EX-4.19





 EXECUTION VERSION 

Exhibit 4.19 
 DATED 25 July 2019

 GOLD FIELDS OROGEN HOLDING (BVI) LIMITED 

GOLD FIELDS GHANA HOLDINGS (BVI) LIMITED 

Arranged by 
 THE FINANCIAL
INSTITUTIONS LISTED HEREIN 
 as Arrangers 

with 
 MUFG BANK, LTD. 

Acting as Agent 
  

 
 CREDIT
FACILITIES AGREEMENT 
  
  

 
 



 
 Ref: L-276753 

As counsel to the Parent 
  





 
 As counsel to the Lenders 












 CONTENTS 
  

							
	CLAUSE	  	PAGE	 
		 	SECTION 1	  			
		 	INTERPRETATION	  			
			
	 1.
	 	 Definitions and Interpretation
	  	 	1	 
			
		 	SECTION 2	  			
		 	THE FACILITIES	  			
			
	 2.
	 	 The Facilities
	  	 	26	 
	 3.
	 	 Purpose
	  	 	28	 
	 4.
	 	 Conditions of Utilisation
	  	 	28	 
			
		 	SECTION 3	  			
		 	UTILISATION	  			
			
	 5.
	 	 Utilisation
	  	 	30	 
			
		 	SECTION 4	  			
		 	REPAYMENT, PREPAYMENT AND CANCELLATION	  			
			
	 6.
	 	 Repayment
	  	 	31	 
	 7.
	 	 Prepayment and Cancellation
	  	 	35	 
			
		 	SECTION 5	  			
		 	COSTS OF UTILISATION	  			
			
	 8.
	 	 Interest
	  	 	39	 
	 9.
	 	 Interest Periods
	  	 	41	 
	 10.
	 	 Changes to the Calculation of Interest
	  	 	41	 
	 11.
	 	 Fees
	  	 	43	 
			
		 	SECTION 6	  			
		 	ADDITIONAL PAYMENT OBLIGATIONS	  			
			
	 12.
	 	 Tax Gross-up and Indemnities
	  	 	45	 
	 13.
	 	 Increased Costs
	  	 	50	 
	 14.
	 	 Other Indemnities
	  	 	51	 
	 15.
	 	 Mitigation by the Lenders
	  	 	52	 
	 16.
	 	 Costs and Expenses
	  	 	53	 
			
		 	SECTION 7	  			
		 	GUARANTEE	  			
			
	 17.
	 	 Guarantee and Indemnity
	  	 	54	 
			
		 	SECTION 8	  			
		 	REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT	  			
			
	 18.
	 	 Representations
	  	 	57	 
	 19.
	 	 Information Undertakings
	  	 	62	 
	 20.
	 	 Financial Covenants
	  	 	66	 
	 21.
	 	 General Undertakings
	  	 	68	 
	 22.
	 	 Events of Default
	  	 	72	 
			
		 	SECTION 9	  			
		 	CHANGES TO PARTIES	  			
			
	 23.
	 	 Changes to the Lenders
	  	 	76	 
	 24.
	 	 Changes to the Obligors
	  	 	81	 


  
 (i) 














							
			
		 	SECTION 10	  			
		 	THE FINANCE PARTIES	  			
			
	 25.
	 	 Role of the Agent, the Arranger and the Reference Banks
	  	 	83	 
	 26.
	 	 Conduct of Business by the Finance Parties
	  	 	91	 
	 27.
	 	 Sharing among the Finance Parties
	  	 	92	 
			
		 	SECTION 11	  			
		 	ADMINISTRATION	  			
			
	 28.
	 	 Payment Mechanics
	  	 	94	 
	 29.
	 	 Set-off
	  	 	97	 
	 30.
	 	 Notices
	  	 	97	 
	 31.
	 	 Calculations and Certificates
	  	 	100	 
	 32.
	 	 Partial Invalidity
	  	 	100	 
	 33.
	 	 Remedies and Waivers
	  	 	100	 
	 34.
	 	 Amendments and Waivers
	  	 	100	 
	 35.
	 	 Confidential Information
	  	 	105	 
	 36.
	 	 Confidentiality of Funding Rates and Reference Bank Quotations
	  	 	108	 
	 37.
	 	 Counterparts
	  	 	110	 
			
		 	SECTION 12	  			
		 	GOVERNING LAW AND ENFORCEMENT	  			
			
	 38.
	 	 Governing Law
	  	 	111	 
	 39.
	 	 Enforcement
	  	 	111	 
	 40.
	 	 Contractual recognition of bail-in
	  	 	111	 
	 41.
	 	 US QFC Rules
	  	 	112	 
			
		 	SCHEDULES	  			
		
	 SCHEDULE 1 The Original Parties
	  	 	114	 
	 SCHEDULE 2 Conditions Precedent
	  	 	119	 
	 SCHEDULE 3 Utilisation Request
	  	 	126	 
	 SCHEDULE 4 Form of Transfer Certificate
	  	 	127	 
	 SCHEDULE 5 Form of Assignment Agreement
	  	 	129	 
	 SCHEDULE 6 Form of Accession Letter
	  	 	132	 
	 SCHEDULE 7 Form of Resignation Letter
	  	 	133	 
	 SCHEDULE 8 Form of Compliance Certificate
	  	 	134	 
	 SCHEDULE 9 Timetable
	  	 	135	 
	 SCHEDULE 10 LMA Form of Confidentiality Undertaking
	  	 	136	 
	 SCHEDULE 11 Form of Increase Confirmation
	  	 	141	 
	 SCHEDULE 12 Form of Substitute Affiliate Lender Designation Notice
	  	 	143	 


  
 (ii) 













 THIS AGREEMENT is dated 25 July 2019 and made between: 

 

	(1)	 GOLD FIELDS LIMITED (the “Parent”); 



 

	(2)	 GOLD FIELDS OROGEN HOLDING (BVI) LIMITED and GOLD FIELDS GHANA HOLDINGS (BVI) LIMITED (the
“Original Borrowers”); 


  

	(3)	 THE SUBSIDIARIES of the Parent listed in Part I of Schedule 1 (The Original Parties) as
guarantors (together with the Parent, the “Original Guarantors”); 


  

	(4)	 THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties) as mandated
lead arrangers (together the “Mandated Lead Arrangers” and individually a “Mandated Lead Arranger”); 


  

	(5)	 THE FINANCIAL INSTITUTIONS listed in Part III of Schedule 1 (The Original Parties) as lead
arrangers (together the “Lead Arrangers” and individually a “Lead Arranger”); 


  

	(6)	 THE FINANCIAL INSTITUTIONS listed in Part IV of Schedule 1 (The Original Parties) as arrangers
(each an “Arranger” and, together with the Mandated Lead Arrangers and the Lead Arrangers, and whether acting individually or together, the “Arranger”); 



 

	(7)	 THE FINANCIAL INSTITUTIONS listed in Part V of Schedule 1 (The Original Parties) as lenders (the
“Original Lenders”); and 


  

	(8)	 MUFG BANK, LTD. as agent of the other Finance Parties (the “Agent”). 



IT IS AGREED as follows: 
 SECTION 1 

INTERPRETATION 
  

	1.	 DEFINITIONS AND INTERPRETATION 



 

	1.1	 Definitions 



In this Agreement: 

“Accession Letter” means a document substantially in the form set out in Schedule 6 (Form of Accession
Letter). 
 “Additional Borrower” means a company which becomes an Additional Borrower in accordance with Clause
24 (Changes to the Obligors). 
 “Additional Guarantor” means a company which becomes an Additional
Guarantor in accordance with Clause 24 (Changes to the Obligors). 
 “Additional Obligor” means an
Additional Borrower or an Additional Guarantor. 
 “Affiliate” means, in relation to any person, a Subsidiary of that person
or a Holding Company of that person or any other Subsidiary of that Holding Company. 
 “Agreement” means this agreement.

 “Anti-Corruption Laws” means: 
  

	 	(a)	 the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions,
1997 (the “OECD Convention”); 


  

	 	(b)	 the US Foreign Corrupt Practices Act of 1977 (as amended by the Foreign Corrupt Practices Act Amendments of
1988 and 1998, and as may be further amended and supplemented from time to time) or the rules and regulations thereunder (the “FCPA”); 



  
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	 	(c)	 the Bribery Act 2010; 



 

	 	(d)	 the following South African laws: 



 

	 	(i)	 the South African Prevention and Combating of Corrupt Activities Act, 2004; 



 

	 	(ii)	 the South African Prevention of Organised Crime Act 1998; and 



 

	 	(iii)	 the South African Protection of Constitutional Democracy Against Terrorist Related Activities Act, 2004; and



  

	 	(e)	 any other applicable law in any applicable jurisdiction (including any (i) statute, ordinance, rule or
regulation; (ii) order of any court, tribunal or any other judicial body; and (iii) rule, regulation, guideline or order of any public body, or any other administrative requirement) which: 



 

	 	(i)	 prohibits the conferring of any gift, payment or other benefit on any person or any officer, employee, agent or
adviser of such person; and/or 


  

	 	(ii)	 is broadly equivalent to the FCPA and/or the Bribery Act 2010 or was intended to enact the provisions of the
OECD Convention or which has as its objective the prevention of corruption. 


 “Article 55 BRRD” means
Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms. 

“Assignment Agreement” means an agreement substantially in the form set out in Schedule 5 (Form of Assignment
Agreement) or any other form agreed between the relevant assignor and assignee. 
 “Associate” has the meaning given to
such term in Clause 20.1 (Financial definitions) of this Agreement. 
 “Auditors” means, at any time, the auditors of
the Parent at that time, being as at the date of this Agreement PricewaterhouseCoopers and any replacement for those auditors appointed by the Parent. 

“Australia” means the Commonwealth of Australia (and “Australian” shall be construed accordingly). 

“Australian Code of Banking Practice” means the Code of Banking Practice (2003) published by the Australian Bankers’
Association, as amended, revised or amended and restated from time to time. 
 “Australian Corporations Act” means the
Australian Corporations Act 2001 (Cth). 
 “Availability Period” means: 

 

	 	(a)	 in relation to Facility A, the period from and including the date of this Agreement to and including the date
which is one Month prior to the Termination Date applicable to Facility A; and 


  

	 	(b)	 in relation to Facility B, the period from and including the date of this Agreement to and including the date
which is one Month prior to the Termination Date applicable to Facility B. 



  
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 “Available Commitment ” means, in relation to a Facility, a Lender’s
Commitment under that Facility minus: 
  

	 	(a)	 the amount of its participation in any outstanding Loans under that Facility; and 



 

	 	(b)	 in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made
under that Facility on or before the proposed Utilisation Date, 


 other than that Lender’s participation in any Loans
that are due to be repaid or prepaid on or before the proposed Utilisation Date. 
 “Available Facility” means, in relation
to a Facility, the aggregate for the time being of each Lender’s Available Commitment in respect of that Facility. 
 “Bail-In Action” means the exercise of any Write-down and Conversion Powers. 
 “Bail-In Legislation” means: 
  

	 	(a)	 in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD,
the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and 



 

	 	(b)	 in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not
such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation. 



“Basel III” has the meaning set out in paragraph (b) of Clause 13.1 (Increased costs). 

“Blocking Law” means: 
  

	 	(a)	 any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation
implementing such Regulation in any member state of the European Union or the United Kingdom); 


  

	 	(b)	 section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung); or



  

	 	(c)	 any similar blocking or anti-boycott law (in the United Kingdom). 



“Borrower” means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with
Clause 24 (Changes to the Obligors). 
 “Break Costs” means the amount (if any) by which: 

 

	 	(a)	 the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt
of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;



 exceeds: 
  

	 	(b)	 the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or
Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. 



  
 3 













 “Business Day” means a day (other than a Saturday or Sunday) on which banks
are open for general business in London, New York and Johannesburg. 
 “Cerro Corona Project” means the development of the
gold and copper deposits in Peru by the Cerro Corona Subsidiary. 
 “Cerro Corona Subsidiary” means Gold Fields La Cima S.A.

 “Code” means the US Internal Revenue Code of 1986. 

“Commitment” means a Facility A Commitment or a Facility B Commitment. 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Compliance
Certificate). 
 “Confidential Information” means all information relating to the Parent, any Obligor, the Group, the
Finance Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under,
the Finance Documents or a Facility from either: 
  

	 	(a)	 any member of the Group or any of its advisers; or 



 

	 	(b)	 another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any
member of the Group or any of its advisers, 


 in whatever form, and includes information given orally and any document,
electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes: 
  

	 	(a)	 information that: 


  

	 	(i)	 is or becomes public information other than as a direct or indirect result of any breach by that Finance Party
of Clause 35 (Confidential Information); or 


  

	 	(ii)	 is identified in writing at the time of delivery as non-confidential by
the Parent; or 


  

	 	(iii)	 is known by that Finance Party before the date the information is disclosed to it in accordance with paragraph
(i) or (ii) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been
obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and 


  

	 	(b)	 any Funding Rate or Reference Bank Quotation. 



“Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended form of the LMA as set out in
Schedule 10 (LMA Form of Confidentiality Undertaking) or in any other form agreed between the Parent and the Agent. 

“Consolidated EBITDA” has the meaning set out in Clause 20.1 (Financial Definitions). 

“Consolidated Tangible Net Worth” means, at any time, the “Total equity”, as reported in the “Statement of
financial position” in the last set of annual consolidated financial statements of the Parent delivered to the Agent pursuant to this Agreement. 

  
 4 













 “Constitutional Documents” means, in respect of any person at any time, the
then current and up-to-date constitutional documents of such person at such time (including, without limitation, such person’s memorandum of incorporation and
articles of association, certificate of incorporation, articles of incorporation or commercial registration certificate). 

“Default” means an Event of Default or any event or circumstance specified in Clause 22 (Events of Default) which would
(with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. 

“Defaulting Lender” means any Lender: 
  

	 	(a)	 which has failed to make its participation in a Loan available or has notified the Agent that it will not make
its participation in a Loan available by the Utilisation Date of that Loan in accordance with Clause 5.4 (Lenders’ participation); 


  

	 	(b)	 which has otherwise rescinded or repudiated a Finance Document; or 



 

	 	(c)	 with respect to which an Insolvency Event has occurred and is continuing, 



unless, in the case of paragraph (a) above: 
  

	 	(i)	 its failure to pay is caused by: 



 

	 	(A)	 administrative or technical error; or 



 

	 	(B)	 a Disruption Event, and 



payment is made within five (5) Business Days of its due date; or: 
  

	 	(ii)	 the Lender is disputing in good faith whether it is contractually obliged to make the payment in question.



 “Designated Website” has the meaning given to it in paragraph (a) of Clause 19.8 (Use of
websites). 
 “Disruption Event” means either or both of: 

 

	 	(a)	 a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with a Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; or 


  

	 	(b)	 the occurrence of any other event which results in a disruption (of a technical or system-related nature) to
the treasury or payments operations of a Party preventing that, or any other Party: 


  

	 	(i)	 from performing its payment obligations under the Finance Documents; or 



 

	 	(ii)	 from communicating with other Parties in accordance with the terms of the Finance Documents,



 and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are
disrupted. 

  
 5 













 “EEA Member Country” means any member state of the European Union, Iceland,
Liechtenstein and Norway. 
 “Eligible Institution” means any Lender or other bank, financial institution, trust, fund or
other entity (other than a member of the Group) selected by the Parent. 
 “Encumbrance” means any mortgage, pledge, lien,
assignment or cession conferring security, hypothecation, a security interest, preferential right or trust arrangement or other encumbrance of the like securing any obligation of any person, provided that this term shall not include a PPSA Deemed
Security Interest. 
 “Environmental Claim” means any claim, proceeding or investigation by any person in respect of any
Environmental Law. 
 “Environmental Law” means any law applicable to the business conducted by a Material Group Company at
the relevant time in any jurisdiction in which that Material Group Company conducts business which relates to the pollution, degradation or protection of the environment or harm to or the protection of human health or the health of animals or
plants. 
 “Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of
any notification, report or assessment required under any Environmental Law for the operation of the business of any Material Group Company conducted on or from the properties owned or used by that Material Group Company. 

“EU Bail-In Legislation Schedule” means the document described as such and published by the Loan Market Association (or any
successor person) from time to time. 
 “Event of Default” means any event or circumstance specified as such in Clause 22
(Events of Default). 
 “Existing Facility Agreement” means the US$1,290,000,000 credit facilities
agreement dated 6 June 2016 between, among others, the Parent and the financial institutions listed therein as amended and/or restated from time to time. 

“Existing Lender” has the meaning given to it in Clause 23.1 (Assignments and transfers by the Lenders). 

“Facility” means Facility A or Facility B. 

“Facility A” means the revolving loan facility made available under this Agreement as described in paragraph (a) of Clause 2.1
(The Facilities). 
 “Facility A Commitment” means: 

 

	 	(a)	 in relation to an Original Lender, the amount set opposite its name under the heading “Facility A
Commitment” in Part V of Schedule 1 (The Original Parties) and the amount of any other Facility A Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and



  

	 	(b)	 in relation to any other Lender, the amount of any Facility A Commitment transferred to it under this Agreement
or assumed by it in accordance with Clause 2.2 (Increase), 


 to the extent not cancelled, reduced or transferred by it
under this Agreement. 

  
 6 













 “Facility A Loan” means a loan made or to be made under Facility A or the
principal amount outstanding for the time being of that loan. 
 “Facility B” means the revolving loan facility made
available under this Agreement as described in paragraph (b) of Clause 2.1 (The Facilities). 
 “Facility B
Commitment” means: 
  

	 	(a)	 in relation to an Original Lender, the amount set opposite its name under the heading “Facility B
Commitment” in Part V of Schedule 1 (The Original Parties) and the amount of any other Facility B Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and



  

	 	(b)	 in relation to any other Lender, the amount of any Facility B Commitment transferred to it under this Agreement
or assumed by it in accordance with Clause 2.2 (Increase), 


 to the extent not cancelled, reduced or transferred by
it under this Agreement. 
 “Facility B Loan” means a loan made or to be made under Facility B or the principal amount
outstanding for the time being of that loan. 
 “Facility Office” means the office(s) notified by a Lender to the Agent in
writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days’ written notice) as the office(s) through which it will perform its obligations under this Agreement. 

“FATCA” means: 
  

	 	(a)	 sections 1471 to 1474 of the Code and any associated regulations; 



 

	 	(b)	 any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; and 


  

	 	(c)	 any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraph (a) or
(b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. 



“FATCA Application Date” means: 
  

	 	(a)	 in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates
to payments of interest and certain other payments from sources within the US), 1 July 2014; or 


  

	 	(b)	 in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within
paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA. 



“FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA. 

“FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction. 

“Fee Letter” means any letter or letters dated on or about the date of this Agreement between the Arranger and the Original
Borrowers or GF Orogen (or the Agent and GF Orogen) setting out any of the fees referred to in Clause 11 (Fees). 

  
 7 













 “Fifth Anniversary” has the meaning given to it in clause 6.2 (Facility
A extension option). 
 “Finance Document” means this Agreement, any Fee Letter, any Accession Letter, any Resignation
Letter and any other document designated as such by the Agent and the Parent. 
 “Finance Party” means the Agent, the
Arranger or a Lender. 
 “Financial Indebtedness” means (without double counting) any indebtedness for or in respect of:

  

	 	(a)	 moneys borrowed; 


  

	 	(b)	 any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;



  

	 	(c)	 any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock
or any similar instrument; 


  

	 	(d)	 the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with
GAAP, be treated as a balance sheet liability; 


  

	 	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 


  

	 	(f)	 the amount of liability in respect of any purchase price for assets or services the payment of which is
deferred where the deferral of such price is either: 


  

	 	(i)	 used primarily as a method of raising credit; or 



 

	 	(ii)	 not made in the ordinary course of business; 



 

	 	(g)	 any agreement or option to re-acquire an asset if one of the primary
reasons for entering into such agreement or option is to raise finance; 


  

	 	(h)	 any amount raised under any other transaction (including any forward sale or purchase agreement) having the
commercial effect of a borrowing; 


  

	 	(i)	 any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account); 


  

	 	(j)	 any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of
credit or any other instrument issued by a bank or financial institution; 


  

	 	(k)	 any amount raised by the issue of redeemable shares to the extent such shares are redeemable prior to the
Termination Date; and 


  

	 	(l)	 the amount of any liability in respect of any guarantee or indemnity for any of its items referred to in
paragraphs (a) to (k) above. 


 “Financial Year” means, at any time, the financial year of the Group
ending on 31 December in each calendar year. 
 “Fourth Anniversary” has the meaning given to it in Clause 6.2 (Facility
A extension option). 
 “Funding Rate” means any individual rate notified by a Lender to the Agent pursuant to paragraph
(a) of Clause 10.4 (Cost of funds). 
 “GAAP” means the generally accepted accounting principles set out in IFRS.


  
 8 













 “GF Orogen” means Gold Fields Orogen Holding (BVI) Limited. 

“GF Orogen Notes” means the 4.875 per cent. guaranteed notes due 2020 and issued by GF Orogen. 

“Ghanaian Companies” means Gold Fields Ghana Limited and Abosso Goldfields Limited. 

“Group” means the Parent and each of its Subsidiaries from time to time. 

“Group Company” means a member of the Group. 

“Guarantor” means an Original Guarantor or an Additional Guarantor unless, in the case of an Additional Guarantor, it has
ceased to be a Guarantor in accordance with Clause 24 (Changes to the Obligors). 
 “Holding Company” means, in
relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 
 “IFRS”
means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 

“Impaired Agent” means the Agent at any time when: 
  

	 	(a)	 it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under
the Finance Documents by the due date for payment; 


  

	 	(b)	 the Agent otherwise rescinds or repudiates a Finance Document; 



 

	 	(c)	 (if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition of
“Defaulting Lender”; or 


  

	 	(d)	 an Insolvency Event has occurred and is continuing with respect to the Agent; 



unless, in the case of paragraph (a) above: 
  

	 	(i)	 its failure to pay is caused by: 



 

	 	(A)	 administrative or technical error; or 



 

	 	(B)	 a Disruption Event; and 



payment is made within five (5) Business Days of its due date; or 
  

	 	(ii)	 the Agent is disputing in good faith whether it is contractually obliged to make the payment in question.



 “Income Tax Act” has the meaning given to it in Clause 12 (Tax
Gross-up and Indemnities). 
 “Increase Confirmation” means a confirmation
substantially in the form set out in Schedule 11 (Form of Increase Confirmation). 
 “Increased Costs” has the
meaning given to it in paragraph (b) of Clause 13.1 (Increased costs). 
 “Increase Lender” has the meaning given to
that term in Clause 2.2 (Increase). 
 “Indebtedness for Borrowed Money” means Financial Indebtedness save for any
indebtedness for or in respect of paragraphs (i) and (j) of the definition of “Financial Indebtedness”. 

“Information” has the meaning given to such term in paragraph (a) of Clause 18.11 (No misleading information).


  
 9 













 “Information Package” means the presentation entitled “2019 London
Bank Meetings - Gold Fields Limited – approaching the inflection point” prepared by the Parent and in the form approved and identified as such by the Parent, and which, at the Parent’s request and on its behalf, has been posted on
Debtdomain by MUFG Bank, Ltd (in its capacity as coordinator) in connection with the syndication of the Facilities. 
 “Insolvency
Event” means, in relation to an entity, that: 
  

	 	(a)	 any receiver, administrative receiver, administrator, liquidator, compulsory manager or other similar officer
is appointed in respect of that entity or all or substantially all of its assets; 


  

	 	(b)	 that entity is subject to any event which has an analogous effect to any of the events specified in paragraph
(a) above under the applicable laws of any jurisdiction; or 


  

	 	(c)	 that entity suspends making payments on all or substantially all of its debts or publicly announces an
intention to do so. 


 “Interest Period” means, in relation to a Loan, each period determined in
accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.5 (Default interest). 

“Interpolated Screen Rate“ means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two
relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	 the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than
the Interest Period of that Loan; and 


  

	 	(b)	 the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the
Interest Period of that Loan, 


 each as of the Specified Time on the Quotation Day for the currency of that Loan. 

“Legal Opinion” means any legal opinion delivered to the Agent under Clause 4.1 (Initial conditions precedent)
or Clause 24 (Changes to the Obligors). 
 “Legal Reservations” means: 

 

	 	(a)	 the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; 


  

	 	(b)	 the time barring of claims under the Limitation Acts 1980 or the Foreign Limitation Periods Act 1987, the
possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim



  

	 	(c)	 similar principles, rights and defences under the laws of any jurisdiction in which an Obligor is incorporated;
and 


  

	 	(d)	 any other matters which are set out as qualifications or reservations as to matters of law of general
application in the Legal Opinions. 



  
 10 













 “Lender” means: 

 

	 	(a)	 any Original Lender; and 



 

	 	(b)	 any bank or financial institution which has become a Party as a “Lender” in accordance with Clause
2.2 (Increase) or Clause 23 (Changes to the Lenders), 


  

	 	which	 in each case has not ceased to be a Lender as such in accordance with the terms of this Agreement.



 “LIBOR” means, in relation to any Loan: 

 

	 	(a)	 the applicable Screen Rate as of the Specified Time on the Quotation Day for the currency of that Loan and for
a period equal in length to the Interest Period of that Loan; or 


  

	 	(b)	 as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate),



 and if any such rate is less than zero, LIBOR will be deemed to be zero. 

“LMA” means the Loan Market Association. 

“Loan” means a Facility A Loan or a Facility B Loan. 

“Majority Lenders” means: 
  

	 	(a)	 at any time there are only three Lenders, a Lender or Lenders whose Commitments aggregate 662⁄3 per cent. or more of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated 662⁄3 per cent. or more of the Total Commitments immediately prior to the reduction); and 


  

	 	(b)	 at any other time a Lender or Lenders whose Commitments aggregate more than
662⁄3 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than
662⁄3 per cent. of the Total Commitments immediately prior to the reduction). 



“Margin” means the percentage rate per annum determined in accordance with Clause 8.3 (Margin). 

“Market Capitalisation” means the product obtained as a result of multiplying (A) by (B), where (A) is the
average closing price for the issued shares of the Parent on the Johannesburg Stock Exchange during the 30 day period prior to the date the relevant Obligor or Material Group Company has entered into a legally binding commitment to make the relevant
acquisition or investment or the relevant sale, lease, transfer or other disposal (as applicable) and (B) is the total number of shares (including, without double counting those represented by American depository receipts) issued by the Parent.

 “Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	 the business or financial condition of the Group taken as a whole; 



 

	 	(b)	 the ability of an Obligor to perform its payment obligations or financial covenant obligations under any
Finance Document to which it is a party; or (c) the validity or enforceability of the Finance Documents or any of them. 



“Material Group Company” means: 
  

	 	(a)	 the Obligors; and 


  

	 	(b)	 any member of the Group from time to time that is not a Non-Material
Group Company; and “Material Group Companies” means, as the context requires, all of them. 



  
 11 













 “Mining Charter” has the meaning given to it in Clause 22.9
(Creditors’ process). 
 “Month“ means a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	 (subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period
shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; 



 

	 	(b)	 if there is no numerically corresponding day in the calendar month in which that period is to end, that period
shall end on the last Business Day in that calendar month; and 


  

	 	(c)	 if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on
the last Business Day in the calendar month in which that Interest Period is to end. 


 Paragraphs (a), (b) and
(c) above will only apply to the last Month of any period. 
 “Moody’s” means Moody’s Investor Services Inc.,
or any successor to its rating agency function. 
 “MPRDA” has the meaning given to it in Clause 22.9 (Creditors’
Process). 
 “New Lender” has the meaning given to it in Clause 23.1 (Assignments and transfers by the
Lenders). 
 “Newshelf” means Newshelf 899 Proprietary Limited, a company incorporated under the laws of South
Africa. 
 “Non-Material Group Company“ means, at any time, a member of the Group
(other than an Obligor) which had EBITDA (determined on the same basis as Consolidated EBITDA) and gross assets in its most recently ended Financial Year (on a consolidated basis taking into account it and its Subsidiaries only) less than
10 per cent. of Consolidated EBITDA (but including, for these purposes only, the net income of any Project Finance Subsidiaries) and gross assets of the Group (calculated according to the most recent set of audited consolidated financial
statements delivered pursuant to Clause 19.1 (Financial Statements)). Compliance with the aforementioned condition shall be determined by reference to the latest audited financial statements of such member of the Group (consolidated in the
case of a member of the Group which itself has Subsidiaries), provided that: 
  

	 	(a)	 if, in the case of any member of the Group which itself has Subsidiaries, no consolidated financial statements
are prepared and audited, its consolidated EBITDA and gross assets shall be determined on the basis of pro forma consolidated financial statements of the relevant member of the Group and its Subsidiaries, prepared for this purpose by the Parent;



  

	 	(b)	 if any intra-Group transfer or re-organisation takes place, the audited
financial statements of the Group Company and all relevant members of the Group shall be adjusted by the Parent in order to take into account such intra-Group transfer or re-organisation; and




  
 12 














	 	(c)	 the audited financial statements of the Group and any relevant member of the Group shall be adjusted in such a
manner as the Auditors think fair and appropriate to take account of the acquisition or disposal of any member of the Group or any business of any member of the Group, after the date or at which the audited financial statements of the Group are made
up. 


 Should there be any dispute regarding whether any member of the Group is or is not a
Non-Material Group Company such dispute shall be referred, at the request of the Agent, to the Auditors and a report by the Auditors that a member of the Group is or is not a
Non-Material Group Company shall, in the absence of manifest error, be conclusive and binding on all Parties. The costs of obtaining the report by the Auditors will be borne by the unsuccessful party to the
dispute. 
 “Obligor” means a Borrower or a Guarantor. 

“Original Financial Statements” means the audited consolidated financial statements of the Parent for the Financial Year ended
31 December 2018. 
 “Paper Form Lender” has the meaning given to it in paragraph (a) of Clause 19.8 (Use
of websites). 
 “Party” means a party to this Agreement. 

“Permitted Disposal” means any sale, lease, transfer or other disposal: 

 

	 	(a)	 by an Obligor or any member of the Group of obsolete or redundant assets which are no longer required for the
efficient operation of the business of such Obligor or such member of the Group; 


  

	 	(b)	 by an Obligor or any member of the Group in the ordinary course of its day-to-day business if that sale, lease, transfer or other disposal is not otherwise restricted by a term of any Finance Document; 



 

	 	(c)	 by an Obligor to another Obligor (other than to an Additional Obligor); 



 

	 	(d)	 by an Obligor to an Additional Obligor or to a member of the Group that is not an Obligor if such sale, lease,
transfer or other disposal is concluded at arm’s length; 


  

	 	(e)	 by a member of the Group that is not an Obligor to another member of the Group; 



 

	 	(f)	 which is a Permitted Transaction to the extent that the higher of the market value or consideration receivable
when aggregated with the higher of the market value or consideration receivable for any other sale, lease, transfer or other disposal constituting a Permitted Transaction (other than a sale, lease, transfer or other disposal referred to in any other
paragraph of this definition of “Permitted Disposal”) (the “Aggregate PT Value”) does not exceed, in aggregate, 10 per cent. of the Market Capitalisation of the Parent (the “PT Disposal Basket”);



  

	 	(g)	 for which the Agent has given its prior written consent (acting on the instructions of the Majority Lenders);
or 


  

	 	(h)	 by any member of the Group to any other person where the higher of the market value or consideration receivable
when aggregated with the higher of the market value or consideration receivable for any other sale, lease, transfer or other disposal by any Material Group Company (other than a sale, lease, transfer or other disposal referred to in the preceding
paragraphs) does not exceed (at the time of the relevant disposal) 20 per cent. of Market Capitalisation in any Financial Year (the “Annual Disposal Basket”) and




  
 13 














	 	
does not exceed (at the time of the relevant disposal), in aggregate during the period from the date of this Agreement to the Termination Date, 30 per cent. of Market Capitalisation (the
“Life Disposal Basket”). For the avoidance of doubt, if any Permitted Transaction is carried out and would result in the Aggregate PT Value exceeding the PT Disposal Basket, the amount of such excess shall (except to the extent that
such excess would be permitted under one of the preceding paragraphs of this definition) reduce the then available Annual Disposal Basket and the then available Life Disposal Basket by an amount equal to such excess. 


“Permitted Encumbrance” means: 
  

	 	(a)	 any Encumbrance created prior to the date of this Agreement which (i) is disclosed in the Original
Financial Statements and (ii) in all circumstances secures only indebtedness outstanding or a facility available at the date of this Agreement if the principal amount or original facility thereby secured is not increased after the date of this
Agreement; 


  

	 	(b)	 any title transfer or retention arrangement entered into by any member of the Group in the normal course of its
trading activities and on terms no worse for that member of the Group than the standard terms of the relevant supplier; 


  

	 	(c)	 any netting or set-off arrangement entered into by any member of the
Group in the ordinary course of its banking arrangements (which shall include, for the avoidance of doubt, those pursuant to hedging arrangements in relation to gold, silver, copper and other commodity prices, foreign exchange rates and interest
rates where such arrangements are entered into for the purposes of providing protection against fluctuation in such rates or prices in the ordinary course of business), for the purpose of netting debit and credit balances; 



 

	 	(d)	 any lien arising by operation of law and in the ordinary course of trading and not by reason of any default
(whether in payments or otherwise), of any member of the Group; 


  

	 	(e)	 any Encumbrance over or affecting (or transaction described in paragraph (b) of Clause 21.3 (Negative
pledge) (“Quasi-Encumbrance”) affecting) any asset acquired by a member of the Group after the date of this Agreement if: 


  

	 	(i)	 the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that asset by a
member of the Group; 


  

	 	(ii)	 the principal amount secured has not been increased in contemplation of, or since the acquisition of that asset
by a member of the Group; and 


  

	 	(iii)	 the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted
pursuant to paragraph (b), (c) or (d) above or, (f), (g), (i), or (j) below) removed or discharged within six (6) months of the date of acquisition of such asset; 



 

	 	(f)	 any Encumbrance or Quasi-Encumbrance over or affecting any asset of any company which becomes a member of the
Group after the date of this Agreement, where the Encumbrance or Quasi-Encumbrance is created prior to the date on which that company becomes a member of the Group, if: 



 

	 	(i)	 the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that company;




  
 14 














	 	(ii)	 the principal amount secured has not increased in contemplation of or since the acquisition of that company;
and 


  

	 	(iii)	 the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted
pursuant to paragraph (b), (c), (d) or (e) above or (g), (i), or (j) below) removed or discharged within six (6) months of that company becoming a member of the Group; 



 

	 	(g)	 any Encumbrance or Quasi-Encumbrance granted in respect of Project Finance Borrowings over assets of, or the
shares in, a Project Finance Subsidiary (other than the Cerro Corona Subsidiary); 


  

	 	(h)	 any Encumbrance or Quasi-Encumbrance resulting from the rules and regulations of any clearing system or stock
exchange over shares and/or other securities held in that clearing system or stock exchange; 


  

	 	(i)	 in respect of Encumbrances or Quasi-Encumbrances over or affecting any asset of any Material Group Company
(other than the Cerro Corona Subsidiary), any Encumbrance or Quasi-Encumbrance securing Financial Indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of any
Encumbrance or Quasi-Encumbrance other than any permitted under paragraphs (a) to (h) above and (j) and (k) below), does not at any time exceed 12 per cent. of Consolidated Tangible Net Worth (or its equivalent in another currency) (but
adjusted to include the net value of new assets acquired since the last date of the latest set of consolidated annual financial statements of the Group); 


  

	 	(j)	 any other Encumbrance or Quasi-Encumbrance as agreed by the Agent (acting on the instructions of the Majority
Lenders) in writing; or 


  

	 	(k)	 any Encumbrance or Quasi-Encumbrance granted in respect of Financial Indebtedness incurred in connection with
the Cerro Corona Project over the business or assets of the Cerro Corona Subsidiary or over the Ownership Interests in the Cerro Corona Subsidiary provided that the amount of Financial Indebtedness secured by all such Encumbrances or
Quasi-Encumbrances permitted by this paragraph (k) does not at any time in aggregate exceed two hundred million dollars ($200,000,000) (or its equivalent). In this paragraph (k) “Ownership Interests” means (i) the shares
issued by the Cerro Corona Subsidiary, (ii) any shareholder loans made to the Cerro Corona Subsidiary (iii) to the extent required by Peruvian law, the shares in the Holding Company which directly owns the shares issued by the Cerro Corona
Subsidiary provided that such Holding Company’s sole assets are shares issued by, and any loans made by it to, the Cerro Corona Subsidiary and its sister company, Minera Gold Fields S.A. 



“Permitted Financial Indebtedness” means any Financial Indebtedness: 

 

	 	(a)	 arising under the Finance Documents; 



 

	 	(b)	 arising under any environmental bond which any member of the Group is required to issue by any applicable law;



  

	 	(c)	 arising in connection with the Cerro Corona Project provided that, the aggregate amount of all such Financial
Indebtedness does not at any time exceed two hundred million dollars ($200,000,000) (or its equivalent); 



  
 15 














	 	(d)	 arising under any derivative transaction entered into in connection with protection against or benefit from
fluctuation in any rate or price but not for speculative purposes; 


  

	 	(e)	 of the Group existing and available on the date of this Agreement (or, of any person that becomes a member of
the Group from time to time, provided that, such Financial Indebtedness existed at the time such person became a member of the Group and was not created in anticipation thereof); 



 

	 	(f)	 between Group Companies to the extent incurred for the purposes of financing general corporate and working
capital requirements; 


  

	 	(g)	 incurred by Gold Fields Operations Limited or GFI Joint Venture Operation Limited to the extent that that the
aggregate amount of all such Financial Indebtedness does not at any time exceed ZAR 2,500,000,000; 


  

	 	(h)	 in respect of any lease or hire purchase contract entered into at any time which: 



 

	 	(i)	 would, in accordance with GAAP immediately after the adoption of IFRS 16, be treated as a balance sheet
liability; and 


  

	 	(ii)	 would not, in accordance with GAAP in force immediately before the adoption of IFRS 16, have been treated as a
balance sheet liability; 


  

	 	(i)	 incurred pursuant to any counter-indemnity obligation in respect of any guarantee, indemnity, bond, standby or
documentary letter of credit or any other instrument issued by a bank or financial institution in favour of Tshiamiso Trust to the extent that the aggregate amount of all such Financial Indebtedness does not at any time exceed ZAR 357,500,000; or



  

	 	(j)	 not falling within the preceding paragraphs provided that the aggregate amount of all Financial Indebtedness
(excluding, for the avoidance of doubt, any Financial Indebtedness incurred by a Guarantor or a Project Finance Subsidiary permitted under this paragraph (j)) does not at any time exceed three hundred million dollars ($300,000,000) (or its
equivalent). 


 “Permitted Guarantee” means: 

 

	 	(a)	 any guarantee of any Financial Indebtedness of any member of the Group; 



 

	 	(b)	 any guarantee given in respect of the netting or set-off arrangements
permitted pursuant to paragraph (c) of the definition of “Permitted Encumbrance”; 


  

	 	(c)	 any guarantees or indemnities outstanding on the date of this Agreement; 



 

	 	(d)	 any guarantee constituting Financial Indebtedness which is not prohibited by Clause 21.11 (Financial
Indebtedness); or 


  

	 	(e)	 any guarantees not falling within the preceding paragraphs so long as the aggregate amount of such guarantees
outstanding at any time when aggregated with the amount of any loans permitted pursuant to paragraph (f) of “Permitted Loan” does not exceed $300,000,000 (or its equivalent) at any time. 



  
 16 













 “Permitted Loan” means: 

 

	 	(a)	 any trade credit extended by any member of the Group to its customers on normal commercial terms and in the
ordinary course of its trading activities; 


  

	 	(b)	 Financial Indebtedness which is referred to in the definition of, or otherwise constitutes, Permitted Financial
Indebtedness (except under paragraph (d) of that definition); 


  

	 	(c)	 a loan made by an Obligor to another Obligor or made by a Material Group Company which is not an Obligor to
another Material Group Company; 


  

	 	(d)	 any loan between Group Companies to the extent made for the purposes of financing general corporate and working
capital requirements; 


  

	 	(e)	 any loan made by an Obligor or Material Group Company which is outstanding on the date of this Agreement; or



  

	 	(f)	 any loan not falling within the preceding paragraphs so long as the aggregate amount of the Financial
Indebtedness under any such loans when aggregated with the amount of any guarantees permitted pursuant to paragraph (e) of “Permitted Guarantee” does not exceed $300,000,000 (or its equivalent) at any time. 



“Permitted Transaction” means: 
  

	 	(a)	 any sale, lease, transfer or other disposal: 



 

	 	(i)	 by GFI Joint Venture Holdings Proprietary Limited or Gold Fields Operations Limited of all or part of its
business, assets or undertaking including, without limitation, all or part of its ownership or operational interests in the South Deep Mine; 


  

	 	(ii)	 by Newshelf of its shares in GFI Joint Venture Holdings Proprietary Limited; 



 

	 	(iii)	 by Newshelf of its shares in Gold Fields Operations Limited; and/or 



 

	 	(iv)	 by the Parent of its shares in Newshelf; and/or 



 

	 	(b)	 any distribution of: 



 

	 	(i)	 the share capital held by the Parent in Newshelf; and/or 



 

	 	(ii)	 the share capital held by Newshelf in GFI Joint Venture Holdings Proprietary Limited or Gold Fields Operations
Limited, 


 to the shareholders of the Parent or the shareholders of any other member of the Group. 

“PPSA” means the Australian Personal Property Securities Act 2009 (Cth). 

“PPSA Deemed Security Interest” means an interest of the kind referred to in section 12(3) of the PPSA where the transaction
concerned does not, in substance, secure payment or performance of an obligation. 
 “Project Finance Borrowings” means:

  

	 	(a)	 any indebtedness to finance (or re-finance) a project comprised of the
ownership, development, construction, refurbishment, commissioning and/or operation of assets which is incurred by a Project Finance Subsidiary in connection with such project and in respect of which the recourse of the person(s) making any such
finance (or re-finance) 



  
 17 














	 	
available to that Project Finance Subsidiary for the payment, repayment and prepayment of such indebtedness is limited to (i) the Project Finance Subsidiary and its assets and/or the shares
in that Project Finance Subsidiary and/or (ii) during the period prior to successful completion of the relevant completion tests applicable to such project guarantees from any one or more members of the Group; or 


 

	 	(b)	 any indebtedness the terms and conditions of which have been approved by the Agent and which the Agent has
agreed in writing (acting on the instructions of the Majority Lenders) to treat as a “Project Finance Borrowing” for the purposes of the Finance Documents. 



“Project Finance Subsidiary” means a single purpose company or other entity (excluding the Obligors) whose sole business is a
project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of an asset which has incurred Project Finance Borrowings. 

“Qualifying Lender” has the meaning given to it in Clause 12 (Tax Gross-up and
Indemnities). 
 “Quotation Day” means, in relation to any period for which an interest rate is to be determined, two
Business Days before the first day of that period (unless market practice for dollars differs in the London interbank market, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice for
dollars in the London interbank market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). 

“Recipient” has the meaning given to it in paragraph (b) of Clause 12.7 (Value added tax). 

“Recovered Amount” has the meaning given to it in Clause 27.1 (Payments to Finance Parties). 

“Recovering Finance Party” has the meaning given to it in Clause 27.1 (Payments to Finance Parties). 

“Redistributed Amount” has the meaning given to it in Clause 27.4 (Reversal of redistribution). 

“Reference Bank Quotation” means any quotation supplied to the Agent by a Reference Bank. 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent
at its request by the Reference Banks as either: 
  

	 	(a)	 if: 


  

	 	(i)	 the Reference Bank is a contributor to the Screen Rate; and 



 

	 	(ii)	 it consists of a single figure, 



the rate (applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are asked to
submit to the relevant administrator; or 
  

	 	(b)	 in any other case, the rate at which the relevant Reference Bank could fund itself in dollars for the relevant
period with reference to the unsecured wholesale funding market. 


 “Reference Banks” means the principal
London offices of such banks as may be appointed by the Agent in consultation with the Parent at the relevant time and provided that such banks have accepted such appointment. 

  
 18 













 “Related Fund” in relation to a fund (the “first fund”),
means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an
Affiliate of the investment manager or investment adviser of the first fund. 
 “Relevant Interbank Market” means the London
interbank market. 
 “Relevant Nominating Body” means any applicable central bank, regulator or other supervisory authority
or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board. 

“Repeating Representations” means each of the representations set out in Clause 18.1 (Status) to Clause 18.24
(Sanctions) inclusive, other than Clause 18.3 (Binding obligations), Clause 18.6 (Governing law and enforcement), Clause 18.7 (Deduction of Tax), Clause 18.8 (No filing or stamp taxes), paragraphs (a) and (b)
of Clause 18.11 (No misleading information), Clause 18.14 (No proceedings pending or threatened), Clause 18.18 (Insurance), Clause 18.21 (Taxation) and paragraph (b) of Clause 18.24 (Sanctions). 

“Replacement Benchmark” means a benchmark rate which is: 

 

	 	(a)	 formally designated, nominated or recommended as the replacement for a Screen Rate by: 



 

	 	(i)	 the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate
measures is the same as that measured by the Screen Rate); or 


  

	 	(ii)	 any Relevant Nominating Body, 



and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the “Replacement
Benchmark” will be the replacement under paragraph (ii) above; 
  

	 	(b)	 in the opinion of the Majority Lenders and the Parent, generally accepted in the international or any relevant
domestic syndicated loan markets as the appropriate successor to a Screen Rate; or 


  

	 	(c)	 in the opinion of the Majority Lenders and the Parent, an appropriate successor to a Screen Rate.



 “Replacement Lender” has the meaning given to it in paragraph (a) of Clause 34.6
(Replacement of a Defaulting Lender). 
 “Representative” means any delegate, agent, manager, administrator,
nominee, attorney, trustee or custodian. 
 “Resignation Letter” means a letter substantially in the form set out in
Schedule 7 (Form of Resignation Letter). 
 “Resolution Authority” means any body which has authority to
exercise any Write-down and Conversion Powers. 
 “Retiring Guarantor” has the meaning given to it in Clause 17.8
(Release of Guarantors’ right of contribution). 

  
 19 













 “Rollover Loan” means one or more Loans under a Facility: 

 

	 	(a)	 made or to be made on the same day that a maturing Loan under that Facility is due to be repaid;



  

	 	(b)	 the aggregate amount of which is equal to or less than the amount of the maturing Loan under that Facility; and



  

	 	(c)	 made or to be made to the same Borrower for the purpose of refinancing a maturing Loan under that Facility.



 “Sanctions” means any economic, financial or trade sanctions laws, regulations, embargoes or
restrictive measures administered, enacted or enforced by the United States government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including, without
limitation, the designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, the government of Australia, the government of Canada,
the government of Japan, the government of the Republic of South Africa or any other relevant sanctions authority which replaces, or is a successor to, any of the foregoing. 

“Sanctioned Country” means a country, territory or region that is the target of Sanctions. 

“Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any
other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any
replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the
Agent may specify another page or service displaying the relevant rate after consultation with the Parent. 
 “Screen Rate
Replacement Event” means, in relation to a Screen Rate: 
  

	 	(a)	 the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders and the Parent materially changed; 


  

	 	(b)	 


  

	 	(i)	 


  

	 	(A)	 the administrator of that Screen Rate or its supervisor publicly announces that such administrator is
insolvent; or 


  

	 	(B)	 information is published in any order, decree, notice, petition or filing, however described, of or filed with
a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Screen Rate is insolvent, 



provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate; 

 

	 	(ii)	 the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that
Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen Rate; 



  
 20 














	 	(iii)	 the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or
will be permanently or indefinitely discontinued; or 


  

	 	(iv)	 the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used;
or 


  

	 	(c)	 the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with
its reduced submissions or other contingency or fallback policies or arrangements and either: 


  

	 	(i)	 the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders
and the Parent) temporary; or 


  

	 	(ii)	 that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than one
month; or 


  

	 	(d)	 in the opinion of the Majority Lenders and the Parent, that Screen Rate is otherwise no longer appropriate for
the purposes of calculating interest under this Agreement. 


 “Seventh Anniversary” has the meaning
given to it in Clause 6.3 (Facility B extension option). 
 “Sharing Finance Parties” has the meaning given to
it in Clause 27.2 (Redistribution of payments). 
 “Sharing Payment” has the meaning given to it in Clause
27.1 (Payments to Finance Parties). 
 “Sixth Anniversary” has the meaning given to it in Clause 6.3
(Facility B extension option). 
 “South African Obligor” means: 

 

	 	(a)	 the Parent; or 


  

	 	(b)	 any Additional Obligor incorporated in South Africa. 



“South Deep Mine” means the South Deep underground gold mine owned and operated by the South Deep joint venture, an
unincorporated joint venture established pursuant to a joint venture agreement entered into on 31 March 1999 (and as amended from time to time) between Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited. 

“Specified Time” means a time determined in accordance with Schedule 9 (Timetable). 

“Standard & Poor’s” means Standard & Poor’s, a division of the McGraw-Hill Companies
Inc., or any successor to its rating agency function. 
  

	 	“Subject	 Party” has the meaning given to it in paragraph (b) of Clause 12.7 (Value added tax).



  

	 	“Subsidiary”	 means, in relation to any company or corporation, a company or corporation: 



 

	 	(a)	 which is controlled, directly or indirectly, by the first mentioned company or corporation;



  

	 	(b)	 more than half the issued share capital of which is beneficially owned, directly or indirectly by the first
mentioned company or corporation; or 


  

	 	(c)	 which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,



 and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or
corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

  
 21 













 “Supplier” has the meaning given to it in paragraph (b) of Clause 12.7
(Value added tax). 
 “Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature
(including, without limitation, any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Tax Credit” has the meaning given to it in Clause 12 (Tax Gross-up and
Indemnities). 
 “Tax Declaration” has the meaning given to it in Clause 12 (Tax
Gross-up and Indemnities). 
 “Tax Deduction” means a deduction or withholding
for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. 
 “Tax Payment” means
either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax Indemnity). 

“Termination Date” means: 
  

	 	(a)	 in relation to Facility A, subject to Clause 6.2 (Facility A extension option), the third anniversary of
the date of this Agreement; and (b) in relation to Facility B, subject to Clause 6.3 (Facility B extension option), the fifth anniversary of the date of this Agreement. 



“Total Commitments” means the aggregate of the Commitments, being US$1,200,000,000 at the date of this Agreement. 

“Total Facility A Commitments” means the aggregate of the Facility A Commitments, being US$600,000,000 at the date of this
Agreement. 
 “Total Facility B Commitments” means the aggregate of the Facility B Commitments, being US$600,000,000 at the
date of this Agreement. 
 “Transfer Certificate” means a certificate substantially in the form set out in Schedule 4
(Form of Transfer Certificate) or any other form agreed between the Agent and the Parent. 
 “Transfer Date”
means, in relation to an assignment or a transfer: 
  

	 	(a)	 the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; or
(b) in the event that no Transfer Date is specified in the relevant Assignment Agreement or Transfer Certificate, the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate. 



“Treaty Lender” has the meaning given to it in Clause 12 (Tax Gross-up and
Indemnities). 
 “Treaty State” has the meaning given to it in Clause 12 (Tax
Gross-up and Indemnities). 
 “Unpaid Sum” means any sum due and payable but
unpaid by an Obligor under the Finance Documents. 
 “UK Bail-In Legislation” means
(to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the
resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings). 

  
 22 













 “US” means the United States of America. 

“Utilisation” means a utilisation of a Facility. 

“Utilisation Date” means the date of a Utilisation, being the date on which the relevant Loan is to be made. 

“Utilisation Request” means a notice substantially in the form set out in Schedule 3 (Utilisation Request). 

“VAT” means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature, including,
for the avoidance of doubt, the goods and services tax under the Australian A New Tax System (Goods and Services Tax) Act 1999. 

“Website Lenders” has the meaning given to it in paragraph (a) of Clause 19.8 (Use of websites). 

“Write-down and Conversion Powers” means: 
  

	 	(a)	 in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In
Legislation Schedule; 


  

	 	(b)	 in relation to any other applicable Bail-In Legislation:



  

	 	(i)	 any powers under that Bail-In Legislation to cancel, transfer or dilute
shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and



  

	 	(ii)	 any similar or analogous powers under that Bail-In Legislation; and



  

	 	(c)	 in relation to any UK Bail-In Legislation: 



 

	 	(i)	 any powers under that UK Bail-In Legislation to cancel, transfer or
dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if
a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and



  

	 	(ii)	 any similar or analogous powers under that UK Bail-In Legislation.




  
 23 














	1.2	 Construction 


  


	(a)	 Unless a contrary indication appears any reference in this Agreement to: 



 

	 	(i)	 the “Agent”, the “Arranger”, any “Finance Party”, any
“Lender”, any “Obligor” or any “Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 



 

	 	(ii)	 ”arm’s length” means terms that are fair and reasonable to the counterparty of a
transaction and no more or less favourable to the other party to the relevant transaction as could reasonably be expected to be obtained in a comparable arm’s length transaction with a person that is not the ultimate Holding Company of such
counterparty or an entity of which such counterparty or its ultimate Holding Company has direct or indirect control, or owns directly or indirectly more than 20 per cent. of the share capital or similar rights of ownership;



  

	 	(iii)	 ”assets” includes present and future properties, revenues and rights of every description;



  

	 	(iv)	 ”audited” means, in respect of any financial statement, those financial statements as audited
by the Auditors; 


  

	 	(v)	 ”authorisations” mean any authorisation, consent, registration, filing agreement,
notarisation, certificate, licence, approval, resolution, permit and/or authority or any exemption from any of the aforesaid, by, with or from any authority (including, without limitation, any approvals required from the South African Reserve Bank
in relation to any Finance Document or any transaction contemplated under any Finance Document); 


  

	 	(vi)	 a “Finance Document” or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended, novated, supplemented, extended, replaced or restated; 


  

	 	(vii)	 a “group of Lenders” includes all the Lenders; 



 

	 	(viii)	 a “guarantee” means (other than in Clause 17 (Guarantee and Indemnity)), any guarantee,
letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent to purchase or assume any indebtedness of any person or to make any investment in or loan to any person or to purchase
assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness; 


  

	 	(ix)	 ”indebtedness” shall be construed so as to include any obligation (whether incurred as
principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 


  

	 	(x)	 ”law” shall be construed as any law (including statutory, common or customary law), statute,
constitution, decree, judgment, treaty, regulation, directive, by-law, order, other legislative measure, requirement, request or guideline (whether or not having the force of law but, if not having the force
of law, is generally complied with by the persons to whom it is addressed or applied) of any government, supranational, local government, statutory or regulatory or self-regulatory or similar body or authority or court and the common law, as
amended, replaced, re-enacted, restated or reinterpreted from time to time; 



  
 24 














	 	(xi)	 a “person” includes any individual, firm, company, corporation, government, state or agency of
a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality); 


  

	 	(xii)	 a “regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law but complied with generally) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 



 

	 	(xiii)	 a provision of law is a reference to that provision as amended or
re-enacted; and 


  

	 	(xiv)	 a time of day is a reference to London time. 



 

	(b)	 The determination of the extent to which a rate is “for a period equal in length” to an
Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement. 


  


	(c)	 Section, Clause and Schedule headings are for ease of reference only. 



 

	(d)	 Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or
in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. 


  

	(e)	 A Default is “continuing” if it has not been remedied or waived. 



 

	1.3	 Currency Symbols and Definitions 



“US$”, “$” and “dollars” denote lawful currency of the United States of America.
“ZAR” denotes the lawful currency of the Republic of South Africa. 
  

	1.4	 Third party rights 



 

	(a)	 Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under
the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of any term of this Agreement. 


  


	(b)	 Subject to paragraph (b) of Clause 34.2 (Exceptions), but otherwise notwithstanding any term of any
Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time. 


  

	1.5	 Australian Code of Bank Practice 



The Parties agree that the Australian Code of Banking Practice does not apply to the Finance Documents and the transactions under them. 

 

	1.6	 Australian terms 



In this Agreement reference to “inability to pay its debts as they fall due” will, in relation to any member of the Group
incorporated in Australia, be deemed to include that member of the Group to the extent that it is: 
  

	 	(a)	 taken (under section 459F(1) of the Australian Corporations Act) to have failed to comply with a statutory
demand; or 


  

	 	(b)	 the subject of an event described in section 459C(2)(b) or section 585 of the Australian Corporations Act.




  
 25 













 SECTION 2 

THE FACILITIES 
  

	2.	 THE FACILITIES 



 

	2.1	 The Facilities 



Subject to the terms of this Agreement, the Lenders make available to the Borrowers: 

 

	 	(a)	 a dollar revolving loan facility in an aggregate amount equal to the Total Facility A Commitments; and



  

	 	(b)	 a dollar revolving loan facility in an aggregate amount equal to the Total Facility B Commitments.



  

	2.2	 Increase 


  

	(a)	 The Parent may by giving prior notice to the Agent after the effective date of a cancellation of the Commitment
of a Lender in accordance with: 


  

	 	(i)	 Clause 7.1 (Illegality); or 



 

	 	(ii)	 paragraph (a) of Clause 7.6 (Right of replacement or repayment and cancellation in relation to a single
Lender), 


 request that the Commitments be increased (and the Commitments shall be so increased) in an aggregate
amount of up to the amount of the Commitment so cancelled as follows: 
  

	 	(i)	 the increased Commitments will be assumed by one or more Eligible Institutions (each an “Increase
Lender“) each of which confirms in writing (whether in the relevant Increase Confirmation or otherwise) its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which
it is to assume, as if it had been an Original Lender in respect of those Commitments; 


  

	 	(ii)	 each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights
against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of that part of the increased Commitments which it is to assume; 



 

	 	(iii)	 each Increase Lender shall become a Party as a “Lender” and any Increase Lender and each of the other
Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of
that part of the increased Commitments which it is to assume; 


  

	 	(iv)	 the Commitments of the other Lenders shall continue in full force and effect; and 



 

	 	(v)	 any increase in the Commitments shall take effect on the date specified by the Parent in the notice referred to
above or any later date on which the Agent executes an otherwise duly completed Increase Confirmation delivered to it by the relevant Increase Lender. 


  

	(b)	 The Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after receipt by it of a
duly completed Increase Confirmation appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Increase Confirmation. 



  
 26 














	(c)	 The Agent shall only be obliged to execute an Increase Confirmation delivered to it by an Increase Lender once
it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender.



  

	(d)	 Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the
Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective in
accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Lender. 


  

	(e)	 The Parent shall promptly on demand pay the Agent the amount of all costs and expenses (including legal fees)
reasonably incurred by it in connection with any increase in Commitments under this Clause 2.2. 


  

	(f)	 The Increase Lender shall, on the date upon which the increase takes effect, pay to the Agent (for its own
account) a fee in an amount equal to the fee which would be payable under Clause 23.3 (Assignment or transfer fee) if the increase was a transfer pursuant to Clause 23.5 (Procedure for transfer) and if the Increase Lender was a
New Lender. 


  

	(g)	 The Parent may pay to the Increase Lender a fee in the amount and at the times agreed between the Parent and
the Increase Lender in a letter between the Parent and the Increase Lender setting out that fee. A reference in this Agreement to a Fee Letter shall include any letter referred to in this paragraph (g). 



 

	(h)	 Neither the Agent nor any Lender shall have any obligation to find an Increase Lender and in no event shall any
Lender whose Commitment is replaced by an Increase Lender be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents. 



 

	(i)	 Clause 23.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in
this Clause 2.2 in relation to an Increase Lender as if references in that Clause to: 


  

	 	(i)	 an “Existing Lender” were references to all the Lenders immediately prior to the relevant
increase; 


  

	 	(ii)	 the “New Lender” were references to that “Increase Lender”; and



  

	 	(iii)	 a “re-transfer” and “re-assignment” were references to respectively a “transfer” and “assignment”. 


  

	2.3	 Finance Parties’ rights and obligations 



 

	(a)	 The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to
perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.



  

	(b)	 The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below.
The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party’s
participation in a Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor. 



  
 27 














	(c)	 A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights
under or in connection with the Finance Documents. 


  

	3.	 PURPOSE 


  

	3.1	 Purpose 


  

	(a)	 The Original Borrowers shall apply all amounts borrowed by them under the Facilities towards:



 firstly, 
  

	 	(i)	 the repayment of the Existing Facility Agreement; 



and thereafter, 
  

	 	(ii)	 the repayment of the GF Orogen Notes; and/or 



 

	 	(iii)	 general corporate and working capital purposes of the Group. 



 

	(b)	 Each Additional Borrower shall apply all amounts borrowed by it under a Facility towards the purposes specified
in the Accession Letter to which it is a party as Additional Borrower. 


  

	3.2	 Monitoring 



No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 

 

	4.	 CONDITIONS OF UTILISATION 



 

	4.1	 Initial conditions precedent 



 

	(a)	 No Borrower may deliver a Utilisation Request unless the Agent has received all of the documents and other
evidence listed in Part I of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent. The Agent shall notify the Parent and the Lenders promptly upon being so satisfied. 



 

	(b)	 Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification. 


  

	4.2	 Further conditions precedent 



Subject to Clause 4.1 (Initial conditions precedent), the Lenders will only be obliged to comply with Clause 5.4 (Lenders’
participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 
  

	 	(a)	 in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Rollover
Loan, and in the case of any other Loan, no Default is continuing or would result from the proposed Loan; and 


  

	 	(b)	 the Repeating Representations to be made by each Obligor are true in all material respects.




  
 28 














	4.3	 Maximum number of Loans 



A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation: 

 

	 	(a)	 more than 10 Facility A Loans would be outstanding; or 



 

	 	(b)	 more than 10 Facility B Loans would be outstanding. 



  
 29 













 SECTION 3 

UTILISATION 
  

	5.	 UTILISATION 


  

	5.1	 Delivery of a Utilisation Request 



A Borrower may utilise a Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. 

 

	5.2	 Completion of a Utilisation Request 



 

	(a)	 Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:



  

	 	(i)	 it identifies the Facility to be utilised; 



 

	 	(ii)	 the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility;



  

	 	(iii)	 the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and
(iv) the proposed Interest Period complies with Clause 9 (Interest Periods). 


  

	(b)	 Only one Loan may be requested in each Utilisation Request. 



 

	5.3	 Currency and amount 



 

	(a)	 The currency specified in a Utilisation Request must be dollars. 



 

	(b)	 The amount of the proposed Loan must be an amount which is not more than the Available Facility and which is a
minimum of ten million dollars ($10,000,000) or, if less, the Available Facility. 


  

	5.4	 Lenders’ participation 



 

	(a)	 If the conditions set out in this Agreement have been met and subject to Clause 6.1 (Repayment of
Loans), each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office. 


  

	(b)	 The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its
Available Commitment to the Available Facility immediately prior to making that Loan. 


  

	(c)	 The Agent shall notify each Lender of the amount of each Loan, the amount of its participation in that Loan
and, if different, the amount of that participation to be made available in accordance with Clause 28.1 (Payments to the Agent), in each case by the Specified Time. 



 

	5.5	 Cancellation of Commitment 



 

	(a)	 The Facility A Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the
Availability Period for Facility A. 


  

	(b)	 The Facility B Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the
Availability Period for Facility B. 



  
 30 













 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6.	 REPAYMENT 


  

	6.1	 Repayment of Loans 



 

	(a)	 Each Borrower which has drawn a Loan shall repay that Loan on the last day of its Interest Period.



  

	(b)	 Without prejudice to each Borrower’s obligation under paragraph (a) above, if: 



 

	 	(i)	 one or more Loans under a Facility are to be made available to a Borrower: 



 

	 	(A)	 on the same day that a maturing Loan under that Facility is due to be repaid by that Borrower; and



  

	 	(B)	 in whole or in part for the purpose of refinancing the maturing Loan under that Facility; and



  

	 	(ii)	 the proportion borne by each Lender’s participation in the maturing Loan under that Facility to the amount
of that maturing Loan under that Facility is the same as the proportion borne by that Lender’s participation in the new Loans under that Facility to the aggregate amount of those new Loans under that Facility, 



the aggregate amount of the new Loans under that Facility shall, unless the Parent notifies the Agent to the contrary in the relevant
Utilisation Request, be treated as if applied in or towards repayment of the maturing Loan under that Facility so that: 
  

	 	(A)	 if the amount of the maturing Loan under that Facility exceeds the aggregate amount of the new Loans under that
Facility: 


  

	 	(1)	 the relevant Borrower will only be required to make a payment under Clause 28.1 (Payments to the Agent)
in an amount in the relevant currency equal to that excess; and 


  

	 	(2)	 each Lender’s participation (if any) in the new Loans under that Facility shall be treated as having been
made available and applied by the Borrower in or towards repayment of that Lender’s participation (if any) in the maturing Loan under that Facility and that Lender will not be required to make a payment under Clause 28.1 (Payments to the
Agent) in respect of its participation in the new Loans under that Facility; and 


  

	 	(B)	 if the amount of the maturing Loan under that Facility is equal to or less than the aggregate amount of the new
Loans under that Facility: 


  

	 	(1)	 the relevant Borrower will not be required to make a payment under Clause 28.1 (Payments to the Agent);
and 


  

	 	(2)	 each Lender will be required to make a payment under Clause 28.1 (Payments to the Agent) in respect of
its participation in the new Loans under that Facility only to the extent that its participation in the new Loans under that Facility exceeds that Lender’s participation in the maturing Loan under that Facility and the remainder of that
Lender’s participation in the new Loans under that Facility shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender’s participation in the maturing Loan under that Facility.




  
 31 














	6.2	 Facility A extension option 



 

	(a)	 The Parent may request that the Termination Date in relation to Facility A be extended subject to the terms of
this Clause 6.2: 


  

	 	(i)	 by giving notice to the Agent not less than 30 days (and not more than 60 days) before the date which is one
year after the date of this Agreement with the effect that the Termination Date in relation to Facility A shall be the fourth anniversary of the date of this Agreement (the “Fourth Anniversary”) with respect to the Facility A
Commitment and participation in the Facility A Loans of each Lender which agrees to such extension; and/or 


  

	 	(ii)	 by giving notice to the Agent not less than 30 days (and not more than 60 days) before the date which is two
years after the date of this Agreement: 


  

	 	(A)	 if the Parent has requested an extension pursuant to paragraph (a)(i) above and such extension was agreed
between the Parent and one or more Lenders (each an “Extending Facility A Lender”), with the effect that the Termination Date in relation to Facility A shall be the fifth anniversary of the date of this Agreement (the “Fifth
Anniversary”) with respect to the Facility A Commitment and participation in the Facility A Loans of each Extending Facility A Lender which agrees to the extension referred to in this paragraph (a)(ii)(A); or 



 

	 	(B)	 if (i) the Parent has not requested an extension pursuant to paragraph (a)(i) above or (ii) such a
request was made but was not agreed to by one or more Lenders (each such Lender a “Non-Extending Facility A Lender”), with the effect that the Termination Date in relation to Facility A shall
be the Fourth Anniversary with respect to the Facility A Commitment and participation in the Facility A Loans of each Lender or (as applicable) Non-Extending Facility A Lender which agrees to the extension in
this paragraph (a)(ii)(B). 


  

	(b)	 A notice served by the Parent pursuant to paragraph (a) of this Clause 6.2 shall be irrevocable.



  

	(c)	 The Agent shall promptly notify each Lender of any such request. 



 

	(d)	 Each Lender shall notify the Agent of its decision (which shall be in its sole discretion) whether or not to
agree to the request by the date falling not later than 15 days after the date on which the relevant Lender received the request (the “Facility A Response Deadline”) and the Agent shall promptly notify the Parent whether or not each
Lender has agreed to the request. If a Lender does not respond to a request by the Facility A Response Deadline, it will be deemed to have refused that request. 



 

	(e)	 In the event that one or more (but not all) of the Lenders agree to a request, the Parent may, promptly
following receipt of notification from the Agent pursuant to paragraph (d) above, elect by notice to the Agent to accept the extension offered by all the relevant Lender(s), in which case the Termination Date shall be extended in relation to
the Facility A Commitments and participations of such Lender(s). 


  

	(f)	 In the event that all of the Lenders agree to a request, the Termination Date shall be extended in relation to
the Facility A Commitments and participations of all such Lenders. 



  
 32 














	(g)	 Notwithstanding any other provision in this Agreement: 



 

	 	(i)	 no request for a further extension under this Clause 6.2 shall extend the Termination Date in relation to
Facility A beyond the Fifth Anniversary; and 


  

	 	(ii)	 the Lenders will only be obliged to comply with the provisions of this Clause 6.2 if on the date of any
extension request in relation to Facility A and the date falling on the third anniversary of the date of this Agreement or, in the case of an extension request requesting a further extension in relation to Facility A to the Fifth Anniversary, the
Fourth Anniversary: 


  

	 	(A)	 no Default is continuing or would result from the proposed extension; and 



 

	 	(B)	 the Repeating Representations to be made by each Obligor are true in all material respects.



  

	(h)	 If any Lender does not agree to any extension request, the Termination Date applicable to its Facility A
Commitments shall remain that Termination Date which applied to it immediately prior to the service of the relevant request and its participation in any outstanding Facility A Loan shall be repaid in accordance with Clause 6.1 (Repayment of
Loans). 


  

	(i)	 If any extension is agreed in accordance with this Clause 6.2, GF Orogen shall pay to the Agent (for the
account of each Lender that is, at that time, agreeing to that extension) a fee (at a flat percentage rate to be agreed between GF Orogen and the relevant Extending Facility A Lenders at the time of the extension) on the amount of Commitment of each
Extending Facility A Lender whose Commitment is extended in relation to Facility A. Any such fee shall be payable on the third Business Day after (i) the Parent notifies the Agent of its decision to proceed with the relevant extension in
accordance with paragraph (e) above or (ii) the date on which the Agent notifies the Parent that all of the Lenders have agreed to a request (as applicable). 



 

	6.3	 Facility B extension option 



 

	(a)	 The Parent may request that the Termination Date in relation to Facility B be extended subject to the terms of
this Clause 6.3: 


  

	 	(i)	 by giving notice to the Agent not less than 30 days (and not more than 60 days) before the date which is one
year after the date of this Agreement with the effect that the Termination Date in relation to Facility B shall be the sixth anniversary of the date of this Agreement (the “Sixth Anniversary“) with respect to the Facility B
Commitment and participation in the Facility B Loans of each Lender which agrees to such extension; and/or 


  

	 	(ii)	 by giving notice to the Agent not less than 30 days (and not more than 60 days) before the date which is two
years after the date of this Agreement: 


  

	 	(A)	 if the Parent has requested an extension pursuant to paragraph (a)(i) above and such extension was agreed
between the Parent and one or more Lenders (each an “Extending Facility B Lender“), with the effect that the Termination Date in relation to Facility B shall be the seventh anniversary of the date of this Agreement (the
“Seventh Anniversary“) with respect to the Facility B Commitment and participation in the Facility B Loans of each Extending Facility B Lender which agrees to the extension referred to in this paragraph (a)(ii)(A); or




  
 33 














	 	(B)	 if (i) the Parent has not requested an extension pursuant to paragraph (a)(i) above or (ii) such a
request was made but was not agreed to by one or more Lenders (each such Lender a “Non-Extending Facility B Lender”), with the effect that the Termination Date in relation to Facility B shall
be the Sixth Anniversary with respect to the Facility B Commitment and participation in the Facility B Loans of each Lender or (as applicable) Non-Extending Facility B Lender which agrees to the extension in
this paragraph (a)(ii)(B). 


  

	(b)	 A notice served by the Parent pursuant to paragraph (a) above shall be irrevocable. 



 

	(c)	 The Agent shall promptly notify each Lender of any such request. 



 

	(d)	 Each Lender shall notify the Agent of its decision (which shall be in its sole discretion) whether or not to
agree to the request by the date falling not later than 15 days after the date on which the relevant Lender received the request (the “Facility B Response Deadline”) and the Agent shall promptly notify the Parent whether or not each
Lender has agreed to the request. If a Lender does not respond to a request by the Facility B Response Deadline, it will be deemed to have refused that request. 



 

	(e)	 In the event that one or more (but not all) of the Lenders agree to a request, the Parent may, promptly
following receipt of notification from the Agent pursuant to paragraph (d) above, elect by notice to the Agent to accept the extension offered by all the relevant Lender(s), in which case the Termination Date shall be extended in relation to
the Facility B Commitments and participations of such Lender(s). 


  

	(f)	 In the event that all of the Lenders agree to a request, the Termination Date shall be extended in relation to
the Facility B Commitments and participations of all such Lenders. 


  

	(g)	 Notwithstanding any other provision in this Agreement: 



 

	 	(i)	 no request for a further extension under this Clause 6.3 shall extend the Termination Date in relation to
Facility B beyond the Seventh Anniversary; and 


  

	 	(ii)	 the Lenders will only be obliged to comply with the provisions of this Clause 6.3 if on the date of any
extension request in relation to Facility B and the date falling on the Fifth Anniversary or, in the case of an extension request requesting a further extension in relation to Facility B to the Seventh Anniversary, the Sixth Anniversary:



  

	 	(A)	 no Default is continuing or would result from the proposed extension; and 



 

	 	(B)	 the Repeating Representations to be made by each Obligor are true in all material respects.



  

	(h)	 If any Lender does not agree to any extension request, the Termination Date applicable to its Facility B
Commitments shall remain that Termination Date which applied to it immediately prior to the service of the relevant request and its participation in any outstanding Facility B Loan shall be repaid in accordance with Clause 6.1 (Repayment of
Loans). 


  

	(i)	 If any extension is agreed in accordance with this Clause 6.3, GF Orogen shall pay to the Agent (for the
account of each Lender that is, at that time, agreeing to that extension) a fee (at a flat percentage rate to be agreed between GF Orogen and the relevant Extending Facility B Lenders at the time of the extension) on the amount of Commitment of each




  
 34 














	 	
Extending Facility B Lender whose Commitment is extended in relation to Facility B. Any such fee shall be payable on the third Business Day after (i) the Parent notifies the Agent of its
decision to proceed with the relevant extension in accordance with paragraph (a)(ii)(e) above or (ii) the date on which the Agent notifies the Parent that all of the Lenders have agreed to a request (as applicable). 


 

	7.	 PREPAYMENT AND CANCELLATION 



 

	7.1	 Illegality 



If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to
fund or maintain its participation in any Loan (or if it becomes unlawful for any Affiliate of a Lender for that Lender to do so): 
  

	 	(a)	 that Lender shall promptly notify the Agent upon becoming aware of that event; 



 

	 	(b)	 upon the Agent notifying the Parent, the Available Commitment of that Lender will be immediately cancelled; and



  

	 	(c)	 each Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day
of the Interest Period for each Loan occurring after the Agent has notified the Parent or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted
by law) and that Lender’s corresponding Commitments shall be cancelled in the amount of the participations repaid. 


  

	7.2	 Change of control 



 

	(a)	 If any person or group of persons acting in concert gains control of the Parent: 



 

	 	(i)	 the Parent shall promptly notify the Agent upon becoming aware of that event; 



 

	 	(ii)	 a Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan) and the Agent and the Parent
shall consult about the change of control; 


  

	 	(iii)	 if the Majority Lenders so require after a period of forty-five (45) days from receipt of the notice
referred to in (i) above (provided, for the avoidance of doubt, failure of the Parent to provide such notice shall not prevent the Lenders from taking the following actions), the Agent shall by notice to the Parent, (such notice to be delivered
no later than sixty (60) days from receipt of the notice referred to in paragraph (i) above), cancel the Total Commitments and declare all outstanding Loans, together with accrued interest and all other amounts accrued under the Finance
Documents immediately due and payable, whereupon the Total Commitments will be cancelled and all such outstanding amounts will become immediately due and payable; 



 

	 	(iv)	 if the Majority Lenders do not require cancellation and prepayment in accordance with paragraph
(iii) above, a Lender may by notice to the Agent which shall be delivered not earlier than forty-five (45) days nor later than sixty (60) days from receipt of the notice referred to in paragraph (i) above, whereupon the Agent
shall by notice to the Parent (such notice to be delivered promptly after receipt of such Lender notification), cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued
interest thereon and all other amounts due to such Lender under the Finance Documents immediately due and payable, whereupon the Commitment of that Lender will be cancelled and all such outstanding amounts will become immediately due and payable.




  
 35 














	(b)	 For the purpose of paragraph (a) above “control” means: 



 

	 	(i)	 the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:



  

	 	(A)	 cast, or control the casting of, more than one-half of the maximum
number of votes that might be cast at a general meeting of the Parent; 


  

	 	(B)	 appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent; or



  

	 	(C)	 give directions with respect to the operating and financial policies of the Parent which the directors or other
equivalent officers of the Parent are obliged to comply with; or 


  

	 	(ii)	 the holding of more than one-half of the issued share capital of the
Parent (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital). 



 

	(c)	 For the purpose of paragraph (a) above “acting in concert” means, a group of persons who,
pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the Parent, to obtain or
consolidate control of the Parent. 


  

	7.3	 Voluntary cancellation 



During the Availability Period, the Parent may, if it gives the Agent not less than five (5) Business Days’ (or such shorter period
as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of US$10,000,000) of an Available Facility. Any cancellation under this Clause 7.3 shall reduce the Commitments of the Lenders rateably under that
Facility. 
  

	7.4	 Voluntary Prepayment of Facility A Loans 



 

	(a)	 The Borrower to which a Facility A Loan has been made may, if it gives the Agent not less than five
(5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Facility A Loan (but if in part, being an amount that reduces the amount of the Facility A Loan by a minimum
amount of US$10,000,000). 


  

	7.5	 Voluntary Prepayment of Facility B Loans 



 

	(a)	 The Borrower to which a Facility B Loan has been made may, if it gives the Agent not less than five
(5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Facility B Loan (but if in part, being an amount that reduces the amount of the Facility B Loan by a minimum
amount of US$10,000,000). 


  

	7.6	 Right of replacement or repayment and cancellation in relation to a single Lender 



 

	(a)	 If: 


  

	 	(i)	 any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 12.2
(Tax gross-up); or 


  

	 	(ii)	 any Lender claims indemnification from the Parent under Clause 12.3 (Tax indemnity) or Clause 13.1
(Increased costs), 



  
 36 













 the Parent may, whilst the circumstance giving rise to the requirement for that increase or
indemnification continues, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans or give the Agent notice of its intention to replace that
Lender in accordance with paragraph (d) below. 
  

	(b)	 On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender
shall immediately be reduced to zero whereupon the Total Commitments shall be reduced by the same amount. 


  

	(c)	 On the last day of each Interest Period which ends after the Parent has given notice of cancellation under
paragraph (a) above (or, if earlier, the date specified by the Parent in that notice), each Borrower to which a Loan is outstanding shall repay that Lender’s participation in that Loan. 



 

	(d)	 The Parent may, if the circumstances set out in paragraph (a) above apply to a Lender or if an Obligor
becomes obliged to pay any amount in accordance with Clause 7.1 (Illegality) to any Lender, on five (5) Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent
permitted by law, that Lender shall) transfer pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution which confirms its willingness to assume and
does assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount
of such Lender’s participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under Clause 23.9 (Pro rata interest settlement)), Break Costs and other amounts payable in
relation thereto under the Finance Documents. 


  

	(e)	 The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions:



  

	 	(i)	 the Parent shall have no right to replace the Agent; 



 

	 	(ii)	 neither the Agent nor any Lender shall have any obligation to find a replacement Lender; 



 

	 	(iii)	 in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of the
fees received by such Lender pursuant to the Finance Documents; and 


  

	 	(iv)	 the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (d) above
once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that transfer and the Lender shall perform such “know your
customer” or other similar checks as soon as reasonably practicable following delivery of a notice referred to in paragraph (d) above and shall notify the Agent and the Parent when it is satisfied that it has complied with those checks.



  

	7.7	 Restrictions 


  


	(a)	 Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and,
unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 



  
 37 














	(b)	 Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and,
subject to any Break Costs, without premium or penalty. 


  

	(c)	 Unless a contrary indication appears in this Agreement any part of a Facility which is prepaid or repaid may be
reborrowed in accordance with the terms of this Agreement. 


  

	(d)	 The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the
Commitments except at the times and in the manner expressly provided for in this Agreement. 


  

	(e)	 Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this Agreement may
be subsequently reinstated. 


  

	(f)	 If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to either
the Parent or the affected Lender, as appropriate. 


  

	(g)	 If all or part of any Lender’s participation in a Loan under a Facility is repaid or prepaid and is not
available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)), an amount of that Lender’s Commitment (equal to the amount of the participation which is repaid or prepaid) in respect of that Facility will
be deemed to be cancelled on the date of repayment or prepayment. 


  

	7.8	 Application of prepayments 



Any prepayment of a Loan pursuant to paragraph (a)(iii) of Clause 7.2 (Change of control), Clause 7.4 (Voluntary Prepayment of
Facility A Loans) or Clause 7.5 (Voluntary Prepayment of Facility B Loans) shall be applied pro rata to each Lender’s participation in that Loan. 
  

	7.9	 Right of cancellation in relation to a Defaulting Lender 



 

	(a)	 If any Lender becomes a Defaulting Lender, the Parent may, at any time whilst the Lender continues to be a
Defaulting Lender, give the Agent five (5) Business Days’ notice of cancellation of each Available Commitment of that Lender. 


  

	(b)	 On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the
Defaulting Lender shall immediately be reduced to zero. 


  

	(c)	 The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above,
notify all the Lenders. 



  
 38 













 SECTION 5 

COSTS OF UTILISATION 
  

	8.	 INTEREST 


  

	8.1	 Calculation of interest 



The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: 

 

	 	(a)	 Margin; and 


  

	 	(b)	 LIBOR. 


  

	8.2	 Payment of interest 



Each Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period (and, if the
Interest Period is longer than six (6) months, on the dates falling at 6 (six) Monthly intervals after the first day of the relevant Interest Period). 
  

	8.3	 Margin 



Subject to Clause 8.4 (Margin Adjustments): 
  

	 	(a)	 the Margin in relation to each Facility A Loan is 1.45 per cent. per annum; and 



 

	 	(b)	 the Margin in relation to each Facility B Loan is 1.70 per cent. per annum. 



 

	8.4	 Margin Adjustments 



 

	(a)	 The Margin for all Loans shall, on each date on which the Parent notifies the Agent that a revised long term
credit rating assigned to the Parent by either Moody’s or Standard & Poor’s is published or withdrawn, be adjusted to the percentage rate set out opposite the relevant long term credit rating assigned to the Parent in the table
below. 


  

													
	 Rating (Standard & Poor’s)
	  	Rating (Moody’s)	 	  	Facility A Margin p.a.	 	 	Facility B Margin p.a.	 
	 BBB+
	  	 	Baa1	 	  	 	0.90	% 	 	 	1.15	% 
	 BBB
	  	 	Baa2	 	  	 	1.00	% 	 	 	1.30	% 
	 BBB-
	  	 	Baa3	 	  	 	1.25	% 	 	 	1.50	% 
	 BB+
	  	 	Ba1	 	  	 	1.65	% 	 	 	1.90	% 
	 BB
	  	 	Ba2	 	  	 	2.15	% 	 	 	2.40	% 
	 BB-
	  	 	Ba3	 	  	 	2.65	% 	 	 	2.90	% 

  

	(b)	 Any adjustment to the Margin (whether upwards or downwards) will apply from the date on which the Parent
notifies the Agent of the publication of the relevant change to, or to the extent applicable, the withdrawal of the long term credit rating assigned to the Parent by Moody’s or Standard & Poor’s. 



 

	(c)	 If at any time there is a difference in the long term credit ratings assigned to the Parent by each of
Standard & Poor’s and Moody’s, the applicable Margin will be the average of the Margins applicable to the relevant ratings. 



  
 39 














	(d)	 If at any time only one of Standard & Poor’s or Moody’s assigns a long term credit rating to
the Parent or if either Standard & Poor’s or Moody’s ceases to assign a long term credit rating to the Parent: 


  

	 	(i)	 the applicable Margin will be the average of (x) the Margin applicable to the rating assigned by the
remaining rating agency or the rating agency that has issued a rating (as applicable) and (y) the applicable Margin set out in the table above opposite the ratings BB- in the case of Standard &
Poor’s and Ba3 in the case of Moody’s; or 


  

	 	(ii)	 the Parent may obtain a substitute rating from another statistical rating agency acceptable to the Agent,
acting reasonably, but until such time as a substitute rating agency is appointed by the Parent and has assigned a long term credit rating to the Parent, the Margin shall be determined in accordance with paragraph (i) above.



  

	(e)	 Following any substitution under paragraph (d)(ii) above, references in this Clause 8.4 to Moody’s or
Standard & Poor’s as the case may be shall be to such substitute rating agency. 


  

	(f)	 If none of Moody’s, Standard & Poor’s or any other statistical ratings agency appointed by
the Parent under paragraph (d)(ii) above, assign a long term credit rating to the Parent, the Margin set out in the table above opposite the ratings BB- in the case of Standard & Poor’s and Ba3
in the case of Moody’s will apply. 


  

	(g)	 Notwithstanding any other provision, if at any time an Event of Default is continuing: 



 

	 	(i)	 the Margin in relation to Facility A will be 2.65 per cent. per annum; and 



 

	 	(ii)	 the Margin in relation to Facility B will be 2.90 per cent. per annum. 



 

	(h)	 If the relevant Event of Default ceases to be continuing, the Margin will be calculated in accordance with
paragraph (a) above, and shall take effect in relation to each Loan from the next Business Day after the date on which the relevant Event of Default ceases to be continuing. 



 

	(i)	 The Parent shall notify the Agent promptly upon (and in any event within three (3) Business Days) becoming
aware that Moody’s, and/or Standard & Poor’s and/or any other statistical ratings agency as appointed by the Parent under paragraph (d)(ii) above has published or withdrawn a long term credit rating assigned to the Parent.



  

	8.5	 Default interest 



 

	(a)	 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall
accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is 1 per cent. per annum higher than the rate which would have been payable
if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting
reasonably). Any interest accruing under this Clause 8.5 shall be immediately payable by that Obligor on demand by the Agent. 


  

	(b)	 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of
an Interest Period relating to that Loan: 


  

	 	(i)	 the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the
current Interest Period relating to that Loan; and 



  
 40 














	 	(ii)	 the rate of interest applying to the overdue amount during that first Interest Period shall be 1 per cent.
per annum higher than the rate which would have applied if the overdue amount had not become due. 


  

	(c)	 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end
of each Interest Period applicable to that overdue amount but will remain immediately due and payable. 


  

	8.6	 Notification of rates of interest 



The Agent shall promptly notify the Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement. 

 

	9.	 INTEREST PERIODS 



 

	9.1	 Selection of Interest Periods 



 

	(a)	 A Borrower (or the Parent on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation
Request for that Loan. 


  

	(b)	 Subject to this Clause 9, a Borrower may select an Interest Period of one (1), two (2), three (3) or six
(6) months or any other period agreed between the Borrower (or the Parent) and the Agent (acting on the instructions of all the Lenders) in relation to the relevant Loan. 



 

	(c)	 An Interest Period for a Loan under a Facility shall not extend beyond the then earliest Termination Date
applicable to that Facility which applies to a Lender participating in that Loan. 


  

	(d)	 A Loan has one Interest Period only. 



 

	9.2	 Non-Business Days 



If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day
in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	10.	 CHANGES TO THE CALCULATION OF INTEREST 



 

	10.1	 Unavailability of Screen Rate 



 

	(a)	 Interpolated Screen Rate: If no Screen Rate is available for LIBOR for the Interest Period of a Loan,
the applicable LIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan. 


  

	(b)	 Reference Bank Rate: If no Screen Rate is available for LIBOR for: 



 

	 	(i)	 the currency of a Loan; or 



 

	 	(ii)	 the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, the applicable
LIBOR shall be the Reference Bank Rate as of the Specified Time for the currency of that Loan and for a period equal in length to the Interest Period of that Loan. 



 

	(c)	 Cost of funds: If paragraph (b) above applies but no Reference Bank Rate is available for the
relevant currency or Interest Period there shall be no LIBOR for that Loan and Clause 10.4 (Cost of funds) shall apply to that Loan for that Interest Period. 



  
 41 














	10.2	 Calculation of Reference Bank Rate 



 

	(a)	 Subject to paragraph (b) below, if LIBOR is to be determined on the basis of a Reference Bank Rate but a
Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks. 



 

	(b)	 If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation, there
shall be no Reference Bank Rate for the relevant Interest Period. 


  

	10.3	 Market Disruption 



If, before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or
Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to it of funding its participation in that Loan from the wholesale market for the relevant currency would be in excess of LIBOR then Clause 10.4 (Cost of
funds) shall apply to that Loan for the relevant Interest Period. 
  

	10.4	 Cost of funds 



 

	(a)	 If this Clause 10.4 applies, the rate of interest on each Lender’s share of the relevant Loan for the
relevant Interest Period shall be the percentage rate per annum which is the sum of: 


  

	 	(i)	 the Margin; and 


  

	 	(ii)	 the rate notified to the Agent by that Lender as soon as practicable and in any event not later than 5.00 p.m.
(London time) on the Quotation Day for the relevant Interest Period (provided that if such Lender is unable to notify the Agent of such rate not later than 5.00 p.m. (London time) on the Quotation Day for the relevant Interest Period, it shall do so
before interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select.



  

	(b)	 If this Clause 10.4 applies and the Agent or the Parent so requires, the Agent and the Parent shall enter into
negotiations (for a period of not more than thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest. 


  

	(c)	 Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the
Lenders and the Parent, be binding on all Parties. 


  

	(d)	 If this Clause 10.4 applies pursuant to Clause 10.3 (Market disruption) and: 



 

	 	(i)	 a Lender’s Funding Rate is less than LIBOR; or 



 

	 	(ii)	 a Lender does not supply a quotation by the time specified in paragraph (a)(ii) above, the cost to that Lender
of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be LIBOR. 


  

	10.5	 Notification to Parent 



If Clause 10.4 (Cost of funds) applies the Agent shall, as soon as is practicable, notify the Parent. 

 

	10.6	 Break Costs 


  

	(a)	 Each Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance
Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum. 



  
 42 














	(b)	 Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Costs for any Interest Period in which they accrue. 


  

	11.	 FEES 


  

	11.1	 Commitment fee 



 

	(a)	 GF Orogen (or a Borrower nominated by GF Orogen) shall pay to the Agent (for the account of each Lender) a fee
(in dollars) computed at the rate of 35 per cent. of the applicable Margin per annum on that Lender’s Available Commitment accruing from the earlier of: 



 

	 	(i)	 the first Utilisation Date; and 



 

	 	(ii)	 20 Business Days after the date of this Agreement. 



 

	(b)	 The accrued commitment fee in respect of each Facility is payable on: 



 

	 	(i)	 the last day of each successive period of three (3) Months commencing from the earlier of:



  

	 	(A)	 the first Utilisation Date; and 



 

	 	(B)	 20 Business Days after the date of this Agreement; 



 

	 	(ii)	 on the last day of the relevant Availability Period; and 



 

	 	(iii)	 if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the
cancellation is effective. 


  

	(c)	 No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of that
Lender for any day on which that Lender is a Defaulting Lender. 


  

	11.2	 Arrangement fee 



GF Orogen (or a Borrower nominated by GF Orogen) shall pay to the Agent (for the account of the Arranger) an arrangement fee in the amount and
at the times agreed in a Fee Letter. 
  

	11.3	 Agency fee 



GF Orogen (or a Borrower nominated by GF Orogen) shall pay to the Agent (for its own account) an agency fee in the amount and at the times
agreed in a Fee Letter. 
  

	11.4	 Utilisation fee 



 

	(a)	 Where the principal amount outstanding of the drawn Loans under Facility A, expressed as a percentage of the
Total Facility A Commitments, fall within a percentage range set out in the left hand column below, GF Orogen (or a Borrower nominated by GF Orogen) shall pay to the Agent (for the account of each Lender in respect of its participation in the
Facility A Loan(s)) a utilisation fee which shall be computed at a rate equal to the rate per annum set out opposite such percentage range in the right hand column below on the total outstanding Facility A Loans. Utilisation fees are calculated on a
day to day basis and accrued utilisation fees are payable quarterly in arrear until the Termination Date in respect of Facility A and on the date a Lender’s Facility A Commitment is cancelled in full. 



 

					
	 Facility A Loans outstanding (as a percentage of the Total Facility A
Commitments)
	 	Utilisation Fee
(per annum)	 
	 Less than or equal to 331⁄3%
	 	 	0.10	% 
	 Greater than
331⁄3% and less than or equal to 662⁄3%
	 	 	0.20	% 
	 Greater than
662⁄3%
	 	 	0.40	% 


  
 43 














	(b)	 Where the principal amount outstanding of the drawn Loans under Facility B, expressed as a percentage of the
Total Facility B Commitments, fall within a percentage range set out in the left hand column below, GF Orogen (or a Borrower nominated by GF Orogen) shall pay to the Agent (for the account of each Lender in respect of its participation in the
Facility B Loan(s)) a utilisation fee which shall be computed at a rate equal to the rate per annum set out opposite such percentage range in the right hand column below on the total outstanding Facility B Loans. Utilisation fees are calculated on a
day to day basis and accrued utilisation fees are payable quarterly in arrear until the applicable Termination Date in respect of Facility B and on the date a Lender’s Facility B Commitment is cancelled in full. 



 

					
	 Facility B Loans outstanding (as a percentage of the Total Facility B
Commitments)
	  	Utilisation Fee
(per annum)	 
	 Less than or equal to 331⁄3%
	  	 	0.10	% 
	 Greater than
331⁄3% and less than or equal to 662⁄3%
	  	 	0.20	% 
	 Greater than
662⁄3%
	  	 	0.40	% 


  
 44 













 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	12.	 TAX GROSS-UP AND INDEMNITIES 



 

	12.1	 Definitions 


  

	(a)	 In this Clause 12: 



“Income Tax Act” means the Income Tax Act no 58 of 1962, as amended of South Africa. 

“ Qualifying Lender” means a Lender which is beneficially entitled to interest (as defined in section 24J(1) of the Income Tax
Act) payable to that Lender in respect of an advance under a Finance Document and is: 
  

	 	(i)	 a Lender which is tax resident in South Africa; 



 

	 	(ii)	 a Lender which is not tax resident in South Africa if: 



 

	 	(A)	 such advance in respect of which that interest is paid is effectively connected with or attributable to a
permanent establishment of that Lender in South Africa; 


  

	 	(B)	 that Lender is registered as a taxpayer in terms of Chapter 3 of the Tax Administration Act, 2011 of South
Africa; and 


  

	 	(C)	 that Lender has by the due date for payment of that interest submitted to the Borrower a Tax Declaration; or



  

	 	(iii)	 a Treaty Lender that has by the due date for payment of that interest submitted to the relevant Borrower a Tax
Declaration. 


 “Tax Credit” means a credit against, relief or remission for, or repayment of any Tax.

 “Tax Declaration” means, in respect of a Qualifying Lender and a payment of interest from a South African Obligor to that
Qualifying Lender: 
  

	 	(i)	 in the case of a Qualifying Lender referred to in paragraph (ii) of the definition of “Qualifying
Lender”, a declaration in such form as may be prescribed by the Commissioner for the South African Revenue Service pursuant to section 50E(2) of the Income Tax Act that that Lender is, in terms of section 50D(3) of the Income Tax Act, exempt
from the withholding tax on interest in respect of that payment; and 


  

	 	(ii)	 in the case of a Qualifying Lender referred to in paragraph (iii) of the definition of “Qualifying
Lender”, a declaration in such form as may be prescribed by the Commissioner for the South African Revenue Service pursuant to section 50E(3) of the Income Tax Act that that payment of interest is, in terms of section 50E(3) of the Income Tax
Act, subject to a rate of withholding tax reduced to zero as a result of any applicable Treaty. 


 “Treaty
Lender” means a Lender which: 
  

	 	(i)	 is treated as a resident of a Treaty State for the purposes of a Treaty; 



 

	 	(ii)	 does not carry on a business in South Africa through a permanent establishment, as defined in the Income Tax
Act, with which that Lender’s participation in the Loan is effectively connected; and 



  
 45 














	 	(iii)	 otherwise qualifies under the terms of a Treaty for full exemption from tax imposed by South Africa on
interest. 


 “Treaty State” means a jurisdiction having an agreement for the avoidance of double taxation
and the prevention of fiscal evasion with respect to taxes on income (a “Treaty”) with South Africa which makes provision for full exemption from Tax imposed by South Africa on interest. 

 

	(b)	 Unless this Clause expressly provides to the contrary a reference to “determines” or
“determined” means a determination made in the absolute discretion of the person making the determination. 


  

	12.2	 Tax gross-up 



 

	(a)	 Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is
required by law. 


  

	(b)	 An Obligor shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in
the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall
notify the Parent and, if applicable, that Obligor. 


  

	(c)	 If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor
shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 



 

	(d)	 A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax
imposed by South Africa if, on the date on which the payment falls due the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to
be a “Qualifying Lender” other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published
concession of any relevant taxing authority. 


  

	(e)	 If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment
required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. 


  

	(f)	 Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that
Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any
appropriate payment paid to the relevant taxing authority. 


  

	(g)	 A Qualifying Lender (or a Lender who would be a Qualifying Lender but for the fact that it has not submitted a
Tax Declaration) and each Obligor which makes a payment to which that Qualifying Lender (or a Lender who would be a Qualifying Lender but for the fact that it has not submitted a Tax Declaration) is entitled shall
co-operate in completing any procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction (including the submission of any Tax Declaration to the
relevant Borrower required to benefit from an exemption from withholding tax on interest). 



  
 46 














	12.3	 Tax indemnity 



 

	(a)	 An Obligor shall (within three (3) Business Days of demand by the Agent) pay to a Finance Party an amount
equal to the loss, liability or cost which that Finance Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Finance Party in respect of a Finance Document. 



 

	(b)	 Paragraph (a) above shall not apply: 



 

	 	(i)	 with respect to any Tax assessed on a Finance Party: 



 

	 	(A)	 under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the
jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or 


  

	 	(B)	 under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of
amounts received or receivable in that jurisdiction, 


 if that Tax is imposed on or calculated by reference to the net
income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or 
  

	 	(ii)	 to the extent a loss, liability or cost: 



 

	 	(A)	 is compensated for by an increased payment under Clause 12.2 (Tax
gross-up); 


  

	 	(B)	 would have been compensated for by an increased payment under Clause 12.2 (Tax
gross-up) but was not so compensated solely because the exclusion in paragraph (d) of Clause 12.2 (Tax gross-up) applied; or 



 

	 	(C)	 relates to a FATCA Deduction required to be made by a Party. 



 

	(c)	 A Finance Party making, or intending to make a claim under paragraph (a) above shall promptly notify the
Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Obligor. 


  

	(d)	 A Finance Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Agent.



  

	12.4	 Tax Credit 



If an Obligor makes a Tax Payment and the relevant Finance Party determines that: 

 

	 	(a)	 a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, to that Tax
Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and 


  

	 	(b)	 that Finance Party has obtained and utilised that Tax Credit, 



the Finance Party shall pay an amount to such Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by such Obligor. 
  

	12.5	 Lender status confirmation 



Each Lender which is not an Original Lender shall indicate, in the documentation which it executes on becoming a Party as a Lender, and for the
benefit of the Agent and without liability to any Obligor, which of the following categories it falls in: 
  

	 	(a)	 not a Qualifying Lender; 



  
 47 














	 	(b)	 a Qualifying Lender (other than a Treaty Lender); or 



 

	 	(c)	 a Treaty Lender. 


  

	(b)	 If such a Lender fails to indicate its status in accordance with this Clause 12.5 then that Lender shall be
treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Obligors).
For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 12.5. 



 

	12.6	 Stamp taxes 



GF Orogen shall pay and, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability that
Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 
  

	12.7	 Value added tax 



 

	(a)	 All amounts set out or expressed in a Finance Document to be payable by any Party to a Finance Party which (in
whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to paragraph (b) below, if VAT is or
becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document, that Party shall pay to the Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to
the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such Party). 


  

	(b)	 If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to
any other Finance Party (the “Recipient”) under a Finance Document, and any Party other than the Recipient (the “Subject Party”) is required by the terms of any Finance Document to pay an amount equal to the
consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect of that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount
equal to the amount of such VAT. The Recipient will promptly pay to the Subject Party an amount equal to any credit or repayment obtained by the Recipient from the relevant tax authority which the Recipient reasonably determines is in respect of
such VAT. 


  

	(c)	 Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense,
that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is
entitled to credit or repayment in respect of such VAT from the relevant tax authority. 


  

	(d)	 Any reference in this Clause 12.7 to any Party shall, at any time when such Party is treated as a member of a
group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the
grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any other similar provision in any jurisdiction which is not a member




  
 48 














	 	
state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for
VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant time (as the case may be). 


 

	(e)	 In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting
requirements in relation to such supply. 


  

	12.8	 FATCA Information 



 

	(a)	 Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by
another Party: 


  

	 	(i)	 confirm to that other Party whether it is: 



 

	 	(A)	 a FATCA Exempt Party; or 



 

	 	(B)	 not a FATCA Exempt Party; 



 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and 


  

	 	(iii)	 supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation, or exchange of information regime. 


  

	(b)	 If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. 


  

	(c)	 Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall
not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: 


  

	 	(i)	 any law or regulation; 



 

	 	(ii)	 any fiduciary duty; or 



 

	 	(iii)	 any duty of confidentiality. 



 

	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and
payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 



 

	12.9	 FATCA Deduction 



 

	(a)	 Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 



  
 49 














	(b)	 Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change
in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition, shall notify the Parent, the Agent and the other Finance Parties. 



 

	13.	 INCREASED COSTS 



 

	13.1	 Increased costs 



 

	(a)	 Subject to Clause 13.3 (Exceptions) GF Orogen (or a Borrower nominated by GF Orogen) shall, within
twenty (20) Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of: 



 

	 	(i)	 the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation after the date of this Agreement; 


  

	 	(ii)	 compliance with any law or regulation made after the date of this Agreement; or 



 

	 	(iii)	 the implementation or application of, or compliance with, Basel III or any law or regulation that implements or
applies Basel III (except, in each case, to the extent that any such costs were reasonably capable of being calculated by the relevant Finance Party as at the date of this Agreement or the date on which it became a party to this Agreement).



  

	(b)	 In this Agreement: 


  

	 	(i)	 “Basel III” means 



 

	 	(A)	 the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III:
A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the
countercyclical capital buffer” published by the Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented or restated; 



 

	 	(B)	 the rules for global systemically important banks contained in “Global systemically important banks;
assessment methodology and the additional loss absorbency requirement—Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 



 

	 	(C)	 any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel III”. 


  

	 	(ii)	 “Increased Costs” means: 



 

	 	(A)	 a reduction in the rate of return from the Facilities or on a Finance Party’s (or its Affiliate’s)
overall capital; 


  

	 	(B)	 an additional or increased cost; or 



 

	 	(C)	 a reduction of any amount due and payable under any Finance Document, 



which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having
entered into its Commitment or funding or performing its obligations under any Finance Document. 

  
 50 














	13.2	 Increased cost claims 



 

	(a)	 A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the
Agent of the event giving rise to the claim (provided that the relevant Finance Party will not be obliged to divulge any confidential or price-sensitive information), following which the Agent shall promptly notify GF Orogen. 



 

	(b)	 Each Finance Party shall, together with the notification in paragraph (a) above, provide a certificate to
the Agent: 


  

	 	(i)	 confirming the amount of its Increased Costs; 



 

	 	(ii)	 outlining the basis of its calculation (in reasonable detail) (provided that the relevant Finance Party will
not be obliged to divulge any confidential or price-sensitive information or information or detail that the Finance Party is not legally allowed to disclose (even if the recipient has given appropriate confidentiality undertakings)); and



  

	 	(iii)	 confirming that it is the policy of that Finance Party to make claims from similar borrowers under similar
facilities (provided that the relevant Finance Party will not be obliged to divulge any confidential or price-sensitive information or information or detail that the Finance Party is not legally allowed to disclose (even if the recipient has given
appropriate confidentiality undertakings)), (for the avoidance of doubt, a written statement by a Finance Party confirming that it is the policy of that Finance Party to make claims from similar borrowers under similar facilities will be sufficient
evidence and no Finance Party will be required to provide any further evidence or otherwise substantiate its position concerning Basel III), 



following which the Agent shall promptly forward that certificate to GF Orogen. 

 

	13.3	 Exceptions 



Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: 

 

	 	(a)	 attributable to a Tax Deduction required by law to be made by an Obligor; 



 

	 	(b)	 attributable to a FATCA Deduction required to be made by a Party; 



 

	 	(c)	 compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3
(Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 12.3 (Tax indemnity) applied); 


  

	 	(d)	 attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or



  

	 	(e)	 attributable to the implementation or application of or compliance with the bank levy imposed by the United
Kingdom government under the Finance Act 2011 in the form existing on the date of this Agreement (the “UK Bank Levy”) or any other law or regulation which implements the UK Bank Levy (whether such implementation, application or
compliance is by a government, regulator, Finance Party or any of its Affiliates). 


  

	14.	 OTHER INDEMNITIES 



 

	14.1	 Currency indemnity 



 

	(a)	 If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment
or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:



  

	 	(i)	 making or filing a claim or proof against that Obligor; 



  
 51 














	 	(ii)	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,



 that Obligor shall as an independent obligation, within five (5) Business Days of demand, indemnify each Finance
Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second
Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	(b)	 Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in
a currency or currency unit other than that in which it is expressed to be payable. 


  

	14.2	 Other indemnities 



GF Orogen (or a Borrower nominated by GF Orogen) shall, within five (5) Business Days of demand, indemnify each Finance Party against any
cost, loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	 the occurrence of any Event of Default; 



 

	 	(b)	 a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without
limitation, any cost, loss or liability arising as a result of Clause 27 (Sharing among the Finance Parties); 


  

	 	(c)	 funding, or making arrangements to fund, its participation in a Loan requested by a Borrower in a Utilisation
Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or 



 

	 	(d)	 a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or
the Parent. 


  

	14.3	 Indemnity to the Agent 



The Parent shall promptly indemnify the Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

  

	 	(a)	 investigating any event which it reasonably believes is a Default; 



 

	 	(b)	 acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; or 


  

	 	(c)	 instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement. 


  

	15.	 MITIGATION BY THE LENDERS 



 

	15.1	 Mitigation 


  

	(a)	 Each Finance Party shall, in consultation with the Parent, take all reasonable steps to mitigate any
circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax Gross-up and
Indemnities) or Clause 13 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 



  
 52 














	(b)	 Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.



  

	15.2	 Limitation of liability 



 

	(a)	 The Parent shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance
Party as a result of steps taken by it under Clause 15.1 (Mitigation). 


  

	(b)	 A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of
that Finance Party (acting reasonably), to do so might be prejudicial to it. 


  

	16.	 COSTS AND EXPENSES 



 

	16.1	 Transaction expenses 



GF Orogen (or a Borrower nominated by GF Orogen) shall, promptly within five (5) Business Days of demand, pay the Agent and the Arranger
the amount of all costs and expenses (including legal fees but subject to any separately agreed cap) reasonably incurred by any of them in connection with the negotiation, preparation, printing and execution of: 

 

	 	(a)	 this Agreement and any other documents referred to in this Agreement; and 



 

	 	(b)	 any other Finance Documents executed after the date of this Agreement, 



 

	 	(c)	 subject to a cap of ten thousand dollars ($10,000) (provided, however, that such cap shall not include the
legal fees, which shall be subject to a separately agreed cap). 


  

	16.2	 Amendment costs 



If (a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 28.10 (Change of
currency), GF Orogen (or a Borrower nominated by GF Orogen) shall, within five (5) Business Days of demand, reimburse the Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding
to, evaluating, negotiating or complying with that request or requirement. 
  

	16.3	 Enforcement costs 



GF Orogen (or a Borrower nominated by GF Orogen) shall, within five (5) Business Days of demand, pay to each Finance Party the amount of
all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 

  
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 SECTION 7 

GUARANTEE 
  

	17.	 GUARANTEE AND INDEMNITY 



 

	17.1	 Guarantee and indemnity 



Each Guarantor irrevocably and unconditionally jointly and severally: 
  


	 	(a)	 guarantees to each Finance Party punctual performance by each Borrower and the Parent of all that
Borrower’s and the Parent’s obligations under the Finance Documents; 


  

	 	(b)	 undertakes with each Finance Party that whenever a Borrower or the Parent does not pay any amount when due
under or in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and 


  

	 	(c)	 agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or
illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand (and shall make the relevant payment within five (5) Business Days of demand) against any cost, loss or liability it incurs as a
result of a Borrower or the Parent not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a
Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 17 if the amount claimed had been recoverable on the basis of a guarantee. 



 

	17.2	 Continuing guarantee 



This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents,
regardless of any intermediate payment or discharge in whole or in part. 
  

	17.3	 Reinstatement 



If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or
otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of each Guarantor under this Clause 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 
  

	17.4	 Waiver of defences 



The obligations of each Guarantor under this Clause 17 will not be affected by an act, omission, matter or thing which, but for this Clause 17,
would reduce, release or prejudice any of its obligations under this Clause 17 (without limitation and whether or not known to it or any Finance Party) including: 
  

	 	(a)	 any time, waiver or consent granted to, or composition with, any Obligor or other person;



  

	 	(b)	 the release of any other Obligor or any other person under the terms of any composition or arrangement with any
creditor of any member of the Group; 


  

	 	(c)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement
in respect of any instrument or any failure to realise the full value of any security; 



  
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	 	(d)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of an Obligor or any other person; 


  

	 	(e)	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Finance Document or any other document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance
Document or other document or security; 


  

	 	(f)	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or
any other document or security; or 


  

	 	(g)	 any insolvency or similar proceedings. 



 

	17.5	 Immediate recourse 



Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or
enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 17. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 

 

	17.6	 Appropriations 



Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same;
and 


  

	 	(b)	 hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor’s liability under this Clause 17. 


  

	17.7	 Deferral of Guarantors’ rights 



Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising,
under this Clause 17: 
  

	 	(a)	 to be indemnified by an Obligor; 



 

	 	(b)	 to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance
Documents; 


  

	 	(c)	 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the
Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; 



  
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	 	(d)	 to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any
obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1 (Guarantee and indemnity); 


  

	 	(e)	 to exercise any right of set-off against any Obligor; and/or



  

	 	(f)	 to claim or prove as a creditor of any Obligor in competition with any Finance Party. 



If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to
the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or
transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 28 (Payment Mechanics) 
  

	17.8	 Release of Guarantors’ right of contribution 



If any Guarantor (a “Retiring Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents for
the purpose of any sale or other disposal of that Retiring Guarantor, then on the date such Retiring Guarantor ceases to be a Guarantor: 
  

	 	(a)	 that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future
and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and 



 

	 	(b)	 each other Guarantor waives any rights it may have by reason of the performance of its obligations under the
Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance
Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor. 


  

	17.9	 Additional security 



This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance
Party. 

  
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 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	18.	 REPRESENTATIONS 



Each Obligor makes the representations and warranties set out in this Clause 18 to each Finance Party. 

 

	18.1	 Status 


  

	 	(a)	 It is a limited liability company, duly incorporated and validly existing under the law of its jurisdiction of
incorporation. 


  

	 	(b)	 It has the power to own its assets and carry on its business as it is being conducted or is contemplated to be
conducted. 


  

	18.2	 Power and authority 



Subject to the Legal Reservations, it has the power to enter into and perform, and has taken all necessary action to authorise its entry into,
and performance of, the Finance Documents to which it is party and the transactions contemplated by those Finance Documents. 
  

	18.3	 Binding obligations 



Subject to the Legal Reservations, the obligations expressed to be assumed by it in each Finance Document to which it is a party are, legal,
valid, binding and enforceable obligations. 
  

	18.4	 Non-conflict with other obligations 



The entry into and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a party do not and will not
conflict with: 
  

	 	(a)	 any applicable law of its jurisdiction of incorporation; 



 

	 	(b)	 its Constitutional Documents; or 



 

	 	(c)	 any material agreement or instrument binding upon it or any of its assets. 



 

	18.5	 Validity and admissibility in evidence 



Subject to the Legal Reservations, all authorisations required: 
  

	 	(a)	 to enable it lawfully to enter into, exercise its rights and comply with its obligations under the Finance
Documents to which it is a party and to ensure that the obligations expressed to be assumed by it thereunder are legal, valid, binding and enforceable; and 


  

	 	(b)	 to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of
incorporation, have been obtained or effected and are in full force and effect, other than the registration of any security interest created under a Finance Document on the register held under the PPSA. 



 

	18.6	 Governing law and enforcement 



Subject to the Legal Reservations: 
  

	 	(a)	 the choice of English law as the governing law of the Finance Documents will be recognised and enforced in its
jurisdiction of incorporation; and 


  

	 	(b)	 any judgment obtained in England in relation to a Finance Document will be recognised and enforced in its
jurisdiction of incorporation. 



  
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	18.7	 Deduction of Tax 



It is not required under the law of its jurisdiction of incorporation to make any Tax Deduction from any payment it may make under any Finance
Document, other than: 
  

	 	(a)	 in the case of a South African Obligor, the withholding tax on interest required to be withheld in respect of
payments of interest to Lenders that are not Qualifying Lenders; and 


  

	 	(b)	 in the case of an Obligor incorporated in Australia, the withholding tax on interest required to be withheld in
respect of payments of interest to Lenders. 


  

	18.8	 No filing or stamp taxes 



Subject to the Legal Reservations, under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents be filed,
recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents. 

 

	18.9	 BVI Tax and Licencing 



 

	(a)	 No Obligor incorporated under the laws of the British Virgin Islands or any of their Subsidiaries owns any
interest in any land in the British Virgin Islands. 


  

	(b)	 No Obligor incorporated under the laws of the British Virgin Islands is carrying on any business or carrying on
any other activity in or from within the British Virgin Islands requiring a licence, approval or authorisation, including without limitation under the Business, Professions and Trade Licenses Act 1990. 



 

	18.10	 No default 


  

	(a)	 No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation.



  

	(b)	 It is not, nor is it likely to be as a result of entering into and performing its obligations under the Finance
Documents, in violation of any law or in breach of or in default under any agreement to which it is a party or which is binding on it or any of its assets to an extent or in a manner which could reasonably be expected to have a Material Adverse
Effect. 


  

	18.11	 No misleading information 



 

	(a)	 All written factual information supplied by it to the Finance Parties and the Agent in connection with the
Finance Documents, (and the information contained in the Information Package, excluding any equity analysts reports and the reports from the credit rating agencies) (the “Information”) was true and accurate in all material respects
as at the date it was given or as at the date (if any) at which it was stated and was not misleading in any material respect at such date. 


  

	(b)	 The financial projections and forecasts contained in the Information have been prepared in good faith on the
basis of recent historical information and on the basis of reasonable assumptions. 


  

	(c)	 It has not knowingly withheld any information which, if disclosed, could reasonably be expected materially and
adversely to affect the decision of the Finance Parties in considering whether or not to provide finance to each Borrower. 


  

	18.12	 Financial statements 



 

	(a)	 The Original Financial Statements were prepared in accordance with GAAP. 



  
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	(b)	 The Original Financial Statements fairly present the Group’s financial condition and its results of
operations during the relevant financial year. 


  

	18.13	 Pari passu ranking 



Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and
unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally in the jurisdiction of its incorporation. 
  

	18.14	 No proceedings pending or threatened 



Other than as disclosed in the financial statements most recently delivered to the Agent pursuant to paragraph (a) of Clause 19.1
(Financial statements), no litigation, arbitration or administrative proceedings of or before any court, arbitral body or government agency which is reasonably expected to be adversely determined, and if so determined, could reasonably be
expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any Material Group Company. 
  

	18.15	 No winding-up 



No Material Group Company has taken any corporate action, nor have any other steps been taken or legal proceedings started or (to the best of
its knowledge and belief, after due enquiry) threatened against any Material Group Company, for its winding-up, dissolution, administration or re-organisation or for the
enforcement of any Encumbrance over all or any of its revenues or assets or for the appointment of a receiver, administrator, administrative receiver, conservator, custodian, trustee or similar officer of it or of all or any of its assets which
could reasonably be expected to have a Material Adverse Effect. 
  

	18.16	 No encumbrances 



 

	(a)	 No Encumbrance exists over all or any of the assets of any Material Group Company except for Permitted
Encumbrances. 


  

	(b)	 No Encumbrance would arise as a result of the execution of and performance of its rights and obligations under
the Finance Documents. 


  

	18.17	 Assets 



It and each Material Group Company has good title to or validly leases or licences all of the assets necessary and has all consents and/or
authorisations necessary to carry on its business as conducted to the extent that failure to comply with this Clause 18.17 could reasonably be expected to have a Material Adverse Effect. 

 

	18.18	 Insurance 



Each Material Group Company maintains insurances on and in relation to its business and assets against those risks and to the extent as is
usual for companies in the jurisdiction in which it conducts its business carrying on substantially similar business in such jurisdiction. 
  

	18.19	 Environmental Compliance 



Each Material Group Company has adopted and complies with an environmental policy which requires monitoring of and compliance with all
applicable Environmental Law and Environmental Permits applicable to it from time to time unless non-compliance with such policy could not reasonably be expected to cause a Material Adverse Effect. 

  
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	18.20	 Environmental Claims 



No Environmental Claim (not of a frivolous or vexatious nature) has been commenced or (to the best of its knowledge and belief) is threatened
against any Material Group Company where that claim would be reasonably likely, if determined against that Material Group Company, to have a Material Adverse Effect. 
  

	18.21	 Taxation 


  

	(a)	 It and each Material Group Company has duly and punctually paid and discharged all Taxes imposed upon it or its
assets within the time period allowed without incurring penalties except to the extent that: 


  

	 	(i)	 payment is being contested in good faith, it has maintained adequate reserves for those Taxes and payment can
be lawfully withheld; or 


  

	 	(ii)	 the aggregate amount of Taxes being withheld does not exceed US$30,000,000 (or its equivalent).



  

	(b)	 It is not and no Material Group Company is materially overdue in the filing of any Tax returns.



  

	18.22	 Ownership of Material Group Companies 



 

	(a)	 Each existing Material Group Company on the date of this Agreement (other than the Cerro Corona Subsidiary,
Newshelf, the Ghanaian Companies, Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited) is a wholly-owned Subsidiary of the Parent and any member of the Group which becomes a Material Group Company after the date of this
Agreement will be a wholly or partially owned Subsidiary of the Parent and the members of the Group holding the shares in such Material Group Company have not reduced their shareholding in such Subsidiary below the level of their shareholding at the
time such Subsidiary became a Material Group Company. 


  

	(b)	 Subject to no sale, lease transfer or other disposal falling under the definition of Permitted Transaction
having occurred, the Parent holds at least 74 per cent. of the issued share capital of Newshelf. 


  

	(c)	 Subject to no sale, lease transfer or other disposal falling under the definition of Permitted Transaction
having occurred, Newshelf holds at least 74 per cent. of the issued share capital of each of Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited. (d) The Parent indirectly holds at least 90 per cent. of
the issued share capital of each Ghanaian Company. 


  

	(e)	 The Parent indirectly holds at least 99 per cent. of the common shares in the share capital of the Cerro
Corona Subsidiary (which equates to 98.5 per cent. of the issued and outstanding shares in the share capital of the Cerro Corona Subsidiary). 


  

	18.23	 No Material Adverse Effect 



There has been no change in the business, condition (financial or otherwise), operations, performance or properties of the Obligors or the
Group (taken as a whole) since the date of the Original Financial Statements which could reasonably be expected to have a Material Adverse Effect. 

  
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	18.24	 Sanctions 


  

	(a)	 Neither the Parent nor any Subsidiary of the Parent, nor any director or officer of the Parent or any
Subsidiary of the Parent, nor to the best of the Parent’s knowledge and belief, any employee, agent, affiliate or representative of the Parent or any Subsidiary is an individual or entity currently the subject or target of any Sanctions (in
place as at the date of this Agreement) nor is the Parent or any Subsidiary of the Parent located, organised, resident or operating in any Sanctioned Country (designated as such as at the date of this Agreement). 



 

	(b)	 For the past five years, neither the Parent nor any Subsidiary has knowingly engaged in, nor is now knowingly
engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country. 



 

	(c)	 Any provision of this Clause 18.24 shall not apply to any person if and to the extent that it is or would be
unenforceable by or in respect of that person, by reason of breach of any applicable Blocking Law. 


  

	18.25	 Anti-corruption 



Each member of the Group has conducted its businesses in compliance with applicable Anti-Corruption Laws and has instituted policies and
procedures designed to promote and achieve compliance with such laws. 
  

	18.26	 Times when representation made 



 

	(a)	 All the representations and warranties in this Clause 18 are made by each Obligor on the date of this Agreement
and, in the case of each Additional Obligor, on the date of accession of such Additional Obligor (by reference to the facts and circumstances then existing) (other than the representations in paragraph (a) of Clause 18.11 (No misleading
information) which are deemed to be made on the date the Information is provided by the relevant Obligor and in the case of the information contained in the Information Package, on the date on which the Information Package is posted on
Debtdomain by MUFG Bank, Ltd. (in its capacity as coordinator) in connection with the syndication of the Facilities. 


  

	(b)	 The Repeating Representations are deemed to be made by each Obligor (by reference to the facts and
circumstances then existing) on: 


  

	 	(i)	 the date of each Utilisation Request; 



 

	 	(ii)	 on each Utilisation Date; 



 

	 	(iii)	 on the first day of each Interest Period; and 



 

	 	(iv)	 in relation to any extension request made pursuant to Clause 6.2 (Facility A extension option) or Clause
6.3 (Facility B extension option) of this Agreement, the date of such extension request and 


  

	 	(A)	 in respect of an extension request for Facility A, the date falling on the third anniversary of the date of
this Agreement or, in the case of an extension request requesting a further extension to the Fifth Anniversary, the Fourth Anniversary; and 


  

	 	(B)	 in respect of an extension request for Facility B, the date falling on the fifth anniversary of the date of
this Agreement or, in the case of an extension request requesting a further extension to the Seventh Anniversary, the Sixth Anniversary, 



  
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	(c)	 save that the references in Clause 18.12 (Financial statements) to “the Original Financial
Statements” shall, for the purposes of the Repeating Representations, be construed as references to the most recent audited consolidated financial statements of the Parent delivered to the Agent under Clause 18.12 (Financial statements).



  

	19.	 INFORMATION UNDERTAKINGS 



The undertakings in this Clause 19 are given in favour of each Finance Party and remain in force from the date of this Agreement for so long as
any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	19.1	 Financial statements 



The Parent shall supply to the Agent: 
  

	 	(a)	 as soon as the same become available, but in any event within one hundred and twenty (120) days after the
end of each of its Financial Years the audited consolidated financial statements of the Parent for that Financial Year; 


  

	 	(b)	 as soon as the same become available, but in any event within one hundred and fifty (150) days after the
end of each of its Financial Years: 


  

	 	(i)	 the audited financial statements of each Obligor (other than Gruyere Holdings Pty Ltd, Gold Fields Holdings
Company (BVI) Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited unless there is a legal requirement to audit its financial statements and any other Obligor which is not legally required to audit its
financial statements) for that Financial Year; and 


  

	 	(ii)	 if the audited financial statements of Gruyere Holdings Pty Ltd, Gold Fields Holdings Company (BVI) Limited,
Gold Fields Orogen Holding (BVI) Limited and/or Gold Fields Ghana Holdings (BVI) Limited and/or any other Obligor which is not legally required to audit its financial statements (as the case may be) are not delivered under paragraph (i) above,
the unaudited financial statements of Gruyere Holdings Pty Ltd, Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen Holding (BVI) and/or Gold Fields Ghana Holdings (BVI) Limited and/or any other Obligor which is not legally required to
audit its financial statements (as the case may be) for that Financial Year; 


  

	 	(c)	 as soon as the same become available, but in any event within sixty (60) days after the first six
(6) months of each of its Financial Years: 


  

	 	(i)	 the unaudited financial statements of each Obligor for the first six (6) month period of that Financial
Year; and 


  

	 	(ii)	 the unaudited consolidated financial statements of the Parent for the first six (6) month period of that
Financial Year. 


  

	19.2	 Compliance Certificate 



 

	(a)	 The Parent shall supply to the Agent, with each set of consolidated financial statements delivered pursuant to
paragraphs (a) and (c) of Clause 19.1 (Financial statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20 (Financial Covenants) as at the date as at which those
financial statements were drawn up. 



  
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	(b)	 Each Compliance Certificate shall be signed by 2 (two) directors or executive officers of the Parent and, if
required to be delivered with the audited consolidated financial statements delivered pursuant to paragraph (a) of Clause 19.1 (Financial statements), reported on by the Auditors. 



 

	19.3	 Requirements as to financial statements 



 

	(a)	 Each set of financial statements delivered by the Parent pursuant to Clause 19.1 (Financial statements)
shall be certified by a director of the relevant company as fairly presenting its financial condition as at the date as at which those financial statements were drawn up. 



 

	(b)	 Subject to paragraph (c) below, the Parent shall procure that each set of financial statements delivered
pursuant to Clause 19.1 (Financial statements) is prepared in accordance with GAAP, the requirements of its jurisdiction of incorporation and accounting practices and financial reference periods, in each case consistent with those applied in
the preparation of the Original Financial Statements, unless the Parent notifies the Agent that in relation to any sets of financial statements, there has been a change in GAAP or the accounting practices or reference periods and its Auditors (in
the case of its annual audited financial statements) or the Parent (in the case of any of its other financial statements) delivers to the Agent: 


  

	 	(i)	 a description of any change necessary for those financial statements to reflect GAAP, accounting practices and
reference periods upon which the Original Financial Statements were prepared; and 


  

	 	(ii)	 sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Agent
to determine whether Clause 20 (Financial Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements. 



 

	(c)	 There shall be no requirement for the Parent to notify the Agent pursuant to paragraph (b) above that
there has been a change in GAAP as a result of the implementation of IFRS 16 since the date of the Original Financial Statements nor to provide any of the items referred to in paragraphs (b)(i) or (b)(ii) above in relation to the implementation of
IFRS 16 and each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) shall, subject to Clause 19.4 (IFRS 16 treatment), be prepared taking into account the implementation of IFRS 16.



  

	(d)	 If the Parent notifies the Agent of a change in accordance with paragraph (b) above, then the Parent and
the Agent shall enter into negotiations in good faith with a view to agreeing: 


  

	 	(i)	 whether or not the change might result in material alteration in the commercial effect of any of the terms of
this Agreement or any other Finance Document; and 


  

	 	(ii)	 if so, any amendments to this Agreement or any other Finance Document which may be necessary to ensure that the
change does not result in any material alteration in the commercial effect of those terms, and if any amendments are agreed they shall take effect and be binding on each of the Parties in accordance with their terms. 



 

	(e)	 Any reference in the Finance Documents to “financial statements” shall be construed as a
reference to those financial statements as the same may be adjusted under this Clause 19.3 to reflect the basis upon which the Original Financial Statements were prepared. 



 

	19.4	 IFRS 16 treatment 



 

	(a)	 The Parent may, at any time, deliver to the Agent a notice (the “IFRS 16 Notice”) stating:




  
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	 	(i)	 that it wishes to amend this Agreement and/or any other Finance Document in order to ensure compliance with any
financial covenant; basket; de-minimis amount; threshold; calculation; and/or other requirement, representation or undertaking in connection with the adoption of IFRS 16 or its application to the terms of this
Agreement; and 


  

	 	(ii)	 the changes it wishes to make to this Agreement and/or any other Finance Document in connection therewith.



  

	(b)	 If the Parent delivers an IFRS 16 Notice in accordance with paragraph (a) above, then the Parent and the
Agent (acting on the instructions of the Majority Lenders) shall negotiate in good faith for a period of 20 Business Days (commencing on the date falling 3 Business Days after the date of the IFRS 16 Notice) or such other period as the Parent and
the Agent may agree (the “IFRS 16 Negotiation Period”) with a view to agreeing any amendments to this Agreement or any other Finance Document in connection with the adoption of IFRS 16 or its application to the terms of this
Agreement. 


  

	(c)	 If, pursuant to paragraph (b) above, amendments to this Agreement and/or the Finance Documents are agreed
by the Parent and the Agent (acting on the instructions of the Majority Lenders) by the end of the IFRS 16 Negotiation Period, the Parent and the Agent shall, as soon as reasonably practicable, execute all necessary documentation in order to
implement such changes and such changes shall take effect and be binding on each of the Parties in accordance with their terms. 


  

	19.5	 Access to records 



At any time after the occurrence of an Event of Default and for so long as it is continuing, upon the request of the Agent or a Finance Party
each Obligor shall (at that Obligor’s expense) provide to the Agent or any of its representatives and professional advisors such access to that Obligor’s records (including its general ledger), books and assets as that person may require
at reasonable times and upon reasonable notice. 
  

	19.6	 Information: miscellaneous 



Each Obligor shall supply to the Agent: 
  

	 	(a)	 if the Agent so requests, all documents dispatched by that Obligor to its shareholders (or any class of them)
or its creditors generally at the same time as they are dispatched; 


  

	 	(b)	 the details of any litigation, arbitration or administrative proceedings which are current, threatened or
pending against any member of the Group which, if adversely determined against it, would be reasonably likely to have a Material Adverse Effect; and 


  

	 	(c)	 promptly, such further information regarding the financial condition, business and operations of any Material
Group Company as any Finance Party (through the Agent) may reasonably request. 


  

	19.7	 Notification of default 



 

	(a)	 Each Obligor shall notify the Agent, of any Default (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor). 


  

	(b)	 Promptly upon a request by the Agent, each Borrower shall supply to the Agent, a certificate signed by 2 (two)
of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing specifying the Default and the steps, if any, being taken to remedy it). 



  
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	19.8	 Use of websites 



 

	(a)	 The Parent may satisfy its obligation under the Finance Documents to deliver any information in relation to
those Lenders (the “Website Lenders”) who accept this method of communication by posting this information onto an electronic website designated by the Parent and the Agent (the “Designated Website”) if:



  

	 	(i)	 the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of
the information by this method; 


  

	 	(ii)	 both the Parent and the Agent are aware of the address of and any relevant password specifications for the
Designated Website; and 


  

	 	(iii)	 the information is in a format previously agreed between the Parent and the Agent. 



If any Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then the Agent shall notify
the Parent accordingly and the Parent shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Parent shall supply the Agent with at least one copy in paper form of any information
required to be provided by it. 
  

	(b)	 The Agent shall supply each Website Lender with the address of and any relevant password specifications for the
Designated Website following designation of that website by the Parent and the Agent. 


  

	(c)	 The Parent shall promptly upon becoming aware of its occurrence notify the Agent if: 



 

	 	(i)	 the Designated Website cannot be accessed due to technical failure; 



 

	 	(ii)	 the password specifications for the Designated Website change; 



 

	 	(iii)	 any new information which is required to be provided under the Finance Documents is posted onto the Designated
Website; 


  

	 	(iv)	 any existing information which has been provided under the Finance Documents and posted onto the Designated
Website is amended; or 


  

	 	(v)	 the Parent becomes aware that the Designated Website or any information posted onto the Designated Website is
or has been infected by any electronic virus or similar software. 


 If the Parent notifies the Agent under paragraph
(c)(i) or (c)(v) above, all information to be provided by the Parent under the Finance Documents after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances
giving rise to the notification are no longer continuing. 
 Any Website Lender may request, through the Agent, one (1) paper copy of
any information required to be provided under the Finance Documents which is posted onto the Designated Website. The Parent shall comply with any such request within ten (10) Business Days. 

 

	19.9	 “Know your customer” checks 



 

	(a)	 If: 


  

	 	(i)	 the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation made after the date of this Agreement; 



  
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	 	(ii)	 any change in the status of an Obligor or of a Holding Company of an Obligor or the composition of the
shareholders of an Obligor after the date of this Agreement; or 


  

	 	(iii)	 a proposed assignment or transfer by a Lender of any of its rights and obligations under the Finance Documents
to a party that is not a Lender prior to such assignment or transfer, 


 obliges the Agent or any Lender (or, in the case
of paragraph (iii) above, any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall
promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of
the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be
satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

 

	(b)	 Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation
and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and
regulations pursuant to the transactions contemplated in the Finance Documents. 


  

	(c)	 The Parent shall, by not less than ten (10) Business Days’ prior written notice to the Agent, notify
the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to the terms of the Finance Documents. 



 

	(d)	 Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional
Obligor obliges the Agent or any Lender to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not readily available to it, the Parent shall promptly upon the request of
the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective Lender) in
order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the
accession of such Subsidiary to the Finance Documents as an Additional Obligor. 


  

	20.	 FINANCIAL COVENANTS 



 

	20.1	 Financial definitions: 



 

	(a)	 In this Clause 20: 



“Consolidated EBITDA” means, in respect of any Measurement Period, the consolidated net income of the Group (less the net
income of any Project Finance Subsidiaries but including any dividends received in cash by any member of the Group (other than a Project Finance Subsidiary) from a Project Finance Subsidiary), before, without duplication and all as calculated in
accordance with GAAP, the requirements of its jurisdiction of incorporation and accounting practices and financial reference periods, in each case consistent with those applied in preparation of the applicable financial statements delivered pursuant
to Clause 19.1 (Financial statements): 
  

	 	(i)	 any provision on account of normal, deferred and royalty taxation; 



  
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	 	(ii)	 any interest, commission, discounts or other fees incurred or payable, received or receivable by any member of
the Group in respect of Indebtedness for Borrowed Money; 


  

	 	(iii)	 any other interest received or receivable by any member of the Group on any deposit or bank account;



  

	 	(iv)	 any non-cash adjustments to the environment rehabilitation and/or
reclamation expenses; 


  

	 	(v)	 any amount attributable to the amortisation of intangible assets and depreciation of tangible assets;



  

	 	(vi)	 any non-cash gains or losses relating to and resulting from the marked
to market valuation of derivative and/or financial instruments; 


  

	 	(vii)	 any losses from (or gains on the reversal of previously recognised) write-downs or impairments of assets and/or
investments; 


  

	 	(viii)	 any gains or losses recognised on the attributable share of results of associates after tax, but including any
dividends received in cash by any member of the Group from such an associate; 


  

	 	(ix)	 any share-based payments; 



 

	 	(x)	 any other extraordinary or exceptional items; and 



 

	 	(xi)	 any other material non-cash gain or loss that needs to be accounted for
under GAAP, the requirements of its jurisdiction of incorporation and accounting practices and financial reference periods, in each case consistent with those applied in preparation of the applicable financial statements delivered pursuant to Clause
19.1 (Financial statements). 


 For any company that is not a Subsidiary of the Group but in which any member of the
Group directly or indirectly owns an equity interest of more than 20 per cent. of the issued share capital (an “Associate”), the Parent may include in the Consolidated EBITDA the percentage of the equity interest of the amount
that would be the EBITDA of the Associate. 
 “Consolidated Net Borrowings” means, at any time, the aggregate amount of all
obligations of the members of the Group, other than Project Finance Subsidiaries (but including, for the avoidance of doubt, any guaranteed obligations of any other member of the Group in respect of the obligations of a Project Finance Subsidiary),
for or in respect of Indebtedness for Borrowed Money but excluding any such obligation to any member of the Group, adjusted to take account of the aggregate amount of freely available cash and cash equivalents held by any member of the Group, other
than Project Finance Subsidiaries, and so that no amount shall be included or excluded more than once, provided that, if a percentage of the EBITDA of any Associate is included in the Consolidated EBITDA then the same percentage of such
Associate’s Consolidated Net Borrowings (but as if references in such definition to “Group” were references to the Associate and its Subsidiaries) will be included in the calculation of Consolidated Net Borrowings; 

“Consolidated Net Finance Charges” means, in respect of any Measurement Period, the aggregate amount of the interest
(including the interest element of leasing and hire purchase payments and capitalised interest), commission, fees, discounts and other finance payments payable by any member of the Group, other than Project Finance Subsidiaries, (including any
commission, fees, discounts and other finance payment payable by any member of the Group 

  
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 under any interest rate hedging arrangement but deducting any commission, fees, discounts
and other finance payments receivable by any member of the Group under any interest rate hedging instrument) but deducting any other interest receivable by any member of the Group, other than Project Finance Subsidiaries, on any deposit or bank
account, provided that, if a percentage of the EBITDA of any Associate is included in the Consolidated EBITDA then the same percentage of such Associate’s Consolidated Net Finance Charges (but as if references in such definition to
“Group” were references to the Associate and its Subsidiaries) will be included in the calculation of Consolidated Net Finance Charges; and 

“Measurement Period” means each period of twelve (12) months ending on the last day of the Parent’s Financial Year
and each period of twelve (12) months ending on the last day of the first half of the Parent’s Financial Year. 
  

	(b)	 For the purposes of this Clause 20, if at any time the Cerro Corona Subsidiary is (or is deemed to be) a
Material Group Company it shall be deemed to not be a Project Finance Subsidiary. 


  

	20.2	 Financial condition 



 

	(a)	 Subject to Clause 19.4 (IFRS 16 treatment), the Parent shall ensure that: 



 

	 	(i)	 the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of any Measurement Period shall
be or shall exceed 4:1; and 


  

	 	(ii)	 the ratio of Consolidated Net Borrowings to Consolidated EBITDA shall not in respect of any Measurement Period
exceed 3.5:1. 


  

	(b)	 The undertakings in paragraph (a) above remain in force from the date of this Agreement for so long as any
amount is outstanding under a Finance Document or a Commitment is in force. 


  

	20.3	 Financial testing 



The financial covenants set out in Clause 20.2 (Financial condition) shall be tested by reference to each of the financial statements
and/or each Compliance Certificate delivered pursuant to Clauses 19.1 (Financial statements) and 19.2 (Compliance Certificate). 
  

	21.	 GENERAL UNDERTAKINGS 



The undertakings in this Clause 21 are given in favour of each Finance Party and remain in force from the date of this Agreement for so long as
any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	21.1	 Authorisations 



Each Obligor shall promptly: 
  

	 	(a)	 obtain, comply with and do all that is necessary to maintain in full force and effect; and



  

	 	(b)	 upon written request by the Agent or a Finance Party, supply certified copies to the Agent and/or a Finance
Party, as the case may be, of, 


 any authorisation required under any applicable law to enable it to perform its
obligations under the Finance Documents to which it is a party and to ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document. 

  
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	21.2	 Compliance with laws 



Each Obligor shall comply in all respects with all laws and regulations to which it may be subject (including, but not limited to,
Environmental Law), if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents to which it is a party. 
  

	21.3	 Negative pledge 



 

	(a)	 No Obligor shall (and the Parent shall procure that no other Material Group Company shall) create or permit to
subsist any Encumbrance over any of its assets. 


  

	(b)	 No Obligor shall (and the Parent shall ensure that no other Material Group Company will):



  

	 	(i)	 sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by it or by an Obligor or any other member of the Group; 


  

	 	(ii)	 sell, transfer or otherwise dispose of any of its receivables on recourse terms; 



 

	 	(iii)	 enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 


  

	 	(iv)	 enter into any other preferential arrangement having a similar effect, 



in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing
the acquisition of an asset. 
  

	(c)	 Paragraphs (a) and (b) above do not apply to Permitted Encumbrances and paragraph (b) above



 does not apply to Permitted Transactions. 
  

	21.4	 Disposals and Mergers 



 

	(a)	 No Obligor shall (and the Parent shall ensure that no other Material Group Company will):



  

	 	(i)	 enter into a single transaction or a series of transactions (whether related or not) and whether voluntarily or
involuntarily to sell, lease, transfer or otherwise dispose of any assets; or 


  

	 	(ii)	 enter into any amalgamation, demerger, merger or corporate reconstruction. 



 

	(b)	 Paragraph (a) above does not apply to: 



 

	 	(i)	 Permitted Disposals; or 



 

	 	(ii)	 any amalgamation, demerger, merger or corporate reconstruction of any member of the Group, without insolvency,
if: 


  

	 	(A)	 in respect of the Obligors or the
successors-in-title or assignees of the Obligors, the Finance Documents are preserved as binding upon the amalgamated, demerged, merged and/or reconstructed members of
the Group; 


  

	 	(B)	 the amalgamated, demerged, merged and/or reconstructed companies will be members of the Group; and



  

	 	(C)	 such amalgamation, demerger, merger and/or corporate reconstruction will not have a Material Adverse Effect.



  

	21.5	 Change of business 



Each Obligor shall procure that no substantial change is made to the general nature of its business or the business of the Group taken as a
whole from that carried on at the date of this Agreement. 

  
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 21.6 Insurance 

Each Obligor shall (and the Parent shall ensure that each Material Group Company will) maintain insurances on and in relation to its business,
properties and assets with reputable underwriters or insurance companies against those risks and to the extent as is usual for companies carrying on the same or substantially similar business. 

 

	21.7	 Environmental Compliance 



Each Obligor shall (and the Parent shall ensure that each Material Group Company will) substantially comply in all material respects with all
Environmental Law and obtain and maintain any Environmental Permits and take all reasonable steps in anticipation of known or expected future changes to or obligations under the same. 

 

	21.8	 Environmental Claims 



Each Obligor shall inform the Agent, in writing as soon as reasonably practical upon becoming aware of the same: 

 

	 	(a)	 if any Environmental Claim (not of a frivolous or vexatious nature) has been commenced or (to the best of its
knowledge and belief) threatened against any Material Group Company; or 


  

	 	(b)	 of any facts or circumstances which will or are reasonably likely to result in any Environmental Claim (not of
a frivolous or vexatious nature) being commenced or threatened against any Material Group Company, 


 where the claim would
be reasonably likely, if determined against that Material Group Company, to have a Material Adverse Effect. 
  

	21.9	 Claims Pari Passu 



Subject to the Legal Reservations, each Obligor shall ensure that at all times the claims of the Finance Parties against it under the Finance
Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation or other similar laws of general application in its
jurisdiction of incorporation. 
  

	21.10	 Acquisitions 



No Obligor shall (and the Parent shall ensure that no Material Group Company will), acquire any assets or business or make any investments if
such acquisition or investment would be classed as a “Category 1” transaction under the Listing Requirements of the JSE Limited. 
  

	21.11	 Financial Indebtedness 



No member of the Group (other than a Guarantor or a Project Finance Subsidiary) shall incur, create or permit to subsist or have outstanding
any Financial Indebtedness other than Permitted Financial Indebtedness. 
  

	21.12	 Ownership of Material Group Companies 



Subject to applicable law, the Parent shall ensure that: 
  

	 	(a)	 each existing Material Group Company on the date of this Agreement (other than the Cerro Corona Subsidiary,
Newshelf, the Ghanaian Companies, Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited) is and continues to be a wholly-owned Subsidiary of the Parent and each member of the Group which becomes a Material Group Company
after the date of this Agreement is a wholly or partially owned Subsidiary of the Parent and that members of the Group will hold and continue to hold at least the same percentage of the issued share capital of such Material Group Company as was held
by members of the Group at the time such Subsidiary became a Material Group Company; 



  
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	 	(b)	 unless a sale, lease or other disposal falling under the definition of Permitted Transaction has occurred, the
Parent holds and continues to hold at least 74 per cent. of the issued share capital of Newshelf; 


  

	 	(c)	 unless a sale, lease or other disposal falling under the definition of Permitted Transaction has occurred,
Newshelf holds and continues to hold at least 74 per cent. of the issued share capital of each of Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited; 



 

	 	(d)	 the Parent indirectly holds and continues to indirectly hold at least 90 per cent. of the issued share
capital of each Ghanaian Company; and 


  

	 	(e)	 the Parent indirectly holds and continues to indirectly hold at least 99 per cent. of the common shares in
the share capital of the Cerro Corona Subsidiary (which equates to 98.5 per cent. of the issued and outstanding shares in the share capital of the Cerro Corona Subsidiary). 



 

	21.13	 Loans or credit 



 

	(a)	 Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that no other
Material Group Company will) be a creditor in respect of any Financial Indebtedness, or incur, grant or allow to remain outstanding any guarantees (except as required under the Finance Documents) in respect of any Financial Indebtedness.



  

	(b)	 Paragraph (a) above does not apply to: 



 

	 	(i)	 a Permitted Loan; 


  

	 	(ii)	 a Permitted Guarantee; or 



 

	 	(iii)	 for the avoidance of doubt, any performance or similar bond guaranteeing performance by a member of the Group
under any contract entered into in the ordinary course of trade, including any environmental bond which a member of the Group is required to issue under any applicable law. 



 

	21.14	 Sanctions 


  

	(a)	 The Parent shall not (and shall procure that no Subsidiary will) engage in any dealings or transactions
occurring in a Sanctioned Country or with any person that at the time of the dealing or transaction is the subject or the target of Sanctions or located in any Sanctioned Country. 



 

	(b)	 The Parent shall not (and shall procure that no Subsidiary will): 



 

	 	(i)	 knowingly use, contribute or otherwise make available the proceeds of any Facility for the purpose of financing
or making funds available directly; or 


  

	 	(ii)	 use, contribute or otherwise make available the proceeds of any Facility for the purpose of financing or making
funds available indirectly, 


 to any person which is the subject or target of any Sanctions or located in a Sanctioned
Country, to the extent such financing or provision of funds is prohibited by Sanctions. 

  
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	(c)	 Any provision of this Clause 21.14 shall not apply to any person if and to the extent that it is or would be
unenforceable by or in respect of that person, by reason of breach of any applicable Blocking Law. 


  

	21.15	 Anti-corruption 



 

	(a)	 No Obligor shall (and the Parent shall ensure that no Subsidiary will) directly or indirectly use the proceeds
of the Facilities for any purpose which would breach any applicable Anti-Corruption Laws. 


  

	(b)	 The Parent shall (and shall ensure that each of its Subsidiaries will) maintain and enforce, policies and
procedures designed to promote and ensure compliance with all applicable Anti-Corruption Laws. 


  

	22.	 EVENTS OF DEFAULT 



Each of the events or circumstances set out in this Clause 22 is an Event of Default (whether or not caused by any reason whatsoever outside
the control of a Borrower or the Parent or any other person) save for Clause 22.16 (Acceleration) and Clause 22.17 (Remedy). 
  

	22.1	 Non-payment 



An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is
expressed to be payable unless payment is made within three (3) Business Days of its due date. 
  

	22.2	 Financial covenants 



Any requirement of Clause 20 (Financial Covenants) is not satisfied. 

 

	22.3	 Other obligations 



Subject to Clause 22.17 (Remedy), an Obligor does not comply with any provision of the Finance Documents (other than those referred to
in Clause 22.1 (Non-Payment) and Clause 20 (Financial Covenants)). 
  

	22.4	 Misrepresentation 



 

	(a)	 Subject to Clause 22.17 (Remedy), any representation or statement made or deemed to be made by any
Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material and adverse respect when made or
deemed to be made. 


  

	(b)	 No Event of Default will occur under paragraph (a) above in respect of the representation contained in
paragraph (a) of Clause 18.21 (Taxation) unless the unpaid Taxes (which do not fall within paragraphs (a)(i) and (a)(ii) of Clause 18.21 (Taxation)) exceed $50,000,000 (or its equivalent). 



 

	22.5	 Cross-default 



 

	(a)	 Any Financial Indebtedness of a Material Group Company is not paid when due, nor where there



 is an applicable grace period, within the originally applicable grace period. 

 

	(b)	 Any Financial Indebtedness of a Material Group Company is declared to be or otherwise becomes due and payable
prior to its specified maturity as a result of an event of default (however described). 



  
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	(c)	 Any commitment for any Financial Indebtedness of a Material Group Company is cancelled or suspended by a
creditor of a Material Group Company as a result of an event of default (however described). 


  

	(d)	 Any creditor of a Material Group Company becomes entitled to declare any Financial Indebtedness of a Material
Group Company due and payable prior to its specified maturity as a result of an event of default (however described). 


  

	(e)	 No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness, falling within paragraphs (a) to (d) above is less than $50,000,000 (or its equivalent). 


  

	22.6	 Insolvency 


  

	(a)	 Any Material Group Company is unable or admits inability to pay its debts as they fall due, suspends making
payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its classes of creditors with a view to rescheduling any of its Financial Indebtedness which in the case of a
Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect. 


  

	(b)	 The value of the assets of any Material Group Company, fairly valued, is less than its liabilities (taking into
account contingent and prospective liabilities) which in the case of a Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect. 



 

	(c)	 A moratorium is declared in respect of any Financial Indebtedness of any Material Group Company.



  

	22.7	 Insolvency proceedings 



Any corporate action, legal proceedings or other similar procedure or step is taken in relation to: 

 

	 	(a)	 the suspension of payments, a moratorium of any Financial Indebtedness,
winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Material Group Company; 



 

	 	(b)	 a composition, compromise, assignment or arrangement with any creditor or class of creditors of any Material
Group Company; 


  

	 	(c)	 the appointment of a liquidator, receiver, administrator, administrative receiver, judicial manager, compulsory
manager or other similar officer in respect of any Material Group Company or any of its assets; or 


  

	 	(d)	 enforcement of any Encumbrance over any assets of any Material Group Company, 



or any analogous procedure or step is taken in any jurisdiction and any such procedure or proceedings are not contested in good faith nor
discharged within thirty (30) days (or such shorter period provided for contesting such procedure or proceedings under the laws of the relevant jurisdiction). 
  

	22.8	 Failure to comply with final judgment 



Any Material Group Company fails within five (5) Business Days of the due date to comply with or pay any sum due from it under any
material final judgment or any final order made or given by any court that is located in England & Wales or the United States of America or is otherwise located in, or whose judgement would be recognised or enforceable in, a jurisdiction in
which a member of the Group is located, incorporated or carries on business. For the purposes of this Clause 22.8, a “material final judgment” shall be any judgment for the payment of a sum of money in excess of fifty million dollars
($50,000,000) (or its equivalent). 

  
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	22.9	 Creditors’ process 



Any expropriation (other than an expropriation where fair compensation is received) or the operation of the attachment, sequestration, distress
or execution affects any material asset of a Material Group Company and is not discharged within twenty-one (21) days. For the purposes of this Clause 22.9 a “material asset” is any single
income producing asset of the relevant Material Group Company which contributes not less than 5 per cent. towards the Consolidated EBITDA or gross assets of the Group (calculated according to the most recent set of audited consolidated
financial statements delivered pursuant to Clause 19.1 (Financial statements)) provided that any loss of mineral rights arising as a result of the operation of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 (the
“MPRDA”) (including the broad-based socio-economic empowerment charter for the mining and minerals industry, as amended, revised and/or restated (the “Mining Charter”), the Codes of Good Practice for the
Minerals Industry and the Housing and Living Conditions Standard for the Minerals Industry published in accordance with the MPRDA) substantially in its current form as at the date of this Agreement and/or the operation of the Mineral and Petroleum
Resources Royalty Act, No. 28 of 2008, substantially in its current form as at the date of this Agreement shall not constitute an expropriation for the purposes of this Clause 22.9. 

 

	22.10	 Unlawfulness 



It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or such obligations cease to be legal,
valid, binding or enforceable obligations. 
  

	22.11	 Repudiation and Unenforceability 



An Obligor repudiates a Finance Document or any Finance Document is declared to be or is otherwise unenforceable against an Obligor by a court
of the jurisdiction of incorporation of the relevant Obligor. 
  

	22.12	 Governmental Intervention 



By or under the authority of any government: 
  

	 	(a)	 the management of any Material Group Company is wholly or partially displaced or the authority of any Material
Group Company in the conduct of its business is wholly or partially taken over; or 


  

	 	(b)	 all or a majority of the issued shares of any Material Group Company or material part of its revenues or assets
is seized, nationalised, expropriated or compulsorily acquired. For the purposes of this Clause 22.12 “material part of its revenues or assets” shall in relation to the relevant Material Group Company be construed as revenues comprising
not less than 5 per cent. of the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis in accordance with the provisions of Clause 22.9 (Creditors’ process) or assets which contribute not less than
5 per cent. towards the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis accordance with the provisions of Clause 22.9 (Creditors’ process), provided that neither the implementation of the MPRDA
(including the Mining Charter, the Codes of Good Practice for the Minerals Industry and the Housing and Living Conditions Standard for the Minerals Industry published in accordance with the MPRDA) substantially in its current form as at the date of
this Agreement nor the implementation of the Mineral and Petroleum Resources Royalty Act, No. 28 of 2008, in each case substantially in its current form as at the date of this Agreement, shall constitute a seizure, nationalisation,
expropriation or compulsory acquisition as contemplated by this Clause 22.12. 



  
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	22.13	 Material Adverse Effect 



Any change occurs in the business, condition (financial or otherwise), operations, performance or properties of the Obligors or the Group taken
as a whole since the date of the Original Financial Statements which could be reasonably likely to have a Material Adverse Effect. 
  

	22.14	 Cessation of Business 



Any Material Group Company ceases to carry on the business which it undertakes at the date of this Agreement. 

 

	22.15	 Litigation 



Any litigation, arbitration, administrative proceedings or governmental or regulatory investigations or proceedings against any Material Group
Company or its respective assets or revenues is reasonably expected to be adversely determined, and if so determined, could reasonably be expected to have a Material Adverse Effect. 

 

	22.16	 Acceleration 



On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority
Lenders, by notice to the Borrowers and the Parent: 
  

	 	(a)	 cancel the Total Commitments whereupon they shall immediately be cancelled; 



 

	 	(b)	 declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; and/or 


  

	 	(c)	 declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on
demand by the Agent on the instructions of the Majority Lenders. 


  

	22.17	 Remedy 


  

	(a)	 No Event of Default under this Clause 22 (other than those referred to in Clauses 22.1 (Non-payment), 22.2 (Financial covenants), 22.3 (Other obligations) (in respect of a failure by an Obligor to comply with Clause 21.14 (Sanctions) or Clause 21.15 (Anti-corruption))
and 22.4 (Misrepresentation) (in respect of a representation or statement made by an Obligor under Clause 18.24 (Sanctions) or Clause 18.25 (Anti-corruption))) will occur if the failure to comply or circumstance giving rise to
the same is capable of remedy and is remedied by an Obligor within ten (10) days of the earlier of the Agent giving notice to the Obligors or any Obligor becoming aware of the failure to comply. 



 

	(b)	 For the purposes of paragraph (a) above, the events or circumstances referred to in Clause 22.5
(Cross-default), Clause 22.6 (Insolvency), Clause 22.7 (Insolvency proceedings), Clause 22.8 (Failure to comply with final judgment), Clause 22.9 (Creditors’ process), Clause 22.10 (Unlawfulness),
Clause 22.11 (Repudiation and Unenforceability), Clause 22.13 (Material Adverse Effect) and Clause 22.14 (Cessation of Business) shall be deemed to be incapable of remedy save to the extent set out therein unless the Agent
determines otherwise. 



  
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 SECTION 9 

CHANGES TO PARTIES 
  

	23.	 CHANGES TO THE LENDERS 



 

	23.1	 Assignments and transfers by the Lenders 



Subject to this Clause 23, a Lender (the “Existing Lender”) may: 

 

	 	(a)	 assign any of its rights; or 



 

	 	(b)	 transfer by novation any of its rights and obligations, 



to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of
making, purchasing or investing in loans, securities or other financial assets (the “New Lender”). 
  

	23.2	 Conditions of assignment or transfer 



 

	(a)	 The consent of the Parent is required for an assignment or transfer by an Existing Lender, unless the
assignment of transfer: 


  

	 	(i)	 is to another Lender or an Affiliate of a Lender; or 



 

	 	(ii)	 takes effect at a time when an Event of Default has occurred and is continuing. 



 

	(b)	 The consent of the Parent to an assignment or transfer (if required) must not be unreasonably withheld or
delayed. The Parent will be deemed to have given its consent five (5) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. 



 

	(c)	 An assignment will only be effective on: 



 

	 	(i)	 receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New
Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it had been an Original Lender; and 



 

	 	(ii)	 performance by the Agent of all necessary “know your customer” or other similar checks under all
applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 



 

	(d)	 A transfer will only be effective if the procedure set out in Clause 23.5 (Procedure for transfer) is
complied with. 


  

	(e)	 If: 


  

	 	(i)	 a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its
Facility Office; and 


  

	 	(ii)	 as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would
be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross-up and Indemnities) or Clause 13 (Increased Costs), then the New Lender
or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or
change had not occurred. 



  
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	(f)	 Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the
avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the
transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. 



 

	23.3	 Assignment or transfer fee 



The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of three
thousand dollars ($3,000), unless the Agent, in its sole discretion, agrees to waive the payment of such fee. 
  

	23.4	 Limitation of responsibility of Existing Lenders 



 

	(a)	 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for: 


  

	 	(i)	 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents; 


  

	 	(ii)	 the financial condition of any Obligor; 



 

	 	(iii)	 the performance and observance by any Obligor of its obligations under the Finance Documents or any other
documents; or 


  

	 	(iv)	 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or
any other document, 


 and any representations or warranties implied by law are excluded. 

 

	(b)	 Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 



 

	 	(i)	 has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document;
and 


  

	 	(ii)	 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. 


  

	(c)	 Nothing in any Finance Document obliges an Existing Lender to: 



 

	 	(i)	 accept a re-transfer or
re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 23; or 


  


	 	(ii)	 support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. 



  
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	23.5	 Procedure for transfer 



 

	(a)	 Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) a transfer is
effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as
reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.



  

	(b)	 The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and
the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 



 

	(c)	 Subject to Clause 23.9 (Pro rata interest settlement), on the Transfer Date:



  

	 	(i)	 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and
obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance
Documents shall be cancelled (being the “Discharged Rights and Obligations”); 


  

	 	(ii)	 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 



 

	 	(iii)	 the Agent, the Arranger, the New Lender and other Lenders shall acquire the same rights and assume the same
obligations between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arranger and
the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and 


  

	 	(iv)	 the New Lender shall become a Party as a “Lender”. 



 

	23.6	 Procedure for assignment 



 

	(a)	 Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) an assignment
may be effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as
soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment
Agreement. 


  

	(b)	 The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and
the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. 



 

	(c)	 Subject to Clause 23.9 (Pro rata interest settlement), on the Transfer Date:



  

	 	(i)	 the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed
to be the subject of the assignment in the Assignment Agreement; 



  
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	 	(ii)	 the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by
it (the “Relevant Obligations”) and expressed to be the subject of the release in the Assignment Agreement; and 


  

	 	(iii)	 the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the
Relevant Obligations. 


  

	(d)	 Lenders may utilise procedures other than those set out in this Clause 23.6 to assign their rights under the
Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 23.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the
assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in Clause 23.2 (Conditions of assignment or transfer). 



23.7 Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, Assignment Agreement or Increase Confirmation,
send to the Parent a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation. 
  

	23.8	 Security over Lenders’ rights 



In addition to the other rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any
Obligor, at any time charge, assign or otherwise create an Encumbrance in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

  

	 	(a)	 any charge, assignment or other Encumbrance to secure obligations to a federal reserve or central bank; and



  

	 	(b)	 any charge, assignment or other Encumbrance granted to any holders (or trustee or representatives of holders)
of obligations owed, or securities issued, by that Lender as security for those obligations or securities, 


 except that
no such charge, assignment or Encumbrance shall: 
  

	 	(ii)	 release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Encumbrance for the Lender as a party to any of the Finance Documents; or 


  

	 	(iii)	 require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. 


  

	23.9	 Pro rata interest settlement 



 

	(a)	 If the Agent has notified the Lenders that it is able to distribute interest payments on a “pro
rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 23.5 (Procedure for transfer) or any assignment pursuant to Clause 23.6 (Procedure for assignment) the Transfer Date of which,
in each case, is after the date of such notification and is not on the last day of an Interest Period): 


  

	 	(i)	 any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the
lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on them) on
the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and 



  
 79 














	 	(ii)	 the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so
that, for the avoidance of doubt: 


  

	 	(A)	 when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing
Lender; and 


  

	 	(B)	 the amount payable to the New Lender on that date will be the amount which would, but for the application of
this Clause 23.9, have been payable to it on that date, but after deduction of the Accrued Amounts. 


  

	(b)	 In this Clause 23.9, references to “Interest Period” shall be construed to include a reference to any
other period for the accrual of fees. 


  

	(c)	 An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 23.9 but which does
not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders
under the Finance Documents. 


  

	23.10	 Lender Affiliates and Facility Office 



 

	(a)	 In respect of a Loan or Loans to a particular Borrower (“Designated Loans”) a Lender (a
“Designating Lender”) may at any time and from time to time designate (by written notice to the Agent and the Parent): 


  

	 	(i)	 a substitute Facility Office from which it will make Designated Loans (a “Substitute Facility
Office”); or 


  

	 	(ii)	 nominate an Affiliate to act as the Lender of Designated Loans (a “Substitute Affiliate
Lender”). 


  

	(b)	 A notice to nominate a Substitute Affiliate Lender must be in the form set out in Schedule 12 (Form of
Substitute Affiliate Lender Designation Notice) and be countersigned by the relevant Substitute Affiliate Lender confirming it will be bound as a Lender under this Agreement in respect of the Designated Loans in respect of which it acts as
Lender. 


  

	(c)	 The Designating Lender will act as the representative of any Substitute Affiliate Lender it nominates for all
administrative purposes under this Agreement. The Obligors, the Agent and the other Finance Parties will be entitled to deal only with the Designating Lender, except that payments will be made in respect of Designated Loans to the Facility Office of
the Substitute Affiliate Lender. In particular the Commitments of the Designating Lender will not be treated as reduced by the introduction of the Substitute Affiliate Lender for voting purposes under this Agreement or the other Finance Documents.



  

	(d)	 Save as mentioned in paragraph (c) above, a Substitute Affiliate Lender will be treated as a Lender for
all purposes under the Finance Documents and having a Commitment equal to the principal amount of all Designated Loans in which it is participating if and for so long as it continues to be a Substitute Affiliate Lender under this Agreement.




  
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	(e)	 A Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender by notice in
writing to the Agent and the Parent provided that such notice may only take effect when there are no Designated Loans outstanding to the Substitute Affiliate Lender. Upon such Substitute Affiliate Lender ceasing to be a Substitute Affiliate Lender
the Designating Lender will automatically assume (and be deemed to assume without further action by any Party) all rights and obligations previously vested in the Substitute Affiliate Lender. 



 

	(f)	 If a Designating Lender designates a Substitute Facility Office or Substitute Affiliate Lender in accordance
with this Clause 23.10: 


  

	 	(i)	 any Substitute Affiliate Lender shall be treated for the purposes of paragraph (d) of Clause 12.2 (Tax gross-up) as having become a Lender on the date of this Agreement; and 


  

	 	(ii)	 the provisions of paragraph (e) of Clause 23.2 (Conditions of assignment or transfer) shall not
apply to or in respect of any Substitute Facility Office or Substitute Affiliate Lender. 


  

	24.	 CHANGES TO THE OBLIGORS 



 

	24.1	 Assignment and transfer by Obligors 



No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

 

	24.2	 Additional Borrowers 



 

	(a)	 Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.9 (“Know your
customer” checks), the Parent may request that any of its Subsidiaries become an Additional Borrower. That Subsidiary shall become an Additional Borrower if: 



 

	 	(i)	 either: 


  

	 	(A)	 that Subsidiary is a wholly-owned Subsidiary incorporated in the same jurisdiction as an existing Borrower; or



  

	 	(B)	 all the Lenders, acting reasonably, approve the addition of that Subsidiary; 



 

	 	(ii)	 the Parent delivers to the Agent a duly completed and executed Accession Letter; 



 

	 	(iii)	 the Parent confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an
Additional Borrower; and 


  

	 	(iv)	 the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions
precedent) in relation to that Additional Borrower, each in form and substance satisfactory to the Agent. 


  

	(b)	 The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form
and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent). 


  

	(c)	 Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification. 


  

	24.3	 Resignation of an Additional Borrower 



 

	(a)	 The Parent may request that a Borrower (other than the Original Borrowers) ceases to be a Borrower by
delivering to the Agent a Resignation Letter. 



  
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	(b)	 The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if:



  

	 	(i)	 no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent has
confirmed to the Agent that this is the case); and 


  

	 	(ii)	 the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents,



 whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance
Documents. 
  

	24.4	 Additional Guarantors 



 

	(a)	 Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.9 (“Know your
customer” checks), the Parent may request that any of its Subsidiaries become an Additional Guarantor. That Subsidiary shall become an Additional Guarantor if; 



 

	 	(i)	 the Parent delivers to the Agent a duly completed and executed Accession Letter; and 



 

	 	(ii)	 the Agent has received all of the documents and other evidence listed in Part III of Schedule 2 (Conditions
precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent. 


  

	(b)	 The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form
and substance satisfactory to it) all the documents and other evidence listed in Part III of Schedule 2 (Conditions precedent). 


  

	(c)	 Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification. 


  

	24.5	 Repetition of Representations 



Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the Repeating Representations and the representations
in Clause 18.3 (Binding obligations), Clause 18.6 (Governing law and enforcement) and paragraph (b) of Clause 18.24 (Sanctions) are true and correct in relation to it as at the date of delivery as if made by reference to
the facts and circumstances then existing. 
  

	24.6	 Resignation of an Additional Guarantor 



 

	(a)	 The Parent may request that a Guarantor (other than an Original Guarantor) ceases to be a Guarantor by
delivering to the Agent a Resignation Letter. 


  

	(b)	 The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if no
Default is continuing and the Parent has confirmed to the Agent that this is the case. 



  
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 SECTION 10 

THE FINANCE PARTIES 
  

	25.	 ROLE OF THE AGENT, THE ARRANGER AND THE REFERENCE BANKS 



 

	25.1	 Appointment of the Agent 



 

	(a)	 Each other Finance Party appoints the Agent to act as its agent under and in connection with the Finance
Documents. 


  

	(b)	 Each other Finance Party authorises the Agent to perform the duties, obligations and responsibilities and to
exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 



 

	(c)	 Each Finance Party incorporated in Germany hereby exempts the Agent from the restrictions under section 181
second alternative (multi-representation) of the German Civil Code, to the extent legally permissible. 


  

	25.2	 Instructions 


  


	(a)	 The Agent shall: 


  

	 	(i)	 unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Agent in accordance with any instructions given to it by: 


  

	 	(A)	 all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and



  

	 	(B)	 in all other cases, the Majority Lenders; and 



 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above. 


  

	(b)	 The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority
Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any
right, power, authority or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested. 



 

	(c)	 Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the
relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties. 


  

	(d)	 The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until
it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it
may incur in complying with those instructions. 


  

	(e)	 In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best
interest of the Lenders. 



  
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	(f)	 The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent)
in any legal or arbitration proceedings relating to any Finance Document. 


  

	25.3	 Duties of the Agent 



 

	(a)	 The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature.



  

	(b)	 Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of any
document which is delivered to the Agent for that Party by any other Party. 


  

	(c)	 Without prejudice to Clause 23.7 (Copy of Transfer Certificate, Assignment Agreement or Increase
Confirmation to Parent), paragraph (a) above shall not apply to any Transfer Certificate, any Assignment Agreement or any Increase Confirmation. 


  

	(d)	 Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check
the adequacy, accuracy or completeness of any document it forwards to another Party. 


  

	(e)	 If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that
the circumstance described is a Default, it shall promptly notify the other Finance Parties. 


  

	(f)	 If the Agent is aware of the non-payment of any principal, interest,
commitment fee or other fee payable to a Finance Party (other than the Agent or the Arranger) under this Agreement it shall promptly notify the other Finance Parties. 



 

	(g)	 The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied). 


  

	(h)	 The Agent shall provide to the Parent within five (5) Business Days of a request by the Parent (but no
more frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the Lenders as at the date of that request, their respective Commitments, the address (and the department or officer, if any, for whose
attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the
sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for
any payment to be distributed by the Agent to that Lender under the Finance Documents. 


  

	25.4	 Role of the Arranger 



Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection
with any Finance Document. 
  

	25.5	 No fiduciary duties 



 

	(a)	 Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee or fiduciary of any other
person. 


  

	(b)	 Neither the Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of
any sum received by it for its own account. 



  
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	25.6	 Business with the Group 



The Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any
member of the Group. 
  

	25.7	 Rights and discretions 



 

	(a)	 The Agent may: 


  

	 	(i)	 rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised; 


  

	 	(ii)	 assume that: 


  

	 	(A)	 any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given
in accordance with the terms of the Finance Documents; and 


  

	 	(B)	 unless it has received notice of revocation, that those instructions have not been revoked; and



  

	 	(iii)	 rely on a certificate from any person: 



 

	 	(A)	 as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that
person; or 


  

	 	(B)	 to the effect that such person approves of any particular dealing, transaction, step, action or thing,



  

	 	(iv)	 as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth
and accuracy of that certificate. 


  

	(b)	 The Agent may assume (unless it has received notice to the contrary in its capacity as agent for



 the Lenders) that: 
  

	 	(i)	 no Default has occurred (unless it has actual knowledge of a Default arising under Clause 22.1 (Non-payment)); 


  

	 	(ii)	 any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;
and 


  

	 	(iii)	 any notice or request made by the Parent (other than a Utilisation Request) is made on behalf of and with the
consent and knowledge of all the Obligors. 


  

	(c)	 The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts. 


  

	(d)	 Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may at
any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary. 



 

	(e)	 The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.




  
 85 














	(f)	 The Agent may act in relation to the Finance Documents through its officers, employees and agents.



  

	(g)	 Unless a Finance Document expressly provides otherwise, the Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this Agreement. 


  

	(h)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger
is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 



 

	(i)	 Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds
or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 


  

	(j)	 Without prejudice to the generality of paragraph (h) above, the Agent may disclose the identity of a
Defaulting Lender to the other Finance Parties and the Parent and shall disclose the same upon the written request of the Parent or the Majority Lenders. 


  

	25.8	 Responsibility for documentation 



Neither the Agent nor the Arranger is responsible or liable for: 
  

	 	(a)	 the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent,
the Arranger, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document; 


  

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other
agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance Document; or 


  

	 	(c)	 any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. 



 

	25.9	 No duty to monitor 



The Agent shall not be bound to enquire: 
  

	 	(a)	 whether or not any Default has occurred; 



 

	 	(b)	 as to the performance, default or any breach by any Party of its obligations under any Finance Document; or
(c) whether any other event specified in any Finance Document has occurred. 


  

	25.10	 Exclusion of liability 



 

	(a)	 Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Agent), the Agent will not be liable for: 


  

	 	(i)	 any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a
result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct; 



  
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	 	(ii)	 exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with,
any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or



  

	 	(iii)	 without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any
person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of:



  

	 	(A)	 any act, event or circumstance not reasonably within its control; or 



 

	 	(B)	 the general risks of investment in, or the holding of assets in, any jurisdiction, 



including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of:
nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption
Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	(b)	 No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in
respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause
25.10 subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 


  

	(c)	 The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount
required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by
the Agent for that purpose. 


  

	(d)	 Nothing in this Agreement shall oblige the Agent or the Arranger to carry out: 



 

	 	(i)	 any “know your customer” or other checks in relation to any person; or 



 

	 	(ii)	 any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any
Lender, 


 on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely responsible for
any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger. 
  

	(e)	 Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability,
any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which
the loss arises as a result of such 



  
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default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss
of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages. 


 

	25.11	 Lenders’ indemnity to the Agent 



Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total
Commitments immediately prior to their reduction to zero) indemnify the Agent, within three (3) Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability
whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 28.11 (Disruption to payment systems etc.),
notwithstanding the Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents (unless the Agent has been
reimbursed by an Obligor pursuant to a Finance Document). 
  

	25.12	 Resignation of the Agent 



 

	(a)	 The Agent may resign and appoint one of its Affiliates acting through an office as successor by giving notice
to the other Finance Parties and the Parent. 


  

	(b)	 Alternatively the Agent may resign by giving notice to the other Finance Parties and the Parent, in which case
the Majority Lenders (after consultation with the Parent) may appoint a successor Agent. 


  

	(c)	 If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within
thirty (30) days after notice of resignation was given, the Agent (after consultation with the Parent) may appoint a successor Agent. 


  

	(d)	 If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for
it to remain as agent and the Agent is entitled to appoint a successor Agent under paragraph (c) above, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become
a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this Clause 25 consistent with then current market practice for the appointment and protection of corporate trustees (which shall be determined by reference to
the then standard documents published by the Loan Market Association and, to the extent practicable, following consultation by the Agent with the Lenders) and those amendments will bind the Parties. 



 

	(e)	 The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and
provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 


  

	(f)	 The Agent’s resignation notice shall only take effect upon the appointment of a successor.



  

	(g)	 Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in
respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of Clause 14.3 (Indemnity to the Agent) and this Clause 25 (and any agency fees for the account of the
retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original
Party. 



  
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	(h)	 After consultation with the Parent, the Majority Lenders may, by notice to the Agent, require it to resign in
accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above. 


  

	(i)	 The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use
reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents,
either: 


  

	 	(i)	 the Agent fails to respond to a request under Clause 12.8 (FATCA Information) and the Parent or a Lender
reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 


  

	 	(ii)	 the information supplied by the Agent pursuant to Clause 12.8 (FATCA Information) indicates that the
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 


  

	 	(iii)	 the Agent notifies the Parent and the Lenders that the Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date; 


 and (in each case) the Parent or a Lender reasonably believes that
a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign. 

 

	25.13	 Replacement of the Agent 



 

	(a)	 At any time the Agent is an Impaired Agent, the Majority Lenders may, by giving notice to the Agent replace the
Agent by appointing a successor Agent (acting through an office in the United Kingdom). 


  

	(b)	 The retiring Agent shall (at its own cost) make available to the successor Agent such documents and records and
provide such assistance as the successor Agent may reasonable request for the purposes of performing its functions as Agent under the Finance Documents. 


  

	(c)	 The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority
Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 25 (and any agency fees for the account
of the retiring Agent shall cease to accrue from (and shall be payable on) that date). 


  

	(d)	 Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves
as they would have had if such successor had been an original Party. 


  

	25.14	 Confidentiality 



 

	(a)	 In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division
which shall be treated as a separate entity from any other of its divisions or departments. 


  

	(b)	 If information is received by another division or department of the Agent, it may be treated as confidential to
that division or department and the Agent shall not be deemed to have notice of it. 



  
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	25.15	 Relationship with the Lenders 



 

	(a)	 Subject to Clause 23.9 (Pro rata interest settlement), the Agent may treat the person shown in its
records as Lender at the opening of business (in the place of the Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: 



 

	 	(i)	 entitled to or liable for any payment due under any Finance Document on that day; and 



 

	 	(ii)	 entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day, 


 unless it has received not less than five
(5) Business Days’ prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 
  

	(b)	 Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address and (where communication by electronic mail or other electronic means is permitted under Clause 30.6 (Electronic
communication)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made)
and be treated as a notification of a substitute address electronic mail address, department and officer by that Lender for the purposes of Clause 30.2 (Addresses) and paragraph (a)(iii) of Clause 30.6 (Electronic communication) and
the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender. 



 

	25.16	 Credit appraisal by the Lenders 



Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document,
each Lender confirms to the Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document
including but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each member of the Group; 



 

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; 


  

	 	(c)	 whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its
respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and 


  

	 	(d)	 the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other
person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any
Finance Document. 



  
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	25.17	 Deduction from amounts payable by the Agent 



If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance
Documents that Party shall be regarded as having received any amount so deducted. 
  

	25.18	 Role of Reference Banks 



 

	(a)	 No Reference Bank is under any obligation to provide a quotation or any other information to the Agent.



  

	(b)	 No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document,
or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct. 


  

	(c)	 No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or
agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank
Quotation, and any officer, employee or agent of each Reference Bank may rely on this Clause 25.18 subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 



 

	25.19	 Third party Reference Banks 



 

	(a)	 A Reference Bank which is not a Party may rely on Clause 25.18 (Role of Reference Banks), Clause 34.2
(Exceptions) and Clause 36 (Confidentiality of Funding Rates and Reference Bank Quotations) subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 



 

	(b)	 If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to
be a Lender, the Agent may (in consultation with the Parent) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 


  

	25.20	 Reliance and engagement letters 



Each Finance Party confirms that the Arranger and the Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of
any letters or reports already accepted by the Arranger or Agent) the terms of any reliance letter or engagement letters relating to any reports or letters provided by accountants in connection with the Finance Documents or the transactions
contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters. 

 

	26.	 CONDUCT OF BUSINESS BY THE FINANCE PARTIES 



No provision of this Agreement will: 
  

	 	(a)	 interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit; 


  

	 	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or 


  

	 	(c)	 oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax. 



  
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	27.	 SHARING AMONG THE FINANCE PARTIES 



 

	27.1	 Payments to Finance Parties 



If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance
with Clause 28 (Payment Mechanics) (a “Recovered Amount”) and applies that amount to a payment due under the Finance Documents then: 
  

	 	(a)	 the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or
recovery to the Agent; 


  

	 	(b)	 the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 28 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and 


  

	 	(c)	 the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the
Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause
28.6 (Partial payments). 


  

	27.2	 Redistribution of payments 



The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other
than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 28.6 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties. 

 

	27.3	 Recovering Finance Party’s rights 



On a distribution by the Agent under Clause 27.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from
an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor. 

 

	27.4	 Reversal of redistribution 



If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then: 
  

	 	(a)	 each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and 


  

	 	(b)	 as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor. 


  

	27.5	 Exceptions 


  

	(a)	 This Clause 27 shall not apply to the extent that the Recovering Finance Party would not, after making any
payment pursuant to this Clause 27, have a valid and enforceable claim against the relevant Obligor. 



  
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	(b)	 A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: 


  

	 	(i)	 it notified that other Finance Party of the legal or arbitration proceedings; and 



 

	 	(ii)	 that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did
not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 



  
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 SECTION 11 

ADMINISTRATION 
  

	28.	 PAYMENT MECHANICS 



 

	28.1	 Payments to the Agent 



 

	(a)	 On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment. 


  

	(b)	 Payment shall be made to such account in the principal financial centre of the country of that currency with
such bank as the Agent specifies. 


  

	28.2	 Distributions by the Agent 



Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 28.3 (Distributions to an
Obligor), Clause 28.4 (Clawback) and Clause 25.17 (Deduction from amounts payable by the Agent) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this
Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five (5) Business Days’ notice with a bank in the principal financial centre of the country
of that currency. 
  

	28.3	 Distributions to an Obligor 



The Agent may (with the consent of the Obligor or in accordance with Clause 29 (Set-off)) apply
any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so
applied. 
  

	28.4	 Clawback 


  

	(a)	 Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 



 

	(b)	 Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the
case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount
from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 


  

	(c)	 If the Agent has notified the Lenders that it is willing to make available amounts for the account of a
Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: 



 

	 	(i)	 the Agent shall notify the Parent of that Lender’s identity and the Borrower to whom that sum was made
available shall on demand refund it to the Agent; and 



  
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	 	(ii)	 the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower
to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from
that Lender. 


  

	28.5	 Impaired Agent 



 

	(a)	 If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a
payment under the Finance Documents to the Agent in accordance with Clause 28.1 (Payments to the Agent) may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with a bank or
financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A- or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or A3 or
higher by Moody’s Investor Services Limited or a comparable rating from an internationally recognised credit rating agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender
making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents. In each case such payments must be made on the due date for payment under the Finance
Documents. 


  

	(b)	 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the
beneficiaries of that trust account pro rata to their respective entitlements. 


  

	(c)	 A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant
payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account. 


  

	(d)	 Promptly upon the appointment of a successor Agent in accordance with Clause 25.13 (Replacement of the
Agent), each Party which has made a payment to a trust account in accordance with this Clause 28.5 shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest)
to the successor Agent for distribution in accordance with Clause 28.2 (Distributions by the Agent). 


  

	28.6	 Partial payments 



 

	(a)	 If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an
Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: 



 

	 	(i)	 first, in or towards payment pro rata of any unpaid amount owing to the Agent and the Arranger
under the Finance Documents; 


  

	 	(ii)	 secondly, in or towards payment pro rata of any accrued interest, fee or commission due but
unpaid under this Agreement; 


  

	 	(iii)	 thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and



  

	 	(iv)	 fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance
Documents. 


  

	(b)	 The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to
(a)(iv) above. 


  

	(c)	 Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 



  
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	28.7	 No set-off by Obligors 



All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction
for) set-off or counterclaim. 
  

	28.8	 Business Days 



 

	(a)	 Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day
in the same calendar month (if there is one) or the preceding Business Day (if there is not). 


  

	(b)	 During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date. 


  

	28.9	 Currency of account 



 

	(a)	 Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due
from an Obligor under any Finance Document. 


  

	(b)	 Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses
or Taxes are incurred. 


  

	(c)	 Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.



  

	28.10	 Change of currency 



 

	(a)	 Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then: 


  

	 	(i)	 any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the
currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Parent); and 



 

	 	(ii)	 any translation from one currency or currency unit to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). 


  

	(b)	 If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Parent) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.



  

	28.11	 Disruption to payment systems etc. 



If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Parent that a
Disruption Event has occurred: 
  

	 	(a)	 the Agent may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing
with the Parent such changes to the operation or administration of the Facilities as the Agent may deem necessary in the circumstances; 


  

	 	(b)	 the Agent shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph
(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; 



  
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	 	(c)	 the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above
but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances; 


  

	 	(d)	 any such changes agreed upon by the Agent and the Parent shall (whether or not it is finally determined that a
Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 34 (Amendments and Waivers); 



 

	 	(e)	 the Agent shall not be liable for any damages, costs or losses to any person, any diminution of value or
liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take,
any actions pursuant to or in connection with this Clause 28.11; and 


  

	 	(f)	 the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.



  

	29.	 SET-OFF 



Following an Event of Default which is continuing, a Finance Party may set off any matured obligation due from an Obligor under the Finance
Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are
in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	30.	 NOTICES 


  

	30.1	 Communications in writing 



Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be
made by email or letter. 
  

	30.2	 Addresses 



The address and email address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for
any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	 in the case of the Parent: 



 

			
	Address:	  	150 Helen Road
		  	Sandown Sandton 2196
		  	South Africa
		
	Email address:	  	Taryn.Harmse@goldfields.com
		
	Attn:	  	Executive Vice President, General Counsel


  

	 	(b)	 in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to the date
on which it becomes a Party; and 


  

	 	(c)	 in the case of the Agent: 



 

			
	Address:	  	MUFG Bank, Ltd.
		  	Ropemaker Place, 25 Ropemaker Street
		  	London, EC2Y 9AN
		  	United Kingdom
		
	Email address:	  	loanagency@uk.mufg.jp
		
	Attn:	  	Admin Team



  
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 or any substitute address or email address or department or officer as the Party may notify
to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days’ notice. 
  

	30.3	 Delivery 


  

	(a)	 Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective: 


  

	 	(i)	 if by way of email, when sent provided that the sender has not received a message that the email has not been
received by the recipient; or 


  

	 	(ii)	 if by way of letter, when it has been left at the relevant address or five (5) Business Days after being
deposited in the post postage prepaid in an envelope addressed to it at that address, 


 and, if a particular department or
officer is specified as part of its address details provided under Clause 30.2 (Addresses), if addressed to that department or officer. 
  

	(b)	 Any communication or document to be made or delivered to the Agent will be effective only when actually
received by the Agent and then only if it is expressly marked for the attention of the department or officer identified in paragraph (c) of Clause 30.2 (Addresses) (or any substitute department or officer as the Agent shall specify for
this purpose). 


  

	(c)	 All notices from or to an Obligor shall be sent through the Agent. 



 

	(d)	 Any communication or document made or delivered to the Parent in accordance with this Clause will be deemed to
have been made or delivered to each of the Obligors. 


  

	30.4	 Notification of address and email address 



Promptly upon receipt of notification of an address and email address or change of address or email address pursuant to Clause 30.2
(Addresses) or changing its own address or email address, the Agent shall notify the other Parties. 
  

	30.5	 Communication when Agent is Impaired Agent 



If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other
directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to
or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed. 
  

	30.6	 Electronic communication 



 

	(a)	 Any communication to be made between the Agent and a Lender under or in connection with the Finance Documents
may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if the Agent and the relevant Lender: 



 

	 	(i)	 agree that, unless and until notified to the contrary, this is to be an accepted form of communication;




  
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	 	(ii)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the sending and receipt of information by that means; and 


  

	 	(iii)	 notify each other of any change to their address or any other such information supplied by them.



  

	(b)	 Any electronic communication made between the Agent and a Lender will be effective only when actually received
in readable form and in the case of any electronic communication made by a Lender to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. 



 

	(c)	 In accordance with paragraph (a) above, each of the Agent and the Lender agree, for the purposes of the
delivery by any Borrower of a Utilisation Request pursuant to Clause 5.1 (Deliver of a Utilisation Request) (and without prejudice to any of the requirements of Clause 5.2 (Completion of a Utilisation Request)):



  

	 	(i)	 electronic mail is unless and until notified to the contrary, an accepted form of communication; and



  

	 	(ii)	 the electronic email address of the Agent for this purpose is loanagency@uk.mufg.jp. 



 

	30.7	 English language 



 

	(a)	 Any notice given under or in connection with any Finance Document must be in English. 



 

	(b)	 All other documents provided under or in connection with any Finance Document must be: 



 

	 	(i)	 in English; or 


  

	 	(ii)	 if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this
case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 


  

	30.8	 Obligor agent 



 

	(a)	 Each Obligor (other than the Parent) by its execution of this Agreement or an Accession Letter (as the case may
be) irrevocably appoints the Parent to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises: 


  

	 	(i)	 the Parent on its behalf to supply all information concerning itself contemplated by this Agreement to the
Finance Parties and to give all notices and instructions (including, in the case of a Borrower, Utilisation Requests), to execute on its behalf any documents required hereunder and to make such agreements capable of being given, made or effected by
any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and 


  

	 	(ii)	 each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance
Documents to the Parent on its behalf, 


 and in each case the Obligor shall be bound as though the Obligor itself had
given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made such agreements or received the relevant notice, demand or other communication. 

  
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	(b)	 Every act, agreement, undertaking, settlement, waiver, notice or other communication given or made by the
Parent or given to the Parent under any Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor
under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Parent and any other
Obligor, those of the Parent shall prevail. 


  

	31.	 CALCULATIONS AND CERTIFICATES 



 

	31.1	 Accounts 



In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts
maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
 31.2 Certificates and Determinations 

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error,
conclusive evidence of the matters to which it relates. 
 31.3 Day count convention 

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual
number of days elapsed and a year of three hundred and sixty (360) days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice. 

 

	32.	 PARTIAL INVALIDITY 



If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

 

	33.	 REMEDIES AND WAIVERS 



No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall
operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not
exclusive of any rights or remedies provided by law. 
  

	34.	 AMENDMENTS AND WAIVERS 



34.1 Required consents 
  

	(a)	 Subject to Clause 34.2 (Exceptions) any term of the Finance Documents may be amended or waived only with
the consent of the Majority Lenders and the Parent and any such amendment or waiver will be binding on all Parties. 


  

	(b)	 The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 34.



  

	(c)	 Paragraph (c) of Clause 23.9 (Pro rata interest settlement) shall apply to this Clause 34.




  
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	34.2	 Exceptions 


  

	(a)	 Subject to Clause 34.7 (Replacement of Screen Rate), an amendment or waiver that has the effect of
changing or which relates to: 


  

	 	(i)	 the definition of “Majority Lenders” in Clause 1.1 (Definitions); 



 

	 	(ii)	 an extension to the date of payment of any amount under the Finance Documents; 



 

	 	(iii)	 a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or
commission payable; 


  

	 	(iv)	 an increase in any Commitment or an extension of any Availability Period or any requirement that a cancellation
of Commitments reduces the commitments of the lenders rateably under the relevant Facility; 


  

	 	(v)	 a change to the Borrowers or Guarantors (other than in accordance with Clause 24 (Changes to the
Obligors)); 


  

	 	(vi)	 any provision which expressly requires the consent of all the Lenders; or 



 

	 	(vii)	 Clause 2.3 (Finance Parties’ rights and obligations), Clause 7.8 (Application of
prepayments), Clause 17 (Guarantee and Indemnity), Clause 23 (Changes to the Lenders) or this Clause 34, 



shall not be made without the prior consent of all the Lenders. 
  

	(b)	 An amendment or waiver which relates to the rights or obligations of the Agent or the Arranger or a Reference
Bank may not be effected without the consent of (as applicable) the Agent, the Arranger or the Reference Bank. 


  

	(c)	 Any amendments made pursuant to paragraph (c) of Clause 19.4 (IFRS 16 treatment) may be made with
the consent of the Parent and the Agent (acting on the instructions of the Majority Lenders) only. 


  

	34.3	 Excluded Commitments 



If: 
  

	 	(a)	 any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any
term of any Finance Document or any other vote of Lenders under the terms of this Agreement within 10 Business Days of that request being made; or 


  

	 	(b)	 any Lender which is not a Defaulting Lender fails to respond to such a request or such a vote within 10
Business Days of that request being made, 


 (unless, in either case, the Parent and the Agent agree to a longer time
period in relation to any request): 
  

	 	(i)	 its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant
Facilities when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request; and 



 

	 	(ii)	 its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request. 



  
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	34.4	 Replacement of Lender 



 

	(a)	 If any Lender becomes a Non-Consenting Lender (as defined in below)
then the Parent may, on 10 Business Days’ prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 23 (Changes to
the Lenders) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other
financial assets (a “Replacement Lender, which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the Lenders) for a purchase price in cash
payable at the time of transfer in an amount equal to the outstanding principal amount of such Lender’s participation in the outstanding Utilisations and all accrued interest (to the extent that the Agent has not given a notification under
Clause 23.9 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents. 


  

	(b)	 The replacement of a Lender pursuant to this Clause 34.4 shall be subject to the following conditions:



  

	 	(i)	 the Parent shall have no right to replace the Agent; 



 

	 	(ii)	 neither the Agent nor the Lender shall have any obligation to the Parent to find a Replacement Lender;



  

	 	(iii)	 such replacement must take place no later than 60 days after the date on which that Lender is deemed a Non-Consenting Lender; 


  

	 	(iv)	 in no event shall the Lender replaced under this Clause 34.4 be required to pay or surrender to such
Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents; and 


  

	 	(v)	 the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (a) above once it
is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that transfer and the Lender shall perform such “know your customer” or
other similar checks as soon as reasonably practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Parent when it is satisfied that it has complied with those checks.



  

	(c)	 In the event that: 


  

	 	(i)	 the Parent or the Agent (at the request of the Parent) has requested the Lenders to give a consent in relation
to, or to agree to a waiver or amendment of, any provisions of the Finance Documents; 


  

	 	(ii)	 the consent, waiver or amendment in question requires the approval of all the Lenders; and



  

	 	(iii)	 Lenders whose Commitments aggregate more than 85 per cent. of the Total Commitments (or, if the Total
Commitments have been reduced to zero, aggregated more than 85 per cent. of the Total Commitments prior to that reduction) have consented or agreed to such waiver or amendment, 



  
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 then any Lender who does not and continues not to consent or agree to such waiver or
amendment shall be deemed a “Non-Consenting Lender”. 
  

	34.5	 Disenfranchisement of Defaulting Lenders 



 

	(a)	 For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders or
whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting
Lender’s Commitments will be reduced by the amount of its Available Commitments. 


  

	(b)	 For the purposes of this Clause 34.5, the Agent may assume that the following Lenders are Defaulting Lenders:



  

	 	(i)	 any Lender which has notified the Agent that it has become a Defaulting Lender; 



 

	 	(ii)	 any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraph
(a), (b), or (c) of the definition of “Defaulting Lender” has occurred, 


 unless it has received notice to
the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 

 

	34.6	 Replacement of a Defaulting Lender 



 

	(a)	 The Parent may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five
(5) Business Days’ prior written notice to the Agent and such Lender: 


  

	 	(i)	 replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall)
transfer pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement; or 


  

	 	(ii)	 require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 23
(Changes to the Lenders) all (and not part only) of the undrawn Commitment of the Lender, 


 to an Eligible
Institution which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (a “Replacement Lender”), and which (unless the Agent is an Impaired Agent)
is acceptable to the Agent (acting reasonably), which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring Lender’s
participations or unfunded participations (as the case may be) on the same basis as the transferring Lender), for a purchase price in cash payable at the time of the transfer equal to the outstanding principal amount of such Lender’s
participation in the outstanding Utilisations and all accrued interest (subject to any notice having been given by the Agent under Clause 23.9 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto
under the Finance Documents. 
  

	(b)	 Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 34 shall be subject to
the following conditions: 


  

	 	(i)	 the Parent shall have no right to replace the Agent; 



 

	 	(ii)	 neither the Agent nor the Defaulting Lender shall have any obligation to the Parent to find a Replacement
Lender; 



  
 103 














	 	(iii)	 the transfer must take place no later than five (5) days after the notice referred to in paragraph
(a) above; 


  

	 	(iv)	 in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the
fees received by the Defaulting Lender pursuant to the Finance Documents; and 


  

	 	(v)	 the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (a) above once it
is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that transfer and the Lender shall perform such “know your customer” or
other similar checks as soon as reasonably practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Parent when it is satisfied that it has complied with those checks.



 34.7 Replacement of Screen Rate 
  

	(a)	 Subject to Clause 34.2 (Exceptions), if a Screen Rate Replacement Event has occurred in relation to any
Screen Rate for dollars, any amendment or waiver which relates to: 


  

	 	(i)	 providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate; and



 (ii) 
  

	 	(A)	 aligning any provision of any Finance Document to the use of that Replacement Benchmark; 



 

	 	(B)	 enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 


  

	 	(C)	 implementing market conventions applicable to that Replacement Benchmark; 



 

	 	(D)	 providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or



  

	 	(E)	 adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the
adjustment shall be determined on the basis of that designation, nomination or recommendation), 


 may be made with the
consent of the Agent (acting on the instructions of the Majority Lenders) and the Parent. 
  

	(b)	 If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above
within 10 Business Days (or such longer time period in relation to any request which the Parent and the Agent may agree) of that request being made: 


  

	 	(i)	 its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant
Facility/ies when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and 



  
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	 	(ii)	 its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request. 


  

	35.	 CONFIDENTIAL INFORMATION 



 

	35.1	 Confidentiality 



Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
Clause 35.2 (Disclosure of Confidential Information) and Clause 35.3 (Disclosure to numbering service providers), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply
to its own confidential information. 
  

	35.2	 Disclosure of Confidential Information 



Any Finance Party may disclose: 
  

	 	(a)	 to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in
writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to
maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 


  

	 	(b)	 to any person: 


  

	 	(i)	 to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Finance Documents or which succeeds (or may potentially succeed) it as Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional advisers;



  

	 	(ii)	 with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that
person’s Affiliates, Related Funds, Representatives and professional advisers; 


  

	 	(iii)	 appointed by any Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (b) of Clause 25.15 (Relationship with the Lenders));



  

	 	(iv)	 who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; 


  

	 	(v)	 to whom information is required or requested to be disclosed by any court of competent jurisdiction or any
governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation (except that this paragraph does not permit the disclosure of any information
under section 275(4) of the PPSA unless section 275(7) of the PPSA applies); 



  
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	 	(vi)	 to whom or for whose benefit that Finance Party charges, assigns or otherwise creates any Encumbrance (or may
do so) pursuant to Clause 23.8 (Security over Lenders’ rights); 


  

	 	(vii)	 to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes (except that this paragraph does not permit the disclosure of any information under section 275(4) of the PSA unless section 275(7) of the PPSA applies);



  

	 	(viii)	 who is a Party; or 


  

	 	(ix)	 with the consent of the Parent; 



in each case, such Confidential Information as that Finance Party shall consider appropriate if: 

 

	 	(A)	 in relation to paragraphs (b)(i) or (b)(ii) and (b)(iii) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the
confidentiality of the Confidential Information; 


  

	 	(B)	 in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has
entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information; 


  

	 	(C)	 in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information
is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not
practicable so to do in the circumstances; 


  

	 	(c)	 to any person appointed by that Finance Party or by a person to whom paragraphs (b)(i) or (b)(ii) above applies
to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may
be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Parent and the relevant Finance Party;




  
 106 














	 	(d)	 to any rating agency (including its professional advisers) such Confidential Information as may be required to
be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors. 


  

	35.3	 Disclosure to numbering service providers 



 

	(a)	 Any Finance Party may disclose to any national or international numbering service provider appointed by that
Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors the following information: 



 

	 	(i)	 names of Obligors; 


  

	 	(ii)	 country of domicile of Obligors; 



 

	 	(iii)	 place of incorporation of Obligors; 



 

	 	(iv)	 date of this Agreement; 



 

	 	(v)	 the names of the Agent and the Arranger; 



 

	 	(vi)	 date of each amendment and restatement of this Agreement; 



 

	 	(vii)	 the amounts and names of the Facilities (and any tranches); 



 

	 	(viii)	 amount of Total Commitments; 



 

	 	(ix)	 currency of the Facilities; 



 

	 	(x)	 type of Facilities; 


  


	 	(xi)	 Clause 38 (Governing Law); 



 

	 	(xii)	 ranking of Facilities; 



 

	 	(xiii)	 Termination Date for Facilities; 



 

	 	(xiv)	 changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and



  

	 	(xv)	 such other information agreed between such Finance Party and the Parent, 



to enable such numbering service provider to provide its usual syndicated loan numbering identification services. 

 

	(b)	 The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities
and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.



  

	(c)	 Each Obligor represents that none of the information set out in paragraphs (a)(i) to (a)(xv) above is, nor will
at any time be, unpublished price-sensitive information. 


  

	(d)	 The Agent shall notify the Parent and the other Finance Parties of: 



 

	 	(i)	 the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities
and/or one or more Obligors; and 


  

	 	(ii)	 the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more
Obligors by such numbering service provider. 



  
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	35.4	 Entire agreement 



This Clause 35 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance
Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	35.5	 Inside Information 



Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the
use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any
unlawful purpose. 
  

	35.6	 Notification of disclosure 



Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Parent: 

 

	 	(a)	 of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause
35.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 



 

	 	(b)	 upon becoming aware that Confidential Information has been disclosed in breach of this Clause 35.



  

	35.7	 Continuing obligations 



The obligations in this Clause 35 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of
twelve (12) months from the earlier of: 
  

	 	(a)	 the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid
in full and all Commitments have been cancelled or otherwise cease to be available; and 


  

	 	(b)	 the date on which such Finance Party otherwise ceases to be a Finance Party. 



 

	36.	 CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS 



 

	36.1	 Confidentiality and disclosure 



 

	(a)	 The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank
Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) and (d) below. 


  

	(b)	 The Agent may disclose: 



 

	 	(i)	 any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the relevant Borrower
pursuant to Clause 8.6 (Notification of rates of interest); and 


  

	 	(ii)	 any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or
Reference Bank, as the case may be. 



  
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	(c)	 The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any
Funding Rate, to: 


  

	 	(i)	 any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors,
partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information
except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of
confidentiality in relation to it; 


  

	 	(ii)	 any person to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to
be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not
practicable to do so in the circumstances; 


  

	 	(iii)	 any person to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be
price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and 



 

	 	(iv)	 any person with the consent of the relevant Lender or Reference Bank, as the case may be 



 

	(d)	 The Agent’s obligations in this Clause 36 relating to Reference Bank Quotations are without prejudice to
its obligations to make notifications under Clause 8.6 (Notification of rates of interest) provided that (other than pursuant to paragraph (b)(i) above) the Agent shall not include the details of any individual Reference Bank Quotation as
part of any such notification. 


  

	36.2	 Related obligations 



 

	(a)	 The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Reference
Bank Quotation) is or may be price-sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to
use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose. 


  

	(b)	 The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender
or Reference Bank, as the case may be: 


  

	 	(i)	 of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 36.1 (Confidentiality
and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 



  
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	 	(ii)	 upon becoming aware that any information has been disclosed in breach of this Clause 36. 



 

	36.3	 No Event of Default 



 

	(a)	 No Event of Default will occur under Clause 22.3 (Other obligations) by reason only of an Obligor’s
failure to comply with this Clause 36. 


  

	37.	 COUNTERPARTS 



Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were
on a single copy of the Finance Document. 

  
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 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	38.	 GOVERNING LAW 



This Agreement and any non-contractual obligations arising out of or in connection with it are governed
by English law. 
  

	39.	 ENFORCEMENT 


  

	39.1	 Jurisdiction 


  


	(a)	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with it) (a “Dispute”).



  

	(b)	 The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes
and accordingly no Party will argue to the contrary. 


  

	(c)	 Notwithstanding paragraph (a) above, no Finance Party shall be prevented from taking proceedings relating
to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 



 

	39.2	 Service of process 



Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and
Wales): 
  

	 	(a)	 irrevocably appoints Hackwood Secretaries Limited as its agent for service of process (in the case of an
Obligor incorporated in South Africa, domicilium citandi et executandi) in relation to any proceedings before the English courts in connection with any Finance Document; and 



 

	 	(b)	 agrees that failure by an agent for service of process to notify the relevant Obligor of the process will not
invalidate the proceedings concerned. 


  

	40.	 CONTRACTUAL RECOGNITION OF BAIL-IN 



Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party
acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and
acknowledges and accepts to be bound by the effect of: 
  

	 	(a)	 any Bail-In Action in relation to any such liability, including
(without limitation): 


  

	 	(i)	 a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but
unpaid interest) in respect of any such liability; 


  

	 	(ii)	 a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be
issued to, or conferred on, it; and 


  

	 	(iii)	 a cancellation of any such liability; and 



 

	 	(b)	 a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 



  
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	41.	 US QFC RULES 



To the extent that the Finance Documents provide support, through a guarantee or otherwise, for any hedging agreement or any other agreement or
instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal
Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC
and QFC Credit Support: 
  

	 	(a)	 In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and
any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC
Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a
proceeding under a U.S. Special Resolution Regime, Default Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States. Without
limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.



  

	 	(b)	 As used in this Clause 41, the following terms have the following meanings: 



“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following: 

 

	 	(i)	 a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b); 


  

	 	(ii)	 a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or 


  

	 	(iii)	 a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 


 “Default Right” has the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “QFC” has the meaning assigned to the term
“qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 

  
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 THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  
 113 













 SCHEDULE 1 

THE ORIGINAL PARTIES 

PART I 

THE OBLIGORS 
  

					
	 Name of Original Borrowers
	  	Registration number
(or equivalent, if any)	 
	 Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands
	  	 	184982	 
	 Gold Fields Ghana Holdings (BVI) Limited, continued under the laws of the British Virgin
Islands
	  	 	651405	 
		
	 Name of Original Guarantors
	  	Registration number
(or equivalent, if any)	 
	 Gold Fields Limited, incorporated in South Africa
	  	 	1968/004880/06	 
	 Gold Fields Holdings Company (BVI) Limited, continued under the laws of the British Virgin
Islands
	  	 	651406	 
	 Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands
	  	 	184982	 
	 Gold Fields Ghana Holdings (BVI) Limited, continued under the laws of the British Virgin
Islands
	  	 	651405	 
	 Gruyere Holdings Pty Ltd, incorporated in Australia
	  	 	65 615 728 491	 


  
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 PART II 

THE MANDATED LEAD ARRANGERS 

Names of Mandated Lead Arrangers 
 MUFG Bank, Ltd. 

Bank of America Merrill Lynch International Designated Activity Company 

Canadian Imperial Bank of Commerce, London Branch 
 Citibank N.A.,
London Branch 
 Commonwealth Bank of Australia ACN 123 123 124 

ING Bank, a branch of ING-DiBa AG 

J.P. Morgan Securities Plc 
 Nedbank Limited (acting through its
Nedbank Corporate & Investment Banking Division) 
  

	Royal	 Bank of Canada 


  

	Scotiabank	 Europe plc 



  
 115 













 PART III 

THE LEAD ARRANGERS 

Names of Lead Arrangers 
  

	Bank	 of Montreal, London Branch 



 

	Barclays	 Bank PLC 



  
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 PART IV 

THE ARRANGER 

Names of Arrangers 
 Absa Bank Limited (acting through its
Corporate and Investment Banking division) 
  

	Morgan	 Stanley Bank International Limited 



 

	Westpac	 Banking Corporation 



  
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 PART V 

THE ORIGINAL LENDERS 

 

									
	 	  	 	 	  	Facility B	 
	 	  	Facility A	 	  	Commitment	 
	 Name of Original Lender
	  	Commitment (US$)	 	  	(US$)	 
	 MUFG Bank, Ltd.
	  	 	45,000,000	 	  	 	45,000,000	 
	 Bank of America Merrill Lynch International Designated Activity Company
	  	 	45,000,000	 	  	 	45,000,000	 
	 Canadian Imperial Bank of Commerce, London Branch
	  	 	45,000,000	 	  	 	45,000,000	 
	 Citibank, N.A. (DIFC Branch)
	  	 	45,000,000	 	  	 	45,000,000	 
	 Commonwealth Bank of Australia ACN 123 123 124
	  	 	45,000,000	 	  	 	45,000,000	 
	 ING Bank, a branch of ING-DiBa AG
	  	 	45,000,000	 	  	 	45,000,000	 
	 JPMorgan Chase Bank, N.A., London Branch
	  	 	45,000,000	 	  	 	45,000,000	 
	 Nedbank Limited, London Branch
	  	 	45,000,000	 	  	 	45,000,000	 
	 Royal Bank of Canada
	  				  	 	45,000,000	 
	 RBC Europe Limited
	  	 	45,000,000	 	  			
	 Scotiabank Europe plc
	  	 	45,000,000	 	  	 	45,000,000	 
	 Bank of Montreal, London Branch
	  	 	37,500,000	 	  	 	37,500,000	 
	 Barclays Bank PLC
	  	 	37,500,000	 	  	 	37,500,000	 
	 Morgan Stanley Senior Funding, Inc.
	  	 	25,000,000	 	  	 	25,000,000	 
	 Westpac Banking Corporation
	  	 	25,000,000	 	  	 	25,000,000	 
	 Absa Bank Limited (acting through its Corporate and Investment Banking division)
	  	 	25,000,000	 	  	 	25,000,000	 
		  	  
	  
	 	  	  
	  
	 
		  	 	600,000,000	 	  	 	600,000,000	 


  
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 SCHEDULE 2 

CONDITIONS PRECEDENT 

PART I 

CONDITIONS PRECEDENT TO INITIAL UTILISATION 

 

	1.	 Obligors 


  

	(a)	 A copy of the Constitutional Documents of each Obligor. 



 

	(b)	 A copy of a good standing certificate with respect to Gold Fields Holdings Company (BVI) Limited, Gold Fields
Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited, issued as of a recent date by the Registrar of Corporate Affairs in the British Virgin Islands. 



 

	(c)	 A copy of a resolution of the board of directors (and, if necessary under the laws of its jurisdiction of
incorporation, the shareholders): 


  

	 	(i)	 of each Obligor: 


  

	 	(A)	 approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and
resolving that it execute the Finance Documents to which it is a party; 


  

	 	(B)	 authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf; and 


  

	 	(C)	 authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices
(including, if relevant, any Utilisation Request) to be signed and/or dispatched by it under or in connection with the Finance Documents to which it is a party; and 



 

	 	(ii)	 of each Obligor incorporated in Australia, including confirmations that the entry into the Finance Documents to
which it is party and the transactions contemplated therein: 


  

	 	(A)	 will not cause that Obligor to go insolvent; 



 

	 	(B)	 are for that Obligor’s benefit; and 



 

	 	(C)	 will not breach that Obligor’s constitution or the Australian Corporations Act. 



 

	(d)	 A specimen of the signature of each person authorised by the resolution referred to in paragraph (c) above.



  

	(e)	 A certificate of incumbency from the registered agent for Gold Fields Holdings Company (BVI) Limited, Gold
Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited. 


  

	(f)	 A copy of the resolution of the shareholders of Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen
Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited approving the relevant resolutions of the board of directors and the transactions contemplated thereby. 



 

	(g)	 A certificate of the Obligors (signed by a director) confirming that borrowing or guaranteeing, as appropriate,
the Total Commitments and any and all accrued interest would not cause any borrowing, guaranteeing or similar limit binding on any Obligor to be exceeded and that in respect of each Obligor to whom the Companies Act 2008 of South Africa applies the
requirements of section 45 of such Act has been complied with and each certificate shall have annexed to it the copies of the relevant resolutions, notices and statements. 



  
 119 














	(h)	 A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating to
it specified in this Part I of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 


  

	(i)	 In the case of an Obligor incorporated in Australia, a certificate of a director of that Obligor confirming
that: 


  

	 	(i)	 the Obligor is solvent; and 



 

	 	(ii)	 it is not prevented by Chapter 2E or 2J of the Australian Corporations Act from entering into and performing
the Finance Documents to which it is a party. 


  

	2.	 Legal opinions 



 

	(a)	 A legal opinion of Clifford Chance LLP legal advisers to the Arranger and the Agent in England, substantially
in the form distributed to the Original Lenders prior to signing this Agreement. 


  

	(b)	 A legal opinion of Conyers Dill & Pearman, legal advisers to the Arranger and Agent in the British
Virgin Islands, substantially in the form distributed to the Original Lenders prior to signing this Agreement. 


  

	(c)	 A legal opinion of Edward Nathan Sonnenbergs, legal advisers to the Arranger and Agent in South Africa,
substantially in the form distributed to the Original Lenders prior to signing this Agreement. 


  

	(d)	 A legal opinion of Clifford Chance, legal advisers to the Arranger and Agent in Australia, substantially in the
form distributed to the Original Lenders prior to signing this Agreement. 


  

	3.	 Other documents and evidence 



 

	(a)	 Evidence that any agent for service of process referred to in Clause 39.2 (Service of process) has
accepted its appointment. 


  

	(b)	 The Original Financial Statements for the Parent. 



 

	(c)	 Evidence that the fees then due from GF Orogen (or from each Borrower nominated by GF Orogen) pursuant to
Clause 11 (Fees) have been paid or will be paid by the first Utilisation Date (it being agreed that the Parent shall be able to satisfy this condition precedent by authorising the Agent to deduct these from the proceeds of the first
Utilisation). 


  

	(d)	 A copy of the approval of the Financial Surveillance Department of the South African Reserve Bank confirming
that the Parent may enter into and provide the guarantee as contemplated by this Agreement. If such approval is granted conditionally, this condition precedent shall not be considered to have been fulfilled, unless both the Lenders and the Parent
acknowledge in writing to each other that such conditions are acceptable. 


  

	(e)	 A copy of any authorisation or consent (to include any relevant corporate, regulatory and shareholder consent)
which the Agent, acting reasonably, considers to be necessary in connection with the entry into and performance of the transactions contemplated by this Agreement or for the validity and enforceability of any Finance Document. 




  
 120 














	(f)	 Completion by each Lender of all applicable “know your customer” checks. 



 

	(g)	 Evidence that the Existing Facility Agreement will be prepaid and cancelled in full on or prior to the first
Utilisation Date. 



  
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 PART II 

CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED
BY AN ADDITIONAL BORROWER 
  

	1.	 An Accession Letter, duly executed by the Additional Borrower and the Parent. 



 

	2.	 A copy of a good standing certificate with respect to any Additional Borrower incorporated in the British
Virgin Islands, issued as of a recent date by the Registrar of Corporate Affairs in the British Virgin Islands. 


  

	3.	 A copy of the Constitutional Documents of the Additional Borrower. 



 

	4.	 A copy of a resolution of the board of directors (and, if necessary under the laws of its jurisdiction of
incorporation, the shareholders): 


  

	 	(a)	 of the Additional Borrower: 



 

	 	(i)	 approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents
and resolving that it execute the Accession Letter; 


  

	 	(ii)	 authorising a specified person or persons to execute the Accession Letter on its behalf; and



  

	 	(iii)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and
notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents; and 



 

	 	(b)	 if the Additional Borrower is incorporated in Australia, including confirmations that the entry into the
Accession Letter and the transactions contemplated by the Accession Letter and the Finance Documents: 


  

	 	(i)	 will not cause the Additional Borrower to go insolvent; 



 

	 	(ii)	 are for the Additional Borrower’s benefit; and 



 

	 	(iii)	 will not breach the Additional Borrower’s constitution or the Australian Corporations Act.



  

	5.	 A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above.



  

	6.	 A certificate of incumbency from the registered agent of each Additional Borrower incorporated in the British
Virgin Islands. 


  

	7.	 If appropriate, a certificate of the Additional Borrower (signed by a director) confirming that borrowing or
guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded and that in respect of each Additional Borrower to whom the Companies Act 2008 of South Africa applies the
requirements of Section 45 of such Act has been complied with and each certificate shall have annexed to it the copies of the relevant resolutions, notices and statements. 



  
 122 














	8.	 A certificate of an authorised signatory of the Additional Borrower certifying that each copy document listed
in this Part II of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of the Accession Letter. 


  

	9.	 A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be
necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession Letter or for the validity and enforceability of any Finance Document. 



 

	10.	 If appropriate, a copy of the approval of the Financial Surveillance Department of the South African Reserve
Bank confirming that the Additional Borrower may enter into and provide the guarantee as contemplated by this Agreement and that the Additional Borrower may enter into and implement the provisions of this Agreement. If such approval is granted
conditionally, this condition precedent shall not be considered to have been fulfilled, unless both the Lenders and the Additional Borrower acknowledge in writing to each other that such conditions are acceptable. 



 

	11.	 If available, the latest audited financial statements of the Additional Borrower. 



 

	12.	 A legal opinion from legal advisers to the Agent in England. 



 

	13.	 If the Additional Borrower is incorporated in a jurisdiction other than England and Wales, a legal opinion of
the legal advisers to the Arranger and the Agent in the jurisdiction in which the Additional Borrower is incorporated. 


  

	14.	 If the proposed Additional Borrower is incorporated in a jurisdiction other than England and Wales, evidence
that the agent for service of process specified in Clause 39.2 (Service of process) has accepted its appointment in relation to the proposed Additional Borrower. 



 

	15.	 If the Additional Borrower is incorporated in Australia, a certificate of a director of the Additional Borrower
confirming that: 


  

	 	(i)	 the Additional Borrower is solvent; and 



 

	 	(ii)	 it is not prevented by Chapter 2E or 2J of the Australian Corporations Act from entering into and performing
the Accession Letter and the Finance Documents to which it is a party. 



  
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 PART III 

CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED
BY AN ADDITIONAL GUARANTOR 
  

	1.	 An Accession Letter, duly executed by the Additional Guarantor and the Parent. 



 

	2.	 A copy of the Constitutional Documents of the Additional Guarantor. 



 

	3.	 A copy of a good standing certificate with respect to any Additional Guarantor incorporated in the British
Virgin Islands, issued as of a recent date by the Registrar of Corporate Affairs in the British Virgin Islands. 


  

	4.	 A copy of a resolution of the board of directors (and, if necessary under the laws of its jurisdiction of
incorporation, the shareholders): 


  

	 	(i)	 of the Additional Guarantor: 



 

	 	(A)	 approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents
and resolving that it execute the Accession Letter; 


  

	 	(B)	 authorising a specified person or persons to execute the Accession Letter on its behalf; and



  

	 	(C)	 authorising a specified person or persons, on its behalf, to sign and/or dispatch all other documents and
notices to be signed and/or despatched by it under or in connection with the Finance Documents; and 


  

	 	(ii)	 if the Additional Guarantor is incorporated in Australia, including confirmations that the entry into the
Accession Letter and the transactions contemplated by the Accession Letter and the Finance Documents: 


  

	 	(A)	 will not cause the Additional Guarantor to go insolvent; 



 

	 	(B)	 are for the Additional Guarantor’s benefit; and 



 

	 	(C)	 will not breach the Additional Guarantor’s constitution or the Australian Corporations Act.



  

	5.	 A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above.



  

	6.	 A certificate of incumbency from the registered agent of each Additional Guarantor incorporated in the British
Virgin Islands. 


  

	7.	 A copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor, approving
the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Guarantor is a party. 


  

	8.	 A certificate of the Additional Guarantor (signed by a director) confirming that guaranteeing the Total
Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded and that in respect of each Additional Guarantor to whom the Companies Act 2008 of South Africa applies the requirements of section 45 of such Act
has been complied with and each certificate shall have annexed to it the copies of the relevant resolutions, notices and statements. 



  
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	9.	 A certificate of an authorised signatory of the Additional Guarantor certifying that each copy document listed
in this Part III of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of the Accession Letter. 


  

	10.	 A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be
necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession Letter or for the validity and enforceability of any Finance Document. 



 

	11.	 If available, the latest audited financial statements of the Additional Guarantor. 



 

	12.	 A legal opinion from legal advisers to the Agent in England. 



 

	13.	 If the Additional Guarantor is incorporated in a jurisdiction other than England and Wales, a legal opinion of
the legal advisers to the Agent in the jurisdiction in which the Additional Guarantor is incorporated. 


  

	14.	 If the Additional Guarantor is incorporated in a jurisdiction other than England and Wales, evidence that the
agent for service of process specified in Clause 39.2 (Service of process) has accepted its appointment in relation to the proposed Additional Guarantor. 



 

	15.	 A copy of the approval of the Financial Surveillance Department of the South African Reserve Bank confirming
that any Additional Guarantor incorporated in South Africa may enter into and provide the guarantees as contemplated by this Agreement and that the Additional Guarantor may enter into and implement the provisions of this Agreement. If such approval
is granted conditionally, this condition precedent shall not be considered to have been fulfilled, unless both the Lenders and the Additional Guarantor acknowledge in writing to each other that such conditions are acceptable. 



 

	16.	 If the Additional Guarantor is incorporated in Australia, a certificate of a director of the Additional
Guarantor confirming that: 


  

	 	(i)	 the Additional Guarantor is solvent; and 



 

	 	(ii)	 it is not prevented by Chapter 2E or 2J of the Australian Corporations Act from entering into and performing
the Accession Letter and the Finance Documents to which it is a party. 



  
 125 













 SCHEDULE 3 

UTILISATION REQUEST 
  

	From:	 [The Borrower] 


  

	To:	 [●] as Agent 



Dated: 
  

	Dear	 Sirs 



Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited – up to $1,200,000,000 Credit Facilities Agreement dated
___________ 2019 (the “Agreement”) 
  

	1.	 We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning
in this Utilisation Request unless given a different meaning in this Utilisation Request. 


  

	2.	 We wish to borrow a Loan on the following terms: 



 

			
	Proposed Utilisation Date:	  	[●] (or, if that is not a Business Day, the next Business Day)
		
	Facility to be utilised:	  	[Facility A/Facility B]
		
	Currency of Loan:	  	Dollars
		
	Amount:	  	[●], if less the Available Facility
		
	Interest Period:	  	[●]

  

	3.	 We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the Agreement
is satisfied on the date of this Utilisation Request. 


  

	4.	 [This Loan is to be made in [whole]/[part] for the purpose of refinancing [identify maturing
Loan]/[The proceeds of this Loan should be credited to [account].] 


  

	5.	 This Utilisation Request is irrevocable. 



 

	
	 Yours faithfully

 
 authorised signatory
for

	
	[name of relevant Borrower]


  
 126 













 SCHEDULE 4 

FORM OF TRANSFER CERTIFICATE 

 

	To:	 [●] as Agent 


  

	From:	 [The Existing Lender] (the “Existing Lender”) and [The New Lender] (the
“New Lender”) 


 Dated: 

Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited – up to $1,200,000,000 Credit Facilities Agreement dated
___________ 2019 (the “Agreement”) 
  

	1.	 We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning
in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 


  

	2.	 We refer to Clause 23.5 (Procedure for transfer) of the Agreement: 



 

	 	(a)	 The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation
all or part of the Existing Lender’s Commitment, rights and obligations referred to in the Schedule in accordance with Clause 23.5 (Procedure for transfer) of the Agreement. 



 

	 	(b)	 The proposed Transfer Date is [●]. 



 

	 	(c)	 The Facility Office and address, email address and attention details for notices of the New Lender for the
purposes of Clause 30.2 (Addresses) of the Agreement are set out in the Schedule. 


  

	3.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in
paragraph (c) of Clause 23.4 (Limitation of responsibility of Existing Lenders) of the Agreement. 


  

	4.	 The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:



  

	 	(a)	 [not a Qualifying Lender;] 



 

	 	(b)	 [a Qualifying Lender (other than a Treaty Lender);] 



 

	 	(c)	 [a Treaty Lender.] 1 



 

	5.	 This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Transfer Certificate. 


  

	6.	 This Transfer Certificate, and any non-contractual obligations arising
out of or in connection with it, is governed by English law. 


  

	1	 Delete as applicable – each New Lender is required to confirm which of these categories it falls within.




  
 127 













 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 
 [Facility Office address,
email address and attention details for notices and account details for payments,] 
  

			
	 [Existing Lender]
	  	 [New Lender]

		
	 By:
	  	 By:

		
	 Market Entity
Identifier:                                     

	  	 Market Entity
Identifier:                                     



 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [●]. 

[●] 
 By: 

  
 128 













 SCHEDULE 5 

FORM OF ASSIGNMENT AGREEMENT 

 

	To:	 [●] as Agent and [●] as Parent, for and on behalf of each Obligor 



 

	From:	 [the Existing Lender] (the “Existing Lender”) and [the New Lender] (the “New
Lender”) 


 Dated: 
 Gold Fields
Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited – up to $1,200,000,000 Credit Facilities Agreement dated ___________ 2019 (the “Agreement”) 

 

	1.	 We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same
meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement. 


  

	2.	 We refer to Clause 23.6 (Procedure for assignment) of the Agreement: 



 

	 	(a)	 The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the
Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s Commitments and participations in Loans under the Agreement as specified in the Schedule. 



 

	 	(b)	 The Existing Lender is released from all the obligations of the Existing Lender which correspond to that
portion of the Existing Lender’s Commitments and participations in Loans under the Agreement specified in the Schedule. 


  

	 	(c)	 The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the
Existing Lender is released under paragraph (b) above. 


  

	3.	 The proposed Transfer Date is [●]. 



 

	4.	 On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender. 



 

	5.	 The Facility Office and address, email address and attention details for notices of the New Lender for the
purposes of Clause 30.2 (Addresses) of the Agreement are set out in the Schedule. 


  

	6.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in
paragraph (c) of Clause 23.4 (Limitation of responsibility of Existing Lenders) of the Agreement. 


  

	7.	 The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:



  

	 	(a)	 [not a Qualifying Lender;] 



 

	 	(b)	 [a Qualifying Lender (other than a Treaty Lender);] 



 

	 	(c)	 [a Treaty Lender.] 2 



 

	8.	 This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in
accordance with Clause 23.7 (Copy of Transfer Certificate or Assignment Agreement to Parent), to the Parent (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement. 



 

	2	 Delete as applicable – each New Lender is required to confirm which of these categories it falls within.




  
 129 














	9.	 This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Assignment Agreement. 


  

	10.	 This Assignment Agreement, and any non-contractual obligations arising
out of or in connection with it, is governed by English law. 


  

	11.	 This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment
Agreement. 



  
 130 













 THE SCHEDULE 

Commitment/rights to be assigned 

[insert relevant details] 
 [Facility Office address,
email address and attention details for notices and account details for payments,] 
  

			
	 [Existing Lender]
	  	 [New Lender]

		
	 By:
	  	 By:

		
	 Market Entity
Identifier:                                     

	  	 Market Entity
Identifier:                                     



 This Assignment Agreement is accepted by the Agent and the Transfer Date is confirmed as [●]. 

[●] 
 By: 

  
 131 













 SCHEDULE 6 

FORM OF ACCESSION LETTER 

 

	To:	 [●] as Agent 


  

	From:	 [Subsidiary] and Gold Fields Limited 



Dated: 
  

	Dear	 Sirs 



Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited – up to $1,200,000,000 Credit Facilities Agreement dated
___________ 2019 (the “Agreement”) 
  

	1.	 We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in
this Accession Letter unless given a different meaning in this Accession Letter. 


  

	2.	 [Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the
Agreement as an Additional [Borrower]/[Guarantor] pursuant to Clause [24.2 (Additional Borrowers)]/[24.4 (Additional Guarantors)] of the Agreement. [Subsidiary] is a wholly owned Subsidiary of the Parent duly incorporated
under the laws of [name of relevant jurisdiction]. 


  

	3.	 [Specify purpose of the Loan]. 



 

	4.	 [Subsidiary’s] administrative details are as follows: Address: 



Email Address: Attention: 
  

	5.	 This Accession Letter, and any non-contractual obligations arising out
of or in connection with it, is governed by English law. 


 [This Accession Letter has been executed as a deed by [Subsidiary] and
is delivered on the date stated above.]3 
  

			
	Gold Fields Limited	  	 [Subsidiary]

		
	By:	  	 By:


  

	3	 For any additional Guarantor, the Accession Letter is to be executed as a deed and the signature block shall be
amended accordingly. 



  
 132 













 SCHEDULE 7 

FORM OF RESIGNATION LETTER 

 

	To:	 [●] as Agent 


  

	From:	 [resigning Obligor] and Gold Fields Limited 



Dated: 
  

	Dear	 Sirs 



Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited – up to $1,200,000,000 Credit Facilities Agreement dated
___________ 2019 (the “Agreement”) 
  

	1.	 We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning
in this Resignation Letter unless given a different meaning in this Accession Letter. 


  

	2.	 Pursuant to [Clause 24.3 (Resignation of an Additional Borrower)]/[Clause 24.6 (Resignation of
an Additional Guarantor)] of the Agreement, we request that [resigning Obligor] be released from its obligations as a [Borrower]/[Guarantor] under the Agreement. 



 

	3.	 We confirm that no Default is continuing or would result from the acceptance of this request.



  

	4.	 This Resignation Letter, and any non-contractual obligations arising
out of or in connection with it, is governed by English law. 


  

			
	Gold Fields Limited	  	 [Subsidiary]

		
	By:	  	 By:



  
 133 













 SCHEDULE 8 

FORM OF COMPLIANCE CERTIFICATE 

 

	To:	 [●] as Agent 


  

	From:	 Gold Fields Limited 



Dated: 
  

	Dear	 Sirs 



Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited – up to $1,200,000,000 Credit Facilities Agreement dated
___________ 2019 (the “Agreement”) 
  

	1.	 We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same
meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate. 


  

	2.	 We confirm that as at [●]: 



 

	 	(a)	 Consolidated EBITDA to Consolidated Net Finance Charges 



the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of the Measurement Period ending on [●] was: [●]:1;
and 
  

	 	(b)	 Consolidated Net Borrowings to Consolidated EBITDA 



the ratio of Consolidated Net Borrowings to Consolidated EBITDA in respect of the Measurement Period ending on [●] was: [●]:1, 

and attach calculations showing how these figures were calculated. 
  

	3.	 We confirm that no Default is continuing. 



Signed: 
  

			
	[Director]/[Executive Officer]	  	[Director]/[Executive Officer]
		
	of	  	of
		
	Gold Fields Limited	  	Gold Fields Limited

  

	
	[insert applicable certification language]
	  

	[for and on behalf of
	
	[name of auditors of the Parent]


  
 134 













 SCHEDULE 9 

TIMETABLE 
  

					
	“U”	  	=	  	date of utilisation
			
	“U –X”	  	=	  	X Business Days prior to date of Utilisation

  

			
	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request))	  	U-3 10.00 a.m.
		
	Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ participation)	  	U-3 3.00 p.m.
		
	LIBOR is fixed	  	U-2 11:00 a.m.


  
 135 













 SCHEDULE 10 

LMA FORM OF CONFIDENTIALITY UNDERTAKING 

[Letterhead of Seller] 
 Date: [●] 

To: 
  

			
	  
	  	[insert name of Potential Purchaser]

  

	Re:	 The Agreement 


  

			
	 Parent:
	  	 (the “Parent”)


 Date: 

Amount: 

Agent: 
  

	Dear	 Sirs 



We understand that you are considering acquiring an interest in the Agreement which, subject to the Agreement, may be by way of novation, assignment, the
entering into, whether directly or indirectly, of a sub-participation or any other transaction under which payments are to be made or may be made by reference to one or more Finance Documents and/or one or
more Obligors or by way of investing in or otherwise financing, directly or indirectly, any such novation, assignment, sub-participation or other transaction (the “Acquisition”). In
consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter you agree as follows: 
  

	1.	 CONFIDENTIALITY UNDERTAKING 



You undertake (a) to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
paragraph 2 below and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to your own confidential information, and (b) until the Acquisition is completed to use the Confidential
Information only for the Permitted Purpose. 
  

	2.	 PERMITTED DISCLOSURE 



We agree that you may disclose: 
  

	2.1	 to any of your Affiliates and any of your or their officers, directors, employees, professional advisers and
auditors such Confidential Information as you shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph 2.1 is informed in writing of its confidential nature and that some or all of such
Confidential Information may be price-sensitive information, except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound
by requirements of confidentiality in relation to the Confidential Information; 



  
 136 














	2.2	 subject to the requirements of the Agreement, to any person: 



 

	(a)	 to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any of your rights
and/or obligations which you may acquire under the Agreement such Confidential Information as you shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this paragraph 2.2(a) has delivered a letter
to you in equivalent form to this letter; 


  

	(b)	 with (or through) whom you enter into (or may potentially enter into) any
sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to the Agreement or any Obligor such Confidential Information as you shall consider
appropriate if the person to whom the Confidential Information is to be given pursuant to this paragraph 2.2(b) has delivered a letter to you in equivalent form to this letter; 



 

	(c)	 to whom information is required or requested to be disclosed by any governmental, banking, taxation or other
regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation such Confidential Information as you shall consider appropriate; and 



 

	2.3	 notwithstanding paragraphs 2.1 and 2.2 above, Confidential Information to such persons to whom, and on the same
terms as, a Finance Party is permitted to disclose Confidential Information under the Agreement, as if such permissions were set out in full in this letter and as if references in those permissions to Finance Party were references to you.



  

	3.	 NOTIFICATION OF DISCLOSURE 



You agree (to the extent permitted by law and regulation) to inform us: 

 

	3.1	 of the circumstances of any disclosure of Confidential Information made pursuant to paragraph 2.2(c) above
except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 



 

	3.2	 upon becoming aware that Confidential Information has been disclosed in breach of this letter.



  

	4.	 RETURN OF COPIES 



If you do not enter into the Acquisition and we so request in writing, you shall return or destroy all Confidential Information supplied to you
by us and destroy or permanently erase (to the extent technically practicable) all copies of Confidential Information made by you and use your reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information
destroys or permanently erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by
any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 2.2(c) above. 

  
 137 














	5.	 CONTINUING OBLIGATIONS 



The obligations in this letter are continuing and, in particular, shall survive and remain binding on you until (a) if you become a party
to the Agreement as a lender of record, the date on which you become such a party to the Agreement; (b) if you enter into the Acquisition but it does not result in you becoming a party to the Agreement as a lender of record, the date falling
[twelve (12)] months after the date on which all of your rights and obligations contained in the documentation entered into to implement that Acquisition have terminated; or (c) in any other case the date falling [twelve] months after the date
of your final receipt (in whatever manner) of any Confidential Information. 
  

	6.	 NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC. 



You acknowledge and agree that: 
  

	6.1	 neither we, nor any member of the Group nor any of our or their respective officers, employees or advisers
(each a “Relevant Person”) (i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other
information supplied by us or the assumptions on which it is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to you
or any other person in respect of the Confidential Information or any such information; and 


  

	6.2	 we or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may
not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you. 



 

	7.	 ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS, ETC 



 

	7.1	 This letter constitutes the entire agreement between us in relation to your obligations regarding Confidential
Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 


  

	7.2	 No failure to exercise, nor any delay in exercising, any right or remedy under this letter will operate as a
waiver of any such right or remedy or constitute an election to affirm this letter. No election to affirm this letter will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other
exercise or the exercise of any other right or remedy under this letter. 


  

	7.3	 The terms of this letter and your obligations under this letter may only be amended or modified by written
agreement between us. 


  

	8.	 INSIDE INFORMATION 



You acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information
may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and you undertake not to use any Confidential Information for any unlawful purpose. 

  
 138 














	9.	 NATURE OF UNDERTAKINGS 



The undertakings given by you under this letter are given to us and are also given for the benefit of the Parent and each other member of the
Group. 
  

	10.	 THIRD PARTY RIGHTS 



 

	10.1	 Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this letter has no right
under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of any term of this letter. 



 

	10.2	 The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9, subject to and in accordance
with this paragraph 10 and the provisions of the Third Parties Act. 


  

	10.3	 Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any
Relevant Person to rescind or vary this letter at any time. 


  

	11.	 GOVERNING LAW AND JURISDICTION 



 

	11.1	 This letter (including the agreement constituted by your acknowledgement of its terms) (the
“Letter”) and any non-contractual obligations arising out of or in connection with it (including any non-contractual obligations arising out of the
negotiation of the transaction contemplated by this Letter) are governed by English law. 


  

	11.2	 The courts of England have non-exclusive jurisdiction to settle any
dispute arising out of or in connection with this Letter (including a dispute relating to any non-contractual obligation arising out of or in connection with either this Letter or the negotiation of the
transaction contemplated by this Letter). 


  

	12.	 DEFINITIONS 



In this letter (including the acknowledgement set out below) terms defined in the Agreement shall, unless the context otherwise requires, have
the same meaning and: 
 “Confidential Information” means all information relating to the Parent, any Obligor, the Group,
the Finance Documents, a Facility and/or the Acquisition which is provided to you in relation to the Finance Documents or a Facility by us or any of our affiliates or advisers, in whatever form, and includes information given orally and any
document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that: 
  


	 	(a)	 is or becomes public information other than as a direct or indirect result of any breach by you of this letter;
or 


  

	 	(b)	 is identified in writing at the time of delivery as non-confidential by
us or our advisers; or 


  

	 	(c)	 is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers
or is lawfully obtained by you after that date, from a source which is, as far as you are aware, unconnected with the Group and which, in either case, as far as you are aware, has not been obtained in breach of, and is not otherwise subject to, any
obligation of confidentiality. 


 “Group” means the Parent and its subsidiaries for the time being (as
such term is defined in the Companies Act 2006). 

  
 139 













 “Permitted Purpose” means considering and evaluating whether to enter into
the Acquisition. Please acknowledge your agreement to the above by signing and returning the enclosed copy. Yours faithfully 
  

	
	  

	For and on behalf of
	[Seller]

 To: [Seller] 
  

	The	 Parent and each other member of the Group 



We acknowledge and agree to the above: 
  

	
	  

	For and on behalf of
	[Potential Purchaser]


  
 140 













 SCHEDULE 11 

FORM OF INCREASE CONFIRMATION 

 

	To:	 [    ] as Agent and [    ] as Company, for and on behalf of each
Obligor 


  

	From:	 [the Increase Lender] (the “Increase Lender”) 



Dated: 
 [Company] – [    ] Facility
Agreement 
 dated [    ] (the “Agreement”) 

 

	1.	 We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same
meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation. 


  

	2.	 We refer to Clause 2.2 (Increase) of the Agreement. 



 

	3.	 The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment
specified in the Schedule (the “Relevant Commitment”) as if it had been an Original Lender under the Agreement in respect of the Relevant Commitment. 



 

	4.	 The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment is to
take effect (the “Increase Date”) is [    ]. 


  

	5.	 On the Increase Date, the Increase Lender becomes party to the Finance Documents as a Lender.



  

	6.	 The Facility Office and address, email address and attention details for notices to the Increase Lender for the
purposes of Clause 30.2 (Addresses) of the Agreement are set out in the Schedule. 


  

	7.	 The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in
paragraph (i) of Clause 2.2 (Increase) of the Agreement. 


  

	8.	 The Increase Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:



  

	 	(a)	 [not a Qualifying Lender;] 



 

	 	(b)	 [a Qualifying Lender (other than a Treaty Lender);] 



 

	 	(c)	 [a Treaty Lender.] 


  

	9.	 This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Increase Confirmation. 


  

	10.	 This Increase Confirmation [and any non-contractual obligations arising
out of or in connection with it] [is/are] governed by English law. 


  

	11.	 This Increase Confirmation has been entered into on the date stated at the beginning of this Increase
Confirmation. 



  
 141 













 THE SCHEDULE 

Relevant Commitment/rights and obligations to be assumed by the Increase Lender 

[insert relevant details] 
 [Facility Office address,
email address and attention details for notices and account details for payments] 
 [Increase Lender] 

By: 
 This Increase Confirmation is accepted by the Agent and
the Increase Date is confirmed as [    ]. 
  

	Agent	 



By: 

  
 142 













 SCHEDULE 12 

FORM OF SUBSTITUTE AFFILIATE LENDER DESIGNATION
NOTICE 
  

	To:	
[                    ] (as Agent)



 for itself and each of the other parties to the Facilities Agreement referred to below. 

 

	Cc:	 [The Parent] 


  

	From:	 [Designating Lender] (the “Designating Lender”) 



Dated: 
 [Company] – [    ] Facility
Agreement 
 dated [    ] (the “Agreement”) 

 

	1.	 We refer to the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning in this
Designation Notice. 


  

	2.	 We hereby designate our Affiliate details of which are given below as a Substitute Affiliate Lender in respect
of any Term Loans required to be advanced to [specify name of borrower] (“Designated Loans”). 


  

	3.	 The details of the Substitute Affiliate Lender are as follows: 



 

			
	Name:	  	[●]
		
	Facility Office:	  	[●]
		
	Fax Number:	  	[●]
		
	Attention:	  	[●]
		
	Jurisdiction of Incorporation:	  	[●]

  

	4.	 By countersigning this notice below the Designated Affiliate Lender agrees to become a Designated Affiliate
Lender in respect of Designated Loans as indicated above and agrees to be bound by the terms of the Facilities Agreement accordingly. 


  

	5.	 This Designation Notice and any non-contractual obligations arising out
of or in connection with are governed by English law. 


  

	
	  

	For and on behalf of
	[Designating Lender]


  
 143 













 We acknowledge and agree to the terms of the above. 

 

	
	  

	For and on behalf of
	[Substitute Affiliate Lender]

 We acknowledge the terms of the above. 
  

	
	  

	For and on behalf of
	The Agent
	
	Dated


  
 Signature Page –
Facilities Agreement 













 SIGNATURES 

THE PARENT 
 For and on behalf of 

GOLD FIELDS LIMITED 
  

			
		
	By:	 	 /s/ Paul A. Schmidt



  
 Signature Page –
Facilities Agreement 













 THE ORIGINAL BORROWERS 

For and on behalf of 
 GOLD FIELDS GHANA HOLDINGS (BVI)
LIMITED 
  

			
		
	By:	 	 /s/ Nicholas J. Holland



  
 Signature Page –
Facilities Agreement 













 THE ORIGINAL BORROWERS 

For and on behalf of 
 GOLD FIELDS OROGEN HOLDING (BVI)
LIMITED 
  

			
		
	By:	 	 /s/ Nicholas J. Holland



  
 Signature Page –
Facilities Agreement 














			
	 THE ORIGINAL GUARANTORS
  

For and on behalf of
  

GOLD FIELDS LIMITED

		
	By:	 	 /s/ Paul A. Schmidt


  

  
 Signature Page –
Facilities Agreement 














			
	 THE ORIGINAL GUARANTORS
  

For and on behalf of
  

GOLD FIELDS GHANA HOLDINGS (BVI) LIMITED

		
	By:	 	 /s/ Nicholas J. Holland



  
 Signature Page –
Facilities Agreement 














			
	 THE ORIGINAL GUARANTORS
  

For and on behalf of
  

GOLD FIELDS OROGEN HOLDING (BVI) LIMITED

		
	By:	 	 /s/ Nicholas J. Holland



  
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	 THE ORIGINAL GUARANTORS
  

For and on behalf of
  

GOLD FIELDS HOLDINGS COMPANY (BVI) LIMITED

		
	By:	 	 /s/ Nicholas J. Holland



  
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 THE ORIGINAL GUARANTORS 

Executed in accordance with section 127 
 of the
Corporations Act 2001 by 
 GRUYERE HOLDINGS PTY LTD (ABN 65 615 728 491): 

 

					
	 /s/ Nicholas J. Holland

 
	 		  	 /s/ Stuart Mathews

 

	Director Signature	 		  	Director/Secretary Signature
			
	 




  
	 	        	  	 




  

	Print Name	 		  	Print Name


  
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	 THE MANDATED LEAD ARRANGERS
  

For and on behalf of
  

MUFG BANK, LTD. 

		
	By:	 	






  
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 THE MANDATED LEAD ARRANGERS 

For and on behalf of 
 BANK OF AMERICA MERRILL LYNCH
INTERNATIONAL DESIGNATED ACTIVITY COMPANY 
  

			
		
	By:	 	 /s/ Matthew Power

		 	Matthew Power
		 	Director


  
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 THE MANDATED LEAD ARRANGERS 

For and on behalf of 
 CANADIAN IMPERIAL BANK OF COMMERCE,
LONDON BRANCH 

			
		
	By:	 	 /s/ Paul Weidemann

		 	Paul Weidemann
		 	Executive Director
		
		 	 /s/ Beatrice Fourniere

		 	Beatrice Fourniere
		 	Director


  
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	 THE MANDATED LEAD ARRANGERS
  

For and on behalf of
  

CITIBANK N.A., LONDON, BRANCH

		
	By:	 	 /s/ Adrian Bain

		 	Adrian Bain
		 	Vice President


  
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 THE MANDATED LEAD ARRANGERS 

For and on behalf of 
 COMMONWEALTH BANK OF AUSTRALIA ACN 123
123 124 

			
		
	By:	 	 /s/ Michelle Woolhouse

		 	Michelle Woolhouse
		 	 Director



  
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 THE MANDATED LEAD ARRANGERS 

For and on behalf of 
 lNG BANK, A BRANCH OF ING-DIBA AG 
  

							
	By:	 	 /s/ Crina L. Nechifor
	 		 	 /s/ Olaf Beyme

		 	Crina L. Nechifor	 	                                    	 	Olaf Beyme
		 	Head Energy, Commodities, Food & Agri	 		 	Director


  
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	 THE MANDATED LEAD ARRANGERS
  

For and on behalf of
  

J.P. MORGAN SECURITIES PLC

		
	By:	 	 /s/ Stuart Fraser

		 	 Stuart Fraser
 Vice President



  
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 THE MANDATED LEAD ARRANGERS 

For and on behalf of 
 NEDBANK LIMITED (ACTING THROUGH ITS
NEDBANK CORPORATE & INVESTMENT BANKING DIVISION) 
  

			
	By:	 	



                        






  
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	 THE MANDATED LEAD ARRANGERS
  

For and on behalf of
  

ROYAL BANK OF CANADA

		
	By:	 	 /s/ Edoardo Pinto

		 	Edoardo Pinto
		 	Director


  
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 THE MANDATED LEAD ARRANGERS 

For and on behalf of 
 SCOTIABANK EUROPE PLC 

 

							
	By:	 	 /s/ Sonya Bikhit
	 		 	 /s/ Rory McCarthy 

		 	Sonya Bikhit	 	                                    	 	Rory McCarthy
		 	 Director
	 		 	Director


  
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	 THE LEAD ARRANGERS
  

For and on behalf of
  

BANK OF MONTREAL, LONDON BRANCH

		
	By:	 	 /s/ Scott Matthews

		 	 Scott Matthews

		 	CFO
		
	By:	 	 /s/ Tom Woolgar

		 	 Tom Woolgar

		 	MD


  
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	 THE LEAD ARRANGERS
  

For and on behalf of
  

BARCLAYS BANK PLC

		
	By:	 	 /s/ Jane Ludden

		 	Jane Ludden
		 	Director


  
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 THE ARRANGERS 

For and on behalf of 
 MORGAN STANLEY BANK INTERNATIONAL
LIMITED 

			
		
	By:	 	 /s/ Leo Wouters

		 	 Leo Wouters



  
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 THE ARRANGERS 

For and on behalf of 
 WESTPAC BANKING CORPORATION 

			
		
	By:	 	 /s/ Andrew Strongman

		 	 Andrew Strongman
 Head of Energy, Infrastructure
and Resources WA/SA

		 	 Tier 3 Attorney



  
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 THE ARRANGERS 

For and on behalf of 
 ABSA BANK LIMITED (ACTING THROUGH ITS
CORPORATE AND INVESTMENT BANKING DIVISION) 

			
		
	By:	  	



                        






  
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	 THE LENDERS
  

For and on behalf of
  

MUFG BANK, LTD.

		
	By:	 	 /s/ Masashi Sakai

		 	Masashi Sakai
		 	 Managing Director
 Corporate Banking Division
for EMEA
 MUFG Bank, Ltd.



  
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 THE LENDERS 

For and on behalf of 
 BANK OF AMERICA MERRILL LYNCH
INTERNATIONAL DESIGNATED ACTIVITY COMPANY 

			
		
	By:	 	 /s/ Kerem Akcanbas

		 	Kerem Akcanbas
		 	Director


  
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 THE LENDERS 

For and on behalf of 
 CANADIAN IMPERIAL BANK OF COMMERCE,
LONDON BRANCH 

			
		
	By:	 	 /s/ Paul Weidemann

		 	Paul Weidemann
		 	 Executive Director

		
		 	 /s/ Beatrice Fourniere

		 	 Beatrice Fourniere

		 	 Director



  
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	 THE LENDERS
  

For and on behalf of
  

CITIBANK, N.A. (DIFC BRANCH)

		
	By:	 	 /s/ Sakeena Jaber

		 	Sakeena Jaber
		 	Vice President


  
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 THE LENDERS 

For and on behalf of 
 COMMONWEALTH BANK OF AUSTRALIA ACN 123
123 124 

			
		
	By:	 	 /s/ Gregory Strapp

		 	Gregory Strapp
		 	 Executive Director
 Level 14A, 300 Murray St

PERTH WA 6000



  
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 THE LENDERS 

For and on behalf of 
 ING BANK, A BRANCH OF ING-DIBA AG 
  

							
	By:	 	 /s/ Crina L. Nechifor
	 		 	 /s/ Olaf Beyme

		 	Crina L. Nechifor	 	                                    	 	Olaf Beyme
		 	Head Energy, Commodities, Food & Agri	 		 	Director


  
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 THE LENDERS 

For and on behalf of 
 JPMORGAN CHASE BANK, N.A., LONDON
BRANCH 

			
		
	By:	 	 /s/ Stuart Fraser

		 	Stuart Fraser
		 	 Vice President



  
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 THE LENDERS 

For and on behalf of 
 NEDBANK LIMITED, LONDON BRANCH

  

			
	 By:
	 	



                        






  
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 THE LENDERS 

For and on behalf of 
 RBC EUROPE LIMITED 

			
		
	By:	 	 /s/ David Ellis

		 	David Ellis
		 	 Managing Director



  
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 THE LENDERS 

For and on behalf of 
 ROYAL BANK OF CANADA 

			
		
	By:	 	 /s/ Edoardo Pinto

		 	Edoardo Pinto
		 	Director


  
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 THE LENDERS 

For and on behalf of 
 SCOTIABANK EUROPE PLC 

 

							
	By:	 	 /s/ Sonya Bikhit
	 		 	 /s/ Rory McCarthy

		 	 Sonya Bikhit
	 	                                    	 	 Rory McCarthy

		 	 Director
	 		 	Director


  
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 THE LENDERS 

For and on behalf of 
 BANK OF MONTREAL, LONDON BRANCH


			
		
	By:	 	 /s/ Scott Matthews

		 	 Scott Matthews

		 	 CFO

		
		 	 /s/ Tom Woolgar

		 	 Tom Woolgar

		 	 MD



  
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 THE LENDERS 

For and on behalf of 
 BARCLAYS BANK PLC 

			
		
	By:	 	 /s/ Jane Ludden

		 	 Jane Ludden

		 	Director


  
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 THE LENDERS 

For and on behalf of 
 MORGAN STANLEY SENIOR FUNDING, INC.


			
		
	By:	 	 /s/ Michael King

		 	 Michael King



  
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 THE LENDERS 

For and on behalf of 
 WESTPAC BANKING CORPORATION 

			
		
	By:	 	 /s/ Andrew Strongman

		 	 Andrew Strongman

		 	Head of Energy, Infrastructure and Resources WN/SA Tier 3 Attorney


  
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 THE LENDERS 

For and on behalf of 
 ABSA BANK LIMITED (ACTING THROUGH ITS
CORPORATE AND INVESTMENT BANKING DIVISION) 
  

			
	 By:
	 	



                        






  
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 THE AGENT 

For and on behalf of 
 MUFG BANK, LTD. 

			
		
	By:	 	






  
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