Deed of Company Arrangement

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Deed of Company Arrangement Deed Primary DOCA Deed of company arrangement Vaughan Strawbridge, Salvatore Algeri, John Greig and Richard Hughes in their capacity as joint and several administrators of the Deed Companies Virgin Australia Holdings Ltd (Administrators Appointed) ACN 100 686 226 and each other company listed in Schedule 1 BC Hart Aggregator, L.P. Exchanged and effective at 4:15pm (AEST) on 25 September 2020 ANZ Tower 161 Castlereagh Street Sydney NSW 2000 Australia T +61 2 9225 5000 F +61 2 9322 4000 GPO Box 4227 Sydney NSW 2001 Australia herbertsmithfreehills.com DX 361 Sydney Contents Table of contents 1 Definitions and interpretation 3 1.1 Definitions .................................................................................................................. 3 1.2 Interpretation ............................................................................................................ 21 1.3 Inconsistency with Act or Regulations ..................................................................... 22 1.4 Other inconsistencies .............................................................................................. 22 1.5 Business Days ......................................................................................................... 22 1.6 Bar to Claims ........................................................................................................... 22 1.7 Exclusion of prescribed provisions .......................................................................... 23 1.8 Required provisions ................................................................................................. 23 1.9 Deed components .................................................................................................... 23 2 Operation 23 2.1 Commencement Date .............................................................................................. 23 2.2 Interim effect ............................................................................................................ 23 2.3 Termination .............................................................................................................. 23 3 Execution by all Parties 23 4 Conditions 24 4.1 Conditions ................................................................................................................ 24 4.2 Obligation to satisfy Conditions ............................................................................... 24 4.3 Waiver of Conditions ................................................................................................ 24 4.4 Consequence of non-satisfaction of the Conditions ................................................ 24 5 The Officers and Members 25 5.1 Effect of this Deed on Officers of the Deed Companies .......................................... 25 5.2 Effect of this Deed on Members .............................................................................. 25 6 Moratorium and Release 25 6.1 Binding effect ........................................................................................................... 25 6.2 No limitation ............................................................................................................. 25 6.3 Moratorium ............................................................................................................... 26 6.4 Release upon Completion ....................................................................................... 26 6.5 Execution of all necessary documents .................................................................... 26 6.6 Conversion of Claims ............................................................................................... 27 7 Secured Creditors 27 8 Insured Claims 27 8.1 Rights of Creditors who have Claims covered by insurance ................................... 27 8.2 Release of Insured Claims where payment not obtained from insurer .................... 28 9 Owners of Property in the possession of the Deed Companies 28 10 Implementation 28 10.1 Pre-Completion steps .............................................................................................. 28 10.2 Implementation Steps .............................................................................................. 28 10.3 Share transfers and subscription ............................................................................. 29 10.4 Payment of the Fund Amount .................................................................................. 29 10.5 Payment directions .................................................................................................. 29 87060206 Deed of company arrangement Contents 1 Contents 10.6 Contingent Value Entitlement Deed Poll ................................................................. 30 10.7 Reconstitution of boards .......................................................................................... 30 10.8 Trust Creditors’ available assets .............................................................................. 30 10.9 Consistency with the Corporations Act .................................................................... 30 10.10 Continuing Employees ............................................................................................. 30 10.11 Administration Period flight credits .......................................................................... 31 11 Deed Administrators’ Appointment 31 11.1 Appointment ............................................................................................................. 31 11.2 Acceptance of Appointment ..................................................................................... 31 11.3 Deed Administrators are agents .............................................................................. 31 11.4 Management ............................................................................................................ 31 11.5 Joint and several ...................................................................................................... 31 11.6 Deed Administrators' resignation ............................................................................. 31 12 Powers of the Deed Administrators 32 12.1 Powers ..................................................................................................................... 32 12.2 Calling for proofs of debt .......................................................................................... 32 12.3 Solicitors, advisers and consultants ......................................................................... 32 12.4 No personal liability .................................................................................................. 33 13 Reporting 33 14 Committee of Inspection 33 15 Administrators’ and Deed Administrators’ remuneration and indemnity 34 15.1 Remuneration .......................................................................................................... 34 15.2 Indemnity ................................................................................................................. 34 15.3 Continuing indemnity ............................................................................................... 35 15.4 Indemnity not to be affected or prejudiced .............................................................. 35 15.5 Administrators’ and Deed Administrators’ lien ......................................................... 35 15.6 Priority ...................................................................................................................... 35 16 Creditors’ meetings 35 17 Application to Court 35 18 Termination of the Deed 36 18.1 Termination on effectuation of Deed........................................................................ 36 18.2 Termination on failure of Deed ................................................................................ 36 18.3 Notice of effectuation of Deed ................................................................................. 36 18.4 Effect of Termination ................................................................................................ 36 18.5 Severance ................................................................................................................ 36 18.6 Consequences of Termination of the Deed for non-performance ........................... 36 18.7 Survival of clauses ................................................................................................... 37 19 General 37 19.1 Variation ................................................................................................................... 37 19.2 Assignment .............................................................................................................. 37 19.3 Further assurances .................................................................................................. 37 19.4 Governing law and jurisdiction ................................................................................. 37 19.5 Waiver ...................................................................................................................... 37 19.6 Counterparts ............................................................................................................ 37 19.7 Creditor's Power of Attorney .................................................................................... 38 87060206 Deed of company arrangement Contents 2 Contents 19.8 Joint parties .............................................................................................................
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