EXECUTION VERSION 
                  PROJECTSIAXJC 
                   Loan Agreement 
                  between 
                  National Employment Savings Trust Corporation 
                  as Borrower 
                  and 
                  Secretary Of State For Work And Pensions 
                  acting through 
                  The Department for Work and Pensions 
                  as Lender 
                  relating to 
                  the funding of  the 
                  National Employment Savings Trust Corporation 
                                                                                   CONTENTS 
                     PART 1 : INTERPRETATION ..................................................................................................  1 
                     1 
                       .        Definitions and Interpretation ............................................................................................. I 
                     PART 2 : THE FACILITY ............................................................................................................. 12 
                     2 .                    . . 
                                The Fac~l~ty ...............     .. ................................................................................................ 12 
                     3 .        Purpose ........................................................................................................................... 12 
                     4 
                       .        Conditions of Utilisation ...............................        .. ............................................................. 12 
                     PART 3 : UTlLlSATlON ............................................................................................................  14 
                     5 .        Utilisation ......................................................................................................................... 14 
                     PART 4 : REPAYMENT, PREPAYMENT AND CANCELLATION ..............................  .. ......... 16 
                       .        Repayment ...................................................................................................................... 16 
                     6 
                     7 
                       .        Prepayment and Cancellation .......................................................................................... 17 
                               5 : COSTS OF UTlLlSATlON ..................... .. ................................................................ 19 
                     PART 
                     8 .        Interest ............................................................................................................................ 13 
                     9 .        Interest Periods ............................................................................................................... 12 
                      10 .      Break Costs and Break Gains .......................................................................................... 20 
                     PART 6 : ADDITIONAL PAYMENT OBLIGATIONS .................................................................... 21 
                      11 .      Increased Costs ............................................................................................................... 21 
                      12 .                          .  . 
                                Other lndemn~t~es ............................................................................................................ 21 
                      13 .      Mitigation by the Lender .................................................................................................. 22 
                      14 .      Costs and expenses ........................................................................................................ 23 
                      PART 7 : FUNDING REQUIREMENTS ....................................................................................... 29 
                      15 .      Loan Model ...................................................................................................................... 29 
                      PART 8 : REPRESENTATIONS. UNDERTAKINGS AND EVENTS OF DEFAULT ..................... 29 
                         .      Representations .............................................................................................................. 29 
                      16 
                         .      Information Undertakings ................................................................................................. 31 
                      17 
                      18 .      General Undertakings ...................................................................................................... 39 
                      19 
                         .      Events of Default ............................................................................................................. 36 
                      PART 9 : MISCELLANEOUS ...................................................................................................... 41 
                      London/-IIOPENI-1IAXJC arp(LDNLT18743I                                I                                               LLLlVE~EMEA1:8816336~12 
                 20 .    Changes to the Parties .................................................................................................... 41 
                 21 
                    .    Conduct of Operations by the Lender .............................................................................. 41 
                 22 .    Payments ........................................................................................................................ 41 
                 23 
                    .    Set-Off ............................................................................................................................. 42 
                 24 
                    .    Notices ............................................................................................................................ 42 
                 25 .                              . . 
                         Calculations and Cert~f~cates ........................................................................................... 49 
                 26 .                  .  . 
                         Partial Inval~d~ty ............................................................................................................... 44 
                 27 .    Remedies and Waivers .................................................................................................... 44 
                 28 
                    .     Counterparts .................................................................................................................... 45 
                 PART 10 : GOVERNING LAW AND ENFORCEMENT ............................................................... 46 
                 29 .     Governing Law ................................................................................................................ 46 
                 - 
                 30 .     Enforcement .................................................................................................................... 47 
                 SCHEDULE 1 : INITIAL CONDITIONS PRECEDENT .................... ... ............................  47 
                 1 .      The Borrower ................................................................................................................... 47 
                                    .  . 
                 2 .      Legal Op~n~ons ................................................................................................................ 47 
                 3 
                   .      Other Documents and Evidence ...................................................................................... 4z 
                 SCHEDULE 2 : FORM OF UTlLlSATlON REQUEST .............................................................  49 
                 SCHEDULE 3 : ANNUAL UPPER LIMITS .............. .... .................................................. 50 
                 SCHEDULE 4 :  FORM OF ANNUAL OPERATING REPORT .................................................... 51