SUPPLEMENTAL INTERCREDITOR DEED Dated 24th September 2002 between SPORTECH plc and Others as Companies and THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND as Senior Bank, Senior Agent, Security Trustee, Mezzanine Lender, Mezzanine Agent and Overdraft...
EXHIBIT 4.12
SUPPLEMENTAL INTERCREDITOR DEED
Dated 24th September 2002
between
SPORTECH plc and Others
as Companies
and
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
as Senior Bank, Senior Agent, Security Trustee, Mezzanine Lender, Mezzanine Agent and Overdraft Bank
[LOGO]
Xxxxxxx Xxxxx W.S.
Edinburgh
THIS SUPPLEMENTAL INTERCREDITOR DEED is made the 24th day of September 2002 between:
(1)
SPORTECH PLC (formerly known as Rodime plc) a company incorporated in Scotland with limited liability (registered number 69140) with its registered office situated at 000 Xxxx Xxxxxx Xxxxxx, Xxxxxxx X0 0XX as the Parent and one of the Companies;
(2)
Each of the Companies referred to in Schedule 1 hereto (the “Charging Companies”);
(3)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of The Mound, Xxxxxxxxx XX0 lYZ as Senior Bank;
(4)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Senior Agent;
(5)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Security Trustee;
(6)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Mezzanine Lender;
(7)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Mezzanine Agent; and
(8)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Overdraft Bank.
WHEREAS:
(A)
the Parent, the Senior Agent and the Senior Banks and others entered into an intercreditor deed dated 10th August 2000 (as supplemented, varied, novated, restated or amended from time to time the “Intercreditor Deed”);
(B)
the parties wish to make certain amendments to the Intercreditor Deed.
NOW IT IS AGREED AND DECLARED as follows:
1.
DEFINITIONS AND INTERPRETATION
1.1
In this Supplemental Intercreditor Deed a term defined in the Intercreditor Deed has the same meaning when used in this Supplemental Intercreditor Deed unless otherwise defined herein and Schedule 2 of the Intercreditor Deed shall apply hereto.
1.2
This Supplemental Intercreditor Deed is a Financing Document in terms of the Senior Facility Agreement and the Mezzanine Facility Agreement.
2.
CONDITIONS PRECEDENT
2.1.
This Supplemental Intercreditor Deed and the amendments to the Intercreditor Deed referred to herein shall only come into effect if the Senior Agent confirms to the Parent that the conditions precedent set out in the Supplemental Facility Agreement dated of even date herewith between inter alia the Parent and the Senior Banks have been satisfied.
2.2.
If the Senior Agent confirms that conditions referred to in Clause 2.1 have not been satisfied on or prior to the date falling one month after the date of the Supplemental Facility Agreement then this Supplemental Intercreditor Deed will lapse and the amendments to be made in terms hereof will be of no effect.
3.
AMENDMENTS TO THE INTERCREDITOR DEED
3.1.
Subject to the terms of this Supplemental Intercreditor Deed, the Intercreditor Deed shall be amended and restated in the form set out in Schedule 2 to this Supplemental Intercreditor Deed.
3.2.
Subject to the terms of this Supplemental Intercreditor Deed, the Intercreditor Deed shall remain in full force and effect. This Supplemental Intercreditor Deed and the Intercreditor Deed shall be treated as one document so that, upon the Intercreditor Deed being amended and restated as mentioned above, all references to the Intercreditor Deed shall be treated as references to the Intercreditor Deed amended in accordance with the terms of Schedule 2 to this Supplemental Intercreditor Deed.
4.
GENERAL
4.1.
Causes 36 and 37 of the Intercreditor Deed shall be deemed to be incorporated in this Supplemental Intercreditor Deed as if set out herein.
4.2.
This Supplemental Intercreditor Deed may be executed in any number of counterparts, all of which taken together shall constitute one and the same Deed.
5.
GOVERNING LAW AND JURISD1CTION
This Supplemental Intercreditor Deed is governed by the laws of England and Wales and the parties hereto hereby submit to the non-exclusive jurisdiction of the Courts of England.
IN WITNESS WHEREOF this Deed has been executed as a deed by each of the parties hereto on the date and year first above written.
SCHEDULE 1
THE CHARGING COMPANIES
Littlewoods Leisure Marketing Services Limited
Littlewoods Promotions Limited
Littlewoods Lotteries Limited
Littlewoods Competitions Company Limited
Rodime Technologies Limited
Littlewoods of Liverpool Limited
Bet 247 Limited (formerly Littlewoods Leisure Limited)
Littlewoods Pools Limited
Littlewoods Leisure Limited (formerly Clearzone Limited)
Littlewoods Isle of Man Limited
SCHEDULE 2
FORM OF INTERCREDITOR AGREEMENT
Dated 10th August 2000
(as amended on 24th September 2002)
between
SPORTECH plc and Others
as Companies
and
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
as Senior Bank, Senior Agent, Security Trustee,
Mezzanine Lender, Mezzanine Agent and
Overdraft Bank
[LOGO]
Xxxxxxx Xxxxx W.S.
Edinburgh
CONTENTS
Clause | Page No. |
PART 1
PRIORITIES
1.
Priority of Liabilities
9
2.
Appointment of Security Trustee and Application of Payments
9
3.
Preservation of Rights
10
4.
Order of Execution
11
PART 2
AMENDMENTS, CONSENTS, RELEASES AND WAIVERS
5.
Amendment of Financing Documents
12
6.
Overriding Consent and Release of Security
12
PART 3
REPAYMENTS, PREPAYMENTS, ENFORCEMENT AND SUBORDINATION
7.
Repayment and Prepayment
14
8.
Permitted Payments
14
9.
Enforcement
15
10.
Subordination
16
11.
Effect of Contravention of this Agreement
17
12.
Powers and Rights of Security Trustee
17
PART 4
THE HEDGING BANKS
13.
Repayment and Prepayment - Hedging Liabilities
20
14.
Permitted Payments
20
15.
Enforcement of the Hedging Documents
20
16.
Amendment of the Hedging Documents
21
17.
Termination Payments
21
18.
Approval of Hedging Banks and Hedging Documents
22
19.
ISDA Documentation
22
PART 5
GENERAL
20.
Companies
23
21.
Information
23
22.
Notification
23
23.
Further Advances
24
24.
New Money
24
25.
Interest
24
26.
Title Deeds
25
27.
No Liability to Place Monies on Suspense Account
25
28.
Repayment of Proceeds
25
29.
Transfer
25
30.
Interpretation
26
31.
Schedules
26
32.
Additional Companies
26
33.
Further Security
26
34.
Supremacy
26
35.
Notices
26
36.
Expiry
27
37.
Perpetuity Period
27
PART 6
LAW AND JURISDICTION
38.
Law
28
39.
Jurisdiction
28
THE SCHEDULES
Schedule 1
Form of Deed of Accession
30
Schedule 2
Interpretation
32
THIS INTERCREDITOR AGREEMENT is originally made the 10th day of August 2000 and in its amended and restated form is made by
between
(1)
SPORTECH PLC (formerly known as Rodime plc) a company incorporated in Scotland with limited liability (registered number 69140) with its registered office situated at 000 Xxxx Xxxxxx Xxxxxx, Xxxxxxx X0 0XX as the Parent and one of the Companies;
(2)
Each of the Companies referred to in Schedule 1 to the Supplemental Intercreditor Agreement (the “Charging Companies”);
(3)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of Xxx Xxxxx, Xxxxxxxxx XX0 0XX as Senior Bank;
(4)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Senior Agent;
(5)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Security Trustee;
(6)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Mezzanine Lender;
(7)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Mezzanine Agent;
(8)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Overdraft Bank; and
(9)
Deleted.
NOW THIS AGREEMENT WITNESSETH AND THE PARTIES HAVE AGREED AND DECLARED as follows.
PART 1
PRIORITIES
1.
Ranking of Liabilities
The principal purpose of this Agreement is that (subject only as expressly provided to the contrary in this Agreement) the Senior Liabilities, the Hedging Liabilities, the Mezzanine Liabilities and the Overdraft Liabilities should rank in the following order of priority:
FIRST:
the Senior Liabilities, the Hedging Liabilities, the Overdraft Liabilities pari passu; and
SECOND:
the Mezzanine Liabilities.
2.
Appointment of Security Trustee and Application of Payments
2.1
The Senior Agent, the Senior Banks, the Hedging Bank, the Overdraft Bank, the Mezzanine Agent and the Mezzanine Lenders hereby appoint the Security Trustee as their security trustee to hold all security conferred by the Charges in trust for the Senior Agent, the Senior Banks, the Hedging Bank, the Overdraft Bank, the Mezzanine Agent and the Mezzanine Lenders and authorise the Security Trustee to take such action and exercise such rights and duties as are required, in each case in accordance with the terms of the Charges and of this Agreement.
2.2
The Security Trustee will apply all sums paid to or received by it or any insolvency practitioner appointed by it under or in connection with the Charges in the following order:-
(1)
in payment of its costs and expenses;
(2)
in payment of the Senior Liabilities, the Hedging Liabilities and the Overdraft Liabilities pari passu; and
(3)
in payment of the Mezzanine Liabilities.
Any surplus shall be paid by the Security Trustee to the relevant member of the Group.
2.3
The order of payment set out in Clause 2.2 above shall have effect notwithstanding:-
(1)
the dates of execution, creation, registration or recording of any of the Charges;
(2)
the terms of any of the Charges or of any other documents;
(3)
the date or dates on which any sum or liability forming part of the Liabilities is drawn down or incurred or arises or becomes due in any way by any member of the Group or is repaid and/or re-advanced to or by any member of the Group;
(4)
any fluctuation in the amount from time to time of the Liabilities; or
(5)
the existence of any credit or debit balance on any current or other account of any member of the Group held with or for the benefit of any of the Beneficiaries.
2.4
Until the Senior Discharge Date the Security Trustee shall act in accordance with the written instructions of the Senior Agent, the Overdraft Bank, or the Hedging Bank at any time after the date of this Agreement in enforcing all or any of the Charges or taking such other action as the Senior Agent may instruct in relation to the Charges.
2.5
The Security Trustee shall act in accordance with the written instructions of the Mezzanine Agent in enforcing all or any of the Charges or taking such other action in relation thereto as the Mezzanine Agent may instruct but only in accordance with the terms of Clause 9 of this Agreement.
3.
Preservation of Rights
3.1
The provisions of this Agreement shall not be discharged, impaired or otherwise affected by any act, omission or circumstance whatsoever which but for this provision might operate to affect the priority of the Liabilities inter se as provided in this Agreement including (without prejudice to the foregoing generality):
(i)
time or any other indulgence being granted or agreed to be granted to any member of the Group or any other person;
(ii)
the winding up or dissolution of any party to this Agreement;
(iii)
any obligation of any party under this Agreement or under any of the Financing Documents being or becoming illegal, invalid or unenforceable;
(iv)
any amendment to or any variation, waiver or release of any obligation of any person under this Agreement or any of the Financing Documents;
(v)
any failure to take or fully to take, any security contemplated by any of the Financing Documents or otherwise agreed to be taken in respect of any of the Companies’ obligations thereunder; or
(vi)
any release, discharge, exchange or substitution of any security taken in respect of any of the Companies’ obligations or those of any other Obligor under the Financing Documents.
3.2
Notwithstanding any provisions of this Agreement postponing, subordinating or delaying the payment of all or any of the Mezzanine Liabilities, such Mezzanine Liabilities shall as between the Parent and the relevant Mezzanine Lenders remain owing or due and payable in accordance with the terms of the Mezzanine Financing Documents.
4.
Order of Execution
The provisions of this Agreement shall apply notwithstanding the order in which or date upon which the Financing Documents or any of them are executed or registered in any register or notified to any person.
PART 2
AMENDMENTS, CONSENTS, RELEASES AND WAIVERS
5.
Amendment of Financing Documents
5.1
Each of the Senior Banks and the Senior Agent agrees with the Mezzanine Lenders and the Mezzanine Agent that unless the Majority Mezzanine Lenders otherwise consent in writing neither the Senior Banks nor the Senior Agent or any of them will agree to any variation of the Senior Financing Documents falling within paragraphs (i), (ii), (iv), (v) or (vi) of the definition of Material Variation.
5.2
Each of the Mezzanine Lenders and Mezzanine Agent agrees with the Senior Banks and the Senior Agent that unless the Majority Senior Banks otherwise consent in writing neither the Mezzanine Lenders nor the Mezzanine Agent or any of them will agree to any variation of the Mezzanine Financing Documents falling within paragraphs (i), (ii), (iii), (v), (vi) (vii) or (viii) of the definition of Material Variation.
6.
Overriding Consent and Release of Security
6.1
If prior to the Senior Discharge Date the Senior Agent or the Majority Senior Banks have given a consent, approval or waiver under or in connection with any of the Senior Financing Documents or have amended any of the Senior Financing Document, the Mezzanine Lenders and Mezzanine Agent shall each be deemed to have given an equivalent and equal consent, approval or waiver under and in connection with the Mezzanine Financing Documents and to have made an equivalent and equal amendment to the Mezzanine Financing Documents if and only if both:
(a)
a Mezzanine Payment Default, Mezzanine Financial Covenant Default or Mezzanine Event of Default would occur if such consent, approval or waiver was not given and (b) the matter being waived, approved or consented to has not had and is not reasonably likely to have a material adverse effect on the business, assets or financial condition of the Group (taken as a whole);
(b)
provided that nothing in this Clause 6 shall operate to waive or give any consent or require any amendment in relation to any delay in making of or any reduction in any payment due to any Mezzanine Lenders or Mezzanine Agent or to any change in any financial covenants in Clause 20 of the Mezzanine Facility Agreement or any definition used therein.
6.2
If shares in any company are being sold by or with the consent of the Security Trustee, the Senior Agent, the Senior Banks, the Hedging Bank or the Overdraft Bank pursuant to a power of sale or if any shares in any company are being sold by any member of the Group at a time when a Senior Event of Default, a Mezzanine Payment Default, a Mezzanine Financial Covenant Default or a Mezzanine Event of Default is continuing unremedied and unwaived, each of the Mezzanine Agent and the Mezzanine Lenders shall forthwith upon the request of the Senior Agent:
(i)
consent to such sale;
(ii)
release such shares from any security constituted by Charges or the Mezzanine Financing Documents; and
(iii)
perform all acts and execute all documents which are in the reasonable opinion of the Senior Agent necessary to consent to such sale, release such security or otherwise give effect to such sale.
PART 3
REPAYMENTS, PREPAYMENTS, ENFORCEMENT AND SUBORDINATION
7.
Repayment and Prepayment
Until the Senior Discharge Date, the Companies shall not and shall procure that none of the other Obligors shall without the prior written consent of the Majority Senior Banks pay, redeem, repay, prepay or purchase all or any part of the Mezzanine Liabilities except for payments permitted under Clause 8 of this Agreement and each of the Mezzanine Lenders hereby undertakes not to accept any such payment, redemption, repayment, prepayment or purchase without such consent.
8.
Permitted Payments
8.1
Subject to Clause 8.3 the Parent may make the payments specified in Clause 8.2 in accordance with Clause 8.3 and on the due date for payment thereof.
8.2
The payments referred to in Clause 8.1 are:
(i)
payments in cash of interest to the Mezzanine Lenders at a rate and frequency no greater than that required to be made under the Mezzanine Facility Agreement as it is in force on the date of this Agreement;
(ii)
tax gross up payments due under Clause 12.01 of the Mezzanine Facility Agreement;
(iii)
payments of increased costs under Clause 14 of the Mezzanine Facility Agreement;
(iv)
payments under Clause 15 of the Mezzanine Facility Agreement;
(v)
fees, costs and expenses payable under Clauses 27 or 28 of the Mezzanine Facility Agreement;
(vi)
Deleted; and
(vii)
renewals of Advances (as defined in the Mezzanine Facility Agreement) in accordance with the terms of Clauses 10.03, 10.04,10.05 or 10.06 of the Mezzanine Facility Agreement.
8.3
Without prejudice to the rights of the Mezzanine Lenders and Mezzanine Agent under Clause 9, the Parent may not make and none of the Mezzanine Lenders or Mezzanine Agent may accept any payment permitted by Clause 8.2(i), (ii) or (iii) without the consent of the Majority Senior Banks after a Material Senior Event of Default has occurred and while it is continuing where the Senior Agent has on the instructions of the Majority Senior Banks served a notice on the Mezzanine Agent and the Parent specifying such Material Senior Event of Default and suspending those permitted payments.
8.4
The parties to this Agreement acknowledge and agree that the Borrower may repay or prepay amounts under the Overdraft Facility from time to time, in each case prior to the Senior Discharge Date and without giving rise to any obligation under this Agreement on the part of the Borrower to make payment to any other party hereto or any obligation under this Agreement on the part of the recipient to repay such amounts or redistribute them among the other Beneficiaries in any circumstances.
9.
Enforcement
The Mezzanine Lenders shall not take any action to enforce any of the Mezzanine Financing Documents until one of the following events shall have occurred, whichever is the earlier:
(i)
the Senior Banks shall have demanded repayment of all the Senior Liabilities; or
(ii)
the Senior Discharge Date; or
(iii)
the Senior Banks shall have unanimously consented in writing to such enforcement action; or
(iv)
a Mezzanine Payment Default shall have occurred, a period of 90 days shall have elapsed after the Mezzanine Agent shall have notified the Senior Agent of such Mezzanine Payment Default and at the end of that period such Mezzanine Payment Default is continuing unremedied and unwaived; or
(v)
a Mezzanine Financial Covenant Default shall have occurred, a period of 120 days shall have elapsed after the Mezzanine Agent shall have notified the Senior Agent of such Mezzanine Financial Covenant Default and at the end of that period such Mezzanine Financial Covenant Default is continuing unremedied and unwaived; or
(vi)
a Mezzanine Event of Default shall have occurred, a period of 180 days shall have elapsed after the Mezzanine Agent shall have notified the Senior Agent of such Mezzanine Event of Default and at the end of that period such Mezzanine Event of Default is continuing unremedied or unwaived;
whereupon the Mezzanine Lenders shall be entitled to take enforcement action.
10.
Subordination
10.1
In the event of the enforcement of the Financing Documents or any of them or a receivership, liquidation, administration, dissolution or other winding up of any Obligor or any composition by any Obligor with its creditors or any moratorium or voluntary arrangement in relation to its debts generally the rights of the Mezzanine Lenders against such Obligor shall be subordinated and postponed to the rights of the Senior Banks, the Hedging Bank and the Overdraft Bank. Notwithstanding the foregoing each of the Mezzanine Lenders shall, if required by the Senior Agent after the Senior Discharge Date enforce and/or prove through the Security Trustee in accordance with Clause 10.3 for the amounts due to it from such Obligor in respect of the Mezzanine Liabilities owed to it but if no such requirement is made by the Senior Agent each of the Mezzanine Lenders shall be free to enforce and/or prove for the Mezzanine Liabilities, owed to it and the provisions of this Clause 10 shall apply to any resultant dividend paid to that Mezzanine Lender. Any amounts paid to a Mezzanine Lender in such enforcement, receivership, liquidation, administration, dissolution or other winding up or composition or moratorium or voluntary arrangement shall be held by such person in trust firstly for the benefit of the Senior Banks, the Hedging Bank and the Overdraft Bank pari passu, and secondly for the benefit of the Mezzanine Lenders and shall be paid direct to the Security Trustee and held by the Security Trustee upon trust FIRSTLY in payment to the Senior Agent and the Senior Banks of the Senior Liabilities, to the Hedging Banks of the Hedging Liabilities and to the Overdraft Bank of the Overdraft Liabilities pari passu, and SECONDLY, to the Mezzanine Lenders in payment of the Mezzanine Liabilities.
10.2
The Security Trustee shall be entitled to call for and rely on a certificate from the receiver, liquidator or administrator of any Obligor as to:
(i)
the amount of the claims of any of the Senior Agent, Senior Banks, Mezzanine Agent, Mezzanine Lenders which shall not have been fully satisfied, secured or otherwise fully provided for; and
(ii)
the persons entitled thereto and their respective entitlements.
10.3
Each of the Mezzanine Lenders hereby irrevocably authorises and empowers the Security Trustee to demand, xxx for, collect and receive all sums due to it from the Obligors in respect of the Mezzanine Liabilities owed to it and to give acquittance therefor and to file claims and take other such proceedings in its own name or in the name of the Security Trustee or otherwise as the Security Trustee may deem necessary or advisable for the enforcement of this Agreement and each Mezzanine Lender will execute and deliver to the Security Trustee such powers of attorney, assignments or other instruments as may be requested by the Security Trustee in order to enable the Security Trustee to enforce any and all claims under or in respect of the Junior Liabilities or any of them and to collect and receive any and all payments and distributions which may be payable or deliverable at any time in relation thereto.
11.
Effect of Contravention of this Agreement
If a payment is made to or sums are received by any Mezzanine Lender in any manner, including without limitation, by way of set-off, combination of accounts, retention or counter claim, which contravenes the terms of this Agreement, or for which the consent of the Senior Agent, Senior Banks, Hedging Bank or Overdraft Bank or any of them was required by the terms of this Agreement but was not obtained, then such Mezzanine Lender shall hold such sums actually received by it on trust and shall immediately pay the same to the Security Trustee so as to be applied in the order of priority contained in Clause 10.1. For the purpose of this Clause 11 an amount for which credit is given to a person by way of set-off, combination of accounts or retention shall be an amount paid to that person.
12.
Powers and Rights of Security Trustee
12.1
The Senior Agent, the Senior Banks, the Hedging Bank, the Overdraft Bank the Mezzanine Agent and the Mezzanine Lenders hereby jointly and severally undertake to pay or discharge, in each case on a full indemnity basis, all costs, charges, liabilities and expenses (including, but not limited to, legal expenses) reasonably incurred by the Security Trustee or by any person appointed by it or to whom any duties, powers, trusts, authorities or discretions may be delegated by it in the execution or purported execution of the powers and trusts contained in this Agreement or of any duties, powers, trusts, authorities or discretions vested in it by this Agreement save for any such liability which has arisen through the negligence or wilful default of the Security Trustee or any such person and against all liabilities, actions, proceedings, costs, claims and demands in respect of any matter or thing done or omitted in any way relating to this Agreement or the Charges.
12.2
By way of supplement to the powers conferred on trustees by law it is expressly declared as follows:
(i)
if the Security Trustee is instructed in terms of this Agreement to enforce any or all of the Charges, then it is entitled to do so as it sees fit in its sole and absolute discretion and the Security Trustee shall not be responsible to any of the other parties hereto for any delay or failure to enforce any or all of the Charges or any shortfall in the proceeds from the enforcement of any of the Charges except, in each case, by reason of the negligence or wilful default of the Security Trustee.
(ii)
Without prejudice to the generality of (i) above, the Security Trustee shall not be responsible for any loss occasioned by acting on an instruction given in accordance with Clause 9 hereof.
(iii)
The Security Trustee shall not be bound to take any steps to ascertain whether any Senior Event of Default, Mezzanine Event of Default (including for this purpose a Mezzanine Financial Covenant Default and a Mezzanine Payment Default) or any contravention of the terms hereof shall have occurred and, until it shall have actual knowledge or express notice to the contrary (acting in its capacity as Security Trustee), it shall be entitled to assume that the same shall not have occurred.
(iv)
The Security Trustee may rely upon any communication or document reasonably believed by it to be genuine.
12.3
The Security Trustee may refrain from doing anything which would or might in its opinion be contrary to English law or the law of any other jurisdiction in which it may be required to act, and may do anything which in its opinion is necessary to comply with any such law.
12.4
Neither the Security Trustee nor any of its directors, officers, employees or agents shall be responsible for the execution, genuineness, validity, enforceability or sufficiency of this Agreement.
12.5
Neither the Security Trustee nor any director or officer thereof or of any subsidiary or holding or associated company of the Security Trustee shall be precluded at any time from contracting or entering into any financial or other transactions with any of the other parties hereto or from being interested in any contract or transaction or from accepting and holding the office of trustee in respect of any securities of any other party hereto and shall not be liable to account for any profit made by it thereby or in connection therewith.
12.6
The Security Trustee shall be entitled at any time to call for and rely on a certificate from the Senior Agent or the Mezzanine Agent as to the amount of the Senior Liabilities, the Hedging Liabilities, the Overdraft Liabilities, and/or the Mezzanine Liabilities (as appropriate).
12.7
The Security Trustee may resign its appointment hereunder at any time after consultation with the Parent without assigning any reason therefor by giving not less than thirty days' prior written notice to that effect to each of the other parties hereto provided that no such resignation shall be effective until a successor for the Security Trustee is appointed in accordance with the succeeding provisions of this Clause 13.
12.8
If the Security Trustee gives notice of its resignation pursuant to Clause 12.7, then any reputable and experienced bank or other financial institution may be appointed as a successor to the Security Trustee during the period of such notice by the Senior Agent or, after the Senior Discharge Date, by the Mezzanine Agent but, if no such successor is so appointed, the Security Trustee within sixty days of the giving of such notice may itself appoint such a successor.
12.9
If a successor to the Security Trustee is appointed under the provisions of Clause 12.8, then (i) the retiring Security Trustee shall be discharged from any further obligation hereunder but shall remain entitled to the benefit of the provisions of this Clause 12 and (ii) its successor and each of the other parties hereto shall have the same rights and obligations amongst themselves as they would have had if such successor had been a party hereto.
12.10
The Security Trustee shall accept without investigation, requisition or objection such title as any person may have to the undertaking, property and assets which are subject to the Charges and shall not be bound or concerned to examine or enquire into nor be liable for any defect or failure in the title of any person.
PART 4
THE HEDGING BANKS
13.
Repayment and Prepayment - Hedging Liabilities
Until the Senior Liabilities are irrevocably and unconditionally discharged in full and all commitments of the Senior Banks under the Senior Financing Documents have been cancelled, the Companies shall not and shall procure that none of the other Obligors shall without the prior written consent of the Majority Senior Banks pay, redeem, repay, prepay or purchase all or any part of the Hedging Liabilities except for payments permitted under Clause 14 of this Agreement and the Hedging Bank hereby undertakes not to accept any such payment, redemption, repayment, prepayment or purchase without such consent.
14.
Permitted Payments
14.1
The Parent may make the payments specified in Clause 14.2 on the due date for payment thereof unless a Senior Payment Default has occurred. Thereafter no such payment may be made for so long as that Senior Payment Default continues unremedied or unwaived.
14.2
The payments referred to in Clause 14.1 are:
(i)
payments in cash to the Hedging Bank of amounts no greater than those scheduled payments required to be made under the Hedging Documents (other than payments made as a consequence of or following default under or termination of the Hedging Documents or any of them) on the due dates therefor pursuant to the Hedging Documents in each case as the Hedging Documents are approved by the Senior Agent pursuant to Clause 18 of this Agreement; and
(ii)
the proceeds of enforcement of the Hedging Documents received and applied in accordance with Clause 10.1.
15.
Enforcement of the Hedging Documents
The Hedging Bank shall not take any action to enforce any of the Hedging Documents until one of the following events shall have occurred:
(i)
the Senior Banks shall have demanded repayment of all the Senior Liabilities; or
(ii)
the Senior Liabilities shall have been irrevocably and unconditionally discharged in full; or
(iii)
the Senior Banks shall have unanimously consented in writing to such action; or
(iv)
a Hedging Payment Default shall have occurred, a period of 30 days shall have elapsed after the Hedging Bank shall have notified the Senior Agent of such Hedging Payment Default and at the end of that period such Hedging Payment Default is continuing unremedied and unwaived.
16.
Amendment of the Hedging Documents
Until the Senior Liabilities are irrevocably and unconditionally discharged in full and all commitments of the Senior Banks under the Senior Financing Documents have been cancelled the Hedging Bank shall not amend, waive, supplement or vary any provision of any of the Hedging Documents without the prior written consent of the Majority Senior Banks.
17.
Termination Payments
17.1
Each Obligor and the Hedging Bank agrees that notwithstanding the terms of any of the Hedging Documents to which it is a party, in the event of a termination of any hedging transaction governed by any of the Hedging Documents whether by reason of default by one of the parties thereto or otherwise, each payment due by one party to the other shall be calculated as if each party had elected for all payments under the Hedging Documents to be calculated on the basis of full two way payments, that is to say neither party shall be penalised or suffer any reduction in the payments which would otherwise be due to it by reason only of being a defaulting party or an affected party.
17.2
The Hedging Bank undertakes to the Senior Agent, the Security Trustee, the Senior Banks and the Overdraft Bank that following termination of any hedging transaction governed by any of the Hedging Documents it will as soon as practicable pay to the Security Trustee any sum which would have otherwise have been payable to a Company and all of the parties hereto agree that any such payment shall be treated as the proceeds of enforcement of security and shall be applied by the Security Trustee as provided in Clause 10.1.
17.3
Each Hedging Bank undertakes to the Senior Agent, the Security Trustee, the Senior Banks and the Overdraft Bank that at any time following a demand by the Senior Agent pursuant to Clause 21 (Events of Default) of the Facility Agreement it will on request by the Senior Agent exercise any rights available to it under the Hedging Documents or any of them to terminate any hedging transaction governed by any such Hedging Documents.
18.
Approval of Hedging Banks and Hedging Documents
Each of the Companies undertakes to the Senior Agent, the Security Trustee, the Senior Banks, the Overdraft Bank and the Hedging Bank that it shall not enter into any transaction to hedge its liabilities to interest rate or foreign exchange exposure unless:
(i)
its counterparty in such transaction has been approved in writing by the Majority Senior Banks;
(ii)
such counterparty has agreed to be bound by the provisions of this Agreement as a Hedging Bank as to which it shall be sufficient for such counterparty to deliver to the Senior Agent a Deed of Accession; and
(iii)
the documents constituting such transaction have been approved in writing by the Senior Agent
19.
ISDA Documentation
Each of the parties acknowledges that the provisions of this Part 4 have been prepared on the basis that any hedging transaction entered into by any of the Obligors will be documented in the form of standard ISDA documentation. If this proves not to be the case, the Majority Senior Banks may by notice to the other parties hereto require such changes to be made to this Agreement as they reasonably consider necessary to give effect to the provisions of this Agreement in the light of the hedging documentation actually entered into by any Obligor.
PART 5
GENERAL
20.
Companies
20.1
Save as expressly referred to herein, none of the Companies shall have any rights hereunder and none of the undertakings herein contained on the part of the Mezzanine Lenders are given or shall be deemed to be given to the Companies or any of them.
20.2
Each of the Companies recognises the undertakings and obligations on the parts of the Senior Banks, the Hedging Bank, the Overdraft Bank and the Mezzanine Lenders herein contained and:
(i)
expressly authorises the Security Trustee, Senior Banks, the Hedging Bank, the Overdraft Bank and the Mezzanine Lenders to enforce the Charges in such order as provided for herein or in such other order as the Senior Banks, the Hedging Bank, the Overdraft Bank and the Mezzanine Lenders may unanimously agree;
(ii)
irrevocably waives any rights which it may now or in future have to challenge or have set aside any arrangement agreed between the Senior Banks, the Hedging Bank, the Overdraft Bank and the Mezzanine Lenders hereunder; and
(iii)
undertakes to the Security Trustee, the Senior Banks, the Hedging Bank, the Overdraft Bank and the Mezzanine Lenders to observe the provisions of this Agreement at all times and not to prejudice or affect the enforcement of the provisions hereof in any way.
21.
Information
Until the Liabilities have all been fully discharged the Senior Banks, the Hedging Bank, the Overdraft Bank and the Mezzanine Lenders shall be at liberty from time to time to disclose to each other information concerning any of the Companies and their respective affairs.
22.
Notification
22.1
The Senior Agent and the Mezzanine Agent shall each use their reasonable endeavours to give notice to the other of any of the following events, namely:
(i)
non-payment of principal or interest included in the Senior Liabilities or the Mezzanine Liabilities (as appropriate) which has continued for not less than five business days, such notice to be given within five business days thereafter; or
(ii)
any other Mezzanine Event of Default (including for this purpose a Mezzanine Financial Covenant Default) or Senior Event of Default of which the Mezzanine Agent or the Senior Agent respectively shall have actual knowledge, which notice shall be given within five business days of the Mezzanine Agent or the Senior Agent respectively having actual knowledge of the same;
but shall have no liability to the other for any failure to give such notice.
22.2
For the purposes of this Clause 22, the Senior Agent and the Mezzanine Agent shall each be treated as having no actual knowledge of any matter of which its corporate finance department or any other division outside its loan or investment administration department may become aware in the context of corporate finance or advisory activities from time to time undertaken by it for the Parent or any other member of the Group.
23.
Further Advances
Nothing in this Agreement shall bind the Senior Banks, Hedging Bank, Overdraft Bank or Mezzanine Lenders, to make any loans to any of the Companies.
24.
New Money
The Hedging Bank, Overdraft Bank and Mezzanine Lenders hereby agree that the Senior Banks may, at their absolute discretion, make further advances to any of the members of the Group of up to £25,000,000 in aggregate in addition to the facilities provided under the Facility Agreement as at the date of this Agreement and each such advance will be deemed to be made under the terms of the Facility Agreement. However, if at any time after the Senior Financing Documents are first enforced, the principal amount of the Senior Liabilities shall have been increased to a greater extent than £25,000,000 by any such further advances, the subordination of the Mezzanine Liabilities effected by virtue of this Agreement shall, to that greater extent, be of no effect and the Senior Liabilities shall be postponed to and rank after the Hedging Liabilities, the Overdraft Liabilities and the Mezzanine Liabilities to that greater extent.
25.
Interest
Each amount payable by any Mezzanine Lenders to the Security Trustee under Clause 10 hereof which is not paid when due shall carry interest until paid (as well before as after judgment) at the Senior Agent's base rate from time to time plus two per cent. per annum.
26.
Title Deeds
Until the Senior Liabilities have been fully discharged, to the extent that pursuant to the provisions of any of the Senior Financing Documents any of the Companies is required to deposit any deeds, share certificates or other documents with the Security Trustee, the Senior Agent or any Senior Banks, any such deposit shall satisfy any corresponding requirement in any of the Mezzanine Financing Documents.
27.
No Liability to Place Monies on Suspense Account
Neither the Senior Agent, the Senior Banks, the Hedging Bank, the Overdraft Bank nor the Security Trustee shall be obliged to place monies received from the enforcement of any of the Charges on suspense account but shall be free to apply immediately any such monies in reduction of the Senior Liabilities, the Overdraft Liabilities and the Hedging Liabilities.
28.
Repayment of Proceeds
If:
(i)
the Security Trustee, Senior Agent, Senior Banks, Hedging Bank or Overdraft Bank is obliged to repay to an Obligor or to anyone else for or on behalf of an Obligor or to or on behalf of any of the creditors or members of an Obligor any amount received by it in respect of any of the Senior Liabilities, the Hedging Liabilities, the Overdraft Liabilities or any of them and/or pursuant to the exercise of a right of set-off, combination of accounts, retention or counter-claim; and
(ii)
the Mezzanine Lenders has recovered any monies in respect of any of the Mezzanine Liabilities then the Mezzanine Lenders shall pay to the Senior Banks, the Hedging Bank or the Overdraft Bank (as the case may be) an amount equal to the lesser of:-
(a)
the aggregate amount so repaid by the Security Trustee, Senior Agent, the Senior Banks, the Hedging Bank or the Overdraft Bank (as the case may be); and
(b)
the aggregate amount so recovered.
29.
Transfer
29.1
Each of the parties to this Agreement agrees that it shall not transfer any of its rights and obligations under any of the Financing Documents to any other person unless the transferee shall have first agreed with the other parties to this Agreement to adhere to and be bound by all the provisions of this Agreement. Each of the parties to this Agreement agrees that execution of a Deed of Accession shall be sufficient for the purposes of any proposed transferee adhering to the terms of this Agreement.
29.2
No Company may transfer any of its rights or obligations under this Agreement.
30.
Interpretation
Schedule 2 shall apply in interpretation of this Agreement.
31.
Schedules
The Schedules shall form part of this Agreement.
32.
Additional Companies
If any company (the “New Company”) not a party to this Agreement becomes a party to a Charge the Parent shall procure that if required by the Senior Agent or the Mezzanine Agent, the New Company agrees to adhere to this Agreement. The parties to this Agreement agree that the execution of a Deed of Accession shall be sufficient for the purposes of any proposed New Company adhering to the terms of this Agreement.
33.
Further Security
Except for the Charges comprised in the Financing Documents, none of the Hedging Bank, Overdraft Bank or Mezzanine Lenders shall take or hold or seek to take or hold any encumbrance, guarantee or indemnity from any member of the Group or require any Obligor to deposit any funds or assets or maintain any bank account with it without the prior written consent of the Majority Senior Banks.
34.
Supremacy
For the avoidance of doubt, it is agreed between the parties hereto, that in the event of a conflict between the terms of this Agreement and any of the Financing Documents then as between the parties hereto, the provisions of this Agreement shall prevail.
35.
Notices
35.1
Each communication to be made hereunder shall be made in writing and, unless otherwise stated, shall be made by letter or fax.
35.2
Any communication to be made or document to be delivered by one person to another pursuant to this Agreement shall (unless that other person has by fifteen business days' written notice to the Senior Agent specified another address) be made or delivered to that other person at the address or fax number identified with its execution below and shall be deemed to have been made or delivered (in the case of any communication made by fax) when received legibly and in full by the recipient or (in the case of any communication made by letter) when left at that address or (as the case may be) two days after being deposited in the post postage prepaid in an envelope addressed to it at that address.
36.
Expiry
On the occurrence of the Senior Discharge Date this Agreement shall cease to have effect.
37.
Perpetuity Period
The perpetuity period applicable to the trusts contained in or arising from this Agreement shall be eighty years from the date hereof.
PART 6
LAW AND JURISDICTION
38.
Law
This Agreement shall be governed by, and construed in accordance with English law.
39.
Jurisdiction
39.1
Each of the parties to this Agreement hereby irrevocably agrees for the benefit of the others that the courts of England shall have non-exclusive jurisdiction to hear and determine any action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and for such purposes, irrevocably submits to the jurisdiction of such courts.
39.2
Each of the parties to this Agreement irrevocably waives any objection which it might now or hereafter have to the courts referred to in Clause 39.1 being nominated as the forum to hear and determine any action or proceeding, and to settle any disputes which may arise out of or in connection with this Agreement and agrees not to claim that any such court is not a convenient or appropriate forum.
39.3
Each of the Companies irrevocably appoints the Parent to be its agent to accept service of process on its behalf from time to time provided that if the Parent shall cease to exist or shall resign such appointment the Companies shall forthwith appoint a replacement agent to the satisfaction of the Senior Agent for this purpose and if they shall fail to do so within five business days of a request to do so by the Senior Agent to the Parent the Senior Agent shall be entitled to appoint a replacement on behalf of the Companies each of the Companies agrees to indemnify the Senior Agent for any costs arising therefrom and hereby irrevocably appoints the Senior Agent as its attorney by way of security for the purpose of making such appointment.
39.4
The submission to the jurisdiction of the courts referred to in Clause 39.1 shall not (and shall not be construed so as to) limit the right of the Security Trustee, Senior Agent, Senior Banks, Hedging Bank or the Overdraft Bank to take proceedings against any party hereto in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not.
39.5
To the extent that any of the Companies or the Mezzanine Lenders in any jurisdiction claims for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before judgement or otherwise) or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed), it hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction.
IN WITNESS WHEREOF this Agreement has been executed by each of the parties as its deed on the date first above written.
SCHEDULE 1
FORM OF DEED OF ACCESSION
THIS DEED OF ACCESSION is executed on ● day of ● by:-
(1)
SPORTECH PLC a company incorporated in Scotland having its registered office at ● and registered under number 69140 (the “Parent”);
(2)
● LIMITED, a company incorporated in ● having its registered office at ● and registered under number ● (the “New Party”);
(3)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND, incorporated by Act of Parliament and having its head office at Xxx Xxxxx, Xxxxxxxxx XX0 0XX as Senior Agent (the “Senior Agent”);
(4)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Mezzanine Agent (the “Mezzanine Agent”);
(5)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Hedging Bank (the “Hedging Bank”); and
(6)
THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of the address aforesaid as Overdraft Bank (the “Overdraft Bank”).
WHEREAS:
(A)
This Deed is supplemental to an intercreditor agreement (the “Intercreditor Agreement”) dated on or around ● 2000 (as amended, supplemented, restated or novated from time to time) between (1) ● as Company, (2) ● as Senior Bank, Senior Agent, Hedging Bank, Overdraft Bank and Security Trustee, and (3) ● as Mezzanine Lender and Mezzanine Agent.
(B)
Each of the parties hereto, other than the New Party, is a party to the Intercreditor Agreement and the New Party wishes to accede to the Intercreditor Agreement as a [Senior Bank], [Hedging Bank] [Mezzanine Lender] [Company].
(C)
It is a term of the Intercreditor Agreement that in order to accede as a [Senior Bank] [Hedging Bank] [Mezzanine Lender] [Company] under any of the Financing Documents the New Party must enter into this Deed.
IT IS HEREBY AGREED AS FOLLOWS:
(1)
Words and expressions defined in the Intercreditor Agreement shall have the same meanings when used herein.
(2)
The New Party agrees to be bound by all the terms and conditions of the Intercreditor Deed insofar as they relate to the [Senior Bank] [Hedging Bank] [Mezzanine Lender] [Company] as if the New Party was an original party to the Intercreditor Agreement in such capacity with rights, obligations and interests as such a party.
(3)
The Parent, the Senior Agent, the Mezzanine Agent, the Hedging Bank and the Overdraft Bank hereby agree among themselves and with the New Party that the New Party shall become party to the Intercreditor Agreement as a [Senior Bank] [Hedging Bank] [Mezzanine Lender] [Company] with effect from the date of this Deed.
(4)
The New Party confirms that, for the purposes of Clause 35 of the Intercreditor Deed, its address is as follows:-
[ ]
Fax No.: [ ]
(5)
This Deed is governed by English law.
IN WlTNESS WHEREOF this Deed is executed as a deed on the date first above mentioned.
EXECUTED and DELIVERED as a | |
Director | |
Director/Secretary |
EXECUTED and DELIVERED as a | |
by an authorised signatory in the presence of:- | Authorised Signatory |
Witness | |
Full Name | |
Address | |
| |
Occupation |
SCHEDULE 2
INTERPRETATION
1.
Words and expressions defined in the Facility Agreement shall unless otherwise defined herein or the context otherwise requires, have the same meaning in this Agreement.
2.
In this Agreement:
“Acquisition” has the same meaning as in the Facility Agreement;
“Beneficiaries” means the Senior Banks, the Mezzanine Lenders, the Hedging Banks and the Overdraft Bank and “Beneficiary” shall be construed accordingly;
“Companies” means Sportech plc (formerly known as Rodime plc) (Registered Number 69140), the Charging Companies and any other company from time to time which accedes to this Agreement as a Company and “Company” means any of them;
“Charges” means all of the security documents and guarantees executed or to be executed to give the Senior Agent, the Senior Banks, the Mezzanine Agent, the Mezzanine Lenders, the Hedging Bank and the Overdraft Bank or any of them security or any other form of support in connection with the Senior Liabilities, the Mezzanine Liabilities, the Hedging Liabilities or the Overdraft Liabilities or any of them and includes any charges in respect of which the Mezzanine Lenders or any of them are subrogated to any other person;
“Deed of Accession” means a Deed of Accession substantially in the form set out in Schedule 1;
“Facility Agreement” means the facility agreement dated 10th August 2000 between the Parent, The Governor and Company of the Bank of Scotland (as
Agent and Arranger) and the Banks (as defined therein) in relation to senior loan facilities as amended, supplemented, restated or novated from time to time;
“Financing Documents” means the Senior Financing Documents, the Hedging Documents, the Overdraft Facility Letter and the Mezzanine Financing Documents;
“Group” means the Parent and its subsidiaries from time to time;
“Hedging Bank” has the meaning set out in the Facility Agreement;
“Hedging Document” means any document governing the terms of any interest rate or currency exchange, swap, cap, collar or other arrangement for hedging risk entered into by any member of the Group, including all documents evidencing or supporting the interest rate hedging arrangements referred to in the Hedging Policy Letter (as defined in the Facility Agreement) and “Hedging Documents” means all such documents;
“Hedging Liabilities” means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or as principal debtor, guarantor, surety or otherwise or as the equivalent obligor under the laws of any other jurisdiction) of each Obligor to the Hedging Bank under the Hedging Documents together with:-
(a)
all costs, charges and expenses incurred by the Hedging Bank or any of them in connection with the protection, preservation or enforcement of their rights under the Hedging Documents;
(b)
any refinancing, novation, refunding, deferral or extension of or increase in any of those obligations or liabilities;
(c)
any claim for damages or restitution in the event of a rescission of any of those liabilities or otherwise in connection with the Hedging Documents;
(d)
any claim against any Obligor flowing from any recovery by any Obligor of a payment or discharge in respect of any of those obligations or liabilities on grounds of preference of otherwise; and
(e)
any amounts which would be included in any of the above but for any discharge, non-provability, unenforceability or non-allowability of the same in any insolvency or other proceedings;
“Hedging Payment Default” means a breach by an Obligor of any obligation under a Hedging Document to make a payment of a sum in excess of £50,000 to the Obligor's counterparty under that Hedging Document;
“Liabilities” means the Senior Liabilities, the Hedging Liabilities, the Overdraft Liabilities and the Mezzanine Liabilities;
“Majority Mezzanine Lenders” means an Instructing Group as defined in the Mezzanine Facility Agreement;
“Majority Senior Banks” means an Instructing Group as defined in the Facility Agreement together with the Overdraft Bank;
“Material Senior Event of Default” means a Senior Event of Default arising under Clause 21.01(i)or Clause 21.01(iii)(in relation to Clauses 19.02(i), (iii), (iv)or Clause 20);
“Material Variation” means in relation to the Senior Financing Documents and the Mezzanine Financing Documents:
(i)
any increase in or change in the basis on which interest accrues, is calculated or is payable (not being, for the avoidance of doubt, fluctuations of LIBOR or any Mandatory Costs or any substitute basis) not provided for by the original terms of the documents;
(ii)
any change in the basis on which guarantee or other fees, commissions or other like payments are made or calculated;
(iii)
any alterations increasing the amount or changing the currency or accelerating the date of any repayment;
(iv)
any deferral of any scheduled or mandatory repayment or prepayment for a period of more than one year or where the total of all amounts so deferred exceeds the Senior Headroom;
(v)
any increase in the maximum amounts available to be raised from those available as at the date hereof plus the Senior Headroom in the case of the Senior Financing Documents as reduced from time to time by any scheduled permanent reduction or cancellation of the relevant facility;
(vi)
any amendment, variation, waiver or release of or supplement in a manner whereby any Obligor becomes liable to make an additional payment (or increase an existing payment) other than in the case of the Senior Financing Documents reasonable banking charges, fees (excluding refinancing or rescheduling fees) commissions, costs, expenses and interest relating to further advances permitted by Clause 24;
(vii)
any amendment, variation, waiver or release or supplement in a manner whereby the ranking and/or subordination arrangements provided for herein are adversely affected; and
(viii)
any amendment to the representations, financial information covenants, financial covenants, covenants and/or events of default other than those which do not impose any material additional obligations on any Obligor;
“Mezzanine Agent” means The Governor and Company of the Bank of Scotland and its successors as Agent under the Mezzanine Facility Agreement;
“Mezzanine Discharge Date” means the date on which all of the Mezzanine Liabilities have been irrevocably and unconditionally discharged in full and all commitments of the Mezzanine Lenders under the Mezzanine Financing Documents have been cancelled;
“Mezzanine Event of Default” means an Event of Default (as defined in the Mezzanine Facility Agreement) which is not a Mezzanine Payment Default or a Mezzanine Financial Covenant Default;
“Mezzanine Facility Agreement” means the mezzanine facility agreement dated 10th August 2000 between the Parent, the Mezzanine Agent and the Mezzanine Lenders as amended, supplemented, restated or novated from time to time;
“Mezzanine Financial Covenant Default” means a breach of Clause 20 of the Mezzanine Facility Agreement;
“Mezzanine Financing Documents” means the Financing Documents as defined in the Mezzanine Facility Agreement;
“Mezzanine Lenders” means the Lenders from time to time as defined in the Mezzanine Facility Agreement;
“Mezzanine Liabilities” means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or as principal debtor, guarantor, surety or otherwise or as the equivalent obligor under the laws of any other jurisdiction) of each Obligor to the Mezzanine Agent, Mezzanine Lenders or any of them under the Mezzanine Financing Documents together with:
(a)
all costs, charges and expenses incurred by the Mezzanine Agent, Mezzanine Lenders or any of them in connection with the protection, preservation or enforcement of their rights under the Mezzanine Financing Documents;
(b)
any refinancing, novation, refunding, deferral or extension of or increase in any of those obligations or liabilities which does not breach the terms of this Agreement;
(c)
any further advances which may be made by the Mezzanine Lenders or any of them in accordance with this Agreement to any Obligor under any agreement expressed to be supplemental to any of the Mezzanine Financing Documents and all interest, fees and costs in connection therewith;
(d)
any claim for damages or restitution in the event of rescission of any of those liabilities or otherwise in connection with the Mezzanine Financing Documents;
(e)
any claim against any Obligor flowing from any recovery by an Obligor of a payment or discharge in respect of any of those obligations or liabilities on grounds of preference or otherwise; and
(f)
any amounts which would be included in any of the above but for any discharge, non-provability, unenforceability or non-allowability of the same in any insolvency or other proceedings;
“Mezzanine Payment Default” means an event of default arising under Clause 21.01(i) of the Mezzanine Facility Agreement whether or not payment of any Mezzanine Liabilities has been prevented by this Agreement or the Facility Agreement;
“Obligor” means any member of the Group which has or which will have any liability (actual or contingent) whether alone or jointly with any other person and whether as principal debtor, guarantor or surety or otherwise (or as the equivalent obligor under the laws of any other jurisdiction) to the Security Trustee, Senior Agent, Senior Banks, Hedging Bank, Overdraft Bank, Mezzanine Agent, Mezzanine Lenders or any of them for payment of any amounts outstanding or capable of being outstanding under the Financing Documents;
“Overdraft Bank” means The Governor and Company of the Bank of Scotland in its capacity as lender under the Overdraft Facility Letter;
“Overdraft Facility Letter” means the overdraft facility letter dated 10th August 2000 from the Overdraft Bank to the Parent and others as amended, supplemented, restated or novated from time to time;
“Overdraft Liabilities” means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or as principal debtor, guarantor, surety or otherwise or as the equivalent obligor under the laws of any other jurisdiction) of each Obligor to the Overdraft Bank or any of them under the Overdraft Facility Letter together with:-
(a)
all costs, charges and expenses incurred by the Overdraft Bank in connection with the protection, preservation or enforcement of their rights under the Overdraft Facility Letter;
(b)
any refinancing, novation, refunding, deferral or extension of or increase in any of those obligations or liabilities which does not breach the terms of this Agreement;
(c)
any further advances which may be made by the Overdraft Bank in accordance with this Agreement to any Obligor under any agreement expressed to be supplemental to any of the Overdraft Facility Letter and all interest, fees and costs in connection therewith;
(d)
any claim for damages or restitution in the event of rescission of any of those liabilities or otherwise in connection with the Overdraft Facility Letter;
(e)
any claim against any Obligor flowing from any recovery by an Obligor of a payment or discharge in respect of any of those obligations or liabilities on grounds of preference or otherwise; and
(f)
any amounts which would be included in any of the above but for any discharge, non-provability, unenforceability or non-allowability of the same in any insolvency or other proceedings;
“Parent” means Sportech plc (formerly known as Rodime plc) a company incorporated in Scotland with registered number 61940;
“Security Trustee” means The Governor and Company of the Bank of Scotland in its capacity as security trustee for itself and the Senior Agent, Senior Banks, Hedging Bank, Overdraft Bank, the Mezzanine Agent and the Mezzanine Lenders;
“Senior Agent” means The Governor and Company of the Bank of Scotland and its successors as Agent under the Facility Agreement;
“Senior Banks” means the Banks from time to time as defined in the Facility Agreement;
“Senior Discharge Date” means the date on which all of the Senior Liabilities, the Hedging Liabilities, the Overdraft Liabilities and the Bridging Liabilities have been irrevocably and unconditionally discharged in full and all commitments of the Senior Banks under the Senior Financing Documents, the Hedging Bank under the Hedging Documents and the Overdraft Bank under the Overdraft Facility Letter have been cancelled;
“Senior Event of Default” means an Event of Default as defined in the Facility Agreement;
“Senior Financing Documents” means the Financing Documents as defined in the Facility Agreement;
“Senior Headroom” means the amount of further advances specified in Clause 24;
“Senior Liabilities” means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or as principal debtor, guarantor, surety or otherwise or as the equivalent obligor under the laws of any other jurisdiction) of each Obligor to the Senior Agent, Senior Banks or any of them under the Senior Financing Documents together with:-
(a)
all costs, charges and expenses incurred by the Senior Agent, Senior Banks or any of them in connection with the protection, preservation or enforcement of their rights under the Senior Financing Documents;
(b)
any refinancing, novation, refunding, deferral or extension of or increase in any of those obligations or liabilities which does not breach the terms of this Agreement;
(c)
any further advances which may be made by the Senior Banks or any of them in accordance with this Agreement to any Obligor under any agreement expressed to be supplemental to any of the Senior Financing Documents and all interest, fees and costs in connection therewith;
(d)
any claim for damages or restitution in the event of rescission of any
of those liabilities or otherwise in connection with the Senior Financing Documents;
(e)
any claim against any Obligor flowing from any recovery by an Obligor of a payment or discharge in respect of any of those obligations or liabilities on grounds of preference or otherwise; and
(f)
any amounts which would be included in any of the above but for any discharge, non-provability, unenforceability or non-allowability of the same in any insolvency or other proceedings;
“Senior Payment Default” means the occurrence of an event specified in Clause 20.01(i) of the Facility Agreement; and
“Senior Potential Event of Default” means a Potential Event of Default as defined in the Facility Agreement.
3.
Any reference in this Agreement to:-
(i)
the “administration”, “liquidation”, “winding-up” or “dissolution” of a company shall be construed so as to include any equivalent or analogous proceedings under the law of the jurisdiction in which such company is incorporated or any jurisdiction in which such company carries on business;
(ii)
a “business day” is a reference to a day (other than a Saturday or a Sunday) on which banks in London are generally open for business;
(iii)
a “Clause”, “Schedule” or “Part” shall subject to any contrary indication be construed as a reference to a clause hereof or the schedule hereto or a part hereof;
(iv)
an “encumbrance” shall be construed as a reference to a mortgage, pledge, charge, lien, hypothecation or other security interest securing the obligation of any person or any other type of preferential arrangement having a similar effect, including without limitation, title retention arrangements;
(v)
the expression “to enforce” (and all conjugations thereof) means the taking of any of the following actions:
(a)
appointing a receiver or administrative receiver pursuant to or in respect of any security, exercising a power of sale or otherwise enforcing security; or
(b)
suing for any payment or other benefit or otherwise instituting legal proceedings under or in connection with the Financing Documents (or any of them); or
(c)
exercising or enforcing any rights against any of the Obligors in respect of or arising by virtue of the Financing Documents (or any of them) (including, without limitation, any right to petition for a winding-up order or an administration order or analogous proceeding), or exercising, by virtue of any claim arising in connection with the Financing Documents (or any of them), any rights of set-off or counterclaim or right to combine accounts or banker's lien or other similar right in respect of any debt or liability (actual or contingent) due, owing or incurred by any relevant creditor to any of the Obligors; or
(d)
passing a resolution to wind up any member of the Group; and includes instructing the Security Trustee to take any of such actions but does not include, in each case, exercising any right not to make any part of a loan facility available to any person or suing or proving in any insolvency proceedings in relation to any Obligor or receiving any money or other property in such insolvency proceedings;
(vi)
“law” includes any official directive of any governmental body, agency or department and of any self regulatory or regulatory authority or organisation and any request with which banks in London are accustomed to comply;
(vii)
a “person” shall be construed as a reference to any individual, firm, company, corporation, government, state or agency of a state or any association or partnership (whether or not having separate legal personality) or two or more of the foregoing;
(viii)
“Senior Agent”, “Mezzanine Agent”, “Senior Banks”, “Mezzanine Lenders” shall be construed so as to include their respective assignees, transferees, substitutes and successors; and
(ix)
words importing the singular shall include the plural and vice versa.
4.
Save where the contrary is indicated, any reference in this Agreement to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such other agreement or document as the same may have been, or may from time to time be, amended, varied, novated or supplemented.
5.
Clause, Schedule and Part headings are for ease of reference only.
6.
References to parties in this Agreement refer to the principals from time to time on whose behalf any agent is acting, as well as such agent.
SIGNATORIES
EXECUTED and DELIVERED as a Deed by RODIME PLC | ||
“Xxxxxxx XxXxxx” | Director | |
“Xxxxx XxXxxx” | Director/Secretary | |
Address For Notice: | 0 Xxxxxx Xxx, | |
Fax No.: | 0000 000 0000 | |
SENIOR BANK | |||
EXECUTED and DELIVERED as a | “Xxxxxxxx Xxxxxxxxx” | ||
Authorised Signatory | |||
“Xxxxx X. XxXxxx” | Witness | ||
Xxxxx Xxxxx XxXxxx | Full Name | ||
00 Xxxxxx Xxxxxx | Address | ||
Edinburgh | |||
Solicitor | Occupation | ||
Address for Notice: | Xxx Xxxxx | ||
Fax No.: | 0000 000 0000 | ||
SENIOR AGENT | |||
EXECUTED and DELIVERED as a | “Xxxxxxxx Xxxxxxxxx” | ||
Authorised Signatory | |||
“Xxxxx X. XxXxxx” | Witness | ||
Xxxxx Xxxxx XxXxxx | Full Name | ||
00 Xxxxxx Xxxxxx | Address | ||
Edinburgh | |||
Solicitor | Occupation | ||
| Address for Notice: | Xxx Xxxxx | ||
Fax No.: | 0000 000 0000 | ||
MEZZANINE LENDER
EXECUTED and DELIVERED as a | “Xxxxxxxx Xxxxxxxxx” | |
Authorised Signatory | ||
“Xxxxx X. XxXxxx” | Witness | |
Xxxxx Xxxxx XxXxxx | Full Name | |
00 Xxxxxx Xxxxxx | Address | |
Edinburgh | ||
Solicitor | Occupation | |
| Address for Notice: | Xxx Xxxxx | |
Fax No.: | 0000 000 0000 | |
MEZZANINE AGENT
EXECUTED and DELIVERED as a | “Xxxxxxxx Xxxxxxxxx” | |
Authorised Signatory | ||
“Xxxxx X. XxXxxx” | Witness | |
Xxxxx Xxxxx XxXxxx | Full Name | |
00 Xxxxxx Xxxxxx | Address | |
Edinburgh | ||
Solicitor | Occupation | |
| Address for Notice: | Xxx Xxxxx | |
Fax No.: | 0000 000 0000 | |
OVERDRAFT BANK
EXECUTED and DELIVERED as a Deed for and on behalf of THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND in its capacity as Overdraft Bank by an authorised signatory in the presence | “Xxxxxxxx Xxxxxxxxx” | |
Authorised Signatory | ||
“Xxxxx X. XxXxxx” | Witness | |
Xxxxx Xxxxx XxXxxx | Full Name | |
00 Xxxxxx Xxxxxx | Address | |
Edinburgh | ||
Solicitor | Occupation | |
| Address for Notice: | Xxx Xxxxx | |
Fax No.: | 0000 000 0000 | |
BRIDGING BANK
EXECUTED and DELIVERED as a Deed for and on behalf of THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND in its capacity as Bridging Bank by an authorised signatory in the presence | “Xxxxxxxx Xxxxxxxxx” | |
Authorised Signatory | ||
“Xxxxx X. XxXxxx” | Witness | |
Xxxxx Xxxxx XxXxxx | Full Name | |
00 Xxxxxx Xxxxxx | Address | |
Edinburgh | ||
Solicitor | Occupation | |
| Address for Notice: | Xxx Xxxxx | |
Fax No.: | 0000 000 0000 | |
SIGNATORIES
EXECUTED and DELIVERED as a
Deed by SPORTTECH PLC
by:-
Director | |
Secretary | |
| Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a
Deed by LITTLEWOODS LEISURE
MARKETING SERVICES LIMITED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a
Deed by LITTLEWOODS PROMOTIONS LIMITED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a
Deed by LITTLEWOODS LOTTERIES LIMITED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a
Deed by LITTLEWOODS COMPETITIONS
COMPANY LIMITED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a
Deed by RODIME TECHOLOGIES LIMITED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a
Deed by LITTLEWOODS OF
LIVERPOOL LIMTED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a
Deed by BET 247 LIMITED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a Deed by
LITTLEWOODS POOLS LIMITED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a
Deed by LITTLEWOODS LEISURE LIMITED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
EXECUTED and DELIVERED as a
Deed by LITTLEWOODS ISLE OF MAN LIMITED
by:-
Director | |
Secretary | |
Address For Notice: | Xxxxxxxx Xxxxx |
0 Xxxxxxxxxx Xxx | |
Xxxxxxxxx Xxxxxxxxxx Xxx | |
Xxxxxxxxx X00 0XX | |
Fax No.: | 0000 000 0000 |
SENIOR BANK
EXECUTED and DELIVERED as a | |
AND COMPANY OF THE BANK OF | |
SCOTLAND in its capacity as Senior Agent | |
by an authorised signatory in the presence | Authorised Signatory |
of:- |
Witness | |
Xxxxxxx Xxxxxx | Full Name |
c/o Bank of Scotland | Address |
Edinburgh | |
Bank Official | Occupation |
Address for Notice: | Corporate Banking |
Fourth Floor | |
New Uberior House | |
00 Xxxx Xxxx Xxxxxx | |
Xxxxxxxxx XX0 0XX | |
Fax No.: | 0000 000 0000 |
SENIOR AGENT
EXECUTED and DELIVERED as a | |
Deed for and on behalf of THE GOVERNOR | |
AND COMPANY OF THE BANK OF | |
SCOTLAND in its capacity as Security Agent | |
by an authorised signatory in the presence | Authorised Signatory |
of:- |
Witness | |
Xxxxxxx Xxxxxx | Full Name |
c/o Bank of Scotland | Address |
Edinburgh | |
Bank Official | Occupation |
Address for Notice: | Corporate Banking |
Fourth Floor | |
New Uberior House | |
00 Xxxx Xxxx Xxxxxx | |
Xxxxxxxxx XX0 0XX | |
Fax No.: | 0000 000 0000 |
MEZZANINE LENDER
EXECUTED and DELIVERED as a | |
Deed for and on behalf of THE GOVERNOR | |
AND COMPANY OF THE BANK OF | |
SCOTLAND in its capacity as Mezzanine | |
Lender by an authorised signatory in the | Authorised Signatory |
presence of:- |
Witness | |
Xxxxxxx Xxxxxx | Full Name |
c/o Bank of Scotland | Address |
Edinburgh | |
Bank Official | Occupation |
Address for Notice: | Corporate Banking |
Fourth Floor | |
New Uberior House | |
00 Xxxx Xxxx Xxxxxx | |
Xxxxxxxxx XX0 0XX | |
Fax No.: | 0000 000 0000 |
MEZZANINE AGENT
EXECUTED and DELIVERED as a | |
Deed for and on behalf of THE GOVERNOR | |
AND COMPANY OF THE BANK OF | |
SCOTLAND in its capacity as Mezzanine | |
Agent, by an authorised signatory in the | Authorised Signatory |
presence of:- |
Witness | |
Xxxxxxx Xxxxxx | Full Name |
c/o Bank of Scotland | Address |
Edinburgh | |
Bank Official | Occupation |
Address for Notice: | Corporate Banking |
Fourth Floor | |
New Uberior House | |
00 Xxxx Xxxx Xxxxxx | |
Xxxxxxxxx XX0 0XX | |
Fax No.: | 0000 000 0000 |
OVERDRAFT BANK
EXECUTED and DELIVERED as a | |
Deed for and on behalf of THE GOVERNOR | |
AND COMPANY OF THE BANK OF | |
SCOTLAND in its capacity as Overdraft Bank | |
by an authorised signatory in the presence | Authorised Signatory |
of:- |
Witness | |
Xxxxxxx Xxxxxx | Full Name |
c/o Bank of Scotland | Address |
Edinburgh | |
Bank Official | Occupation |
Address for Notice: | Corporate Banking |
Fourth Floor | |
New Uberior House | |
00 Xxxx Xxxx Xxxxxx | |
Xxxxxxxxx XX0 0XX | |
Fax No.: | 0000 000 0000 |
