Document:

EX-4.1

 Exhibit 4.1 

This instrument was prepared by, 
 and when recorded should be

 returned to: 
 Richard W. Astle 

Sidley Austin LLP 
 One South Dearborn Street 

Chicago, Illinois 60603 
  

 
 SUPPLEMENTAL
INDENTURE 
 Dated as of June 15, 2016 

COMMONWEALTH EDISON COMPANY 

to 
 BNY MELLON
TRUST COMPANY OF ILLINOIS 
 and 

D.G. DONOVAN 

Trustees Under Mortgage Dated July 1, 1923, 

and Certain 
 Indentures
Supplemental Thereto 
 Providing for Issuance of 

FIRST MORTGAGE 2.550% BONDS, SERIES 120 

Due June 15, 2026 
 and

 FIRST MORTGAGE 3.650% BONDS, SERIES 121 

Due June 15, 2046 
  

 

 THIS SUPPLEMENTAL INDENTURE, dated as of
June 15, 2016, between COMMONWEALTH EDISON COMPANY, a corporation organized and existing under the laws of the State of Illinois (hereinafter called the “Company”) having an address
at 440 South LaSalle Street, Suite 3300, Chicago, Illinois 60605, party of the first part, BNY MELLON TRUST COMPANY OF ILLINOIS (formerly known as BNY Midwest Trust Company),
a trust company organized and existing under the laws of the State of Illinois having an address at 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602, and D.G. DONOVAN, an individual having an address at 2 North LaSalle
Street, Suite 1020, Chicago, Illinois 60602, as Trustee and Co-Trustee, respectively, under the Mortgage of the Company dated July 1, 1923, as amended and supplemented by Supplemental Indenture dated August 1, 1944 and the subsequent
supplemental indentures hereinafter mentioned, parties of the second part (said Trustee being hereinafter called the “Trustee”, the Trustee and said Co-Trustee being hereinafter together called the “Trustees”, and
said Mortgage dated July 1, 1923, as amended and supplemented by said Supplemental Indenture dated August 1, 1944 and subsequent supplemental indentures, being hereinafter called the “Mortgage”), 

W I T N E S S E T H: 
 WHEREAS,
the Company duly executed and delivered the Mortgage to provide for the issue of, and to secure, its bonds, issuable in series and without limit as to principal amount except as provided in the Mortgage; and 

WHEREAS, the Company from time to time has executed and delivered supplemental indentures to the Mortgage to provide for (i) the creation
of additional series of bonds secured by the Mortgage, (ii) the amendment of certain of the terms and provisions of the Mortgage and (iii) the confirmation of the lien of the Mortgage upon property of the Company, such supplemental
indentures that are currently effective and the respective dates, parties thereto and purposes thereof, being as follows: 
  

					
	Supplemental
Indenture Date	  	Parties	  	Providing For
			
	August 1, 1944	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edmond B. Stofft, as Trustee and Co-Trustee	  	Amendment and restatement of Mortgage dated July 1, 1923
			
	August 1, 1946	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edmond B. Stofft, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 1, 1953	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edmond B. Stofft, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	March 31, 1967	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edward J. Friedrich, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 1, 1967	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edward J. Friedrich, as Trustee and Co-Trustee	  	Amendment of Sections 3.01, 3.02, 3.05 and 3.14 of the Mortgage and issuance of First Mortgage 5-3/8% Bonds, Series Y

  
 1 

					
	 Supplemental
 Indenture
Date
	  	Parties	  	Providing For
			
	February 28, 1969	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	May 29, 1970	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 1, 1971	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 1, 1972	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	May 31, 1972	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 15, 1973	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	May 31, 1974	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 13, 1975	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	May 28, 1976	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 3, 1977	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	May 17, 1978	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien

  
 2 

					
	 Supplemental
 Indenture
Date
	  	Parties	  	Providing For
			
	August 31, 1978	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 18, 1979	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 20, 1980	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 16, 1981	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 30, 1982	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 15, 1983	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 13, 1984	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 15, 1985	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 15, 1986	  	Company to Continental Illinois National Bank and Trust Company of Chicago and M.J. Kruger, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	January 13, 2003	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 3.700% Bonds, Series 99 and First Mortgage 5.875% Bonds, Series 100
			
	February 22, 2006	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 5.90% Bonds, Series 103
			
	August 1, 2006	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 5.95% Bonds, Series 104
			
	September 15, 2006	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of additional First Mortgage 5.95% Bonds, Series 104

  
 3 

					
	 Supplemental
 Indenture
Date
	  	Parties	  	Providing For
			
	March 1, 2007	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of additional First Mortgage 5.90% Bonds, Series 103
			
	August 30, 2007	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 6.15% Bonds, Series 106
			
	December 20, 2007	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 6.45% Bonds, Series 107
			
	March 10, 2008	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 5.80% Bonds, Series 108
			
	July 12, 2010	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 4.00% Bonds, Series 109
			
	August 22, 2011	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 1.95% Bonds, Series 111 and First Mortgage 3.40% Bonds, Series 112
			
	September 17, 2012	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 3.80% Bonds, Series 113
			
	August 1, 2013	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 4.60% Bonds, Series 114
			
	January 2, 2014	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 2.150% Bonds, Series 115 and First Mortgage 4.700% Bonds, Series 116
			
	October 28, 2014	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 3.10% Bonds, Series 117
			
	February 18, 2015	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 3.70% Bonds, Series 118
			
	November 4, 2015	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 4.350% Bonds, Series 119

 WHEREAS, the respective designations, maturity dates and stated principal amounts of the bonds of each series
presently outstanding under, and secured by, the Mortgage and the several supplemental indentures above referred to, are as follows: 

  
 4 

							
	Designation	  	Maturity Date	  	Principal Amount	 
	 First Mortgage 5.875% Bonds, Series 100
	  	February 1, 2033	  	 	253,600,000	  
	 First Mortgage 5.90% Bonds, Series 103
	  	March 15, 2036	  	 	625,000,000	  
	 First Mortgage 5.95% Bonds, Series 104
	  	August 15, 2016	  	 	415,000,000	  
	 First Mortgage 6.15% Bonds, Series 106
	  	September 15, 2017	  	 	425,000,000	  
	 First Mortgage 6.45% Bonds, Series 107
	  	January 15, 2038	  	 	450,000,000	  
	 First Mortgage 5.80% Bonds, Series 108
	  	March 15, 2018	  	 	700,000,000	  
	 First Mortgage 4.00% Bonds, Series 109
	  	August 1, 2020	  	 	500,000,000	  
	 First Mortgage 1.95% Bonds, Series 111
	  	September 1, 2016	  	 	250,000,000	  
	 First Mortgage 3.40% Bonds, Series 112
	  	September 1, 2021	  	 	350,000,000	  
	 First Mortgage 3.80% Bonds, Series 113
	  	October 1, 2042	  	 	350,000,000	  
	 First Mortgage 4.60% Bonds, Series 114
	  	August 15, 2043	  	 	350,000,000	  
	 First Mortgage 2.150% Bonds, Series 115
	  	January 15, 2019	  	 	300,000,000	  
	 First Mortgage 4.700% Bonds, Series 116
	  	January 15, 2044	  	 	350,000,000	  
	 First Mortgage 3.10% Bonds, Series 117
	  	November 1, 2024	  	 	250,000,000	  
	 First Mortgage 3.70% Bonds, Series 118
	  	March 1, 2045	  	 	400,000,000	  
	 First Mortgage 4.350% Bonds, Series 119
	  	November 15, 2045	  	 	450,000,000	  
		  		  	  
	  
	 
		  	Total	  	$	6,418,600,000	  
		  		  	  
	  
	 

 WHEREAS, the Mortgage provides for the issuance from time to time thereunder, in series, of bonds of the
Company for the purposes and subject to the limitations therein specified; and 
 WHEREAS, the Company desires, by this Supplemental
Indenture, to create two additional series of bonds to be issuable under the Mortgage, such bonds to be designated “First Mortgage 2.550% Bonds, Series 120 (hereinafter called the “bonds of Series 120”) and “First Mortgage
3.650% Bonds, Series 121 (hereinafter called the “bonds of Series 121”), and the terms and provisions to be contained in the bonds of Series 120 and the bonds of Series 121, respectively, or to be otherwise applicable thereto to be
as set forth in this Supplemental Indenture; and 
 WHEREAS, the bonds of Series 120 and the Trustee’s certificate to be endorsed
thereon and the bonds of Series 121 and the Trustee’s certificate to be endorsed thereon each shall be substantially in the form of the General Form of Registered Bond Without Coupons and the form of the General Form of Trustee’s
Certificate set forth in Section 3.05 of the Supplemental Indenture dated August 1, 1944 to the Mortgage with such appropriate insertions, omissions and variations in order to express the designation, date, maturity date, annual interest
rate, record dates for, and dates of, payment of interest, denominations, terms of redemption and redemption prices, and other terms and characteristics authorized or permitted by the Mortgage or not inconsistent therewith; and 

WHEREAS, the Company is legally empowered and has been duly authorized by the necessary corporate action and by an order or orders of the
Illinois Commerce Commission to make, execute and deliver this Supplemental Indenture, and to create, as an additional series of bonds of the Company, the bonds of Series 120 and the bonds of Series 121, and all acts and things whatsoever necessary
to make this Supplemental Indenture, when executed and delivered by the Company and the Trustees, a valid, binding and legal instrument, and to make the bonds of Series 120 and the bonds of Series 121, when authenticated by the Trustee and issued as
in the Mortgage and in this Supplemental Indenture provided, the valid, binding and legal obligations of the Company, entitled in all respects to the security of the Mortgage, as amended and supplemented, have been done and performed; 

  
 5 

 NOW, THEREFORE, in consideration of the premises and of the sum of one dollar duly paid by the
Trustees to the Company, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 

SECTION 1. Designation and Issuance of Bonds of Series 120 and the Bonds of Series 121. The bonds of Series 120
shall, as hereinbefore recited, be designated as the Company’s “First Mortgage 2.550% Bonds, Series 120,” and shall be issued in the original aggregate principal amount of $500,000,000. The bonds of Series 121 shall, as hereinbefore
recited, be designated as the Company’s “First Mortgage 3.650% Bonds, Series 121,” and shall be issued in the original aggregate principal amount of $700,000,000. Subject to the provisions of the Mortgage, additional bonds of Series
120 and bonds of Series 121 may be issued without limitation as to the aggregate principal amount thereof. 
 SECTION 2. Form,
Date, Maturity Dates, Interest Rates and Interest Payment Dates of Bonds of Series 120 and Bonds of Series 121. (a) The definitive bonds of Series 120 and bonds of Series 121 shall be in engraved, lithographed, printed or
typewritten form and shall be registered bonds without coupons; and such bonds and the Trustee’s certificate to be endorsed thereon shall be substantially in the forms hereinbefore recited, respectively. The bonds of Series 120 and bonds of
Series 121 shall be dated as provided in Section 3.01 of the Mortgage, as amended by Supplemental Indenture dated April 1, 1967. 

(b) The bonds of Series 120 shall mature on June 15, 2026. The bonds of Series 121 shall mature on June 15, 2046. 

(c) The bonds of Series 120 shall bear interest at the rate of 2.550% per annum until the principal thereof shall be paid. The bonds of
Series 121 shall bear interest at the rate of 3.650% per annum until the principal thereof shall be paid. 
 (d) Interest on the bonds
of Series 120 and the bonds of Series 121 shall be payable semi-annually on the fifteenth day of June and the fifteenth day of December in each year, commencing December 15, 2016. June 1 and December 1 in each year are hereby
established as record dates for the payment of interest payable on the next succeeding interest payment dates, respectively. The interest on each bond of Series 120 and each bond of Series 121 so payable on any interest payment date shall, subject
to the exceptions provided in Section 3.01 of the Mortgage, as amended by said Supplemental Indenture dated April 1, 1967, be paid to the person in whose name such bond is registered at the close of business on June 1 or
December 1, as the case may be, next preceding such interest payment date. 
 SECTION 3. Execution of Bonds of Series 120
and Bonds of Series 121. The bonds of Series 120 and bonds of Series 121 shall be executed on behalf of the Company by its President or one of its Vice Presidents, manually or by facsimile signature, and shall have its corporate seal
affixed thereto or a facsimile of such seal imprinted thereon, attested by its Secretary or one of its Assistant Secretaries, manually or by facsimile signature, all as may be provided by resolution of the Board of Directors of the Company. In case
any officer or officers whose signature or signatures, manual or facsimile, shall appear upon any bond of Series 120 or any bond of Series 121 shall cease to be such officer or officers before such bond shall have been actually authenticated and
delivered, such bond nevertheless may be issued, authenticated and delivered with the same force and effect as though the person or persons whose signature or signatures, manual or facsimile, appear thereon had not ceased to be such officer or
officers of the Company. 

  
 6 

 SECTION 4. Medium and Places of Payment of Principal of and Interest on Bonds of
Series 120 and Bonds of Series 121; Transferability and Exchangeability. Both the principal of and interest on the bonds of Series 120 and bonds of Series 121 shall be payable in any coin or currency of the United States of America
which at the time of payment is legal tender for the payment of public and private debts, and both such principal and interest shall be payable at the office or agency of the Company in the City of Chicago, State of Illinois, or, at the option of
the registered owner, at the office or agency of the Company in the Borough of Manhattan, The City of New York, State of New York, and such bonds shall be transferable and exchangeable, in the manner provided in Sections 3.09 and 3.10 of the
Mortgage, at said office or agency. No charge shall be made by the Company to the registered owner of any bond of Series 120 or any bond of Series 121 for the transfer of such bond or for the exchange thereof for bonds of other authorized
denominations, except, in the case of transfer, a charge sufficient to reimburse the Company for any stamp or other tax or governmental charge required to be paid by the Company or the Trustee. 

SECTION 5. Denominations and Numbering of Bonds of Series 120 and Bonds of Series 121. The bonds of Series 120 and
bonds of Series 121 shall be issued in the denomination of $2,000 and in such multiples of $1,000 as shall from time to time hereafter be determined and authorized by the Board of Directors of the Company or by any officer or officers of the Company
authorized to make such determination, the authorization of the denomination of any bond of Series 120 or any bond of Series 121 to be conclusively evidenced by the execution thereof on behalf of the Company. Bonds of Series 120 shall be numbered
R-1 and consecutively upwards; and bonds of Series 121 shall be numbered R-1 and consecutively upwards. 
 SECTION 6. Temporary
Bonds of Series 120 and Bonds of Series 121. Until definitive bonds of Series 120 or definitive bonds of Series 121 are ready for delivery, there may be authenticated and issued in lieu of any thereof and subject to all of the
provisions, limitations and conditions set forth in Section 3.11 of the Mortgage, temporary registered bonds without coupons of Series 120 or temporary registered bonds without coupons of Series 121, as the case may be. 

SECTION 7. Redemption of Bonds of Series 120 and Bonds of Series 121. (a) The bonds of Series 120 shall be
redeemable, at the option of the Company, as a whole or in part, at any time prior to March 15, 2026 (three months prior to the maturity date of the bonds of Series 120) upon notice sent by the Company through the mail, postage prepaid, at
least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part, addressed to such holder at his address appearing upon the
registration books, at a redemption price equal to the greater of 
 (1) 100% of the principal amount of the bonds of Series
120 to be redeemed, plus accrued and unpaid interest up to but excluding the redemption date, or 
 (2) as determined by the
Quotation Agent (as hereinafter defined), the sum of the present values of the remaining scheduled payments of principal and interest on the bonds of Series 120 to be redeemed that would be due if such bonds matured on March 15, 2026 but for
the redemption (not including any portion of payments of interest accrued as of the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate
(as hereinafter defined) plus fifteen (15) basis points, plus accrued and unpaid interest up to but excluding the redemption date. 
 The bonds of
Series 120 shall be redeemable, at the option of the Company, as a whole or in part, at any time on or after March 15, 2026 upon notice sent by the Company through the mail, postage prepaid, at 

  
 7 

 
least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part, addressed
to such holder at his address appearing upon the registration books, at a redemption price equal to 100% of the principal amount of the bonds of Series 120 to be redeemed, plus accrued and unpaid interest on those bonds of Series 120 up to but
excluding the redemption date. 
 Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest
will cease to accrue on the bonds of Series 120 or portions of the bonds of Series 120 called for redemption. 
 (b) The bonds of Series 121
shall be redeemable, at the option of the Company, as a whole or in part, at any time prior to December 15, 2045 (six months prior to the maturity date of the bonds of Series 121) upon notice sent by the Company through the mail, postage
prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part, addressed to such holder at his address appearing
upon the registration books, at a redemption price equal to the greater of 
 (1) 100% of the principal amount of the bonds
of Series 121 to be redeemed, plus accrued and unpaid interest up to but excluding the redemption date, or 
 (2) as
determined by the Quotation Agent (as hereinafter defined), the sum of the present values of the remaining scheduled payments of principal and interest on the bonds of Series 121 to be redeemed that would be due if such bonds matured on
December 15, 2045 but for the redemption (not including any portion of payments of interest accrued as of the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Adjusted Treasury Rate (as hereinafter defined) plus twenty (20) basis points, plus accrued and unpaid interest up to but excluding the redemption date. 

The bonds of Series 121 shall be redeemable, at the option of the Company, as a whole or in part, at any time on or after December 15, 2045 upon notice
sent by the Company through the mail, postage prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part,
addressed to such holder at his address appearing upon the registration books, at a redemption price equal to 100% of the principal amount of the bonds of Series 121 to be redeemed, plus accrued and unpaid interest on those bonds of Series 121 up to
but excluding the redemption date. 
 Unless the Company defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the bonds of Series 121 or portions of the bonds of Series 121 called for redemption. 
 (c) For purposes
of the foregoing Sections 7(a) and 7(b), the following terms shall have the respective meanings set forth below: 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per year equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the redemption date. 

“Business Day” means any day that is not a day on which banking institutions in New York City are authorized
or required by law or regulation to close. 

  
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 “Comparable Treasury Issue” means the United States Treasury
security selected by the Quotation Agent as having a maturity comparable to the remaining term of the bonds of Series 120 or the bonds of Series 121, as applicable, to be redeemed (assuming, for that purpose, that the Series 120 bonds matured on
March 15, 2026 and the Series 121 bonds matured on December 15, 2045) that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the bonds of Series 120 or the bonds of Series 121, as applicable. 
 “Comparable
Treasury Price” means, with respect to any redemption date: 
 (i) the average of the Reference Treasury Dealer
Quotations for that redemption date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations; or 

(ii) if the Quotation Agent obtains fewer than three Reference Treasury Dealer Quotations, the average of all Reference
Treasury Dealer Quotations so received. 
 “Quotation Agent” means the Reference Treasury Dealer appointed
by the Company. 
 “Reference Treasury Dealer” means (1) each of (a) Citigroup Global Markets Inc.
and (b) a Primary Treasury Dealer (as defined below) selected by each of Mizuho Securities USA Inc. and U.S. Bancorp Investments, Inc., and in each case their respective successors and affiliates, unless any of them ceases to be a primary U.S.
Government securities dealer in the United States of America (“Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer; and (2) any other Primary Treasury Dealer selected by the
Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by that
Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding that redemption date. 
 (d) In case the
Company shall desire to exercise such right to redeem and pay off all or any part of such bonds of Series 120 or bonds of Series 121 as hereinbefore provided, it shall comply with all the terms and provisions of Article V of the Mortgage applicable
thereto, and such redemption shall be made under and subject to the terms and provisions of Article V and in the manner and with the effect therein provided, but at the time or times and upon mailing of notice, all as hereinbefore set forth in this
Section 7. No publication of notice of any redemption of any bonds of Series 120 or any bonds of Series 121 shall be required under Section 5.03(a) of the Mortgage. 

(e) Notwithstanding any provision of this Section 7, in the event the bonds of Series 120 and the bonds of Series 121 are registered in
the name of DTC (as defined below) or its nominee, as provided in Section 8 hereof, any notice of redemption with respect to the bonds of Series 120 and bonds of Series 121 shall be delivered in accordance with the applicable procedures of DTC.

 SECTION 8. Book-Entry Only System. It is intended that the bonds of Series 120 and the bonds of Series 121 be
registered so as to participate in the securities depository system (the “DTC System”) with The Depository Trust Company (“DTC”), as set forth herein. The bonds of Series 120 and the bonds of Series 121 shall be
initially issued in the form of a fully registered bond or bonds in the name of Cede & Co., or any successor thereto, as nominee for DTC. The Company and the Trustees are authorized to execute and deliver such letters to or agreements with
DTC as shall be necessary to 

  
 9 

 
effectuate the DTC System, including the Letter of Representations from the Company and the Trustees to DTC relating to the bonds of Series 120 and the bonds of Series 121 (the
“Representation Letter”). In the event of any conflict between the terms of the Representation Letter and the Mortgage, the terms of the Mortgage shall control. DTC may exercise the rights of a bondholder only in accordance with the
terms hereof applicable to the exercise of such rights. 
 With respect to bonds of Series 120 and the bonds of Series 121 registered in the
name of DTC or its nominee, the Company and the Trustees shall have no responsibility or obligation to any broker-dealer, bank or other financial institution for which DTC holds such bonds from time to time as securities depository (each such
broker-dealer, bank or other financial institution being referred to herein as a “Depository Participant”) or to any person on behalf of whom such a Depository Participant holds an interest in such bonds (each such person being
herein referred to as an “Indirect Participant”). Without limiting the immediately preceding sentence, the Company and the Trustees shall have no responsibility or obligation with respect to: 

(i) the accuracy of the records of DTC, its nominee or any Depository Participant with respect to any ownership interest in the
bonds of Series 120 or the bonds of Series 121, 
 (ii) the delivery to any Depository Participant or any Indirect
Participant or any other person, other than a registered owner of a bond of Series 120 or a bond of Series 121, of any notice with respect to the bonds of Series 120 or the bonds of Series 121, including any notice of redemption, 

(iii) the payment to any Depository Participant or Indirect Participant or any other person, other than a registered owner of a
bond of Series 120 or a bond of Series 121, of any amount with respect to principal of, redemption premium, if any, on, or interest on, the bonds of Series 120 or the bonds of Series 121, or 

(iv) any consent given by DTC as registered owner. 

So long as certificates for the bonds of Series 120 or the bonds of Series 121 are not issued as hereinafter provided, the Company and the Trustees may treat
DTC or any successor securities depository as, and deem DTC or any successor securities depository to be, the absolute owner of such bonds for all purposes whatsoever, including, without limitation, (1) the payment of principal and interest on
such bonds, (2) giving notice of matters (including redemption) with respect to such bonds and (3) registering transfers with respect to such bonds. While a bond of Series 120 or a bond of Series 121 is in the DTC System, no person other
than DTC or its nominee shall receive a certificate with respect to such bond. 
 In the event that: 

(a) DTC notifies the Company that it is unwilling or unable to continue as depositary or if DTC ceases to be a clearing agency
registered under applicable law and a successor depositary is not appointed by the Company within 90 days, 
 (b) the Company
determines that the beneficial owners of the bonds of Series 120 should be able to obtain certificated bonds and so notifies the Trustees in writing or 

(c) there shall have occurred and be continuing a completed default or any event which after notice or lapse of time or both
would be a completed default with respect to the bonds of Series 120, 

  
 10 

 the bonds of Series 120 shall no longer be restricted to being registered in the name of DTC or its nominee. In
the case of clause (a) of the preceding sentence, the Company may determine that the bonds of Series 120 shall be registered in the name of and deposited with a successor depository operating a securities depository system, as may be acceptable
to the Company and the Trustees, or such depository’s agent or designee, and if the Company does not appoint a successor securities depository system within 90 days, then the bonds may be registered in whatever name or names registered owners
of bonds transferring or exchanging such bonds shall designate, in accordance with the provisions hereof. 
 Notwithstanding any other
provision of the Mortgage to the contrary, so long as any bond of Series 120 is registered in the name of DTC or its nominee, all payments with respect to principal of and interest on such bond and all notices with respect to such bond shall be made
and given, respectively, in the manner provided in the Representation Letter. 
 In the event that: 

(a) DTC notifies the Company that it is unwilling or unable to continue as depositary or if DTC ceases to be a clearing agency
registered under applicable law and a successor depositary is not appointed by the Company within 90 days, 
 (b) the Company
determines that the beneficial owners of the bonds of Series 121 should be able to obtain certificated bonds and so notifies the Trustees in writing or 

(c) there shall have occurred and be continuing a completed default or any event which after notice or lapse of time or both
would be a completed default with respect to the bonds of Series 121, 
 the bonds of Series 121 shall no longer be restricted to being registered in the
name of DTC or its nominee. In the case of clause (a) of the preceding sentence, the Company may determine that the bonds of Series 121 shall be registered in the name of and deposited with a successor depository operating a securities
depository system, as may be acceptable to the Company and the Trustees, or such depository’s agent or designee, and if the Company does not appoint a successor securities depository system within 90 days, then the bonds may be registered in
whatever name or names registered owners of bonds transferring or exchanging such bonds shall designate, in accordance with the provisions hereof. 

Notwithstanding any other provision of the Mortgage to the contrary, so long as any bond of Series 121 is registered in the name of DTC or its
nominee, all payments with respect to principal of and interest on such bond and all notices with respect to such bond shall be made and given, respectively, in the manner provided in the Representation Letter. 

SECTION 9. Legends. So long as the bonds of Series 120 are held by DTC, such bonds of Series 120 shall, and so long as
the bonds of Series 121 are held by DTC, such bonds of Series 121 shall, in each case, bear the following legend: 
 Unless
this bond is presented by an authorized representative of the Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any bond issued is registered in the
name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer,
pledge or other use hereof for value or otherwise by a person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

  
 11 

 SECTION 10. Confirmation of Lien. The Company, for the equal and
proportionate benefit and security of the holders of all bonds at any time issued under the Mortgage, hereby confirms the lien of the Mortgage upon, and hereby grants, bargains, sells, transfers, assigns, pledges, mortgages, warrants and conveys
unto the Trustees, all property of the Company and all property hereafter acquired by the Company, other than (in each case) property which, by virtue of any of the provisions of the Mortgage, is excluded from such lien, and hereby confirms the
title of the Trustees (as set forth in the Mortgage) in and to all such property. Without in any way limiting or restricting the generality of the foregoing, there is specifically included within the confirmation of lien and title hereinabove
expressed the property of the Company legally described on Exhibit A attached hereto and made a part hereof. 
 SECTION 11.
Amendment of Provision of Mortgage. (a) Section 15.06 of the Mortgage shall be amended and restated to read in its entirety as follows: 

SECTION 15.06. The Trustee and any successor to the Trustee may resign and be discharged from the trusts created by this
Mortgage by giving notice thereof in writing to the Company, specifying the date when such resignation shall take effect, and by giving notice thereof to the bondholders in the manner and to the extent provided under Section 15.10(c), and by
publishing such notice at least once a week for three successive calendar weeks (the first such publication to be not less than thirty days nor more than sixty days prior to the effective date of such resignation) in one authorized newspaper in the
City of Chicago, State of Illinois, and in one authorized newspaper in the Borough of Manhattan, The City of New York, State of New York. Subject to the provisions of Sections 15.04 and 15.05, such resignation shall take effect on the date specified
in such notice unless previously a successor Trustee shall have been appointed as hereinafter provided, in which event such resignation shall take effect upon the appointment of such successor Trustee. The Co-Trustee and any successor to the
Co-Trustee may resign at any time and be discharged from the trusts hereby created by giving the Trustee and the Company notice in writing of such resignation, specifying a date when such resignation shall take effect, which shall be at least thirty
days after the giving of such notice. Such resignation shall, subject to the provisions of Sections 15.04 and 15.05, take effect on the date specified in such notice unless previously a successor trustee shall have been appointed as hereinafter
provided, in which event such resignation shall take effect immediately upon the appointment of such a successor trustee. 

Either of the Trustees or any successor trustee may be removed at any time by the holders of a majority in principal amount of
the bonds issued hereunder and at the time outstanding, upon payment to the trustee so removed of all moneys then due to it or him hereunder, by an instrument or concurrent instruments in writing, signed in duplicate by such holders. One copy shall
be filed with the Company and the other with the trustee so removed. 
 The Co-Trustee and any successor to the Co-Trustee
may be removed at any time by an instrument in writing signed in duplicate by the Trustee, one copy of which shall be filed with the Company and the other delivered to the Co-Trustee so removed. 

In case at any time either of the Trustees or any successor trustee shall resign, die, be dissolved or be removed or otherwise
shall become disqualified to act or incapable of acting, or in case control of the Trustee or of any successor trustee, or of its officers shall be taken over by any public officer or officers, a successor trustee may be appointed by the holders of
a majority in principal amount of the bonds issued hereunder and at the time outstanding by an instrument or concurrent instruments in writing signed in duplicate by such holders, and filed, one copy with the retiring trustee and the other with the
successor trustee, notification thereof being given to the Company by such successor trustee; but until a successor trustee shall be so appointed by the 

  
 12 

 
bondholders as herein authorized, the Company, by an instrument in writing, executed by order of the Board of Directors, shall in any such case appoint a successor to the Trustee and the Trustee
shall, by an instrument in writing in any such case, appoint a successor to the Co-Trustee. Every such successor to the Trustee so appointed by the bondholders, by a court of competent jurisdiction or by the Company shall be a bank or trust company
in good standing organized and doing business under the laws of the United States or of any State, having an office in the United States of America, and (a) which shall be a corporation having a combined capital and surplus of not less than
$5,000,000, (b) which shall be authorized under the laws of the jurisdiction of incorporation to exercise corporate trust powers, and (c) which shall be subject to supervision or examination by a Federal or State authority. If such
successor Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, the combined capital and surplus of such successor Trustee shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. Every such successor trustee appointed by the bondholders or by the Trustee in succession to the Co-Trustee shall always be an individual, a citizen of the United
States of America, unless otherwise required by law. 
 Anything hereinabove to the contrary notwithstanding, in case at any
time the Co-Trustee, or any successor thereto, shall die, become incapable of acting, resign or be removed, all the estates, properties, rights, powers, trusts, duties and obligations of the Trustees hereunder shall, to the extent permitted by law,
vest in and be exercised by the Trustee, without the appointment of a successor Co-Trustee. 
 If in a proper case no
appointment of a successor to the Trustee or of a successor to the Co-Trustee shall be made pursuant to the foregoing provisions of this Article XV within six months after a vacancy shall have occurred in the office of trustee, the holder of any
bond or the retiring Trustee or Co-Trustee may apply to any court, State or Federal having jurisdiction to appoint a successor trustee, and such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a
successor to the Trustee or to the Co-Trustee, as the case may be. 
 (b) Section 15.01 of the Mortgage is hereby amended to add the
following new Sections 15.01(k), 15.01(l) and 15.01(m): 
 (k) In no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 (l) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts consistent with accepted practices in
the banking industry to resume performance as soon as practicable under the circumstances. 
 (m) In the event that
certificates for the bonds of a series are issued to registered holders of such bonds other than a securities depository, the Company agrees: 

  
 13 

 (1) to cooperate with the Trustee in the determination of whether there are any
United States tax withholding obligations in respect of payments to be made on those bonds under this Mortgage by providing the Trustee with information within the Company’s possession or control about the holders of those bonds or other
applicable parties and/or transactions (including any modification to the terms of such transactions) so the Trustee can determine whether it has United States tax related obligations under applicable tax laws, rules and regulations (inclusive of
directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”), 

(2) the Trustee shall be entitled to make any withholding or deduction from payments otherwise payable to the holders of those
bonds under this Mortgage to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability, and 

(3) to hold harmless the Trustee for any losses it may suffer due to the actions the Trustee takes in respect of those bonds to
comply with Applicable Law; provided that the Trustee has acted in good faith and has not been negligent in such compliance.
 (c) The
holders of the bonds of Series 120 and the bonds of Series 121 shall be deemed to have approved the amendments set forth in Sections 11(a) and 11(b); however, those amendments shall not become effective until such time as the amendments shall have
received the requisite approvals under the provisions of the Mortgage. 
 SECTION 12. Miscellaneous. The terms
and conditions of this Supplemental Indenture shall be deemed to be a part of the terms and conditions of the Mortgage for any and all purposes. The Mortgage, as supplemented by said indentures supplemental thereto dated subsequent to August 1,
1944 and referred to in the recitals of this Supplemental Indenture, and as further supplemented by this Supplemental Indenture, is in all respects hereby ratified and confirmed. 

This Supplemental Indenture shall bind and, subject to the provisions of Article XIV of the Mortgage, inure to the benefit of the respective
successors and assigns of the parties hereto. 
 Although this Supplemental Indenture is dated as of June 15, 2016, it shall be
effective only from and after the actual time of its execution and delivery by the Company and the Trustees on the date indicated by their respective acknowledgments hereto annexed. 

Notwithstanding anything to the contrary contained in the Mortgage, the maximum amount of indebtedness secured by the Mortgage shall not
exceed 200% of the aggregate stated principal amount of the bonds of each series presently outstanding under, and secured by, the Mortgage, as set forth in the Recitals to this Supplemental Indenture, except to the extent such maximum amount may be
adjusted by a subsequent recorded supplemental indenture (which adjustment, and the corresponding supplemental indenture, shall not require the consent or approval of the holders of any bonds then outstanding under the Mortgage, including the
holders of the bonds of Series 120 and the bonds of Series 121). 
 This Supplemental Indenture may be simultaneously executed in any number
of counterparts, and all such counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. 

  
 14 

 The recitals contained herein shall be taken as the statements of the Company and the Trustees
assume no responsibility for their correctness. The Trustees make no representations as to the validity or sufficiency of this Supplemental Indenture. 

  
 15 

 IN WITNESS WHEREOF, Commonwealth Edison Company has caused this Supplemental Indenture to be
executed in its name by its Senior Vice President, Chief Financial Officer and Treasurer, and attested by its Assistant Secretary, and BNY Mellon Trust Company of Illinois, as Trustee under the Mortgage, has caused this Supplemental Indenture to be
executed in its name by one of its Vice Presidents, and attested by one of its Vice Presidents, and D.G. Donovan, as Co-Trustee under the Mortgage, has hereunto affixed his signature, all as of the day and year first above written. 

 

					
	COMMONWEALTH EDISON COMPANY
		
	By:	 	 /s/ Joseph R. Trpik, Jr.

		 	Joseph R. Trpik, Jr.	 	
		 	Senior Vice President,
		 	Chief Financial Officer and Treasurer

  

					
	ATTEST:
	
	 /s/ Scott N. Peters

	Scott N. Peters
	Assistant Secretary

  

					
	BNY MELLON TRUST COMPANY
	OF ILLINOIS
		
	By:	 	 /s/ R. Tarnas

		 	R. Tarnas	 	
		 	Vice President	 	

  

	
	ATTEST:
	
	 /s/ M. Callahan

	M. Callahan
	Vice President

  

	
	 /s/ D.G. Donovan

	D.G. Donovan

  
 S-1 

									
	STATE OF ILLINOIS	  	)	  		  		  	
		  	)	  		  		  	
	COUNTY OF COOK	  	)	  		  		  	

 I, MARY M. ATKINSON, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that
Joseph R. Trpik, Jr., Senior Vice President, Chief Financial Officer and Treasurer of Commonwealth Edison Company, an Illinois corporation, one of the parties described in and which executed the foregoing instrument, and Scott N. Peters, Assistant
Secretary of said corporation, who are both personally known to me to be the same persons whose names are subscribed to the foregoing instrument as such Senior Vice President, Chief Financial Officer and Treasurer and Assistant Secretary,
respectively, and who are both personally known to me to be Senior Vice President, Chief Financial Officer and Treasurer and Assistant Secretary, respectively, of said corporation, appeared before me this day in person and severally acknowledged
that they signed, executed and delivered said instrument as their free and voluntary act as such Senior Vice President, Chief Financial Officer and Treasurer and Assistant Secretary, respectively, of said corporation, and as the free and voluntary
act of said corporation, for the uses and purposes therein set forth. 
 GIVEN under my hand and notarial seal this 17th day of June, A.D. 2016. 
  

	
	 /s/ Mary M. Atkinson

	Mary M. Atkinson
	Notary Public

 (NOTARIAL SEAL) 
 My
Commission expires April 25, 2020. 

  
 S-2 

									
	STATE OF ILLINOIS	  	)	  		  		  	
		  	)	  		  		  	
	COUNTY OF COOK	  	)	  		  		  	

 I, DIANE MARY WUERTZ, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that
R. TARNAS, Vice President of BNY Mellon Trust Company of Illinois, an Illinois trust company, one of the parties described in and which executed the foregoing instrument, and M. CALLAHAN, Vice President of said trust company, who are both personally
known to me to be the same persons whose names are subscribed to the foregoing instrument as such Vice Presidents, and who are both personally known to me to be Vice Presidents of said trust company, appeared before me this day in person and
severally acknowledged that they signed, executed and delivered said instrument as their free and voluntary act as such Vice Presidents of said trust company, and as the free and voluntary act of said trust company, for the uses and purposes therein
set forth. 
 GIVEN under my hand and notarial seal this 16th day of June, A.D. 2016.

  

	
	 /s/ Diane Mary Wuertz

	Diane Mary Wuertz
	Notary Public

 (NOTARIAL SEAL) 
 My
Commission expires February 28, 2018. 

  
 S-3 

									
	STATE OF ILLINOIS	  	)	  		  		  	
		  	)	  		  		  	
	COUNTY OF COOK	  	)	  		  		  	

 I, DIANE MARY WUERTZ, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that
D.G. DONOVAN, one of the parties described in and which executed the foregoing instrument, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and
acknowledged that he signed, executed and delivered said instrument as his free and voluntary act for the uses and purposes therein set forth. 

GIVEN under my hand and notarial seal this 16th day of June, A.D. 2016. 

 

	
	 /s/ Diane Mary Wuertz

	Diane Mary Wuertz
	Notary Public

 (NOTARIAL SEAL) 
 My
Commission expires February 28, 2018. 

  
 S-4 

 EXHIBIT A 

LEGAL DESCRIPTIONS 

[omitted]Exhibit 10.1

   
 LOAN AND NOTE MODIFICATION AGREEMENT
 THIS LOAN AND NOTE MODIFICATION AGREEMENT (this “Agreement”) is entered into and effective as of the date of the last signature to this Agreement (the “Effective Date”) by and between BOCO Investments, LLC, a Colorado limited liability company (“Lender” or “BOCO”), and WestMountain Gold, Inc., a Colorado corporation (“Borrower” or the “Company”). BOCO and the Company will be collectively referred to herein as the “Parties.”
 WHEREAS, Lender and Borrower entered into several Loan Agreements, Security Agreements and related Promissory Notes in 2012, 2013, 2014, 2015 and 2016 as follows:
 a.      Amended and Restated Revolving Credit Loan and Security Agreement and Amended and Restated Secured Convertible Promissory Note dated September 17, 2012, as amended, pursuant to which Borrower executed and delivered to Lender a Promissory Note in the principal amount of $1,852,115 (collectively, the “September 2012 Note”), which Note, as amended, is due in full on November 15, 2017;
 b.     Loan Agreement, Promissory Note, Security Agreement and Warrant for the Purchase of Common Stock of WestMountain Gold Inc. dated May 7, 2013, pursuant to which Borrower executed and delivered to Lender a Promissory Note in the principal amount of $500,000 (collectively, the “May 2013 Note”), which Note, as amended, was due in full on December 15, 2015;
 c.      Loan Agreement, Promissory Note and Security Agreement dated June 27, 2013, pursuant to which Borrower executed and delivered to Lender a Promissory Note in the principal amount of $500,000 (collectively, the “June 2013 Note”), which Note, as amended, is due in full on November 15, 2016; 
 d.     Secured Promissory Note dated February 14, 2014 in the principal amount of $1,000,000, executed by Borrower and delivered to Lender (the “February 2014 Note”), which Note, as amended, is due in full on November 15, 2016; 
 e.      Secured Convertible Promissory Note and Loan and Security Agreement dated May 23, 2014, pursuant to which Borrower executed and delivered to Lender a Promissory Note in the principal amount of $100,000 (collectively, the “May 2014 Note”), which Note, as amended, was due in full on December 15, 2015;
 f.       Secured Convertible Promissory Note and Loan and Security Agreement dated June 9, 2014, pursuant to which Borrower executed and delivered to Lender a Promissory Note in the principal amount of $100,000 (collectively, the “June 2014 Note”), which Note, as amended, was due in full on December 15, 2015;
 g.     Promissory Note dated May 1, 2015 in the principal amount of $100,000 executed by Borrower and delivered to Lender (the “May 2015 Note”), which Note, as amended, was due in full on December 15, 2015;
 1
  
  

  
 h.     Secured Promissory Note dated June 26, 2015 having a face value of $150,000 and a currently outstanding principal balance of $109,346.31 executed by Borrower and delivered to Lender (the “June 2015 Note”), which Note, as amended, was due in full on December 15, 2015; 
 i.       Secured Promissory Note dated March 22, 2016 in the principal amount of $125,000 executed by Borrower and delivered to Lender (the “March 2016 Note”), which Note is due in full on March 22, 2017; 
 j.       Secured Promissory Note dated April 12, 2016 in amount not to exceed $640,000 and having a currently outstanding principal balance of $531,317 executed by Borrower and delivered to Lender (the “April 2016 Note”), which Note is due in full on October 31, 2018.
 The notes identified in this paragraph shall collectively be referred to as the “BOCO Notes.”  The term “Loan Documents” shall include, without limitation, each of the BOCO Notes and all documents relating to, entered into in connection with, or otherwise affecting any of the BOCO Notes (including, without limitation, the security therefore or the rights and obligations of BOCO and the Company thereunder), regardless of whether such documents are specifically mentioned herein; and
 WHEREAS, all of the BOCO Notes are presently in default.
 NOW, THEREFORE, in consideration of the mutual promises and covenants of the parties herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto mutually agree as follows:
 1.                  Waiver of Current Defaults.  Upon Closing and effective as of the Effective Date hereof, BOCO waives all defaults currently existing under any of the Loan Documents.  This is a one-time waiver and shall not in any way affect or diminish BOCO’s rights or obligations in the event of the occurrence, or recurrence, of any event of default under the BOCO Notes or the Loan Documents after the Effective Date hereof.
 2.                  Waiver of Default Interest.  Upon Closing and effective as of the Effective Date hereof, BOCO waives its right to enforce and collect default interest on the BOCO Notes for the period of time prior to the Effective Date hereof.  This is a one-time waiver and shall not in any way affect or diminish BOCO’s rights to enforce and collect default interest relative to any event of default under the BOCO Notes or the Loan Documents after the Effective Date hereof.
 3.                  Conversion of Convertible Notes.  Upon Closing, all principal and accrued and unpaid interest then due and owing under the May 2014 Note and June 2014 Note (excepting only such accrued default interest as has been specifically waived in Paragraph 2 above) shall convert into the Company’s common stock at the rate of $.12 per share (the “BOCO Conversion”).  Promptly upon Closing, the Company shall issue to BOCO a stock certificate reflecting BOCO’s ownership of the shares of the Company’s stock resulting from the BOCO Conversion.  
 2
  
  

  
 4.                  Restructure and Amendment of BOCO Notes.  Upon Closing and the completion of the BOCO Conversion described in Paragraph 3 above, certain of the “Remaining Notes” (defined to include the September 2012 Note, the May 2013 Note, the June 2013 Note, the February 2014 Note, the May 2015 Note, the June 2015 Note, the March 2016 Note, the April 2016 Note, and all Loan Documents associated with each of the foregoing) shall be amended as follows:
 a)     The maturity dates of the May 2013, June 2013, May 2015, June 2015 and March 2016 Notes shall be amended such that all principal, interest, and other amounts owed thereunder shall be due and payable to BOCO on December 15, 2018;
 b)     The May 2013, June 2013, February 2014, May 2015, June 2015, March 2016 and April 2016 Notes shall be amended to accrue interest from the Effective Date hereof at the rate of 5% per annum, compounded annually based off of a 365-day year.  
 All payments shall be made in cash, certified check or by wire transfer to BOCO at 262 E. Mountain Avenue, Fort Collins, CO 80524 or at such other place as BOCO may designate in writing.  In the event of a default under this Agreement, the Remaining Notes, or any of the other Loan Documents, the Remaining Notes shall accrue default interest at the maximum rate allowable under Colorado law.  All provisions of the Remaining Notes not specifically modified herein shall remain in full force and effect and shall not be modified or affected in any way by this Agreement.
 5.                  Waiver of Conversion Rate Adjustment.  The September 2012 Note, as amended, gives BOCO the right to convert all amounts payable thereunder into the Company’s common stock at an amount equal to the lesser of: a) Three Dollars ($3.00) per share; or, b) “an amount equal to the lowest price at which common shares in the Company are issued in any round of financing commencing after the date of [the September 2012 Note] and prior to conversion” (the “Ratcheting Conversion”).  In the event that any transaction occurring within fifteen (15) business days after Closing (a “Triggering Transaction”) is deemed to result in the issuance of the Company’s common stock at a price less than twelve cents ($0.12) per share, BOCO agrees that the Ratcheting Conversion shall not apply to the Triggering Transaction to the extent it requires a conversion price lower than twelve cents ($0.12) per share.  In the event that any person (including the Company, or any shareholder on the Company’s behalf) shall take the position that this Paragraph 5 qualifies as a material amendment of the September 2012 Note, or otherwise is sufficient to cause BOCO to incur liability under the Securities Act of 1933 (as amended), any securities law, “blue sky” law, or other similar law of any state of the United States or of any other jurisdiction, the Securities Exchange Act of 1934 (including Section 16(b) thereof, codified at 15 U.S.C. 78p) or common law, this Paragraph 5 shall be deleted from this Agreement and made void ab initio, such that it is clear that this Agreement does not modify the September 2012 Note in any way.
 6.                  No Modification of BOCO Rights.  Except as expressly set forth herein, this Agreement shall not waive, amend, modify, or otherwise affect any right or obligation of BOCO under the Loan Documents or the BOCO Notes.  The Loan Documents and the BOCO Notes, as expressly modified herein, remain in full force and effect and are expressly reaffirmed by the Company herein.
 3
  
  

  
 7.                  Appointment of Interim Directors.  The Company agrees to promptly appoint Rick Bloom and Brian Klemsz as Directors of the Company and to serve on the Company’s Board of Directors until the next election of Directors.  
 8.                  BOCO Oversight Rights.  In addition to any covenants and obligations set forth elsewhere in this Agreement, or in the Loan Documents, the Company shall cooperate and take such action as is necessary to provide BOCO with the following rights relative to oversight and observation of the Company’s business and operations:
 a)     Regular Operational Reporting.  The Company shall deliver the following to BOCO on the first business day of each calendar week:
 i)       Daily and weekly reports for the preceding week concerning ore delivered to the mill;
 ii)     Daily and weekly reports for the preceding week concerning ore processed at the mill;
 iii)   Daily and weekly reports for the preceding week concerning the gold and silver smelted during that time period;
 iv)   All security or other video(s) from the preceding week (including, but not limited to, those recording activity in the room(s) in which the Company’s gold and silver are stored and/or those recording all or part of the milling process, including the gold table).
 b)     Payroll Information.  Contemporaneous with the end of each pay period, the Company shall deliver to BOCO a summary of:
 i)        all employees, consultants or contractors paid during the pay period;
 ii)      the hours worked by each; 
 iii)    the pay rate(s) applicable to each employee, consultant or contractor; and,
 iv)    copies of all bids or other information received by the Company and not previously delivered to BOCO that bear upon the prevailing rate of pay for each employee, consultant or contractor utilized by the Company.
 c)     Administration of Polygraphs.  The Company shall require all of its employees, contractors or consultants to contractually agree to submit to a polygraph test at any time as a condition of, during, or following their retention by the Company.  The Company shall conduct such polygraph tests (or permit BOCO to conduct such tests at the Company’s expense) as part of pre-employment screening, following the termination of employment, and at any time during employment as requested by BOCO.  The Company shall provide BOCO with the results of all such polygraph testing and shall not hire nor retain individuals whose polygraph results prove them to be untruthful.  The Company acknowledges and agrees that the signed contracts required by this Paragraph 8(c) shall explicitly provide that the failure to sign an agreement consenting to polygraph examination, as set forth herein, or failing to submit to a requested examination, shall be grounds for immediate termination of employment with the Company. 
 4
  
  

  
 d)    Right to Inspect all Books and Records.  BOCO shall be entitled to inspect any and all books and records of the Company upon 24 hours’ notice.  In addition, the Company shall deliver to BOCO complete financials (including, but not limited to, all balance sheets, summary pages, profit and loss reports, asset and liability reports, account ledgers, bank account statements and auditor’s reports) no later than 7 business days following the close of each fiscal quarter (i.e., no later than 7 business days after each October 31st, January 31st, April 30th and July 31st).  Provided information shall pertain to all fiscal quarters then elapsed (i.e., at the end of the second fiscal quarter of the year, the Company’s financial statements should include all financial information, not previously disclosed in the exact same format, for quarters one and two of that fiscal year.)
 e)     Right to Observe all Meetings and Deliberations.  In addition to its right to appoint  Board Members as set forth herein, BOCO shall be entitled to have one or more of its authorized representatives attend and observe any and all meetings of the Company or the Company’s Board however conducted, including all portions of such meetings conducted in executive session (provided that BOCO’s observer, if other than a BOCO appointed Board Member, shall agree on the record prior to entering into such executive session that such observer shall maintain the confidentiality of proceedings in the same).  The Company shall provide BOCO with at least seven-days advance notice (or, if the meeting is not set more than seven days in advance, notice contemporaneous with the setting of the meeting) of all meetings of the Company (including scheduled meetings of one or more of the Company’s employees, consultants or contractors) or the Company’s Board.  In the event that any other law, rule, regulation, or provision of this or any other Agreement requires a longer notice period, nothing herein shall operate to shorten the notice period or excuse the requirement to abide by the same.
 f)      Right to inspect operations.  BOCO shall have the right to have one or more of its authorized representatives visit, inspect, and/or observe any and all of the Company’s operations at any time.  BOCO and its representatives shall use reasonable efforts not to interfere with operations during such inspections.
 g)     Other Actions as Directed by BOCO.  BOCO shall have the right to direct the Company to adopt other processes, procedures and reporting as BOCO may request, in its sole and absolute discretion, to protect and preserve the Company’s assets and the integrity of its operations.  Such other measures shall become conditions of this Agreement, the violation of which shall be subject to the default provisions and remedies set forth herein.
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 The Company agrees to pay all reasonable costs and fees incurred by BOCO in exercising the Oversight Rights set forth above.
 9.                 BOCO Security.  The Company’s obligations under this Agreement and the Remaining Notes are secured by: 1) that certain Security Agreement by and between the Company and BOCO dated June 27th, 2013 (“Security Agreement”); 2) that Security and Inter-Creditor Agreement having an effective date of May 15, 2015; and, 3) to the extent set forth therein, any other security agreement previously entered into between BOCO and the Company and pertaining to any one or more of the BOCO Notes or Remaining Notes.  Specifically, and without limiting the generality of the foregoing, the term “Transaction Agreements” as defined in the Security Agreement is amended to include this Agreement, all of the BOCO Notes, Loan Documents, Remaining Notes and Ratified Agreements.  The Parties recognize that this amendment has the effect of including all obligations of any kind or nature arising out of or in connection with any of the foregoing documents within the term “Obligations” as such term is defined in the Security Agreement. 
 10.              Interest Savings Clause.  Notwithstanding any other provision of the Remaining Notes, this Agreement, or any other document executed in conjunction with or relating to the same, interest payable to BOCO shall not exceed the maximum rate permitted by law; and if any amount is paid as interest in excess of such maximum rate, then the amount so paid will not constitute interest but will constitute a payment on account of the principal amount of the Remaining Notes.  
 11.              Additional Loan Covenants.  Until all sums due from the Company to BOCO (whether not existing or advanced in the future) are paid in full, the Company agrees and covenants as follows:
 a)                  With the exception of periodic gold and silver sales from production at prevailing market rates, the Company shall not undertake any disposition of material assets without Lender’s prior written consent, which may be withheld in Lender’s sole and absolute discretion;
 b)                  The Company shall deliver its current budget (delineated on monthly, year-to-date and annual basis) for Lender’s written approval (the “Lender Approved Budget”), which will not be unreasonably withheld, and the Company shall not incur expenses, whether individually or in aggregate, greater than 110% of the Lender Approved Budget;
 c)                  The Company shall deliver to the Lender the Company’s unaudited monthly financial reports, in a form reasonably acceptable to the Lender, within seven (7) business days after the end of each month;
 d)                 The Company shall not incur or agree to incur any additional indebtedness for borrowed money or financed equipment, or any trade debt in excess of $25,000 individually or $50,000 in the aggregate without the written consent of the Lender, which may be withheld in Lender’s sole and absolute discretion;
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 e)                  The Company shall not increase the compensation, benefits or other remuneration payable to any employee or contractor or hire any new employee or contractor that is not included in the Lender Approved Budget without the written consent of the Lender, which may be withheld in Lender’s sole and absolute discretion;
 f)                   The Company shall not enter into any agreement for goods or services (either individually, or in the aggregate with a single vendor or provider) in excess of $25,000 that is not included in the Lender Approved Budget without the Lender’s prior written approval, which may be withheld in Lender’s sole and absolute discretion;
 g)                  The Company shall provide the Lender with such information and documentation as the Lender may request with respect to the Company’s expenditures, operations, agreements, and liabilities within three business days following Lender’s request for the same; 
 h)                  So long as the Company shall have any obligation under this Agreement or the Remaining Notes, the Company shall not, without BOCO’s written consent which may be withheld in BOCO’s sole and absolute discretion, lend money, give credit or make advances to any person, firm, joint venture or corporation or other entity, including, without limitation, officers, directors, employees, subsidiaries and affiliates of the Company, except loans, credits or advances in existence or committed on the date hereof and which the Company has informed BOCO in writing prior to the date hereof.
 i)                    So long as the Company shall have any obligation under this Agreement or the Remaining Notes, the Company shall not, without BOCO’s written consent which may be withheld in BOCO’s sole and absolute discretion, assume, guarantee, endorse, contingently agree to purchase or otherwise become liable upon the obligation of any person, firm, partnership, joint venture or corporation, except by the endorsement of negotiable instruments for deposit or collection and except assumptions, guarantees, endorsement and contingencies in existence or committed on the date hereof and which the Company has informed BOCO in writing prior to the date hereof.
 j)                    In the event there is a breach of this Agreement, the Remaining Notes, or any other obligation or agreement involving Lender and the Company, the Company shall provide the Lender written notice of any such breach within three business days after the occurrence of the same.
 k)                  The Company shall not sell or issue any equity securities, nor any securities that may be converted into an equity interest in the Company, without the prior written approval of BOCO which may be granted or withheld in BOCO’s sole and absolute discretion.
 l)                    The Company shall not issue any check, wire transfer or other payment in excess of $1,000 (either individually, or in the aggregate to the same recipient), without the written approval or signature of at least two of the Company’s officers.  
 7 

  
 
 12.              Waiver of Claims.  As part of the consideration for the waivers set forth in Paragraphs 1 and 2 hereof, and effective upon Closing, the Company forever waives, releases and discharges any and all claims, causes of action, actions, damages, losses, injuries, liabilities, complaints, potential claims, and demands, of whatsoever kind and nature, arising from or relating in any way to the transactions contemplated and/or evidenced by this Agreement, the Loan Documents, or the BOCO Notes (the “Released Claims”).  The Released Claims shall include, without limitation, any and all claims that may be brought by the Company, or on the Company’s behalf, including, without limitation, claims accruing under the Securities Act of 1933, as amended (the “Securities Act”), any securities law, “blue sky” law, or other similar law of any state of the United States or of any other jurisdiction (the “State Securities Laws”), the Securities Exchange Act of 1934 (the “Exchange Act,” including Section 16(b) thereof, codified at 15 U.S.C. 78p) and at common law.  By its acceptance of this Agreement and proceeding to Closing of the transactions contemplated herein, the Company represents and warrants that it has conducted such investigation concerning the transactions contemplated and/or evidenced by this Agreement, the Loan Documents, or the BOCO Notes as is necessary to identify any claims accruing as a result of the completion of the same, making the waiver and release set forth in this Paragraph 12 a knowing and voluntary waiver and release of known and accrued claims.
 13.              Closing.  The closing of the transactions contemplated herein (“Closing”) shall occur on June 22, 2016 at a time and place to be identified by BOCO or at such later date and location as BOCO may identify and provide notice thereof to the Company.
 14.              Events of Default.  The occurrence of any one or more of the following shall constitute an “Event of Default” hereunder:
 a)                  Company fails to pay timely any amount due under this Agreement and/or the Remaining Notes on the date the same becomes due and payable.
 b)                  Company breaches any obligation, covenant or other representation, warranty, term or condition contained in this Agreement or any other note or agreement, of any kind or nature, to which BOCO and the Company are both parties. 
 c)                  Any representation or warranty of Company made herein, or in the Security Agreement or any other agreement, statement, certificate, or communication given to BOCO be false or misleading in any material respect when made or become false or misleading in any material respect after the date of this Agreement.
 d)                 Company shall (i) fail to make any payment when due under the terms of any bond, debenture, note or other evidence of indebtedness for money borrowed to be paid by Company and such failure shall continue beyond any period of grace provided with respect thereto, or (ii) default in the observance or performance of any other agreement, term or condition contained in any bond, debenture, note or other evidence of indebtedness for borrowed money.
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 e)                  Company (i) files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect; (ii) makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; (iii) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property; (iv) is unable, or admits in writing its inability, to pay its debts generally as they mature, (v) is dissolved or liquidated; (vi) becomes insolvent (as such term may be defined or interpreted under any applicable statute); or (vii) takes any action for the purpose of effecting any of the foregoing.
 f)                   An involuntary petition is filed against Company (unless such petition is dismissed or discharged within thirty (30) days under any bankruptcy statute now or hereafter in effect) or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of Company; 
 g)                  A final judgment or order for the payment of money in excess of  $50,000 shall be rendered against the Company and the same shall remain undischarged for a period of ten (10) days during which execution shall not be effectively stayed, or any judgment, writ, assessment, warrant of attachment, or execution or similar process shall be issued or levied against the Collateral (as defined herein) and such judgment, writ, or similar process shall not be released, stayed, vacated or otherwise dismissed within ten (10) days after issue or levy.
 h)                  Company shall fail to maintain the listing of its common stock on at least one of the OTCBB or an equivalent replacement exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.
 i)                    Company shall fail to comply with the reporting requirements of the Exchange Act; and/or Company shall cease to be subject to the reporting requirements of the Exchange Act.
 j)                    Any cessation of operations by Company.
 k)                  Company’s failure to maintain any material intellectual property rights, personal, real property or other assets which are necessary to conduct its business (whether now or in the future).
 l)                    The sale, conveyance, or disposition of all or substantially all of the assets of the Company, the effectuation by the Company of a transaction or series of related transactions in which more than 50% of the voting power of the Company is disposed of, or the consolidation, merger or other business combination of the Company with or into any other Person (as defined below) or Persons when, the Company is not the survivor.  "Person" shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.
 m)                Holder in good faith believes itself insecure.
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 15.             Cross Default.  Any Event of Default hereunder shall also constitute a default under, and breach of, any and all other agreements and obligations to which the Company and BOCO are parties (including, without limitations, the Remaining Notes) so as to trigger BOCO’s rights in the event of default under any and all such agreements.
 16.             Rights in the Event of Default.  Upon the occurrence or existence of any Event of Default, immediately and without notice, all outstanding obligations payable by Borrower hereunder shall automatically become immediately due and payable.  In addition to and not in lieu of the foregoing remedies, upon the occurrence or existence of any Event of Default, BOCO may exercise all other rights, powers or remedies granted to it under this Agreement, the Remaining Notes, or otherwise permitted to it by agreement or by operation of law (including but not limited to foreclosure of the security interest granted in the Security Agreement), either by suit in equity or by action at law, or both, all such remedies being cumulative.  
 17.             BOCO Right to Appoint Receiver.  Upon the occurrence of any Event of Default and at any time thereafter, BOCO may appoint by instrument a receiver, receiver and manager, or receiver-manager (the person so appointed is called the "Receiver") of the security for the Company’s obligations under the Remaining Notes (the “Collateral”), with or without bond as BOCO may determine, and from time to time in BOCO’s absolute discretion remove such Receiver and appoint another in its stead.  A Receiver appointed under this Agreement shall be the agent of the Company and not of BOCO, and BOCO shall not be in any way responsible for any misconduct, negligence or nonfeasance on the part of any Receiver, its servants, agents, or employees. A Receiver shall, to the extent permitted by law or to such lesser extent permitted by its appointment, have all the powers of BOCO under this Agreement and any of the security agreements referenced in Paragraph 9 hereof, and in addition shall have power to carry on the business of the Company and for such purpose to enter upon, use, and occupy all premises owned or occupied by the Company in which Collateral may be situate; use, maintain, license, and sell the Collateral directly or indirectly in carrying on the Company’s business; and from time to time borrow money either unsecured or secured by a security interest in any of the Collateral.  The Company irrevocably appoints the Receiver with full power of substitution, to be the attorney of the Company for and in the name of the Company to sign, endorse, or execute under seal or otherwise any deeds, documents, transfers, checks, instruments, demands, assignments, assurances, or consents that the Company is obliged to sign, endorse, or execute, and generally to use the name of the Company and to do all things as may be necessary or incidental to the exercise of all or any of the power conferred on the Receiver, as the case may be, under this Agreement. BOCO and Receiver shall cause any sale of property (other than refined gold and silver, which may be sold in arms-length transactions in the ordinary course of business) to be at public auction, with reasonable advance written notice to other creditors and shareholders of the Company. BOCO shall have the right to become the purchaser at any sale held by the Receiver or by any court, receiver or public officer, and BOCO shall have the right to credit upon the amount of the bid made therefor all or part of any amount payable under any obligation due and owing from the Company to BOCO (including, without limitation, under this Agreement and the Remaining Notes).  Recitals contained in any covenant made to any purchaser at any sale made hereunder shall conclusively establish the truth and accuracy of the matters therein stated, including, without limiting the generality of the foregoing, non-payment of the unpaid principal sum of, and the interest accrued on, the indebtedness after the same has become due and payable, and advertisement and conduct of such sale in the manner provided herein. 
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 Upon any sale, whether made under the power of sale herein granted and conferred or by judicial proceedings, the receipt of the Receiver, or of the officer making sale under judicial proceedings, shall be sufficient to discharge the purchaser or purchasers at any sale for his or their purchase money, and such purchaser or purchasers, his or their assigns or personal representatives, shall not, after paying such purchase money and receiving such receipt of the Receiver (or of such officer making the sale), be obligated to see the application of such purchase money, or be in any way answerable for any loss, misapplication or non-application thereof.  Any sale or sales of the Collateral, whether under the power of sale herein granted and conferred or by virtue of judicial proceedings, shall operate to divest all right, title, interest, claim and demand whatsoever either at law or in equity, of the Company of, in and to the property sold, and shall be a perpetual bar, both at law and in equity, against the Company, Company's successors or assigns and against any and all persons claiming or who shall thereafter claim all or any of the property sold from, through or under the Company or Company's successors or assigns; nevertheless, the Company, if so requested by BOCO or the Receiver, shall join in the execution and delivery of all property conveyances, assignments and transfers of the properties so sold. The Company agrees, to the full extent that the Company may lawfully so agree, that the Company will not at any time insist upon or plead or in any manner whatever claim the benefit of any appraisement, valuation, stay, extension or redemption law now or hereafter in force, in order to prevent or hinder the enforcement or foreclosure of this Agreement or the sale of the Collateral or the possession thereof by any purchaser at any sale made pursuant to any provision hereof; and the Company, for Company and all who may claim through or under Company now or hereafter, hereby waives the benefit of all such laws. The Company, for the Company and all who may claim through or under Company, waives any and all right to have the Collateral marshaled upon any foreclosure of the lien or security interest set forth herein or in the security agreements referenced in Paragraph 9 hereof, or sold in inverse order of alienation, and agrees that BOCO, the Receiver, or any court having jurisdiction to foreclose such lien or security interest may sell the Collateral as an entirety. Any proceeds of any disposition of all or any part of the Collateral may be applied by BOCO or the Receiver toward payment of the Company’s obligations to BOCO  in such order of application as BOCO may direct in its sole and absolute discretion (except that proceeds from the limited collateral described in the Security and Inter-Creditor Agreement with effective date of May 15, 2015 shall be disbursed in proportion to the security interests granted therein, for so long as such Security and Inter-Creditor Agreement remains operative and in effect in accordance with its terms).
 18.             Waiver of Presentment, Demand and Default.  Company unconditionally waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this Agreement or the Remaining Notes.   
 19.             BOCO Non-Waiver.  No failure by BOCO to exercise, or delay by BOCO in exercising, any right or remedy hereunder shall operate as a waiver thereof or of any other right or remedy and no single or partial exercise of any right or remedy shall preclude any other or further exercise thereof or of any other right or remedy.  BOCO may not waive any of its rights under this Agreement except by an instrument in writing signed by it.
 11
  
  

  
 20.              JURY WAIVER.  Company HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR ANY OTHER RELATED DOCUMENT (INCLUDING, WITHOUT LIMITATION, THE BOCO NOTES, LOAN DOCUMENTS, REMAINING NOTES AND RATIFIED AGREEMENTS) OR ANY RELATIONSHIP BETWEEN BOCO AND THE COMPANY. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE CONCESSIONS PROVIDED BY BOCO HEREIN.
 21.             Further Assurances.  In addition to the obligations recited herein and contemplated to be performed, executed, and/or delivered by Company, the Company agrees to perform, execute, and/or deliver or cause to be performed, executed, and/or delivered any and all such further acts, instruments, deeds, and assurances as may be reasonably required by BOCO to consummate all transactions contemplated hereby.
 22.            Ratification of Notes.  Company hereby ratifies the validity of this Agreement, the Loan Documents, BOCO Notes, and Remaining Notes (to the extent applicable, all as amended and modified by this Agreement) (hereinafter, the “Ratified Agreements”) and confirms all of its obligations thereunder, agrees that it has no defenses or offsets to the same, agrees that all of the Ratified Agreements are valid and enforceable against the Company in accordance with their terms and remain in full force and effect.  The Company further acknowledges that as of the date of this Agreement, it does not have any claims or causes of action against BOCO, nor any defenses or offsets to the enforcement of the Ratified Agreements and, to the extent such claims, causes of action, defenses or offsets may exist, the Company expressly waives and releases the same.  
 23.             Notices.  All notices, communications and deliveries required or permitted under this Agreement: (a) shall be made in writing signed by the party making the same to the other party or parties at its/their address as specified below; (b) shall specify the Paragraph or section of this Agreement pursuant to which given; (c) shall be deemed to be given if delivered in person on the date delivered, if sent by telecopy on the date of confirmation of transmission, or if mailed or sent by an overnight mail or courier service (with postage and other fees prepaid) on the date mailed or sent; and (d) shall be deemed received if delivered in person on the date of personal delivery, if telecopied on the date of confirmation of transmission, and if mailed or sent overnight, on the next business day after mailing.  The addresses of the parties are as follows:
 12
  
  

 If to Company:                       WestMountain Gold, Inc.
 120 East Lake Street, Suite 401
 Sandpoint, ID  83864
 Attention:  James Creamer, CFO
 Fax No.: 208-906-8621
  
 If to BOCO:                             BOCO Investments LLC
 262 E Mountain Avenue
 Fort Collins, CO  80524
 Attention:  Patrick Kanouff
 Fax No.: 360-695-5402
 24.              Attorney’s Fees and Costs.  Each party hereto agrees that in the event that any dispute, claim, proceeding or action arises out of or in connection with this Agreement, the BOCO Notes, or the Loan Documents or the terms of any of them, the prevailing party to any such dispute, claim, proceeding or action shall be awarded reasonable attorney fees and all costs incurred in connection therewith from the non-prevailing party.  For the purposes of this Paragraph, the term “prevailing party” shall include a party which receives substantially the same relief sought whether by judgment, summary judgment, dismissal, settlement or otherwise.
 25.              Entire Agreement.  This Agreement constitutes the entire understanding and agreement of the parties hereto as to the modification of the Loan Documents, the BOCO Notes, and the Remaining Notes.  
  
 26.             Governing Law.  This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Colorado, without giving effect to its conflict of law principles for the purpose of applying the laws of another jurisdiction. All Parties consent to and agree that exclusive jurisdiction and venue for all actions arising out of this Agreement shall be in the district court in and for the City and County of Denver, Colorado.  In the event of any conflict between this provision and the jurisdiction and venue provisions in any of the BOCO Notes, Loan Documents, Remaining Notes, or Ratified Agreements, this provision shall control.
 27.              Modification and Waiver.  No modification or waiver of any provision of this Agreement shall be effective unless such modification or waiver shall be in writing and signed by the parties hereto. 
  
 13

  
 
 28.              Benefit of Agreement.  This Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns.
 29.              Counterparts.  This Agreement may be executed in counterparts and by facsimile or other electronic means (e.g., by .pdf), any of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 30.              Survival.  All representations, warranties, covenants and agreements made by the Company in connection herewith shall survive the execution and delivery of this Agreement.
 31.              Severability of this Agreement. If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.  
 32.              Representation on Authority of Parties/Signatories. Each person signing this Agreement represents and warrants that he or she is duly authorized and has legal capacity to execute and deliver this Agreement.  Each party represents and warrants to the other that the execution and delivery of the Agreement and the performance of such party’s obligations hereunder have been duly authorized and that the Agreement is a valid and legal agreement binding on such party and enforceable in accordance with its terms.
  
 [SIGNATURE PAGE FOLLOWS]
  
  
 14

  
 
 IN WITNESS WHEREOF, the undersigned parties, by their duly authorized representatives, have executed this Loan and Note Modification Agreement as of the last date reflect in the signatures below.
  
 	 BOCO INVESTMENTS, LLC
	 	
	 	 	 	 	 
	 	 By:  
	 Bohemian Asset Management, Inc.
	 	
	 	 Its:   
	 Managing Member
	 	 
	 	    
	 
	 	
	 	  
	 /s/ Joseph C. Zimlich
	 	 Address:

	 	 By:  
	 Joseph C. Zimlich  
	 	 262 E. Mountain Ave.

	 	 Its:   
	 President  
	 	 Fort Collins, CO  80524

	 	 	 	 	
	 DATED: 
	 6/22/16
	 	 
	 	 	 	 	
	 	 	 	 	 
	 WESTMOUNTAIN GOLD, INC.
	 	
	 	 	 	 	 
	  
	 /s/ James W. Creamer III
	 	 Address:

	 By:      James W. Creamer III 
	 	 120 E. Lake Street, Suite 401

	 Its:  
	 CFO 
	 	 Sandpoint, ID  83864

	 	 	 	 	
	 DATED:
	 6/22/16
	 	

  
 15

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