FL-2022-000014 - [2025] EWHC 2631 (Ch)

The SBIA Undertaking, in paragraphs A to D, referred to the Omnibus Deed, the $440 million CLN, the “Katerra Facility” (i.e. the RPA) and the conditional First Loss Waiver under the Omnibus Deed. Paragraph E provided:

“In consideration for the First Loss Waiver granted by SBG and the entry into of the SVF II CLN by SVF II Subco, SBIA in its capacity as manager of SVF covenants to each of SBG and SVF II that it shall use its best efforts to procure that (i) Katerra Inc repays at least $176,000,000 in respect of the Katerra Facility to Greensill [defined as GCPL]; and (ii) [GCPL] or a member of the Greensill Group remits the entirety of the amounts recovered in immediately available funds to, or at the direction of, SVF II prior to 31 December 2020.”