Document:

Colombia Goldfields Ltd.: Exhibit 10.1(b) - Prepared by TNT Filings Inc.

  

EXHIBIT 10.1(b)

PLEDGE AGREEMENT 

THIS AGREEMENT dated as of February 8, 2008. 

BETWEEN: 

Global Resource Fund, a company organized under the laws of
the Cayman Islands (herein called the "Pledgee"), 

-and- 

Colombia Goldfields Ltd, a company organized under the laws of
Ontario, Canada (herein called the "Pledgor"). 

WHEREAS, as security for the Obli gations of the Pledgor,
the Pledgor has agreed to pledge to the Pledgee, grant to the Pledgee, on behalf
of the Beneficiaries, a security interest in and assign to the Pledgee all of
its right, title and interest in and to the Collateral; 

NOW THEREFORE, in consideration of the promises contained
herein and other good and valuable consideration, the Pledgor hereby covenants
and agrees with the Pledgee, for the benefit of the Beneficiaries, as follows:

ARTICLE 1 

INTERPRETATION 

1.1     Defined Terms. All
capitalized terms which are used herein which are not otherwise defined herein
shall have the respective meanings ascribed thereto in the Guaranty of even date
herewith from, inter alia, Pledgor to Pledgee; otherwise, in this
agreement or any amendment to this agreement, unless the context clearly
indicates to the contrary: 

"Collateral" means common shares of RNC Gold Ltd. and
common shares of Gavilan Minerales S.A., which are now owned by the Pledgor and
such other shares of RNC Gold Ltd, and Gavilan Minerales S.A. (or other
securities of or controlled by Pledgor or any affiliate of Pledgor that are
convertible into or exchangeable for shares of RNC Gold Ltd. and Gavilan
Minerales S.A.) which are hereafter acquired by the Pledgor, and any renewals
thereof, substitutions therefor and proceeds of disposition thereof and all
interest, dividends, income and revenue therefrom. 

1.2     Other Usages. References to
"this agreement", "the agreement", "hereof, "herein", and like references refer
to this Pledge Agreement and not to any particular Article, section or other
subdivision of this agreement. 

1.3     Plural and Singular. Where the context so
requires, words importing the singular number shall include the plural and vice
versa. 

-2 

1.4     Headings. The insertion of headings in this
agreement is for convenience of reference only and shall not affect the
construction or interpretation of this agreement. 

1.5     Applicable Law. This agreement and all
documents delivered pursuant hereto shall be deemed to be governed by and
construed in accordance with the laws of Ontario. 

1.6     Time of the Essence. Time
shall in all respects be of the essence of this agreement, and no extension or
variation of this agreement or any obligation hereunder shall operate as a
waiver of this provision. 

ARTICLE 2 

PLEDGE OF COLLATERAL 

2.1     Pledge of
Collateral. The Pledgor hereby deposits in pledge with
the Pledgee, grants to the Pledgee a security interest in and assigns to the
Pledgee all of the Pledgor's right, title and interest in and to the Collateral
and agrees that such Collateral and any further Collateral which is hereafter
deposited in pledge with the Pledgee shall be held for the benefit of the
Beneficiaries as continuing collateral security for the due payment and
performance of the Obligations of the Pledgor. Pledgor agrees that it will not
grant or assign any claim, lien, encumbrance or security interest of any kind to
the collateral and will not permit any such claim, lien, encumberance or
security interest to exist or continue. 

2.2     Possession of Collateral.
Upon the deposit of any securities in pledge pursuant to this agreement, the
Pledgor shall deposit with the Pledgee all certificates representing such
securities (to the extent same are certificated), provided however, that the
Gavilan Minerales S.A. shares may be delivered past closing on a best efforts
basis by Pledgor. All certificates deposited pursuant to this Section 2.2 shall,
unless all necessary consents and approvals are obtained, not contain any
reference to restrictions on the transfer of the securities represented thereby
and shall be duly endorsed in blank for transfer or shall be attached to duly
executed powers of attorney or forms of transfer. 

2.3     Voting and Distributions.
Prior to the Enforcement Date, all interest, cash dividends, income and revenue
from securities included in the Collateral (but not the proceeds of disposition
of such securities) shall be collected by and payable to the Pledgor (and not
the Pledgee) and shall not form part of the Collateral, and such securities
shall be voted by the Pledgor, and all non-cash dividends or distributions paid
on such securities shall form part of the Collateral and, if received by the
Pledgor, shall be paid to the Pledgee. All dividends paid on such securities at
any time on or after the Enforcement Date, regardless of when such dividends
were declared, and all interest, income and revenue from such securities paid or
accruing on or after the Enforcement Dale shall form part of the Collateral and,
if received by the Pledgor, shall be paid to the Pledgee, and on and after (but
not before) the Enforcement Date the Pledgee shall be entitled to vote or not lo
vote such securities as the Pledgee sees fit. 

2.4     Attachment of Security Interest.
The parties hereby acknowledge their mutual intention that the security interest
created by this agreement is to attach, for the purposes of the Personal
Property Security Act (Ontario), upon the execution and delivery of this
agreement and that value has been given and that the Pledgor has rights in the
shares included in the Collateral as of the date hereof. The Pledgor
acknowledges receipt of an executed copy of this agreement. 

-3 

2.5     Uncertificated Securities and
Certain Other Investment Property. The Pledgor will permit the Pledgee from
time to time to cause the appropriate issuers (and, if held with a securities
intermediary, such securities intermediary) of uncertificated securities which
are Collateral to mark their books and records with the numbers and face amounts
of all such uncertificated securities and all rollovers and replacements
therefor to reflect the security interest of the Pledgee granted pursuant to
this agreement. The Pledgor will take any actions within its powers to cause the
issuers of uncertificated securities which are Collateral to cause the Pledgee
to have and retain control over such securities. 

ARTICLE 3

 ENFORCEMENT 

3.1     Enforcement.
The Pledgee shall be entitled to enforce the security hereby constituted on and
after (but not before) the Enforcement Date. 

3.2     Sale of Collateral. On and
after (but not before) the Enforcement Dale, the Pledgee, in addition to
exercising all other rights and remedies to which the Pledgee may be entitled at
law or hereunder, and without restricting the generality thereof, may, on behalf
of the Beneficiaries, have the securities included in the Collateral registered
on the books of the issuers of such securities in the name of the Pledgee or
such nominee of the Pledgee as the Pledgee shall direct and may, on behalf of
the Beneficiaries, sell or otherwise dispose of the Collateral. The reasonable
expenses of preparing the Collateral for sale or other disposition and of
selling or otherwise disposing of the Collateral and other like expenses,
together with court costs and reasonable legal and other professional fees
incurred in realizing upon the Collateral or in enforcing this agreement or any
other security held by the Pledgee for the Obligations of the Pledgor, shall be
deducted from the proceeds of the Collateral before the said proceeds are
applied to the Obligations of the Pledgor. 

3.3     Exclusion from Liability. In
realizing upon the Collateral, the Pledgee shall not be responsible for any loss
occasioned by any sale or other realization thereof or for the failure to sell
or otherwise dispose of the Collateral, and the Pledgee shall not be bound to
protect the Collateral from depreciating in value. 

3.4     Purchase by the Pledgee, a
Beneficiary or Affiliate. Upon any sale or realization of the Collateral or
any portion thereof by way of public auction or tender, the Pledgee, any other
Beneficiary or any of their affiliates may purchase the Collateral or such
portion thereof free from any right or equity of redemption, which right or
equity of redemption is expressly waived by the Pledgor, and may, in paying the
purchase price, apply so much of the Obligations of the Pledgor on account of
the purchase price as may be necessary for such purpose. 

3.5     Acknowledgement of the Pledgor.
The Pledgor recognizes that the Pledgee may be unable to effect a public sale of
any or all of the Collateral by reason of certain prohibitions contained in the
applicable securities laws or otherwise, but may be compelled to resort to one
or 

-4 

more private sales thereof to a restricted
group of purchasers who will be obliged to agree, among other things, to acquire
such securities for their own account for investment and not with a view to the
distribution or resale thereof. The Pledgor acknowledges and agrees that any
such private sale may result in prices and other terms less favourable to the
Pledgee than if such sale were a public sale and, notwithstanding such
circumstances, agrees that any such private sale shall not be deemed to have
been made in a commercially unreasonable manner solely by reason of its being a
private sale. The Pledgee shall be under no obligation to delay a sale of any of
the Collateral of the period for time necessary to permit the issuer of such
securities to register such securities for public sale under applicable
securities laws, or otherwise, even if the issuer would agree to do so. 

ARTICLE 4 

RELEASE OF COLLATERAL 

4.1     Release of Collateral. Upon
repayment in full of the Obligations of the Borrower and cancellation of all
commitments of the Beneficiaries under the Transaction Documents, the Collateral
and all documents evidencing ownership of or title to the Collateral shall
immediately be released and returned to the Pledgor. 

4.2     Non-Release. The security constituted hereby
shall not be released, discharged or in any way affected by: 

(a) any increase or decrease in the amount of the
Obligations of the Obligors; 

(b) an extension of time for payment of the
Obligations of the Obligors; 

(c) any modification of any of the Obligations of the
Obligors; or 

(d) any forebearance whatsoever whether as to time,
performance or otherwise, or any compromise, arrangement or plan or
reorganization affecting the Pledgor. 

ARTICLE 5 

GENERAL CONTRACT PROVISIONS 

5.1     Notices. All notices and
other communications provided for herein shall be in writing and shall be
personally delivered to the addressee or sent by telefacsimile, charges prepaid,
at or to the Pledgee or at or to the Pledgor at the address or telefacsimile
number, as the case may be, below or to such other address or addresses or
telefacsimile number or numbers as either party hereto may from time to time
designate to the other party in such manner. Any communication which is
personally delivered as aforesaid shall be deemed to have been validly and
effectively given on the date of such delivery if such date is a Banking Day and
such delivery was made during normal business hours of the recipient; otherwise,
it shall be deemed to have been validly and effectively given on the Banking Day
next following such date of delivery. Any communication which is transmitted by
telefacsimile as aforesaid shall be deemed to have been validly and effectively
given on the date of transmission if such date is a Banking Day and such
transmission was made during normal business hours of the recipient; otherwise,
it shall be deemed to have been validly and effectively given on the Banking Day
next following such date of transmission. 

-5 

If to Pledgee:

Global Resource Fund 

c/o Auramet Trading, LLC 

2 Executive Drive 

Suite 645 

Fort Lee, NJ 07024 

Tel: 201-905-5002 

Fax: 201-905-5001 

If to Pledgor: 

Colombia Goldfields Limited 

c/o RNC Gold, Inc. 

8 King Street 

Suite 208 

Toronto, Ontario 

Canada 

Tel: 416-365-9777 

Fax: 416-365-1828 

5.2     Severability. Any provision
hereof which is prohibited or unenforceable shall be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining
provisions hereof. 

5.3     Further Assurances. The
Pledgor hereby agrees to sign and deliver, or cause to be signed and delivered,
to the Pledgee all such further and other deeds, documents, certificates,
agreements and written instruments and to take all such further action as may,
in the reasonable opinion of the Pledgee, be reasonably necessary for the
purpose of better assuring to the Pledgee, perfecting or enforcing the security
constituted hereby. In the event that the Pledgor shall fail to do so, the
Pledgor hereby irrevocably nominates and constitutes the Pledgee, with full
power of substitution, its true and lawful attorney and agent, with full power
and authority, in its name, place and stead, to sign and deliver any such deeds,
documents, certificates, agreements and written instruments and to take such
action. The power of attorney hereby granted is coupled with an interest, is
irrevocable and shall extend to the successors and assigns of the Pledgor,
provided that the power of attorney shall continue only until the Collateral is
released in accordance with Section 4.1. The Pledgor agrees to be bound by any
representations and actions made or taken in good faith by the Pledgee pursuant
to this power of attorney in accordance with the terms thereof and hereby waives
any and all defences which may be available to it to contest, negate or
disaffirm the actions of the Pledgee taken in good faith under this power of
attorney. 

5.4     Assignment. Any Beneficiary
may only assign or transfer this agreement, any of its rights hereunder or any
part thereof to any persons to whom any of the Obligations of the Borrower owing
to such Beneficiary may be assigned in compliance with the relevant Transaction
Document. 

-6 

5.5     Successors and Assigns. This agreement shall
enure to the benefit of and shall be binding upon the parties hereto and their
respective successors and permitted assigns. 

5.6     Entire Agreement. This
agreement and the agreements referred to herein constitute the entire agreement
between the parties hereto and supersede any prior agreements, undertakings,
declarations, representations and understandings, both written and verbal, in
respect of the subject matter hereof. 

5.7     Counterparts. This agreement
may be executed in any number of counterparts, all of which shall be deemed to
be an original and such counterparts taken together shall constitute one
agreement, and any of the parties hereto may execute this agreement by signing
any such counterpart. 

IN WITNESS WHEREOF, the parties hereto have
executed this agreement as of the date first above mentioned. 

	 	PLEDGOR: Colombia
    Goldfields Ltd.
	 	 
	 	By: /s/
    James Kopperson                
    
	 	      
    Name: James Kopperson
	 	      
    Title: CFO
	 	 
	 	By: /s/
    James R. Martin                
    
	 	      
    Name: James R. Martin
	 	      
    Title: Vice Chairman & CEO
	 	 
	 	By:  /s/
    T.W. Lough                        
    
	 	      
    Name: T.W. Lough
	 	      
    Title: President
	 	 
	 	PLEDGEE: Global Resource
    Fund
		
	 	By:  /s/
    David Lewis                        
    
	 	      
    Name: David Lewis
	 	      
    Title: DirectorColombia Goldfields Ltd.: Exhibit 10.1(c) - Prepared by TNT Filings Inc.

  

EXHIBIT 10.1(c)

PLEDGE AGREEMENT 

THIS AGREEMENT dated as of February 8, 2008. 

BETWEEN: 

Global Resource Fund, a company organized under the laws of
the Cayman Islands (herein called the "Pledgee"), 

-and - 

RNC (Colombia) Limited, a company organized under the laws of
Belize (herein called the "Pledgor"). 

WHEREAS, as security for the Obli gations of the Pledgor,
the Pledgor has agreed to pledge to the Pledgee, grant to the Pledgee, on behalf
of the Beneficiaries, a security interest in and assign to the Pledgee all of
its right, title and interest in and to the Collateral; 

NOW THEREFORE, in consideration of the promises contained
herein and other good and valuable consideration, the Pledgor hereby covenants
and agrees with the Pledgee, for the benefit of the Beneficiaries, as follows:

ARTICLE 1 

INTERPRETATION 

1.1     Defined Terms.  
All capitalized terms which are used herein which are not
otherwise defined herein shall have the respective meanings ascribed thereto in
the Guaranty of even date herewith from, inter alia, Pledgor to Pledgee;
otherwise, in this agreement or any amendment to this agreement, unless the
context clearly indicates to the contrary:
 

"Collateral" means common shares of Cia Miners de Caldas S.A. ("Caldas"),
which are now owned by the Pledgor and such other shares of Caldas (or other
securities of or controlled by Pledgor or any affiliate of Pledgor that are
convertible into or exchangeable for shares of Caldas) which are hereafter
acquired by the Pledgor, and any renewals thereof, substitutions therefor and
proceeds of disposition thereof and all interest, dividends, income and revenue
therefrom. 

1.2     Other Usages. References to
"this agreement", "the agreement", "hereof, "herein", and like references refer
to this Pledge Agreement and not to any particular Article, section or other
subdivision of this agreement. 

1.3     Plural and Singular. Where the context so
requires, words importing the singular number shall include the plural and vice
versa. 

1.4     Headings. The insertion of headings in this
agreement is for convenience of reference only and shall not affect the
construction or interpretation of this agreement. 

-2 

1.5     Applicable Law. This agreement and all
documents delivered pursuant hereto shall be deemed to be governed by and
construed in accordance with the laws of Ontario. 

1.6     Time of the Essence. Time
shall in all respects be of the essence of this agreement, and no extension or
variation of this agreement or any obligation hereunder shall operate as a
waiver of this provision. 

ARTICLE 2 

PLEDGE OF COLLATERAL 

2.1     Pledge of
Collateral. The Pledgor
hereby deposits in pledge with the Pledgee, grants to the Pledgee a security
interest in and assigns to the Pledgee all of the Pledgor's right, title and
interest in and to the Collateral and agrees that such Collateral and any
further Collateral which is hereafter deposited in pledge with the Pledgee shall
be held for the benefit of the Beneficiaries as continuing collateral security
for the due payment and performance of the Obligations of the Pledgor. Pledgor
agrees that it will not grant or assign any claim, lien, encumbrance or security
interest of any kind to the collateral and will not permit any such claim, lien,
encumberance or security interest to exist or continue. 

2.2     Possession of Collateral.
Upon the deposit of any securities in pledge pursuant to this agreement, the
Pledgor shall deposit with the Pledgee all certificates representing such
securities (to the extent same are certificated), provided however, that the
Caldas shares may be delivered past closing on a best efforts basis by Pledgor.
All certificates deposited pursuant to this Section 2.2 shall, unless all
necessary consents and approvals are obtained, not contain any reference to
restrictions on the transfer of the securities represented thereby and shall be
duly endorsed in blank for transfer or shall be attached to duly executed powers
of attorney or forms of transfer. 

2.3     Voting and Distributions.
Prior to the Enforcement Date, all interest, cash dividends, income and revenue
from securities included in the Collateral (but not the proceeds of disposition
of such securities) shall be collected by and payable to the Pledgor (and not
the Pledgee) and shall not form part of the Collateral, and such securities
shall be voted by the Pledgor, and all non-cash dividends or distributions paid
on such securities shall form part of the Collateral and, if received by the
Pledgor, shall be paid to the Pledgee. All dividends paid on such securities at
any time on or after the Enforcement Date, regardless of when such dividends
were declared, and all interest, income and revenue from such securities paid or
accruing on or after the Enforcement Date shall form part of the Collateral and,
if received by the Pledgor, shall be paid to the Pledgee, and on and after (but
not before) the Enforcement Date the Pledgee shall be entitled to vote or not to
vote such securities as the Pledgee sees fit. 

2.4     Attachment of Security Interest.
The parties hereby acknowledge their mutual intention that the security interest
created by this agreement is to attach, for the purposes of the Personal
Properly Security Act (Ontario), upon the execution and delivery of this
agreement and that value has been given and that the Pledgor has rights in the
shares included in the Collateral as of the date hereof. The Pledgor
acknowledges receipt of an executed copy of this agreement. 

-3 

2.5     Uncertificated Securities and
Certain Other Investment Property. The Pledgor will permit the Pledgee from
time to time to cause the appropriate issuers (and, if held with a securities
intermediary, such securities intermediary) of uncertificated securities which
are Collateral to mark their books and records with the numbers and face amounts
of all such uncertificated securities and all rollovers and replacements
therefor to reflect the security interest of the Pledgee granted pursuant to
this agreement. The Pledgor will take any actions within its powers to cause the
issuers of uncertificated securities which are Collateral to cause the Pledgee
to have and retain control over such securities. 

ARTICLE 3 

ENFORCEMENT 

3.1     Enforcement.
The Pledgee shall be entitled to enforce the security hereby constituted on and
after (but not before) the Enforcement Date. 

3.2     Sale of Collateral. On and
after (but not before) the Enforcement Date, the Pledgee, in addition to
exercising all other rights and remedies to which the Pledgee may be entitled at
law or hereunder, and without restricting the generality thereof, may, on behalf
of the Beneficiaries, have the securities included in the Collateral registered
on the books of the issuers of such securities in the name of the Pledgee or
such nominee of the Pledgee as the Pledgee shall direct and may, on behalf of
the Beneficiaries, sell or otherwise dispose of the Collateral. The reasonable
expenses of preparing the Collateral for sale or other disposition and of
selling or otherwise disposing of the Collateral and other like expenses,
together with court costs and reasonable legal and other professional fees
incurred in realizing upon the Collateral or in enforcing this agreement or any
other security held by the Pledgee for the Obligations of the Pledgor, shall be
deducted from the proceeds of the Collateral before the said proceeds are
applied to the Obligations of the Pledgor. 

3.3     Exclusion from Liability. In
realizing upon the Collateral, the Pledgee shall not be responsible for any loss
occasioned by any sale or other realization thereof or for the failure to sell
or otherwise dispose of the Collateral, and the Pledgee shall not be bound to
protect the Collateral from depreciating in value. 

3.4     Purchase by the Pledgee, a
Beneficiary or Affiliate. Upon any sale or realization of the Collateral or
any portion thereof by way of public auction or tender, the Pledgee, any other
Beneficiary or any of their affiliates may purchase the Collateral or such
portion thereof free from any right or equity of redemption, which right or
equity of redemption is expressly waived by the Pledgor, and may, in paying the
purchase price, apply so much of the Obligations of the Pledgor on account of
the purchase price as may be necessary for such purpose. 

3.5     Acknowledgement of the Pledgor.
The Pledgor recognizes that the Pledgee may be unable to effect a public sale of
any or all of the Collateral by reason of certain prohibitions contained in the
applicable securities laws or otherwise, but may be compelled to resort to one
or more private sales thereof to a restricted group of purchasers who will be
obliged to agree, among other things, to acquire such securities for their own
account for investment and not with a view to the distribution or resale
thereof. The Pledgor acknowledges and agrees that any such
private sale may result in prices and
other terms less favourable to the Pledgee than if such sale were a public sale
and, notwithstanding such circumstances, agrees that any such private sale shall
not be deemed to have been made in a commercially unreasonable manner solely by
reason of its being a private sale. The Pledgee shall be under no obligation to
delay a sale of any of the Collateral of the period for time necessary to permit
the issuer of such securities to register such securities for public sale under
applicable securities laws, or otherwise, even if the issuer would agree to do
so. 

-4

ARTICLE 4 

RELEASE OF COLLATERAL 

4.1     Release of Collateral.
Upon repayment in full of the Obligations of the Borrower and cancellation of
all commitments of the Beneficiaries under the Transaction Documents, the
Collateral and all documents evidencing ownership of or title to the Collateral
shall immediately be released and returned to the Pledgor. 

4.2     Non-Release. The security constituted hereby
shall not be released, discharged or in any way affected by: 

(a) any increase or decrease in the amount of the
Obligations of the Obligors; 

(b) an extension of time for payment of the
Obligations of the Obligors; 

(c) any modification of any of the Obligations of the
Obligors; or 

(d) any forebearance whatsoever whether as to time,
performance or otherwise, or any compromise, arrangement or plan or
reorganization affecting the Pledgor. 

ARTICLE 5 

GENERAL CONTRACT PROVISIONS 

5.1     Notices.
All notices and other communications provided for herein shall be in writing and
shall be personally delivered to the addressee or sent by telefacsimile, charges
prepaid, at or to the Pledgee or at or to the Pledgor at the address or
telefacsimile number, as the case may be, .below or to such other address or
addresses or telefacsimile number or numbers as either party hereto may from
time to time designate to the other party in such manner. Any communication
which is personally delivered as aforesaid shall be deemed to have been validly
and effectively given on the date of such delivery if such date is a Banking Day
and such delivery was made during normal business hours of the recipient;
otherwise, it shall be deemed to have been validly and effectively given on the
Banking Day next following such date of delivery. Any communication which is
transmitted by telefacsimile as aforesaid shall be deemed to have been validly
and effectively given on the date of transmission if such date is a Banking Day
and such transmission was made during normal business hours of the recipient;
otherwise, it shall be deemed to have been validly and effectively given on the
Banking Day next following such date of transmission. 

- 5 

If to Pledgee: 

Global Resource Fund 

C/o Auramet Trading, LLC 

2 Executive Drive 

Suite 645 

Fort Lee, NJ 07024 

Tel: 201-905-5002 

Fax:201-905-5001 

If to Pledgor: 

RNC (Colombia) Limited 

8 King Street 

Suite 208 

Toronto, Ontario 

Canada 

Tel: 416-365-9777 

Fax:416-365-1828 

5.2    
Severability. Any provision hereof which is prohibited or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof.

5.3     Further Assurances. The
Pledgor hereby agrees to sign and deliver, or cause to be signed and delivered,
to the Pledgee all such further and other deeds, documents, certificates,
agreements and written instruments and to take all such further action as may,
in the reasonable opinion of the Pledgee, be reasonably necessary for the
purpose of better assuring to the Pledgee, perfecting or enforcing the security
constituted hereby. In the event that the Pledgor shall fail to do so, the
Pledgor hereby irrevocably nominates and constitutes the Pledgee, with full
power of substitution, its true and lawful attorney and agent, with full power
and authority, in its name, place and stead, to sign and deliver any such deeds,
documents, certificates, agreements and written instruments and to take such
action. The power of attorney hereby granted is coupled with an interest, is
irrevocable and shall extend to the successors and assigns of the Pledgor,
provided that the power of attorney shall continue only until the Collateral is
released in accordance with Section 4.1. The Pledgor agrees to be bound by any
representations and actions made or taken in good faith by the Pledgee pursuant
to this power of attorney in accordance with the terms thereof and hereby waives
any and all defences which may be available to it to contest, negate or
disaffirm the actions of the Pledgee taken in good faith under this power of
attorney. 

5.4     Assignment. Any Beneficiary
may only assign or transfer this agreement, any of its rights hereunder or any
part thereof to any persons to whom any of the Obligations of the Borrower owing
to such Beneficiary may be assigned in compliance with the relevant Transaction
Document. 

-6 

5.5     Successors and Assigns. This agreement shall
enure to the benefit of and shall be binding upon the parties hereto and their
respective successors and permitted assigns. 

5.6     Entire Agreement. This
agreement and the agreements referred to herein constitute the entire agreement
between the parties hereto and supersede any prior agreements, undertakings,
declarations, representations and understandings, both written and verbal, in
respect of the subject matter hereof. 

5.7     Counterparts. This agreement
may be executed in any number of counterparts, all of which shall be deemed to
be an original and such counterparts taken together shall constitute one
agreement, and any of the parties hereto may execute this agreement by signing
any such counterpart. 

IN WITNESS WHEREOF, the parties hereto have executed
this agreement as of the date first above mentioned. 

	 	PLEDGOR: RNC (Colombia)
    Limited
	 	 
	 	By: /s/
    James Kopperson                
    
	 	      
    Name: James Kopperson
	 	      
    Title: CFO
	 	 
	 	By: /s/
    James R. Martin                
    
	 	      
    Name: James R. Martin
	 	      
    Title: Vice Chairman & CEO
	 	 
	 	By:  /s/
    T.W. Lough                        
    
	 	      
    Name: T.W. Lough
	 	      
    Title: President
	 	 
	 	PLEDGEE: Global Resource
    Fund
		
	 	By:  /s/
    David Lewis                        
    
	 	      
    Name: David Lewis
	 	      
    Title: Director

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