Document:

Rand 1,500,000,000 Revolving Credit Facility Agreement

 Exhibit 4.23 
 REVOLVING CREDIT FACILITY AGREEMENT 
 Amongst

 NEDBANK LIMITED 
 (acting through its NEDBANK CAPITAL and NEDBANK 
 CORPORATE divisions)

 GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED 
 GOLD FIELDS OPERATIONS LIMITED 
 and 
 THE ORIGINAL GUARANTORS LISTED IN SCHEDULE 1 
 

 

 TABLE OF CONTENTS 
  

					
	 1.
	  	PARTIES	  	1
			
	 2.
	  	DEFINITIONS AND INTERPRETATION	  	1
			
	 3.
	  	INTRODUCTION	  	38
			
	 4.
	  	THE FACILITY	  	39
			
	 5.
	  	CONDITIONS OF UTILISATION	  	40
			
	 6.
	  	UTILISATION OF FACILITY	  	42
			
	 7.
	  	INTEREST	  	44
			
	 8.
	  	INTEREST PERIODS	  	48
			
	 9.
	  	REPAYMENTS	  	50
			
	 10.
	  	PREPAYMENTS	  	50
			
	 11.
	  	FEES	  	55
			
	 12.
	  	TAX GROSS UP AND INDEMNITIES	  	56
			
	 13.
	  	INCREASED COSTS	  	60
			
	 14.
	  	COSTS AND EXPENSES	  	62
			
	 15.
	  	GUARANTEE AND INDEMNITY	  	63
			
	 16.
	  	REPRESENTATIONS AND WARRANTIES	  	67
			
	 17.
	  	INFORMATION UNDERTAKINGS	  	76
			
	 18.
	  	FINANCIAL COVENANTS	  	82
			
	 19.
	  	GENERAL UNDERTAKINGS	  	84
			
	 20.
	  	DEFAULT	  	91
			
	 21.
	  	CHANGE OF PARTY	  	99
			
	 22.
	  	CHANGES TO THE OBLIGORS	  	103
			
	 23.
	  	PAYMENT MECHANICS	  	106
			
	 24.
	  	CONFIDENTIALITY	  	107
			
	 25.
	  	SET-OFF	  	109
			
	 26.
	  	NOTICES AND DOMICILIA	  	109

					
	 27.
	  	GENERAL	  	111
		
	 SCHEDULE 1 : ORIGINAL GUARANTORS
	  	119
		
	 SCHEDULE 2 : ADVANCE CONDITION DOCUMENTS
	  	120
		
	 SCHEDULE 3 : FORM OF UTILISATION REQUEST
	  	123
		
	 SCHEDULE 4 : DISCLOSURES
	  	125
		
	 SCHEDULE 5 : FORM OF ACCESSION UNDERTAKING
	  	126
		
	 SCHEDULE 6 : FORM OF RESIGNATION LETTER
	  	128
		
	 SCHEDULE 7 : FORM OF COMPLIANCE CERTIFICATE
	  	130
		
	 SCHEDULE 8 : PERMITTED TRANSFEREES
	  	132

 REVOLVING CREDIT FACILITY AGREEMENT 
  

	1.	PARTIES 

  

	1.1	The Parties to this Agreement are: 

  

	1.1.1	NEDBANK LIMITED (acting through its NEDBANK CAPITAL and NEDBANK CORPORATE divisions) (as Facility Agent and Original Lender); 

  

	1.1.2	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED (as Original Borrower); 

  

	1.1.3	GOLD FIELDS OPERATIONS LIMITED (as Original Borrower); and 

  

	1.1.4	THE ORIGINAL GUARANTORS LISTED IN SCHEDULE 1 (as Original Guarantors). 

  

	1.2	The Parties agree as set out below. 

  

	2.	DEFINITIONS AND INTERPRETATION 

  

	2.1	In this Agreement and in the other Finance Documents, unless the context dictates otherwise or unless otherwise defined in a Finance Document, the words and expressions
set forth below shall bear the following meanings and cognate expressions shall bear corresponding meanings: 

  

	2.1.1	“Accession Undertaking” means: 

  

	2.1.1.1	in relation to any Additional Borrower, an undertaking substantially in the form set out in Schedule 5 (Form of Accession Undertaking) delivered or to be
delivered to the Facility Agent and by which an Additional Borrower will become a Party to this Agreement; and 

	2.1.1.2	in relation to any Additional Guarantor, an undertaking substantially in the form set out in Schedule 5 (Form of Accession Undertaking) delivered or to be
delivered to the Facility Agent and by which an Additional Guarantor will become a Party to this Agreement; 

  

	2.1.2	“Additional Borrower” means any company which has become a Party as a Borrower in accordance with clause 22.2 (Additional Borrowers);

  

	2.1.3	“Additional Guarantor” means any company which has become a Party as a Guarantor in accordance with clause 22.4 (Additional Guarantors);

  

	2.1.4	“Agreement” means this Revolving Credit Facility Agreement and its Schedules; 

  

	2.1.5	“Arranger” means Nedbank; 

  

	2.1.6	“Auditors” means, at any time, the auditors of the Parent at that time, being as at the Signature Date PricewaterhouseCoopers Inc., and any replacement
of those auditors appointed by the Parent; 

  

	2.1.7	“Availability Period” means the period commencing on the Financial Close Date and ending on the earlier of: 

  

	2.1.7.1	the date on which the Available Facility is cancelled in terms of this Agreement; and 

  

	2.1.7.2	the date which is 1 (one) month prior to the Final Maturity Date; 

  

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	2.1.8	“Available Commitment” means, in relation to any Lender, that Lender’s Commitment minus (subject as set out below): 

  

	2.1.8.1	the amount of its participation in any outstanding Loans; and 

  

	2.1.8.2	in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made on or before the proposed Utilisation Date;

 provided that for the purposes of calculating a Lender’s Available Commitment in relation to any proposed
Utilisation, that Lender’s participation in any Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date shall not be deducted from that Lender’s Commitment; 
  

	2.1.9	“Available Facility” means the aggregate for the time being of each Lender’s Available Commitment; 

  

	2.1.10	“Base Rate” means, subject to clause 8.1.3, JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Banks, in
either case converted to a nominal annual compounded monthly in arrear rate; 

  

	2.1.11	“Borrowers” means the Original Borrowers and each Additional Borrower, unless it has ceased to be a Borrower in accordance with clause 22
(Change to the Obligors), and a reference to “Borrower” shall be any one of them as the context requires; 

  

	2.1.12	“Breakage Costs” means the amount (if any) by which: 

  

	2.1.12.1	 the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid
Sum to the last day of the current Interest Period

  

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in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

 exceeds: 
  

	2.1.12.2	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in
the Johannesburg interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period; 

  

	2.1.13	“Business Day” means any day (other than a Saturday, Sunday or an official public holiday in South Africa within the meaning of the Public Holidays
Act, 1994) on which banks generally are open for business in Johannesburg; 

  

	2.1.14	“Cerro Corona Project” means the development of the gold and copper deposits in Peru by the Cerro Corona Subsidiary; 

  

	2.1.15	“Cerro Corona Subsidiary” means Gold Fields La Cima S.A.; 

  

	2.1.16	“Commitment” means: 

  

	2.1.16.1	in relation to the Original Lender, R1 500 000 000 (One Billion Five Hundred Million Rand); and 

  

	2.1.16.2	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement, 

  

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 in each case, (a) to the extent not cancelled, reduced or transferred by it under this
Agreement, and (b) exclusive of any accrued and unpaid or capitalised interest; 
  

	2.1.17	“Companies Act” means the Companies Act, 1973; 

  

	2.1.18	“Compliance Certificate” means a certificate substantially in the form of the letter set out in Schedule 7 (Form of Compliance Certificate);

  

	2.1.19	“Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended form of the Loan Market Association or in any other
form agreed between the Parent and the Facility Agent; 

  

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

  

	2.1.21	“CP Satisfaction Date” means the date upon which the conditions set out in clause 5.1 have been fulfilled or, where capable of waiver, waived, as the
case may be; 

  

	2.1.22	“Default” means an Event of Default or any event or circumstances specified in clause 20.1 (Events of Default) which would (with the expiry of a
grace period, the giving of notice or the making of any determination under the Finance Documents or any combination of the foregoing) be an Event of Default; 

  

	2.1.23	“Encumbrance” means: 

  

	2.1.23.1	any mortgage, pledge, lien, assignment or cession conferring security, hypothecation, security interest, preferential right or trust arrangement or other encumbrance
securing any obligation of any person; or 

  

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	2.1.23.2	any arrangement under which money or claims to, or for the benefit of, a bank or other account may be applied, set off or made subject to a combination of accounts so
as to effect discharge of any sum owed or payable to any person; or 

  

	2.1.23.3	any other type of preferential agreement or arrangement (including any title transfer and retention arrangement), the effect of which is the creation of a security
interest; 

  

	2.1.24	“Environmental Claim” means any claim, proceeding or investigation by any person in respect of any Environmental Law; 

  

	2.1.25	“Environmental Law” means any law applicable to the business conducted by a Material Group Company at the relevant time in any jurisdiction in which
that Material Group Company conducts business which relates to the pollution, degradation or protection of the environment or harm to or the protection of human health or the health of animals or plants; 

  

	2.1.26	“Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of any notification, report or assessment
required under any Environmental Law for the operation of the business of any Material Group Company conducted on or from the properties owned or used by that Material Group Company; 

  

	2.1.27	“Event of Default” means any event or circumstance specified as such in clause 20.1 (Events of Default); 

  

	2.1.28	“Facility” means the revolving credit facility made available to the Borrowers under this Agreement as described in clause 4 (The Facility);

  

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	2.1.29	“Facility Agent” means Nedbank; 

  

	2.1.30	“Fee Letter” means any letter or letters between the Arranger and the Parent (or the Facility Agent and the Parent) setting out any of the fees
referred to in clause 11 (Fees); 

  

	2.1.31	“Final Maturity Date” means the 5th anniversary of the Financial Close Date; 

  

	2.1.32	“Finance Documents” means: 

  

	2.1.32.1	this Agreement; 

  

	2.1.32.2	any Fee Letter; 

  

	2.1.32.3	any Utilisation Request; 

  

	2.1.32.4	any Accession Undertaking; 

  

	2.1.32.5	any other agreement or document at any time designated a Finance Document by written agreement between the Facility Agent and the Borrowers; and

  

	2.1.32.6	any amendment agreement to any of the Finance Documents referred to in clauses 2.1.32.1 to 2.1.32.5 above; 

 and “Finance Document” means, as the context requires, any of them; 
  

	2.1.33	“Finance Party” means: 

  

	2.1.33.1	each Lender; and 

  

	2.1.33.2	the Facility Agent; 

  

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 and “Finance Parties” means, as the context requires, all of them;

  

	2.1.34	“Financial Close Date” means the date which is the earlier of: 

  

	2.1.34.1	the CP Satisfaction Date; or 

  

	2.1.34.2	the date on which the first Utilisation is made under this Agreement; 

  

	2.1.35	“Financial Close Documents” means all of the documents and other evidence listed in Schedule 2 (Financial Close Documents);

  

	2.1.36	“Financial Covenants” means the financial covenants and ratios set out in clause 18.1 (Financial Condition); 

  

	2.1.37	“GAAP” means the generally accepted accounting principles set out in IFRS; 

  

	2.1.38	“GFIMSA” means GFI Mining South Africa (Proprietary) Limited (Registration No. 2002/031431/07), a private company duly incorporated according to
the company laws of South Africa; 

  

	2.1.39	“GFOH” means Gold Fields Orogen Holding (BVI) Limited (Registration No. 184982), a limited liability company duly incorporated according to the
company laws of the British Virgin Islands; 

  

	2.1.40	“GFO” means Gold Fields Operations Limited (Registration No. 1959/003209/06), a public company duly incorporated according to the company laws of
South Africa; 

  

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	2.1.41	“Ghanaian Companies” means Gold Fields Ghana Limited and Abosso Goldfields Limited and “Ghanaian Company” means either of them as required by
the context; 

  

	2.1.42	“Group” means the Parent, the Guarantors and their subsidiaries from time to time; 

  

	2.1.43	“Group Company” means any member of the Group and “Group Companies” means, as the context requires, all of them;

  

	2.1.44	“Guarantors” means the Original Guarantors and each Additional Guarantor, unless it has ceased to be a Guarantor in accordance with clause 22
(Change to the Obligors), and a reference to “Guarantor” shall be to any one of them as the context requires; 

  

	2.1.45	“IFRS” means International Financial Reporting Standards issued and/or adopted by the International Accounting Standards Board;

  

	2.1.46	“Interest Period” means, in relation to a Loan, each period determined in accordance with clause 8 (Interest Periods) and, in relation to an
Unpaid Sum, each period determined in accordance with clause 7.3 (Default Interest); 

  

	2.1.47	“JIBAR” means, in relation to any Interest Period, the rate for the period which most closely approximates such Interest Period which appears on the
Reuters Screen SAFEY Page as at 11h00 Johannesburg time on the first day of such Interest Period; 

  

	2.1.48	“JSE Listings Requirements” means the listings requirements for public listed companies published by JSE Limited in accordance with the provisions of
the Securities Services Act, 2004; 

  

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	2.1.49	“Lender” means: 

  

	2.1.49.1	the Original Lender; and 

  

	2.1.49.2	any bank or financial institution which has become a Party in accordance with clause 21 (Change of Party), 

 which in each case has not ceased to be a Party in accordance with the terms of this Agreement; 
  

	2.1.50	“Loan” means a loan made or to be made under the Facility or (as the context may require) the principal amount outstanding for the time being of that
loan; 

  

	2.1.51	“Majority Lenders” means: 

  

	2.1.51.1	 if there are no Loans then outstanding, a Lender or Lenders whose Commitments aggregate more than 662/3% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately prior to the reduction); or 

  

	2.1.51.2	 at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate more than 662/3% of all the Loans then outstanding; 

  

	2.1.52	“Margin” means 2,95% (two comma nine five percent) nominal annual compounded monthly in arrears (which includes, subject to clause 13 (Increased
Costs), all statutory, liquid and reserve costs, the Lenders’ credit margin and all other regulatory costs); 

  

	2.1.53	 “Market Downturn Event” means any material adverse change, determined in the sole good faith discretion of the Original Lender, in

  

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(a) the South African or international capital markets or in the South African or international monetary, financial, political or economic conditions, or (b) the South African or
international gold mining industry, in each case which renders it unlawful, impossible or, in the sole good faith discretion of the Original Lender, uneconomic, to provide the Facility on any terms or the terms set out in this Agreement; provided
that the provision of the Facility shall not be regarded as “uneconomic” if the primary reason therefore is that the Original Lender wishes to place the capital committed by it pursuant to the Facility on more attractive financial terms
than those of the Facility; 

  

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

  

	2.1.54.1	the ability of an Obligor to perform its financial or other material obligations under the Finance Documents to which it is a party; or 

  

	2.1.54.2	the validity and enforceability of the Finance Documents or any of them; 

  

	2.1.55	“Material Group Companies” means: 

  

	2.1.55.1	each Obligor; and 

  

	2.1.55.2	any Group Company from time to time that is not a Non-Material Group Company, 

 and “Material Group Company” means, as the context requires, any one of them; 
  

	2.1.56	“Month” means a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day but one in the next
calendar month, except that: 

  

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	2.1.56.1	subject to clause 2.1.56.3, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which
that period is to end if there is one, or if there is not, on the immediately preceding Business Day; 

  

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

  

	2.1.56.3	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that
Interest Period is to end; 

  

	2.1.57	“Nedbank” means Nedbank Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) (Registration No. 1951/000009/06), a public
company and registered bank duly incorporated according to the company and banking laws of South Africa; 

  

	2.1.58	“Non-Material Group Company” means, at any time, a member of the Group (other than an Obligor) which had EBITDA (determined on the same basis as
Consolidated EBITDA) or gross assets in its most recently ended Financial Year (on a consolidated basis taking into account it and its subsidiaries only) less than or equal to 5% (five percent) of Consolidated EBITDA or gross assets of the Group
(calculated according to the most recent set of audited consolidated financial statements delivered pursuant to Clause 17.1 (Financial Statements)). Compliance with the aforementioned condition shall be determined by reference to the latest
audited financial statements of such member of the Group (consolidated in the case of a member of the Group which itself has subsidiaries), provided that: 

  

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

  

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

  

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

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

	2.1.59	“Obligor” means: 

  

	2.1.59.1	a Borrower; 

  

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	2.1.59.2	a Guarantor; or 

  

	2.1.59.3	any other person comprising a Group Company, designated as an Obligor by agreement between the Facility Agent, the Parent and such person from time to time,

 and “Obligors” means, as the context requires, all of them; 
  

	2.1.60	“Original Borrowers” means: 

  

	2.1.60.1	GFIMSA; and 

  

	2.1.60.2	GFO, 

 and “Original
Borrower” means, as the context requires, any of them; 
  

	2.1.61	“Original Financial Statements” means the audited consolidated annual financial statements of the Parent for the Financial Year ended 30 June
2008; 

  

	2.1.62	“Original Guarantors” means the parties listed in Schedule 1 (Original Guarantors); 

  

	2.1.63	“Original Lender” means Nedbank; 

  

	2.1.64	“Parent” means Gold Fields Limited (Registration No. 1968/004880/06), a public company duly incorporated according to the company laws of South
Africa; 

  

	2.1.65	“Parties” means: 

  

	2.1.65.1	the Lenders; 

  

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	2.1.65.2	the Borrowers; 

  

	2.1.65.3	the Facility Agent; and 

  

	2.1.65.4	the Guarantors, 

 and
“Party” means, as the context requires, any one of them; 
  

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

  

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

  

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

  

	2.1.66.3	by an Obligor to another Obligor (other than to an Additional Obligor); or 

  

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

  

	2.1.66.5	by a member of the Group that is not an Obligor to another member of the Group that is not an Obligor; or 

  

	2.1.66.6	 by any member of the Group to any other person where the higher of the market value or consideration receivable when aggregated

  

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with the higher of the market value or consideration receivable for any other sale, lease, transfer or other disposal by any member of the Group (other than a sale, lease, transfer or other
disposal referred to in clauses 2.1.66.1, 2.1.66.2, 2.1.66.3, 2.1.66.4, 2.1.66.5 and 2.1.66.7) does not exceed 10% (ten percent) of the Consolidated Tangible Net Worth in any Financial Year subject to a maximum of 30% (thirty percent) of
Consolidated Tangible Net Worth at such time in aggregate during the period from the date of this Agreement to the Final Maturity Date; or 

  

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

  

	2.1.67	“Permitted Encumbrance” means: 

  

	2.1.67.1	any Encumbrance created prior to the Signature Date which has been disclosed: 

  

	2.1.67.1.1	in writing to the Facility Agent prior to the Signature Date; or 

  

	2.1.67.1.2	in the Original Financial Statements, 

 and which only secures indebtedness outstanding at the Signature Date if the principal amount or original facility thereby secured is not increased after the Signature Date; 
  

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

  

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

  

	2.1.67.4	any lien arising by operation of law and in the ordinary course of trading and not by reason of any default (whether in payment or otherwise) of any Group Company;

  

	2.1.67.5	any Encumbrance over or affecting (or transaction described in clause 19.3 (Negative Pledge) (“Quasi-Encumbrance”) affecting) any asset acquired
by a member of the Group after the date of this Agreement if: 

  

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

  

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

 

	2.1.67.5.3	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to clauses 2.1.67.2, 2.1.67.3, 2.1.67.4, 2.1.67.6,
2.1.67.7, 2.1.67.8 or 2.1.67.9) removed or discharged within six months of the date of acquisition of such asset; 

  

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

  

	2.1.67.6.1	the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that company; 

  

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

  

	2.1.67.6.3	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to clauses 2.1.67.2, 2.1.67.3, 2.1.67.4, 2.1.67.6,
2.1.67.7, 2.1.67.8 or 2.1.67.9) removed or discharged within six months of that company becoming a member of the Group; 

  

	2.1.67.7	any Encumbrance or Quasi-Encumbrance granted in respect of Project Finance Borrowings over assets of, or the shares in, a Project Finance Subsidiary;

  

	2.1.67.8	 in respect of Encumbrances or Quasi-Encumbrances over or affecting any asset of any Material Group Company, any Encumbrance or Quasi-Encumbrance
securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Encumbrance or Quasi-Encumbrance other than any permitted under clauses 2.1.67.1 to 2.1.67.7 above and
clauses 2.1.67.9 and 2.1.67.10 below) does not at any time exceed 12% (twelve

  

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percent) of Consolidated Tangible Net Worth (or its equivalent in another currency) (but adjusted to include the net value of new assets acquired since the last date of the latest set of
consolidated annual financial statements of the Group); 

  

	2.1.67.9	any other Encumbrance or Quasi-Encumbrance created with the prior written approval of the Facility Agent (acting on the instructions of the Majority Lenders);

  

	2.1.67.10	any Encumbrance or Quasi-Encumbrance granted in respect of Financial Indebtedness incurred in connection with the Cerro Corona Project over the business or assets of
the Cerro Corona Subsidiary or over the Ownership Interests in the Cerro Corona Subsidiary provided that the amount of Financial Indebtedness secured by all such Encumbrances or Quasi-Encumbrances permitted by this clause 2.1.67.10 does not at any
time in aggregate exceed US$200 000 000 (Two Hundred Million United States Dollars) (subject to a maximum exchange rate of R12/$). In this clause 2.1.67.10 “Ownership Interests” means: 

  

	2.1.67.10.1	the shares issued by the Cerro Corona Subsidiary; 

  

	2.1.67.10.2	any shareholder loans made to the Cerro Corona Subsidiary; 

  

	2.1.67.10.3	to the extent required by Peruvian law, the shares in the holding company which directly owns the shares issued by the Cerro Corona Subsidiary provided that such
holding company’s sole assets are shares issued by, and any loans made by it to, the Cerro Corona Subsidiary and its sister company, Mineral Gold Fields S.A.; 

  

 Page 19. 

	2.1.68	“Permitted Indebtedness” means Financial Indebtedness: 

  

	2.1.68.1	arising under the Finance Documents; 

  

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

  

	2.1.68.3	arising in connection with the Cerro Corona Project; 

  

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

  

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

  

	2.1.68.6	between Group Companies to the extent incurred for the purposes of financing general working capital requirements; or 

  

	2.1.68.7	not falling within clauses 2.1.68.1, 2.1.68.2, 2.1.68.3, 2.1.68.4, 2.1.68.5 or 2.1.68.6 above provided that the aggregate amount of all Financial Indebtedness
(excluding, for the avoidance of doubt, any Financial Indebtedness incurred by a Guarantor or a Project Finance Subsidiary) permitted under this clause 2.1.68.7 does not at any time exceed US$200 000 000 (Two Hundred Million United States Dollars)
(subject to a maximum exchange rate of R12/$); 

  

	2.1.69	“Permitted Transferees” means, subject to clause 21.2.3, any person listed in Schedule 8 (Permitted Transferees); 

  

 Page 20. 

	2.1.70	“Project Finance Borrowings” means: 

  

	2.1.70.1	any indebtedness to finance (or refinance) a project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of assets
which is incurred by a Project Finance Subsidiary in connection with such project and in respect of which the recourse of the person(s) making any such finance (or re-finance) available to that Project Finance Subsidiary for the payment, repayment
and prepayment of such indebtedness is limited to (i) the Project Finance Subsidiary and its assets and/or the shares in that Project Finance Subsidiary and/or (ii) during the period prior to successful completion of the relevant
completion tests applicable to such project guarantees from any one or more members of the Group; 

  

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

  

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

  

	2.1.72	“Rand” and “R” means South African Rand, the lawful currency of South Africa; 

  

 Page 21. 

	2.1.73	“Reference Banks” means FirstRand Bank Limited, The Standard Bank of South Africa Limited, Nedbank Limited and Absa Bank Limited;

  

	2.1.74	“Repeating Representations” means each of those representations and warranties set out in clause 16.1 (Representations and Warranties) which are
stated as being deemed to be repeated as provided for pursuant to clause 16.2 (Repetition); 

  

	2.1.75	“Repetition Date” has the meaning given to it in clause 16.2 (Repetition); 

  

	2.1.76	“Reset Date” means the first day of each Interest Period, being the date in each case upon which the relevant Base Rate is to be determined for such
Interest Period, provided the first Reset Date shall be the first Utilisation Date; 

  

	2.1.77	“Resignation Letter” means a letter substantially in the form of the letter set out in Schedule 6 (Form of Resignation Letter);

  

	2.1.78	“Rollover Loans” means one or more Loans: 

  

	2.1.78.1	made or to be made on the same day that a maturing Loan is due to be repaid; 

  

	2.1.78.2	the aggregate amount of which is equal to or less than the maturing Loan; and 

  

	2.1.78.3	made or to be made for the purpose of refinancing a maturing Loan; 

  

 Page 22. 

	2.1.79	“SAFEX Overnight Deposit Rate” means: 

  

	2.1.79.1	on the relevant Reset Date, the overnight deposit rate designated as (“SFXROD”) which appears on the Reuters SAFEX Money Market Screen as of 11h00
Johannesburg time on that date, rounded to the third decimal point; or 

  

	2.1.79.2	where the SAFEX Overnight Deposit Rate cannot be determined on account of the relevant rate not appearing on the Reuters SAFEX Money Market Screen, an equivalent rate
determined by the Facility Agent, acting in a commercially reasonable manner; 

  

	2.1.80	“SAR-JIBAR-Reference Banks” means the mid-market rate between deposits and loans in Rand for an Interest Period quoted by the Reference Banks at
approximately 11am Johannesburg time on the relevant Reset Date. The Facility Agent will request the principal Johannesburg office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided, the rate
for that Reset Date will be the arithmetic means of the quotations. If fewer than two quotations are provided, the rate for that Reset Date will be determined by the Facility Agent, acting in a commercially reasonable manner, using a representative
rate; 

  

	2.1.81	“Semi-Annual Period” shall bear the meaning defined in clause 7.2.2.1; 

  

	2.1.82	“Signature Date” means the date of the signature of this Agreement by the Party signing last in time, provided that all the Parties have signed this
Agreement; 

  

	2.1.83	“South Africa” means the Republic of South Africa as constituted from time to time; 

  

 Page 23. 

	2.1.84	“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including, without limitation, any penalty or interest
payable in connection with any failure to pay or delay in paying any of the same); 

  

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

  

	2.1.86	“Tax Deduction” means a deduction or withholding for or on account of Tax from payment under a Finance Document; 

  

	2.1.87	“Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.1 (Tax gross-up) or a payment under
Clause 12.2 (Tax indemnity); 

  

	2.1.88	“Total Commitments” means the aggregate of all the Lenders’ Commitments at any time; 

  

	2.1.89	“Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents; 

  

	2.1.90	“Utilisation” means a utilisation of the Facility; 

  

	2.1.91	“Utilisation Date” means the date of a Utilisation being the date upon which the relevant Loan is made; 

  

	2.1.92	“Utilisation Request” means a notice substantially in the form set out in Schedule 3 (Form of Utilisation Request); 

  

	2.1.93	“VAT” means value added tax leviable in terms of the Value Added Tax Act, 1991. 

  

 Page 24. 

	2.2	Financial Definitions 

  

	2.2.1	In the Finance Documents, the accounting expressions set forth below shall bear the following meanings: 

  

	2.2.1.1	“Consolidated EBITDA” means, for any Measurement Period or any Permitted Indebtedness Measurement Period, (having reversed any entries made to reflect
fair value gains or losses on financial derivative investments which are undertaken in the normal course of business) Consolidated Profits Before Interest and Tax before any amount attributable to the amortisation of intangible assets and
depreciation of tangible assets and before any extraordinary items; 

  

	2.2.1.2	“Consolidated Net Borrowings” means, at any time, the aggregate amount of all obligations of the Group for or in respect of Indebtedness for Borrowed
Money but excluding any such obligation to any member of the Group, adjusted to take account of the aggregate amount of freely available cash and cash equivalents held by any member of the Group (and so that no amount shall be included or excluded
more than once); 

  

	2.2.1.3	“Consolidated Net Finance Charges” means, in respect of any Measurement Period, the aggregate amount of the interest (including the interest element of
leasing and hire purchase payments and capitalised interest), commission, fees, discounts and other finance payments payable by any member of the Group (including any commission, fees, discounts and other finance payment payable by any member of the
Group under any interest rate hedging arrangement but deducting any commission, fees, discounts and other finance payments receivable by any member of the Group under any interest rate hedging instrument) but deducting any other interest receivable
by any member of the Group on any deposit or bank account; 

  

 28 

	2.2.1.4	“Consolidated Profits Before Interest and Tax” means, in respect of any Measurement Period or any Permitted Indebtedness Measurement Period, the
consolidated net income of the Group (less the net income of any Project Finance subsidiaries but including any dividends received in cash by any member of the Group (other than a Project Finance Subsidiary) from a Project Finance Subsidiary)
before: 

  

	2.2.1.4.1	any provision on account of normal taxation; and 

  

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

  

	2.2.1.5	“Consolidated Tangible Net Worth” means, at any time, the “Total Equity”, as reported in the “Group Statement of Changes in
Shareholders’ Equity” in the last set of annual consolidated financial statements of the Parent delivered to the Facility Agent pursuant to this Agreement; 

  

	2.2.1.6	“Financial Indebtedness” means (without double counting) any indebtedness of the Group for or in respect of: 

  

	2.2.1.6.1	moneys borrowed; 

  

	2.2.1.6.2	any amount raised by acceptance under any acceptance credit facility; 

  

 Page 26. 

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

  

	2.2.1.6.4	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

  

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

  

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

  

	2.2.1.6.6.1	used primarily as a method of raising credit; or 

  

	2.2.1.6.6.2	not made in the ordinary course of business; 

  

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

 

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

 

	2.2.1.6.9	 any derivative transaction (a “Derivative Transaction”) entered into in connection with protection against or benefit from fluctuation
in any rate or price save for a Derivative Transaction entered into in relation to any amount payable to a trade creditor (and, when calculating the value of any Derivative Transaction, only the marked to market value

  

 Page 27. 

	 	 
shall be taken into account which, for the avoidance of doubt, may be an addition to or subtraction from the amount of Financial Indebtedness); 

  

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

  

	2.2.1.6.11	any amount raised by the issue of redeemable shares; and 

  

	2.2.1.6.12	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs 2.2.1.6.1 to 2.2.1.6.11 above,

 but not including any indebtedness owed by any Obligor to any other Obligor; 
  

	2.2.1.7	“Financial Year” means, at any time, the financial year of the Group ending on 30 June in each calendar year; 

  

	2.2.1.8	“Forecast Consolidated EBITDA” means, for any Forecast Period, (having reversed any entries made to reflect fair value gains or losses on financial
derivative investments which are undertaken in the normal course of business) Consolidated Profits Before Interest and Tax before any amount attributable to the amortisation of intangible assets and depreciation of tangible assets and before any
extraordinary items plus, if clause 2.2.1.15.1 is applicable, the Target Forecast EBITDA; 

  

	2.2.1.9	“Forecast Measurement Date” means the last day of the most recent quarter of the Parent’s Financial Year for which quarterly financial statements
have been published; 

  

 Page 28. 

	2.2.1.10	“Forecast Period” means, in relation to a Forecast Measurement Date, the period of 12 (twelve) calendar months immediately succeeding that Forecast
Measurement Date; 

  

	2.2.1.11	“Indebtedness for Borrowed Money” means Financial Indebtedness save for any indebtedness for or in respect of clauses 2.2.1.6.9 and 2.2.1.6.10 of the
definition of “Financial Indebtedness”; 

  

	2.2.1.12	“Measurement Date” means the last day of the Parent’s Financial Year and the last day of the first half of the Parent’s Financial Year;

  

	2.2.1.13	“Measurement Period” means each period of 12 (twelve) calendar months ending on (but including) a Measurement Date (and whether or not commencing prior
to the Signature Date); 

  

	2.2.1.14	“Permitted Indebtedness Measurement Period” means each period of 12 (twelve) calendar months ending on (but including) a Forecast Measurement Date (and
whether or not commencing prior to the Signature Date); 

  

	2.2.1.15	“Permitted Indebtedness Ratio” means, as at the date on which any Financial Indebtedness contemplated by clause 19.4.2 is proposed to be incurred, the
ratio of Consolidated Net Borrowings (including such Financial Indebtedness) to Forecast Consolidated EBITDA or Consolidated EBITDA for the most recent Permitted Indebtedness Measurement Period, whichever is the lower; provided that:

  

	2.2.1.15.1	 if that Financial Indebtedness is to be incurred for the purpose of financing the acquisition by the Parent or any

  

 Page 29. 

	 	 
member of the Group of all or such part of the issued share capital of a limited liability company (or other equivalent ownership interest in another limited liability entity) that would require
the Parent to equity account for such entity in accordance with GAAP and/or the assets and undertaking of a business (each, a “Proposed Target”), the Proposed Target’s: 

  

	2.2.1.15.1.1	projected earnings before interest, tax, depreciation and amortisation (calculated on the same basis as Consolidated EBITDA) (“Target Forecast EBITDA”)
for the Forecast Period in which that Financial Indebtedness is to be incurred (pro rated to the extent that the acquisition is in respect of only a portion of the Proposed Target), after deducting the projected costs of the acquisition of the
Proposed Target and the projected costs to be incurred in integrating the Proposed Target into the Group, may be added to the Forecast Consolidated EBITDA; 

  

	2.2.1.15.1.2	historic earnings before interest, tax, depreciation and amortisation (calculated on the same basis as Consolidated EBITDA) (“Target Historic EBITDA”)
for the immediately preceding Permitted Indebtedness Measurement Period (pro rated to the extent that the acquisition is in respect of only a portion of the Proposed Target) may be added to the Consolidated EBITDA; and 

  

	2.2.1.15.1.3	 net borrowings (calculated on the same basis as Consolidated Net Borrowings) (“Target Net Borrowings”) (pro rated to the extent that
the

  

 Page 30. 

	 	 
acquisition is in respect of only a portion of the Proposed Target) may be added to Consolidated Net Borrowings, 

  

	    	for the purposes of determining the Permitted Indebtedness Ratio if the Permitted Indebtedness Ratio would exceed 2:1 without the inclusion of the Target Forecast
EBITDA and/or the Target Historic EBITDA and the Target Net Borrowings; 

  

	2.2.1.15.2	the Forecast Consolidated EBITDA, and (if applicable) the Target Forecast EBITDA, is determined by the Parent based on forecasts and projections prepared on the basis
of recent historical information, Bloomberg median consensus forecasts for exchange rates and commodity prices, and other assumptions that are fair and reasonable in all material respects as at that date. 

  

	2.3	Interpretation and Construction 

  

	2.3.1	A document in an “agreed form” is a document which has been initialled as such on or before the relevant date for the purposes of identification by or
on behalf of the Borrower and the Facility Agent or, if not so initialled, is in form and substance reasonably satisfactory to the Facility Agent. 

  

	2.3.2	Any reference in any Finance Document to: 

  

	2.3.2.1	an “affiliate” means, in relation to any person, a subsidiary of that person or a holding company of that person or any other subsidiary of that
holding company; 

  

 Page 31. 

	2.3.2.2	an “amendment” includes a supplement, novation or re-enactment and “amended” is to be construed accordingly; 

  

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

  

	2.3.2.4	“assets” includes properties, revenues and rights of every description; 

  

	2.3.2.5	“audited” means, in respect of any financial statement those financial statements as audited by the Auditors; 

  

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

  

	2.3.2.7	“authority” means any government or governmental, administrative, fiscal or judicial authority, body, court, department, commission, tribunal, registry
or any stated owned or controlled authority which principally performs governmental functions; 

  

 Page 32. 

	2.3.2.8	a “calendar month” shall be construed as a named month, i.e. January, February, March, April, May, June, July, August, September, October, November and
December; 

  

	2.3.2.9	a “clause” shall, subject to any contrary indication, be construed as a reference to a clause hereof; 

  

	2.3.2.10	“continuing”, in the context of a Default, means: 

  

	2.3.2.10.1	where an Event of Default or its consequences are incapable of remedy that Event of Default is deemed to be continuing unless it has been expressly waived in writing by
the Facility Agent and any conditions of such waiver have been fulfilled to the reasonable satisfaction of the Facility Agent; 

  

	2.3.2.10.2	in any other case, the Default is deemed to be continuing unless and until either: 

  

	2.3.2.10.2.1	it has been expressly waived in writing by the Facility Agent and any conditions of such waiver have been fulfilled to the reasonable satisfaction of the Facility
Agent; or 

  

	2.3.2.10.2.2	it has been remedied within the applicable remedy period by any person and the resulting position is that which it would have been if such Default had not occurred or
if the resulting position is reasonably acceptable to the Facility Agent; 

  

	2.3.2.11	a “holding company” shall be construed in accordance with the Companies Act; 

  

 Page 33. 

	2.3.2.12	the words “including” and “in particular” are used by way of illustration or emphasis only and shall not be construed as, nor shall
they take effect as, limiting the generality of any of the preceding words; 

  

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

  

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

  

	2.3.2.15	the words “other” and “otherwise” shall not be construed eiusdem generis with any foregoing words where a wider construction is
possible; 

  

	2.3.2.16	a “person” shall be construed as a reference to any person, firm, company, corporation, government, state or agency of a state or any association or
partnership (whether or not having separate legal personality) of two or more of the foregoing; 

  

	2.3.2.17	 a “regulation” means any regulation, rule, official directive, request or guideline (whether or not having the force of law but

  

 Page 34. 

	 	 
complied with generally) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

  

	2.3.2.18	“repay” (or any derivative form of that word) includes “prepay” (or any derivative form of that word); 

  

	2.3.2.19	“security interest” means any mortgage, pledge, lien, charge, assignment, cession, hypothecation or security interest or any other agreement or
arrangement having the effect of conferring security; 

  

	2.3.2.20	a “Schedule” shall, subject to any contrary indication, be construed as a reference to a schedule hereof or a schedule of a Finance Document;

  

	2.3.2.21	a “subsidiary” shall be construed in accordance with the Companies Act. 

  

	2.3.3	Unless inconsistent with the context or save where the contrary is expressly indicated in any Finance Document: 

  

	2.3.3.1	if any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it appears only in an
interpretation clause, effect shall be given to it as if it were a substantive provision of the relevant Finance Document; 

  

	2.3.3.2	when any number of days is prescribed in any Finance Document, same shall be reckoned inclusively of the first and exclusively of the last day unless the last day falls
on a day which is not a Business Day, in which case the last day shall be the next succeeding Business Day; 

  

 Page 35. 

	2.3.3.3	in the event that the day for payment of any amount due in terms of any Finance Document should fall on a day which is not a Business Day, the relevant day for payment
shall be the preceding Business Day; 

  

	2.3.3.4	in the event that the day for performance of any obligation to be performed in terms of any Finance Document should fall on a day which is not a Business Day, the
relevant day for performance shall be the succeeding Business Day; 

  

	2.3.3.5	any reference in any Finance Document to an enactment is to that enactment as at the Signature Date and as amended or re-enacted from time to time;

  

	2.3.3.6	any reference in any Finance Document to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be,
such other agreement or document as same may have been, or may from time to time be, amended, varied, novated or supplemented; 

  

	2.3.3.7	except as expressly provided for in any Finance Document, no provision of any Finance Document constitutes a stipulation for the benefit of any person who is not a
Party to the relevant Finance Document; 

  

	2.3.3.8	references to day/s, calendar month/s or year/s shall be construed as Gregorian calendar day/s, calendar month/s or year/s; 

  

	2.3.3.9	a reference to a Party includes that Party’s successors-in-title and permitted assigns; 

  

	2.3.3.10	 where any Party is required to provide any consent or approval or agree to the actions of any other Party, the request for such

  

 Page 36. 

	 	 
consent or approval or agreement shall be in writing and such consent or approval or agreement shall be in writing and shall not be unreasonably withheld or delayed having regard to the financial
condition of the Borrower and the Group and the ability of the Obligors to perform their financial or other material obligations under the Finance Documents. 

  

	2.3.4	The headings to the clauses and schedules of any Finance Document are for reference purposes only and shall in no way govern or affect the interpretation of nor modify
nor amplify the terms of any Finance Document nor any clause or schedule thereof. 

  

	2.3.5	Unless inconsistent with the context, an expression in any Finance Document which denotes: 

  

	2.3.5.1	any one gender includes the other genders; 

  

	2.3.5.2	a natural person includes an artificial person and vice versa; and 

  

	2.3.5.3	the singular includes the plural and vice versa. 

  

	2.3.6	The Schedules to any Finance Document form an integral part thereof and words and expressions defined in any Finance Document shall bear, unless the context otherwise
requires, the same meaning in such Schedules. To the extent that there is any conflict between the Schedules to any Finance Document and the provisions of the relevant Finance Document, the provisions of the relevant Finance Document shall prevail.

  

	2.3.7	Where any term is defined within the context of any particular clause in any Finance Document, the term so defined, unless it is clear from the clause in question that
the term so defined has limited application to the relevant clause, shall bear the same meaning as ascribed to it for all purposes in terms of the relevant Finance Document, notwithstanding that that term has not been defined in any interpretation
clause. 

  

 Page 37. 

	2.3.8	The expiration or termination of any Finance Documents shall not affect such of the provisions of the Finance Documents as expressly provide that they will operate
after any such expiration or termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

  

	2.3.9	The Finance Documents shall be binding on and enforceable by the administrators, trustees, permitted assigns or liquidators of the Parties as fully and effectually as
if they had signed the Finance Documents in the first instance and reference to any Party shall be deemed to include such Party’s administrators, trustees, permitted assigns or liquidators, as the case may be. 

  

	2.3.10	The use of any expression in any Finance Document covering a process available under South African law such as winding-up (without limitation eiusdem generis)
shall, if any of the Parties to the Finance Documents is subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

  

	2.3.11	Where figures are referred to in numerals and in words in any Finance Document, if there is any conflict between the two, the words shall prevail.

  

	3.	INTRODUCTION 

  

	3.1	The Borrowers require the Facility for the purpose of funding (i) capital expenditure of the Group, (ii) general corporate and working capital requirements of
the Group, and (iii) the refinancing of existing Financial Indebtedness. 

  

 Page 38. 

	3.2	The Lenders have agreed to make the Facility available to the Borrowers in accordance with the terms and conditions of this Agreement. 

  

	4.	THE FACILITY 

  

	4.1	The Facility 

 The Lenders
agree to make available to the Borrowers a revolving credit facility in an aggregate amount equal to the Total Commitments, subject to the terms and conditions of this Agreement. 
  

	4.2	Purpose of the Facility 

 The Borrowers shall utilise the Facility for the purpose of funding (i) capital expenditure of the Group, (ii) general corporate and working capital requirements of the Group, and (iii) the refinancing of existing Financial
Indebtedness. 
  

	4.3	Monitoring 

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

	4.4	Finance Parties’ Rights and Obligations 

  

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

  

 Page 39. 

	4.4.2	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents
to a Finance Party from an Obligor shall be a separate and independent debt. 

  

	4.4.3	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

  

	4.5	Facility Agent 

 While
Nedbank is the only Lender under the Facility, all references to the Facility Agent in this Agreement shall be construed as references to Nedbank in its capacity as a Lender. 
  

	5.	CONDITIONS OF UTILISATION 

  

	5.1	Initial Conditions Precedent 

 The Lenders shall not be obliged to make any Loan to the Borrowers under the Facility unless: 
  

	5.1.1	all of the Financial Close Documents have been delivered to the Facility Agent in a form and in substance satisfactory to the Facility Agent. The Facility Agent shall
notify the Parent and the Lenders promptly on being so satisfied; or 

  

	5.1.2	to the extent that any Financial Close Documents are not in a form and in substance satisfactory to the Facility Agent or have not been delivered, the Facility Agent
has, upon written notice to all of the Parties, waived or deferred delivery of those Financial Close Documents which are not in a form and in substance satisfactory to it or which have not been delivered pursuant to clause 5.3 (Waiver of
Conditions Precedent); and 

  

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	5.1.3	the Facility Agent has notified the Parent on or prior to the Financial Close Date that it is satisfied that no Market Downturn Event has occurred between the Signature
Date and the Financial Close Date. 

  

	5.2	Further Conditions to Utilisation of Facility 

 The Lenders shall not be obliged to make any Loan to the Borrowers under the Facility unless on the proposed Utilisation Date: 
  

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

  

	5.2.2	the Repeating Representations are true, accurate and complete in all material respects. 

  

	5.3	Waiver or Deferral of Conditions Precedent 

  

	5.3.1	Satisfaction of any of the conditions set out in: 

  

	5.3.1.1	clause 5.1 (Initial Conditions Precedent) may be waived or deferred by the Facility Agent acting on the instructions of the Majority Lenders;

  

	5.3.1.2	clause 5.2 (Further Conditions to Utilisation of Facility) may be waived or deferred by the Facility Agent acting on the instructions of the Majority Lenders.

  

	5.3.2	 Waiver or deferral of delivery of any of the Financial Close Documents either at all or in a form and in substance satisfactory to the Facility Agent
or waiver of any of the further conditions set out in clause 5.2 (Further Conditions to Utilisation of Facility) shall not prejudice the

  

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right of the Facility Agent to require subsequent fulfilment of such condition in a written notice to this effect delivered at the time of such waiver or deferral and, unless otherwise specified
in any written notice waiving fulfilment of the relevant condition, the relevant condition shall be fulfilled by the Obligors within 5 (five) Business Days of the date of the written notice waiving fulfilment of such condition.

  

	5.4	Termination 

 If the
Financial Close Date has not occurred before the date falling 60 (sixty) days after the Signature Date then the Facility Agent shall be entitled, acting on the instructions of the Majority Lenders to cancel the Facility by written notice to the
Borrowers. Such cancellation shall be without prejudice to the Borrowers’ obligation under clause 14 (Costs and Expenses) to pay any costs, fees, expenses or taxes then due and payable. 
  

	6.	UTILISATION OF FACILITY 

  

	6.1	Subject to clause 5 (Conditions of Utilisation), a Borrower may utilise the Facility during the Availability Period by delivering to the Facility Agent a duly
completed Utilisation Request: 

  

	6.1.1	not later than 11h00 not less than 5 (five) Business Days prior to the proposed Utilisation Date if the amount of the proposed Loan is less than or equal to R500 000
000 (Five Hundred Million Rand); or 

  

	6.1.2	not later than 11h00 not less than 10 (ten) Business Days prior to the proposed Utilisation Date if the amount of the proposed Loan is greater than R500 000 000 (Five
Hundred Million Rand). 

  

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

  

	6.2.1	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	6.2.2	the currency of the proposed Loan is Rand; 

  

	6.2.3	the amount of the proposed Loan is a minimum amount of R10 000 000 (Ten Million Rand) (or, if less, the Available Facility); 

  

	6.2.4	it specifies an Interest Period of one, three, six or twelve Months applicable to the proposed Loan; 

  

	6.2.5	it specifies a bank account in South Africa to which the Borrower wishes the proceeds of the Loan to be credited; and 

  

	6.2.6	the proposed Loan together with the aggregate of the Loans still outstanding on the proposed Utilisation Date shall not exceed the Available Facility.

  

	6.3	Only one Loan may be requested in each Utilisation Request. 

  

	6.4	Only one Utilisation Request may be outstanding at any point in time. 

  

	6.5	A maximum of two Utilisation Requests may be delivered in any calendar month during the Availability Period. 

  

	6.6	A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 10 (ten) Loans would be outstanding at any point in time and to
this effect, the Lender will consolidate 2 (two) or more outstanding Loans made to the same Borrower maturing on the same date, such that the relevant Rollover Loan made to refinance such maturing Loans will be in respect of such outstanding Loans
as consolidated into 1 (one) Loan. 

  

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	6.7	The Borrower acknowledges and agrees that any Utilisation Request signed by an authorised signatory (as designated in terms of paragraph 1.2.2 of Schedule 2
(Financial Documents)) on behalf of a Borrower shall be deemed to be a valid Utilisation Request issued by that Borrower and any Loan made pursuant to such Utilisation Request to that Borrower shall constitute a valid Loan to that Borrower.

  

	6.8	If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available on the Utilisation Date.

  

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

  

	7.	INTEREST 

  

	7.1	Calculation of interest 

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

	7.1.1	Base Rate; and 

  

	7.1.2	Margin. 

  

	7.2	Payment of interest 

  

	7.2.1	In respect of each Interest Period of one, three or six Months selected in accordance with clause 8.1.2, each Borrower to which a Loan has been made shall pay accrued
interest on that Loan on the last day of each such Interest Period. 

  

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	7.2.2	In respect of each Interest Period of twelve Months selected in accordance with clause 8.1.2, each Borrower to which a Loan has been made shall pay accrued interest on
that Loan as follows: 

  

	7.2.2.1	all interest accrued during the six Month period (a “Semi-Annual Period”) commencing on the first day of such Interest Period (inclusive of the first
day of that Semi-Annual Period but exclusive of the last day of that Semi-Annual Period) shall be paid by that Borrower on the last day of that Semi-Annual Period; and 

  

	7.2.2.2	all interest accrued during the period commencing on the last day of that Semi-Annual Period and ending on the last day of that Interest Period (inclusive of the first
day of that period but exclusive of the last day that period) shall be paid by that Borrower on the last day of that Interest Period. 

  

	7.3	Default interest 

  

	7.3.1	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the
date of actual payment (both before and after judgment) at a rate which, subject to clause 7.3.2, is 2% (two percent) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan
in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 shall be immediately payable by the relevant Obligor on
demand by the Facility Agent. 

  

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

  

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

  

	7.3.2.2	the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the rate which would have applied if the
overdue amount had not become due. 

  

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

  

	7.4	Notification of rates of interest 

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

	7.5	Absence of quotations 

 Subject to clause 7.6 (Market disruption), if the Base Rate is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11h00 (Johannesburg time) on the Reset Date, the applicable Base
Rate shall be determined on the basis of the quotations of the remaining Reference Banks. 
  

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	7.6	Market disruption 

  

	7.6.1	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s share of that Loan for the Interest
Period shall be the percentage rate nominal annual compounded monthly in arrears which is the sum of: 

  

	7.6.1.1	the Margin; and 

  

	7.6.1.2	the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to
be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select. 

  

	7.6.2	In this Agreement “Market Disruption Event” means: 

  

	7.6.2.1	at or about noon on the Reset Date for the relevant Interest Period JIBAR is not available on the relevant screen and none or only one of the Reference Banks supplies a
rate to the Facility Agent to determine the Base Rate for the relevant Interest Period; or 

  

	7.6.2.2	before close of business in Johannesburg on the Reset Date for the relevant Interest Period, the Facility Agent receives notifications from any Lender that the cost to
it of obtaining matching deposits in the Johannesburg interbank market would be in excess of the Base Rate. 

  

	7.7	Alternative basis of interest or funding 

  

	7.7.1	If a Market Disruption Event occurs and the Facility Agent or the Parent so requires, the Facility Agent and the Parent shall enter into negotiations (for a period of
not more than 30 (thirty days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

	7.7.2	Any alternative basis agreed pursuant to clause 7.7.1 above shall, with the prior consent of all the Lenders and the Parent, be binding on all Parties.

  

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	8.	INTEREST PERIODS 

  

	8.1	Selection of Interest Periods 

  

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

  

	8.1.2	Subject to this clause 8 (Interest Periods), a Borrower (or the Parent on behalf of a Borrower) may select an Interest Period of one, three, six or twelve
Months, as specified in the Utilisation Request. 

  

	8.1.3	An Interest Period for a Loan shall not extend beyond the Final Maturity Date. If an Interest Period for a Loan selected a Borrower would, but for this clause 8.1.3,
extend beyond the Final Maturity Date (such Interest Period, a “Broken Period”), then for that Broken Period the Base Rate shall be determined in accordance with the following formula: 

 r = r1 + (t- t1) x (r2-r1) / (t2-t1) 
 where: 
 r = the Base Rate to be determined, 
 r1 = the JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Banks, in either case converted to a
nominal annual compounded monthly in arrear rate, for the period closest to but less than that Broken Period plus, if this would result in r1 being equal to SAFEX Overnight Deposit Rate, 0,01%; 
 r2 = JIBAR or where it is not possible to determine JIBAR on any Reset Date, SAR-JIBAR-Reference Banks, in either case converted to a
nominal annual compounded monthly in arrear rate, for the period closest to but greater than that Broken Period; 
  

 Page 48. 

 t1 = the number of days applicable to the period for which r1 is quoted on the first day of
that Broken Period; 
 t2 = the number of days applicable to the period for which r2 is quoted on the first day of that Broken
Period; 
 t = the number of days in that Broken Period. 
  

	8.1.4	Each Interest Period for a Loan shall start on the relevant Utilisation Date. 

  

	8.1.5	A Loan has 1 (one) Interest Period only. 

  

	8.1.6	Subject to this clause 8 (Interest Periods), a Borrower (or the Parent on behalf of a Borrower) may select a different Interest Period for a Rollover Loan
than the Interest Period of the Loan being refinanced by that Rollover Loan in the Utilisation Request delivered for that Rollover Loan. 

  

	8.1.7	If a Borrower (or the Parent on behalf of a Borrower) fails to select an Interest Period for a Loan in the Utilisation Request for that Loan, the Interest Period for
the applicable Loan shall be 3 (three) Months. 

  

	8.2	Non-Business Days 

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

 Page 49. 

	8.3	Consolidation of Loans 

 If two or more Interest Periods relate to Loans made to the same Borrower and end on the same date, those Loans will be consolidated into, and treated as, a single Loan on the last day of the Interest Period. 
  

	8.4	Day Count Convention 

 Any
interest or fee accruing under a Finance Document will accrue from day to day and is calculated inclusive of the first day but exclusive of the last day of an Interest Period or Semi-Annual Period, as the case may be, on the basis of the actual
number of days elapsed and a year of 365 days (irrespective of whether the year is a leap year) or, in any case where the practice in the Johannesburg interbank market differs, in accordance with that market practice. 
  

	9.	REPAYMENTS 

 Each Borrower
shall repay each Loan made to it on the last day of its Interest Period such that all Loans outstanding under the Facility (including accrued and unpaid interest thereon) shall be repaid in full by no later than the Final Maturity Date. 

 

	10.	PREPAYMENTS 

  

	10.1	Illegality 

 If it becomes
unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan: 
  

	10.1.1	that Lender shall promptly notify the Facility Agent upon becoming aware of that event; 

  

 Page 50. 

	10.1.2	upon the Facility Agent notifying the Parent, the Commitment of that Lender will be immediately cancelled; and 

  

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

  

	10.2	Mandatory Prepayment 

  

	10.2.1	If any person or group of persons acting in concert gains control of the Parent: 

  

	10.2.1.1	the Parent shall promptly notify the Facility Agent upon becoming aware of that event; 

  

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

  

	10.2.1.3	if the Majority Lenders so require after a period of 45 (forty-five) days from receipt of the notice referred to in clause 10.2.1.1 above, the Facility Agent shall by
notice to the Parent, (such notice to be delivered no later than 60 (sixty) days from receipt of the notice referred to in clause 10.2.1.1 above), cancel the Total Commitments and declare all outstanding Loans, together with accrued interest and all
other amounts accrued under the Finance Documents immediately due and payable, whereupon the Total Commitments will be cancelled and all such outstanding amounts will become immediately due and payable; 

  

 Page 51. 

	10.2.1.4	if the Facility Agent does not serve the notice referred to in clause 10.2.1.3 above, each Lender may by notice to the Facility Agent, which shall be delivered not
earlier than 45 (forty-five) days nor later than 60 (sixty) days from receipt of the notice referred to in 10.2.1.1 above, whereupon the Facility Agent shall by notice to the Parent (such notice to be delivered promptly after receipt of the
Lender’s notification), cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued interest thereon and all other amounts due to such Lender under the Finance Documents
immediately due and payable, whereupon the Commitment of the Lender will be cancelled and all such outstanding amounts will become immediately due and payable. 

  

	10.2.2	For the purpose of clause 10.2.1 above, “control” means: 

  

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

  

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

 

	10.2.2.1.2	appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent; or 

  

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

  

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

  

 Page 52. 

 For the purpose of clause 10.2.1 above, “acting in concert” means, a group
of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the Parent, to obtain or consolidate control of the
Parent. 
  

	10.3	Voluntary Prepayment 

  

	10.3.1	At any time prior to the Final Maturity Date and for as long as no Default is continuing, a Borrower may by giving to the Facility Agent not less than 5 (five) Business
Days’ prior written notice (a “Prepayment Notice”) to that effect, prepay the whole or a portion of the Loans made to it (the “Voluntary Prepayment Portion”), subject to the conditions and provisions relating
to prepayment as set out in clauses 10.3.2 and 10.7 (Restrictions and Miscellaneous Provisions relating to Prepayments). 

  

	10.3.2	Any proposed voluntary prepayment hereunder shall be conditional upon and subject to compliance by the Borrowers with the following conditions and provisions:

  

	10.3.2.1	such prepayment shall not result in a breach of the Financial Covenants immediately after such prepayment has been made; 

  

	10.3.2.2	the Voluntary Prepayment Portion being prepaid shall be a minimum aggregate amount of R10 000 000 (Ten Million Rand) (or, if less, the amount of the then
outstanding Loans) and in integral multiples of R10 000 000 (Ten Million Rand) thereafter. 

  

 Page 53. 

	10.4	Cancellation 

 Any
unutilised portion of the Available Facility shall be cancelled on the last day of the Availability Period and the Available Facility shall be reduced to zero. 
  

	10.5	Voluntary Cancellation 

 During the Availability Period, subject to clause 11.4 (Cancellation Fee), the Parent may, if it gives the Facility Agent not less than 10 (ten) Business Days’ (or such shorter period as the Majority Lenders may agree) prior
notice, cancel the whole or any part (being a minimum amount of R10 000 000 (Ten Million Rand) and integral multiples of R10 000 000 (Ten Million Rand) in excess thereof) of the Available Facility. Any cancellation under this
clause 10.5 shall reduce the Commitments of the Lenders rateably. 
  

	10.6	Breakage Costs 

  

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

  

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

  

	10.7	Restrictions and Miscellaneous Provisions relating to Prepayments 

  

	10.7.1	Any notice of cancellation or prepayment given by any Party under this clause 10 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall
specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

 Page 54. 

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

  

	10.7.3	Unless a contrary indication appears in this Agreement, any part of any Loan which is prepaid may be reborrowed in accordance with the terms of this Agreement.

  

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

  

	10.7.5	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	10.7.6	If the Facility Agent received a notice under this clause 10 it shall promptly forward a copy of that notice to either the Parent or the affected Lender, as
appropriate. 

  

	11.	FEES 

  

	11.1	Commitment Fees 

  

	11.1.1	The Parent (or a Borrower nominated by the Parent) shall pay to the Facility Agent (for the account of each Lender) a commitment fee in Rand which shall be computed at
the rate of 0,75% (zero comma seven five percent) per annum on that Lender’s Available Commitment. 

  

	11.1.2	 The accrued commitment fee is payable on the last day of each successive period of six Months which ends during the Availability

  

 Page 55. 

	 	 
Period, on the last day of the Availability Period, on the Final Maturity Date and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the
cancellation is effective. 

  

	11.2	Arrangement Fee 

 The
Parent (or a Borrower nominated by the Parent) shall pay to the Arranger an arrangement fee in the amount and at the times agreed in a Fee Letter. 
  

	11.3	Agency Fee 

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

	11.4	Cancellation Fee 

 If all or any part of a Lender’s Available Commitment is cancelled in accordance with clause 10.5 (Voluntary Cancellation) during the period commencing on the Financial Close Date and ending
on the 2nd anniversary of the Financial Close Date, the
Parent (or a Borrower nominated by the Parent) shall pay to the Facility Agent (for the account of that Lender) a fee equal to 2% (two percent) of the amount of that Lender’s Available Commitment so cancelled on the date upon which such
cancellation becomes effective. 
  

	12.	TAX GROSS UP AND INDEMNITIES 

  

	12.1	Tax gross-up 

  

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

  

 Page 56. 

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

  

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

  

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

  

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

  

	12.2	Tax indemnity 

  

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

  

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	12.2.2	Clause 12.2.1 above shall not apply: 

  

	12.2.2.1	with respect to any Tax assessed on a Finance Party: 

  

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

  

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

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

	12.2.2.2	to the extent a loss, liability or cost is compensated for by an increased payment under clause 12.1 (Tax gross-up). 

  

	12.2.3	A Finance Party making, or intending to make a claim under clause 12.2.1 above shall promptly notify the Facility Agent of the event which will give, or has given, rise
to the claim, following which the Facility Agent shall notify the Parent. 

  

	12.2.4	A Finance Party shall, on receiving a payment from an Obligor under this clause 12.2, notify the Facility Agent. 

  

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	12.3	Tax Credit 

 If an Obligor
makes a Tax Payment and the relevant Finance Party determines (in its absolute discretion) that: 
  

	12.3.1	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

  

	12.3.2	that Finance Party has obtained, utilised and retained that Tax Credit, 

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

	12.4	Stamp taxes 

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

	12.5	Value added tax 

  

	12.5.1	All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for
VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply, and accordingly, subject to clause 12.5.3 below, if VAT is chargeable on any supply made by any Finance Party to any Party under a Finance Document, that
Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such Party).

  

 Page 59. 

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

  

	12.5.3	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify the Finance
Party against all VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that neither it nor any other member of any group of which it is a member for VAT purposes is entitled
to credit or repayment from the relevant tax authority in respect of the VAT. 

  

	13.	INCREASED COSTS 

  

	13.1	Increased costs 

  

	13.1.1	 Subject to clause 13.3 (Exceptions) the Parent (or a Borrower nominated by the Parent) shall, within 5 (five) Business Days of a demand by
the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its affiliates as

  

 Page 60. 

	 	 
a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation
made after the date of this Agreement. 

  

	13.1.2	In this Agreement “Increased Costs” means: 

  

	13.1.2.1	a reduction in the rate of return from a Facility or on a Finance Party’s (or its affiliate’s) overall capital; 

  

	13.1.2.2	an additional or increased cost; or 

  

	13.1.2.3	a reduction of any amount due and payable under any Finance Document, 

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

	13.2	Increased cost claims 

  

	13.2.1	A Finance Party intending to make a claim pursuant to clause 13.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim,
following which the Facility Agent shall promptly notify the Parent. 

  

	13.2.2	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate in accordance with clause 27.2 (Accounts and
Certificates) confirming the amount of its Increased Costs. 

  

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	13.3	Exceptions 

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

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

  

	13.3.2	compensated for by clause 12.2 (Tax indemnity) (or would have been compensated for under clause 12.2 (Tax indemnity) but was not so compensated
solely because any of the exclusions in clause 12.2.2 applied); or 

  

	13.3.3	attributable to the wilful breach by the relevant Finance Party or its affiliates of any law or regulation. 

  

	14.	COSTS AND EXPENSES 

  

	14.1	Transaction Expenses 

 The
Parent (or a Borrower nominated by the Parent) shall promptly within 5 (five) Business Days of demand pay the Facility Agent the amount of all reasonable or necessary costs and expenses, including reasonable and agreed legal fees payable up to an
aggregate maximum amount of R100 000 (One Hundred Thousand Rand) excluding VAT and disbursements, reasonably incurred by the Facility Agent and the Lenders in connection with: 
  

	14.1.1	the negotiation, preparation, printing and execution of: 

  

	14.1.1.1	this Agreement, the other Finance Documents and the Financial Close Documents; and 

  

	14.1.1.2	any other Finance Documents executed after the Signature Date; 

  

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 provided that no Obligor shall be liable for any cost or expense so incurred (other than the
legal fees referred to above) in excess of R20 000 (Twenty Thousand Rand) unless the incurral of that cost or expense has been approved in writing by the Parent in advance of its incurral. 
  

	14.2	Amendment Costs 

 An
Obligor shall within 5 (five) Business Days of demand reimburse the Facility Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Facility Agent in connection with any amendment, waiver or consent
requested by that Obligor in relation to any Finance Document. 
  

	14.3	Enforcement Costs 

 The
Obligors shall be jointly and severally liable for payment, within 5 (five) Business Days of demand of the amount of all costs and expenses (including legal fees on the scale as between attorney and own client whether incurred before or after
judgement) reasonably incurred by any Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 
  

	15.	GUARANTEE AND INDEMNITY 

  

	15.1	Guarantee and Indemnity 

 Each Guarantor irrevocably and unconditionally jointly and severally: 
  

	15.1.1	guarantees to each Finance Party the punctual performance by each Borrower of all that Borrower’s obligations under the Finance Documents;

  

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

  

	15.1.3	indemnifies each Finance Party immediately on demand (and shall make the relevant payment within 5 (five) Business Days of such demand) against any cost, loss or
liability suffered by that Finance Party if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which the Finance Party would otherwise have been
entitled to recover. 

  

	15.2	Continuing Guarantee 

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

	15.3	Reinstatement 

 If any
payment by an Obligor or any one of them or any discharge given by a Finance Party (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any
similar event: 
  

	15.3.1	the liability of each Obligor shall continue as if the payment, discharge, avoidance or reduction has not occurred; and 

  

	15.3.2	each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor as if the payment, discharge, avoidance or reduction
has not occurred. 

  

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	15.4	Waiver of Defences 

 The
obligations of each Guarantor under this clause 15 (Guarantee and Indemnity) will not be affected by an act, omission, matter or thing which, but for this clause, would reduce, release or prejudice any of its obligations under this clause 15
(Guarantee and Indemnity) (without limitation and whether or not known to it or any Finance Party) including: 
  

	15.4.1	any time, waiver or consent granted to, or composition with, the Obligors or any one of them or other person; 

  

	15.4.2	the release of the Obligors or any one of them or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;

  

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

  

	15.4.4	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Obligors or any one of them or any other
person; 

  

	15.4.5	any amendment (however fundamental) or replacement of a Finance Document or any other document or security; 

  

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

  

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	15.4.7	any insolvency or similar proceedings. 

  

	15.5	Immediate Recourse 

 Each
Guarantor waives any right it may have of first requiring any Finance Party to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause 15. 
  

	15.6	Subordination of Guarantors’ Rights 

  

	15.6.1	When any Default has occurred and is continuing, each of the Guarantors acknowledges and agrees that any recourse claims it may have against the Obligors or any one of
them (the “Recourse Claims”) shall be subordinated to the claims of the Lenders against the Obligors under this Agreement so that until the earlier to occur of the discharge in full of all the Obligors’ obligations under the
Finance Documents (the “Secured Obligations”) or the remedy of the Default: 

  

	15.6.1.1	the Finance Parties’ claims will rank in priority to the Recourse Claims; and 

  

	15.6.1.2	no Guarantor will claim, receive or accept, directly or indirectly, payment of any Recourse Claims; and 

  

	15.6.1.3	no Guarantor shall take, accept or receive the benefit of any Encumbrance from any Obligor; and 

  

	15.6.1.4	no Guarantor shall obtain or enforce any judgement against any Obligor in relation to any of the Recourse Claims. 

  

	15.6.2	 No Guarantor shall petition or apply for or vote in favour of any resolution for the winding-up, dissolution or administration or

  

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analogous or similar process with regard to the Obligors or any one of them prior to the date of full and final discharge of the Secured Obligations. 

  

	15.6.3	In any liquidation of (whether provisional or final) or judicial management of or compromise of any Obligor, no Guarantor shall prove or seek to prove claims in respect
of any Recourse Claims it may have prior to the date of full and final discharge of all of the Secured Obligations if the effect of such proof would be to reduce the dividend payable to the Finance Parties in relation to the Finance Parties’
claims at the time of such liquidation, judicial management or compromise. 

  

	15.7	Additional Security 

 This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security and neither shall it prejudice any other guarantee or security now or subsequently held by the Lender. 
  

	16.	REPRESENTATIONS AND WARRANTIES 

  

	16.1	Representations and Warranties 

 Each Obligor makes the representations and warranties set out in this clause 16.1 to each Finance Party. 
  

	16.1.1	Status 

  

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

  

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

  

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	16.1.2	Power and Authority 

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

	16.1.3	Binding Obligations 

 The
obligations expressed to be assumed by it in each Finance Document to which it is a party are, subject to any general principles of law as at the Signature Date limiting its obligations, which are specifically referred to in any legal opinion
delivered pursuant to clause 5.1 (Initial Conditions Precedent) or clause 22 (Change to Obligors), legal, valid, binding and enforceable obligations. 
  

	16.1.4	Non-Conflict with Other Obligations 

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

	16.1.4.1	any law applicable to it; 

  

	16.1.4.2	its Constitutional Documents; or 

  

	16.1.4.3	any material agreement or instrument binding upon it or any of its assets. 

  

	16.1.5	Authorisations 

 All
authorisations required: 
  

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

  

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	16.1.5.2	to enable it to lawfully conduct its business where failure to obtain such authorisation would result in a Material Adverse Effect; and 

  

	16.1.5.3	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

 have been obtained or effected and are in full force and effect. 
  

	16.1.6	Governing law and enforcement 

 Subject to any general principles of law as at the date of this Agreement set out in any legal opinion delivered pursuant to clause 5.1 (Initial conditions precedent) or clause 22 (Changes to the Obligors): 
  

	16.1.6.1	the choice of South African law as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation; and

  

	16.1.6.2	any judgment obtained in South Africa in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. 

 

	16.1.7	Deduction of Tax 

 It is
not required under the law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document. 
  

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	16.1.8	No filing or stamp taxes 

 Except to the extent set out in any legal opinion provided pursuant to clause 5.1 (Initial conditions precedent) or clause 22 (Changes to the Obligors) in relation to it, under the law of its jurisdiction of incorporation it
is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions
contemplated by the Finance Documents. 
  

	16.1.9	No Default 

  

	16.1.9.1	No Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

  

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

  

	16.1.10	No Misleading Information 

  

	16.1.10.1	To the best of its knowledge and belief (having made due enquiry), all written information supplied by it to the Finance Parties in connection with this Agreement was
true and accurate in all material respects as at the date it was given and was not deliberately misleading in any material respects at such date. 

  

	16.1.10.2	It has not knowingly withheld any information which, if disclosed, could reasonably be expected materially and adversely to affect the decision of any Finance Party in
considering whether or not to provide finance to the Borrowers. 

  

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	16.1.11	Financial Statements 

  

	16.1.11.1	The Original Financial Statements were prepared in accordance with GAAP. 

  

	16.1.11.2	The Original Financial Statements fairly represent the Group’s financial condition and operations during the relevant financial period. 

 

	16.1.12	Pari Passu Ranking 

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

	16.1.13	No Proceedings Pending or Threatened 

 Save as otherwise disclosed in the Original Financial Statements, no litigation, arbitration or administrative proceedings of or before any court or arbitral body have been started or (to the best of its
knowledge and belief, after due enquiry) threatened against it which could reasonably be expected to affect the validity, legality or enforceability of any Finance Documents to which it is a party. 
  

	16.1.14	No Winding-Up 

 No
Material Group Company has taken any corporate action, nor have any other steps been taken or legal proceedings started or (to the best of

  

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its knowledge and belief, after due enquiry) threatened against any Material Group Company, for its winding-up, dissolution, administration or re-organisation or for the enforcement of any
Encumbrance over all or any of its revenues or assets or for the appointment of a receiver, administrator, administrative receiver, conservator, custodian, trustee or similar officer of it or of all or any of its assets, which could reasonably be
expected to have a Material Adverse Effect. 
  

	16.1.15	No Encumbrances 

  

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

  

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

  

	16.1.16	Assets and Intellectual Property Rights 

 It and each Material Group Company has good title to or validly leases or licenses all of the assets necessary to carry on its business as presently conducted, to the extent that failure to comply with
this clause 16.1.16 (Assets and Intellectual Property Rights) could reasonably be expected to have a Material Adverse Effect. 
  

	16.1.17	Insurance 

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

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	16.1.18	Environmental Compliance 

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

	16.1.19	Environmental Claims 

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

	16.1.20	Taxation 

  

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

  

	16.1.20.1.1	payment is being contested in good faith; 

  

	16.1.20.1.2	it has maintained adequate reserves for those Taxes; and 

  

	16.1.20.1.3	payment can be lawfully withheld. 

  

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

  

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	16.1.21	Ownership of Material Group Companies 

  

	16.1.21.1	Each Material Group Company (other than the Cerro Corona Subsidiary and the Ghanaian Companies) is a wholly-owned subsidiary of the Parent. 

  

	16.1.21.2	The Parent indirectly holds at least 71,1% (seventy-one comma one percent) of the issued share capital of each Ghanaian Company. 

  

	16.1.21.3	The Parent indirectly holds at least 92% (ninety-two percent) of the voting shares in the share capital of the Cerro Corona Subsidiary (which equates to 80,7% (eighty
comma seven percent) of the issued and outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  

	16.1.22	No Material Adverse Effect 

 There has been no change in the business, condition (financial or otherwise), operations, performance, properties or prospects of the Obligors or the Group (taken as a whole) since 31 December 2008 which could reasonably be expected to
have a Material Adverse Effect. 
  

	16.2	Repetition 

  

	16.2.1	All the representations and warranties in this clause 16 (Representations and Warranties) are made by each Obligor on the Signature Date (other than in respect
of clause 16.1.11.1, which is deemed to be made on the date such information is provided). 

  

	16.2.2	All the representations and warranties in this clause 16 are deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on the date
of each Utilisation Request and Utilisation Date. 

  

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	16.2.3	The Repeating Representations are deemed to be made on each Repetition Date by each Obligor in either case by reference to the facts and circumstances then existing on
that Repetition Date. 

  

	16.2.4	For the purposes of clause 16.2.2 above: 

  

	16.2.4.1	“Repeating Representations” means the representations and warranties contained in clause 16.1.1 (Status) to clause 16.1.22 (No Material
Adverse Effect) (each inclusive) with the exception of clauses 16.1.3 (Binding Obligations), 16.1.6 (Governing Law and Enforcement), 16.1.7 (Deduction of Tax), 16.1.8 (No Filing or Stamp Taxes) and 16.1.10 (No Misleading
Information) and 16.1.13 (No Proceedings Pending or Threatened); save that the references in clauses 16.1.11.1 and 16.1.11.2 to “the Original Financial Statements” shall, for the purposes of this
Repeating Representation, be construed as references to the most recent audited consolidated financial statements of the Group and the audited financial statements of the Borrowers and each Guarantor delivered to the Facility Agent under clause 17.1
(Financial Statements). 

  

	16.2.4.2	“Repetition Date” means the first day of each Interest Period (other than on the first day of the first Interest Period for a Loan).

  

	16.3	Reliance 

 The Finance
Parties have entered into the Finance Documents to which each of them is a party on the strength of, and relying on, the representations and warranties set out in clause 16.1 (Representations and Warranties), each of which shall be deemed to
be a separate representation and warranty given without prejudice to any other representation or warranty and deemed to be a material representation inducing the Finance Parties to enter into the Finance Documents to which each of them is party.

  

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	17.	INFORMATION UNDERTAKINGS 

 The undertakings in this clause 17 (Information Undertakings) are given in favour of each Finance Party and remain in force from the Signature Date for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force. 
  

	17.1	Financial Statements 

 Each Obligor shall supply to the Facility Agent (in sufficient copies for all Lenders, if the Facility Agent so requests under clause 17.7 (Delivery of Information)): 
  

	17.1.1	as soon as the same become available, but in any event within 120 (one hundred and twenty) days after the end of each Financial Year: 

  

	17.1.1.1	the audited consolidated financial statements of the Parent for that Financial Year; and 

  

	17.1.1.2	its and the Borrowers’, other than Gold Fields Holding Company (BVI) Limited, GFOH or any Obligor which is not legally required to audit its financial statements,
audited financial statements for that Financial Year; and 

  

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

  

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

  

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

  

	17.1.3	as soon as the same becomes available, but in any event within 45 (forty-five) days after the end of each quarter of each Financial Year: 

  

	17.1.3.1	the unaudited consolidated financial statements of the Parent for that period; and 

  

	17.1.3.2	the unaudited financial statements of each Obligor for that period. 

  

	17.2	Compliance Certificate 

  

	17.2.1	The Parent shall supply to the Facility Agent, with each set of consolidated financial statements delivered pursuant to clause 17.1.1 and 17.1.2 of clause 17.1
(Financial Statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with clause 18 (Financial Covenants) as at the date as at which those financial statements were drawn up.

  

	17.2.2	Each Compliance Certificate shall be signed by 2 (two) directors of the Parent and, if required to be delivered with the audited consolidated financial statements
delivered pursuant to clause 17.1.1.1 of clause 17.1 (Financial statements), by the Auditors. 

  

	17.3	Requirements as to Financial Statements 

  

	17.3.1	Each set of financial statements delivered pursuant to clause 17.1 (Financial Statements) shall be certified by a director of the Obligor as fairly representing
its financial condition as at the date as at which those financial statements were drawn up. 

  

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	17.3.2	Each Obligor shall procure that each set of financial statements delivered pursuant to clause 17.1 (Financial Statements) is prepared in accordance with GAAP,
the requirements of its jurisdiction of incorporation and accounting practises and financial reference periods consistent with those applied in the preparation of the Original Financial Statements. 

  

	17.3.3	Clause 17.3.2 shall not apply to the extent that, in relation to any sets of financial statements, the Obligor notifies the Facility Agent that there has been a change
in GAAP or the accounting practices or reference periods and its Auditors (in the case of its annual audited financial statements) or the Parent (in the case of any of its other financial statements) delivers to the Facility Agent:

  

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

  

	17.3.3.2	sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether clause 18 (Financial
Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements. 

  

	17.3.4	If an Obligor notifies the Facility Agent of a change in accordance with clause 17.3.3 above, then an Obligor and the Facility Agent shall enter into negotiations in
good faith with a view to agreeing: 

  

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

  

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	17.3.4.2	if so, any amendments to this Agreement or any other Finance Document which may be necessary to ensure that the change does not result in any material alteration in the
commercial effect of those terms, 

 and if any amendments are agreed they shall take effect and be binding on
each of the Parties in accordance with their terms. 
  

	17.3.5	Any reference in this Agreement to “financial statements” shall be construed as a reference to those financial statements as the same may be adjusted
under this clause 17.3 to reflect the basis upon which the Original Financial Statements were prepared. 

  

	17.4	Access to Records 

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

	17.5	Information : Miscellaneous 

 Each Obligor shall supply to the Facility Agent (in sufficient copies for all Finance Parties, if the Facility Agent so requests under clause 17.7 (Delivery of Information)): 
  

	17.5.1	all documents dispatched by that Obligor to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched;

  

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	17.5.2	the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Group Company which, if adversely
determined against it, would be reasonably likely to result in a Material Adverse Effect; and 

  

	17.5.3	such further information (including an extract of its general ledger) regarding the financial condition, business and operations of any Group Company as any Finance
Party (through the Facility Agent) may reasonably request. 

  

	17.6	Notification of Default 

  

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

  

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

  

	17.7	Delivery of Information 

  

	17.7.1	Without prejudice to clause 26 (Notices and Domicilia), any documents to be delivered under this clause 17 (Delivery of Information) may be delivered by
the Obligors to the Facility Agent (and by the Facility Agent to the Lenders): 

  

	17.7.1.1	by e-mail where the Majority Lenders have expressly agreed, by written notice to the Facility Agent, to receive such documents by e-mail and has informed the Facility
Agent of an e-mail address pursuant to clause 26 (Notices and Domicilia), provided that, for this purpose, any such notification shall also be followed-up by telefax; or 

  

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	17.7.1.2	to the extent that it becomes common practise in South Africa to do so and the Facility Agent has agreed to do so and (as applicable) a Finance Party has expressly
agreed, by written notice to the Facility Agent (such agreement not to be unreasonably withheld or delayed), by reference to a website, the address of which (and the location of the relevant documents at such website) has been confirmed to such
Party in accordance with clause 26 (Notices and Domicilia). 

  

	17.7.2	If a Finance Party requests delivery to it of a paper copy of any document to be delivered by an Obligor under this clause 17 (Information Undertakings) in place
of an electronic copy of such document, it shall notify the Facility Agent accordingly. The Facility Agent shall request an Obligor in writing to provide such paper copies promptly upon receipt of any such notice and such Obligor shall be obliged
promptly to do so. 

  

	17.8	Know your customer requirements 

  

	17.8.1	 If any Finance Party (or any prospective New Lender) is obliged to comply with know your customer or similar identification procedures under the
Financial Intelligence Centre Act, 2001 or any similar legislation in circumstances where the necessary information is not already available to it, each Obligor must promptly, on the request of that Finance Party, supply to the Finance Party any
documentation or

  

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other evidence which that Finance Party reasonably requests (whether for itself or on behalf of a prospective new Lender) to enable that Finance Party or prospective New Lender to carry out all
such procedures. 

  

	17.8.2	The Parent shall, by not less than 10 (ten) Business Days’ prior written notice to the Facility Agent, notify the Facility Agent (which shall promptly notify the
Lenders) of its intention to request that one of the subsidiaries becomes an Additional Obligor pursuant to clause 22 (Changes to the Obligors). 

  

	17.8.3	Following the giving of any notice pursuant to clause 17.8.2 above, if the accession of any Additional Obligor requires any Finance Party to carry out know your
customer procedures in circumstances where the required information is not already available to it, the Parent must promptly, on request by that Finance Party, supply to the Finance Party any documentation or other evidence which that Finance Party
reasonably requires in order to carry out all applicable know your customer procedures. 

  

	17.8.4	Each Lender must promptly on the request of the Facility Agent supply to the Facility Agent any documentation or other evidence which is reasonably required by the
Facility Agent to carry out and be satisfied with the results of all know your customer requirements. 

  

	18.	FINANCIAL COVENANTS 

  

	18.1	Financial Condition 

 The
Parent shall ensure that for so long as any amount is outstanding under a Finance Document or any Commitment is in force: 
  

	18.1.1	the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of any Measurement Period shall be or shall exceed 5:1; 

  

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	18.1.2	the ratio of Consolidated Net Borrowings to Consolidated EBITDA shall not in respect of any Measurement Period exceed 2.5:1. 

  

	18.2	Financial Testing 

 The
Financial Covenants shall be tested semi-annually on each Measurement Date by reference to the unaudited and/or audited consolidated financial statements of the Group in respect of the relevant Measurement Period. 
  

	18.3	Breach of a Financial Condition Undertaking 

 Immediately upon becoming aware of a breach of any of the Financial Covenants, each Obligor shall notify the Facility Agent (and provide such details about the breach as the Facility Agent may request)
(unless that Obligor is aware that a notification has already been provided by another Obligor). 
  

	18.4	Permitted Financial Indebtedness 

 For the avoidance of doubt, but without derogating from clause 18.1.2, if any Financial Indebtedness is permitted to be incurred under clause 19.4.2 and, subsequent to the incurral of such Financial Indebtedness (but provided there was
compliance with clause 19.4.2 at the time of incurral of such Financial Indebtedness), the Permitted Indebtedness Ratio be in excess of 2:1, the Consolidated Net Borrowings will not be required to be reduced so that the Permitted Indebtedness Ratio
is not in excess of 2:1. 
  

 Page 83. 

	19.	GENERAL UNDERTAKINGS 

 The
undertakings in this clause 19 (General Undertakings) are given in favour of each Finance Party and remain in force from the Signature Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

  

	19.1	Authorisation 

 Each
Obligor shall promptly: 
  

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

  

	19.1.2	upon written request by the Facility Agent or a Finance Party supply certified copies to the Facility Agent of, 

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

	19.2	Compliance with Laws 

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

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	19.3	Negative Pledge 

  

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

  

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

  

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

  

	19.3.2.2	sell, transfer, cede or otherwise dispose of any of its receivables on recourse terms; 

  

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

  

	19.3.2.4	enter into any other preferential arrangement having a similar effect, 

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

	19.3.3	Clauses 19.3.1 and 19.3.2 above do not apply to Permitted Encumbrances. 

  

 Page 85. 

	19.4	Financial Indebtedness 

  

	19.4.1	Subject to clause 19.4.2, the Parent shall not (and the Parent shall procure that no member of the Group (other than a Guarantor or a Project Finance Subsidiary) shall)
incur, create or permit to subsist or have outstanding any Financial Indebtedness or enter into any agreement or arrangement whereby it is entitled to incur, create or permit to subsist any Financial Indebtedness other than Permitted Indebtedness.

  

	19.4.2	The Parent shall not (and the Parent shall procure that no member of the Group shall) incur any Financial Indebtedness or enter into any agreement or arrangement
whereby it is entitled to incur any Financial Indebtedness (other than Permitted Indebtedness), such that the Permitted Indebtedness Ratio, immediately after the incurral of that Financial Indebtedness, will exceed 2:1; provided that:

  

	19.4.2.1	should the Parent (or any member of the Group) wish to incur any Financial Indebtedness contemplated by clause 19.4.2 and the ratio of Consolidated Net Borrowings
(including such Financial Indebtedness) to Consolidated EBITDA as at the most recent Forecast Measurement Date exceed 1.8:1, the Parent shall provide the Facility Agent the calculation of the Permitted Indebtedness Ratio and all supporting schedules
thereto, including the calculation of Forecast Consolidated EBITDA (and Target Forecast EBITDA if clause 2.2.1.15.1 is applicable) (the “Forecast”) prior to the date on which any Financial Indebtedness contemplated by clause 19.4.2
is proposed to be incurred; and thereafter for every increase of R200 000 000 (Two Hundred Million Rand) in Consolidated Net Borrowings in excess of the amount of Consolidated Net Borrowings used in the first Forecast provided to the Facility Agent
until such time as the Permitted Indebtedness Ratio as at a subsequent Forecast Measurement Date does not exceed 1.8:1; and 

  

 Page 86. 

	19.4.2.2	the Forecast (a) contains all of the information and the assumptions on which the Forecast was prepared, and (b) is certified by the Chief Financial Officer
of the Parent as being based on recent historical information, Bloomberg median consensus forecasts for exchange rates and commodity prices, and other assumptions that are fair and reasonable as at the date at which the Forecast was prepared.

  

	19.5	Disposals and Mergers 

  

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

  

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

  

	19.5.1.2	enter into any amalgamation, demerger, merger or corporate reconstruction. 

  

	19.5.2	Clause 19.5.1 above does not apply to: 

  

	19.5.2.1	Permitted Disposals; or 

  

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

  

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

  

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

  

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

  

	19.6	Pari Passu Ranking 

 Each Obligor shall ensure that at all times the claims of the Finance Parties against it under the Finance Documents rank at least pari passu with claims of all its other unsecured and unsubordinated creditors, except for obligations
mandatorily preferred by law applying to companies generally in its jurisdiction of incorporation. 
  

	19.7	Change of Business 

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

	19.8	Insurance 

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

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	19.9	Environmental Compliance 

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

	19.10	Environmental Claims 

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

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

  

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

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

	19.11	Taxation 

 Each Obligor
shall (and the Parent shall ensure that each other Material Group Company will) duly and punctually pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring material penalties, except to the extent:

  

	19.11.1	that such payment is being contested in good faith; 

  

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	19.11.2	adequate reserves are being maintained for those Taxes; and 

  

	19.11.3	where such payment can be lawfully withheld. 

  

	19.12	Maintenance of Legal Status 

 Each Material Group Company shall do all such things as are necessary to maintain its existence as a legal person and shall maintain its books and records in good order and make all necessary corporate filings with the relevant authorities
in its jurisdiction of incorporation. 
  

	19.13	Maintenance of Assets 

 Each Obligor shall (and the Parent shall ensure that each other Material Group Company shall) ensure that it has good title to or validly leases or licences all of the assets necessary and has all consents and/or authorisations necessary to
carry on its business as conducted to the extent that failure to comply with this clause 19.12 could reasonably be expected to have a Material Adverse Effect. 
  

	19.14	Acquisitions 

 No Obligor
shall (and the Parent shall ensure that no Material Group Company will), without the prior consent of the Lender, enter into any transaction, acquire any company, business, assets or undertaking where such a transaction or acquisition is classed as
a “Category 1” transaction under the JSE Listings Requirements. For the purpose of this clause 19.14 only, references to a transaction shall be construed as not including any acquisition of the Parent by a third party. 
  

	19.15	Ownership of Material Group Companies 

 The Parent shall ensure that: 
  

	19.15.1	each Material Group Company which is a Material Group Company at the Signature Date (other any Ghanaian Company or the Cerro Corona Subsidiary) is and continues to be a
wholly-owned subsidiary of the Parent; 

  

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	19.15.2	it indirectly holds and continues to indirectly hold at least 71.1% of the issued share capital of each Ghanaian Company; and 

  

	19.15.3	it indirectly holds and continues to indirectly hold at least 92% of the voting shares in the share capital of the Cerro Corona Subsidiary (which equates to 80.7% of
the issued and outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  

	20.	DEFAULT 

  

	20.1	Events of Default 

 Each
of the events set out in this clause 20 (Default) is an Event of Default (whether or not caused by any reason whatsoever outside the control of the Borrowers, any other Obligor or any other person). 
  

	20.1.1	Non-Payment 

 An Obligor
does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressly payable unless payment is made within 5 (five) Business Days of its due date. 
  

	20.1.2	Financial Covenants 

 Any
requirement of clause 18 (Financial Covenants) is not satisfied. 
  

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	20.1.3	Other Obligations under Finance Documents 

  

	20.1.3.1	Subject to clause 20.3 (Remedy), an Obligor does not comply with any provision of the Finance Documents (other than those referred to in clause 20.1.1
(Non-Payment) and clause 20.1.2 (Financial Covenants). 

  

	20.1.3.2	No Event of Default will occur under clause 20.1.3.1 if the Taxes not duly and punctually paid and discharged and in respect of which the undertaking contained in
clause 19.11 (Taxation) is given do not exceed an amount of US$10 000 000 (Ten Million United States Dollars) (subject to a maximum exchange rate of R12/$). 

  

	20.1.4	Misrepresentation 

  

	20.1.4.1	Subject to clause 20.3 (Remedy), any representation or statement made or in the case of clause 16.2.1 (Repetition), deemed to be made by any Obligor or in
the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Documents is or is proved to have been incorrect or misleading in any material and adverse respect when made or in the case
of clause 16.2.1 (Repetition), deemed to be made. 

  

	20.1.4.2	No Event of Default will occur under clause 20.1.4.1 if the Taxes in respect of which the representation contained in clause 19.11 (Taxation) was made does not
exceed an amount of US$10 000 000 (Ten Million United States Dollars) (subject to a maximum exchange rate of R12/$). 

  

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	20.1.5	Cross-Default 

  

	20.1.5.1	Any Financial Indebtedness of a Material Group Company is not paid when due, nor where there is an applicable grace period, within the earlier to expire of the
originally applicable grace period and a period of 5 (five) days starting at the same time as the originally applicable grace period. 

  

	20.1.5.2	Any Financial Indebtedness of a Material Group Company is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	20.1.5.3	Any commitment for any Financial Indebtedness of a Material Group Company is cancelled or suspended by a creditor of a Material Group Company as a result of an event of
default (however described). 

  

	20.1.5.4	Any creditor of a Material Group Company becomes entitled to declare any Financial Indebtedness of a Material Group Company due and payable prior to its specified
maturity as a result of an event of default (however described). 

  

	20.1.5.5	No Event of Default will occur under this clause 20.1.5 (Cross Default) if the aggregate amount of Financial Indebtedness or commitment for Financial
Indebtedness, falling within clauses 20.1.5.1 to 20.1.5.4 is less than US$20 000 000 (Twenty Million United States Dollars) (subject to a maximum exchange rate of R12/$). 

  

 Page 93. 

	20.1.6	Insolvency 

  

	20.1.6.1	Any Material Group Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or
anticipated financial difficulties, commences negotiations with one or more of its classes of creditors with a view to rescheduling any of its Financial Indebtedness which in the case of a Material Group Company (other than an Obligor) could
reasonably be expected to have a Material Adverse Effect. 

  

	20.1.6.2	The value of the assets of any Material Group Company is less than its liabilities (taking into account contingent and prospective liabilities) which in the case of a
Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect. 

  

	20.1.6.3	A moratorium is declared in respect of any Financial Indebtedness of any Material Group Company. 

  

	20.1.7	Insolvency Proceedings 

 Any corporate action, legal proceedings or other similar procedure or steps taken in relation to: 
  

	20.1.7.1	the suspension of payments, a moratorium of any Financial Indebtedness, winding-up, dissolution, administration or re-organisation (by way of voluntary arrangement,
scheme of arrangement or otherwise) of any Material Group Company; 

  

	20.1.7.2	a composition, compromise or arrangement with any creditor or class of creditors of any Material Group Company; 

  

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	20.1.7.3	the appointment of a liquidator, receiver, administrator, administrative receiver, judicial manager, compulsory manager or other similar officer in respect of any
Material Group Company or any of its assets; or 

  

	20.1.7.4	enforcement of any Encumbrance over any assets of any Material Group Company, 

 or any analogous procedure or step is taken in any jurisdiction and any such procedure or proceedings are not contested in good faith nor
discharged within 30 (thirty) days (or such shorter period provided for contesting such procedure or proceedings under the laws of the relevant jurisdiction). 
  

	20.1.8	Failure to comply with Final Judgement 

 Any Material Group Company fails within 5 (five) Business Days of the due date to comply with or pay any sum due from it under any material final judgement or any final order made or given by any court of
competent jurisdiction. For the purposes of this clause 20.1.8 (Failure to comply with Final Judgement), a “material final judgement” shall be any judgement for the payment of a sum of money in excess of
US$10 000 000 (Ten Million United States Dollars) (subject to a maximum exchange rate of R12/$). 
  

	20.1.9	Creditors’ Process 

 Any expropriation (other than an expropriation where fair compensation is received) or the operation of the attachment, sequestration, distress or execution affects any material asset of a Material Group Company and is not discharged within
21 (twenty-one) days. For the purposes of this clause 20.1.9 (Creditor’s Process) a “material asset” is any single

  

 Page 95. 

 
income producing asset of the relevant Material Group Company which contributes not less than 5% (five percent) towards the Consolidated EBITDA or gross assets of the Group (calculated according
to the most recent set of audited consolidated financial statements delivered pursuant to clause 17.1 (Financial Statements)) provided that any loss of mineral rights arising as a result of the operation of the Mineral and Petroleum
Resources Development Act, No. 28 of 2002 substantially in its current form as at the date of this Agreement and/or the operation of the Minerals and Petroleum Royalty Bill in substantially its current form once enacted shall not constitute an
expropriation for the purposes of this clause 20.1.9 (Creditor’s Process). 
  

	20.1.10	Unlawfulness 

 It is or
becomes unlawful for an Obligor to perform any of its obligations under the Financial Documents or such obligations are to be legal, valid, binding or enforceable obligations. 
  

	20.1.11	Repudiation 

 An Obligor
repudiates a Finance Document or any Finance Document is declared to be or is otherwise unenforceable against an Obligor by a court of the jurisdiction of incorporation of the relevant Obligor. 
  

	20.1.12	Governmental Intervention 

 By or under the authority of any government: 
  

	20.1.12.1	the management of any Material Group Company is wholly or partially displaced or the authority of any Material Group Company in the conduct of its business is wholly or
partially curtailed; or 

  

 Page 96. 

	20.1.12.2	all or a majority of the issued shares of any Material Group Company or material part of its revenues or assets is seized, nationalised, expropriated or compulsorily
acquired. For the purposes of this clause 20.1.12 (Governmental Intervention) “material part of its revenues or assets” shall in relation to the relevant Material Group Company be construed as revenues comprising not
less than 5% (five percent) of the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis in accordance with the provisions of clause 20.1.9 (Creditor’s Process) or assets which contribute not less than 5%
(five percent) towards the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis accordance with the provisions of clause 20.1.9 (Creditor’s Process), provided that neither the implementation of
the Mineral and Petroleum Resources Development Act, No. 28 of 2002 substantially in its current form as at the date of this Agreement nor the implementation of the Minerals and Petroleum Royalty Bill in substantially its current form once
enacted shall constitute a seizure, nationalisation, expropriation or compulsory acquisition as contemplated by this clause 20.1.12 (Governmental Intervention). 

  

	20.1.13	Material Adverse Effect 

 Any change occurs in the business, condition (financial or otherwise), operations, performance, properties or prospects of the Obligors or the Group taken as a whole since 31 December 2008, which could be reasonably likely to have a
Material Adverse Effect. 
  

	20.1.14	Cessation of Business 

 Any Material Group Company ceases to carry on the business which it undertakes at the Signature Date. 
  

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	20.2	Acceleration 

  

	20.2.1	If any Event of Default occurs which is continuing, the Facility Agent shall be entitled (acting on the instructions of the Majority Lenders) and without prejudice to
any other rights or remedies which the Finance Parties may have under any of the Financial Documents by notice to the Borrowers and the Parent to: 

  

	20.2.1.1	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	20.2.1.2	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and
payable, whereupon they shall become immediately due and payable; and/or 

  

	20.2.1.3	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Facility Agent on the instructions of the
Majority Lenders. 

  

	20.3	Remedy 

  

	20.3.1	No Event of Default under this clause 20.1 (Events of Default) (other than those referred to in clause 20.1.1 (Non-payment) and 20.1.2 (Financial
covenants)) will occur if the failure to comply or circumstance giving rise to the same is capable of remedy and is remedied by an Obligor within 10 (ten) days of the earlier of the Facility Agent giving notice to the Obligors or any Obligor
becoming aware of the failure to comply. 

  

	20.3.2	 For the purposes of clause 20.3.1, the events or circumstances referred to in clause 20.1.5 (Cross-default), clause 20.1.6 (Insolvency),
clause 20.1.7 (Insolvency Proceedings), clause 20.1.8 (Failure to comply with

  

 Page 98. 

	 	 
final judgment), clause 20.1.9 (Creditors’ process), clause 20.1.10 (Unlawfulness), clause 20.1.11 (Repudiation), clause 20.1.12 (Governmental
Intervention), clause 20.1.13 (Material Adverse Effect) and clause 20.1.14 (Cessation of Business) shall be deemed to be incapable of remedy save to the extent set out therein unless the Facility Agent determines otherwise.

  

	21.	CHANGE OF PARTY 

  

	21.1	Cession and Delegation by the Lenders 

  

	21.1.1	Subject to this clause, any Lender (the “Existing Lender”) may: 

  

	21.1.1.1	cede any of its rights; or 

  

	21.1.1.2	delegate any of its obligations, 

 under this Agreement and any corresponding rights or obligations under any other Finance Document to another bank or financial institution, any one of whom shall be a new lender (the “New Lender”). 
  

	21.2	Consent of Parent to Cession and Delegation by the Lenders 

  

	21.2.1	The consent of the Parent is required for any cession or delegation by an Existing Lender, unless the cession or delegation is to (a) a Permitted Transferee,
(b) another Lender, or (c) an Affiliate of a Lender. 

  

	21.2.2	The consent of the Parent to a cession or delegation must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) Business
Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. 

  

 Page 99. 

	21.2.3	Notwithstanding clause 21.2.1, the Parent (acting reasonably) shall at any time (other than during the 15 (fifteen) Business Day notice period referred to in clause
21.6 (Notification)) be entitled to deliver a written notice to the Facility Agent specifying that it wishes to remove a Permitted Transferee from the list set out in Schedule 8 (Permitted Transferees). Such written notice shall set
out reasonable grounds for the Parent’s request to remove such Permitted Transferee from the list set out in Schedule 8 (Permitted Transferees). If the Facility Agent is satisfied (acting reasonably) that the Parent has reasonable
grounds for such removal, the Facility Agent shall notify the Parent in writing accordingly and such Permitted Transferee shall thereupon cease to be a Permitted Transferee; provided that, to the extent that such Permitted Transferee is already a
Lender as at the date of such removal, such removal shall not obligate any Finance Party to acquire or re-acquire such Permitted Transferee’s participation in any Loans. 

  

	21.3	New Lender to become Bound 

 In the event an Existing Lender cedes any of its rights or delegates any of its obligations as contemplated under clause 21.1 (Cession and Delegation by the Lender), the Existing Lender shall procure that the New Lender agrees to
become bound by all the terms and conditions of this Agreement and the other Finance Documents to which the Existing Lender is a party as a party thereto. 
  

	21.4	Limitation of responsibility of Existing Lenders 

  

	21.4.1	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  

	21.4.1.1	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

 Page 100. 

	21.4.1.2	the financial condition of any Obligor; 

  

	21.4.1.3	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	21.4.1.4	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

 and any representations or warranties implied by law are excluded. 
  

	21.4.2	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	21.4.2.1	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities
in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

	21.4.2.2	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under
the Finance Documents or any Commitment is in force. 

  

	21.4.3	Nothing in any Finance Document obliges an Existing Lender to: 

  

	21.4.3.1	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this clause 21.4 (Limitation of Responsibility of
Existing Lenders); or 

  

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	21.4.3.2	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or
otherwise. 

  

	21.5	Disclosure of Information 

 A Lender may disclose to any of its affiliates and/or any other person: 
  

	21.5.1	to (or through) whom that the Lender cedes, assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under the Finance
Documents; 

  

	21.5.2	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, the Finance Documents or any Obligor; or 

  

	21.5.3	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

 any information about an Obligor, the Group and the Finance Documents as that Lender shall consider appropriate if, in relation to clauses
21.5.1 and 21.5.2 above, the person to whom the information is to be given has agreed to maintain such information as confidential information and has executed a Confidentiality Undertaking. 
  

	21.6	Notification 

 A Lender
proposing to effect any cession, assignment or transfer occurring pursuant to this clause 21 (Change of Party) shall give the Parent and each other Finance Party 15 (fifteen) Business Days’ prior written notice of any such proposed
cession, assignment or transfer. 
  

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	21.7	Additional Parties 

 Each
of the Lenders appoints the Facility Agent to receive on its behalf each Accession Undertaking delivered to the Facility Agent and to accept and sign it if, in the Facility Agent’s opinion, it is complete and appears on its face to be authentic
and duly executed by the relevant acceding party and until accepted and signed by the Facility Agent that document shall not be effective. 
  

	22.	CHANGES TO THE OBLIGORS 

  

	22.1	Assignment and transfer by Obligors 

 No Obligor may cede any of its rights or delegate any of its obligations under the Finance Documents without the prior written consent of the Facility Agent. 
  

	22.2	Additional Borrowers 

  

	22.2.1	The Parent may request that any of its subsidiaries become an Additional Borrower. That subsidiary shall become an Additional Borrower if: 

  

	22.2.1.1	the Lenders approve the addition of that subsidiary; 

  

	22.2.1.2	the Parent delivers to the Facility Agent a duly completed and executed Accession Undertaking; 

  

	22.2.1.3	the Parent confirms that no Default is continuing or would occur as a result of that subsidiary becoming an Additional Borrower; and 

  

 Page 103. 

	22.2.1.4	the Facility Agent has received all of the documents and other evidence listed in paragraphs 1, 3, 4, 6 and 7 of Schedule 2 (Financial Close Documents)
mutatis mutandis in relation to that Additional Borrower, each in form and substance satisfactory to the Facility Agent. 

  

	22.2.2	The Facility Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the
documents and other evidence listed in paragraphs 1, 3, 4, 6 and 7 of Schedule 2 (Financial Close Documents) mutatis mutandis in relation to that Additional Borrower. 

  

	22.3	Resignation of an Additional Borrower 

  

	22.3.1	The Parent may request that a Borrower (other than the Original Borrowers) ceases to be a Borrower by delivering to the Facility Agent a Resignation Letter.

  

	22.3.2	The Facility Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if: 

  

	22.3.2.1	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent has confirmed to the Facility Agent that this is the case); and

  

	22.3.2.2	the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

 whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents. 

 

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	22.4	Additional Guarantors 

  

	22.4.1	The Parent may request that any of its subsidiaries become an Additional Guarantor. That subsidiary shall become an Additional Guarantor if; 

 

	22.4.1.1	the Parent delivers to the Facility Agent a duly completed and executed Accession Undertaking; and 

  

	22.4.1.2	the Facility Agent has received all of the documents and other evidence listed in paragraphs 1, 3, 4 and 7 of Schedule 2 (Financial Close Documents) mutatis
mutandis in relation to that Additional Guarantor, each in form and substance satisfactory to the Facility Agent. 

  

	22.4.2	The Facility Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the
documents and other evidence listed in paragraphs 1, 3, 4, 6 and 7 of Schedule 2 (Financial Close Documents) mutatis mutandis in relation to that Additional Guarantor. 

  

	22.5	Repetition of Representations 

 Delivery of an Accession Undertaking constitutes confirmation by the relevant subsidiary that the representations in clause 16 (Representations and Warranties) are true and correct in relation to it as at the date of delivery as if
made by reference to the facts and circumstances then existing. 
  

	22.6	Resignation of an Additional Guarantor 

  

	22.6.1	The Parent may request that a Guarantor (other than an Original Guarantor) ceases to be a Guarantor by delivering to the Facility Agent a Resignation Letter.

  

 Page 105. 

	22.6.2	The Facility Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if no Default is continuing and the Parent has confirmed to
the Facility Agent that this is the case. 

  

	23.	PAYMENT MECHANICS 

  

	23.1	All payments to be made by the Obligors under any of the Finance Documents shall be governed by the following provisions: 

  

	23.1.1	all payments shall be made to the Facility Agent on the due date for such payment into the bank account nominated by the Facility Agent; 

  

	23.1.2	all payments shall be made for value by no later than 15h00 on the due date for such payment; and 

  

	23.1.3	all payments shall be made in immediately available, freely transferable, cleared funds free and clear of set-off, deduction or counterclaim. 

 

	23.2	Partial payments 

  

	23.2.1	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent
shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	23.2.1.1	first, in or towards payment pro rata of any due but unpaid fees, costs and expenses of the Facility Agent under the Finance Documents; 

 

	23.2.1.2	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under the Finance Documents; 

  

	23.2.1.3	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

 Page 106. 

	23.2.1.4	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	23.2.2	The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in clauses 23.2.1.2 to 23.2.1.4. 

  

	23.2.3	Clauses 23.2.1 and 23.2.2 will override any appropriation made by an Obligor. 

  

	24.	CONFIDENTIALITY 

  

	24.1	Without the prior written consent of the other Parties, each Party will keep confidential and will not disclose to any person: 

  

	24.1.1	the details of any document, the details of the negotiations leading to any document, and the information handed over to such Party during the course of negotiations,
as well as the details of all the transactions or agreements contemplated in any document; and 

  

	24.1.2	all information relating to the business or the operations and affairs of the Parties (together “Confidential Information”). 

 

	24.2	The Parties agree to keep all Confidential Information confidential and to disclose it only to their officers, directors, employees, consultants, shareholders,
professional advisers, auditors, any other divisions or affiliates of the Party and any person to whom the Lenders wish to cede any or their respective rights or delegate any of their respective obligations under any of the Finance Documents who:

  

	24.2.1	have a need to know (and then only to the extent that each such person has a need to know); 

  

	24.2.2	are aware that the Confidential Information should be kept confidential; 

  

 Page 107. 

	24.2.3	are aware of the disclosing Party’s undertaking in relation to such information in terms of this Agreement; and 

  

	24.2.4	have been directed by the disclosing Party to keep the Confidential Information confidential and have undertaken to keep the Confidential Information confidential.
Furthermore, if either Party so requires, the other Party shall procure that each of its employees to whom such disclosure is made, provides a written undertaking of confidentiality to the requesting Party, on terms which meet with that Party’s
reasonable satisfaction. 

  

	24.3	The obligations of the Parties in relation to the maintenance and non-disclosure of Confidential Information in terms of this Agreement do not extend to information
that: 

  

	24.3.1	is disclosed to the receiving Party in terms of the Finance Documents but at the time of such disclosure such information is known to be in the lawful possession or
control of that Party and not subject to an obligation of confidentiality; or 

  

	24.3.2	is or lawfully becomes public knowledge, otherwise than pursuant to a breach of this Agreement by the Party who received such Confidential Information; or

  

	24.3.3	is required by the provisions of any law, statute or regulation or during any court proceedings, or by the rules or regulations of any recognised stock exchange or
other regulatory authority (including the United States Securities and Exchange Commission) to be disclosed; or 

  

	24.3.4	is exchanged amongst the Lender and the Facility Agent for the purposes of or in connection with the instruction of the Facility Agent or for the purposes of exercising
or enforcing any of their rights and/or in performing any of their obligations under this Agreement or any other Finance Document. 

  

 Page 108. 

	25.	SET-OFF 

 A Finance Party
may set-off any due and payable obligation owed by an Obligor under the Finance Documents to that Finance Party against any obligation owed by that Finance Party to that Obligor. Each Finance Party shall notify the relevant Obligor (giving full
details) promptly after the exercise or purported exercise of any right under this clause 25. 
  

	26.	NOTICES AND DOMICILIA 

  

	26.1	Notices 

  

	26.1.1	Each Party chooses the addresses set out opposite its name below as its addresses to which any written notice in connection with the Finance Documents may be addressed.

  

	26.1.1.1	Nedbank: 

 Nedbank
Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) 
 Block F, 1st Floor 
 135 Rivonia Road 
 SANDOWN 
 2196 
 Telefax No: (011) 294 1333 
 Attention: General Manager: Corporate Credit

  

 Page 109. 

	26.1.1.2	Facility Agent: 

 Nedbank
Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) 
 Block F, 4th Floor 
 135 Rivonia Road 
 SANDOWN 
 2196 
 Telefax No: (011) 294 6366 
 Attention: Greg Webber 
  

	26.1.1.3	Obligors: 

 150 Helen
Road 
 SANDTON 
 2196 
 Telefax No: (011) 562 9828 
 Attention: Executive Vice President – General Counsel 
  

	26.1.2	Any notice or communication required or permitted to be given in terms of the Finance Documents shall be valid and effective only if in writing but it shall be
competent to give notice by telefax transmitted to its telefax number set out opposite its name above. 

  

	26.1.3	 Any Party may by written notice to the other Parties change its chosen physical addresses and/or telefax number for the purposes of clause 26.1.1 to
any other address(es) and/or telefax number, provided that the change shall become effective on the 14th (fourteenth) day after the receipt of the notice by the addressee. 

  

	26.1.4	Any notice given in terms of this Agreement shall: 

  

	26.1.4.1	 if sent by a courier service be deemed to have been received by the addressee on the 7th (seventh) Business Day following the date of such sending; 

  

 Page 110. 

	26.1.4.2	if delivered by hand be deemed to have been received by the addressee on the date of delivery; 

  

	26.1.4.3	 if transmitted by facsimile be deemed to have been received by the addressee on the 1st (first) Business Day after the date of transmission, 

 unless the contrary is proved. 
  

	26.1.5	Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by a Party shall be an adequate written notice or
communication to it, notwithstanding that it was not sent to or delivered at its chosen address and/or telefax number. 

  

	26.2	Domicilia 

  

	26.2.1	Each of the Parties chooses its physical address referred to in clause 26.1.1 as its domicilium citandi et executandi at which documents in legal
proceedings in connection with this Agreement may be served. 

  

	26.2.2	 Any Party may by written notice to the other Party change its domicilium from time to time to another address, not being a post office box or a
poste restante, in South Africa; provided that any such change shall only be effective on the 14th (fourteenth) day after deemed receipt of the notice by the other Party pursuant to clause 26.1.5.

  

	27.	GENERAL 

  

	27.1	Renunciation of Benefits 

 Each Obligor renounces, to the extent permitted under applicable law, the benefits of each of the legal exceptions of excussion, division, revision of accounts, no value received, errore calculi, non causa debiti, non numeratae
pecuniae and cession of actions, and declares that it understands the meaning of each such legal exception and the effect of such renunciation. 
  

 Page 111. 

	27.2	Accounts and Certificates 

 The entries made in the accounts maintained by the Lenders in connection with the Facility and/or any certificate and/or notice issued, and signed by any manager or director (whose appointment, designation and authority as such it shall not
be necessary to prove) of the Lenders or the Facility Agent, save for manifest error, be prima facie proof of the amounts from time to time owing by any Obligor under the Finance Documents. 
  

	27.3	Sole Agreement 

 The
Finance Documents constitute the sole record of the agreement between the Parties in regard to the subject matter thereof. 
  

	27.4	No Implied Terms 

 No
Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded in any Finance Document. 
  

	27.5	No Variation 

 No addition
to, variation or consensual cancellation of any Finance Document and no extension of time, waiver or relaxation or suspension of any of the provisions or terms of any Finance Document shall be of any force or effect unless in writing and signed by
or on behalf of all the parties thereto. 
  

	27.6	Extensions and Waivers 

 No latitude, extension of time or other indulgence which may be given or allowed by any Party to any other Party in respect of the performance of any

  

 Page 112. 

 
obligation hereunder or enforcement of any right arising from any Finance Document and no single or partial exercise of any right by any Party shall under any circumstances be construed to be an
implied consent by such Party or operate as a waiver or a novation of, or otherwise affect any of that Party’s rights in terms of or arising from any Finance Document or estop such Party from enforcing, at any time and without notice, strict
and punctual compliance with each and every provision or term of any Finance Document. 
  

	27.7	Further Assurances 

 The
Parties undertake at all times to do all such things, to perform all such acts and to take all such steps and to procure the doing of all such things, the performance of all such actions and the taking of all such steps as may be open to them and
necessary for or incidental to the putting into effect or maintenance of the terms, conditions and import of any Finance Document. 
  

	27.8	Waiver of Defences 

 The
provisions of the Finance Documents will not be affected by an act, omission, matter or thing which, but for this clause 27.8 (Waiver of Defences), would reduce, release or prejudice the subordination and priorities in this Agreement
including: 
  

	27.8.1	any time, waiver or consent granted to, or composition with any person; 

  

	27.8.2	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets
of, any Obligor or any non-presentation or non-observance of any formality or other requirement in respect of any instrument; 

  

	27.8.3	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person; 

  

 Page 113. 

	27.8.4	any amendment (however fundamental) or replacement of a Finance Document or any other document or security; 

  

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

  

	27.8.6	any intermediate payment or discharge of any of the Secured Obligations in whole or in part. 

  

	27.9	Independent Advice 

 Each
of the Parties acknowledges that they have been free to secure independent legal and other advice as to the nature and effect of all of the provisions of the Finance Documents and that they have either taken such independent legal and other advice
or dispensed with the necessity of doing so. Further, each of the Parties acknowledges that all of the provisions of each Finance Document and the restrictions therein contained are fair and reasonable in all the circumstances and are part of the
overall intention of the Parties in connection with the Finance Documents. 
  

	27.10	Counterparts 

 Any Finance
Document may be executed in any number of counterparts and by different parties thereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
agreement. 
  

	27.11	Waiver of Immunity 

 Each
Obligor waives generally all immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in respect of: 
  

	27.11.1	the giving of any relief by way of interdict or order for specific performance or for the recovery of assets or revenues; and 

  

 Page 114. 

	27.11.2	the issue of any process against its assets or revenues for the enforcement of a judgement or, in an action in rem, for the arrest, detention or sale of any of its
assets and revenues. 

  

	27.12	Governing Law 

 The entire
provisions of each Finance Document shall be governed by and construed in accordance with the laws of South Africa. 
  

	27.13	Jurisdiction 

 The Parties
hereby irrevocably and unconditionally consent to the non-exclusive jurisdiction of the High Court of South Africa (South Gauteng High Court, Johannesburg division) (or any successor to that division) in regard to all matters arising from the
Finance Documents. 
  

	27.14	Severability 

 Each
provision in each Finance Document is severable from all others, notwithstanding the manner in which they may be linked together or grouped grammatically, and if in terms of any judgment or order, any provision, phrase, sentence, paragraph or clause
is found to be defective or unenforceable for any reason, the remaining provisions, phrases, sentences, paragraphs and clauses shall nevertheless continue to be of full force. In particular, and without limiting the generality of the aforegoing, the
Parties acknowledge their intention to continue to be bound by each Finance Document notwithstanding that any provision may be found to be unenforceable or void or voidable, in which event the provision concerned shall be severed from the other
provisions, each of which shall continue to be of full force. 
  

 Page 115. 

 SIGNED at Sandton on this the 6th day of
May 2009. 
  

	
	For and on behalf of
	NEDBANK LIMITED (acting through its Nedbank Capital division)
	
	 /s/ MR Weston

	Name: MR Weston
	Capacity: Authorised Signatory
	Who warrants his authority hereto
	
	 /s/ BJ Maxwell

	Name: BJ Maxwell
	Capacity: Authorised Signatory
	Who warrants his authority hereto

 SIGNED at Sandton on this the 6th day of
May 2009. 
  

	
	For and on behalf of
	NEDBANK LIMITED (acting through its Nedbank Corporate division)
	
	  

	Name:
	Capacity: Authorised Signatory
	Who warrants his authority hereto
	
	 /s/ D.G. Van Der Walt

	Name: D.G. Van Der Walt
	Capacity: Senior Credit Executive
	Who warrants his authority hereto

  

 Page 116. 

 SIGNED at Johannesburg on this the 6 day of May 2009. 
  
  

	
	For and on behalf of
	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED
	
	  
 /s/ Paul Andy
Schmidt

	Name: Paul Andy Schmidt
	Capacity: Chief Financial Officer
	Who warrants his authority hereto

 SIGNED at Johannesburg on this the 6 day of May 2009. 

 

	
	For and on behalf of
	GOLD FIELDS OPERATIONS LIMITED
	
	  
 /s/ Paul Andy
Schmidt

	Name: Paul Andy Schmidt
	Capacity: Chief Financial Officer
	Who warrants his authority hereto

 SIGNED at Johannesburg on this the 6 day of May 2009. 

 

	
	For and on behalf of
	GOLD FIELDS LIMITED
	
	  
 /s/ Paul Andy
Schmidt

	Name: Paul Andy Schmidt
	Capacity: Chief Financial Officer
	Who warrants his authority hereto

  

 Page 117. 

 SIGNED at Johannesburg on this the 6 day of May 2009. 
  

	
	For and on behalf of
	GOLD FIELDS HOLDINGS COMPANY (BVI) LIMITED
	
	 /s/ Paul Andy Schmidt

	Name: Paul Andy Schmidt
	Capacity: Chief Financial Officer
	Who warrants his authority hereto

 SIGNED at Johannesburg on this the 6 day of May 2009. 

 

	
	For and on behalf of
	GOLD FIELDS OROGEN HOLDING (BVI) LIMITED
	
	 /s/ Nicholas John Holland

	Name: Nicholas John Holland
	Capacity: Director
	Who warrants his authority hereto

  

 Page 118. 

 SCHEDULE 1 
 ORIGINAL GUARANTORS 
  

							
	  	 	 NO.
	  	 ORIGINAL GUARANTOR
	  	  
				
		 	1.	  	 Gold Fields Limited
  
 (Registration No. 1968/004880/06)
	  	
				
		 	2.	  	 Gold Fields Operations Limited
  
 (Registration No. 1959/003209/06)
	  	
				
		 	3.	  	 Gold Fields Holdings Company (BVI) Limited
  
 (Registration No. 651406)
	  	
				
		 	4.	  	 Gold Fields Orogen Holding (BVI) Limited
  
 (Registration No. 184982)
	  	
				
		 	5.	  	 GFI Mining South Africa (Proprietary) Limited
  

(Registration No. 2002/031431/07)
	  	

  

 Page 119. 

 SCHEDULE 2 
 FINANCIAL CLOSE DOCUMENTS 
  

	1.	The Obligors 

  

	1.1	A copy of the Constitutional Documents of each Obligor. 

  

	1.2	A copy of a resolution of the board of directors of each Obligor: 

  

	1.2.1	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving to execute those Finance Documents;

  

	1.2.2	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	1.2.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party. 

  

	1.3	a specimen of the signature of each person authorised by the resolution referred to in paragraphs 1.2 above; 

  

	2.	Finance Documents 

 A duly
executed original of this Agreement. 
  

 Page 120. 

	3.	Financial Intelligence Centre Act, 2001 

 All information and documentation required by the Original Lender in relation to each Obligor to enable it to comply with its obligations under, and the requirements of, the Financial Intelligence Centre
Act, 2001 and its own “know your customer” procedures. 
  

	4.	Legal Opinions 

  

	4.1	A legal opinion of the Facility Agent’s legal counsel in a form reasonably satisfactory to the Facility Agent dealing with the legality and enforceability of the
Finance Documents. 

  

	4.2	A legal opinion of the Parent’s legal counsel in a form reasonably satisfactory to the Original Lender dealing with the capacity and authority of the Obligors,
which opinion will include, but will not be limited to, confirmation that the limit on each Obligor’s respective powers will not be exceeded as a result of the borrowings or giving of guarantees or indemnities contemplated by the Finance
Documents. 

  

	5.	Financial Statements 

  

	5.1	The Original Financial Statements together with the latest audited financial statements of each Obligor (other than Gold Fields Holdings Company (BVI) Limited and Gold
Fields Orogen Holding (BVI) Limited) or any other Obligor which is not legally required to audit its financial statements). 

  

	5.2	The latest unaudited financial statements of Gold Fields Holdings Company (BVI) Limited and Gold Fields Orogen Holding (BVI) Limited. 

  

 Page 121. 

	6.	Credit Committee Approval 

 The approval of the Original Lender’s credit committee. 
  

	7.	Authorisations and Consents 

 A copy of any authorisation or consent (to include any relevant corporate, regulatory and shareholder consent or approval required to authorise the relevant Obligor to guarantee the Facility or to take any action required to be taken by the
relevant Obligor in connection with the Facility) which the Facility Agent reasonably considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by this Agreement or for the validity and
enforceability of any Finance Document. 
  

 Page 122. 

 SCHEDULE 3 
 FORM OF UTILISATION REQUEST 
 (To appear on the
letterhead of a Borrower) 
  

	To:	[insert] 

 [Facility Agent]

 Date: 
 Attention:
[insert] 
 Dear Sirs 
 FACILITY AGREEMENT DATED [INSERT DATE] : UTILISATION REQUEST 
  

	1.	We refer to the Facility Agreement dated [insert] entered into between inter alia us and, Nedbank Limited (acting through its Nedbank Capital and Nedbank
Corporate divisions) (the “Facility Agreement”). 

  

	2.	This is an Utilisation Request. 

  

	3.	The terms defined in the Facility Agreement shall have the same meanings where used in this Utilisation Request. 

  

 Page 123. 

	4.	This Utilisation Request is irrevocable. 

  

	5.	We hereby give you notice that, pursuant to the Facility Agreement and on [insert date], we wish to borrow a Loan in an amount of R[insert] ([insert]
Rand) upon the terms and subject to the conditions contained therein. 

  

	6.	We elect an Interest Period of [insert] months. 

  

	7.	We confirm that as of the date hereof : 

  

	7.1	the Repeating Representations set out in the Facility Agreement are true and correct in all material respects; and 

  

	7.2	no Default has occurred and/or is continuing. 

  

	8.	The proceeds of the Loan must be credited to the following bank account: 

  

	8.1	Bank:                              [insert]; 

  

	8.2	Branch:                           [insert]; 

  

	8.3	Account Name:              [insert]; 

  

	8.4	Account Number:          [insert]; 

  

	8.5	Branch Code:                 [insert]. 

 Yours faithfully 
 [BORROWER] 

 

 Page 124. 

 SCHEDULE 4 
 DISCLOSURES 
 See attached 
  

 Page 125. 

 SCHEDULE 5 
 FORM OF ACCESSION UNDERTAKING 
  

	To:	Nedbank Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) (as Facility Agent) 

  

	From:	Gold Fields Limited; and 

 [insert full name of new Borrower/Guarantor] (the “Acceding Party”) 
 Date: 
 Dear Sirs 
 Facility Agreement between Nedbank
Limited, Gold Fields Limited and others dated [insert] (the “Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. This is an Accession Undertaking. Terms defined in the Agreement have the same meaning in this Accession Undertaking unless given a
different meaning in this Accession Undertaking. 

  

	2.	The Acceding Party agrees to become an Additional [Borrower/Guarantor] and to be bound by the terms of the Facility Agreement as an Additional
[Borrower/Guarantor] pursuant to clause 22 (Change to the Obligors) of the Facility Agreement. The Acceding Party is a company duly incorporated under the laws of [insert name of relevant jurisdiction]. 

 

	3.	The Acceding Party’s administrative details are as follows: 

 Address: 
 Fax No: 

 Attention: 
  

	4.	This Accession Undertaking shall be governed by and construed in accordance with the laws of South Africa. 

  

	
	For and on behalf of
	GOLD FIELDS LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

	
	For and on behalf of
	[insert actual name of Acceding Party]
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

 Page 127. 

 SCHEDULE 6 
 FORM OF RESIGNATION LETTER 
  

	To:	Nedbank Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) (as Facility Agent) 

  

	From:	Gold Fields Limited (the “Parent”); and 

 [insert full name of resigning Obligor] 
 Date: 
 Dear Sirs 
 Facility Agreement between Nedbank
Limited, Gold Fields Limited and others dated [insert] (the “Facility Agreement”) 
  

	1	We refer to the Facility Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a
different meaning in this Accession Letter. 

  

	2.	Pursuant to [Clause 22.3 (Resignation of an Additional Borrower)]/[Clause 22.6 (Resignation of an Additional
Guarantor)], we request that [resigning Obligor] be released from its obligations as a [Borrower]/[Guarantor] under the Facility Agreement. 

  

	3	We confirm that no default is continuing or would result from the acceptance of this request: 

  

 Page 128. 

	4.	This Resignation Letter shall be governed by and construed in accordance with the laws of South Africa. 

  

	
	For and on behalf of
	GOLD FIELDS LIMITED
	
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

 Page 129. 

 SCHEDULE 7 
 FORM OF COMPLIANCE CERTIFICATE 
  

	To:	Nedbank Limited (acting through its Nedbank Capital and Nedbank Corporate divisions) (as Facility Agent) 

 [Date] 
 Dear Sirs 
 FACILITY AGREEMENT BETWEEN NEDBANK LIMITED, GOLD FIELDS LIMITED AND OTHERS DATED
[            ] 2009 (the “Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. This is a Compliance Certificate, and terms used in this Compliance Certificate have the same meaning as in the Facility Agreement.

  

	2.	We confirm that as at [INSERT]: 

  

	2.1	Consolidated EBITDA to Consolidated Net Finance Charges 

 the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of the Measurement Period ending on [INSERT] was:
[            ] : 1; and 
  

	2.2	Consolidated Net Borrowings to Consolidated EBITDA 

 the ratio of Consolidated Net Borrowings to Consolidated EBITDA in respect of the Measurement Period ending on [INSERT] was:
[            ] : 1, and attach calculations showing how these figures were calculated. 
  

 Page 130. 

	3	We confirm that no Default is continuing.* 

  

	
	For and on behalf of
	Gold Fields Limited
	  

	Name:
	Capacity:
	Who warrants his authority hereto

  

	Attachment:	Auditor’s letter of confirmation of compliance with financial ratios. 

  

	*	If this statement cannot be made, the Certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.

  

 Page 131. 

 SCHEDULE 8 
 PERMITTED TRANSFEREES 
 PART 1 
 LOCAL BANKS 
 Absa Bank
Limited 
 FirstRand Bank Limited 
 The
Standard Bank of South Africa Limited 
 Nedbank Limited 
 Investec Bank Limited 
 PART 2 
 FINANCIAL INSTITUTIONS 
 Futuregrowth 
 Liberty Group Limited 
 Metropolitan Life Limited 
 Momentum Group Limited 
 MIBFA 
 Old Mutual Specialised Finance (Proprietary) Limited 
 Old Mutual Life Assurance Company (South Africa) Limited 
 PIC 
 Sanlam Capital 
 Sanlam
Life Insurance Limited 
 PART 3 
 AFFILIATES 
 Any affiliates, subsidiaries or holding companies of any of the banks or
financial institutions listed in this Schedule 8 that are not hedge funds. 
  

 Page 132.U.S.$311 million Credit Facility Agreement

 Exhibit 4.24 
 

 
 EXECUTION VERSION 
 $311,000,000 
 FACILITY AGREEMENT 
 Dated      May 2009 
 for 
 GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED

 GOLD FIELDS OPERATIONS LIMITED 
 GOLD FIELDS OROGEN HOLDING (BVI) LIMITED 
 arranged by 
 THE FINANCIAL INSTITUTIONS 
 listed herein as Arrangers 
 with 
 BARCLAYS BANK PLC 
 acting as Agent 
  
  
 CREDIT FACILITY AGREEMENT 
  
  

 CONTENTS 
  

					
	Clause	  	Page
			
	 1.
	  	Definitions and Interpretation	  	1
			
	 2.
	  	The Facility	  	17
			
	 3.
	  	Purpose	  	17
			
	 4.
	  	Conditions of Utilisation	  	17
			
	 5.
	  	Utilisation	  	19
			
	 6.
	  	Repayment	  	20
			
	 7.
	  	Prepayment and Cancellation	  	22
			
	 8.
	  	Interest	  	25
			
	 9.
	  	Interest Periods	  	26
			
	 10.
	  	Changes to the Calculation of Interest	  	27
			
	 11.
	  	Fees	  	28
			
	 12.
	  	Tax Gross up and Indemnities	  	29
			
	 13.
	  	Increased Costs	  	31
			
	 14.
	  	Other Indemnities	  	32
			
	 15.
	  	Mitigation by the Lenders	  	33
			
	 16.
	  	Costs and Expenses	  	34
			
	 17.
	  	Guarantee and Indemnity	  	35
			
	 18.
	  	Representations	  	38
			
	 19.
	  	Information Undertakings	  	42
			
	 20.
	  	Financial Covenants	  	47
			
	 21.
	  	General Undertakings	  	48
			
	 22.
	  	Events of Default	  	52
			
	 23.
	  	Changes to the Lenders	  	58
			
	 24.
	  	Changes to the Obligors	  	62
			
	 25.
	  	Role of the Agent and the Arrangers	  	65
			
	 26.
	  	Conduct of Business by the Finance Parties	  	70
			
	 27.
	  	Sharing among the Finance Parties	  	70
			
	 28.
	  	Payment Mechanics	  	72
			
	 29.
	  	Set-off	  	74
			
	 30.
	  	Notices	  	74
			
	 31.
	  	Calculations and Certificates	  	77

					
	 32.
	  	Partial Invalidity	  	77
			
	 33.
	  	Remedies and Waivers	  	77
			
	 34.
	  	Amendments and Waivers	  	77
			
	 35.
	  	Counterparts	  	78
			
	 36.
	  	Governing Law	  	79
			
	 37.
	  	Enforcement	  	79
		
	SCHEDULE 1 THE ORIGINAL PARTIES	  	80
			
		  	Part I The Obligors	  	80
		  	Part II The Arrangers	  	81
		  	Part III The Original Lenders	  	82
		
	SCHEDULE 2 CONDITIONS PRECEDENT	  	83
			
		  	Part I Conditions precedent to initial utilisation	  	83
		  	Part II Conditions Precedent Required to be delivered by an Additional Borrower	  	85
		  	Part III Conditions Precedent required to be delivered by an Additional Guarantor	  	87
		
	SCHEDULE 3 REQUESTS	  	89
			
		  	Part I Utilisation Request	  	89
		  	Part II Selection Notice	  	90
		
	SCHEDULE 4 MANDATORY COST FORMULAE	  	91
		
	SCHEDULE 5 FORM OF TRANSFER CERTIFICATE	  	93
		
	SCHEDULE 6 FORM OF ACCESSION LETTER	  	96
		
	SCHEDULE 7 FORM OF RESIGNATION LETTER	  	97
		
	SCHEDULE 8 FORM OF COMPLIANCE CERTIFICATE	  	98
		
	SCHEDULE 9 FORM OF TERM OUT NOTICE	  	99
		
	SCHEDULE 10 TIMETABLE	  	100

 THIS AGREEMENT is dated May    2009 and made between: 
  

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

  

	(2)	GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED, GOLD FIELDS OPERATIONS LIMITED and GOLD FIELDS OROGEN HOLDING (BVI) LIMITED (the “Original
Borrowers”); 

  

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

  

	(4)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties) as mandated lead arranger(s) (whether acting individually or together
the “Arranger”); 

  

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

  

	(6)	BARCLAYS BANK PLC as agent of the other Finance Parties (the “Agent”). 

 IT IS AGREED as follows: 
 SECTION 1 
 INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this
Agreement: 
 “Accession Letter” means a document substantially in the form set out in Schedule 6 (Form of
Accession Letter). 
 “Additional Borrower” means a company which becomes an Additional Borrower in
accordance with Clause 24 (Changes to the Obligors). 
 “Additional Cost Rate” has the meaning given to
it in Schedule 4 (Mandatory Cost Formulae). 
 “Additional Guarantor” means a company which becomes an
Additional Guarantor in accordance with Clause 24 (Changes to the Obligors). 
 “Additional Obligor”
means an Additional Borrower or an Additional Guarantor. 
 “Affiliate” means, in relation to any person, a
Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. 
 “Agreement” means this credit facility agreement. 
 “Auditors” means, at any time,
the auditors of the Parent at that time, being as at the date of this Agreement PricewaterhouseCoopers Inc. and any replacement for those auditors appointed by the Parent. 
  

 - 1 - 

 “Availability Period” means the period from and including the date of this
Agreement to and including the date which is the earlier of (i) one month prior to the Initial Revolving Termination Date and (ii) the Term Out Date. 
 “Available Commitment” means a Lender’s Commitment minus (subject as set out below): 
  

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

  

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

 For the purposes of calculating a Lender’s Available Commitment in relation to any proposed Utilisation,
that Lender’s participation in any Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date shall not be deducted from a Lender’s Commitment. 
 “Available Facility” means the aggregate for the time being of each Lender’s Available Commitment in respect of the
Facility. 
 “Borrower” means an Original Borrower or an Additional Borrower unless it has ceased to be a
Borrower in accordance with Clause 24 (Changes to the Obligors). 
 “Break Costs” means the amount (if
any) by which: 
  

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

 exceeds: 
  

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

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

 “Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount in dollars set out opposite its name under the heading “Commitment” in Part III of Schedule 1 (The
Original Parties) and the amount of any other Commitment transferred to it under this Agreement; and 

  

 - 2 - 

	 	(b)	in relation to any other Lender, the amount in dollars of any Commitment transferred to it under this Agreement, 

 to the extent not cancelled, reduced or transferred by it under this Agreement. 
 “Compliance Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Compliance
Certificate). 
 “Confidentiality Undertaking” means a confidentiality undertaking substantially in a
recommended form of the LMA or in any other form agreed between the Parent and the Agent. 
 “Consolidated
EBITDA” has the meaning set out in Clause 20.1 (Financial Definitions). 
 “Consolidated Tangible Net
Worth” means, at any time, the “Shareholders’ Equity”, as reported in the “Group Statement of Changes in Shareholders’ Equity” in the last set of annual consolidated financial statements of the Parent delivered
to the Agent pursuant to this Agreement. 
 “Constitutional Documents” means, in respect of any person at any
time, the then current and up-to-date constitutional documents of such person at such time (including, without limitation, such person’s memorandum and articles of association, certificate of incorporation, articles of incorporation or
commercial registration certificate). 
 “Default” means an Event of Default or any event or circumstance
specified in Clause 22 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

 “Encumbrance” means; 
  

	 	(a)	any mortgage, pledge, lien, assignment or cession conferring security, hypothecation, a security interest, preferential right or trust arrangement or other encumbrance
of the like securing any obligation of any person; or 

  

	 	(b)	any arrangement under which money or claims to, or for the benefit of, a bank or other account may be applied, set off or made subject to a combination of accounts so
as to effect discharge of any sum owed or payable to any person; or 

  

	 	(c)	any other type of preferential agreement or arrangement (including any title transfer and retention arrangement), the effect of which is the creation of a security
interest. 

 “Environmental Claim” means any claim, proceeding or investigation by any person in
respect of any Environmental Law. 
 “Environmental Law” means any law applicable to the business conducted by a
Material Group Company at the relevant time in any jurisdiction in which that Material Group

  

 - 3 - 

 
Company conducts business which relates to the pollution, degradation or protection of the environment or harm to or the protection of human health or the health of animals or plants. 

“Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of any
notification, report or assessment required under any Environmental Law for the operation of the business of any Material Group Company conducted on or from the properties owned or used by that Material Group Company. 
 “Event of Default” means any event or circumstance specified as such in Clause 22 (Events of Default). 
 “Existing Facility” means the revolving loan facility made available under paragraph (a) of Clause 2.1 (The
Facility) of the US$ 750,000,000 facility agreement dated 16 May 2007 for GFI Mining South Africa (Proprietary) Limited, Gold Fields Orogen Holding (BVI) Limited and Western Areas Limited arranged by ABN AMRO Bank N.V. and Barclays Capital
with Barclays Bank PLC acting as Agent. 
 “Extended Revolving Termination Date” means, in the event the Parent
has exercised the Extension Option pursuant to Clause 6.3 (Extension Option), the date falling seven hundred and twenty eight (728) days after the date of this Agreement. 
 “Extension Option” means the extension option set out in Clause 6.3 (Extension Option). 
 “Facility” means the revolving loan facility made available under this Agreement as described in Clause 2.1 (The
Facility) subject to Clause 6.2 (Term Out Option). 
 “Facility Office” means the office(s) notified
by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days’ written notice) as the office(s) through which it will perform its obligations under this
Agreement. 
 “Fee Letter” means any letter or letters dated on or about the date of this Agreement between the
Arrangers and the Original Borrowers or the Parent (or the Agent and the Parent) setting out any of the fees referred to in Clause 11 (Fees). 
 “Finance Document” means this Agreement, any Fee Letter, any Accession Letter, any Resignation Letter and any other document designated as such by the Agent and the Parent. 
 “Finance Party” means the Agent, the Arrangers or a Lender. 
 “Financial Indebtedness” means (without double counting) any indebtedness for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

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

  

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

  

 - 4 - 

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

  

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

  

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

  

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

  

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

  

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

 

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

 

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

  

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

  

	 	(k)	any amount raised by the issue of redeemable shares; and 

  

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

 “Financial Year” means, at any time, the financial year of the Group ending on 30 June in
each calendar year. 
 “GAAP” means the generally accepted accounting principles set out in IFRS. 
 “Ghanaian Companies” means Gold Fields Ghana Limited and Abosso Goldfields Limited. 
 “Group” means the Parent, the Guarantors and each of their Subsidiaries for the time being. 
 “Group Company” means a member of the Group. 
 “Guarantor” means an Original Guarantor or an Additional Guarantor unless, in the case of an Additional Guarantor, it has ceased to be a Guarantor in accordance with Clause 24 (Changes
to the Obligors). 
 “Holding Company” means, in relation to a company or corporation, any other company or
corporation in respect of which it is a Subsidiary. 
 “IFRS” means International Financial Reporting Standards
issued and/or adopted by the International Accounting Standards Board. 
  

 - 5 - 

 “Indebtedness for Borrowed Money” means Financial Indebtedness save for any
indebtedness for or in respect of paragraphs (i) and (j) of the definition of “Financial Indebtedness”. 
 “Information” has the meaning given to such term in Clause 18.10 (No misleading information). 
 “Information Package” means the financial information distributed during March 2009 concerning the Group which, at the Parent’s request and on its behalf, was prepared in relation to this transaction and distributed by
the Arrangers to selected financial institutions before the date of this Agreement. 
 “Initial Revolving Termination
Date” means the date falling three hundred and sixty four (364) days after the date of this Agreement. 
 “Interest Period” means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3
(Default interest). 
 “Lender” means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank or financial institution which has become a Party in accordance with Clause 23 (Changes to the Lenders), 

 which in each case has not ceased to be a Party in accordance with the terms of this Agreement. 
 “LIBOR” means, in relation to any Loan: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for dollars for the Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied
to the Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

 as of
the Specified Time on the Quotation Day for the offering of deposits in dollars and for a period comparable to the Interest Period for that Loan. 
 “LMA” means the Loan Market Association. 
 “Loan”
means a Revolving Loan or a Term Out Loan. 
 “Majority Lenders” means: 
  

	 	(a)	 if there are no Loans then outstanding, a Lender or Lenders whose Commitments aggregate more than 66 2/3% of the Total Commitments (or, if the Total Commitments have been
reduced to zero, aggregated more than 66 2/3% of the
Total Commitments immediately prior to the reduction); or 

  

 - 6 - 

	 	(b)	 at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate more than 662/3% of all the Loans then outstanding. 

 “Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 4 (Mandatory
Cost Formulae). 
 “Margin” means 2.75 per cent. per annum. 
 “Material Adverse Effect” means a material adverse effect on: 
  

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

  

	 	(b)	the ability of an Obligor to perform its financial or other material obligations under the Finance Documents to which it is a party; or 

  

	 	(c)	the validity or enforceability of the Finance Documents or any of them. 

 “Material Group Company” means: 
  

	 	(a)	the Obligors; and 

  

	 	(b)	any member of the Group from time to time that is not a Non-Material Group Company; 

 and “Material Group Companies” means, as the context requires, all of them. 
 “Month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next
calendar month, except that: 
  

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

  

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

  

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

 Paragraphs (a), (b) and (c) above will only apply to the last Month of any
period. 
 “Non-Material Group Company” means, at any time, a member of the Group (other than an Obligor) which
had EBITDA (determined on the same basis as Consolidated EBITDA) or gross assets in its most recently ended Financial Year (on a consolidated basis taking into account it and its subsidiaries only) less than five per cent. (5%) of Consolidated
EBITDA or gross assets of the Group (calculated according to the most recent set of audited consolidated financial statements delivered pursuant to Clause 19.1 (Financial Statements)).

  

 - 7 - 

 
Compliance with the aforementioned condition shall be determined by reference to the latest audited financial statements of such member of the Group (consolidated in the case of a member of the
Group which itself has Subsidiaries), provided that: 
  

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

  

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

  

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

 Should there be any dispute regarding whether any member of the Group is or is not a Non-Material Group Company such dispute shall be
referred, at the request of the Agent, to the Auditors and a report by the Auditors that a member of the Group is or is not a Non-Material Group Company shall, in the absence of manifest error, be conclusive and binding on all Parties. The costs of
obtaining the report by the Auditors will be borne by the unsuccessful party to the dispute. 
 “Obligor” means
a Borrower or a Guarantor. 
 “Original Financial Statements” means the audited consolidated financial
statements of the Parent for the Financial Year ended 30 June 2008. 
 “Party” means a party to this
Agreement. 
 “Permitted Disposal” means any sale, lease, transfer or other disposal: 
  

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

  

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

  

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

  

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

  

 - 8 - 

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

  

	 	(f)	by any member of the Group to any other person where the higher of the market value or consideration receivable when aggregated with the higher of the market value or
consideration receivable for any other sale, lease, transfer or other disposal by any member of the Group (other than a sale, lease, transfer or other disposal referred to in (a), (b), (c), (d), (e) and (g)) does not exceed ten per cent.
(10%) of the Consolidated Tangible Net Worth in any Financial Year subject to a maximum of thirty per cent. (30%) of Consolidated Tangible Net Worth at such time in aggregate during the period from the date of this Agreement to the
Termination Date; or 

  

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

 “Permitted Encumbrance” means: 
  

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

  

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

  

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

  

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

  

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

  

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

  

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

 

 - 9 - 

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 - 10 - 

	 	 
are shares issued by, and any loans made by it to, the Cerro Corona Subsidiary and its sister company, Minera Gold Fields S.A. 

 “Permitted Financial Indebtedness” means any Financial Indebtedness: 
  

	 	(a)	arising under the Finance Documents; 

  

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

  

	 	(c)	arising in connection with the Cerro Corona Project; 

  

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

  

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

  

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

  

	 	(g)	not falling within paragraphs (a), (b), (c), (d), (e) or (f) above provided that the aggregate amount of all Financial Indebtedness (excluding, for the
avoidance of doubt, any Financial Indebtedness incurred by a Guarantor or a Project Finance Subsidiary) permitted under this paragraph (g) does not at any time exceed two hundred million dollars ($200,000,000) (or its equivalent).

 “Project Finance Borrowings” means: 
  

	 	(a)	any indebtedness to finance (or re-finance) a project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of assets
which is incurred by a Project Finance Subsidiary in connection with such project and in respect of which the recourse of the person(s) making any such finance (or re-finance) available to that Project Finance Subsidiary for the payment, repayment
and prepayment of such indebtedness is limited to (i) the Project Finance Subsidiary and its assets and/or the shares in that Project Finance Subsidiary and/or (ii) during the period prior to successful completion of the relevant
completion tests applicable to such project, guarantees from any one or more members of the Group; or 

  

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

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

 - 11 - 

 “Quotation Day” means, in the case of a determination of LIBOR, the date on
which quotations would customarily be provided by leading banks in the London Interbank Market for deposits or amounts in dollars for delivery on the first day of such period or on any other relevant date. 
 “Reference Banks” means, the principal London offices of Barclays Bank PLC and The Royal Bank of Scotland plc and/or such
other banks as may be appointed by the Agent in consultation with the Parent. 
 “Relevant Interbank Market”
means the London interbank market. 
 “Repeating Representations” means each of the representations set out in
Clause 18.1 (Status), to Clause 18.22 (No Material Adverse Effect) other than Clause 18.3 (Binding Obligations), Clause 18.6 (Governing law and enforcement), Clause 18.7 (Deduction of Tax), Clause 18.8 (No
filing or stamp taxes), paragraphs (a) and (b) of Clause 18.10 (No misleading information) and Clause 18.13 (No proceedings pending or threatened). 
 “Resignation Letter” means a letter substantially in the form set out in Schedule 7 (Form of Resignation Letter).

 “Revolving Loan” means a loan made or to be made under the Facility or the principal amount outstanding for
the time being of that loan. 
 “Rollover Loans” means one or more Revolving Loans: 
  

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

  

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

  

	 	(c)	made or to be made for the purpose of refinancing a maturing Revolving Loan. 

 “Screen Rate” means the British Bankers’ Association Interest Settlement Rate for dollars for the relevant period, displayed on the appropriate page (being LIBOR 01) of the Reuters
screen. If the agreed page is replaced or service ceases to be available, the Agent may specify another page or service displaying the appropriate rate after consultation with the Parent and the Lenders. 
 “Selection Notice” means a notice substantially in the form set out in Part II of Schedule 3 (Requests) given in
accordance with Clause 9 (Interest Periods). 
 “Specified Time” means a time determined in accordance
with Schedule 10 (Timetable). 
 “Subsidiary” means, in relation to any company or corporation, a company
or corporation: 
  

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

  

 - 12 - 

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

  

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

 and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able
to direct its affairs and/or to control the composition of its board of directors or equivalent body. 
 “Tax”
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including, without limitation, any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 
 “Tax Credit” means a credit against, relief or remission for, or repayment of any Tax. 
 “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document.

 “Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.1
(Tax gross-up) or a payment under Clause 12.2 (Tax indemnity). 
 “Term Out Date” means the date
on which the Parent wishes to exercise the Term Out Option, which date shall be the Initial Revolving Termination Date. 
 “Term Out Loan” means any Revolving Loan converted to a term loan pursuant to the exercise of the Term Out Option. 
 “Term Out Notice” has the meaning given to that term in Clause 6.2 (Term Out Option). 
 “Term Out Option” means the term out option set out in Clause 6.2 (Term Out Option). 
 “Termination Date” means 
  

	 	(a)	the Initial Revolving Termination Date; 

  

	 	(b)	in relation to a Revolving Loan which has been the subject of a Term Out Notice, the date set out in the Term Out Notice as the Termination Date being a date no later
than twenty four (24) months after the date of this Agreement; or 

  

	 	(c)	in the event the Parent has exercised the Extension Option pursuant to Clause 6.3 (Extension Option), the Extended Revolving Termination Date.

 “Total Commitments” means the aggregate of the Commitments being three hundred and eleven
million dollars ($311,000,000) at the date of this Agreement. 
 “Transfer Certificate” means a certificate
substantially in the form set out in Schedule 5 (Form of Transfer Certificate) or any other form agreed between the Agent and the Parent. 
 “Transfer Date” means, in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

 - 13 - 

	 	(b)	the date on which the Agent executes the Transfer Certificate. 

 “Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents. 
 “Utilisation” means a utilisation of the Facility. 
 “Utilisation Date” means the date of a Utilisation, being the date on which the relevant Loan is to be made. 
 “Utilisation Request” means a notice substantially in the form set out in Part I of Schedule 3 (Requests). 
 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature. 
  

	1.2	Construction 

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(vi)	“Barclays Capital” is a reference to Barclays Capital, the investment banking division of Barclays Bank PLC; 

  

 - 14 - 

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

  

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

  

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

  

	 	(x)	a “person” shall be construed as a reference to any person, firm, company, corporation, government, state or agency of a state or any association,
trust or partnership (whether or not having separate legal personality) or two or more of the foregoing; 

  

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

  

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

  

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

  

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

  

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

  

	 	(d)	A Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is
“continuing” if it has not been remedied or waived. 

  

	1.3	Currency Symbols and Definitions 

 “US$”, “$” and “dollars” denote lawful currency of the United States of America. 
  

 - 15 - 

	1.4	Third party rights 

  

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

  

	 	(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.

  

 - 16 - 

 SECTION 2 
 THE FACILITY 
  

	2.	THE FACILITY 

  

	2.1	The Facility 

 Subject to
the terms of this Agreement, the Lenders make available to the Borrower a dollar revolving loan facility with a term out option in an aggregate amount equal to the Total Commitments. 
  

	2.2	Finance Parties’ rights and obligations 

  

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

  

	 	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents
to a Finance Party from an Obligor shall be a separate and independent debt. 

  

	 	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

  

	3.	PURPOSE 

  

	3.1	Purpose 

  

	 	(a)	The Original Borrowers shall apply all amounts borrowed by them under the Facility towards (i) repayment of the Existing Facility and (ii) their general
corporate purposes and working capital. 

  

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

  

	3.2	Monitoring 

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

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

 No Borrower may deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent to Initial  

  

 - 17 - 

 
Utilisation) in form and substance satisfactory to the Agent. The Agent shall notify the Parent and the Lenders promptly upon being so satisfied. 
  

	4.2	Further conditions precedent 

 The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 
  

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

  

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

  

	4.3	Maximum number of Loans 

 A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 20 (twenty) Loans would be outstanding. 
  

 - 18 - 

 SECTION 3 
 UTILISATION 
  

	5.	UTILISATION 

  

	5.1	Delivery of a Utilisation Request 

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

	5.2	Completion of a Utilisation Request 

  

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

  

	 	(i)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	(ii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and 

  

	 	(iii)	the proposed Interest Period complies with Clause 9 (Interest Periods). 

  

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

  

	5.3	Currency and amount 

  

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

  

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

  

	5.4	Lenders’ participation 

  

	 	(a)	If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility
Office. 

  

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

  

 - 19 - 

 SECTION 4 
 REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6.	REPAYMENT 

  

	6.1	Repayment of Loans 

  

	 	(a)	Subject to paragraph (b) below, each Borrower shall repay each Loan made to it on the last day of its Interest Period. 

  

	 	(b)	Each Borrower shall repay each Term Out Loan made to it on the applicable Termination Date. 

  

	6.2	Term Out Option 

  

	 	(a)	The Parent may elect to convert all of the Revolving Loans into Term Out Loans. 

  

	 	(b)	The Parent may, at any time up to ten (10) days prior to the Initial Revolving Termination Date, exercise the Term Out Option by notice to the Agent substantially
in the form set out in Schedule 9 (Form of Term Out Notice) (the “Term Out Notice”). Only one such notice may be given and such notice is irrevocable. 

  

	 	(c)	The Term Out Notice shall specify the Revolving Loan(s) in relation to which the Term Out Option is being exercised and the Term Out Date. 

  

	 	(d)	The Agent shall promptly notify each Lender of the Revolving Loans specified in the Term Out Notice. 

  

	 	(e)	If the Term Out Option is so exercised and the matters set out in paragraph (f) and (g) below are satisfied, then on the Term Out Date:

  

	 	(i)	the Revolving Loan(s) to be converted shall be deemed to have been borrowed on the Term Out Date as Term Out Loans repayable on the Termination Date (as specified in
the Term Out Notice); and 

  

	 	(ii)	any Available Commitment shall be automatically cancelled. 

  

	 	(f)	The following must be satisfied for the Term Out Option to be effected as specified in paragraph (e) above: 

  

	 	(i)	the Repeating Representations are true in all material respects; and 

  

	 	(ii)	no Default is continuing or would result from the Term Out Loan(s), 

 in each case, on the date of the Term Out Notice and on the Term Out Date. 
  

	 	(g)	No later than on the Term Out Date payment of the term out fee to the Agent pursuant to Clause 11.5 (Term Out Fees) shall be made. 

  

 - 20 - 

	6.3	Extension Option 

  

	 	(a)	The Parent may request that the Termination Date be extended, on the same terms, from the Initial Revolving Termination Date to the Extended Revolving Termination Date
(the “Extension Option”), subject to the terms of this Clause 6.3, by giving notice to the Agent not less than thirty (30) Business Days (and not more than sixty (60) Business Days) before the Initial Revolving Termination
Date, provided that the Parent has not exercised the Term Out Option. 

  

	 	(b)	A notice served by the Parent pursuant to paragraph (a) of this Clause 6.3 above shall be irrevocable subject to paragraph (e) of this Clause 6.3 below.

  

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

  

	 	(d)	Each Lender shall notify the Agent of its decision (which shall be in its sole discretion) whether or not to agree to the request not later than fifteen (15) days
before the Initial Revolving Termination Date (and, if any Lender has not notified the Agent of its acceptance of the request on or before such date, it shall be deemed to have refused such request), and the Agent shall promptly notify the Parent
whether or not each Lender has agreed to the request. 

  

	 	(e)	Promptly following receipt of notification from the Agent pursuant to paragraph (d) above, the Parent may elect, in its absolute discretion, by notice to the
Agent, either: 

  

	 	(i)	to accept the extension offered by some or all of the Lenders, in which case the Agent shall promptly notify the relevant Lender(s) of any such acceptance and the
Termination Date shall be extended from the Initial Revolving Termination Date to the Extended Revolving Termination Date in relation to the Commitments and participations of such Lender(s) as elected on the same terms; or 

 

	 	(ii)	if any Lender does not agree to an extension request, not to benefit from the Extension Option, in which case the Revolving Loan shall be repaid on the Initial
Revolving Termination Date together with accrued interest and all other amounts outstanding. 

  

	 	(f)	If any Lender does not agree to any extension request, and the Parent has elected to accept the extension offered by some of the Lenders, such non-agreeing
Lender’s participation in any outstanding Revolving Loan shall be repaid on the Initial Revolving Termination Date, together with accrued interest and all other amounts outstanding in relation to such participation, and its Commitment shall be
reduced to zero. 

  

 - 21 - 

	7.	PREPAYMENT AND CANCELLATION 

  

	7.1	Illegality 

 If it becomes
unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan: 
  

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

  

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

  

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

  

	7.2	Change of control 

  

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

  

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

  

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

  

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

  

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

  

 - 22 - 

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

  

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

  

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

 

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

  

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

  

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

  

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

  

	7.3	Voluntary cancellation 

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

	7.4	Voluntary prepayment of Term Out Loans 

 A Borrower may, if it gives the Agent not less than five (5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Term Out
Loan (but, if in part, being a minimum amount of ten million dollars ($10,000,000) and integral multiples of two million dollars ($2,000,000) in excess thereof); provided that a Term Out Loan may be prepaid at the end of the Interest Period
therefor. 
  

	7.5	Right of repayment and cancellation in relation to a single Lender 

  

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 12.1 (Tax gross-up); or 

  

	 	(ii)	any Lender claims indemnification from the Parent under Clause 12.2 (Tax indemnity) or Clause 13.1 (Increased costs); or 

  

 - 23 - 

	 	(iii)	any Lender notifies the Agent of its Additional Cost Rate under paragraph 3 of Schedule 4 (Mandatory Cost Formulae), 

 the Parent may, whilst (in the case of paragraphs (i) and (ii) above) the circumstance giving rise to the requirement or
indemnification continues or (in the case of paragraph (iii) above) that Additional Cost Rate is greater than zero, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that
Lender’s participation in the Loans. 
  

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

  

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

  

	7.6	Restrictions 

  

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

  

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

  

	 	(c)	Unless a contrary indication appears in this Agreement any part of any Loan (other than a Term Out Loan) which is prepaid may be reborrowed in accordance with the terms
of this Agreement. 

  

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

  

	 	(e)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	 	(f)	At the end of the Availability Period, the Total Commitments shall be reduced to zero. 

  

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

  

	 	(h)	Any Term Out Loan which is prepaid or repaid may not be reborrowed. 

  

 - 24 - 

 SECTION 5 
 COSTS OF UTILISATION 
  

	8.	INTEREST 

  

	8.1	Calculation of interest 

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

	 	(a)	Margin; 

  

	 	(b)	LIBOR; and 

  

	 	(c)	Mandatory Cost, if any. 

  

	8.2	Payment of interest 

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

	8.3	Default interest 

  

	 	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the
date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment,
constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor on
demand by the Agent. 

  

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

  

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

  

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

  

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

  

	8.4	Notification of rates of interest 

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

 - 25 - 

	9.	INTEREST PERIODS 

  

	9.1	Selection of Interest Periods 

  

	 	(a)	A Borrower (or the Parent on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan or in relation to a Term Out Loan
(i) in relation to the first Interest Period (for each Term Out Loan) in the Term Out Notice or (ii) (in relation to all subsequent Interest Periods) in a Selection Notice. 

  

	 	(b)	Each Selection Notice for a Term Out Loan is irrevocable and must be delivered to the Agent by a Borrower (or the Parent on behalf of a Borrower) to which that Loan was
made not later than the Specified Time. 

  

	 	(c)	If a Borrower (or the Parent on behalf of a Borrower) fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the relevant
Interest Period will be one Month. 

  

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

  

	 	(e)	An Interest Period for a Loan shall not extend beyond the Termination Date. 

  

	 	(f)	Each Interest Period for a Loan shall start on the Utilisation Date or, in relation to any Term Out Loan, the last day of the immediately preceding Interest Period.

  

	 	(g)	A Loan (except for a Term Out Loan) has one Interest Period only. 

  

	9.2	Non-Business Days 

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

	9.3	Consolidation and division of Term Out Loans 

  

	 	(a)	Subject to paragraph (b) below, if two or more Interest Periods end on the same date, the Term Out Loans relating thereto will, unless that Borrower (or the Parent
on its behalf) specifies to the contrary in the Selection Notice for the next Interest Period, be consolidated into, and treated as, a single Term Out Loan on the last day of the Interest Period. 

  

	 	(b)	Subject to Clause 4.3 (Maximum number of Loans), if a Borrower (or the Parent on its behalf) requests in a Selection Notice that a Term Out Loan be divided into
2 (two) or more Term Out Loans, that Term Out Loan will, on the last day of its Interest Period, be so divided into the amounts specified in that Selection Notice, being an aggregate amount equal to the amount of the Term Out Loan immediately before
its division. 

  

 - 26 - 

	10.	CHANGES TO THE CALCULATION OF INTEREST 

  

	10.1	Absence of quotations 

 Subject to Clause 10.2 (Market disruption), if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR shall be
determined on the basis of the quotations of the remaining Reference Banks. 
  

	10.2	Market disruption 

  

	 	(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s share of that Loan for the Interest
Period shall be the percentage rate per annum which is the sum of: 

  

	 	(i)	the Margin; 

  

	 	(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event not later than five (5) Business Days before interest is due to be paid in
respect of that Interest Period (provided that if such Lender is unable to notify the Agent of such rate not later than five (5) Business Days before interest is due to be paid in respect of that Interest Period, it shall do so before
interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select; and

  

	 	(iii)	the Mandatory Cost, if any, applicable to that Lender’s participation in the Loan. 

  

	 	(b)	In this Agreement “Market Disruption Event” means: 

  

	 	(i)	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to
the Agent to determine LIBOR for dollars and for the relevant Interest Period; or 

  

	 	(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose
participations in a Loan exceed thirty five per cent. (35%) of that Loan) that the cost to it of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR. 

  

	10.3	Alternative basis of interest or funding 

  

	 	(a)	If a Market Disruption Event occurs and the Agent or the Parent so requires, the Agent and the Parent shall enter into negotiations (for a period of not more than
thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

 - 27 - 

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

  

	10.4	Break Costs 

  

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

  

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

  

	11.	FEES 

  

	11.1	Commitment fee 

  

	 	(a)	The Parent shall pay to the Agent (for the account of each Lender) a fee in dollars which shall be computed at the rate of one point one per cent. (1.10%) per
annum on that Lender’s Available Commitment for the Availability Period. 

  

	 	(b)	The accrued commitment fee is payable on the last day of each successive period of three (3) months which ends during the Availability Period, on the last day of
the Availability Period, on the Termination Date and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

  

	11.2	Participation fee 

 The
Parent shall pay to the Agent (for the account of the Lenders based on their respective contributions) a participation fee in the amount and at the times agreed in a Fee Letter. 
  

	11.3	Syndication fee 

 The
Parent shall pay to the Agent (for the account of the Arrangers) a syndication fee in the amount and at the times agreed in a Fee Letter. 
  

	11.4	Agency fee 

 The Parent
shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter. 
  

	11.5	Term Out fee 

 The Parent
shall pay to the Agent (for the account of each Lender in respect of its participation in the Term Out Loan(s)) a term-out fee of a quarter per cent. (0.25%) flat on the Term Out Date. The term-out fee shall be calculated on the amount of the
Facility which has been converted into a Term Out Loan. 
  

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 SECTION 6 
 ADDITIONAL PAYMENT OBLIGATIONS 
  

	12.	TAX GROSS UP AND INDEMNITIES 

  

	12.1	Tax gross-up 

  

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

  

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

  

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

  

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

  

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

  

	12.2	Tax indemnity 

  

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

  

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

  

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

  

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

  

 - 29 - 

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

  

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

  

	 	(ii)	to the extent a loss, liability or cost is compensated for by an increased payment under Clause 12.1 (Tax gross-up). 

  

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

  

	 	(d)	A Finance Party shall, on receiving a payment from an Obligor under this Clause 12.2, notify the Agent. 

  

	12.3	Tax Credit 

 If an Obligor
makes a Tax Payment and the relevant Finance Party determines (in its absolute discretion) that: 
  

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

  

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

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

	12.4	Stamp taxes 

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

	12.5	Value added tax 

  

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

  

 - 30 - 

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

  

	 	(c)	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify the Finance
Party against all VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that neither it nor any other member of any group of which it is a member for VAT purposes is entitled
to credit or repayment from the relevant tax authority in respect of the VAT. 

  

	13.	INCREASED COSTS 

  

	13.1	Increased costs 

  

	 	(a)	Subject to Clause 13.3 (Exceptions) the Parent shall, within five (5) Business Days of a demand by the Agent, pay for the account of a Finance Party the
amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or
(ii) compliance with any law or regulation made after the date of this Agreement. 

  

	 	(b)	In this Agreement “Increased Costs” means: 

  

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

  

	 	(ii)	an additional or increased cost; or 

  

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

  

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

  

	13.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which
the Agent shall promptly notify the Parent. 

  

 - 31 - 

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs.

  

	13.3	Exceptions 

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

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

  

	 	(b)	compensated for by Clause 12.2 (Tax indemnity) (or would have been compensated for under Clause 12.2 (Tax indemnity) but was not so compensated solely
because any of the exclusions in paragraph (b) of Clause 12.2 (Tax indemnity) applied); 

  

	 	(c)	compensated for by the payment of the Mandatory Cost; or 

  

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

  

	14.	OTHER INDEMNITIES 

  

	14.1	Currency indemnity 

  

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

  

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

  

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

  

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

  

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

  

	14.2	Other indemnities 

 The
Parent shall (or shall procure that an Obligor will), within five (5) Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

 - 32 - 

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

  

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

  

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

  

	14.3	Indemnity to the Agent 

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

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

  

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

  

	15.	MITIGATION BY THE LENDERS 

  

	15.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Parent, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount
becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax Gross-up and Indemnities), Clause 13 (Increased Costs) or paragraph 3 of Schedule 4 (Mandatory Cost Formulae)
including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

  

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

  

	15.2	Limitation of liability 

  

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

  

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

  

 - 33 - 

	16.	COSTS AND EXPENSES 

  

	16.1	Transaction expenses 

 The
Parent shall, promptly within five (5) Business Days of demand, pay the Agent and the Arrangers the amount of all costs and expenses (including legal fees but subject to any separately agreed cap) reasonably incurred by any of them in
connection with syndication of the Facility and the negotiation, preparation, printing and execution of: 
  

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

  

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

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

	16.2	Amendment costs 

 If
(a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 28.9 (Change of currency), the Parent shall, within five (5) Business Days of demand, reimburse the Agent for the amount
of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement. 
  

	16.3	Enforcement costs 

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

 - 34 - 

 SECTION 7 
 GUARANTEE 
  

	17.	GUARANTEE AND INDEMNITY 

  

	17.1	Guarantee and indemnity 

 Each Guarantor irrevocably and unconditionally jointly and severally: 
  

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

  

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

  

	 	(c)	indemnifies each Finance Party immediately on demand (and shall make the relevant payment within five (5) Business Days of such demand) against any cost, loss or
liability suffered by that Finance Party if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been
entitled to recover. 

  

	17.2	Continuing guarantee 

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

	17.3	Reinstatement 

 If any
payment by an Obligor or any discharge given by a Finance Party (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event:

  

	 	(a)	the liability of each Obligor shall continue as if the payment, discharge, avoidance or reduction had not occurred; and 

  

	 	(b)	each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor, as if the payment, discharge, avoidance or reduction
had not occurred. 

  

	17.4	Waiver of defences 

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

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

  

 - 35 - 

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

  

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

  

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

  

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental) or replacement of a Finance Document or any other document or security;

  

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

  

	 	(g)	any insolvency or similar proceedings. 

  

	17.5	Immediate recourse 

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

	17.6	Appropriations 

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

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

  

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

  

	17.7	Deferral of Guarantors’ rights 

 Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent

  

 - 36 - 

 
otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents: 
  

	 	(a)	to be indemnified by an Obligor; 

  

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

  

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

  

	17.8	Additional security 

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

 - 37 - 

 SECTION 8 
 REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	18.	REPRESENTATIONS 

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

	18.1	Status 

  

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

  

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

  

	18.2	Power and authority 

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

	18.3	Binding obligations 

 The
obligations expressed to be assumed by it in each Finance Document to which it is a party are, subject to any general principles of law as at the date of this Agreement limiting its obligations, which are specifically referred to in any legal
opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors), legal, valid, binding and enforceable obligations. 
  

	18.4	Non-conflict with other obligations 

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

	 	(a)	any law applicable to it; 

  

	 	(b)	its Constitutional Documents; or 

  

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

  

	18.5	Validity and admissibility in evidence 

 All authorisations required: 
  

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

  

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, have been obtained or effected and are in full force
and effect. 

  

 - 38 - 

	18.6	Governing law and enforcement 

 Subject to any general principles of law as at the date of this Agreement set out in any legal opinion delivered pursuant to Clause 4.1 (Initial conditions precedent) or Clause 24 (Changes to the Obligors): 
  

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

  

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

  

	18.7	Deduction of Tax 

 It is
not required under the law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document. 
  

	18.8	No filing or stamp taxes 

 Except to the extent set out in any legal opinion provided pursuant to Clause 4.1 (Initial conditions precedent) or Clause 24 (Changes to the Obligors) in relation to it, under the law of its jurisdiction of incorporation it
is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions
contemplated by the Finance Documents. 
  

	18.9	No default 

  

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

  

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

  

	18.10	No misleading information 

  

	 	(a)	All written information supplied by it to the Finance Parties and the Agent in connection with this Agreement (and the information contained in the Information Package)
(the “Information”) was true and accurate in all material respects as at the date it was given and was not misleading in any material respect at such date. 

  

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

  

 - 39 - 

	18.11	Financial statements 

  

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

  

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

  

	18.12	Pari passu ranking 

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

	18.13	No proceedings pending or threatened 

 No litigation, arbitration or administrative proceedings of or before any court, arbitral body or government agency which, if adversely determined, might reasonably be expected to have a Material Adverse
Effect (to the best of its knowledge and belief) have been started or threatened against it or any Material Group Company. 
  

	18.14	No winding-up 

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

	18.15	No encumbrances 

  

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

  

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

  

	18.16	Assets 

 It and each
Material Group Company has good title to or validly leases or licenses all of the assets necessary and has all consents and/or authorisations necessary to carry on its business as conducted to the extent that failure to comply with this Clause 18.16
could reasonably be expected to have a Material Adverse Effect. 
  

	18.17	Insurance 

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

 - 40 - 

	18.18	Environmental Compliance 

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

	18.19	Environmental Claims 

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

	18.20	Taxation 

  

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

  

	 	(i)	payment is being contested in good faith; 

  

	 	(ii)	it has maintained adequate reserves for those Taxes; and 

  

	 	(iii)	payment can be lawfully withheld. 

  

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

  

	18.21	Ownership of Material Group Companies 

  

	 	(a)	Each Material Group Company (other than GFI Mining South Africa (Proprietary) Limited, the Cerro Corona Subsidiary and the Ghanaian Companies) is a wholly-owned
Subsidiary of the Parent. 

  

	 	(b)	The Parent holds at least seventy four per cent. (74%) of the issued share capital of GFI Mining South Africa (Proprietary) Limited. 

  

	 	(c)	The Parent indirectly holds at least seventy one point one per cent. (71.1%) of the issued share capital of each Ghanaian Company. 

  

	 	(d)	The Parent indirectly holds at least ninety two per cent. (92%) of the voting shares in the share capital of the Cerro Corona Subsidiary (which equates to eighty
point seven per cent. (80.7%) of the issued and outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  

	18.22	No Material Adverse Effect 

 There has been no change in the business, operations, property or financial condition of the Obligors or the Group (taken as a whole) since 30 June 2008 which could reasonably be expected to have a Material Adverse Effect. 

 

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	18.23	Times when representation made 

  

	 	(a)	All the representations and warranties in this Clause 18 are made by each Obligor on the date of this Agreement (other than the representation in paragraph (a) of
Clause 18.10 (No misleading information) which is deemed to be made on the date the Information is provided by the relevant Obligor). 

  

	 	(b)	All the representations and warranties in this Clause 18 are deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on the date
of each Utilisation Request and Utilisation Date. 

  

	 	(c)	The Repeating Representations are deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on the first day of each Interest
Period, on the date of extension pursuant to the exercise of the Extension Option under Clause 6.3 (Extension Option) and on the Term Out Date save that the references in Clause 18.11 (Financial statements) to “the Original
Financial Statements” shall, for the purposes of the Repeating Representations, be construed as references to the most recent audited consolidated financial statements of the Parent delivered to the Agent under Clause 19.1 (Financial
statements). 

  

	19.	INFORMATION UNDERTAKINGS 

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

 

	19.1	Financial statements 

 The
Parent shall supply to the Agent: 
  

	 	(a)	as soon as the same become available, but in any event within one hundred and twenty (120) days after the end of each of its Financial Years:

  

	 	(i)	the audited consolidated financial statements of the Parent for that Financial Year; 

  

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

  

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

  

 - 42 - 

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

 

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

  

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

  

	 	(c)	as soon as the same become available, but in any event within forty-five (45) days after the end of each quarter of each Financial Year: 

 

	 	(i)	the unaudited consolidated financial statements of the Parent for that period; and 

  

	 	(ii)	the unaudited financial statements of each Obligor for that period. 

  

	19.2	Compliance Certificate 

  

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

  

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

  

	19.3	Requirements as to financial statements 

  

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

  

	 	(b)	The Parent shall procure that each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) is prepared in accordance with GAAP, the
requirements of its jurisdiction of incorporation and accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements. 

  

	 	(c)	Paragraph (b) above shall not apply to the extent that, in relation to any sets of financial statements, the Parent notifies the Agent that there has been a change
in GAAP or the accounting practices or reference periods and its Auditors (in the case of its annual audited financial statements) or the Parent (in the case of any of its other financial statements) delivers to the Agent: 

 

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

  

 - 43 - 

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

  

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

  

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

  

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

  

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

  

	19.4	Access to records 

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

	19.5	Information: miscellaneous 

 Each Obligor shall supply to the Agent, if the Agent so requests: 
  

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

  

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

  

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

  

	19.6	Notification of default 

  

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

  

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

  

	19.7	Use of websites 

  

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

  

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

 

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 - 45 - 

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

  

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

  

	 	  	If the Parent notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Parent under this Agreement after the date of
that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing. 

  

	 	  	Any Website Lender may request, through the Agent, 1 (one) paper copy of any information required to be provided under this Agreement which is posted onto the
Designated Website. The Parent shall comply with any such request within ten (10) Business Days. 

  

	19.8	“Know your customer” checks 

  

	 	(a)	If: 

  

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

  

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

  

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

  

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

  

	 	(b)	 Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably
requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied

  

 - 46 - 

	 	 
with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

  

	 	(c)	The Parent shall, by not less than ten (10) Business Days’ prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of
its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 24 (Changes to the Obligors). 

  

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

  

	20.	FINANCIAL COVENANTS 

  

	20.1	Financial definitions 

 In
this Clause 20: 
 “Consolidated EBITDA” means, for any Measurement Period, (having reversed any entries made to
reflect fair value gains or losses on financial derivative investments which are undertaken in the normal course of business) Consolidated Profits Before Interest and Tax before any amount attributable to the amortisation of intangible assets and
depreciation of tangible assets and before any extraordinary items; 
 “Consolidated Net Borrowings” means, at
any time, the aggregate amount of all obligations of the Group for or in respect of Indebtedness for Borrowed Money but excluding any such obligation to any member of the Group, adjusted to take account of the aggregate amount of freely available
cash and cash equivalents held by any member of the Group (and so that no amount shall be included or excluded more than once); 
 “Consolidated Net Finance Charges” means, in respect of any Measurement Period, the aggregate amount of the interest (including the interest element of leasing and hire purchase payments and capitalised interest),
commission, fees, discounts and other finance payments payable by any member of the Group (including any commission, fees, discounts and other finance payment payable by any member of the Group under any interest rate hedging arrangement but
deducting any commission, fees, discounts and other finance payments receivable by any member of the Group under any interest rate hedging instrument) but deducting any other interest receivable by any member of the Group on any deposit or bank
account; 
  

 - 47 - 

 “Consolidated Profits Before Interest and Tax” means, in respect of any
Measurement Period, the consolidated net income of the Group (less the net income of any Project Finance Subsidiaries but including any dividends received in cash by any member of the Group (other than a Project Finance Subsidiary) from a Project
Finance Subsidiary) before: 
  

	 	(a)	any provision on account of normal taxation; and 

  

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

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

	20.2	Financial condition 

 The
Parent shall ensure that for so long as any amount is outstanding under a Finance Document or any Commitment is in force: 
  

	 	(a)	the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of any Measurement Period shall be or shall exceed 5:1; and 

  

	 	(b)	the ratio of Consolidated Net Borrowings to Consolidated EBITDA shall not in respect of any Measurement Period exceed 2.5:1. 

  

	20.3	Financial testing 

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

  

	20.4	Breach of a Financial Condition Undertaking 

 Any Obligor shall, immediately upon becoming aware of a breach of either of the financial covenants in Clause 20.2 (Financial condition), notify the Agent and provide such details about the breach
as the Agent may request (unless that Obligor is aware that a notification has already been provided by another Obligor). 
  

	21.	GENERAL UNDERTAKINGS 

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

 - 48 - 

	21.1	Authorisations 

 Each
Obligor shall promptly: 
  

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

  

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

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

	21.2	Compliance with laws 

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

	21.3	Negative pledge 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	21.4	Disposals and Mergers 

  

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

  

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

  

 - 49 - 

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

  

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

  

	 	(i)	Permitted Disposals; or 

  

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

  

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

  

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

  

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

  

	21.5	Change of business 

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

	21.6	Insurance 

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

	21.7	Environmental Compliance 

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

	21.8	Environmental Claims 

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

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

  

 - 50 - 

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

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

	21.9	Taxation 

 Each Material
Group Company shall duly and punctually pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties save to the extent that: 
  

	 	(a)	payment is being contested in good faith; 

  

	 	(b)	adequate reserves are being maintained for those Taxes; and 

  

	 	(c)	where such payment can be lawfully withheld. 

  

	21.10	Maintenance of Legal Status 

 Each Material Group Company shall do all such things as are necessary to maintain its existence as a legal person and shall maintain its books and records in good order and make all necessary corporate filings with the relevant authorities
in its jurisdiction of incorporation. 
  

	21.11	Claims Pari Passu 

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

	21.12	Maintenance of Assets 

 Each Material Group Company shall ensure that it has good title to or validly leases or licences all of the assets necessary and has all consents and/or authorisations necessary to carry on its business as conducted to the extent that
failure to comply with this Clause 21.12 could reasonably be expected to have a Material Adverse Effect. 
  

	21.13	Acquisitions 

 No Obligor
shall (and the Parent shall ensure that no Material Group Company will), without the prior consent of the Majority Lenders, enter into any transaction, acquire any company, business, assets or undertaking where such a transaction or acquisition is
classed as a “Category 1” transaction under the Listing Requirements of the JSE Limited. For the

  

 - 51 - 

 
purpose of this Clause 21.13 only, references to a transaction shall be construed as not including any acquisition of the Parent by a third party. 
  

	21.14	Financial Indebtedness 

 No member of the Group (other than a Guarantor or a Project Finance Subsidiary) shall incur, create or permit to subsist or have outstanding any Financial Indebtedness or enter into any agreement or arrangement whereby it is entitled to
incur, create or permit to subsist any Financial Indebtedness other than Permitted Financial Indebtedness. 
  

	21.15	Ownership of Material Group Companies 

 The Parent shall ensure that: 
  

	 	(a)	each Material Group Company which is a Material Group Company at the date of this Agreement (other than the GFI Mining South Africa (Proprietary) Limited, Cerro Corona
Subsidiary, any Ghanaian Company) is and continues to be a wholly-owned Subsidiary of the Parent; 

  

	 	(b)	it holds and continues to hold at least seventy four per cent. (74%) of the issued share capital of GFI Mining South Africa (Proprietary) Limited;

  

	 	(c)	it indirectly holds and continues to indirectly hold at least seventy one point one per cent. (71.1%) of the issued share capital of each Ghanaian Company; and

  

	 	(d)	it indirectly holds and continues to indirectly hold at least ninety two per cent. (92%) of the voting shares in the share capital of the Cerro Corona Subsidiary
(which equates to eighty point seven per cent. (80.7%) of the issued and outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  

	22.	EVENTS OF DEFAULT 

 Each
of the events or circumstances set out in Clause 22 is an Event of Default (whether or not caused by any reason whatsoever outside the control of a Borrower or the Parent or any other person) save for Clause 22.16 (Acceleration) and Clause
22.17 (Remedy). 
  

	22.1	Non-payment 

 An Obligor
does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressly payable unless payment is made within three (3) Business Days of its due date. 
  

	22.2	Financial covenants 

 Any
requirement of Clause 20 (Financial Covenants) is not satisfied. 
  

	22.3	Other obligations 

  

	 	(a)	Subject to Clause 22.17 (Remedy), an Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 22.1
(Non-Payment) and Clause 20 (Financial Covenants)). 

  

 - 52 - 

	 	(b)	No Event of Default will occur under paragraph (a) above if the Taxes not duly and punctually paid and discharged and in respect of which the undertaking contained
in Clause 21.9 (Taxation) is given do not exceed an amount of ten million dollars ($10,000,000). 

  

	22.4	Misrepresentation 

  

	 	(a)	Subject to Clause 22.17 (Remedy), any representation or statement made or deemed to be made by any Obligor in the Finance Documents or any other document
delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material and adverse respect when made or deemed to be made. 

  

	 	(b)	No Event of Default will occur under paragraph (a) above if the Taxes in respect of which the representation contained in Clause 18.20 (Taxation) was made
do not exceed an amount of ten million dollars ($10,000,000). 

  

	22.5	Cross-default 

  

	 	(a)	Any Financial Indebtedness of a Material Group Company is not paid when due, nor where there is an applicable grace period, within the originally applicable grace
period. 

  

	 	(b)	Any Financial Indebtedness of a Material Group Company is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	 	(c)	Any commitment for any Financial Indebtedness of a Material Group Company is cancelled or suspended by a creditor of a Material Group Company as a result of an event of
default (however described). 

  

	 	(d)	Any creditor of a Material Group Company becomes entitled to declare any Financial Indebtedness of a Material Group Company due and payable prior to its specified
maturity as a result of an event of default (however described). 

  

	 	(e)	No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness, falling within
paragraphs (a) to (d) of this Clause 22.5 above is less than twenty million dollars ($20,000,000). 

  

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	22.6	Insolvency 

  

	 	(a)	Any Material Group Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or
anticipated financial difficulties, commences negotiations with one or more of its classes of creditors with a view to rescheduling any of its Financial Indebtedness which in the case of a Material Group Company (other than an Obligor) could
reasonably be expected to have a Material Adverse Effect. 

  

	 	(b)	The value of the assets of any Material Group Company is less than its liabilities (taking into account contingent and prospective liabilities) which in the case of a
Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse Effect. 

  

	 	(c)	A moratorium is declared in respect of any Financial Indebtedness of any Material Group Company. 

  

	22.7	Insolvency proceedings 

 Any corporate action, legal proceedings or other similar procedure or step is taken in relation to: 
  

	 	(a)	the suspension of payments, a moratorium of any Financial Indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement,
scheme of arrangement or otherwise) of any Material Group Company; 

  

	 	(b)	a composition, compromise, assignment or arrangement with any creditor or class of creditors of any Material Group Company; 

  

	 	(c)	the appointment of a liquidator, receiver, administrator, administrative receiver, judicial manager, compulsory manager or other similar officer in respect of any
Material Group Company or any of its assets; or 

  

	 	(d)	enforcement of any Encumbrance over any assets of any Material Group Company, 

 or any analogous procedure or step is taken in any jurisdiction and any such procedure or proceedings are not contested in good faith nor
discharged within thirty (30) days (or such shorter period provided for contesting such procedure or proceedings under the laws of the relevant jurisdiction). 
  

	22.8	Failure to comply with final judgement 

 Any Material Group Company fails within five (5) Business Days of the due date to comply with or pay any sum due from it under any material final judgement or any final order made or given by any
court of competent jurisdiction. For the purposes of this Clause 22.8, a “material final judgement” shall be any judgement for the payment of a sum of money in excess of ten million dollars ($10,000,000). 
  

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	22.9	Creditors’ process 

 Any expropriation (other than an expropriation where fair compensation is received) or the operation of the attachment, sequestration, distress or execution affects any material asset of a Material Group Company and is not discharged within
twenty-one (21) days. For the purposes of this Clause 22.9 a “material asset” is any single income producing asset of the relevant Material Group Company which contributes not less than five percent (5%) towards the
Consolidated EBITDA or gross assets of the Group (calculated according to the most recent set of audited consolidated financial statements delivered pursuant to Clause 19.1 (Financial Statements)) provided that any loss of mineral
rights arising as a result of the operation of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 substantially in its current form as at the date of this Agreement and/or the operation of the Minerals and Petroleum Resources
Royalty Act No. 28 of 2008 (which is expected to come into operation on 1 March 2010) in substantially its current form as at the date of this Agreement shall not constitute an expropriation for the purposes of this Clause 22.9.

  

	22.10	Unlawfulness 

 It is or
becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or such obligations cease to be legal, valid, binding or enforceable obligations. 
  

	22.11	Repudiation and Unenforceability 

 An Obligor repudiates a Finance Document or any Finance Document is declared to be or is otherwise unenforceable against an Obligor by a court of the jurisdiction of incorporation of the relevant Obligor.

  

	22.12	Governmental Intervention 

 By or under the authority of any government: 
  

	 	(a)	the management of any Material Group Company is wholly or partially displaced or the authority of any Material Group Company in the conduct of its business is wholly or
partially taken over; or 

  

	 	(b)	 all or a majority of the issued shares of any Material Group Company or material part of its revenues or assets is seized, nationalised, expropriated
or compulsorily acquired. For the purposes of this Clause 22.12 “material part of its revenues or assets” shall in relation to the relevant Material Group Company be construed as revenues comprising not less than five percent
(5%) of the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis in accordance with the provisions of Clause 22.9 (Creditors’ process) or assets which contribute not less than five per cent. (5%) towards
the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis accordance with the provisions of Clause 22.9 (Creditors’ process), provided that neither the implementation of the Mineral and Petroleum
Resources Development Act, No. 28 of 2002 substantially in its current form as at the date of this Agreement nor the implementation of the Minerals and Petroleum Royalty Resources Royalty Act No. 28 of 2008 (which is expected to come into
operation on 1 March 2010) in substantially its current form as at the

  

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date of this Agreement shall constitute a seizure, nationalisation, expropriation or compulsory acquisition as contemplated by this Clause 22.12. 

  

	22.13	Material Adverse Effect 

 Any change occurs in the business, operations, property or financial condition of the Obligors or the Group taken as a whole since the date of the Original Financial Statements which could be reasonably likely to have a Material Adverse
Effect. 
  

	22.14	Cessation of Business 

 Any Material Group Company ceases to carry on the business which it undertakes at the date of this Agreement. 
  

	22.15	Litigation 

 Any
litigation, arbitration, administrative proceedings or governmental or regulatory investigations or proceedings against any Material Group Company or its respective assets or revenues is reasonably expected to be adversely determined, and if so
determined, could reasonably be expected to have a Material Adverse Effect. 
  

	22.16	Acceleration 

 On and at
any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower and the Parent: 
  

	 	(a)	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and
payable, whereupon they shall become immediately due and payable; and/or 

  

	 	(c)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Agent on the instructions of the Majority
Lenders. 

  

	22.17	Remedy 

  

	 	(a)	No Event of Default under this Clause 22 (Events of Default) (other than those referred to in Clause 22.1 (Non-payment) and 22.2 (Financial
covenants)) will occur if the failure to comply or circumstance giving rise to the same is capable of remedy and is remedied by an Obligor within ten (10) days of the earlier of the Agent giving notice to the Obligors or any Obligor
becoming aware of the failure to comply. 

  

	 	(b)	 For the purposes of paragraph (a) above, the events or circumstances referred to in Clause 22.5 (Cross-default), Clause 22.6
(Insolvency), Clause 22.7 (Insolvency Proceedings), Clause 22.8 (Failure to comply with final judgment), Clause 22.9 (Creditors’ process), Clause 22.10 (Unlawfulness), Clause 22.11 (Repudiation and
Unenforceability), Clause 22.12 (Governmental Intervention), Clause 22.13

  

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(Material Adverse Effect) and Clause 22.14 (Cessation of Business) shall be deemed to be incapable of remedy save to the extent set out therein unless the Agent determines
otherwise. 

  

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 SECTION 9 
 CHANGES TO PARTIES 
  

	23.	CHANGES TO THE LENDERS 

  

	23.1	Assignments and transfers by the Lenders 

 Subject to this Clause 23, a Lender (the “Existing Lender”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other
financial assets (the “New Lender”). 
  

	23.2	Conditions of assignment or transfer 

  

	 	(a)	The consent of the Parent is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer: 

  

	 	(i)	is to another Lender or an Affiliate of a Lender or, in the case of ABN AMRO Bank N.V., to The Royal Bank of Scotland plc; or 

  

	 	(ii)	takes effect at a time when an Event of Default has occurred and is continuing. 

  

	 	(b)	The consent of the Parent to an assignment or transfer must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent five
(5) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. 

  

	 	(c)	The consent of the Parent to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to the Mandatory Cost.

  

	 	(d)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations
to the other Finance Parties as it would have been under if it was an Original Lender; and 

  

	 	(ii)	performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such
assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(e)	A transfer will only be effective if the procedure set out in Clause 23.5 (Procedure for transfer) is complied with. 

  

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	 	(f)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender
acting through its new Facility Office under Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs), 

 then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous
Facility Office would have been if the assignment, transfer or change had not occurred. 
  

	 	(g)	If a Lender assigns or transfers part, but not all, of its rights and obligations under the Finance Documents, such assignment or transfer shall be in respect of such
Lender’s Commitment and its participation in outstanding Loans on a pro rata basis. 

  

	23.3	Assignment or transfer fee 

 The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of three thousand dollars ($3,000), unless the Agent, in its sole discretion, agrees to waive the payment of
such fee. 
  

	23.4	Limitation of responsibility of Existing Lenders 

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

 and any representations or warranties implied by law are excluded. 
  

	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities
in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

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	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under
the Finance Documents or any Commitment is in force. 

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 23; or 

  

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or
otherwise. 

  

	23.5	Procedure for transfer 

  

	 	(a)	Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (c) below when
the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly
completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	 	(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with
all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	 	(c)	On the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the
Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged
Rights and Obligations”); 

  

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights
and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Agent, the Arranger, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired
and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arrangers and the Existing Lender shall each be released from further
obligations to each other under the Finance Documents; and 

  

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	 	(iv)	the New Lender shall become a Party as a “Lender”. 

  

	23.6	Copy of Transfer Certificate to Parent 

 The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Parent a copy of that Transfer Certificate. 
  

	23.7	Security over Lenders’ rights 

  

	 	(a)	In addition to the other rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor, at any time
charge or otherwise create an Encumbrance in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 

  

	 	(i)	any charge or other Encumbrance to secure obligations to a federal reserve or central bank; and 

  

	 	(ii)	in the case of any Lender which is a fund, any charge or other Encumbrance granted to any holders (or trustee or representatives of holders) of obligations owed, or
securities issued, by that Lender as security for those obligations or securities, 

 except that no such charge
or Encumbrance shall: 
  

	 	(A)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge or Encumbrance for the Lender as a party
to any of the Finance Documents; or 

  

	 	(B)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to
the relevant Lender under the Finance Documents. 

  

	23.8	Disclosure of information 

 Any Lender may disclose: 
  

	 	(a)	to any of its Affiliates, professional advisers and auditors, any information about any Obligor, the Group and the Finance Documents as that Lender shall consider
appropriate if any person to whom such information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such information may be price-sensitive information;

  

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	 	(b)	to any person: 

  

	 	(i)	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under this Agreement;

  

	 	(ii)	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, this Agreement or any Obligor; or 

  

	 	(iii)	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

 any information about any Obligor, the Group and the Finance Documents as that Lender shall consider appropriate if, in relation to
paragraphs (i) and (ii) above, the person to whom the information is to be given has entered into a Confidentiality Undertaking. A Lender may also disclose the size and term of the Facility and the name of each Obligor to any investor or
potential investor in a securitisation (or similar transaction of broadly equivalent economic effect) if the person to whom the information is to be given has entered into a Confidentiality Undertaking; and 
  

	 	(c)	to any rating agency (including its professional advisers) such information as may be required to be disclosed to enable such rating agency to carry out its normal
rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom such information is to be given is informed of its confidential nature and that some or all of such information may be price-sensitive
information and notice is provided to each Obligor of any such disclosure. 

  

	24.	CHANGES TO THE OBLIGORS 

  

	24.1	Assignment and transfer by Obligors 

 No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 
  

	24.2	Additional Borrowers 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.8 (“Know your customer” checks), the Parent may request that
any of its Subsidiaries become an Additional Borrower. That Subsidiary shall become an Additional Borrower if: 

  

	 	(i)	all the Lenders approve the addition of that Subsidiary; 

  

	 	(ii)	the Parent delivers to the Agent a duly completed and executed Accession Letter; 

  

	 	(iii)	the Parent confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and 

  

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	 	(iv)	the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent) in relation to that Additional Borrower,
each in form and substance satisfactory to the Agent. 

  

	 	(b)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and
other evidence listed in Part II of Schedule 2 (Conditions precedent). 

  

	24.3	Resignation of an Additional Borrower 

  

	 	(a)	The Parent may request that a Borrower (other than the Original Borrowers) ceases to be a Borrower by delivering to the Agent a Resignation Letter.

  

	 	(b)	The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if: 

  

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent has confirmed to the Agent that this is the case); and

  

	 	(ii)	the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

 whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents. 

 

	24.4	Additional Guarantors 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.8 (“Know your customer” checks), the Parent may request that
any of its Subsidiaries become an Additional Guarantor. That Subsidiary shall become an Additional Guarantor if; 

  

	 	(i)	the Parent delivers to the Agent a duly completed and executed Accession Letter; and 

  

	 	(ii)	the Agent has received all of the documents and other evidence listed in Part III of Schedule 2 (Conditions precedent) in relation to that Additional Guarantor,
each in form and substance satisfactory to the Agent. 

  

	 	(b)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and
other evidence listed in Part III of Schedule 2 (Conditions precedent). 

  

	24.5	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the representations in Clause 18 (Representations) are true and correct in relation to it as at the date of delivery as if made by reference to
the facts and circumstances then existing. 
  

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	24.6	Resignation of an Additional Guarantor 

  

	 	(a)	The Parent may request that a Guarantor (other than an Original Guarantor) ceases to be a Guarantor by delivering to the Agent a Resignation Letter.

  

	 	(b)	The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if no Default is continuing and the Parent has confirmed to the
Agent that this is the case. 

  

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 SECTION 10 
 THE FINANCE PARTIES 
  

	25.	ROLE OF THE AGENT AND THE ARRANGERS 

  

	25.1	Appointment of the Agent 

  

	 	(a)	Each other Finance Party appoints the Agent to act as its agent under and in connection with the Finance Documents. 

  

	 	(b)	Each other Finance Party authorises the Agent to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with
the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

  

	25.2	Duties of the Agent 

  

	 	(a)	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party.

  

	 	(b)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it
forwards to another Party. 

  

	 	(c)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly
notify the other Finance Parties. 

  

	 	(d)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the Arranger) under
this Agreement it shall promptly notify the other Finance Parties. 

  

	 	(e)	The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	25.3	Role of the Arranger 

 Except as specifically provided in the Finance Documents, the Arrangers have no obligations of any kind to any other Party under or in connection with any Finance Document. 
  

	25.4	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Agent or the Arrangers as a trustee or fiduciary of any other person. 

  

	 	(b)	Neither the Agent nor the Arrangers shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.

  

	25.5	Business with the Group 

 The Agent and the Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group. 
  

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	25.6	Rights and discretions of the Agent 

  

	 	(a)	The Agent may rely on: 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or
within his power to verify. 

  

	 	(b)	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 22.1 (Non-payment)); 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and 

  

	 	(iii)	any notice or request made by the Parent (other than a Utilisation Request or Selection Notice) is made on behalf of and with the consent and knowledge of all the
Obligors. 

  

	 	(c)	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

  

	 	(d)	The Agent may act in relation to the Finance Documents through its personnel and agents. 

  

	 	(e)	The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

  

	 	(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arrangers are obliged to do or omit to do anything if it would or
might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	25.7	Majority Lenders’ instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion vested in it as Agent in
accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable for any act (or
omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders. 

  

	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties.

  

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	 	(c)	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as
it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. 

  

	 	(d)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain from taking action) as it considers to be in
the best interest of the Lenders. 

  

	 	(e)	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any
Finance Document. 

  

	25.8	Responsibility for documentation 

 Neither the Agent nor the Arranger: 
  

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, an Obligor or any other
person given in or in connection with any Finance Document; or 

  

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered
into, made or executed in anticipation of or in connection with any Finance Document. 

  

	25.9	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below, the Agent will not be liable (including without limitation, for negligence or any other category of liability whatsoever) for
any action taken by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. 

  

	 	(b)	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or
in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause 25.9 subject to Clause 1.4 (Third Party Rights) and
the provisions of the Third Parties Act. 

  

	 	(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the
Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

 

	 	(d)	 Nothing in this Agreement shall oblige the Agent or the Arrangers to carry out any “know your customer” or other checks in relation to any
person on behalf of any Lender and each Lender confirms to the Agent and the Arrangers that it is solely

  

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responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger. 

 

	25.10	Lenders’ indemnity to the Agent 

 Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero)
indemnify the Agent, within three (3) Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of
the Agent’s gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document). 
  

	25.11	Resignation of the Agent 

  

	 	(a)	The Agent may resign and appoint one of its Affiliates acting through an office as successor by giving notice to the other Finance Parties and the Parent.

  

	 	(b)	Alternatively the Agent may resign by giving notice to the other Finance Parties and the Parent, in which case the Majority Lenders (after consultation with the Parent)
may appoint a successor Agent. 

  

	 	(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within thirty (30) days after notice of resignation was
given, the Agent (after consultation with the Parent) may appoint a successor Agent. 

  

	 	(d)	The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may
reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 

  

	 	(e)	The Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to
the benefit of this Clause 25. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

  

	 	(g)	After consultation with the Parent, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with paragraph (b) above. In this event,
the Agent shall resign in accordance with paragraph (b) above. 

  

	25.12	Confidentiality 

  

	 	(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other
of its divisions or departments. 

  

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	 	(b)	If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be
deemed to have notice of it. 

  

	25.13	Relationship with the Lenders 

  

	 	(a)	The Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than five
(5) Business Days prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 

  

	 	(b)	Each Lender shall supply the Agent with any information required by the Agent in order to calculate the Mandatory Cost in accordance with Schedule 4 (Mandatory Cost
Formulae). 

  

	25.14	Credit appraisal by the Lenders 

 Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent and the Arrangers that it has been, and will continue to be,
solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance
Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

  

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document,
the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 

  

	25.15	Reference Banks 

 If a
Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Parent) appoint another Lender or an Affiliate of a Lender to replace that Reference
Bank. 
  

 - 69 - 

	25.16	Agent’s Management Time 

 Any amount payable to the Agent under Clause 14.3 (Indemnity to the Agent), Clause 16 (Costs and expenses) and Clause 25.10 (Lenders’ indemnity to the Agent) shall include the cost of utilising the Agent’s
management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Parent and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 11
(Fees). 
  

	25.17	Deduction from amounts payable by the Agent 

 If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the
Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so
deducted. 
  

	26.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No provision of this Agreement will: 
  

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

  

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

  

	27.	SHARING AMONG THE FINANCE PARTIES 

  

	27.1	Payments to Finance Parties 

 If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 28 (Payment Mechanics) and applies that amount to a payment due under the Finance
Documents then: 
  

	 	(a)	the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been
received or made by the Agent and distributed in accordance with Clause 28 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and

  

	 	(c)	the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”)
equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 28.5 (Partial Payments). 

 

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	27.2	Redistribution of payments 

 The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 28.5 (Partial Payments).

  

	27.3	Recovering Finance Party’s rights 

  

	 	(a)	On a distribution by the Agent under Clause 27.2 (Redistribution of payments), the Recovering Finance Party will be subrogated to the rights of the Finance
Parties which have shared in the redistribution. 

  

	 	(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the
Recovering Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. 

  

	27.4	Reversal of redistribution 

 If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

	 	(a)	each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 27.2 (Redistribution of payments) shall, upon request of the
Agent, pay to the Agent for account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion
of any interest on the Sharing Payment which that Recovering Finance Party is required to pay); and 

  

	 	(b)	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing
Finance Party for the amount so reimbursed. 

  

	27.5	Exceptions 

  

	 	(a)	This Clause 27 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause 27, have a valid and
enforceable claim against the relevant Obligor. 

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of
taking legal or arbitration proceedings, if: 

  

	 	(i)	it notified that other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received
notice and did not take separate legal or arbitration proceedings. 

  

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 SECTION 11 
 ADMINISTRATION 
  

	28.	PAYMENT MECHANICS 

  

	28.1	Payments to the Agent 

  

	 	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent
(unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of
payment. 

  

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the Agent specifies. 

 

	28.2	Distributions by the Agent 

 Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 28.3 (Distributions to an Obligor), Clause 28.4 (Clawback) and Clause 25.17 (Deduction from amounts payable by the
Agent) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that
Party may notify to the Agent by not less than five (5) Business Days’ notice with a bank in the principal financial centre of the country of that currency. 
  

	28.3	Distributions to an Obligor 

 The Agent may (with the consent of the Obligor or in accordance with Clause 29 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due
from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 
  

	28.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or
perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or
the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect
its cost of funds. 

  

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	28.5	Partial payments 

  

	 	(a)	If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply
that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Arrangers under the Finance Documents;

  

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above. 

  

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

  

	28.6	No set-off by Obligors 

 All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	28.7	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the
preceding Business Day (if there is not). 

  

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate
payable on the original due date. 

  

	28.8	Currency of account 

  

	 	(a)	Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.

  

	 	(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

  

	 	(c)	Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency. 

  

 - 73 - 

	28.9	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency
of that country, then: 

  

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid
in, the currency or currency unit of that country designated by the Agent (after consultation with the Parent); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that
currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Parent) specifies to be
necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  

	29.	SET-OFF 

 A Finance Party
may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of
payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

  

	30.	NOTICES 

  

	30.1	Communications in writing 

 Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	30.2	Addresses 

 The address
and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Parent, that identified with its name below; 

  

	 	(b)	in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and

  

	 	(c)	in the case of the Agent, that identified with its name below, 

  

 - 74 - 

 or any substitute address or fax number or department or officer as the Party may notify to
the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days’ notice. 
  

	30.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:

  

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope
addressed to it at that address, 

 and, if a particular department or officer is specified as part of its address
details provided under Clause 30.2 (Addresses), if addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked
for the attention of the department or officer identified with the Agent’s signature below (or any substitute department or officer as the Agent shall specify for this purpose). 

  

	 	(c)	All notices from or to an Obligor shall be sent through the Agent. 

  

	 	(d)	Any communication or document made or delivered to the Parent in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.

  

	30.4	Notification of address and fax number 

 Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 30.2 (Addresses) or changing its own address or fax number, the Agent shall
notify the other Parties. 
  

	30.5	Electronic communication 

  

	 	(a)	Any communication to be made between the Agent and a Lender under or in connection with the Finance Documents may be made by electronic mail or other electronic means,
if the Agent and the relevant Lender: 

  

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	(iii)	notify each other of any change to their address or any other such information supplied by them. 

  

 - 75 - 

	 	(b)	Any electronic communication made between the Agent and a Lender will be effective only when actually received in readable form and in the case of any electronic
communication made by a Lender to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. 

  

	30.6	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the
document is a constitutional, statutory or other official document. 

  

	30.7	Obligor agent 

  

	 	(a)	Each Obligor (other than the Parent) by its execution of this Agreement or an Accession Letter (as the case may be) irrevocably appoints the Parent to act on its behalf
as its agent in relation to the Finance Documents and irrevocably authorises: 

  

	 	(i)	the Parent on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions
(including, in the case of a Borrower, Utilisation Requests, Selection Notices or a Term Out Notice), to execute on its behalf any documents required hereunder and to make such agreements capable of being given, made or effected by any Obligor
notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and 

  

	 	(ii)	each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Parent on its behalf,

 and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions
(including, without limitation, any Utilisation Requests, Selection Notices or a Term Out Notice) or executed or made such agreements or received the relevant notice, demand or other communication. 
  

	 	(b)	Every act, agreement, undertaking, settlement, waiver, notice or other communication given or made by the Parent or given to the Parent under any Finance Document on
behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes
on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Parent and any other Obligor, those of the Parent shall prevail.

  

 - 76 - 

	31.	CALCULATIONS AND CERTIFICATES 

  

	31.1	Accounts 

 In any
litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	31.2	Certificates and Determinations 

 Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	31.3	Day count convention 

 Any
interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of three hundred and sixty (360) days or, in any case where the practice in
the Relevant Interbank Market differs, in accordance with that market practice. 
  

	32.	PARTIAL INVALIDITY 

 If,
at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 
  

	33.	REMEDIES AND WAIVERS 

 No
failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or
other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	34.	AMENDMENTS AND WAIVERS 

  

	34.1	Required consents 

  

	 	(a)	Subject to Clause 34.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Parent and
any such amendment or waiver will be binding on all Parties. 

  

	 	(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 34. 

  

 - 77 - 

	34.2	Exceptions 

  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of “Majority Lenders” in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(iv)	an increase in or an extension of any Commitment; 

  

	 	(v)	a change to the Borrowers or Guarantors (other than in accordance with Clause 24 (Changes to the Obligors)); 

  

	 	(vi)	any provision which expressly requires the consent of all the Lenders; or 

  

	 	(vii)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 6.2 (Term Out Option), Clause 6.3 (Extension Option), Clause 17 (Guarantee and
Indemnity), Clause 23 (Changes to the Lenders) or this Clause 34, 

 shall not be made without the
prior consent of all the Lenders. 
  

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Agent or the Arrangers may not be effected without the consent of the Agent or the Arrangers.

  

	35.	COUNTERPARTS 

 Each
Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 
  

 - 78 - 

 SECTION 12 
 GOVERNING LAW AND ENFORCEMENT 
  

	36.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	37.	ENFORCEMENT 

  

	37.1	Jurisdiction 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement or any non-contractual obligations arising out of or in connection with it) (a “Dispute”). 

  

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

  

	 	(c)	This Clause 37.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any
other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

	37.2	Service of process 

 Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales): 
  

	 	(a)	irrevocably appoints Law Debenture Corporate Services Limited as its agent for service of process (in the case of an Obligor incorporated in South Africa, domicilium
citandi et executandi) in relation to any proceedings before the English courts in connection with any Finance Document; and 

  

	 	(b)	agrees that failure by an agent for service of process to notify the relevant Obligor of the process will not invalidate the proceedings concerned.

 This Agreement has been entered into on the date stated at the beginning of this Agreement. 
  

 - 79 - 

 SCHEDULE 1 
 THE ORIGINAL PARTIES 
 Part I 
 The Obligors 
  

			
	Name of Original Borrowers	  	 Registration number (or
 equivalent, if any)

		
	 GFI Mining South Africa (Proprietary) Limited, incorporated in South Africa
	  	2002/031431/07
		
	 Gold Fields Operations Limited, incorporated in South Africa
	  	1959/003209/06
		
	 Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands
	  	184982

  

			
	Name of Original Guarantors	  	 Registration number (or
 equivalent, if any)

		
	 GFI Mining South Africa (Proprietary) Limited, incorporated in South Africa
	  	2002/031431/07
		
	 Gold Fields Limited, incorporated in South Africa
	  	1968/004880/06
		
	 Gold Fields Holdings Company (BVI) Limited, incorporated in the British Virgin Islands
	  	651406
		
	 Gold Fields Operations Limited, incorporated in South Africa
	  	1959/003209/0
		
	 Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands
	  	184982

  

 - 80 - 

 Part II 
 The Arrangers 
  

	
	Name of Arranger
	
	 ABN AMRO Bank N.V., Johannesburg Branch

	
	 Bank of China Limited

	
	 Bank of Montreal Ireland plc

	
	 Barclays Capital

	
	 Citibank, N.A., London Branch

	
	 Commonwealth Bank of Australia

	
	 J.P. Morgan plc

	
	 Scotiabank Europe plc

	
	 Standard Chartered Bank

  

 - 81 - 

 Part III 
 The Original Lenders 
  

				
	Name of Original Lender	  	Commitment (US$)
		
	ABN AMRO Bank N.V., Johannesburg Branch	  	 	30,000,000
		
	Bank of China Limited	  	 	55,000,000
		
	Bank of Montreal Ireland plc	  	 	30,000,000
		
	Barclays Bank plc	  	 	30,000,000
		
	Citibank, N.A., London Branch	  	 	30,000,000
		
	Commonwealth Bank of Australia	  	 	30,000,000
		
	JPMorgan Chase Bank, N.A.	  	 	30,000,000
		
	Scotiabank Europe plc	  	 	30,000,000
		
	Standard Chartered Bank	  	 	30,000,000
		
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.	  	 	16,000,000
		  	 	 
		  	$	311,000,000

  

 - 82 - 

 SCHEDULE 2 
 CONDITIONS PRECEDENT 
 Part I 
 Conditions precedent to initial utilisation 
  

	1.	Obligors 

  

	 	(a)	A copy of the constitutional documents of each Obligor. 

  

	 	(b)	A copy of a good standing certificate with respect to Gold Fields Holdings Company (BVI) Limited and Gold Fields Orogen Holding (BVI) Limited, issued as of a recent
date by the appropriate official in the British Virgin Islands. 

  

	 	(c)	A copy of a resolution of the board of directors of each Obligor: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which
it is a party; 

  

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices (including, if relevant, any Utilisation Request and
Selection Notice) to be signed and/or dispatched by it under or in connection with the Finance Documents to which it is a party. 

  

	 	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (c) above. 

  

	 	(e)	A certificate of incumbency from the registered agent for Gold Fields Holdings Company (BVI) Limited and Gold Fields Orogen Holding (BVI) Limited.

  

	 	(f)	A copy of the resolution of the shareholders of Gold Fields Holdings Company (BVI) Limited and Gold Fields Orogen Holding (BVI) Limited approving the relevant
resolutions of the board of directors and the transactions contemplated thereby. 

  

	 	(g)	A certificate of the Obligors (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing,
guaranteeing or similar limit binding on any Obligor to be exceeded. 

  

	 	(h)	A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct,
complete and in full force and effect as at a date no earlier than the date of this Agreement. 

  

 - 83 - 

	2.	Legal opinions 

  

	 	(a)	A legal opinion of Clifford Chance LLP legal advisers to the Arrangers and the Agent in England, substantially in the form distributed to the Original Lenders prior to
signing this Agreement. 

  

	 	(b)	A legal opinion of Conyers Dill & Pearman, legal advisers to the Arrangers and Agent in the British Virgin Islands, substantially in the form distributed to
the Original Lenders prior to signing this Agreement. 

  

	 	(c)	A legal opinion of Edward Nathan Sonnenbergs, legal advisers to the Arrangers and Agent in South Africa, substantially in the form distributed to the Original Lenders
prior to signing this Agreement. 

  

	3.	Other documents and evidence 

  

	 	(a)	Evidence that any agent for service of process referred to in Clause 37.2 (Service of process) has accepted its appointment. 

  

	 	(b)	The Original Financial Statements together with the latest audited financial statements of each Obligor (other than Gold Fields Holdings Company (BVI) Limited and Gold
Fields Orogen Holding (BVI) Limited). 

  

	 	(c)	The latest unaudited financial statements of Gold Fields Holdings Company (BVI) Limited and Gold Fields Orogen Holding (BVI) Limited. 

  

	 	(d)	Evidence that the fees, costs and expenses then due from the Parent pursuant to Clause 11 (Fees) and Clause 16 (Costs and expenses) have been paid or will
be paid by the initial Utilisation Date. 

  

	 	(e)	A copy of the approval of the Exchange Control Department of the South African Reserve Bank confirming that Gold Fields Limited, GFI Mining South Africa (Proprietary)
Limited and Gold Fields Operations Limited may enter into and provide the guarantee as contemplated by this Agreement and that the Original Borrowers may enter into and implement the provisions of this Agreement. If such approval is granted
conditionally, this condition precedent shall not be considered to have been fulfilled, unless both the Lenders and the Original Borrowers acknowledge in writing to each other that such conditions are acceptable. 

  

	 	(f)	A copy of any authorisation or consent (to include any relevant corporate, regulatory and shareholder consent) which the Agent considers to be necessary or desirable in
connection with the entry into and performance of the transactions contemplated by this Agreement or for the validity and enforceability of any Finance Document. 

  

	 	(g)	Evidence that all amounts outstanding under the Existing Facility have been or will be repaid and cancelled in full on or before the first Utilisation Date.

  

 - 84 - 

 Part II 
 Conditions Precedent Required to be delivered by an Additional Borrower 
  

	1.	An Accession Letter, duly executed by the Additional Borrower and the Parent. 

  

	2.	A copy of a good standing certificate with respect to any Additional Borrower incorporated in the British Virgin Islands, issued as of a recent date by the appropriate
official in the British Virgin Islands. 

  

	3.	A copy of the constitutional documents of the Additional Borrower. 

  

	4.	A copy of a resolution of the board of directors of the Additional Borrower: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter;

  

	 	(b)	authorising a specified person or persons to execute the Accession Letter on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Borrower, any
Utilisation Request or Selection Notice) to be signed and/or despatched by it under or in connection with the Finance Documents. 

  

	5.	A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above. 

  

	6.	A certificate of incumbency from the registered agent of each Additional Borrower incorporated in the British Virgin Islands. 

  

	7.	If appropriate, a certificate of the Additional Borrower (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would
not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded. 

  

	8.	A certificate of an authorised signatory of the Additional Borrower certifying that each copy document listed in this Part II of Schedule 2 is correct, complete and in
full force and effect as at a date no earlier than the date of the Accession Letter. 

  

	9.	A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and
performance of the transactions contemplated by the Accession Letter or for the validity and enforceability of any Finance Document. 

  

	10.	If appropriate, a copy of the approval of the Exchange Control Department of the South African Reserve Bank confirming that Additional Borrower may enter into and
provide the guarantee as contemplated by this Agreement and that the Additional Borrower may enter into and implement the provisions of this Agreement. If such approval is granted conditionally, this condition precedent shall not be considered to
have been fulfilled, unless both the Lenders and the Additional Borrower acknowledge in writing to each other that such conditions are acceptable. 

  

 - 85 - 

	11.	If available, the latest audited financial statements of the Additional Borrower. 

  

	12.	A legal opinion from legal advisers to the Agent in England. 

  

	13.	If the Additional Borrower is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Arrangers and the Agent in the
jurisdiction in which the Additional Borrower is incorporated. 

  

	14.	If the proposed Additional Borrower is incorporated in a jurisdiction other than England and Wales, evidence that the agent for service of process specified in Clause
37.2 (Service of process) has accepted its appointment in relation to the proposed Additional Borrower. 

  

 - 86 - 

 Part III 
 Conditions Precedent required to be delivered by an Additional Guarantor 
  

	1.	An Accession Letter, duly executed by the Additional Guarantor and the Company. 

  

	2.	A copy of the constitutional documents of the Additional Guarantor. 

  

	3.	A copy of a good standing certificate with respect to any Additional Guarantor incorporated in the British Virgin Islands, issued as of a recent date by the appropriate
official in the British Virgin Islands. 

  

	4.	A copy of a resolution of the board of directors of the Additional Guarantor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter;

  

	 	(b)	authorising a specified person or persons to execute the Accession Letter on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or dispatch all other documents and notices to be signed and/or despatched by it under or in
connection with the Finance Documents. 

  

	5.	A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above. 

  

	6.	A certificate of incumbency from the registered agent of each Additional guarantor incorporated in the British Virgin Islands. 

  

	7.	A copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor, approving the terms of, and the transactions contemplated by, the
Finance Documents to which the Additional Guarantor is a party. 

  

	8.	A certificate of the Additional Guarantor (signed by a director) confirming that guaranteeing the Total Commitments would not cause any borrowing, guaranteeing or
similar limit binding on it to be exceeded. 

  

	9.	A certificate of an authorised signatory of the Additional Guarantor certifying that each copy document listed in this Part III of Schedule 2 is correct, complete and
in full force and effect as at a date no earlier than the date of the Accession Letter. 

  

	10.	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and
performance of the transactions contemplated by the Accession Letter or for the validity and enforceability of any Finance Document. 

  

	11.	If available, the latest audited financial statements of the Additional Guarantor. 

  

	12.	A legal opinion from legal advisers to the Agent in England. 

  

 - 87 - 

	13.	If the Additional Guarantor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Agent in the jurisdiction in
which the Additional Guarantor is incorporated. 

  

	14.	If the Additional Guarantor is incorporated in a jurisdiction other than England and Wales, evidence that the agent for service of process specified in Clause 37.2
(Service of process) has accepted its appointment in relation to the proposed Additional Guarantor. 

  

	15.	A copy of the approval of the Exchange Control Department of the South African Reserve Bank confirming that any Additional Guarantor incorporated in South Africa may
enter into and provide the guarantees as contemplated by this Agreement. 

  

 - 88 - 

 SCHEDULE 3 
 REQUESTS 
 Part I 
 Utilisation Request 
  

			
	From:	  	Gold Fields Limited for and on behalf of [Borrower]
		
	To:	  	Barclays Bank PLC
		
	Dated:	  	

 Dear Sirs 
 GFI Mining South Africa (Proprietary) Limited, Gold Fields Orogen Holding (BVI) Limited 
 and Gold Fields Operations Limited – $311,000,000 Credit Facility Agreement dated [—] 2009 
 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different
meaning in this Utilisation Request. 

  

	2.	We wish to borrow a Loan on the following terms: 

  

			
	Proposed Utilisation Date:	  	[            ] (or, if that is not a Business Day, the next Business Day)
	Currency of Loan:	  	Dollars
	Amount:	  	[            ]
	Interest Period:	  	[            ]

  

	3.	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request.

  

	4.	The proceeds of this Loan should be credited to [account]. 

  

	5.	This Utilisation Request is irrevocable. 

 Yours faithfully 
  
  
 authorised signatory for 
 Gold Fields Limited for and on behalf of 
 [name of relevant Borrower] 
  

 - 89 - 

 Part II 
 Selection Notice 
  

			
	From:	  	Gold Fields Limited for and on behalf of [Borrower]
		
	To:	  	Barclays Bank PLC
		
	Dated:	  	

 Dear Sirs 
 GFI Mining South Africa (Proprietary) Limited, Gold Fields Orogen Holding (BVI) Limited 
 and Gold Fields Operations Limited—US$311,000,000 Credit Facility Agreement dated [—] 
 2009 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in
this Selection Notice. 

  

	2.	We refer to the following Term Out Loans with an Interest Period ending on [            ]*.

  

	3.	[We request that the above Term Out Loans be divided into [            ] Term Out Loans of the following
amounts and with the following Interest Periods:] ** 

 or 
 [We request that the next Interest Period for the above Term Out Loans is
[            ]].*** 
  

	4.	This Selection Notice is irrevocable. 

 Yours faithfully 
  
  
 authorised signatory for 
 Gold Fields Limited on behalf of 
 [name of relevant Borrower] 
  

	*	Insert details of all Loans in the same currency which have an Interest Period ending on the same date. 

	**	Use this option if division of Loans is requested. 

	***	Use this option if sub-division is not required. 

  

 - 90 - 

 SCHEDULE 4 
 MANDATORY COST FORMULAE 
  

	1.	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the
Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

  

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the “Additional Cost
Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage
participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. 

  

	3.	The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the Agent. This
percentage will be certified by that Lender in its notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from that Facility Office) of complying with the
minimum reserve requirements of the European Central Bank in respect of loans made from that Facility Office. 

  

	4.	The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Agent as follows: 

  

					
		 	E × 0.01	 	 per cent. per annum.
  

		 	300   	 

 Where: 
  

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge
supplied by the Reference Banks to the Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	 	(a)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to
time in respect of the payment of fees for the acceptance of deposits; 

  

	 	(b)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated
fee required pursuant to the Fees Rules but taking into account any applicable discount rate); and 

  

	 	(c)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  

 - 91 - 

	6.	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of
charge payable by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the
average of the Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

  

	7.	Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each
Lender shall supply the following information on or prior to the date on which it becomes a Lender: 

  

	 	(a)	the jurisdiction of its Facility Office; and 

  

	 	(b)	any other information that the Agent may reasonably require for such purpose. 

 Each Lender shall promptly notify the Agent of any change to the information provided by it pursuant to this paragraph. 
  

	8.	The percentages of each Lender for the purpose of E above shall be determined by the Agent based upon the information supplied to it pursuant to paragraphs 6 and 7
above and on the assumption that, unless a Lender notifies the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Facility
Office in the same jurisdiction as its Facility Office. 

  

	9.	The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be
entitled to assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects. 

  

	10.	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender
based on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 6 and 7 above. 

  

	11.	Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall,
in the absence of manifest error, be conclusive and binding on all Parties. 

  

	12.	The Agent may from time to time, after consultation with the Parent and the Lenders, determine and notify to all Parties any amendments which are required to be made to
this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Financial Services Authority or, the European Central Bank (or, in any case, any other authority which replaces all or any of
its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all Parties. 

  

 - 92 - 

 SCHEDULE 5 
 FORM OF TRANSFER CERTIFICATE 
  

			
	To:	  	Barclays Bank PLC as Agent
		
	From:	  	[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”)
		
	Dated:	  	

 GFI Mining South Africa (Proprietary) Limited, Gold Fields Orogen Holding (BVI)
Limited 
 and Gold Fields Operations Limited – US$311,000,000 Credit Facility Agreement dated [—] 
 2009 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different
meaning in this Transfer Certificate. 

  

	2.	We refer to Clause 23.5 (Procedure for transfer): 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment,
rights and obligations referred to in the Schedule in accordance with Clause 23.5 (Procedure for transfer). 

  

	 	(b)	The proposed Transfer Date is [            ]. 

  

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 30.2 (Addresses) are set out in the
Schedule. 

  

	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 23.4 (Limitation of
responsibility of Existing Lenders). 

  

	4.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
this Transfer Certificate. 

  

	5.	This Transfer Certificate is governed by English law. 

  

 - 93 - 

 THE SCHEDULE 
 COMMITMENT/RIGHTS AND OBLIGATIONS TO BE TRANSFERRED 
 [insert relevant details] 
 [Facility Office address, fax number and attention details for notices and account details for 
 payments,] 
  

			
	[Existing Lender]	  	[New Lender]
		
	By:	  	By:

  

 - 94 - 

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as
[                        ]. 
 [—] 
 By: 
  

 - 95 - 

 SCHEDULE 6 
 FORM OF ACCESSION LETTER 
  

			
	To:	  	Barclays Bank PLC as Agent
		
	From:	  	[Subsidiary] and Gold Fields Limited
		
	Dated:	  	

 Dear Sirs 
 GFI Mining South Africa (Proprietary) Limited, Gold Fields Orogen Holding (BVI) Limited 
 and Gold Fields Operations Limited – US$311,000,000 Credit Facility Agreement dated [—] 
 2009 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning
in this Accession Letter. 

  

	2.	[Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to
Clause [24.2 (Additional Borrowers)]/[24.4 (Additional Guarantors)] of the Agreement. [Subsidiary] is a wholly owned Subsidiary of the Parent duly incorporated under the laws of [name of relevant jurisdiction].

  

	3.	[Specify purpose of the Loan]. 

  

	4.	[Subsidiary’s] administrative details are as follows: 

 Address: 
 Fax No: 
 Attention: 
  

	5.	This Accession Letter is governed by English law. 

  

			
	Gold Fields Limited	  	[Subsidiary]
		
	By:	  	By:

  

 - 96 - 

 SCHEDULE 7 
 FORM OF RESIGNATION LETTER 
  

			
	To:	  	Barclays Bank PLC as Agent
		
	From:	  	[resigning Obligor] and Gold Fields Limited
		
	Dated:	  	

 Dear Sirs 
 GFI Mining South Africa (Proprietary) Limited, Gold Fields Orogen Holding (BVI) Limited 
 and Gold Fields Operations Limited – US$311,000,000 Credit Facility Agreement dated [—] 
 2009 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a different
meaning in this Accession Letter. 

  

	2.	Pursuant to [Clause 24.3 (Resignation of an Additional Borrower)]/[Clause 24.6 (Resignation of an Additional Guarantor)], we request that [resigning
Obligor] be released from its obligations as a [Borrower]/[Guarantor] under the Agreement. 

  

	3.	We confirm that no default is continuing or would result from the acceptance of this request. 

  

	4.	This Resignation Letter is governed by English law. 

  

			
	Gold Fields Limited	  	[Subsidiary]
		
	By:	  	By:

  

 - 97 - 

 SCHEDULE 8 
 FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:	  	Barclays Bank PLC
		
	From:	  	Gold Fields Limited
		
	Dated:	  	

 Dear Sirs 
 GFI Mining South Africa (Proprietary) Limited, Gold Fields Orogen Holding (BVI) Limited 
 and Gold Fields Operations Limited – US$311,000,000 Credit Facility Agreement dated [—] 
 2009 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given
a different meaning in this Compliance Certificate. 

  

	2.	We confirm that as at [    ]: 

  

	 	(a)	Consolidated EBITDA to Consolidated Net Finance Charges 

 the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of the Measurement Period ending on [    ] was:
[            ] : 1; and 
  

	 	(b)	Consolidated Net Borrowings to Consolidated EBITDA 

 the ratio of Consolidated Net Borrowings to Consolidated EBITDA in respect of the Measurement Period ending on [    ] was:
[            ] : 1, 
 and attach calculations showing how these
figures were calculated. 
  

	3.	We confirm that no Default is continuing. 

  

							
	Signed:	 	  
	 		  	  

		 	[Director]/[Executive Officer]	 		  	[Director]/[Executive Officer]
		 	Of	 		  	Of
		 	Gold Fields Limited	 		  	Gold Fields Limited

 [insert applicable certification language] 
  

							
	  
	 		  	
	[or and on behalf of	 		  	
	[name of auditors of the Parent]	 		  	

  

 - 98 - 

 SCHEDULE 9 
 FORM OF TERM OUT NOTICE 
  

			
	From:	  	Gold Fields Limited
		
	To:	  	Barclays Bank PLC
		
	Dated:	  	

 Dear Sirs 
 GFI Mining South Africa (Proprietary) Limited, Gold Fields Orogen Holding (BVI) Limited 
 and Gold Fields Operations Limited – US$311,000,000 Credit Facility Agreement dated [—] 
 2009 (the “Agreement”) 
 We refer to the Agreement. This is a Term Out Notice. Terms defined in the Agreement have the same meaning in this Term Out Notice unless given a different meaning in this Term Out Notice, 
 We elect to exercise the Term Out Option pursuant to Clause 6.2 (Term Out Option) of the Agreement in relation to the following Loan: 
  

							
	Amount:	  	[                                        
]	  		  	
				
	Currency:	  	Dollars	  		  	
				
	Interest Period:	  	[                                        
]	  		  	

 The Term Out Date shall be [date]. 
 The Termination Date shall be [date]. 
 This Term Out Notice is irrevocable. 
 Yours faithfully 
  
  
 authorised signatory
for 
 Gold Fields Limited 
  

 - 99 - 

 SCHEDULE 10 
 TIMETABLE 
 “U” = date of utilisation

 “U - X” = X Business Days prior to date of Utilisation 
  

			
	 Delivery of a duly completed
 Utilisation Request (Clause 5.1
 (Delivery of a Utilisation Request)
 or in relation to a Term Out Loan
 only, a Selection
Notice (Clause 9.1
 (Selection of Interest Periods))
	  	 U-3*
 10.00 a.m.

		
	 Agent notifies the Lenders of the
 Loan in accordance with Clause 5.4
 (Lenders’ participation)
	  	 U-3*
 3.00 p.m.

		
	LIBOR is fixed	  	 U-2**
 11:00 a.m.

  

	*	provided that, in respect of the first Utilisation only, the Specified Time shall be U-2 

	**	provided that, in respect of the first Utilisation only, the Specified Time shall be U-1 

  

 - 100 - 

 SIGNATURES 
 The Parent 
 GOLD FIELDS LIMITED 
  

			
	By: /s/ Paul Andy Schmidt
		
	Address:	 	150 Helen Road
		 	Sandton, 2196
		 	Johannesburg
		 	South Africa
		
	Tel:	 	+27 11 644 2400
		
	Fax:	 	+27 11 484 4882
		
	Attention:	 	Executive Vice President - General Counsel

 The Original Borrowers 
 GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED 
  

			
	By: /s/ Paul Andy Schmidt
		
	Address:	 	150 Helen Road
		 	Sandton, 2196
		 	Johannesburg
		 	South Africa
		
	Tel:	 	+27 11 644 2400
		
	Fax:	 	+27 11 484 4882
		
	Attention:	 	Executive Vice President - General Counsel

 GOLD FIELDS OROGEN HOLDING (BVI) LIMITED 
  

			
	By:
		
	Address:	 	Fallon Cliff
		 	Palace Road
		 	Douglas
		 	Isle of Man
		
	Fax:	 	+44 1624 630 001
		
	Attention:	 	Company Secretary

 GOLD FIELDS OPERATIONS LIMITED 
  

			
	By: /s/ Paul Andy Schmidt
		
	Address:	 	150 Helen Road
		 	Sandton, 2196
		 	Johannesburg
		 	South Africa
		
	Fax:	 	+27 11 434 4882
		
	Attention:	 	

 The Original Guarantors 
 GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED 
  

			
	By: /s/ Paul Andy Schmidt
		
	Address:	 	150 Helen Road
		 	Sandton, 2196
		 	Johannesburg
		 	South Africa
		
	Tel:	 	+27 11 644 2400
		
	Fax:	 	+27 11 484 4882
		
	Attention:	 	Executive Vice President - General Counsel

 GOLD FIELDS LIMITED 
  

			
	By: /s/ Paul Andy Schmidt
		
	Address:	 	150 Helen Road
		 	Sandton, 2196
		 	Johannesburg
		 	South Africa
		
	Tel:	 	+27 11 644 2400
		
	Fax:	 	+27 11 484 4882
		
	Attention:	 	Executive Vice President - General Counsel

 GOLD FIELDS HOLDINGS COMPANY (BVI) LIMITED 
  

			
	By: /s/ Paul Andy Schmidt
		
	Address:	 	150 Helen Road
		 	Sandton, 2196
		 	Johannesburg
		 	South Africa
		
	Tel:	 	+27 11 644 2400
		
	Fax:	 	+27 11 484 4882
		
	Attention:	 	Executive Vice President - General Counsel

 GOLD FIELDS OPERATIONS LIMITED 
  

			
	By: /s/ Paul Andy Schmidt
		
	Address:	 	150 Helen Road
		 	Sandton, 2196
		 	Johannesburg
		 	South Africa
		
	Tel:	 	+27 11 644 2400
		
	Fax:	 	+27 11 484 4882
		
	Attention:	 	

 GOLD FIELDS OROGEN HOLDING (BVI) LIMITED 
  

			
	By:
		
	Address:	 	Falcon Cliff, Palace Road
		 	Douglas
		 	Isle of Man
		 	IM99 1EP
		 	British Isles
		
	Tel:	 	+44 (0) 1624 63 00 00
		
	Fax:	 	+44 (0) 1624 63 00 01
		
	Attention:	 	Company Secretary

 The Arrangers 
 ABN AMRO BANK N.V., JOHANNESBURG BRANCH 
  

			
	By: /s/ Megan Smith; /s/ Sandra Holiston
		
	Address:	 	2 Exchange Square
		 	85 Maude Street
		 	Sandown
		 	Sandton 2196
		 	South Africa
		
	Fax:	 	+ 27 11 685 2001
		
	Attention:	 	

 BANK OF CHINA LIMITED 
  

			
	By:
		
	Address:	 	90 Cannon Street
		 	London
		 	EC4N 6HA
		
	Fax:	 	+ 44 20 7282 8899
		
	Attention:	 	

 BANK OF MONTREAL IRELAND PLC 
  

			
	By: /s/ Neil Ward; /s/ Finbarr Farrell
		
	Address:	 	2 Harbourmaster Place
		 	IFSC
		 	Dublin 1, Ireland
		
	Fax:	 	353-1-614-7819
		
	Attention:	 	

 BARCLAYS CAPITAL 
  

			
	By:
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

 CITIBANK, N.A., LONDON BRANCH 
  

			
	By: /s/ Murat Demirel
		
	Address:	 	Citigroup Centre
		 	33 Canada Square
		 	Canary Wharf CGC-2
		 	London E14 5LB
		
	Fax:	 	+ 27 11 944 0849
		
	Telephone:	 	+ 27 11 944 0416
		
	Attention:	 	Mickey Fernandes

 COMMONWEALTH BANK OF AUSTRALIA 
  

			
	By: /s/ B. Pariler
		
	Address:	 	Level 3
		 	150 St George’s Terrace
		 	Perth Western Australia
		
	Fax:	 	61 8 9482 6099
		
	Attention:	 	

 J.P. MORGAN PLC 
  

			
	By:
		
	Address:	 	125 London Wall
		 	London EC2V 5AJ
		
	Fax:	 	
		
	Attention:	 	

 SCOTIABANK EUROPE PLC 
  

			
	By: /s/ J. A. Flexer
		
	Address:	 	33 Finsbury Square
		 	London EC2A 1BB
		
	Fax:	 	+44 20 7826 5645
		
	Attention:	 	

 STANDARD CHARTERED BANK 
  

			
	By: /s/ H. Singharay
		
	Address:	 	1 Basinghall Avenue
		 	London EC2V 5DD
		
	Fax:	 	+ 44 20 7885 1688 / +44 20 7885 1823
		
	Attention:	 	Edmund McGuire / Keith Garner

 The Agent 
 BARCLAYS BANK PLC 
  

			
	By:
		
	Address:	 	 5 The North Colonnade
 Canary
Wharf
 London E14 4BB

		
	Fax:	 	020 7773 4893
		
	Attention:	 	Global Loans - Agency Division

 The Original Lenders 
 ABN AMRO BANK N.V., JOHANNESBURG BRANCH 
  

			
	By: /s/ Megan Smith; /s/ Sandra Holiston
		
	Address:	 	2 Exchange Square
		 	85 Maude Street
		 	Sandown
		 	Sandton 2196
		 	South Africa
		
	Fax:	 	+ 27 11 685 2001
		
	Attention:	 	Loan Servicing OBCA Desk; cc Megan Smith

 BANK OF CHINA LIMITED 
  

			
	By:
		
	Address:	 	90 Cannon Street
		 	London
		 	EC4N 6HA
		
	Fax:	 	+ 44 20 7282 8899
		
	Attention:	 	

 BANK OF MONTREAL IRELAND PLC 
  

			
	By: /s/ Neil Ward, /s/ Finbarr Farrell
		
	Address:	 	2 Harbourmaster Place
		 	IFSC
		 	Dublin 1, Ireland
		
	Fax:	 	353-1-614-7819
		
	Attention:	 	

 BARCLAYS BANK PLC 
  

			
	By:
		
	Address:	 	 5 The North Colonnade
 Canary
Wharf
 London E14 4BB

		
	Fax:	 	
		
	Attention:	 	

 CITIBANK, N.A., LONDON BRANCH 
  

			
	By: /s/ Murat Demirel
		
	Address:	 	Citigroup Centre
		 	33 Canada Square
		 	Canary Wharf CGC-2
		 	London E14 5LB
		
	Fax:	 	+ 27 11 944 0849
		
	Telephone:	 	+ 27 11 944 0416
		
	Attention:	 	Mickey Fernandes

 COMMONWEALTH BANK OF AUSTRALIA 
  

			
	By: /s/ B. Pariler
		
	Address:	 	Level 3
		 	150 St George’s Terrace
		 	Perth Western Australia
		
	Fax:	 	61 8 9482 6099
		
	Attention:	 	

 JPMORGAN CHASE BANK, N.A. 
  

			
	By:
		
	Address:	 	125 London Wall
		 	London EC2V 5AJ
		
	Fax:	 	
		
	Attention:	 	

 SCOTIABANK EUROPE PLC 
  

			
	By: /s/ J. A. Flexer
		
	Address:	 	33 Finsbury Square
		 	London EC2A 1BB
		
	Fax:	 	+44 20 7826 5645
		
	Attention:	 	

 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 
  

			
	By:
		
	Address:	 	Finsbury Circus House
		 	12-15 Finsbury Circus
		 	London EC2M 7BT
		
	Fax:	 	+44 20 7577 1264
		
	Attention:	 	

 STANDARD CHARTERED BANK 
  

			
	By: /s/ H. Singharay
		
	Address:	 	1 Basinghall Avenue
		 	London EC2V 5DD
		
	Fax:	 	+ 44 20 7885 8073
		
	Attention:	 	Amish Patel / Rochelle Chaffey

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