period.
| 17.2 | Form of Financial Statement |
If any financial statement delivered
or to be delivered to the Facility Agent under Clause 17.1 is not to be or, as the case may be, has not been prepared in accordance
with Applicable Accounting Principles:
| 17.2.1 | the Borrower and the Facility Agent (on behalf of and after consultation with all the Lenders)
shall, on the request of the Facility Agent or the Borrower, negotiate in good faith with a view to agreeing such amendments to
the financial ratios and/or the definitions of the terms used in Clause 18 (Financial covenants) as are necessary to give
the Lenders comparable protection to that contemplated at the date of this Agreement; |
| 17.2.2 | if amendments are agreed by the Borrower and the Majority Lenders within 25 days, those amendments
shall take effect in accordance with the terms of that agreement; and |
| 17.2.3 | if such amendments are not so agreed within 25 days, the Borrower shall: |
| (a) | within 30 days after the end of that 25 day period; and |
| (b) | with all subsequent financial statements to be delivered to the Facility Agent under Clause 17.1, |
deliver to the Facility Agent details
of all such adjustments as need to be made to the relevant financial statements to bring them into line with the Companies Act
2006 (as in effect on the date of this Agreement) and Applicable Accounting Principles.
| 17.3 | Compliance Certificate |
| 17.3.1 | The Borrower must supply to the Facility Agent a Compliance Certificate with each set of its financial
statements sent to the Facility Agent under this Agreement. |
| 17.3.2 | Each Compliance Certificate must be signed by two directors of the Borrower. |
| 17.4 | Information - miscellaneous |
The Borrower must supply to the
Facility Agent, in sufficient copies for all the Lenders:
| 17.4.1 | copies of all documents despatched by the Borrower to its creditors generally (or any class of
them) at the same time as they are despatched; |
| 17.4.2 | promptly upon becoming aware of them, details of any litigation, arbitration or administrative
proceedings which are current, threatened or pending against any member of the Group and which might, if adversely determined,
have a Material Adverse Effect; |
| 17.4.3 | promptly, details of the loss of any Licence or any communication from OFGEM or other government
agency regarding any potential or threatened loss of any Licence; |
| 17.4.4 | promptly, details of any modification of an authorisation or other material regulatory notices
received by any Distribution Company from OFGEM or any other government agency; |
| 17.4.5 | a copy of all material information relating to any matter which is reasonably likely to have a
Material Adverse Effect which any Distribution Company supplies to, or receives from, any applicable regulatory body (including
OFGEM) (at the same time as it is supplied to, or promptly following its receipt from, the applicable regulatory body); |
| 17.4.6 | written notice of the details of any proposed changes to the Licence as soon as reasonably practicable
after becoming aware of the same (other than changes of a formal, minor or technical nature); |
| 17.4.7 | within five Business Days of receiving them, details of any change to the Rating by Moody's or
Standard & Poor's; |
| 17.4.8 | the Borrower shall deliver to the Facility Agent at such times as those reports are prepared in
order to comply with the then current statutory or auditing requirements (as applicable either to the trustees of any relevant
schemes or to the Borrower), actuarial reports in relation to all pension schemes mentioned in sub-clause 19.15.2 of Clause 19.15
(Pensions). This obligation shall apply to only those pension schemes (or groups of the Electricity Supply Pension Scheme)
of which the Borrower is at that time a participating employer and to those reports which have been provided to the Borrower; and |
| 17.4.9 | promptly on request, such further information regarding the financial condition, business and operations
of the Group as any Finance Party through the Facility Agent may reasonably request. |
| 17.5 | Notification of Default |
| 17.5.1 | The Borrower must notify the Facility Agent of any Default (and the steps, if any, being taken
to remedy it) promptly upon becoming aware of its occurrence. |
| 17.5.2 | Promptly on request by the Facility Agent, the Borrower must supply to the Facility Agent a certificate
signed by two of its directors on its behalf, certifying that no Default is outstanding or, if a Default is outstanding, specifying
the Default and the steps, if any, being taken to remedy it. |
| 17.6.1 | Except as provided below, the Borrower may deliver any information under this Agreement to a Lender
by posting it on to an electronic website if: |
| (a) | the Facility Agent and the Lender agree; |
| (b) | the Borrower and the Facility Agent designate an electronic website for this purpose; |
| (c) | the Borrower notifies the Facility Agent of the address of and password for the website; and |
| (d) | the information posted is in a format agreed between the Borrower and the Facility Agent. |
The Facility Agent must supply each
relevant Lender with the address of and password for the website.
| 17.6.2 | Notwithstanding the above, the Borrower must supply to the Facility Agent in paper form a copy
of any information posted on the website together with sufficient copies for: |
| (a) | any Lender not agreeing to receive information via the website; and |
| (b) | any other Lender within ten Business Days of request by that Lender. |
| 17.6.3 | The Borrower must promptly upon becoming aware of its occurrence, notify the Facility Agent if: |
| (a) | the website cannot be accessed; |
| (b) | the website or any information on the website is infected by any electronic virus or similar software; |
| (c) | the password for the website is changed; or |
| (d) | any information to be supplied under this Agreement is posted on the website or amended after being
posted. |
If the circumstances in paragraphs
(a) or (b) above occur, the Borrower must supply any information required under this Agreement in paper form.
| 17.7 | Know your customer requirements |
| (a) | 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; |
| (b) | any change in the status of the Borrower after the date of this Agreement; or |
| (c) | a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer, |
obliges the Facility Agent or any
Lender (or, in the case of paragraph (c) 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, the Borrower shall promptly
upon the request of the Facility Agent or any Lender supply, or procure the supply of, such documentation and other evidence as
is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case
of the event described in paragraph (c) above, on behalf of any prospective new Lender) in order for the Facility Agent, such Lender
or, in the case of the event described in paragraph (c) above, any prospective new Lender to carry out
and be satisfied it has complied
with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to
the transactions contemplated in the Finance Documents.
In this Clause:
"Cash"
means, at any time, cash denominated in a currency of an Acceptable Jurisdiction in hand or at bank and (in the latter case)
credited to an account in the name of a member of the Group with an Acceptable Bank and to which a member of the Group is alone
(or together with other members of the Group) beneficially entitled and for so long as:
| (a) | that cash is repayable: |
| (i) | if that cash is deposited with a Lender, within 180 days after the relevant date of calculation;
or |
| (ii) | if that cash is deposited with any other lender or financial institution, within 45 days after
the relevant date of calculation; |
| (b) | repayment of that cash is not contingent on the prior discharge of any other indebtedness of any
member of the Group or of any other person whatsoever or on the satisfaction of any other condition; |
| (c) | there is no Security Interest over that cash other than Security Interests permitted under paragraph
(b) of sub-clause 19.5.3 of Clause 19.5 (Negative pledge); and |
| (d) | the cash is freely and (except as mentioned in paragraph (a) above) immediately available to be
applied in repayment or prepayment of the Facility. |
"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 an Acceptable
Jurisdiction 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 recognised trading market exists; |
| (ii) | issued by an issuer incorporated in an Acceptable Jurisdiction; |
| (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 F1
or higher by 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 (or their dematerialised
equivalent) and accepted by an Acceptable Bank; |
| (e) | any investment in money market funds which: |
| (i) | have a credit rating of either A-1 or higher by Standard & Poor's Rating Services or F1 or
higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investor Services Limited; |
| (ii) | invest substantially all their assets in securities of the types described in paragraphs (a) to
(d) above; and |
| (iii) | can be turned into cash on not more than 30 days' notice; or |
| (f) | any other debt security approved by the Majority Lenders, |
in each case, denominated in a
currency of an Acceptable Jurisdiction and to which any member of the Group is alone (or together with other members of the Group)
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 Security Interests permitted under paragraph (b) of sub-clause 19.5.3 of Clause 19.5 (Negative pledge)).
"Consolidated
EBITDA" means the consolidated net pre-taxation profits of the Group for a Measurement Period as adjusted by:
| (a) | adding back Interest Payable; |
| (b) | taking no account of any exceptional or extraordinary item; |
| (c) | excluding any amount attributable to minority interests; |
| (d) | adding back depreciation and amortisation; and |
| (e) | taking no account of any revaluation of an asset or any loss or gain over book value arising on
the disposal of an asset (otherwise than in the ordinary course of trading) by a member of the Group during that Measurement Period. |
"Interest
Payable" means, in relation to any Measurement Period, all interest payable and similar charges of the Group expressed
in the relevant currency and determined on a consolidated basis in accordance with Applicable Accounting Principles but excluding
interest payable or similar charges of the Group in relation to intra-Group items, loans from Affiliates and shareholder loans
to the extent that such intra-Group
items, loans from Affiliates and/or
shareholder loans are subordinated on the terms set out in a Subordination Deed.
"Regulatory
Asset Value" means at any date, the regulatory asset value of the Distribution Companies for such date as
last determined and notified by OFGEM (interpolated as necessary and adjusted for additions to the regulatory asset value
and adjusted as appropriate for out-turn inflation / regulatory depreciation).
"Total
Net Debt" means, at any time, the consolidated Financial Indebtedness of the Group which is required to be accounted
for as debt in the consolidated annual financial statements of the Group less the aggregate at such time of all Cash or Cash Equivalent
Investments held by any member of the Group excluding intra-Group items, loans from Affiliates and shareholder loans to the extent
that such intra-Group items, loans from Affiliates and/or shareholder loans are subordinated on the terms set out in a Subordination
Deed.
| 18.2.1 | Except as provided to the contrary in this Agreement, an accounting term used in this Clause is
to be construed in accordance with the principles applied in connection with the Original Financial Statements. |
| 18.2.2 | Any amount in a currency other than Sterling is to be taken into account at its Sterling equivalent
calculated on the basis of: |
| (a) | the Agent's Spot Rate of Exchange for the purchase of the relevant currency in the London foreign
exchange market with Sterling at or about 11.00 a.m. on the day the relevant amount falls to be calculated; or |
| (b) | if the amount is to be calculated on the last day of a financial period of the Borrower, the relevant
rates of exchange used by the Borrower in, or in connection with, its financial statements for that period. |
| 18.2.3 | No item must be credited or deducted more than once in any calculation under this Clause. |
The Borrower must ensure that
the ratio of Consolidated EBITDA to Interest Payable is not, on the last day of each Measurement Period, less than 3 to 1.
The Borrower must ensure that
on the last day of each Measurement Period, Total Net Debt does not exceed:
| 18.4.1 | for the purpose of the calculations referred to in the Distribution Certificate pursuant to Clause
19.17 (Dividends and Distribution), 85%; and |
| 18.4.2 | in all other respects, 87.5%, |
in each case, of the Regulatory
Asset Value.
| 18.5 | Calculation of Interest Payable |
For the purpose of the financial
covenant set out in Clause 18.3 (Interest cover), in relation to any Measurement Period ending less than 12 months
from the date of this Agreement, Interest Payable shall be calculated ignoring any amounts accrued before the date of this Agreement
and in respect of the period after the date of this Agreement shall be increased by a factor of A/B where 'A' is 365 and 'B' is
the total number of calendar days between the date of this Agreement and the last day of such Measurement Period.
The Borrower agrees to be bound
by the covenants set out in this Clause relating to it and, where the covenant is expressed to apply to each Distribution Company
or each member of the Group, the Borrower must ensure that each Distribution Company or each of its Subsidiaries, as the case may
be, performs that covenant.
The Borrower must promptly obtain,
maintain and comply with the terms of any authorisation required under any law or regulation to enable it to perform its obligations
under, or for the validity or enforceability of, any Finance Document.
Each member of the Group must
comply in all respects with all laws to which it is subject where failure to do so is reasonably likely to have a Material Adverse
Effect.
The Borrower must ensure that
its payment obligations under the Finance Documents rank at least pari passu with all its other present and future unsecured
and unsubordinated payment obligations, except for obligations mandatorily preferred by law applying to companies generally.
In this Clause 19.5,
"Quasi-Security" means an arrangement or transaction described in sub-clause 19.5.2 below.
| 19.5.1 | Except as provided below, none of the Borrower, any Distribution Company nor any Holding Company
of a Distribution Company may create or allow to exist any Security Interest or Quasi-Security on any of its assets. |
| 19.5.2 | Except as provided below, none of the Borrower, any Distribution Company nor any Holding Company
of a Distribution Company may: |
| (a) | sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased
to or re-acquired by the Borrower or any other member of the Group; |
| (b) | sell, transfer or otherwise dispose of any of its receivables on recourse terms; |
| (c) | 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 |
| (d) | 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.
| 19.5.3 | Sub-clauses 19.5.1 and 19.5.2 do not apply to: |
| (a) | any Security Interest or Quasi-Security created over the assets of or any shares or other ownership
interests in any entity which becomes a member of the Group after the date of this Agreement as a result of a Permitted Acquisition; |
| (b) | any Security Interest or Quasi-Security created under or in connection with or arising out of the
Balancing and Settlement Code or any transactions or arrangements entered into in connection with the management of risks relating
thereto; |
| (c) | in respect of overdue amounts which have not been overdue for more than 30 days and/or are being
contested in good faith, liens arising solely by operation of law or by order of a court or tribunal (or by an agreement of similar
effect) and/or in the ordinary course of day to day business or operations; |
| (d) | any Security Interest or Quasi-Security arising out of title retention provisions in a supplier's
standard conditions of supply of goods acquired in the ordinary course of business or operations; |
| (e) | any Security Interest or Quasi-Security created on any asset acquired after the date of this Agreement
for the sole purpose of financing or re-financing that acquisition and securing a principal, capital or nominal amount not exceeding
the cost of that acquisition, provided that the Security Interest or Quasi-Security is removed or discharged within 6 months
of the date of acquisition of such asset; |
| (f) | any Security Interest or Quasi-Security outstanding on or over any asset acquired after the date
of this Agreement and in existence at the date of such acquisition, provided that the Security Interest or Quasi-Security
is removed or discharged within 6 months of the date of acquisition of such asset; |
| (g) | any Security Interest or Quasi-Security created or outstanding on or over any asset of any company
which becomes a Subsidiary of the Borrower after the date of this Agreement where such Security Interest or Quasi-Security is created
prior to the date on which such company becomes a |
Subsidiary of the Borrower and
is not created or increased in contemplation of such company being acquired and/or becoming a Subsidiary of the Borrower and the
Security Interest or Quasi-Security is removed or discharged within 6 months of the date of such company becoming a Subsidiary
of the Borrower;
| (h) | any Security Interest or Quasi-Security created on any asset to secure any Financial Indebtedness
incurred in connection with the financing of any asset or project in respect of which the repayment of that Financial Indebtedness
is to be made from the revenues arising out of, or other proceeds of realisation from, that asset or project, with recourse to
those revenues and proceeds and other assets used in connection with, or forming the subject matter of, that asset or project but
without recourse (or with such limited recourse as the Majority Lenders may from time to time agree) to any other assets of the
Group; |
| (i) | any netting arrangements under any swap or other hedging transaction which is on standard market
terms; |
| (j) | any Security Interest or Quasi-Security created or outstanding with the prior approval of the Majority
Lenders; and |
| (k) | any Security Interest or Quasi-Security created or outstanding on or over assets of: |
| (i) | the Borrower provided that the aggregate outstanding principal or nominal amount secured by all
Security Interests and Quasi-Security created or outstanding under this exception on or over such assets shall not at any time
exceed £5,000,000 or its equivalent; and |
| (ii) | a Distribution Company provided that the aggregate outstanding principal or nominal amount secured
by all Security Interests and Quasi-Security created or outstanding under this exception on or over such assets shall not at any
time exceed £20,000,000 or its equivalent for each Distribution Company. |
| 19.6.1 | Except as provided below, no member of the Group may, either in a single transaction or in a series
of transactions and whether related or not, dispose of all or any part of its assets (other than cash). |
| 19.6.2 | Sub-clause 19.6.1 does not apply to: |
| (a) | any disposal made in the ordinary course of day to day business or operations of the disposing
entity; |
| (b) | disposals on normal commercial terms of obsolete assets or assets no longer required for the purpose
of the relevant Person's business or operations; |
| (c) | any realisation of investments acquired, purchased or made by the temporary application of funds
not immediately required in the relevant Person's business or operations; |
| (d) | the exchange of assets for other assets of a similar or superior nature and value, or the sale
of assets on normal commercial terms for cash which is payable in full on the completion of the sale and is to be, and is, applied
in or towards the purchase of similar assets within 6 months; |
| (e) | the disposal of assets by one wholly-owned Subsidiary of the Borrower to another or (if the consideration
for the disposal does not exceed a normal commercial consideration) to the Borrower by one of its Subsidiaries; |
| (f) | disposals in connection with sale-and-leaseback or sale and repurchase transactions or any other
form of "off balance sheet" financing, provided that the aggregate book value (in the books of the disposing party)
of all assets the subject of all such disposals made during the period commencing on the date of this Agreement and ending on the
date when no amount remains to be lent or remains payable under this Agreement shall not exceed £100,000,000 or its equivalents; |
| (g) | any disposal which the Majority Lenders shall have agreed shall not be taken into account; and |
| (h) | any disposal of any assets (including shares) other than: |
| (i) | any shares held in any Distribution Company or in any Holding Company of a Distribution Company;
and |
| (ii) | any assets of a Distribution Company, |
for cash where the higher of the
market value and net consideration receivable (when aggregated with the higher of the market value and net consideration receivable
for any other sale, lease, licence, transfer or other disposal of any such assets which is not permitted under any other paragraph
of this sub-clause 19.6.2) does not exceed 10% of the Regulatory Asset Value (as defined in Clause 18.1 (Definitions)) at
the relevant time.
| 19.7 | Environmental matters |
| 19.7.1 | The Borrower will and will ensure that each Distribution Company will comply with all applicable
Environmental Law and other regulations, orders or other law applicable to the conduct of the business of the supply or distribution
of electricity, in each case, where failure to do so would have a Material Adverse Effect. |
| 19.7.2 | The Borrower will, promptly upon becoming aware of the same, inform the Facility Agent in writing
of: |
| (a) | any Environmental Claim against it or any Distribution Company 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 it or any Distribution Company, |
where the claim, if determined against
that member of the Group, would have a Material Adverse Effect.
Each member of the Group must
insure its business and assets with insurance companies to such an extent and against such risks as that member of the Group reasonably
considers to be appropriate, having regard to the insurance arrangements of companies engaged in similar business.
The Borrower shall not enter into
any amalgamation, demerger, merger, corporate reconstruction or reorganisation.
The Borrower shall procure that
no substantial change is made to the general nature of the business of the Borrower or the Group from that carried on at the date
of this Agreement.
| 19.11.1 | Except as provided below neither the Borrower nor any other member of the Group may acquire a company
or any shares or securities or a business or undertaking (or, in each case, any interest in any of them). |
| 19.11.2 | Provided that no Event of Default is outstanding on the date of the acquisition or would
occur as a result of the acquisition, sub-clause 19.11.1 does not apply to: |
| (a) | an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise disposed
of by another member of the Group as permitted under sub-clause 19.6.2 of Clause 19.6 (Disposals) above; |
| (b) | any Permitted Acquisition; or |
| (c) | any acquisition which the Majority Lenders shall have consented to in writing. |
| 19.12 | Prohibition on the Debt Purchase Transactions of the Group |
The Borrower shall not, and shall
procure that no other member of the Group shall, enter into any Debt Purchase Transaction or beneficially own all or any part of
the share capital of a company that is a Lender or a party to a Debt Purchase Transaction of
the type referred to in paragraphs
(b) and (c) of the definition of Debt Purchase Transaction.
| 19.13 | Prohibition on Subsidiary Financial Indebtedness |
The Borrower shall procure that
no member of the Group (other than the Borrower, any Distribution Company or any Subsidiary which is not a Holding Company of a
Distribution Company) will incur or allow to remain outstanding any Financial Indebtedness (other than Financial Indebtedness owed
to another member of the Group).
| 19.14 | Arm's length transactions |
The Borrower shall not (and shall
ensure that no member of the Group shall) enter into any transactions with any other member of the PPL Group except on arm's length
terms and for full market value (or on terms which are more favourable to the Group).
| 19.15.1 | The Borrower shall ensure that no action or omission is taken by any member of the Group in relation
to a pension scheme which has or is reasonably likely to have a Material Adverse Effect (including, without limitation, the termination
or commencement of winding-up proceedings of any such pension scheme). |
| 19.15.2 | Except in respect of WPD South Wales Plc for the Western Power Utilities Pension Scheme, the Infralec
92 Scheme and the WPD Group Electricity Supply Pension Scheme (and in the case of merger, the CN Group of the ESPS) the Borrower
shall ensure that no member of the Group is an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an
occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993) or "connected"
with or an "associate" of (as those terms are used in sections 38 or 43 of the Pensions Act 2004) such an employer. |
| 19.15.3 | The Borrower shall promptly notify the Facility Agent of any material change in the rate of contributions
payable to any of the pension schemes mentioned in sub-clause 19.15.2 above paid or required (by law or otherwise). |
| 19.15.4 | The Borrower shall immediately notify the Facility Agent of any investigation or proposed investigation
by the Pensions Regulator which may lead to the issue of a Financial Support Direction or a Contribution Notice to any member of
the Group. |
| 19.15.5 | The Borrower shall immediately notify the Facility Agent if it receives a Financial Support Direction
or a Contribution Notice from the Pensions Regulator. |
The Borrower will procure that
each Distribution Company will at all times:
| 19.16.1 | comply with the terms of its Licence in all material respects; |
| 19.16.2 | without prejudice to the generality of sub-clause 19.16.1 above, comply with the ring fencing
provisions of its Licence in all respects; and |
| 19.16.3 | not take any action or make any omission which is reasonably likely to result in the revocation
or termination of its Licence. |
| 19.17 | Dividends and Distribution |
The Borrower (and any other member
of the Group) will be permitted, at any time, to:
| (a) | declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid
dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of
its share capital); |
| (b) | repay or distribute any dividend or share premium reserve; |
| (c) | pay or allow any member of the Group to pay any management, advisory or other fee to or to the
order of any of the shareholders of the Borrower; or |
| (d) | redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so, |
provided that the Borrower,
prior to any action referred to in paragraphs (a) to (d) above being taken, delivers to the Facility Agent a Distribution Certificate,
signed by two directors of the Borrower, certifying that, taking into account any such payment, the Borrower will be in compliance
with its obligations under Clause 18 (Financial Covenants) on each of the next two Measurement Dates.
| 19.18.1 | The Borrower shall ensure that neither it nor any other member of the Group shall be the subject
of any Sanctions, and that no member of the Group shall be located, organised or resident in a country or territory that is the
subject of country-wide or territory-wide Sanctions. |
| 19.18.2 | The Borrower undertakes to ensure that no member of the Group will, directly or indirectly, use
the proceeds of the Facility, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other Person, to fund any activities of or business with any Person, or in Burma/Myanmar, Syria, Cuba, Iran, North Korea, Sudan,
the Crimea region or in any other country or territory, that, at the time of such funding, is the subject of country-wide or territory-wide
Sanctions, or in any other manner that will result in a violation by any Person (including any Person participating in the Facility)
of Sanctions. |
| 19.18.3 | The Borrower shall ensure that the source of any funds for discharging its obligations under this
Agreement is not obtained from any designated target of any Sanctions or any of Burma/Myanmar, Syria, Cuba, Iran, North Korea,
Sudan, the Crimea region or any other country or territory, that, at the time of such payment, is the subject of country-wide or
territory-wide Sanctions. |
| 19.19.1 | The Borrower shall not (and shall ensure that no other member of the Group will) directly or indirectly
use the proceeds of the Facility for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices
Act of 1977 or other similar legislation in other jurisdictions. |
| 19.19.2 | The Borrower shall (and shall ensure that each other member of the Group will): |
| (a) | conduct its business in compliance with applicable anti-corruption laws; and |
| (b) | maintain policies and procedures designed to promote and achieve compliance with such laws. |
Each of the events set out in
this Clause is an Event of Default.
The Borrower fails to pay any sum
payable under any Finance Document when due unless its failure to pay is caused by:
| 20.2.1 | administrative or technical error; or |
| 20.2.2 | a Disruption Event, , |
and payment is made within five
Business Days of its due date.
| 20.3 | Breach of other obligations |
| 20.3.1 | The Borrower does not perform or comply with its obligations under Clause 18 (Financial
Covenants), Clause 19.5 (Negative pledge), Clause 19.6 (Disposals), Clause 19.11 (Acquisitions) or
Clause 19.18 (Sanctions). |
| 20.3.2 | The representation and warranty by the Borrower in Clause 16.20 (Sanctions) is or proves
to have been incorrect when made. |
| 20.3.3 | The Borrower does not perform or comply with any of its other obligations under any Finance Document
(other than those referred to in Clause 20.2 (Non-payment) and in sub-clause 20.3.1 above) in any material respect or any
representation or warranty by the Borrower in this Agreement (other than that referred to in sub-clause 20.3.2 above) or in any
document delivered under this Agreement is or proves to have been incorrect when made or deemed repeated, unless the non-compliance
or circumstance giving rise to the misrepresentation, as the case may be, is capable of remedy and is not remedied within 15 Business
Days of the earlier of the Facility Agent giving notice requiring the same to be remedied and the Borrower becoming aware of such
non-compliance or misrepresentation, as the case may be. |
| 20.4.1 | Any Financial Indebtedness of the Borrower or any Distribution Company is not paid when due nor
within any originally applicable grace period. |
| 20.4.2 | Any Financial Indebtedness of the Borrower or any Distribution Company 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). |
| 20.4.3 | Any commitment for any Financial Indebtedness of the Borrower or any Distribution Company is cancelled
or suspended by a creditor of that member of the Group as a result of an event of default (however described). |
| 20.4.4 | Any creditor of the Borrower or any Distribution Company 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). |
| 20.4.5 | No Event of Default will occur under this Clause 20.4 unless and until the aggregate amount
of such Financial Indebtedness falling within sub-clauses 20.4.1 to 20.4.4 above is more than £20,000,000 or its equivalent
in any other currency or currencies. |
| 20.5.1 | Any of the following occurs in respect of the Borrower: |
| (a) | it is unable to pay its debts generally as they fall due or it is deemed by a court of competent
jurisdiction to be insolvent; |
| (b) | it suspends making payments on all or any class of its debts or publicly announces an intention
to do so; |
| (c) | by reason of actual or anticipated financial difficulties, it begins negotiations with all or any
class of its creditors for the general rescheduling of its indebtedness; or |
| (d) | a moratorium is declared in respect of any of its indebtedness. |
| 20.5.2 | If a moratorium occurs in respect of the Borrower, the ending of the moratorium will not remedy
any Event of Default caused by the moratorium. |
| 20.6 | Insolvency proceedings |
| 20.6.1 | Except as provided below, any of the following occurs in respect of the Borrower: |
| (a) | a suspension of payments, a moratorium of any indebtedness or a reorganisation (by way of voluntary
arrangement, scheme of arrangement or otherwise); |
| (b) | any person presents a petition for its winding-up, administration or dissolution; |
| (c) | an order for its winding-up, administration or dissolution is made; |
| (d) | any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative
receiver, administrator or similar officer is appointed in respect of it or any of its assets; |
| (e) | its directors or other officers request the appointment of a liquidator, trustee in bankruptcy,
judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer; |
| (f) | enforcement of any Security over any of its assets; or |
| (g) | any other analogous step or procedure is taken in any jurisdiction. |
| 20.6.2 | Sub-clause 20.6.1 does not apply to: |
| (a) | a petition for winding-up presented by a creditor which is being actively contested in good faith
and with due diligence and with a reasonable prospect of success; or |
| (b) | a voluntary solvent winding-up, amalgamation, reconstruction or reorganisation or otherwise part
of a solvent scheme of arrangement, in each case which is on terms approved by the Majority Lenders. |
A distress, attachment, execution
or other legal process material in relation to the Borrower's ability to perform its payment obligations under this Agreement is
levied, enforced or sued out on or against the assets of the Borrower and is not discharged or stayed within 30 days.
Either:
| 20.8.1 | notice is given to revoke or terminate any Licence unless such termination is being contested in
good faith and such notice is revoked or cancelled within 14 days of notice being given; or |
| 20.8.2 | any Licence is revoked, |
in either case, other than in
circumstances which permit the Borrower or the relevant Distribution Company to carry on the distribution business of the relevant
Distribution Company either without a licence as a result of any change in the Act or regulatory regime or with a new licence,
permitting the distribution of electricity in the authorised areas covered by the relevant Licence, issued under the Act or pursuant
to the Utilities Act, 2000.
| 20.9 | Balancing and Settlement Code |
| 20.9.1 | Any Distribution Company ceases to be a party to the Balancing and Settlement Code Framework Agreement
other than in circumstances where that Distribution Company is able to carry on its distribution business. |
| 20.9.2 | Any Distribution Company breaches the Balancing and Settlement Code and such breach has or is reasonably
likely to have a Material Adverse Effect. |
| 20.10 | Unlawfulness and invalidity |
| 20.10.1 | It is or becomes unlawful for the Borrower to perform any of its obligations under the Finance
Documents in any material respect. |
| 20.10.2 | Any obligation or obligations of the Borrower 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 affects the interests of the Lenders under the Finance Documents. |
| 20.11 | Cessation of business |
The Borrower or any Distribution
Company 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 permitted by Clause 19.6 (Disposals).
| 20.12 | Repudiation and rescission of agreements |
The Borrower (or any other relevant
party other than a Finance Party) rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or
evidences an intention to rescind or repudiate a Finance Document.
| 20.13 | Ownership of the Distribution Companies |
The Borrower ceases to own (directly
or indirectly) 100% of the shares in any Distribution Company.
| 20.14 | Material Adverse Effect |
Any event or circumstance occurs
which has or is reasonably likely to have a Material Adverse Effect.
If an Event of Default is outstanding,
the Facility Agent may, and must if so instructed by the Majority Lenders, by notice to the Borrower:
| 20.15.1 | cancel the Total Commitments; and/or |
| 20.15.2 | declare that all or part of any amounts outstanding under the Finance Documents are: |
| (a) | immediately due and payable; and/or |
| (b) | payable on demand by the Facility Agent acting on the instructions of the Majority Lenders. |
Any notice given under this sub-clause
will take effect in accordance with its terms.
| 21. | Role of the Facility Agent, the Arranger and the Coordinators |
| 21.1 | Appointment of the Facility Agent |
| 21.1.1 | Each of the Arranger, the Coordinators and the Lenders appoints the Facility Agent to act as its
agent under and in connection with the Finance Documents. |
| 21.1.2 | Each of the Arranger, the Coordinators and the Lenders authorises the Facility Agent to perform
the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given
to the Facility Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities
and discretions. |
| 21.2.1 | The Facility Agent shall: |
| (a) | unless a contrary indication appears in a Finance Document, exercise or refrain from exercising
any right, power, authority or discretion vested in it as Facility Agent in accordance with any instructions given to it by: |
| (i) | all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and |
| (ii) | in all other cases, the Majority Lenders; and |
| (b) | not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
paragraph (a) above. |
| 21.2.2 | The Facility Agent shall be entitled to request instructions, or clarification of any instruction,
from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group
of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising
any right, power, authority or discretion. The Facility Agent may refrain from acting unless and until it receives any such instructions
or clarification that it has requested. |
| 21.2.3 | Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders
under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the
Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding
on all Finance Parties. |
| 21.2.4 | The Facility Agent may refrain from acting in accordance with any instructions of any Lender or
group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be
greater in |
extent than that contained in the
Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with
those instructions.
| 21.2.5 | In the absence of instructions, the Facility Agent may act (or refrain from acting) as it considers
to be in the best interest of the Lenders. |
| 21.2.6 | The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that
Lender's consent) in any legal or arbitration proceedings relating to any Finance Document. |
| 21.3 | Duties of the Facility Agent |
| 21.3.1 | The Facility Agent's duties under the Finance Documents are solely mechanical and administrative
in nature. |
| 21.3.2 | Subject to sub-clause 21.3.3 below, the Facility Agent shall promptly forward to a Party the original
or a copy of any document which is delivered to the Facility Agent for that Party by any other Party. |
| 21.3.3 | Without prejudice to Clause 28.7 (Copy of Transfer Certificate, Assignment Agreement or Increase
Confirmation to the Borrower), sub-clause 21.3.2 above shall not apply to any Transfer Certificate, Assignment Agreement or
Increase Confirmation. |
| 21.3.4 | Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. |
| 21.3.5 | If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default
and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties. |
| 21.3.6 | If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or
other fee payable to a Finance Party (other than the Facility Agent, the Arranger or any Coordinator) under this Agreement it shall
promptly notify the other Finance Parties. |
| 21.3.7 | The Facility Agent shall have only those duties, obligations and responsibilities expressly specified
in the Finance Documents to which it is expressed to be a party (and no others shall be implied). |
| 21.4 | Role of the Arranger and Coordinators |
Except as specifically provided
in the Finance Documents, the Arranger and the Coordinators have no obligation of any kind to any other Party under or in connection
with any Finance Document.
| 21.5.1 | Nothing in any Finance Document constitutes the Facility Agent, the Arranger or any of the Coordinators
as a trustee or fiduciary of any other person. |
| 21.5.2 | Neither the Facility Agent, the Arranger nor any of the Coordinators 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. |
| 21.6 | Business with the Group |
The Facility Agent, the Arranger
and the Coordinators may accept deposits from, lend money to and generally engage in any kind of banking or other business with
any member of the Group.
| 21.7 | Rights and discretions |
| 21.7.1 | The Facility Agent may: |
| (a) | rely on any representation, communication, notice or document believed by it to be genuine, correct
and appropriately authorised; |
| (i) | any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders
are duly given in accordance with the terms of the Finance Documents; and |
| (ii) | unless it has received notice of revocation, that those instructions have not been revoked; and |
| (c) | rely on a certificate from any person: |
| (i) | as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or |
| (ii) | to the effect that such person approves of any particular dealing, transaction, step, action or
thing, |
as sufficient evidence that that
is the case and, in the case of paragraph (i) above, may assume the truth and accuracy of that certificate.
| 21.7.2 | The Facility Agent may assume (unless it has received notice to the contrary in its capacity as
agent for the Lenders) that: |
| (a) | no Default has occurred (unless it has actual knowledge of a Default arising under Clause 20.2
(Non-payment)); and |
| (b) | any right, power, authority or discretion vested in any Party or any group of Lenders has not been
exercised. |
| 21.7.3 | The Facility Agent may engage and pay for the advice or services of any lawyers, accountants, tax
advisers, surveyors or other professional advisers or experts. |
| 21.7.4 | Without prejudice to the generality of sub-clause 21.7.3 above or sub-clause 21.7.5 below,
the Facility Agent may at any time engage and pay for the |
services of any lawyers to act as
independent counsel to the Facility Agent (and so separate from any lawyers instructed by the Lenders) if the Facility Agent in
its reasonable opinion deems this to be necessary.
| 21.7.5 | The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts (whether obtained by the Facility Agent or by any other Party) and shall not
be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result
of its so relying. |
| 21.7.6 | The Facility Agent may act in relation to the Finance Documents through its officers, employees
and agents. |
| 21.7.7 | Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other
Party any information it reasonably believes it has received as agent under this Agreement. |
| 21.7.8 | Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility
Agent, the Arranger nor any of the Coordinators 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. |
| 21.7.9 | Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not
obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations
or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment
of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. |
| 21.8 | Responsibility for documentation |
| 21.8.1 | Neither the Facility Agent, the Arranger nor any of the Coordinators is responsible or liable for: |
| 21.8.2 | the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Facility Agent, the Arranger, any Coordinator, the Borrower or any other person in or in connection with any Finance Document
or 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 any Finance Document; |
| 21.8.3 | the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document; or |
| 21.8.4 | any determination as to whether any information provided or to be provided to any Finance Party
is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing
or otherwise. |
| 21.9.1 | The Facility Agent shall not be bound to enquire: |
| 21.9.2 | whether or not any Default has occurred; |
| 21.9.3 | as to the performance, default or any breach by any Party of its obligations under any Finance
Document; or |
| 21.9.4 | whether any other event specified in any Finance Document has occurred. |
| 21.10 | Exclusion of liability |
| 21.10.1 | Without limiting sub-clause 21.10.2 below (and without prejudice to any other provision of any
Finance Document excluding or limiting the liability of the Facility Agent), the Facility Agent will not be liable for: |
| (a) | any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused
by its gross negligence or wilful misconduct; |
| (b) | exercising, or not exercising, any right, power, authority or discretion given to it by, or in
connection with, any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or |
| (c) | without prejudice to the generality of paragraphs (a) and (b) above, any damages, costs or losses
to any person, any diminution in value or any liability whatsoever (but not including any claim based on the fraud of the Facility
Agent) arising as a result of: |
| (i) | any act, event or circumstance not reasonably within its control; or |
| (ii) | the general risks of investment in, or the holding of assets in, any jurisdiction, |
including (in each case and without
limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the
execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction
of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism,
insurrection or revolution; or strikes or industrial action.
| 21.10.2 | No Party (other than the Facility Agent) may take any proceedings against any officer, employee
or agent of the Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of
any kind by |
that officer, employee or agent
in relation to any Finance Document and any officer, employee or agent of the Facility Agent may rely on this Clause subject to
Clause 1.3 (Third party rights) and the provisions of the Third Parties Act.
| 21.10.3 | The Facility 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 Facility Agent if the Facility Agent has taken
all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised
clearing or settlement system used by the Facility Agent for that purpose. |
| 21.10.4 | Nothing in this Agreement shall oblige the Facility Agent, the Arranger or any Coordinator to carry
out: |
| (a) | any "know your customer" or other checks in relation to any person; or |
| (b) | any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any Lender, |
on behalf of any
Lender and each Lender confirms to the Facility Agent, the Arranger and the Coordinators 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 Facility
Agent, the Arranger or the Coordinators.
| 21.10.5 | Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent's
liability, any liability of the Facility Agent arising under or in connection with any Finance Document shall be limited to the
amount of actual loss which has been suffered (as determined by reference to the date of default of the Facility Agent or, if later,
the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances
known to the Facility Agent at any time which increase the amount of that loss. In no event shall the Facility Agent be liable
for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or
consequential damages, whether or not the Facility Agent has been advised of the possibility of such loss or damages. |
| 21.11 | Lenders' indemnity to the Facility 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 Facility Agent, within three Business Days of demand, against any cost, loss or
liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent's gross negligence or wilful misconduct),
in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by the Borrower pursuant
to a Finance Document).
| 21.12 | Resignation of the Facility Agent |
| 21.12.1 | The Facility Agent may resign and appoint one of its Affiliates acting through an office in the
United Kingdom as successor by giving notice to the Lenders and the Borrower. |
| 21.12.2 | Alternatively the Facility Agent may resign by giving 30 days' notice to the Lenders and the Borrower,
in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Facility Agent. |
| 21.12.3 | If the Majority Lenders have not appointed a successor Facility Agent in accordance with sub-clause
21.12.2 above within 20 days after notice of resignation was given, the retiring Facility Agent (after consultation with the Borrower)
may appoint a successor Facility Agent (acting through an office in the United Kingdom). |
| 21.12.4 | If the Facility Agent wishes to resign because (acting reasonably) it has concluded that it is
no longer appropriate for it to remain as agent and the Facility Agent is entitled to appoint a successor Facility Agent under
sub-clause 21.12.3 above, the Facility Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to
persuade the proposed successor Facility Agent to become a party to this Agreement as Facility Agent) agree with the proposed successor
Facility Agent amendments to this Clause 21 and any other term of this Agreement dealing with the rights or obligations of the
Facility Agent consistent with then current market practice for the appointment and protection of corporate trustees together with
any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Facility Agent's
normal fee rates and those amendments will bind the Parties. |
| 21.12.5 | The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent
such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes
of performing its functions as Facility Agent under the Finance Documents. |
| 21.12.6 | The Facility Agent's resignation notice shall only take effect upon the appointment of a successor. |
| 21.12.7 | Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under sub-clause 21.12.5 above) but shall remain entitled
to the benefit of Clause 25.2.3 (Indemnity to the Facility Agent) and this Clause 21 (and any agency fees for the account
of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other
Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original
Party. |
| 21.12.8 | The Facility Agent shall resign in accordance with sub-clause 21.12.2 above (and, to the extent
applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to sub-clause 21.12.3 above) if on or
after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under
the Finance Documents, either: |
| (a) | the Facility Agent fails to respond to a request under Clause 12.9 (FATCA Information) and
the Borrower or a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party
on or after that FATCA Application Date; |
| (b) | the information supplied by the Facility Agent pursuant to Clause 12.9 (FATCA Information)
indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or |
| (c) | the Facility Agent notifies the Borrower and the Lenders that the Facility Agent will not be (or
will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; |
and (in each case) the Borrower
or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility
Agent were a FATCA Exempt Party, and the Borrower or that Lender, by notice to the Facility Agent, requires it to resign.
| 21.13 | Replacement of the Facility Agent |
| 21.13.1 | After consultation with the Borrower, the Majority Lenders may, by giving 30 days' notice to the
Facility Agent (or, at any time the Facility Agent is an Impaired Agent, by giving any shorter notice determined by the Majority
Lenders) replace the Facility Agent by appointing a successor Facility Agent (acting through an office in the United Kingdom). |
| 21.13.2 | The retiring Facility Agent shall (at its own cost if it is an Impaired Agent and otherwise at
the expense of the Lenders) make available to the successor Facility Agent such documents and records and provide such assistance
as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the
Finance Documents. |
| 21.13.3 | The replacement of the Facility Agent and the appointment of the successor Facility Agent shall
take effect on the date specified in the notice from the Majority Lenders to the retiring Facility Agent. As from this date, the
retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled
to the benefit of this Clause 21.13 (and any agency fees for the account of the retiring Facility Agent shall cease to accrue
from (and shall be payable on) that date). |
| 21.13.4 | Any successor Facility Agent 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. |
| 21.14.1 | In acting as agent for the Finance Parties, the Facility 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. |
| 21.14.2 | If information is received by another division or department of the Facility Agent, it may be treated
as confidential to that division or department and the Facility Agent shall not be deemed to have notice of it. |
| 21.15 | Relationship with the Lenders |
| 21.15.1 | The Facility Agent may treat the person shown in its records as Lender at the opening of business
(in the place of the Facility Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting
through its Facility Office: |
| (a) | entitled to or liable for any payment due under any Finance Document on that day; and |
| (b) | entitled to receive and act upon any notice, request, document or communication or make any decision
or determination under any Finance Document made or delivered on that day, |
unless it has received not less
than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.
| 21.15.2 | Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices,
communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall
contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause
35.4 (Electronic communication)) electronic mail address and/or any other information required to enable the transmission
of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be
made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information),
department and officer by that Lender for the purposes of Clause 35.2 (Contact Details) and paragraph (b) sub-clause 35.4.1
and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications,
information and documents as though that person were that Lender. |
| 21.16 | Credit appraisal by the Lenders |
Without affecting the responsibility
of the Borrower for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
the Facility Agent, the Arranger and the Coordinators 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:
| 21.16.1 | the financial condition, status and nature of each member of the Group; |
| 21.16.2 | 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; |
| 21.16.3 | whether that Lender has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or |
any other agreement, arrangement
or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and
| 21.16.4 | the adequacy, accuracy or completeness of any information provided by the Facility Agent, any Party
or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document. |
| 21.17 | Facility Agent's management time |
Any amount payable to the Facility
Agent under Clause 25.2.3 (Indemnity to the Facility Agent), Clause 26 (Expenses) and Clause 21.11 (Lenders'
indemnity to the Facility Agent) shall include the cost of utilising the Facility Agent's management time or other resources
and will be calculated on the basis of such reasonable daily or hourly rates as the Facility Agent may notify to the Borrower and
the Lenders, and is in addition to any fee paid or payable to the Facility Agent under Clause 24 (Fees).
| 21.18 | Deduction from amounts payable by the Facility Agent |
If any Party owes an amount to
the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Facility 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.
| 22. | Conduct of business by the Finance Parties |
No provision of this Agreement
will:
| 22.1.1 | interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever
manner it thinks fit; |
| 22.1.2 | 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 |
| 22.1.3 | oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise)
or any computations in respect of Tax. |
| 23. | Evidence and Calculations |
Accounts maintained by a Finance
Party in connection with this Agreement are prima facie evidence of the matters to which they relate for the purpose of
any litigation or arbitration proceedings.
| 23.2 | Certificates and determinations |
Any certification or determination
by a Finance Party of a rate or amount under the Finance Documents will be, in the absence of manifest error, conclusive evidence
of the matters to which it relates.
Any interest or fee accruing under
this Agreement accrues from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 or
365 days or otherwise, depending on what the Facility Agent determines is market practice.
The Borrower must pay to the Facility
Agent for its own account an annual agency fee in the manner agreed between the Facility Agent and the Borrower.
The Borrower must pay the upfront
fees in the manner agreed between the relevant Administrative Parties and the Borrower.
| 24.3.1 | The Borrower must pay a commitment fee computed at the rate of 35 per cent. of the applicable Margin
on the undrawn, uncancelled amount of each Lender's Commitment for the Availability Period calculated from the date of this Agreement. |
| 24.3.2 | The commitment fee is payable quarterly in arrear during the Availability Period and on the last
day of the Availability Period. Accrued commitment fee is also payable to the Facility Agent for a Lender on the date its Commitment
is cancelled in full. |
| 24.3.3 | No commitment fee is payable to the Facility Agent (for the account of a Lender) on any Available
Commitment of that Lender for any day on which that Lender is a Defaulting Lender. |
| 24.4.1 | The Borrower must pay to the Facility Agent for each Lender a utilisation fee computed at the rate
of 0.20 per cent. per annum on the aggregate principal amount of the Loans for each day on which the aggregate Base Currency Amount
of all Loans exceeds 33.34 per cent. of the Total Commitments but is lower than or equal to 66.67 per cent. of the Total Commitments. |
| 24.4.2 | The Borrower must pay to the Facility Agent for each Lender a utilisation fee computed at the rate
of 0.40 per cent. per annum on the aggregate principal amount of the Loans for each day on which the aggregate Base Currency Amount
of all Loans exceeds 66.67 per cent. of the Total Commitments. For the |
avoidance of doubt, the fee described
in sub-clause 24.4.1 above is not payable in respect of any day for which the fee described in this sub-clause 24.4.2
is payable.
| 24.4.3 | Utilisation fee is payable on the amount of each Lender's share in the Loans. |
| 24.4.4 | Accrued utilisation fee is payable quarterly in arrear. Accrued utilisation fee is also payable
to the Facility Agent for a Lender on the date its Commitment is cancelled in full. |
| 25.1.1 | The Borrower must, as an independent obligation, indemnify each Finance Party against any loss
or liability which that Finance Party incurs as a consequence of: |
| (a) | that Finance Party receiving an amount in respect of the Borrower's liability under the Finance
Documents; or |
| (b) | that liability being converted into a claim, proof, judgment or order, |
in a currency other than the currency
in which the amount is expressed to be payable under the relevant Finance Document.
| 25.1.2 | Unless otherwise required by law, the Borrower waives any right it may have in any jurisdiction
to pay any amount under the Finance Documents in a currency other than that in which it is expressed to be payable. |
The Borrower shall within 15 days
of demand indemnify the Facility Agent and each Lender against any funding or other cost, loss, expense or liability in an amount
certified by it in reasonable detail (together with documentation in support) sustained or incurred by it as a direct result of:
| 25.2.1 | the occurrence of any Event of Default; |
| 25.2.2 | (other than by reason of negligence or default by a Finance Party) a Loan not being made after
a Request has been delivered for that Loan; or |
| 25.2.3 | the receipt or recovery by any party (or the Facility Agent on its behalf) of all or any part of
a Loan or overdue sum due from the Borrower otherwise than on the Final Maturity Date or Maturity Date of that Loan or, in the
case of an overdue sum, the last day of an interest period relating to that overdue sum, as the case may be or a Loan or any part
thereof not being prepaid in accordance with a notice of prepayment. |
| 25.3 | Indemnity to the Facility Agent |
The Borrower shall promptly indemnify
the Facility Agent against any cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of:
| 25.3.1 | investigating any event which it reasonably believes is a Default; |
| 25.3.2 | acting or relying on any notice, request or instruction which it reasonably believes to be genuine,
correct and appropriately authorised; or |
| 25.3.3 | instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts
as permitted under this Agreement. |
The Borrower must pay to each
Administrative Party promptly on demand the amount of all costs and expenses (including legal fees) reasonably incurred by it in
connection with the negotiation, preparation, printing, execution and syndication of the Finance Documents.
The Borrower must pay to the Facility
Agent promptly on demand the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with:
| 26.2.1 | the negotiation, preparation, printing and execution of any Finance Document (other than a Transfer
Certificate or Assignment Agreement) executed after the date of this Agreement and the syndication of the facility; and |
| 26.2.2 | any amendment, waiver or consent requested by or on behalf of the Borrower or specifically allowed
by this Agreement. |
The Borrower must pay to each
Finance Party the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of,
or the preservation of any rights under, any Finance Document.
| 27. | Amendments and Waivers |
| 27.1.1 | Except as provided in this Clause 27, any term of the Finance Documents may be amended or
waived with the agreement of the Borrower and the Majority Lenders. The Facility Agent may effect, on behalf of any Finance Party,
an amendment or waiver allowed under this Clause. |
| 27.1.2 | The Facility Agent must promptly notify the other Parties of any amendment or waiver effected by
it under sub-clause 27.1.1 above. Any such amendment or waiver is binding on all the Parties. |
| 27.2.1 | An amendment or waiver that has the effect of changing or which relates to: |
| (a) | the definition of Majority Lenders in Clause 1.1 (Definitions); |
| (b) | an extension of the date of payment of any amount to a Lender under the Finance Documents except
an extension of the Final Maturity Date in accordance with Clause 5.5 (Extension Option); |
| (c) | a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fee
or other amount payable to a Lender under the Finance Documents; |
| (d) | an increase in a Commitment or the Total Commitments, an extension of the Availability Period or
any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the Facility; |
| (e) | a term of a Finance Document which expressly requires the consent of each Lender; |
| (f) | the right of a Lender to assign or transfer its rights or obligations under the Finance Documents; |
| (g) | Clause 8.1 (Mandatory prepayment – illegality), Clause 8.2 (Mandatory prepayment
– change of control), sub-clause 8.3.3 of Clause 8.3 (Voluntary prepayment) or Clause 32 (Pro rata sharing); |
| (h) | Clause 16.20 (Sanctions) or 19.18 (Sanctions); or |
| (i) | this Clause, Clause 37 (Governing law) or Clause 38 (Enforcement), |
may only be made with the consent
of all the Lenders.
An amendment or waiver which relates
to the rights or obligations of the Facility Agent, the Arranger or a Coordinator (each in their capacity as such) may not be effected
without the consent of the Facility Agent, the Arranger or that Coordinator, as the case may be.
| 27.4 | Disenfranchisement of Defaulting Lenders |
| 27.4.1 | For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders
or whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments has been obtained to
approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender's Commitments
will be reduced by the amount of its Available Commitment. |
| 27.4.2 | For the purposes of this Clause 27.3, the Facility Agent may assume that the following Lenders
are Defaulting Lenders: |
| (a) | any Lender which has notified the Facility Agent that it has become a Defaulting Lender; |
| (b) | any Lender in relation to which it is aware that any of the events or circumstances referred to
in paragraphs (a), (b) or (c) of the definition of "Defaulting Lender" has occurred where, in the case of the events
or circumstances referred to in paragraph (a), none of the exceptions to that paragraph apply, |
unless it has received notice to
the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Facility Agent) or the
Facility Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.
| 27.5 | Replacement of a Defaulting Lender |
| 27.5.1 | The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving
10 Business Days' prior written notice to the Facility Agent and such Lender: |
| (a) | replace such Lender by requiring such Lender to (and to the extent permitted by law such Lender
shall) transfer pursuant to Clause 28 (Changes to the Parties) all (and not part only) of its rights and obligations
under this Agreement; or |
| (b) | require such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant
to Clause 28 (Changes to the Parties) all (and not part only) of the undrawn Commitment of the Lender, |
to a Lender or other bank, financial
institution, trust, fund or other entity (a "Replacement Lender") selected by the Borrower, and which is acceptable
to the Facility Agent (acting reasonably) (unless the Facility Agent is an Impaired Agent), which confirms its willingness to assume
and does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the
transferring Lender's participations or unfunded participations (as the case may be) on the same basis as the transferring Lender)
for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender's participation
in the outstanding Loans and all accrued interest (to the extent that the Facility Agent has not given a notification under Clause
28.9 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance
Documents.
| 27.5.2 | Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause shall be
subject to the following conditions: |
| (a) | the Borrower shall have no right to replace the Facility Agent; |
| (b) | neither the Facility Agent nor the Defaulting Lender shall have any obligation to the Borrower
to find a Replacement Lender; |
| (c) | the transfer must take place no later than 14 days after the notice referred to in sub-clause 27.5.1
above; and |
| (d) | in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender
any of the fees received by the Defaulting Lender pursuant to the Finance Documents. |
If a change in any currency of
a country occurs (including where there is more than one currency or currency unit recognised at the same time as the lawful currency
of a country), the Finance Documents will be amended to the extent the Facility Agent (acting reasonably and after consultation
with the Borrower) determines is necessary to reflect the change.
| 27.7 | Waivers and remedies cumulative |
No failure to exercise, nor any
delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of
any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any Finance Document
on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy
shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each
Finance Document are cumulative and not exclusive of any rights or remedies provided by law.
| 28. | Changes to the Parties |
| 28.1 | Assignments and transfers by the Borrower |
The Borrower may not assign or
transfer any of its rights and obligations under the Finance Documents without the prior consent of all the Lenders.
| 28.2 | Assignments and transfers by Lenders |
| 28.2.1 | A Lender (the "Existing Lender") may, subject to the following provisions of this
Clause 28, at any time assign or transfer (including by way of novation) any of its rights and obligations under this Agreement
to any bank, financial institution or 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"). |
| 28.2.2 | Unless the Borrower and the Facility Agent otherwise agree, an assignment or transfer of part of
a Commitment or rights and obligations under this Agreement by the Existing Lender must be in a minimum amount of £5,000,000. |
| 28.2.3 | An Existing Lender must consult with the Borrower for no more than five Business Days before it
may make an assignment or transfer unless: |
| (a) | the New Lender is another Lender or an Affiliate of a Lender; or |
| (b) | an Event of Default has occurred and is outstanding. |
| 28.2.4 | The Facility Agent is not obliged to execute a Transfer Certificate or Assignment Agreement until
it has completed all know your customer requirements to its satisfaction. The Facility Agent must promptly notify the Existing
Lender and the New Lender if there are any such requirements. |
| 28.2.5 | An assignment of rights or a transfer of rights and obligations will be effective only if either: |
| (a) | the obligations are novated in accordance with the following provisions of this Clause 28; or |
| (b) | the New Lender confirms to the Facility Agent and the Borrower in form and substance satisfactory
to the Facility Agent that it is bound by the terms of this Agreement as a Lender. On the assignment or transfer becoming effective
in this manner the Existing Lender will be released from its rights and obligations under this Agreement to the extent that they
are transferred to the New Lender. |
| 28.2.6 | Unless the Facility Agent otherwise agrees, the New Lender must pay to the Facility Agent for its
own account, on or before the date any assignment or transfer occurs, a fee of £1,750. |
| 28.2.7 | Any reference in this Agreement to a Lender includes a New Lender but excludes a Lender if no amount
is or may be owed to or by it under this Agreement. |
| 28.3 | Procedure for transfer by way of novations |
| 28.3.1 | A novation is effected if: |
| (a) | the Existing Lender and the New Lender deliver to the Facility Agent a duly completed Transfer
Certificate; and |
| (b) | the Facility Agent executes it. |
Subject to sub-clause 28.2.4
of Clause 28.2 (Assignments and transfers by Lenders), the Facility Agent must execute as soon as reasonably practicable
a Transfer Certificate delivered to it and which appears on its face to be in order.
| 28.3.2 | Each Party (other than the Existing Lender and the New Lender) irrevocably authorises the Facility
Agent to execute any duly completed Transfer Certificate on its behalf. |
| 28.3.3 | Subject to Clause 28.9 (Pro rata interest settlement), on the Transfer Date: |
| (a) | the New Lender will assume the rights and obligations of the Existing Lender expressed to be the
subject of the novation in the Transfer Certificate in substitution for the Existing Lender; and |
| (b) | the Existing Lender will be released from those obligations and cease to have those rights. |
| 28.4 | Procedure for assignment |
| 28.4.1 | Subject to the conditions set out in Clause 28.2 (Assignment and transfers by Lenders),
an assignment may be effected in accordance with sub-clause 28.4.2 below when the Facility Agent executes an otherwise duly completed
Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to sub-clause
28.2.4, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to
comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. |
| 28.4.2 | Subject to Clause 28.9 (Pro rata interest settlement), on the Transfer Date: |
| (a) | the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents
expressed to be the subject of the assignment in the Assignment Agreement; |
| (b) | the Existing Lender will be released by the Borrower and the other Finance Parties from the obligations
owed by it (the "Relevant Obligations") and expressed to be the subject of the release in the Assignment Agreement;
and |
| (c) | the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent
to the Relevant Obligations. |
| 28.4.3 | Lenders may utilise procedures other than those set out in this Clause 28.4 to assign their rights
under the Finance Documents (but not, without the consent of the Borrower or unless in accordance with Clause 28.4 (Procedure
for transfer by way of novation), to obtain a release by the Borrower from the obligations owed to the Borrower by the Lenders
nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in Clause 28.2
(Assignments and transfers by Lenders). |
| 28.5 | Limitation of responsibility of Existing Lender |
| 28.5.1 | Unless expressly agreed to the contrary, an Existing Lender is not responsible to a New Lender
for the legality, validity, adequacy, accuracy, completeness or performance of: |
| (a) | any Finance Document or any other document; or |
| (b) | any statement or information (whether written or oral) made in or supplied in connection with any
Finance Document, |
and any representations or warranties
implied by law are excluded.
| 28.5.2 | Each New Lender confirms to the Existing Lender and the other Finance Parties that it: |
| (a) | has made, and will continue to make, its own independent appraisal of all risks arising under or
in connection with the Finance Documents |
(including the financial condition
and affairs of the Borrower and its related entities and the nature and extent of any recourse against any Party or its assets)
in connection with its participation in this Agreement; and
| (b) | has not relied exclusively on any information supplied to it by the Existing Lender in connection
with any Finance Document. |
| 28.5.3 | Nothing in any Finance Document requires an Existing Lender to: |
| (a) | accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause; or |
| (b) | support any losses incurred by the New Lender by reason of the non-performance by the Borrower
of its obligations under any Finance Document or otherwise. |
| 28.6 | Costs resulting from change of Lender or Facility Office |
| (a) | a Lender assigns or transfers any of its rights and obligations under the Finance Documents or
changes its Facility Office; and |
| (b) | as a result of circumstances existing at the date the assignment, transfer or change occurs, the
Borrower 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 those Clauses to the same extent as the Existing Lender
or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.
| 28.6.2 | This Clause 28.6 shall not apply: |
| (a) | in respect of an assignment or transfer made in the ordinary course of the primary syndication
of the Facility; or |
| (b) | in relation to Clause 12.2 (Tax gross-up), to a Treaty Lender that has included an
indication to the effect that it wishes the HMRC DT Treaty Passport scheme to apply to this Agreement in accordance with sub-clause
12.6.1 of Clause 12.6 (HMRC DT Treaty Passport scheme confirmation) if the Borrower making the payment has not complied
with its obligations under sub-clause 12.6.2 of Clause 12.6 (HMRC DT Treaty Passport scheme confirmation). |
| 28.7 | Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Borrower |
The Facility Agent shall, as soon
as reasonably practicable after it has executed a Transfer Certificate, Assignment Agreement or an Increase Confirmation, send
to the
Borrower a copy of that Transfer
Certificate, Assignment Agreement or Increase Confirmation.
| 28.8 | Security over Lenders' rights |
In addition to the other rights
provided to Lenders under this Clause 28, each Lender may without consulting with or obtaining consent from the Borrower,
at any time charge, assign or otherwise create security in or over (whether by way of collateral or otherwise) all or any of its
rights under any Finance Document to secure obligations of that Lender including, without limitation:
| 28.8.1 | any charge, assignment or other security to secure obligations to a federal reserve, central bank,
governmental authority, agency or department (including Her Majesty's Treasury); and |
| 28.8.2 | in the case of any Lender which is a fund, any charge, assignment or other security granted to
any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for
those obligations or securities, |
except that no such charge, assignment
or security shall:
| (a) | release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or other security for the Lender as a party to any of the Finance Documents; or |
| (b) | require any payments to be made by the Borrower or grant to any person any more extensive rights
than those required to be made or granted to the relevant Lender under the Finance Documents. |
| 28.9 | Pro rata interest settlement |
| 28.9.1 | If the Facility Agent has notified the Lenders that it is able to distribute interest payments
on a "pro rata basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause
28.3 (Procedure for transfer by way of novations) or any assignment pursuant to Clause 28.4 (Procedure for assignment)
the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of a Term): |
| (a) | any interest or fees in respect of the relevant participation which are expressed to accrue by
reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date
("Accrued Amounts") and shall become due and payable to the Existing Lender (without further interest accruing
on them) on the last day of the current Term (or, if the Term is longer than six months, on the next of the dates which falls at
six monthly intervals after the first day of that Term); and |
| (b) | the rights transferred by the Existing Lender will not include the right to the Accrued Amounts,
so that, for the avoidance of doubt: |
| (i) | when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing
Lender; and |
| (ii) | the amount payable to the New Lender on that date will be the amount which would, but for the application
of this Clause 28.9, have been payable to it on that date, but after deduction of the Accrued Amounts. |
| 28.9.2 | In this Clause 28.9 references to "Term" shall be construed to include a reference to
any other period for accrual of fees. |
| 28.10 | Disenfranchisement of Debt Purchase Transactions entered into by Relevant Persons |
| 28.10.1 | For so long as a Holding Company of the Borrower or any of such Holding Company's Affiliates other
than a member of the Group (a "Relevant Person") (i) beneficially owns a Commitment or (ii) has entered into a
sub-participation agreement relating to a Commitment or other agreement or arrangement having a substantially similar economic
effect and such agreement or arrangement has not been terminated: |
| (a) | in ascertaining the Majority Lenders or whether any given percentage (including for the avoidance
of doubt, unanimity) of the Total Commitments has been obtained to approve any request for a consent, waiver, amendment or other
vote under the Finance Documents such Commitment shall be deemed to be zero; and |
| (b) | for the purposes of Clause 27.2 (Exceptions), such Relevant Person or the person with whom
it has entered into such sub-participation, other agreement or arrangement shall be deemed not to be a Lender (unless in the case
of a person not being a Relevant Person it is a Lender by a virtue otherwise than by beneficially owning the relevant Commitment). |
| 28.10.2 | Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly
notify the Facility Agent in writing if it knowingly enters into a Debt Purchase Transaction with a Relevant Person (a "Notifiable
Debt Purchase Transaction"), such notification to be substantially in the form set out in Part I of Schedule 8 (Forms
of Notifiable Debt Purchase Transaction Notice). |
| 28.10.3 | A Lender shall promptly notify the Facility Agent if a Notifiable Debt Purchase Transaction to
which it is a party: |
| (b) | ceases to be with a Relevant Person, |
such notification to be substantially
in the form set out in Part II of the Schedule 8 (Forms of Notifiable Debt Purchase Transaction Notice).
| 28.10.4 | Each Relevant Person that is a Lender agrees that: |
| (a) | in relation to any meeting or conference call to which all the Lenders are invited to attend or
participate, it shall not attend or participate in the same if so requested by the Facility Agent or, unless the Facility Agent
otherwise agrees, be entitled to receive the agenda or any minutes of the same; and |
| (b) | in its capacity as Lender, unless the Facility Agent otherwise agrees, it shall not be entitled
to receive any report or other document prepared at the request of, or on the instructions of, the Facility Agent or one or more
of the Lenders. |
| 29. | Confidentiality and Disclosure of Information |
| 29.1 | Confidential Information |
Each
Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
by Clause 29.2 (Disclosure of Confidential Information) and Clause 29.3 (Disclosure to numbering service providers),
and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its
own confidential information.
| 29.2 | Disclosure of Confidential Information |
Any Finance Party may disclose:
| 29.2.1 | to any of its Affiliates and Related Funds and any of its or their officers, directors, employees,
professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider
appropriate if any person to whom the Confidential Information is to be given pursuant to this sub-clause 29.2.1 is informed in
writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except
that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; |
| (a) | to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any
of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as
Facility Agent, and in each case to any of that person's Affiliates, Related Funds, Representatives and professional advisers; |
| (b) | with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference
to, one or more Finance Documents and/or the Borrower and to any of that person's Affiliates, Related Funds, Representatives and
professional advisers; |
| (c) | appointed by any Finance Party or by a person to whom paragraphs (a) or (b) of sub-clause 29.2.2
above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf; |
| (d) | who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in paragraphs (a) or (b) of sub-clause 29.2.2 above; |
| (e) | to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange
or pursuant to any applicable law or regulation; |
| (f) | to whom or for whose benefit that Finance Party charges, assigns or otherwise creates security
(or may do so) pursuant to Clause 28.8 (Security over Lenders' rights); |
| (g) | to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes; |
| (i) | with the consent of the Borrower; |
in each case, such Confidential
Information as that Finance Party shall consider appropriate if:
| (i) | in relation to paragraphs (a), (b) and (c) of sub-clause 29.2.2 above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality
of the Confidential Information; |
| (ii) | in relation to paragraph (d) of sub-clause 29.2.2 above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information; |
| (iii) | in relation to paragraphs (e), (f) and (g) of sub-clause 29.2.2 above, the person to whom the Confidential
Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be
price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it
is not practicable so to do in the circumstances; |
| 29.2.3 | to any person appointed by that Finance Party or by a person to whom paragraph (a) or (b) of sub-clause
29.2.2 above applies to provide administration or settlement services in respect of one or more of the Finance Documents including
without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information
as may be required to be disclosed to enable such service provider to provide any of the services referred to in this sub-clause
29.2.3 if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement
substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers
or such other form of confidentiality undertaking agreed between the Borrower and the relevant Finance Party; and |
| 29.2.4 | to any rating agency (including its professional advisers) such Confidential Information as may
be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents
and/or the Borrower if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature
and that some or all of such Confidential Information may be price-sensitive information. |
| 29.3 | Disclosure to numbering service providers |
| 29.3.1 | Any Finance Party may disclose to any national or international numbering service provider appointed
by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or the Borrower
the following information: |
| (b) | country of domicile of the Borrower; |
| (c) | place of incorporation of the Borrower; |
| (d) | date of this Agreement; |
| (e) | Clause 37 (Governing Law); |
| (f) | the names of the Facility Agent and the Arranger; |
| (g) | date of each amendment and restatement of this Agreement; |
| (h) | amount of Total Commitments; |
| (i) | currencies of the Facility; |
| (l) | Final Maturity Date for the Facility; |
| (m) | changes to any of the information previously supplied pursuant to paragraphs (a) to (k) above;
and |
| (n) | such other information agreed between such Finance Party and the Borrower, |
to enable such numbering service
provider to provide its usual syndicated loan numbering identification services.
| 29.3.2 | The Parties acknowledge and agree that each identification number assigned to this Agreement, the
Facility and/or the Borrower by a numbering service provider and the information associated with each such number may be disclosed
to users of its services in accordance with the standard terms and conditions of that numbering service provider. |
| 29.3.3 | The Borrower represents that none of the information set out in paragraphs (a) to (n) of sub-clause 29.3.1
above is, nor will at any time be, unpublished price-sensitive information. |
| 29.3.4 | The Facility Agent shall notify the Borrower and the other Finance Parties of: |
| (a) | the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement,
the Facility and/or the Borrower; and |
| (b) | the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or the
Borrower by such numbering service provider. |
| 30. | Confidentiality of Funding Rates |
| 30.1 | Confidentiality and disclosure |
| 30.1.1 | The Facility Agent and the Borrower agree to keep each Funding Rate confidential and not to disclose
it to anyone, save to the extent permitted by sub-clauses 30.1.2 and 30.1.3 below. |
| 30.1.2 | The Facility Agent may disclose: |
| (a) | any Funding Rate to the relevant Borrower pursuant to Clause 9.4 (Notification of rates
of interest); and |
| (b) | any Funding Rate to any person appointed by it to provide administration services in respect of
one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service
provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the
LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality
undertaking agreed between the Facility Agent and the relevant Lender. |
| 30.1.3 | The Facility Agent may disclose any Funding Rate and the Borrower may disclose any Funding Rate,
to: |
| (a) | any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this paragraph (a)
is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no
such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding
Rate or is otherwise bound by requirements of confidentiality in relation to it; |
| (b) | any person to whom information is required or requested to be disclosed by any court of competent
jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in
writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to
so inform if, in the opinion of the Facility Agent or the Borrower it is not practicable to do so in the circumstances; |
| (c) | any person to whom information is required to be disclosed in connection with, and for the purposes
of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding
Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that
there shall be no requirement to so inform if, in the opinion of the Facility Agent or the Borrower it is not practicable to do
so in the circumstances; and |
| (d) | any person with the consent of the relevant Lender. |
| 30.2.1 | The Facility Agent and the Borrower acknowledge that each Funding Rate is or may be price-sensitive
information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider
dealing and market abuse and the Facility Agent and the Borrower undertake not to use any Funding Rate for any unlawful purpose. |
| 30.2.2 | The Facility Agent and the Borrower agree (to the extent permitted by law and regulation) to inform
the relevant Lender: |
| (a) | of the circumstances of any disclosure made pursuant to paragraph (b) of sub-clause 30.1.3
except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its
supervisory or regulatory function; and |
| (b) | upon becoming aware that any information has been disclosed in breach of this Clause 30. |
No Event of Default will occur
under Clause 20.3 (Breach of other obligations) by reason only of the Borrower's failure to comply with this Clause 30.
A Finance Party may set off any
matured obligation owed to it by the Borrower under the Finance Documents (to the extent beneficially owned by that Finance Party)
against any obligation (whether or not matured) owed by that Finance Party to the Borrower, 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.
| 32.1 | Payments to Finance Parties |
If a Finance Party (a "Recovering
Finance Party") receives or recovers any amount from the Borrower other than in accordance with Clause 15 (Payments)
(a "Recovery") and applies that amount to a payment due under the Finance Documents then:
| 32.1.1 | the Recovering Finance Party must, within three Business Days, supply details of the Recovery to
the Facility Agent; |
| 32.1.2 | the Facility Agent must calculate whether the receipt or recovery is in excess of the amount which
the Recovering Finance Party would have received if the receipt or recovery had been received or made by the Facility Agent and
distributed in accordance with Clause 15 (Payments), without taking account of any Tax which would have been imposed on
the Facility Agent in relation to the receipt, recovery or redistribution; and |
| 32.1.3 | the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent,
pay to the Facility Agent an amount (the "Redistribution") equal to such receipt or recovery less any amount which
the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance
with Clause 15.8 (Partial payments). |
| 32.2 | Redistribution of payments |
The Facility Agent shall treat
the Redistribution as if it had been paid by the Borrower and distribute it between the Finance Parties (other than the Recovering
Finance Party) (the "Sharing Finance Parties") in accordance with Clause 15.8 (Partial payments) towards
the obligations of the Borrower to the Sharing Finance Parties.
| 32.3 | Recovering Finance Party's rights |
On a distribution by the Facility
Agent under Clause 32.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from the Borrower,
as between the Borrower and the Recovering Finance Party, an amount of the Recovery equal to the Redistribution will be treated
as not having been paid by the Borrower.
| 32.4 | Reversal of Redistribution |
If any part of the Redistribution
received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:
| 32.4.1 | each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent
for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Redistribution (together
with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Redistribution
which that Recovering Finance Party is required to pay) (the "Redistributed Amount"); and |
| 32.4.2 | as between the Borrower and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by the Borrower. |
| 32.5.1 | This Clause 32 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 Borrower. |
| 32.5.2 | 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 legal or arbitration proceedings, where: |
| (a) | the Recovering Finance Party notified the Facility Agent of those proceedings; and |
| (b) | the other Finance Party had an opportunity to participate in those proceedings but did not do so
or did not take separate legal or arbitration proceedings as soon as reasonably practicable after receiving notice of them. |
If a term of a Finance Document
is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect:
| 33.1.1 | the legality, validity or enforceability in that jurisdiction of any other term of the Finance
Documents; or |
| 33.1.2 | the legality, validity or enforceability in other jurisdictions of that or any other term of the
Finance Documents. |
Each Finance Document may be executed
in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of the Finance
Document.
| 35.1.1 | Any communication in connection with a Finance Document must be in writing and, unless otherwise
stated, may be given in person, by post or by fax. |
| 35.1.2 | Unless it is agreed to the contrary, any consent or agreement required under a Finance Document
must be given in writing. |
| 35.2.1 | Except as provided below, the contact details of each Party for all communications in connection
with the Finance Documents are those notified by that Party for this purpose to the Facility Agent on or before the date it becomes
a Party. |
| 35.2.2 | The contact details of the Borrower for this purpose are: |
Address: Western Power Distribution plc
Avonbank
Feeder Road
Bristol BS2 0TB
Tel: +44 117 933 2354
Fax: +44 117 933 2108
E-mail: wpdtreasuryconfirms@westernpower.co.uk
Attention: Treasury Team
|
|
The contact details of the Facility
Agent for this purpose are:
Address: |
Mizuho Bank, Ltd.
Bracken House
One Friday Street
London EC4M 9JA
|
Fax number: |
+44 207 012 4053 |
E-mail: |
loanagency@mhcb.co.uk |
Attention: |
Agency Department
|
| 35.2.3 | Any Party may change its contact details by giving five Business Days' notice to the Facility Agent
or (in the case of the Facility Agent) to the other Parties. |
| 35.2.4 | Where a Party nominates a particular department or officer to receive a communication, a communication
will not be effective if it fails to specify that department or officer. |
| 35.3.1 | Except as provided below, any communication in connection with a Finance Document will be deemed
to be given as follows: |
| (a) | if delivered in person, at the time of delivery; |
| (b) | if posted, five days after being deposited in the post, postage prepaid, in a correctly addressed
envelope; and |
| (c) | if by fax, when received in legible form. |
| 35.3.2 | A communication given under sub-clause 35.3.1 above but received on a non-working day or after
business hours in the place of receipt will only be deemed to be given on the next working day in that place. |
| 35.3.3 | A communication to the Facility Agent will only be effective on actual receipt by it. |
| 35.4 | Electronic communication |
| 35.4.1 | Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website)
if those two Parties: |
| (a) | notify each other in writing of their electronic mail address and/or any other information required
to enable the transmission of information by that means; and |
| (b) | notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days' notice. |
| 35.4.2 | Any such electronic communication as specified in sub-clause 35.4.1 above to be made between
the Borrower and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until
notified to the contrary, this is to be an accepted form of communication. |
| 35.4.3 | Any such electronic communication as specified in sub-clause 35.4.1 above made between any
two Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic
communication made by a Party to the Facility Agent only if it is addressed in such a manner as the Facility Agent shall specify
for this purpose. |
| 35.4.4 | Any electronic communication which becomes effective, in accordance with sub-clause 35.4.3
above, after 5:00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address
for the purpose of this Agreement shall be deemed only to become effective on the following day. |
| 35.4.5 | Any reference in a Finance Document to a communication being sent or received shall be construed
to include that communication being made available in accordance with this Clause 35.4. |
All formal communication under
the Finance Documents to or from the Borrower must be sent through the Facility Agent.
| 35.6 | Communication when Facility Agent is Impaired Agent |
If the Facility Agent is an Impaired
Agent the Parties may, instead of communicating with each other through the Facility Agent, communicate with each other directly
and (while the Facility Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to
be made or notices to be given to or by the Facility Agent shall be varied so that communications may be made and notices given
to or by the relevant Parties directly. This provision shall not operate after a replacement Facility Agent has been appointed.
| 36.1.1 | Any notice given in connection with a Finance Document must be in English. |
| 36.1.2 | Any other document provided in connection with a Finance Document must be: |
| (b) | (unless the Facility Agent otherwise agrees) accompanied by a certified English translation. In
this case, the English translation prevails unless the document is a statutory or other official document. |
This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.
| 38.1.1 | The English courts have exclusive jurisdiction to settle any dispute in connection with any Finance
Document including a dispute relating to any non-contractual obligation arising out of or in connection with this Agreement. |
| 38.1.2 | The English courts are the most appropriate and convenient courts to settle any such dispute and
the Borrower waives objection to those courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection
with any Finance Document. |
| 38.1.3 | This Clause is for the benefit of the Finance Parties only. To the extent allowed by law, a Finance
Party may take: |
| (a) | proceedings in any other court; and |
| (b) | concurrent proceedings in any number of jurisdictions. |
This Agreement has been entered
into on the date stated at the beginning of this Agreement.
Schedule
1
Original Parties
Name of Original Lender |
Commitment
(£) |
Treaty Passport scheme reference number and jurisdiction of tax residence
(if applicable) |
Abbey National Treasury Services Plc (trading as Santander Global Banking and Markets) |
26,250,000
|
N/A
|
Barclays Bank PLC |
26,250,000 |
N/A |
HSBC Bank plc |
26,250,000 |
N/A |
Lloyds Bank plc |
26,250,000 |
N/A |
Mizuho Bank, Ltd. |
26,250,000 |
N/A |
RBC Europe Limitedc |
26,250,000 |
N/A |
The Bank of Tokyo-Mitsubishi UFJ, Ltd. |
26,250,000 |
N/A
|
The Royal Bank of Scotland plc |
26,250,000 |
N/A |
Total |
£210,000,000 |
|
Schedule
2
Conditions
Precedent
The Borrower
| 1. | A certified copy of the constitutional documents of the Borrower. |
| 2. | A certified copy of a resolution of the board of directors or a committee of the board of directors
of the Borrower approving the terms of, and the transactions contemplated by, the Finance Documents. |
| 3. | A specimen of the signature of each person authorised on behalf of the Borrower to execute or witness
the execution of any Finance Document or to sign or send any document or notice in connection with any Finance Document. |
| 4. | A certificate of the Borrower (signed by a director) confirming that borrowing the Total Commitments
would not cause any borrowing limit binding on the Borrower to be exceeded. |
| 5. | A certificate of an authorised signatory of the Borrower certifying that each copy document relating
to it specified in this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this
Agreement. |
Legal opinions
| 6. | A legal opinion of Clifford Chance LLP, legal advisers to the Arranger and the Facility Agent addressed
to the Finance Parties. |
Other documents and evidence
| 7. | Duly signed copies of each Finance Document. |
| 8. | Evidence that all fees and expenses then due and payable from the Borrower under this Agreement
have been or will be paid no later than the first Drawdown Date. |
| 9. | The Original Financial Statements. |
| 10. | A copy of any other authorisation or other document, opinion or assurance which the Facility Agent
notifies the Borrower is necessary or desirable 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. |
| 11. | Evidence that (i) any amounts outstanding under the Existing RCF have been or will, on the advance
of the first Loan under this Agreement, be repaid in full, and (ii) all commitments under the Existing RCF have been or will, on
the advance of the first Loan under this Agreement irrevocably cancelled in full. |
Schedule
3
Requests
To: Mizuho Bank, Ltd. as Facility
Agent
From: Western Power Distribution
plc
Date: [•]
Western Power Distribution plc -
£210,000,000 Revolving Facility Agreement dated [•]
2016 (the "Agreement")
| 1. | We refer to the Agreement. This is a Request. Terms defined in the Agreement have the same meaning
in this Request unless given a different meaning in this Request. |
| 2. | We wish to borrow a Loan on the following terms: |
| 3. | Our payment instructions are: [•] |
| 4. | We confirm that each condition precedent under the Agreement which must be satisfied on the date
of this Request is so satisfied. |
| 5. | [This Loan is to be made in [whole]/[part] for the purpose of refinancing [identify maturing
Loan][The proceeds of this Loan should be credited to [account]]. |
| 6. | We confirm that as at [relevant testing date] Consolidated EBITDA was [•] and Interest
Payable was [•]; therefore, the ratio of Consolidated EBITDA to Interest Payable was [•] to 1. |
| 7. | We confirm that as at [relevant testing date] Regulatory Asset Value was [•] and Total
Net Debt was [•]; therefore, Total Net Debt does not exceed an amount equal to 87.5% of the Regulatory Asset Value. |
| 8. | This Request is irrevocable. |
By:
WESTERN POWER DISTRIBUTION PLC
Schedule
4
Form of Transfer Certificate
To: Mizuho Bank, Ltd. as Facility
Agent
| From: | [THE EXISTING LENDER] (the "Existing Lender") and [THE NEW LENDER] (the "New
Lender") |
Date: [•]
Western Power Distribution plc - £210,000,000
Revolving Facility Agreement dated [•]
2016 (the "Agreement")
We refer to the Agreement. This is a
Transfer Certificate.
| 1. | The Existing Lender transfers by novation to the New Lender all of the Existing Lender's rights
and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment
and participations in Loans under the Agreement referred to in the Schedule below in accordance with the terms of the Agreement. |
| 2. | The proposed Transfer Date is [•]. |
| 3. | The administrative details of the New Lender for the purposes of the Agreement are set out in the
Schedule. |
| 4. | The New Lender confirms, for the benefit of the Facility Agent and without liability to the Borrower,
that it is: |
| (a) | [a Qualifying Lender (other than a Treaty Lender);] |
| (c) | [not a Qualifying Lender].* |
| 5. | [The New Lender confirms that the person beneficially entitled to interest payable to that Lender
in respect of an advance under a Finance Document is either: |
| (a) | a company resident in the United Kingdom for United Kingdom tax purposes; or |
| (b) | a partnership each member of which is: |
| (i) | a company so resident in the United Kingdom; or |
| (ii) | a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section
19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17
of the CTA 2009; or |
| (c) | a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the CTA 2009) of that company.]** |
| 6. | [The New Lender confirms (for the benefit of the Facility Agent and without liability to the Borrower)
that it is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme (reference number [•]), and is
tax resident in [•] *** so that interest payable to it by the Borrower is generally subject to full exemption from UK withholding
tax and notifies the Borrower that the Borrower must make an application to HM Revenue & Customs under form DTTP2 within 30
days of the Transfer Date.]**** |
| 7. | This Transfer Certificate and any non-contractual obligations arising out of or in connection with
it are governed by English law. |
NOTES:
|
* |
Delete as applicable - each New Lender is required to confirm which of these three categories it falls within. |
|
** |
Include if New Lender comes within paragraph (a)(ii) of the definition of Qualifying Lender in Clause 12.1 (Definitions). |
|
*** |
Insert jurisdiction of tax residence. |
|
**** |
This confirmation must be included if the Increase Lender holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to the Agreement. |
THE SCHEDULE
Rights and obligations to be transferred
by novation
[insert relevant details, including applicable
Commitment (or part)]
Administrative details of the New
Lender
[insert details of Facility Office, address
for notices and payment details etc.]
[EXISTING LENDER] |
[NEW LENDER] |
By: |
By: |
The Transfer Date is confirmed by the
Facility Agent as [•].
[•]
By:
Schedule
5
Form of Assignment Agreement
To: Mizuho Bank, Ltd. as Facility
Agent
| From: | [THE EXISTING LENDER] (the "Existing Lender") and [THE NEW LENDER] (the "New
Lender") |
Date: [•]
Western Power Distribution plc - £210,000,000
Revolving Facility Agreement dated [•]
2016 (the "Agreement")
| 1. | We refer to the Agreement. This is an Assignment Agreement. Terms
defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment
Agreement. |
| 2. | We refer to Clause 28.4 (Procedure for assignment): |
| (a) | The Existing Lender assigns absolutely to the New Lender all the
rights of the Existing Lender under the Agreement and the other Finance Documents which relate to that portion of the Existing
Lender's Commitment and participations in Loans under the Agreement as specified in the Schedule. |
| (b) | The Existing Lender is released from all the obligations of the Existing
Lender which correspond to that portion of the Existing Lender's Commitment and participations in Loans under the Agreement specified
in the Schedule. |
| (c) | The New Lender becomes a Party as a Lender and is bound by obligations
equivalent to those from which the Existing Lender is released under paragraph (b) above. |
| 3. | The proposed Transfer Date is [ ]. |
| 4. | On the Transfer Date the New Lender becomes Party to the Finance
Documents as a Lender. |
| 5. | The Facility Office and address, fax number and attention details
for notices of the New Lender for the purposes of Clause 35.2 (Contact Details) are set out in the Schedule. |
| 6. | The New Lender expressly acknowledges the limitations on the Existing
Lender's obligations set out in Clause 28.5 (Limitation of Existing Lender). |
| 7. | The New Lender confirms, for the benefit of the Facility Agent and
without liability to the Borrower, that it is: |
| (d) | [a Qualifying Lender (other than a Treaty Lender);] |
| (f) | [not a Qualifying Lender].* |
| 8. | [The New Lender confirms that the person beneficially entitled to
interest payable to that Lender in respect of an advance under a Finance Document is either: |
| (g) | a company resident in the United Kingdom for United Kingdom tax purposes; |
| (h) | a partnership each member of which is: |
| (i) | a company so resident in the United Kingdom; or |
| (ii) | a company not so resident in the United Kingdom which carries on
a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits
(within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls
to it by reason of Part 17 of the CTA; or |
| (i) | a company not so resident in the United
Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest
payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company.]** |
| 9. | [The New Lender confirms (for the benefit of the Facility Agent and
without liability to the Borrower) that it holds a passport under the HMRC DT Treaty passport scheme (reference number [•])
and is tax resident in [•]***, so that interest payable to it by the Borrower is generally subject to full exemption from
UK withholding tax and notifies the Borrower that the Borrower must make an application to HM Revenue & Customs under form
DTTP2 within 30 days of the Transfer Date.]**** |
| 10. | This Assignment Agreement acts as notice to the Facility Agent (on
behalf of each Finance Party) and, upon delivery in accordance with Clause 28.7 (Copy of Transfer Certificate, Assignment Agreement
or Increase Confirmation to Borrower), to the Borrower of the assignment referred to in this Assignment Agreement. |
| 11. | This Assignment Agreement 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 Assignment Agreement. |
| 12. | This Assignment Agreement and any non-contractual obligations arising
out of or in connection with it are governed by English law. |
| 13. | This Assignment Agreement has been entered into on the date stated
at the beginning of this Assignment Agreement. |
NOTES:
|
* |
Delete as applicable - each New Lender is required to confirm which of these three categories it falls within. |
|
** |
Include if New Lender comes within paragraph (a)(ii) of the definition of Qualifying Lender in Clause 12.1 (Definitions). |
|
*** |
Insert jurisdiction of tax residence. |
|
**** |
This confirmation must be included if the Increase Lender holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to the Agreement. |
THE SCHEDULE
Rights to be assigned and obligations
to be released and undertaken
[insert relevant details]
[Facility office address, fax number
and attention details for notices and account details for payments]
[Existing Lender] |
[New Lender] |
By: |
By: |
This Assignment Agreement is accepted
by the Facility Agent and the Transfer Date is confirmed as [ ].
Signature of this Assignment Agreement
by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein,
which notice the Facility Agent receives on behalf of each Finance Party.
[Facility Agent]
By:
Schedule
6
Form
of Compliance Certificate
To: Mizuho Bank, Ltd. as Facility
Agent
From: Western Power Distribution
plc
Date: [•]
Western Power Distribution plc - £210,000,000
Revolving Facility Agreement dated [•]
2016 (the "Agreement")
| 1. | We refer to the Agreement. This is a Compliance Certificate. |
| 2. | We confirm that as at [relevant testing date], Consolidated EBITDA was [•] and Interest
Payable was [•], therefore the ratio of Consolidated EBITDA to Interest Payable was [•] to 1. |
| 3. | We confirm that as at [relevant testing date], Regulatory Asset Value was [•] and Total Net
Debt was [•]; therefore Total Net Debt does not exceed 87.5% of the Regulatory Asset Value. |
| 4. | We set out below calculations establishing the figures in paragraphs 2 and 3 above: |
[•].
| 5. | [We confirm that no Default is outstanding
as at [relevant testing date].]1. |
WESTERN POWER DISTRIBUTION PLC
By:
Director
Director
1.
If this statement cannot be made, the certificate should identify any Default that is outstanding and the steps, if any,
being taken to remedy it.
Schedule
7
Form of Increase Confirmation
| To: | Mizuho Bank, Ltd. as Facility Agent, and Western Power Distribution plc as Borrower |
From: [the Increase Lender]
(the "Increase Lender")
Dated: [•]
Western Power Distribution plc - £210,000,000
Revolving Facility Agreement dated [•]
2016 (the "Agreement")
| 1. | We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have
the same meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation. |
| 2. | We refer to Clause 2.2 (Increase) of the Agreement. |
| 3. | In accordance with the terms of the Agreement, the Increase Lender agrees to assume and will assume
all of the obligations corresponding to the Commitment specified in the Schedule (the "Relevant Commitment") as
if it was an Original Lender under the Agreement. |
| 4. | The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment
is to take effect (the "Increase Date") is [•]. |
| 5. | On the Increase Date, the Increase Lender becomes party to the Finance Documents as a Lender. |
| 6. | The Facility Office and address, fax number and attention details for notices to the Increase Lender
are set out in the Schedule. |
| 7. | The Increase Lender expressly acknowledges the limitations on the Lenders' obligations referred
to in Clause 2.2 (Increase). |
| 8. | The Increase Lender confirms, for the benefit of the Facility Agent and without liability to the
Borrower, that it is: |
| (a) | [a Qualifying Lender (other than a Treaty Lender);] |
| (c) | [not a Qualifying Lender].* |
| 9. | [The Increase Lender confirms that the person beneficially entitled to interest payable to that
Lender in respect of an advance under a Finance Document is either: |
| (a) | a company resident in the United Kingdom for United Kingdom tax purposes; or |
| (b) | a partnership each member of which is: |
| (i) | a company so resident in the United Kingdom; or |
| (ii) | a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section
19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17
of the CTA 2009; or |
| (c) | a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the CTA 2009) of that company.]** |
| 10. | [The Increase Lender confirms (for the benefit of the Facility Agent and without liability to the
Borrower) that it is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme (reference number [•]),
and is tax resident in [•] *** so that interest payable to it by the Borrower is generally subject to full exemption from
UK withholding tax and notifies the Borrower that the Borrower must make an application to HM Revenue & Customs under form
DTTP2 within 30 days of the Transfer Date.]**** |
| 11. | This Increase Confirmation may be executed in any number of counterparts and this has the same
effect as if the signatures on the counterparts were on a single copy of this Increase Confirmation. |
| 12. | This Increase Confirmation and any non-contractual obligations arising out of or in connection
with it are governed by English law. |
| 13. | This Increase Confirmation has been entered into on the date stated at the beginning of this Increase
Confirmation. |
NOTES:
|
* |
Delete as applicable - each Increase Lender is required to confirm which of these three categories it falls within. |
|
** |
Include if Increase Lender comes within paragraph (a)(ii) of the definition of Qualifying Lender in Clause 12.1 (Definitions). |
|
*** |
Insert jurisdiction of tax residence. |
|
**** |
This confirmation must be included if the Increase Lender holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to the Agreement. |
THE SCHEDULE
Relevant Commitment/rights and obligations
to be assumed by the Increase Lender
[insert relevant details]
[Facility office address, fax number
and attention details for notices and account details for payments]
[Increase Lender]
By:
This Increase Confirmation is confirmed
as an Increase Confirmation for the purposes of the Agreement by the Facility Agent and the Increase Date is confirmed as [•].
Facility Agent
By:
as Facility Agent for and on behalf
of each of the parties to the Agreement (other than the Increase Lender)
Schedule
8
Timetables
|
Loans in
euro |
Loans in dollars |
Loans in sterling |
Loans in other currencies |
Facility Agent notifies the Borrower if a currency is approved as an Optional Currency in accordance with Clause 4.3 (Conditions relating to Optional Currencies) |
N/A |
N/A |
N/A |
D-10
10:00 a.m. |
Delivery of a duly completed Request in accordance with Clause 5.1 (Giving of Requests) |
D-3
10.00am |
D-3
10.00am |
D-1
10.00am |
D-3
10.00am |
Facility Agent determines (in relation to a Loan) the Base Currency Amount of the Loan, if required under Clause 5.4 (Advance of Loan) and notifies the Lenders of the Loan in accordance with Clause 5.4 (Advance of Loan) |
D-3
4.00pm |
D-3
4.00pm |
D-1
4.00pm |
D-3
4.00pm |
Facility Agent receives a notification from a Lender under Clause 6.2 (Unavailability of a currency) |
D-2
9.00am |
D-2
9.00am |
D
10.00am |
D-2
10.00am |
Agent gives notice in accordance with Clause 6.2 (Unavailability of a currency) |
D-2
4.00pm |
D-2
4.00pm |
D
4.00pm |
D-2
4.00pm |
LIBOR or EURIBOR is fixed |
Rate Fixing Day as of 11:00 a.m. (Brussels
time) |
Rate Fixing Day as of 11:00 a.m. |
Rate Fixing Day as of 11:00 a.m. |
Rate Fixing Day as of 11:00 a.m. |
"D" = date of drawdown
"D- X"= Business Days prior
to date of drawdown
Schedule
9
Forms of notifiable debt purchase transaction notice
Part
I
Form of notice on entering into notifiable debt purchase transaction
To: [ ] as Facility Agent
From: [The Lender]
Dated:
Western Power Distribution plc -
£210,000,000 Revolving Facility
dated [ ] (the "Facilities Agreement")
| 1. | We refer to sub-clause 28.10.2 of Clause 28.10 (Disenfranchisement of Debt Purchase Transactions
entered into by Relevant Persons) of the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning
in this notice unless given a different meaning in this notice. |
| 2. | We have entered into a Notifiable Debt Purchase Transaction. |
| 3. | The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to [insert
amount (of that Commitment) to which the relevant Debt Purchase Transaction applies] |
[Lender]
By:
Part
II
Form of notice on termination of notifiable debt purchase transaction/notifiable
debt purchase transaction ceasing to
be with relevant person
To: [ ] as Agent
From: [The Lender]
Dated:
Western Power Distribution plc -
£210,000,000 Facility Agreement
dated [ ] (the "Facilities Agreement")
| 1. | We refer to sub-clause 28.10.3 of Clause 28.10 (Disenfranchisement of Debt Purchase Transactions
entered into by Relevant Persons) of the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning
in this notice unless given a different meaning in this notice. |
| 2. | A Notifiable Debt Purchase Transaction which we entered into and which we notified you of in a
notice dated [ • ] has [terminated]/[ceased to be with a Relevant Person]. |
| 3. | The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to [insert
amount (of that Commitment) to which the relevant Debt Purchase Transaction applies] |
[Lender]
By:
Schedule
10
Form of Subordination Deed
THIS SUBORDINATION DEED is entered
into as a deed on [ ]
and is made BETWEEN:
| (1) | WESTERN POWER DISTRIBUTION PLC (registered number 09223384) (the Company); |
(2) [SUBORDINATED
CREDITOR] (the Subordinated Creditor); and
| (3) | MIZUHO BANK, LTD., as Facility Agent acting on behalf of the Lenders (each
as defined below) (the Facility Agent). |
In this Deed:
Agreement
means the £210,000,000 Multicurrency Revolving Facility Agreement dated [l] 2016
between, amongst others, Western Power Distribution plc as the Company and Mizuho Bank, Ltd. as Facility Agent.
Certificate
means a document substantially in the form set out in Annex 2 (Form of Certificate).
Party
means a party to this Deed.
Permitted
Subordinated Debt Payment means:
| (a) | the repayment or prepayment of any principal amount (or capitalised interest) outstanding under
the Subordinated Finance Document; |
| (b) | the payment of any interest, fee or charge accrued or due under or any other amount payable in
connection with the Subordinated Finance Document; or |
| (c) | the purchase, redemption, defeasance or discharge of any amount outstanding under the Subordinated
Finance Document, |
provided that the Company, prior
to any action referred to in paragraphs (a) to (c) above being taken, delivers to the Facility Agent a Certificate, signed by two
directors of the Company, certifying that, taking into account any such action, the Company will be in compliance with its obligations
under Clause 18 (Financial Covenants) of the Agreement on each of the next two Measurement Dates.
Senior Debt
means any present or future liability (actual or contingent) payable or owing by the Company to a Finance Party under or in connection
with the Finance Documents.
Senior Debt
Discharge Date means the date on which all the Senior Debt has been unconditionally and irrevocably paid and discharged in
full and no Finance Party has
any commitment or liability, whether
present or future, actual or contingent, in relation to the Facility, as determined by the Facility Agent.
Subordinated
Creditor Accession Deed means a deed substantially in the form set out in Annex 1 (Form of Subordinated Creditor
Accession Deed).
Subordinated
Debt means any present or future liability (actual or contingent) payable or owing by the Company to the Subordinated Creditor
under or in connection with any Subordinated Finance Document.
Subordinated
Finance Document means [l].
| (a) | Capitalised terms defined in the Agreement have the same meaning in this Deed, unless given a different
meaning in this Deed. |
| (b) | The principles of construction set out in the Agreement will have effect as if set out in this
Deed. |
| (c) | Any undertaking by the Subordinated Creditor in this Deed remains in force from the date of this
Deed to the Senior Debt Discharge Date. |
Unless otherwise indicated and
save in respect of any other creditor under any of the Finance Documents, a person who is not a party to this Deed has no right
under the Contracts (Rights of Third Parties) Act 1999 (or any other applicable law) to enforce any term of this Deed.
Each of the Parties hereby agrees
that the Senior Debt, whether secured or unsecured, shall rank senior in priority to the Subordinated Debt.
| 2.2 | Undertakings of the Company |
The Company must not without the
prior consent of the Lenders:
| (a) | make any payment whatsoever in respect of the Subordinated Debt other than a Permitted Subordinated
Debt Payment; or |
| (b) | secure, in any manner, all or any part of the Subordinated Debt; or |
| (c) | defease, in any manner, all or any part of the Subordinated Debt; or |
| (d) | give any financial support (including the taking of any participation, the giving of any guarantee
or other assurance or the making of any deposit) to any person in connection with all or any part of the Subordinated Debt; or |
| (e) | procure any other person to do any of the acts or take any of the actions referred to paragraphs
(a) to (d) above. |
| 2.3 | Undertakings of the Subordinated Creditor |
| (a) | The Subordinated Creditor will not without the prior written consent of the Lenders: |
| (i) | allow to exist or receive the benefit of any Security Interest, guarantee, indemnity or other assurance
against loss in respect of all or any of the Subordinated Debt or all or any rights which it may have against the Company in respect
of all or any part of the Subordinated Debt; or |
| (ii) | take or omit to take any action or step whereby the subordination of all or any of the Subordinated
Debt might be terminated, impaired or adversely affected. |
| (b) | The Subordinated Creditor will not without the prior written consent of the Lenders receive any
payment save where such payment is a Permitted Subordinated Debt Payment. |
| (c) | The Subordinated Creditor will not without the prior written consent of the Lenders: |
| (i) | demand payment, declare prematurely due and payable or otherwise seek to accelerate payment of
or place on demand all or any part of the Subordinated Debt or enforce the Subordinated Debt by execution or otherwise; |
| (ii) | initiate or support or take any steps with a view to, or which may lead to: |
| (A) | any insolvency, liquidation, reorganisation, administration or dissolution proceedings; |
| (B) | any voluntary arrangement or assignment for the benefit of creditors; or |
| (C) | any similar proceedings, |
involving the Company or any of
its Subsidiaries, whether by petition, convening a meeting, voting for a resolution or otherwise;
| (iii) | bring or support any legal proceedings against the Company or any of its Subsidiaries; or |
| (iv) | otherwise exercise any remedy for the recovery of all or any part of the Subordinated Debt (including,
without limitation, the exercise of any right of set-off, counterclaim or lien). |
| (d) | If the Subordinated Creditor receives any payment which is in breach of any Finance Document, it
shall hold such sums on trust for the Facility Agent |
(acting on behalf of the Lenders)
and pay them immediately to the Facility Agent (acting on behalf of the Lenders) to be applied against the Senior Debt.
| (e) | The Subordinated Creditor and the Company hereby agree for the benefit of the Facility Agent and
the Lenders that, notwithstanding the terms of the Subordinated Finance Document and any agreement relating to the Subordinated
Debt, the Subordinated Debt is made available on terms such that it is not, save for a Permitted Subordinated Debt Payment or otherwise
with the consent of the Lenders, repayable unless and until the Senior Debt Discharge Date shall have occurred. |
| 2.4 | Subordination on insolvency |
If
there occurs any payment, distribution, division or application, partial or complete, voluntary or involuntary, by operation of
law or otherwise, of all or any part of the assets of any kind or character of the Company or the proceeds thereof, to creditors
of the Company, by reason of the liquidation, dissolution or other winding-up of the Company or its businesses or any bankruptcy,
reorganisation, receivership or insolvency or similar proceeding or any assignment for the benefit of creditors or there is a marshalling
of the assets and liabilities of the Company, or the Company becomes subject to any event mentioned
in Clause 20.6 (Insolvency proceedings) of the Agreement or a voluntary arrangement, then and in any such event:
| (a) | the Subordinated Debt shall continue to be subordinated to the Senior Debt; |
| (b) | any payment or distribution of any kind or character and all and any rights in respect thereof,
whether in cash, securities or other property which is payable or deliverable upon or with respect to the Subordinated Debt or
any part thereof by a liquidator, administrator or receiver (or the equivalent thereof) of the Company or its estate (the "rights")
made to or paid to, or received by the Subordinated Creditor or to which the Subordinated Creditor is entitled shall be held on
trust by the Subordinated Creditor for the Lenders and shall forthwith be paid or, as the case may be, transferred or assigned
to the Lenders to be applied against the Senior Debt; |
| (c) | if the trust referred to in paragraph (b) above or paragraph (d) of Clause 2.3 above fails or cannot
be given effect to or if the Subordinated Creditor receives and retains the relevant payment or distribution, the Subordinated
Creditor will pay over such rights in the form received to the Facility Agent (acting on behalf of the Lenders) to be applied against
the Senior Debt; |
| (d) | the Subordinated Creditor acknowledges the rights of the Facility Agent (acting on behalf of the
Lenders) to demand, sue and prove for, collect and receive every payment or distribution referred to in paragraph (b) above and
give acquittance therefore and to file claims and take such other proceedings, in the Facility Agent's own name or otherwise, as
the Facility Agent may deem necessary or advisable for the enforcement of this Deed; and |
| (e) | the Subordinated Creditor by way of security for its obligations under this Deed irrevocably appoints
the Facility Agent to be its attorney in order to enable the Facility Agent to enforce any and all claims upon or with respect
to the |
Subordinated Debt or any part thereof,
and to collect and receive any and all payments or distributions referred to in paragraph (b) above or to do anything which that
Subordinated Creditor has authorised the Facility Agent or any other Party to do under this Deed or is itself required to do under
this Deed but has failed to do (and the Facility Agent may delegate that power on such terms as it sees fit).
| (a) | The Subordinated Creditor shall not set off against the Subordinated Debt any amount payable by
the Subordinated Creditor to the Company. |
| (b) | If any part of the Subordinated Debt is discharged in whole or in part by way of set-off, the Subordinated
Creditor will promptly pay to the Facility Agent for application in accordance with the terms of paragraph (b) of Clause 2.4 (Subordination
on insolvency) an amount equal to the amount of the Subordinated Debt discharged by such set-off. |
The Subordinated Creditor hereby
agrees that the Facility Agent (acting on behalf of the Lenders) may, at its discretion, increase the facility made available to
the Company and make further advances to the Company, and each such advance will be deemed to be made under the terms of the Agreement.
| 5. | PROTECTION OF SUBORDINATION |
| (a) | The subordination in this Deed is a continuing subordination and benefits the ultimate balance
of the Senior Debt. |
| (b) | Except as provided in this Deed, the subordination is, and the Subordinated Creditor's obligations
under this Deed will, not be affected by any act, omission or thing which, but for this provision, would reduce, release or prejudice
the subordination or any of the Subordinated Creditor's obligations under this Deed. |
| (a) | This Deed overrides anything in any Subordinated Finance Document to the contrary. |
| (b) | Any communication in respect of this Deed must be in writing. Contact details for each Party are
set out opposite their name, below. |
| (c) | This Deed is a Finance Document. |
| (a) | The Facility Agent (acting on behalf of the Lenders) shall have the full and unfettered right to
assign or otherwise transfer the whole or any part of the benefit of this Deed to any person to whom all or a corresponding part
of its rights, benefits and obligations under any of the Finance Documents are assigned or transferred in accordance with their
provisions. |
| (b) | The Subordinated Creditor shall not assign or transfer all or any of its rights, title, benefit
and interest in or to all or any part of the Subordinated Debt unless in full and on or prior to such assignment or transfer the
assignee or transferee accedes to this Deed as Subordinated Creditor pursuant to the Subordinated Creditor Accession Deed. |
The Facility
Agent shall hold the benefit of this Deed upon trust for itself and the Lenders.
Subject to Clause 4 (New Money),
on the Senior Debt Discharge Date, the terms of this Deed shall terminate.
This Deed and any non-contractual
obligations arising out of or in connection with it are governed by English law.
The English courts have exclusive
jurisdiction to settle any dispute including a dispute relating to non-contractual obligations arising out of or in connection
with this Deed and the Parties submit to the exclusive jurisdiction of the English courts.
IN WITNESS whereof this Deed
has been duly executed by the Parties on the day and year first above written.
Annex 1
Form of Subordinated Creditor Accession
Deed
| To: | MIZUHO BANK, LTD., as Facility Agent acting on behalf of the Lenders. |
To: WESTERN POWER DISTRIBUTION
PLC
| From: | [Acceding Subordinated Creditor] |
THIS DEED is made on [date] by [Acceding
Subordinated Creditor] (the "Acceding Subordinated Creditor") in relation to the subordination deed (the "Subordination
Deed") dated [•] between, among others, Western Power Distribution plc. as Company, Mizuho Bank, Ltd. as Facility
Agent and the Subordinated Creditor (as defined in the Subordination Deed). Terms defined in the Subordination Deed shall, unless
otherwise defined in this Deed, bear the same meanings when used in this Deed.
In consideration of the Acceding Subordinated
Creditor being accepted as the Subordinated Creditor for the purposes of the Subordination Deed, the Acceding Subordinated Creditor
confirms that, as from [date], it intends to be party to the Subordination Deed as the Subordinated Creditor and undertakes to
perform all the obligations expressed in the Subordination Deed to be assumed by the Subordinated Creditor and agrees that it shall
be bound by all the provisions of the Subordination Deed, as if it had been an original party to the Subordination Deed as the
Subordinated Creditor.
This Deed and any non-contractual obligations
arising out of or in connection with it are governed by English law.
IN WITNESS whereof this Deed
has been duly executed by the Parties on the day and year first above written.
SIGNATORIES
Company
EXECUTED as a DEED
by WESTERN POWER DISTRIBUTION PLC
acting by |
)
)
)……………………………
Director |
In the presence of:
Witness's Signature: ……………………………
Name: ……………………………
Address: ……………………………
Company contact details:
Address: |
[●] |
Fax number: |
[●] |
Phone number: |
[●] |
E-mail: |
[●] |
Attention: |
[●] |
Acceding Subordinated Creditor
EXECUTED as a DEED
by [ACCEDING SUBORDINATED CREDITOR]
acting by |
)
)
)……………………………
Director |
In the presence of:
Witness's Signature: ……………………………
Name: ……………………………
Address: ……………………………
Subordinated Creditor contact details:
Address: |
[●] |
Fax number: |
[●] |
Phone number: |
[●] |
E-mail: |
[●] |
Attention: |
[●] |
Facility Agent
EXECUTED as a DEED
by MIZUHO BANK, LTD.
acting by |
) ) )……………………………
Director |
In the presence of:
Witness's Signature: ……………………………
Name: ……………………………
Address: ……………………………
Facility Agent contact details:
Address: |
Bracken House
One Friday Street
London EC4M 9JA
|
Fax number: |
+44 207 012 4053 |
Phone number: |
+44 207 012 4703 |
E-mail: |
loanagency@mhcb.co.uk |
Attention: |
Agency Department |
Annex 2
Form of Certificate
To: Mizuho Bank, Ltd. as Facility
Agent
From: [Western Power Distribution
plc]
Date: [l]
Western Power Distribution plc -
£210,000,000 Revolving Facility Agreement dated [l]
2016 (the "Agreement")
and Subordination Deed dated [l] (the "Deed")
| 1. | We refer to the Agreement and the Deed. Capitalised terms defined in the Deed have the same meaning
in this Certificate, unless given a different meaning in this Certificate. |
| 2. | We confirm that the Company will make [insert type of payment] of [insert amount and
currency] under [insert description of relevant Subordinated Finance Document] on [insert date of payment]. |
| 3. | We confirm that, taking into account such payment, the Company will be in compliance with its obligations
under Clause 18 (Financial Covenants) of the Agreement on each of the next two Measurement Dates (as such term is defined
in the Agreement). |
WESTERN POWER DISTRIBUTION PLC
By:
Director
By:
Director
SIGNATORIES
Company
EXECUTED as a DEED
by WESTERN POWER DISTRIBUTION PLC
acting by |
)
)
)……………………………
Director |
In the presence of:
Witness's Signature: ……………………………
Name: ……………………………
Address: ……………………………
Company contact details:
Address: |
[●] |
Fax number: |
[●] |
Phone number: |
[●] |
E-mail: |
[●] |
Attention: |
[●] |
Subordinated Creditor
EXECUTED as a DEED
by [SUBORDINATED CREDITOR]
acting by |
)
)
)……………………………
Director |
In the presence of:
Witness's Signature: ……………………………
Name: ……………………………
Address: ……………………………
Subordinated Creditor contact details:
Address: |
[●] |
Fax number: |
[●] |
Phone number: |
[●] |
E-mail: |
[●] |
Attention: |
[●] |
Facility Agent
EXECUTED as a DEED
by MIZUHO BANK, LTD.
acting by |
)
)
)……………………………
Director |
In the presence of:
Witness's Signature: ……………………………
Name: ……………………………
Address: ……………………………
Facility Agent contact details:
Address: |
Bracken House
One Friday Street
London EC4M 9JA
|
Fax number: |
+44 207 012 4053 |
Phone number: |
+44 207 012 4703 |
E-mail: |
loanagency@mhcb.co.uk |
Attention: |
Agency Department |
Schedule
11
Form of Distribution Certificate
To: Mizuho Bank, Ltd. as Facility
Agent
From: [Western Power Distribution
plc]
Date: [l]
Western Power Distribution plc -
£210,000,000 Facility Agreement dated [l] 2016 (the "Facility Agreement")
| 1. | We refer to the Facility Agreement. Capitalised terms defined in the Facility Agreement have the
same meaning in this Distribution Certificate, unless given a different meaning in this Distribution Certificate |
| 2. | We confirm that the Company will make [insert type of payment] of [insert amount and currency]
on [insert date of payment]. |
| 3. | We confirm that, taking into account such payment, the Borrower will be in compliance with its
obligations under Clause 18 (Financial Covenants) of the Facility Agreement on each of the next two Measurement Dates. |
WESTERN POWER DISTRIBUTION PLC
By:
Director
By:
Director
SIGNATORIES
THE BORROWER
Signed by
for and on behalf of
western
power distribution plc |
)
) /s/ I. R. Williams
)
) Ian R. Williams
|
Address: Western Power Distribution plc
Avonbank
Feeder Road
Bristol BS2 0TB
Tel: +44 117 933 2354
Fax: +44 117 933 2108
E-mail: wpdtreasuryconfirms@westernpower.co.uk
Attention: Treasury Team
|
|
THE JOINT COORDINATORS AND BOOKRUNNERS
Signed by
for and on behalf of
HSBC BANK PLC |
)
) /s/ Ross Fleck
)
) Ross Fleck
|
Address: 3 Rivergate
Temple Quay
Bristol BS1 3ER
United Kingdom
Tel: +44 345 583 9817
E-mail: sharondaw@hsbc.com |
Signed by Mark Ralston
for and on behalf of
Mizuho
Bank, Ltd. |
)
) /s/ Mark Ralston
)
)
|
Address: Bracken House
One Friday Street
London EC4M 9JA
|
Tel: +44 207 012 4423
Fax: +44 207 012 4301
E-mail: csg@mhcb.co.uk
THE MANDATED LEAD ARRANGERS and
BOOKRUNNERS
Signed by
for and on behalf of
ABBEY NATIONAL TREASURY SERVICES
PLC (TRADING AS SANTANDER GLOBAL BANKING AND MARKETS) |
)
) /s/ Fernando Dominguez de Posada
)
) /s/ Maria de Juan
|
Address: 2 Triton Square
Regent's Place
London NW1 3AN
Tel: +34 911 756 251
Fax: +44 207487 0547
E-mail: londonloansbackoffice@gruposantander.com |
Signed by
for and on behalf of
BARCLAYS BANK PLC |
)
) /s/ Chris Bicheno
)
) Chris Bicheno
Vice President
|
Address: 5 The North Colonnade
Canary Wharf
London E14 4BB
Tel: +44 207 773 2190
Fax: +44 207 773 1840
E-mail: mark.pope@Barclays.com
|
Signed by
for and on behalf of
HSBC BANK PLC |
)
) /s/ Ross Fleck
)
) Ross Fleck
|
Address: 3 Rivergate
Temple Quay
Bristol BS1 3ER
United Kingdom
Tel: +44 345 583 9817
E-mail: sharondaw@hsbc.com |
Signed by
for and on behalf of
LLOYDS
BANK PLC |
)
) /s/ Vijay Chauhan
)
)
|
Address: 10 Gresham Street
London EC2V 7AE
Tel: +44 207 158 2462
Fax: +44 207 158 3297
E-mail: tahir.chaudhary@lloydsbanking.com
|
Signed by Mark Ralston
for and on behalf of
Mizuho
Bank, Ltd. |
)
) /s/ Mark Ralston
)
)
|
Address: Bracken House
One Friday Street
London EC4M 9JA
Tel: +44 207 012 4423
Fax: +44 207 012 4301
E-mail: csg@mhcb.co.uk |
Signed by
for and on behalf of
RBC
EUROPE LIMITED |
)
) /s/ Michael Atherton
)
) Michael Atherton
Authorised Signatory
RBC Europe Limited
|
Address: Riverbank House
2 Swan Lane
London
EC4R 3BF
Tel: +44 207 653 4976
E-mail: Michael.Atherton@rbccm.com
|
Signed by
for and on behalf of
The
Bank of Tokyo-Mitsubishi
UFJ, Ltd. |
)
) /s/ Tomoyuki Koike
)
)
|
Address: Ropemaker Place
25 Ropemaker Street
London EC2Y 9AN
Tel: +44 207 577 1185
Fax: +44 207 577 1559
E-mail: loanparticipation@uk.mufg.jp |
Signed by
for and on behalf of
The
ROYAL BANK OF SCOTLAND PLC |
/s/ John Jones
JP Jones, Director. |
Address: 250 Bishopsgate
London EC2M 4RB
Tel: +44 203 364 2582
Fax: +44 207 672 6403
E-mail: lendingopssmartshore@rbs.com |
THE ORIGINAL LENDERS
Signed by
for and on behalf of
ABBEY NATIONAL TREASURY SERVICES
PLC (TRADING AS SANTANDER GLOBAL BANKING AND MARKETS) |
)
) /s/ Fernando Dominguez de Posada
)
) /s/ Maria de Juan
|
Address: 2 Triton Square
Regent's Place
London NW1 3AN
Tel: +34 911 756 251
Fax: +44 207487 0547
E-mail: londonloansbackoffice@gruposantander.com |
Signed by
for and on behalf of
BARCLAYS BANK PLC |
)
) /s/ Chris Bicheno
)
) Chris Bicheno
Vice President |
Address: 10 South Colonnade
Canary Wharf
London E14 4PU
Tel: +44 203 134 0516
Fax: +44 207 516 3867
E-mail: emeaparticipationloans@barclays.com
|
|
Signed by
for and on behalf of
HSBC BANK PLC |
)
) /s/ Ross Fleck
)
) Ross Fleck
|
Address: 3 Rivergate
Temple Quay
Bristol BS1 3ER
United Kingdom
Tel: +44 345 583 9817
E-mail: sharondaw@hsbc.com
|
|
Signed by
for and on behalf of
LLOYDS BANK PLC |
)
) /s/ Vijay Chauhan
)
)
|
Address: 10 Gresham Street
London EC2V 7AE
Tel: +44 207 158 2462
Fax: +44 207 158 3297
E-mail: tahir.chaudhary@lloydsbanking.com |
Signed by Mark Ralston
for and on behalf of
Mizuho
Bank, Ltd. |
)
) /s/ Mark Ralston
)
)
|
Address: Bracken House
One Friday Street
London EC4M 9JA
|
Tel: +44 207 012 4423
Fax: +44 207 012 4301
E-mail: csg@mhcb.co.uk
Signed by
for and on behalf of
RBC EUROPE LIMITED |
)
) /s/ Michael Atherton
)
) Michael Atherton
Authorised Signatory
RBC Europe Limited
|
Address:
Riverbank House
2 Swan Lane
London
EC4R 3BF Tel: +44 207 653 4976
E-mail: Michael.Atherton@rbccm.com |
|
Signed by
for and on behalf of
The
Bank of Tokyo-Mitsubishi UFJ, Ltd. |
)
) /s/ Tomoyuki Koike
)
)
|
Address: Ropemaker Place
25 Ropemaker Street
London EC2Y 9AN
Tel: +44 207 577 1185
Fax: +44 207 577 1559
E-mail: loanparticipation@uk.mufg.jp |
Signed by
for and on behalf of
The
ROYAL BANK OF SCOTLAND PLC |
)
) /s/ John Jones
)
) JP Jones, Director.
|
Address: 250 Bishopsgate
London EC2M 4RB
Tel: +44 203 364 2582
Fax: +44 207 672 6403
E-mail: lendingopssmartshore@rbs.com |
THE FACILITY AGENT
Signed by Mark Ralston
for and on behalf of
Mizuho
Bank, Ltd. |
)
) /s/ Mark Ralston
)
)
|
Address: Bracken House
One Friday Street
London EC4M 9JA
|
Tel: +44 207 012 4703
Fax: +44 207 012 4053
E-mail: loanagency@mhcb.co.uk