Conformed Copy | |||
Dated 4 April 2011 (as amended and restated on 29 July 2014 and as amended on 13 March 2018) | |||
WESTERN POWER DISTRIBUTION (WEST MIDLANDS) PLC as the Company HSBC BANK PLC AND MIZUHO BANK, LTD. as Joint Coordinators ABBEY NATIONAL TREASURY SERVICES PLC (TRADING AS SANTANDER GLOBAL BANKING & MARKETS) BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED BARCLAYS BANK PLC HSBC BANK PLC LLOYDS BANK PLC MIZUHO BANK, LTD. ROYAL BANK OF CANADA THE ROYAL BANK OF SCOTLAND PLC as Bookrunners and Mandated Lead Arrangers and BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as Facility Agent | |||
£300,000,000 MULTICURRENCY REVOLVING FACILITY AGREEMENT |
CONTENTS | |
Clause | Page |
1. | Interpretation | 3 |
2 | The Facility | 25 |
3. | Purpose | 28 |
4. | Conditions Precedent | 28 |
5. | Utilisation | 29 |
6. | Extension option | 30 |
7. | Optional Currencies | 31 |
8. | Ancillary Facilities | 32 |
9. | Repayment | 36 |
10. | Prepayment and Cancellation | 37 |
11. | Interest | 40 |
12. | Terms | 41 |
13. | Market Disruption | 42 |
14. | Tax gross-up and indemnities | 43 |
15. | Increased Costs | 51 |
16. | Mitigation | 52 |
17. | Payments | 54 |
18. | Representations | 57 |
19. | Information Covenants | 61 |
20. | Financial Covenants | 64 |
21. | General Covenants | 67 |
22. | Default | 74 |
23. | The Administrative Parties | 78 |
24. | Evidence and Calculations | 84 |
25. | Fees | 84 |
26. | Indemnities and Break Costs | 86 |
27. | Expenses | 87 |
28. | Amendments and Waivers | 87 |
29. | Changes to the Parties | 90 |
30. | Confidentiality and Disclosure of Information | 94 |
31. | Confidentiality of Funding Rates and Reference Bank Quotations | 97 |
32. | Set-off | 99 |
33. | Pro rata sharing | 99 |
34. | Severability | 101 |
35. | Counterparts | 101 |
36. | Notices | 101 |
37. | Language | 103 |
38. | Governing law | 103 |
39. | Enforcement | 103 |
Schedule 1 Original Parties | 104 | |
Schedule 2 Conditions Precedent Documents | 105 | |
Schedule 3 Requests | 106 | |
Schedule 4 Form of Transfer Certificate | 107 | |
Schedule 5 Form of Compliance Certificate | 110 |
Schedule 6 Form of Increase Confirmation | 111 | |
Schedule 7 Timetables | 114 | |
Schedule 8 Form of Subordination Deed | 115 |
(1) | WESTERN POWER DISTRIBUTION (WEST MIDLANDS) PLC (registered number 03600574) (the "Company"); |
(2) | HSBC BANK PLC and MIZUHO BANK, LTD. as joint coordinators (the "Joint Coordinators"); |
(3) | ABBEY NATIONAL TREASURY SERVICES PLC (TRADING AS SANTANDER GLOBAL BANKING & MARKETS), BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED, BARCLAYS BANK PLC, HSBC BANK PLC, LLOYDS BANK PLC, MIZUHO BANK, LTD., ROYAL BANK OF CANADA and THE ROYAL BANK OF SCOTLAND PLC as bookrunners and mandated lead arrangers (the "Arrangers"); |
(4) | THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Original Parties) as original lenders (the "Original Lenders"); and |
(5) | BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as facility agent (the "Facility Agent"). |
1. | INTERPRETATION |
1.1 | Definitions |
(a) | an Effective Date Lender (as defined in the Amendment Agreement); |
(b) | 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 Investor Services Limited or a comparable rating from an internationally recognised credit rating agency; or |
(c) | any other bank or financial institution approved by the Facility Agent (acting reasonably). |
(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 A- or higher by Standard & Poor's Rating Services or A3 or higher from Moody's Investor Services Limited or A- or higher from Fitch Ratings Ltd. |
(a) | the principal amount under each overdraft facility and on-demand short term loan facility (net of any Available Credit Balance); |
(b) | the face amount of each guarantee, bond and letter of credit under that Ancillary Facility; and |
(c) | the amount fairly representing the aggregate exposure (excluding interest and similar charges) of that Ancillary Lender under each other type of accommodation provided under that Ancillary Facility, |
(a) | the Base Currency Amount of its participation in any outstanding Loans and the Base Currency Amount of the aggregate of its (and its Affiliate's) Ancillary Commitments; 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 and the Base Currency Amount of its (and its Affiliate's) Ancillary Commitment in relation to any new Ancillary Facility that is due to be made available on or before the proposed Drawdown Date, |
(a) | in relation to a Loan, the amount specified in the Request delivered by the Company 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, prepayment, consolidation or division of the Loan, or as the case may be, cancellation or reduction of an Ancillary Facility; and |
(b) | in relation to an Ancillary Commitment, the amount specified as such in the notice delivered to the Facility Agent by the Company pursuant to Clause 8.2 (Availability) (or, if the amount specified 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 Ancillary Commencement Date for that Ancillary Facility or, if later, the date the Facility Agent receives the notice of the Ancillary Commitment in accordance with the terms of this Agreement). |
(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". |
(a) | if on that day a payment in or a purchase of a currency (other than euro) is to be made, the principal financial centre of the country of that currency; or |
(b) | if on that day a payment in or purchase of euro is to be made, which is also a TARGET Day. |
(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), |
(a) | any member of the 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 Group or any of its advisers, |
(i) | is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 30 (Confidentiality and disclosure of information); or |
(ii) | is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or |
(iii) | 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 |
(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. |
(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, |
(a) | an Event of Default; or |
(b) | an event 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. |
(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, |
(i) | its failure to pay is caused by: |
(A) | administrative or technical error; or |
(B) | a Disruption Event, |
(ii) | the Lender is disputing in good faith whether it is contractually obliged to make the payment in question. |
(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, |
(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). |
(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. |
(a) | the applicable Screen Rate; |
(b) | (if no Screen Rate is available for the Term of that Loan) the Interpolated Screen Rate for that Loan; or |
(c) | if: |
(i) | no Screen Rate is available for the Term of that Loan; and |
(ii) | it is not possible to calculate an Interpolated Screen Rate for that Loan, |
(a) | on or before the date it becomes a Lender; or |
(b) | by not less than five Business Days' notice, |
(a) | sections 1471 to 1474 of the Code or any associated regulations or other official guidance; |
(b) | any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (a) above; or |
(c) | any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. |
(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 2017; 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 2017, |
(a) | any letter entered into by reference to the Facility between one or more Administrative Parties and the Company setting out the amount of certain fees referred to in the Agreement; and |
(b) | any agreement setting out fees payable to a Finance Party referred to in Clause 25 (Fees) of this Agreement or under any other Finance Document. |
(a) | this Agreement; |
(b) | any Ancillary Document; |
(c) | a Fee Letter; |
(d) | a Transfer Certificate; or |
(e) | any other document designated as such by the Facility Agent and the Company. |
(a) | moneys borrowed; |
(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, except for non-payment of an amount, the then mark to market value of the derivative transaction will be used to calculate its amount); |
(i) | any other transaction (including any forward sale or purchase agreement) 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. |
(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; |
(i) | its failure to pay is caused by: |
(A) | administrative or technical error; or |
(B) | a Disruption Event, |
(ii) | the Facility Agent is disputing in good faith whether it is contractually obliged to make the payment in question. |
(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, |
(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; |
(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. |
(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, |
(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 Company 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 Documents). |
(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 29 (Changes to the Parties), |
(a) | the applicable Screen Rate; |
(b) | (if no Screen Rate is available for the Term of that Loan) the Interpolated Screen Rate for that Loan; or |
(c) | if: |
(i) | no Screen Rate is available for the currency of that Loan; or |
(ii) | no Screen Rate is available for the Term of that Loan and it is not possible to calculate an Interpolated Screen Rate for that Loan, |
(a) | the electricity distribution licence made and treated as granted to the 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 which permit the Company to distribute electricity in the area it is certified to operate in. |
(a) | whose share in the outstanding Loans and whose undrawn Commitments then aggregate 662/3 per cent. or more of the aggregate of all the outstanding Loans and the undrawn Commitments of all the Lenders; |
(b) | if there are no Loans then outstanding, whose undrawn Commitments then aggregate 662/3 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 662/3 per cent. or more of the Total Commitments immediately before the reduction. |
(a) | at least one of Moody's Investor Services Limited ("Moody's") and Standard & Poor's Ratings Services ("Standard & Poor's") has provided a current rating in respect of the long-term, unsecured and non credit-enhanced debt obligations of the Company; and |
(b) | no Event of Default is outstanding, |
Rating (Moody's) | Rating (Standard & Poor's) | Margin (per annum) |
Less than Baa3 | Less than BBB- | 1.15% |
Baa3 | BBB- | 0.95% |
Baa2 | BBB | 0.85% |
Baa1 | BBB+ | 0.75% |
A3 or higher | A- or higher | 0.65% |
Rating (Moody's) | Rating (Standard & Poor's) | Margin (per annum) |
Less than Baa3 | Less than BBB- | 0.90% |
Baa3 | BBB- | 0.70% |
Baa2 | BBB | 0.55% |
Baa1 | BBB+ | 0.45% |
A3 or higher | A- or higher | 0.35% |
(a) | the business, assets or financial condition of the Group taken as a whole; |
(b) | the ability of the Company to perform its payment obligations under the Finance Documents or its obligations under Clauses 20.3 (Interest Cover) or 20.4 (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. |
(a) | the gross assets or gross revenues of a Subsidiary of the Company will be determined from its financial statements (consolidated if it has Subsidiaries) upon which the latest audited financial statements of the Group have been based; |
(b) | if a Subsidiary of the Company becomes a member of the Group after the date on which the latest audited financial statements of the Group have been prepared, the gross assets or gross revenues of that Subsidiary will be determined from its latest financial statements; |
(c) | the gross assets or gross revenues of the Group will be determined from the Company’s latest audited financial statements, adjusted (where appropriate) to reflect the gross assets or gross revenues of any company or business subsequently acquired or disposed of; and |
(d) | if a Material Subsidiary disposes of all or substantially all of its assets to another Subsidiary of the Company, it will immediately cease to be a Material Subsidiary and the other Subsidiary (if it is not already) will immediately become a Material Subsidiary; the subsequent financial statements of those Subsidiaries and the Group will be used to determine whether those Subsidiaries are Material Subsidiaries or not. |
(a) | in the case the consent, waiver or amendment in question requires the approval of all the Lenders, Lenders whose Commitments aggregate more than 85% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 85% of the Total Commitments prior to that reduction); or |
(b) | in the case the consent, waiver or amendment in question requires the approval of the Majority Lenders, Lenders whose Commitments aggregate more than 60% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 60% of the Total Commitments prior to that reduction), |
(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. |
(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, |
(a) | in relation to LIBOR, as the rate at which the relevant Reference Bank could borrow funds in the London interbank market; or |
(b) | in relation to EURIBOR, as the rate at which the relevant Reference Bank could borrow funds in the European interbank market, |
(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 amount of the maturing Loan; |
(c) | in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause 7.2 (Revocation of a currency); and |
(d) | made or to be made to the Company for the purpose of refinancing that maturing Loan. |
(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 on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate); and |
(b) | in relation to EURIBOR, the euro interbank offered rate administered by the Banking Federation of the European Union (or any other person which takes over the administration of that rate) for the relevant period displayed on page EURIBOR01 of the Reuters screen (or any replacement Reuters page which displays that rate), |
(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. |
(a) | the proposed Transfer Date specified in the relevant Transfer Certificate; and |
(b) | the date on which the Facility Agent executes the relevant Transfer Certificate. |
(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 | Construction |
1.2.1 | The following definitions have the meanings given to them in Clause 20 (Financial Covenants): |
(a) | Cash; |
(b) | Cash Equivalent Investments; |
(c) | Consolidated EBITDA; |
(d) | Interest Payable; |
(e) | Measurement Period; |
(f) | Regulatory Asset Base; and |
(g) | Total Net Debt. |
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; and |
(p) | 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 sub-clause 1.2.3(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 expressly provided to the contrary in a Finance Document, a person who is not a party to a Finance Document may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999 and notwithstanding any term of any Finance Document, the consent of any third party is not required for any variation (including any release or compromise of any liability) or termination of that Finance Document. |
1.2.5 | 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 Company under the Finance Documents which is not a payment obligation remains in force for so long as any payment obligation of the Company is or may be outstanding under the Finance Documents. |
1.2.6 | The headings in this Agreement do not affect its interpretation. |
1.2.7 | The Company providing cash cover for an Ancillary Facility means the Company paying an amount in the currency of the Ancillary Facility to an interest-bearing account in the name of the Company and the following conditions being met: |
(a) | the account is with the Ancillary Lender for which that cash cover is to be provided; |
(b) | until no amount is or may be outstanding under that Ancillary Facility, withdrawals from the account may only be made to pay the relevant Finance Party amounts due and payable to it under this Agreement in respect of that Ancillary Facility; and |
(c) | the Company has executed a security document over that account, in form and substance satisfactory to the Ancillary Lender with which that account is held, creating a first ranking security interest over that account. |
1.2.8 | The Company repaying or prepaying any Ancillary Outstandings means: |
(a) | the Company providing cash cover in respect of the Ancillary Outstandings; |
(b) | the maximum amount payable under the Ancillary Facility being reduced or cancelled in accordance with its terms; or |
(c) | the Ancillary Lender being satisfied (acting reasonably) that it has no further liability under that Ancillary Facility, |
1.2.9 | An amount borrowed includes any amount utilised under an Ancillary Facility. |
2. | THE FACILITY |
2.1 | The Facility |
2.1.1 | Subject to the terms of this Agreement, the Lenders make available to the Company a multicurrency revolving credit facility in an aggregate amount the Base Currency Amount of which is equal to the Total Commitments. |
2.1.2 | Subject to the terms of this Agreement and the Ancillary Documents, an Ancillary Lender may make all or part of its Commitment available to the Company as an Ancillary Facility. |
2.2 | Increase |
2.2.1 | The Company 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 10.6.4 of Clause 10.6 (Involuntary prepayment and cancellation); or |
(b) | the Commitments of a Lender in accordance with: |
(i) | Clause 10.1 (Mandatory prepayment – illegality); or |
(ii) | sub-clause 10.6.2 of Clause 10.6 (Involuntary prepayment and cancellation), |
(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 Company (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 Company and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Company 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 Company 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 Company 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 |
2.2.4 | Unless the Facility Agent otherwise agrees or the increased Commitment is assumed by an existing Lender, the Company 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 Company 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 Company may pay to the Increase Lender a fee in the amount and at the times agreed between the Company and the Increase Lender in a letter between the Company 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 29.4 (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 | Nature of a Finance Party's rights and obligations |
2.3.1 | the obligations of a Finance Party under the Finance Documents are several; |
2.3.2 | failure by a Finance Party to perform its obligations does not affect the obligations of any other Party under the Finance Documents; |
2.3.3 | no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents; |
2.3.4 | the rights of a Finance Party under the Finance Documents are separate and independent rights; |
2.3.5 | a debt arising under the Finance Documents to a Finance Party is a separate and independent debt; and |
2.3.6 | a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce those rights. |
3. | PURPOSE |
3.1 | Purpose |
3.2 | No obligation to monitor |
4. | CONDITIONS PRECEDENT |
4.1 | Conditions precedent documents |
4.2 | Further conditions precedent |
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 Relevant Interbank Market on the Quotation Day and the Drawdown Date for that Loan; and |
(b) | it is euros or U.S. Dollars 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 Company for a currency to be approved under paragraph (b) of sub-clause 4.3.1 above, the Facility Agent will confirm to the Company 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 | Maximum number |
5. | UTILISATION |
5.1 | Giving of Requests |
5.1.1 | The Company 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 |
5.2.1 | A Request for a Loan will not be regarded as having been duly completed unless: |
(a) | the Drawdown Date is a Business Day falling within the Availability Period; |
(b) | the currency and amount of the Loan comply with Clause 5.3 (Currency and amount); and |
(c) | the proposed Term complies with this Agreement. |
5.2.2 | Only one Loan may be requested in a Request. |
5.3 | Currency and amount |
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 such other amount as the Facility Agent may agree); or |
(b) | 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 of Clause 4.3 (Conditions relating to Optional Currencies) or, if less, the Available Facility. |
5.4 | Advance of Loan |
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 | If the conditions set out in this Agreement have been met, and subject to Clause 9.2 (Cashless Rollover), each Lender shall make its participation in each Loan available by no later than 2.00pm on the Drawdown Date through its Facility Office. |
5.4.3 | Save as set out in sub-clause 5.4.4 below, the amount of each Lender's share of the Loan will be its Pro Rata Share on the proposed Drawdown Date. |
5.4.4 | If a Loan is made to repay Ancillary Outstandings, each Lender's participation in that Loan will be in an amount (as determined by the Facility Agent) which will result as nearly as possible in the aggregate amount of its participation in the Loans then outstanding bearing the same proportion to the aggregate amount of the Loans then outstanding as its Commitment bears to the Total Commitments. |
5.4.5 | No Lender is obliged to participate in a Loan if as a result: |
(a) | the Base Currency Amount of its share in the aggregate amount of the Loans would exceed its Commitment; or |
(b) | the Base Currency Amount of the Loans would exceed the Total Commitments. |
5.4.6 | 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 the 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 17 (Payments), in each case by the Specified Time. |
6. | EXTENSION OPTION |
6.1 | The Company 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 the Amendment Agreement (the First Anniversary), request that the Final Maturity Date be extended for a further period of one year. |
6.2 | The Company may by notice to the Facility Agent (the Second Extension Request) no more than 60 days and not less than 30 days before the second anniversary of the date of the Amendment 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, |
6.3 | The Facility Agent must promptly notify the Lenders of any Initial Extension Request or Second Extension Request (an Extension Request). |
6.4 | 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 |
6.5 | 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. |
6.6 | Subject to Clause 6.8 below, each Extension Request is irrevocable. |
6.7 | If one or more (but not all) of the Lenders agree to an Extension Request, then the Facility Agent must notify the Company and the Lenders which have agreed to the extension, identifying in that notification which Lenders have not agreed to the Extension Request. |
6.8 | The Company 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. |
7. | OPTIONAL CURRENCIES |
7.1 | Selection |
7.1.1 | The Company must select the currency of a Loan in its Request. The Company may select the Base Currency or an Optional Currency for a Loan. |
7.1.2 | Unless the Facility Agent otherwise agrees, the Loans may not be denominated at any one time in more than three currencies. |
7.2 | Revocation of currency |
7.2.1 | Notwithstanding any other term of this Agreement, if before the Specified Time on any Quotation Day the Facility Agent receives notice from a Lender that: |
(a) | the Optional Currency requested is not readily available to it in the relevant interbank market in the amount and for the period required; or |
(b) | participating in a Loan in the proposed Optional Currency might contravene any law or regulation applicable to it, |
7.2.2 | In this event: |
(a) | that Lender must participate in the Loan in the Base Currency (in an amount equal to that Lender's proportion of the Base Currency Amount or, in respect of a Rollover Loan, an amount equal to that Lender's proportion of the Base Currency Amount of the Rollover Loan that is due to be made); and |
(b) | the share of that Lender in the Loan and any other similarly affected Lender(s) will be treated as a separate Loan denominated in the Base Currency during that Term. |
7.2.3 | Any part of a Loan treated as a separate Loan under this sub-clause will not be taken into account for the purposes of any limit on the number of Loans or currencies outstanding at any one time. |
7.2.4 | A Loan will still be treated as a Rollover Loan if it is not denominated in the same currency as the maturing Loan by reason only of the operation of this sub-clause. |
7.3 | Optional Currency equivalents |
7.3.1 | whether any limit under this Agreement has been exceeded; |
7.3.2 | the amount of a Loan; |
7.3.3 | the share of a Lender in a Loan; |
7.3.4 | the amount of any repayment of a Loan; or |
7.3.5 | the undrawn amount of a Lender's Commitment, |
8. | ANCILLARY FACILITIES |
8.1 | Type of Facility |
8.1.1 | a multicurrency overdraft facility; |
8.1.2 | a multicurrency guarantee, bonding, documentary or stand-by letter of credit facility; |
8.1.3 | a short term multicurrency loan facility; |
8.1.4 | a derivatives facility; |
8.1.5 | a foreign exchange facility; or |
8.1.6 | any other multicurrency facility or accommodation required in connection with the business of the Group and which is agreed by the Company with an Ancillary Lender. |
8.2 | Availability |
8.2.1 | If the Company and a Lender agree and except as otherwise provided in this Agreement, the Lender may provide all or part of its Commitment as an Ancillary Facility. |
8.2.2 | An Ancillary Facility shall not be made available unless, not later than three Business Days prior to the Ancillary Commencement Date for an Ancillary Facility, the Facility Agent has received from the Company: |
(a) | a notice in writing of the establishment of an Ancillary Facility and specifying: |
(i) | the proposed Ancillary Commencement Date and expiry date of the Ancillary Facility; |
(ii) | the proposed type of Ancillary Facility to be provided; |
(iii) | the proposed Ancillary Lender; |
(iv) | the proposed Ancillary Commitment, the maximum amount of the Ancillary Facility and, in the case of a Multi‑account Overdraft, its Designated Gross Amount and its Designated Net Amount; |
(v) | the proposed currency of the Ancillary Facility (if not denominated in the Base Currency); and |
(b) | any other information which the Facility Agent may reasonably request in connection with the Ancillary Facility. |
8.2.3 | The Facility Agent shall promptly notify the Ancillary Lender and the other Lenders of the establishment of an Ancillary Facility. |
8.2.4 | Subject to compliance with sub-clause 8.2.2 above: |
(a) | the Lender concerned will become an Ancillary Lender; and |
(b) | the Ancillary Facility will be available, |
8.3 | Terms of Ancillary Facilities |
8.3.1 | Except as provided below, the terms of any Ancillary Facility will be those agreed by the Ancillary Lender and the Company. |
8.3.2 | Those terms: |
(a) | must be based upon normal commercial terms at that time (except as varied by this Agreement); |
(b) | may only allow the Company to use the Ancillary Facility; |
(c) | may not allow the Ancillary Outstandings to exceed the Ancillary Commitment; |
(d) | may not allow the Ancillary Commitment of a Lender to exceed the Available Commitment of that Lender (before taking into account the effect of the Ancillary Facility on that Available Commitment); and |
(e) | must require that the Ancillary Commitment is reduced to nil, and that all Ancillary Outstandings are repaid not later than the Final Maturity Date (or such earlier date as the Commitment of the relevant Ancillary Lender (or its Affiliate) is reduced to zero). |
8.3.3 | If there is any inconsistency between any term of an Ancillary Facility and any term of this Agreement, this Agreement shall prevail except for (i) Clause 24.3 (Calculations) which shall not prevail for the purposes of calculating fees, interest or commission relating to an Ancillary Facility; (ii) an Ancillary Facility comprising more than one account where the terms of the Ancillary Documents shall prevail to the extent required to permit the netting of balances on those accounts; and (iii) where the relevant term of this Agreement would be contrary to, or inconsistent with, the law governing the relevant Ancillary Document, in which case that term of this Agreement shall not prevail. |
8.3.4 | Interest, commission and fees on Ancillary Facilities are dealt with in Clause 25.6 (Interest, commission and fees on Ancillary Facilities). |
8.4 | Repayment of Ancillary Facility |
8.4.1 | An Ancillary Facility shall cease to be available on the Final Maturity Date or such earlier date on which its expiry date occurs or on which it is cancelled in accordance with the terms of this Agreement. |
8.4.2 | If an Ancillary Facility expires or is cancelled in accordance with its terms the Ancillary Commitment of the Ancillary Lender shall be reduced to zero. |
8.4.3 | No Ancillary Lender may demand repayment or prepayment of any Ancillary Outstandings prior to the expiry date of the relevant Ancillary Facility unless: |
(a) | required to reduce the Permitted Gross Outstandings of a Multi-account Overdraft to or towards an amount equal to its Designated Net Amount; |
(b) | the Total Commitments have been cancelled in full, or all outstanding Loans have become due and payable in accordance with the terms of this Agreement; |
(c) | it becomes unlawful in any applicable jurisdiction for the Ancillary Lender to perform any of its obligations as contemplated by this Agreement or to fund, issue or maintain its participation in its Ancillary Facility (or it becomes unlawful for any Affiliate of the Ancillary Lender for the Ancillary Lender to do so); or |
(d) | both: |
(i) | the Available Commitments; and |
(ii) | the notice of the demand given by the Ancillary Lender, |
8.4.4 | If a Loan is made to repay Ancillary Outstandings in full, the relevant Ancillary Commitment shall be reduced to zero. |
8.5 | Limitations on Ancillary Outstandings |
8.5.1 | the Ancillary Outstandings under any Ancillary Facility shall not exceed the Ancillary Commitment applicable to that Ancillary Facility; and |
8.5.2 | in relation to a Multi-account Overdraft: |
(a) | the Ancillary Outstandings shall not exceed the Designated Net Amount applicable to that Multi-account Overdraft; and |
(b) | the Gross Outstandings shall not exceed the Designated Gross Amount applicable to that Multi-account Overdraft. |
8.6 | Information |
8.7 | Affiliates of Lenders as Ancillary Lenders |
8.7.1 | Subject to the terms of this Agreement, an Affiliate of a Lender may become an Ancillary Lender. In such case, the Lender and its Affiliate shall be treated as a single Lender whose Commitment is the amount set out opposite the relevant Lender's name in Schedule 1 (Original Parties) and/or the amount of any Commitment transferred to or assumed by that Lender under this Agreement, to the extent (in each case) not cancelled, reduced or transferred by it under this Agreement. |
8.7.2 | The Company shall specify any relevant Affiliate of a Lender in any notice delivered by the Company to the Facility Agent pursuant to paragraph 8.2.2(a) of Clause 8.2 (Availability). |
8.7.3 | If a Lender assigns all of its rights and benefits or transfers all of its rights and obligations to a New Lender, its Affiliate shall cease to have any obligations under this Agreement or any Ancillary Document. |
8.7.4 | Where this Agreement or any other Finance Document imposes an obligation on an Ancillary Lender and the relevant Ancillary Lender is an Affiliate of a Lender which is not a party to that document, the relevant Lender shall ensure that the obligation is performed by its Affiliate. |
8.8 | Commitment amounts |
8.9 | Amendments and Waivers – Ancillary Facilities |
9. | REPAYMENT |
9.1 | Repayment of Loans |
9.1.1 | The Company must repay each Loan in full on its Maturity Date. No Loan may be outstanding after the Final Maturity Date. |
9.1.2 | Subject to the other terms of this Agreement, any amounts repaid under sub-clause 9.1.1 above may be re-borrowed. |
9.2 | Cashless Rollover |
9.2.1 | Without prejudice to the Company's obligation under Clause 9.1 above, if one or more Loans are to be made available to the Company: |
(a) | on the same day that a maturing Loan is due to be repaid by the Company; |
(b) | in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause 7.2 (Revocation of currency); and |
(c) | in whole or in part for the purpose of refinancing the maturing Loan, |
(i) | if the amount of the maturing Loan exceeds the aggregate amount of the new Loans: |
(A) | the Company will only be required to pay an amount in cash in the relevant currency equal to that excess; and |
(B) | each Lender's participation (if any) in the new Loans shall be treated as having been made available and applied by the Company 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 |
(ii) | if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loans: |
(A) | the Company will not be required to make any payment in cash; and |
(B) | 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 |
10. | PREPAYMENT AND CANCELLATION |
10.1 | Mandatory prepayment - illegality |
10.1.1 | A Lender must notify the Company 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. |
10.1.2 | After notification under clause 10.1.1 above: |
(a) | the Company must repay or prepay the share of that Lender in each Loan made to it on the date specified in clause 10.1.3 below; and |
(b) | the Commitments of that Lender will be immediately cancelled. |
10.1.3 | The date for repayment or prepayment of a Lender's share in a Loan will be: |
(a) | the Business Day following receipt by the Company of notice from the Lender under sub-clause 10.1.1 above; or |
(b) | if later, the latest date allowed by the relevant law. |
10.2 | Mandatory prepayment - change of control |
10.2.1 | within five days of such date, the Company shall give notice of such change of control to the Facility Agent; |
10.2.2 | the Lenders and the Company 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; |
10.2.3 | 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 Company require the repayment of its share in each Loan and the repayment of its Ancillary Outstandings and cancel its Commitment; and |
(b) | the Majority Lenders may on 10 days' notice to the Company require repayment in full of all outstanding Loans and Ancillary Outstandings and cancel the Total Commitments; and |
10.2.4 | 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 10.2.2, and if no agreement is reached within such negotiation period, during the 10 day notice period set out in sub-clause 10.2.3. |
10.3 | Voluntary prepayment |
10.3.1 | The Company 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. |
10.3.2 | A prepayment of part of a Loan drawn in US Dollars must be in a minimum amount of $5,000,000 and an integral multiple of U.S. $1,000,000. |
10.3.3 | A prepayment of part of a Loan drawn in Sterling must be in a minimum amount of £5,000,000 and an integral multiple of £1,000,000. |
10.3.4 | A prepayment of part of a Loan drawn in euros must be in a minimum amount of €5,000,000 and an integral multiple of €1,000,000. |
10.4 | Automatic cancellation |
10.5 | Voluntary cancellation |
10.5.1 | The Company 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. |
10.5.2 | Partial cancellation of the Total Commitments must be in a minimum amount of £5,000,000 and an integral multiple of £1,000,000. |
10.5.3 | Any cancellation in part shall be applied against the Commitment of each Lender pro rata. |
10.6 | Involuntary prepayment and cancellation |
10.6.1 | If the Company is, or will be, required to pay to a Lender a Tax Payment or an Increased Cost, the Company may, while the requirement continues, give notice to the Facility Agent requesting prepayment and cancellation in respect of that Lender. |
10.6.2 | After notification under sub-clause 10.6.1 above: |
(a) | the Company must repay or prepay that Lender's share in each Loan made to it on the date specified in sub-clause 10.6.3 below; and |
(b) | the Commitments of that Lender will be immediately cancelled. |
10.6.3 | 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 Company in its notification. |
10.6.4 |
(a) | If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent 5 Business Days' notice of cancellation of the Available Commitment of that Lender. |
(b) | On the notice referred to in paragraph (a) above becoming effective, the Available Commitment of the Defaulting Lender shall immediately be reduced to zero. |
(c) | The Facility Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. |
10.7 | Re-borrowing of Loans |
10.8 | Miscellaneous provisions |
10.8.1 | 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. |
10.8.2 | All prepayments made under Clause 10.2 (Mandatory prepayment - change of control) shall be applied pro rata to each Lender's participation in such Loan. |
10.8.3 | 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. |
10.8.4 | The Majority Lenders may agree a shorter notice period for a voluntary prepayment or a voluntary cancellation. |
10.8.5 | No prepayment or cancellation is allowed except in accordance with the express terms of this Agreement. |
10.8.6 | Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this Agreement may subsequently be reinstated. |
11. | INTEREST |
11.1 | Calculation of interest |
11.1.1 | Margin; and |
11.1.2 | LIBOR or, in relation to any Loan in euro, EURIBOR. |
11.2 | Payment of interest |
11.3 | Interest on overdue amounts |
11.3.1 | If the Company fails to pay any amount payable by it under the Finance Documents, it must immediately on demand by the Facility Agent pay interest on the overdue amount from its due date up to the date of actual payment, both before, on and after judgment. |
11.3.2 | 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 Quotation Day for that Term. |
11.3.3 | Notwithstanding sub-clause 11.3.2 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. |
11.3.4 | 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. |
11.4 | Notification of rates of interest |
12. | TERMS |
12.1 | Selection |
12.1.1 | Each Loan has one Term only. |
12.1.2 | The Company must select the Term for a Loan in the relevant Request. |
12.1.3 | Subject to the following provisions of this Clause, each Term for a Loan will be one, two, three or six months or for a period of one to thirty days or any other period agreed between the Company and the Lenders. |
12.1.4 | The Company shall not use its right under paragraph 12.1.3 above to select for a Loan a Term of less than one month's duration more than six times in any calendar year. |
12.1.5 | A Term for a Loan shall start on the Drawdown Date for that Loan. |
12.2 | No overrunning the Final Maturity Date |
12.3 | Other adjustments |
12.3.1 | The Facility Agent and the Company may enter into such other arrangements as they may agree for the adjustment of Terms and the consolidation and/or splitting of Loans. |
12.3.2 | Subject to Clause 12.3.3 below, if two or more Terms end on the same date, those Loans will, unless the Company 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. |
12.3.3 | Subject to Clause 4.4 (Maximum Number) and Clause 5.2 (Completion of Requests) if the Company 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 Base Currency Amounts specified in that Request, having an aggregate Base Currency Amount equal to the Base Currency Amount of the Loan immediately before its division. |
12.4 | Notification |
13. | MARKET DISRUPTION |
13.1 | Failure of a Reference Bank to supply a rate |
13.2 | Market disruption |
13.2.1 | In this Clause, each of the following events is a market disruption event: |
(a) | at or about noon on the Quotation Day for the relevant Term, LIBOR or if applicable EURIBOR is to be determined by reference to the Reference Banks and none or only one of the Reference Banks supplies a rate to the Facility Agent to determine LIBOR or, if applicable, EURIBOR for the relevant currency and Term; or |
(b) | before close of business in London on the Quotation Day for the relevant Term, the Facility Agent receives notification from a Lender or Lenders whose participations in the relevant Loan exceed 50% of that Loan that the cost to it |
13.2.2 | The Facility Agent must promptly notify the Company and the Lenders of a market disruption event. |
13.2.3 | After notification under sub-clause 13.2.1(a) above, the rate of interest on each Lender's share in the affected Loan for the relevant Term will be the aggregate of the applicable: |
(a) | Margin; and |
(b) | rate notified to the Facility Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Term, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its share in that Loan from whatever source it may reasonably select. |
13.3 | Alternative basis of interest or funding |
13.3.1 | If a market disruption event occurs and the Facility Agent or the Company so requires, the Company and the Facility Agent must enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding for the affected Loan and any future Loan. |
13.3.2 | Any alternative basis agreed will be, with the prior consent of all the Lenders, binding on all the Parties. |
14. | TAX GROSS-UP AND INDEMNITIES |
14.1 | Definitions |
14.1.1 | In this Agreement: |
(a) | a Lender (other than a Lender within paragraph (b) below) which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: |
(i) | a Lender: |
(A) | which is a bank (as defined for the purpose of section 879 of ITA) making an advance under a Finance Document; 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 ITA) at the time that that advance was made, |
(ii) | a Lender which is: |
(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) 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 |
(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) of that company; or |
(iii) | a Treaty Lender; or |
(b) | a Lender which is a building society (as defined for the purpose of section 880 of ITA) making an advance under a Finance Document. |
(a) | a company resident in the United Kingdom for United Kingdom tax purposes; |
(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) 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 |
(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) of that company. |
(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: |
(i) | 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 Company and the Finance Party or between them both and another person; and |
(ii) | any necessary procedural formality. |
14.1.2 | Unless a contrary indication appears, in this Clause 14 a reference to "determines" or "determined" means a determination made in the absolute discretion of the person making the determination. |
14.2 | Tax gross-up |
14.2.1 | The Company shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. |
14.2.2 | The Company 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 Company. |
14.2.3 | If a Tax Deduction is required by law to be made by the Company, the amount of the payment due from the Company 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. |
14.2.4 | A payment shall not be increased under sub-clause 14.2.3 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 Company 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 Company; 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 Company on the basis that the Tax Confirmation would have enabled the Company 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 Company 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 14.2.7 below. |
14.2.5 | If the Company is required to make a Tax Deduction, the Company 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. |
14.2.6 | Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Company 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 Company which makes a payment to which that Treaty Lender is entitled shall co-operate in completing any procedural formalities necessary for that Company 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 paragraph 14.2.10 below or paragraph 14.6.1 of Clause 14.6 (HMRC DT Treaty Passport scheme confirmation) and the Company making that payment has not complied with its obligations under paragraph 14.2.11 below or paragraph 14.6.2 of Clause 14.6 (HMRC DT Treaty Passport scheme confirmation). |
14.2.8 | A UK Non-Bank Lender which becomes a Party on the day on which this Agreement is entered into gives a Tax Confirmation to the Company by entering into this Agreement. |
14.2.9 | A UK Non-Bank Lender shall promptly notify the Company and the Facility Agent if there is any change in the position from that set out in the Tax Confirmation. |
14.2.10 | 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 Company) by including its scheme reference number and its jurisdiction of tax residence opposite its name in Schedule 1 (Original Parties). |
14.2.11 | Where a Lender includes the indication described in paragraph 14.2.10 above in Schedule 1 (Original Parties), the Company 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 Company shall not be liable in respect of any non-compliance with its obligations under this Clause 14.2.11 where such non-compliance is due to circumstances beyond the control of the Company (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 Company, or to any inaccuracy in any information provided by the relevant Lender or the Facility Agent in connection with the DT Treaty Passport scheme). |
14.2.12 | Any Lender which has confirmed that it is entitled to use its DT Treaty Passport in accordance with Clause 14.2.10 or Clause 14.6.1 will reasonably promptly notify the Facility Agent and the Company 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. |
14.2.13 | 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 14.2.10 above or sub-clause 14.6.1 of Clause 14.6 (HMRC DT Treaty Passport scheme confirmation), the Company 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. |
14.3 | Tax indemnity |
14.3.1 | Except as provided below, the Company must, within three Business Days of demand, indemnify a Finance Party against any loss or liability which that Finance Party (in its absolute discretion) determines will be or has been suffered (directly or indirectly) by that Finance Party for or on account of Tax in relation to a payment received or receivable (or any payment deemed to be received or receivable) under a Finance Document. |
14.3.2 | Sub-clause 14.3.1 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, |
14.3.3 | Sub-clause 14.3.1 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 14.2 (Tax gross-up); |
(b) | would have been compensated for by an increased payment under Clause 14.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in Clause 14.2 (Tax gross-up) applied; or |
(c) | relates to a FATCA Deduction required to be made by a Party. |
14.3.4 | A Finance Party making, or intending to make, a claim under sub-clause 14.3.1 above must promptly notify the Company of the event which will give, or has given, rise to the claim. |
14.4 | Tax Credit |
14.5 | Lender Status Confirmation |
14.5.1 | not a Qualifying Lender; |
14.5.2 | a Qualifying Lender (other than a Treaty Lender); or |
14.5.3 | a Treaty Lender. |
14.6 | HMRC DT Treaty Passport scheme confirmation |
14.6.1 | A New 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 Company) in the Transfer Certificate or Increase Confirmation which it executes by including its scheme reference number and its jurisdiction of tax residence in that Transfer Certificate or Increase Confirmation. |
14.6.2 | Where a New Lender includes the indication described in sub-clause 14.6.1 above in the relevant Transfer Certificate or Increase Confirmation the Company shall file a duly completed form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of the relevant Transfer Date and shall promptly provide the Lender with a copy of that filing. |
14.7 | Stamp taxes |
14.8 | VAT |
14.8.1 | All amounts set out, or expressed in a Finance Document to be payable by any Party to a Finance Party which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to sub-clause 14.8.2 below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document, that Party shall pay to the Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such Party). |
14.8.2 | 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 "Subject Party") is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect of that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The Recipient will promptly pay to the Subject Party an amount equal to any credit or repayment obtained by the Recipient from the relevant tax authority which the Recipient reasonably determines is in respect of such VAT. |
14.8.3 | 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. |
14.8.4 | Any reference in this Clause 14.8 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). |
14.9 | FATCA Information |
14.9.1 | Subject to sub-clause 14.9.3 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; and |
(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; |
(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 |
14.9.2 | If a Party confirms to another Party pursuant to paragraph (a) of sub-clause 14.9.1 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. |
14.9.3 | Sub-clause 14.9.1 above shall not oblige any Finance Party to do anything, and paragraph (c) of sub-clause 14.91. 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. |
14.9.4 | 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 paragraph (a) or (b) of sub-clause 14.9.1 above (including, for the avoidance of doubt, where sub-clause 14.9.3 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. |
14.10 | FATCA Deduction |
14.10.1 | 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. |
14.10.2 | 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 Company, the Facility Agent and the other Finance Parties. |
15. | INCREASED COSTS |
15.1 | Increased Costs |
15.1.1 | the introduction of, or any change in, or any change in the interpretation or application of, any law or regulation; |
15.1.2 | compliance with any law or regulation made after the date of this Agreement provided that for the purposes of this Agreement and any other Finance Document, Dodd-Frank shall be deemed to be a law or regulation made after the date of this Agreement; or |
15.1.3 | 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. |
15.2 | Exceptions |
15.2.1 | compensated for under another Clause or would have been but for an exception to that Clause; |
15.2.2 | a Tax on the overall net income of a Finance Party or any of its Affiliates; |
15.2.3 | attributable to a FATCA Deduction required to be made by a Party; |
15.2.4 | attributable to a Finance Party or its Affiliate wilfully failing to comply with any law or regulation; |
15.2.5 | 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 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); or |
15.2.6 | not notified by the relevant Finance Party to the Facility Agent and the Company within three Months of that Finance Party becoming aware of such Increased Cost. |
15.3 | Claims |
16. | MITIGATION |
16.1 | Mitigation |
16.1.1 | Each Finance Party must, in consultation with the Company (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, |
16.1.2 | A Finance Party is not obliged to take any step under this Clause 16 if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. |
16.1.3 | Each Finance Party must promptly notify the Company of any circumstances as described in paragraphs (a) to (d) of sub-clause 16.1.1 of this Clause 16.1. |
16.1.4 | The Company must indemnify each Finance Party for all costs and expenses reasonably incurred by it as a result of any step taken under this Clause 16.1. |
16.1.5 | This Clause does not in any way limit the obligations of the Company under the Finance Documents. |
16.2 | Substitution |
16.2.1 | any Tax Payment or Increased Cost being payable to that Finance Party; |
16.2.2 | that Finance Party being able to exercise any right of prepayment and/or cancellation under this Agreement by reason of any illegality; |
16.2.3 | that Finance Party incurring any cost of complying with the minimum reserve requirements of the European Central Bank; |
16.2.4 | the occurrence of any market disruption event; or |
16.2.5 | any Lender becoming a Non-Consenting Lender, |
16.2.6 | the Company shall have no right to replace the Facility Agent; |
16.2.7 | neither the Facility Agent nor such Finance Party shall have any obligation to the Company to find a Replacement Finance Party; |
16.2.8 | the transfer must take place no later than 14 days after the notice referred to above; |
16.2.9 | 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 |
16.2.10 | the Finance Party shall only be obliged to transfer its rights and obligations pursuant to this Clause 16.2 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. |
16.3 | Conduct of business by a Finance Party |
16.3.1 | 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 |
16.3.2 | oblige any Finance Party to disclose any information relating to its affairs (Tax or otherwise) or any computation in respect of Tax. |
17. | PAYMENTS |
17.1 | Place |
17.1.1 | in the principal financial centre of the country of the relevant currency; or |
17.1.2 | in the case of euro, in the principal financial centre of a Participating Member State or London, |
17.2 | Funds |
17.3 | Distribution |
17.3.1 | 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 the relevant currency; or |
(b) | in the case of euro, in the principal financial centre of a Participating Member State or London, |
17.3.2 | The Facility Agent may apply any amount received by it for the Company in or towards payment (as soon as practicable after receipt) of any amount due from the Company under the Finance Documents or in or towards the purchase of any amount of any currency to be so applied. |
17.3.3 | 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 until it has established that it has actually received it. However, the Facility Agent may assume that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a corresponding amount. If it transpires that the sum has not been received by the Facility Agent, that Party must immediately on demand by the Facility Agent refund any corresponding amount made available to it together with interest on that amount from the date of payment to the date of receipt by the Facility Agent at a rate calculated by the Facility Agent to reflect its cost of funds. |
17.4 | Currency of account |
17.4.1 | Unless a Finance Document specifies that payments under it are to be made in a different manner, the currency of each amount payable under the Finance Documents is determined under this Clause. |
17.4.2 | Interest is payable in the currency in which the relevant amount in respect of which it is payable is denominated. |
17.4.3 | A repayment or prepayment of any principal amount (or overdue amount) is payable in the currency in which that principal amount (or overdue amount) is denominated on its due date. |
17.4.4 | Amounts payable in respect of costs and expenses and Taxes are payable in the currency in which they are incurred. |
17.4.5 | Each other amount payable under the Finance Documents is payable in Sterling. |
17.4.6 | Any amount expressed to be payable in a currency other than Sterling shall be paid in that other currency. |
17.5 | No set-off or counterclaim |
17.6 | Business Days |
17.6.1 | 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. |
17.6.2 | 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. |
17.7 | Impaired Agent |
17.7.1 | If, at any time, the Facility Agent becomes an Impaired Agent, the Company or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 (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 Company 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. |
17.7.2 | 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. |
17.7.3 | A Party which has made a payment in accordance with this Clause 17.7 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. |
17.7.4 | Promptly upon the appointment of a successor Facility Agent in accordance with Clause 23.14 (Replacement of the Facility Agent), each Party which has made a payment to a trust account in accordance with this Clause 17.7 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 17.3 (Distribution). |
17.7.5 | For the purposes of this Clause 17.7 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. |
17.8 | Partial payments |
17.8.1 | If any Administrative Party receives a payment insufficient to discharge all the amounts then due and payable by the Company under the Finance Documents, the Administrative Party must apply that payment towards the obligations of the Company under the Finance Documents in the following order: |
(a) | first, in or towards payment pro rata of any unpaid fees, costs and expenses of 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. |
17.8.2 | The Facility Agent must, if so directed by all the Lenders, vary the order set out in paragraphs (a) to (d) of sub-clause 17.8.1 of this Clause 17.8. |
17.8.3 | This Clause will override any appropriation made by the Company. |
17.9 | Timing of payments |
18. | REPRESENTATIONS |
18.1 | Representations |
18.2 | Status |
18.3 | Powers and authority |
18.4 | Legal validity |
18.5 | Non-conflict |
18.5.1 | any law or regulation applicable to it and violation of which has or is likely to have a Material Adverse Effect; or |
18.5.2 | its constitutional documents. |
18.6 | No default |
18.6.1 | No Event of Default is outstanding or might reasonably be expected to result from the making of any Loan. |
18.6.2 | 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. |
18.7 | Authorisations |
18.7.1 | in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Finance Documents; and |
18.7.2 | to make the Finance Documents admissible in evidence in England and Wales, |
18.8 | Financial statements |
18.8.1 | have been prepared in accordance with accounting principles and practices generally accepted in its jurisdiction of incorporation, consistently applied; and |
18.8.2 | fairly represent its consolidated financial condition as at the date to which they were drawn up, |
18.9 | No material adverse change |
18.10 | Litigation |
18.11 | Winding Up |
18.12 | Non-Violation of other Agreements: |
18.13 | Governing Law and Enforcement |
18.13.1 | The choice of English law as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation. |
18.13.2 | Any judgement obtained in England in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. |
18.14 | Deduction of Tax |
18.14.1 | 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; |
18.14.2 | 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). |
18.15 | No filing or stamp taxes |
18.16 | No misleading information |
18.16.1 | any written factual information provided by any member of the Group or on its behalf was true and accurate in all material respects as at the date of the relevant report or document or as at the date (if any) at which it is stated to be given; |
18.16.2 | the financial projections provided have been prepared on the basis of recent historical information and on the basis of reasonable assumptions as at the date provided; and |
18.16.3 | no event or circumstance has occurred or arisen and no information has been given or withheld that results in the information, opinions, intentions, forecasts or projections contained in such written information being untrue or misleading in any material respect. |
18.17 | Pari Passu ranking |
18.18 | Licence |
18.19 | Sanctions |
18.20 | Anti- Corruption |
18.21 | Times for making representations |
18.21.1 | The representations set out in this Clause are made by the Company on the date of this Agreement. |
18.21.2 | The Repeating Representations are deemed to be repeated by the Company on the date of each Request and the first day of each Term. |
18.21.3 | When a representation is repeated, it is applied to the circumstances existing at the time of repetition. |
19. | INFORMATION COVENANTS |
19.1 | Financial statements |
19.1.1 | The Company must supply to the Facility Agent (in sufficient copies for all the Lenders if the Facility Agent so requests): |
(a) | its audited consolidated financial statements for each of its financial years; and |
(b) | its interim consolidated financial statements for the first half-year of each of its financial years. |
19.1.2 | All financial statements must be supplied as soon as they are available and: |
(a) | in the case of the Company's audited consolidated financial statements, within 180 days; and |
(b) | in the case of the Company's interim financial statements, within 90 days, |
19.2 | Form of Financial Statement |
19.2.1 | the Company and the Facility Agent (on behalf of and after consultation with all the Lenders) shall, on the request of the Facility Agent or the Company, 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 20 (Financial covenants) as are necessary to give the Lenders comparable protection to that contemplated at the date of this Agreement; |
19.2.2 | if amendments are agreed by the Company and the Majority Lenders within 25 days, those amendments shall take effect in accordance with the terms of that agreement; and |
19.2.3 | if such amendments are not so agreed within 25 days, the Company 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 19.1, |
19.3 | Compliance Certificate |
19.3.1 | The Company must supply to the Facility Agent a Compliance Certificate with each set of its financial statements sent to the Facility Agent under this Agreement. |
19.3.2 | Each Compliance Certificate must be signed by two directors of the Company. |
19.4 | Information - miscellaneous |
19.4.1 | copies of all documents despatched by the Company to its creditors generally (or any class of them) in each case at the same time as they are despatched; |
19.4.2 | 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; |
19.4.3 | promptly, details of the loss of the Licence or any communication from OFGEM or other government agency regarding any potential or threatened loss of the Licence; |
19.4.4 | promptly on receiving them, details of any modification of an Authorisation or other material regulatory notices from OFGEM or other government agency; |
19.4.5 | a copy of all material information relating to any matter which is reasonably likely to have a Material Adverse Effect which the 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); |
19.4.6 | 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); |
19.4.7 | within 5 Business Days of receiving them, details of any change to the rating by Moody's or Standard & Poor's of the long-term, unsecured and non credit-enhanced debt obligations of the Company; |
19.4.8 | the Company 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 Company), actuarial reports in relation to all pension schemes mentioned in sub-clause 21.15.1 of Clause 21.15 (Pensions). This obligation shall apply to only those pension schemes (or groups of the Electricity Supply Pension Scheme) of which the Company is at that time a participating employer and to those reports which have been provided to the Company; |
19.4.9 | promptly on request, a list of the then current Material Subsidiaries; and |
19.4.10 | 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. |
19.5 | Notification of Default |
19.5.1 | The Company 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. |
19.5.2 | Promptly on request by the Facility Agent, the Company 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. |
19.6 | Use of websites |
19.6.1 | Except as provided below, the Company may deliver any information under this Agreement to a Lender by posting it on to an electronic website if: |
(a) | the Facility Agent and the Lender agree; |
(b) | the Company and the Facility Agent designate an electronic website for this purpose; |
(c) | the Company 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 Company and the Facility Agent. |
19.6.2 | Notwithstanding the above, the Company must supply to the Facility Agent in paper form a copy of any information posted on the website together with sufficient copies for: |
(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. |
19.6.3 | The Company 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. |
19.7 | Know your customer requirements |
19.7.1 | If: |
(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 Company 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, |
20. | FINANCIAL COVENANTS |
20.1 | Definitions |
(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 sub-clause 21.5.3(k) of Clause 21.5 (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. |
(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) | which 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, |
(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. |
20.2 | Interpretation |
20.2.1 | 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. |
20.2.2 | Any amount in a currency other than the Base Currency is to be taken into account at its Base Currency equivalent calculated on the basis of: |
(a) | the Agent's Spot Rate of Exchange 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 Company, the relevant rates of exchange used by the Company in, or in connection with, its financial statements for that period. |
20.2.3 | No item must be credited or deducted more than once in any calculation under this Clause. |
20.3 | Interest cover |
20.4 | Asset Cover |
21. | GENERAL COVENANTS |
21.1 | General |
21.2 | Authorisations |
21.3 | Compliance with laws |
21.4 | Pari passu ranking |
21.5 | Negative pledge |
21.5.1 | Except as provided below, neither the Company nor any Material Subsidiary may create or allow to exist any Security Interest or Quasi-Security Interest on any of its assets. |
21.5.2 | Except as provided below, neither the Company nor any Material Subsidiary 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 Company or any Material Subsidiary; |
(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, |
21.5.3 | Sub-clauses 21.5.1 and 21.5.2 do not apply to: |
(a) | any lien arising by operation of law and in the ordinary course of trading; |
(b) | any netting or set-off arrangement entered into by the Company in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances (including a Multi-Account Overdraft) of members of the Group; |
(c) | any Security Interest or Quasi-Security Interest 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; |
(d) | 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; |
(e) | any Security Interest or Quasi-Security Interest 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; |
(f) | any Security Interest or Quasi-Security Interest 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 Interest is removed or discharged within 6 months of the date of acquisition of such asset; |
(g) | any Security Interest or Quasi-Security Interest 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 Interest is removed or discharged within 6 months of the date of acquisition of such asset; |
(h) | any Security Interest or Quasi-Security Interest created or outstanding on or over any asset of any company which becomes a Material Subsidiary of the |
(i) | any Quasi-Security Interest arising as a result of a disposal which is a disposal permitted under sub-clause 21.6.2; |
(j) | any netting arrangements under any swap or other hedging transaction which is on standard market terms; |
(k) | any Security Interest or Quasi-Security Interest over bank accounts of the Company in favour of the account holding bank with whom it maintains a banking relationship in the ordinary course of trade and granted as part of that bank's standard terms and conditions; |
(l) | any Security Interest or Quasi-Security Interest created or outstanding with the prior approval of the Majority Lenders; and |
(m) | any Security Interest or Quasi-Security Interest created or outstanding on or over assets of the Company or any of its Material Subsidiaries provided that the aggregate outstanding principal or nominal amount secured by all Security Interests and Quasi-Security Interest created or outstanding under this exception on or over such assets shall not at any time exceed £25,000,000 or its equivalent. |
21.6 | Disposals |
21.6.1 | 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) where the higher of the market value and the net consideration receivable (when aggregated with the higher of the market value and the net consideration receivable from any previous disposal by members of the Group) exceeds £5,000,000 (or its equivalent) in total during the term of this Agreement. |
21.6.2 | Sub-clause 21.6.1 does not apply to: |
(a) | any disposal made in the ordinary course of day to day business or operations of the disposing entity (including, without limitation, disposals of subsidiaries or lines of business, provided that this shall not include a disposal of the core electricity distribution business); |
(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 12 months of that disposal (or, if contractually committed to be used within 12 months, are actually used within 18 months of that disposal); |
(e) | the disposal of assets by one wholly-owned Subsidiary of the Company to another or (if the consideration for the disposal does not exceed a normal commercial consideration) to the Company 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 £50,000,000; |
(g) | any disposal which the Majority Lenders shall have agreed shall not be taken into account; |
(h) | arising as a result of any Security Interest or Quasi-Security Interest permitted under sub-clause 21.5.3 above; |
(i) | the application or disposal of cash not otherwise prohibited under the Finance Documents; |
(j) | any disposal by a member of Group compulsorily required by law or regulation having the force of law or any order of any government entity made thereunder and having the force of law provided that and to the extent permitted by such law or regulation: |
(i) | such disposal is made for fair market value; and |
(ii) | such disposal does not have a Material Adverse Effect. |
21.7 | Environmental matters |
21.7.1 | The Company will and will ensure that its Material Subsidiaries 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. |
21.7.2 | The Company will, promptly upon becoming aware of the same, inform the Facility Agent in writing of: |
(a) | any Environmental Claim against any member of the Group which is current, pending or threatened; and |
(b) | any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group, |
21.8 | Insurance |
21.9 | Merger |
21.10 | Change of business |
21.11 | Acquisitions |
21.11.1 | Except as provided below, neither the Company nor any Material Subsidiary may acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in any of them). |
21.11.2 | 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 21.11.1 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 21.6.2 of Clause 21.6 (Disposals) above; |
(b) | an acquisition where the consideration (including associated costs and expenses) for the acquisition (when aggregated with the consideration (including associated costs and expenses) for any other acquisition permitted under this paragraph) during the term of this Agreement does not exceed 2.5% of the sum of the issued share capital, share premium and consolidated reserves (including retained earnings) of the Company, as shown by its most recent audited consolidated financial statements; and |
(c) | any acquisition which the Majority Lenders shall have consented to in writing. |
21.12 | Prohibition on the Debt Purchase Transactions of the Group |
21.13 | Prohibition on Subsidiary Financial Indebtedness |
21.14 | Arm's length transactions |
21.15 | Pensions |
21.15.1 | The Company 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). |
21.15.2 | Except for in respect of the Electricity Supply Pension Scheme (and in particular the E.On Group, Networks Group and in the case of merger, the WPD Group), the Company 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. |
21.15.3 | The Company 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 21.15.2 above paid or required (by law or otherwise). |
21.15.4 | The Company 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. |
21.15.5 | The Company shall immediately notify the Facility Agent if it receives a Financial Support Direction or a Contribution Notice from the Pensions Regulator. |
21.16 | Licence |
21.16.1 | comply with the terms of the Licence in all material respects; |
21.16.2 | without prejudice to the generality of sub-clause 21.16.1 above, comply with the ring fencing provisions of the Licence in all respects; and |
21.16.3 | not take any action or make any omission which is reasonably likely to result in the revocation or termination of the Licence. |
21.17 | Investment Grade Rating |
21.18 | Sanctions |
21.18.1 | Neither the Company, nor any other member of the Group, shall be the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (the "OFAC"), the United Nations Security Council (the "UNSC"), the European Union, Her Majesty’s Treasury (the "HMT"), or other relevant sanctions authority (collectively, "Sanctions"), and no member of the Group shall be located, organized or resident in a country or territory that is the subject of country-wide or territory-wide Sanctions. |
21.18.2 | The Company undertakes 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 individual or entity (the "Person"), to fund any activities of or business with any Person, or in Syria, Cuba, Iran, North Korea, Sudan 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 transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. |
21.18.3 | The Company 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 Syria, Cuba, Iran, North Korea, Sudan or any other country or territory, that, at the time of such payment, is the subject of country-wide or territory-wide Sanctions. |
21.19 | Anti-Corruption |
21.19.1 | The Company shall not (and shall ensure that no other member of the Group will) use the proceeds, or cause or permit the proceeds of any Loan to be used, directly or indirectly, in any way that would be in breach of applicable anti‑corruption laws. |
21.19.2 | The Company shall (and shall ensure that each other member of the Group will): |
(a) | conduct its businesses in compliance with applicable anti-corruption laws; and |
(b) | maintain policies and procedures designed to promote and achieve compliance with such laws. |
22. | DEFAULT |
22.1 | Events of Default |
22.2 | Non-payment |
(a) | administrative or technical error; or |
(b) | a Disruption Event, |
22.3 | Breach of other obligations |
22.3.1 | The Company does not perform or comply with its obligations under Clause 20 (Financial Covenants), Clause 21.5 (Negative pledge), Clause 21.6 (Disposals) or Clause 21.11 (Acquisitions). |
22.3.2 | The Company does not perform or comply with any of its other obligations under any Finance Document in any material respect or any representation or warranty by the Company in this Agreement or in any document delivered under it is or proves to have been incorrect when made or deemed repeated, unless the non‑compliance or circumstances giving rise to the misrepresentation, as the case may be, is capable of remedy and is not remedied within 20 Business Days of the earlier of the Facility Agent giving notice requiring the same to be remedied and the Company becoming aware of such non‑compliance or misrepresentation, as the case may be. |
22.4 | Cross-default |
22.4.1 | Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable grace period. |
22.4.2 | Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). |
22.4.3 | Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a creditor of that member of the Group as a result of an event of default (however described). |
22.4.4 | Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described). |
22.4.5 | No Event of Default will occur under this Clause 22.4 unless and until the aggregate amount of such Financial Indebtedness falling within sub-clauses 22.4.1 to 22.4.4 above is more than £20,000,000 or its equivalent in any other currency or currencies. |
22.5 | Insolvency |
22.5.1 | Any of the following occurs in respect of the Company: |
(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. |
22.5.2 | If a moratorium occurs in respect of the Company, the ending of the moratorium will not remedy any Event of Default caused by the moratorium. |
22.6 | Insolvency proceedings |
22.6.1 | Except as provided below, any of the following occurs in respect of the Company: |
(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. |
22.6.2 | Sub-clause 22.6.1 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. |
22.7 | Creditors' process |
22.8 | Licence |
22.8.1 | notice is given to revoke or terminate the 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 |
22.8.2 | the Licence is revoked, |
22.9 | Balancing and Settlement Code |
22.9.1 | The Company ceases to be a party to the Balancing and Settlement Code Framework Agreement other than in circumstances where the Company is able to carry on its distribution business; or |
22.9.2 | the Company breaches the Balancing and Settlement Code and such breach has or is reasonably likely to have a Material Adverse Effect. |
22.10 | Unlawfulness and invalidity |
22.10.1 | It is or becomes unlawful for the Company to perform any of its obligations under the Finance Documents in any material respect. |
22.10.2 | Any obligation or obligations of the Company 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. |
22.11 | Cessation of business |
22.12 | Repudiation and rescission of agreements |
22.13 | Ownership of other Group companies |
(a) | which is engaged in the core electricity distribution business; or |
(b) | in respect of which it has any actual or contingent financial obligations other than as a result of a solvent liquidation or reorganisation so long as any payments or assets distributed as a result of such solvent liquidation or reorganisation are distributed to other members of the Group. |
22.14 | Material Adverse Effect |
22.15 | Acceleration |
22.15.1 | cancel the Total Commitments and/or Ancillary Commitments; and/or |
22.15.2 | 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; and/or |
22.15.3 | declare that full cash cover in respect of all or part of the amounts outstanding under the Ancillary Facilities is immediately due and payable whereupon it shall become immediately due and payable or payable on demand at which time it shall become payable on demand by the Facility Agent on the instructions of the Majority Lenders. |
23. | THE ADMINISTRATIVE PARTIES |
23.1 | Appointment and duties of the Facility Agent |
23.1.1 | Each Finance Party (other than the Facility Agent) irrevocably appoints the Facility Agent to act as its agent under the Finance Documents. |
23.1.2 | Each Finance Party irrevocably authorises the Facility Agent to: |
(a) | perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Finance Documents, together with any other incidental rights, powers and discretions; and |
(b) | execute each Finance Document expressed to be executed by the Facility Agent. |
23.1.3 | The Facility Agent has only those duties which are expressly specified in the Finance Documents. Those duties are solely of a mechanical and administrative nature. |
23.1.4 | The Facility Agent shall provide to the Company within three Business Days of a request by the Company (but no more frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the Lenders as at the date of that request, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Facility Agent to that Lender under the Finance Documents. |
23.2 | Role of the Arrangers |
23.3 | No fiduciary duties |
23.4 | Individual position of an Administrative Party |
23.4.1 | If it is also a Lender, each Administrative Party has the same rights and powers under the Finance Documents as any other Lender and may exercise those rights and powers as though it were not an Administrative Party. |
23.4.2 | Each Administrative Party and each Ancillary Lender may: |
(a) | carry on any business with the Company or its related entities (including acting as an agent or a trustee for any other financing); and |
(b) | retain any profits or remuneration it receives under the Finance Documents or in relation to any other business it carries on with the Company or its related entities. |
23.5 | Reliance |
23.5.1 | rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; |
23.5.2 | rely on any statement made by any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify; |
23.5.3 | engage, pay for and rely on professional advisers selected by it (including those representing a Party other than the Facility Agent); and |
23.5.4 | act under the Finance Documents through its personnel and agents. |
23.6 | Majority Lenders' instructions |
23.6.1 | The Facility Agent is fully protected if it acts on the instructions of the Majority Lenders in the exercise of any right, power or discretion or any matter not expressly provided for in the Finance Documents. Any such instructions given by the Majority Lenders will be binding on all the Lenders. In the absence of instructions, the Facility Agent may act as it considers to be in the best interests of all the Lenders. |
23.6.2 | The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings in connection with any Finance Document. |
23.6.3 | The Facility Agent may require the receipt of security satisfactory to it, whether by way of payment in advance or otherwise, against any liability or loss which it may incur in complying with the instructions of the Majority Lenders. |
23.7 | Responsibility |
23.7.1 | No Administrative Party and no Ancillary Lender is responsible to any other Finance Party for the adequacy, accuracy or completeness 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. |
23.7.2 | Without affecting the responsibility of the Company for information supplied by it or on its behalf in connection with any Finance Document, each Lender and each Ancillary Lender confirms 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 Company and its related entities and the nature and extent of any recourse against any Party or its assets); and |
(b) | has not relied exclusively on any information provided to it by any Administrative Party in connection with any Finance Document. |
(a) | Nothing in this Agreement will oblige the Facility Agent to satisfy any know your customer requirement in relation to the identity of any person on behalf of any Finance Party. |
(b) | Each Finance Party confirms to the Facility Agent that it is solely responsible for any know your customer requirements it is required to carry out and that it |
23.8 | Exclusion of liability |
23.8.1 | Neither the Facility Agent nor any Ancillary Lender is liable or responsible to any other Finance Party for any action taken or not taken by it in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. |
23.8.2 | 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. |
23.8.3 | No Party (other than the Facility Agent or the Ancillary Lender) may take any proceedings against any officer, employee or agent of the Facility Agent or any Ancillary Lender in respect of any claim it might have against the Facility Agent or any Ancillary Lender or in respect of any act or omission of any kind by that officer, employee or agent in connection with any Finance Document. Any officer, employee or agent of the Facility Agent or any Ancillary Lender may rely on this sub-clause and enforce its terms under the Contracts (Rights of Third Parties) Act 1999. |
23.9 | Default |
23.9.1 | The Facility Agent is not obliged to monitor or enquire whether a Default has occurred. The Facility Agent is not deemed to have knowledge of the occurrence of a Default. |
23.9.2 | If the Facility Agent: |
(a) | receives notice from a Party referring to this Agreement, describing a Default and stating that the event is a Default; or |
(b) | is aware of the non-payment of any principal or interest or any fee payable to a Lender under this Agreement, |
23.10 | Information |
23.10.1 | The Facility Agent must promptly forward to the person concerned the original or a copy of any document which is delivered to the Facility Agent by a Party for that person. |
23.10.2 | 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. |
23.10.3 | Except as provided above, the Facility Agent has no duty: |
(a) | either initially or on a continuing basis to provide any Lender with any credit or other information concerning the risks arising under or in connection with the Finance Documents (including any information relating to the financial |
(b) | unless specifically requested to do so by a Lender in accordance with a Finance Document, to request any certificate or other document from the Company. |
23.10.4 | In acting as the Facility Agent, the agency division of the Facility Agent is treated as a separate entity from its other divisions and departments. Any information acquired by the Facility Agent which, in its opinion, is acquired by it otherwise than in its capacity as the Facility Agent may be treated as confidential by the Facility Agent and will not be treated as information possessed by the Facility Agent in its capacity as such. |
23.10.5 | The Facility Agent is not obliged to disclose to any person any confidential information supplied to it by a member of the Group solely for the purpose of evaluating whether any waiver or amendment is required to any term of the Finance Documents. |
23.10.6 | The Company irrevocably authorises the Facility Agent to disclose to the other Finance Parties any information which, in its opinion, is received by it in its capacity as the Facility Agent. |
23.10.7 | Without prejudice to the generality of the foregoing, the Facility Agent may disclose the identity of a Defaulting Lender to the other Finance Parties and the Company and shall disclose the same upon the written request of the Company or the Majority Lenders. |
23.11 | Indemnities |
23.11.1 | Without limiting the liability of the Company under the Finance Documents, each Lender must indemnify the Facility Agent for that Lender's Pro Rata Share of any loss or liability incurred by the Facility Agent in acting as the Facility Agent, except to the extent that the loss or liability is caused by the Facility Agent's gross negligence or wilful misconduct or to the extent that the Facility Agent has been reimbursed in full by the Company for such loss or liability. |
23.11.2 | The Facility Agent may deduct from any amount received by it for a Lender any amount due to the Facility Agent from that Lender under a Finance Document but unpaid. |
23.11.3 | The Company must indemnify the Facility Agent against any loss or liability properly incurred by the Facility Agent as a result of: |
(a) | investigating any event which the Facility Agent reasonably believes to be a Default; or |
(b) | acting or relying on any notice which the Facility Agent reasonably believes to be genuine, correct and appropriately authorised. |
23.12 | Compliance |
23.13 | Resignation of the Facility Agent |
23.13.1 | The Facility Agent may resign and appoint any of its Affiliates as successor Facility Agent by giving notice to the Lenders and the Company. |
23.13.2 | Alternatively, the Facility Agent may resign by giving notice to the Lenders and the Company, in which case the Majority Lenders may appoint a successor Facility Agent. |
23.13.3 | If no successor Facility Agent has been appointed under sub-clause 23.13.2 above within 30 days after notice of resignation was given, the Facility Agent may appoint a successor Facility Agent. |
23.13.4 | The person(s) appointing a successor Facility Agent must, if practicable, consult with the Company prior to the appointment. Any successor Facility Agent must have an office in the U.K. |
23.13.5 | The resignation of the Facility Agent and the appointment of any successor Facility Agent will both become effective only when the successor Facility Agent notifies all the Parties that it accepts its appointment. On giving the notification, the successor Facility Agent will succeed to the position of the Facility Agent and the term "Facility Agent" will mean the successor Facility Agent. |
23.13.6 | The retiring Facility Agent must, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as the Facility Agent under the Finance Documents. |
23.13.7 | Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in respect of any action taken or not taken by it in connection with the Finance Documents while it was the Facility Agent, and, subject to sub-clause 23.13.6 above, it will have no further obligations under any Finance Document. |
23.14 | Replacement of the Facility Agent |
23.14.1 | After consultation with the Company, 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). |
23.14.2 | 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. |
23.14.3 | 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 |
23.14.4 | 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. |
23.15 | Relationship with Lenders |
23.15.1 | Subject to Clause 29.9 (Pro rata interest settlement), the Facility Agent may treat each Lender as a Lender, entitled to payments under this Agreement and as acting through its Facility Office(s) until it has received not less than five Business Days' prior notice from that Lender to the contrary. |
23.15.2 | The Facility Agent may at any time, and must if requested to do so by the Majority Lenders, convene a meeting of the Lenders. |
23.15.3 | The Facility Agent must keep a register of all the Parties and supply any other Party with a copy of the register on request. The register will include each Lender's Facility Office(s) and contact details for the purposes of this Agreement. |
23.16 | Facility Agent's management time |
23.17 | Notice period |
23.18 | Subordination Deed |
24. | EVIDENCE AND CALCULATIONS |
24.1 | Accounts |
24.2 | Certificates and determinations |
24.3 | Calculations |
25. | FEES |
25.1 | Agency fee |
25.2 | Arrangement and participation fees |
25.3 | Co-ordination fee |
25.4 | Commitment fee |
25.4.1 | The Company 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. |
25.4.2 | The commitment fee is payable quarterly in arrears 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. |
25.4.3 | 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. |
25.5 | Utilisation fee |
25.5.1 | The Company 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 33.3 per cent. of the Total Commitments. |
25.5.2 | The Company 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 |
25.5.3 | Utilisation fee is payable on the amount of each Lender's share in the Loans. |
25.5.4 | Accrued utilisation fee is payable quarterly in arrears. Accrued utilisation fee is also payable to the Facility Agent for a Lender on the date its Commitment is cancelled in full. |
25.6 | Interest, commission and fees on Ancillary Facilities |
26. | INDEMNITIES AND BREAK COSTS |
26.1 | Currency indemnity |
26.1.1 | The Company must, as an independent obligation, indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of: |
(a) | that Finance Party receiving an amount in respect of the Company's liability under the Finance Documents; or |
(b) | that liability being converted into a claim, proof, judgment or order, |
26.1.2 | Unless otherwise required by law, the Company waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in which it is expressed to be payable. |
26.2 | Other indemnities |
26.2.1 | the occurrence of any Event of Default; |
26.2.2 | (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 |
26.2.3 | 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 Company otherwise than on the Final Maturity Date or Maturity Date of that Loan or, in the case of an overdue sum, the last |
26.3 | Break Costs |
26.3.1 | The Company must pay to each Lender its Break Costs within three Business Days of demand. |
26.3.2 | Break Costs are 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 overdue amount to the last day of the applicable Term for that Loan or overdue amount if the principal or overdue amount received had been paid on the last day of that Term; |
(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 in the appropriate interbank market for a period starting on the Business Day following receipt and ending on the last day of the applicable Term. |
26.3.3 | Each Lender must supply to the Facility Agent for the Company details of the amount of any Break Costs claimed by it under this Clause. |
27. | EXPENSES |
27.1 | Initial costs |
27.2 | Subsequent costs |
27.2.1 | the negotiation, preparation, printing and execution of any Finance Document (other than a Transfer Certificate or Increase Confirmation) executed after the date of this Agreement; and |
27.2.2 | any amendment, waiver or consent requested by or on behalf of the Company or specifically allowed by this Agreement. |
27.3 | Enforcement costs |
28. | AMENDMENTS AND WAIVERS |
28.1 | Procedure |
28.1.1 | Except as provided in this Clause 28, any term of the Finance Documents (other than the Fee Letters) may be amended or waived with the agreement of the Company and the Majority Lenders. The Facility Agent may effect, on behalf of any Finance Party, an amendment or waiver allowed under this Clause. |
28.1.2 | The Facility Agent must promptly notify the other Parties of any amendment or waiver effected by it under sub-clause 28.1.1 above. Any such amendment or waiver is binding on all the Parties. |
28.2 | Exceptions |
28.2.1 | An amendment or waiver which relates to: |
(a) | the definition of Majority Lenders in Clause 1.1 (Definitions); |
(b) | Clause 2.3 (Nature of a Finance Party's rights and obligations); |
(c) | an extension of the date of payment of any amount to a Lender under the Finance Documents; |
(d) | 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; |
(e) | an increase in, or an extension of, a Commitment or the Total Commitments; |
(f) | a term of a Finance Document which expressly requires the consent of each Lender; |
(g) | the right of a Lender to assign or transfer its rights or obligations under the Finance Documents; |
(h) | Clause 10.1 (Mandatory prepayment – illegality) or Clause 10.2 (Mandatory prepayment – change of control); or |
(i) | this Clause, |
28.2.2 | An amendment or waiver which relates to the rights or obligations of an Administrative Party or an Ancillary Lender may only be made with the consent of that Administrative Party or Ancillary Lender. |
28.3 | Disenfranchisement of Defaulting Lenders |
28.3.1 | 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 |
28.3.2 | For the purposes of this Clause 28.3, 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, |
28.4 | Replacement of a Defaulting Lender |
28.4.1 | The Company 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 29 (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 29 (Changes to the Parties) all (and not part only) of the undrawn Commitment of the Lender. |
28.4.2 | Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause shall be subject to the following conditions: |
(a) | the Company shall have no right to replace the Facility Agent; |
(b) | neither the Facility Agent nor the Defaulting Lender shall have any obligation to the Company to find a Replacement Lender; |
(c) | the transfer must take place no later than 14 days after the notice referred to in sub-clause 28.4.1 above; |
(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; and |
(e) | the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to sub-clause 28.4.1 above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to the Replacement Lender. |
28.5 | Excluded Commitments |
28.6 | Change of currency |
28.7 | Waivers and remedies cumulative |
28.7.1 | may be exercised as often as necessary; |
28.7.2 | are cumulative and not exclusive of its rights under the general law; and |
28.7.3 | may be waived only in writing and specifically. |
29. | CHANGES TO THE PARTIES |
29.1 | Assignments and transfers by the Company |
29.2 | Assignments and transfers by Lenders |
29.2.1 | A Lender (the Existing Lender) may, subject to the following provisions of this Clause 29, 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). |
29.2.2 | Unless the Company 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. |
29.2.3 | An Existing Lender must consult with the Company for no more than five Business Days before it may make an assignment or transfer unless the New Lender is another Lender or an Affiliate of a Lender or an Event of Default has occurred and is outstanding. |
29.2.4 | The Facility Agent is not obliged to accept an assignment or execute a Transfer Certificate until it has completed all know your customer requirements to its satisfaction. The Facility Agent must promptly notify the Existing Lender and the New Lender if there are any such requirements. |
29.2.5 | 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 29; or |
(b) | the New Lender confirms to the Facility Agent and the Company 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 assigned or transferred to the New Lender. |
29.2.6 | 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 £2,000. |
29.2.7 | 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. |
29.3 | Procedure for transfer by way of novations |
29.3.1 | In this Clause: |
(a) | the proposed Transfer Date specified in that Transfer Certificate; and |
(b) | the date on which the Facility Agent executes that Transfer Certificate. |
29.3.2 | 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. |
29.3.3 | 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. |
29.3.4 | 29.3.4 Subject to Clause 29.9 (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. |
29.4 | Limitation of responsibility of Existing Lender |
29.4.1 | 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, |
29.4.2 | 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 Company and its related entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in this Agreement; and |
(b) | has not relied exclusively on any information supplied to it by the Existing Lender in connection with any Finance Document. |
29.4.3 | 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 Company of its obligations under any Finance Document or otherwise. |
29.5 | Costs resulting from change of Lender or Facility Office |
29.5.1 | a Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its Facility Office; and |
29.5.2 | as a result of circumstances existing at the date the assignment, transfer or change occurs, the Company would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 14 (Tax gross-up and indemnities) or Clause 15 (Increased costs), |
29.6 | Changes to the Reference Banks |
29.6.1 | If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent must (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. |
29.6.2 | If a Reference Bank ceases to have a London office or novates or assigns all its rights and obligations under this Agreement or if any Commitments of any Reference Bank are cancelled or if Loans it has advanced are prepaid it shall be replaced as a Reference Bank by such other Lender or an Affiliate of a Lender with an office in London as the Facility Agent (after consultation with the Company) shall designate by notice to the Company and the Lenders. |
29.7 | Copy of Transfer Certificate or Increase Confirmation to Company |
29.8 | Security over Lenders' rights |
(a) | any charge, assignment or other security to secure obligations to a federal reserve or central bank; and |
(b) | 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, |
(i) | 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 |
(ii) | require any payments to be made by the Company 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. |
29.9 | Pro rata interest settlement |
29.9.1 | 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 |
29.9.2 | the rights assigned or 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 for the account of 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 29.9, have been payable to it on that date, but after deduction of the Accrued Amounts. |
30. | CONFIDENTIALITY AND DISCLOSURE OF INFORMATION |
30.1 | Confidential Information |
30.2 | Disclosure of Confidential Information |
30.2.1 | 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 30.2.1 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; |
30.2.2 | to any person: |
(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 Company 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 sub-clause 30.2.2 (a) or (b) 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 sub-clause 30.2.2 (a) or (b) 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 29.8 (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; |
(h) | who is a Party; or |
(i) | with the consent of the Company; |
(i) | in relation to sub-clause 30.2.2 (a), (b) and (c) 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 sub-clause 30.2.2 (d) 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 sub-clause 30.2.2 (e), (f) and (g) 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; |
30.2.3 | to any person appointed by that Finance Party or by a person to whom sub-clause 30.2.2 (a) or (b) 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 30.2.3 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 Company and the relevant Finance Party; |
30.2.4 | 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 Company 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. |
30.3 | Disclosure to numbering service providers |
30.3.1 | 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 Company the following information: |
(a) | name of the Company; |
(b) | country of domicile of the Company; |
(c) | place of incorporation of the Company; |
(d) | date of this Agreement; |
(e) | the names of the Facility Agent and the Arranger; |
(f) | date of each amendment and restatement of this Agreement; |
(g) | amount of Total Commitments; |
(h) | currencies of the Facility; |
(i) | type of Facility; |
(j) | ranking of Facility; |
(k) | Final Maturity Date for the Facility; |
(l) | changes to any of the information previously supplied pursuant to paragraphs (a) to (k) above; and |
(m) | such other information agreed between such Finance Party and the Company, |
30.3.2 | The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or the Company 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. |
30.3.3 | The Company represents that none of the information set out in paragraphs (a) to (m) of sub-clause 30.3.1 above is, nor will at any time be, unpublished price-sensitive information. |
30.3.4 | The Facility Agent shall notify the Company 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 Company; and |
(b) | the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or the Company by such numbering service provider. |
31. | CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS |
31.1 | Confidentiality and disclosure |
31.1.1 | The Facility Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Facility Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by sub-clause 31.1.2, 31.1.3 and 31.1.4 below. |
31.1.2 | The Facility Agent may disclose: |
(a) | any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Company pursuant to Clause 11.4 (Notification of rates of interest); and |
(b) | any Funding Rate or any Reference Bank Quotation 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 Undertaking. |
31.1.3 | The Facility Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to: |
(a) | any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors and partners if any person to whom that Funding Rate or Reference Bank Quotation 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 Reference Bank Quotation 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 or Reference Bank Quotation 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 relevant Obligor, as the case may be, 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 or Reference Bank Quotation 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 relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and |
(d) | any person with the consent of the relevant Lender or Reference Bank, as the case may be. |
31.1.4 | The Facility Agent's obligations in this Clause 31 (Confidentiality of Funding Rates and Reference Bank Quotations) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 11.4 (Notification of rates of interest) provided that (other than pursuant to paragraph (a) of sub-clause 31.1.2 above) the Facility Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification. |
31.2 | Other obligations |
31.2.1 | The Facility Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Facility Agent, each Reference Bank Quotation) 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 each Obligor undertake not to use any Funding Rate or, in the case of the Facility Agent, any Reference Bank Quotation for any unlawful purpose. |
31.2.2 | The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be: |
(a) | of the circumstances of any disclosure made pursuant to paragraph (b) of sub-clause 31.1.3 above 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 31 (Confidentiality of Funding Rates and Reference Bank Quotations). |
32. | SET-OFF |
32.1.1 | A Finance Party may set off any matured obligation owed to it by the Company under the Finance Documents (to the extent beneficially owned by that Finance Party) against any obligation (whether or not matured) owed by that Finance Party to the Company, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. |
32.1.2 | Any credit balances taken into account by an Ancillary Lender when operating a net limit in respect of any overdraft under an Ancillary Facility shall on enforcement of the Finance Documents be applied first in reduction of the overdraft provided under that Ancillary Facility in accordance with its terms. |
33. | PRO RATA SHARING |
33.1 | Redistribution |
33.1.1 | If any amount owing by the Company under this Agreement to a Lender (the "recovering Lender") is discharged by payment, set-off or any other manner other than through the Facility Agent under this Agreement (a "recovery"), then: |
(a) | the recovering Lender must, within three Business Days, supply details of the recovery to the Facility Agent; |
(b) | the Facility Agent must calculate whether the recovery is in excess of the amount which the recovering Lender would have received if the recovery had been received by the Facility Agent under this Agreement; and |
(c) | the recovering Lender must pay to the Facility Agent an amount equal to the excess (the "redistribution"). |
33.2 | Effect of redistribution |
33.2.1 | The Facility Agent must treat a redistribution as if it were a payment by the Company under this Agreement and distribute it among the Lenders, other than the recovering Lender, accordingly. |
33.2.2 | When the Facility Agent makes a distribution under sub-clause 33.2.1 above, the recovering Lender will be subrogated to the rights of the Finance Parties which have shared in that redistribution. |
33.2.3 | If and to the extent that the recovering Lender is not able to rely on any rights of subrogation under sub-clause 33.2.2 above, the Company will owe the recovering Lender a debt which is equal to the redistribution, immediately payable and of the type originally discharged. |
33.2.4 | If: |
(a) | a recovering Lender must subsequently return a recovery, or an amount measured by reference to a recovery, to the Company; and |
(b) | the recovering Lender has paid a redistribution in relation to that recovery, |
33.3 | Exceptions |
33.3.1 | it would not, after the payment, have a valid claim against the Company in the amount of the redistribution; or |
33.3.2 | it would be sharing with another Finance Party any amount which the recovering Lender has received or recovered as a result of legal or arbitration proceedings, where: |
(a) | the recovering Lender 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. |
33.4 | Ancillary Lenders |
33.4.1 | This Clause 32 shall not apply to any receipt or recovery by a Lender in its capacity as an Ancillary Lender at any time prior to service of notice under Clause 22.15 (Acceleration). |
33.4.2 | Following service of notice under Clause 22.15 (Acceleration), this Clause 32 shall apply to all receipts or recoveries by Ancillary Lenders except to the extent that the receipt or recovery represents a reduction from the Permitted Gross Outstandings of a Multi-account Overdraft to or towards an amount equal to its Designated Net Amount. |
34. | SEVERABILITY |
34.1 | If a term of a Finance Document is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect: |
34.1.1 | the legality, validity or enforceability in that jurisdiction of any other term of the Finance Documents; or |
34.1.2 | the legality, validity or enforceability in other jurisdictions of that or any other term of the Finance Documents. |
35. | COUNTERPARTS |
36. | NOTICES |
36.1 | In writing |
36.1.1 | Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be given: |
(a) | in person, by post, or fax or any other electronic communication approved by the Facility Agent; or |
(b) | if between the Facility Agent and a Lender and the Facility Agent and the Lender agree, by e-mail or other electronic communication. |
36.1.2 | For the purpose of the Finance Documents, an electronic communication will be treated as being in writing. |
36.1.3 | Unless it is agreed to the contrary, any consent or agreement required under a Finance Document must be given in writing. |
36.2 | Contact details |
36.2.1 | 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. |
36.2.2 | The contact details of the Company for this purpose are: |
Address: | Avonbank, Feeder Road, Bristol BS2 0TB | |
Fax number: | 01179 332 108 | |
Phone number: | 01179 332 354 | |
E-mail: | jhunt9@westernpower.co.uk | |
Attention: | Julie Hunt | |
The contact details of the Facility Agent for this purpose are: | ||
Address: | 2 King Edward Street, London EC1A 1HQ | |
Fax number: | +44 208313 2149 | |
E-mail: | emea.7115loansagency@bankofamerica.com | |
Attention: | Loans Agency |
36.2.3 | 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. |
36.2.4 | 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. |
36.3 | Effectiveness |
36.3.1 | 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. |
36.3.2 | A communication given under sub-clause 36.3.1 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. |
36.3.3 | A communication to the Facility Agent will only be effective on actual receipt by it. |
36.4 | The Company |
36.5 | Communication when Facility Agent is Impaired Agent |
37. | LANGUAGE |
37.1.1 | Any notice given in connection with a Finance Document must be in English. |
37.1.2 | Any other document provided in connection with a Finance Document must be: |
(a) | in English; or |
(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. |
38. | GOVERNING LAW |
39. | ENFORCEMENT |
39.1 | Jurisdiction |
39.1.1 | 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. |
39.1.2 | The English courts are the most appropriate and convenient courts to settle any such dispute and the Company waives objection to those courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection with any Finance Document. |
39.1.3 | 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. |
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 & Markets) | £38,571,428.57 | |
Bank of America Merrill Lynch International Limited | £30,000,000.00 | |
Barclays Bank PLC | £38,571,428.57 | |
HSBC Bank plc | £38,571,428.58 | |
Lloyds Bank plc | £38,571,428.57 | |
Mizuho Bank, Ltd | £38,571,428.57 | |
The Royal Bank of Scotland plc | £38,571,428.57 | |
Royal Bank of Canada | £38,571,428.57 | |
Total | £300,000,000 |
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: |
(a) | Drawdown Date: [•] |
(b) | Amount/currency: [•] |
(c) | Term: [•] |
3. | Our payment instructions are: [•] |
4. | We confirm that each condition precedent under the Agreement which must be satisfied on the date of this Request is so satisfied. |
5. | 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. |
6. | We confirm that as at [relevant testing date] Regulatory Asset Base was [•] and Total Net Debt was [•]; therefore, Total Net Debt does not exceed an amount equal to 85% of the Regulatory Asset Base. |
7. | This Request is irrevocable. |
From: | [THE EXISTING LENDER] (the Existing Lender) and [THE NEW LENDER] (the New Lender) |
1. | The Existing Lender and the New Lender agree to the Existing Lender transferring by novation to the New Lender, and in accordance with Clause 29.3 (Procedure for transfer by way of novation), 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(s) and participations in Loans under the Agreement as specified in the Schedule below. |
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 Company, that it is: |
(a) | [a Qualifying Lender falling within paragraph (a)(i) or paragraph (b) of the definition of Qualifying Lender;] |
(b) | [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) 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 |
(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) of that company.]** |
6. | [The New Lender confirms (for the benefit of the Facility Agent and without liability to the Company) 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 Company is generally subject to full exemption from UK withholding tax and notifies the Company that the Company must make an application to HM Revenue & Customs under form DTTP2 within 30 days of the Transfer Date.]**** |
* | 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 14.1 (Definitions). |
*** | Insert jurisdiction of tax residence. |
**** | This confirmation must be included if the New Lender holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to the Agreement. |
7. | This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law. |
[EXISTING LENDER] | [NEW LENDER] | |||
By: | By | : | ||
The Transfer Date is confirmed by the Facility Agent as [•] . | ||||
[•] | ||||
By: |
1. | We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning in this Compliance Certificate unless given a different meaning in this Compliance Certificate. |
2. | We confirm that 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 Base was [•] and Total Net Debt was [•]; therefore Total Net Debt does not exceed 85% of the Regulatory Asset Base. |
4. | We set out below calculations establishing the figures in paragraphs 2 and 3 above: |
5. | We confirm that the following companies were Material Subsidiaries at [relevant testing date]: |
6. | [We confirm that no Default is outstanding as at [relevant testing date].] 1. |
To: | Bank of America Merrill Lynch International Limited as Facility Agent and Western Power Distribution (West Midlands) plc as Company |
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 Company, that it is: |
8.1.1 | [a Qualifying Lender falling within paragraph (a)(i) or paragraph (b) of the definition of Qualifying Lender;] |
8.1.2 | [a Treaty Lender;] |
8.1.3 | [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: |
9.1.1 | a company resident in the United Kingdom for United Kingdom tax purposes; or |
9.1.2 | 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) 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 |
9.1.3 | 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.]** |
10. | [The Increase Lender confirms (for the benefit of the Facility Agent and without liability to the Company) 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 Company is generally subject to full exemption from UK withholding tax and notifies the Company that the Company must make an application to HM Revenue & Customs under form DTTP2 within 30 days of the Transfer Date.]**** |
* | 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 14.1 (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. |
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. |
Facility Agent | |
By: | |
as Facility Agent for and on behalf of each of the parties to the Agreement (other than the Increase Lender) |
Loans in euro | Loans in sterling | Loans in other currencies | ||||
Facility Agent notifies the Company if a currency is approved as an Optional Currency in accordance with Clause 4.3 (Conditions relating to Optional Currencies) | - | - | U-4 | |||
Delivery of a duly completed Request (Clause 5.2 (Completion of Requests)) | U-3 9:30 a.m. | U-1 9:30 a.m. | U-3 9:30 a.m. | |||
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) | U-3 Noon | U-1 Noon | U-3 Noon | |||
Facility Agent receives a notification from a Lender under Clause 7.2.1 (Revocation of a currency) | Quotation Day | - | Quotation Day | |||
Facility Agent gives notice in accordance with Clause 7.2 (Revocation of a currency) | Quotation Day 5:30 p.m. | - | Quotation Day 5:30 p.m. | |||
LIBOR or EURIBOR is fixed | Quotation Day as of 11:00 a.m. London time in respect of LIBOR and as of 11:00 a.m. (Brussels time) in respect of EURIBOR | Quotation Day as of 11:00 a.m. | Quotation Day as of 11:00 a.m. |
"U" | = date of utilisation |
"U-X" | = X Business Days prior to date of utilisation. |
1. | WESTERN POWER DISTRIBUTION (WEST MIDLANDS) PLC (registered number 03600574) (the Company); |
2. | [SUBORDINATED CREDITOR] (the Subordinated Creditor); and |
3. | [l], as Facility Agent acting on behalf of the Lenders (the Facility Agent). |
1. | INTERPRETATION |
1.1 | Definitions |
(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, |
1.2 | Construction |
1.2.1 | Capitalised terms defined in the Agreement have the same meaning in this Deed, unless given a different meaning in this Deed. |
1.2.2 | The principles of construction set out in the Agreement will have effect as if set out in this Deed. |
1.2.3 | Any undertaking by the Subordinated Creditor in this Deed remains in force from the date of this Deed to the Senior Debt Discharge Date. |
1.3 | Third Party rights |
2. | SUBORDINATION |
2.1 | Ranking |
2.2 | Undertakings of the Company |
2.2.1 | make any payment whatsoever in respect of the Subordinated Debt other than a Permitted Subordinated Debt Payment; or |
2.2.2 | secure, in any manner, all or any part of the Subordinated Debt; or |
2.2.3 | defease, in any manner, all or any part of the Subordinated Debt; or |
2.2.4 | 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 |
2.2.5 | procure any other person to do any of the acts or take any of the actions referred to paragraphs 2.2.1 to 2.2.4 above. |
2.3 | Undertakings of the Subordinated Creditor |
2.3.1 | The Subordinated Creditor will not without the prior written consent of the Lenders: |
(a) | 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 |
(b) | 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. |
2.3.2 | 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. |
2.3.3 | The Subordinated Creditor will not without the prior written consent of the Lenders: |
(a) | 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; |
(b) | initiate or support or take any steps with a view to, or which may lead to: |
(i) | any insolvency, liquidation, reorganisation, administration or dissolution proceedings; |
(ii) | any voluntary arrangement or assignment for the benefit of creditors; or |
(iii) | any similar proceedings, |
(c) | bring or support any legal proceedings against the Company or any of its Subsidiaries; or |
(d) | 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). |
2.3.4 | 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. |
2.3.5 | 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 |
2.4 | Subordination on insolvency |
2.4.1 | the Subordinated Debt shall continue to be subordinated to the Senior Debt; |
2.4.2 | 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; |
2.4.3 | if the trust referred to in paragraph 2.4.2 above or paragraph 2.3.4 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; |
2.4.4 | 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 2.4.2 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 |
2.4.5 | 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 2.4.2 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). |
3. | SET-OFF |
3.1.1 | The Subordinated Creditor shall not set off against the Subordinated Debt any amount payable by the Subordinated Creditor to the Company. |
3.1.2 | 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 2.4.2 of Clause 2.4 (Subordination on insolvency) an amount equal to the amount of the Subordinated Debt discharged by such set-off. |
4. | NEW MONEY |
5. | PROTECTION OF SUBORDINATION |
5.1.1 | The subordination in this Deed is a continuing subordination and benefits the ultimate balance of the Senior Debt. |
5.1.2 | 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. |
6. | MISCELLANEOUS |
6.1.1 | This Deed overrides anything in any Subordinated Finance Document to the contrary. |
6.1.2 | Any communication in respect of this Deed must be in writing. Contact details for each Party are set out opposite their name, below. |
6.1.3 | This Deed is a Finance Document. |
7. | ASSIGNMENT |
7.1.1 | 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. |
7.1.2 | 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. |
8. | TRUSTS |
8.1.1 | The Facility Agent shall hold the benefit of this Deed upon trust for itself and the Lenders. |
8.1.2 | The perpetuity period for each trust created by this Deed shall be 80 years. |
9. | TERMINATION |
10. | GOVERNING LAW |
11. | JURISDICTION |
To: | [l], as Facility Agent acting on behalf of the Lenders. |
EXECUTED as a DEED | ) | |||
by WESTERN POWER DISTRIBUTION (WEST MIDLANDS) PLC | ) | |||
acting by | ) | |||
Director | ||||
In the presence of: | ||||
Witness's Signature: | ||||
Name: | ||||
Address: | ||||
Company contact details: | ||||
Address: | Avonbank, Feeder Road, | |||
Bristol BS2 0TB | ||||
Fax number: | 01179 332 108 | |||
Phone number: | 01179 332 354 | |||
E-mail: | jhunt9@wsternpower.co.uk | |||
Attention: | Julie Hunt |
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: |
EXECUTED as a DEED | ) | ||
by [AGENT] | ) | ||
acting by | ) | ||
Director | |||
In the presence of: | |||
Witness's Signature: | |||
Name: | |||
Address: | |||
Facility Agent contact details: | |||
Address: | |||
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 20 (Financial Covenants) of the Agreement on each of the next two Measurement Dates (as such term is defined in the Agreement). |
EXECUTED as a DEED | ) | |||
by WESTERN POWER DISTRIBUTION (WEST MIDLANDS) PLC | ) | |||
acting by | ) | |||
Director | ||||
In the presence of: | ||||
Witness's Signature: | ||||
Name: | ||||
Address: | ||||
Company contact details: | ||||
Address: | Avonbank, Feeder Road, | |||
Bristol BS2 0TB | ||||
Fax number: | 01179 332 108 | |||
Phone number: | 01179 332 354 | |||
E-mail: | jhunt9@wsternpower.co.uk | |||
Attention: | Julie Hunt |
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: |
EXECUTED as a DEED | ) | ||
by [l] | ) | ||
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 |
Signed by: for and on behalf of WESTERN POWER DISTRIBUTION (WEST MIDLANDS) PLC | ) ) ) ) |
Address: | Avonbank |
Feeder Road | |
Bristol BS2 0TB | |
Fax: | +44 (0)1179 332 108 |
Signed by: ABBEY NATIONAL TREASURY SERVICES PLC (TRADING AS SANTANDER GLOBAL BANKING & MARKETS) | ) ) ) ) ) ) |
Address: | 2 Triton Square |
Regents Place | |
London NW1 3AN | |
Attention: | Alejandro Ciruelos (for credit matters) |
Samuel Russell (for administration matters) | |
Fax: | +44 (0)20 7756 5816 |
with a copy to Jim Inches/ David Navalón Vaquero | |
Fax: | +44 (0)845 602 7837 |
Signed by: for and on behalf of BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED | ) ) ) |
Address: | King Edward Street |
London EC1A 1HQ | |
Fax: | +44 (0)20 7995 2886 |
Signed by: for and on behalf of BARCLAYS BANK PLC | ) ) ) ) |
Address: | 5 The North Colonnade |
London E14 4BB | |
Fax: | +44 (0)20 7773 1840 |
Signed by: CREDIT SUISSE AG, LONDON BRANCH | ) ) ) |
Address: | One Cabot Square |
London E14 4QJ | |
Fax: | +44 (0)20 888 8398 |
Signed by: HSBC BANK PLC | ) ) ) |
Address: | Sharon daw |
West & Wales Corporate Banking Centre | |
3 Rivergate, Bristol, BS1 6ER | |
Fax: | +44 (0)8455 877941 |
Signed by: LLOYDS BANK PLC | ) ) ) |
Address: | 10 Gresham Street |
London EC2V 7AE | |
Fax: | +44 (0)20 7158 3297 |
Signed by: MIZUHO BANK, LTD. | ) ) ) ) |
Address: | Bracken House |
One Friday Street | |
London EC4M 9JA | |
Fax: | +44 (0)207 012 4301 |
Signed by: THE ROYAL BANK OF SCOTLAND PLC | ) ) ) ) |
Address: | 7th Floor, 135 Bishopsgate |
London EC2M 3UR | |
Fax: | +44 (0)20 7085 8762 |
Signed by: ROYAL BANK OF CANADA | ) ) ) |
Attention: | Mike Atherton/ Mark Goodin (for credit matters) |
Address: | Thames Court |
One Queenhithe | |
London EC4V 4DE | |
Fax: | +44 (0)20 7029 7912 |
Attention: | David Banning/ Maggie Weiyan Tang/ Ahmed Awad/ Vinodkumar NalappadamVeetil (for administration matters) |
Address: | Riverbank House |
2 Swan Lane | |
London EC4R 3BF | |
Fax: | +44 (0)20 7332 0036 |
Signed by: ABBEY NATIONAL TREASURY SERVICES PLC (TRADING AS SANTANDER GLOBAL BANKING & MARKETS) | ) ) ) ) ) ) ) |
Address: | 2 Triton Square |
Regents Place | |
London NW1 3AN | |
Attention: | Alejandro Ciruelos (for credit matters) |
Samuel Russell (for administration matters) | |
Fax: | +44 (0)20 7756 5816 |
with a copy to Jim Inches/ David Navalón Vaquero | |
Fax: | 44 (0)845 602 7837 |
Signed by: BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED | ) ) ) |
Address: | King Edward Street |
London, EC1A 1HQ | |
Fax: | +44 (0)20 7995 2886 |
Signed by: BARCLAYS BANK PLC | ) ) ) ) |
Address: | 5 The North Colonnade |
London E14 4BB | |
Fax: | +44 (0)20 7773 1840 |
Signed by: CREDIT SUISSE AG, LONDON BRANCH | ) ) ) |
Address: | One Cabot Square |
London E14 4QJ | |
Fax: | +44 (0)20 888 8398 |
Signed by: HSBC BANK PLC | ) ) ) |
Address: | Sharon daw |
West & Wales Corporate Banking Centre | |
3 Rivergate, Bristol, BS1 6ER | |
Fax: | +44 (0)8455 877941 |
Signed by: LLOYDS BANK PLC | ) ) ) |
Address: | 10 Gresham Street |
London EC2V 7AE | |
Fax: | +44 (0)20 7158 3297 |
Signed by: MIZUHO BANK, LTD. | ) ) ) ) |
Address: | Bracken House |
One Friday Street | |
London EC4M 9JA | |
Fax: | +44 (0)207 012 4301 |
Signed by: ROYAL BANK OF CANADA | ) ) ) |
Attention: | Mike Atherton/ Mark Goodin (for credit matters) |
Address: | Thames Court |
One Queenhithe | |
London EC4V 4DE | |
Fax: | +44 (0)20 7029 7912 |
Attention: | David Banning/ Maggie Weiyan Tang/ Ahmed Awad/ Vinodkumar NalappadamVeetil (for administration matters) |
Address: | Riverbank House |
2 Swan Lane | |
London EC4R 3BF | |
Fax: | +44 (0)20 7332 0036 |
Signed by: THE ROYAL BANK OF SCOTLAND PLC | ) ) ) ) |
Address: | 7th Floor, 135 Bishopsgate |
London EC2M 3UR | |
Fax: | +44 (0)20 7085 8762 |
Signed by: BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED | ) ) ) |
Address: | King Edward Street |
London, EC1A 1HQ | |
Fax: | +44 (0)20 7995 2886 |
Signed by: BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED | ) ) ) |
Address: | King Edward Street |
London, EC1A 1HQ | |
Fax: | +44 (0)20 7995 2886 |
Signed by for and on behalf of MIZUHO BANK, LTD. | ) ) ) |
Address: | Bracken House |
One Friday Street | |
Fax: | London EC4M 9JA |
+44 (0)207 012 4053 |
Signed by for and on behalf of HSBC BANK PLC | ) ) ) |
Address: | Sharon daw |
West & Wales Corporate Banking Centre | |
3 Rivergate, Bristol, BS1 6ER | |
Fax: | +44 (0)8455 877941 |
West Midlands – C onformed Copy |