Document:

Exhibit
10.1

 

Execution
Version

 

 

 

SYNDICATED
FACILITY AGREEMENT

 

Dated
as of May 12, 2021

 

among

 

CORONADO
GLOBAL RESOURCES INC.,

as Holdings,

 

CORONADO
AUSTRALIA HOLDINGS PTY LTD, 

as Australian Parent

 

CORONADO
FINANCE PTY LTD, 

as Australian Borrower

 

CORONADO
COAL CORPORATION, 

as U.S. Borrower

 

THE GUARANTORS PARTY HERETO

 

CITIBANK,
N.A., 

as Administrative Agent

 

and

 

BMO
HARRIS BANK N.A., 

as Co-Collateral Agent and

 

The
Other Lenders Party Hereto

 

 

 

CITIBANK,
N.A.,

CREDIT SUISSE SECURITIES (USA) LLC,

as Joint Lead Arrangers and Joint Bookrunners

 

 

     

    

    

 

TABLE
OF CONTENTS

 

	 	Page
	Article
    1. Definitions and Accounting Terms	1
	Section
    1.01.     Defined Terms	1
	Section
    1.02.     Other Interpretive Provisions	81
	Section
    1.03.     Accounting Terms	82
	Section
    1.04.     Times of Day	82
	Section
    1.05.     Timing of Payment or Performance	82
	Section
    1.06.     Letter of Credit Amounts	82
	Section
    1.07.     Reserves	82
	Section
    1.08.     Pro Forma Calculations	83
	Section
    1.09.     Australian Terms	84
	Section
    1.10.     Australian PPS Act Provisions	84
	Section
    1.11.     Exchange Rates; Currency Equivalents	85
	Section
    1.12.     Additional Alternate Currencies for Loans	86
	Article
    2. The Commitments and Credit Extensions	86
	Section
    2.01.     Loans	86
	Section
    2.02.     Borrowings, Conversions and Continuations of Loans	87
	Section
    2.03.     Protective Advances	90
	Section
    2.04.     Letters of Credit	90
	Section
    2.05.     Swingline Loans	101
	Section
    2.06.     Prepayments	103
	Section
    2.07.     Termination or Reduction of Commitments	105
	Section
    2.08.     Repayment of Loans	105
	Section
    2.09.     Interest	105
	Section
    2.10.     Fees	106
	Section
    2.11.     Computation of Interest and Fees	107
	Section
    2.12.     Evidence of Debt	107
	Section
    2.13.     Payments Generally; Administrative Agent’s Clawback	108
	Section
    2.14.     Sharing of Payments by Lenders	109
	Section
    2.15.     Increase in Facility	110
	Section
    2.16.     Defaulting Lender	112
	Article
    3. Taxes, Yield Protection and Illegality	114
	Section
    3.01.     Taxes	114
	Section
    3.02.     Illegality	118
	Section
    3.03.     Benchmark Replacement Setting	119
	Section
    3.04.     Increased Costs; Reserves on Eurocurrency Rate Loans	121
	Section
    3.05.     Compensation for Losses	123
	Section
    3.06.     Mitigation Obligations; Replacement of Lenders	123
	Section
    3.07.     Survival	124
	Article
    4. Conditions Precedent to Credit Extensions	124
	Section
    4.01.     Conditions of Closing Date	124
	Section
    4.02.     Conditions to All Credit Extensions	128

     i

     

    

TABLE
OF CONTENTS

(continued)

 

	 	Page
	Article
    5. Representations and Warranties	129
	Section
    5.01.     Existence, Qualification and Power	129
	Section
    5.02.     Authorization; No Contravention	129
	Section
    5.03.     Governmental Authorization; Other Consents	130
	Section
    5.04.     Binding Effect	130
	Section
    5.05.     Financial Statements; No Material Adverse Effect	130
	Section
    5.06.     Litigation	131
	Section
    5.07.     No Default	131
	Section
    5.08.     Ownership of Property; Subsidiaries; Equity Interests	131
	Section
    5.09.     Environmental Compliance	132
	Section
    5.10.     Mining	133
	Section
    5.11.     Insurance	134
	Section
    5.12.     Taxes	134
	Section
    5.13.     ERISA Compliance	134
	Section
    5.14.     Beneficial Ownership Certification	135
	Section
    5.15.     Margin Regulations; Investment Company Act	135
	Section
    5.16.     Disclosure	135
	Section
    5.17.     Compliance with Laws	135
	Section
    5.18.     Intellectual Property; Licenses, Etc.	136
	Section
    5.19.     Solvency	136
	Section
    5.20.     Casualty, Etc.	136
	Section
    5.21.     Labor Matters	136
	Section
    5.22.     Collateral Documents	136
	Section
    5.23.     Use of Proceeds	137
	Section
    5.24.     Coal Act; Black Lung Act	137
	Section
    5.25.     Anti-Terrorism Laws; Anti-Corruption Laws and Sanctions	137
	Section
    5.26.     Australian Representations	138
	Article
    6. Affirmative Covenants	138
	Section
    6.01.     Financial Statements	138
	Section
    6.02.     Certificates; Other Information	139
	Section
    6.03.     Notices	142
	Section
    6.04.     Payment of Obligations	143
	Section
    6.05.     Preservation of Existence, Etc.	143
	Section
    6.06.     Maintenance of Properties	143
	Section
    6.07.     Maintenance of Insurance	143
	Section
    6.08.     Compliance with Laws	144
	Section
    6.09.     Books and Records	144
	Section
    6.10.     Inspection Rights; Field Exams; Appraisals	144
	Section
    6.11.     Use of Proceeds	146
	Section
    6.12.     Covenant to Guarantee Obligations and Give Security	146
	Section
    6.13.     Compliance with Environmental Laws	149
	Section
    6.14.     Preparation of Environmental Reports	150
	Section
    6.15.     Further Assurances	150
	Section
    6.16.     Certain Long Term Liabilities and Environmental Reserves	150
	Section
    6.17.     Mining Financial Assurances	151
	Section
    6.18.     Administration of Accounts	151
	Section
    6.19.     Cash Management System	151

     ii

     

    

TABLE
OF CONTENTS

(continued)

 

	 	Page
	Section
    6.20.     Post-Closing Obligations	152
	Section
    6.21.     Australian Covenants	152
	Section
    6.22.     Lender Calls	153
	Article
    7. Negative Covenants	153
	Section
    7.01.     Liens	153
	Section
    7.02.     Indebtedness	156
	Section
    7.03.     Investments	161
	Section
    7.04.     Fundamental Changes	163
	Section
    7.05.     Dispositions	164
	Section
    7.06.     Restricted Payments	166
	Section
    7.07.     Change in Nature of Business	168
	Section
    7.08.     Transactions With Affiliates	168
	Section
    7.09.     Burdensome Agreements	170
	Section
    7.10.     Use of Proceeds	171
	Section
    7.11.     Minimum Fixed Charge Coverage Ratio	171
	Section
    7.12.     Amendments of Organizational Documents	172
	Section
    7.13.     Accounting Changes	172
	Section
    7.14.     Prepayments, Etc. of Indebtedness; Amendments	172
	Section
    7.15.     [Reserved]	173
	Section
    7.16.     Anti-Cash Hoarding	173
	Article
    8. Events of Default and Remedies	173
	Section
    8.01.     Events of Default	173
	Section
    8.02.     Remedies Upon Event of Default	176
	Section
    8.03.     Application of Funds	176
	Section
    8.04.     Equity Cure Rights	178
	Article
    9. Administrative Agent	178
	Section
    9.01.     Appointment	178
	Section
    9.02.     Delegation of Duties	179
	Section
    9.03.     Liability of Agents	180
	Section
    9.04.     Reliance by the Administrative Agent	182
	Section
    9.05.     Notice of Default	182
	Section
    9.06.     Credit Decision; Disclosure of Information by Agents	183
	Section
    9.07.     Indemnification of the Administrative Agent	183
	Section
    9.08.     Withholding Tax	184
	Section
    9.09.     Administrative Agent in Its Individual Capacity	184
	Section
    9.10.     Resignation by the Administrative Agent	185
	Section
    9.11.     Administrative Agent May File Proofs of Claim	187
	Section
    9.12.     Collateral and Guaranty Matters	187
	Section
    9.13.     Arrangers and Bookrunners	188
	Section
    9.14.     Appointment of Supplemental Collateral Agents	188
	Section
    9.15.     Reports and Financial Statements	189
	Section
    9.16.     Posting of Approved Electronic Communications	190
	Section
    9.17.     Erroneous Payments	191

     iii

     

    

TABLE
OF CONTENTS

(continued)

 

	 	Page
	Article
    10. Guarantee	194
	Section
    10.01.          Guarantee	194
	Section
    10.02.          Right of Contribution	195
	Section
    10.03.          No Subrogation	195
	Section
    10.04.          Amendments, etc. with Respect to the Borrower Obligations	195
	Section
    10.05.          Guarantee Absolute and Unconditional	196
	Section
    10.06.          Waiver by Guarantors	197
	Section
    10.07.          Releases	198
	Section
    10.08.          Subordination of Other Obligations	198
	Section
    10.09.          Authority of Guarantors or Borrowers	199
	Section
    10.10.          Financial Condition of Borrowers	199
	Section
    10.11.          Taxes and Payments	199
	Section
    10.12.          Assignments	199
	Section
    10.13.          Reinstatement	199
	Section
    10.14.          Keepwell	199
	Article
    11. Miscellaneous	200
	Section
    11.01.          Amendments, Etc.	200
	Section
    11.02.          Notices; Effectiveness; Electronic Communications	202
	Section
    11.03.          No Waiver; Cumulative Remedies	204
	Section
    11.04.          Expenses; Indemnity; Damage Waiver	204
	Section
    11.05.          Payments Set Aside	208
	Section
    11.06.          Successors and Assigns	208
	Section
    11.07.          Treatment of Certain Information; Confidentiality	212
	Section
    11.08.          Right of Setoff	214
	Section
    11.09.          Interest Rate Limitation	214
	Section
    11.10.          Counterparts; Integration	214
	Section
    11.11.          Survival of Representations and Warranties	214
	Section
    11.12.          Severability	215
	Section
    11.13.          Replacement of Lenders	215
	Section
    11.14.          Governing Law; Jurisdiction; Etc.	216
	Section
    11.15.          Waiver of Jury Trial	217
	Section
    11.16.          Designation of Secured Hedge Agreements	217
	Section
    11.17.          No Advisory or Fiduciary Responsibility	218
	Section
    11.18.          Joint and Several Liability	219
	Section
    11.19.          Contribution and Indemnification Among the Borrowers	220
	Section
    11.20.          Agency of the Administrative Borrower for Each Other Borrower	221
	Section
    11.21.          USA Patriot Act Notice	221
	Section
    11.22.          Time of the Essence	221
	Section
    11.23.          Acknowledgement and Consent to Bail-In of Affected Financial Institutions	221
	Section
    11.24.          Terms of Intercreditor Agreements	222
	Section
    11.25.          Australian Code of Banking Practice	222
	Section
    11.26.          Certain ERISA Matters	222
	Section
    11.27.          Acknowledgement Regarding Any Supported QFCs	223
	Section
    11.28.          Judgment Currency	224
	Section
    11.29.          Waiver of Sovereign Immunity	224

     iv

     

    

	

    SCHEDULES
	 
	1.01(a) 	Guarantors
	1.01(b) 	Commitments and L/C Sublimit
	5.06 	Litigation
	5.08(a) 	Material Leased Real Property
	5.08(b) 	Material Owned Real Property
	5.08(c)       
	Subsidiaries

	5.09       	Environmental Matters
	5.10 	Mining
	5.14	 Subsidiaries and Other Equity Investments; Loan Parties
	5.18 	Intellectual Property Matters
	5.21 	Labor Matters
	6.20 	Post-Closing Obligations
	7.01 	Existing Liens
	7.02 	Existing Indebtedness
	7.03 	Existing Investments
	7.08 	Transactions with Affiliates
	11.02 	Agents’ Offices, Certain Addresses for Notices

 

	EXHIBITS
	 	Form of
	A	 Borrowing Notice
	B 	Notice of Conversion or Continuation
	C	 Note
	D       
	Swingline
Loan Notice

	E       	Compliance Certificate
	F 	Assignment and Acceptance
	G 	Borrowing Base Certificate
	H-1
	Security Agreement 

	H-2	Australian Collateral Documents
	I 	Perfection Certificate
	J 	Perfection Certificate Supplement
	K 	Assumption Agreement
	L       
	Solvency
Certificate 

	M       	U.S. Tax Compliance Certificate

     v

     

    

SYNDICATED
FACILITY AGREEMENT

 

This
SYNDICATED FACILITY AGREEMENT (this “Agreement”) is entered into as of May 12, 2021, among CORONADO
GLOBAL RESOURCES INC., a Delaware corporation (“Holdings”), CORONADO COAL CORPORATION, a Delaware corporation
(“U.S. Borrower”), CORONADO AUSTRALIA HOLDINGS PTY LTD (ACN 623 524 989), an Australian proprietary
limited company (“Australian Parent”) and CORONADO FINANCE PTY LTD (ACN 628 668 235), an Australian
proprietary limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”),
each Guarantor party hereto, each lender from time to time party hereto, CITIBANK, N.A. (acting through such of its Affiliates,
offices or branches as it deems appropriate), as administrative agent and collateral agent (in such capacities, the “Administrative
Agent”), BMO HARRIS BANK N.A., as co-collateral agent (the “Co-Collateral Agent”), CITIBANK,
N.A., as Swingline Lender, and CITIBANK, N.A., CREDIT SUISSE AG and BMO HARRIS BANK N.A., as L/C Issuers.

 

INTRODUCTORY
STATEMENT

 

WHEREAS,
in connection with the Transactions, the Australian Borrower will issue senior secured notes in an aggregate principal amount
of $350,000,000 (the “Senior Secured Notes”);

 

WHEREAS,
the Borrowers have requested that the Lenders extend credit in the form of a senior secured asset-based revolving credit facility
consisting of Commitments in an aggregate principal amount of $100,000,000 (the “Facility”), and the
Lenders and Administrative Agent are willing to extend such credit to the Borrowers on the terms and subject to the conditions
set forth herein;

 

WHEREAS,
Holdings will consummate an offering of an aggregate amount of $100,000,000 of shares of common stock of the Australian Borrower,
of which $87,000,000 will be issued substantially concurrently with the Closing Date and the balance will be funded on or about
May 31, 2021 (the “Equity Offering”); and

 

WHEREAS,
the proceeds from the Senior Secured Notes, the Equity Offering and the Facility will be used to refinance the Australian Borrower’s
existing credit facilities (the “Closing Date Refinancing”).

 

Accordingly,
in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

Article
1.

Definitions and Accounting Terms

 

Section
1.01.      Defined Terms. As used in this Agreement, the following terms shall have
the meanings set forth below:

 

“ABL
Debt” means Funded Debt and letter of credit, bank guarantee and reimbursement obligations with respect thereto
incurred by the Borrowers or any of the Guarantors hereunder.

 

“ABL
Intercreditor Agreement” means that certain New York law governed Intercreditor Agreement, dated as of the date
hereof, between the Administrative Agent and the Senior Secured Notes Trustee and acknowledged by each Loan Party.

 

“ABL
Priority Collateral” means all rights, title and interests of each Loan Party in the following Collateral, in each
case, whether now owned or existing or hereafter acquired or arising and wherever located, including, without duplication,

    1 

     

    

(a)         
all rights of each Loan Party to receive moneys due and to become due under or pursuant to the following,

 

(b)         
all rights of each Loan Party to receive return of any premiums for or Proceeds of any insurance, indemnity, warranty or guaranty
with respect to the following or to receive condemnation Proceeds with respect to the following,

 

(c)         
all claims of each Loan Party for damages arising out of or for breach of or default under any of the following, and

 

(d)        
all rights of each Loan Party to terminate, amend, supplement, modify or waive performance under any of the following, to perform
thereunder and to compel performance and otherwise exercise all remedies thereunder:

 

(i)         all Accounts, but solely for purposes of this clause (i), excluding identifiable rights to payment for any property
which specifically constitutes Non-ABL Priority Collateral that has been sold, leased, licensed, assigned or otherwise disposed
of; provided, however, that, for the avoidance of doubt, all rights to payment arising from any sale,
lease, license, assignment or other disposition of Inventory or Goods (other than Fixtures or Equipment) or the provision of services
shall constitute ABL Priority Collateral;

 

(ii)         
all Chattel Paper;

 

(iii)         all intercompany indebtedness of Holdings and the other Loan Parties owed to any other Loan Party;

 

(iv)         all Deposit Accounts, Securities Accounts and all other demand, deposit, time, savings, cash management, passbook and similar
accounts maintained with any bank or other financial institution (other than to the extent any such Deposit Accounts, Securities
Accounts or other accounts solely contain identifiable Proceeds of any Non-ABL Priority Collateral) and all cash, money, securities,
Instruments and other investments deposited or required to be deposited in any of the foregoing;

 

(v)          all Inventory and all rights to receive payments, indebtedness and other obligations which arise as a result of the sale, lease
or other disposition of Inventory or Goods (in each case other than Fixtures or Equipment) or provision of services, including
the right to payment of interest or finance charges and all As-Extracted Collateral;

 

(vi)         all cash, Money and Cash Equivalents ((A) other than identifiable Proceeds of any Non-ABL Priority Collateral and (B) including,
for the avoidance of doubt, Proceeds of Credit Extensions under this Agreement);

 

(vii)        to the extent evidencing or governing any of the items referred to in the preceding clauses (i) through (vi),
all General Intangibles (excluding Equity Interests and any Intellectual Property to the extent such Intellectual Property is
not attached to or necessary to sell any item of Inventory), letters of credit and bank guarantees (whether or not the respective
letter of credit or bank guarantee is evidenced by a writing), Letter-of-Credit Rights, Instruments and Documents; provided
that to the extent any of the foregoing also relates to any Non-ABL Priority Collateral, only that portion related to
the items referred to in the preceding clauses (i) through (vi) as being included in the ABL Priority
Collateral shall be included in the ABL Priority Collateral;

    2 

     

    

(viii)        to the extent relating to any of the items referred to in the preceding clauses (i) through (vii),
all insurance; provided that to the extent any of the foregoing also relates to Non-ABL Priority Collateral, only
that portion related to the items referred to in the preceding clauses (i) through (vii) as being
included in the ABL Priority Collateral shall be included in the ABL Priority Collateral;

 

(ix)          to the extent relating to any of the items referred to in the preceding clauses (i) through (viii),
all Supporting Obligations; provided that to the extent any of the foregoing also relates to Non-ABL Priority Collateral,
only that portion related to the items referred to in the preceding clauses (i) through (viii) as
being included in the ABL Priority Collateral shall be included in the ABL Priority Collateral; provided, further,
that any business interruption insurance shall be ABL Priority Collateral;

 

(x)          
to the extent relating to any of the items referred to in the preceding clauses (i) through (ix),
all Commercial Tort Claims; provided that to the extent any of the foregoing also relates to Non-ABL Priority Collateral,
only that portion related to the items referred to in the preceding clauses (i) through (ix) as being
included in the ABL Priority Collateral shall be included in the ABL Priority Collateral;

 

(xi)          all Books and records, including all books, databases, customer lists and records related thereto and any General Intangibles
at any time evidencing or relating to any of the foregoing; and

 

(xii)         all cash Proceeds and, solely to the extent not constituting Non-ABL Priority Collateral, non-cash Proceeds, products, accessions,
rents and profits of or in respect of any of the foregoing (including all insurance Proceeds) and all collateral security, guarantees
and other collateral support given by any Person with respect to any of the foregoing;

 

provided,
however, that

 

(x)
           if Collateral of any type is received in exchange for ABL Priority Collateral pursuant
to an enforcement action or during an Insolvency Proceeding, such Collateral will be treated as ABL Priority Collateral and

 

(y)
          if Collateral of any type is received in exchange for Non-ABL Priority Collateral pursuant
to an enforcement action or during an Insolvency Proceeding, such Collateral will be treated as Non-ABL Priority Collateral.

 

For
the avoidance of doubt, no Excluded Asset of a U.S. Loan Party and no Foreign Excluded Asset of any Loan Party that is a Foreign
Subsidiary shall constitute ABL Priority Collateral.

 

“Acceptable
Credit Support” means

 

(a)         
a credit insurance policy satisfactory to the Administrative Agent in its Reasonable Credit Judgment (including, without limitation,
as to the creditworthiness of the insurance company issuing such policy, the scope and amount of coverage, any deductibles and
any other terms and conditions applicable thereto), so long as the limits and terms of such credit insurance policy are being
complied with and for which the Administrative Agent is named as the beneficiary, loss payee or additional insured so as to insure
that the Administrative Agent has the right to receive payments thereunder; or

    3 

     

    

(b)         
an irrevocable letter of credit or bank guarantee satisfactory to the Administrative Agent in its Reasonable Credit Judgment (including,
without limitation, as to the issuer or domestic confirming bank with respect thereto, and the form and substance thereof (it
being understood that, at the request of the Administrative Agent, the Borrower shall cause a commercial letter of credit to be
confirmed to the extent not otherwise confirmed in the ordinary course of business)), that has been delivered to the Administrative
Agent and, in the case of standby letters of credit and subject to Section 6.20, is directly drawable by the Administrative
Agent and, in the case of other letters of credit (together with any bills of lading or other shipping documents), remains in
the possession and control of the Loan Parties free and clear of any Liens senior to those securing the Obligations.

 

“Accommodation
Payment” has the meaning specified in Section 11.19.

 

“Account”
has the meaning specified in the UCC and the Australian PPS Act.

 

“Account
Debtor” has the meaning given to such term in the UCC and the Australian PPS Act.

 

“Accounting
Change” means a change in accounting principles required by the promulgation of any rule, regulation, pronouncement
or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable,
the SEC.

 

“Activities”
has the meaning specified in Section 9.09(b).

 

“Additional
Lender” has the meaning specified in Section 2.15(b).

 

“Administrative
Agent” has the meaning specified in the preamble hereto.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on
Schedule 11.02, or such other address or account of the Administrative Agent as the Administrative Agent may from
time to time notify to the Borrowers and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form reasonably acceptable to the Administrative Agent.

 

“Affected
Financial Institution” means (a) any EEA Financial Institution, or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under direct or indirect common Control with the Person specified or any other Person that directly or
indirectly owns 10% or more of any class of equity interests of the Person specified.

 

“Agent
Affiliate” has the meaning specified in Section 9.16(c).

 

“Agent’s
Group” has the meaning specified in Section 9.09(b).

 

“Agent
Parties” has the meaning specified in Section 11.02(c).

 

“Agreement”
has the meaning assigned in the preamble hereto.

 

“Alternate
Currency” shall mean Australian Dollars or any other foreign currency reasonably acceptable to the Administrative
Agent in accordance with Section 1.12.

    4 

     

    

“Alternate
Currency Equivalent” shall mean, at any time, with respect to any amount denominated in Dollars, the equivalent
amount thereof in the applicable Alternate Currency as determined by the Administrative Agent or the applicable L/C Issuer, as
the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the
purchase of such Alternate Currency with Dollars.

 

“Alternate
Currency L/C Obligations” shall mean L/C Obligations related to Alternate Currency Letters of Credit.

 

“Alternate
Currency Letter of Credit” shall mean any Letter of Credit denominated in an Alternate Currency.

 

“Anti-Corruption
Laws” means all Laws of any jurisdiction applicable to Holdings or any of its Subsidiaries from time to time concerning
or relating to bribery or corruption, including without limitation the Foreign Corrupt Practices Act of 1977, 15 U.S.C. §§
78dd-1, et seq.

 

“Anti-Money
Laundering Laws” means all Laws of any jurisdiction applicable to Holdings or any of its Subsidiaries from time
to time concerning or relating to money laundering, including, without limitation, the Patriot Act and the Anti-Money Laundering
and Counter-Terrorism Financing Act 2006 (Cth) of Australia.

 

“Anti-Terrorism
Laws” means Title III of the USA Patriot Act, the Trading with the Enemy Act, and each of the foreign assets control
regulations of the United States Treasury Department (31 C.F.R. Subtitle B, Chapter V, as amended) and any other enabling legislation
or executive order relating thereto and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) of Australia.

 

“Applicable
Percentage” means, with respect to any Lender, the percentage (carried out to the ninth decimal place) of the Facility
represented by such Lender’s Commitment at such time (or, if the Commitment of each Lender shall have been terminated or
expired, then the percentage of Total Outstandings represented by the aggregate Outstanding Amount of such Lender’s Loans
and L/C Obligations). The initial Applicable Percentage of each Lender in respect of the Facility is set forth on Schedule
1.01(b) or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable.

 

“Applicable
Rate” means, as of any date of determination, a per annum rate equal to the rate set forth below under the applicable
Type of Loan and opposite the applicable Availability, based on the average daily Availability during the fiscal quarter most
recently ended immediately preceding such date, as a percentage of the Maximum Revolving Credit:

 

	Category	Average
    Quarterly 

Availability (% of 

Maximum Revolving 

Credit)	Eurocurrency
    

Loans	Base
    Rate 

Loans	BBSY
    Loans
	I	Greater
    than or equal to 66%	2.00%	1.00%	2.00%
	II	Less
    than 66% and greater than or equal to 33%	2.25%	1.25%	2.25%
	III	Less
    than 33%	2.50%	1.50%	2.50%

    5 

     

    

Changes
in the Applicable Rate resulting from a change in Availability shall become effective as to all Loans, Swingline Loans, L/C Obligations
and Protective Advances upon delivery by the Borrowers to the Administrative Agent of a new Borrowing Base Certificate pursuant
to Section 6.02(i) in respect of the calendar month ending on the last day of such fiscal quarter. Notwithstanding
anything to the contrary set forth in this Agreement (including the then effective Availability), if the Borrowers shall fail
to deliver such Borrowing Base Certificate within any of the time periods specified in Section 6.02(i), the Applicable
Rate from and including the 20th day after the end of the applicable month or, during a Liquidity Period, the 3rd Business
Day after the end of the applicable week, as the case may be, to but not including the date the Borrowers deliver to the Administrative
Agent such Borrowing Base Certificate shall equal the highest possible Applicable Rate provided for by this definition.

 

“Appraisal”
means, as applicable, (a) the appraisal delivered to the Administrative Agent on or prior to the Closing Date, or (b) any
appraisal in form and substance reasonably satisfactory to the Administrative Agent delivered to the Administrative Agent pursuant
to Section 6.10(b).

 

“Approved
Electronic Communications” means each notice, demand, communication, information, document and other material that
any Loan Party is obligated to, or otherwise chooses to, provide to the Administrative Agent pursuant to any Loan Document or
the transactions contemplated therein, including

 

(a)         
any supplement to this Agreement, any joinder to any Collateral Document (including any Australian Collateral Document) and any
other written Contractual Obligation delivered or required to be delivered in respect of any Loan Document or the transactions
contemplated therein; and

 

(b)         
any Financial Statement, financial and other report, notice, request, certificate and other information material;

 

provided,
however, that, “Approved Electronic Communication” shall exclude

 

(i)
           any notice of Borrowing, conversion or continuation, and any other notice, demand, communication,
information, document and other material relating to a request for a new, or a conversion of an existing, Borrowing,

 

(ii)          any
notice pursuant to Section 2.06 and any other notice relating to the payment of any principal or other amount due
under any Loan Document prior to the scheduled date therefor,

 

(iii)
         all notices of any Default or Event of Default, and

 

(iv)
         any notice, demand, communication, information, document and other material required
to be delivered to satisfy any of the conditions set forth in Article 4 or any other condition to any Borrowing
hereunder or any condition precedent to the effectiveness of this Agreement.

 

“Approved
Electronic Platform” has the meaning specified in Section 9.16(a).

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity
or an Affiliate of an entity that administers or manages a Lender.

 

“Arranger”
means each of Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC, in each case, in its respective capacity as
joint lead arranger and joint bookrunner.

    6 

     

    

“Assignment
and Acceptance” means an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, substantially
in the form of Exhibit F or any other form approved by the Administrative Agent.

 

“Associate”
has the meaning given to it in Section 128F(9) of the ITAA 1936.

 

“Attributable
Debt” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted
at the interest rate implicit in such transaction) of the obligations of the lessee for net rental payments during the remaining
term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended); provided,
however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness
represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.”

 

“Australia”
means the Commonwealth of Australia.

 

“Australian
Account Bank” means Westpac Banking Corporation (ABN 33 007 457 141) or any other bank or financial institution
approved by the Administrative Agent.

 

“Australian
Borrower” has the meaning specified in the preamble hereto.

 

“Australian
Collateral Account” means the account maintained by the Australian Security Trustee in the name of the Australian
Borrower at the Australian Account Bank or a bank affiliate of the Australian Account Bank or any other bank reasonably acceptable
to the Administrative Agent and designated by the Australian Borrower as the “Australian Collateral Account”.

 

“Australian
Collateral Documents” means, collectively, the Australian General Security Deed, the Australian Mortgages and each
of the mortgages, collateral assignments, security agreements, pledge agreements, account control agreements or other similar
agreements delivered to the Administrative Agent pursuant to Section 6.12, and each of the other agreements, instruments
or documents that creates or purports to create a Lien in favor of the Australian Security Trustee for the benefit of the Secured
Parties as security for the Obligations.

 

“Australian
Controller” has the meaning given to the term “controller” in section 9 of the Australian Corporations
Act.

 

“Australian
Corporations Act” means the Corporations Act 2001 (Cth) of Australia.

 

“Australian
Deed of Undertaking (Winged Horse)” means the deed of undertaking and consent, dated as of the date hereof, by and
among the Australian Security Trustee and Winged Horse Pty Ltd (ACN 146 638 262) as trustee for the Pegasus Royalty Unit Trust
in respect of a royalty deed dated 31 August 2010.

 

“Australian
Dollars” and “A$” mean the lawful currency of Australia.

 

“Australian
General Security Deed” means the general security deed, dated as of the date hereof, by and among the Australian
Security Trustee and each of the Loan Parties party thereto, substantially in the form of Exhibit H-2, as amended,
restated, amended and restated supplemented or otherwise modified from time to time.

    7 

     

    

“Australian
Guarantor” means each Guarantor listed on Schedule 1.01(a) incorporated in Australia, and each of
the existing and future, direct or indirect, Foreign Subsidiaries (other than any Excluded Subsidiary) incorporated in Australia
that guarantees the Obligations pursuant to Section 6.12.

 

“Australian
Insolvency Proceeding” means in respect of a Loan Party or any of its Restricted Subsidiaries, the happening of
any of the following:

 

(a)          an
order is made that it be wound up;

 

(b)          the
appointment of a liquidator to it;

 

(c)          the
appointment of a provisional liquidator to it and the provisional liquidator is required to admit all debts to proof or pay all
debts capable of being admitted to proof proportionately;

 

(d)          it
is under administration or wound up or has had a Controller appointed to its property;

 

(e)          it
is subject to any arrangement, assignment, moratorium or composition, protected from creditors under any statute, or dissolved
(in each case, other than to carry out a reconstruction or amalgamation while solvent on terms approved by the Administrative
Agent); or

 

(f)           entry
by it into a scheme of arrangement or deed of company arrangement, composition with, or assignment for the benefits of, all or
any class of, its creditors.

 

“Australian
Loan Party” means the Australian Borrower and each Australian Guarantor.

 

“Australian
Mining Tenements” means Mining Lease Numbers 1878, 1990, 80010, 80011, 80012, 80086, 80110, 80112, 80123, 80171,
700006, 700007, 700008 and 700009 and Mineral Development Licence Numbers 162, 328 and 329 and any renewals, extensions and amendments
thereof and any tenements issued to CCPL.

 

“Australian
Mortgages” means (i) each real property mortgage to be granted by a Loan Party over its interests in freehold property
in Australia, (ii) each real property mortgage to be granted by a Loan Party over its interests in leasehold property in Australia
and (iii) each mining tenement mortgage to be granted by a Loan Party over its interest in the Australian Mining Tenements.

 

“Australian
Parent” has the meaning specified in the preamble hereto.

 

“Australian
Pension Plan” means the Australian Superannuation Guarantee Scheme (established under the Superannuation Guarantee
(Administration) Act 1992 (Cth)), a defined benefit scheme (whether established by deed or under statute of Australia or any
state or territory of Australia) and any other superannuation or pension plan maintained or contributed to by, or to which there
is or may be an obligation to contribute by, any Loan Party in respect of its Australian employees and officers or former employees
and officers.

 

“Australian
PPS Act” means the Personal Property Securities Act 2009 (Cth) of Australia.

 

“Australian
PPS Law” means: (a) the Australian PPS Act; (b) regulations made under the Australian PPS Act as amended from time
to time; or (c) any amendment made at any time to any other legislation as a consequence of an Australian PPS Law referred to
in clauses (a) and (b) of this definition, including, amendments to the Australian Corporations Act.

    8 

     

    

“Australian
Prime Bank” means a bank determined by ASX Benchmarks Pty Limited (or any other person which takes over the administration
of the Screen Rate for Australian dollars) as being a “Prime Bank” or an acceptor or issuer of bills of exchange or
negotiable certificates of deposit for the purposes of calculating that Screen Rate. If ASX Benchmarks Pty Limited or such other
person ceases to make such determination, the Australian Prime Banks shall be the Australian Prime Banks last so appointed.

 

“Australian
Priority Payables Reserve” means on any date of determination, a reserve in such amount as the Administrative Agent
(or, during a Co-Collateral Agent Period, the Administrative Agent and the Co-Collateral Agent) may determine in its Reasonable
Credit Judgment which reflects amounts secured by any rights (whether imposed under a statute of Australia or any state or territory
of Australia), Liens, choate or inchoate, which rank or are capable of ranking in priority to the Administrative Agent’s
or the Australian Security Trustee’s Liens and/or for amounts which represent costs relating to the enforcement of the Administrative
Agent’s Liens or the Australian Security Trustee’s Liens including to the extent applicable by operation of law, any
such amounts due and not paid for wages, long service leave or vacation pay (including amounts protected by the Fair Work Act
2009 (Cth)), any preferential claims as set out in the Australian Corporations Act, amounts due and not paid under any legislation
relating to workers’ compensation or to employment insurance, all amounts deducted or withheld and not paid and remitted
when due under the TAA (but excluding Pay as You Go installment amounts) and amounts currently or past due and not contributed,
remitted or paid in respect of any Australian Pension Plan, together with any charges which may be levied by a Governmental Authority
as a result of any default in payment obligations in respect of any Australian Pension Plan.

 

“Australian
Security Trust Deed” means the security trust deed dated as of the date hereof, by and among the Australian Security
Trustee and each of the Loan Parties party thereto, substantially in the form of Exhibit H-2, as amended, restated,
amended and restated supplemented or otherwise modified from time to time.

 

“Australian
Security Trustee” means Citibank, N.A., in its capacity as security trustee for the Secured Parties or any successor
security trustee appointed in accordance with this Agreement.

 

“Australian
Subordination Deed” means the subordination deed dated as of the date hereof, by and among the Administrative Agent
and each of the Loan Parties party thereto, as amended, restated, amended and restated supplemented or otherwise modified from
time to time.

 

“Australian
Subsidiary” means any Subsidiary of Holdings that is incorporated under the laws of Australia.

 

“Australian
Tax Agreement” means the Tax Sharing and Funding Agreement dated 20 December 2018 between the Australian Parent,
each other Australian Loan Party and Coronado Curragh LLC.

 

“Australian
Tax Consolidated Group” means a ‘Consolidated Group’ or a ‘MEC Group’, each as defined in
the ITAA 1997.

 

“Australian
TFA” mans a tax funding agreement between each member of the Australian Tax Consolidated Group which includes

 

(a)         
reasonably appropriate arrangements for the funding of income tax (and certain related Taxes) payments by the Head Company of
the Australian Tax Consolidated Group, having regard to the position of each member of the Australian Tax Consolidated Group;

    9 

     

    

(b)         
an undertaking from each member of the Australian Tax Consolidated Group to compensate each other member adequately for loss of
income tax attributes (including tax losses and tax offsets) as a result of being a member of the Australian Tax Consolidated
Group; and

 

(c)         
an undertaking from the Head Company of the Australian Tax Consolidated Group to pay all group liabilities (as described in section
721-10 of the ITAA 1997) of the Australian Tax Consolidated Group before the members of the Australian Tax Consolidated Group
make any payments to the Head Company of the Australian Tax Consolidated Group under the agreement.

 

“Australian
TSA” means any tax sharing agreement in relation to the sharing of income tax (and certain related Taxes) liabilities
in a jurisdiction between one or more Loan Parties in that jurisdiction, including an agreement between each member of the Australian
Tax Consolidated Group which takes effect as a tax sharing agreement under section 721-25 of the ITAA 1997 and which complies
with the ITAA 1997 and any law, official directive, request, guideline or policy (whether or not having the force or law issued
in connection with the ITAA 1936, ITAA 1997 or TAA).

 

“Australian
Withholding Tax” means any Australian Tax required to be withheld or deducted from any interest or other payment
under Division 11A of Part III of the ITAA 1936 or Subdivision 12-F of Schedule 1 to the TAA.

 

“Auto-Extension
Letter of Credit” has the meaning specified in Section 2.04(c)(iii).

 

“Auto-Reinstatement
Letter of Credit” has the meaning specified in Section 2.04(c)(iv).

 

“Availability”
means, at any time of determination, the Maximum Revolving Credit at such time minus the Total Outstandings at such time.

 

“Availability
Period” means the period from and including the Closing Date to but not including the Termination Date.

 

“Available
Tenor” means, as of any date of determination and with respect to any then-current Benchmark for any currency, as
applicable, (x) if any then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining
the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark,
as applicable, pursuant to this Agreement as of such date.

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect
of any liability of an Affected Financial Institution.

 

“Bail-In
Legislation” means

 

(a)         
with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule; and

 

(b)         
with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other
law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms
or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

    10 

     

    

“Bankruptcy
Code” means Title 11 of the United States Code.

 

“Base
Rate” means, for any day, in relation to a Loan in Dollars, a rate per annum equal to, the highest of

 

(a)         
the rate of interest in effect for such day publicly announced from time to time by the Administrative Agent as its “prime
rate” in effect in New York, New York; each change in such prime rate shall be effective on the date such change is publicly
announced as effective,

 

(b)         
the Federal Funds Rate for such day plus 0.50%; and

 

(c)         
the Eurocurrency Rate applicable for an Interest Period of one month plus 1.00%.

 

provided
that if the Base Rate is being used as an alternate rate of interest pursuant to Section 3.02 or Section
3.03 hereof, then the Base Rate shall be the greater of clause (a) and (b) above and shall
be determined without reference to clause (c) above and if Base Rate as otherwise determined pursuant to this definition
shall be less than 1.25% per annum, Base Rate shall be 1.25% per annum.

 

“Base
Rate Loan” means a Loan denominated in Dollars that bears interest based on the Base Rate.

 

“BBSY”
means, for any Interest Period:

 

(a)         
the rate published at or about 10:30 a.m., Sydney local time, two (2) Business Days prior to the first day of such Interest Period
on the applicable Bloomberg screen (or on any successor or substitute page of such service, or any successor to such service as
determined by Administrative Agent) under the heading “BBSY” for bills of exchange having a tenor approximating as
closely as possible the length of such Interest Period, or

 

(b)         
if the rate described under clause (a) above is not published at the relevant time, or the basis on which that rate
is displayed is changed and in the opinion of the Administrative Agent it ceases to reflect the applicable Lenders’ cost
of funding, then the applicable rate will be determined by the Administrative Agent to be the average of the buying rates quoted
to the Administrative Agent by three (3) Australian banks at or about 10:30 a.m., Sydney local time, on the date of determination
for bills of exchange with a tenor approximating the length of such Interest Period;

 

provided
that if BBSY as otherwise determined pursuant to this definition shall be less than 0.25% per annum, BBSY shall be 0.25%
per annum.

 

“BBSY
Loan” means a Loan denominated in Australian Dollars that bears interest at a rate based on the definition of “BBSY”.

 

“Benchmark”
means, initially,

 

(a)         
with respect to amounts denominated in Dollars, Dollar LIBOR;

 

(b)         
with respect to amounts denominated in Australian Dollars, BBSY; and

 

(c)         
with respect to amounts denominated in an Alternate Currency, the applicable Screen Rate;

 

provided
that if a replacement of an initial or subsequent Benchmark has occurred pursuant to Section 3.03, then
 “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used
in the calculation thereof.

    11 

     

    

“Benchmark
Replacement” means, for any Available Tenor:

 

(a)         
For purposes of clause (a) of Section 3.03, the first alternative set forth below that can be determined
by the Administrative Agent:

 

(i)          
the sum of:

 

(A)         
Term SOFR and

 

(B)         
0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available
Tenor of three-months’ duration, 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration and
0.71513% (71.513 basis points) for an Available Tenor of twelve-months’ duration;

 

provided,
that if any Available Tenor of Dollar LIBOR does not correspond to an Available Tenor of Term SOFR, the Benchmark Replacement
for such Available Tenor of Dollar LIBOR shall be the closest corresponding Available Tenor (based on tenor) for Term SOFR and
if such Available Tenor of Dollar LIBOR corresponds equally to two Available Tenors of Term SOFR, the corresponding tenor of Term
SOFR with the shorter duration shall be applied, or

 

(ii)         
the sum of:

 

(A)         
Daily Simple SOFR and

 

(B)         
the spread adjustment selected or recommended by the Relevant Governmental Body for the replacement of the tenor of Dollar LIBOR
with a SOFR-based rate having approximately the same length as the interest payment period specified in clause (a)
of Section 3.03 which spread adjustment, for the avoidance of doubt, shall be 0.26161% (26.161 basis points); and

 

(b)         
For purposes of clause (b) of Section 3.03, the sum of

 

(i)          
the alternate benchmark rate and

 

(ii)         
an adjustment (which may be a positive or negative value or zero),

 

in
each case, that has been selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor of
such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations
made by the Relevant Governmental Body, for syndicated credit facilities at such time denominated in the applicable currency in
the U.S. syndicated loan market;

 

provided
that, if the Benchmark Replacement as determined pursuant to clause (a) or (b) above would
be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other
Loan Documents.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative
or operational changes (including changes to the definition of “Base Rate”, the definition of “Business Day,”
the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing
of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the
applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of
 “Benchmark Replacement”, the formula, methodology or convention for applying the successor Floor to the successor
Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent decides may be
appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof
by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides
that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as
the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other
Loan Documents).

    12 

     

    

“Benchmark
Transition Event” means, with respect to any then-current Benchmark other than Dollar LIBOR, the occurrence of one
or more of the following events: a public statement or publication of information by or on behalf of the administrator of any
then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal
Reserve System, the Federal Reserve Bank of New York, the central bank for the currency applicable to such Benchmark, an insolvency
official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator
for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark,
announcing or stating that

 

(a)         
such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark or

 

(b)         
all Available Tenors of such Benchmark are or will no longer be representative and that representativeness will not be restored.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Beneficiary”
means the Administrative Agent and each Arranger, Lender and L/C Issuer.

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for
purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such
 “employee benefit plan” or “plan”.

 

“Bi-lateral
L/C Agreement” means one or more credit support facility agreements dated on or about the Closing Date by and between
a Loan Party and a Bi-lateral L/C Issuer.

 

“Bi-lateral
L/C Issuer” means a financial institution that issues bank guarantees or letters of credit for the account of a
Loan Party.

 

“Black
Lung Act” means the Black Lung Benefits Act of 1972, 30 U.S.C. §§ 901, et seq., the Federal Mine Safety
and Health Act of 1977, 30 U.S.C. §§ 801, et seq., the Black Lung Benefits Reform Act of 1977, Pub. L. No. 95-239, 92
Stat. 95 (1978), and the Black Lung Benefits Amendments of 1981, Pub. L. No. 97-119, Title 11, 95 Stat. 1643, in each case as
amended.

    13 

     

    

“Black
Lung Liability” means any liability or benefit obligations related to black lung claims and benefits under the Black
Lung Act, and liabilities and benefits related to pneumoconiosis, silicosis, exposure to isocyanates or other lung disease arising
under any federal or state law.

 

“Blocked
Account Agreement” means, with respect to any Deposit Account, Securities Account, Commodities Contract or Commodities
Account of any Loan Party, an agreement among the Administrative Agent, such Loan Party and such depository bank, securities intermediary
or commodity intermediary, as applicable, sufficient to grant “control” to the Administrative Agent (a) under 9-104
of the UCC with respect to any Deposit Account, (b) under 9-106 of the UCC with respect to any Commodities Contract or Commodities
Account or (c) under 8-106 of the UCC with respect to any Securities Account.

 

“Books”
means books, records, ledger cards, files, correspondence, customer lists, supplier lists, blueprints, technical specifications,
manuals, computer software and related documentation, computer printouts, tapes, disks and related data processing software and
similar items that at any time evidence, indicate, summarize or contain information relating to any assets (including the Collateral)
or liabilities of any Loan Party or any Loan Party’s business operations or financial condition.

 

“Borrower
Materials” has the meaning specified in Section 9.16(e).

 

“Borrower
Obligations” means the Obligations of the Borrowers.

 

“Borrower
Representative” has the meaning specified in Section 11.20.

 

“Borrowers”
has the meaning specified in the preamble hereto.

 

“Borrowing”
means any (a) borrowing consisting of simultaneous Loans of the same Type and, in the case of Eurocurrency Rate Loans, having
the same Interest Period made by each of the Lenders, (b) Swingline Loan or (c) Protective Advance.

 

“Borrowing
Base” means, at any time:

 

(a)         
the sum of:

 

(i)        
eighty-five percent (85%) of the Eligible Billed Accounts of the Loan Parties (or, to the extent any such Eligible Billed Accounts
are supported by Acceptable Credit Support, 90% of such Eligible Billed Accounts), plus

 

(ii)       
seventy-five percent (75%) of the Eligible Unbilled Accounts of the Loan Parties; provided, in no event shall the
aggregate amount included in the Borrowing Base under this clause (ii) exceed the lesser of either (A) $30,000,000
or (B) an amount equal to 50.0% of the aggregate amount of Eligible Billed Accounts and Eligible Unbilled Accounts included in
the Borrowing Base under clauses (i) and (ii), respectively, at such time, plus

 

(iii)       
the lesser of

 

(A)         
eighty-five percent (85%) of the remainder of (x) Inventory Value of the Eligible Coal Inventory of the Loan Parties minus
(y) the Lower of Cost or Market Reserve and any other Reserves established or maintained by the Administrative Agent (or,
during a Co-Collateral Agent Period, the Administrative Agent and the Co-Collateral Agent) in its Reasonable Credit Judgment in
respect of any Eligible Coal Inventory of the Loan Parties; and

    14 

     

    

(B)         
eighty-five percent (85%) of the Net Orderly Liquidation Value of the Eligible Coal Inventory of the Loan Parties;

 

provided,
in no event shall the aggregate amount included in the Borrowing Base under this clause (iii) exceed 50.0% of the
aggregate amount of the Borrowing Base in effect at such time, plus

 

(iv)       
eighty-five percent (85%) of the Net Orderly Liquidation Value of any Eligible Supplies Inventory of the Loan Parties; provided,
in no event shall the aggregate amount included in the Borrowing Base under this clause (iv) exceed 7.5% of the
aggregate amount of the Borrowing Base in effect at such time, plus

 

(v)         
one hundred percent (100%) of Qualified Cash of the Loan Parties, minus

 

(b)         
to the extent not included in the calculation of clauses (a)(i) through (a)(v) above, inclusive, any
Reserves then in effect.

 

For
the avoidance of doubt, each specified percentage set forth in this definition of “Borrowing Base” will not be reduced
without the consent of the Loan Parties.

 

“Borrowing
Base Certificate” means a certificate substantially in the form of Exhibit G (with such changes therein
as may be required by the Administrative Agent, in its Reasonable Credit Judgment, to reflect the components of, and Reserves
against, the Borrowing Base from time to time), executed and certified as accurate and complete by a Responsible Officer of Holdings,
which shall include detailed calculations as to the Borrowing Base as reasonably requested by the Administrative Agent.

 

“Borrowing
Base Collateral” means the Collateral of the Loan Parties of the type included in clauses (a)(i) through
(a)(v), inclusive, of the definition of “Borrowing Base”.

 

“Borrowing
Notice” means a notice of a Borrowing, pursuant to Section 2.02(a), which, if in writing, shall be
substantially in the form of Exhibit A.

 

“Buchanan
Mine” means the underground mine located near the town of Oakwood in Buchanan County, in the State of Virginia,
in the United States of America.

 

“Business”
has the meaning specified in Section 5.09(a).

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the laws of, or are in fact closed in, the state of New York, United States, the states of New South Wales and Queensland, Australia
or the state where the Administrative Agent’s Office is located and provided that, if such day relates to any (i) Eurocurrency
Rate Loan, the term “Business Day” means any such day on which dealings in deposits in Dollars are conducted by and
between banks in the London interbank eurodollar market or (ii) any BBSY Loan, the term “Business Day” shall exclude
any day that is not a business day in Australia.

 

“Capital
Expenditures” means, with respect to any Person for any period, any expenditure in respect of the purchase or other
acquisition of any fixed or capital asset (excluding normal replacements and maintenance which are properly charged to current
operations). For purposes of this definition, the purchase price of equipment that is purchased substantially concurrently with
the trade-in of existing equipment or with insurance proceeds shall be included in Capital Expenditures only to the extent of
the gross amount by which such purchase price exceeds the credit granted by the seller of such equipment for the equipment being
traded in at such time, the proceeds of such asset sale or the amount of such insurance proceeds, as the case may be.

    15 

     

    

“Capital
Lease Obligation” means an obligation that is required to be classified and accounted for as a finance lease for
financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the
capitalized amount of such obligation determined in accordance with GAAP; and the stated maturity thereof shall be the date of
the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated
by the lessee without payment of a penalty; provided that, notwithstanding the foregoing, any obligation that would
have been categorized as an operating lease in accordance with GAAP prior to the adoption of ASU No. 2016-02 “Leases (Topic
842)” and ASU No. 2018-11 “Leases (Topic 842)” (collectively, the “Capital Lease Accounting Policies”)
shall be accounted for as an operating leases for all purposes hereunder (including for purposes of all financial definitions
and calculations) and not as a finance lease. For purposes of Section 7.01, a Capital Lease Obligation will be deemed
to be secured by a Lien on the property being leased.

 

“Capital
Stock” means:

 

(a)         
in the case of a corporation, corporate stock, including, in the case of Holdings, shares of common stock of Holdings publicly
traded on the Australian Securities Exchange in the form of CHESS Depositary Interests convertible at the option of the holders
into shares of Holdings’ common stock on a 10-for-1 basis;

 

(b)         
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(c)         
in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(d)         
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person,

 

but
excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include
any right of participation with Capital Stock.

 

“Cash
Collateralize” or “Cash Collateralization” has the meaning specified in Section
2.04(h).

 

“Cash
Equivalents” means any of the following:

 

(a)         
Dollars, Australian Dollars, English pounds or Euros;

 

(b)         
securities issued or directly and fully guaranteed or insured by the government of the United States, Australia, the United Kingdom
or a Specified Member of the European Union (collectively, the “Specified Countries”) or any agency or instrumentality
thereof having maturities of not more than one year from the date of acquisition;

    16 

     

    

(c)         
readily marketable direct obligations issued by any state of the United States or any political subdivision thereof, or any state
of Australia, in each case, having one of the two highest rating categories obtainable from either Moody’s or S&P;

 

(d)         
certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any bank organized
under the laws of any Specified Country or any state thereof (or, in the case of the United States, the District of Columbia)
or a branch of a foreign bank located in a Specified Country, in each case, having at the date of acquisition thereof combined
net capital and surplus in excess of $500,000,000;

 

(e)        
repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses
(b), (c) and (d) above entered into with any financial institution meeting the qualifications
specified in clause (d) above;

 

(f)         
commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within
one year after the date of acquisition;

 

(g)         
money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (a)
through (f) of this definition; and

 

(h)         
(i)
           Investments consisting of purchases of local currencies of those countries in which Holdings or any of its Restricted Subsidiaries
transacts business from time to time in the ordinary course of business,

 

(ii)
          Investments of comparable tenor and credit quality to those described in clauses
(a) through (g) customarily utilized in countries in which Holdings or such Restricted Subsidiaries operate
for short-term cash management purposes and

 

(iii)
        overnight bank deposits, time deposit accounts, certificates of deposit, banker’s
acceptances and money market deposits with maturities (and similar instruments) of 12 months or less from the date of acquisition
issued by a bank or trust company which is organized under, or authorized to operate as a bank or trust company under, the laws
of any jurisdiction (other than Specified Countries) in which Holdings or any of its Restricted Subsidiaries transacts business
from time to time in the ordinary course of business; provided, however, that, in the case of clause
(iii), such deposits do not exceed $10,000,000 in the aggregate, at any date of determination thereafter.

 

“Cash
Management Agreement” means any agreement to provide cash management services, including treasury, investment, depository,
clearing house, wire transfer, cash management or automated clearing house transfers of funds services or any related services.

 

“Cash
Management Bank” means (a) a Lender or an Affiliate of a Lender that is a party to a Cash Management Agreement on
the Closing Date or (b) any Person that, at the time it enters into a Cash Management Agreement, is a Lender or an Affiliate of
a Lender, in each case, in its capacity as a party to such Secured Cash Management Agreement.

 

“CCPL”
means Coronado Curragh Pty Ltd (ACN 009 362 565).

 

“CFC”
means a Person that is a controlled foreign corporation under Section 957 of the Code.

    17 

     

    

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following:

 

(a)         
the enactment, adoption or taking effect of any law, rule, regulation or treaty,

 

(b)         
any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof
by any Governmental Authority; or

 

(c)         
the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental
Authority required to be complied with by any Lender (including the Swingline Lender) or any L/C Issuer, or by any office of such
Lender or such L/C Issuer or by such Lender’s or such L/C Issuer’s holding company, if any;

 

provided
that notwithstanding anything herein to the contrary,

 

(x)
           the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.r.
4173) and all requests, rules, guidelines or directives thereunder or issued in connection therewith; and

 

(y)
          all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”,
regardless of the date enacted, adopted or issued.

 

“Change
of Control” means the occurrence of any of the following events:

 

(a)         
any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934) (other than the Permitted Holders) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934), directly or indirectly, of more than 35.0% of the total voting power of the
equity securities of Holdings entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees of Holdings; or

 

(b)         
(i)             Australian Parent or U.S. Borrower ceases to be a wholly-owned direct Subsidiary of Holdings; or

 

(ii)
          Australian Borrower ceases to be a wholly-owned direct Subsidiary of Australian Parent
or indirect Subsidiary of Holdings; or

 

(c)         
a “change of control” (or an equivalent term) occurs under the Senior Secured Notes or other Indebtedness in excess
of the Threshold Amount.

 

“Chattel
Paper” has the meaning specified in the UCC and the Australian PPS Act.

 

“Closing
Date” means May 12, 2021.

 

“Closing
Date Refinancing” has the meaning specified in the Introductory Statement.

 

“Coal”
means coal owned by Holdings or any of its Subsidiaries, or coal that Holdings or any of its Subsidiaries has the right to extract,
in each case located on, under or within, or produced or severed from Real Property owned by, or leased or licensed to, Holdings
or any of its Subsidiaries.

 

“Coal
Act” means the Coal Industry Retiree Health Benefit Act of 1992, 26 U.S.C. §§ 9701, et seq., as amended.

    18 

     

    

“Coal
Inventory” means any Inventory consisting of coal; provided, that in the case of any such Inventory
that constitutes raw coal, such raw coal Inventory shall be converted to the “clean coal equivalent” quantity thereof.

 

“Co-Collateral
Agent” has the meaning specified in the preamble hereto.

 

“Co-Collateral
Agent Period” means any period so long as the Co-Collateral Agent (or its Affiliate) is a Lender hereunder holding
at least 10% of the aggregate Commitments and is not a Defaulting Lender. During a Co-Collateral Agent Period, determinations
made by the Administrative Agent and the Co-Collateral Agent may be made jointly by the Administrative Agent and the Co-Collateral
Agent; provided, that, in the event that the Administrative Agent and the Co-Collateral Agent cannot agree on any
matter to be determined by them, the determination shall be made by the Administrative Agent or Co-Collateral Agent asserting
the more conservative Reasonable Credit Judgment.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral”
means all of the property and assets of the Loan Parties, whether real, personal or mixed (other than Excluded Assets of a U.S.
Loan Party or Foreign Excluded Assets of a Foreign Subsidiary that is a Loan Party) that is, under the terms of the Collateral
Documents (including the Australian Collateral Documents), subject to Liens in favor of the Collateral Agent (including in its
capacity as the Australian Security Trustee (as applicable)) for the benefit of the Secured Parties as security for the Obligations,
including all proceeds and products thereof (it being understood and agreed that the Collateral shall include both the ABL Priority
Collateral and the Non-ABL Priority Collateral).

 

“Collateral
Account” means the account established by, and under the sole dominion and control of, the Administrative Agent
maintained with the Administrative Agent or a bank affiliate of the Administrative Agent or any other bank reasonably acceptable
to the Administrative Agent and designated by the Borrowers as the “Coronado Collateral Account”.

 

“Collateral
Agent” means Citibank, N.A. (acting through such of its Affiliates, offices or branches as it deems appropriate)
and in its capacity as the collateral agent and, in respect of the Australian Collateral Documents, as Australian Security Trustee.

 

“Collateral
Documents” means, collectively, the Security Agreement, the Mortgages and each of the mortgages, collateral assignments,
security agreements, pledge agreements or other similar agreements delivered to the Administrative Agent pursuant to Section
6.12, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of
the Administrative Agent and/or the Australian Security Trustee for the benefit of the Secured Parties as security for the Obligations
(including the Australian Collateral Documents).

 

“Commercial
Tort Claim” has the meaning specified in the UCC.

 

“Commitment”
means, as to each Lender, the amount set forth under the caption “Commitment” opposite such Lender’s name on
Schedule 1.01(b), or, as the case may be, opposite such caption in the Assignment and Acceptance pursuant to which
such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.
The aggregate amount of the Commitments as of the Closing Date is $100,000,000.

 

“Commitment
Fee” has the meaning specified in Section 2.10(a).

 

“Commodities
Account” has the meaning specified in the UCC.

    19 

     

    

“Commodities
Contract” has the meaning specified in the UCC.

 

“Commodity
Agreement” means any commodity futures contract, commodity option or other similar agreement or arrangement with
respect to commodity prices.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit E.

 

“Consolidated
EBITDA” means, for any period, Consolidated Net Income for such period plus, to the extent such amount was deducted
in calculating such Consolidated Net Income:

 

(a)          Consolidated Interest Expense;

 

(b)          income taxes (other than income taxes attributable to extraordinary and non-recurring gains (or losses) or sales of assets out
of the ordinary course of business);

 

(c)          depreciation, depletion and amortization expense;

 

(d)          business optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt, shall
include, without limitation, the effect of facility closures, facility consolidations, retention, severance, systems establishment
costs, contract termination costs, future lease commitments and excess pension charges), start-up or initial costs for any project
or other business optimization expenses or reserves including, without limitation, costs or reserves associated with improvements
to information technology and accounting functions, integration costs, or any one-time costs incurred in connection with acquisitions
and Investments (including travel and out-of-pocket costs, professional fees for legal, accounting and other services, human resources
costs (including relocation bonuses), restructuring costs (including recruiting costs and employee severance), management transaction
costs, losses associated with temporary decreases in work volume and expenses related to maintaining underutilized personnel)
and costs related to the closure and/or consolidation of facilities and the portion of any earn-out, non-compete payments relating
to such period or other contingent purchase price obligations and adjustments thereof and purchase price adjustments to the extent
such payment is permitted to be paid pursuant to this Agreement and is deducted from Consolidated Net Income;

 

(e)         all other non-cash items reducing Consolidated Net Income (other than non-cash items in a period which reflect cash expenses paid
or to be paid in another period), less all non-cash items increasing Consolidated Net Income (other than accrual of revenue in
the ordinary course of business);

 

(f)          commissions, discounts, yield and other fees and charges incurred in connection with any Permitted Securitization Financing which
are payable to Persons other than Holdings and the Restricted Subsidiaries; and

 

(g)          the amount of loss or discount in connection with a Permitted Securitization Financing, including amortization of loan origination
costs and amortization of portfolio discounts,

 

all
as determined on a consolidated basis for Holdings and its Restricted Subsidiaries in conformity with GAAP; provided
that if any Restricted Subsidiary is not a Wholly Owned Subsidiary, Consolidated EBITDA will be reduced (to the extent not otherwise
reduced in accordance with GAAP) by an amount equal to (A) the amount of the Consolidated EBITDA attributable to such Restricted
Subsidiary multiplied by (B) the percentage ownership interest in the income of such Restricted Subsidiary not owned on the last
day of such period by Holdings or any Restricted Subsidiary.

    20 

     

    

“Consolidated
Interest Expense” means, for any period, the amount that would be included in gross interest expense on a consolidated
income statement prepared in accordance with GAAP for such period of Holdings and its Restricted Subsidiaries, plus, to the extent
not included in such gross interest expense, and to the extent incurred, accrued or payable during such period by Holdings and
its Restricted Subsidiaries, without duplication,

 

(i)
           interest expense attributable to Capital Lease Obligations and imputed interest with
respect to Attributable Debt,

 

(ii)
          amortization of debt issuance costs and original issue discount expense and non-cash
interest payments in respect of any Indebtedness,

 

(iii) 
        the interest portion of any deferred payment obligation,

 

(iv)
         all commissions, discounts and other fees and charges with respect to letters of credit,
bank guarantees or similar instruments issued for financing purposes or in respect of any Indebtedness but not establishment,
arrangement and other fees payable once only on the initial incurrence of Indebtedness,

 

(v)
          the net costs associated with Hedging Obligations (including the amortization of fees)
to the extent, but only to the extent in respect of interest rate or currency protection in respect of Indebtedness (net of payments
received under such Hedging Obligations),

 

(vi)
         any capitalized interest,

 

(vii)
        all other non-cash interest expense and

 

(viii)
       commissions, discounts, yield and other fees and charges incurred in connection with
any Permitted Securitization Financing which are payable to Persons other than Holdings, the Australian Borrower and the Restricted
Subsidiaries;

 

provided
that the following items shall be excluded from Consolidated Interest Expense: (a) all interest, accretion, amortization
or unwinding of discounts with respect to Reclamation Obligations and (b) any non-cash unwinding of the effects of discounting
on provisions or any other non-cash interest expense that is not associated with Indebtedness which is shown as interest expense
on a consolidated income statement of Holdings and its Restricted Subsidiaries for the relevant period.

 

“Consolidated
Net Income” means, with respect to any specified Person for any period, the aggregate of the net income (or loss)
of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in conformity with GAAP; provided
that the following items will be excluded in computing Consolidated Net Income (without duplication):

 

(a)         
the net income (or loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting,
except to the extent of the amount of net income actually paid in cash to, or the amount of loss actually funded in cash by, the
specified Person or a Restricted Subsidiary of the Person during such period;

 

(b)         
the net income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated
with Holdings or any Restricted Subsidiary or all or substantially all of the property and assets of such Person are acquired
by Holdings or any Restricted Subsidiary;

    21 

     

    

(c)         
the net income (but not loss) of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar
distributions by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its
charter, articles of association or other similar constitutive documents or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to such Restricted Subsidiary;

 

(d)         
the cumulative effect of a change in accounting principles;

 

(e)         
any net after tax gains or losses realized on the sale or other disposition of

 

(i)          
any property or assets of Holdings or any Restricted Subsidiary which is not sold in the ordinary course of business or

 

(ii)         
any Capital Stock of any Person (including any gains or losses by Holdings realized on sales of Capital Stock of Holdings or any
Restricted Subsidiary);

 

(f)          
any translation gains or losses due solely to fluctuations in currency values and related tax effects;

 

(g)        
any income or loss from the early extinguishment of Indebtedness or early termination of Hedging Obligations or other derivative
instruments or any gains or losses from the effect of mark-to-market adjustments relating to Hedging Obligations until realized
in cash;

 

(h)         
any non-cash compensation expenses or charges in connection with stock option plans, employee benefit plans, or grants or sales
of stock, stock appreciation or similar rights, stock options, restricted stock or other rights;

 

(i)        
any gains or losses on discontinued operations or disposal of discontinued operations or costs and expenses associated with the
closure of any mines (including any reclamation or disposal obligations);

 

(j)          
any net after-tax extraordinary, non-recurring or unusual gains or losses;

 

(k)        
any severance expenses, relocation expenses, restructuring expenses, curtailments or modifications to pension and post-retirement
employee benefit plans, excess pension charges, any expenses related to any reconstruction, decommissioning, recommissioning or
reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition
integration costs, facilities opening costs, project start-up costs, business optimization costs, signing, retention or completion
bonuses, expenses or charges related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization
or issuance, repayment, refinancing, amendment or modification of Indebtedness (in each case, whether or not successful), and
any fees, expenses, or charges related to the Transactions; and

 

(l)          
solely for the purposes of calculating Consolidated EBITDA,

 

(x)
          the effect of any non-cash impairment charge affecting goodwill or intangibles or any
reversal of such impairment charge;

    22 

     

    

(y)       
  non-cash unwind of the below market contract in the Stanwell Agreements; and

 

(z)         non-cash
impact of the unwind of the discounts related to the deferred purchase price of the Stanwell Reserved Area and the Stanwell Rebate,

 

provided
that Consolidated Net Income shall without duplication (x) exclude interest, accretion, depreciation, amortization or
unwinding of discounts with respect to Reclamation Obligations to the extent otherwise included therein and (y) subject to the
exclusions set forth in clauses (a) to (l) above and only to the extent the following items would
have been included in the calculation of Consolidated Net Income under GAAP as in effect on the Closing Date, include expenses
(including related provision) (net of any reversals or credits thereto) for Reclamation Obligations, relating to such period.

 

“Consolidated
Tangible Assets” means the consolidated assets of Holdings and the Restricted Subsidiaries as of the end of the
most recent fiscal quarter for which consolidated financial statements of Holdings are available after deducting intangible assets.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, document,
mortgage, deed of trust, instrument or other undertaking to which such Person is a party or by which it or any of its property
is bound.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “Controlled” have meanings correlative thereto.

 

“Control
Account” has the meaning specified in Section 6.19.

 

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest
payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Credit
Extension” means each of the following: (a) a Borrowing or (b) an L/C Credit Extension.

 

“Cure
Amount” has the meaning specified in Section 8.04.

 

“Cure
Right” has the meaning specified in Section 8.04.

 

“Curragh
Mine” means Holdings’ open-pit mines located in Queensland’s Bowen Basin, in Australia and the subject
of the Amended Coal Supply Agreement Australian Mining Tenements and the New Coal Supply Australian Mining Tenements.

 

“Curragh
Transaction” means one or more Dispositions of, or Sale/Leaseback Transactions involving, freehold or leasehold
interests in accommodation facilities held for employees and contractors at the Curragh Mine; provided that the Attributable
Debt in respect thereof shall not exceed $60,000,000 at any one time outstanding.

 

“Currency
Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement
with respect to currency exchange rates or values.

 

“Daily
Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental
Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative
Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative
Agent may establish another convention in its reasonable discretion.

    23 

     

    

“Debt
Fixed Charge Coverage Ratio” means, with respect to any period, the ratio of

 

(a)         
Consolidated EBITDA of Holdings and its Subsidiaries for such period to

 

(b)         
the Debt Fixed Charges of Holdings and its Subsidiaries during such period.

 

“Debt
Fixed Charges” means, for any period, the sum (without duplication) of

 

(a)         
Consolidated Interest Expense for such period and

 

(b)         
all cash and non-cash dividends paid, declared, accrued or accumulated during such period on any Disqualified Stock of Holdings
or Preferred Stock of any Restricted Subsidiary held by Persons other than Holdings or any Restricted Subsidiary, except for dividends
payable in Holding’s Capital Stock (other than Disqualified Stock); provided that dividends declared, accrued
or accounted for in one period shall not be included in “Debt Fixed Charges” of a later period when subsequently paid
in such later period.

 

“Debtor
Relief Laws” means the Bankruptcy Code, the Australian Corporations Act and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar
debtor relief laws of the United States, Australia or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.

 

“Default
Rate” means, at any time:

 

(a)         
when used with respect to any of the Obligations (other than Eurocurrency Rate Loans and Letter of Credit Fees), an interest rate
equal to (i) the Base Rate plus (ii) the Applicable Rate applicable to Base Rate Loans (whether or not any Base
Rate Loans are outstanding at such time) plus (iii) 2.00% per annum;

 

(b)         
when used with respect to any BBSY Loan, an interest rate equal to (i) BBSY plus (ii) the Applicable Rate applicable
to BBSY Loans (whether or not any BBSY Loans are outstanding at such time) plus (iii) 2.00% per annum;

 

(c)         
when used with respect to any Eurocurrency Rate Loan, an interest rate equal to (i) the interest rate (including any Applicable
Rate) otherwise applicable to such Eurocurrency Rate Loan plus (ii) 2.00% per annum; and

 

(d)         
when used with respect to Letter of Credit Fees, a rate equal to (i) the Applicable Rate applicable to Base Rate Loans (whether
or not any Base Rate Loans are outstanding at such time) plus (ii) 2.00% per annum.

 

“Defaulting
Lender” means, subject to Section 2.16(b), any Lender that

 

(a)         
has failed to

    24 

     

    

(i)         
fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder
unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable
default, shall be specifically identified in such writing) has not been satisfied, or

 

(ii)         
pay to the Administrative Agent, any L/C Issuer, the Swingline Lender or any other Lender any other amount required to be paid
by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days
of the date when due,

 

(b)         
has notified any of the Borrowers, the Administrative Agent, any L/C Issuer or the Swingline Lender in writing that it does not
intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or
public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on
such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied),

 

(c)         
has failed, within three (3) Business Days after written request by the Administrative Agent or any of the Borrowers, to confirm
in writing to the Administrative Agent and the Borrowers that it will comply with its prospective funding obligations hereunder
(provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent and the Borrowers), or

 

(d)         
has, or has a direct or indirect parent company that has,

 

(i)         
become the subject of a proceeding under any Debtor Relief Law,

 

(ii)        
had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar
Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation
or any other state or federal regulatory authority acting in such a capacity, or

 

(iii)       
become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue
of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental
Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of
courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender
(or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

 

Any
determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a)
through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a
Defaulting Lender (subject to Section 2.16(b)) upon delivery of written notice of such determination to the Borrowers,
each L/C Issuer, the Swingline Lender and each Lender.

 

“Delaware
Divided LLC” means any Delaware LLC which has been formed upon the consummation of a Delaware LLC Division.

 

“Delaware
LLC” means any limited liability company organized or formed under the laws of the State of Delaware.

    25 

     

    

“Delaware
LLC Division” means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section
18-217 of the Delaware Limited Liability Company Act.

 

“Deposit
Account” has the meaning specified in the UCC.

 

“Designated
Amount” has the meaning specified Section 11.16(a).

 

“Designated
Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by Holdings or one of its
Restricted Subsidiaries in connection with a Disposition that is so designated as Designated Non-Cash Consideration pursuant to
a certificate of a Responsible Officer, setting forth the basis of such valuation, less the amount of Cash Equivalents received
in connection with a subsequent sale of or collection on such Designated Non-Cash Consideration.

 

“Designation
Notice” has the meaning specified in Section 11.16(a).

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease, allocation or other disposition (including any
sale and leaseback transaction) of any property by any Person (or the granting of any option or other similar right), including
any sale, assignment, transfer or other disposal, with or without recourse, of any Real Property Leases, notes or accounts receivable
or any rights and claims associated therewith or entering into an agreement to do the same and including any disposition of property
to a Delaware Divided LLC pursuant to a Delaware LLC Division.

 

“Disqualified
Stock” means, with respect to any Person, any Equity Interest which by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event:

 

(a)         
matures or is mandatorily redeemable (other than redeemable only for Equity Interests of such Person which is not itself Disqualified
Stock) pursuant to a sinking fund obligation or otherwise;

 

(b)         
is convertible or exchangeable at the option of the holder for Indebtedness or Disqualified Stock; or

 

(c)         
is mandatorily redeemable or must be purchased upon the occurrence of certain events or otherwise, in whole or in part;

 

in
each case, on or prior to the date that is 91 days after the then-latest Maturity Date.

 

The
amount of any Disqualified Stock that does not have a fixed redemption, repayment or repurchase price will be calculated in accordance
with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which
the amount of such Disqualified Stock is to be determined pursuant to this Agreement; provided, however,
that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination,
the redemption, repayment or repurchase price will be the book value of such Disqualified Stock as reflected in the most recent
financial statements of such Person.

 

“Disregarded
Domestic Person” means any direct or indirect Domestic Subsidiary (i) substantially all of the assets of which consist
of the Equity Interests (or Equity Interests and Indebtedness) of one or more Foreign Subsidiaries that are CFCs or (ii) that
is treated as a disregarded entity for U.S. federal income tax purposes that holds no material assets other than Equity Interests
(or Equity Interests and Indebtedness) of one or more Foreign Subsidiaries that are CFCs.

    26 

     

    

“Distribution
Conditions” mean, at any time of determination, with respect to any Restricted Payment, the satisfaction of each
of the following conditions:

 

(a)         
no Default or Event of Default has occurred and is continuing, or was continuing, for the 30 consecutive day period immediately
preceding the making of such Restricted Payment (assuming such Restricted Payment (and any Credit Extensions made to finance such
Restricted Payment) shall have occurred on the first day of such period) or would immediately result from the consummation of
such Restricted Payment;

 

(b)         
a Liquidity Period is not in effect at such time; and

 

(c)         
 the Borrowers shall have demonstrated compliance at the time of making such Restricted Payment with either clause (i)
or clause (ii) below:

 

(i)          (x)           
 pro forma Availability immediately after giving effect to such Restricted Payment (taking into account any Credit Extensions
made to finance such Restricted Payment), and

 

(y)
         pro forma Availability for the 30 consecutive day period immediately preceding the making
of such Restricted Payment (assuming such Restricted Payment (and any Credit Extensions made to finance such Restricted Payment)
shall have occurred on the first day of such period),

 

shall
be, in each case, greater than the greater of $25,000,000 and 25% of Maximum Revolving Credit, or

 

(ii)         both

 

(x)         (1)
        pro forma Availability immediately after giving effect to such Restricted Payment (taking into account any Credit Extensions
made to finance such Restricted Payment), and

 

(2)
        pro forma Availability for the 30 consecutive day period immediately preceding the making
of such Restricted Payment (assuming such Restricted Payment (and any Credit Extensions made to finance such Restricted Payment)
shall have occurred on the first day of such period),

 

shall
be, in each case, greater than the greater of $20,000,000 and 20% of Maximum Revolving Credit, and

 

(y)
         the Fixed Charge Coverage Ratio, on a pro forma basis, as of the last day of the most
recently ended Test Period (after giving pro forma effect to such Restricted Payment and each other Restricted Payment that has
occurred since the beginning of such Test Period) shall not be less than 1.00 to 1.00.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Dollar
Equivalent” means

 

(a)         
with respect to any amount denominated in an Alternate Currency, the equivalent amount thereof in Dollars as determined by the
Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date or
other applicable date of determination) for the purchase of Dollars with such currency and

    27 

     

    

(b)         
with respect to any other monetary amount in a currency other than Dollars, at any time for determination thereof, the amount
of Dollars obtained by converting such foreign currency involved in such computation into Dollars at the spot rate for the purchase
of Dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column
under the heading “Currency Trading” on the date two Business Days prior to such determination.

 

“Dollar
LIBOR” means the London interbank offered rate for Dollars.

 

“Domestic
Subsidiary” means any Subsidiary of Holdings that is organized under the laws of the United States, any state thereof
or the District of Columbia.

 

“Early
Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the
date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by
5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.

 

“Early
Opt-in Election” means the occurrence of the following:

 

(a)         
(i)           with respect to Dollars, a notification by the Administrative Agent to (or the request by the Borrower to the Administrative
Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar denominated syndicated credit
facilities in the U.S. syndicated loan market at such time contain (as a result of amendment or as originally executed) a SOFR-based
rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities
are identified in such notice and are publicly available for review); or

 

(ii)          with
respect to a Non-Hardwired Currency, a notification by the Administrative Agent to (or the request by the Borrower to the Administrative
Agent to notify) each of the other parties hereto that at least five currently outstanding syndicated credit facilities which
include such Non-Hardwired Currency at such time in the U.S. syndicated loan market contain or are being executed or amended,
as applicable, to incorporate or adopt a new benchmark interest rate to replace the then current Benchmark with respect to such
Non-Hardwired Currency as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly
available for review), and

 

(b)         
in each case, the joint election by the Administrative Agent and the Borrower to trigger a fallback from BBSY or the applicable
Screen Rate and the provision by the Administrative Agent of written notice of such election to the Lenders.

 

“EEA
Financial Institution” means

 

(a)         
any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA
Resolution Authority,

 

(b)         
any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this
definition, or

    28 

     

    

(c)         
any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses
(a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA
Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible
Accounts” means, at any time of determination, the aggregate amount of all Accounts due to any of the Loan Parties;
provided, that unless otherwise approved from time to time in writing by the Administrative Agent in its sole discretion,
no Account shall constitute an Eligible Account if, without duplication:

 

(a)         
except as provided in clause (w) of this definition, such Account does not arise from the sale of goods or the performance
of services by any of the Loan Parties in the ordinary course of its business;

 

(b)         
(i)
           such Account is contingent in any respect or for any reason, or the applicable Loan Party’s right to receive payment
with respect to such Account is subject to or contingent upon the satisfaction of any condition whatsoever (other than the preparation
and delivery of an invoice); or

 

(ii)
          as to which the applicable Loan Party is prohibited by applicable Law from bringing
and maintaining an action in the courts of the state or other jurisdiction where the Account Debtor is located;

 

(c)         
the Account Debtor with respect to such Account

 

(i)          
has or has asserted a right of set-off, offset, deduction, defense, dispute, or counterclaim against any of the Loan Parties (unless
such Account Debtor has entered into a written agreement reasonably satisfactory to the Administrative Agent to waive such set-off,
offset, deduction, defense, dispute, or counterclaim rights),

 

(ii)         
has disputed its liability (whether by chargeback or otherwise) or made any claim with respect to the Account or any other Account
of any of the Loan Parties which has not been resolved, in each case of clause (i) and (ii), without
duplication, only to the extent of the amount of such actual or asserted right of set-off, or the amount of such dispute or claim,
as the case may be, or

 

(iii)        
is also a creditor or supplier of any of the Loan Parties or any of its respective Subsidiaries (but only to the extent of such
Loan Party’s or such Subsidiary’s obligations to such Account Debtor from time to time), in each case, unless such
Account Debtor has executed any non-offset agreement in form and substance reasonably satisfactory to the Administrative Agent;

 

(d)         
such Account is not a true and correct statement of bona fide indebtedness incurred in the amount of the Account for the sale
of goods to or services rendered for the applicable Account Debtor;

 

(e)         
except in the case of any Unbilled Accounts, an invoice, in form and substance consistent with such Loan Party’s credit
and collection policies, or otherwise reasonably acceptable to the Administrative Agent, has not been sent to the applicable Account
Debtor in respect of such Account within 30 days of such preparation or otherwise reported to the Administrative Agent as Collateral
(including Accounts identified as inactive, warranty or otherwise not attributable to an Account Debtor);

    29 

     

    

(f)          
such Account

 

(i)         
is not owned by a Loan Party; or

 

(ii)        
is subject to any Lien (other than Permitted Liens (and, to the extent such Permitted Lien is senior to the Liens securing the
Obligations, a Reserve has been established in respect thereof));

 

(g)         
such Account is the obligation of an Account Debtor that is

 

(i)          
a Loan Party or any of its Affiliates, or any of their respective directors, officers, employees or agents; provided,
until the earlier of (A) X-Coal ceasing to be an Affiliate of Holdings and (B) May 27, 2021, X-Coal shall be deemed not to be
an Affiliate of Holdings;

 

(ii)         
Stanwell; or

 

(iii)        
a natural Person.

 

(h)         
such Account

 

(i)          
is subject to a partial payment plan;

 

(ii)         
was not paid in full, and any Loan Party created a new receivable for the unpaid portion of such Account; or

 

(iii)        
constitutes or is subject to chargebacks, debit memos and other adjustments for unauthorized deductions;

 

(i)         
such Account is created on cash on delivery terms, or on extended terms and is due and payable more than 90 days from the invoice
date thereof;

 

(j)         
such Account

 

(i)          
is not paid within 60 days following the original due date or 90 days following the original invoice date; or

 

(ii)         
has been written off the books of any of the Loan Parties or has otherwise been designated on such books as uncollectible;

 

(k)         
the Account Debtor obligated upon such Account suspends business, makes a general assignment for the benefit of creditors or fails
to pay its debts generally as they come due;

 

(l)         
any Account Debtor obligated upon such Account is a debtor or a debtor in possession under any bankruptcy law or any other federal,
state or foreign (including any provincial or territorial) receivership, insolvency relief or any other Debtor Relief Law, unless
the payment with respect to such Account is supported by Acceptable Credit Support;

 

(m)        
(i)
           with respect to such Account (or any other Account due from the applicable Account Debtor), in whole or in part, a check,
promissory note, draft, trade acceptance, or other instrument for the payment of money has been received, presented for payment
and returned uncollected for any reason; or

    30 

     

    

(ii)
          such Account is otherwise classified as a note receivable and the obligation with respect
thereto is evidenced by a promissory note or other debt instrument or agreement;

 

(n)         
such Account is the obligation of an Account Debtor from whom 50% or more of the face amount of all Accounts owing by such Account
Debtor are ineligible under clause (j) of this definition, unless the payment with respect to such Account pertains
to X-Coal and is supported by Acceptable Credit Support;

 

(o)         
such Account is one as to which the Collateral Agent’s Lien (and/or the Australian Security Trustee’s Lien (as applicable))
attached thereon, for the benefit of itself and the other Secured Parties, is not a valid first priority perfected Lien (subject
to Permitted Liens for which a Reserve has been established);

 

(p)         
Accounts as to which any of the representations or warranties in the Loan Documents with respect to such Accounts are untrue or
inaccurate in any material respect (or, with respect to representations or warranties that are qualified by materiality, any of
such representations and warranties are untrue or inaccurate);

 

(q)         
such Account is evidenced by a judgment, Instrument or Chattel Paper, other than Instruments or Chattel Paper that are held by
any of the Loan Parties or that have been delivered to the Administrative Agent;

 

(r)          
such Account is payable in any currency other than Dollars or Australian Dollars;

 

(s)          
(i)
           the Account Debtor with respect to such Account

 

(A)       is
not incorporated or organized under laws of the United States, any state thereof or the District of Columbia, Australia, England
or Singapore; or

 

(B)       is
not located, resident or domiciled in, or does not maintain its chief executive office in, the United States, Australia, England
or Singapore; or

 

(ii)          the
law governing the Account is not the United States, any state thereof or the District of Columbia, Australia, England, Singapore
or any other jurisdiction acceptable to the Administrative Agent in its sole discretion;

 

unless,

 

(A)         in
the case of this clause (s)(i), subject to the prior written consent of the Administrative Agent in its sole discretion,

 

(1)
         the jurisdiction of organization of such Account Debtor and its location, residence,
domicile and jurisdiction of its chief executive office are satisfactory to the Administrative Agent in its sole discretion; and

 

(2)          payment
with respect to such Account is supported by Acceptable Credit Support and

    31 

     

    

(B)          in
the case of this clause (s)(ii), subject to the prior written consent of the Administrative Agent in its sole discretion,

 

(1)
          the applicable Loan Party

 

(I)
        has delivered a written notice, in form and substance reasonably acceptable to the Administrative
Agent, to such Account Debtor that such Loan Party has pledged, assigned or granted to the Collateral Agent (including in its
capacity as the Australian Security Trustee) a security interest in all or any portion of its rights to such Account and the right
to receive payments thereunder (each, a “Notification”); and

 

(II)
       has obtained an acknowledgement, in form and substance reasonably acceptable to the
Administrative Agent, to each Notification from each such Account Debtor; or

 

(2)         (I)          
 any such Account that is not subject to a restriction on assignment or the contract giving rise to such Account explicitly
permits such Account to be pledged to the Collateral Agent; and

 

(II)       the
law governing the Account is a jurisdiction acceptable to the Administrative Agent in its sole discretion;

 

(t)          
such Account is the obligation of an Account Debtor that

 

(i)         
is the United States government or a political subdivision thereof, or department, agency or instrumentality thereof, unless the
applicable Loan Party has duly assigned its rights to payments of such Account to the Administrative Agent pursuant to, and has
other complied with, the Federal Assignment of Claims Act of 1940, as amended, and any other applicable state, county or municipal
Law restricting assignment thereof, which assignments and any related documents and filings, shall be satisfactory to the Administrative
Agent in its Reasonable Credit Judgment; or

 

(ii)         
is another governmental entity (or a political subdivision thereof, or department, agency or instrumentality thereof);

 

(u)         
such Account has been redated, extended, compromised, settled, adjusted or otherwise modified or discounted, except discounts
or modifications that are granted by a Loan Party in the ordinary course of business and that are reflected in the calculation
of the Borrowing Base;

 

(v)         
the Account Debtor with respect to such Account is located in a state of the United States of America requiring the filing of
a notice of business activities report or similar report in order to permit a Loan Party to seek judicial enforcement in such
state of payment of such Account, unless such Loan Party has qualified to do business in such state or has filed a notice of business
activities report or equivalent report for the then-current year or if such failure to file and inability to seek judicial enforcement
is capable of being remedied without any material delay or material cost;

 

(w)        
such Account was acquired or originated by a Person acquired in an Investment (until such time as the Administrative Agent has
completed a customary due diligence investigation as to such Accounts and such Person, which investigation may, at the sole discretion
of the Administrative Agent, include an appraisal and/or field examination, and the Administrative Agent is satisfied with the
results thereof in its Reasonable Credit Judgment);

    32 

     

    

(x)         
such Account

 

(i)          
represents a sale on a bill-and-hold, guaranteed sale, sale and return, ship-and-return, sale on approval, consignment or other
similar basis; or

 

(ii)         
was made pursuant to any other agreement providing for repurchases or return of any merchandise which has been claimed to be defective
or otherwise unsatisfactory;

 

(y)         
any such Account that is the obligation of an Account Debtor that is, to the knowledge of any Borrower or the Administrative Agent,
a Sanctioned Person;

 

(z)          
any such Account that is subject to a restriction on assignment that is enforceable against third parties and that impairs the
Collateral Agent’s Lien (and/or the Australian Security Trustee’s Lien) on such Account or the Administrative Agent’s
ability to enforce the Account;

 

(aa)         
such Account is subject to any security deposit (to the extent received from the applicable Account Debtor), progress payment,
retainage or other similar advance made by or for the benefit of the applicable Account Debtor, in each case to the extent thereof;

 

(bb)         (i)
          such Account was invoiced in advance of goods or services provided,

 

(ii)
          such Account was invoiced twice or more, or

 

(iii)         the
associated revenue has not been earned;

 

(cc)         except in the case of any Unbilled Accounts, the goods giving rise to such Account have not been shipped and/or title has not
been transferred to the Account Debtor, or the Account represents a progress-billing or otherwise does not represent a complete
sale; for purposes hereof, “progress-billing” means any invoice for goods sold or leased or services rendered under
a contract or agreement pursuant to which the Account Debtor’s obligation to pay such invoice is conditioned upon the completion
by a Loan Party of any further performance under the contract or agreement; or

 

(dd)         such Account is otherwise unacceptable to the Administrative Agent (or, during a Co-Collateral Agent Period, the Administrative
Agent and the Co-Collateral Agent) in its Reasonable Credit Judgment.

 

In
determining the amount of any Account, the face amount of such Account shall be reduced by, without duplication, to the extent
not reflected in such face amount, (A) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional
program allowances, price adjustments, finance charges or other allowances (including any amount that any of the Loan Parties
may be obligated to rebate to a customer pursuant to the terms of any written agreement or understanding), (B) the aggregate amount
of all limits and deductions provided for in this definition and elsewhere in the Loan Documents, if any, and (C) the aggregate
amount of all cash received in respect of such Account but not yet applied by a Loan Party to reduce the amount of such Account.

 

Notwithstanding
the foregoing, if at any time the aggregate amount of all Accounts of any single Account Debtor and its Affiliates exceeds 20%
of the aggregate amount of all Eligible Accounts, then the Accounts of such Account Debtor in excess of such percentage shall
not be deemed “Eligible Accounts,” unless such Account is supported by Acceptable Credit Support.

 

“Eligible
Assignee” means

    33 

     

    

(a)         
a Lender;

 

(b)         
an Affiliate of a Lender;

 

(c)         
an Approved Fund that is, in the case of this clause (c) approved by each L/C Issuer; and

 

(d)        
any other Person (other than a natural person (or a holding company, investment vehicle or trust for, or owned and operated for
the primary benefit of, a natural Person)) that is, in the case of this clause (d), approved by

 

(i)          
the Administrative Agent,

 

(ii)         
the Swingline Lender,

 

(iii)        
each L/C Issuer and

 

(iv)        
unless an Event of Default has occurred and is continuing, the Borrower Representative

 

(each
such approval not to be unreasonably withheld or delayed, provided that the Borrowers shall be deemed to have consented
to the assignment to such Person if the Borrowers have not responded within 5 Business Days of a request for such approval);

 

provided,
further, that in no event shall Holdings or its Subsidiaries (or any Affiliate thereof) or a Defaulting Lender be
an “Eligible Assignee”.

 

“Eligible
Billed Account” means, at any time of determination, each Eligible Account of the Borrowers for which an invoice
has been sent to the applicable Account Debtor with respect to such Eligible Account.

 

“Eligible
Coal Inventory” means any Coal Inventory of the Loan Parties that constitutes Eligible Inventory.

 

“Eligible
Inventory” means, at any time of determination, without duplication, the Inventory Value of all Coal Inventory and
Supplies Inventory of the Loan Parties at such time (including, without limitation, all Coal Inventory located at mines and ports
and all Supplies Inventory located at storage locations or mines); provided, that unless otherwise from time to
time approved in writing by the Administrative Agent in its sole discretion, no Inventory shall constitute Eligible Inventory
if, without duplication:

 

(a)         
the applicable Loan Party does not have good and valid title to such Inventory, free and clear of any Lien (other than Permitted
Liens (and, to the extent such Permitted Lien is senior to the Liens securing the Obligations, a Reserve has been established
in respect thereof (including, in respect of Inventory subject to retention of title, amounts equal to amounts payable to suppliers
of such Inventory)));

 

(b)         
the Administrative Agent’s Lien on such Inventory, for the benefit of itself and the other Secured Parties, is not a valid
first priority perfected Lien (subject to Permitted Liens for (and, to the extent such Permitted Lien is senior to the Liens securing
the Obligations, a Reserve has been established in respect thereof));

    34 

     

    

(c)         
any of the representations or warranties in the Loan Documents with respect to such Inventory are untrue or inaccurate in any
material respect (or, with respect to representations or warranties that are qualified by materiality, any of such representations
and warranties are untrue or inaccurate);

 

(d)         
such Inventory

 

(i)          
is either not finished goods (other than raw or unprocessed coal) or which constitutes work-in-process, packaging and shipping
material or bill-and-hold goods,

 

(ii)         
constitutes goods held on consignment (including any goods consigned at the location of a customer, supplier or contractor, but
that are accounted for in the Inventory balance of the Loan Parties), or

 

(iii)        
constitutes goods which are not of a type held for sale in the ordinary course of business (other than in respect of Supplies
Inventory);

 

(e)         
such Inventory is in-transit to or from a location not leased or owned by a Loan Party (it being understood that the Loan Parties
shall provide their best estimate of the value of all such Inventory, which estimate is to be reflected in the Borrowing Base
Certificate), other than any Coal Inventory that is either (a) in-transit between mines and wash plants or (b) from wash plants
to ports; provided, that if the Loan Parties do not own the means of transportation, a Reserve shall have been established
in respect of the costs of such means of transportation;

 

(f)          
such Inventory is not located in the United States of America or Australia;

 

(g)         
such Inventory is located at any location leased by any of the Loan Parties, unless

 

(i)          
the lessor has delivered to the Administrative Agent a Landlord Lien Waiver as to such location or

 

(ii)         
a Rent Reserve has been established by the Administrative Agent in its Reasonable Credit Judgment (measured as of the most recent
practicable date);

 

(h)         
such Inventory is located in any third-party storage facility or is otherwise in the possession of a warehouseman or bailee (including
any repairman), unless

 

(i)          
such third party, warehouseman or bailee has delivered to the Administrative Agent a Landlord Lien Waiver and such other documentation
as the Administrative Agent may reasonably require, or

 

(ii)         
a Rent Reserve has been established by the Administrative Agent in its Reasonable Credit Judgment;

 

(i)          
such Inventory is being processed or manufactured offsite (unless such processor or manufacturer has delivered to the Administrative
Agent a Landlord Lien Waiver and such other documentation as the Administrative Agent may reasonably require);

 

(j)          
such Inventory was acquired or originated by a Person acquired in an Investment (until such time as the Administrative Agent has
completed a customary due diligence investigation as to such Inventory and such Person, which investigation may, at the sole discretion
of the Administrative Agent, include an inventory appraisal and/or field examination, and the Administrative Agent is satisfied
with the results thereof in its Reasonable Credit Judgment);

    35 

     

    

(k)        
except in the case of Supplies Inventory, such Inventory consists of operating supplies, labels, packaging or shipping materials,
cartons, repair parts, labels or miscellaneous spare parts, nonproductive stores Inventory and other such materials, in each case,
not considered used for sale in the ordinary course of business;

 

(l)         
such Inventory is obsolete, slow-moving, nonconforming or unmerchantable or is identified as a write-off, overstock or excess
by any of the Loan Parties;

 

(m)       
any such Inventory,

 

(i)         
to the extent of any portion of the Inventory Value thereof that is attributable to intercompany profit among the Loan Parties
or any of their respective Affiliates (it being understood and agreed that the applicable Loan Party shall provide its best estimate
of such Inventory Value to the Administrative Agent, which Inventory Value shall be approved by the Administrative Agent and reflected
in the most recent Borrowing Base Certificate) or

 

(ii)         
is thermal and other coal inventory located in Australia and held for sale to Stanwell;

 

(n)         
any such Inventory as to which any of the Loan Parties takes an unrecorded book to physical inventory reduction based on the average
of the most recent 12 months of physical inventory adjustments;

 

(o)         
any such Inventory is Supplies Inventory unless a Reserve has been established in respect of all amounts owing to suppliers of
such Supplies Inventory;

 

(p)         
such Inventory is otherwise unacceptable to the Administrative Agent (or, during a Co-Collateral Agent Period, the Administrative
Agent and the Co-Collateral Agent) in its Reasonable Credit Judgment; or

 

(q)         
in the event that Total Outstandings are greater than 50% of the Borrowing Base, 75% of all Inventory that is located at or in
transit to Wiggins Island Coal Export Terminal that would otherwise constitute Eligible Inventory.

 

“Eligible
Supplies Inventory” means any Supplies Inventory of the Borrowers that constitutes Eligible Inventory.

 

“Eligible
Unbilled Account” means, at any time of determination, without duplication, each Unbilled Account of the Loan Parties
which, other than due to its unbilled status, constitutes an Eligible Account at such time; provided, that unless
otherwise approved from time to time in writing by the Administrative Agent in its sole discretion, an Unbilled Account may constitute
an Eligible Unbilled Account if:

 

(a)         
the entire amount of the relevant Coal Inventory pertaining to such Unbilled Account has been shipped from a mine or wash plant,
with the intended destination being either a domestic or export port, shipping terminal, customer location or other waypoint at
which it is to be weighed and graded, with the additional expectation that, if such port, shipping terminal or other waypoint,
is not a customer location, the entire amount of the relevant Coal Inventory pertaining to such Unbilled Account is expected to
be loaded onto a vessel and shipped to a customer;

    36 

     

    

(b)         
a provisional invoice has been created; and

 

(c)          
the provisional invoice related to such Unbilled Account was created less than 30 days ago.

 

“Environment”
means ambient and indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land
surface or subsurface strata or sediment, and natural resources such as flora or fauna.

 

“Environmental
Laws” means any and all Laws or other governmental restrictions, including the common law and any governmental concessions,
grants, franchises or agreements, in each case having the force of law relating to

 

(a)          
(i)           preservation or protection of the Environment or

 

(ii)
          the generation, manufacture, use, labeling, treatment, storage, handling, or transportation
of pollutants, contaminants, chemicals, or industrial, toxic or hazardous materials, substances or wastes, or the emission, discharge,
release or threatened release of such materials, substances or wastes into the Environment,

 

(b)         
the SMCRA,

 

(c)          
the MSHA,

 

(d)         
human health as affected by exposure to hazardous or toxic materials substances or wastes,

 

(e)          
acid mine drainage or

 

(f)          
mining operations and activities to the extent relating to protection of the Environment or Reclamation;

 

provided,
that “Environmental Laws” do not include any laws relating to worker or retiree benefits, including benefits arising
out of occupational diseases.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrowers, any other Loan Party or any of their respective Subsidiaries
directly or indirectly resulting from or based upon

 

(a)         
any non-compliance with any Environmental Law,

 

(b)         
the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,

 

(c)         
exposure to any Hazardous Materials,

 

(d)         
the release or threatened release of any Hazardous Materials into the Environment,

 

(e)         
Reclamation or

    37 

     

    

(f)          
any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any
of the foregoing.

 

“Environmental
Permits” means any and all permits, licenses, registrations, certifications, exemptions and any other authorization
required under any applicable Environmental Law (including, without limitation, those necessary under any applicable Environmental
Laws for the construction, maintenance and operation of any coal mine or related processing facilities or Reclamation).

 

“Equipment”
has the meaning specified in the UCC.

 

“Equity
Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding
any debt security that is convertible into, or exchangeable for, Capital Stock).

 

“Equity
Offering” means has the meaning specified in the Introductory Statement.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) under common control with any of the Borrowers
within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating
to Section 412 of the Code).

 

“ERISA
Event” means

 

(a)         
a Reportable Event with respect to a Pension Plan;

 

(b)         
a withdrawal by any of the Borrowers or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan
year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated
as such a withdrawal under Section 4062(e) of ERISA;

 

(c)         
a complete or partial withdrawal by any of the Borrowers or any ERISA Affiliate from a Multiemployer Plan or notification that
a Multiemployer Plan is in “endangered” or “critical” status;

 

(d)         
the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A
of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan;

 

(e)         
an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee
to administer, any Pension Plan or Multiemployer Plan;

 

(f)          
the imposition of any Lien pursuant to ERISA or the Code with respect to any Pension Plan or any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any of the Borrowers or any of their respective
ERISA Affiliates; or

 

(g)         
the failure to meet the minimum funding standard of Section 412 of the Code with respect to a Pension Plan or the filing of a
request for a waiver of such standards.

 

“Erroneous
Payment” has the meaning assigned to it in Section 9.17(a).

 

“Erroneous
Payment Deficiency Assignment” has the meaning assigned to it in Section 9.17(d).

    38 

     

    

“Erroneous
Payment Impacted Class” has the meaning assigned to it in Section 9.17(d).

 

“Erroneous
Payment Return Deficiency” has the meaning assigned to it in Section 9.17(d).

 

“Erroneous
Payment Subrogation Obligations” has the meaning assigned to it in Section 9.17(d).

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association
(or any successor person), as in effect from time to time.

 

“Eurocurrency
Base Rate” means,

 

(a)         
in the case of Loans,

 

(i)         
with respect to any Interest Period for any Eurocurrency Rate Loan denominated in Dollars, the rate per annum, determined by the
Administrative Agent to be the offered rate for deposits in Dollars for the applicable Interest Period, equal to the ICE Benchmark
Administration Limited LIBOR Rate (“ICE LIBOR”), as published by Bloomberg (or another commercially
available source providing quotations of ICE LIBOR as designated by Administrative Agent from time to time) as of 11:00 a.m.,
London time, two (2) Business Days prior to the commencement of such Interest Period and

 

(ii)         
with respect to any Interest Period for any Eurocurrency Rate Loan denominated in an Alternate Currency (other than Australian
Dollars), the rate per annum, determined by the Administrative Agent to be offered for deposits in such Alternate Currency for
the applicable Interest Period, equal to the ICE Benchmark Administration Interest Settlement Rates (or the successor thereto
if the ICE Benchmark Administration is no longer making such rates available) (as set forth by any service selected by the Administrative
Agent that has been nominated by the ICE Benchmark Administration (or its successor) as an authorized information vendor for the
purpose of displaying such rates) (the “LIBO Screen Rate” and together with ICE LIBOR, the “Screen
Rates”) as of 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period;
and

 

(b)         
to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the Eurocurrency
Base Rate shall be the Interpolated Screen Rate.

 

“Eurocurrency
Liabilities” has the meaning assigned to that term in Regulation D of the Federal Reserve Board.

 

“Eurocurrency
Rate” means, with respect to any Interest Period for any Eurocurrency Rate Loan, an interest rate per annum equal
to the rate per annum obtained by dividing

 

(a)         
the Eurocurrency Base Rate by

 

(b)         
(i)            a percentage equal to 100% minus 

 

(ii)          the
reserve percentage applicable two (2) Business Days before the first day of such Interest Period under regulations issued from
time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, supplemental
or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities
or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes
deposits by reference to which the Eurocurrency Rate is determined) having a term equal to such Interest Period;

    39 

     

    

provided,
if any such rate is less than 0.25%, the Eurocurrency Rate shall be deemed to be 0.25%.

 

“Eurocurrency
Rate Loan” means a Loan that bears interest at a rate based on the Eurocurrency Rate.

 

“Event
of Default” has the meaning specified in Section 8.01.

 

“Excluded
Account” means

 

(a)         
any Deposit Account, Securities Account or Commodities Account of any Loan Party holding at all times less than $500,000 individually
and $2,000,000 in the aggregate; and

 

(b)         
any other Deposit Account of any Loan Party used exclusively to hold funds

 

(i)          
to be used to pay payroll and other employee wage and benefit payments to or for the benefit of any Loan Party’s or any
of its Subsidiaries’ officers, directors or employees,

 

(ii)         
to be used to pay Taxes (including sales Tax) required to be collected, remitted or withheld by any Loan Party or any of its Subsidiaries,

 

(iii)        
zero balance disbursement accounts, or

 

(iv)        
which any Loan Party or any of its Subsidiaries holds on behalf of a third party (other than any Affiliate of such Loan Party
or such Subsidiary) as escrow or fiduciary for such third party.

 

“Excluded
Assets” has the meaning specified in the Security Agreement and applies in respect of the property and assets of
a U.S. Loan Party only.

 

“Excluded
Equity Interests” has the meaning specified in the Security Agreement.

 

“Excluded
Subsidiary” means any Subsidiary of Holdings that is

 

(a)         
an Unrestricted Subsidiary,

 

(b)         
prohibited by any applicable requirement of Law or by any Contractual Obligation existing on the Closing Date (or, if later, on
the date such Subsidiary is acquired pursuant to an acquisition permitted hereunder (so long as such prohibition is not incurred
in contemplation of such acquisition)) from providing a Guarantee of the Obligations or that would require the consent, approval,
license or authorization of any Governmental Authority in order to provide such Guarantee or where the provision of such Guarantee
would result in material adverse Tax consequences to Holdings and its Subsidiaries as reasonably determined by Holdings,

 

(c)         
a Disregarded Domestic Person,

 

(d)         
[reserved],

 

(e)         
a Subsidiary not organized in the United States, England, Australia or Singapore,

    40 

     

    

(f)          
an Immaterial Subsidiary,

 

(g)         
a CFC or a Subsidiary of a CFC, or

 

(h)         
any other Subsidiary to the extent that the burden or cost of providing a Guarantee of the Obligations outweighs the benefit afforded
thereby as reasonably determined by the Administrative Agent and Holdings.

 

Notwithstanding
the foregoing, (x) no Subsidiary of Holdings that is a direct or indirect parent of the Australian Borrower or the U.S. Borrower
may be an Excluded Subsidiary and (y) any Subsidiary that guarantees the Senior Secured Notes or any other Series of Notes Secured
Debt shall not be an Excluded Subsidiary.

 

Notwithstanding
anything hereunder or under any Loan Documents, no Restricted Subsidiary formed or organized under the laws of Australia (or successors
thereto) shall be considered a CFC or Disregarded Domestic Person or be subject to any Section 956 Limitations, or be or become
owned by any entity other than Loan Parties (such that Lenders are unable to obtain a 100% pledge of the Equity Interests issued
by such entities formed or organized under the laws of Australia); for purposes of the foregoing, “Section 956 Limitation”
means any exclusion or limitation on an entity providing guarantees, pledging its assets, or engaging in any repayment or repatriation
transaction or on the pledge of Equity Interests issued by such entity, in each case, as a result of such entity being considered
a CFC or any adverse tax consequences, cost or impact under Section 956 of the Code.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a
portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation
(or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s
failure for any reason not to constitute an “eligible contract participant” as defined in the Commodity Exchange Act
at the time the Guarantee of such Guarantor becomes effective with respect to such related Swap Obligation.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender, any L/C Issuer or any other recipient of any
payment to be made by or on account of any obligation of the Borrowers hereunder,

 

(a)         
branch profits Taxes, Taxes imposed on or measured by net income (however denominated), and franchise Taxes, in each case,

 

(i)          
imposed on it as a result of the Administrative Agent, such Lender or such L/C Issuer (or such other recipient) being organized
under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the
jurisdiction imposing such Tax (or any political subdivision thereof), or

 

(ii)         
that are Other Connection Taxes,

 

(b)         
in the case of a Lender, United States federal withholding Taxes that are imposed on amounts payable to or for the account of
such Lender pursuant to a law in effect at the time such Lender becomes a party hereto (other than an assignee pursuant to a request
by the Borrowers under Section 3.06 and Section 11.13), or designates a new Lending Office; except
to the extent that such Lender (or its assignor, if any) was entitled, immediately before designation of a new Lending Office
(or assignment), to receive additional amounts or indemnity from the Borrowers with respect to such withholding Tax pursuant to
Section 3.01(a),

    41 

     

    

(c)         
any Tax that is attributable to the failure of the Administrative Agent, such Lender or such L/C Issuer (or such other recipient)
to comply with Section 3.01(f),

 

(d)         
any withholding Taxes imposed under FATCA,

 

(e)         
any deduction or withholding arising as a result of a notice or direction under Section 260-5 of Schedule 1 to the TAA, or under
Section 255 of the ITAA 1936 or under other similar legislation (as applicable) requiring an Australian Loan Party (or any person
on their behalf) to deduct or withhold from sums payable by it to a person under this Agreement an amount on account of any Taxes
or other charges payable by the payee,

 

(f)          
Australian Withholding Tax which arises in respect of any interest paid to a Lender that is an Offshore Associate of an Australian
Loan Party, or

 

(g)         
Tax required to be deducted or withheld that could have been avoided had the relevant payee provided the Australian Loan Party
with its name, address, Australian Business Number, Tax File Number, similar details or proof of other applicable exemptions or
complied with any necessary procedural formalities.

 

“Existing
L/C Issuing Banks” means, collectively, Australia and New Zealand Banking Group Limited, HSBC Bank USA, National
Australia Bank Limited and Westpac Banking Corporation as issuing banks under the Existing Syndicated Facility Agreement.

 

“Existing
Syndicated Facility Agreement” means the syndicated facility agreement originally dated 15 September 2018 (as amended
on 11 September 2019) among the Loan Parties, Westpac Banking Corporation (as agent), Westpac Administration Pty Limited (as security
trustee), and the other parties thereto.

 

“Facility”
has the meaning specified in the introductory statement hereto.

 

“Facility
Increase” has the meaning specified in Section 2.15.

 

“Facility
Increase Amount” has the meaning specified in Section 2.15.

 

“Fair
Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s
length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue
pressure or compulsion to complete the transaction.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof
and any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing
such Sections of the Code.

 

“Federal
Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to
the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day)
by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average
of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized
standing selected by it.

    42 

     

    

“Federal
Reserve Board” means the Board of Governors of the United States Federal Reserve System, or any successor thereto.

 

“Fee
Letter” means, that certain fee letter, dated as of April 5, 2021, among the Australian Borrower and Citigroup Global
Markets Inc.

 

“Financial
Statements” means the financial statements of Holdings and its Subsidiaries, on a consolidated basis, delivered
in accordance with Section 6.01.

 

“Financing
Lease” means any lease of property, real or personal, the obligations of the lessee in respect of which are required
in accordance with GAAP to be capitalized on a balance sheet of the lessee; provided that for all purposes hereunder,
the amount of Indebtedness under any Financing Lease shall be the capitalized amount thereof appearing on such balance sheet in
accordance with GAAP.

 

“Fixed
Charge Coverage Ratio” means, with respect to any period, the ratio of

 

(a)         
Consolidated EBITDA of Holdings and its Subsidiaries for such period, minus non-financed Capital Expenditures (including
Capital Expenditures financed with the proceeds of any Loans) paid or payable currently in cash by Holdings or any of its Subsidiaries
for such period, to

 

(b)         
the Fixed Charges of Holdings and its Subsidiaries during such period.

 

“Fixed
Charges” means, for any period, the sum of, without duplication:

 

(a)         
all scheduled amortization payments of principal paid or due and payable during such period by Holdings or any its Subsidiaries
in respect of (i) any Indebtedness under clause (a) of the definition thereof (including scheduled payments of the
principal portion of Capital Lease Obligations), (ii) any Permitted Securitization Financings and (iii) any Permitted Factoring
Arrangements, plus

 

(b)         
consolidated interest expense (including the interest component of payments under Capital Lease Obligations, Permitted Securitization
financings and Permitted Factoring Arrangements) of Holdings and its Subsidiaries for such period, plus

 

(c)         
the aggregate amount of Federal, state, local and foreign income Taxes and franchise and similar Taxes (net of any benefit or
credit) included in the determination of Consolidated Net Income paid in cash during such period, plus

 

(d)         
all Restricted Payments payable during such period to any Person other than Holdings and its Subsidiaries.

 

“Fixtures”
has the meaning specified in the UCC and the Australian PPS Law.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the initial Benchmark for each Alternate Currency provided
for hereunder.

    43 

     

    

“Foreign
Excluded Asset” means (a) Excluded Equity Interests, and (b) any asset the pledge of which would result
in adverse tax consequences, and in each case applies in respect of the property and assets of a Loan Party that is a Foreign
Subsidiary.

 

“Foreign
Lender” means, with respect to the Borrowers, any Lender that is organized under the laws of a jurisdiction other
than the United States, any state thereof or the District of Columbia.

 

“Foreign
Subsidiary” means any Subsidiary of Holdings that is not a Domestic Subsidiary.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any L/C Issuer, such Defaulting Lender’s
Ratable Portion of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer other than L/C
Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash
Collateralized in accordance with the terms hereof; and (b) with respect to the Swingline Lender, such Defaulting Lender’s
Ratable Portion of outstanding Swingline Loans made by the Swingline Lender other than Swingline Loans as to which such Defaulting
Lender’s participation obligation has been reallocated to other Lenders in accordance with the terms hereof.

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its business.

 

“Funded
Debt” means, with respect to any specified Person, any Indebtedness of such Person (excluding accrued expenses and
trade payables), whether or not contingent,

 

(a)         
in respect of borrowed money or advances (and Guarantees thereof); or

 

(b)         
evidenced by loan agreements, bonds, notes or debentures or similar instruments or letters of credit or bank guarantees (solely
to the extent such letters of credit, bank guarantees or other similar instruments have been drawn and remain unreimbursed) or,
without duplication, reimbursement agreements in respect thereof.

 

“Future
Notes Priority Lien Indebtedness” means any Indebtedness of the Australian Borrower and/or the Guarantors that is
secured by a Lien on the Collateral ranking equally and ratably with the Senior Secured Notes as permitted by the Senior Secured
Notes Indenture; provided that

 

(a)         
the trustee, agent or other authorized representative for the holders of such Indebtedness (other than in the case of any additional
notes issued pursuant to the Senior Secured Notes Indenture) shall execute a joinder or amendment to the applicable Notes Security
Documents and the ABL Intercreditor Agreement and Stanwell Intercreditor Agreement, as applicable, and

 

(b)         
Holdings shall designate such Indebtedness as “Future Priority Lien Indebtedness”.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of
the accounting profession, which are in effect on the Closing Date other than the Capital Lease Accounting Policies.

    44 

     

    

“General
Intangible” has the meaning set forth in Article 9 of the UCC and the meaning given to the term “intangible
property” in the Australian PPS Act.

 

“Goods”
has the meaning specified in the UCC and the Australian PPS Act.

 

“Governmental
Authority” means the government of the United States, Australia or any other nation, or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

 

“Greenbrier
Mine” means the underground bord and pillar mine and the surface contour and highwall mining operations located
in the Greenbrier and Nicholas Counties of West Virginia, in the United States of America.

 

“Guarantee”
means, as to any Person (the “guaranteeing person”), any obligation of

 

(a)         
the guaranteeing person or

 

(b)         
another Person (including, without limitation, any bank under any letter of credit or bank guarantee) to the extent the guaranteeing
person has issued a reimbursement, counterindemnity or similar obligation in order to induce the creation of such obligation,
in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary
obligations”) of any other third Person (the “primary obligor”) in any manner, whether
directly or indirectly, including, without limitation, reimbursement obligations under letters of credit and bank guarantees and
any obligation of the guaranteeing person, whether or not contingent,

 

(i)          
to purchase any such primary obligation or any property constituting direct or indirect security therefor,

 

(ii)         
to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or
equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,

 

(iii)       
to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of
the ability of the primary obligor to make payment of such primary obligation or

 

(iv)       
otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof;

 

provided,
however, that the term Guarantee shall not include

 

(i)
          ordinary course performance guarantees by any Loan Party of the obligations (other than
for the payment of borrowed money) of any other Loan Party and

 

(ii)
         endorsements of instruments for deposit or collection in the ordinary course of business.

 

The
amount of any Guarantee obligation of any guaranteeing person shall be deemed to be the lower of

    45 

     

    

(a)
          an amount equal to the stated or determinable amount of the primary obligation in respect
of which such Guarantee obligation is made and

 

(b)
         the maximum amount for which such guaranteeing person may be liable pursuant to the
terms of the instrument embodying such Guarantee obligation, unless such primary obligation and the maximum amount for which such
guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee obligation shall
be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrowers
in good faith.

 

The
term “Guarantee” as a verb has a corresponding meaning.

 

“Guarantor”
means each Guarantor listed on Schedule 1.01(a), and each of the existing and future, direct or indirect, Subsidiaries
of Holdings (other than any Excluded Subsidiary) that guarantees the Obligations pursuant to Section 6.12.

 

“Hazardous
Materials” means any substances, materials or wastes, defined, listed or regulated as “hazardous”, “toxic”,
a “pollutant”, or a “contaminant” (or terms of similar regulatory intent or meaning) under, any applicable
Environmental Law or that could reasonably be expected to give rise to liability under, any applicable Environmental Law, including,
without limitation, asbestos, polychlorinated biphenyls, urea-formaldehyde insulation, gasoline or petroleum (including crude
oil or any fraction thereof), explosive substances, radioactive materials or wastes, petroleum products, or any coal ash, coal
combustion by-products or waste, boiler slag, scrubber residue or flue desulphurization residue.

 

“Head
Company” has the meaning specified in the ITAA 1997.

 

“Hedge
Bank” means (a) a Lender or an Affiliate of a Lender that is a party to a Secured Hedge Agreement on the Closing
Date or (b) any Person that, at the time it enters into a Secured Hedge Agreement, is a Lender or an Affiliate of a Lender, in
each case, in its capacity as a party to such Secured Hedge Agreement.

 

“Hedging
Obligations” means, with respect to any Person, any obligations arising under any Swap Contract, Interest Rate Agreement,
Currency Agreement or Commodity Agreement that are owed to a Hedge Bank.

 

“Hedging
Reserve” means a reserve established by the Administrative Agent (or, during a Co-Collateral Agent Period, the Administrative
Agent and the Co-Collateral Agent) in its Reasonable Credit Judgment in respect of Secured Hedging Obligations based upon the
credit exposure of any Hedge Banks to any Loan Party in respect of any Secured Hedging Obligations, as notified by such Hedge
Bank in writing to the Administrative Agent and the Co-Collateral Agent; provided that (x) the maximum amount of
Hedging Reserves in respect of each Hedge Bank shall not exceed the lesser of (i) the actual credit exposure of such Hedge Bank
to the Loan Parties and (ii) the aggregate Designated Amounts with respect to such Hedge Bank and (y) the aggregate maximum amount
of Hedging Reserves shall in no event exceed the lesser of (i) $25,000,000 and (ii) the actual credit exposure of all Hedge Banks
to the Loan Parties.

 

“Honor
Date” shall have the meaning specified in Section 2.04(d)(i).

 

“Immaterial
Subsidiary” means, at any date of determination, each Subsidiary of Holdings that is not a Material Subsidiary.

 

“Increase
Effective Date” has the meaning specified in Section 2.15.

    46 

     

    

“Indebtedness”
means, with respect to any Person on any date of determination (without duplication, whether or not contingent):

 

(a)         
the principal in respect of (i) indebtedness of such Person for borrowed money and (ii) indebtedness evidenced by notes, debentures,
bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any
premium on such indebtedness to the extent such premium has become due and payable;

 

(b)         
all Capital Lease Obligations of such Person and all Attributable Debt in respect of Sale/Leaseback Transactions entered into
by such Person;

 

(c)         
all obligations of such Person issued or assumed as the deferred purchase price of property (but excluding obligations relating
to the deferred purchase price of the Stanwell Reserved Area and the Stanwell Rebate), all conditional sale obligations of such
Person and all obligations of such Person under any title retention agreement (but excluding any accrued expenses or accounts
payable or other liability to trade creditors arising and paid in the ordinary course of business);

 

(d)         
all obligations of such Person for the reimbursement of any obligor on any letter of credit, bank guarantee, bankers’ acceptance
or similar credit transaction (other than obligations with respect to letters of credit or bank guarantees securing obligations
(other than obligations described in clauses (a) through (c) above) entered into in the ordinary course
of business of such Person to the extent such letters of credit and bank guarantees are not drawn upon or, if and to the extent
drawn upon, such drawing is reimbursed no later than the tenth Business Day following payment on the applicable letter of credit
or bank guarantee);

 

(e)         
all Disqualified Stock issued by such Person valued at the greater of its voluntary and involuntary liquidation preference and
its maximum fixed repurchase price plus accrued dividends;

 

(f)         
any Preferred Stock issued by (i) such Person, if such Person is a Restricted Subsidiary or (ii) any Restricted Subsidiary of
such Person, valued at the greater of its voluntary and involuntary liquidation preference and its maximum fixed repurchase price
plus accrued dividends;

 

(g)         
all obligations of the type referred to in clauses (a) through (f) above of other Persons and all
dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly,
as obligor, guarantor or otherwise, including by means of any Guarantee;

 

(h)         
all obligations of the type referred to in clauses (a) through (g) above of other Persons secured
by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of
such obligation being deemed to be the lesser of the Fair Market Value of such property or assets and the amount of the obligation
so secured; and

 

(i)          
to the extent not otherwise included in this definition, Hedging Obligations of such Person.

 

Notwithstanding
the foregoing, in connection with the purchase by Holdings or any Restricted Subsidiary of any business, the term “Indebtedness”
will exclude post-closing payment adjustments, earn-outs or similar obligations to which the seller may become entitled to the
extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business
after the closing; provided, however, that, at the time of closing, the amount of any such payment
is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 60 days
thereafter.

    47 

     

    

The
amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations
as described above; provided, however, that in the case of Indebtedness sold at a discount, the amount
of such Indebtedness at any time will be the accreted value thereof at such time; provided, further,
that the amount of Indebtedness with respect to any Hedging Obligation shall be equal to (i) zero if such Hedging Obligation has
been incurred pursuant to Section 7.02(g) or (ii) the net amount payable if the Commodity Agreement, Currency Agreement
or Interest Rate Agreement giving rise to such Hedging Obligation terminated at that time due to default by such Person if not
incurred pursuant to such clause.

 

Notwithstanding
the foregoing, “Indebtedness” shall not include any Reclamation Obligations or Obligations under or in respect of
Permitted Securitization Financings or Permitted Factoring Arrangements.

 

“Indemnified
Liabilities” has the meaning specified in Section 11.04.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of any Loan Party under any Loan Document, and (b) to the extent not otherwise described in clause (a),
Other Taxes.

 

“Indemnitees”
has the meaning specified in Section 11.04(b).

 

“Independent
Qualified Party” means an investment banking firm, accounting firm or appraisal firm of national standing; provided,
however, that such firm is not an Affiliate of Holdings.

 

“Information”
has the meaning specified in Section 11.07.

 

“Insolvency
Proceeding” means:

 

(a)         
any voluntary or involuntary case or proceeding under any Debtor Relief Law with respect to any Loan Party or its Restricted Subsidiaries;

 

(b)         
any other voluntary or involuntary insolvency or bankruptcy case or proceeding, or any receivership, liquidation or other similar
case or proceeding with respect to any Loan Party or its Restricted Subsidiaries or with respect to a material portion of its
assets;

 

(c)         
any liquidation, dissolution or winding up of any Loan Party or its Restricted Subsidiary other than as permitted hereunder and
under the Senior Secured Notes Documents whether voluntary or involuntary and whether or not involving insolvency or bankruptcy;

 

(d)         
any assignment for the benefit of creditors or any other marshaling of assets or liabilities of any Loan Party or its Restricted
Subsidiaries; or

 

(e)         
any Australian Insolvency Proceeding.

 

“Instrument”
has the meaning specified in the UCC.

 

“Intellectual
Property” means all intellectual property of every kind and nature and any other similar intangible rights throughout
the world, including inventions, designs, patents, copyrights, licenses, trademarks and service marks (including the goodwill
connected with the use thereof and symbolized thereby), domain names, trade secrets, confidential or proprietary technical and
business information, know-how or other confidential or proprietary data or information, technology, processes, software and databases,
together with any and all

    48 

     

    

(a)         
rights and privileges arising under applicable law with respect to the foregoing,

 

(b)        
income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including, without
limitation, damages and payments for past, present or future infringements thereof,

 

(c)         
rights to sue for past, present or future infringements thereof, and

 

(d)         
rights corresponding thereto throughout the world.

 

“Intellectual
Property Security Agreements” has the meaning specified in the Security Agreement.

 

“Intercreditor
Agreements” means the ABL Intercreditor Agreement and the Stanwell Intercreditor Agreement.

 

“Interest
Payment Date” means,

 

(a)         
as to any Eurocurrency Rate Loan and any BBSY Loan, the last day of each Interest Period applicable to such Loan, the Termination
Date, and in the case of a Eurocurrency Rate Loan with an Interest Period of more than three months’ duration, each day
that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable
to such Loan; and

 

(b)         
as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Termination Date.

 

“Interest
Period” means, as to each Eurocurrency Rate Loan and any BBSY Loan, the period commencing on the date such Eurocurrency
Rate Loan or BBSY Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan or BBSY Loan and ending on the date
one, three or six months (or, to the extent agreed to by all of the Lenders, 12 months) thereafter, as selected by a Borrower
in its Borrowing Notice or Notice of Conversion or Continuation, as applicable; provided, that:

 

(a)        
any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

 

(b)        
any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the
end of such Interest Period; and

 

(c)         
no Interest Period shall extend beyond the Maturity Date.

 

“Interest
Rate Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement
or other financial agreement or arrangement with respect to exposure to interest rates.

    49 

     

    

“Interpolated
Screen Rate” means, at any time, the rate per annum reasonably determined by the Administrative Agent (which determination,
as to any Lender, shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating
on a linear basis between:

 

(a)         
the Screen Rate for the longest period (for which the Screen Rate for the applicable currency is available) that is shorter than
the Interest Period and

 

(b)         
the Screen Rate for the shortest period (for which the Screen Rate for the applicable currency is available) that exceeds the
Interest Period, in each case, as of the applicable quotation time in the applicable currency.

 

“Inventory”
has the meaning specified in the UCC or Australian PPS Act.

 

“Inventory
Value” means, at any time of determination, with respect to any Inventory of any of the Loan Parties

 

(a)         
with respect to any Coal Inventory, the actual production cost per ton thereof, based on the “clean coal equivalent”
thereof, and

 

(b)         
with respect to any other Inventory, the standard cost determined on an average cost basis and carried on the general ledger or
inventory system of such Loan Party stated on a basis consistent with its current and historical accounting practices, in Dollars,
determined in accordance with GAAP, less, without duplication, (x) any markup on Inventory from an Affiliate and (y) in
the event variances under GAAP are expensed, a Reserve determined by the Administrative Agent (or, during a Co-Collateral Agent
Period, the Administrative Agent and the Co-Collateral Agent) in its Reasonable Credit Judgment as appropriate in order to adjust
the standard cost of Eligible Inventory to approximate actual cost.

 

“Investment”
in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary course of business
that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of
Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or
any payment for property or services for the account or use of others), or any purchase or acquisition of Equity Interests, Indebtedness
or other similar instruments issued by such Person. If Holdings or any Restricted Subsidiary issues, sells or otherwise disposes
of any Equity Interests of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no
longer a Restricted Subsidiary, any Investment by Holdings or any Restricted Subsidiary in such Person remaining after giving
effect thereto will be deemed to be a new Investment at such time. The acquisition by Holdings or any Restricted Subsidiary of
a Person that holds an Investment in a third Person will be deemed to be an Investment by Holdings or such Restricted Subsidiary
in such third Person at such time. Except as otherwise provided for herein, the amount of an Investment shall be its Fair Market
Value at the time the Investment is made and without giving effect to subsequent changes in value.

 

“Investment
Property” has the meaning specified in the UCC.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc.
or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate
derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

    50 

     

    

“Issuer
Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by any L/C Issuer and the Borrowers (or any Subsidiary) or in favor of such L/C Issuer and
relating to any such Letter of Credit.

 

“ITAA
1936” means the Income Tax Assessment Act 1936 (Cth) of Australia.

 

“ITAA
1997” means the Income Tax Assessment Act 1997 (Cth) of Australia.

 

“Junior
Debt” has the meaning specified in Section 7.14.

 

“Junior
Debt Document” means any document governing any Junior Debt.

 

“Landlord
Lien Waiver” means any landlord lien waiver, estoppel, warehouseman waiver or other collateral access or similar
letter or agreement.

 

“Laws”
means, as to any Person, collectively, all international, foreign, Federal, state and local laws, statutes, treaties, rules, regulations,
ordinances, codes, and determinations of arbitrators or courts or other Governmental Authorities, in each case applicable to or
binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“L/C
Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing
in accordance with its Applicable Percentage.

 

“L/C
Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed
on the date when made or refinanced as a Borrowing. The amount of any L/C Advance made by an L/C Issuer in an Alternate Currency
and not reimbursed by the applicable Borrower shall be determined as set forth in paragraph (e) or (n)
of Section 2.04, as applicable.

 

“L/C
Cash Collateral Account” means the account established by, and under the sole dominion and control of, the Administrative
Agent maintained with the Administrative Agent and designated as the “Coronado L/C Cash Collateral Account”.

 

“L/C
Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the increase of the amount thereof.

 

“L/C
Issuer” means, collectively, each of Citibank, N.A., Credit Suisse AG and BMO Harris Bank N.A. (each acting through
its branches, offices or Affiliates that it deems appropriate) in its respective capacity as issuer of Letters of Credit hereunder,
and any other Lender or Lenders reasonably acceptable to Holdings and the Administrative Agent (such consent not to be unreasonably
withheld, delayed or conditioned) that agree to act as L/C Issuer, and any successor issuer of Letters of Credit hereunder.

 

“L/C
Obligations” means as at any date of determination, the aggregate amount available to be drawn under all outstanding
Letters of Credit plus the aggregate of all Unreimbursed Amounts with respect to Letters of Credit, including all L/C Borrowings
plus the aggregate amount of Letter of Credit Fees then due and payable.

 

“L/C
Sublimit” means, at any time, (a) with respect to all of the L/C Issuers taken as a whole, $30,000,000 (calculated,
in the case of Alternate Currency Letters of Credit, based on the Dollar Equivalent thereof) and (b) with respect to each L/C
Issuer individually, an amount allocated to such L/C Issuer by the Administrative Agent, at the request of the Borrowers, and
accepted by such L/C Issuer in its sole discretion. As of the Closing Date, the L/C Sublimit of each L/C Issuer referred to in
clause (b) above shall be the amount set forth opposite such L/C Issuer’s name on Schedule 1.01(b).

    51 

     

    

“Lead
Arranger” means Citigroup Global Markets Inc., Citibank, N.A., Citicorp USA, Inc., Citicorp North America, Inc.
and/or any of their affiliates as may be applicable.

 

“Lender”
means each financial institution listed on Schedule 1.01(b), as well as any Person that becomes a “Lender”
hereunder pursuant to Section 11.06(b). Unless the context requires otherwise, the term “Lender” shall
include the Swingline Lender.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire or Assignment and Acceptance by which it became a Lender or such other office or offices as a Lender may from time
to time notify the Borrowers and the Administrative Agent.

 

“Letter
of Credit” means any letter of credit or bank guarantee issued pursuant to Section 2.04(a).

 

“Letter
of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in
the form from time to time in use by any L/C Issuer.

 

“Letter
of Credit Expiration Date” means the day that is the earlier of

 

(a)         
12 months after its date of issuance (or such longer period as may be agreed by the applicable L/C Issuer and the applicable Borrower);
and

 

(b)         
five (5) Business Days prior to the Maturity Date;

 

provided
that any Letter of Credit may provide for renewal thereof for additional periods of up to 12 months (which in no event
shall extend beyond the date referred to be in clause (b) above, except to the extent Cash Collateralized pursuant
to arrangements reasonably acceptable to the relevant L/C Issuer).

 

“Letter
of Credit Fee” has the meaning specified in Section 2.04(j).

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory, judgment, liens arising
by operation of law or other), charge or preference, priority or other security interest or preferential arrangement in the nature
of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any
easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic
effect as any of the foregoing), including to secure any obligation of any Person or any other agreement or arrangement having
a similar effect, including any “security interest” as defined in the Australian PPS Act or the UCC, and any option,
call, trust (whether contractual, statutory, deemed, equitable, constructive, resulting or otherwise), UCC financing statement
or other preferential arrangement having the practical effect of any of the foregoing, including any right of set-off or recoupment.

 

“Liquidity
Period” means any period commencing on any day that

 

(a)         
any Event of Default shall have occurred and be continuing,

 

(b)         
Availability shall be less than the greater of (x) $17,500,000 and (y) 17.5% of the Maximum Revolving Credit for a period of five
(5) consecutive Business Days, or

    52 

     

    

(c)         
Availability shall be less than the greater of (x) $15,000,000 and (y) 15% of the Maximum Revolving Credit on any Business Day,

 

which
period shall terminate on the date on which no Default or Event of Default is subsisting and Availability has exceeded $17,500,000
for a period of 30 consecutive calendar days.

 

“Loan”
has the meaning specified in Section 2.01.

 

“Loan
Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Collateral Documents (including the Australian
Collateral Documents), (d) each Issuer Document, (e) each Secured Hedge Agreement, (f) each Secured Cash Management Agreement
and (g) the ABL Intercreditor Agreement and the Stanwell Intercreditor Agreement.

 

“Loan
Parties” means, collectively, the Borrowers and each Guarantor.

 

“Logan
Mine” means the underground and surface mining operations located in the Counties of Boone, Logan, and Wyoming in
West Virginia, in the United States of America.

 

“Lower
of Cost or Market Reserve” means any reserve established by the Administrative Agent (or, during a Co-Collateral
Agent Period, the Administrative Agent and the Co-Collateral Agent) at any time in respect of the amount by which the Inventory
Value of any Coal Inventory exceeds the Market Value thereof.

 

“Market
Capitalization” means an amount equal to

 

(a)         
the total number of issued and outstanding shares of common Capital Stock of Holdings on the date of the declaration of a Restricted
Payment permitted pursuant to Section 7.06(g) multiplied by

 

(b)         
the arithmetic mean of the closing prices per share of such common Capital Stock on the principal securities exchange on which
such common Capital Stock is traded for the 30 consecutive trading days immediately preceding the date of declaration of such
Restricted Payment.

 

“Market
Value” means, with respect to any Coal Inventory, the fair market value thereof, determined based on the actual
selling price of coal to third-parties at any time during the period following the last day of any month (or, during a Liquidity
Period, any applicable week) and prior to the delivery of the Borrowing Base Certificate with respect to such month or week, as
applicable; provided, that if the aggregate volume of Coal Inventory sold at any time during such period is less
than the aggregate on-hand volume of Coal Inventory as of the date of such Borrowing Base Certificate, the Market Value shall
be reasonably determined in good faith by the Loan Parties consistent with past practices of the Loan Parties.

 

“Material
Adverse Effect” means a material adverse effect upon

 

(a)         
the business, assets, operations, property or condition (financial or otherwise) of Holdings and its Subsidiaries taken as a whole,

 

(b)         
the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative
Agent or the Secured Parties hereunder or thereunder, and

 

(c)         
the ability of the Loan Parties (taken as a whole) to perform their obligations under the applicable Loan Documents.

    53 

     

    

“Material
Leased Real Property” means

 

(a)         
as of the Closing Date, all Real Property subject to a Real Property Lease under which Holdings, the Borrowers or any other Loan
Party is the lessee or tenant, including those listed on Schedule 5.08(a), and

 

(b)         
any other Real Property subject to a Real Property Lease that Holdings, the Borrowers or any other Loan Party enters into or acquires
after the Closing Date as the lessee or tenant thereunder for the purpose of mining or conducting mining operations on such leased
Real Property (including, without limitation, extraction of coal and other minerals and the processing and transport thereof)
in respect of which the coal royalties payable under such Real Property Lease are or would reasonably be expected to be equal
to or greater than $1,500,000, in the aggregate, during the period from date of execution of such Real Property Lease to the Maturity
Date, as determined by Holdings on the date of execution of such Real Property Lease in its reasonable judgment,

 

provided,
however, if any Material Leased Real Property requires a consent from the counterparty, then the Loan Party a party thereto
shall use commercially reasonable efforts to obtain such consent. If such consent is not obtained within 120 days, which shall
be automatically extended by the same period of time as the Notes Priority Lien Collateral Trustee under the Senior Secured Notes
Documents may agree to extend the corresponding post-closing perfection period with respect to the Senior Secured Notes Documents,
the Administrative Agent may elect to exclude such Real Property Lease from the definition of Material Leased Real Property.

 

“Material
Owned Real Property” means any Real Property consisting of a fee or surface estate that Holdings, the Borrowers
or any other Loan Party:

 

(a)         
owns as of the Closing Date, including those listed on Schedule 5.08(b), or

 

(b)         
acquires an ownership interest in after the Closing Date for the purpose of mining or conducting mining operations on such Real
Property (including, without limitation, extraction of coal and other minerals and the processing and transport thereof) the fair
value of which, as of the date of acquisition thereof, is equal to or greater than $5,000,000 as determined by the applicable
tax assessor.

 

“Material
Real Property” shall mean, collectively, all right, title and interest (including any leasehold estate) in and to
any and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other
means, together with, in each case, all improvements, fixtures, easements, hereditaments, permits and appurtenances relating thereto,
and including, with respect to the Loan Parties, all property listed on Schedule 5.08(a) and Schedule 5.08(b),
excluding any portion of real property mutually agreed-upon by Borrower and Administrative Agent containing improvements on the
Closing Date or on each date of the acquisition thereof.

 

“Material
Subsidiary” means, at any date of determination, each of the Subsidiaries of Holdings (a) whose total assets at
the last day of the most recently ended Test Period were equal to or greater than 2.5% of the Consolidated Tangible Assets of
Holdings and its Subsidiaries at such date or (b) whose gross revenues for such Test Period were equal to or greater than 2.5%
of the consolidated gross revenues of Holdings and its Subsidiaries for such Test Period, in each case determined in accordance
with GAAP; provided, that if, at any time and from time to time, Subsidiaries that are not Guarantors solely because
they do not meet the thresholds set forth in clauses (a) or (b) comprise in the aggregate more than
5.0% of Consolidated Tangible Assets of Holdings and its Subsidiaries as of the end of the most recently ended fiscal quarter
or fiscal year for which financial statements are required to have been delivered pursuant to Section 6.01 or more
than 5.0% of the consolidated gross revenues of Holdings and its Subsidiaries for the Test Period ending as of the last day of
such fiscal quarter or fiscal year, then the Borrowers shall, not later than 30 days after the date by which financial statements
for such fiscal quarter or fiscal year are required to be delivered pursuant to this Agreement, designate in writing to the Administrative
Agent one or more of such Subsidiaries as “Material Subsidiaries” to the extent required such that the foregoing condition
ceases to be true and comply with the provisions of Section 6.12 applicable to such Subsidiary; provided,
further that the Borrowers may designate any other Subsidiary as a “Material Subsidiary” and comply
with the provisions of Section 6.12 applicable to such Subsidiary.

    54 

     

    

“Maturity
Date” means the date that is the earlier of (i) three (3) years after the Closing Date and (ii) 91 days prior to
the maturity of any Indebtedness in excess of the Threshold Amount other than any Bi-lateral L/C Agreement (and any amendment,
restatement or replacement thereof); provided, that individual Lenders may agree to extend the maturity of their
Commitments under the Facility upon the request of the Borrowers and without the consent of any other Lender.

 

“Maximum
Rate” has the meaning specified in Section 11.09.

 

“Maximum
Revolving Credit” means, at any time, the lesser of (i) the Borrowing Base at such time and (ii) the aggregate
amount of Commitments in effect at such time.

 

“Mine”
means any excavation or opening into the earth in the United States or Australia now and hereafter made from which coal or other
minerals are or can be extracted on or from any of the real properties in which any Person holds an ownership, leasehold or other
interest.

 

“Mining
Financial Assurances” has the meaning specified in Section 5.10.

 

“Mining
Laws” means any and all applicable federal, state, local and foreign statutes, laws, regulations, legally-binding
guidance, ordinances, rules, judgments, orders, decrees or common law causes of action relating to mining operations and activities
under the Mineral Leasing Act of 1920, the Federal Coal Leasing Amendments Act or the Surface Mining Control and Reclamation Act,
the Mineral Resources Act 1989 (Qld), Mineral and Energy Resources (Common Provisions) Act 2014 (Qld), Coal Mining Safety and
Health Act 1999 (Qld), and in each case including any associated rules or regulations, each as amended or its replacement, and
their state and local counterparts or equivalents.

 

“Mining
Title” means fee simple title to surface and/or Coal or an undivided interest in fee simple title thereto or a leasehold
interest in all or an undivided interest in surface and/or Coal together with (A) for Real Property designated for surface mining,
no less than those easements, licenses, privileges, rights and appurtenances as are necessary to mine, remove, and transport Coal
by surface mining methods; (B) for Real Property designated for underground mining, no less than those easements, licenses, privileges,
rights and appurtenances as are necessary to mine, remove, and transport Coal by underground mining methods; and (C) for Real
Property where any Loan Party has facilities currently used in the Coal mining business, including office and administrative buildings,
mine openings, air shafts, preparation and processing plants, slurries and gob disposal areas, retention and drainage ponds, unfinished
Reclamation areas, coal terminals, and coal loading and storage facilities, no less than those easements, licenses, privileges,
rights, and appurtenances as are necessary to operate such facilities in the manner presently operated.

 

“Money”
has the meaning specified in the UCC.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

    55 

     

    

“Mortgage”
means a deed of trust, trust deed, deed to secure debt, mortgage, leasehold mortgage and leasehold deed of trust on Real Property
or Fixtures owned or leased by any Loan Party that is granted to secure any Obligations in form and substance reasonably satisfactory
to the Administrative Agent, in each case as amended, restated, supplemented or otherwise modified from time to time.

 

“MSHA”
means the Federal Mine Safety and Health Act of 1977, 30 U.S.C. §§ 801 et seq., as amended.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrowers
or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been
obligated to make contributions.

 

“Net
Orderly Liquidation Value” means the cash proceeds of Inventory that could be obtained in an orderly liquidation
(net of all liquidation expenses, costs of sale, operating expenses and retrieval and related costs), as determined pursuant to
the most recent Appraisal delivered to the Administrative Agent.

 

“Non-ABL
Priority Collateral” means all rights, title and interests of each Loan Party in the following Collateral, in each
case, whether now owned or existing or hereafter acquired or arising and wherever located, including, without duplication,

 

(a)
          all rights of each Loan Party to receive moneys due and to become due under
or pursuant to the following,

 

(b)
         all rights of each Loan Party to receive return of any premiums for or Proceeds of any
insurance, indemnity, warranty or guaranty with respect to the following or to receive condemnation Proceeds with respect to the
following,

 

(c)
          all claims of each Loan Party for damages arising out of or for breach of or default
under any of the following, and

 

(d)
         all rights of each Loan Party to terminate, amend, supplement, modify or waive performance
under any of the following, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder:

 

(i)          all
machinery and Equipment;

 

(ii)         all
Material Owned Real Property and Material Leased Real Property;

 

(iii)        all
Intellectual Property;

 

(iv)        all
Equity Interests in all direct Subsidiaries of any Loan Party;

 

(v)         all
intercompany indebtedness of any Subsidiary of Holdings that is not a Loan Party (including, for such purposes, any “Unrestricted
Subsidiaries,” howsoever defined) or of any other Affiliate of any Loan Party, in each case, owed to any Loan Party (other
than, in the case of any other Affiliate of any Loan Party, all rights to payment arising from any sale, lease, license, assignment
or other disposition of Inventory or Goods (other than Fixtures or Equipment) or the provision of services);

 

(vi)        all
Fixtures;

    56 

     

    

(vii)        all
other assets of any Loan Party, whether real, personal or mixed, in each case, not constituting ABL Priority Collateral;

 

(viii)       to
the extent evidencing or governing any of the items referred to in the preceding clauses (i) through (vii),
all General Intangibles, letters of credit and bank guarantees (whether or not the respective letter of credit or bank guarantee
is evidenced by a writing), Letter-of-Credit Rights, Instruments and Documents; provided that to the extent any
of the foregoing also relates to any ABL Priority Collateral, only that portion related to the items referred to in the preceding
clauses (i) through (vii) as being included in the non-ABL Priority Collateral shall be included in
the non-ABL Priority Collateral;

 

(ix)         to
the extent relating to any of the items referred to in the preceding clauses (i) through (viii), all
insurance; provided that to the extent any of the foregoing also relates to ABL Priority Collateral, only that portion
related to the items referred to in the preceding clauses (i) through (viii) as being included in
the non-ABL Priority Collateral shall be included in the non-ABL Priority Collateral;

 

(x)          to
the extent relating to any of the items referred to in the preceding clauses (i) through (ix), all
Supporting Obligations; provided that to the extent any of the foregoing also relates to ABL Priority Collateral,
only that portion related to the items referred to in the preceding clauses (i) through (ix) as being
included in the non-ABL Priority Collateral shall be included in the non-ABL Priority Collateral;

 

(xi)         to
the extent relating to any of the items referred to in the preceding clauses (i) through (x), all
Commercial Tort Claims; provided that to the extent any of the foregoing also relates to ABL Priority Collateral,
only that portion related to the items referred to in the preceding clauses (i) through (x) as being
included in the non-ABL Priority Collateral shall be included in the non-ABL Priority Collateral;

 

(xii)        all
Books and records, including all books, databases, customer lists and records related thereto and any General Intangibles at any
time evidencing or relating to any of the foregoing; and

 

(xiii)       all
cash Proceeds and, solely to the extent not constituting ABL Priority Collateral, non-cash Proceeds, products, accessions, rents
and profits of or in respect of any of the foregoing (including all insurance Proceeds) and all collateral security, guarantees
and other collateral support given by any Person with respect to any of the foregoing;

 

provided,
however, that

 

(x)          if
Collateral of any type is received in exchange for non-ABL Priority Collateral pursuant to an enforcement action or during an
Insolvency Proceeding, such Collateral will be treated as non-ABL Priority Collateral and

 

(y)
         if Collateral of any type is received in exchange for ABL Priority Collateral pursuant
to an enforcement action or during an Insolvency Proceeding, such Collateral will be treated as ABL Priority Collateral.

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

    57 

     

    

“Non-Extension
Notice Date” has the meaning specified in Section 2.04(c)(iii).

 

“Non-Hardwired
Currencies” means all Alternate Currencies.

 

“Non-Reinstatement
Deadline” has the meaning specified in Section 2.04(c)(iv).

 

“Nonconsenting
Lender” has the meaning specified in Section 11.13.

 

“Note”
means a promissory note made by the Borrowers in favor of a Lender evidencing Loans made by such Lender, substantially in the
form of Exhibit C.

 

“Note
Guarantors” means Holdings and the Subsidiaries of Holdings that are guarantors under the Notes Collateral Trust
Agreement.

 

“Notes
Collateral Trust Agreement” means a collateral trust agreement to be entered into on a future date, by and among
the Australian Borrower, the Note Guarantors, the Notes Priority Lien Collateral Trustee and the Notes Junior Lien Collateral
Trustee.

 

“Notes
Collateral Trust Joinder” means

 

(a)         
with respect to the provisions of the Notes Collateral Trust Agreement relating to any additional Notes Priority Secured Obligations,
an agreement substantially in the form attached to the Notes Collateral Trust Agreement and

 

(b)         
with respect to the provisions of the Notes Collateral Trust Agreement relating to the addition of additional guarantors, an agreement
substantially in the form attached to the Notes Collateral Trust Agreement.

 

“Notes
Hedge Agreement” means any Interest Rate Agreement, Currency Agreement or Commodity Agreement.

 

“Notes
Hedging Obligations” of any Person means the obligations of such Person pursuant to any Notes Hedge Agreement.

 

“Notes
Junior Lien” means a Lien on Collateral granted by a Notes Junior Lien Security Document to the Notes Junior Lien
Collateral Trustee, at any time, upon any property of the Australian Borrower or any Note Guarantor to secure Notes Junior Lien
Obligations.

 

“Notes
Junior Lien Collateral Trustee” means such Person nominated by the holders of the Notes Junior Lien Obligations
under any Notes Collateral Trust Joinder, to act in its capacity as collateral trustee for the Notes Junior Lien Secured Parties
under the Notes Collateral Trust Agreement, together with its successors in such capacity.

 

“Notes
Junior Lien Debt” means Funded Debt (excluding any ABL Debt and any Notes Priority Lien Debt), that is secured by
a Notes Junior Lien and that is permitted to be incurred and permitted to be so secured under each applicable Notes Secured Debt
Document; provided, that:

 

(a)         
on or before the date on which such Funded Debt is incurred by the Australian Borrower, such Funded Debt is designated by the
Australian Borrower as “Junior Lien Debt” for the purposes of the Notes Secured Debt Documents and the Notes Collateral
Trust Agreement pursuant to the procedures set forth in the Notes Collateral Trust Agreement; provided, that no
Funded Debt may be designated as both Notes Junior Lien Debt and Notes Priority Lien Debt and no ABL Debt may be designated as
Notes Junior Lien Debt;

    58 

     

    

(b)         
the Notes Junior Lien Representative for such Funded Debt executes and delivers a Notes Collateral Trust Joinder in accordance
with the terms of the Notes Collateral Trust Agreement; and

 

(c)         
all other relevant requirements set forth in the Notes Collateral Trust Agreement are complied with.

 

“Notes
Junior Lien Documents” means, collectively, any indenture, credit agreement or other agreement pursuant to which
any Notes Junior Lien Debt is incurred and the Notes Junior Lien Security Documents

 

“Notes
Junior Lien Obligations” means the Notes Junior Lien Debt and all other Notes Obligations in connection therewith,
including, without limitation, interest and premium (if any) (including post-petition interest whether or not allowable), and
all guarantees of any of the foregoing.

 

“Notes
Junior Lien Representative” means the trustee, agent or representative of the holders of such Series of Notes Junior
Lien Debt who maintains the transfer register for such Series of Notes Junior Lien Debt and

 

(a)         
is appointed as a Notes Junior Lien Representative (for purposes related to the administration of the Notes Security Documents)
pursuant to the Senior Secured Notes Indenture, a credit agreement or other agreement governing such Series of Notes Junior Lien
Debt, together with its successors in such capacity, and

 

(b)         
who has executed a Notes Collateral Trust Joinder, together with its successor in such capacity.

 

“Notes
Junior Lien Secured Parties” means the holders of Notes Junior Lien Obligations and each Notes Junior Lien Representative
and the Notes Junior Lien Collateral Trustee.

 

“Notes
Junior Lien Security Documents” means all security agreements, pledge agreements, collateral assignments, mortgages,
deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security executed and delivered
by Australian Borrower or any Notes Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Notes
Junior Lien Collateral Trustee, for the benefit of any of the Notes Junior Lien Secured Parties, in each case, as amended, modified,
renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the Notes Collateral Trust
Agreement.

 

“Notes
Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition
in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether
or not such interest an allowed claim under applicable bankruptcy or insolvency laws, or U.S. federal or state law or under any
foreign law), other monetary obligations, penalties, fees, indemnifications, reimbursements (including reimbursement obligations
with respect to letters of credit, bank guarantees and banker’s acceptances), damages and other liabilities, and Guarantees
of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable
under the Notes Secured Debt Documents.

    59 

     

    

“Notes
Priority Lien” means a Lien granted, or purported to be granted, by a Senior Secured Notes Security Document to
the Notes Priority Lien Collateral Trustee, at any time, upon any property of the Australian Borrower or any Notes Guarantor to
secure Notes Priority Lien Obligations.

 

“Notes
Priority Lien Collateral Trustee” means Wilmington Trust, National Association, in its capacity as collateral trustee
for the Notes Priority Lien Secured Parties under the Notes Collateral Trust Agreement, together with its successors in such capacity.

 

“Notes
Priority Lien Debt” means:

 

(a)         
the Senior Secured Notes issued on the Closing Date and the related Guarantees; and

 

(b)         
any other Funded Debt (excluding any ABL Debt and any Notes Junior Lien Debt) that is secured by a Notes Priority Lien and that
is permitted to be incurred and permitted to be so secured hereunder; provided, that, in the case of Funded Debt
referred to in this clause (b):

 

(i)         
on or before the date on which such Funded Debt is incurred by the Australian Borrower, such Funded Debt is designated by the
Australian Borrower as “Priority Lien Debt” for the purposes of the Notes Secured Debt Documents and the Notes Collateral
Trust Agreement pursuant to the procedures set forth in the Collateral Trust Agreement; provided, that no Funded
Debt may be designated as both Notes Priority Lien Debt and Notes Junior Lien Debt and no ABL Debt may be designated as Notes
Priority Lien Debt;

 

(ii)         
unless such Funded Debt is issued under an existing Notes Secured Debt Document for any Series of Notes Priority Lien Debt whose
representative is already party to the Collateral Trust Agreement, the Notes Priority Lien Representative for such Funded Debt
executes and delivers a Notes Collateral Trust Joinder in accordance with the terms of the Notes Collateral Trust Agreement; and

 

(iii)         all other relevant requirements set forth in the Notes Collateral Trust Agreement are complied with.

 

For
the avoidance of doubt, Notes Hedging Obligations do not constitute Notes Priority Lien Debt but may constitute Notes Priority
Lien Obligations. Notes Hedging Obligations that are secured pursuant to the Notes Priority Lien Documents with respect to a Series
of Notes Priority Lien Debt shall be “related to” such Series of Notes Priority Lien Debt for purposes of the Notes
Collateral Trust Agreement.

 

“Notes
Priority Lien Document” means, collectively, the Senior Secured Notes Indenture, the Senior Secured Notes and the
Notes Priority Lien Security Documents (in the case of the Collateral Trust Agreement, to the extent effective at the relevant
time), any other indenture, credit agreement or other agreement pursuant to which any Notes Priority Lien Debt is incurred, and
each of the other agreements, documents and instruments executed pursuant thereto or in connection therewith.

 

“Notes
Priority Lien Obligations” means the Notes Priority Lien Debt and all other Notes Obligations in connection therewith,
including without limitation any post-petition interest whether or not allowable, together with all Hedging Obligations and guarantees
of any of the foregoing.

 

“Notes
Priority Lien Representative” means:

 

(a)         
in the case of the Senior Secured Notes, the Senior Secured Notes Trustee; and

    60 

     

    

(b)         
in the case of any other Series of Notes Priority Lien Debt, the trustee, agent or representative of the holders of such Series
of Notes Priority Lien Debt who maintains the transfer register for such Series of Notes Priority Lien Debt and is appointed as
a representative of the Notes Priority Lien Debt (for purposes related to the administration of the Notes Security Documents)
pursuant to the agreement governing such Series of Notes Priority Lien Debt, and who has executed a Notes Collateral Trust Joinder,
together with any successor in such capacity.

 

“Notes
Priority Lien Secured Parties” means, as of any date of determination, the holders of Notes Priority Lien Obligations
at that time, including

 

(a)         
each Notes Priority Lien Representative and the Notes Priority Lien Collateral Trustee,

 

(b)         
the noteholders and any other holders of Notes Priority Lien Debt and

 

(c)         
counterparties to Notes Swap Contracts in respect of Notes Hedging Obligations.

 

“Notes
Priority Lien Security Documents” means all security agreements, pledge agreements, collateral assignments, mortgages,
deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security executed and delivered
by the Australian Borrower or any Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Notes Priority
Lien Collateral Trustee, for the benefit of any of the Notes Priority Lien Secured Parties, in each case, as amended, modified,
renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms thereof.

 

“Notes
Priority Secured Obligations” means Notes Priority Lien Obligations and Notes Junior Lien Obligations.

 

“Notes
Secured Debt Documents” means the Notes Priority Lien Documents and the Notes Junior Lien Documents.

 

“Notes
Security Documents” means the Notes Collateral Trust Agreement, the ABL Intercreditor Agreement, the Stanwell Intercreditor
Agreement, each joinder to the Notes Collateral Trust Agreement or the ABL Intercreditor Agreement or the Stanwell Intercreditor
Agreement, each Notes Priority Lien Security Document and each Notes Junior Lien Security Document, in each case, as amended,
modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the terms of
the Notes Collateral Trust Agreement. Notwithstanding the foregoing, to the extent that references to “Notes Security Documents”
relate solely to Notes Priority Lien Obligations or Notes Junior Lien Obligations, such references shall refer only to the Notes
Security Documents applicable to Notes Priority Lien Obligations or Notes Junior Lien Obligations, as the case may be.

 

“Notes
Swap Contract” means

 

(a)         
any interest rate swap agreement, interest rate cap agreement, interest rate future agreement, interest rate collar agreement,
interest rate hedging agreement or other similar agreement or arrangement designed to protect against or mitigate interest rate
risk,

 

(b)         
any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement
or arrangement designed to protect against or mitigate foreign exchange risk and

 

(c)          
any commodity or raw material, including coal, futures contract, commodity hedge agreement, option agreement, any actual or synthetic
forward sale contracts or other similar device or instrument or any other agreement designed to protect against or mitigate raw
material price risk (which shall for the avoidance of doubt include any forward purchase and sale of coal for which full or partial
payment is required or received), in each case, that is secured under the Notes Priority Lien Documents.

    61 

     

    

“Notice
of Conversion or Continuation” means a notice by the Borrower Representative or Borrowers to (i) convert Base Rate
Loans or any portion thereof to Eurocurrency Rate Loans or (ii) at the end of any applicable Interest Period, convert Eurocurrency
Rate Loans or any portion thereof into Base Rate Loans or to continue such Eurocurrency Rate Loans or BBSY Loans or any portion
thereof for an additional Interest Period, in each case, substantially in the form of Exhibit B.

 

“Notification”
shall have the meaning given to such term in clause (s) of the definition of “Eligible Accounts.”

 

“Obligations”
means all advances to, and debts, liabilities and obligations (including, without limitation, interest accruing after the maturity
of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any proceeding under
any Debtor Relief Law, relating to Holdings or any of its Subsidiaries, whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding) of, any Loan Party arising under any Loan Document (or otherwise with respect to any Loan,
Letter of Credit, Swingline Loan, Protective Advance or, without duplication and for the avoidance of doubt, obligations described
under Section 9.17(e)) whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising, provided, however, that the “Obligations”
of a Loan Party shall exclude any Excluded Swap Obligations with respect to such Loan Party.

 

“Obligee
Guarantor” shall have the meaning given to such term in Section 10.08.

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Department of Treasury.

 

“Offshore
Associate” means an Associate:

 

(a)         
which is (i) a non-resident of Australia and does not become a Lender or receive payment in carrying on a business in Australia
at or through a permanent establishment of the Associate in Australia, or (ii) a resident of Australia and which becomes a Lender
or receives a payment in carrying on a business in a country outside Australia at or through a permanent establishment of the
Associate in that country; and

 

(b)         
in either case, which does not become a Lender and receive payment in the capacity of (i) a dealer, manager or underwriter in
relation to an invitation under section 128F of the ITAA 1936, or (ii) a clearing house, custodian, funds manager or responsible
entity of a registered scheme.

 

“Organization
Documents” means,

 

(a)         
with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive
documents with respect to any non-U.S. jurisdiction);

 

(b)         
with respect to any limited liability company,

 

(i)          
the certificate or articles of formation or organization and operating agreement and

 

(ii)         
with respect to any limited liability company incorporated in Australia, the certificate of incorporation and the constitution
(if any); and

    62 

     

    

(c)         
with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other
applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in
connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation
or organization and, if applicable, any certificate or articles of formation or organization of such entity.

 

“Other
Connection Taxes” means, with respect to any Administrative Agent, Lender or L/C Issuer (or any such other recipient)
Taxes imposed as a result of a present or former connection between the recipient and the jurisdiction imposing such Tax (other
than connections arising from the Administrative Agent, such Lender, or such L/C Issuer (or such other recipient) having executed,
delivered, become a party to, performed its obligations under, received a payment under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan
or Loan Document).

 

“Other
Rate Early Opt-in Election” means, an Early Opt-in Election has occurred under clause (a)(ii)
and (b) of the definition of “Early Opt-in Election”.

 

“Other
Taxes” means all present or future stamp, court or documentary Taxes or any other excise or property Taxes, charges
or similar levies (and interest, fines, penalties and additions related thereto) arising from any payment made hereunder or under
any other Loan Document or from the execution, delivery, performing, enforcement or registration of, from the receipt or perfection
of a security interest under or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06
and Section 11.13).

 

“Outstanding
Amount” means

 

(a)         
with respect to Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of Loans occurring on such date;

 

(b)         
with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C
Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date,
including as a result of any reimbursements by the Borrowers of Unreimbursed Amounts;

 

(c)         
with respect to Swingline Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings
and prepayments of such Swingline Loans occurring on such date; and

 

(d)         
with respect to Protective Advances on any date, the aggregate outstanding principal amount thereof after giving effect to any
borrowings and prepayments of such Protective Advances on such date.

 

“Overnight
Rate” means, for any day, the greater of (a) the Federal Funds Rate and (b) an overnight rate determined by the
Administrative Agent or any L/C Issuer, as the case may be, in accordance with banking industry rules on interbank compensation.

 

“Participant”
has the meaning specified in Section 11.06(d).

 

“Participant
Register” has the meaning specified in Section 11.06(d).

    63 

     

    

“Payment
Conditions” mean, at any time of determination, with respect to any Indebtedness incurred pursuant to Section
7.02(u), Investment or Restricted Debt Payment (each such event or transaction, a “Permitted Transaction”),
the satisfaction of each of the following conditions:

 

(a)         
no Default or Event of Default has occurred and is or was continuing during the 30 consecutive day period immediately preceding
the consummation of such Permitted Transaction (assuming such Permitted Transaction (and any Credit Extensions made to finance
such Permitted Transaction) shall have occurred on the first day of such period) or would immediately result from the consummation
of such Permitted Transaction;

 

(b)         
a Liquidity Period is not in effect at such time; and

 

(c)         
the Borrowers shall have demonstrated compliance at the time of consummation of such Permitted Transaction with either clause
(i) or clause (ii) below:

 

(i)          
(x)
          pro forma Availability immediately after giving effect to such Permitted Transaction (taking into account any Credit Extensions
made to finance such Permitted Transaction), and

 

(y)
          pro forma Availability for the 30 consecutive day period immediately preceding the consummation
of such Permitted Transaction (assuming such Permitted Transaction (and any Credit Extensions made to finance such Permitted Transaction)
shall have occurred on the first day of such period), shall be, in each case, greater than the greater of $25,000,000 and 25%
of the Maximum Revolving Credit, or

 

(ii)         
both

 

(x)         (1)
          pro forma Availability immediately after giving effect to such Permitted Transaction (taking into account any Credit Extensions
made to finance such Permitted Transaction), and

 

(2)
          pro forma Availability for the 30 consecutive day period immediately preceding the consummation
of such Permitted Transaction (assuming such Permitted Transaction (and any Credit Extensions made to finance such Permitted Transaction)
shall have occurred on the first day of such period), shall be, in each case, greater than the greater of $20,000,000 and 20%
of the Maximum Revolving Credit, and

 

(y)
         the Fixed Charge Coverage Ratio, on a pro forma basis, as of the last day of the most
recently ended Test Period (after giving pro forma effect to such Permitted Transaction and each other Permitted Transaction that
has occurred since the beginning of such Test Period) shall not be less than 1.00 to 1.00.

 

“Payment
Recipient” has the meaning assigned to it in Section 9.17(a).

 

“PBGC”
means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA, or any successor thereto.

 

“Pension
Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA),
other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrowers or any ERISA
Affiliate or to which the Borrowers or any ERISA Affiliate contributes or has an obligation to contribute.

    64 

     

    

“Perfection
Certificate” means a perfection certificate substantially in the form of Exhibit I or any other form
approved by the Administrative Agent, as such perfection certificate may be amended, restated, supplemented or otherwise modified
from time to time.

 

“Perfection
Certificate Supplement” means a supplement to the Perfection Certificate substantially in the form of Exhibit
J.

 

“Permitted
Cure Security” means an equity security other than Disqualified Stock.

 

“Permitted
Factoring Arrangement” means any factoring arrangement entered into by the Borrowers, Holdings or any Guarantor,
whereby the Borrowers, Holdings or any Guarantor, as applicable, agrees to assign and sell from time to time to a financial institution
or third-party factor its right, title and interest in certain of its Receivables Assets (which, for the avoidance of doubt, shall
include any draft or invoice sold under a draft purchase agreement or similar supply chain finance arrangement); provided,
that in connection therewith, all of the following conditions are satisfied as determined by the Administrative Agent in its discretion:

 

(a)         
the Borrowers, Holdings or any Guarantor, as applicable, does not grant any Liens on any Collateral other than a Lien on those
Receivables Assets sold pursuant to the terms of a Permitted Factoring Arrangement;

 

(b)         
any Borrowing Base calculation shall exclude all sold Receivables Assets; and

 

(c)         
the purchase price with respect to any sold Receivables Assets is paid in cash in accordance with the terms of the Permitted Factoring
Arrangement.

 

“Permitted
Holders” means, collectively, means The Energy & Minerals Group and its Affiliates, and any entity which is
controlled by, or any fund which is managed by, The Energy & Minerals Group. For the purposes of this definition, “control”
when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise.

 

“Permitted
Liens” has the meaning specified in Section 7.01.

 

“Permitted
Securitization Financing” means one or more transactions pursuant to which

 

(a)         
Securitization Assets or interests therein are sold or transferred to or financed by one or more Special Purpose Securitization
Subsidiaries, and

 

(b)         
such Special Purpose Securitization Subsidiaries finance (or refinance) their acquisition of such Securitization Assets or interests
therein, or the financing thereof, by selling or borrowing against Securitization Assets and any Swap Obligations or hedging agreements
entered into in connection with such Securitization Assets;

 

provided,
that recourse to Holdings, the Borrowers or any Restricted Subsidiary (other than the Special Purpose Securitization Subsidiaries)
in connection with such transactions shall be limited to the extent customary (as determined by Holdings in good faith) for similar
transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of
a “true sale”/“absolute transfer” opinion with respect to any transfer by Holdings, the Borrowers or any
Restricted Subsidiary (other than a Special Purpose Securitization Subsidiary)).

    65 

     

    

“Permitted
Transactions” has the meaning specified in the definition of “Payment Conditions”.

 

“Person”
or “person” means any individual, corporation, partnership, limited liability company, joint venture,
association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof
or any other entity.

 

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by the Borrowers
or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, by any ERISA Affiliate.

 

“Plan
Asset Regulations” means 29 CFR § 2510.3-101 et seq., as amended from time to time.

 

“Pledged
Collateral” has the meaning specified in Section 1.03 of the Security Agreement.

 

“Pledged
Stock” has the meaning specified in Section 1.03 of the Security Agreement.

 

“Port
Charges Reserve” means any reserve established by the Administrative Agent (or, during a Co-Collateral Agent Period,
the Administrative Agent and the Co-Collateral Agent) at any time in respect of any amounts that are due and payable by any of
the Loan Parties to any port authority or any vendor providing sampling and/or loading services to any of the Loan Parties, it
being understood that each Borrowing Base Certificate shall specify any amount outstanding as of the date of such Borrowing Base
Certificate.

 

“Preferred
Stock,” as applied to the Equity Interests of any Person, means Equity Interests of any class or classes (however
designated) which are preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person, over Equity Interests of any other class of such Person.

 

“Priority
Lien Leverage Ratio” means the ratio, as of any date of determination, of

 

(a)         
the aggregate outstanding principal amount of all Notes Priority Lien Debt (including, for the avoidance of doubt, the Senior
Secured Notes) of Holdings and the Restricted Subsidiaries on a consolidated basis outstanding as of such date (net of the Unrestricted
Cash Amount as of such date), to

 

(b)         
the Consolidated EBITDA for the Test Period then most recently ended for which for which financial statements have been, or were
required to have been, delivered pursuant to Section 6.01.

 

“Proceeds”
has the meaning specified in the UCC and the Australian PPS Law and, in any event, shall also include, but not be limited to,
(i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Administrative Agent or Holdings or
any of its Subsidiaries from time to time with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever)
made or due and payable to Holdings or any of its Subsidiaries from time to time in connection with any requisition, confiscation,
condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental Authority (or any Person acting under
color of Governmental Authority) and (iii) any and all other amounts from time to time paid or payable under or in connection
with any of the Collateral.

 

“Pro
Forma Financial Statements” means the pro forma financial statements of Holdings and its Subsidiaries, on a consolidated
basis, delivered to the Administrative Agent and the Lenders prior to the Closing Date.

    66 

     

    

“Properties”
means the facilities and properties currently or formerly owned, leased or operated by Holdings or any of its Subsidiaries.

 

“Protective
Advances” has the meaning specified in Section 2.03.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

“Public
Lender” has the meaning specified in Section 9.16(e).

 

“Qualified
Cash” means unrestricted cash of the Loan Parties that is

 

(a)         
deposited in a cash Deposit Account that is located in the United States and established and maintained at, and in the name of,
the Administrative Agent, and over which the Administrative Agent has sole dominion and control, upon terms reasonably satisfactory
to the Administrative Agent; and

 

(b)         
subject to the valid, enforceable and first priority perfected security interest of the Administrative Agent and not subject to
any other Lien or claim, except to the extent that the holder of any of the same has entered into an intercreditor agreement with
the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent (other than customary Liens
or rights of setoff of with the Administrative Agent in its capacity as a depository bank),

 

provided,
that, for purposes of the amount of Qualified Cash included in the calculation of Borrowing Base, such amount may be reduced,
at the Administrative Agent’s option, by any obligations owing to it as a depository bank and, to the extent the Qualified
Cash exceeds 5.0% of the Borrowing Base (prior to giving effect to the inclusion of Qualified Cash), the Administrative Agent
by notice to the Loan Parties may cause the Borrowing Base then in effect to be recalculated to include the actual amount of Qualified
Cash as of the date of such recalculation.

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000
at the time such Swap Obligation is incurred or such other person as constitutes an ECP under the Commodity Exchange Act or any
regulations promulgated thereunder.

 

“Rail
and Port Agreements” means

 

(a)         
the WICET Substitute Shipper Deed dated 8 July 2019 between Washpool Coal Pty Ltd and Coronado Curragh Pty Ltd;

 

(b)         
the WICET Take or Pay Agreement dated 27 September 2011 between Wiggins Island Coal Export Terminal Pty Ltd and Coronado Curragh
Pty Ltd;

 

(c)         
the Access Agreement – Coal (UT5) Coronado Curragh [undated] 2019 between Aurizon Network Pty Ltd and Coronado Curragh Pty
Ltd; and

 

(d)         
the Wiggins Island Rail Project Deed (2011) dated 5 September 2011 between Aurizon Network Pty Ltd and Coronado Curragh Pty Ltd.

 

“Ratable
Portion” or (other than in the expression “equally and ratably”) “ratably” means,
with respect to any Lender, the percentage obtained by dividing (a) the Commitment of such Lender by (b) the aggregate
Commitments of all Lenders (or, at any time after the Termination Date, the percentage obtained by dividing the aggregate outstanding
principal balance of the Total Outstandings owing to such Lender by the aggregate outstanding principal balance of the Total Outstandings
owing to all Lenders).

    67 

     

    

“Real
Property” shall mean, collectively, all right, title and interest (including any leasehold estate) in and to any
and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means,
together with, in each case, all improvements, fixtures, easements, hereditaments, permits and appurtenances relating thereto.

 

“Real
Property Lease” means any lease, license, letting, concession, occupancy agreement, sublease, easement or right
of way to which such Person is a party and is granted a possessory interest in or a right to use or occupy all or any portion
of the Real Property (including, without limitation, the right to extract minerals from any portion of Real Property) and every
amendment or modification thereof including with respect to the Loan Parties, without limitation, the leases with respect to Real
Property listed on Schedule 5.08(a) and any Contractual Obligation with respect to any of the foregoing.

 

“Reasonable
Credit Judgment” means the Administrative Agent’s (or, during a Co-Collateral Agent Period, the Administrative
Agent’s and the Co-Collateral Agent’s) commercially reasonable credit judgment (from the perspective of a secured
asset-based lender), in accordance with customary business practices for comparable asset-based lending transactions exercised
in good faith; provided, that as it relates to the establishment of Reserves or the adjustment or imposition of
exclusionary criteria, Reasonable Credit Judgment will require that

 

(a)         
such establishment, adjustment or imposition after the Closing Date be based on the analysis of facts, events, conditions or contingencies
first occurring or first discovered by the Administrative Agent after the Closing Date (or, during a Co-Collateral Agent Period,
the Administrative Agent and the Co-Collateral Agent) or that are materially different from facts, events, conditions or contingencies
known to the Administrative Agent on the Closing Date (or, during a Co-Collateral Agent Period, the Administrative Agent and the
Co-Collateral Agent),

 

(b)         
the imposition or increase of any Reserve shall not duplicate

 

(i)         
the exclusionary criteria set forth in the definitions of “Eligible Account,” “Eligible Unbilled Account”
and “Eligible Inventory,” as applicable (and vice versa), or

 

(ii)         
any Reserves deducted in computing book value or Net Orderly Liquidation Value, and

 

(c)         
the amount of any such Reserve so established or the effect of any adjustment or imposition of exclusionary criteria shall bear
a reasonable relationship to the effects that form the basis thereunder.

 

“Receivables
Assets” means accounts receivable (including any bills of exchange) and related assets and property from time to
time originated, acquired or otherwise owned by Holdings, the Borrowers or any Subsidiary, in each case, not included within the
Borrowing Base.

 

“Recipient”
means (a) the Administrative Agent, (b) any Lender, or (c) any L/C Issuer, as applicable.

 

“Reclamation”
means the reclamation and restoration of land, water and any future, current, abandoned or former mines, and of any other Environment
affected by such mines, as required pursuant to SMCRA, any other Environmental Law or any Environmental Permit.

    68 

     

    

“Reclamation
Obligations” means the reclamation, rehabilitation, revegetation and other mine closure obligations (including reclamation
mine closure guarantees) of Holdings or any Restricted Subsidiary with respect to mines or other assets of Holdings or any Restricted
Subsidiary used or useful in a Related Business.

 

“Refinance”
means, in respect of any Indebtedness or any commitment to extend credit (and the documents governing such indebtedness or commitment
to extend credit), to refinance, amend and restate, extend, renew, supplement, restructure, replace, refund or repay, or to issue
other Indebtedness or commitment to extend credit in exchange or replacement for such Indebtedness, in whole or in part, whether
with the same or different lenders, arrangers, or agents.

 

“Refinanced”
and “Refinancing” shall have correlative meanings.

 

“Refinancing
Indebtedness” means Indebtedness that Refinances any Indebtedness of Holdings or any Restricted Subsidiary existing
on the Closing Date or incurred in compliance herewith, including Indebtedness that Refinances Refinancing Indebtedness; provided,
however, that:

 

(a)          such
Refinancing Indebtedness has a maturity no earlier than the maturity of the Indebtedness being Refinanced;

 

(b)          such
Refinancing Indebtedness has a weighted average life at the time such Refinancing Indebtedness is incurred that is equal to or
greater than the weighted average life of the Indebtedness being Refinanced;

 

(c)          such
Refinancing Indebtedness has an aggregate principal amount (or if incurred with original issue discount, an aggregate issue price)
that is equal to or less than the aggregate principal amount (or if incurred with original issue discount, the aggregate accreted
value) then outstanding under the Indebtedness being Refinanced (plus fees and expenses, including any premium, accrued interest,
underwriting discounts and defeasance costs);

 

(d)          (i)           if
the Indebtedness being Refinanced is subordinated in right of payment to the Obligations, such Refinancing Indebtedness is subordinated
in right of payment to the Obligations, at least to the same extent as the Indebtedness being Refinanced and

 

(ii)          if
the Lien securing the Indebtedness being Refinanced is subordinated to the Lien securing the Obligations, the Lien securing the
Refinancing Indebtedness shall be subordinated to the Lien securing the Obligations;

 

(e)          (i)           such
Refinancing Indebtedness is incurred by either (A) the Restricted Subsidiary that is the obligor on the Indebtedness being Refinanced
or (B) Holdings, the Borrowers or a Loan Party and

 

(ii)          such
Refinancing Indebtedness may not be secured by property that did not secured the Indebtedness being Refinanced; and

 

(f)           (i)           to
the extent secured by a Lien on Collateral, such Refinancing Indebtedness shall be subject to the ABL Intercreditor Agreement
and the Stanwell Intercreditor Agreement and

 

(ii)          no
Refinancing Indebtedness shall be secured by Lien on ABL Priority Collateral that is senior to or pari passu to the Lien securing
the Obligations.

    69 

     

    

“Register”
has the meaning specified in Section 11.06(c).

 

“Related
Business” means any business in which Holdings or any of its Restricted Subsidiaries was engaged on the Closing
Date and any business or activity related, ancillary or complementary to such business or that is a natural outgrowth or reasonable
extension, development or expansion of such business.

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and such Person’s and such Person’s
Affiliates’ respective managers, administrators, trustees, members, partners, directors, officers, employees, agents, attorneys,
fund managers, advisors and representatives.

 

“Relevant
Governmental Body” means

 

(a)          with
respect to a Benchmark Replacement in respect of Dollars, the Board of Governors of the Federal Reserve System or the Federal
Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System
or the Federal Reserve Bank of New York, or any successor thereto, and

 

(b)          with
respect to a Benchmark Replacement in respect of any Non-Hardwired Currency,

 

(i)          the
central bank for the currency in which such amounts are denominated hereunder or any central bank or other supervisor which is
responsible for supervising either

 

(A)       such
Benchmark Replacement or

 

(B)       the
administrator of such Benchmark Replacement or

 

(ii)         any
working group or committee officially endorsed or convened by:

 

(A)       the
central bank for the currency in which such amounts are denominated,

 

(B)       any
central bank or other supervisor that is responsible for supervising either (x) such Benchmark Replacement or (y) the administrator
of such Benchmark Replacement,

 

(C)       a
group of those central banks or other supervisors or

 

(D)       the
Financial Stability Board, or any part thereof.

 

“Rent
Reserve” means each of

 

(a)          any
reserve established by the Administrative Agent (or, during a Co-Collateral Agent Period, the Administrative Agent and the Co-Collateral
Agent) in respect of all past due rent and other amounts owing by any Borrower to any landlord, warehouseman, processor, repairman,
mechanic, shipper, freight forwarder or other Person who possesses any Inventory of the Borrowers or could assert a Lien on such
Inventory, or

 

(b)          in
the case of any property, where the value of any Inventory of the Borrowers is located, stored, used or held at such property
exceeds $1,500,000 and with respect to which no Landlord Lien Waiver has been obtained, a one-month reserve against the Eligible
Inventory held at such location established by the Administrative Agent.

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“Replacement
Assets” means

 

(a)          (i)
any properties or assets that replace the properties or assets that were the subject of such Disposition and properties or assets
used or useful in a Related Business that are not classified as current assets under GAAP or (ii) any other capital expenditure,

 

(b)         all
or substantially all the assets of a Related Business or

 

(c)          a
majority of the Voting Stock of any Person engaged in a Related Business that will become, on the date of acquisition thereof,
a Restricted Subsidiary.

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice
period has been waived.

 

“Reports”
has the meaning specified in Section 9.15.

 

“Request
for Credit Extension” means

 

(a)          with
respect to a Borrowing, conversion or continuation of Loans, a Borrowing Notice,

 

(b)          with
respect to an L/C Credit Extension, a Letter of Credit Application, and

 

(c)          with
respect to a Swingline Loan, a Swingline Loan Notice.

 

“Required
Lenders” means, as of any date of determination, Lenders holding more than 50% of the sum of

 

(a)          the
Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations
being deemed “held” by such Lender for purposes of this definition), and

 

(b)          the
aggregate unused Commitments;

 

provided,
that the unused Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be
excluded for purposes of making a determination of Required Lenders.

 

“Reserves”
means, without duplication,

 

(a)          the
Rent Reserve,

 

(b)          the
Lower of Cost or Market Reserve,

 

(c)          the
Port Charges Reserves,

 

(d)          Hedging
Reserves,

 

(e)          the
Australian Priority Payables Reserves,

 

(f)           reserves
for VAT and extended or extendible retention of title over Accounts, and

 

(g)         other
reserves established or maintained by the Administrative Agent (or, during a Co-Collateral Agent Period, the Administrative Agent
and the Co-Collateral Agent) in its Reasonable Credit Judgment to the extent such reserves relate to facts, events, conditions
or contingencies first occurring or first discovered by the Administrative Agent (or, in the case of the Co-Collateral Agent,
the Co-Collateral Agent) after the Closing Date (or that are materially different from facts, events, conditions or contingencies
known to the Administrative Agent (or, in the case of the Co-Collateral Agent, the Co-Collateral Agent) on the Closing Date),
and for which no reserves were imposed on the Closing Date, and which have, or could reasonably be expected to have, an adverse
effect on the value of the Borrowing Base Collateral or the Liens of the Administrative Agent thereon.

    71 

     

    

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, the treasurer, any assistant treasurer,
any vice president or the controller of a Person, or if such person is a limited partnership, a general partner of such Person
or such Person’s or such general partner’s manager or managing member, as applicable, or any officer with substantially
equivalent responsibilities, but, in any event, with respect to financial matters, the chief financial officer, the chief executive
officer or any other officer with substantially equivalent responsibilities.

 

“Restricted
Debt Payment” has the meaning specified in Section 7.14(a).

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests of Holdings or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including
any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
of any such Equity Interests, or on account of any return of capital to Holdings’ stockholders, partners or members (or
the equivalent Person thereof).

 

“Restricted
Subsidiary” means any Subsidiary of Holdings that is not an Unrestricted Subsidiary.

 

“Revaluation
Date” shall mean

 

(a)          with
respect to any Alternate Currency Letter of Credit, each of the following:

 

(i)          each
date of issuance, extension or renewal of an Alternate Currency Letter of Credit,

 

(ii)         each
date of an amendment of any Alternate Currency Letter of Credit having the effect of increasing the amount thereof,

 

(iii)        each
date of any payment by the applicable L/C Issuer under any Alternate Currency Letter of Credit, and

 

(iv)        such
additional dates as the Administrative Agent or the applicable L/C Issuer shall determine or the Required Lenders shall require
and

 

(b)          with
respect to any Alternate Currency Loans, each of the following:

 

(i)          each
date of a Borrowing of Eurocurrency Rate Loans denominated in an Alternate Currency,

 

(ii)         each
date of a continuation of a Eurocurrency Rate Loan denominated in an Alternate Currency pursuant to Section 2.02,
and

    72 

     

    

(iii)         such
additional dates as the Administrative Agent shall determine or the Required Lenders shall require.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto.

 

“Sale/Leaseback
Transaction” means an arrangement relating to property owned by Holdings or a Restricted Subsidiary on the Closing
Date or thereafter acquired by Holdings or a Restricted Subsidiary whereby Holdings or a Restricted Subsidiary transfers such
property to a Person and Holdings or a Restricted Subsidiary leases it from such Person.

 

“Sanctioned
Person” means, at any time, any Person with which dealings are prohibited or restricted by Sanctions.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered, or enforced by (a) the U.S. government, including
those administered by the OFAC, the U.S. Department of State, and the U.S. Department of Commerce, (b) the United Nations Security
Council, (c) the European Union, (d) the United Kingdom, including Her Majesty’s Treasury of the United Kingdom or (e) Australia.

 

“Screen
Rate” has the meaning specified in the definition of “Eurocurrency Base Rate”.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured
Cash Management Agreement” means (i) any Cash Management Agreement that is entered into by and between the
Borrowers and any Cash Management Bank to the extent designated as such by the Borrowers and such Cash Management Bank in
writing to the Administrative Agent from time to time and (ii) each existing Secured Cash Management Agreement listed on Schedule
7.02 as an “Existing Secured Cash Management Agreement”.

 

“Secured
Hedge Agreement” means (i) any Swap Contract permitted under Article 7 that is entered into by and
between the Borrowers and any Hedge Bank to the extent designated as such by the Borrowers and such Hedge Bank in writing to the
Administrative Agent from time to time in accordance with Section 11.16 and (ii) each existing Secured Hedge Agreement
listed on Schedule 7.02 as an “Existing Secured Hedge Agreement”.

 

“Secured
Hedging Obligations” means the amount of all debts, liabilities and obligations of any Loan Party in respect of
any Secured Hedge Agreement; provided that

 

(a)         in
respect of Hedging Obligations of such Loan Party owed to the applicable Hedge Bank at any time, such amount shall be deemed to
be the Swap Termination Value thereof as of such date and

 

(b)         any
such Hedging Obligation is not also secured pursuant to the Notes Security Documents.

 

“Secured
Indebtedness” means any Funded Debt secured by a Lien.

 

“Secured
Leverage Ratio” means, as of any date of determination the ratio of

 

(a)          the
aggregate outstanding principal amount of all Secured Indebtedness (excluding, for the avoidance of doubt, the obligations relating
to the deferred purchase price of the Stanwell Reserved Area and the Stanwell Rebate) of Holdings and its Subsidiaries on a consolidated
basis as of such date (net of the Unrestricted Cash Amount as of such date) to

    73 

     

    

(b)          Consolidated
EBITDA of Holdings and its Subsidiaries for the Test Period then most recently ended for which financial statements have been,
or were required to have been, delivered pursuant to Section 6.01.

 

“Secured
Parties” means, collectively, (i) the Lenders, (ii) each L/C Issuer, (iii) the Administrative Agent, (iv) the Australian
Security Trustee, (v) each Hedge Bank that is a counterparty to a Secured Hedge Agreement with a Loan Party, (vi) each Cash Management
Bank that is party to a Secured Cash Management Agreement with a Loan Party, (vii) the Arrangers, and (viii) beneficiaries of
each indemnification obligation undertaken by any Loan Party under any Loan Document.

 

“Securities
Account” has the meaning specified in the UCC and the Australian PPS Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Securitization
Assets” means any of the following assets (or interests therein) from time to time originated, acquired or otherwise
owned by Holdings, the Borrowers or any Restricted Subsidiary or in which Holdings, the Borrowers or any Restricted Subsidiary
has any rights or interests, in each case, without regard to where such assets or interests are located:

 

(a)          Receivables
Assets,

 

(b)          royalty
and other similar payments made related to the use of trade names and other intellectual property,

 

(c)          revenues
related to distribution of the products of Holdings, the Borrowers and the Restricted Subsidiaries,

 

(d)          intellectual
property rights relating to the generation of any of the foregoing types of assets,

 

(e)          any
Equity Interests of any Special Purpose Securitization Subsidiary or any Subsidiary of a Special Purpose Securitization Subsidiary
and any rights under any limited liability company agreement, trust agreement, shareholders agreement, organization or formation
documents or other agreement entered into in furtherance of the organization of such entity, and

 

(f)          any
equipment, contractual rights with unaffiliated third parties, website domains and associated property and rights necessary for
a Special Purpose Securitization Subsidiary to operate in accordance with its stated purposes;

 

provided,
that, in each case, no such assets or interests shall be included in the Borrowing Base and the Administrative Agent and Collateral
Agent shall maintain an irrevocable, non-exclusive right to have access to, and a royalty-free and rent-free license and right
to use, any such trade names, intellectual property, equipment, contractual rights with unaffiliated third parties, website domains
and associated property on terms reasonably satisfactory to the Administrative Agent and Collateral Agent.

 

“Security”
has the meaning specified in the UCC and the meaning given to “security interest” in the Australian PPS Act.

    74 

     

    

“Security
Agreement” means that certain Pledge and Security Agreement, dated as of the date hereof, by and among the Administrative
Agent and each of the Loan Parties party thereto, substantially in the form of Exhibit H-1, as amended, restated,
amended and restated supplemented or otherwise modified from time to time.

 

“Senior
Secured Notes” means 10.750% senior secured notes due 2026 issued by the Australian Borrower pursuant to the Senior
Secured Notes Indenture.

 

“Senior
Secured Notes Documents” means the Senior Secured Notes, the Senior Secured Notes Indenture and all other documents
evidencing, guaranteeing or otherwise governing the terms of the Senior Secured Notes.

 

“Senior
Secured Notes Indenture” means that certain Indenture, dated as of May 12, 2021, among the Australian Borrower,
as issuer, Holdings, certain Subsidiaries of Holdings, as guarantors, and Wilmington Trust, National Association, as trustee (as
amended, restated, supplemented, or otherwise modified from time to time) and any supplemental indenture or additional indenture
to be entered into with respect to the Senior Secured Notes.

 

“Senior
Secured Notes Security Document” means “Security Documents” as defined in the Senior Secured Notes Indenture.

 

“Senior
Secured Notes Trustee” means Wilmington Trust, National Association, in its capacity as Indenture Trustee.

 

“Series
of Notes Junior Lien Debt” means, severally, each issue or series of Notes Junior Lien Debt for which a single transfer
register is maintained.

 

“Series
of Notes Priority Lien Debt” means, severally, each issue or series of Notes Priority Lien Debt for which a single
transfer register is maintained.

 

“Series
of Notes Secured Debt” means each Series of Notes Priority Lien Debt and each Series of Notes Junior Lien Debt.

 

“Similar
Business” means coal production, coal mining, coal gasification, coal liquefaction, other BTU conversions, coal
brokering, coal transportation, mine development, coal supply contract restructurings, ash disposal, environmental remediation,
Reclamation, coal and coal bed methane exploration, production, marketing, transportation and distribution and other related businesses,
and activities of Holdings and its Subsidiaries as of the Closing Date and any business or activity that is reasonably similar
thereto or a reasonable extension, development or expansion thereof or ancillary thereto.

 

“SMCRA”
means the Surface Mining Control and Reclamation Act of 1977, 30 U.S.C. §§1201 et seq., as amended.

 

“SOFR”
means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank
of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank
of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified
as such by the administrator of the secured overnight financing rate from time to time).

 

“Special
Purpose Securitization Subsidiary” means

    75 

     

    

(a)          a
direct or indirect Subsidiary of Holdings established in connection with a Permitted Securitization Financing for the acquisition
of Securitization Assets or interests therein and/or Equity Interests in other Special Purpose Securitization Subsidiaries, and
which is organized in a manner (as determined by Holdings in good faith) intended to reduce the likelihood that it would be substantively
consolidated with Holdings, the Borrowers or any of Holding’s Restricted Subsidiaries (other than Special Purpose Securitization
Subsidiaries) in the event Holdings, the Borrowers or any such Restricted Subsidiary becomes subject to a proceeding under the
Bankruptcy Code (or other insolvency law) and

 

(b)         any
subsidiary of a Special Purpose Securitization Subsidiary.

 

“Specified
Transaction” has the meaning specified in Section 1.08.

 

“Spot
Rate” shall mean, on any day, with respect to any currency in relation to Dollars, the rate at which such currency
may be exchanged into Dollars, as set forth at approximately 12:00 noon, London time, on such date on the Oanda Corporation currency
page for such currency. In the event that such rate does not appear on the applicable Oanda Corporation currency page, the Spot
Rate shall be calculated by reference to such other publicly available service for displaying exchange rates as may be agreed
upon by the Administrative Agent and the Borrowers, or, in the absence of such agreement, such Spot Rate shall instead be the
arithmetic average of the spot rates of exchange of the Administrative Agent, at or about 11:00 a.m., London time, on such date
for the purchase of Dollars for delivery two Business Days later; provided that if, at the time of any such determination,
for any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the Borrowers, may use any
reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.

 

“Stanwell”
means Stanwell Corporation Limited (ACN 078 848 674).

 

“Stanwell
Agreements” means

 

(a)          the
Stanwell Amended Coal Supply Agreement dated November 6, 2009 between Stanwell and CCPL, as amended by the ACSA Deed of Amendment,
dated into on or about November 21, 2016;

 

(b)          the
Curragh Mine - New Coal Supply Deed dated August 14, 2018 between Stanwell and CCPL;

 

(c)          the
New Coal Supply Agreement dated July 12, 2019 between Stanwell and CCPL; and

 

(d)          the
Option Coal Supply Agreement, dated as of January 18, 2021, by and between Stanwell and CCPL,

 

in
each case, as such agreements may be amended, restated, replaced, supplemented or modified from time to time in accordance herewith.

 

“Stanwell
Intercreditor Agreement” means that Existing Arrangements Intercreditor Deed, dated as of the date hereof, by and
among the Administrative Agent, Senior Secured Notes Trustee, Stanwell Corporation Limited, Coronado Australia Holdings Pty Ltd,
Coronado Global Resources, Inc., and the other parties from time to time party thereto, and acknowledged by Holdings and the other
Loan Parties, as may be amended, restated, replaced, supplemented, varied, assigned or otherwise modified from time to time.

 

“Stanwell
Obligations” means all obligations, excluding debt for borrowed money or guarantees thereof, in connection with
the Stanwell Agreements as in effect on the Closing Date.

    76 

     

    

“Stanwell
Rebate” means the rebate arrangements under the Stanwell Agreements.

 

“Stanwell
Reserved Area” means certain area adjacent to the Curragh Mine acquired by Holdings on a deferred consideration
basis and as contemplated by the Stanwell Agreements.

 

“Subsidiary”
means, with respect to any Person,

 

(a)          any
corporation, association or other business entity (other than a partnership, joint venture or limited liability company)

 

(i)           of
which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly
or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof or

 

(ii)          whose
accounts are consolidated with the accounts of such Person or one or more subsidiaries of such Person in such Person’s or
subsidiary’s Securities and Exchange Commission filings,

 

(b)       any
partnership, joint venture or limited liability company

 

(i)           of
which more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership
interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests
or otherwise,

 

(ii)          of
which such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity or

 

(iii)         whose
accounts are consolidated with the accounts of such Person or one or more subsidiaries of such Person in such Person’s or
subsidiary’s filings with the Securities and Exchange Commission,

 

(c)          a
subsidiary within the meaning of the Australian Corporations Act, or

 

(d)          is
part of the consolidated entity constituted by such Person and the entities it is required to include in the consolidated financial
statements it prepares, or would be if such Person was required to prepare consolidated financial statements.

 

A
trust may be a Subsidiary (and an entity may be a Subsidiary of a trust) if it would have been a Subsidiary under this definition
if that trust were a corporation. For purposes of this definition, a unit or other beneficial interest in a trust is to be regarded
as a share. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of Holdings (other than any Unrestricted Subsidiary).

 

“Supplemental
Administrative Agent” has the meaning specified in Section 9.14.

 

“Supplies
Inventory” means any Inventory consisting of consumables (including, lubricants, fuels, oils, belts and fasteners),
large-dollar-value spares, and replacement or repair parts.

    77 

     

    

“Supporting
Obligation” has the meaning specified in the UCC.

 

“Surface
Facilities” means the coal washing and preparation facilities, together with related structures and equipment, which
provide coal washing, preparation, storage and loadout services at the Logan Mine, the Buchanan Mine, and the Greenbrier Mine.

 

“Swap
Contract” means any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or
bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward
foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement.

 

“Swap
Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract
or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Swap
Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of
any valid netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been
closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior
to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts,
as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such
Swap Contracts (which may include a Lender or any Affiliate of a Lender).

 

“Swingline”
means the revolving credit facility made available by the Swingline Lender pursuant to Section 2.04.

 

“Swingline
Borrowing” means a borrowing of a Swingline Loan pursuant to Section 2.05.

 

“Swingline
Lender” means Citibank, N.A. or any other Lender that agrees, with the approval of the Administrative Agent and
the Borrowers, to act as the Swingline Lender hereunder.

 

“Swingline
Loan” has the meaning specified in Section 2.05(a).

 

“Swingline
Loan Notice” means a notice of a Swingline Borrowing pursuant to Section 2.05(b), which, if in writing,
shall be substantially in the form of Exhibit D.

 

“Swingline
Sublimit” means an amount equal to $5,000,000. The Swingline Sublimit is part of, and not in addition to, the aggregate
Commitments.

 

“TAA”
means the Taxation Administration Act 1953 (Cth) of Australia.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto.

 

“Term
SOFR” means, for the applicable Corresponding Tenor, the forward-looking term rate based on SOFR that has been selected
or recommended by the Relevant Governmental Body.

    78 

     

    

“Termination
Date” means the earliest of

 

(a)          (i)
the Maturity Date and (ii) if all of the conditions precedent in Section 4.01 are not satisfied or waived in accordance
with Section 11.01 by May 18, 2021 (or such later date as may be agreed by all Lenders (which agreement may be evidenced
by e-mail)), May 18, 2021 (or such later agreed date);

 

(b)          the
date of termination of the Commitments pursuant to Section 2.07 and

 

(c)          the
date of termination of the Commitment of each Lender and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant
to Section 8.02.

 

“Test
Period” means, at any time, the most recently ended period of four consecutive fiscal quarters of Holdings ended
on or prior to such time in respect of which financial statements for each quarter or fiscal year in such period have been or
are required to be delivered pursuant to Section 6.01; provided that, prior to the first date that
financial statements have been or are required to be delivered pursuant to Section 6.01, the Test Period in effect
shall be the period of four consecutive fiscal quarters of Holdings ended March 31, 2021.

 

“Threshold
Amount” means $20,000,000.

 

“Total
Outstandings” means the aggregate Outstanding Amount of all Loans and L/C Obligations.

 

“Transaction
Costs” means, collectively, the costs, fees and expenses payable by Holdings or any of its Subsidiaries in connection
with the Facility and the Transactions.

 

“Transactions”
means, collectively, (a) the entering into by the Loan Parties of the Loan Documents to which they are a party, (b) the Closing
Date Refinancing, (c) the issuance of the Senior Secured Notes, (d) the Equity Offering and (e) the payment of the Transaction
Costs.

 

“Type”
means, with respect to any Loan, its character as a Base Rate Loan, BBSY Loan or a Eurocurrency Rate Loan.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York, or if the perfection or priority of,
or remedies with respect to, any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than
the State of New York, the Uniform Commercial Code as in effect from time to time in such other jurisdiction.

 

“UFCA”
has the meaning specified in Section 11.19.

 

“UFTA”
has the meaning specified in Section 11.19.

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form
time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the
FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain
credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility
for the resolution of any UK Financial Institution.

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“Unbilled
Account” means, on any date of determination, each Account of the Loan Parties for which (a) the sale represented
by such Account was made not more than 30 days prior to such date and (b) an invoice has not yet been sent to the applicable Account
Debtor with respect to such Account.

 

“Unfunded
Pension Liability” means the excess of a Pension Plan’s accrued benefit liabilities under Section 4001(a)(16)
of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the actuarial assumptions
used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

 

“United
States” and “U.S.” mean the United States of America.

 

“Unreimbursed
Amount” has the meaning specified in Section 2.04(d)(i).

 

“Unrestricted
Cash Amount” means, as of any date of determination, the aggregate amount of cash or Cash Equivalents of the Loan
Parties that (a) would not appear as “restricted” on a consolidated balance sheet of Holdings and its Subsidiaries
or (b) would appear as “restricted” on a consolidated balance sheet of Holdings and its Subsidiaries, but solely in
the case of this clause (b) to the extent such cash and Cash Equivalents are restricted in favor of the Administrative
Agent or any Lender, in each case of clauses (a) and (b), determined in accordance with GAAP; provided,
the amount of the Unrestricted Cash Amount shall not exceed $100,000,000.

 

“Unrestricted
Subsidiaries” means any Subsidiary of Holdings designated by the Borrowers as an Unrestricted Subsidiaries pursuant
to Section 6.12(e).

 

“U.S.
Borrower” has the meaning specified in the preamble hereto.

 

“U.S.
Guarantor” means each Guarantor listed on Schedule 1.01(a) incorporated in Delaware or West Virginia,
and each of the existing and future, direct or indirect, Domestic Subsidiaries (other than any Excluded Subsidiary) that guarantees
the Obligations pursuant to Section 6.12.

 

“U.S.
Loan Parties” means, collectively, the U.S. Borrower and each U.S. Guarantor.

 

“U.S.
Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“Voting
Stock” of a Person means all classes of Equity Interests of such Person then outstanding and normally entitled (without
regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

 

“Wholly
Owned Subsidiary” of any Person shall mean a direct or indirect Subsidiary of such Person, all of the Equity Interests
of which (other than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law)
are owned by such Person or another Wholly Owned Subsidiary or are owned together with another Person that is also a Wholly Owned
Subsidiary or are owned together by more than one other Wholly Owned Subsidiary.

 

“Withholding
Agent” means any Loan Party and Administrative Agent.

 

“Write-Down
and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,
any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of
a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or
part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract
or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability
or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

    80 

     

    

“X-Coal”
means Xcoal Energy & Resources, LLC and its Affiliates.

 

Section
1.02.      Other Interpretive Provisions. With reference to this Agreement and each other
Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
 “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise,

 

(i)           any
definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed
as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document),

 

(ii)          any
reference herein to any Person shall be construed to include such Person’s successors and assigns,

 

(iii)         the
words “herein,” “hereof” and “hereunder,” and words of similar import
when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision
thereof,

 

(iv)         all
references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer
to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references
appear,

 

(v)          any
reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting
such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time, and

 

(vi)         the
words “asset” and “property” shall be construed to have the same meaning and effect and
to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

(b)          In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

 

(c)          Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

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(d)          For
all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction’s laws) or any creation of, or allocation or transfer of assets, rights, obligations
or liabilities to, a series under Delaware law (or any comparable Person under a different jurisdiction’s laws):

 

(i)           if
any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person,
then it shall be deemed to have been transferred from the original Person to the subsequent Person, and

 

(ii)          if
any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence
by the holders of its Equity Interests at such time.

 

Section
1.03.      Accounting Terms.

 

(a)          Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, except as otherwise specifically
prescribed herein.

 

(b)         Changes
in GAAP. If at any time any Accounting Change or any other change as permitted by Section 7.13 would affect
the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrowers or the Required
Lenders shall so request, the Administrative Agent and the Borrowers shall negotiate in good faith to amend such ratio or requirement
to preserve the original intent thereof in light of such Accounting Change as if such Accounting Change has not been made; provided,
that until so amended, all financial covenants, standards, and terms in this Agreement shall continue to be calculated or construed
as if such Accounting Change had not occurred.

 

Section
1.04.      Times of Day. Unless otherwise specified, all references herein to times of
day shall be references to Eastern time (daylight or standard, as applicable).

 

Section
1.05.      Timing of Payment or Performance. In the event that any payment of any obligation
or the performance of any covenant, duty or obligation is stated to be due or performance required on a day that is not a Business
Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the
immediately succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for
the period of such extension.

 

Section
1.06.      Letter of Credit Amounts. Unless otherwise specified herein, the amount of
a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided,
however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related
thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall
be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such
maximum stated amount is in effect at such time.

 

Section
1.07.      Reserves. When any Reserve is to be established or a change in any amount,
reserve, eligibility criteria or other item in the definitions of the terms “Borrowing Base”, “Eligible Accounts”,
 “Eligible Inventory” or “Qualified Cash” is to be determined in each case in the Administrative Agent’s
(or, during a Co-Collateral Agent Period, the Administrative Agent’s and the Co-Collateral Agent’s) Reasonable Credit
Judgment, such Reserve shall be implemented or such change shall become effective three (3) Business Days following delivery of
a written notice thereof to the Borrowers (such notice to include a reasonably detailed description of the Reserve being established),
or immediately, without prior written notice, if such change is a result of a mathematical calculation and any Default or Event
of Default has occurred and is continuing; provided, that, pending the expiration of such three Business Day period,
no Credit Extensions may be made if such Credit Extension would result in the Total Outstandings to exceed the Maximum Revolving
Credit, calculated as if such proposed Reserve had been implemented. During such three (3) Business Day period, if applicable,
the Administrative Agent (or, in the case of the Co-Collateral Agent, the Co-Collateral Agent) will, if requested, discuss any
such reserve or change with the Borrowers, and the Borrowers may take such action as may be required so that the event, condition
or matter that is the basis for such Reserve or change no longer exists or exists in a manner that would result in the establishment
of a lower Reserve or result in a lesser change, in each case, in a manner and to the extent reasonably satisfactory to the Administrative
Agent (or in the case of the Co-Collateral Agent, the Co-Collateral Agent). Notwithstanding the foregoing, the specified percentages
set forth in the definition of “Borrowing Base” will not be reduced without the consent of the Borrowers.

    82 

     

    

Section
1.08.      Pro Forma Calculations.

 

(a)          Notwithstanding
anything to the contrary herein, the Priority Lien Leverage Ratio, Secured Leverage Ratio, the Debt Fixed Charge Coverage Ratio,
the Fixed Charge Coverage Ratio, the Payment Conditions and the Distribution Conditions (and, in each case, any component thereof)
shall be calculated in the manner prescribed by this Section. Whenever pro forma effect is to be given to any applicable transaction,
the pro forma calculations shall be made in good faith by a Responsible Officer of Holdings.

 

(b)          In
the event that any of the Borrowers or any of its respective Subsidiaries incurs, assumes, guarantees, redeems, refinances, repays,
retires or extinguishes any Indebtedness subsequent to the end of the Test Period for which the Priority Lien Leverage Ratio,
Secured Leverage Ratio or the Debt Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event
for which the calculation of any such ratio is made, then the Priority Lien Leverage Ratio, Secured Leverage Ratio or the Debt
Fixed Charge Coverage Ratio, as applicable, shall be calculated giving pro forma effect to such incurrence, assumption, guarantee,
redemption, refinancing, repayment, retirement or extinguishment of Indebtedness, as if the same had occurred on the last day
of the applicable Test Period; provided, any such calculations shall be made without giving effect to the netting
of the proceeds of any such Indebtedness (or Indebtedness incurred substantially concurrently therewith) and any commitments in
respect of such Indebtedness shall be deemed fully drawn.

 

(c)          For
purposes of calculating the Priority Lien Leverage Ratio, Secured Leverage Ratio, the Debt Fixed Charge Coverage Ratio and the
Fixed Charge Coverage Ratio, any Investment or other acquisition, Disposition, Restricted Payment or Restricted Debt Payment (each,
a “Specified Transaction”) that has been made by any of the Borrowers or any of its respective Subsidiaries
during the applicable Test Period or subsequent to such Test Period and prior to or simultaneously with the event for which the
calculation of any such ratio is made shall be calculated on a pro forma basis assuming that all such Specified Transactions (and
the change in Consolidated EBITDA resulting therefrom) had occurred on the first day of the applicable Test Period. If since the
beginning of any such Test Period any Person that subsequently became a Subsidiary or was merged, amalgamated or consolidated
with or into any Borrower or any of its Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction
that would have required adjustment pursuant to this Section, then the Secured Leverage Ratio, the Debt Fixed Charge Coverage
Ratio and the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Specified
Transaction occurred at the beginning of the applicable Test Period.

 

(d)          In
the event that any of the Borrowers or any of its respective Subsidiaries incurs, assumes, guarantees, redeems, refinances, repays,
retires or extinguishes any Indebtedness included in the definition of Fixed Charges or Debt Fixed Charges subsequent to the commencement
of the Test Period but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio
and/or the Debt Fixed Charge Coverage Ratio is made, then the Fixed Charge Coverage Ratio and the Debt Fixed Charge Coverage Ratio
shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, refinancing, repayment, retirement
or extinguishment of Indebtedness as if the same had occurred on the first day of the applicable Test Period.

    83 

     

    

(e)          Any
Indebtedness incurred or assumed by any of the Borrowers or any of their respective Subsidiaries in connection therewith shall
be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the
relevant determination is being made; provided that, if any Indebtedness bears a floating rate of interest and is
being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of the
event for which the calculation of the Fixed Charge Coverage Ratio and/or Debt Fixed Charge Coverage Ratio is made had been the
applicable rate for the entire period (taking into account any hedging obligations applicable to such Indebtedness). Interest
on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a Responsible Officer of
Holdings to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. Interest on Indebtedness
that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank
offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or if none, then based upon
such optional rate chosen as the applicable Borrower may designate.

 

(f)          Any
Availability test or condition set forth in the definitions of “Payment Conditions” or “Distribution Conditions”
shall be calculated taking into account any Credit Extensions made to finance the applicable Permitted Transaction or Restricted
Payment, as applicable.

 

Section
1.09.      Australian Terms

 

In
this Agreement, where it relates to a person or entity incorporated or established under the laws of Australia and including,
for the avoidance of doubt, the Australian Loan Parties, a reference to:

 

(a)          a
person being “unable to pay its debts” includes such person being insolvent within the meaning of section 95A of the
Australian Corporations Act; and

 

(b)         a
lien or security interest includes any “security interest” as defined in sections 12(1) or (2) of the Australian PPS
Act.

 

Section
1.10.      Australian PPS Act Provisions

 

(a)          Where
the Administrative Agent or the Australian Security Trustee has a “security interest” (as defined in section 12(1)
and 12(2) the Australian PPS Act) under any Loan Document, to the extent the law permits:

 

(i)           for
the purposes of sections 115(1) and 115(7) of the Australian PPS Act:

 

(A)       the
Administrative Agent or the Australian Security Trustee with the benefit of the security interest need not comply with sections
95, 118, 121(4), 125, 130, 132(3)(d) or 132(4) of the Australian PPS Act; and

 

(B)       sections
142 and 143 of the Australian PPS Act are excluded;

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(ii)          for
the purposes of section 115(7) of the Australian PPS Act, the Administrative Agent or the Australian Security Trustee with the
benefit of the security interest need not comply with sections 132 and 137(3);

 

(iii)         each
party to this Agreement waives its right to receive from the Administrative Agent or the Australian Security Trustee any notice
required under the Australian PPS Act (including a notice of a verification statement); and

 

(iv)         if
the Administrative Agent or the Australian Security Trustee with the benefit of a security interest exercises a right, power or
remedy in connection with it, that exercise is taken not to be an exercise of a right, power or remedy under the Australian PPS
Act unless the Administrative Agent or the Australian Security Trustee states otherwise at the time of exercise. However, this
clause does not apply to a right, power or remedy which can only be exercised under the Australian PPS Act.

 

(b)          This
does not affect any rights a person has or would have other than by reason of the Australian PPS Act and applies despite any other
clause in any Loan Document.

 

Section
1.11.      Exchange Rates; Currency Equivalents.

 

(a)          The
Administrative Agent or the applicable L/C Issuer, as applicable, shall determine the Spot Rate as of each Revaluation Date to
be used for calculating Dollar Equivalent amounts of Alternate Currency Letters of Credit, Alternate Currency Loans and Eurocurrency
Rate Loans. Such Spot Rate shall become effective as of such Revaluation Date and shall be the Spot Rate employed in converting
any amounts between the Dollars and each Alternate Currency until the next Revaluation Date to occur. For purposes of Article
II hereof, the outstanding amount of any Borrowing or Letter of Credit in an Alternate Currency shall be such Dollar Equivalent
amount as determined by the Administrative Agent in accordance with this Agreement. Except for purposes of financial statements
delivered by Loan Parties hereunder or calculating financial ratios hereunder or except as otherwise provided herein (including
for purposes of Article VII and the Threshold Amount), the applicable amount of any currency (other than Dollars) for purposes
of the Loan Documents shall be such Dollar Equivalent amount as determined by the Administrative Agent in accordance with this
Agreement. No Default or Event of Default shall arise as a result of any limitation or threshold set forth in Dollars in Article
VI or the Threshold Amount being exceeded solely as a result of changes in currency exchange rates.

 

(b)          Wherever
in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency Rate Loan or the issuance,
amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars,
but such Borrowing, Eurocurrency Rate Loan or Letter of Credit is denominated in an Alternate Currency, such amount shall be the
Alternate Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternate Currency, with 0.5 of a unit
being rounded upward), as determined by the Administrative Agent.

 

(c)          (i)            The
Administrative Agent shall determine the Dollar Equivalent of any Letter of Credit denominated in any Alternate Currency as of
each date (with such date to be reasonably determined by the Administrative Agent) that is on or about the date of each request
for the issuance, amendment, renewal or extension of such Alternate Currency Letter of Credit, using the exchange rate for the
applicable currency in relation to Dollars in effect on the date of determination, and each such amount shall be the Dollar Equivalent
of such Letter of Credit until the next required calculation thereof pursuant to this Section 1.11(c)(i).

    85 

     

    

(ii)          The
Administrative Agent shall determine the Dollar Equivalent of any Borrowing denominated in any Alternate Currency as of each date
(with such date to be reasonably determined by the Administrative Agent) that is on or about the date of a Borrowing of, conversion
to or continuation of Eurocurrency Rate Loans in such Alternate Currency, using the exchange rate for the applicable currency
in relation to Dollars in effect on the date of determination, and each such amount shall be the Dollar Equivalent of such Borrowing
until the next required calculation thereof pursuant to this Section 1.11(c)(ii).

 

(iii)         The
Dollar Equivalent of any L/C Obligation made by any L/C Issuer in any Alternate Currency and not reimbursed by the applicable
Borrower shall be determined as set forth in paragraphs (d) or (e) of Section 2.04,
as applicable. In addition, the Dollar Equivalent of the amount available to be drawn under the Letters of Credit shall be determined
as set forth in paragraph (j) of Section 2.04, at the time and in the circumstances specified therein.

 

Section
1.12.      Additional Alternate Currencies for Loans.

 

(a)          The
Borrowers may from time to time request that Loans be made in a currency other than Dollars or an Alternate Currency; provided
that such requested currency is a lawful currency that is readily available and freely transferable and convertible into
Dollars. Such request shall be subject to the approval of the Administrative Agent.

 

(b)          Any
such request shall be made to the Administrative Agent not later than 11:00 a.m., 10 Business Days prior to the date of the desired
Borrowing(or such other time or date as may be agreed by the Administrative Agent, in its sole discretion). The Administrative
Agent shall promptly notify each Lender thereof. Each Lender shall notify the Administrative Agent, not later than 11:00 a.m.,
5 Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans in such requested
currency.

 

(c)          Any
failure by a Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be
a refusal by such Lender to permit Loans to be made in such requested currency. If the Administrative Agent and all the Lenders
consent to making Loans in such requested currency, the Administrative Agent shall so notify the applicable Borrower and such
currency shall thereupon be deemed for all purposes to be an Alternate Currency hereunder for purposes of any Borrowings of Loans.
If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.12,
the Administrative Agent shall promptly so notify the applicable Borrower.

 

Article
2.

The Commitments and Credit Extensions

 

Section
2.01.      Loans. Subject to Section 11.18 and the other terms and conditions
set forth herein, each Lender severally agrees to make loans in Dollars, Australian Dollars and Alternate Currencies (each such
loan, a “Loan”) to a Borrower from time to time, on any Business Day during the Availability Period,
in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided,
however, that after giving effect to any Borrowing,

 

(i)
           the Total Outstandings shall not exceed the Maximum Revolving Credit, and

 

(ii)          the
aggregate Outstanding Amount of the Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding
Amount of all L/C Obligations shall not exceed such Lender’s Commitment.

    86 

     

    

Within
the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, any Borrower may borrow under
this Section 2.01, prepay under Section 2.05(f), and reborrow under this Section 2.01.
The Loans denominated in Dollars may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. The Loans denominated
in Australian Dollars shall be BBSY Loans. The Loans denominated in an Alternate Currency (other than Australian Dollars) shall
be Eurocurrency Rate Loans.

 

Section
2.02.       Borrowings, Conversions and Continuations of Loans.

 

(a)           (i)           Each
Borrowing, each conversion of Loans from one Type to the other, and each continuation of BBSY Loans or Eurocurrency Rate Loans
(as applicable) shall be made upon the applicable Borrower’s irrevocable written notice to the Administrative Agent, which
may be given by, for the avoidance of doubt but subject to Section 11.02(b), e-mail. Each such notice must be received
by the Administrative Agent not later than 11:00 a.m. (New York City time):

 

(A)       three
(3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in
Dollars or of any conversion of Eurocurrency Rate Loans in Dollars,

 

(B)       four
(4) Business Days prior to the requested date of any Borrowing of or continuation of BBSY Loans,

 

(C)       such
period as the Administrative Agent may agree prior to the requested date of any Borrowing of, conversion to or continuation of
Eurocurrency Rate Loans in an Alternate Currency (other than Australian Dollars), and

 

(D)       one
(1) Business Day prior to the requested date of any Borrowing of Base Rate Loans in Dollars.

 

(ii)          Each
e-mail notice by the Borrowers pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative
Agent of a written Borrowing Notice or Notice of Conversion or Continuation, as applicable, appropriately completed and signed
by a Responsible Officer of the applicable Borrower.

 

(iii)         Each
Borrowing of, conversion to or continuation of Eurocurrency Rate Loans or BBSY Loans shall be in a principal amount of $1,000,000
(or like amount in the relevant currency) or a whole multiple of $500,000 (or like amount in the relevant currency) in excess
in the case of any other Alternate Currency, such minimum amounts as may be agreed by Holdings and the Administrative Agent. Except
as provided in Section 2.04(d), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount
of $500,000 or a whole multiple of $100,000 in excess thereof.

 

(iv)         Each
Borrowing Notice shall specify

 

(A)       the
applicable Borrower requesting the Borrowing,

 

(B)       the
requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day),

 

(C)       the
principal amount of Loans to be borrowed,

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(D)       the
Type of Loans to be borrowed and the currency thereof (which shall be Dollars, Australian Dollars or an Alternate Currency), and

 

(E)        the
duration of the Interest Period with respect thereto, if applicable.

 

(v)         Each
Notice of Conversion or Continuation shall specify

 

(A)
       whether the applicable Borrower is requesting a conversion of Loans from one Type to
the other or a continuation of Loans that are Eurocurrency Rate Loans or BBSY Loans, and

 

(B)
       specifying

 

(1)       the
amount and Type of Loan being converted or continued,

 

(2)       in
the case of a conversion to or a continuation of Eurocurrency Rate Loans or BBSY Loans, the applicable Interest Period, and

 

(3)       in
the case of a conversion, the date of such conversion.

 

(vi)          (A)        In
respect of Loans denominated in Dollars, if a Borrower fails to specify a Type of Loan in a Borrowing Notice or if such Borrower
fails to give a timely Notice of Conversion or Continuation with respect to Eurocurrency Rate Loans, then the applicable Loans
shall be made as, or converted to, Base Rate Loans. If a Borrower fails to specify a currency of a Loan in a Borrowing Notice,
such Loan shall be denominated in Dollars. Any such automatic conversion to Base Rate Loans shall be effective as of the last
day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the applicable Borrower request
a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Borrowing Notice or Notice of Conversion
or Continuation, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

 

(B)        In
respect of Loans denominated in Australian Dollars, if a Borrower fails to specify an Interest Period in a Borrowing Notice or
a Notice of Conversion or Continuation or if such Borrower fails to give a timely Notice of Conversion or Continuation, then the
applicable Loans shall be made or continued, as applicable, as BBSY Loans with an Interest Period of one month.

 

(b)          (i)            Following
receipt of a Borrowing Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage
under the applicable Loan, and if no timely Notice of Conversion or Continuation is provided by the Borrowers, the Administrative
Agent shall notify each such Lender of the details of any automatic conversion to Base Rate Loans described in the preceding subsection.
In the case of any Borrowing, each Lender shall make the amount of its Loan available to the Administrative Agent in immediately
available funds at the Administrative Agent’s Office not later than 1:00 p.m. (New York City time) on the Business Day specified
in the applicable Borrowing Notice. Upon satisfaction or waiver of the applicable conditions set forth in Section 4.02
(and, if such Borrowing is on the Closing Date, Section 4.01), the Administrative Agent shall make all funds so
received available to the applicable Borrower in like funds as received by the Administrative Agent either by (A) crediting the
account of the applicable Borrower on the books of the Administrative Agent with the amount of such funds or (B) wire transfer
of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent
by the applicable Borrower; provided, however, that if, on the date a Borrowing Notice with respect
to a Borrowing is given by a Borrower, there are L/C Advances outstanding, then the proceeds of such Borrowing, first,
shall be applied to the payment in full of any Unreimbursed Amounts in respect thereof, and second, shall be made available
to the applicable Borrower as provided above.

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(ii)          Each
Lender at its option may make (x) any Base Rate Loan to any Borrower and (y) Eurocurrency Rate Loan to any Borrower and (z) any
BBSY Loan to any Borrower, in each case, by causing any domestic or foreign branch, office or Affiliate of such Lender to make
such Loan; provided that:

 

(x)
        any exercise of such option shall not affect the obligation of the relevant Borrower
to repay such Loan in accordance with the terms of this Agreement,

 

(y)
        other than for the purposes of Section 3.01, such Base Rate Loan, BBSY
Loan or Eurocurrency Rate Loan shall be deemed to have been made and held by such Lender, and the obligation of the relevant Borrower
to repay such Base Rate Loan, BBSY Loan or Eurocurrency Rate Loan shall nevertheless be to such Lender for the account of such
domestic or foreign branch, office or Affiliate of such Lender and

 

(z)
        in exercising such option, such Lender shall use reasonable efforts to minimize increased
costs to the relevant Borrower resulting therefrom (which obligation of such Lender shall not require it to take, or refrain from
taking, actions that it determines would result in increased costs for which it will not be compensated hereunder or that it otherwise
determines would be disadvantageous to it and in the event of such request for costs for which compensation is provided under
this Agreement, the provisions of Section 3.04 shall apply).

 

(c)       Unless
the Lenders are compensated for any losses under Section 3.05, a Eurocurrency Rate Loan may be continued or converted
only on the last day of an Interest Period for such Eurocurrency Rate Loan and a BBSY Loan may be continued or converted only
on the last day of an Interest Period for such BBSY Loan. During the existence of a Default,

 

(i)           no
Loans may be requested as, converted to or continued as Eurocurrency Rate Loans or BBSY Loans and

 

(ii)          any
BBSY Loans (or any other Loans not denominated in Dollars) shall automatically be converted to Base Rate Loans denominated in
Dollars, calculated using the applicable Spot Rate on the date of such conversion,

 

in
each case, if the Required Lenders or the Administrative Agent so notify the applicable Borrower (or, in the case of an Default
or Event of Default arising pursuant to Section 8.01(f), automatically without further act of the Administrative
Agent or any Lender).

 

(d)          The
Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable to any Interest Period
for Eurocurrency Rate Loans and BBSY Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding,
the Administrative Agent shall notify the applicable Borrower and the Lenders of any change in the Administrative Agent’s
 “prime rate” used in determining the Base Rate promptly following the public announcement of such change.

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(e)          After
giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same
Type, there shall not be more than five (5) Interest Periods in effect under the Facility.

 

Section
2.03.      Protective Advances.

 

(a)          The
Administrative Agent shall be authorized, in its sole discretion (but with no obligation), (i) after the occurrence and during
the continuation of an Event of Default or (ii) at any time that any conditions in Section 4.02 are not satisfied,
to make Loans in Dollars (“Protective Advances”) in an aggregate principal amount outstanding not to
exceed 5.0% of the Borrowing Base at any time, if the Administrative Agent deems, in its Reasonable Credit Judgment, that such
Loans are necessary or desirable to preserve or protect the Collateral, to enhance the collectability or repayment of the Obligations
or to pay any other amounts chargeable to the Loan Parties under any Loan Documents, including costs, fees and expenses. Subject
to the following paragraph, each Lender shall participate in Protective Advances on a pro rata basis. Required Lenders may prospectively
revoke Administrative Agent’s ability to make such Protective Advances by written notice to Administrative Agent. All Protective
Advances shall constitute Base Rate Loans and shall bear interest at the Base Rate plus the Applicable Rate and the Default
Rate under Section 2.09(b). Each Protective Advance shall be payable on demand.

 

(b)          Notwithstanding
anything contained in this Agreement or any other Loan Document, no Protective Advance may be made by Administrative Agent if
such advance would cause the aggregate principal amount of all Protective Advances outstanding to exceed the lesser of (i) 5.0%
of the Borrowing Base and (ii) unused Commitments.

 

(c)          Each
Protective Advance shall be secured by the Liens in favor of the Administrative Agent on the Collateral and shall constitute Obligations
hereunder. The making of a Protective Advance on any one occasion shall not obligate the Administrative Agent to make any Protective
Advance on any other occasion. At any time that the conditions precedent set forth in Section 4.02 have been satisfied
or waived, the Administrative Agent may request that the Lenders to make a Loan to repay any Protective Advances.

 

(d)          Upon
the making of a Protective Advance by the Administrative Agent (whether before or after the occurrence of a Default or Event of
Default), each Lender shall be deemed, without further action by any party hereto, unconditionally and irrevocably to have purchased
from the Administrative Agent without recourse or warranty, an undivided interest and participation in such Protective Advance,
in proportion to its Applicable Percentage, and upon demand by the Administrative Agent, shall fund such participation to the
Administrative Agent.

 

Section
2.04.      Letters of Credit.

 

(a)        
The Letter of Credit Commitment. Subject to the terms and conditions set forth herein,

 

(i)           each
L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.04,

 

(A)       from
time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue
Letters of Credit denominated in Dollars or any Alternate Currency for the account of the Borrowers or any other Loan Party, and
to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.04(c), and

 

(B)       to
honor drawings under the Letters of Credit; and

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(ii)          the
Lenders severally agree to participate in Letters of Credit issued for the account of the Borrowers or any other Loan Party and
any drawings thereunder; provided, that after giving effect to any L/C Credit Extension with respect to any Letter
of Credit,

 

(w)
      the L/C Obligations outstanding with respect to such L/C Issuer shall not exceed the
L/C Sublimit of such L/C Issuer,

 

(x)
        the aggregate amount of L/C Obligations shall not exceed the L/C Sublimit of all L/C
Issuers taken as a whole,

 

(y)
       the Total Outstandings shall not exceed the Maximum Revolving Credit, and

 

(z)       the Outstanding Amount of the Loans of any Lender, plus such Lender’s Applicable
Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment.

 

Each
Borrower hereby agrees to use commercially reasonable efforts to allocate the aggregate face amount of each Letter of Credit issued
hereunder ratably among the L/C Issuers in accordance with their respective individual L/C Sublimit. Each request by the Borrowers
or any other Loan Party for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the applicable
Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.
Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters of
Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace
Letters of Credit that have expired or that have been drawn upon and reimbursed.

 

(b)          (i)           No
L/C Issuer shall issue any Letter of Credit if the expiry date of such requested Letter of Credit would occur after the Letter
of Credit Expiration Date, unless the applicable L/C Issuer in its sole discretion and all the Lenders, have approved such expiry
date.

 

(ii)          No
L/C Issuer shall be under any obligation to issue any Letter of Credit if:

 

(A)       any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C
Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that
such L/C Issuer refrain from, the issuance of letters of credit or bank guarantees generally or such Letter of Credit in particular
or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for
which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C
Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such L/C Issuer in good faith
deems material to it;

 

(B)       the
issuance of such Letter of Credit would violate one or more policies of such L/C Issuer applicable to letters of credit or bank
guarantees generally;

 

(C)       except
as otherwise agreed by the Administrative Agent and such L/C Issuer, such Letter of Credit is in an initial stated amount less
than $100,000;

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(D)       such
Letter of Credit is to be denominated in a currency other than Dollars or an Alternate Currency;

 

(E)        subject
to Section 2.04(c)(iv), such Letter of Credit contains any provisions for automatic reinstatement of the stated
amount after any drawing thereunder; or

 

(F)        a
default of any Lender’s obligations to fund under Section 2.04(d) exists or any Lender is at such time a Defaulting
Lender hereunder, unless the applicable L/C Issuer has entered into satisfactory arrangements with the Borrowers or such Lender
to eliminate such L/C Issuer’s risk with respect to such Lender.

 

(iii)         No
L/C Issuer shall be under any obligation to amend any Letter of Credit if

 

(A)
       such L/C Issuer would not have any obligation at such time to issue such Letter of Credit
in its amended form under the terms hereof, or

 

(B)       the
beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

 

(iv)         Each
L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated
therewith, and each L/C Issuer shall have all of the benefits and immunities

 

(A)       provided
to the Administrative Agent in Article 9 with respect to any acts taken or omissions suffered by such L/C Issuer
in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters
of Credit as fully as if the term “Administrative Agent” as used in Article 9 included such L/C Issuer
with respect to such acts or omissions, and

 

(B)       as
additionally provided herein with respect to such L/C Issuer.

 

(v)         No
L/C Issuer shall be required to issue documentary or “trade” Letters of Credit (as opposed to “standby”
Letters of Credit).

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(c)          Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)           Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the applicable Borrower delivered to an L/C
Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed
by a Responsible Officer of the applicable Borrower. Such Letter of Credit Application must be received by such L/C Issuer and
the Administrative Agent not later than 11:00 a.m. (New York City time) at least four (4) Business Days (or if denominated in
an Alternate Currency, five Business Days) (or, in each case, such later date and time as the Administrative Agent and such L/C
Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment,
as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application
shall specify in form and substance reasonably satisfactory to the applicable L/C Issuer:

 

(A)      the
proposed issuance date of the requested Letter of Credit (which shall be a Business Day);

 

(B)       the
amount thereof and the currency thereof (which shall be Dollars or an Alternate Currency);

 

(C)       the
expiry date thereof;

 

(D)       the
name and address of the beneficiary thereof;

 

(E)       the
documents to be presented by such beneficiary in case of any drawing thereunder;

 

(F)       the
full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and

 

(G)       such
other matters as the applicable L/C Issuer may reasonably require.

 

In
the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in
form and substance reasonably satisfactory to the applicable L/C Issuer

 

(1)          the
Letter of Credit to be amended;

 

(2)          the
proposed date of amendment thereof (which shall be a Business Day);

 

(3)          the
nature of the proposed amendment; and

 

(4)          such
other matters as the applicable L/C Issuer may reasonably require.

 

Additionally,
the applicable Borrower shall furnish to the applicable L/C Issuer and the Administrative Agent such other documents and information
pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the
Administrative Agent may reasonably require.

 

(ii)          Promptly
after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm with the Administrative Agent (by telephone
or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the applicable Borrower
and, if not, such L/C Issuer will provide the Administrative Agent with a copy thereof. Unless such L/C Issuer has received written
notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance
or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article 4 shall
not then be satisfied, then, subject to the terms and conditions hereof, the applicable L/C Issuer shall, on the requested date,
issue a Letter of Credit for the account of the applicable Borrower or enter into the applicable amendment, as the case may be,
in each case in accordance with the applicable L/C Issuer’s usual and customary business practices. Immediately upon the
issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase
from the applicable L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s
Applicable Percentage times the amount of such Letter of Credit.

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(iii)         If
a Borrower so requests in any applicable Letter of Credit Application, an L/C Issuer may, in its sole and absolute discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided, that any such Auto-Extension Letter of Credit must permit the applicable L/C Issuer to prevent any such
extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving
prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each
such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the applicable
L/C Issuer, the Borrowers shall not be required to make a specific request to the applicable L/C Issuer for any such extension.
Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require)
the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter
of Credit Expiration Date; provided, however, that the applicable L/C Issuer shall not permit any
such extension if

 

(A)       the
L/C Issuer has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of Credit
in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii)
of Section 2.04(b)), or

 

(B)       it
has received notice (which may be by telephone or in writing) on or before the day that is five (5) Business Days before the Non-Extension
Notice Date from the Administrative Agent or the Borrowers that one or more of the applicable conditions specified in Section
4.02 is not then satisfied, and in each such case directing the applicable L/C Issuer not to permit such extension.

 

(iv)         If
a Borrower so requests in any applicable Letter of Credit Application, an L/C Issuer may, in its sole and absolute
discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated
amount thereof after any drawing thereunder (each, an “Auto-Reinstatement Letter of
Credit”). Unless otherwise directed by the applicable L/C Issuer, such Borrower shall not be required to make a
specific request to the applicable L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement Letter of Credit has
been issued, except as provided in the following sentence, the Lenders shall be deemed to have authorized (but may not
require) the applicable L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the
provisions of such Letter of Credit. Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits the
applicable L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by
giving notice of such non-reinstatement within a specified number of days after such drawing (the
 “Non-Reinstatement Deadline”), the applicable L/C Issuer shall not permit such reinstatement if it
has received a notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before
the Non-Reinstatement Deadline from the Administrative Agent or the applicable Borrower that one or more of the applicable
conditions specified in Section 4.02 is not then satisfied (treating such reinstatement as an L/C Credit
Extension for purposes of this clause) and, in each case, directing the applicable L/C Issuer not to permit such
reinstatement.

 

(v)       Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or
to the beneficiary thereof, the applicable L/C Issuer will also deliver to the applicable Borrower a true and complete copy of
such Letter of Credit or amendment.

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(d)         Drawings
and Reimbursements; Funding of Participations.

 

(i)           (A)        Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C
Issuer shall, within the period stipulated by terms and conditions of Letter of Credit, examine drawing documents. After such
examination and provided drawing document(s) are compliant, L/C issue shall notify the applicable Borrower and the Administrative
Agent thereof. The applicable Borrower shall reimburse such L/C Issuer through the Administrative Agent, either with its own funds
or with the proceeds of Loans under the Facility, in an amount equal to the amount of and in the same currency as (or, to the
extent funded with the proceeds of Loans, in Dollars and to the extent such Letter of Credit is denominated in an Alternate Currency,
in an amount equal to the Dollar Equivalent, calculated using the applicable Spot Rate on the date such drawing of the applicable
Letter of Credit is made) such drawing within one (1) Business Day following the date on which such Borrower receives notice of
any payment by such L/C Issuer under a Letter of Credit, provided that the Borrowers receive notice by 1:00 p.m.,
New York City time on such date, or on the second Business Day if notice is not received by such time (each such date, an “Honor
Date”). If the applicable Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Alternate
Currency would subject the Administrative Agent, the applicable L/C Issuer or any Lender to any stamp duty, ad valorem charge
or similar tax that would not be payable if such reimbursement were made or required to be made in Dollars, such Borrower shall,
at its option, either (x) pay the amount of any such tax requested by the Administrative Agent, the relevant L/C Issuer or Lender
or (y) reimburse each unreimbursed Letter of Credit drawing made in such Alternate Currency in Dollars, in an amount equal to
the Dollar Equivalent, calculated using the applicable Spot Rate on the date such drawing is made, of such unreimbursed Letter
of Credit drawing.

 

(B)        If
such Borrower fails to so reimburse such L/C Issuer by the time set forth in the preceding sentence,

 

(1)       if
such payment relates to an Alternate Currency Letter of Credit, automatically and with no further action required, such Borrower’s
obligation to reimburse the applicable drawing shall be permanently converted into an obligation to reimburse the Dollar Equivalent,
calculated using the Spot Rates on the date when such payment was due, of such Letter of Credit drawing and

 

(2)       the
applicable L/C Issuer shall promptly notify the Administrative Agent of the Honor Date and the amount of the unreimbursed drawing
(the “Unreimbursed Amount”).

 

(C)       The
Administrative Agent shall, in the case of a payment under a Letter of Credit, promptly notify each Lender thereof and of the
amount of such Lender’s Applicable Percentage thereof. Any notice given by such L/C Issuer or the Administrative Agent pursuant
to this Section 2.04(d)(i) may be given by telephone if immediately confirmed in writing; provided,
that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

(ii)          Each
Lender shall upon any notice pursuant to Section 2.04(d)(i) make funds in Dollars available to the Administrative
Agent as the applicable Letter of Credit for the account of the applicable L/C Issuer at the Administrative Agent’s Office
in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. (New York City time) on the
Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(d)(iii),
each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the relevant Borrower in such amount.
The Administrative Agent shall remit the funds so received to the applicable L/C Issuer.

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(iii)         With
respect to any Unreimbursed Amount for a payment under a Letter of Credit that is not fully refinanced by a Borrowing of Base
Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the applicable
Borrower shall be deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount
that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest
at

 

(A)       the
rate applicable to Loans that are Base Rate Loans (or in the case of Letters of Credit denominated in an Alternate Currency, prior
to conversion to Dollars, at the rate applicable to Loans that are Eurocurrency Rate Loans) from the Honor Date to the date reimbursement
is required pursuant to Section 2.04(d)(i) and

 

(B)       thereafter,
the Default Rate.

 

Each
Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section
2.04(d)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C
Advance from such Lender in satisfaction of its participation obligation under this Section 2.03.

 

(iv)        Until
each Lender funds its Loan or L/C Advance pursuant to this Section 2.04(d) to reimburse the applicable L/C Issuer
for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount
shall be solely for the account of the applicable L/C Issuer.

 

(v)         Each
Lender’s obligation to make Loans or L/C Advances to reimburse the applicable L/C Issuer for amounts drawn under Letters
of Credit, as contemplated by this Section 2.04(d), shall be absolute and unconditional and shall not be affected
by any circumstance, including

 

(A)       any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against such L/C Issuer, the Borrowers or
any other Person for any reason whatsoever;

 

(B)       the
occurrence or continuance of a Default or Event of Default, or

 

(C)       any
other occurrence, event or condition, whether or not similar to any of the foregoing (it being understood and agreed that each
Lender’s obligation to make Loans pursuant to this Section 2.04(d) shall not be subject to the conditions
set forth in Section 4.02).

 

No
such making of an L/C Advance shall relieve or otherwise impair the obligation of the applicable Borrower to reimburse the applicable
L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided
herein.

 

(vi)         If
any Lender fails to make available to the Administrative Agent for the account of the applicable L/C Issuer any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(d) by the time specified in
Section 2.04(d)(ii), the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative
Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which
such payment is immediately available to the L/C Issuer at a rate per annum equal to the Overnight Rate, plus any administrative,
processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount
(with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant L/C
Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender
(through the Administrative Agent) with respect to any amounts owing under this Section 2.04(d)(vi) shall be conclusive
absent manifest error.

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(e)          Repayment
of Participations.

 

(i)           At
any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s
L/C Advance in respect of such payment in accordance with Section 2.04(d), if the Administrative Agent receives
for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly
from the applicable Borrower or otherwise, including proceeds of cash collateral applied thereto by the Administrative Agent),
the Administrative Agent will distribute to such Lender its Applicable Percentage thereof (appropriately adjusted, in the case
of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same
funds as those received by the Administrative Agent (or if such reimbursement payment was refunded in an Alternate Currency, the
Dollar Equivalent thereof using the Spot Rate in effect on the date of such refund).

 

(ii)          If
any payment received by the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(d)
is required to be returned under any of the circumstances described in Section 11.05 (including pursuant
to any settlement entered into by the L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the
account of the L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon
from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight
Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement.

 

(f)          Obligations
Absolute. The obligation of the Borrowers to reimburse the applicable L/C Issuer for each drawing under each Letter of Credit
and to repay each Unreimbursed Amount shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance
with the terms of this Agreement under all circumstances, including the following:

 

(i)           any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)          the
existence of any claim, counterclaim, setoff, defense or other right that such Borrower or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the applicable L/C Issuer or any Lender, whether in connection with this Agreement, the transactions contemplated
hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)        any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit, except to the extent caused by the
applicable L/C Issuer’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final,
non-appealable judgment;

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(iv)        any
payment by the applicable L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit, so long as the L/C Issuer shall have determined in the absence of gross
negligence or willful misconduct, in good faith and in accordance with the standard of care specified in the Uniform Commercial
Code of the State of New York, that the documents (including each draft) delivered under such Letter of Credit in connection with
such presentment appear on their face to be in conformity with such Letter of Credit;

 

(v)         any
payment made by the applicable L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver, Controller or other representative of or successor
to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any
Debtor Relief Law; or

 

(vi)        any
other action taken or omitted to be taken by the applicable L/C Issuer under or in connection with any Letter of Credit or the
related drafts or documents, whether or not similar to any of the foregoing, that might, but for this Section 2.04(f) (vi),
constitute a legal or equitable discharge of the Borrowers’ obligations hereunder.

 

The
applicable Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it
and, in the event of any claim of noncompliance with the applicable Borrower’s instructions or other irregularity, such
Borrower will promptly notify the applicable L/C Issuer. Such Borrower shall be conclusively deemed to have waived any such claim
against the L/C Issuer and its correspondents unless such notice is given as aforesaid.

 

(g)         Role
of L/C Issuer. Each Lender and the Borrowers agree that, in paying any drawing under a Letter of Credit, the applicable L/C
Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority
of the Person executing or delivering any such document. None of the L/C Issuers, the Administrative Agent, any of their respective
Related Parties nor any correspondent, participant or assignee of the L/C Issuers shall be liable to any Lender for (i) any action
taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders as applicable;
(ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness,
validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrowers hereby
assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,
however, that this assumption is not intended to, and shall not, preclude the Borrowers pursuing such rights and
remedies as it may have against the beneficiary or transferee at law or under any other agreement. Notwithstanding anything to
the contrary herein the Borrowers may have a claim against the applicable L/C Issuer, and the applicable L/C Issuer may be liable
to the Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered
by the Borrowers which the applicable Borrower proves were caused by the applicable L/C Issuer’s willful misconduct or gross
negligence as determined by a court of competent jurisdiction in a final, non-appealable judgment. In furtherance and not in limitation
of the foregoing, the applicable L/C Issuer may accept documents that appear on their face to be in order, without responsibility
for further investigation, regardless of any notice or information to the contrary, and the applicable L/C Issuer shall not be
responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid
or ineffective for any reason.

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(h)         Cash
Collateral.

 

(i)           Upon
the request of the Administrative Agent, (A) if, as of the Letter of Credit Expiration Date or the Termination Date, any L/C Obligation
for any reason remains outstanding or (B) if an Event of Default has occurred and is continuing, the Borrowers shall, in each
case, immediately Cash Collateralize the then Outstanding Amount of such L/C Obligation.

 

(ii)          Sections
2.04 and 8.02(a)(iii) set forth certain additional requirements to deliver cash collateral hereunder.

 

(iii)         “Cash
Collateralize” means

 

(A)       to
pledge to the Administrative Agent and deposit in a L/C Cash Collateral Account, for the benefit of the applicable L/C Issuer
and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances in an amount equal to 103% (or to the
extent not denominated in dollars, 110%) of the L/C Obligations pursuant to documentation in form and substance reasonably satisfactory
to the Administrative Agent and the applicable L/C Issuer (which documents are hereby consented to by the Lenders), or

 

(B)        to
deliver to the applicable L/C Issuer a backstop letter of credit or bank guarantee (in form and substance reasonably satisfactory
to the L/C Issuer and the Administrative Agent, and issued by a U.S. commercial bank acceptable to each of such L/C Issuer and
the Administrative Agent, in their commercially reasonable discretion).

 

Derivatives
of such term have corresponding meanings.

 

(iv)         The
Borrowers hereby grant to the Administrative Agent, for the benefit of the L/C Issuers and the Lenders, a security interest in
all such cash, deposit accounts and all balances therein and all proceeds of the foregoing.

 

(v)          Cash
collateral shall be maintained in the L/C Cash Collateral Account. If at any time the Administrative Agent determines that any
funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent
or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, Borrower will, forthwith
upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited in the L/C Cash
Collateral Account, an amount equal to the excess of (x) such aggregate Outstanding Amount over (y) the total amount of funds,
if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such
right and claim.

 

(vi)         Upon
the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied,
to the extent permitted under applicable Laws, to reimburse the L/C Issuer for the amount of such drawing.

 

(i)           Applicability
of ISP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower when a Letter of Credit
is issued, the rules of the ISP shall apply to each Letter of Credit.

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(j)           Letter
of Credit Fees. The Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its
Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit
equal to the Applicable Rate for Loans that are Eurocurrency Rate Loans times the daily amount available to be drawn under
such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount
of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees for Letters
of Credit shall be (i) computed on a quarterly basis in arrears and (ii) due and payable five (5) Business Days after the last
Business Day of each calendar quarter, commencing with the first such date to occur after the issuance of such Letter of Credit,
on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any quarter,
the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately
for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained
herein, upon the request of the Required Lenders, while any Event of Default under Sections 8.01(a), (f)
or (g) exists, all Letter of Credit Fees shall accrue at the Default Rate.

 

(k)          Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrowers shall pay to the Administrative Agent, for
the account of the applicable L/C Issuer, a fronting fee with respect to each Letter of Credit, at the rate of 0.25% per annum
on the face amount under each Letter of Credit, computed on the daily amount available to be drawn under such Letter of Credit
on a quarterly basis in arrears. Such fronting fee shall be due and payable on the last Business Day of each calendar quarter,
in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with
the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter
on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter
of Credit shall be determined in accordance with Section 1.06. In addition, the Borrowers shall pay directly to
the L/C Issuer for its own account the customary issuance, presentation, negotiation, acceptance, transfer, amendment and other
processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit and bank guarantees as
from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

 

(l)           Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms
hereof shall control.

 

(m)         Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of
any obligations of, or is for the account of, a Subsidiary, the Borrowers shall be obligated to reimburse the applicable L/C Issuer
hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge that the issuance of Letters
of Credit for the account of any Subsidiary of any of the Borrowers inures to the benefit of the Borrowers, and that each Borrower’s
business derives substantial benefits from the businesses of each such Subsidiary.

 

(n)          Conversion.
In the event that the Loans become immediately due and payable on any date pursuant to Section 8.02 or otherwise,
all amounts

 

(i)           that
a Borrower is at the time or thereafter becomes required to reimburse or otherwise pay to the Administrative Agent in respect
of any drawing under a Letter of Credit made under any Alternate Currency Letter of Credit (other than amounts in respect of which
such Borrower has deposited Cash Collateral pursuant to paragraph (h) above, if such Cash Collateral was deposited
in the applicable Alternate Currency to the extent so deposited or applied),

 

(ii)          that
the Lenders are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at
the time or thereafter becomes required to distribute to the applicable L/C Issuer pursuant to paragraph (d) of
this Section in respect of unreimbursed Letter of Credit drawing made under any Alternate Currency Letter of Credit and

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(iii)         of
each Lender’s participation in any Alternate Currency Letter of Credit under which a Letter of Credit drawing has been made

 

shall,
automatically and with no further action required, be converted into the Dollar Equivalent, calculated using the Spot Rates on
such date (or in the case of any Letter of Credit drawing made after such date, on the date such Letter of Credit drawing is made),
of such amounts. On and after such conversion, all amounts accruing and owed to the Administrative Agent, the applicable L/C Issuer
or any Lender in respect of the obligations described in this paragraph shall accrue and be payable in Dollars at the rates otherwise
applicable hereunder.

 

Section
2.05.      Swingline Loans.

 

(a)       Subject
to the terms and conditions set forth herein, the Swingline Lender agrees, in reliance upon the agreements of the other Lenders
set forth in this Section 2.05, to make loans (each such loan, a “Swingline Loan”) to
the Borrowers from time to time on any Business Day during the Availability Period in an aggregate principal amount not to exceed
at any time outstanding the amount of the Swingline Sublimit, notwithstanding the fact that such Swingline Loans, when aggregated
with the Applicable Percentage of the Outstanding Amount of Loans and L/C Obligations of the Lender acting as Swingline Lender,
may exceed the amount of such Lender’s Commitment; provided, however, that after giving effect
to any Swingline Loan, (i) the Total Outstandings shall not exceed the Maximum Revolving Credit and (ii) the aggregate Outstanding
Amount of the Loans of any Lender at such time, plus such Lender’s Applicable Percentage of the Outstanding Amount
of all L/C Obligations at such time, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swingline
Loans at such time shall not exceed such Lender’s Commitment, and provided, further that the
Borrowers shall not use the proceeds of any Swingline Loan to refinance any outstanding Swingline Loan. Within the foregoing limits,
and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.05, prepay under
Section 2.06, and reborrow under this Section 2.05. Each Swingline Loan shall be a Base Rate Loan
denominated in Dollars. Immediately upon the making of a Swingline Loan, each Lender shall be deemed to, and hereby irrevocably
and unconditionally agrees to, purchase from the Swingline Lender a risk participation in such Swingline Loan in an amount equal
to the product of such Lender’s Applicable Percentage times the amount of such Swingline Loan.

 

(b)         Borrowing
Procedures. Each Swingline Borrowing shall be made upon the applicable Borrower’s irrevocable notice to the Swingline
Lender and the Administrative Agent, which notice shall be in writing. Each such notice must be received by the Swingline Lender
and the Administrative Agent not later than 1:00 p.m. (New York City time) on the requested borrowing date, and shall specify
(i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business
Day. Each such notice must be confirmed promptly by delivery to the Swingline Lender and the Administrative Agent of a written
Swingline Loan Notice, appropriately completed and signed by a Responsible Officer of the applicable Borrower. Promptly after
receipt by the Swingline Lender of any Swingline Loan Notice, the Swingline Lender will confirm with the Administrative Agent
(in writing) that the Administrative Agent has also received such Swingline Loan Notice and, if not, the Swingline Lender will
notify the Administrative Agent (in writing) of the contents thereof. Unless the Swingline Lender has received notice (in writing)
from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. (New York City time) on the date of
the proposed Swingline Borrowing (A) directing the Swingline Lender not to make such Swingline Loan as a result of the limitations
set forth in the first proviso to the first sentence of Section 2.05(a), or (B) that one or more of the applicable
conditions specified in Article 4 is not then satisfied, then, subject to the terms and conditions hereof, the Swingline
Lender will, not later than 3:00 p.m. (New York City time) on the borrowing date specified in such Swingline Loan Notice, make
the amount of its Swingline Loan available to the applicable Borrower at its office by crediting the account of the applicable
Borrower on the books of the Swingline Lender in immediately available funds.

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(c)          Refinancing
of Swingline Loans.

 

(i)           The
Swingline Lender at any time in its sole and absolute discretion may, and in any event on the 10th Business Day after
such Swingline Loan is made, shall request, on behalf of the applicable Borrower (which hereby irrevocably authorizes the Swingline
Lender to so request on its behalf), that each Lender make a Base Rate Loan in an amount equal to such Lender’s Applicable
Percentage of the amount of Swingline Loans then outstanding or, in the case of any request given
with respect to Swingline Loans which have been outstanding for 10 Business Days, the amount
of such outstanding Swingline Loans; provided, that such Loans may, and upon
the applicable Borrower’s request shall, be made as Eurocurrency Rate Loans if a
Eurocurrency Rate Loan could otherwise be made pursuant to Section 2.02.
Such request shall be made in writing (which written request shall be deemed to be a Borrowing Notice for purposes hereof) and
in accordance with the requirements of Section 2.02, without regard to the
minimum and multiples specified therein for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, but subject to
the unutilized portion of the aggregate Commitments and the conditions set forth in Section 4.02. The Swingline
Lender shall furnish the applicable Borrower with a copy of the applicable Borrowing Notice promptly after delivering such notice
to the Administrative Agent. Each Lender shall make an amount equal to its Applicable Percentage of the amount specified in such
Borrowing Notice available to the Administrative Agent in immediately available funds for the account of the Swingline Lender
at the Administrative Agent’s Office not later than 1:00 p.m. (New York City time) on the day specified in such Borrowing
Notice, whereupon, subject to Section 2.05(c)(ii), each Swingline Lender that so makes funds available shall be
deemed to have made a Base Rate Loan (or Eurocurrency Rate Loan, if applicable) to the applicable Borrower in such amount. The
Administrative Agent shall remit the funds so received to the Swingline Lender.

 

(ii)          If
for any reason any Swingline Loan cannot be refinanced by such a Borrowing in accordance with Section 2.05(c)(i),
the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline
Lender that each of the Lenders fund its risk participation in the relevant Swingline Loan and each Lender’s payment to
the Administrative Agent for the account of the Swingline Lender pursuant to Section 2.05(c)(i) shall be deemed
payment in respect of such participation.

 

(iii)         If
any Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount required to
be paid by such Lender pursuant to the foregoing provisions of this Section 2.05(c) by the time specified in Section
2.05(c)(i), the Swingline Lender shall be entitled to recover from such Lender (acting through the Administrative Agent),
on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment
is immediately available to the Swingline Lender at a rate per annum equal to the Overnight Rate from time to time in effect,
plus any administrative, processing or similar fees customarily charged by the Swingline Lender in connection with the
foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s
Loan included in the relevant Borrowing or funded participation in the relevant Swingline Loan, as the case may be. A certificate
of the Swingline Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (iii) shall be conclusive absent manifest error.

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(iv)        Each
Lender’s obligation to make Loans or to purchase and fund risk participations in Swingline Loans pursuant to this Section
2.05(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim,
recoupment, defense or other right which such Lender may have against the Swingline Lender, the Borrowers or any other Person
for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default, or (C) any other occurrence, event
or condition, whether or not similar to any of the foregoing (it being understood and agreed that each Lender’s obligation
to make Loans pursuant to this Section 2.05(c) shall not be subject to the conditions set forth in Section
4.02). No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrowers to repay
Swingline Loans, together with interest as provided herein.

 

(d)         Repayment
of Participations.

 

(i)           At
any time after any Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline Lender receives
any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Lender its Applicable Percentage of
such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s
risk participation was funded) in the same funds as those received by the Swingline Lender.

 

(ii)          If
any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to be returned
by the Swingline Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement
entered into by the Swingline Lender in its discretion), each Lender shall pay to the Swingline Lender its Applicable Percentage
thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount
is returned, at a rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the
request of the Swingline Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement.

 

(e)          Interest
for Account of Swingline Lender. The Swingline Lender shall be responsible for invoicing the Borrowers for interest on the
Swingline Loans. Until each Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.05
to refinance such Lender’s Applicable Percentage of any Swingline Loan, interest in respect of such Applicable Percentage
shall be solely for the account of the Swingline Lender.

 

(f)           Payments
of Swingline Loans. The Borrowers shall make all payments of principal and interest in respect of the Swingline Loans to the
Administrative Agent, for the account of the Swingline Lender.

 

Section
2.06.      Prepayments.

 

(a)          Optional.
The Borrowers may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole
or in part without premium or penalty; provided, that

 

(i)           such
notice must be received by the Administrative Agent not later than 11:00 a.m. (New York City time) (A) three (3) Business Days
prior to any date of prepayment of Eurocurrency Rate Loans and (B) on the date of prepayment of Base Rate Loans;

 

(ii)          any
prepayment of BBSY Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof;

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(iii)        any
prepayment of Eurocurrency Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof;
and

 

(iv)        any
prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or,
in each case, if less, the entire principal amount thereof then outstanding.

 

Each
such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurocurrency Rate
Loans or BBSY Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each
Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment. If such
notice is given by the Borrowers, the Borrowers shall make such prepayment and the payment amount specified in such notice shall
be due and payable on the date specified therein. Any prepayment of a Eurocurrency Rate Loan or BBSY Loan shall be accompanied
by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.

 

(b)          Mandatory.

 

(i)           If,
at any time, the Total Outstandings at such time exceed the Maximum Revolving Credit, then, within one (1) Business Day, the Borrowers
shall prepay the outstanding Loans and/or the Cash Collateralize the outstanding L/C Obligations (including by depositing funds
in the L/C Cash Collateral Account pursuant to Section 2.04(h)(i)) in an aggregate amount sufficient to reduce the
amount of Total Outstandings as of such date of payment to an amount less than or equal to the Maximum Revolving Credit; provided,
however, that, subject to the provisions of Section 2.04(h)(ii), the Borrowers shall not be required
to Cash Collateralize the L/C Obligations pursuant to this Section 2.06(b)(i) unless after the prepayment in full
of the Loans the Total Outstandings exceed the Maximum Revolving Credit above at such time.

 

(ii)          [reserved].

 

(iii)         Prepayments
of the Facilities made pursuant to this Section 2.06(b), shall be applied, first, to the L/C Borrowings,
Swingline Loans or Protective Advances, second, ratably to the outstanding Loans and third, to Cash
Collateralize the remaining L/C Obligations.

 

(iv)        In
the case of prepayments of the Facilities required pursuant to clause (i) of this Section 2.06(b),
the amount remaining, if any, after the prepayment in full of all L/C Borrowings and Loans, outstanding at such time and the Cash
Collateralization of the remaining L/C Obligations in full may be retained by the Borrowers for use in the ordinary course of
their business. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held in the L/C Cash Collateral
Account shall be applied (without any further action by or notice to or from the Borrowers or any other Loan Party) to reimburse
the L/C Issuer or the Lenders, as applicable.

 

(c)          At
the option of the Administrative Agent, principal on the Swingline Loans and interest, fees, expenses and other sums due and payable
in respect of the Loans and Protective Advances may be paid from the proceeds of Swingline Loans or Loans. Each Borrower hereby
authorizes the Swingline Lender to make such Swingline Loans pursuant to Section 2.05(a) and the Lenders to make
such Loans pursuant to Section 2.05(b) from time to time in the amounts of any and all principal payable with respect
to the Swingline Loans and interest, fees, expenses and other sums payable in respect of the Loans and Protective Advances, and
further authorizes the Administrative Agent to give the Lenders notice of any Borrowing with respect to such Swingline Loans and
Loans and to distribute the proceeds of such Swingline Loans and Loans to pay such amounts. The Borrower agrees that all such
Swingline Loans and Loans so made shall be deemed to have been requested by it and directs that all proceeds thereof shall be
used to pay such amounts.

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Section
2.07.      Termination or Reduction of Commitments.

 

(a)          The
Borrowers may, upon notice to the Administrative Agent, terminate, or from time to time permanently reduce, the Commitments; provided,
that

 

(i)           any
such notice shall be received by the Administrative Agent not later than 11:00 a.m. (New York City time) three (3) Business Days
prior to the date of termination or reduction,

 

(ii)          any
such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, and

 

(iii)         the
Borrowers shall not terminate or reduce the aggregate Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total Outstandings would exceed the Maximum Revolving Credit.

 

The
Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the aggregate Commitments.
Any reduction of the aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage.

 

(b)          Payment
of Fees. All fees in respect of the Facility accrued until the effective date of any termination of the Facility shall be
paid on the effective date of such termination.

 

Section
2.08.      Repayment of Loans.

 

(a)          Loans.
The Borrowers shall, on a joint and several basis in accordance with Section 11.18, repay to the Lenders on the
Termination Date the aggregate principal amount of all Loans outstanding on such date.

 

(b)         Swingline
Loans. The Borrowers shall, on a joint and several basis in accordance with Section 11.18, repay each Swingline
Loan on the earlier to occur of (i) the date 10 Business Days after such Loan is made and (ii) the Maturity Date.

 

Section
2.09.      Interest.

 

(a)          Subject
to the provisions of Section 2.09(b),

 

(i)           Each
Loan that is denominated in Dollars and is

 

(A)      a
Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per
annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate, and

 

(B)       a
Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per
annum equal to the Base Rate plus the Applicable Rate.

 

(ii)          Each
Loan that is denominated in Australian Dollars shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the sum of BBSY plus the Applicable Rate.

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(iii)         Each
Swingline Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per
annum equal to the Base Rate plus the Applicable Rate.

 

(iv)         Each
Loan that is denominated in an Alternate Currency (other than Australian Dollars), shall bear interest on the outstanding principal
amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus
the Applicable Rate.

 

(b)         While
any Event of Default under Section 8.01(a), Section 8.01(f) and Section 8.01(g) exists,
if any principal of or interest on any Loan or any fee payable by the Borrowers hereunder is not, in each case, paid or reimbursed
when due, whether at stated maturity, by acceleration or otherwise, the relevant overdue amount shall bear interest, to the fullest
extent permitted by law, after as well as before judgment, at a rate per annum equal to the Default Rate; provided
that no amount shall accrue pursuant to this Section 2.09(b) on any overdue amount or other amount payable to a
Defaulting Lender so long as such Lender is a Defaulting Lender. Accrued and unpaid interest on past due amounts (including interest
on past due interest) shall be due and payable upon demand.

 

(c)          Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein.

 

Section
2.10.      Fees.

 

In
addition to certain fees described in Sections 2.04(j) and (k):

 

(a)          Commitment
Fee. The Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable
Percentage, a commitment fee (the “Commitment Fee”) equal to 0.50% times the actual daily amount by
which the aggregate Commitments of all Lenders exceed the sum of (A) the Outstanding Amount of Loans (excluding any Outstanding
Amount of Swingline Loans) and (B) the Outstanding Amount of L/C Obligations, determined as of the last day of the immediately
preceding fiscal quarter. The Commitment Fee shall accrue at all times, including at any time during which one or more of the
conditions in Article 4 is not met, and shall be due and payable quarterly in arrears five (5) Business Days after
the last Business Day of each calendar quarter, commencing with the first such date to occur after the Closing Date, and on the
Termination Date.

 

(b)          Fees.
The Borrowers shall pay to the Administrative Agent, for the account of each Lender, fees in the amounts and at the times specified
in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

(c)          Other
Fees. The Borrowers shall pay to the Arrangers and the Administrative Agent for their own respective accounts fees in the
amounts and at the times specified in the applicable Fee Letter. Such fees shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

 

(d)          Defaulting
Lender Fees. Notwithstanding anything herein to the contrary, during such period as a Lender is a Defaulting Lender, such
Defaulting Lender will not be entitled to any fees accruing during such period pursuant to clause (a) above (without
prejudice to the rights of the Non-Defaulting Lenders in respect of such fees); provided, that

 

(i)           to
the extent that a Ratable Portion of the L/C Obligations of such Defaulting Lender is reallocated to the Non-Defaulting Lenders
pursuant to Section 2.16(a), such fees that would have accrued for the benefit of such Defaulting Lender will instead
accrue for the benefit of and be payable to such Non-Defaulting Lenders, pro rata in accordance with their respective Commitments,
and

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(ii)          to
the extent that all or any portion of such L/C Obligations cannot be so reallocated, such fees will instead accrue for the benefit
of and be payable to the applicable L/C Issuer.

 

Section
2.11.      Computation of Interest and Fees.

 

(a)          All
computations of interest for Base Rate Loans (other than Loans bearing interest at the Base Rate based on clause (c)
of the definition thereof) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.
All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest shall
accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day
on which the Loan or such portion is paid, provided, that any Loan that is repaid on the same day on which it is
made shall, subject to Section 2.13(a), bear interest for one day. Each determination by the Administrative Agent
of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

(b)          For
purposes of computing the Outstanding Amount of Loans and Outstanding Amount of L/C Obligations for a period under Section
2.10(a) and the face amount of Letters of Credit under Section 2.04(j) and (k), such amounts
shall be calculated for such period by multiplying (i) the average daily balance of each Alternate Currency Letter of Credit and
Loan (expressed in the currency in which such Alternate Currency Letter of Credit or Loan is denominated) by (ii) the Spot Rate
for the Alternate Currency in which such Letter of Credit or Loan is denominated in effect on the last Business Day of such period
or by such other reasonable method that the Administrative Agent deems appropriate.

 

Section
2.12.      Evidence of Debt.

 

(a)          The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and, as
part of the Register, by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the
Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by
the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations.
In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative
Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest
error. Upon the request of any Lender to the Borrowers made through the Administrative Agent, the Borrowers shall execute and
deliver to such Lender (through the Administrative Agent) a Note (payable to such Lender or its registered assigns), which shall
evidence such Lender’s Loans to the Borrowers in addition to such accounts or records. Each Lender may attach schedules
to a Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

 

(b)          In
addition to the accounts and records referred to in Section 2.12(a), each Lender and the Administrative Agent shall
maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations
in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts and records maintained by the Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error.

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Section 2.13.      
Payments Generally; Administrative Agent’s Clawback.

 

(a)          General. All payments to be made by the Borrowers or the other Loan Parties shall be made without condition or deduction
for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers
or the other Loan Parties hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which
such payment is owed, at the Administrative Agent’s Office in Dollars (or in the case of Alternate Currency Loans or Alternate
Currency Letters of Credit, in the applicable Alternate Currency) and in immediately available funds not later than 2:00 p.m. (New
York City time) on the date specified herein. The Administrative Agent will promptly distribute to each Lender its ratable share
of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the
Administrative Agent after 2:00 p.m. (New York City time) shall be deemed received on the next succeeding Business Day and any
applicable interest or fee shall continue to accrue. If any payment to be made by the Borrowers shall come due on a day other than
a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing
interest or fees, as the case may be. Notwithstanding anything to the contrary, to the extent the Administrative Agent receives
a payment or other amount after the date such payment or other amount is due, the Administrative Agent, in its sole discretion,
may distribute such payment or other amount to the relevant Lender of record (or other Person of record entitled to such payment)
as of the date such payment or other amount is received by the Administrative Agent.

 

(b)          (i)             Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed date of any Borrowing of Eurocurrency Rate Loans or BBSY Loans (or, in the
case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available
to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate
Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02)
and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the
Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available
funds with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding
the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the Overnight Rate,
plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the
foregoing, and (B) in the case of a payment to be made by the Borrowers, the interest rate applicable to Base Rate Loans. If the
Borrowers and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative
Agent shall promptly remit to the Borrowers the amount of such interest paid by the Borrowers for such period. If such Lender pays
its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s
Loan included in such Borrowing. Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against
a Lender that shall have failed to make such payment to the Administrative Agent.

 

(ii)            Payments
by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrowers
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the applicable L/C
Issuer hereunder that such Borrowers will not make such payment, the Administrative Agent may assume that such Borrower has made
such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to such Lenders or the L/C
Issuer, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the
Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount
so distributed to such Lender or such L/C Issuer, in immediately available funds with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate.

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A notice of the Administrative
Agent to any Lender or the Borrowers with respect to any amount owing under this Section 2.13(b) shall be conclusive,
absent manifest error.

 

(c)          Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any
Loan to be made by such Lender to the Borrowers as provided in the foregoing provisions of this Article 2, and such
funds are not made available to the Borrowers by the Administrative Agent because the conditions to the applicable Credit Extension
set forth in Article 4 are not satisfied or waived in accordance with the terms hereof, the Administrative Agent
shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(d)          Obligations of Lenders Several. The obligations of

 

(i)            
the Lenders hereunder to make Loans and to fund participations in Letters of Credit and

 

(ii)            all Lenders hereunder to make payments pursuant to Section 2.04(c) are several and not joint.

 

The failure of (x) any Lender to make any Loan
or to fund any such participation or (y) any Lender to make payment under Section 2.04(c) on any date required hereunder
shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for
the failure of any other Lender to do so.

 

(e)          Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular
place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

 

(f)           Notwithstanding anything to the contrary, to the extent the Administrative Agent receives a payment or other amount after
the date such payment or other amount is due, the Administrative Agent, in its sole discretion, may distribute such payment or
other amount to the relevant Lender of record (or other Person of record entitled to such payment) as of the date such payment
or other amount is received by the Administrative Agent.

 

Section 2.14.      
Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim
or otherwise, obtain payment in respect of

 

(a)          Obligations
due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according
to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount
of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account
of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all Lenders
at such time, or

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(b)          Obligations owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in
excess of its ratable share (according to the proportion of (x) the amount of such Obligations owing (but not due and payable)
to such Lender at such time to (y) the aggregate amount of the Obligations owing (but not due and payable) to all Lenders hereunder
and under the other Loan Parties at such time) of payment on account of the Obligations owing (but not due and payable) to all
Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time then the Lender receiving
such greater proportion shall (i) notify the Administrative Agent of such fact, and (ii) purchase (for cash at face value) participations
in the Loans and/or, if applicable, subparticipations in L/C Obligations and Swingline Loans of the other Lenders, or make such
other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of Obligations then due and payable to the Lenders or owing (but not due and payable) to the Lenders,
as the case may be, provided, that:

 

(i)            
if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and

 

(ii)            the provisions of this Section 2.14 shall not be construed to apply to

 

(A)             
any payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement,

 

(B)             
any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans,
subparticipations in L/C Obligations, or Swingline Loans to any assignee or participant, other than to the Borrowers or any Subsidiary
thereof (as to which the provisions of this Section 2.14 shall apply), or

 

(C)             
any payments pursuant to the Fee Letter.

 

The Borrowers consent to the
foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against the Borrowers rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrowers in the amount of such participation.

 

Section 2.15.      
Increase in Facility.

 

(a)          Provided that no Default or Event of Default has occurred and is continuing or would exist after giving effect thereto,
upon at least seven (7) Business Days’ prior written notice to the Administrative Agent (which shall promptly notify the
Lenders thereof), the Borrowers may from time to time request an increase in the amount of the Commitments under the Facility (each,
a “Facility Increase”) in an aggregate stated amount (for all such requests) not to exceed the greater
of (x) $25,000,000 and (y) the Borrowing Base (without including Qualified Cash) minus the aggregate amount of Commitments in effect
at such time (the “Facility Increase Amount”); provided, that

 

(i)            
any such request for a Facility Increase shall be in a minimum stated amount of $10,000,000 (or, if less, the entire remaining
amount of the Facility Increase Amount), or such lower amount as determined by the Administrative Agent in its sole discretion,

 

(ii)            such
increase shall be on the same terms (including with respect to margin, pricing, maturity and fees, other than any underwriting
fees and arrangement fees applicable thereto) and pursuant to the exact same Loan Documents and any other documentation applicable
to the Facility (provided, that the Applicable Rate and the Commitment Fee applicable to the Facility may be increased
to be identical to that for any Facility Increase to effectuate such Facility Increase),

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(iii)           such Facility Increase shall be Guaranteed by the exact same Guarantors and shall be secured by a Lien on the exact same
Collateral ranking pari passu with the Lien securing the Facility (and no Facility Increase may be (x) Guaranteed by any Person
that is not a Loan Party or (y) secured by any assets other than the Collateral),

 

(iv)           [reserved], and

 

(v)            the Borrowers, the Incremental Lenders and the Administrative Agent shall execute and deliver any amendment to this Agreement
or other documentation necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to evidence
and effectuate such Facility Increase.

 

(b)          Lender Elections to Increase. The Borrowers may seek commitments in respect of any Facility Increase from then-existing
Lenders (each of which shall be entitled to agree or decline to participate in such Facility Increase in its sole discretion) or
additional banks, financial institutions and other institutional lenders or investors who will become Lenders in connection with
such Facility Increase (each, an “Additional Lender” and together with any existing lender providing
such Facility Increase, as applicable, collectively the “Incremental Lenders”); provided
that each Additional Lender shall be approved by each of the Administrative Agent, the Swingline Lender and each L/C Issuer (such
approval not to be unreasonably withheld, delayed or conditioned), to the extent approval thereof would be required pursuant to
the definition of “Eligible Assignee” with respect to any assignment of Loans or Commitments.

 

(c)          Effective Date and Allocations. If the Facility is increased in accordance with this Section 2.15,
the Administrative Agent and the Borrowers shall determine the effective date (the “Increase Effective Date”)
and the final allocation of such Facility Increase. The Administrative Agent shall promptly notify the Borrowers and the Lenders
of the final allocation of such Facility Increase and the Increase Effective Date.

 

(d)          Conditions to Effectiveness of Increase. As a condition precedent to such Facility Increase, the Borrowers shall
deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date signed by a Responsible
Officer of such Loan Party

 

(i)            
certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such Facility Increase, and

 

(ii)            in the case of the Borrowers, certifying that, before and after giving effect to such Facility Increase,

 

(A)             
the representations and warranties contained in Article 5 and the other Loan Documents are true and correct
in all material respects on and as of the Increase Effective Date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes
of this Section 2.15, the representations and warranties contained in Section 5.05(a) shall be deemed
to refer to the most recent financial statements furnished pursuant to Section 6.01, and

 

(B)             
no Default or Event of Default has occurred and is continuing.

 

The Borrowers shall prepay any Loans outstanding
on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent
necessary to keep the outstanding Loans ratable with any revised Applicable Percentages arising from any non-ratable increase
in the Commitments under this Section 2.15.

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(e)          Conflicting Provisions. This Section shall supersede any conflicting provisions in Section 2.14 or
Section 11.01.

 

Section 2.16.      
Defaulting Lender.

 

(a)          Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender
becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by
applicable law:

 

(i)            
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver
or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders; and

 

(ii)           Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative
Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 8
or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be
applied at such time or times as may be determined by the Administrative Agent as follows:

 

first,
to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;

 

second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any L/C Issuer or Swingline Lender
hereunder;

 

third,
if so determined by the L/C Issuer or Swingline Lender hereunder, to be held as cash collateral for future funding obligations
of such Defaulting Lender in respect of any participation in any Swingline Loan or L/C Obligation;

 

fourth,
as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent;

 

fifth,
if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in
order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement;

 

sixth,
to the payment of any amounts owing to the Lenders, the L/C Issuers or Swingline Lender as a result of any judgment of a court
of competent jurisdiction obtained by any Lender, the L/C Issuers or Swingline Lender against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement;

 

seventh,
so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment
of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; and

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eighth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not
fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the
conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans
of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of
any Loans of, or L/C Borrowings owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations
in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments under the applicable Facility without
giving effect to clause (iii) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section
2.16(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)          Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their
respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent
that such reallocation does not cause the aggregate Outstanding Amount of any Non-Defaulting Lender’s Loans and L/C Obligations
to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 11.23, no reallocation hereunder shall
constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having
become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased
exposure following such reallocation.

 

(iv)          Cash Collateral.  If the reallocation described in clause (iii) above cannot, or can
only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law,
cash collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.16(a)(ii).

 

(b)          Defaulting Lender Cure. If the Borrowers, the Administrative Agent, each L/C Issuer and each Swingline Lender agree
in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon
as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements
with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans
of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and
funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with
the Commitments under the applicable Facility (without giving effect to Section 2.16(a)(iii)), whereupon such Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having
been a Defaulting Lender.

 

(c)          New
Swingline Loans / Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required
to fund any Swingline Loans unless it is satisfied that it will have not Fronting Exposure after giving effect to such Swingline
Loans and (ii) no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied
that it will have no Fronting Exposure after giving effect thereto.

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Article
3.

Taxes, Yield Protection and Illegality

 

Section 3.01.      
Taxes.

 

(a)          Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan
Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable
law (as determined in good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax
from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or
withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax then the applicable Loan Party shall pay an additional amount as is necessary
so that after such deductions or withholding has been made (including such deductions and withholdings applicable to additional
sums payable under this Section 3.01(a)) the applicable Recipient receives an amount equal to the sum it would have
received had no such deductions or withholding been made.

 

(b)          Payment of Other Taxes by the Borrowers. The Loan Parties shall timely pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of
any Other Taxes.

 

(c)          Indemnification by the Borrowers. The Loan Parties shall jointly and severally indemnify the Administrative Agent,
each Lender and each L/C Issuer, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including
Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by the Administrative
Agent, such Lender or such L/C Issuer, or required to be withheld or deducted from a payment to the Administrative Agent, such
Lender or such L/C Issuer, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to the Borrowers by a Lender or an L/C Issuer (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or an L/C Issuer, shall be conclusive absent
manifest error.

 

(d)          Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not
already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties
to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d)
relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that
are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this Section 3.01(d).

 

(e)          Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 3.01, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

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(f)           Status of Lenders.

 

(i)            
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Sections 3.01(f)(ii)(A), (f)(ii)(B) and (f)(ii)(D)
below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender.

 

(ii)            Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Borrower,

 

(A)        any Lender that is a U.S. Person shall deliver to the Borrowers and Administrative Agent on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter as prescribed by applicable law or upon the
reasonable request of the Borrowers or Administrative Agent), executed copies of Internal Revenue Service Form W-9 certifying that
such Lender is exempt from U.S. federal backup withholding tax;

 

(B)         any Foreign Lender shall, to the extent legally entitled to do so, deliver to the Borrowers and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the request of the Borrowers or the Administrative Agent),
whichever of the following is applicable:

 

(1)              
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x)
with respect to payments of interest under any Loan Document, executed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of
such tax treaty and (y) with respect to any other applicable payments under any Loan Document, Internal Revenue Service Form W-8BEN
or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

(2)              
executed copies of Internal Revenue Service Form W-8ECI;

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(3)              
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the
Code, (x)(i) a certificate in the form of the applicable Exhibit M to the effect that such Foreign Lender is not
a “bank” within the meaning of section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrowers
within the meaning of section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in section
881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (ii)(y) duly completed copies of Internal
Revenue Service Form W-8BEN or W-8BEN-E; or

 

(4)              
to the extent a Foreign Lender is not the beneficial owner, executed copies of Internal Revenue Service Form W-8IMY, accompanied
by Internal Revenue Service Form W-8ECI, W-8BEN, W-8BEN-E, a U.S. Tax Compliance Certificate to the reasonable satisfaction of
the Borrowers and Administrative Agent, Form W-9, and/or other certification document form each beneficial owner, as applicable;
provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign
Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate to the
reasonable satisfaction of the Borrower and Administrative Agent on behalf of each such direct and indirect partner, or

 

(C)           any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in
U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)           if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent at the
time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such
documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
 “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees that if
any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

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(g)         Treatment of Certain Refunds. If any party determines, in its sole discretion and good faith judgment, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.01 (including by the
payment of additional amounts pursuant to this Section 3.01), it shall promptly pay to the indemnifying party an
amount equal to such refund (but only to the extent of indemnified payments made under this Section with respect to the Taxes giving
rise to such refund) net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request
of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus
any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party
is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph
(g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph
(g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified
party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or
otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph
shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to
its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(h)         Public offer.

 

(i)           Arrangers’ representations, warranties and undertakings. The Lead Arranger
undertakes, represents and warrants to the Australian Borrower that:

 

(A)         on behalf of the Australian Borrower, it has made invitations to become a Lender under this
Agreement in the form agreed with the Australian Borrower to at least 10 persons, each of whom, as at the date the relevant invitation
is made, the Lead Arranger’s relevant officers involved in the transaction on a day to day basis believed carried on the
business of providing finance or investing or dealing in securities in the course of operating in financial markets, for the purposes
of Section 128F(3A)(a)(i) of the ITAA 1936, and each of whom has been disclosed to the Australian Borrower;

 

(B)          the persons to whom the Lead Arranger has made invitations referred to in paragraph (h)(i)(A)
were not, as at the date the invitations were made, known or suspected by the relevant officers of the Lead Arranger involved in
the transaction, to be Associates of any of the others of those 10 invitees;

 

(C)          they have not made offers or invitations referred to in paragraph (h)(i)(A) to persons whom
their relevant officers involved in the transaction on a day to day basis knew or had reasonable grounds to suspect were Offshore
Associates of the Australian Borrower; and

 

(D)          at
the cost of the Australian Borrower, it will provide to the Australian Borrower so far as it is reasonably able to do so, within
30 days of receipt of a request from the Australian Borrower, such information as is reasonably required for the purposes of assisting
the Australian Borrower to demonstrate (to the extent necessary based upon tax advice received by the Australian Borrower) that
the requirements of Section 128F of the ITAA 1936 have been satisfied, where to do so will not breach or be contrary to or prohibited
by any relevant law, regulation or directive or any duty of confidence or confidentiality agreement binding upon the Lead Arranger.

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(ii)          Australian Borrower’s confirmation

 

(A)          The Australian Borrower confirms that: 

 

(1)          none of the potential invitees whose names were disclosed to it by the Lead Arranger were known or suspected by its relevant
officers to be an Offshore Associate of the Australian Borrower;

 

(2)          at least 10 of the persons whose names were disclosed to it by the Lead Arranger before the date of this Agreement are not
known or suspected by its relevant officers to be Associates of any of the others of those 10 invitees; and

 

(3)          it will immediately advise the Lead Arranger if the potential invitee disclosed to it by the Lead Arranger are known or
suspected by its relevant officer to be an Offshore Associate of that Borrower or an Associate of any other invitee.

 

(iii)         Lenders’ representations, warranties and undertakings. Each Lender represents,
warrants and undertakes to the Australian Borrower that:

 

(A)         if it received an invitation under paragraph (h)(i)(A), at the time it received the invitation
it was carrying on the business of providing finance, or investing or dealing in securities, in the course of operating in financial
markets; and 

 

(B)         it was not, as at the date the invitation was made, known or suspected by the relevant officers of the Lender to be an Offshore
Associate of the Australian Borrower or an Associate of any other Lender.

 

(iv)         Parties’ undertakings. If, for any reason, the requirements of Section 128F of the ITAA 1936 have not been
satisfied in relation to interest payable on the Loans (except to an Offshore Associate of the Australian Borrower), then on request
by the Arrangers or the Australian Borrower, each party shall cooperate and take steps reasonably requested with a view to satisfying
those requirements and:

 

(A)         where a Lender breached paragraph (h)(iii), it shall bear its own costs; or

 

(B)         in all other cases, such steps will be at the cost of the Australian Borrower.

 

(v)          Parties’ confirmation. The parties agree that this Agreement is a ‘syndicated facility agreement’
for the purposes of Section 128F(11) of the ITAA 1936.

 

(i)           Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments
and the repayment, satisfaction or discharge of all obligation under any Loan Document.

 

(j)           Defined Terms. For purpose of this Section 3.01, any term “Lender” includes any L/C Issuer
and the term “applicable law” includes FATCA.

 

Section 3.02.      
Illegality. If any Lender determines that as a result of any Change in Law it becomes unlawful, or that
any Governmental Authority asserts that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund
BBSY Loans, Eurocurrency Rate Loans, or to determine or charge interest rates based upon the BBSY or Eurocurrency Rate, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits
of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrowers through the Administrative
Agent, any obligation of such Lender to make or continue BBSY Loans, Eurocurrency Rate Loans or to convert Base Rate Loans to
Eurocurrency Rate Loans, shall be suspended until such Lender notifies the Administrative Agent and the Borrowers that the circumstances
giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall, upon demand from such Lender
(with a copy to the Administrative Agent), prepay or, if applicable, convert all such BBSY Loans or Eurocurrency Rate Loans of
such Lender to Base Rate Loans denominated in Dollars (and to the extent not previously denominated in Dollars, calculated using
the applicable Spot Rate on the date of such conversion), either on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such BBSY Loans or Eurocurrency Rate Loans to such day, or immediately, if such Lender may not
lawfully continue to maintain such BBSY Loans or Eurocurrency Rate Loans. Upon any such prepayment or conversion, the Borrowers
shall also pay accrued interest on the amount so prepaid or converted.

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Section 3.03.      
Benchmark Replacement Setting.

 

On March 5, 2021 the Financial
Conduct Authority (“FCA”), the regulatory supervisor of Dollar LIBOR’s administrator (“IBA”),
announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month
and 12-month Dollar LIBOR tenor settings. Notwithstanding anything to the contrary herein or in any other Loan Document:

 

(a)          Replacing Dollar LIBOR. On the earlier of (i) the date that all Available Tenors of Dollar LIBOR have either permanently
or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information
to be no longer representative and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is Dollar LIBOR, the Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such
Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to
this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable
on a quarterly basis.

 

(b)          Replacing Other and Future Benchmarks.

 

Upon

 

(i)            the
occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and
under any Loan Document in respect of any such Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day
after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent
of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such
time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders or

 

(ii)           an
Early Opt-in Effective Date with respect to an Other Rate Early Opt-in Election,

 

the Benchmark Replacement will replace such Benchmark
for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent
settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document.

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At any time that the administrator
of any then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced
by the regulatory supervisor for the administrator or the administrator of such Benchmark pursuant to public statement or publication
of information to be no longer representative and will not be restored,

 

(i)           with
respect to amounts denominated in Dollars, the Borrower may revoke any request for a borrowing of, conversion to or continuation
of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower’s
receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the
Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans and

 

(ii)          with
respect to amounts denominated in any currency other than Dollars, the obligation of the Lenders to make or maintain Loans referencing
such Benchmark in the affected currency shall be suspended (to the extent of the affected amounts or Interest Periods (as applicable)).

 

During the period referenced in the foregoing sentence,
if a component of the Base Rate is based upon the Benchmark, such component will not be used in any determination of the Base Rate.

 

(c)          Benchmark Replacement Conforming Changes. In connection with the implementation and administration of any Benchmark
Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and,
notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement
Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

 

(d)          Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and
the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming
Changes. For the avoidance of doubt, any notice required to be delivered by the Administrative Agent as set forth in this Section
3.03 may be provided, at the option of the Administrative Agent (in its sole discretion), in one or more notices and may
be delivered together with, or as part of any amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming
Changes. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or
group of Lenders) pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive
and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto,
except, in each case, as expressly required pursuant to this Section 3.03(d).

 

(e)          Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of any Benchmark
Replacement), (i) if any then-current Benchmark is a term rate (including Term SOFR or any Screen Rate), then the Administrative
Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement)
settings and (ii) the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement)
settings.

 

(f)           Disclaimer.
The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to

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(i)            
the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition
of “Eurocurrency Rate” or “BBSY” or with respect to any alternative or successor rate thereto, or replacement
rate thereof (including, without limitation any Benchmark Replacement implemented hereunder),

 

(ii)            the composition or characteristics of any such Benchmark Replacement, including whether it is similar to, or produces the
same value or economic equivalence to any Screen Rate or any other Benchmark or have the same volume or liquidity as did such Screen
Rate or any other Benchmark,

 

(iii)           any actions or use of its discretion or other decisions or determinations made with respect to any matters covered by this
Section 3.03 including, without limitation, whether or not a Benchmark Transition Event has occurred, the removal
or lack thereof of unavailable or non-representative tenors, the implementation or lack thereof of any Benchmark Replacement Conforming
Changes, the delivery or non-delivery of any notices required by clause (d) above or otherwise in accordance herewith,
and

 

(iv)           the effect of any of the foregoing provisions of this Section 3.03.

 

Section 3.04.      
Increased Costs; Reserves on Eurocurrency Rate Loans. 

 

(a)          Increased Costs Generally. If any Change in Law shall:

 

(i)            
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve
requirement reflected in the Eurocurrency Rate or BBSY,
in each case, as contemplated by Section 3.04(e)) or any L/C Issuer;

 

(ii)            subject any Administrative Agent, Lender or L/C Issuer (other than Indemnified Taxes and Excluded Taxes) on its loans, loan
principal, letters of credit, bank guarantees, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto; or

 

(iii)           impose on any Lender or L/C Issuer or the London interbank market any other condition, cost or expense (other than Taxes)
affecting this Agreement, Eurocurrency Rate Loans or BBSY Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing shall be
to increase the cost to such Administrative Agent, Lender or L/C Issuer of making, continuing, converting to or maintaining any
Eurocurrency Rate Loan and/or BBSY Loans, as applicable (or of maintaining its obligation to make any such Loan), or to increase
the cost to such Administrative Agent, Lender or L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or
of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received
or receivable by such Lender or such L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon written
request of such Lender or such L/C Issuer, the Borrowers will pay to such Administrative Agent, Lender or L/C Issuer as the case
may be, such additional amount or amounts as will compensate such Administrative Agent, Lender or L/C Issuer, as the case may
be, for such additional costs incurred or reduction suffered; provided, that before making any such demand, each
Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions and so long
as such efforts would not be disadvantageous to it, in its reasonable discretion, in any legal, economic or regulatory manner)
to designate a different Eurocurrency Rate and/or BBSY lending office, as applicable, if the making of such designation would
allow the Lender or its Eurocurrency Rate and/or BBSY lending office to continue to perform its obligation to make Eurocurrency
Rate Loans and/or BBSY Loans or to continue to fund or maintain Eurocurrency Rate Loans and/or BBSY Loans and avoid the need for,
or reduce the amount of, such increased cost.

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(b)          Capital Requirements. If any Lender or L/C Issuer determines that any Change in Law affecting such Lender or such
L/C Issuer or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding
capital or liquidity requirements has the effect of reducing the rate of return on such Lender’s or such L/C Issuer’s
capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters
of Credit issued by the L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C
Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or
such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect
to capital adequacy), then from time to time, after submission to the Borrowers (with a copy to the Administrative Agent) of a
written request therefor, the Borrowers will pay to such Lender or such L/C Issuer, as the case may be, such additional amount
or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company
for any such reduction suffered.

 

(c)          Certificates for Reimbursement. A certificate of a Lender or an L/C Issuer setting forth the amount or amounts necessary
to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified in subsection (a)
or (b) of this Section 3.04, describing the basis therefore and showing the calculation thereof in
reasonable detail, and delivered to the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such Lender
or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof.

 

(d)          Delay in Requests. Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to the
foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or such L/C Issuer’s
right to demand such compensation, provided, that the Borrowers shall not be required to compensate a Lender or an
L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions
suffered more than 90 days prior to the date that such Lender or such L/C Issuer, as the case may be, notifies the Borrowers of
the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such L/C Issuer’s intention
to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)          Additional Reserve Requirements. The Borrowers shall pay to each Lender,

 

(i)            
as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including
Eurocurrency or BBSY funds or deposits (currently known as “Eurocurrency Liabilities”), additional interest
on the unpaid principal amount of each Eurocurrency Rate Loan and/or BBSY Loan, as applicable, equal to the actual costs of such
reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive
absent manifest error), and

 

(ii)            as
long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central
banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency
Rate Loans and/or BBSY Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to
the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined
by such Lender in good faith, which determination shall be conclusive absent manifest error), which in each case shall be due
and payable on each date on which interest is payable on such Loan, provided the Borrowers shall have received at
least 10 Business Days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs from
such Lender describing the basis therefor and showing the calculation thereof in reasonable detail.

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If a Lender fails to give notice 10 Business Days
prior to the relevant Interest Payment Date, such additional interest or costs shall be due and payable within 30 days from receipt
of such notice.

 

Section 3.05.      
Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time
to time, the Borrowers shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred
by it as a result of:

 

(a)          any conversion, payment or prepayment of any Eurocurrency Rate Loan or BBSY Loan, and any conversion of a Base Rate Loan
to a Eurocurrency Rate Loan, on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory,
automatic, by reason of acceleration, or otherwise);

 

(b)          any failure by the Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, or continue
any Eurocurrency Rate Loan or BBSY Loan, or to convert a Base Rate Loan to a Eurocurrency Rate Loan, on the date or in the amount
notified by the Borrowers; or

 

(c)          any assignment of a Eurocurrency Rate Loan or BBSY Loan on a day other than the last day of the Interest Period therefor
as a result of a request by the Borrowers pursuant to Section 11.13;

 

including any loss or expense arising from the
liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which
such funds were obtained, but excluding any loss of anticipated profits. The Borrowers shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing.

 

For purposes of calculating
amounts payable by the Borrowers to the Lenders under this Section 3.05,

 

(i)           in
the case of Eurocurrency Rate Loans, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency
Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and
for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded and

 

(ii)         in
the case of BBSY Loans, each Lender shall be deemed to have bid, at the commencement of such period, for deposits of a comparable
amount and period from other banks in the market for Australian Dollars.

 

Section 3.06.      
Mitigation Obligations; Replacement of Lenders.

 

(a)         
If any Lender requests compensation under Section 3.04, or the Borrowers are required to pay any Indemnified
Taxes or additional amount to any Lender, the Administrative Agent or any Governmental Authority for the account of any Lender
pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender
shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation
or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the
case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii)
in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

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(b)          Replacement of Lenders. If any Lender requests compensation under Section 3.04, if the Borrowers are
required to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 3.01 and, in each case, such Lender has declined or is unable to designate a different lending
office in accordance with Section 3.06(a), or if any Lender gives a notice pursuant to Section 3.02
or if any Lender is at such time a Defaulting Lender, then the Borrowers may replace such Lender in accordance with Section
11.13.

 

Section 3.07.      
Survival. All of the Borrowers’ obligations under this Article 3 shall survive termination
of the aggregate Commitments and repayment of all other Obligations hereunder.

 

Article
4.

Conditions Precedent to Credit Extensions

 

Section 4.01.      
Conditions of Closing Date. Each Lender’s Commitments and obligations hereunder shall become effective,
on the terms and subject to the other conditions set forth herein, upon the satisfaction (or waiver) of the following conditions
precedent:

 

(a)          Subject to the ABL Intercreditor Agreement, the Administrative Agent’s receipt of the following, each of which shall
be originals or electronic copies (followed, at the request of the Administrative Agent, promptly by originals) unless otherwise
specified, each duly executed by the parties thereto, each dated as of the Closing Date (or, in the case of certificates of governmental
officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative
Agent:

 

(i)           executed counterparts of

 

(A)          this Agreement executed by the Administrative Agent, each Lender and each Loan Party,

 

(B)           other Loan Documents required to be executed on the Closing Date shall been duly executed and delivered by each party thereto,

 

(C)           the Senior Secured Notes Documents required to be executed on the Closing Date shall been duly executed and delivered by
each party thereto, and

 

(D)           each Bi-lateral L/C Agreement;

 

(ii)          deeds of release (including discharges of mortgages) in respect of (A) all security granted by a Loan Party as security
for obligations under the Existing Syndicated Facility Agreement and (B) the security granted by the Australian Borrower over certain
bank accounts as security for obligations under the Stanwell Agreements;

 

(iii)         each
Note executed by the Borrowers in favor of each Lender requesting a Note or Notes;

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(iv)         a copy of all notices required to be sent under the Collateral Documents and Australian Collateral Documents executed by
relevant Loan Parties;

 

(v)          all share certificates, transfers and stock transfer forms or equivalent duly executed by the relevant Loan Party in blank
in relation to the assets subject to or expressed to be subject to the Australian Collateral Documents and other documents of title
to be provided under the Australian Collateral Documents;

 

(vi)         all certificates, if any, representing the Pledged Stock of the Loan Parties and their Subsidiaries that constitute Collateral,
in each case, (A) to the extent the issuer of such certificate is a corporation or has “opted into” Article 8 of the
UCC and (B) accompanied by undated stock powers executed in blank and evidence that all other actions required under the terms
of the Security Agreement to perfect the security interests created by the Security Agreement have been taken;

 

(vii)        a certificate of each Loan Party, dated as of the Closing Date and executed by a secretary, assistant secretary or other
senior officer (in respect of the U.S. Loan Parties) or a director (in respect of the Australian Loan Parties) thereof, which shall

 

(A)          (I)          in respect of the U.S. Loan Parties, certify that attached thereto is a true and complete copy of the resolutions
or written consents of its shareholders, partners, managers, members, board of directors, board of managers or other governing
body authorizing the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrowers,
the borrowings hereunder, and that such resolutions or written consents have not been modified, rescinded or amended and are in
full force and effect, and

 

(II)         in
respect of the Australian Loan Parties, certify that the extracts of the minutes of a meeting of the board of directors of the
relevant Australian Loan Party attached to the certificate that (x) approve the terms of and the transactions contemplated by the
Loan Documents; (y) authorize the execution and delivery of each Loan Document to which the relevant Australian Loan Party is party;
and (z) authorize a signatory to sign and deliver all Loan Documents on behalf of the relevant Australian Loan Party, are true
and complete and have not been modified, rescinded or amended and are in full force and effect,

 

(B)          identify by name and title and bear the signatures of the officers, managers, directors or authorized signatories of such
Loan Party authorized to sign the Loan Documents to which it is a party on or before the Closing Date, and

 

(C)          certify

 

(x)          that
attached thereto is a true and complete copy of the certificate or articles of incorporation or organization (or memorandum of
association or other equivalent thereof) of such Loan Party certified by the relevant authority of the jurisdiction of organization
of such Loan Party and a true and correct copy of its by-laws or operating, management, partnership or similar agreement, and

 

(y)         that
such documents or agreements have not been amended, restated, amended and restated, supplemented or otherwise modified (except
as otherwise attached to such certificate and certified therein as being the only amendments, restatements, amendments and restatements,
supplements or modifications thereto as of such date);

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(viii)       a good standing (or equivalent) certificate as of a recent date for each U.S. Loan Party

 

(A)         from its jurisdiction of organization, and

 

(B)          in each jurisdiction in which it is qualified to engage in business where its ownership, lease or operation of properties
or the conduct of its business requires such qualification, except, in the case of this clause (B), to the extent
that failure to do so could not reasonably be expected to have a Material Adverse Effect;

 

(ix)          a certificate of a duly authorized officer of each Loan Party stating that either

 

(A)         all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party
and the validity against such Loan Party of the Loan Documents to which it is a party have been received and are in full force
and effect, or

 

(B)          no such consents, licenses or approvals are so required in connection with the consummation by such Loan Party of the Transactions;

 

(x)           a certificate signed by a Responsible Officer of Holdings certifying that the conditions set forth in Section 4.01(e),
(h) and (j) have been satisfied as of such date;

 

(xi)          a solvency certificate, substantially in the form of Exhibit L from a Responsible Officer of Holdings (or,
at the option of Holdings, a customary third-party opinion as to the solvency of Holdings and its Subsidiaries, on a consolidated
basis);

 

(xii)         a completed Perfection Certificate dated as of the Closing Date and signed by a Responsible Officer of the Borrower Representative
on behalf of the U.S. Loan Parties, together with all attachments contemplated thereby;

 

(xiii)       
a Borrowing Base Certificate covering the Borrowing Base as of March 31, 2021, with customary supporting documentation;

 

(xiv)       certificates of insurance evidencing that the Administrative Agent, for the benefit of the Secured Parties, shall be named
as an additional insured, assignee, mortgagee and/or loss payee, as appropriate, with respect to all applicable insurance coverage
and policies of the Loan Parties; and

 

(xv)         
(A)        the executed opinion of the following counsel to the Loan Parties, addressed to the Administrative Agent, the Lenders
and the L/C Issuer, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably
request:

 

(1)         Jones
Day

 

(2)         Dinsmore
 & Shohl LLP

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(B)         the
executed opinions of Gilbert + Tobin and Latham and Watkins, counsel to the Administrative Agent, addressed to the Administrative
Agent, the Lenders and the L/C Issuer, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative
Agent may reasonably request; and

 

(xvi)        a duly executed copy of the featherweight security agreement to be entered into between the Australian Borrower and Stanwell
in respect of certain accounts released from security granted by the Australian Borrower in favor of Stanwell.

 

(b)          Such consents, authorizations or approvals (including ministerial consents and consents from caveators counterparties to
material contracts) as the Lenders may require to ensure that each security interest granted under the Collateral Documents and
the Australian Documents is valid and enforceable in respect of such assets subject to or expressed to be subject to the Collateral
Documents and the Australian Documents.

 

(c)          (A)           Any fees required to be paid on or before the Closing Date to the Administrative Agent, any Arranger or the Lenders
pursuant to the Fee Letter shall have been paid and

 

(B)          any
costs and expenses required to be paid on or before the Closing Date to the Administrative Agent, any Arranger or the Lenders to
the extent invoices have been received by Holdings at least two (2) Business Days prior to the Closing Date (or such later date
as reasonably agreed by Holdings) shall have been paid.

 

(d)          Field Examinations and Appraisals.

 

(e)          (i)            evidence satisfactory to the Administrative Agent that arrangements satisfactory to the Administrative Agent have
been made for the Indebtedness under the existing credit facilities of the Loan Parties shall be terminated and all amounts thereunder
repaid in full or otherwise discharged or satisfied and

 

(ii)           evidence
that arrangements satisfactory to the Administrative Agent shall have been made for the termination and release of guarantees,
Liens and security interests granted in connection therewith in a form reasonably satisfactory to the Administrative Agent.

 

Neither Holdings nor any of its Subsidiaries shall
have any material Indebtedness for borrowed money (other than any Loans and Letters of Credit notified to the Administrative Agent
and agreed by the parties may remain outstanding after the Closing Date) and other Indebtedness permitted pursuant to Section
7.02.

 

(f)          The results of a recent Lien, tax Lien, judgment and litigation search in each of the jurisdictions or offices (including,
without limitation, in the United States Patent and Trademark Office and the United
States Copyright Office) in which UCC financing statement or other filings or recordations should be made to evidence or
perfect security interests in all assets of the Loan Parties (or would have been made at any time during the five years immediately
preceding the Closing Date to evidence or perfect Liens on any assets of the Loan Parties), and such search shall reveal no Liens
or judgments on any of the assets of the Loan Parties, except for the Liens permitted pursuant to Section 7.01 or
Liens and judgments to be terminated upon the closing of the Transactions pursuant to documentation satisfactory to the Administrative
Agent.

 

(g)         A
current structure chart of Holdings group showing the ownership structure with the ownership percentages.

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(h)         A certificate of Holdings stating that the issuance of the Senior Secured Notes and the $87,000,000 institutional portion
of the Equity Offering shall be consummated substantially concurrently with the initial Borrowing hereunder.

 

(i)          A certified copy of the Australian Tax Agreement.

 

(j)          (A) The representations and warranties of each Loan Party and its Subsidiaries contained in this Agreement and each other
Loan Document, shall be true and correct in all material respects (or, if such representation or warranty is subject to a materiality
or Material Adverse Effect qualification, in all respects) on and as of the Closing Date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as
of such earlier date.

 

(B)          No
Default or Event of Default shall have occurred and be continuing, or would result from, the consummation of the Transactions (including
any Credit Extension to be made on the Closing Date and the application of the proceeds thereof).

 

(k)          (A)           The Administrative Agent shall have received, at least three (3) Business Days prior to the Closing Date, all documentation
and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money
laundering rules and regulations, including the PATRIOT Act, to the extent requested by the Administrative Agent or any Lender
at least 10 Business Days prior to the Closing Date.

 

(B)           No
later than three (3) Business Days prior to the Closing Date, the Administrative Agent and Lenders shall have received a Beneficial
Ownership Certification in relation to each Borrower that qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation.

 

For purposes of determining
compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be
deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required under any Loan
Document to be consented to or approved by or acceptable or satisfactory to such Lender, unless the Administrative Agent shall
have received written notice from such Lender prior to the Closing Date specifying its objection thereto.

 

Section 4.02.      
Conditions to All Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension
(other than a Borrowing Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate
Loans) is subject to the following conditions precedent:

 

(a)          The representations and warranties of each Loan Party and its Subsidiaries contained in this Agreement and each other Loan
Document, shall be true and correct in all material respects (or, if such representation or warranty is subject to a materiality
or Material Adverse Effect qualification, in all respects) on and as of the date of such Credit Extension, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects as of such earlier date.

 

(b)          No Default or Event of Default shall have occurred and be continuing, or would result from such proposed Credit Extension
or from the application of the proceeds thereof.

 

(c)          After
giving effect to any Credit Extension (or the incurrence of any L/C Obligations), the Total Outstandings shall not exceed the
Maximum Revolving Credit.

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(d)          The Administrative Agent and, if applicable, each applicable L/C Issuer or the Swingline Lender shall have received a Request
for Credit Extension in accordance with the requirements hereof.

 

Each Request for Credit Extension
(other than a Borrowing Notice requesting only a conversion of Loans to the other Type or a continuation of Eurocurrency Rate Loans
or BBSY Loans) submitted by the Borrowers shall be deemed to be a representation and warranty that the conditions specified in
Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

Article
5.

Representations and Warranties

 

The Borrowers and each Guarantor,
on behalf of themselves and their respective Restricted Subsidiaries, represents and warrants to the Administrative Agent and the
Lenders that:

 

Section 5.01.      
Existence, Qualification and Power.

 

(a)          (i) Each Loan Party is duly incorporated, organized or formed and validly existing under the Laws of its jurisdiction of
incorporation or organization and (ii) each U.S. Loan Party is in good standing under the Laws of the jurisdiction of its incorporation
or organization, except, in the case of this clause (ii), to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

(b)          Each Loan Party has all requisite power and authority and all requisite governmental licenses, authorizations, consents
and approvals to

 

(i)            
own or lease its assets and carry on its business,

 

(ii)            execute, deliver and perform its obligations under the Loan Documents to which it is a party and consummate the Transactions,
and

 

(iii)           is duly qualified and is licensed and, as applicable, in good standing, under the Laws of each jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such qualification or license;

 

except, in the case of clauses (i)
and (iii), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

Section 5.02.      
Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan
Document,

 

(a)          have been duly authorized by all necessary corporate or other organizational action, and

 

(b)          do not and will not

 

(i)            contravene the terms of any of such Person’s Organization Documents;

 

(ii)           conflict
with or result in any breach or contravention of, or the creation of any Lien (except for any Liens that may arise under the Loan
Documents) under, or require any payment to be made under (A) any Contractual Obligation to which such Person is a party or affecting
such Person or the properties of such Person or any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject; or

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(iii)          violate any Law,

 

except, in the case of clauses (b)(ii)
and (iii), as could not reasonably be expected to have a Material Adverse Effect.

 

Section 5.03.      
Governmental Authorization; Other Consents.

 

(a)          No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority,
and

 

(b)          no material approval, consents (except consents required from a counterparty to a Real Property Lease), exemption, authorization,
or other action by, or notice to, or filing with any other Person,

 

in each case, is necessary or required in connection
with

 

(i)           the
execution, delivery or performance by any Loan Party of this Agreement or any other Loan Document, or for the consummation of the
Transactions,

 

(ii)          the
grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents (including the Australian Collateral Documents),
or

 

(iii)         the
perfection of the Liens created under the Collateral Documents (including the Australian Collateral Documents) (subject to the
terms, conditions and priorities set forth in the ABL Intercreditor Agreement), except for (x) those approvals, consents, exemptions,
authorizations or other actions which have already been obtained, taken, given or made and are in full force and effect, and (y)
any filings or registrations (including the lodgment of any financing statement in accordance with the Australian PPS Act) required
to perfect the Liens created under the Collateral Documents (including the Australian Collateral Documents).

 

Section 5.04.      
Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will
have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan
Document when so delivered will constitute, a legal, valid and binding obligation of each Loan Party that is party thereto, enforceable
against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other Laws relating to or affecting creditors’ rights generally, general principles of equity, regardless
of whether considered in a proceeding in equity or at law and an implied covenant of good faith and fair dealing.

 

Section 5.05.      
Financial Statements; No Material Adverse Effect.

 

(a)          The Financial Statements

 

(i)            
of Holdings and its Subsidiaries (other than CCPL and Australian Parent) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein or in the notes thereto;

 

(ii)            of
CCPL and Australian Parent were prepared in accordance with A-IFRS consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein or in the notes thereto; and

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(iii)           give a true and fair view (in the case of audited financial statements) and fairly present (in respect of unaudited financial
statements) in all material respects the financial condition and performance of Holdings and its Subsidiaries as of the date thereof
and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period
covered thereby (subject, in the case of unaudited statements, to normal year-end audit adjustments and to any other adjustments
described therein including in any notes thereto).

 

(b)          The Pro Forma Financial Statements of Holdings and its Subsidiaries, certified by a Responsible Officer of Holdings, copies
of which have been furnished to the Administrative Agent, on or prior to the Closing Date, fairly present in all material respects
the consolidated pro forma financial condition of Holdings and its Subsidiaries, on a consolidated basis, as at such date and the
consolidated pro forma results of operations of Holdings and its Subsidiaries for the period ended on such date, in each case giving
effect to the Transactions, all prepared in accordance with GAAP, except as otherwise noted therein.

 

(c)          Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or
could reasonably be expected to have a Material Adverse Effect.

 

Section 5.06.      
Litigation. Except as set forth on Schedule 5.06, there are no actions, suits, proceedings,
claims, investigations or disputes pending or, to the knowledge of the Borrowers, threatened, at law, in equity, in arbitration
or before any Governmental Authority, by or against Holdings or any of its Subsidiaries or against any of their properties or revenues
that purport to affect or pertain to this Agreement or any other Loan Document (including the legality or enforceability thereof)
or the consummation of the Transactions or as to which there is a reasonable possibility of an adverse determination and that could
reasonably be expected to have a Material Adverse Effect.

 

Section 5.07.      
No Default. Neither Holdings nor any of its Subsidiaries is in default under or with respect to any Contractual
Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default
has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any
other Loan Document.

 

Section 5.08.      
Ownership of Property; Subsidiaries; Equity Interests.

 

(a)          Each of Holdings and each of its Restricted Subsidiaries, subject to Permitted Liens, has

 

(i)            
good and marketable or valid leasehold Mining Title to the Material Owned Real Property and the Material Leased Real Property
necessary for the ordinary conduct of the business and operations of each of the Loan Parties and each of their respective Subsidiaries
as presently conducted on the Closing Date, and

 

(ii)            good record title to, or valid leasehold, easement or other real property interests in all other Real Property necessary
for the ordinary conduct of the business and operations of the Loan Parties and their respective Subsidiaries as presently conducted,
subject to such defects in title as could not reasonably be expected to materially interfere with the ordinary conduct of the business
and operations of any Loan Party or any of its Subsidiaries.

 

(b)          Holdings and each of its Restricted Subsidiaries has good record title to, or valid leasehold, easement or other property
interests in all personal property necessary for or used in the ordinary conduct of the business and operations of the Loan Parties
and their respective Subsidiaries as presently conducted.

 

(c)          As
of the Closing Date,

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(i)            
all Equity Interests held by Holdings or any of its Subsidiaries are set forth on Schedule 5.08(c),

 

(ii)            all of the outstanding Equity Interests in Holdings and its Subsidiaries have been validly issued, are fully paid and nonassessable
(to the extent such concepts exist under applicable Law), and

 

(iii)           all Equity Interests owned by Holdings and its Subsidiaries are free and clear of all Liens except (x) those created under
the Collateral Documents and Australian Collateral Documents and (y) any Permitted Liens.

 

(d)          To the knowledge of the Loan Parties on the Closing Date, all Material Owned Real Property and Material Leased Real Property
of the Loan Parties that is being mined or operated as of the Closing Date is in physical condition that would permit mining or
operations presently conducted.

 

Section 5.09.      
Environmental Compliance. Except as disclosed on Schedule 5.09, or as otherwise could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect:

 

(a)          None of Holdings nor any of its Subsidiaries (including Unrestricted Subsidiaries) has received any notice of violation,
alleged violation, non-compliance, liability or potential liability concerning or arising out of Environmental Laws or Hazardous
Materials with regard to any of the Properties, any properties formerly owned or operated by Holdings or its Subsidiaries (including
Unrestricted Subsidiaries), or the business operated by Holdings or any of its Restricted Subsidiaries (the “Business”).

 

(b)          Hazardous Materials have not been transported disposed of, released or threatened to be released, from the Properties or
otherwise in connection with the Business, in violation of, or in a manner or to a location which could reasonably be expected
to give rise to liability of Holdings or any of its Subsidiaries (including Unrestricted Subsidiaries) under, any applicable Environmental
Law, nor have any Hazardous Materials been generated, treated, stored, released or threatened to be released, or disposed of at,
on or under any of the Properties or otherwise in connection with the Business, in violation of, or in a manner that could reasonably
be expected to give rise to liability of the Loan Parties or any of their Subsidiaries (including Unrestricted Subsidiaries) under,
any applicable Environmental Law.

 

(c)          No judicial proceeding or governmental or administrative action is pending or, to the knowledge of the Borrowers, threatened
under any Environmental Law to which Holdings or any of its Subsidiaries (including Unrestricted Subsidiaries) is or, to the knowledge
of the Borrowers, will be named as a party or with respect to the Properties or the Business, nor are there any consent decrees
or other decrees, consent orders, administrative orders or other orders, or other similar administrative or judicial requirements
outstanding under any Environmental Law with respect to the Loan Parties, any of their Subsidiaries (including Unrestricted Subsidiaries),
the Properties or the Business.

 

(d)          [Reserved].

 

(e)          The Properties and all operations at the Properties and of the Business are and have been in compliance with all applicable
Environmental Laws.

 

(f)           Holdings and each of its Restricted Subsidiaries

 

(i)            
hold and have held all Environmental Permits required for any of their current operations or for the current ownership,
operation or use of the Properties, including all Environmental Permits required for the coal mining-related operations of Holdings
or any its Restricted Subsidiaries or, to the extent currently required, any pending construction or expansion related thereto.
Each such Environmental Permit is in full force and effect and is not subject to appeal, except in such instances where the requirement
to hold such Environmental Permit is being contested in good faith by Holdings or any of its Restricted Subsidiaries by appropriate
proceedings diligently conducted;

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(ii)            are, or have been, in compliance with all Environmental Permits, except in such instances where the requirement of an Environmental
Permit is being contested in good faith by Holdings or any its Restricted Subsidiaries by appropriate proceedings diligently conducted;
and

 

(iii)           have used commercially reasonable efforts to cause all contractors, lessees and other Persons occupying, operating or using
the mines on the Properties to comply with all Environmental Laws and obtain all Environmental Permits required for the operation
of the mines.

 

(g)          To the knowledge of the Borrowers, none of the Properties have any associated direct or indirect acid mine drainage which
(i) constitutes or constituted a violation of, or (ii) could reasonably be expected to give rise to liability under, any applicable
Environmental Law.

 

Section 5.10.      
Mining.

 

(a)          Holdings and each of its Restricted Subsidiaries has, in the amounts and forms required pursuant to Environmental Law, obtained
all performance bonds and surety bonds, or otherwise provided any financial assurance required under Environmental Law for Reclamation
or otherwise in the ordinary conduct of the business and operations of the Loan Parties (collectively, “Mining Financial
Assurances”), except as could not reasonably be expected to result in a Material Adverse Effect.

 

(b)          There have been no accidents, explosions, implosions, collapses or flooding at or otherwise related to the Properties of
the Business that have, directly or indirectly, resulted in, or could reasonably be expected to result in, a Material Adverse Effect.

 

(c)          Except
as listed on Schedule 5.10, no mining tenement or interest in Real Property is necessary to enable the mining of
the Buchanan Mine, the Greenbrier Mine, the Logan Mine or the Curragh Mine, as such operations are currently conducted and each
such tenement or interest is subject to a Collateral Document or an Australian Collateral Document.

 

(d)          All
Surface Facilities are located on the surface of Real Property that is owned (and not leased) by a Loan Party and is subject to
a perfected mortgage or security interest under a Collateral Document, with the following exceptions:

 

(i)            
all of the Surface Facilities servicing the Logan Mine are on leased land; and

 

(ii)            a small part of the Surface Facilities servicing the Buchanan Mine are on leased land,

 

(iii)           a small part of the Surface Facilities servicing the Greenbrier Mine are on leased land,

 

but in the case of clauses
(i), (ii) and (iii) above the Loan Parties own the structures, infrastructure and equipment
comprising the Surface Facilities.

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Section 5.11.      
Insurance. The properties of Holdings and its Restricted Subsidiaries are insured with financially sound
and reputable insurance companies in such amounts (after giving effect to any self-insurance compatible with the following standards),
with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning
similar properties in localities where the Borrowers or the applicable Subsidiary operates.

 

Section 5.12.      
Taxes.

 

(a)         Holdings and its Restricted Subsidiaries have filed all material federal, state and other Tax returns and reports required
to be filed, and have paid all material federal, state and other Taxes, assessments, fees and other governmental charges levied
or imposed upon them or their properties, income or assets otherwise due and payable (other than those which are being contested
in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance
with GAAP); and

 

(b)         so far as Holdings and each Restricted Subsidiary is aware, there is no proposed material Tax assessment against Holdings
or any of its Restricted Subsidiaries.

 

Section 5.13.      
ERISA Compliance.

 

(a)          Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect,

 

(i)           
each Plan is in compliance with the applicable provisions of ERISA and the Code (except that with respect to any Multiemployer
Plan which is a Plan, such representation is deemed made only to the knowledge of the Borrowers), and

 

(ii)           with respect to each Plan, no failure to satisfy the minimum funding standards of Sections 412 or 430 of the Code has occurred,
and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been
made.

 

(b)          There are no pending or, to the knowledge of the Borrowers, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. To the knowledge of the
Borrowers, there has been no nonexempt “prohibited transaction” (as defined in Section 406 of ERISA) or violation of
the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material
Adverse Effect.

 

(c)          Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:

 

(i)            no ERISA Event has occurred or is reasonably expected to occur;

 

(ii)           no Pension Plan has any Unfunded Pension Liability;

 

(iii)          neither the Borrowers nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV
of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA);

 

(iv)          neither
the Borrowers nor any ERISA Affiliate has incurred, or reasonably expects to incur (except as may occur as a result of relief
granted pursuant to section 1113 of the Bankruptcy Code), any liability (and no event has occurred which, with the giving of notice
under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer
Plan; and

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(v)           neither the Borrowers nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c)
of ERISA.

 

Section 5.14.      
Beneficial Ownership Certification. As of the Closing Date, the information included in each Beneficial Ownership
Certification is true and correct in all material respects.

 

Section 5.15.      
Margin Regulations; Investment Company Act.

 

(a)          The Borrowers are not engaged and will not engage, principally or as one of its important activities, in the business of
purchasing or carrying margin stock (within the meaning of Regulation U issued by the Federal Reserve Board), or extending credit
for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing
under each Letter of Credit, not more than 25% of the value of the assets (either of the Borrowers only or of the Borrowers and
their Subsidiaries on a consolidated basis) subject to the provisions of Section 7.01 or Section 7.04
or subject to any restriction contained in any agreement or instrument between the Borrowers and any Lender or any Affiliate of
any Lender relating to Indebtedness and within the scope of Section 8.01(e) will be margin stock.

 

(b)          None of the Borrowers, any Person controlling the Borrowers (as determined under the Investment Company Act of 1940), or
any Restricted Subsidiary is required to register as an “investment company” under the Investment Company Act of 1940.

 

Section 5.16.      
Disclosure. No report, financial statement, certificate or other information furnished (in writing) by
or on behalf of any Loan Party or any of its Restricted Subsidiaries to the Administrative Agent or any Lender in connection with
the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document,
taken as a whole with any other information furnished or publicly available, contains any material misstatement of fact or omits
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not materially misleading as of the date when made or delivered; provided, that with respect to any forecast, projection
or other statement regarding future performance, future financial results or other future developments, the Borrowers represent
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time such information
was prepared (it being understood that any such information is subject to significant uncertainties and contingencies, many of
which are beyond the Borrowers’ control, and that no assurance can be given that the future developments addressed in such
information can be realized).

 

Section 5.17.      
Compliance with Laws. Holdings and each of its Restricted Subsidiaries are in compliance with the requirements
of all Laws (including any zoning, building, ordinance, code or approval or any building or mining permits) and all orders, writs,
injunctions and decrees applicable to it or to its properties, except in such instances in which

 

(a)          such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted, or

 

(b)          the
failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect.

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Section 5.18.      
Intellectual Property; Licenses, Etc. Holdings and each of its Restricted Subsidiaries exclusively own,
or possess the valid and continuing right to use, all of the Intellectual Property (as set forth on Schedule 5.18)
necessary to the conduct of its business as presently conducted free and clear of all Liens (other than Permitted Liens), except
where failure to have such Intellectual Property individually or in the aggregate could not reasonably be expected to have a Material
Adverse Effect. To the knowledge of the Borrowers, the use of such Intellectual Property by Holdings or any Restricted Subsidiary
does not infringe upon any rights held by any other Person. No claim or litigation regarding any of the foregoing is pending or,
to the knowledge of the Borrowers, threatened that either individually or in the aggregate could reasonably be expected to have
a Material Adverse Effect.

 

Section 5.19.      
Solvency. As of the Closing Date and after giving effect to the Transactions and the incurrence of the
Indebtedness and obligations being incurred in connection with this Agreement and the Transactions,

 

(a)          the sum of the debt (including contingent liabilities) of Holdings and its Restricted Subsidiaries, on a consolidated basis,
does not exceed the fair value of the present assets of Holdings and its Restricted Subsidiaries, on a consolidated basis;

 

(b)          the present fair saleable value of the assets of Holdings and its Restricted Subsidiaries, on a consolidated basis, is not
less than the amount that will be required to pay the probable liabilities (including contingent liabilities) of Holdings and its
Subsidiaries, on a consolidated basis, as they become absolute and matured;

 

(c)          the capital of Holdings and its Restricted Subsidiaries, on a consolidated basis, is not unreasonably small in relation
to the business of Holdings or its Restricted Subsidiaries, on a consolidated basis, contemplated as of the Closing Date; and

 

(d)          Holdings and its Restricted Subsidiaries, on a consolidated basis, do not intend to incur, or believe that they will incur,
debts (including current obligations and contingent liabilities) beyond their ability to pay such debt as they mature in the ordinary
course of business.

 

For the purposes hereof, the amount of any contingent
liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability.

 

Section 5.20.      
Casualty, Etc. Neither the businesses nor the properties of Holdings or any of its Restricted Subsidiaries
have been affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake,
embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or
in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

Section 5.21.      
Labor Matters. Except as specifically disclosed on Schedule 5.21, there are no collective bargaining
agreements or Multiemployer Plans covering the employees of Holdings or any of its Restricted Subsidiaries as of the Closing Date.
As of the Closing Date, neither Holdings nor any Subsidiary has suffered any strikes, walkouts, work stoppages or other material
labor difficulty within the last five (5) years. Since the Closing Date, neither Holdings nor any Restricted Subsidiary has suffered
any strikes, walkouts, work stoppages or other material labor difficulty that could reasonably be expected to result in a Material
Adverse Effect.

 

Section 5.22.      
Collateral Documents. The provisions of the Collateral Documents (including the Australian Collateral
Documents), together with such filings and other actions required to be taken hereby or by the applicable Collateral Documents
or the Australian Collateral Documents, when executed and delivered (and at all times thereafter) are effective to create in favor
of the Collateral Agent or the Australian Security Trustee (as applicable) for the benefit of the Secured Parties a legal, valid
and enforceable Lien on all right, title and interest of the Collateral owned by the Loan Parties and described therein.

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Section 5.23.      
Use of Proceeds. The Borrowers will use the proceeds of the Loans solely as provided for in Section
6.11.

 

Section 5.24.      
Coal Act; Black Lung Act.

 

(a)          (i) Holdings, each of its Restricted Subsidiaries and each of their respective “related persons” (as defined
in the Coal Act) are, and have been, in compliance in all material respects with the Coal Act and any regulations promulgated thereunder,
and (ii) none of Holdings, its Restricted Subsidiaries or each of their respective “related persons” (as defined in
the Coal Act) has any liability under the Coal Act, except, in the case of this clause (ii), as disclosed in Holdings’
financial statements (after deducting the minimum balance required by the United States Department of Labor to be maintained in
the 501(c)(21) Trust) on or prior to the Closing Date (or as otherwise disclosed from time to time to the Administrative Agent
in form and substance reasonably satisfactory to the Administrative Agent) or which could not reasonably be expected to have a
Material Adverse Effect, or with respect to premiums or other material payments required thereunder which have been paid when due.

 

(b)          (i) Holdings and each of its Restricted Subsidiaries are, and have been, in compliance in all material respects with the
Black Lung Act, and (ii) neither Holdings nor any of its Restricted Subsidiaries has either incurred any Black Lung Liability or
assumed any other Black Lung Liability, or with respect to premiums, contributions or other material payments required thereunder
which have been paid when due, except, in the case of this clause (ii), as disclosed in Holdings’ financial
statements after deducting the minimum balance required by the United States Department of Labor to be maintained in the 501(c)(21)
Trust on or prior to the Closing Date (or as otherwise disclosed from time to time to the Administrative Agent in form and substance
reasonably satisfactory to the Administrative Agent), or which could not reasonably be expected to have a Material Adverse Effect.

 

Section 5.25.      
Anti-Terrorism Laws; Anti-Corruption Laws and Sanctions.

 

(a)          None of the Loan Parties or any of their respective Restricted Subsidiaries, or any of their respective directors, officers,
employees or, to the knowledge of any Loan Party, any of their respective agents, Affiliates or representatives is an individual
or entity that is, or is owned or controlled by one or more individuals or entities that are (i) currently the target or any Sanctions
or (ii) located, organized or resident in a country or territory that is the target of comprehensive country-wide or territory-wide
Sanctions; provided that clause (i) of this Section 5.25(a) does not apply to any Affiliate
(other than any Affiliate that is, or is Controlled by, Holdings or any of its Restricted Subsidiaries), agent or representative
that is included on OFAC’s Sectoral Sanctions Identification List or is similarly subject to Sanctions imposing prohibitions
on only specific types of transactions or activities with such Affiliate, agent or representative, but is not otherwise a person
with which all transactions are prohibited.

 

(b)          Each
of the Loan Parties and their respective Restricted Subsidiaries and their respective directors, officers and employees, in each
case acting in their capacity as such, is in compliance, in all material respects, with Anti-Corruption Laws, Anti-Money Laundering
Laws, Anti-Terrorism Laws and Sanctions.

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Section 5.26.      
Australian Representations.

 

(a)          Trustee. It is not the trustee of any trust or settlement.

 

(b)          Tax Consolidation: Each Australian Loan Party:

 

(i)            
is a member of an Australian Tax Consolidated Group for which the Head Company is the Australian Parent in accordance with
the Australian Tax Agreement; and

 

(ii)            has entered into an Australian TSA and an Australian TFA with each other member of that Australian Tax Consolidated Group.

 

Article
6.

Affirmative Covenants

 

So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than in respect
of contingent obligations, indemnities and expenses related thereto not then payable or in existence as of the later of the Termination
Date or the Letter of Credit Expiration Date), or any Letter of Credit shall remain outstanding, each Loan Party shall, and shall
cause each of its respective Subsidiaries to:

 

Section 6.01.      
Financial Statements. Deliver to the Administrative Agent and each Lender, in form and substance reasonably
satisfactory to the Administrative Agent:

 

(a)          as soon as available, but in any event within 90 days after the end of each fiscal year of Holdings (commencing with the
fiscal year ended December 31, 2020), a consolidated balance sheet of Holdings and its Subsidiaries as at the end of such fiscal
year, and the related consolidated statements of income or operations, changes in shareholders’ equity and cash flows for
such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail
and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of any
independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent and
Holdings, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be
subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope
of such audit (except for an explanatory paragraph solely with respect to or resulting from an upcoming scheduled maturity date
of the Loans occurring within one year from the time such report is delivered);

 

(b)          as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal
year of Holdings (commencing with the fiscal quarter ended March 31, 2021), a consolidated balance sheet of Holdings and its Subsidiaries
as at the end of such fiscal quarter, and the related consolidated statements of income or operations, changes in shareholders’
equity and cash flows for such fiscal quarter and for the portion of Holdings’ fiscal year then ended, setting forth in each
case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion
of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by a Responsible Officer of
Holdings as fairly presenting in all material respects the financial condition, results of operations, changes in shareholders’
equity and cash flows of Holdings and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments
and the absence of footnotes; and

 

(c)          as
soon as available, but in any event within 30 days after the end of each of the first two fiscal months of each fiscal quarter
of Holdings (commencing with the fiscal month ended April 30, 2021), a consolidated balance sheet of Holdings and its Subsidiaries
as at the end of such fiscal month, and the related consolidated statements of income or operations, changes in shareholders’
equity and cash flows for such fiscal month and for the portion of Holdings’ fiscal year then ended, setting forth in each
case in comparative form the figures for the corresponding fiscal month of the previous fiscal year and the corresponding portion
of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by a Responsible Officer of
Holdings as fairly presenting in all material respects the financial condition, results of operations, changes in shareholders’
equity and cash flows of Holdings and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments
and the absence of footnotes.

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Section 6.02.      
Certificates; Other Information. Deliver to the Administrative Agent, in form and substance reasonably satisfactory
to the Administrative Agent (or, in the case of clause (k) below, participate in):

 

(a)          [reserved];

 

(b)          concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b)
(commencing with the delivery of the financial statements for the fiscal quarter ending June 30, 2021), a duly completed Compliance
Certificate signed by a Responsible Officer of Holdings, which shall

 

(i)            
include reasonably detailed computations of the financial covenant set forth in Section 7.11,

 

(ii)            state that no Default or Event of Default has occurred and is continuing or, if a Default or an Event of Default has occurred
and is continuing, stating the nature thereof and the action that the Borrowers propose to take with respect thereto, and

 

(iii)           either confirm that there has been no change in the information with respect to the Collateral owned by any Loan Party in
the Perfection Certificate delivered on the Closing Date since the date of such Perfection Certificate or the date of the most
recent certificate delivered pursuant to this Section or if any such change has occurred, attaching a Perfection Certificate Supplement
signed by the Loan Parties, identifying such changes;

 

(c)          promptly, upon receipt thereof and after any request by the Administrative Agent, copies of any detailed audit reports,
management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of
any Loan Party by independent accountants in connection with the accounts or books of the Borrowers or any of their respective
Restricted Subsidiaries, or any audit of any of them;

 

(d)          unless otherwise required to be delivered to the Lenders hereunder, promptly after the furnishing thereof, copies of any
statement or report furnished to any holder of debt securities of any Loan Party or any of its Restricted Subsidiaries pursuant
to the terms of any indenture or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section
6.01 or any other clause of this Section 6.02;

 

(e)          promptly following any reasonable request therefor, information and documentation reasonably requested by the Administrative
Agent or Lenders for purposes of compliance with the Beneficial Ownership Regulation;

 

(f)           as
soon as available, but in any event within the time period in which Holdings must deliver its annual audited financials under
Section 6.01(a), a report supplementing Schedules 5.08(a) and 5.08(b) and identifying
all Material Owned Real Property and Material Leased Real Property acquired or disposed of by any Loan Party during such fiscal
year;

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(g)          promptly, such additional information regarding the business, financial, legal or corporate affairs of Holdings or any of
its Restricted Subsidiaries, or compliance with the terms of the Loan Documents, as the Administrative Agent may from time to time
reasonably request;

 

(h)          not later than 90 days after the end of each fiscal year of Holdings, a copy of summary projections by Holdings of the operating
budget and cash flow budget of Holdings and its respective Restricted Subsidiaries for the succeeding fiscal year, such projections
to be accompanied by a certificate of a Responsible Officer to the effect that such projections have been prepared based on assumptions
believed by the Borrowers to be reasonable;

 

(i)           a Borrowing Base Certificate substantially in the form of Exhibit G, as of the date required to be delivered
or so requested, in each case with supporting documentation:

 

(i)           
(A)        monthly (as of the last day of each month (or, if such day is not a Business Day, as of the Business Day immediately
preceding such last day)), commencing with Borrowing Base Certificate for the month ended April 30, 2021, on or before the twentieth
day of each month (or if such twentieth day is not a Business Day, the next Business Day thereafter), or

 

(B)         during
any Liquidity Period, weekly, as applicable, on or before Wednesday of each week (or if Wednesday is not a Business Day, Thursday);
provided, in the case of this clause (B),

 

(1)        Inventory
reporting shall be updated on a bi-weekly basis, and

 

(2)        ineligibility
in respect of the eligibility criteria set forth in the definitions of “Eligible Accounts” and “Eligible Inventory”
shall be reported on a monthly basis,

 

in each case, which Borrowing Base Certificate
shall reflect the Collateral contained in the Borrowing Base updated as of last day of each month or week, as applicable,

 

in each case, together with:

 

(w)         a
roll-forward of accounts receivable with an ending balance equal to the beginning balance, plus gross billings, less cash receipts,
less returns, allowances or credit memos, less prompt-payment discounts, less bad debt charge-offs, plus miscellaneous debit adjustments,
less miscellaneous credit adjustments;

 

(x)          a
trial balance showing Accounts outstanding aged from the statement date as follows: 1 to 30 days, 31 to 60 days, 61 to 90 days
and 91 days or more, accompanied by a comparison to the prior month’s or week’s trial balance and supporting detail
and documentation as shall be reasonably satisfactory to the Administrative Agent;

 

(y)          a
summary of Inventory by location and type of each of the Loan Parties, accompanied by such supporting detail and documentation
as shall be reasonably satisfactory to the Administrative Agent; and

 

(z)          a
reconciliation of the Accounts trial balance and Inventory reports of each of the Loan Parties to the general ledger of such Loan
Party;

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(ii)           at any other time when the Administrative Agent reasonably believes that the then existing Borrowing Base Certificate is
materially inaccurate, as soon as reasonably available after such request, in each case with supporting documentation as the Administrative
Agent may reasonably request, such other reports, statements and reconciliations with respect to the Borrowing Base or Collateral
of any or all Loan Parties as the Administrative Agent shall from time to time reasonably request;

 

(iii)          prior to the Disposition of assets of the type contained in the Borrowing Base outside the ordinary course of business in
excess of 5.0% of the Borrowing Base; and

 

(j)          
promptly notice of (and in any event within three (3) Business Days) after any Loan Party has knowledge that

 

(i)            Accounts of the Loan Parties in an aggregate face amount of $2,500,000 or more cease to be Eligible Accounts,

 

(ii)           Inventory with an Inventory Value of $2,500,000 or more ceases to be Eligible Inventory, or

 

(iii)          so long as Qualified Cash is included in the calculation of the Borrowing Base, unrestricted cash in excess of $2,500,000
or more ceases to be Qualified Cash.

 

(k)          following the delivery of the financial statements referred to in Section 6.01(a), a conference call with
the Lenders at a time to be mutually agreed between the Borrowers and the Administrative Agent.

 

(l)           promptly following any reasonable request therefor, information and documentation reasonably requested by the Administrative
Agent in connection with any outstanding letters of credit providing Acceptable Credit Support.

 

Documents required to be delivered
pursuant to Section 6.01(a) or (b) or Section 6.02(b) (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to
have been delivered on the date

 

(i)           on
which the Borrowers post such documents, or provide a link thereto on the Borrowers’ website on the Internet at the website
address listed on Schedule 11.02 (or as the Borrowers may otherwise notify the Administrative Agent);

 

(ii)          on
which such documents are posted on the Borrowers’ behalf on an Internet or intranet website, if any, to which each Lender
and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative
Agent); or

 

(iii)         on
which such documents are filed for public availability of the SEC’s Electronic Data Gathering and Retrieval system;

 

provided, that the Borrowers shall
notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide
to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of the documents required to be
delivered pursuant to Section 6.01(a) or (b) or Section 6.02(b). The Administrative
Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event
shall have no responsibility to monitor compliance by the Borrowers with any such request for delivery, and each Lender shall
be solely responsible for requesting delivery to it or maintaining its copies of such documents.

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Section 6.03.      
Notices.

 

Notify the Administrative Agent:

 

(a)          promptly, of the occurrence of any Default or Event of Default or any “default” or “event of default”
under the Senior Secured Notes Indenture, any Notes Secured Debt Document, any Junior Debt Document or any Stanwell Agreement;

 

(b)          promptly, of any event which could reasonably be expected to have a Material Adverse Effect;

 

(c)          of the occurrence of any ERISA Event that, individually, or in the aggregate, would be reasonably likely to have a Material
Adverse Effect, as soon as possible and in any event within 20 days after any of the Borrowers knows or has obtained notice thereof;

 

(d)          of any material change in accounting policies or financial reporting practices by any Loan Party or any Restricted Subsidiary
thereof;

 

(e)          
promptly after receipt of notice or knowledge of any Loan Party thereof, of any action, suit, proceeding or claim alleging
any Environmental Liability against or by such Loan Party or any of its Subsidiaries (including Unrestricted Subsidiaries) that
could reasonably be expected to result in a Material Adverse Effect;

 

(f)           promptly after receipt of notice or knowledge of a Loan Party thereof, of any accidents, explosions, implosions, collapses
or flooding at or otherwise related to the Properties that result in any fatality or the trapping of any Person in any mine for
more than twenty-four hours;

 

(g)          promptly after receipt of notice or knowledge of a Loan Party thereof, of the issuance of any closure order pursuant to
any Law (including any Environmental Law) or pursuant to any Environmental Permit that could reasonably be expected to directly
or indirectly result in the closure or cessation of operation of any mine for a period of more than five (5) consecutive days;

 

(h)          promptly after receipt of notice or knowledge of any Loan Party of any default by such Loan Party of any of its Restricted
Subsidiaries under any Contractual Obligation with respect to Material Leased Real Property (except for non-material non-payment
defaults and defaults which do not or, with the giving of any notice, the passage of time, or both, would not give rise a right
of termination by the lessor); and

 

(i)           promptly of any change in the information provided in the Beneficial Ownership Certification that would result in a change
to the list of beneficial owners identified in parts (c) or (d) of such certification.

 

Each notice pursuant to this
Section 6.03 (which may be in electronic form) shall be accompanied by a statement of a Responsible Officer of the
applicable Borrower setting forth details of the occurrence referred to therein and stating what action the applicable Borrowers
have taken and proposes to take with respect thereto.

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Section 6.04.     
Payment of Obligations. Pay and discharge as the same shall become due and payable

 

(a)          all Tax liabilities, assessments and governmental charges or levies upon it or its properties or assets except where failure
to do so could not reasonably be expected to result in a Material Adverse Effect, or

 

(b)          all lawful claims which, if unpaid, would by law become a Lien upon any material portion of the Collateral, unless, in each
of clause (a) or (b) above, such liabilities, assessments, governmental charges, levies or claims are
being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are
being maintained by Holdings or any of its Subsidiaries.

 

Section 6.05.     
Preservation of Existence, Etc. With respect to each of the Loan Parties and each of its respective Restricted
Subsidiaries,

 

(a)          preserve, renew and maintain in full force and effect its (i) legal existence and (ii) good standing, in each case, under
the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or Section
7.05;

 

(b)          take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary for the normal
conduct of its business, except in connection with transactions permitted by Section 7.04 or Dispositions permitted
by Section 7.05 to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
and

 

(c)          preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which
could reasonably be expected to have a Material Adverse Effect.

 

Section 6.06.     
Maintenance of Properties. With respect to Holdings and each of its Restricted Subsidiaries, maintain,
preserve and protect all of its properties and equipment necessary in the operation of its business in good working order and condition
(ordinary wear and tear and damage by fire or other casualty or taking by condemnation excepted), except where the failure to do
so could not reasonably be expected to have a Material Adverse Effect. The Loan Parties shall use, store and maintain all Inventory
with reasonable care and caution, in accordance with applicable standards of any insurance and in conformity with all applicable
Law.

 

Section 6.07.     
Maintenance of Insurance.

 

(a)          Maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business
against loss or damage of the kinds customarily insured against by Persons engaged in the same or Similar Business, of such types
and in such amounts (after giving effect to any self-insurance compatible with the following standards) as are customarily carried
by companies engaged in Similar Businesses and owning similar properties in localities where Holdings or its Restricted Subsidiaries
operate. Without limiting the generality of the foregoing, each of Holdings and its Restricted Subsidiaries will maintain or cause
to be maintained

 

(i)          liability insurance,

 

(ii)         business
interruption insurance, and 

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(iii)        replacement value casualty insurance on the Collateral under such policies of insurance, with such insurance companies,
in such amounts, with such deductibles, and covering such risks as would be carried or maintained under similar circumstances by
Persons of established reputation engaged in Similar Businesses.

 

(b)          Each such policy of insurance shall

 

(i)          name the Administrative Agent, on behalf of Secured Parties, as an additional insured thereunder as its interests may appear,
and

 

(ii)         in the case of each casualty insurance policy, contain a loss payable clause or endorsement, reasonably satisfactory in
form and substance to the Administrative Agent, that names the Administrative Agent, on behalf of the Secured Parties, as the loss
payee thereunder,

 

in each case, require that Holdings
and its Restricted Subsidiaries use commercially reasonable efforts to provide for at least 30 days’ prior written notice
to the Administrative Agent of any modification or cancellation of such policy.

 

Section 6.08.     
Compliance with Laws. Comply in all respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its business or property, except in such instances in which

 

(a)          such requirement of Law or order, writ, injunction or decree is being contested in good faith by Holdings or any of its
Subsidiaries by appropriate proceedings diligently conducted, or

 

(b)          the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

 

Section 6.09.     
Books and Records.

 

(a)          Maintain proper books of record and account, in which in all material respects full, true and correct entries in conformity
with GAAP consistently applied shall be made of all material financial transactions and matters involving the assets and business
of Holdings and its Restricted Subsidiaries, as the case may be;

 

(b)          maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority
having regulatory jurisdiction over Holdings or such Restricted Subsidiary, as the case may be; and

 

(c)          each Loan Party shall keep accurate and complete records of its Inventory, including costs and daily withdrawals and additions.

 

Section 6.10.     
Inspection Rights; Field Exams; Appraisals.

 

(a)          Permit
representatives and independent contractors of the Administrative Agent, and during any continuation of a Default or an Event
of Default, any Lender, at the Borrowers’ expense, to visit and inspect any of its properties, to examine its corporate,
financial and operating records, and make copies thereof or abstracts therefrom during normal business hours (except to the extent
(i) any such access is restricted by a requirement of Law or (ii) any such agreements, contracts or the like are subject to a
written confidentiality agreement with a non-Affiliate that prohibits Holdings or any its Subsidiaries from granting such access
to the Administrative Agent or the Lenders; provided, that with respect to such confidentiality restrictions affecting
Holdings or any of its Subsidiaries, a Responsible Officer is made available to such Lender to discuss such confidential information
to the extent permitted), and to discuss the business, finances and accounts with its officers and independent public accountants
at such reasonable times during normal business hours and as often as may be reasonably desired, provided, that
the Administrative Agent or such Lender shall give Borrowers reasonable advance notice prior to any contact with such accountants
and give the Borrowers the opportunity to participate in such discussions.

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(b)          At any reasonable time and from time to time during regular business hours, upon reasonable notice, permit

 

(i)          any appraisers or field examiners to visit the properties of the Loan Parties to, at the Borrowers’ expense, conduct
field examinations and inventory appraisals in connection with the Borrowers’ computation of the Borrowing Base, and

 

(ii)         any representatives or independent contractors of the Administrative Agent or any of the Lenders to visit the properties
of the Loan Parties to, at the Lenders’ expense, conduct evaluations and ongoing maintenance and monitoring of the assets
and properties of the Loan Parties or their Restricted Subsidiaries constituting Non-ABL Priority Collateral as the Administrative
Agent may reasonably require;

 

provided that, so long as
a Liquidity Period is not in effect, not more than two (2) field examinations and two (2) inventory appraisals may be conducted
at the Borrowers’ expense per twelve-month period; provided further, during any Liquidity Period, one (1) additional
field examination and one (1) additional inventory appraisal may be conducted at the Borrowers’ expense in any twelve-month
period.

 

Notwithstanding the
foregoing, following the occurrence and during the continuation of a Default or an Event of Default, such field examinations and
inventory appraisals may be conducted at the Borrowers’ expense as many times as the Administrative Agent shall consider
reasonably necessary. In addition, the Borrowers shall have the right (but not the obligation), at the Borrowers’ expense,
at any time and from time to time (but not more than once per twelve-month period) to provide the Administrative Agent with additional
field examinations and additional inventory appraisals of any or all of the Collateral, prepared in a form and on a basis reasonably
satisfactory to the Administrative Agent, in which case such field examination or such inventory appraisal shall be used in connection
with the calculation of the Borrowing Base hereunder. Each inventory appraisal after the Closing Date shall be performed by any
appraiser. Each field examination after the Closing Date shall be performed by any field examiner. With respect to each field examination
or inventory appraisal made after the Closing Date, the Administrative Agent and the Borrowers shall each be given at least five
(5) Business Days to review and comment on the facts set forth in a draft form of such field examination or such inventory appraisal
prior to its finalization and any adjustments to the Borrowing Base as a result of such field examination or such inventory appraisal
shall become effective immediately following the finalization of such field examination or inventory appraisal; provided,
pending the expiration of such five Business Day period, no Credit Extensions may be made if such Credit Extension would result
in the Total Outstandings to exceed the Maximum Revolving Credit, calculated as if such proposed adjustments had been implemented.

 

(c)          At any reasonable time and from time to time during regular business hours, upon reasonable notice, permit any appraisers,
field examiner or any representatives or independent contractors of the Administrative Agent to visit the Real Property of any
of the Borrowers to, at the Lenders’ expense, conduct evaluations, appraisals, surveys and environmental assessments

 

(i)          in
connection with monitoring any Non-ABL Priority Collateral, and

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(ii)         after the occurrence and during the continuance of a Default or an Event of Default, in order to market any Real Property
for sale in connection with an exercise of remedies by the Administrative Agent under the applicable Collateral Documents, Australian
Collateral Documents and applicable Laws.

 

Section 6.11.     
Use of Proceeds.

 

(a)          Use the proceeds of the Credit Extensions solely after the Closing Date to fund working capital needs and other general
corporate purposes of Holdings and its Subsidiaries, including the financing of Capital Expenditures, other permitted Investments,
Restricted Payments and any other purpose not prohibited by the Loan Documents.

 

(b)          None of the Borrowers shall, directly or knowingly indirectly, (x) use the proceeds of any Credit Extension or (y) lend,
contribute, or otherwise make available such proceeds to any Subsidiary, joint venture partner, or other Person (i) to fund, finance,
or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding,
is the target of Sanctions, in each case, in violation of Sanctions, or (ii) in any other manner that would result in the violation
of Sanctions, Anti-Corruption Laws, Anti-Money Laundering Laws and Anti-Terrorism Laws, in each case, applicable to any party to
this Agreement.

 

Section 6.12.     
Covenant to Guarantee Obligations and Give Security.

 

(a)          Upon the formation or acquisition of any new direct or indirect Subsidiary (other than any Excluded Subsidiary) by any Loan
Party (including, without limitation, upon the formation of any Subsidiary that is a Delaware Divided LLC), then the Borrowers
shall, at the Borrowers’ expense:

 

(i)          within 45 days (or such longer period as the Administrative Agent may agree) after such formation or acquisition, cause
such Subsidiary, to duly execute and deliver to the Administrative Agent a supplement to this Agreement and to the Security Agreement,
in each case in form and substance reasonably satisfactory to the Administrative Agent, whereby such Subsidiary shall

 

(A)         become a party to this Agreement (as a Borrower, a Guarantor or a Borrower and a Guarantor) and the Security Agreement upon
execution and delivery by such Subsidiary of an Assumption Agreement in the form of Exhibit K hereto, any supplements
to the Security Agreement or Intellectual Property Security Agreements, and any other security and pledge agreements (including
any applicable Australian Collateral Documents), in all such cases, as specified by and in form and substance reasonably satisfactory
to the Administrative Agent (including delivery of all Pledged Collateral in and of such Subsidiary, and other instruments representing
the Pledged Stock in certificated form accompanied by undated stock powers executed in blank or the Instruments, Securities and
other Investment Property indorsed in blank to the extent required by the Security Agreement), in all such cases to the same extent
that such documents and instruments would have been required to have been delivered by Persons that were Borrowers or Guarantors
on the Closing Date, securing payment of all the Obligations,

 

(B)          Guarantee
the other Loan Parties’ Obligations and become a Guarantor for all purposes under the Loan Documents, and

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(C)          grant a security interest in substantially all of its assets (other than, in respect of any U.S. Loan Party, any Excluded
Assets and, in respect of any Foreign Subsidiary, any Foreign Excluded Assets) to secure such Obligations;

 

(ii)          within 45 days (or such longer period as the Administrative Agent may agree) after such formation or acquisition, furnish
to the Administrative Agent a description any Real Property of such Subsidiary, in detail reasonably satisfactory to the Administrative
Agent; and

 

(iii)         cause such Subsidiary to

 

(A)         duly execute and deliver to the Administrative Agent within 90 days (or such longer period as the Administrative Agent may
agree) after such formation or acquisition, deeds of trust, trust deeds, deeds to secure debt and/or mortgages covering the Material
Real Property of such Subsidiary; and

 

(B)          in connection with the foregoing, upon the request of the Administrative Agent in its reasonable discretion, deliver to
the Administrative Agent any legal opinions addressed to the Administrative Agent and the other Secured Parties, reasonably acceptable
to the Administrative Agent as to such matters as the Administrative Agent may reasonably request.

 

(b)          Upon the acquisition of any Material Real Property by any Loan Party (including, without limitation, any acquisition pursuant
to a Delaware LLC Division) other than pursuant to any acquisition covered by Section 6.12(a), the Borrowers shall,
at the Borrowers’ expense:

 

(i)           within 45 days (or such longer period as the Administrative Agent may agree) after such acquisition, furnish to the Administrative
Agent a description of the Material Real Property so acquired in detail reasonably satisfactory to the Administrative Agent;

 

(ii)           (A)         with respect to Material Real Property, cause the applicable Loan Party to duly execute and deliver to the Administrative
Agent within 90 days after such acquisition (or such longer period as the Administrative Agent may agree), deeds of trust, trust
deeds, deeds to secure debt and/or mortgages, in each case, in form and substance reasonably satisfactory to the Administrative
Agent, securing payment of all the Obligations; and

 

(B)
         in connection with the foregoing, upon the request of the Administrative Agent in
its reasonable discretion, deliver to the Administrative Agent any legal opinions addressed to the Administrative Agent and
the other Secured Parties, reasonably acceptable to the Administrative Agent as to such matters as the Administrative Agent
may reasonably request; and

 

(iii)         within
45 days (or such longer period as the Administrative Agent may agree) after such request, cause the applicable Loan Party to provide
the Administrative Agent with all geological data, reserve data, material existing mine maps, surveys, title insurance policies,
title insurance, abstracts and other evidence of title, core hole logs and associated data, Coal measurements, Coal samples, lithological
data, Coal reserve calculations or reports, washability analyses or reports, quality analyses, mine plans, mining permit applications
and supporting data, engineering studies and all other information, maps, reports and data, but only to the extent that each of
the foregoing shall be (x) in the possession of such Loan Party and relating to or affecting the Real Property, including the
Coal reserves, Coal ownership, Real Property Leases, mining conditions, mines, and mining plans of such Loan Party and (y) prepared
and utilized by such Loan Party in its ordinary course of business.

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(c)          Within 120 days (or such longer period as the Administrative Agent may agree) after the Closing Date, cause each Restricted
Subsidiary owning any Material Real Property on the Closing Date to

 

(A)        duly
execute, deliver and record Mortgages to the Administrative Agent on all Material Real Property, or amendments to Mortgages that
have been previously recorded to secure the Indebtedness and obligations under the Existing Syndicated Facilities Agreement, as
may be recommended or required to secure the Indebtedness and obligations under this Agreement, in each case in form and substance
reasonably acceptable to Administrative Agent; and

 

(B)        in
connection with the foregoing, upon the request of the Administrative Agent in its reasonable discretion, deliver to the Administrative
Agent any legal opinions addressed to the Administrative Agent and the other Secured Parties, reasonably acceptable to the Administrative
Agent as to such matters as the Administrative Agent may reasonably request.

 

(d)          Notwithstanding anything to the contrary in this Section 6.12 or in any other Loan Document

 

(i)          neither the Borrowers nor the Guarantors will be required to perfect security interests

 

(x)           in
motor vehicles or other assets covered by a certificate of title, other than by the filing of UCC financing statements and Australian
PPS Act financing statements,

 

(y)          in
letter of credit rights or other supporting obligations with a value less than $250,000 individually or in the aggregate, and

 

(z)           in
assets requiring perfection solely through control agreements (other than (A) control of Pledged Collateral to the extent required
herein or under any other Loan Document and (B) Deposit Accounts, Securities Accounts and Commodities Accounts requiring perfection
through Blocked Account Agreements to the extent required by Section 6.19 or any other Loan Document) and

 

(ii)          unless otherwise agreed by the Borrower, no security or pledge agreements or foreign intellectual property fillings will
be required outside of the United States and Australia.

 

(e)          Any Borrower may at any time after the Closing Date designate (or redesignate) any subsidiary as an Unrestricted Subsidiary
or any Unrestricted Subsidiary as a Subsidiary; provided that

 

(i)           immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing,

 

(ii)          the
Fixed Charge Coverage Ratio, on a pro forma basis, as of the last day of the most recently ended Test Period (after giving pro
forma effect to such designation or redesignation) shall not be less than
1.00 to 1.00, a Responsible Officer of Holdings shall have delivered a certificate to the Administrative Agent demonstrating
compliance with such requirement (including calculations in respect thereof in reasonable detail), and the Payment Conditions
have been satisfied at the time such designation is made.

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(iii)         Australian Parent shall not be an Unrestricted Subsidiary;

 

(iv)         as of the date of the designation thereof,

 

(A)         no Unrestricted Subsidiary shall own any Equity Interests in Holdings or its Subsidiaries (other than subsidiaries of such
Unrestricted Subsidiary) or hold any Indebtedness of, or any Lien on any property of Holdings or its Subsidiaries (other than subsidiaries
of such Unrestricted Subsidiary),

 

(B)          no Unrestricted Subsidiary may be a direct or indirect parent of the Australian Borrower or the U.S. Borrower, and

 

(C)          no Subsidiary may be designated as an Unrestricted Subsidiary unless it is also designated as an “unrestricted subsidiary”
under the Senior Secured Notes Indenture,

 

(v)         no holder of any Indebtedness of any Unrestricted Subsidiary shall have any recourse to Holdings or its Subsidiaries with
respect to such Indebtedness, except as permitted pursuant to this Agreement, and

 

(vi)        the designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by Holdings or its Subsidiaries
therein at the date of designation in an amount equal to the portion of the fair market value of the net assets of such Subsidiary
attributable to Holdings’ or such Subsidiary’s equity interest therein as reasonably estimated by Holdings or such
Subsidiary (and such designation shall only be permitted to the extent such Investment is permitted under Section 7.03).

 

The designation of any Unrestricted Subsidiary
as a Subsidiary shall constitute the incurrence or making at the time of designation of any Investments, Indebtedness or Liens
of such Subsidiary existing at such time; provided that upon a redesignation of such Unrestricted Subsidiary as a
Subsidiary, the Borrowers shall be deemed to continue to have an Investment in a Subsidiary in an amount (if positive) equal to
(a) the Borrower’s “Investment” in such Subsidiary at the time of such redesignation, less (b) the portion
of the fair market value of the net assets of such Subsidiary attributable to the Borrower’s equity therein at the time of
such redesignation.

 

Section 6.13.     
Compliance with Environmental Laws.

 

(a)          Comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties
to comply with all applicable Environmental Laws and Environmental Permits and obtain, to the extent necessary, and renew all Environmental
Permits for its operations and properties, except in such instances in which

 

(i)          the requirement of an Environmental Permit is being contested in good faith by the Borrowers or any of their respective
Subsidiaries by appropriate proceedings diligently conducted, or

 

(ii)         the failure to so comply, obtain or renew, in addition to the risk thereof, has been disclosed on Schedule 5.09
or is unlikely to result in a material liability; and

 

(b)          undertake
and perform any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of
its properties, in accordance with the requirements of all Environmental Laws, except in such instances in which

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(i)          the requirement to undertake or perform is being contested in good faith by the Borrowers or any of their respective Subsidiaries
by appropriate proceedings diligently conducted, or

 

(ii)         the failure to so undertake or perform has been, in addition to the risk thereof, disclosed on Schedule 5.09
or is unlikely to result in a material liability.

 

Section 6.14.     
Preparation of Environmental Reports. Not more often than once per year per Property during the term of
this Agreement (or more frequently during the continuance of an Event of Default) or, if the Administrative Agent reasonably believes
that there has been a breach of Section 6.13, at the reasonable request of the Administrative Agent, the Borrowers
shall provide to the Lenders within 60 days after such request (or such longer period as may be agreed by the Administrative Agent),
at the expense of the Borrowers, an environmental and/or mining site assessment and compliance audit report for any of its Properties
described in such request, prepared by an environmental or mining consulting firm reasonably acceptable to the Administrative Agent
and the Borrowers describing the presence or absence of recognized environmental conditions at the subject Property and information
otherwise reasonably requested by the Lenders; without limiting the generality of the foregoing, if the Administrative Agent reasonably
determines at any time that a material risk exists that any such report will not be provided within the time referred to above,
the Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and
the Borrower hereby grants and agrees to cause any Subsidiary to grant the Administrative Agent, the Lenders and their consultants,
agents or representatives thereof, reasonable access following reasonable prior written notice, subject to the rights of tenants
or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment.

 

Section 6.15.     
Further Assurances. Promptly upon request by the Administrative Agent, or any Lender through the Administrative
Agent,

 

(a)          correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing
or recordation thereof, and

 

(b)          do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts,
deeds, certificates, assurances and other instruments (including Mortgages) as the Administrative Agent, the Collateral Agent (including,
in its capacity as Australian Security Trustee) or any Lender through the Administrative Agent, may reasonably require from time
to time in order to

 

(i)          carry out more effectively the purposes of the Loan Documents,

 

(ii)         to the fullest extent permitted by applicable law, subject each of the Loan Parties’ properties, assets, rights or
interests (other than, in respect of any U.S. Loan Party, any Excluded Assets and, in respect of any Loan Party that is a Foreign
Subsidiary, Foreign Excluded Assets) to the Liens now or hereafter intended to be covered by any of the Collateral Documents (including
the Australian Collateral Documents), and

 

(iii)        perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents (including the Australian
Collateral Documents) and any of the Liens intended to be created thereunder.

 

Section 6.16.     
Certain Long Term Liabilities and Environmental Reserves. To the extent required by GAAP, maintain adequate
reserves or other financial assurances for

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(a)          future costs associated with any lung disease claim alleging pneumoconiosis or silicosis or arising out of exposure or alleged
exposure to coal dust or the coal mining environment,

 

(b)          future costs associated with retiree and health care benefits,

 

(c)          future costs associated with Reclamation of disturbed acreage, removal of facilities and other closing costs in connection
with its mining operations, and

 

(d)          future costs associated with other potential Environmental Liabilities.

 

Section 6.17.     
Mining Financial Assurances. Maintain all material Mining Financial Assurances to the extent required
pursuant to any Environmental Law.

 

Section 6.18.     
Administration of Accounts.

 

(a)          If an Account of any Loan Party includes a charge for any taxes, the Administrative Agent is authorized, in its discretion,
to pay the amount thereof to the proper taxing authority for the account of such Loan Party if such Loan Party does not do so and
to charge such Loan Party therefor; provided, however, that neither the Administrative Agent nor the
Lenders shall be liable for any Taxes that may be due from the Loan Parties or with respect to any Collateral.

 

(b)          Whether or not any Default or Event of Default exists, the Administrative Agent shall have the right at any time, in the
name of the Administrative Agent, any designee of the Administrative Agent or any Loan Party, to verify the validity, amount or
any other matter relating to any Accounts of any Loan Party by mail, telephone or otherwise. The Loan Parties shall cooperate fully
with the Administrative Agent in an effort to facilitate and promptly conclude any such verification process.

 

Section 6.19.     
Cash Management System.

 

(a)          Within 45 days after the Closing Date (or such later date as the Administrative Agent may specify in its sole discretion),
and at all times thereafter, each of the Loan Parties shall enter into and maintain a Blocked Account Agreement, satisfactory in
form and substance to the Administrative Agent in its reasonable discretion, with respect to each of its Deposit Accounts, Securities
Accounts or Commodities Accounts (other than any Excluded Account) (each such Deposit Account, Securities Account or Commodities
Account, a “Control Account”). Each such Blocked Account Agreement shall permit the Administrative Agent,
during any Liquidity Period, upon written notice thereof from the Administrative Agent to Holdings, to instruct the applicable
depository to transfer (whether by ACH, wire transfer or otherwise as the Administrative Agent may direct) by the end of each Business
Day all ledger or available, as applicable, cash receipts held in such Control Accounts to the Collateral Account or Australian
Collateral Account, as directed by the Administrative Agent. No Loan Party shall direct any Account Debtor, or any customer, to
make payments on Accounts to any Deposit Account other than the Control Accounts, the Collateral Account and the Australian Collateral
Account.

 

(b)          Each Loan Party shall not establish or maintain any Securities Account, Commodities Account or Deposit Account that is not
a Control Account, in each case, other than any Excluded Accounts. Each Loan Party shall instruct each Person that is obligated
to make any payment to it, to make such payment or to continue to make payment, to the appropriate Control Account as required
by this Section 6.19.

 

(c)          Each
Loan Party hereby acknowledges and agrees that (i) during any Liquidity Period, it shall have no right of withdrawal from
the Control Accounts and (ii) the funds on deposit in the Control Accounts shall at all times continue to be collateral security
for all of the Obligations.  In the event that, notwithstanding the provisions of this Section 6.19, a Loan
Party receives or otherwise has dominion and control of any such proceeds or collections, such proceeds and collections shall
be held in trust by such Loan Party for the Administrative Agent, shall not be commingled with any of such Loan Party’s
other funds or deposited in any account of such Loan Party and shall promptly be deposited into the appropriate Control Account
or dealt with in such other fashion as such Loan Party may be instructed by the Administrative Agent.

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(d)          Without limiting the foregoing, funds on deposit in any Deposit Account or Securities Account under the sole dominion and
control of the Administrative Agent may be invested (but the Administrative Agent shall be under no obligation to make any such
investment) in Cash Equivalents at the direction of the Administrative Agent and, except during the continuance of a Liquidity
Period, the Administrative Agent agrees with the Borrowers to issue entitlement orders for such investments in Cash Equivalents
as reasonably requested by the Borrowers; provided, however, that the Administrative Agent shall not
have any responsibility for, or bear any risk of loss of, any such investment or income thereon.

 

(e)          Subject to clause (a) above, any amounts received in the Collateral Account, the Australian Collateral Account
and each other Control Account (other than the L/C Cash Collateral Account) shall be applied,

 

first
to payment of all Loans then due,

 

second
to the extent otherwise required by the Agreement, to Cash Collateralize all outstanding Letters of Credit, and

 

then
as directed by the Borrower;

 

provided that, if an Event
of Default has occurred and is continuing, all amounts in Control Accounts shall be applied pursuant to Section 8.03.

 

Section 6.20.     
Post-Closing Obligations. Perform the obligations set forth on Schedule 6.20, as and when
set forth therein.

 

Section 6.21.     
Australian Covenants.

 

(a)          Trustee. No Australian Loan Party shall become a trustee of any trust or settlement without the prior written
consent of the Administrative Agent (acting reasonably) other than any trust which arises in the ordinary course of its ordinary
trading activities.

 

(b)          Tax Consolidation. Each Australian Loan Party will:

 

(i)          comply with the Australian Tax Agreement and ensure that the Australian TSA and Australian TFA are maintained in full force
and effect;

 

(ii)         not amend the Australian Tax Agreement where such variation or amendment may result in it not being a valid Australian TSA
for the purposes of the ITAA 1997;

 

(iii)        not
amend or vary the Australian Tax Agreement without the Administrative Agent’s consent where the amendment or variation would
materially adversely affect an Australian Loan Party’s cash flows or financial condition or materially increase its present
or prospective tax liabilities or liabilities under the Australian Tax Agreement;

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(iv)        not cease to be a party to, or replace or terminate the Australian Tax Agreement without the Administrative Agent’s
consent (such consent not to be unreasonably withheld or delayed); and

 

(v)         procure that any member that subsequently joins the Australian Tax Consolidated Group accede to the Australian Tax Agreement.

 

Section 6.22.     
Lender Calls.

 

Receive any presentations
prepared by management for investors and participate in annual and quarterly conference calls with the Administrative Agent and
the Lenders, such calls to be held at such time as may be agreed to by the Borrowers and the Administrative Agent, but in any event
not later than the date which is 10 Business Days after the annual or quarterly financial statements are to be delivered pursuant
to Section 6.01(a) and Section 6.01(b), it being understood that this covenant may be satisfied by
permitting the Lenders to participate in conference calls with the Borrower’s public shareholders.

 

Article
7.

Negative Covenants

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than in respect
of contingent obligations, indemnities and costs and expenses related thereto not then payable or in existence as of the later
of the Termination Date or the Letter of Credit Expiration Date), or any Letter of Credit shall remain outstanding, Holdings and
each other Borrower shall not, nor shall they permit any of their respective Restricted Subsidiaries to, directly or indirectly:

 

Section 7.01.     
Liens. Create, incur, assume or suffer to exist any Lien upon, or exception to title to, any of its property,
assets or revenues, whether now owned or hereafter acquired, or sign or file under the Uniform Commercial Code of any jurisdiction
a financing statement that names the Borrowers or any of their respective Restricted Subsidiaries as debtor, or assign any accounts
or other right to receive income, other than the following (“Permitted Liens”):

 

(a)          pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or similar legislation,
or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which
such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or United States
government bonds to secure surety, indemnity, performance or appeal bonds to which such Person is a party, or deposits as security
for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business;

 

(b)          Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for sums not
yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such
Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review;

 

(c)          Liens
for taxes, assessments and other governmental charges not yet subject to penalties for non-payment or which are being contested
in good faith by appropriate proceedings; provided, however, that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor;

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(d)          Liens or deposits (including liens on cash deposited) to secure the performance of statutory or regulatory obligations or
of surety, appeal, indemnity or performance bonds, warranty and contractual requirements, or to secure the performance of tenders,
bills or contracts other obligations of a like nature or letters of credit or to secure reimbursement obligations with respect
to letters of credit and bank guarantees issued pursuant to the request of and for the account of such Persons in the ordinary
course of its business, including those outstanding on the Closing Date; provided, however, that such
letters of credit and bank guarantees do not constitute Indebtedness;

 

(e)          minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others (including, without limitation,
lessors and other surface owners and owners of other minerals) for, licenses, rights-of-way, sewers, electric lines, telegraph
and telephone lines, mineral development, extraction and transportation, and other similar purposes, or zoning or other restrictions
as to the use of real property or Liens incidental to the conduct of the business of such Person or to the ownership of its properties
which were not incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value
of said properties or materially impair their use in the operation of the business of such Person;

 

(f)           Liens securing Indebtedness incurred under Sections 7.02(k) and 7.02(l) to finance the construction,
purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided,
however, that the Lien may not extend to any other property owned by such Person or any of its Restricted Subsidiaries
at the time the Lien is incurred (other than assets and property affixed or appurtenant thereto), and the Indebtedness (other than
any interest thereon) secured by the Lien may not be incurred more than 180 days after the later of the acquisition, completion
of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien;

 

(g)          Liens on the Collateral securing

 

(i)          the Obligations;

 

(ii)         so long as such Liens are subject to the Stanwell Intercreditor Agreement and the ABL Intercreditor Agreement, (A) Indebtedness
in respect of the Senior Secured Notes issued on the Closing Date and (B) Indebtedness incurred pursuant to Section 7.02(u)(i);

 

(iii)        so long as such Liens are subject to the Stanwell Intercreditor Agreement and the ABL Intercreditor Agreement, Indebtedness
permitted to be incurred pursuant to Section 7.02(u)(ii);

 

(iv)        so long such Liens are subject to the Stanwell Intercreditor Agreement, the Stanwell Obligations pursuant to the Stanwell
Agreements as in effect on the Closing Date and as listed on Schedule 7.01 (or as subsequently amended subject to
and in accordance with Section 7.14(b));

 

(h)          Liens existing on the Closing Date and as listed on Schedule 7.01 (other than described in clause (g)
above);

 

(i)           Liens
on property or Equity Interests of another Person at the time such other Person becomes a Subsidiary of such Person; provided,
however, that such Liens are not created or incurred in connection with or in contemplation of such acquisition
and that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than
assets and property affixed or appurtenant thereto);

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(j)           Liens on property at the time such Person or any of its Subsidiaries acquires the property, including any acquisition by
means of a merger or consolidation with or into such Person or a Subsidiary of such Person; provided, however,
that such Liens are not created or incurred in connection with or in contemplation of such acquisition and that the Liens may not
extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed
or appurtenant thereto);

 

(k)          Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to Holdings or a Restricted Subsidiary
of Holdings;

 

(l)           Liens securing Hedging Obligations incurred in the ordinary course of business (and not for speculative purposes);

 

(m)         leases and subleases of real property that do not materially interfere with the ordinary conduct of the business of Holdings
or any of its Restricted Subsidiaries;

 

(n)          Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into in the ordinary course of business; provided, to the extent such Liens are on ABL Priority Collateral and are
senior to the Liens securing the Obligations, a Reserve shall have been established in respect thereof (or such ABL Priority Collateral
shall be deemed ineligible);

 

(o)          Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any
Lien referred to in the foregoing clauses (h), (i) or (j); provided, however,
that:

 

(i)          such new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements
pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or
proceeds or distributions thereof); and

 

(ii)         the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (x) the outstanding
principal amount or, if greater, committed amount of the Indebtedness described under clauses (h), (i)
or (j) at the time the original Lien became a Permitted Lien and (y) an amount necessary to pay any fees and expenses,
including premiums, related to such refinancing, refunding, extension, renewal or replacement;

 

(p)          Liens on equipment of Holdings or any Restricted Subsidiary granted in the ordinary course of business to clients on or
about the premises of which such equipment is located;

 

(q)          judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related
to litigation that is being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

(r)           Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations
in respect of banker’s acceptances issues or credit for the account of such Person to facilitate the purchase, shipment or
storage of such inventory or other goods; provided that to the extent such Liens are on Inventory, such Inventory
shall be deemed ineligible;

 

(s)          Liens
granted to Senior Secured Notes Trustee to secure its compensation and indemnities pursuant to the Senior Secured Notes Indenture;
provided, to the extent such Liens are on ABL Priority Collateral, such Liens shall be junior to the Liens securing
the Obligations and shall be subject to the ABL Intercreditor Agreement;

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(t)           any cross charge between members of a joint venture over joint venture assets securing obligations to contribute to that
joint venture or repay other joint venturers who contribute to the joint venture in default of the charger doing so;

 

(u)          Liens encumbering customary initial deposits in the ordinary course of business;

 

(v)          Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of
Indebtedness; provided, any such cash or Cash Equivalents shall not constitute Qualified Cash;

 

(w)         Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation and exportation of goods in the ordinary course of business; provided, to the extent on ABL
Priority Collateral, a Reserve shall be established in respect thereof;

 

(x)          Liens (i) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course
of business; and (ii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of
setoff) and that are within the general parameters customary in the banking industry;

 

(y)         any interest or title of a lessor in the property subject to any operating lease (other than any property that is subject
of a Sale/Leaseback Transaction);

 

(z)          Liens on any cash earnest money deposits made by Holdings or any of its Restricted Subsidiaries in connection with any letter
of intent or purchase agreement permitted by this Agreement;

 

(aa)        Liens in respect of Permitted Securitization Financings that extend only to the assets subject thereto and Liens on the
Equity Interests of Special Purpose Securitization Subsidiaries; provided, such Liens shall not be on ABL Priority
Collateral;

 

(bb)       Liens in respect of any Permitted Factoring Arrangement that extend only to the Receivables Assets subject thereto; provided,
such Liens shall not be on ABL Priority Collateral;

 

(cc)        Liens on the assets subject to a Sale/Leaseback Transaction in respect of the Curragh Transaction; provided
that such Liens may not extend to any other property of Holdings or its Restricted Subsidiaries; and

 

(dd)       Liens securing obligations the outstanding principal amount of which does not, taken together with the outstanding principal
amount of all other obligations secured by Liens incurred under this clause (dd) that are at that time outstanding,
exceed the greater of $25,000,000 (or equivalent thereof) and 1.25% of Consolidated Tangible Assets; provided, that
such Liens shall not on be ABL Priority Collateral.

 

Section 7.02.     
Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)          the Obligations (including any Obligations in respect of any Facility Increase in accordance with Section 2.15);

 

(b)          Indebtedness
owed to and held by Holdings and/or any of its Restricted Subsidiaries; provided, however, that

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(i)          any subsequent issuance or transfer of any Equity Interests which results in any such Restricted Subsidiary ceasing to be
a Restricted Subsidiary or any subsequent transfer of such Indebtedness (other than to Holdings or a Restricted Subsidiary) shall
be deemed, in each case, to constitute the incurrence of such Indebtedness by the obligor thereon not permitted by this clause
(b),

 

(ii)         if a Borrower is the obligor on any such Indebtedness owing to a Restricted Subsidiary that is not a Loan Party, such Indebtedness
is unsecured and expressly subordinated to the prior payment in full in cash of all its obligations with respect to the Loan Documents
and is permitted as an Investment under Section 7.03 (other than by reference to Section 7.02) and

 

(iii)        if a Guarantor is the obligor on any such Indebtedness owing to a Restricted Subsidiary that is not a Loan Party, such Indebtedness
is unsecured and expressly subordinated to the prior payment in full in cash of all obligations of such Guarantor with respect
to its Guarantee and is permitted as an Investment under Section 7.03 (other than by reference to Section 7.02);

 

(c)          Indebtedness in respect of the Senior Secured Notes Documents incurred on the Closing Date (and any Refinancing Indebtedness
incurred in respect thereof) in an aggregate principal amount not to exceed $350,000,000;

 

(d)          Indebtedness outstanding on the Closing Date and listed on Schedule 7.01 (other than (A) Indebtedness described
in clause (b) or (d) of this Section 7.02 and (B) Indebtedness being repaid with the
proceeds from the Facility, the Senior Secured Notes or the Equity Offering) including but not limited to Indebtedness represented
by or Attributable Debt in respect of, a Sale/Leaseback Transaction of Holdings or any Restricted Subsidiary outstanding on the
Closing Date and obligations of Holdings or any Restricted Subsidiary assumed as the deferred purchase price relating to the Stanwell
Reserved Area or Stanwell Rebate;

 

(e)          Indebtedness of a Restricted Subsidiary that is a Loan Party outstanding on or prior to the date on which such Subsidiary
was acquired, directly or indirectly, by Holdings (other than Indebtedness incurred in connection with, or to provide all or any
portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which
such Subsidiary became a Subsidiary or was acquired, directly or indirectly, by Holdings); provided, however,
on the date of such acquisition and after giving pro forma effect thereto, the Debt Fixed Charge Coverage Ratio as of the last
day of the most recently ended Test Period, immediately preceding the date on which such additional Indebtedness is incurred is
either (x) not less than 2.00:1.00 or not less than the Debt Fixed Charge Coverage Ratio immediately prior to such acquisition,
in each case, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred and the application of proceeds therefrom had occurred at the beginning of such Test Period;

 

(f)           Refinancing Indebtedness in respect of Indebtedness permitted under Section 7.02(c), (d), (e),
(k), (l), (r), (t) or this clause (f);

 

(g)          Indebtedness incurred by Holdings or any Restricted Subsidiary pursuant to Hedging Obligations entered into and for the
purpose of protecting Holdings or any such Restricted Subsidiary from fluctuations in interest rates, currencies or commodity prices
and not for speculation;

 

(h)          obligations
in respect of workers’ compensation claims, payment obligations in connection with health or other types of social security
benefits, unemployment or other insurance or self-insurance obligations, insurance premium finance agreements, reclamation, statutory
obligations, bankers’ acceptances, performance, bid, appeal, surety or similar bonds and letters of credit, bank guarantees
or completion and performance guarantees or equipment leases or other similar obligations provided or incurred by Holdings or
any Restricted Subsidiary in the ordinary course of business;

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(i)           Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness
is extinguished within five Business Days of its incurrence;

 

(j)           Indebtedness consisting of Guarantees of

 

(i)          Holdings or any Restricted Subsidiary in respect of Indebtedness otherwise permitted hereunder of Holdings or any Loan Party
and

 

(ii)         any Restricted Subsidiary that is not a Loan party in respect of Indebtedness otherwise permitted hereunder of a Restricted
Subsidiary that is not a Loan Party;

 

provided, however,
that if the Indebtedness being guaranteed is subordinated to or pari passu with the Facility or any Guarantee provided in
connection with the Facility, then the Guarantee thereof shall be subordinated or pari passu, as applicable, to at least
the same extent as the Indebtedness being Guaranteed;

 

(k)          Indebtedness incurred by Holdings or any Restricted Subsidiary to finance all or any part of the purchase price or cost
of installation or improvement of mining equipment to be used in the Related Business at the Curragh Mine; provided, however,
that immediately after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred under
this clause (k), together with Refinancing Indebtedness in respect thereof and then outstanding does not exceed $40,000,000;

 

(l)           Indebtedness incurred by Holdings or any Restricted Subsidiary (including Capital Lease Obligations, mortgage financings
and purchase money obligations) to finance all or any part of the purchase price or cost of design, development, construction,
installation or improvement of property (real or personal) (including the lease purchase price of land use rights), plant or equipment
(including through the acquisition of Capital Stock of any Person that owns property, plant or equipment which will, upon such
acquisition, become a Restricted Subsidiary) to be used in the Related Business, provided, however,
that immediately after giving effect to any such Indebtedness, the aggregate principal amount of all Indebtedness incurred under
this clause (l), together with Refinancing Indebtedness in respect thereof, and then outstanding does not exceed
$50,000,000;

 

(m)         Indebtedness to the extent that the net proceeds thereof are promptly deposited (and in no event more than five Business
Days thereafter) to defease or to satisfy and discharge the Senior Secured Notes;

 

(n)          Indebtedness
arising from agreements of Holdings or any Restricted Subsidiary providing for indemnification, adjustment of purchase price,
Guarantees or similar obligations, or from guarantees or letters of credit, bank guarantees, surety bonds or performance bonds
securing any obligation of Holdings or any Restricted Subsidiary pursuant to such agreements, in any case, incurred or assumed
in connection with the disposition of any business, assets or Equity Interests of a Restricted Subsidiary, other than guarantees
of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Equity Interests of a Restricted
Subsidiary for the purpose of financing such acquisition; provided that the maximum aggregate liability in respect
of all such Indebtedness shall at no time exceed the gross proceeds (including non-cash proceeds) actually received by Holdings
or any Restricted Subsidiary from the disposition of such business, assets or Equity Interests;

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(o)          obligations in respect of self-insurance and obligations (including reimbursement obligations with respect to letters of
credit, bank guarantees, warehouse receipts and similar instruments) in respect of performance, bid, appeal and surety bonds, performance
and completion guarantees and similar obligations provided by Holdings or any Restricted Subsidiary in the ordinary course of business,
including those incurred to secure health, safety and environmental obligations in the ordinary course of business;

 

(p)          Indebtedness of Holdings or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-pay
obligations contained in supply or other arrangements, in each case, in the ordinary course of business;

 

(q)           (i)          Indebtedness in connection with Permitted Securitization Financings; provided, however,
that immediately after giving effect to any such Indebtedness, the aggregate principal amount of all Indebtedness incurred under
this clause (q)(i), together with Refinancing Indebtedness in respect thereof, and then outstanding does not exceed
$5,000,000; or

 

(ii)          Indebtedness
in Permitted Factoring Arrangements in the ordinary course of business and consistent with past practices;

 

(r)           Indebtedness of, incurred on behalf of, or representing guarantees of Indebtedness of, joint ventures of Holdings and any
Restricted Subsidiary; provided, however, that immediately after giving effect to any such Indebtedness, the aggregate
principal amount of all Indebtedness incurred under this clause (r), together with Refinancing Indebtedness in respect
thereof, and then outstanding does not exceed $30,000,000; and

 

(s)          Indebtedness in respect of the Curragh Transaction subject to the limitations in the definition of “Curragh Transaction”;
and

 

(t)           Indebtedness of Holdings or any of its Restricted Subsidiaries in an aggregate principal amount at any time outstanding
which, when taken together with all other Indebtedness outstanding under this clause (t) does not exceed the greater
of (x) $50,000,000 and (y) 2.5% of Consolidated Tangible Assets;

 

(u)          any Indebtedness that is

 

(i)          any Notes Obligations under Future Notes Priority Lien Indebtedness; provided, the Priority Lien Leverage
Ratio as of the last day of the most recently ended Test Period, immediately preceding the date on which such additional Indebtedness
is incurred is not greater than 1.50:1.00, determined on a pro forma basis (including a pro forma application of the net proceeds
therefrom), as if the additional Indebtedness had been incurred and the application of proceeds therefrom had occurred at the beginning
of such Test Period;

 

(ii)         Notes Junior Lien Obligations; provided, the Secured Leverage Ratio as of the last day of the most recently
ended Test Period, immediately preceding the date on which such additional Indebtedness is incurred is not greater than 3.00:1.00,
determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness
had been incurred and the application of proceeds therefrom had occurred at the beginning of such Test Period; or

 

(iii)        unsecured
Indebtedness; provided, the Debt Fixed Charge Coverage Ratio as of the last day of the most recently ended Test
Period, immediately preceding the date on which such additional Indebtedness is incurred is not less than 2.00:1.00, determined
on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had
been incurred and the application of proceeds therefrom had occurred at the beginning of such Test Period;

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provided further,

 

(w)        any
Lien securing indebtedness permitted pursuant to Section 7.02(u)(i) and (ii),

 

(i)           to
the extent on ABL Priority Collateral, shall rank junior to the Administrative Agent’s Lien on such ABL Priority Collateral
pursuant to the ABL Intercreditor Agreement and

 

(ii)          shall
not be on any property other than Collateral;

 

(x)         the
aggregate principal amount of any such Indebtedness incurred by a Subsidiary that is not a Guarantor, together with any Refinancing
Indebtedness in respect thereof, shall not exceed $25,000,000;

 

(y)         (i)
such Indebtedness shall not have mandatory prepayments, amortization or mature prior to a date that is 91 days after the then-latest
Maturity Date and (ii) the terms and conditions of such Indebtedness (except with respect to pricing, premiums, fees, rate floors
and optional prepayment and redemption terms) are substantially identical to the terms and conditions set forth herein (with such
customary adjustments given the asset-based and revolving nature of this Agreement); and

 

(z)         Payment
Conditions shall be satisfied.

 

For purposes of determining
compliance with this Section 7.02:

 

(1)         in
the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the types of Indebtedness
described above, Holdings, in its sole discretion, will be permitted to classify such item of Indebtedness (or any portion thereof)
at the time of incurrence (and in the case of a reclassification, only to the extent the reclassified item could be incurred pursuant
to the criteria at the time of such reclassification) in any manner that complies with this covenant and will only be required
to include the amount and type of such Indebtedness in one of the above clauses; provided, that the Senior Secured
Notes will be deemed to have been incurred in reliance on Section 7.02(c), and may not be reclassified;

 

(2)         Holdings
will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described above.

 

For purposes of determining
compliance with any Dollar restriction on the incurrence of Indebtedness where the Indebtedness incurred is denominated in a different
currency, the amount of such Indebtedness will be the Dollar Equivalent, determined on the date of the incurrence of such Indebtedness;
provided, however, that if any such Indebtedness denominated in a different currency is subject to
a Currency Agreement with respect to Dollars, covering all principal, premium, if any, and interest payable on such Indebtedness,
the amount of such Indebtedness expressed in Dollars will be as provided in such Currency Agreement. The principal amount of any
Refinancing Indebtedness incurred in the same currency as the Indebtedness being Refinanced will be the Dollar Equivalent of the
Indebtedness Refinanced, except to the extent that (1) such Dollar Equivalent was determined based on a Currency Agreement, in
which case the Refinancing Indebtedness will be determined in accordance with the preceding sentence, and (2) the principal amount
of the Refinancing Indebtedness exceeds the principal amount of the Indebtedness being Refinanced, in which case the Dollar Equivalent
of such excess will be determined on the date such Refinancing Indebtedness is incurred.

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Neither the Borrowers
nor any Guarantor will incur any Indebtedness that is contractually subordinated in right of payment to any other Indebtedness
of the Borrowers or such Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Obligations
on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually
subordinated in right of payment to any other Indebtedness of the Borrowers or any Guarantor solely by virtue of being unsecured
or by virtue of being secured on a junior priority basis.

 

Notwithstanding any
other provision of this covenant, the maximum amount of Indebtedness that Holdings or any Restricted Subsidiary may incur pursuant
to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.

 

Section 7.03.     
Investments. Make or hold any Investments, except:

 

(a)          an Investment in Holdings or a Restricted Subsidiary; provided, in respect of any Investment in a Restricted
Subsidiary that is not a Loan Party, Payment Conditions shall be satisfied;

 

(b)          an Investment in another Person that will, upon the making of such Investment, become a Restricted Subsidiary; provided,
however, that such Person’s primary business is a Related Business;

 

(c)          an Investment in another Person if, as a result of such Investment, such other Person is merged or consolidated with or
into, or transfers or conveys all or substantially all its assets to, Holdings or a Restricted Subsidiary; provided
that such Person’s primary business is a Related Business;

 

(d)          an Investment in cash and Cash Equivalents;

 

(e)          an Investment in receivables owing to Holdings or any Restricted Subsidiary if created or acquired in the ordinary course
of business and payable or dischargeable in accordance with customary trade terms; provided, however,
that such trade terms may include such concessionary trade terms as Holdings or any such Restricted Subsidiary deems reasonable
under the circumstances;

 

(f)           commission, payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately
to be treated as expenses for accounting purposes and that are made in the ordinary course of business;

 

(g)          loans or advances to employees made in the ordinary course of business consistent with past practices of Holdings or such
Restricted Subsidiary in an aggregate principal amount (valued in good faith by Holdings at the time of the making thereof, and
without giving effect to any subsequent changes in value) not to exceed $5,000,000 at any one time outstanding;

 

(h)          Investments received in compromise or settlement of debts created in the ordinary course of business and owing to Holdings
or any Restricted Subsidiary, in compromise or settlement of litigation, arbitration or other disputes with Persons who are not
Affiliates, or in satisfaction of judgments;

 

(i)           an
Investment in any Person to the extent such Investment represents the non-cash portion of the consideration received for (i) a
Disposition as permitted pursuant to Section 7.05 or (ii) a disposition of assets not constituting a Disposition;

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(j)           an Investment in any Person where such Investment was acquired by Holdings or any of its Restricted Subsidiaries (i) in
exchange for any other Investment or accounts receivable held by Holdings or any such Restricted Subsidiary in connection with
or as a result of a bankruptcy, workout, reorganization or recapitalization of a Borrower of such other Investment or accounts
receivable or (ii) as a result of a foreclosure by Holdings or any of its Restricted Subsidiaries with respect to any secured Investment
or other transfer of title with respect to any secured Investment in default;

 

(k)          an Investment in any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for
collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course
of business by Holdings or any Restricted Subsidiary;

 

(l)           Investments consisting of Hedging Obligations incurred in the ordinary course of business (and not for speculative purposes);

 

(m)         Investments made solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of Holdings;

 

(n)          Guarantees of Indebtedness of Holdings or a Restricted Subsidiary otherwise permitted to be incurred under Section
7.02 (other than by reference to Section 7.03);

 

(o)          an Investment in any Person as set forth on Schedule 7.03 and to the extent such Investment exists on the
Closing Date, and any extension, modification or renewal of any such Investments existing on the Closing Date, but only to the
extent not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof
(other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities,
in each case, pursuant to the terms of such Investment as in effect on the Closing Date);

 

(p)          Investments held by any Person (other than an Affiliate of Holdings (including any Unrestricted Subsidiary)) that becomes
a Restricted Subsidiary of Holdings; provided, however, that such Investments were not acquired in
contemplation of the acquisition of such Person;

 

(q)          operating leases to, or rental arrangements with, customers in the ordinary course of business;

 

(r)           earnest money deposits required in connection with any acquisition permitted under this Agreement;

 

(s)          Investments consisting of indemnification obligations in respect of performance bonds, bid bonds, appeal bonds, surety bonds,
reclamation bonds and completion guarantees and similar obligations under any Mining Law or Environmental Law or with respect to
workers’ compensation benefits, in each case entered into in the ordinary course of business, and, to the extent constituting
an Investment, pledges or deposits made in the ordinary course of business in support of obligations under existing coal sales
contracts (and extensions or renewals thereof on similar terms);

 

(t)           Investments in surety bonds, reclamation bonds, performance bonds, bid bonds, appeal bonds and related letters of credit,
bank guarantees or similar obligations, in each case, to the extent such surety bonds, reclamation bonds, performance bonds, bid
bonds, appeal bonds, related letters of credit, bank guarantees and similar obligations are permitted under this Agreement;

 

(u)          an
Investment outstanding on the Closing Date as set forth on Schedule 7.03;

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(v)         Investments consisting of Securitization Assets or arising as a result of, or in connection with, Permitted Securitization
Financings, including Investments of funds held in accounts permitted or required by the arrangements governing a Permitted Securitization
Financing or any related Indebtedness, subject to Holdings delivering updated Borrowing Base Certificate demonstrating, after giving
pro forma effect to such release (including any prepayment or repayment of the Loans), the Total Outstandings does not exceed the
Maximum Revolving Credit;

 

(w)        any Investment in an entity which is not a Restricted Subsidiary to which a Restricted Subsidiary sells Securitization Assets
pursuant to a Permitted Securitization Financing, so long as the Payment Conditions are satisfied at the time the relevant Investment
is consummated;

 

(x)         other Investments, so long as the Payment Conditions are satisfied before and after giving effect to such Investment; and

 

(y)         additional Investments (including Investments in joint ventures and/or Unrestricted Subsidiaries), when taken together with
all other Investments made pursuant to this clause (y) and outstanding on the date such Investment is made, do not
exceed $25,000,000; and

 

(z)          so long as the Payment Conditions have been satisfied before and after giving effect to such Investment, Investments in
joint ventures or Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in good faith by Holdings), taken
together with all other Investments made pursuant to this clause (z) that are at that time outstanding, not to exceed
the sum of (a) the greater of (x) $50,000,000 and (y) 2.5% of Consolidated Tangible Assets plus (b) an amount equal to any
returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts)
actually received in respect of any such Investment (with the Fair Market Value of each Investment being measured at the time made
and without giving effect to subsequent changes in value); provided, however, that

 

(i)          if any Investment pursuant to this clause (z) is made in any Person that is not a Loan Party at the date of
the making of such Investment and such Person becomes a Loan Party after such date, such Investment shall thereafter be deemed
to have been made pursuant to Section 7.03(a) and shall cease to have been made pursuant to this clause (z)
for so long as such Person continues to be a Loan Party and

 

(ii)         if any Investment pursuant to this clause (z) is in the form of ABL Priority Collateral, Holdings shall deliver
an updated Borrowing Base Certificate demonstrating, after giving pro forma effect to such Investment (including any prepayment
or repayment of the Loans), the Total Outstandings does not exceed the Maximum Revolving Credit.

 

Section 7.04.     
Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of
(whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to or in favor of any Person (including, in each case, pursuant to a Delaware LLC Division), except that:

 

(a)          any Subsidiary may merge with (i) any of the Borrowers, provided, that such Borrower shall be the continuing
or surviving Person, or (ii) any one or more other Subsidiaries, provided, that when any Subsidiary that is a Loan
Party is merging with another Subsidiary, the Loan Party shall be the continuing or surviving Person; and

 

(b)          any
Subsidiary (other than a Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise)
to the Australian Parent, the Borrowers or to another Subsidiary; provided, that if the transferor in such a transaction
is a Loan Party, then the transferee must be another Loan Party.

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Section 7.05.     
Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except

 

(a)          a Disposition by (i) a Restricted Subsidiary to a Loan Party (other than Holdings) or (ii) by Holdings or a Restricted Subsidiary
to a Restricted Subsidiary; provided, in the case of a Disposition by a Loan Party to a Restricted Subsidiary that
is not a Loan Party, Payment Conditions shall be satisfied before and after giving effect to such Disposition;

 

(b)          a Disposition that constitutes a Restricted Payment that is not prohibited by Section 7.06;

 

(c)          a Disposition of assets or Equity Interests in any single transaction or series of related transactions with a Fair Market
Value of less than $10,000,000;

 

(d)          Dispositions of obsolete or worn-out assets (including fleet and equipment) no longer used or useful in the business as
then being conducted;

 

(e)          trade-ins or exchanges of fleet and equipment or other fixed assets for other assets of approximately equivalent value;

 

(f)           the sale, lease, transfer, conveyance or other disposition of inventory, products or services in the ordinary course of
business, including any sales of coal pursuant to the Stanwell Agreements;

 

(g)          the sale, transfer or conveyance of any Equity Interests or other ownership interest in or assets or property, including
Indebtedness, of an Unrestricted Subsidiary or any Person that is not a Subsidiary;

 

(h)          dispositions of Receivable Assets in connection with the compromise, settlement or collection thereof in the ordinary course
of business or in any bankruptcy or similar proceedings and exclusive of factoring or similar arrangements;

 

(i)           a disposition of cash or Cash Equivalents;

 

(j)           the creation of a Lien permitted by Section 7.01;

 

(k)          the lease, assignment or sublease of any real or personal property (including fleet and equipment) in the ordinary course
of business;

 

(l)           licenses and sublicenses of software or intellectual property in the ordinary course of business;

 

(m)         the foreclosure, condemnation or any similar action with respect to any property or other assets or a surrender or waiver
of contract rights or the settlement, release or surrender of contract, tort or other claims;

 

(n)          the unwinding of any Hedging Obligations;

 

(o)          transfers
of condemned property as a result of the exercise of “eminent domain” or other similar policies to the respective
governmental agency or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers
of properties that have been subject to a casualty to the respective insurer of such property as part of an insurance settlement,
and transfers of properties that have been the subject of a compulsory acquisition;

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(p)          dispositions to the extent required by, or made pursuant to, the establishment of joint ventures and customary buy/sell
arrangements between the joint venture parties set forth in joint venture arrangements and similar binding agreements;

 

(q)          subject to the last paragraph of this Section 7.05, dispositions of receivables in connection with any Permitted
Factoring Arrangement or other receivables financing (including any financing pursuant to which Holdings or any Restricted Subsidiary
may sell, convey or otherwise transfer to any other Person or grant a Lien on any accounts receivable or related assets) (it being
understood that any such Dispositions shall only be permitted pursuant to this clause (q));

 

(r)           subject to the last paragraph of this Section 7.05, any disposition (including by capital contribution), pledge,
factoring, transfer or sale of (i) Securitization Assets to any Special Purpose Securitization Subsidiary or otherwise and (ii)
any other Securitization Assets subject to Liens securing Permitted Securitization Financings (it being understood that any such
Dispositions shall only be permitted pursuant to this clause (r));

 

(s)          Dispositions of assets that are not ABL Priority Collateral and classified as assets held for sale in the consolidated financial
statements of Holdings as of December 31, 2020;

 

(t)           the Curragh Transaction; and

 

(u)          other Dispositions by Holdings and its Subsidiaries; provided, that

 

(i)          Holdings or such Subsidiary receives consideration at the time of such Disposition at least equal to the Fair Market Value
(as determined in good faith by Holdings at the time of contractually agreeing to such Disposition) (including the value of all
non-cash consideration) of the shares and assets subject to such Disposition;

 

(ii)         at least 75% of the consideration thereof received by Holdings or such Subsidiary is in the form of cash, Cash Equivalents
or Replacement Assets.

 

For the purposes of
this Section 7.05(u), the following are deemed to be cash or Cash Equivalents:

 

(1)         the
assumption or discharge of Indebtedness of Holdings (other than obligations in respect of Disqualified Stock of Holdings) or any
Restricted Subsidiary (other than obligations in respect of Disqualified Stock or Preferred Stock of a Guarantor) or other obligations
or liabilities as shown on Holdings or such Restricted Subsidiary’s balance sheet or the notes thereto;

 

(2)         securities,
notes or other similar obligations received by Holdings or any Restricted Subsidiary from the transferee that are converted by
Holdings or such Restricted Subsidiary into cash or Cash Equivalents within 180 days of their receipt to the extent of the cash
or Cash Equivalents received in that conversion; and

 

(3)         any
Designated Non-Cash Consideration received by Holdings or any of its Restricted Subsidiaries in such Disposition having an aggregate
Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (3)
that is at that time outstanding, not to exceed the greater of (x) $25,000,000 and (y) 1.25% of Consolidated Tangible
Assets at the time of the receipt of such Designated Non-Cash Consideration (with the Fair Market Value of each item of Designated
Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value).

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Notwithstanding anything
to the contrary, any direct or indirect Disposition of assets included within the Borrowing Base outside of the ordinary course
of business (including by way of Restricted Payment, Restricted Debt Payment or Investment in a Person that is not a Loan Party,
any Loan Party ceasing to be a Guarantor or a Disposition of Intellectual Property that causes Inventory ceasing to be Eligible
Inventory) and in excess of 5% of the Borrowing Base (or in the case of clauses (q) or (r), any such
Disposition whether or not in the ordinary course of business) prior to giving effect to such Disposition shall be subject to delivery
of an updated Borrowing Base Certificate demonstrating, after giving pro forma effect to such Disposition (including any prepayment
or repayment of the Loans), the Total Outstandings does not exceed the Maximum Revolving Credit.

 

Section 7.06.     
Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment; except that:

 

(a)          any Restricted Payment made out of the net cash proceeds of the substantially concurrent sale of, or made in exchange for,
Equity Interests of Holdings (other than Disqualified Stock and other than Equity Interests issued or sold to a Subsidiary of Holdings
or an employee stock ownership plan or to a trust established by Holdings or any of its Subsidiaries for the benefit of their employees)
or a substantially concurrent contribution to the common equity capital of Holdings;

 

(b)          [reserved];

 

(c)          the payment of any dividend or distribution or consummation of any irrevocable redemption within 60 days after the date
of declaration thereof or the call for a redemption thereof, if at such date of declaration or call for redemption such payment
would have complied with this Section 7.06; provided, if such dividend, distribution or consummation
of any irrevocable redemption is subject to Distribution Conditions being satisfied; Distribution Conditions shall also be satisfied
before and after giving effect to such dividend, distribution or redemption on the date of such dividend, distribution or redemption;

 

(d)          so long as no Default has occurred and is continuing (or would result therefrom),

 

(i)          the purchase, redemption or other acquisition of Equity Interests of Holdings from employees, former employees, directors
or former directors of Holdings or any of its Subsidiaries (or permitted transferees of such employees, former employees, directors
or former directors), pursuant to the terms of any employment agreement, equity subscription agreement, stock option agreement
or similar agreement or stock option plan and

 

(ii)         the purchase of Equity Interests of Holdings in connection with the award of restricted stock grants to employees or directors
of Holdings or any of its Subsidiaries pursuant to the terms of any employment agreement or employee benefit plan to cover restricted
shares granted pursuant to such contract or plan;

 

provided, however,
that the amount of such Restricted Payments under sub-clauses (i) and (ii), in the aggregate, shall
not exceed $7,500,000 in any calendar year, although such amount may be increased by an amount not to exceed the cash proceeds
of key man life insurance policies received by Holdings or any Restricted Subsidiary after the Closing Date;

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(e)          the declaration and payments of dividends or distributions on Preferred Stock of a Restricted Subsidiary or Disqualified
Stock issued pursuant to Section 7.02; provided, however, that, at the time of payment
of such dividend or distribution, no Default has occurred and is continuing (or would result therefrom) and the Distribution Conditions
have been satisfied before and after giving effect to such payments and distributions;

 

(f)           [reserved];

 

(g)          so long as the Distribution Conditions are satisfied before and after giving effect to such Restricted Payment, the declaration
and payment of dividends on account of, or repurchases of, Equity Interests of Holdings; provided that the total
amount of dividends declared and paid pursuant to this clause (g) in any calendar year shall not exceed the greater
of (x) 1.25% of Market Capitalization and (y) $12,500,000;

 

(h)          repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants or other securities convertible
into or exchangeable for Equity Interests of Holdings to the extent such repurchased Equity Interests represent a portion of the
exercise price thereof or applicable withholding taxes, if any;

 

(i)           cash payments in lieu of the issuance of fractional shares in connection with the exercise of stock options, warrants or
other securities convertible into or exchangeable for Equity Interests of Holdings; provided, however,
that any such cash payment shall not be for the purpose of evading the limitation of this Section 7.06;

 

(j)           the payment of any dividend or distribution by a Restricted Subsidiary that it not a Wholly Owned Subsidiary on a pro rata
basis in connection with a bona fide joint venture with Person that is not an Affiliate;

 

(k)          [reserved];

 

(l)           so long as the Distribution Conditions are satisfied before and after giving effect to such Restricted Payment, any consideration,
payment, dividend, distribution or other transfer in connection with a Permitted Securitization Financing;

 

(m)         any Subsidiaries of Holdings may make Restricted Payments to Holdings or any other of its Restricted Subsidiaries without
restriction;

 

(n)          so long as no Default has occurred and is continuing (or would result therefrom), other Restricted Payments in an aggregate
amount not to exceed $30,000,000; or

 

(o)          so
long as the Distribution Conditions are satisfied before and after giving effect to such Restricted Payment, other Restricted Payments.

 

The amount of any
Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities
proposed to be transferred or issued by Holdings or the Restricted Subsidiary, as the case may be, pursuant to the Restricted
Payment. The value of any security, property or other assets that are required to be valued by this covenant will be the Fair
Market Value. The amount of all Restricted Payments in cash shall be its face amount. For purposes of determining compliance with
any Dollar restriction on Restricted Payments, the Dollar equivalent of a Restricted Payment denominated in a foreign currency
shall be calculated based on the relevant currency exchange rate in effect on the date Holdings or the Restricted Subsidiary,
as the case may be, actually makes such Restricted Payment.

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Section 7.07.     
Change in Nature of Business. Engage in any business other than a Similar Business.

 

Section 7.08.     
Transactions With Affiliates. Enter into any transaction of any kind with any Affiliate involving aggregate
consideration in excess of $10,000,000, including, without limitation, any purchase, sale, lease or exchange of property or the
rendering of any service, unless such transaction is (i) not prohibited by this Agreement and (ii) (A) upon fair and reasonable
terms substantially as favorable to Holdings or any of its Restricted Subsidiaries as would be obtainable by Holdings or such Restricted
Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate and (B) if such transaction
involves consideration in excess of $25,000,000, the terms of such transaction are set forth in writing and a majority of the non-employee
directors of Holdings disinterested with respect to such transaction have determined in good faith that the criteria set forth
in clause (ii)(A) are satisfied and have approved the relevant transaction as evidenced by a resolution of the Board
of Directors of Holdings. The foregoing restrictions shall not apply to the following:

 

(a)          transactions between or among Holdings and/or its Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary
as a result of such transaction);

 

(b)          any Investment permitted by Section 7.03 and any Restricted Payment permitted by Section 7.06;

 

(c)          any indemnification agreement, consulting, service or termination agreement or similar arrangement, or any issuance of securities,
or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock
options and stock ownership plans, or other employee or compensation benefit plan, in each case approved by the board of directors
of Holdings;

 

(d)          transactions in which the board of directors of Holdings shall have received a written opinion from an Independent Qualified
Party to the effect that such Affiliate transaction is fair, from a financial standpoint, to Holdings and its Restricted Subsidiaries
or meets the requirements of clause (ii)(A) above;

 

(e)          payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a majority
of the board of directors of Holdings in good faith;

 

(f)           (A)         transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise
relating to the purchase or sale of goods or services, in each case in the ordinary course of business or consistent with past
practice or industry norm and otherwise in compliance with the terms of this Agreement, which are fair to Holdings and the Restricted
Subsidiaries in the reasonable determination of the board of directors or the senior management of Holdings, or are on terms at
least as favorable as might reasonably have been obtained at such time from an unaffiliated party or

 

(B)         transactions
with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business or consistent with past practice
or industry norm;

 

(g)          the
payment of reasonable fees to directors or managers, as applicable, of Holdings and its Restricted Subsidiaries who are not employees
of Holdings or its Restricted Subsidiaries and the payment of customary indemnification to directors, managers, officers and employees
of Holdings and its Restricted Subsidiaries;

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(h)          any transaction with a Person (other than an Unrestricted Subsidiary of Holdings) which would be subject to this Section
7.08 solely because Holdings or a Restricted Subsidiary owns an equity interest in or otherwise controls such Person or
solely because Holdings or a Restricted Subsidiary has the right to designate one or more members of the board of directors or
similar governing body of such Person;

 

(i)           the issuance or sale of any Equity Interests (other than Disqualified Stock) of Holdings;

 

(j)           pledges of Equity Interests of Unrestricted Subsidiaries;

 

(k)          the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes
in the ordinary course of business;

 

(l)           any employment agreements entered into by Holdings or any Restricted Subsidiary in the ordinary course of business;

 

(m)         any contributions to the common equity capital of Holdings;

 

(n)          payments by Holdings or any of its Restricted Subsidiaries to the Permitted Holders made for any financial advisory, financing,
underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions
or divestitures, which payments are approved by a majority of the board of directors of Holdings in good faith;

 

(o)          transactions undertaken in good faith (as certified by a responsible financial or accounting officer of Holdings in a certificate
of a Responsible Officer) for the purpose of improving the consolidated Tax efficiency of Holdings and its Subsidiaries and not
for the purpose of circumventing any covenant set forth in this Agreement or the Loan Documents that does not materially impair
the Collateral and Guarantee provided under the Loan Documents;

 

(p)          investments by the Permitted Holders in securities of Holdings or any Restricted Subsidiary (and payment of reasonable out-of-pocket
expenses incurred by the Permitted Holders in connection therewith) so long as (i) the investment is being generally offered to
other investors on the same or more favorable terms and (ii) the investment constitutes less than 5% of the proposed or outstanding
issue amount of such class of securities;

 

(q)          [reserved]; and

 

(r)           transactions pursuant to agreements in effect on the Closing Date and described Schedule 7.08, or any amendment
or modification or replacement thereof, so long as such amendment, modification or replacement is not materially more disadvantageous
to Holdings and its Restricted Subsidiaries than the original agreement in effect on the Closing Date; and

 

Notwithstanding anything
in this Section 7.08, (i) any portfolio company that is an Affiliate of the Permitted Holders (regardless of whether
such Permitted Holder is itself an Affiliate) shall not be considered an Affiliate of Holdings or its Restricted Subsidiaries
with respect to any transaction, so long as such transaction is in the ordinary course of business and (ii) no Permitted Holder
shall be considered an Affiliate of Holdings or its Restricted Subsidiaries with respect to any transaction unless such Permitted
Holder meets the definition of Affiliate.

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Section 7.09.     
Burdensome Agreements. Enter into any Contractual Obligation that restricts the ability of any Restricted
Subsidiary to:

 

(w)        pay
dividends or make any other distributions to Holdings or any of its Restricted Subsidiaries on its Capital Stock or with respect
to any other interest or participation in, or measured by, its profits (it being understood that the priority of any Preferred
Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Capital
Stock shall not be deemed to be a restriction on the ability to make distributions on Capital Stock);

 

(x)          pay
any Indebtedness owed to the Borrower or a Guarantor;

 

(y)         make
any loans or advances to Holdings or any of its Restricted Subsidiaries; or

 

(z)          sell,
lease or transfer any of its properties or assets to Holdings or any of its Restricted Subsidiaries,

 

provided that

 

(i)          the
priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions
being paid on other Capital Stock;

 

(ii)         the
subordination of loans or advances made to Holdings or any Restricted Subsidiary to other Indebtedness incurred by Holdings or
any Restricted Subsidiary; and

 

(iii)        the
provisions contained in documentation governing Indebtedness requiring transactions between or among Holdings and any Restricted
Subsidiary or between or among any Restricted Subsidiary to be on fair and reasonable terms or on an arm’s length basis,
in each case, shall not be deemed to constitute such an encumbrance or restriction.

 

The foregoing restrictions
shall not apply to the following:

 

(a)          with respect to existing agreements in effect on the Closing Date, or in the Loan Documents and any extensions, refinancings,
renewals, supplements, amendments or replacements thereof; provided that the encumbrances and restrictions in any
such extension, refinancing, renewal, supplement, amendment or replacement are not materially more restrictive, taken as a whole,
than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed, supplemented,
amended or replaced;

 

(b)          existing under or by reason of applicable law, rule, regulation, license, concession, approval, decree or order issued by
any government or any agency thereof;

 

(c)          with
respect to any agreement or instrument of a Person acquired, directly or indirectly, by Holdings as in effect at the time of such
acquisition (to the extent such agreement or instrument was not entered into in connection with or in contemplation of such acquisition),
which encumbrance or restriction is not applicable to any Person or the properties or assets of any Person other than the Person,
or property and assets of the Person, so acquired, and any extensions, refinancings, renewals, supplements, amendments or replacements
thereof; provided that the encumbrances and restrictions in any such extension, refinancing, renewal, supplement,
amendment or replacement are not materially more restrictive, taken as a whole, than those encumbrances or restrictions that are
then in effect and that are being extended, refinanced, renewed, supplemented, amended or replaced;

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(d)          that (x) restrict in a customary manner the subletting, assignment or transfer of any property or asset that is subject
to a lease or license, (y) exist by virtue of any Lien on, or agreement to transfer, option or similar right with respect to, any
property or assets of Holdings or any Restricted Subsidiary not otherwise prohibited by this Agreement or (z) do not relate to
any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of Holdings or
any Restricted Subsidiary in any manner material to Holdings or any Restricted Subsidiary;

 

(e)          with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or
disposition of all or substantially all of the Capital Stock of, or property and assets of, such Restricted Subsidiary that is
permitted by Section 7.02 and Section 7.05;

 

(f)           existing with respect to any Unrestricted Subsidiary or the property or assets of such Unrestricted Subsidiary that is designated
as a Restricted Subsidiary in accordance with the terms of this Agreement at the time of such designation and not incurred in contemplation
of such designation, which encumbrances or restrictions are not applicable to any Person or the property or assets of any Person
other than such Subsidiary or its subsidiaries or the property or assets of such Subsidiary or its subsidiaries, and any extensions,
refinancings, renewals, supplements or amendments or replacements thereof; provided that the encumbrances and restrictions
in any such extension, refinancing, renewal, supplement, amendment or replacement, taken as a whole, are no more restrictive in
any material respect than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed,
supplemented, amended or replaced;

 

(g)          imposed pursuant to any Refinancing Indebtedness; provided that the restrictions contained in the agreements
governing such Refinancing Indebtedness are no more restrictive in any material respect, taken as a whole, than those contained
in the agreements governing the Indebtedness being Refinanced;

 

(h)          restrictions on cash, cash equivalents, marketable securities, investment grade securities or other deposits or net worth
imposed by insurers, sureties, bonding companies, customers or suppliers under contracts entered into in the ordinary course of
business;

 

(i)           arising from provisions in joint venture agreements and other similar agreements if, as determined by the Board of Directors
in good faith, the encumbrances or restrictions are (i) customary for such types of agreements and (ii) would not, at the time
agreed to, be expected to materially and adversely affect the ability of the Borrowers to make required payments on the Loans;

 

(j)           with respect to any Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for Indebtedness
permitted under Section 7.02 if, as determined by the Board of Directors, the encumbrances or restrictions (i) are
customary for such type of agreement and (ii) would not, at the time agreed to, be expected to materially and adversely affect
the ability to make required payments on the Obligations; and

 

(k)          any encumbrances or restrictions contained in any document governing a Permitted Securitization Financing with respect to
any Special Purpose Securitization Subsidiary.

 

Section 7.10.     
Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Federal Reserve
Board) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund Indebtedness originally
incurred for such purpose.

 

Section 7.11.     
Minimum Fixed Charge Coverage Ratio. During any Liquidity Period, permit the Fixed Charge Coverage Ratio
to be less than 1.00 to 1.00 as of the last day of any Test Period, commencing with the Test Period ended immediately preceding
the commencement of such Liquidity Period (it being understood that the requirement to comply with such minimum Fixed Charge Coverage
Ratio under this Section 7.11 shall again be triggered upon the commencement of any other Liquidity Period on any
succeeding day).

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Section 7.12.     
Amendments of Organizational Documents. Amend any of its Organization Documents in a manner that is in
any respect adverse to the Lenders; provided that, any amendment or modification of any Organization Document solely
to change

 

(a)          the legal name of any Loan Party,

 

(b)          the identity or corporate structure of any Loan Party (provided that, after giving effect to any such change
in its identity or corporate structure, such Loan Party shall be a limited liability company, a corporation or a limited partnership),

 

(c)          the jurisdiction of incorporation or formation of any Loan Party to any state within the United States of America or to
the District of Columbia, or

 

(d)          the federal taxpayer identification number (or other comparable identification number) of any Loan Party, in each case,
shall not be deemed materially adverse to the Lenders, so long as the applicable Loan Party

 

(i)          complies with Section 4.01(d) of the Security Agreement, and

 

(ii)         has provided all documentation and other information required by bank regulatory authorities under applicable “know-your-customer”
and anti-money laundering rules and regulations, including the PATRIOT Act, as requested by any Lender or the Administrative Agent
promptly following such request.

 

Section 7.13.     
Accounting Changes. Make any change in

 

(a)          its accounting policies or reporting practices, except as required or permitted by GAAP, or

 

(b)          its fiscal year.

 

Section 7.14.     
Prepayments, Etc. of Indebtedness; Amendments.

 

(a)          Voluntarily pay, prepay, redeem, purchase, defease, acquire, retire or otherwise satisfy prior to the scheduled maturity
thereof in any manner, or make any payment in violation of any subordination terms of, any Indebtedness that is (x) secured by
a Lien junior to the Lien securing the Obligations or on non-Collateral, (y) unsecured or (z) expressly subordinated in right of
payment to the Obligations (other than any such Indebtedness among the Borrowers and any of their respective Restricted Subsidiaries)
(such Indebtedness, the “Junior Debt”, and each such payment, prepayment, redemption, purchase, defeasance,
acquisition, retirement or other satisfaction thereof, a “Restricted Debt Payment”), except:

 

(i)          payments
of regularly scheduled principal, interest and fees in respect of any Junior Debt;

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(ii)         any Restricted Debt Payment made by, in exchange for, or out of the proceeds of the substantially concurrent incurrence
of, Refinancing Indebtedness which is permitted to be incurred pursuant to Section 7.02(g); and

 

(iii)        any other Restricted Debt Payment, so long as the Payment Conditions have been satisfied at the time such Restricted Debt
Payment is made.

 

(b)          Amend, restate, amend and restate, modify or otherwise change in any manner materially adverse to the interests of the Lenders
any term or condition of any Junior Debt Document, any Organization Documents, the Stanwell Agreements or the Rail and Port Agreements.

 

Section 7.15.     
[Reserved].

 

Section 7.16.     
Anti-Cash Hoarding.

 

If, at the end of any
five (5) consecutive Business Days, Total Outstandings are greater than zero ($0.00) and the cash and Cash Equivalents exceeds
the greater of $30,000,000 and fifteen percent (15.0%) of the Borrowing Base in effect on the last such Business Day, then the
Borrowers shall, no later than the Business Day thereafter,

 

(a)          prepay the Loans outstanding on such Business Day in an aggregate principal amount equal to the lesser of (A) such excess
on the preceding Business Day and (B) the amount of Loans then outstanding and

 

(b)          if an Event of Default then exists, if Total Outstandings remain after prepaying all Loans because of L/C Obligations, Cash
Collateralize such L/C Obligations, in each case to the extent any such excess remains on the date such prepayment is required
to be made (it being understood and agreed that any Cash Collateral provided pursuant to this clause (b) shall be
released upon the waiver of any such Event of Default).

 

Article
8.

Events of Default and Remedies

 

Section 8.01.     
Events of Default. Any of the following shall constitute an Event of Default:

 

(a)          Non-Payment. Any Borrower or any other Loan Party fails to pay

 

(i)          when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or

 

(ii)         within three (3) Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, any fee due
hereunder, or any other amount payable hereunder or under any other Loan Document; or

 

(b)          Specific Covenants.

 

(i)          Holdings
or any of its Subsidiaries fails to perform or observe any term, covenant or agreement contained in any of Section 6.02(i),
6.03(a), 6.05(a)(i) (solely with respect to Holdings, Australian Parent, any Borrower or any Subsidiary
of Holdings that is a direct or indirect parent of a Borrower), 6.10, 6.11, 6.19, 6.20,
or Article 7, or

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(ii)         any of the Guarantors fails to perform or observe any term, covenant or agreement contained in Article 10
of this Agreement (but only to the extent it relates to a default under one of the covenants listed in clause (i)
above); or

 

(c)          Other Defaults. Holdings or any of its Subsidiaries fails to perform or observe any other term, covenant or agreement
(other than Section 6.17 and not specified in Section 8.01(a) or (b) above) contained
in any Loan Document on its part to be performed or observed and such failure continues for (A) in the case of Section 6.17,
15 days and (B) otherwise, 30 days, in each case, after the earlier of (x) receipt by any Borrower of written notice thereof from
the Administrative Agent and (y) knowledge of any Loan Party of such default or failure to perform or observe; or

 

(d)          Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made
by or on behalf of Holdings or any of its Restricted Subsidiaries herein, in any other Loan Document, or in any document delivered
in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made; or

 

(e)          Cross-Default.

 

(i)          Holdings or any of its Restricted Subsidiaries

 

(A)         fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise)
in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder, Indebtedness under Swap Contracts or Guarantees
of the Obligations), in each case having an aggregate principal amount (including amounts owing to all creditors under any combined
or syndicated credit agreement) of more than the Threshold Amount, beyond the period of grace, if any, provided in the instrument
or agreement under which such Indebtedness or Guarantee was created, or

 

(B)          fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained
in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default
or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such
Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving
of notice if required, such Indebtedness to become due prior to its stated maturity, or such Guarantee to become due or payable;
or

 

(ii)         there occurs under any Swap Contract an Early Termination Date (as defined under such Swap Contract) resulting from

 

(A)         any event of default under such Swap Contract as to which Holdings or any of its Restricted Subsidiaries is the Defaulting
Party (as defined in such Swap Contract), or

 

(B)          any
Termination Event (as so defined) under such Swap Contract as to which Holdings or any of its Restricted Subsidiaries is an Affected
Party (as so defined) and, in either event, the Swap Termination Value owed by Holdings or such Restricted Subsidiary as a result
thereof is greater than the Threshold Amount; or

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(f)           Insolvency Proceedings, Etc.

 

(i)          Holdings or any of its Restricted Subsidiaries institutes or consents to the institution of any proceeding under any Debtor
Relief Law or any Insolvency Proceeding, or

 

(ii)         makes an assignment for the benefit of creditors; or

 

(iii)        applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator,
Controller or similar officer for it or for all or any substantial part of its property; or

 

(iv)        any receiver, trustee, custodian, conservator, liquidator, rehabilitator, Controller or similar officer is appointed without
the application or consent of such Person and the appointment continues undischarged or unstayed for 60 days; or

 

(v)         any proceeding under any Debtor Relief Law or any Insolvency Proceeding relating to any such Person or to all or any substantial
part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 days, or an
order for relief is entered in any such proceeding; or

 

(g)          Inability to Pay Debts; Attachment.

 

(i)          Holdings or any of its Restricted Subsidiaries becomes unable or admits in writing its inability or fails generally to pay
its debts as they become due, or

 

(ii)         any writ or warrant of attachment or execution or similar process is issued or levied against all or any substantial part
of the property of any such Person and is not released, vacated or fully bonded within 60 days after its issue or levy; or

 

(h)          Judgments. There is entered against Holdings or any of its Restricted Subsidiaries one or more final judgments or
orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to
the extent not covered by independent third-party insurance), and, such judgments or orders shall not have been vacated, discharged,
stayed or bonded pending appeal within 60 days from the entry thereof; or

 

(i)           ERISA. The occurrence of any of the following events that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect:

 

(i)          an ERISA Event with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to
result in an actual obligation to pay money of the Borrowers under Title IV of ERISA to the Pension Plan, Multiemployer Plan or
the PBGC, or

 

(ii)         the Borrowers or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment
payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan; or

 

(j)           Invalidity
of Loan Documents. Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or Holdings, any of
its Restricted Subsidiaries or any other Person contests in any manner the validity or enforceability of any Loan Document; or
Holdings or any of its Restricted Subsidiaries denies that it has any or further liability or obligation under any Loan Document,
or purports to revoke, terminate or rescind any Loan Document; or

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(k)          Change of Control. There occurs any Change of Control; or

 

(l)           Collateral Documents. Any Collateral Document (including the Australian Collateral Document) after delivery thereof
pursuant to Section 4.01 or 6.12 shall for any reason (other than pursuant to the terms hereof or thereof,
including as a result of a transaction permitted by Section 7.04 or 7.05) cease to create a valid and
perfected Lien, with the priority required hereby or thereby (subject to Liens permitted by Section 7.01), on the
Collateral purported to be covered thereby.

 

Section 8.02.     
Remedies Upon Event of Default.

 

(a)          If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent
of, the Required Lenders, take any or all of the following actions, subject to the terms of the ABL Intercreditor Agreement:

 

(i)          declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to
be terminated, whereupon such commitments and obligation shall be terminated;

 

(ii)         declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts
owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived by the Borrowers;

 

(iii)        require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to 103% (or if not denominated in Dollars,
110%) of the face amount thereof);

 

(iv)        exercise on behalf of itself, the Lenders and the applicable L/C Issuer all rights and remedies available to it, such Lenders
and such L/C Issuer under the Loan Documents or applicable law (including in respect of the Collateral);

 

provided, however,
that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrowers under the Debtor Relief
Laws, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable, and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of the Administrative Agent or any Lender.

 

(b)          Upon the occurrence of the Termination Date,

 

(i)          the Commitments of each Lender to make Loans and the Commitments of each Lender and L/C Issuer to issue or participate in
Letters of Credit shall each automatically be terminated, and

 

(ii)         the Loans, all interest thereon and all other amounts and Obligations shall automatically become due and payable in cash,
without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrowers and the other
Loan Parties.

 

Section 8.03.     
Application of Funds. On the Termination Date and after the exercise of remedies provided for in Section
8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically
been required to be Cash Collateralized), any amounts received on account of the Obligations shall, subject to the provisions
of Section 2.16 hereof and the ABL Intercreditor Agreement, be applied by the Administrative Agent in the following
order:

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First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Administrative Agent and amounts payable under Article 3) payable to the Administrative
Agent in its capacity as such;

 

Second,
to payment of that portion of the Obligations constituting Protective Advances and Unreimbursed Amounts (including interest and
fees thereon) payable to the Administrative Agent and L/C Issuers ratably among the Administrative Agent and the L/C Issuer in
proportion to the respective amounts described in this clause Second payable to them;

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans,
L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described
in this clause Third payable to them;

 

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans, L/C Borrowings and, to the extent a Reserve
is established in respect thereof, amounts owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably
among the Lenders, the L/C Issuers, the Hedge Banks and the Cash Management Banks, as applicable, in proportion to the respective
amounts described in this clause Fourth held by them;

 

Fifth,
to the Administrative Agent for the account of the L/C Issuers, to Cash Collateralize that portion of L/C Obligations comprised
of the aggregate undrawn amount of Letters of Credit;

 

Sixth,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than amounts owing under
Secured Hedge Agreements and Secured Cash Management Agreements) payable to the Lenders and the L/C Issuer with respect to Letters
of Credit (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer (including fees and
time charges for attorneys who may be employees of any Lender or the L/C Issuer)) and amounts payable under Article 3,
ratably among them in proportion to the respective amounts described in this clause Sixth payable to them;

 

Seventh,
to the payment of other Obligations, including, any amounts owing under Secured Hedge Agreements and Secured Cash Management Agreements,
ratably among the applicable Secured Parties, in proportion to the respective amounts described in this clause Seventh
held by them; and

 

Last,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrowers or as otherwise required
by Law or the ABL Intercreditor Agreement or the Stanwell Intercreditor Agreement.

 

Subject to Section
2.04(d), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth
above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit
as cash collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied
to the other Obligations, if any, in the order set forth above.

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Section 8.04.     
Equity Cure Rights. In the event Holdings and the Borrowers fail to comply with the financial covenant
set forth in Section 7.11, subject to the terms and conditions hereof, Holdings and the Borrowers shall have the
right (the “Cure Right”) from the last day of the applicable fiscal quarter until the expiration of the
10th Business Day subsequent to the date the applicable financial statements are required to be delivered to Administrative Agent
with respect thereto, to issue Permitted Cure Securities for cash or otherwise receive, as additional paid in capital, cash contributions
from its equity holders, in either case in an aggregate net amount equal to, but not greater than, the amount necessary to cure
the financial covenant (hereinafter, the “Cure Amount”), and upon the receipt by Holdings and the Borrowers
of the cash proceeds thereof, the financial covenant shall then be recalculated giving effect to the following pro forma adjustments:

 

(a)          Consolidated
EBITDA shall be increased for the applicable fiscal quarter and for the subsequent three (3) consecutive fiscal quarters, solely
for the purpose of measuring compliance with the financial covenant and not for any other purpose under this Agreement, by an amount
equal to the Cure Amount paid over to Administrative Agent for application to the Loans in accordance with Section 2.06(b)
hereof;

 

(b)          any
prepayment of the Loans made with respect to such Cure Amount shall not serve as a reduction to Indebtedness for purposes of calculating
the financial covenant for the applicable measurement period for which the Cure Right is exercised (but shall for any subsequent
measurement period); and

 

(c)          if,
after giving effect to the foregoing recalculations, Holdings and the Borrowers shall then be in compliance with the requirements
of the financial covenant, Holdings and the Borrowers shall be deemed to have been in compliance with such financial covenant as
of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date,
and the applicable breach, Default or Event of Default of such financial covenant that had occurred shall be deemed not to have
occurred for this purpose of the Agreement.

 

Notwithstanding anything herein to the
contrary, in no event shall Holdings and the Borrowers be permitted to exercise the Cure Right hereunder (x) more than five (5)
times in the aggregate during the term of this Agreement or (y) more than two (2) times in any 4 consecutive fiscal quarters.

 

Article
9.

Administrative Agent

 

Section 9.01.     
Appointment.

 

(a)          Each
of the Lenders and the L/C Issuers hereby irrevocably appoints, designates and authorizes each of the Administrative Agent and
the Co-Collateral Agent to take such actions on its behalf under the provisions of this Agreement and each other Loan Document
and to exercise such powers and perform such duties as are delegated to the Administrative Agent and/or the Co-Collateral Agent
by the terms and provisions hereof and of the other Loan Documents, together with such power as are reasonably incidental thereto.
Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, each of the Administrative
Agent and the Co-Collateral Agent shall have no duties or responsibilities, except those expressly set forth herein, nor shall
the Administrative Agent or the Co-Collateral Agent have or be deemed to have any fiduciary relationship with any Lender, L/C
Issuer or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read
into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent or the Co-Collateral Agent.
Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan
Documents with reference to the Administrative Agent or the Co-Collateral Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter
of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.
The provisions of this Article 9 (other than Sections 9.10 and 9.12) are solely for
the benefit of the Administrative Agent, the Co-Collateral Agent, the Lenders and the L/C Issuer, and neither the Borrowers nor
any other Loan Party shall have rights as a third party beneficiary of any such provisions.

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(b)          Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and each such L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative
Agent in this Article 9 with respect to any acts taken or omissions suffered by such L/C Issuer in connection with
Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit or bank
guarantees pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in this Article
9 and in the definition of “Agent Affiliate” included such L/C Issuer with respect to such acts or omissions,
and (ii) as additionally provided herein with respect to such L/C Issuer. The Co-Collateral Agent shall have all of the benefits
and immunities provided to the Administrative Agent in this Article 9 with respect to any acts taken or omissions suffered by the
Co-Collateral Agent hereunder.

 

(c)          The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the
Lenders (in its capacities as a Lender or Swingline Lender (if applicable)) and L/C Issuer hereby irrevocably appoints and authorizes
the Administrative Agent to act as the agent of (and to hold any security interest created by the Collateral Documents (including
the Australian Collateral Documents) for and on behalf of) such Lender, L/C Issuer and its Affiliates for purposes of acquiring,
holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together
with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral
agent” (and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section
9.02 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral
Documents (including the Australian Collateral Documents), or for exercising any rights and remedies thereunder at the direction
of the Administrative Agent (or Required Lenders)), shall be entitled to the benefits of all provisions of this Article 9
(including Section 9.07, as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent”
under the Loan Documents) as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing,
the Lenders and L/C Issuers hereby expressly authorize the Administrative Agent to execute any and all documents (including releases)
with respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance
with the provisions of this Agreement and the Collateral Documents (including the Australian Collateral Documents) and acknowledge
and agree that any such action by the Administrative Agent shall bind the Lenders and L/C Issuers.

 

Section 9.02.     
Delegation of Duties.

 

The Administrative
Agent may execute any of its duties under this Agreement or any other Loan Document (including for purposes of holding or enforcing
any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents (including the Australian Collateral
Documents) or of exercising any rights and remedies thereunder) by or through agents, sub-agents, employees or attorneys-in-fact
(including for the purpose of any Borrowing or payment in Alternate Currencies) as shall be deemed necessary by the Administrative
Agent and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties.
Each such sub-agent and the Affiliates of the Administrative Agent and each such sub-agent shall be entitled to the benefits of
all provisions of this Article 9, Section 11.04(a) and Section 11.04(b) (as though such
sub-agents were the “Administrative Agent” under the Loan Documents) as if set forth in full herein with respect thereto.
The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or sub-agent or attorney-in-fact
that it selects in the absence of gross negligence or willful misconduct (as determined in the final judgment of a court of competent
jurisdiction).

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Section 9.03.     
Liability of Agents.

 

(a)          No Agent Affiliate shall

 

(i)          be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other
Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct, as determined
by the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein), or

 

(ii)         be responsible in any manner to any Lender, L/C Issuer or participant for any recital, statement, representation or warranty
made by any Loan Party or any officer thereof, contained herein or in any other Loan Document, or in any certificate, report, statement
or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement
or any other Loan Document, or the execution, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement
or any other Loan Document, or the perfection or priority of any Lien or security interest created or purported to be created under
the Collateral Documents (including, the Australian Collateral Documents), or for any failure of any Loan Party or any other party
to any Loan Document to perform its obligations hereunder or thereunder.

 

(b)          No Agent Affiliate shall be under any obligation to any Lender, any L/C Issuer or participant to ascertain or to inquire
into

 

(i)          any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document,

 

(ii)         the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith,

 

(iii)        the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein
or the occurrence of any Default or Event of Default,

 

(iv)        the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document or the perfection or priority of any Lien or security interest created or purported to be created by the
Collateral Documents (including the Australian Collateral Documents),

 

(v)         the satisfaction of any condition set forth in Article 4 or elsewhere herein, other than to confirm receipt
of documentary items expressly required to be delivered to the Administrative Agent, or

 

(vi)        to
inspect the properties, books or records of any Loan Party or any Affiliate thereof.

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(c)          No Agent Affiliate shall have any duties or obligations to any Lender, any L/C Issuer or participant except those expressly
set forth herein and in the other Loan Documents, and without limiting the generality of the foregoing, the Agent Affiliates:

 

(i)          shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)         shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that such Person is required to exercise as directed in
writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or
in the other Loan Documents), provided that such Person shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose it to liability or that is contrary to any Loan Document or applicable law; and

 

(iii)        shall not be required to carry out any “know your customer” or other checks in relation to any person on behalf
of any Lender or any L/C Issuer and each Lender and each L/C Issuer confirms to the Administrative Agent that it is solely responsible
for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the
Administrative Agent or any of its Affiliates.

 

(d)          No Agent Affiliate be liable

 

(i)          to any participant or Secured Party or their Affiliates for any failure, delay in performance, breach by, or as a result
of information provided by, any other party to any Loan Document or action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or such Person shall
believe in good faith shall be necessary under the circumstances) or

 

(ii)         in the absence of its own gross negligence or willful misconduct, as determined by a final judgment of a court of competent
jurisdiction.

 

(e)          For the avoidance of doubt, no Agent Affiliate shall be obligated to calculate or confirm the calculations of any financial
covenants set forth herein or the other Loan Documents or in any of the financial statements of the Loan Parties. No Agent Affiliate
shall be liable to the Lenders for any apportionment or distribution of payments made by it to such Lenders in good faith and if
any such apportionment or distribution is subsequently determined to have been made in error, the sole recourse of any Lender to
whom payment was due but not made shall be to recover pro rata from the other Lenders any payment equal to the amount to which
they are determined to be entitled (and such other Lenders hereby agree to return to such Lender any such erroneous payments received
by them).

 

(f)           In
no event shall any Agent Affiliate be liable for any failure or delay in the performance of their respective obligations under
this Agreement or any related documents because of circumstances beyond such Agent Affiliate’s control, including, but not
limited to, a failure, termination, or suspension of a clearing house, securities depositary, settlement system or central payment
system in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances
or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism,
fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances,
regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the
providing of the services contemplated by this Agreement or any related documents, or the unavailability of communications or
computer facilities, the failure of equipment or interruption of communications or computer facilities, or the unavailability
of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond such Agent Affiliate’s
control whether or not of the same class or kind as specified above.

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(g)          Nothing in this Agreement or any other Loan Document shall require any Agent Affiliate to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers
hereunder.

 

(h)          Without limiting anything contained herein, each Agent Affiliate shall have no obligation for (i) perfecting, maintaining,
monitoring, preserving or protecting the security interest or Lien granted under this Agreement, any other Loan Document, or any
agreement or instrument contemplated hereby or thereby; (ii) the filing, re-filing, recording, re-recording, or continuing of any
document, financing statement, mortgage, assignment, notice, instrument of further assurance, or other instrument in any public
office at any time or times; or (iii) providing, maintaining, monitoring, or preserving insurance on or the payment of taxes with
respect to any Collateral.

 

Section 9.04.     
Reliance by the Administrative Agent.

 

(a)          The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, instrument,
document, communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile,
telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and
correct and to have been signed, sent or made by the proper Person or Persons, and/or upon advice and statements of legal counsel
(including counsel to any Loan Party), independent accountants and other experts selected by the Administrative Agent.

 

(b)          The Administrative Agent shall be fully justified in failing or refusing to take any action under any Loan Document unless
it shall first receive such advice or concurrence of the Required Lenders (or such greater number of Lenders) as it deems appropriate
and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders and L/C Issuers against any and all liability
and expense which may be incurred by it by reason of taking or continuing to take (or declining to take or continuing to decline
to take) any such action, which indemnification may be joint and several.

 

(c)          The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement
or any other Loan Document in accordance with a request, consent of or ratification by the Required Lenders (or such greater number
of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders and L/C Issuers; provided that the Administrative Agent shall not be
required to take any action that, in its opinion or in the opinion of its counsel, may expose the Administrative Agent to liability
or that is contrary to any Loan Document or applicable Law.

 

(d)          Any notice, consent, request, direction, instruction or ratification by the Required Lenders shall be executed by the Lenders
of record providing such consent, request, direction, instruction or ratification.

 

Section 9.05.     
Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence
of any Default or Event of Default, unless the Administrative Agent shall have received written notice from Required Lender or
a Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice
of default” or “notice of an event of default” as applicable. The Administrative Agent will notify the Lenders
and the L/C Issuers of its receipt of any such notice. The Administrative Agent shall take such action with respect to any Event
of Default as may be directed by the Required Lenders in accordance with Article 8; provided that
unless and until the Administrative Agent has received any such direction, the Administrative Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable or
in the best interest of the Lenders and the L/C Issuers.

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Section 9.06.     
Credit Decision; Disclosure of Information by Agents. Each Lender and each L/C Issuer acknowledges that no Agent
Affiliate has made any representation or warranty to it, and that no act by the Administrative Agent hereafter taken, including
any consent to and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed
to constitute any representation or warranty by any Agent Affiliate to any Lender or L/C Issuer as to any matter, including whether
Agent Affiliates have disclosed material information in their possession. Each Lender and each L/C Issuer represents to the Administrative
Agent that it has, independently and without reliance upon any Agent Affiliate and based on such documents and information as it
has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial
and other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable bank or other
regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to
extend credit to the Borrowers and the other Loan Parties hereunder. Each Lender and each L/C Issuer also represents that it will,
independently and without reliance upon any Agent Affiliate and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement
and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects,
operations, property, financial and other condition and creditworthiness of the Borrowers and the other Loan Parties. Except for
notices, reports and other documents expressly required to be furnished to the Lenders or the L/C Issuers by the Administrative
Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Lender or any L/C Issuer with any
credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any of the Loan Parties or any of their respective Affiliates which may come into the possession of any Agent Affiliate.

 

Section 9.07.     
Indemnification of the Administrative Agent.

 

Whether or not the
transactions contemplated hereby are consummated, the Lenders and L/C Issuers shall indemnify upon demand the Administrative Agent
and each other Agent Affiliate, pro rata, and hold harmless the Administrative Agent and each other Agent Affiliate from and against
any and all Indemnified Liabilities incurred by it (whether based on contract, tort or any other theory, whether brought by or
against a third party or by or against the Lenders or the L/C Issuers, and regardless of whether any Indemnitee is a party thereto);
provided that no Lender or L/C Issuer shall be liable for the payment to any Agent Affiliate of any portion of such
Indemnified Liabilities resulting from such Agent Affiliate’s own gross negligence or willful misconduct, as determined by
the final judgment of a court of competent jurisdiction; provided that no action taken in accordance with the directions
of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Loan Documents) shall be
deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.07. In the case of any
investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this Section 9.07 applies whether
any such investigation, litigation or proceeding is brought by or against any Lender, any L/C Issuer or any other Person (or whether
the Administrative Agent or an Agent Affiliate is a party to any such Proceeding).

 

Without limitation
of the foregoing, each Lender and each L/C Issuer shall reimburse the Administrative Agent upon demand for its ratable share of
any costs or out-of-pocket expenses (including all reasonable fees, expenses and disbursements of any law firm or other external
legal counsel and compensation of agents and employees paid for services rendered on behalf of the Lenders or the L/C Issuer)
incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment
or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities
under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the
Administrative Agent is not reimbursed for such expenses by or on behalf of the Borrowers, provided that such reimbursement
by the Lenders or by the L/C Issuers shall not affect the Borrowers’ continuing reimbursement obligations with respect thereto.

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Each Lender hereby
authorizes the Administrative Agent and Collateral Agent (including in its capacity as Australian Security Trustee) to set off
and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable or distributable by
the Administrative Agent or the Collateral Agent (including in its capacity as Australian Security Trustee) to such Lender from
any source against any amount due to the Administrative Agent or the Collateral Agent under Section 2.13 and this
Section 9.07.

 

The undertaking in
this Section 9.07 shall survive termination of the Commitments of all Lenders and all L/C Issuers, the payment of
all other Obligations and the resignation of the Administrative Agent.

 

Section 9.08.     
Withholding Tax. If any Governmental Authority of the United States, Australia or other jurisdiction asserts
a claim that the Administrative Agent did not properly withhold Taxes from amounts paid to or for the account of any Lender or
any L/C Issuer for any reason (including, without limitation, because the appropriate form was not delivered or not property executed,
or because such Lender or such L/C Issuer failed to notify the Administrative Agent of a change in circumstance that rendered the
exemption from, or reduction of withholding Tax ineffective), such Lender or such L/C Issuer shall indemnify and hold harmless
the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any Loan Party and without
limiting or expanding the obligation of the applicable Loan Party to do so) for all amounts paid, directly or indirectly, by the
Administrative Agent as Taxes or otherwise, including any interest, additions to tax or penalties thereto, together with all reasonable
expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender or any L/C Issuer by the Administrative Agent shall be conclusive absent manifest error.

 

Section 9.09.     
Administrative Agent in Its Individual Capacity.

 

(a)          Any Person serving as Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as
any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or
 “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each Person
serving as Administrative Agent hereunder in its individual capacity. The Administrative Agent and its Affiliates may make loans
to, issue letters of credit and bank guarantees for the account of, accept deposits from, acquire Equity Interests in and generally
engage in any kind of banking, trust, financial advisory, underwriting or other business with each of the Loan Parties and their
respective Affiliates as though the Administrative Agent were not the Administrative Agent or an L/C Issuer hereunder and without
notice to or consent of the Lenders. The Lenders and L/C Issuer acknowledge that, pursuant to such activities, the Administrative
Agent or its Affiliates may receive information regarding any Loan Party or any of its Affiliates (including information that may
be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and acknowledge that the Administrative
Agent shall not be under any obligation to provide such information to them. With respect to its Loans, the Administrative Agent
shall have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers as though
it were not the Administrative Agent, an L/C Issuer, and the terms “Lender” and “Lenders” include the Administrative
Agent in its individual capacity.

 

(b)          Each
Lender and each L/C Issuer understands that the Person serving as Administrative Agent, acting in its individual capacity, and
its Affiliates (collectively, the “Agent’s Group”) are engaged in a wide range of financial services
and businesses (including investment management, financing, securities trading, corporate and investment banking and research)
(such services and businesses are collectively referred to in this Section 9.09 as “Activities”)
and may engage in the Activities with or on behalf of one or more of the Loan Parties or their respective Affiliates. Furthermore,
the Agent’s Group may, in undertaking the Activities, engage in trading in financial products or undertake other investment
businesses for its own account or on behalf of others (including the Loan Parties and their Affiliates and including holding,
for its own account or on behalf of others, equity, debt and similar positions in Holdings, another Loan Party or their respective
Affiliates), including trading in or holding long, short or derivative positions in securities, loans or other financial products
of one or more of the Loan Parties or their Affiliates. Each Lender and each L/C Issuer understands and agrees that in engaging
in the Activities, the Agent’s Group may receive or otherwise obtain information concerning the Loan Parties or their Affiliates
(including information concerning the ability of the Loan Parties to perform their respective Obligations hereunder and under
the other Loan Documents) which information may not be available to any of the Lenders or any of the L/C Issuers that are not
members of the Agent’s Group. Neither the Administrative Agent nor any member of the Agent’s Group shall have any
duty to disclose to any Lender or any L/C Issuer or use on behalf of the Lenders or on behalf of the L/C Issuers, and shall not
be liable for the failure to so disclose or use, any information whatsoever about or derived from the Activities or otherwise
(including any information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any Loan Party or any Affiliate of any Loan Party) or to account for any revenue or profits obtained in connection with the
Activities, except that the Administrative Agent shall deliver or otherwise make available to each Lender and each L/C Issuer
such documents as are expressly required by any Loan Document to be transmitted by the Administrative Agent to the Lenders or
the L/C Issuers.

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(c)          Each Lender and each L/C Issuer further understands that there may be situations where members of the Agent’s Group
or their respective customers (including the Loan Parties and their Affiliates) either now have or may in the future have interests
or take actions that may conflict with the interests of any one or more of the Lenders or L/C Issuers (including the interests
of the Lenders or L/C Issuers hereunder and under the other Loan Documents). Each Lender and each L/C Issuer agrees that no member
of the Agent’s Group is or shall be required to restrict its activities as a result of the Person serving as Administrative
Agent being a member of the Agent’s Group, and that each member of the Agent’s Group may undertake any Activities without
further consultation with or notification to any Lender or any L/C Issuer. None of (i) this Agreement nor any other Loan Document,
(ii) the receipt by the Agent’s Group of information (including Information) concerning the Loan Parties or their Affiliates
(including information concerning the ability of the Loan Parties to perform their respective Obligations hereunder and under the
other Loan Documents) nor (iii) any other matter shall give rise to any fiduciary, equitable or contractual duties (including without
limitation any duty of trust or confidence) owing by the Administrative Agent or any member of the Agent’s Group to any Lender
or any L/C Issuer including any such duty that would prevent or restrict the Agent’s Group from acting on behalf of customers
(including the Loan Parties or their Affiliates) or for its own account.

 

Section 9.10.     
Resignation by the Administrative Agent.

 

(a)          The Administrative Agent may resign as the Administrative Agent upon 30 days’ prior notice to the Lenders, the L/C
Issuers and the Borrowers. If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint from among
the Lenders a successor agent for the Lenders (or such other Person reasonably acceptable to Holdings), which successor agent shall
be consented to by Holdings at all times other than during the existence of an Event of Default under Section 8.01(f)
(which consent of Holdings shall not be unreasonably withheld or delayed).

 

(b)          If
no successor agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative
Agent may appoint, after consulting with the Lenders and Holdings, a successor agent. Upon the acceptance of its appointment as
successor agent hereunder, the Person acting as such successor agent shall succeed to all the rights, powers and duties of the
retiring Administrative Agent, and the term “Administrative Agent” shall mean such successor administrative agent
and/or supplemental administrative agent, as the case may be, and the retiring Administrative Agent’s appointment, powers
and duties as the Administrative Agent shall be terminated. After the retiring Administrative Agent’s resignation hereunder
as the Administrative Agent, the provisions of this Article 9, Section 11.04(a) and Section
11.04(b) shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative
Agent under this Agreement.

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(c)          If no successor agent has accepted appointment as the Administrative Agent by the date which is 30 days following the retiring
Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon
become effective and the Lenders and L/C Issuers shall perform all of the duties of the Administrative Agent hereunder until such
time, if any, as the Required Lenders appoint a successor agent as provided for above.

 

(d)          Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor and upon the execution and filing
or recording of such financing statements, or amendments thereto, and such other instruments or notices, as may be necessary or
desirable, or as the Required Lenders may request, in order to (i) continue the perfection of the Liens granted or purported to
be granted by the Collateral Documents or (ii) otherwise ensure that the requirements of Section 6.12 are (or continue
to be) satisfied, the successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers,
discretion, privileges, and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged
from its duties and obligations under the Loan Documents (if not already discharged therefrom as provided above in this Section
9.10).

 

(e)          After the retiring Administrative Agent’s resignation hereunder as the Administrative Agent, the provisions of this
Article 9, Section 11.04(a) and Section 11.04(b) shall continue in effect for its benefit
in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent.

 

(f)           Any resignation by the Administrative Agent as Administrative Agent pursuant to this Section 9.10 shall also
constitute its resignation as a Swingline Lender and its resignation as an L/C Issuer. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder,

 

(i)          such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Swingline Lender
and L/C Issuer,

 

(ii)         the
retiring Swingline Lender and L/C Issuer shall be discharged from all of their respective duties and obligations hereunder or under
the other Loan Documents, and

 

(iii)        the
successor L/C Issuer shall issue letters of credit or bank guarantees in substitution for the Letters of Credit issued by Citibank,
N.A., if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer effectively
to assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

 

(g)          Anything
herein to the contrary notwithstanding, if at any time the Required Lenders determine that the Person serving as Administrative
Agent is (without taking into account any provision in the definition of “Defaulting Lender” requiring notice from
the Administrative Agent or any other party) a Defaulting Lender, the Required Lenders (determined after giving effect to Section
11.01) may by notice to the Borrower Representative and such Person remove such Person as Administrative Agent and, with
the consent of Holdings (not to be unreasonably withheld), appoint a replacement Administrative Agent hereunder. Such removal
will, to the fullest extent permitted by applicable law, be effective on the date a replacement Administrative Agent is appointed.

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Section 9.11.     
Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative
Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or
by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrowers) shall
be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)          to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C
Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and its agents
and counsel and all other amounts due the Lenders and the Administrative Agent under Section 2.04(j), Section
2.04(k), Section 2.10 and Section 11.04(b)) allowed in such judicial proceeding; and

 

(b)          to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

(c)          and any custodian, receiver, interim receiver, receiver and manager, assignee, trustee, liquidator, sequestrator, Controller
or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such
payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments
directly to the Lenders or L/C Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and their respective agents and counsel, and any other amounts due the Administrative
Agent under Section 2.10 and Section 11.04(b).

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or
any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender or any L/C Issuer or to authorize the Administrative Agent to vote in respect of the claim of any Lender or any L/C Issuer
in any such proceeding.

 

Section 9.12.     
Collateral and Guaranty Matters.

 

The Lenders and the
L/C Issuer irrevocably agree:

 

(a)          that any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (including, in its
capacity as Australian Security Trustee) under any Loan Document shall be automatically released

 

(i)          upon
termination of the Commitments of all the Lenders and the L/C Issuer and payment in full of all Obligations (other than contingent
indemnification obligations not yet accrued and payable) and the expiration or termination of all Letters of Credit (other than
Letters of Credit in which the Outstanding Amount of the L/C Obligations related thereto have been Cash Collateralized or, if
satisfactory to the L/C Issuer in its sole discretion, for which a backstop letter of credit or bank guarantee is in place),

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(ii)         at the time the property subject to such Lien is transferred or to be transferred as part of or in connection with any transfer
permitted hereunder or under any other Loan Document to a Loan Party; and

 

(iii)        subject to Section 11.01, if the release of such Lien is approved, authorized or ratified in writing by the
Required Lenders;

 

(b)          to release or subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document
to the holder of any Lien on such property that is permitted by Section 7.01(f);

 

(c)          that any Guarantor (other than the Borrowers) shall be automatically released from its obligations under the Guarantee in
Article 10 if in the case of any Guarantor, such Person ceases to be a Subsidiary as a result of a transaction or
designation permitted hereunder; and

 

(d)          if any Guarantor shall cease to be a Material Subsidiary (as certified in writing by a Responsible Officer) and Holdings
notifies the Administrative Agent in writing that it wishes such Guarantor to be released from its Obligations hereunder or its
obligations under the Guarantee in Article 10 hereto such Subsidiary shall be automatically released from its Obligations
hereunder or its obligations under its Guarantee.

 

Notwithstanding the
foregoing, a release of Collateral that is ABL Priority Collateral outside of the ordinary course of business, a subordination
of the Lien securing the Obligations and a release of any Guarantor, in each case, shall be subject to Holdings delivering updated
Borrowing Base Certificate demonstrating, after giving pro forma effect to such release (including any prepayment or repayment
of the Loans), the Total Outstandings does not exceed the Maximum Revolving Credit.

 

Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the
Guaranty pursuant to this Section 9.12. In each case as specified in this Section 9.12, the Administrative
Agent will promptly (and each Lender and each L/C Issuer irrevocably authorizes the Administrative Agent to), at Holding’s
expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence
the release or subordination of such item of Collateral from the assignment and security interest granted under the Collateral
Documents (including the Australian Collateral Documents), or to evidence the release of such Loan Party from its obligations under
any of the Loan Documents, in each case in accordance with the terms of the Loan Documents and this Section 9.12.

 

Section 9.13.    
Arrangers and Bookrunners. Except as expressly provided herein, none of the Lenders or other Persons identified
on the facing page or signature pages of this Agreement as a “Joint Lead Arranger” or “Joint Bookrunner”
shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to
all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed
to have any fiduciary relationship with any Lender. Each Lender and each L/C Issuer acknowledges that it has not relied, and will
not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking
action hereunder.

 

Section 9.14.     
Appointment of Supplemental Collateral Agents.

 

(a)          It
is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any jurisdiction
denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction.
It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in particular in case
of the enforcement of any of the Loan Documents, or in case the Administrative Agent deems that by reason of any present or future
Law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the other Loan Documents
or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent is hereby authorized
to appoint an additional individual or institution selected by the Administrative Agent in its sole discretion as a separate trustee,
co-trustee, administrative agent, collateral agent, collateral sub-agent, collateral co-agent, administrative sub-agent or administrative
co-agent (any such additional individual or institution being referred to herein individually as a “Supplemental Administrative
Agent” and collectively as “Supplemental Administrative Agents”).

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(b)          In the event that the Administrative Agent appoints a Supplemental Administrative Agent with respect to any Collateral,

 

(i)          each and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents
to be exercised by or vested in or conveyed to the Administrative Agent with respect to such Collateral shall be exercisable by
and vest in such Supplemental Administrative Agent to the extent, and only to the extent, necessary to enable such Supplemental
Administrative Agent to exercise such rights, powers and privileges with respect to such Collateral and to perform such duties
with respect to such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise
or performance thereof by such Supplemental Administrative Agent shall run to and be enforceable by either the Administrative Agent
or such Supplemental Administrative Agent, and

 

(ii)         the provisions of this Article 9 and of Section 11.04(a) and Section 11.04(b)
that refer to the Administrative Agent shall inure to the benefit of such Supplemental Administrative Agent and all references
therein to the Administrative Agent shall be deemed to be references to the Administrative Agent and/or such Supplemental Administrative
Agent, as the context may require.

 

(c)          Should any instrument in writing from any Loan Party be required by any Supplemental Administrative Agent so appointed by
the Administrative Agent for more fully and certainly vesting in and confirming to it such rights, powers, privileges and duties,
such Loan Party shall execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative
Agent. In case any Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting, resign or
be removed, all the rights, powers, privileges and duties of such Supplemental Administrative Agent, to the extent permitted by
Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new Supplemental Administrative Agent.

 

Section 9.15.     
Reports and Financial Statements. By signing this Agreement, each Lender and each L/C Issuer:

 

(a)          is deemed to have requested that the Administrative Agent furnish such Lender or such L/C Issuer, as applicable, promptly
after they become available, copies of all financial statements required to be delivered by Holdings hereunder and all field examinations,
audits and appraisals of the Collateral received by the Administrative Agent (collectively, the “Reports”);

 

(b)         expressly
agrees and acknowledges that the Administrative Agent (i) makes no representation or warranty as to the accuracy of the Reports,
and (ii) shall not be liable for any information contained in any Report;

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(c)          expressly agrees and acknowledges that the Reports are not comprehensive audits or examinations, that the Administrative
Agent or any other party performing any audit or examination will inspect only specific information regarding the Loan Parties
and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’
personnel;

 

(d)          agrees to keep all Reports confidential in accordance with the provisions of Section 11.07 (other than clause
(g) thereof); and

 

(e)          without limiting the generality of any other indemnification provision contained in this Agreement, agrees:

 

(i)          to hold the Administrative Agent and any such other Lender preparing a Report harmless from any action the indemnifying
Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any Loans or Letters
of Credit that the indemnifying Lender has made or may make to the Borrowers, or the indemnifying Lender’s participation
in, or the indemnifying Lender’s purchase of, a Loan or Loans of the Borrowers; and

 

(ii)         to pay and protect, and indemnify, defend, and hold the Administrative Agent and any such other Lender preparing a Report
harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable
attorney costs) incurred by the Administrative Agent and any such other Lender preparing a Report as the direct or indirect result
of any third parties who might obtain all or part of any Report through the indemnifying Lender

 

in each case, including, in connection
with, or as a result of any actual or prospective claim, actions, suits, inquiries, litigation, investigation or proceeding relating
to any of the foregoing or the preparation of any defense in connection therewith, whether based on contract, tort or any other
theory, whether brought by or against such Lender or L/C Issuer, a third party or by the Borrowers or any other Loan Party, and
regardless of whether the Administrative Agent ( or such preparing Lender) is a party thereto.

 

Section 9.16.     
Posting of Approved Electronic Communications.

 

(a)          Each of the Lenders and L/C Issuers and each Loan Party agree that the Administrative Agent may, but shall not be obligated
to, make the Approved Electronic Communications available to the Lenders and the L/C Issuers by posting such Approved Electronic
Communications on Debt Domain, IntraLinksTM or a substantially similar electronic platform chosen by the Administrative Agent
to be its electronic transmission system (the “Approved Electronic Platform”).

 

(b)          Although
the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies
implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a dual firewall and
a User ID/Password Authorization System) and the Approved Electronic Platform is secured through a single-user-per-deal authorization
method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, the L/C
Issuer and each Loan Party acknowledges and agrees that the distribution of material through an electronic medium is not necessarily
secure and that there are confidentiality and other risks associated with such distribution. In consideration for the convenience
and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency
of which is hereby acknowledged, each of the Lenders, the L/C Issuer and each Loan Party hereby approves distribution of the Approved
Electronic Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

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(c)          The Approved Electronic Platform and the Approved Electronic Communications are provided “as is” and “as
available”. None of the Administrative Agent, the Collateral Agent (including in its capacity as the Australian Security
Trustee) nor any of their respective Affiliates or any of their respective officers, directors, employees, agents, advisors, attorneys
or representatives (the Administrative Agent, the Collateral Agent (including in its capacity as the Australian Security Trustee)
and each of the foregoing, each, an “Agent Affiliate”) warrant the accuracy, adequacy or completeness
of the Approved Electronic Communications or the Approved Electronic Platform and each expressly disclaims liability for errors
or omissions in the Approved Electronic Platform and the Approved Electronic Communications. No warranty of any kind, express,
implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement
of third party rights or freedom from viruses or other code defects, is made by the Agent Affiliates in connection with the Approved
Electronic Platform or the Approved Electronic Communications.

 

(d)          Each of the Lenders, the L/C Issuers and each Loan Party agree that the Administrative Agent may, but (except as may be
required by applicable law) shall not be obligated to, store the Approved Electronic Communications on the Approved Electronic
Platform in accordance with the Administrative Agent’s generally-applicable document retention procedures and policies.

 

(e)          Each Borrower hereby acknowledges that certain of the Lenders may be “public-side” Lenders (i.e., Lenders
that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public
Lender”). Each Borrower hereby agrees that so long as a Borrower is the issuer of any outstanding debt or equity
securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities

 

(w)        all
materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”)
that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum,
shall mean that the word “PUBLIC” shall appear prominently on the first page thereof;

 

(x)          by
marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, any
Arranger, the L/C Issuers and the Lenders to treat the Borrower Materials as not containing any material non-public information
with respect to the Borrowers or its securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent the Borrower Materials constitute Information, they shall be treated as set forth in
Section 11.07);

 

(y)         all
Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
 “Public Investor;” and

 

(z)          the
Administrative Agent and any Arranger shall be entitled to treat the Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Investor.” Notwithstanding the
foregoing, the Borrower shall not be under any obligation to mark the Borrower Materials “PUBLIC.”

 

In connection with the foregoing, each
party hereto acknowledges and agrees that the foregoing provisions are not in derogation of their confidentiality obligations under
Section 11.07.

 

Section 9.17.     
Erroneous Payments.

 

(a)          If
the Administrative Agent notifies a Lender, L/C Issuer or Secured Party, or any Person who has received funds on behalf of
a Lender, L/C Issuer or Secured Party such Lender or L/C Issuer (any such Lender, L/C Issuer, Secured Party or other recipient,
a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether
or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient
from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly
received by, such Payment Recipient (whether or not known to such Lender, L/C Issuer, Secured Party or other Payment Recipient
on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution
or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such
Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative
Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such
Lender, L/C Issuer or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall
cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative
Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in
the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment
(or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same
day funds at the greater of the Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under
this clause (a) shall be conclusive, absent manifest error.

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(b)          Without limiting immediately preceding clause (a), each Lender, L/C Issuer or Secured Party, or any Person who has
received funds on behalf of a Lender, L/C Issuer or Secured Party such Lender or L/C Issuer, hereby further agrees that if it receives
a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution
or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different
date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates)
with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment
or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender, L/C Issuer or Secured Party,
or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in
each case:

 

(i)          (A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made
(absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately
preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

 

(ii)         such Lender, L/C Issuer or Secured Party shall (and shall cause any other recipient that receives funds on its respective
behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent
of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying
the Administrative Agent pursuant to this Section 9.17(b).

 

(c)          Each
Lender, L/C Issuer or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at
any time owing to such Lender, L/C Issuer or Secured Party under any Loan Document, or otherwise payable or distributable by the
Administrative Agent to such Lender, L/C Issuer or Secured Party from any source, against any amount due to the Administrative
Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement.

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(d)          In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason,
after demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or
L/C Issuer that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous
Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”),
upon the Administrative Agent’s notice to such Lender or L/C Issuer at any time,

 

(i)          such Lender or L/C Issuer shall be deemed to have assigned its Loans (but not its Commitments) of the relevant class with
respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in an amount
equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment
of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”)
at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance),
and is hereby (together with the Borrowers) deemed to execute and deliver an Assignment and Acceptance (or, to the extent applicable,
an agreement incorporating an Assignment and Acceptance by reference pursuant to an Approved Electronic Platform as to which the
Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such
Lender or L/C Issuer shall deliver any Notes evidencing such Loans to the Borrowers or the Administrative Agent,

 

(ii)         the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment,

 

(iii)        upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender or L/C Issuer, as applicable,
hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender or assigning L/C Issuer shall cease
to be a Lender or L/C Issuer, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding,
for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments
which shall survive as to such assigning Lender or assigning L/C Issuer and

 

(iv)        the Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment
Deficiency Assignment.

 

The Administrative Agent may, in its discretion,
sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the
Erroneous Payment Return Deficiency owing by the applicable Lender or L/C Issuer shall be reduced by the net proceeds of the sale
of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such
Lender or L/C Issuer (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no
Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or L/C Issuer and such Commitments shall remain
available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that
the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment,
and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually
subrogated to all the rights and interests of the applicable Lender, L/C Issuer or Secured Party under the Loan Documents with
respect to each Erroneous Payment Return Deficiency (any such Obligations to which the Administrative Agent has become a subrogee,
the “Erroneous Payment Subrogation Obligations”).

 

(e)          The
parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed
by the Borrowers or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect
to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrowers or
any other Loan Party for the purpose of making such Erroneous Payment.

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(f)           To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment,
and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any
demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation
waiver of any defense based on “discharge for value” or any similar doctrine

 

(g)          Each party’s obligations, agreements and waivers under this Section 9.17 shall survive the resignation
or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or L/C Issuer,
the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof)
under any Loan Document.

 

Article
10.

Guarantee

 

Section 10.01.   
Guarantee.

 

(a)          Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Administrative
Agent, for the ratable benefit of the Secured Parties and their respective successors, endorsees, transferees and assigns, the
prompt and complete payment and performance by the Borrowers and each other Loan Party when due (whether at the stated maturity,
by acceleration or otherwise) of the Obligations.

 

(b)          Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder
and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under any applicable
Law relating to fraudulent conveyances, fraudulent transfers, or the insolvency of debtors (after giving effect to the right of
contribution established in Section 10.02).

 

(c)          Each Guarantor agrees that the Obligations may at any time and from time to time exceed the maximum amount of the liability
of such Guarantor under Section 10.01(b) without impairing the guarantee contained in this Article 10
or affecting the rights and remedies of the Secured Parties hereunder.

 

(d)          The guarantee contained in this Article 10 shall remain in full force and effect until all the Obligations
(other than any contingent indemnification obligations not then due) shall have been satisfied by payment in full, no Letter of
Credit shall be outstanding (except to the extent that the Letters of Credit have been Cash Collateralized or otherwise supported,
in each case, on terms satisfactory to the Administrative Agent), and the Commitments shall be terminated, notwithstanding that
from time to time during the term of the Agreement the Borrowers may be free from any Borrower Obligations.

 

(e)          No
payment made by the Borrowers, any of the Guarantors, any other Guarantor or any other Person or received or collected by any
Secured Party from the Borrowers, any of the Guarantors, any other Guarantor or any other Person by virtue of any action or proceeding
or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations
shall be deemed to reduce, release, modify or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding
any such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected
from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor
hereunder until the Obligations (other than any contingent indemnification obligations not then due) are paid in full, no Letter
of Credit shall be outstanding (except to the extent that the Letters of Credit have been Cash Collateralized or otherwise supported,
in each case, on terms satisfactory to the Administrative Agent), and the Commitments are terminated.

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Section 10.02. 
  Right of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid
more than its proportionate share of any payment made hereunder (including by way of set-off rights being exercised against it),
such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not
paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to the terms and conditions
of Section 10.03. The provisions of this Section 10.02 shall in no respect limit the obligations and
liabilities of any Guarantor to the Secured Parties, and each Guarantor shall remain jointly and severally liable to the Secured
Parties for the full amount guaranteed by such Guarantor hereunder.

 

Section 10.03. 
   No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application
of funds of any Guarantor by any Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of any Secured
Party against the Borrowers or any Guarantor or any collateral security or guarantee or right of offset held by any Secured Party
for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from
the Borrowers or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Secured
Parties by the Borrowers on account of the Obligations (other than any contingent indemnification obligations not then due) are
paid in full, no Letter of Credit shall be outstanding (except to the extent that the Letters of Credit have been Cash Collateralized
or otherwise supported, in each case, on terms satisfactory to the Administrative Agent), and the Commitments are terminated. If
any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Obligations (other
than any contingent indemnification obligations not then due) shall not have been paid in full, such amount shall be held by such
Guarantor in trust for the Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by
such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such
Guarantor to the Administrative Agent, if required), to be applied against the Obligations, whether matured or unmatured, in such
order as the Administrative Agent may determine.

 

Section 10.04. 
   Amendments, etc. with Respect to the Borrower Obligations. Each Guarantor shall remain obligated
hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent
by any Guarantor, any demand for payment of any of the Obligations made by any Secured Party may be rescinded by such Secured
Party and any of the Borrower Obligations continued, and the Obligations, or the liability of any other Person upon or for any
part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time,
in whole or in part, be renewed, extended, increased, amended, modified, accelerated, compromised, waived, surrendered or released
by any Secured Party, and this Agreement and the other Loan Documents and any other documents executed and delivered in connection
therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required
Lenders or all Lenders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right
of offset at any time held by any Secured Party for the payment of the Obligations may be sold, exchanged, waived, surrendered
or released. No Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it
as security for the Obligations or for the guarantee contained herein or any property subject thereto. 

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Section 10.05. 
   Guarantee Absolute and Unconditional. Each Guarantor agrees that its obligations hereunder are irrevocable,
absolute, independent and unconditional and shall not be affected by any circumstance that constitutes a legal or equitable discharge
of a guarantor or a surety other than payment in full of the Obligations. In furtherance of the foregoing and without limiting
the generality thereof, each Guarantor agrees as follows:

 

(a)          The guarantee under this Article 10 is a guaranty of payment when due and not of collectability, and is a
primary obligation of each Guarantor and not merely a contract of surety.

 

(b)          The Administrative Agent may enforce the guarantee under this Article 10 upon the occurrence of an Event of
Default notwithstanding the existence of any dispute between the Borrowers and any Beneficiary with respect to the existence of
such Event of Default.

 

(c)          Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice
of or proof of reliance by any Secured Party upon the guarantee contained in this Article 10 or acceptance of the
guarantee contained in this Article 10.

 

(d)          The Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed,
extended, amended or waived, in reliance upon the guarantee contained in this Article 10 and all dealings between
the Borrowers and any of the Guarantors, on the one hand, and the Secured Parties, on the other hand, likewise shall be conclusively
presumed to have been had or consummated in reliance upon the guarantee contained in this Article 10.

 

(e)          To the fullest extent permitted by applicable law, each Guarantor waives diligence, presentment, protest, demand for payment
and notice of default or nonpayment to or upon the Borrowers or any of the Guarantors with respect to the Obligations.

 

(f)           Each Guarantor understands and agrees that the guarantee contained in this Article 10 shall be construed as
a continuing, absolute and unconditional guarantee of payment and performance without regard to

 

(i)          the validity or enforceability of the Agreement or any other Loan Document, any of the Obligations or any other collateral
security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by any Secured Party,

 

(ii)         any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available
to or be asserted by the Borrowers or any other Person against any Secured Party,

 

(iii)        any acts of any legislative body or Governmental Authority affecting the Borrowers, including but not limited to, any restrictions
on the conversion of currency or repatriation or control of funds or any total or partial expropriation of the Borrowers’
property, or by economic, political, regulatory or other events in the countries where the Borrowers are located, or

 

(iv)        any
other circumstance whatsoever (with or without notice to or knowledge of the Borrowers or such Guarantor) which constitutes, or
might be construed to constitute, an equitable or legal discharge of the Borrowers for the Obligations, or of such Guarantor under
the guarantee contained in this, in bankruptcy or in any other instance.

 

(g)          When
making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, any Secured Party may,
but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against
the Borrowers, any other Guarantor or any other Person or against any collateral security or guarantee for the Obligations or
any right of offset with respect thereto, and any failure by the Administrative Agent or any other Secured Party to make any such
demand, to pursue such other rights or remedies or to collect any payments from the Borrowers, any other Guarantor or any other
Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of
the Borrowers, any other Guarantor or any other Person or any such collateral security or guarantee or right of offset, shall
not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether
express, implied or available as a matter of law, of the Secured Parties against any Guarantor. For the purposes hereof “demand”
shall include the commencement and continuance of any legal proceedings.

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Section 10.06.   
Waiver by Guarantors. Each Guarantor hereby waives, for the benefit of the Secured Parties:

 

(a)          any right to require any Secured Party, as a condition of payment or performance by such Guarantor, to

 

(i)          proceed against Borrowers, any other Guarantor of the Obligations or any other Person,

 

(ii)         proceed against or exhaust any security held from Borrowers, any such other Guarantor or any other Person,

 

(iii)        proceed against or have resort to any balance of any deposit account or credit on the books of any Secured Party in favor
of Borrowers or any other Person, or

 

(iv)        pursue any other remedy in the power of any Secured Party whatsoever;

 

(b)          any defense arising by reason of the incapacity, lack of authority or any disability or other defense of Borrowers or any
other Guarantor including any defense based on or arising out of the lack of validity or the unenforceability of the Obligations
or any agreement or instrument relating thereto or by reason of the cessation of the liability of Borrowers or any other Guarantor
from any cause other than payment in full of the Obligations;

 

(c)          any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger
in amount nor in other respects more burdensome than that of the principal;

 

(d)          any defense based upon any Secured Party’s errors or omissions in the administration of the Obligations, except behavior
which amounts to bad faith;

 

(e)          (i)          any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms hereof
and any legal or equitable discharge of such Guarantor’s obligations hereunder,

 

(ii)         the
benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement hereof,

 

(iii)        any
rights of set offs, recoupments and counterclaims, and

 

(iv)        promptness,
diligence and any requirement that any Secured Party protect, secure, perfect or insure any security interest or lien or any property
subject thereto;

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(f)           notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction,
including the acceptance hereof, notices of default hereunder, the Secured Hedge Agreements or any agreement or instrument related
thereto, the Secured Cash Management Agreements or any agreement or instrument related thereto, notices of any renewal, extension
or modification of the Obligations or any agreement related thereto, notices of extension of credit to Borrowers;

 

(g)          any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate Guarantors
or sureties, or which may conflict with the terms hereof;

 

(h)          any defenses arising from the amendment of waiver of any term of the Loan Documents;

 

(i)           any defenses arising from failure to perfect any security granted over the Collateral or any release of security over the
Collateral;

 

(j)           any law or regulation of any jurisdiction or any other event affecting any term of the Loan Documents or the Obligations;
and

 

(k)          any other circumstances that might constitute a defense to the Guarantor.

 

Section 10.07.   
Releases.

 

(a)          At such time as the Obligations shall have been paid in full (other than any contingent indemnification obligations not
then due), the Commitments have been terminated and no Letters of Credit shall be outstanding (except to the extent that the Letters
of Credit that have been Cash Collateralized or otherwise supported, in each case, on terms satisfactory to the Administrative
Agent), all obligations (other than those expressly stated to survive such termination) of each Guarantor hereunder shall terminate,
all without delivery of any instrument or performance of any act by any party. At the request and sole expense of any Guarantor
following any such termination, the Administrative Agent shall execute and deliver to such Guarantor such documents as such Guarantor
shall reasonably request to evidence such termination.

 

(b)          A Guarantor shall automatically be released from its obligations hereunder and the Guarantee of such Guarantor shall automatically
be released

 

(i)          upon the consummation of any transaction or related series of transaction permitted hereunder if as a result thereof such
Guarantor shall cease to be a Subsidiary (or becomes an Excluded Subsidiary); provided, that a Guarantor shall not
be released until Holdings delivers an updated Borrowing Base Certificate demonstrating, after giving pro forma effect to such
release (including any prepayment or repayment of the Loans), the Total Outstandings does not exceed the Maximum Revolving Credit
or

 

(ii)         upon the repayment in full in cash of all of the Obligations.

 

In connection with any such release, the
Administrative Agent shall promptly execute and deliver to any Guarantor, at such Guarantor’s expense, all documents that
such Guarantor shall reasonably request to evidence termination or release. Any execution and delivery of documents pursuant to
the preceding sentence of this Section 10.07(b) shall be without recourse to or warranty by the Administrative Agent
(other than as to the Administrative Agent’s authority to execute and deliver such documents).

 

Section 10.08.  
Subordination of Other Obligations. Any Indebtedness of the Borrowers or any Guarantor held as of the Closing
Date or thereafter by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment
to the Obligations, and any such indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred
and is continuing shall be held in trust for the Administrative Agent on behalf the Beneficiaries and shall forthwith be paid
over to the Administrative Agent for the benefit of the Beneficiaries to be credited and applied against the Obligations but without
affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof.

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Section 10.09. 
   Authority of Guarantors or Borrowers. It shall not be necessary for any Beneficiary to inquire into the capacity
or powers of any Guarantor or Borrowers or the officers, directors or agents acting or purporting to act on behalf of any of them.

 

Section 10.10. 
   Financial Condition of Borrowers. Any Credit Extension may be made to the Borrowers or continued from time to
time, without notice to or authorization from any Guarantor regardless of the financial or other condition of Borrowers at the
time of such grant or continuation. No Beneficiary shall have any obligation to disclose or discuss with any Guarantor its assessment,
or any Guarantor’s assessment, of the financial condition of the Borrowers. Each Guarantor has adequate means to obtain information
from the Borrowers on a continuing basis concerning the financial condition of the Borrowers and its ability to perform its obligations
under the Loan Documents, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition
of the Borrowers and all circumstances bearing upon the risk of nonpayment of the Obligations. Each Guarantor hereby waives and
relinquishes any duty on the part of any Beneficiary to disclose any matter, fact or thing relating to the business, operations
or conditions of the Borrowers known as of the Closing Date or thereafter known by any Beneficiary.

 

Section 10.11.   
Taxes and Payments. The provisions of Section 3.01(a)- (e) shall apply mutatis
mutandis to the Guarantors and payments thereby.

 

Section 10.12. 
  Assignments. Each Guarantor acknowledges that the Administrative Agent or any Lender may assign or otherwise
transfer all or any portion of its rights and obligations under this Agreement (including, without limitation, all or any portion
of its Commitments, the Loans owing to it and any Note or Notes held by it) and such assignee, transferee or participant shall
thereupon become vested with all the benefits in respect thereof granted to such party herein or otherwise, in each case as and
to the extent provided in Section 11.06. No Guarantor shall have the right to assign its rights hereunder or any
interest herein except in accordance with Section 11.06.

 

Section 10.13. 
  Reinstatement. Each Guarantor agrees that if (a) any payment made by the Borrowers or any other Person and applied
to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential
or otherwise required to be refunded or repaid, or (b) the proceeds of Collateral are required to be returned by any Beneficiary
to the Borrowers or its estate, trustee, receiver or any other Party including any Guarantor or its estate, trustee, or receiver
under any requirement of Law, then, to the extent of such payment or repayment, any such Guarantors liability hereunder shall be
and remain in full force and effect, as fully as if such payment had never been made. If, prior to any of the foregoing, the guarantee
under this Article 10 shall have been cancelled or surrendered (and, if any Lien or other Collateral securing such
Guarantor’s liability hereunder shall have been released or terminated by virtue of such cancellation or surrender), the
guarantee under this Article 10 (and such Lien or other Collateral) shall be reinstated in full force and effect,
and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of
any such Guarantor in respect of the amount of such payment (or any lien or other Collateral securing such obligation).

 

Section 10.14. 
  Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of
its obligations under this Guarantee in respect of Swap Contracts (provided, however, that each Qualified
ECP Guarantor shall only be liable under this Section 10.14 for the maximum amount of such liability that can be
hereby incurred without rendering its obligations under this Section 10.14, or otherwise under this Guarantee, voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations
of each Qualified ECP Guarantor under this Section 10.14 shall remain in full force and effect until the Obligations
have been paid in full and the Commitments and all Letters of Credit have been terminated. Each Qualified ECP Guarantor intends
that this Section 10.14 constitute, and this Section 10.14 shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act.

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Article
11.

Miscellaneous

 

Section 11.01.    Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document,
and no consent to any departure by the Borrowers or any other Loan Party therefrom, shall be effective unless in writing signed
by the Required Lenders and the Borrowers or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall:

 

(a)          extend or increase the Commitment of any Lender without the written consent of each Lender directly affected thereby;

 

(b)          (i)          extend the scheduled maturity of any Loan, or

 

(ii)         postpone
any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees
or other amounts due to the Lenders (or any of them) or any mandatory reduction of the aggregate Commitments hereunder without
the written consent of each Lender directly adversely affected thereby;

 

(c)          reduce the principal of, or the stated rate of interest specified herein on, any Loan or Unreimbursed Amount, or (subject
to clause (iv) of the proviso to this Section 11.01) any fees or other amounts payable hereunder without
the written consent of each Lender entitled to such amount; provided, however, that only the consent
of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of
the Borrowers to pay interest or Letter of Credit Fees at the Default Rate;

 

(d)          change Section 2.07 or Section 8.03 in a manner that would alter the pro rata sharing of payments
or payment priorities required thereby without the written consent of each Lender adversely affected thereby;

 

(e)          change any provision of this Section 11.01 or the definitions of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder
or make any determination or grant any consent hereunder without the written consent of each Lender adversely affected thereby;

 

(f)           release
all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of
each Lender; provided that the Collateral Agent (including in its capacity as the Australian Security Trustee) may,
without consent from any other Lender or Secured Party, release any Collateral that is sold or otherwise Disposed of by a Loan
Party in compliance with Section 7.05 or as otherwise expressly provided in the Loan Documents;

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(g)          release all or substantially all of the Guarantors, without the written consent of each Lender, except to the extent the
release of any Guarantor is permitted pursuant to Section 10.07 or as otherwise expressly permitted under the Loan
Documents (in which case such release may be made by the Administrative Agent acting alone); or

 

(h)          directly or indirectly, whether by amendment, waiver or otherwise, increase the advance rates set forth in the definition
of the term “Borrowing Base,” add new asset categories to the Borrowing Base or otherwise cause the Borrowing Base
or availability under the Facility provided for herein to be increased (other than changes in Reserves implemented by the Administrative
Agent (and, during a Co-Collateral Agent Period, the Administrative Agent and the Co-Collateral Agent) in its Reasonable Credit
Judgment) without the written consent of each Lender adversely affected thereby;

 

provided, that

 

(i)           no
amendment, waiver or consent shall, unless in writing and signed by the applicable L/C Issuer in addition to the Lenders required
above, affect the rights or duties of such L/C Issuer under this Agreement or any document relating to any Letter of Credit issued
or to be issued by it; and

 

(ii)          no
amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required above,
affect the rights and duties of the Swingline Lender under this Agreement; and

 

(iii)        (A)        no
amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required
above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document or

 

(B)         no
amendment, waiver or consent shall, unless in writing and signed by the Co-Collateral Agent in addition to the Lenders required
above, affect the rights or duties of the Co-Collateral Agent under this Agreement or any other Loan Document; and

 

(iv)         the
Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.

 

Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that
the Commitment of such Lender may not be increased or extended without the consent of such Lender.

 

If any Lender does
not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of
each Lender and that has been approved by the Required Lenders, the Borrowers may replace each non-consenting Lender in accordance
with Section 11.13; provided, that such amendment, waiver, consent or release can be effected as a
result of all such assignments.

 

Any such waiver and
any such amendment or modification pursuant to this Section 11.01 shall apply equally to each of the Lenders and
shall be binding upon the Borrowers, the Lenders, the L/C Issuers, the Administrative Agent and all future holders of the Loans.
In the case of any waiver, the Borrowers, the Lenders, the L/C Issuers and the Administrative Agent shall be restored to their
former positions and rights hereunder and under the other Loan Documents, and any Default or Event of Default that is waived pursuant
to this Section 11.01 shall be deemed to be cured and not continuing during the period of such waiver.

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Notwithstanding the
foregoing, without the consent of any other party hereto, this Agreement may be amended by the Administrative Agent, Holdings and
each Borrower to the extent necessary to integrate any Alternate Currency.

 

Notwithstanding anything
to the contrary contained in this Section 11.01, guarantees, collateral security documents and related documents
executed by Loan Parties or any Subsidiaries of Holdings in connection with this Agreement may be in a form reasonably determined
by the Administrative Agent and may be amended, supplemented and waived with the consent of the Administrative Agent at the request
of Holdings without the need to obtain the consent of any other Lender if such amendment, supplement or waiver is delivered in
order (i) to comply with local Law or advice of local counsel, (ii) to cure any typographical ambiguity, error, defect or inconsistency
or (iii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other
Loan Document but, for the avoidance of doubt, this provision shall not authorize any amendment, supplement or waiver which releases
Collateral or Guarantors unless amended in accordance with this Section 11.01. The Administrative Agent shall be
entitled to extend any deadline or requirement in connection with compliance with guarantee and security provisions in the Loan
Documents without the consent of any other Lender.

 

If the Administrative
Agent and Holdings shall have jointly identified an obvious error, mistake or ambiguity or any error or omission of a technical
or administrative nature in any Loan Document, then the Administrative Agent and Holdings shall be permitted to amend such provision
without further action or consent of any other party if the same is not objected to in writing by the Required Lenders to the Administrative
Agent within five (5) business days following receipt of notice thereof.

 

Notwithstanding the
foregoing, no Lender consent is required to effect any amendment or supplement to the ABL Intercreditor Agreement, the Stanwell
Intercreditor Agreement or other intercreditor agreement or arrangement permitted under this Agreement that is for the purpose
of adding the holders of any other Indebtedness and Liens permitted hereunder to be secured by a Lien on Collateral, as expressly
contemplated by the terms of such ABL Intercreditor Agreement, the Stanwell Intercreditor Agreement or such other intercreditor
agreement or arrangement permitted under this Agreement, as applicable (it being understood that any such amendment or supplement
may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative
Agent, are required to effectuate the foregoing).

 

Section 11.02.   
Notices; Effectiveness; Electronic Communications.

 

(a)          Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone
(and except as provided in subsection (b) below), all notices and other communications provided for herein shall
be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier
as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

 

(i)          if to the Borrowers, the Administrative Agent or L/C Issuer, to the address, telecopier number, electronic mail address
or telephone number specified for such Person on Schedule 11.02 (or such other address or number as the Borrowers,
the Administrative Agent or any L/C Issuer may from time to time notify to each other party); and

 

(ii)         if
to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative
Questionnaire.

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Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic
communications to the extent provided in subsection (b) below shall be effective as provided in such subsection
(b).

 

(b)          Electronic Communications. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered
or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by
the Administrative Agent, provided, that the foregoing shall not apply to notices to any Lender or L/C Issuer pursuant
to Article 2 if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable
of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrowers may, in their discretion,
agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by
it, provided, that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes,

 

(i)          notices and other communications sent to the Lenders and the L/C Issuers to an e-mail address shall be deemed received upon
the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), provided, that if such notice or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipient, and

 

(ii)         notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by
the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice
or communication is available and identifying the website address therefor.

 

Each Lender agrees
that notice to it specifying that any Borrower Materials or other notices or communications have been posted to the Platform shall
constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement;
provided that if requested by any Lender, the Administrative Agent shall deliver a copy of the Borrower Materials,
notices or other communications to such Lender by email or fax.

 

(c)          The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES
OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall
the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any
liability to the Borrowers, any Lender, L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of
any kind (whether in tort, contract or otherwise) arising out of the Borrowers’ or the Administrative Agent’s transmission
of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses have
resulted from the gross negligence or willful misconduct of such Agent Party as determined by a court of competent jurisdiction
in a final, non-appealable judgment; provided, however, that in no event shall the Agent Party have
any liability to the Borrowers, any Lender, L/C Issuer or any other Person for indirect, special, incidental, consequential or
punitive damages (as opposed to direct or actual damages).

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(d)          Change of Address, Etc. Each of the Borrowers, the Administrative Agent and each L/C Issuer may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other
Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrowers,
the Administrative Agent and each L/C Issuer. In addition, each Lender agrees to notify the Administrative Agent from time to time
to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number
and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such
Lender.

 

(e)          Reliance by Administrative Agent, L/C Issuers and Lenders. The Administrative Agent, the L/C Issuers and the Lenders
shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrowers even if (i) such notices
were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified
herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. All telephonic notices
to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the
parties hereto hereby consents to such recording.

 

Section 11.03.  
No Waiver; Cumulative Remedies. None of the Secured Parties shall by any act (except by a written instrument
pursuant to Section 11.01), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default. No failure by any Lender, L/C Issuer or the Administrative
Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any
other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
A waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right
or remedy which such Secured Party would otherwise have on any future occasion. The rights, remedies, powers and privileges herein
provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law.

 

Section 11.04.   
Expenses; Indemnity; Damage Waiver.

 

(a)          Costs and Expenses. The Borrowers shall pay

 

(i)          all
reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Arrangers, the Lenders as of the Closing
Date, and their Affiliates (including the reasonable and documented fees, charges and disbursements of counsel, financial advisor
and industry advisors for the Administrative Agent), in connection with the Facility, including, without limitation, internal
per diem field examination costs, syndication of the Facility, closing and due diligence costs and costs in connection with the
preparation, negotiation, execution, delivery, administration and enforcement of this Agreement and the other Loan Documents or
any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated),

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(ii)         all reasonable and documented out-of-pocket expenses incurred by any L/C Issuer in connection with the issuance, amendment,
renewal or extension of any Letter of Credit or any demand for payment thereunder, and

 

(iii)        all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer,
including the reasonable and documented fees, charges and disbursements of any

 

(A)         one primary counsel, one local for counsel for each relevant jurisdiction (which may include a single counsel acting for
multiple jurisdictions) and, to the extent necessary or appropriate, one specialist counsel for each applicable specialty for the
Administrative Agent, any Lender or any L/C Issuer,

 

(B)          in the case of an actual or perceived conflict of interest, one additional primary counsel, one additional local counsel
for all such Persons taken as a whole in each relevant jurisdiction (which may include a single counsel acting for multiple jurisdictions)
and, to the extent necessary or appropriate, one additional specialist counsel for each applicable specialty, in each case, for
the similarly affected Persons taken as a whole, and

 

(C)          one financial advisor, to the extent necessary and appropriate,

 

regardless of whether any of
the transactions contemplated hereby is consummated or in connection with the enforcement or protection of its rights

 

(A)         in
connection with this Agreement and the other Loan Documents, including its rights under this Section 11.04, or

 

(B)         in
connection with the Loans made or Letters of Credit issued hereunder, including all such all reasonable and documented out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

Each Guarantor agrees to pay or reimburse
each Secured Party for all its reasonable and documented out-of-pocket expenses incurred in collecting against such Guarantor under
the guarantee contained in Article 10 or otherwise enforcing or preserving any rights under this Agreement and the
other Loan Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel to
each Secured Party and of counsel to the Administrative Agent.

 

(b)          Indemnification by the Loan Parties. The Borrowers and each Guarantor shall indemnify the Administrative Agent (and
any sub-agent thereof), each Arranger, each Lender and each L/C Issuer, and each of their Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities, costs and expenses (including, without limitation, the reasonable and documented
out-of-pocket fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted by or
against any Indemnitee by any third party or by or against the Borrowers or any other Loan Party arising out of, in connection
with, or as a result of

 

(i)          the
execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby,
the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties
only, the administration of this Agreement and the other Loan Documents,

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(ii)         any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer
to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit),

 

(iii)        any actual or alleged presence or release of Hazardous Materials at, on, under or from any property currently or formerly
owned or operated by the Borrowers or any of their respective Subsidiaries, or any Environmental Liability related in any way to
the Borrowers or any of their respective Subsidiaries, or

 

(iv)        any actual or prospective claim, actions, suits, inquiries, litigation, investigation or proceeding relating to any of the
foregoing (each, a “Proceeding”) or the preparation of any defense in connection therewith, in each case,
arising out of or in connection with or by reason of this Agreement, the Loan Documents or the transactions contemplated hereby
or thereby, or any actual or proposed use of the proceeds of the Facility, whether based on contract, tort or any other theory,
whether brought by or against a third party or by or against the Borrowers or any other Loan Party, and regardless of whether any
Indemnitee is a party thereto (all of the foregoing, collectively, the “Indemnified Liabilities”);

 

provided, that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses

 

(x)         have
resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee as determined by a court of competent jurisdiction
in a final, non-appealable judgment,

 

(y)         other
than in respect of the Administrative Agent or Collateral Agent (including, in its capacity as the Australian Security Trustee)
in its capacity as such, have resulted from a material breach of such Indemnitee’s obligations under this Agreement or other
Loan Documents as determined by a court of competent jurisdiction in a final, non-appealable judgment, or

 

(z)         arises
out of any Proceeding that does not involve an act or omission of the Loan Parties or any of its respective Affiliates and that
is brought by an Indemnitee against any other Indemnitee (other than any Proceeding against any Arranger, the Collateral Agent
or the Administrative Agent solely in their respective capacities or in fulfilling their respective roles as an Arranger, Collateral
Agent, Administrative Agent or similar role under the Facility),

 

provided further, that the
Loan Parties shall not be required to reimburse the legal fees and expenses of more than

 

(x)         one
primary counsel, one local for counsel for each relevant jurisdiction (which may include a single counsel acting for multiple jurisdictions)
and, to the extent necessary or appropriate, one specialist counsel for each applicable specialty for the Administrative Agent,
any Lender or any L/C Issuer,

 

(y)         in
the case of an actual or perceived conflict of interest, one additional primary counsel, one additional local counsel in each
relevant jurisdiction (which may include a single counsel acting for multiple jurisdictions) and, to the extent necessary or appropriate,
one additional specialist counsel for each applicable specialty, in each case, for the similarly affected Persons taken as a whole,
and

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(z)         one
financial advisor, to the extent necessary and appropriate.

 

In the case of any Proceeding to which
the indemnity in this paragraph applies, such indemnity shall be effective, whether or not such Proceeding is brought by or against
any Borrower, any of its directors, security holders or creditors, an Indemnitee or any other person, or an Indemnitee is otherwise
a party thereto and whether or not the transactions contemplated hereby are consummated. Notwithstanding any other provision in
this Agreement or any other Loan Document, no Indemnitee shall be liable for any indirect, special, punitive or consequential damages
(including, without limitation, any loss of profits, business or anticipated savings) in connection with its activities related
to this Agreement, the other Loan Documents or the transactions contemplated hereby or thereby; provided that such
waiver of special, indirect, consequential or punitive damages shall not limit the indemnification obligations of the Borrower
under this Section 11.04(b).

 

No Loan Party shall,
without the prior written consent of any affected Indemnitee (which consent shall not be unreasonably withheld, delayed or conditioned),
effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by
such Indemnitee unless such settlement (i) includes an unconditional release of such Indemnitee from all liability or claims that
are the subject matter of such proceedings and (ii) does not include any statement as to or any admission of fault, culpability,
wrongdoing or a failure to act by or on behalf of any Indemnitee.

 

Each Borrower acknowledges
that information and other materials relative to the Facility and the transactions contemplated hereby may be transmitted through
the Platform. No Indemnitee will be liable to any Borrower or any of its affiliates or any of their respective security holders
or creditors for any damages arising from the use by unauthorized persons of information or other materials sent through the Platform
that are intercepted by such persons.

 

(c)          Reimbursement by Lenders.

 

Each Lender severally
agrees to pay to the Administrative Agent (or any such sub-agent), such L/C Issuer or such Related Party, as the case may be, such
Lender’s pro rata share (based on the Loans and unused Commitments held by such Lender relative to the total Loans and unused
Commitments then outstanding) of such unpaid amount, provided, that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or
any such sub-agent) or such L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for
the Administrative Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders
under this subsection (c) are subject to the provisions of Section 2.13(d).

 

(d)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrowers shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter
of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable
for any damages arising from the use by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents
or the transactions contemplated hereby or thereby, except to the extent such damages result from the gross negligence or willful
misconduct of such Indemnitee, in each case, as determined by the final nonappealable judgment of a court of competent jurisdiction.

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(e)          Payments. All amounts due under this Section 11.04 shall be payable not later than 10 Business Days
after demand therefor.

 

(f)           Survival. The agreements in this Section 11.04 shall survive the resignation of the Administrative
Agent or any L/C Issuer, the replacement of any Lender, the termination of the aggregate Commitments and the repayment, satisfaction
or discharge of all the other Obligations.

 

Section 11.05.   
Payments Set Aside. To the extent that any payment by or on behalf of the Borrowers is made to the Administrative
Agent, any L/C Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and
such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by the Administrative Agent, any L/C Issuer or such Lender
in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief
Law or otherwise, then

 

(a)          to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and

 

(b)          each Lender and L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without
duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date
of such demand to the date such payment is made at a rate per annum equal to the Overnight Rate from time to time in effect.

 

The obligations of the Lenders and the
L/C Issuers under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the
termination of this Agreement.

 

Section 11.06.   
Successors and Assigns.

 

(a)          Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted hereby, except that no Loan Party may assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender,
and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except

 

(i)          to an Eligible Assignee in accordance with the provisions of Section 11.06(b),

 

(ii)         by way of participation in accordance with the provisions of Section 11.06(d), or

 

(iii)        by way of pledge or assignment of a security interest subject to the restrictions of Section 11.06(f).

 

Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

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(b)          Assignments by Lenders.

 

(i)          Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitments and the Loans (including for purposes of this Section 11.06(b),
participations in L/C Obligations and Swingline Loans) at the time owing to it), provided, that:

 

(A)         except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans
at the time owing to it, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder)
or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to
each such assignment, determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and Acceptance, as of such “Trade Date”,
shall not be less than $5,000,000 (or the Alternate Currency Equivalent);

 

(B)          each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Loans or the Commitment assigned;

 

(C)          the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together
with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment;

 

(D)          each party to an assignment appoints the Administrative Agent to act as its agent to execute an Australian Recognition Certificate
on its behalf, ratifies that execution, and agrees it is therefore bound as set out the Australian Recognition Certificate by the
terms set out in the Australian Security Trust Deed; and

 

(E)          an assignment will only be effective on receipt by the Administrative Agent of confirmation from the Australian Security
Trustee that the Australian Security Trustee has performed all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to such assignment (the receipt of which the Administrative Agent shall promptly
notify to the parties to the assignment) and the new Lender has become bound by an Australian Recognition Certificate.

 

(ii)         The Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(iii)        In
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such
additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which
may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested
but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each L/C
Issuer, the Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable
Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable law without compliance with the provisions of this clause (iii),
then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs.

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Subject to acceptance and recording thereof
by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified
in each Assignment and Acceptance, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its
obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to
the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances
occurring prior to the effective date of such assignment. Upon request, the Borrowers (at their expense) shall execute and deliver
a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with Section 11.06(d).

 

(c)          Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall
maintain at the Administrative Agent’s Office a copy of each Assignment and Acceptance delivered to it and a register for
the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest)
of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders
shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and
the L/C Issuer, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)          Participations.

 

(i)          Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations
to any Person (other than a natural person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a
 “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations
and/or Swingline Loans) owing to it); provided, that

 

(A)         such Lender’s obligations under this Agreement shall remain unchanged,

 

(B)          such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and

 

(C)          the
Borrowers, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement.

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Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
other modification described in clauses (a), (b), (c), (f) and (g)
of the first proviso to Section 11.01 that affects such Participant. Subject to subsection (e) of this
Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05
to the same extent as if it were a Lender and had acquired its interest by assignment; provided, further,
that in the case of Section 3.01, such Participant shall have complied with the requirements of such section (it
being understood that the documentation required under Section 3.01 shall be delivered to the participating Lender).
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.07 as though
it were a Lender, provided such Participant agrees to be subject to Section 2.14 as though it were
a Lender. Each Lender that sells a participation agrees, at the Borrowers’ request and expense, to use reasonable efforts
to cooperate with the Borrowers to effectuate the provisions of Section 11.13 with respect to any Participant.

 

(ii)         Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest)
of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters
of credit, bank guarantees or its other obligations under any Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such commitment, loan, letter of credit, bank guarantee or other obligation is in registered form
under Section 5f.103-1(c) or Proposed Section 1.163-5(b) of the U.S. Treasury Regulations (or, in each case, any amended or successor
version). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person
whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall
have no responsibility for maintaining a Participant Register.

 

(e)          Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section
3.01, Section 3.04 or Section 3.05 than the applicable Lender would have been entitled to receive
with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with
Holding’s prior written consent or such entitlement to receive a greater payment results from a Change in Law that occurs
after the Participant acquired the applicable participation.

 

(f)          Certain Pledges. Any Lender may at any time pledge or assign to any Person a security interest in all or any portion
of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge
or assignment to secure obligations to a Federal Reserve Bank or other central bank; provided, that no such pledge
or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such
Lender as a party hereto.

 

(g)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state Laws based on the Uniform Electronic Transactions Act.

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(h)          Resignation as L/C Issuer or Swingline Lender after Assignment.

 

(i)          Notwithstanding anything to the contrary contained herein, an L/C Issuer or Swingline Lender, as applicable, may,

 

(A)         upon 30 days’ notice to the Borrowers, the other Lenders and other L/C Issuers, resign as L/C Issuer or Swingline
Lender, as applicable, or

 

(B)          upon 10 days’ notice to the Borrowers, the other Lenders and other L/C Issuers, appoint an Affiliate of such L/C Issuer
or Swingline Lender, as applicable, as a successor L/C Issuer or Swingline Lender hereunder.

 

(ii)         In the event of any such resignation as L/C Issuer or Swingline Lender pursuant to clause (i)(A) of the preceding
sentence, the Borrowers shall be entitled to appoint from among the Lenders and their Affiliates a successor L/C Issuer or Swingline
Lender hereunder; provided, however, that no failure by the Borrowers to appoint any such successor
shall affect the resignation of such L/C Issuer or Swingline Lender, as the case may be.

 

(iii)        If Citibank, N.A. resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer
hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C
Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations
in Unreimbursed Amounts pursuant to Section 2.04(d)).

 

(iv)        If Citibank, N.A. resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder
with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to
require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section
2.05(c).

 

(v)         Upon the appointment of a successor L/C Issuer and/or Swingline Lender,

 

(A)         such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
L/C Issuer or Swingline Lender, as the case may be, and

 

(B)          the successor L/C Issuer shall issue letters of credit or bank guarantees, as applicable, in substitution for the Letters
of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to such L/C Issuer to effectively
assume the obligations of such L/C Issuer with respect to such Letters of Credit.

 

Section 11.07.   
Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the
L/C Issuers agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed

 

(a)          on
a need-to-know basis to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees,
agents, counsel, independent auditors, professionals and other experts, advisors and representatives (it being understood that
the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to
keep such Information confidential),

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(b)          to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners),

 

(c)          to the extent required by applicable Laws or regulations or by any subpoena, compulsory legal process or similar legal process,

 

(d)          to any other party hereto,

 

(e)          in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating
to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,

 

(f)           subject to an agreement containing provisions substantially the same as those of this Section 11.07 to

 

(i)          any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under
this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 11.06 or

 

(ii)         any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers
and their obligations,

 

(g)          with the consent of Holdings,

 

(h)          to the extent such Information becomes publicly available other than as a result of a breach of this Section 11.07,

 

(i)           to any rating agencies, or

 

(j)           any proxy relating to transactions contemplated hereby.

 

In addition, each of the Administrative
Agent, the Lenders and the L/C Issuers may disclose the existence of this Agreement and the information about the Facility to market
data collectors, similar services providers to the lending industry, and service providers to the Administrative Agent, the Lenders
and the L/C Issuers in connection with the administration and management of the Facility.

 

For purposes of this
Section 11.07, “Information” means all information received from the Borrowers or any
of their Subsidiary relating to the Borrowers or any of their Subsidiary or any of their respective businesses, other than any
such information that is available to the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior
to disclosure by the Borrowers or any Subsidiary, provided, that in the case of information received from the Borrowers
or any such Subsidiary after the Closing Date, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section 11.07 shall be considered
to have complied with its obligation to do so if such Person has exercised reasonable care to protect such Information, and in
no event less than the same degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information.

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Each of the Administrative
Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public information concerning
the Borrowers or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable Law, including Federal and
state securities laws.

 

Section 11.08.   
Right of Setoff. Upon any amount becoming due and payable hereunder (whether at stated maturity, by acceleration
or otherwise), each Lender, each L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of the Borrowers or any other Loan
Party against any and all of the obligations of the Borrowers or such Loan Party now or hereafter existing under this Agreement
or any other Loan Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C Issuer shall
have made any demand under this Agreement or any other Loan Document or are owed to a branch or office of such Lender or such L/C
Issuer different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender, such
L/C Issuer and their respective Affiliates under this Section 11.08 are in addition to other rights and remedies
(including other rights of setoff) that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and L/C
Issuer agrees to notify the Borrowers and the Administrative Agent promptly after any such setoff and application, provided,
that the failure to give such notice shall not affect the validity of such setoff and application.

 

Section 11.09.  
Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the
interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted
by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest
in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds
such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize
any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout
the contemplated term of the Obligations hereunder.

 

Section 11.10.  
Counterparts; Integration. This Agreement may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a
single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof. The words “delivery,” “execution,” “execute,” “signed,” “signature,”
and words of like import in or related to this Agreement or any document to be signed in connection with this Agreement and the
transactions contemplated hereby shall be deemed to include electronic signatures which shall be of the same legal effect, validity
or enforceability as a manually executed signature, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other
similar state laws based on the Uniform Electronic Transactions Act.

 

Section 11.11.  
Survival of Representations and Warranties. All representations and warranties made hereunder and in any other
Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the
execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative
Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension,
and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied
or any Letter of Credit shall remain outstanding.

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Section 11.12. 
  Severability.

 

If any provision of
this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable,

 

(a)          the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall
not be affected or impaired thereby and

 

(b)          the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.

 

The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 11.13.   
Replacement of Lenders.

 

If

 

(a)          any
Lender requests compensation under Section 3.04,

 

(b)          the Borrowers are required to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 3.01,

 

(c)          any Lender is at such time a Defaulting Lender or has given notice pursuant to Section 3.02, or

 

(d)          any Lender becomes a Nonconsenting Lender (as hereinafter defined),

 

then the Borrowers may, at their sole expense
and effort, upon notice to such Lender and the Administrative Agent, require such Lender to (and such Lender shall) assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section
11.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee
selected by the Borrowers that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment),
provided, that

 

(i)          the
Administrative Agent shall have received the assignment fee specified in Section 11.06(b);

 

(ii)         such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts
under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees)
or the Borrowers (in the case of all other amounts);

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(iii)       in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required
to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments
thereafter;

 

(iv)       such
assignment does not conflict with applicable Laws; and

 

(v)        neither
the Administrative Agent nor any Lender shall be obligated to be or to find the assignee.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrowers to require such assignment and delegation cease to apply. In the event that

 

(x)         the
Borrowers or the Administrative Agent has requested the Lenders to consent to a departure or waiver of any provisions of the Loan
Documents or to agree to any amendment thereto and

 

(y)         the
Required Lenders have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or
amendment shall be deemed a “Nonconsenting Lender”.

 

Any such replacement shall not be deemed
a waiver of any rights that the Borrowers shall have against the replaced Lender.

 

Section 11.14.   
Governing Law; Jurisdiction; Etc.

 

(a)          GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)          SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY,
TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES
HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
ANY RIGHT TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWERS OR ANY
OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)          WAIVER
OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

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(d)          SERVICE OF PROCESS.

 

(i)          EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

(ii)         Each Loan Party that is organized under the laws of a jurisdiction outside the United States of America hereby appoints
Holdings, as its agent for service of process in any matter related to this Agreement or the other Loan Documents and shall provide
written evidence of acceptance of such appointment by such agent on or before the Closing Date.

 

Section 11.15.   
Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 11.16.   
Designation of Secured Hedge Agreements.

 

(a)          The Borrowers and any Hedge Bank may from time to time designate a Swap Contract permitted hereunder as a Secured Hedge
Agreement upon written notice (a “Designation Notice”) to the Administrative Agent from the Borrowers
and such Hedge Bank, in form reasonably acceptable to the Administrative Agent, which Designation Notice shall include a description
of such Secured Hedge Agreement and the maximum amount of obligations thereunder which are to constitute Obligations (each, a “Designated
Amount”); provided that

 

(x)         no
such Designated Amount with respect to any Secured Hedge Agreement shall constitute Obligations to the extent that, at the time
of delivery of the applicable Designation Notice and after giving effect to such Designated Amount (including any Hedging Reserves
to be established by the Administrative Agent (or, during a Co-Collateral Agent Period, the Administrative Agent and the Co-Collateral
Agent) in connection therewith), Availability would be less than zero, and

 

(y)        any
such Designated Amount shall constitute Obligations only to the extent that such Designated Amount, together with all other Designated
Amounts under Secured Hedge Agreements theretofore designated hereunder and constituting Obligations, does not exceed $25,000,000
at the time of delivery of the applicable Designation Notice.

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(b)          The Borrowers and any Hedge Bank may increase, decrease or terminate any Designated Amount in respect of such Secured Hedge
Agreement upon written notice to the Administrative Agent; provided that any increase in a Designated Amount shall
be deemed to be a new designation of a Designated Amount pursuant to a new Designation Notice and shall be subject to the limitations
set forth in Section 11.16(a). No obligations under any Secured Hedge Agreement in excess of the applicable Designated
Amount shall constitute Obligations hereunder or the other Loan Documents.

 

(c)          No Hedge Bank that obtains the benefits of Section 8.03, Article 10, or any Collateral by virtue
of the provisions hereof or of any Guaranty or any Collateral Document (including any Australian Collateral Document) shall have
any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or
otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a
Lender and, in such case, only to the extent expressly provided in the Loan Documents. The Administrative Agent shall not be required
to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured
Hedge Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting
documentation as the Administrative Agent may request, from the applicable Hedge Bank.

 

Section 11.17. 
   No Advisory or Fiduciary Responsibility.

 

In connection with
all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof
or of any other Loan Document), the Borrowers and the other Loan Parties acknowledge and agree that:

 

(a)          (i)           the arranging and other services regarding this Agreement provided by the Administrative Agent and any Arranger
are arm’s-length commercial transactions between the Borrowers, the other Loan Parties and their respective Affiliates, on
the one hand, and the Administrative Agent and any Arranger, on the other hand,

 

(ii)         the
Borrowers and the other Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent deemed
appropriate by such Loan Parties, and

 

(iii)        the
Borrowers and the other Loan Parties are capable of evaluating, and understand and accept, the terms, risks and conditions of the
transactions contemplated hereby and by the other Loan Documents;

 

(b)          (i)          the Administrative Agent and any Arranger each is and has been acting solely as a principal and, except as expressly
agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the
Borrowers, the other Loan Parties, their respective Affiliates or any other Person, and

 

(ii)         neither
the Administrative Agent nor any Arranger has any obligation to the Borrowers, the other Loan Parties or any of its Affiliates
with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and

 

(c)          the
Administrative Agent and any Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Borrowers and their Affiliates, and neither the Administrative Agent nor any Arranger
has any obligation to disclose any of such interests to the Borrowers or their Affiliates.

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To the fullest extent permitted by law,
the Borrowers and each other Loan Party hereby waives and releases any claims that it may have against the Administrative Agent
and any Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated hereby.

 

Section 11.18. 
  Joint and Several Liability.

 

All Loans, upon funding,
shall be deemed to be jointly funded to and received by the Borrowers. Each Borrower is jointly and severally liable under this
Agreement for all Obligations, regardless of the manner or amount in which proceeds of Loans are used, allocated, shared or disbursed
by or among the Borrowers themselves, or the manner in which the Administrative Agent, any Lender and/or any L/C Issuer accounts
for such Loans or other Credit Extensions on its books and records. Each Borrower shall be liable for all amounts due to the Administrative
Agent, any Lender and/or any L/C Issuer from the Borrowers under this Agreement, regardless of which Borrower actually receives
Loans or other Credit Extensions hereunder or the amount of such Loans and Credit Extensions received or the manner in which the
Administrative Agent, such Lender and/or such L/C Issuer accounts for such Loans or other Credit Extensions on its books and records.
Each Borrower’s Obligations with respect to Loans and other Credit Extensions made to it, and such Borrower’s Obligations
arising as a result of the joint and several liability of such Borrower hereunder with respect to Loans made to the other Borrowers
hereunder shall be separate and distinct obligations, but all such Obligations shall be primary obligations of such Borrower. The
Borrowers acknowledge and expressly agree with the Administrative Agent, each Lender and each L/C Issuer that the joint and several
liability of each Borrower is required solely as a condition to, and is given solely as inducement for and in consideration of,
credit or accommodations extended or to be extended under the Loan Documents to any or all of the other Borrowers and is not required
or given as a condition of Credit Extensions to such Borrower. Each Borrower’s Obligations under this Agreement shall, to
the fullest extent permitted by law, be unconditional irrespective of

 

(a)          the release of any other Borrower pursuant to Section 9.12 or the validity or enforceability, avoidance, or
subordination of the Obligations of any other Borrower or of any promissory note or other document evidencing all or any part of
the Obligations of any other Borrower,

 

(b)          the absence of any attempt to collect the Obligations from any other Borrower, or any other security therefor, or the absence
of any other action to enforce the same,

 

(c)          the waiver, consent, extension, forbearance, release, or granting of any indulgence by the Administrative Agent, any Lender
and/or any L/C Issuer with respect to any provision of any instrument evidencing the Obligations of any other Borrower, or any
part thereof, or any other agreement now or hereafter executed by any other Borrower and delivered to the Administrative Agent,
any Lender and/or any L/C Issuer,

 

(d)          the failure by the Administrative Agent, any Lender and/or any L/C Issuer to take any steps to perfect and maintain its
security interest in, or to preserve its rights to, any security or collateral for the Obligations of any other Borrower,

 

(e)          the
Administrative Agent’s, any Lender’s and/or any L/C Issuer’s election, in any proceeding instituted under the
Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code,

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(f)           any borrowing or grant of a security interest by any other Borrower, as debtor-in-possession under Section 364 of the Bankruptcy
Code,

 

(g)          the disallowance of all or any portion of the Administrative Agent’s, any Lender’s and/or any L/C Issuer’s
claim(s) for the repayment of the Obligations of any other Borrower under Section 502 of the Bankruptcy Code, or

 

(h)          any other circumstances which might constitute a legal or equitable discharge or defense of a guarantor or of any other
Borrower.

 

With respect to any Borrower’s Obligations
arising as a result of the joint and several liability of the Borrowers hereunder with respect to Loans or other Credit Extensions
made to any of the other Borrowers hereunder, such Borrower waives, until the Obligations shall have been paid in full and this
Agreement shall have been terminated, any right to enforce any right of subrogation or any remedy which the Administrative Agent,
any Lender and/or any L/C Issuer now has or may hereafter have against any other Borrower, any endorser or any guarantor of all
or any part of the Obligations, and any benefit of, and any right to participate in, any security or collateral given to the Administrative
Agent, any Lender and/or any L/C Issuer to secure payment of the Obligations or any other liability of any Borrower to the Administrative
Agent, any Lender and/or any L/C Issuer. Upon any Event of Default, the Administrative Agent may proceed directly and at once,
without notice, against any Borrower to collect and recover the full amount, or any portion of the Obligations, without first proceeding
against any other Borrower or any other Person, or against any security or collateral for the Obligations. Each Borrower consents
and agrees that the Administrative Agent shall be under no obligation to marshal any assets in favor of any Borrower or against
or in payment of any or all of the Obligations. Notwithstanding anything to the contrary in the foregoing, any Person released
from its Obligations in accordance with Section 9.12 shall be simultaneously released from the foregoing provisions
of this Section 11.18.

 

Section 11.19.   
Contribution and Indemnification Among the Borrowers.

 

Each Borrower is obligated
to repay the Obligations as a joint and several obligor under this Agreement. To the extent that any Borrower shall, under this
Agreement as a joint and several obligor, sell any of its assets to satisfy or otherwise repay any of the Obligations constituting
Loans made to another Borrower hereunder or other Obligations incurred directly and primarily by any other Borrower (an “Accommodation
Payment”), then the Borrower making such Accommodation Payment shall be entitled to contribution and indemnification
from, and be reimbursed by, each of the other Borrowers, in an amount, for each of such other Borrowers, if any, equal to a fraction
of such Accommodation Payment, the numerator of which fraction is such other Borrower’s Allocable Amount (as defined below)
and the denominator of which is the sum of the Allocable Amounts of all of the Borrowers. As of any date of determination, the
 “Allocable Amount” of each Borrower shall be equal to the maximum amount of liability for Accommodation
Payments which could be asserted against such Borrower hereunder without

 

(a)          rendering such Borrower “insolvent” within the meaning of Section 101(31) of the Bankruptcy Code, Section 2
of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform Fraudulent Conveyance Act
(“UFCA”),

 

(b)          leaving such Borrower with unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy Code,
Section 4 of the UFTA, or Section 5 of the UFCA, or

 

(c)          leaving
such Borrower unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code or Section 4
of the UFTA, or Section 5 of the UFCA.

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All rights and claims of contribution,
indemnification, and reimbursement under this Section shall be subordinate in right of payment to the prior payment in full of
the Obligations. The provisions of this Section 11.19 shall, to the extent expressly inconsistent with any provision
in any Loan Document, supersede such inconsistent provision. If any Borrower discharges the Obligation (or any part of it) pursuant
to Section 11.18, the corresponding claim against the relevant Loan Party shall not pass over and no rights and claims
of the Secured Parties under any Loan Document shall pass to any Loan Party by subrogation or otherwise.

 

Section 11.20.  
Agency of the Administrative Borrower for Each Other Borrower. Each of the other Borrowers irrevocably appoints
Holdings as its agent for all purposes relevant to this Agreement (in such capacity, the “Borrower Representative”),
including the giving and receipt of notices and execution and delivery of all documents, instruments, and certificates contemplated
herein (including, without limitation, execution and delivery to the Administrative Agent of Borrowing Base Certificates and Borrowing
Notices) and all modifications hereto. Any acknowledgment, consent, direction, certification, or other action which might otherwise
be valid or effective only if given or taken by all or any of the Borrowers or acting singly, shall be valid and effective if given
or taken only by the Borrower Representative, whether or not any of the other Borrowers join therein, and the Administrative Agent,
the Lenders and the L/C Issuers shall have no duty or obligation to make further inquiry with respect to the authority of the Borrower
Representative under this Section 11.20; provided that nothing in this Section 11.20
shall limit the effectiveness of, or the right of the Administrative Agent, the Lenders and the L/C Issuers to rely upon, any notice
(including, without limitation, a Borrowing Notice), document, instrument, certificate, acknowledgment, consent, direction, certification
or other action delivered by any Borrower pursuant to this Agreement.

 

Section 11.21.   
USA Patriot Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative
Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required
to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each
Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan
Party in accordance with the Act.

 

Section 11.22.   
Time of the Essence. Time is of the essence of the Loan Documents.

 

Section 11.23.   
Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

 

(a)          the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)          the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)          a reduction in full or in part or cancellation of any such liability;

 

(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

    221 

     

    

(iii)        the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
the applicable Resolution Authority.

 

Section 11.24. 
  Terms of Intercreditor Agreements. Each Lender understands, acknowledges and agrees that Liens shall be created
on the Collateral pursuant to the Loan Documents, which Liens shall be subject to terms, conditions and priorities set forth in
the Intercreditor Agreements. Pursuant to the terms of the ABL Intercreditor Agreement, in the event of any conflict between the
terms of the ABL Intercreditor Agreement and any of the Loan Documents, the provisions of the ABL Intercreditor Agreement shall
govern and control. Pursuant to the terms of the Stanwell Intercreditor Agreement, in the event of any conflict between the terms
of the Stanwell Intercreditor Agreement and any of the Loan Documents, the provisions of the Stanwell Intercreditor Agreement shall
govern and control. Each Lender authorizes and instructs the Administrative Agent and the Collateral Agent (including in its capacity
as the Australian Security Trustee) to enter into the ABL Intercreditor Agreement and the Stanwell Intercreditor Agreement on behalf
of the Lenders, and to take all actions (and execute all documents) required (or deemed advisable) by it in accordance with the
terms of the ABL Intercreditor Agreement or the Stanwell Intercreditor Agreement.

 

Section 11.25. 
   Australian Code of Banking Practice. The parties acknowledge and agree that the Code of Banking Practice of the
Australian Bankers’ Association (as updated from time to time) does not apply to the Loan Documents or the Transactions

 

Section 11.26. 
  Certain ERISA Matters. Each Lender (x) represents and warrants, as of the date such Person became a Lender party
hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower
or any other Loan Party, that at least one of the following is and will be true:

 

(a)          such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations, as modified by Section
3(42) of ERISA) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

 

(b)          the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(c)          (i)          such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14),

 

(ii)         such
Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer
and perform the Loans, the Letters of Credit, the Commitments and this Agreement,

    222 

     

    

(iii)        the
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and

 

(iv)        to
the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
and this Agreement, or

 

(d)          such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender.

 

Section 11.27.   
Acknowledgement Regarding Any Supported QFCs.

 

To the extent that
the Loan Documents provide support, through a guarantee or otherwise, for Swap Contracts or any other agreement or instrument that
is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together
with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such
Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported
QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of
the United States):

 

(a)          In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer
would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event
a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the
parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported
QFC or any QFC Credit Support.

 

(b)         As used in this Section 11.27, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following:

 

(i)            a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

    223 

     

    

(ii)           a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b);
or

 

(iii)          a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance
with, 12 U.S.C. 5390(c)(8)(D).

 

Section 11.28.   
Judgment Currency.

 

In respect of any judgment
or order given or made for any amount due under this Agreement or any other Loan Document that is expressed and paid in a currency
(the “judgment currency”) other than Dollars, the Loan Parties will indemnify Administrative Agent, any
L/C Issuer and any Lender against any loss incurred by them as a result of any variation as between (i) the rate of exchange at
which the Dollar amount is converted into the judgment currency for the purpose of such judgment or order and (ii) the rate of
exchange, as quoted by the Administrative Agent or by a known dealer in the judgment currency that is designated by the Administrative
Agent, at which the Administrative Agent, such L/C Issuer or such Lender is able to purchase Dollars with the amount of the judgment
currency actually received by the Administrative Agent, such L/C Issuer or such Lender. The foregoing indemnity shall constitute
a separate and independent obligation of the Loan Parties and shall survive any termination of this Agreement and the other Loan
Documents, and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate
of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into
Dollars.

 

Section 11.29. 
  Waiver of Sovereign Immunity.

 

Each of Holdings and
each other Loan Party, in respect of itself, its process agents, and its properties and revenues, hereby irrevocably agrees that,
to the extent that such Person or any of its properties has or may hereafter acquire any right of immunity, whether characterized
as sovereign immunity or otherwise, from any legal proceedings, whether in the United States of America or elsewhere, to enforce
or collect upon the Loans or any Loan Document or any other liability or obligation of such Person related to or arising from the
transactions contemplated by any of the Loan Documents, including, without limitation, immunity from suit, immunity from service
of process, immunity from jurisdiction or judgment of any court or tribunal, immunity from execution of a judgment, and immunity
of any of its property from attachment prior to any entry of judgment, or from attachment in aid of execution upon a judgment,
such Person hereby expressly waives, to the fullest extent permissible under applicable requirements of law, any such immunity,
and agrees not to assert any such right or claim in any such proceeding, whether in the United States of America or elsewhere.
Without limiting the generality of the foregoing, each of Holdings and each other Loan Party further agrees that the waivers set
forth in this Section 11.29 shall be effective to the fullest extent permitted under the Foreign Sovereign Immunities
Act of 1976 of the U.S. and are intended to be irrevocable for purposes of such Act.

 

[Signature Pages Follow]

    224 

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	BORROWERS AND GUARANTORS:
	 	 	 
	 	CORONADO COAL CORPORATION,
    as the U.S. Borrower
	 	 	 
	 	By: 	/s/
    Richard Rose
	 	Name:  Richard Rose
	 	Title:    Executing
    Officer
	 	 	 
	 	CORONADO FINANCE PTY LTD,
    as the Australian Borrower
	 	 	 
	 	By:	/s/
    Gerhard Ziems
	 	Name:   Gerhard Ziems
	 	Title:     Executing Officer
	 	 	 
	 	CORONADO GLOBAL RESOURCES INC.,
    as Holdings
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Vice President, Chief Legal
    Officer and Secretary
	 	 	 
	 	CORONADO AUSTRALIA HOLDINGS PTY
    LTD
	 	 	 
	 	By:	/s/
    Gerhard Ziems
	 	Name:   Gerhard Ziems
	 	Title:     Executing Officer
	 	 	 
	 	CORONADO II LLC, as a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer

 

[Signature Page to Syndicated Facility Agreement]

     

     

    

	 	CORONADO COAL II LLC, as
    a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	CORONADO COAL LLC, as a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	MON VALLEY MINERALS LLC,
    as a Guarantor
	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	MIDLAND TRAIL RESOURCES, LLC,
    as a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	GREENBRIER MINERALS, LLC,
    as a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	GREENBRIER SMOKELESS COAL MINING,
    L.L.C., as a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer

 

[Signature Page to Syndicated Facility Agreement]

     

     

    

	 	MATOAKA LAND COMPANY, LLC,
    as a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	POWHATAN MID-VOL COAL SALES,
    L.L.C., as a Guarantor
	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	JEP MINING, LLC, as a Guarantor
	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	CORONADO IV LLC, as a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	BUCHANAN MINING COMPANY LLC,
    as a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	CORONADO VA, LLC, as a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer

 

[Signature Page to Syndicated Facility Agreement]

     

     

    

	 	BUCHANAN MINERALS, LLC, as
    a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	CORONADO CURRAGH LLC, as
    a Guarantor
	 	 	 
	 	By:	/s/
    Richard Rose
	 	Name:   Richard Rose
	 	Title:     Executing Officer
	 	 	 
	 	CORONADO CURRAGH PTY LTD,
    as a Guarantor
	 	 	 
	 	By:	/s/
    Gerhard Ziems
	 	Name:   Gerhard Ziems
	 	Title:     Executing Officer
	 	 	 
	 	CURRAGH COAL SALES CO PTY LTD,
    as a Guarantor
	 	 	 
	 	By:	/s/
    Gerhard Ziems
	 	Name:   Gerhard Ziems
	 	Title:     Executing Officer
	 	 	 
	 	CURRAGH QUEENSLAND MINING PTY
    LTD, as a Guarantor
	 	 	 
	 	By:	/s/
    Gerhard Ziems
	 	Name:   Gerhard Ziems
	 	Title:     Executing Officer

 

[Signature Page to Syndicated Facility Agreement]

     

     

    

	 	CITIBANK, N.A.,
	 	as Administrative Agent, Lender,
    L/C Issuer and Swingline Lender
	 	 	 
	 	By:	/s/
    Allister Chan
	 	Name:   Allister Chan
	 	Title:     Vice
    President

 

[Signature Page to Syndicated Facility Agreement]

     

     

    

	 	BMO HARRIS BANK N.A.,
	 	as Co-Collateral Agent, Lender and
    L/C Issuer
	 	 	 
	 	By:	/s/
    Brittany Malone
	 	Name:   Brittany Malone
	 	Title:     Vice
    President

 

[Signature Page to Syndicated Facility Agreement]

     

     

    

	 	CREDIT SUISSE AG, CAYMAN ISLANDS
    BRANCH, 
	 	as a Lender and L/C Issuer
	 	 	 
	 	By:	/s/
    Judith Smith
	 	Name:   Judith Smith
	 	Title:    Authorized
    Signatory
	 	 	 
	 	By:	/s/
    Daniel Kogan
	 	Name:   Daniel Kogan
	 	Title:    Authorized
    Signatory

 

[Signature Page to Syndicated Facility Agreement]

 

    

     

    

 

 

Schedule 1.01(a)

 

Guarantors

 

	Guarantor	Jurisdiction
	Coronado Global Resources Inc.	Delaware
	Coronado Finance Pty Ltd	Australia
	Coronado Coal Corporation	Delaware
	CORONADO II LLC	Delaware
	CORONADO COAL II LLC	Delaware
	CORONADO COAL LLC	Delaware
	Mon Valley Minerals LLC	Delaware
	Midland Trail Resources, LLC	West Virginia
	Greenbrier Minerals, LLC	Delaware
	Greenbrier Smokeless Coal Mining, L.L.C.	Delaware
	Matoaka Land Company, LLC	Delaware
	POWHATAN MID-VOL COAL SALES, L.L.C.	Delaware
	JEP Mining, LLC	Delaware
	CORONADO IV LLC	Delaware
	BUCHANAN MINERALS, LLC	Delaware
	Buchanan Mining Company LLC	Delaware
	CORONADO VA, LLC	Delaware
	Coronado Australia Holdings Pty Ltd	Australia
	Coronado Curragh LLC	Delaware
	Coronado Curragh Pty Ltd	Australia
	Curragh Coal Sales Co Pty Ltd	Australia
	Curragh Queensland Mining Pty Ltd	Australia

 

    

     

    

 

Schedule 1.01(b)

 

Commitments and L/C Sublimit

 

	Lenders	Commitment	L/C
    Sublimit
	Citibank, N.A.	US$40.0 million	US$12.0 million
	Credit Suisse AG	US$35.0 million	US$10.5 million
	BMO Harris Bank N.A.	US$25.0 million	US$7.5 million
	Total	US$100.0 million	US$30.0 million

 

    

     

    

 

Schedule 5.06

 

Litigation

 

	1.	Coronado Curragh Pty Ltd (ACN 009 362 565), an Australian proprietary limited company, is a co-appellant
to proceedings in the Queensland Supreme Court brought by Aurizon Network in connection with payment of certain costs and fees under the
Wiggins Island Rail Project Deed, dated as of 5 September 2011 (as amended, amended and restated, supplemented or otherwise modified
from time to time), by and among Aurizon Network (f/k/a QR Network Pty Ltd), Coronado Curragh Pty Ltd and the other parties signatory
thereto from time to time. For additional information, please refer to the Coronado Global Resources Inc. Form 10-Q filed with the
SEC on November 10, 2020.

 

    

     

    

 

Schedule 5.08(a)

 

Material Leased Real Property

 

	1.	U.S. Loan Parties

 

[Intentionally left blank]

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	County
                                            / State

                                            

    TMP
	Lessor
    / Owner	Description
    of

    Lease or

    Other

    Documents

    Evidencing

    Interest	Recording

    Information (if

    available)	Purpose/Use	Improvements

    Located on Real

    Property (including

    number of

    “Buildings” and/or 

    “Mobile Homes”	Approximate

    Acreage	Lessor

    Consent

    Required	 Option
    to

    Purchase/

    Right of First

    Refusal
	GREENBRIER
	600001	Matoaka
    Land Company, LLC	Greenbrier County, WV

    Nicholas County, WV

    9999-934-3600
	Meadwestvaco
    Corp. (Highland Mineral Resources LLC)	Lease
    dated 10/15/2004	573/182	Coal
    mining operations	N/A	22,000+/-	YES	NO
	600003	Midland
    Trail Resources, LLC	Greenbrier County, WV

    9999-44-1-100
	Princess
    Polly Anna Coal Co. (North American Timber Corp.)	Lease
    dated 8/1/1999	Not
    recorded.	Coal
    mining operations	N/A	6,878.00	NO	NO
	600004	Midland
    Trail Resources, LLC	Greenbrier, WV

    9999-35-2-100
	Meadwestvaco
    Corp	Lease
    dated 1/26/2007	Not
    recorded.	N/A	N/A	459.49	YES	NO
	600005	Midland
    Trail Resources, LLC	Greenbrier, WV

    9999-58-1-100
	Georgia-Pacific
    Corp	Lease
    dated 1/26/1993	424/537	Coal
    mining operations.	N/A	3,000.00	NO	NO
	600006	Matoaka
    Land Company, LLC	Greenbrier, WV

    9999-49-27-100
	Meadow
    River Lumber Co	Lease
    dated 10/1/1969	Not
    recorded. 	Coal
    mining operations	N/A	N/A	YES	NO
	600008	Midland
    Trail Resources, LLC	Greenbrier, WV

    9999-34-2-100
	Highland
    Mineral Resources LLC	Lease
    dated 12/12/2016	Not
    recorded.	Coal
    mining operations	N/A	720.00	YES	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	County
                                            / State

                                            

    TMP
	Lessor
    / Owner	Description
    of

    Lease or

    Other

    Documents

    Evidencing

    Interest	Recording

    Information (if

    available)	Purpose/Use	Improvements

    Located on Real

    Property (including

    number of

    “Buildings” and/or 

    “Mobile Homes”	Approximate

    Acreage	Lessor

    Consent

    Required	 Option
    to

    Purchase/

    Right of First

    Refusal
	600012	Matoaka
    Land Company, LLC	Greenbrier,
                                            WV

    9999-50-1-100
	Meadwestvaco
    Corp	Lease
    dated 5/5/2005	500/229	Coal
    mining operations	N/A	N/A	YES	NO
	600013	Matoaka
    Land Company, LLC	Greenbrier,
                                            WV

    9999-33-1-101
	Highland
    Mineral Resources LLC	Lease
    dated 9/3/2014	571/552	Coal
    mining operations	N/A	461.00	YES	NO
	600014	Matoaka
    Land Company, LLC	Greenbrier,
                                            WV

    9999-0-11-100
	Meadwestvaco
    Corp. (Highland Mineral Resources)	Lease
    dated 7/1/2006	508/585	Coal
    mining operations	N/A	400.00	YES	NO
	LOGAN
    COUNTY
	119001	Coronado
    Coal II LLC	Boone
                                            County, WV

    Logan County, WV
	Ark
    Land KH	Lease
    dated 4/1/2010	598/983
    (Logan)	Coal
    Mining Operations	N/A	356.00	YES	NO
	119002	Coronado
    Coal II LLC	Wyoming
    County, WV	Baisden-Vaughan	Lease
    dated 6/19/1978	406/420
    (Wyoming) 549/566 (Logan)	Coal
    Mining Operations	N/A	N/A	YES	NO
	119003	Coronado
    Coal II LLC	Wyoming
    County, WV	GW
    Cook Heirs	Lease
    dated 10/24/2008	443/687
    (Wyoming)	Coal
    Mining Operations	N/A	290.00	NO	NO
	119004	Coronado
    Coal II LLC	Boone
                                            County, WV

    Logan County, WV
	Pardee
    Minerals & Lorado LLC	Lease
    dated 12/4/2009	265/344
    (Boone); 597/749 (Logan)	Coal
    Mining Operations	Elk
Lick Loadout, Saunders Prep-Plant
	278.72	YES	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	County
                                            / State

                                            

    TMP
	Lessor
    / Owner	Description
    of

    Lease or

    Other

    Documents

    Evidencing

    Interest	Recording

    Information (if

    available)	Purpose/Use	Improvements

    Located on Real

    Property (including

    number of

    “Buildings” and/or 

    “Mobile Homes”	Approximate

    Acreage	Lessor

    Consent

    Required	 Option
    to

    Purchase/

    Right of First

    Refusal
	119009	Coronado
    Coal II LLC	Logan
                                            County, WV

    Wyoming County, WV

    0102-0001-0000-0000-000
	Pocahontas
                                            Land (Base Lessor)

    Blackhawk Land and Resources LLC
    (Sublessor)
	Sublease
                                            dated 12/21/2015

    (of Base Lease dated 1/1/1937)
	Sublease:

    Boone: 297/529

    Wyoming: 473/77

    Base Lease: Boone: 5/74

    Wyoming: 88/328
	Coal
    mining operations	N/A	N/A	YES
    (Base Lessor and Sublessor)	NO
	119006-A

     

    Pardee – Addington Lease

     
	Coronado
    Coal II LLC	Boone
                                            County, WV

    Logan County, WV

    Wyoming County, WV
	Pardee
                                            Minerals LLC (Base Lessor)

    Toney Fork LLC
	Sublease
                                            dated 5/25/2006

    (of Base Lease dated 1/1/1998)
	Sublease:
                                            Not recorded.

    Base Lease: Not recorded.
	Coal
    mining operations	N/A	N/A	YES
    (Sublessor)	NO
	119006-B

     

    Pardee – Buffalo Energy Lease
	Coronado
    Coal II LLC	Boone
                                            County, WV

    Logan County, WV

    Wyoming County, WV
	Pardee
                                            Minerals LLC (Base Lessor)

    Toney Fork LLC
	Sublease
                                            dated 5/25/2006

    (of Base Lease dated 1/1/1998)
	Sublease:
                                            Not recorded.

    Base Lease: Not recorded.
	Coal
    mining operations	N/A	N/A	YES
    (Sublessor)	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	County
                                            / State

                                            

    TMP
	Lessor
    / Owner	Description
    of

    Lease or

    Other

    Documents

    Evidencing

    Interest	Recording

    Information (if

    available)	Purpose/Use	Improvements

    Located on Real

    Property (including

    number of

    “Buildings” and/or 

    “Mobile Homes”	Approximate

    Acreage	Lessor

    Consent

    Required	 Option
    to

    Purchase/

    Right of First

    Refusal
	119006-H

     

    Pardee – Huff Creek Lease
	Coronado
    Coal II LLC	Boone
                                            County, WV

    Logan County, WV

    Wyoming County, WV

     

     
	Pardee
                                            Minerals LLC (Base Lessor)

    Toney Fork LLC
	Sublease
                                            dated 5/25/2006

    (of Base Lease dated 1/1/1998)
	Sublease:
                                            Not recorded.

    Base Lease: Not recorded.

     
	Coal
    mining operations	N/A	N/A	YES
    (Sublessor)	NO
	119032	Coronado
    Coal II LLC	Logan
                                            County, WV

     
	KYMAC
    Land, LLC	Lease
    dated March 18, 2020	655/1039	Coal
    mining operations	N/A	N/A	NO	NO
	119033	Coronado
    Coal II LLC	Logan
                                            County, WV

     
	W.W.
    McDonald Land Company, et al.	Lease
    dated March 18, 2020	655/1057	Coal
    mining operations	N/A	N/A	NO	NO
	119034	Coronado
    Coal II LLC	Logan
                                            County, WV

     
	The
    Bruce McDonald Land Company, et al. 	Lease
    dated March 18, 2020	655/1046	Coal
    mining operations	N/A	N/A	NO	NO
	119044	Coronado
    Coal II LLC	Logan
                                            County, WV

     
	Right
    Fork Land Company, et al 	Lease
    dated March 18, 2020	655/1033	Coal
    mining operations	N/A	N/A	NO	NO
	BUCHANAN
	180006	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    065A0014(MIN)-C
	James
Harman
	Lease
    dated 9/1/1968	404/156	Coal
    mining operations	N/A	1,010.98
	NO	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	County
                                            / State

                                            

    TMP
	Lessor
    / Owner	Description
    of

    Lease or

    Other

    Documents

    Evidencing

    Interest	Recording

    Information (if

    available)	Purpose/Use	Improvements

    Located on Real

    Property (including

    number of

    “Buildings” and/or 

    “Mobile Homes”	Approximate

    Acreage	Lessor

    Consent

    Required	 Option
    to

    Purchase/

    Right of First

    Refusal
	1800007	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    065A0013(MIN)-C
	James
                                            W. Harman, Jr.

     
	Lease
    dated 10/20/1972	404/115	Coal
    mining operations	N/A	2,370.30

     
	NO	NO
	180009	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-131
	Pocahontas
    Mining Company	Lease
    dated 7/1/1960	11/561	Coal
    mining operations	N/A	16,618.41	YES	NO
	180010	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-100
	Tazewell
    Coal & Iron	Lease
    dated 12/1/1960	172/550	Coal
    mining operations	N/A	1,692.00	NO	NO
	180044	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-131
	G.W.
    St. Clair Trust (United Virginia Bank)	Lease
    dated 1/1/1978	259/293	Coal
    mining operations	N/A	94.00	NO	NO
	180052	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-101
	Janet
    St. Clair, et al.	Lease
    dated 1/1/1978	261/815	Coal
    mining operations	N/A	538.31	NO	NO
	180096	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-83
	Lon
    B. Rogers, et ux.	Lease
    dated 4/12/1962	151/114	Coal
    mining operations	N/A	5,637.22	YES	NO
	180105	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-116
	Lizzie
    Cole, et al.	Lease
    dated 10/12/1982	290/694	Coal
    mining operations	N/A	248.00	NO	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	County
                                            / State

                                            

    TMP
	Lessor
    / Owner	Description
    of

    Lease or

    Other

    Documents

    Evidencing

    Interest	Recording

    Information (if

    available)	Purpose/Use	Improvements

    Located on Real

    Property (including

    number of

    “Buildings” and/or 

    “Mobile Homes”	Approximate

    Acreage	Lessor

    Consent

    Required	 Option
    to

    Purchase/

    Right of First

    Refusal
	180106	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-116
	D.
    Horton (David & Brenda Horton)	Lease
    dated 12/6/1982	292/158	Coal
    mining operations	N/A	588.51	NO	NO
	453007	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

     

    SEC-114
	Gary
    and Donnia Bucklen	Lease
    dated 8/2/1978	259/75	Coal
    mining operations	N/A	0.42	NO	NO
	453008	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

     

    SEC-114
	Jeanette
    and Raymond Cantrell	Lease
    dated 8/2/1978	259/88	Coal
    mining operations	N/A	10.50	NO	NO
	453010	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

     

    SEC-113
	Sandra &
    Denny Goss	Lease
    dated 8/2/1978	259/114	Coal
    mining operations	N/A	0.61	NO	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	County
                                            / State

                                            

    TMP
	Lessor
    / Owner	Description
    of

    Lease or

    Other

    Documents

    Evidencing

    Interest	Recording

    Information (if

    available)	Purpose/Use	Improvements

    Located on Real

    Property (including

    number of

    “Buildings” and/or 

    “Mobile Homes”	Approximate

    Acreage	Lessor

    Consent

    Required	 Option
    to

    Purchase/

    Right of First

    Refusal
	475004	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-114
	Sublessor:
                                            Island Creek Coal Company

    Base Lessor: Fulton Coal, et ux.
    (F.G. Cole)
	Sublease
                                            dated 11/25/2013

    (of Base Lease dated 5/2/1962)
	151/290	Coal
    mining operations	N/A	46.85	YES

    (Sublessor)
	NO
	475006	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-99
	Francis
    Kennedy	Lease
    dated 7/16/1968	187/291	Coal
    mining operations	N/A	85.00	NO	NO
	475007	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-99
	Katherine
    Cole	Lease
    dated 6/1/1969	191/307	Coal
    mining operations	N/A	134.52	NO	NO
	475008	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-84
	Robert
    S. & Catherine Mullin;  Marguerite M. Valdo	Lease
    dated 2/20/1969	192/210	Coal
    mining operations	N/A	200.00	NO	NO
	475009	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

    SEC-99
	Robert
    Dennis	Lease
    dated 11/20/1969	193/76	Coal
    mining operations	N/A	51.67	NO	NO
	475010	Buchanan
    Mining Company LLC	Buchanan,
                                            VA

     

    SEC-99
	W.G.
    Burkes & Stella Burkes	Lease
                                            dated

    2/21/1970
	194/137	Coal
    mining operations	N/A	16.67	NO	NO

 

    

     

    

 

		2.	Australian Loan Parties

 

	Title
    Reference / Tenement	Jurisdiction	Owner
	40078344 (Lot 9 on SP141303)	Queensland	Coronado Curragh Pty Ltd ACN 009 362 565
	40078369 (Lot 2 on CP HT606 and Lot 4 on CP HT607)
	40068601 (Lot 7 on CP HT607)
	17646027 (Lot 46 on CP HT610)
	40063072 (Lot 2 on SP 246036)
	40065356 (Lots 18-27 and 30-33 on CP B337157)	Queensland	Curragh Queensland Mining Pty Ltd ACN 095 450 418
	40065357 (Lots 58, 60-63 and 65-66 on CP B337158)
	40065525 (Lots 8807-8810, 8812, 8821-8822 and 8824-8827 on CP B337159)
	40065525 (Lots 8814-8820 on CP B337160)
	40068602 (Lot 1 on CP B337162)
	40068626 (Lot 2 on CP B337162)
	40068605 (Lot 4 on CP B337162)
	40068609 (Lot 5 on CP B337162)
	40068610 (Lot 17 on CP B337163)
	40065366 (Lots 1, 4, 6-9, 59-62 and 64-67 on CP B337163)
	40065366 (Lots 10-16, 18-20, 51 and 54-58 on CP B337166)
	40068611 (Lot 18 CP B337163)
	40068612 (Lot 19 on CP B337163)
	40068613 (Lot 20 on CP B337163)
	40068615 (Lot 10 on CP B337163)
	40065360 (Lots 9-11 on CP B337159)
	40065373 (Lots 1-3 on CP B337159)
	40065373 (Lots 13-17 and 21-22 on CP B337160)
	40065371 (Lot 24 on CP B337160)
	40065371 (Lots 26-31 on CP B337161)
	40066738 (Lot 17 on CP 848976)
	40066739 (Lot 15 on CP 848976)
	40066719 (Lot 26 on CP 848976)
	40066740 (Lot 14 on CP 848976)
	40066726 (Lot 27 on CP 848976)
	40066727 (Lot 13 on CP 848976)
	40066757 (Lot 28 on CP 848976)
	40066742 (Lot 29 on CP 848976)
	40066718 (Lot 30 on CP 848976)
	40066756 (Lot 15 on CP 848784)
	40066725 (Lot 16 on CP 848784)

 

    

     

    

 

	40066745 (Lot 26 on CP 848784)	 	 
	40066724 (Lot 17 on CP 848784)
	40066737 (Lot 27 on CP 848784)
	40066748 (Lot 28 on CP 848784)
	40066733 (Lot 29 on CP 848784)
	40065358 (Lots 21-28 and 37-39 on CP B337164)
	40065369 (Lots 1-20 on CP 337164)
	40065372 (Lots 14-15 on CP B337169)
	40065372 (Lots 11-13, 27-28 and 30-35 on CP B337170)
	40066728 (Lot 34 on CP 848975)
	40066736 (Lot 33 on CP 848975)
	40066731 (Lot 32 on CP 848975)
	40066732 (Lot 31 on CP 848975)
	40066729 (Lot 30 on CP 848975)
	40066754 (Lot 29 on CP 848975)
	40066751 (Lot 28 on CP 848975)
	40065370 (Lots 1-6 and 9-25 on CP B337161)
	40065361 (Lots 10905 – 10909 and 10911-10912 on CP B337166)
	40065361 (Lots 10901-10904 on CP B337167)
	40065363 (Lots 16-17 and 19-23 on CP B337167)
	40065363 (Lots 1-2 on CP B337169)
	40065367 (Lot 24-29 on CP B337167)
	40065359 (Lot 7-9 on CP B337170)
	40066749 (Lot 1 on CP 848792)
	40066741 (Lot 2 on CP 848792)
	40066744 (Lot 3 on CP 848792)
	40066750 (Lot 4 on CP 848792)
	40066734 (Lot 41 on CP 848792)
	40066730 (Lot 5 on CP 848792)
	40066747 (Lot 8 on CP 859895)
	40066755 (Lot 37 on CP 848792)
	40066758 (Lot 9 on CP 859895)
	40066743 (Lot 36 on CP 848792)
	40066746 (Lot 10 on CP 859895)
	40066753 (Lot 35 on CP 859895)
	40066735 (Lot 34 on CP 859895)
	40065364 (Lots 10824-10835, 10837-10843 and 10845-10849 on CP B337168)
	40065380 (Lots 14-15 on CP B337163)
	40065380 (Lots 8-9 and 11-12 on CP B337165)
	40065380 (Lots 2, 4 and 6 on CP B337171)

 

    

     

    

 

Schedule 5.08(b)

 

Material Owned Real Property

 

	1.	U.S. Loan Parties

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	BUCHANAN
	180012	Buchanan Mining Company, LLC	Red Ash Pocahontas Co	Buchanan, Virginia	352/206	N/A	Coal mining operations	None	1,200.00	NO
	180046	Buchanan Mining Company, LLC	SRIR	Buchanan, Virginia	260/819	NM0494-009	Coal mining operations	None	10027.91	NO
	180181	Buchanan Mining Company, LLC	Robert M & Marguerrie Hobbs Elkins	Buchanan, Virginia	401/601	N/A	Coal mining operations	None	10.69	NO
	180190	Buchanan Mining Company, LLC	John Ray & Kimberly Karen Hobbs  	Buchanan, Virginia	405/805	N/A	Coal mining operations	None	1.75	NO
	180860	Buchanan Mining Company, LLC	MMM, Inc. et al  	Buchanan, Virginia	812/295	N/A	Coal mining operations	NONE	N/A	NO

 

    

     

    

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	180986	Buchanan Mining Company, LLC	Armalee P. Brown	Buchanan, Virginia	80000818	N/A	Coal mining operations	NONE	0.22	NO
	180987	Buchanan Mining Company, LLC	Michael & Lisa Hughes  	Buchanan, Virginia	80000815	N/A	Coal mining operations	NONE	0.28	NO
	180988	Buchanan Mining Company, LLC	Jeff Price    	Buchanan, Virginia	80000819	N/A	Coal mining operations	NONE	0.60	NO
	182062	Buchanan Mining Company, LLC	Gary Dean & Sharon Johnson  	Buchanan, Virginia	559/312	N/A	Coal mining operations	NONE	1.00	NO
	182063	Buchanan Mining Company, LLC	Agnes Rose  	Tazewell, Virginia	592/729	N/A	Coal mining operations	NONE	10.00	NO
	182064	Buchanan Mining Company, LLC	Carlos & Margaret Fields  	Tazewell, Virginia	592/732	N/A	Coal mining operations	NONE	3.50	NO
	182068	Buchanan Mining Company, LLC	Roscoe & Ruby Davis  	Tazewell, Virginia	560/261	N/A	Coal mining operations	NONE	6.10	NO

 

    

     

    

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	182069	Buchanan Mining Company, LLC	Curtis Byrd; Lincous Byrd  	Tazewell, Virginia	559/548	N/A	Coal mining operations	NONE	9.00	NO
	182070	Buchanan Mining Company, LLC	Morrison Rodrick Short; Evelyn Short  	Tazewell, Virginia	565/44	N/A	Coal mining operations	NONE	4.20	NO
	182071	Buchanan Mining Company, LLC	Arnold T. & Ruth B. Short  	Tazewell, Virginia	560/488	N/A	Coal mining operations	NONE	25.00	NO
	182073	Buchanan Mining Company, LLC	Mary Elizabeth & Earbie Byrd  	Tazewell, Virginia	574/44	N/A	Coal mining operations	NONE	2.00	NO
	182075	Buchanan Mining Company, LLC	James N & Exie Baldwin  	Tazewell, Virginia	574/37	N/A	Coal mining operations	NONE	2.00	NO
	182076	Buchanan Mining Company, LLC	Roger Lee Johnson, et ux.  	Tazewell, Virginia	574/709	N/A	Coal mining operations	NONE	2.00	NO

 

    

     

    

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	182077	Buchanan Mining Company, LLC	Arch M. & Edna M. Byrd  	Tazewell, Virginia	579/80	N/A	Coal mining operations	NONE	2.00	NO
	182081	Buchanan Mining Company, LLC	Conoco, Inc.  	Tazewell, Virginia	575/524	N/A	Coal mining operations	NONE	83.00	NO
	502002	Buchanan Mining Company, LLC	Linda Tickle Dunn  	Buchanan, Virginia	521/636	N/A	Coal mining operations	NONE	N/A	NO
	708001	Buchanan Mining Company, LLC	Floyd J. & Linda Blankenship  	Buchanan, Virginia	271/783	N/A	Coal mining operations	NONE	42.00	NO
	708015	Buchanan Mining Company, LLC	Norfolk & Western Railway Co.  	Buchanan, Virginia	301/833	N/A	Coal mining operations	NONE 	7.51	NO
	708017	Buchanan Mining Company, LLC	V. H. Street, et al Trustee; Last will of W.A. Street  	Buchanan, Virginia	227/431	N/A	Coal mining operations	NONE	N/A	NO

 

    

     

    

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	708018	Buchanan Mining Company, LLC	Jimmy & Elsie L. Meadwell  	Buchanan, Virginia	228/146	N/A	Coal mining operations	NONE	75.00	NO
	708019	Buchanan Mining Company, LLC	Virginia Woodard, et ux et al  	Buchanan, Virginia	268/570	N/A	Coal mining operations	NONE	31.92	NO
	708020	Buchanan Mining Company, LLC 	Otis & Dollie Edith Sisk  	Buchanan, Virginia	227/355	N/A	Coal mining operations	NONE	118.00	NO
	708021	Buchanan Mining Company, LLC	Mary N. S & Kenneth Dye et al  	Buchanan, Virginia	229/525	N/A	Coal mining operations	NONE	30.00	NO
	708022	Buchanan Mining Company, LLC	Thomas R. Scott, Special Commissioner  	Buchanan, Virginia	258/785	N/A	Coal mining operations	NONE	69.00	NO
	708023	Buchanan Mining Company, LLC	Ezra L. & Pearl Sisk	Buchanan, Virginia	230/123	N/A	Coal mining operations	NONE	39.00	NO

 

    

     

    

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	708024	Buchanan Mining Company, LLC	Eulis L. & Faye Sisk  	Buchanan, Virginia	230/125	N/A	Coal mining operations	NONE	1.00	NO
	708025	Buchanan Mining Company, LLC	Ralph & Helen Hale  	Buchanan, Virginia	230/122	N/A	Coal mining operations	NONE	10.00	 NO
	708026	Buchanan Mining Company, LLC	Carrie B. Cook  	Buchanan, Virginia	234/495	N/A	Coal mining operations	NONE	65.00	NO
	708027	Buchanan Mining Company, LLC	Beatress P. & William M. Hale  	Buchanan, Virginia	230/456	N/A	Coal mining operations	NONE	5.00	NO
	708029	Buchanan Mining Company, LLC	Lawrence L. & Peggy Hagy  	Buchanan, Virginia	230/126	N/A	Coal mining operations	NONE	1.0	NO
	708030	Buchanan Mining Company, LLC	Glen C. & Pinkie E. Sisk  	Buchanan, Virginia	230/455	N/A	Coal mining operations	NONE	28.00	NO

 

    

     

    

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	708031	Buchanan Mining Company, LLC	Harley & Barbara Dye  	Buchanan, Virginia	230/452	N/A	Coal mining operations	NONE	1.25	NO
	708032	Buchanan Mining Company, LLC	Clarence L. & Sallie E. Jackson  	Buchanan, Virginia	233/83	N/A	Coal mining operations	NONE	20.00	NO
	708034	Buchanan Mining Company, LLC	Mary, Mutter; Lilian V. & Harry Winchester  	Buchanan, Virginia	232/268	N/A	Coal mining operations	NONE	75.00	NO
	708035	Buchanan Mining Company, LLC	Raymond & Billie C. Meadows	Buchanan, Virginia	232/269	N/A	Coal mining operations	NONE	118.00	NO
	708036	Buchanan Mining Company, LLC	Ralph P. & Kathern H. Wade  	Buchanan, Virginia	275/564	N/A	Coal mining operations	NONE	132.00	NO
	708039	Buchanan Mining Company, LLC	Buckhorn Coal Company  	Buchanan, Virginia	214/231	N/A	Coal mining operations	NONE	1.00	NO

 

    

     

    

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	708048	Buchanan Mining Company, LLC	Cheryl Ladonna & David Owens  	Buchanan, Virginia	343/60	N/A	Coal mining operations	NONE	6.76	NO
	708050	Buchanan Mining Company, LLC	Ernest & Marie Meadows  	Buchanan, Virginia	342/585	N/A	Coal mining operations	NONE	5.00	NO
	708051	Buchanan Mining Company, LLC	Bertha Coleman	Buchanan, Virginia	343/59	N/A	Coal mining operations	NONE	7.50	NO
	708055	Buchanan Mining Company, LLC	Bonnie & Windle Hatfield	Buchanan, Virginia	345/669	N/A	Coal mining operations	NONE	0.11	NO
	708092	Buchanan Mining Company, LLC	Ruth Tickle	Buchanan, Virginia	347/711	N/A	Coal mining operations	NONE	0.29	NO
	708094	Buchanan Mining Company, LLC	William Tickle, Jr.	Buchanan, Virginia	347/713	N/A	Coal mining operations	NONE	0.29	NO
	708100	Buchanan Mining Company, LLC	David Grant Altizer, Trustee	Buchanan, Virginia	445/320	N/A	Coal mining operations	NONE	96.00	NO
	708101	Buchanan Mining Company, LLC	Georgia-Pacific Corp, et al.	Buchanan, Virginia	362/793	N/A	Coal mining operations	NONE	2.00	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708104	Buchanan
    Mining Company, LLC	Eldon
    Todd Meadows; Tamara Dawn, et al.	Buchanan,
    Virginia	349/610	N/A	Coal
    mining operations	NONE	4.00	NO
	708108	Buchanan
    Mining Company, LLC	James
    E. & Shirley Meadows; Catherine Meadows	Buchanan,
    Virginia	352/89	N/A	Coal
    mining operations	NONE	25.00	NO
	708117	Buchanan
    Mining Company, LLC	Charles
    W. & Eva Cleo Hagerman	Buchanan,
    Virginia	354/354	N/A	Coal
    mining operations	NONE	14.60	NO
	708118	Buchanan
    Mining Company, LLC	Rolley &
    Gaynell Campbell	Buchanan,
    Virginia	354/825	N/A	Coal
    mining operations	NONE	15.22	NO
	708119	Buchanan
    Mining Company, LLC	Junior &
    Opal Sanders; George & Teiney Sanders	Buchanan,
    Virginia	355/293	N/A	Coal
    mining operations	NONE	63.67	NO
	708121	Buchanan
    Mining Company, LLC	Charles
    W. & Eva Cleo Hagerman	Buchanan,
    Virginia	355/298	N/A	Coal
    mining operations	NONE	76.03	NO
	708123	Buchanan
    Mining Company, LLC	Mason &
    Diana Whited	Buchanan,
    Virginia	355/595	N/A	Coal
    mining operations	NONE	0.50	NO
	708124	Buchanan
    Mining Company, LLC	Rolley &
    Nell Campbell; Kelly Joe & Sandra Smith	Buchanan,
    Virginia	355/597	N/A	Coal
    mining operations	NONE	22.82	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708125	Buchanan
    Mining Company, LLC	Raymond &
    Billie Meadows	Buchanan,
    Virginia	355/600	N/A	Coal
    mining operations	NONE	1.00	NO
	708126	Buchanan
    Mining Company, LLC	Charlotte
    Perdue, et al.	Buchanan,
    Virginia	362/710	N/A	Coal
    mining operations	NONE	2.30	NO
	708128	Buchanan
    Mining Company, LLC	Jerry
    Wayne & Alice Hale	Buchanan,
    Virginia	351/181	N/A	Coal
    mining operations	NONE	2.20	NO
	708129	Buchanan
    Mining Company, LLC	Charles
    W. & Eva Cleo Hagerman	Buchanan,
    Virginia	356/482	N/A	Coal
    mining operations	NONE	196.83	NO
	708131	Buchanan
    Mining Company, LLC	Marvin &
    Norma Hale	Buchanan,
    Virginia	361/72	N/A	Coal
    mining operations	NONE	2.00	NO
	708132	Buchanan
    Mining Company, LLC	Neal &
    Gaye Blankenship	Buchanan,
    Virginia	360/223	N/A	Coal
    mining operations	NONE	6.59	NO
	708133	Buchanan
    Mining Company, LLC	Marie
    Clendenin, et al.	Buchanan,
    Virginia	355/478	N/A	Coal
    mining operations	NONE	60.00	NO
	708136	Buchanan
    Mining Company, LLC	Arnold
    J & Wilda Ann Keen	Buchanan,
    Virginia	364/671	N/A	Coal
    mining operations	NONE	86.00	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708137	Buchanan
    Mining Company, LLC	Carl
    L. Bowling; Estell Nevil Hale Bowling	Buchanan,
    Virginia	360/823	N/A	Coal
    mining operations	NONE	45.00	NO
	708138	Buchanan
    Mining Company, LLC	Sorvan
    Bank, NA	Buchanan,
    Virginia	360/821	N/A	Coal
    mining operations	NONE	230.00	NO
	708140	Buchanan
    Mining Company, LLC	Stephen &
    Linda Meadows	Buchanan,
    Virginia	370/312	N/A	Coal
    mining operations	NONE	11.00	NO
	708141	Buchanan
    Mining Company, LLC	Clinton
    Don & Colona K. Wood	Buchanan,
    Virginia	364/674	N/A	Coal
    mining operations	NONE	70.00	NO
	708142	Buchanan
    Mining Company, LLC	Snoda
    C. Addison	Buchanan,
    Virginia	363/388	N/A	Coal
    mining operations	NONE	81.48	NO
	708143	Buchanan
    Mining Company, LLC	Ronald
    L. King; David G. Altizer	Buchanan,
    Virginia	363/392	N/A	Coal
    mining operations	NONE	59.80	NO
	708144	Buchanan
    Mining Company, LLC	David
    Grant Altizer	Buchanan,
    Virginia	371/749	N/A	Coal
    mining operations	NONE	38.00	NO
	708145	Buchanan
    Mining Company, LLC	Wallace
    Donald & Oakley Keen	Buchanan,
    Virginia	364/826	N/A	Coal
    mining operations	NONE	3.00	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708146	Buchanan
    Mining Company, LLC	David
    Grant Altizer, Trustee	Buchanan,
    Virginia	371/752	N/A	Coal
    mining operations	NONE	38.00	NO
	708147	Buchanan
    Mining Company, LLC	Mary
    Lou Nuckels	Buchanan,
    Virginia	370/318	N/A	Coal
    mining operations	NONE	1.00	NO
	708148	Buchanan
    Mining Company, LLC	Louise
    Mast, et al	Buchanan,
    Virginia	371/705	N/A	Coal
    mining operations	NONE	37.56	NO
	708149	Buchanan
    Mining Company, LLC	Nola &
    Paul Lapp	Buchanan,  Virginia	370/828	N/A	Coal
    mining operations	NONE	9.12	NO
	708150	Buchanan
    Mining Company, LLC	Howard &
    Barbara Deskins	Buchanan,
    Virginia	370/826	N/A	Coal
    mining operations	NONE	9.12	NO
	708151	Buchanan
    Mining Company, LLC	Anthony &
    Rhonda Wade	Buchanan,
    Virginia	390/90	N/A	Coal
    mining operations	NONE	0.30	NO
	708153	Buchanan
    Mining Company, LLC	Evelyn &
    Woodrow Deskins	Buchanan,
    Virginia	374/229	N/A	Coal
    mining operations	NONE	18.25	NO
	708155	Buchanan
    Mining Company, LLC	Shirley
    Mutter	Buchanan,
    Virginia	374/225	N/A	Coal
    mining operations	NONE	N/A	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708157	Buchanan
    Mining Company, LLC	Janet
    Weatherford	Buchanan,
    Virginia	374/220	N/A	Coal
    mining operations	NONE	9.43	NO
	708158	Buchanan
    Mining Company, LLC	Russell &
    Mona Mutter	Buchanan,
    Virginia	374/217	N/A	Coal
    mining operations	NONE	14.75	NO
	708162	Buchanan
    Mining Company, LLC	Arlen
    Blankenship, et al.	Buchanan,
    Virginia 	376/519	N/A	Coal
    mining operations	NONE	2.50	NO
	708163	Buchanan
    Mining Company, LLC	Jimmy
    H. Blankenship, et al.	Buchanan,
    Virginia	376/495	N/A	Coal
    mining operations	NONE	23.20	NO
	708168	Buchanan
    Mining Company, LLC	Nancy
    A & Frank Stiltner	Buchanan,
    Virginia	376/477	N/A	Coal
    mining operations	NONE	1.50	NO
	708170	Buchanan
    Mining Company, LLC	Viola
    Street	Buchanan,
    Virginia	376/492	N/A	Coal
    mining operations	NONE	2.50	NO
	708183	Buchanan
    Mining Company, LLC	Ralph
    B. & Michelle J. Wade	Buchanan,
    Virginia	376/224	N/A	Coal
    mining operations	NONE	5.06	NO
	708185	Buchanan
    Mining Company, LLC	Neal
    E. & Emma Gay Blankenship	Buchanan,
    Virginia	376/510	N/A	Coal
    mining operations	NONE	1.46	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708187	Buchanan
    Mining Company, LLC	Danny
    Blankenship, et al	Buchanan,
    Virginia	376/513	N/A	Coal
    mining operations	NONE	0.50	NO
	708189	Buchanan
    Mining Company, LLC	Clide
    Vance, et al.	Buchanan,
    Virginia 	377/299	N/A	Coal
    mining operations	NONE	7.50	NO
	708196	Buchanan
    Mining Company, LLC	Judy
    Rambo & David A. Bryant	Buchanan,
    Virginia	377/295	N/A	Coal
    mining operations	NONE	0.64	NO
	708201	Buchanan
    Mining Company, LLC	Shelia
    Rambo & John C. Johnson	Buchanan,
    Virginia	377/297	N/A	Coal
    mining operations	NONE	0.64	NO
	708202	Buchanan
    Mining Company, LLC	Carol
    Rambo & Ronald Crosby	Buchanan,
    Virginia	377/293	N/A	Coal
    mining operations	NONE	0.64	NO
	708203	Buchanan
    Mining Company, LLC	Linda
    Smallwood	Buchanan,
    Virginia	377/291	N/A	Coal
    mining operations	NONE	0.64	NO
	708207	Buchanan
    Mining Company, LLC	Linda &
    John Cohara	Buchanan,
    Virginia	377/305	N/A	Coal
    mining operations	NONE	0.64	NO
	708208	Buchanan
    Mining Company, LLC	Daniel
    J. Rambo	Buchanan,
    Virginia	377/307	N/A	Coal
    mining operations	NONE	0.64	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708210	Buchanan
    Mining Company, LLC	James
    C. & Martha Rambo	Buchanan,
    Virginia	377/309	N/A	Coal
    mining operations	NONE	0.64	NO
	708214	Buchanan
    Mining Company, LLC	Elbert
    C. & Minnie Hess	Buchanan,
    Virginia	382/839	N/A	Coal
    mining operations	NONE	28.10	NO
	708230	Buchanan
    Mining Company, LLC	Wilma
    Sue Nichols; Shannon Nichols	Buchanan,
    Virginia	380/148	N/A	Coal
    mining operations	NONE	5.00	NO
	708248	Buchanan
    Mining Company, LLC	Terry
    A. & Penny R. Baldwin	Buchanan,
    Virginia	381/471	N/A	Coal
    mining operations	NONE	6.00	NO
	708255	Buchanan
    Mining Company, LLC	Curtis &
    Mildred Ann Stilwell	Buchanan,
    Virginia	382/750	N/A	Coal
    mining operations	NONE	1.00	NO
	708259	Buchanan
    Mining Company, LLC	Kendris &
    Dorothy Harman	Buchanan,
    Virginia	396/285	N/A	Coal
    mining operations	NONE	70.00	NO
	708261	Buchanan
    Mining Company, LLC	Ruth &
    John W. Street	Buchanan,
    Virginia	382/752	N/A	Coal
    mining operations	NONE	2.50	NO
	708262	Buchanan
    Mining Company, LLC	Bernard &
    Rosalie Wade	Buchanan,
    Virginia	385/340	N/A	Coal
    mining operations	NONE	0.60	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708275	Buchanan
    Mining Company, LLC	Dicksy
    Marlene Allen Montoya; Epifanio U. Montoya	Buchanan,
    Virginia	383/746	N/A	Coal
    mining operations	NONE	15.00	NO
	708298	Buchanan
    Mining Company, LLC	Jack
    Dempsy & Bonnie Alise Keen	Buchanan,
    Virginia	407/630	N/A	Coal
    mining operations	NONE	18.00	NO
	708299	Buchanan
    Mining Company, LLC	Raymond &
    Berry Lou Lester	Buchanan,
    Virginia	386/657	N/A	Coal
    mining operations	NONE	1.00	NO
	708307	Buchanan
    Mining Company, LLC	Alice
    Irene & Raymond D. Smith	Buchanan,
    Virginia	389/103	N/A	Coal
    mining operations	NONE	4.56	NO
	708311	Buchanan
    Mining Company, LLC	Jennigs &
    Mabel Rose	Buchanan,
    Virginia	390/739	N/A	Coal
    mining operations	NONE	2.00	NO
	708315	Buchanan
    Mining Company, LLC	Eva
    Meadows Smith	Buchanan,
    Virginia	389/79	N/A	Coal
    mining operations	NONE	13.78	NO
	708316	Buchanan
    Mining Company, LLC	Ruby
    Viola Horn	Buchanan,
    Virginia	390/83	N/A	Coal
    mining operations	NONE	50.00	NO
	708319	Buchanan
    Mining Company, LLC	Joyce
    E. Meadows	Buchanan,
    Virginia	389/17	N/A	Coal
    mining operations	NONE	4.56	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708320	Buchanan
    Mining Company, LLC	Virgie
    Ellen McGuigan	Buchanan,
    Virginia	389/101	N/A	Coal
    mining operations	NONE	4.56	NO
	708321	Buchanan
    Mining Company, LLC	Leonard
    A. & Mary S. Meadows	Buchanan,
    Virginia	389/526	N/A	Coal
    mining operations	NONE	4.56	NO
	708323	Buchanan
    Mining Company, LLC	Ruby
    J. & Bernard F. McGuigan	Buchanan,
    Virginia	389/524	N/A	Coal
    mining operations	NONE	4.56	NO
	708324	Buchanan
    Mining Company, LLC	Lular
    M. Meadows	Buchanan,
    Virginia	389/522	N/A	Coal
    mining operations	NONE	4.56	NO
	708325	Buchanan
    Mining Company, LLC	Amos
    Lee & Susan J. Meadows	Buchanan,
    Virginia	390/78	N/A	Coal
    mining operations	NONE	4.56	NO
	708328	Buchanan
    Mining Company, LLC	Linda
    Faye & Doug Goss	Buchanan,
    Virginia	389/520	N/A	Coal
    mining operations	NONE	1.14	NO
	708329	Buchanan
    Mining Company, LLC	Marjorie
    J. Eastin	Buchanan,
    Virginia	389/516	N/A	Coal
    mining operations	NONE	1.14	NO
	708332	Buchanan
    Mining Company, LLC	Marlene
    M. & Daniel Englehardt	Buchanan,
    Virginia	390/717	N/A	Coal
    mining operations	NONE	1.14	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708334	Buchanan
    Mining Company, LLC	Clyde &
    Alta Mae Price	Buchanan,
    Virginia	396/22	N/A	Coal
    mining operations	NONE	120.00	NO
	708337	Buchanan
    Mining Company, LLC	Lavern
    Wayne Osborne	Buchanan,
    Virginia	390/726	N/A	Coal
    mining operations	NONE	2.28	NO
	708338	Buchanan
    Mining Company, LLC	Jessica
    A & Kevin Cougot	Buchanan,
    Virginia	389/518	N/A	Coal
    mining operations	NONE	1.14	NO
	708354	Buchanan
    Mining Company, LLC	Earnest
    C. & Ellen M. Meadows	Buchanan,
    Virginia	390/85	N/A	Coal
    mining operations	NONE	4.56	NO
	708364	Buchanan
    Mining Company, LLC	Amos
    Lee & Susan J. Meadows	Buchanan,
    Virginia	391/114	N/A	Coal
    mining operations	NONE	30.00	NO
	708399	Buchanan
    Mining Company, LLC	Ruth
    Steele	Buchanan,
    Virginia	443/262	N/A	Coal
    mining operations	NONE	3.00	NO
	708405	Buchanan
    Mining Company, LLC	Kelpia &
    Joseph B. Simmons; Steven Douglas Simmons	Buchanan,
    Virginia	397/234	N/A	Coal
    mining operations	NONE	0.50	NO
	708413	Buchanan
    Mining Company, LLC	Billy
    Lee & Dorothy Ray	Buchanan,
    Virginia	397/236	N/A	Coal
    mining operations	NONE	1.50	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708439	Buchanan
    Mining Company, LLC	David
    M. & Mary I. Blankenship	Buchanan,
    Virginia	399/209	N/A	Coal
    mining operations	NONE	11.00	NO
	708444	Buchanan
    Mining Company, LLC	Dallas
    H. & Jerlene Price	Buchanan,
    Virginia	398/43	N/A	Coal
    mining operations	NONE	25.00	NO
	708474	Buchanan
    Mining Company, LLC	Paul
    Keen, et al	Buchanan,
    Virginia	400/430	N/A	Coal
    mining operations	NONE	102.50	NO
	708484	Buchanan
    Mining Company, LLC	Helen
    McNulty	Buchanan,
    Virginia	400/631	N/A	Coal
    mining operations	NONE	22.87	NO
	708485	Buchanan
    Mining Company, LLC	Roger &
    Alma McNulty	Buchanan,
    Virginia	402/370	N/A	Coal
    mining operations	NONE	12.98	NO
	708486	Buchanan
    Mining Company, LLC	Dolphus &
    Eunice Orlena McNulty	Buchanan,
    Virginia	403/587	N/A	Coal
    mining operations	NONE	12.23	NO
	708496	Buchanan
    Mining Company, LLC	Ralph &
    Judy Stilwell	Buchanan,
    Virginia	405/368	N/A	Coal
    mining operations	NONE	2.50	NO
	708498	Buchanan
    Mining Company, LLC	Jennie
    Stilwell	Buchanan,
    Virginia	405/370	N/A	Coal
    mining operations	NONE	1.50	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708501	Buchanan
    Mining Company, LLC	Donald
    P. & Linda L. Shortt	Buchanan,
    Virginia	404/415	N/A	Coal
    mining operations	NONE	42.90	NO
	708514	Buchanan
    Mining Company, LLC	Commonwealth
    of Virginia	Buchanan,
    Virginia	424/548	N/A	Coal
    mining operations	NONE	2.97	NO
	708518	Buchanan
    Mining Company, LLC	John
    H. & Pearl Rose	Buchanan,
    Virginia	413/383	N/A	Coal
    mining operations	NONE	4.00	NO
	708519	Buchanan
    Mining Company, LLC	Sharon
    Barrett	Buchanan,
    Virginia	413/381	N/A	Coal
    mining operations	NONE	26.50	NO
	708523	Buchanan
    Mining Company, LLC	Earl
    Hall	Buchanan,
    Virginia 	413/771	N/A	Coal
    mining operations	NONE	25.00	NO
	708530	Buchanan
    Mining Company, LLC	Charles
    David & Beth Ann Brown	Buchanan,
    Virginia	417/89	N/A	Coal
    mining operations	NONE	38.36	NO
	708531	Buchanan
    Mining Company, LLC	Frances
    Allen Brown & Ralph D. Webb	Buchanan,
    Virginia	419/289	N/A	Coal
    mining operations	NONE	0.64	NO
	708546	Buchanan
    Mining Company, LLC	Mildred
    Ratliff & Clarence Smith	Buchanan,
    Virginia	431/682	N/A	Coal
    mining operations	NONE	2.00	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708551	Buchanan
    Mining Company, LLC	Edna
    May Farmer	Buchanan,
    Virginia	429/844	N/A	Coal
    mining operations	NONE	1.00	NO
	708552	Buchanan
    Mining Company, LLC	Thurman &
    Sarah Kathleen Wade	Buchanan,
    Virginia	N/A	N/A	Coal
    mining operations	NONE	10.00	NO
	708553	Buchanan
    Mining Company, LLC	Thurman &
    Sarah Kathleen Wade	Buchanan,
    Virginia	430/470	N/A	Coal
    mining operations	NONE	40.00	NO
	708556	Buchanan
    Mining Company, LLC	Commonwealth
    of Virginia	Buchanan,
    Virginia	433/234	N/A	Coal
    mining operations	NONE	2.14	NO
	708559	Buchanan
    Mining Company, LLC	Scott
    R. & Deborah Anna Whitt	Buchanan,
    Virginia	432/739	N/A	Coal
    mining operations	NONE	1.00	NO
	708564	Buchanan
    Mining Company, LLC	Gary
    C. Davis and Patty Lynn Davis	Buchanan,
    Virginia	434/557	N/A	Coal
    mining operations	NONE	1.60	NO
	708580	Buchanan
    Mining Company, LLC	Warren
    E. Wilkerson, Executor & Trustee; under will	Buchanan,
    Virginia	436/258	N/A	Coal
    mining operations	NONE	1.00	NO
	708586	Buchanan
    Mining Company, LLC	Bobby
    W. Steele; Ruth Steele	Buchanan,
    Virginia	443/265	N/A	Coal
    mining operations	NONE	8.71	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708587	Buchanan
    Mining Company, LLC	Curtis
    E. & Laura B. Wade	Buchanan,
    Virginia	444/422	N/A	Coal
    mining operations	NONE	1.00	NO
	708591	Buchanan
    Mining Company, LLC	Oliver &
    Mandie Sisk	Buchanan,
    Virginia	440/469	N/A	Coal
    mining operations	NONE	25.00	NO
	708706	Buchanan
    Mining Company, LLC	Island
    Creek Coal Company	Buchanan,
    Virginia	450/265	N/A	Coal
    mining operations	NONE	127.85	NO
	708725	Buchanan
    Mining Company, LLC	Hurt-McGuire
    Land Trust	Buchanan,
    Virginia	451/283	N/A	Coal
    mining operations	NONE	1.63	NO
	708738	Buchanan
    Mining Company, LLC	Paul
    M. & Carol Webb	Buchanan,
    Virginia	446/803	N/A	Coal
    mining operations	NONE	0.78	NO
	708762	Buchanan
    Mining Company, LLC	Charles
    A. Grimsley	Buchanan,
    Virginia	451/33	N/A	Coal
    mining operations	NONE	20.39	NO
	708763	Buchanan
    Mining Company, LLC	Franklin
    D. & Laura Grimsley	Buchanan,
    Virginia	451/35	N/A	Coal
    mining operations	NONE	20.39	NO
	708765	Buchanan
    Mining Company, LLC	Carl &
    Edna Short	Buchanan,
    Virginia	453/547	N/A	Coal
    mining operations	NONE	16.16	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708766	Buchanan
    Mining Company, LLC	Triple
    L. Enterprises, Inc.	Buchanan,
    Virginia	453/545	N/A	Coal
    mining operations	NONE	34.00	NO
	708767	Buchanan
    Mining Company, LLC	Kathy
    Ruble	Buchanan,
    Virginia	453/150	N/A	Coal
    mining operations	NONE	0.45	NO
	708768	Buchanan
    Mining Company, LLC	Karen
    Roche	Buchanan,
    Virginia	453/152	N/A	Coal
    mining operations	NONE	0.45	NO
	708769	Buchanan
    Mining Company, LLC	Dorothy
    Grimsley	Buchanan,
    Virginia	453/154	N/A	Coal
    mining operations	NONE	0.45	NO
	708774	Buchanan
    Mining Company, LLC	William &
    Dorothy H. Grimsley	Buchanan,
    Virginia	454/649	N/A	Coal
    mining operations	NONE	1.36	NO
	708775	Buchanan
    Mining Company, LLC	Doris &
    Lloyd Anders	Buchanan,
    Virginia	454/651	N/A	Coal
    mining operations	NONE	1.36	NO
	708776	Buchanan
    Mining Company, LLC	Zlevie
    L. Keen	Buchanan,
    Virginia	456/211	N/A	Coal
    mining operations	NONE	32.39	NO
	708778	Buchanan
    Mining Company, LLC	Oris
    E. & Peggy Cantrell	Buchanan,
    Virginia	479/516	N/A	Coal
    mining operations	NONE	20.00	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	708817	Buchanan
    Mining Company, LLC	Curtis
    E. & Laura B. Wade	Buchanan,
    Virginia	461/308	N/A	Coal
    mining operations	NONE	81.50	NO
	708881	Buchanan
    Mining Company, LLC	The
    Commonwealth of Virginia	Buchanan,
    Virginia	460/399	N/A	Coal
    mining operations	NONE	7.28	NO
	711113	Buchanan
    Mining Company, LLC	George
    J. & Brenda K. Cantrell	Buchanan,
    Virginia	471/308	N/A	Coal
    mining operations	NONE	1.00	NO
	711147	Buchanan
    Mining Company, LLC	Ted
    Hurt	Buchanan,
    Virginia	476/585	N/A	Coal
    mining operations	NONE	4.25	NO
	711179	Buchanan
    Mining Company, LLC	Looney's
    Chapel United Methodist Church; Bob Looney	Buchanan,
    Virginia	487/477	N/A	Coal
    mining operations	P/O
    Contrary Office and Portal	49.99	NO
	711180	Buchanan
    Mining Company, LLC	Georgia-Pacific
    Corp, et al.	Buchanan,
    Virginia	487/468	N/A	Coal
    mining operations	P/O
    Contrary Office and Portal	15.20	NO
	711182	Buchanan
    Mining Company, LLC	Reserve
    Coal Properties Company	Buchanan,
    Virginia	504/111	N/A	Coal
    mining operations	NONE	676.10	NO
	711183	Buchanan
    Mining Company, LLC	Buchanan
    Production Company	Buchanan,
    Virginia	485/506	N/A	Coal
    mining operations	NONE	75.83	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	711185	Buchanan
    Mining Company, LLC	Island
    Creek Coal Company	Buchanan,
    Virginia	494/422	N/A	Coal
    mining operations	NONE	0.18	NO
	711235	Buchanan
    Mining Company, LLC	William
    W. & Virginia M. Price, et al	Buchanan,
    Virginia	503/493	N/A	Coal
    mining operations	NONE	3.00	NO
	711314	Buchanan
    Mining Company, LLC	Reserve
    Coal Properties Company	Buchanan,
    Virginia	504/113	N/A	Coal
    mining operations	NONE	3	NO
	711316	Buchanan
    Mining Company, LLC	Buchanan
    Production Company	Buchanan,
    Virginia	535/714	N/A	Coal
    mining operations	NONE	15.00	NO
	711342	Buchanan
    Mining Company, LLC	Katherine
    St. Clair	Buchanan,
    Virginia	464/728	N/A	Coal
    mining operations	NONE	0.78	NO
	711343	Buchanan
    Mining Company, LLC	Reserve
    Coal Properties Company	Buchanan,
    Virginia	504/116	N/A	Coal
    mining operations	NONE	5	NO
	711381	Buchanan
    Mining Company, LLC	James
    R. Osborne	Buchanan,
    Virginia	512/331	N/A	Coal
    mining operations	NONE	0.25	NO
	711382	Buchanan
    Mining Company, LLC	Dallis
    R. & Ruth Horn, et al	Buchanan,
    Virginia	514/273	N/A	Coal
    mining operations	NONE	77.71	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	711385	Buchanan
    Mining Company, LLC	Mary
    E. Crawford	Buchanan,
    Virginia	513/264	N/A	Coal
    mining operations	NONE	31.62	NO
	711386	Buchanan
    Mining Company, LLC	Ricky
    D. & Billie Ruth McGinnis	Buchanan,
    Virginia	513/267	N/A	Coal
    mining operations	NONE	1.10	NO
	711389	Buchanan
    Mining Company, LLC	Permac, Inc.;
    Raven Coal Co., Inc.	Buchanan,
    Virginia	516/110	N/A	Coal
    mining operations	NONE	279	NO
	711437	Buchanan
    Mining Company, LLC	Buchanan
    Production Company	Buchanan,
    Virginia	Not
    of record	N/A	Coal
    mining operations	NONE	249.09	NO
	711443	Buchanan
    Mining Company, LLC	Martin
    R. & Doris Jean Short	Buchanan,
    Virginia	520/464	N/A	Coal
    mining operations	NONE	4	NO
	711446	Buchanan
    Mining Company, LLC	J.C.
    Franks, et al.	Buchanan,
    Virginia	532/812	N/A	Coal
    mining operations	NONE	N/A	NO
	711498	Buchanan
    Mining Company, LLC	Ronald
    A. Clyborne, et al	Buchanan,
    Virginia	541/335	N/A	Coal
    mining operations	NONE	64.25	NO
	711614	Buchanan
    Mining Company, LLC	Ruth
    Culbertson	Buchanan,
    Virginia	554/6	N/A	Coal
    mining operations	NONE	40.20	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	711662	Buchanan
    Mining Company, LLC	Robert
    Joseph & Naconna Trent	Buchanan,
    Virginia	589/797	N/A	Coal
    mining operations	NONE	1.74	NO
	711663	Buchanan
    Mining Company, LLC	Hasell
    Wayne Underwood, et al	Buchanan,
    Virginia	606/270	N/A	Coal
    mining operations	NONE	1.20	NO
	711675	Buchanan
    Mining Company, LLC	Arthur
    H. & Patricia A. Lawson	Buchanan,
    Virginia	80000820	N/A	Coal
    mining operations	NONE	0.4	NO
	711680	Buchanan
    Mining Company, LLC	Lowell
    R. & Juanita Cole	Buchanan,
    Virginia	80002295	N/A	Coal
    mining operations	NONE	32.59	NO
	711681	Buchanan
    Mining Company, LLC	Island
    Creek Coal Company & Buchanan Mining Company, LLC	Buchanan,
    Virginia	8000449	N/A	Coal
    mining operations	NONE	36.00	NO
	711684	Buchanan
    Mining Company, LLC	Industrial
    Development Authority	Buchanan,
    Virginia	90000598	N/A	Coal
    mining operations	NONE	6.96	NO
	711692	Buchanan
    Mining Company, LLC	Buchanan
    County	Buchanan,
    Virginia	90003048	N/A	Coal
    mining operations	NONE	1.00	NO
	711707	Buchanan
    Mining Company, LLC	Wanda
    E. White	Buchanan,
    Virginia	110002451	N/A	Coal
    mining operations	NONE	0.49	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	711728	Buchanan
    Mining Company, LLC	Ezra
    Clark Horn, et ux.	Buchanan,
    Virginia	120001040	N/A	Coal
    mining operations	NONE	13.25	NO
	711730	Buchanan
    Mining Company, LLC	Naomi
    Boyd McKinney Horn	Buchanan,
    Virginia	120001042	N/A	Coal
    mining operations	NONE	5.00	NO
	711731	Buchanan
    Mining Company, LLC	Mable
    Boyd Horn	Buchanan,
    Virginia	120001043	N/A	Coal
    mining operations	NONE	5.00	NO
	711732	Buchanan
    Mining Company, LLC	James
    Samuel Boyd, Jr.	Buchanan,
    Virginia	120001032	N/A	Coal
    mining operations	NONE	5.00	NO
	711733	Buchanan
    Mining Company, LLC	James
    Earl Boyd	Buchanan,
    Virginia	120001033	N/A	Coal
    mining operations	NONE	5.00	NO
	711734	Buchanan
    Mining Company, LLC	Hobert
    C. McGlothlin, et ux.	Buchanan,
    Virginia	120001046	N/A	Coal
    mining operations	NONE	5.35	NO
	711735	Buchanan
    Mining Company, LLC	Gary
    C. Davis and Patty Lynn Davis	Buchanan,
    Virginia	120001413	N/A	Coal
    mining operations	Davis Rental House

     
	10.826
    / 1.607	NO
	711745	Buchanan
    Mining Company, LLC	Ricky
    A. Cordle, et ux.	Buchanan,
    Virginia	120002261	N/A	Coal
    mining operations	NONE	9.30	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	711759	Buchanan
    Mining Company, LLC	Donald
    Honaker	Buchanan,
    Virginia	130001097	N/A	Coal
    mining operations	NONE	15	NO
	711763	Buchanan
    Mining Company, LLC	Coles
    Chapel Central Baptist Church	Buchanan,
    Virginia	130000618	N/A	Coal
    mining operations	NONE	0.5	NO
	711765	Buchanan
    Mining Company, LLC	Joe
    Keith Smith, et ux.	Buchanan,
    Virginia	130000925	N/A	Coal
    mining operations	NONE	5	NO
	711768	Buchanan
    Mining Company, LLC	Franklin
    E. Payne	Buchanan,
    Virginia	130001258	N/A	Coal
    mining operations	NONE	0.31	NO
	711777	Buchanan
    Mining Company, LLC	Helen
    Mae Elswick	Buchanan,
    Virginia	130001327	N/A	Coal
    mining operations	NONE	34.00	NO
	711779	Buchanan
    Mining Company, LLC	Claude
    V. Vandyke, et al.	Buchanan,
    Virginia	130001606	N/A	Coal
    mining operations	NONE	43.00	NO
	711780	Buchanan
    Mining Company, LLC	Betty
    Jean Bishop	Buchanan,
    Virginia	130002180	N/A	Coal
    mining operations	NONE	30.00	NO
	711781	Buchanan
    Mining Company, LLC	Basel
    Eugene Cooper, et ux	Buchanan,
    Virginia	130002218	N/A	Coal
    mining operations	NONE	10.00	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	711788	Buchanan
    Mining Company, LLC	Garland
    Ralph Joyce, et ux.	Buchanan,
    Virginia	140000382	N/A	Coal
    mining operations	NONE	41.24	NO
	711790	Buchanan
    Mining Company, LLC	Sylvia
    Rose	Buchanan,
    Virginia	140000033	N/A	Coal
    mining operations	NONE	3.50	NO
	711801	Buchanan
    Mining Company, LLC	Antonio
    R. Cooper 	Tazewell,
    Virginia	2014/13743	N/A	Coal
    mining operations	NONE	0.65	NO
	711802	Buchanan
    Mining Company, LLC	The
    R&D Group LLC	Buchanan,
    Virginia	140001214	N/A	Deep
    Mining	NONE	82.00	NO
	711803	Buchanan
    Mining Company, LLC	Jeanette
    Johnson	Buchanan,
    Virginia	150000267	N/A	Coal
    mining operations	NONE	0.32	NO
	711804	Buchanan
    Mining Company, LLC	Carl
    Douglas Kinder	Buchanan,
    Virginia	150000268	N/A	Coal
    mining operations	NONE	0.32	NO
	711805	Buchanan
    Mining Company, LLC	Paul
    Richard Kinder	Buchanan,
    Virginia	150000323	N/A	Coal
    mining operations	NONE	0.32	NO
	711828	Buchanan
    Mining Company, LLC	Norfolk &
    Southern	Buchanan,
    Virginia	N/A	N/A	Coal
    mining operations	NONE	N/A	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	711806	Buchanan
    Mining Company, LLC	Roberta
    A. Boyd	Buchanan,
    Virginia	150000269	N/A	Coal
    mining operations	NONE	0.32	NO
	711827	Buchanan
    Mining Company, LLC	Lauren
    Land Company	Buchanan;
    Tazewell, Virginia	140001551;
    140002686	N/A	Coal
    mining operations	NONE	118.40	NO
	711808	Buchanan
    Mining Company, LLC	Ella
    Sue Boyd	Buchanan,
    Virginia	150000270	N/A	Coal
    mining operations	NONE	0.32	NO
	711809	Buchanan
    Mining Company, LLC	Linda
    Collins	Buchanan,
    Virginia	150000272	N/A	Coal
    mining operations	NONE	0.32	NO
	711810	Buchanan
    Mining Company, LLC	Farley
    Edward Cantrell, et ux.	Buchanan,
    Virginia	140001871	N/A	Coal
    mining operations	NONE	60.54	NO
	711813	Buchanan
    Mining Company, LLC	Terry
    W. Blankenship and Sharon Blankenship	Buchanan,
    Virginia	150000978	N/A	Coal
    mining operations	Blankenship Rental House

     
	1.49	NO
	711816	Buchanan
    Mining Company, LLC	Alice
    Faye Kinder	Buchanan,
    Virginia	150000271	N/A	Coal
    mining operations	NONE	0.32	NO
	711817	Buchanan
    Mining Company, LLC	Herman
    J. Matney	Buchanan,
    Virginia	140001509	N/A	Coal
    mining operations	NONE	0.69	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	711820	Buchanan
    Mining Company, LLC	Audra
    M. White	Buchanan,
    Virginia	130002397	N/A	Coal
    mining operations	NONE	0.25	NO
	711821	Buchanan
    Mining Company, LLC	Lanthia
    E. Ross	Buchanan,
    Virginia	130002503	N/A	Coal
    mining operations	NONE	0.25	NO
	711822	Buchanan
    Mining Company, LLC	Michelle
    Hays	Buchanan,
    Virginia	130002398	N/A	Coal
    mining operations	NONE	0.25	NO
	711823	Buchanan
    Mining Company, LLC	Sanra
    L. Holliday	Buchanan,
    Virginia	130002501	N/A	Coal
    mining operations	NONE	0.25	NO
	711824	Buchanan
    Mining Company, LLC	Edgar
    Mae & Boyd Rife	Buchanan,
    Virginia	342/587	N/A	Coal
    mining operations	NONE	3.00	NO
	711825	Buchanan
    Mining Company, LLC	Virginia
    Pauline Taylor	Buchanan,
    Virginia	150000421	N/A	Coal
    mining operations	NONE	0.32	NO
	711826	Buchanan
    Mining Company, LLC	Jody
    L. Meadows, et ux.	Tazewell,
    Virginia	2014/8388	N/A	Coal
    mining operations	NONE	3.23	NO
	723059	Buchanan
    Mining Company, LLC	Consol
    Mining Company, LLC (Yukon Deed)	Buchanan,
    Virginia	160000848	N/A	Coal
    mining operations	Horn Mtn Portal (VS8)

    Horn Mtn. Office
	N/A	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	723122	Buchanan
    Mining Company, LLC	Denny
    Franklin & Barbara Ann Rowe, et al.	Buchanan,
    Virginia	227/69	N/A	Coal
    mining operations	NONE	N/A	NO
	723128	Buchanan
    Mining Company, LLC	James
    H. & Betty Lou Cook	Buchanan,
    Virginia	284/617	N/A	Coal
    mining operations	NONE	3.86	NO
	723133	Buchanan
    Mining Company, LLC	Ralph
    S. & Louise McGlothlin, et al.	Buchanan,
    Virginia	228/394	N/A	Coal
    mining operations	NONE	116.38	NO
	723138	Buchanan
    Mining Company, LLC	Franklin
    Wayne & Rebal Evelyn Keen	Buchanan,
    Virginia	227/327	N/A	Coal
    mining operations	NONE	2.45	NO
	732011	Buchanan
    Mining Company, LLC	Otis &
    Lena C. Blankenship	Buchanan,
    Virginia	221/209	N/A	Coal
    mining operations	NONE	3.14	NO
	811001	Buchanan
    Mining Company, LLC	Walter
    Horn	Buchanan,
    Virginia	160001439	N/A	Coal
    mining operations	Walter Horn Rental House

     
	96.00	NO
	811004	Buchanan
    Mining Company, LLC	Trustees
    of the Pentecostal Faith Temple Church	Buchanan,
    Virginia	17000865	N/A	Coal
    mining operations	NONE	N/A	NO
	811005	Buchanan
    Mining Company, LLC	Pamela
    Brown Taylor, et vir	Buchanan,
    Virginia	170000013	N/A	Coal
    mining operations	NONE	7.00	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	811006	Buchanan
    Mining Company, LLC	Evelyn
    Stilwell	Buchanan,
    Virginia	170000014	N/A	Coal
    mining operations	NONE	0.15	NO
	811100	Buchanan
    Mining Company, LLC	CMC
    (Consol Mining Company)	Buchanan,
    Virginia	16000540	N/A	Coal
    Only- Buchanan Co. Whitewood School Deed	NONE	N/A	NO
	811101	Buchanan
    Mining Company, LLC	CMC
    (Consol Mining Company)	Buchanan,
    Virginia	16000541	N/A	Surface
    Only near Peaker Plant	NONE	N/A	NO
	N/A	Buchanan
    Mining Company, LLC	C.L.
    Ritter Lumber Company	Buchanan,
    Virginia	120001111	N/A	Coal
    mining operations	NONE	N/A	NO
	N/A	Buchanan
    Mining Company, LLC	Consolidation
    Coal Company	Buchanan,
    Virginia	90003317;
    1064/486	N/A	Coal
    mining operations	N/A	N/A	NO
	811018	Buchanan
    Mining Company, LLC	Garry
    Viars et ux	Buchanan,
    Virginia	N/A	N/A	Deed-VS
    15	NONE	N/A	NO
	811023	Buchanan
    Mining Company, LLC	Brenda
    K. Hicks	Buchanan,
    Virginia	N/A	N/A	Deed-VS
    15	NONE	N/A	NO
	811024	Buchanan
    Mining Company, LLC	Edith
    Carol Hickman	Buchanan,
    Virginia	343/59	N/A	Deed-VS
    15	NONE	N/A	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	N/A	Coronado
    IV LLC	CNX
    Gas Company 	Buchanan,
    Virginia	200000816	N/A	Coal
    mining operations	NONE	N/A	NO
	GREENBRIER
	600015	Coronado
    Coal LLC/ Matoaka Land Company, LLC	MWV
    Development & Land Mgnt	Greenbrier,
    West Virginia	534/850	9999-42-4-100	Coal
    mining operations	NONE	75.41/9.24	NO
	600016	Coronado
    Coal LLC/ Matoaka Land Company, LLC	Meadwestvaco
    Corp	Greenbrier,
    West Virginia	508/551	N/A	Coal
    mining operations	NONE	28.71	NO
	600007	Coronado
    Coal LLC/Midland Trail Resources, LLC	WPP
    LLC	Greenbrier,
    West Virginia	583/598	N/A	Coal
    mining operations 	NONE	3.99	NO
	600010	Greenbrier
    Minerals, LLC	Warren
    Hunter	Greenbrier,
    West Virginia	587/382	N/A	Coal
    mining operations	NONE	1.02	NO
	600011	Coronado
    Coal LLC/Midland Trail Resources, LLC	WPP
    LLC	Greenbrier,
    West Virginia	583/601	N/A	Coal
    mining operations	NONE	9.74	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	600018	Coronado
    Coal LLC/ Matoaka Land Company, LLC	Meadwestvaco
    Corp	Greenbrier,
    West Virginia	534/850	9999-33-1-101	Coal
    mining operations	NONE	222.32	NO
	600020	Coronado
    Coal LLC/Midland Trail Resources, LLC	Plum
    Creek Timberlands, LP	Greenbrier,
    West Virginia	507/01	N/A	Coal
    mining operations	NONE	20.49	NO
	600022	Greenbrier
    Smokeless Coal Mining, LLC	Meadwestvaco
    Corp	Greenbrier,
    West Virginia	499/539	N/A	Coal
    mining operations	NONE	5.05	NO
	600024	Coronado
    Coal LLC/Midland Trail Resources, LLC	Fredrick
    J. Taylor and Mamie P. Taylor	Greenbrier,
    West Virginia	555/589	N/A	Coal
    mining operations	NONE	2.62
    	NO
	600025	Coronado
    Coal LLC/Midland Trail Resources, LLC	Resource
    Fuels, LLC	Greenbrier,
    West Virginia	501/83	N/A	Coal
    mining operations	NONE	25.19/14.59	NO
	600027	Coronado
    Coal LLC/Midland Trail Resources, LLC	Gloria
    Turley, Etal.	Greenbrier,
    West Virginia	598/299	N/A	Coal
    mining operations	NONE	N/A	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	600028	Coronado
    Coal LLC/Midland Trail Resources, LLC	Gloria
    Turley, Etal.	Greenbrier,
    West Virginia	598/281	N/A	Coal
    mining operations	NONE	N/A	NO
	600029	Coronado
    Coal LLC/Midland Trail Resources, LLC	Joseph
    C. Turley  II	Greenbrier,
    West Virginia	598/298	N/A	Coal
    mining operations	NONE	N/A	NO
	600030	Coronado
    Coal LLC/Midland Trail Resources, LLC	Icky
    Land Company, LLC	Greenbrier,
    West Virginia	597/594	N/A	Coal
    mining operations	NONE	N/A	NO
	LOGAN
    COUNTY
	119013	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/887
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119015	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/923
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119016	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/883
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119017	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/899
    	N/A	Coal
    mining operations	NONE	N/A	NO

 

    

     

    

 

	Instrument

    Number	Entity
    of

    Record	Grantor	County,
    State	Recording

    Information	TMP	Purpose/

    Use	Improvements

    Located on Real

    Property

    (including 

    number of

    “Buildings” 

     and/or “Mobile

    Homes”	Approximate

    Acreage	Option
    to Purchase/

    Right of First

    Refusal
	119018	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/902
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119019	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/905
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119020	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Wyoming,
    West Virginia	468/556
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119021	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/926
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119022	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/917
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119023	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/891
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119024	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/908
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119025	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/911
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119026	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/914
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119027	Coronado
    Coal II, LLC	Toneys
    Fork Land LLC	Logan,
    West Virginia	622/920
    	N/A	Coal
    mining operations	NONE	N/A	NO
	119028	Coronado
    Coal II, LLC	Cliffs
    Logan County Coal, LLC	Logan,
    West Virginia	622/895
    	N/A	Coal
    mining operations	NONE	N/A	NO

 

    

     

    

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	N/A	Coronado Coal II, LLC	Sonya Harris, et. al. (Howze)	Logan, West Virginia	646/421	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Ray Donald Osborne, et. al.	Logan, West Virginia	648/89	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Eddie D. Walls, et. al.	Logan, West Virginia	648/256	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Angalena Adkins, et. al.	Logan, West Virginia	648/259	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Sarah Mullins, et. al.	Logan, West Virginia	648/264	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Thurman Goodman, et. al.	Logan, West Virginia	648/269	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Raymond Grimmett, et. al.	Logan, West Virginia	649/644	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Clara Ann Porter Brunty, et. al.	Logan, West Virginia	649/647	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Amber Michelle Grimmett, et. al.	Logan, West Virginia	649/650	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Birdie Floyd, et. al.	Logan, West Virginia	649/655	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Timothy Crowder	Logan, West Virginia	650/29	N/A	Coal mining operations	NONE	N/A	NO

 

    

     

    

 

	Instrument
 Number	Entity of
 Record	Grantor	County, State	Recording
 Information	TMP	Purpose/
 Use	Improvements
 Located on Real
 Property
 (including 
 number of
 “Buildings” 
  and/or “Mobile
 Homes”	Approximate
 Acreage	Option to Purchase/
 Right of First
 Refusal
	N/A	Coronado Coal II, LLC	Earnest Grimmett, et. al.	Logan, West Virginia	652/4	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Raymond Grimmett, et. al.	Logan, West Virginia	652/142	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Pocahontas Surface Interests, et. al.	Logan, West Virginia	653/196	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Annie Gibson, et. al.	Logan, West Virginia	653/1064	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	John Cain, et. al.	Logan, West Virginia	654/332	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Ted Sanson, et. al.	Logan, West Virginia	654/1047	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Blackhawk Land & Resources, LLC	Logan, West Virginia	655/978	N/A	Coal mining operations	NONE	N/A	NO
	N/A	Coronado Coal II, LLC	Blackhawk Land & Resources, LLC	Logan, West Virginia	655/985	N/A	Coal mining operations	NONE	N/A	NO

 

    

     

    

 

		2.	Australian Loan Parties

 

	Title
    Reference / Tenement	Jurisdiction	Owner
	50443551 (Lot 7 on SP 159655)	Queensland	Coronado Curragh Pty Ltd ACN 009 362 565
	50515813 (Lot 1 on SP 161092)
	50919293 (Lot 35 on SP 247242)
	50804353 (Lot 2 on SP 223677)
	50713027 (Lot 8 on SP 206875)
	50713033 (Lot 14 on SP 206875)
	50713055 (Lot 36 on SP 206875)
	50713060 (Lot 41 on SP 206875)
	50166285 (Lot 1 on CP B337160)	Queensland	Curragh Queensland Mining Pty Ltd ACN 095 450 418
	50166288 (Lot 2 on CP B337160)
	50166294 (Lot 3 on CP B337160)
	50166371 (Lot 4 on CP B337160)
	50166372 (Lot 5 on CP B337160)
	50166373 (Lot 6 on CP B337160)
	50166374 (Lot 7 on CP B337160)
	50166380 (Lot 8 on CP B337160)
	50166395 (Lot 9 on CP B337160)
	50166398 (Lot 10 on CP B337160)
	50166399 (Lot 11 on CP B337160)
	50166400 (Lot 12 on CP B337160)
	50238332 (Lot 31 on CP HT596)

 

    

     

    

 

 

Schedule 5.08(c)

 

Subsidiaries

 

	Loan Party	Record Owner	No. Shares/Interest
	Coronado Coal Corporation	Coronado Global Resources Inc.	100 Common Shares
	Coronado Coal Corporation	Coronado Global Resources Inc.	196,394 Common Shares
	Coronado II LLC	Coronado Coal Corporation	100%
	Coronado Coal II LLC	Coronado II LLC	100%
	Coronado Coal LLC	Coronado Coal Corporation	99%
	Coronado Coal LLC	Coronado Coal Corporation	1%
	Mon Valley Minerals LLC	Coronado Coal LLC	100%
	Midland Trail Resources, LLC	Coronado Coal LLC	100%
	Greenbrier Minerals, LLC	Coronado Coal LLC	100%
	Greenbrier Smokeless Coal Mining, L.L.C.	Greenbrier Minerals, LLC	100%
	Matoaka Land Company, LLC	Greenbrier Minerals, LLC	100%
	Powhatan Mid-Vol Coal Sales, LLC	Greenbrier Minerals, LLC	100%
	JEP Mining, LLC	Greenbrier Minerals, LLC	100%
	Buchanan Minerals, LLC	Coronado Coal LLC	100%
	Coronado IV LLC	Coronado Coal Corporation	100%
	Buchanan Mining Company LLC	Coronado IV LLC	100%
	Coronado VA, LLC	Coronado IV LLC	100%
	Coronado Australia Holdings Pty Ltd	Coronado Global Resources Inc. (f/k/a Coronado Group Holdco LLC)	0.01%
	Coronado Australia Holdings Pty Ltd	Coronado Global Resources Inc. (f/k/a Coronado Group Holdco LLC)	99.99%
	Coronado Curragh LLC	Coronado Australia Holdings Pty Ltd	100%
	Coronado Finance Pty Ltd	Coronado Australia Holdings Pty Ltd	100%
	Coronado Curragh Pty Ltd	Coronado Australia Holdings Pty Ltd	100%
	Curragh Coal Sales Co Pty Ltd	Coronado Curragh Pty Ltd (f/k/a Wesfarmers Curragh Pty Ltd)	100%
	Curragh Queensland Mining Pty Ltd	Coronado Curragh Pty Ltd (f/k/a Wesfarmers Curragh Pty Ltd)	100%

 

     

     

    

 

Schedule 5.09

 

Environmental Matters

 

None.

 

     

     

    

 

Schedule 5.10

 

Mining

 

		1.	U.S. Loan Parties:

 

Schedule
5.08(a) and Schedule 5.08(b) are incorporated herein by reference.

 

		2.	Australian Loan Parties:

 

	Loan Party	Property Type	Title Reference / Tenement	Jurisdiction
	Coronado Curragh Pty Ltd	Mining Lease	Mining Lease Numbers 1878, 1990, 80010, 80011, 80012, 80086, 80110, 80112, 80123, 80171, 700006, 700007, 700008, 700009	Queensland
	Coronado Curragh Pty Ltd	Mineral Development Licence	Mineral Development Licence Numbers 162, 328, 329	Queensland

 

     

     

    

 

Schedule 5.18

 

Intellectual Property Matters

 

United States Patents:

 

None.

 

Other Patents:

 

None.

 

United States Trademarks:

 

	Owner	Jurisdiction	Mark	U.S. Serial

                                                                                Number
	Filing Date
	Coronado Global Resources Inc.	United States	CORONADO STEEL STARTS HERE (Stylized/Design)	88-142,683	October 4, 2018

 

Other Trademarks:

 

None.

 

Copyrights:

 

None.

 

Intellectual Property Licenses:

 

None.

 

Domain Names:

 

		·	Coronadous.com

		·	Coronadocoal.com

		·	Curragh.com.au

		·	Coronadoglobal.com

		·	Coronadoglobal.com.au

		·	Coronadoglobal.net

		·	Coronado-global.com

		·	Coronadogroup.net

		·	Coronadoresourcesinc.com

		·	Coronadoresourcesinc.info

		·	Coronadoresourcesinc.net

		·	Coronadoresourcesinc.org

		·	Coronado.email

		·	Coronadoresources.com.au

		·	Coronadousa.biz

		·	Coronadousa.info

		·	Coronadousa.online

 

     

     

    

 

Schedule 5.21

 

Labor Matters

 

		1.	Curragh Queensland Mining Pty Ltd: Curragh Enterprise Agreement 2019, dated as of 20 May 2019

 

     

     

    

 

 

Schedule 6.20

 

Post-Closing Obligations

 

		1.	Within 60 days following the Closing Date (or such later date as the Administrative Agent may agree in
its reasonable discretion), each of the Loan Parties shall enter into and maintain a Blocked Account Agreement with respect to each of
its Deposit Account, Securities Account, Commodities Contract or Commodities Account (other than any Excluded Account).

 

		2.	Within 120 days (or such longer period as the Administrative Agent may agree) after the Closing Date,
the Borrowers shall cause each Restricted Subsidiary owning any Material Real Property on the Closing Date to:

 

		a.	duly execute, deliver and record Mortgages to the Administrative Agent on all Material Real Property,
or amendments to Mortgages that have been previously recorded to secure the Indebtedness and obligations under the Existing Syndicated
Facilities Agreement, as may be recommended or required to secure the Indebtedness and obligations under this Agreement, in each case
in form and substance reasonably acceptable to Administrative Agent; and

		b.	in connection with the foregoing, upon the request of the Administrative Agent in its reasonable discretion,
deliver to the Administrative Agent any legal opinions addressed to the Administrative Agent and the other Secured Parties, reasonably
acceptable to the Administrative Agent as to such matters as the Administrative Agent may reasonably request.

 

		3.	Within 120 days following the Closing Date (or such later date as the Administrative Agent may agree in
its reasonable discretion), the Borrowers shall cause each Restricted Subsidiary holding any interest in the Material Real Property that
is subject to Curragh Transaction to duly execute, deliver and record Mortgages to the Administrative Agent on all such Material Real
Property to secure the Indebtedness and obligations under this Agreement, in each case in form and substance reasonably acceptable to
Administrative Agent.

 

		4.	Within 30 days following the Closing Date (or such later date as the Administrative Agent may agree in
its reasonable discretion), the Borrower shall deliver, or cause to be delivered, to the Administrative Agent a customary liability insurance
certificate, property insurance certificate and business interruption insurance certificate and corresponding endorsements (i) naming
the Administrative Agent, on behalf of the Secured Parties, as additional insured or loss payee, as applicable, (ii) providing that
commercially reasonable efforts must be used to provide at least thirty (30) days’ prior notice to the Administrative Agent prior
to any modification and cancellation of such policy and (iii) reasonably acceptable in all other respects to the Administrative Agent,
in accordance with the requirements of Section 6.07.

 

		5.	Within 30 days following the Closing Date, or such later date as the Administrative Agent may reasonably
agree, to the extent not provided on or before the Closing Date, the U.S. Borrower shall deliver to the Administrative Agent good standing
certificates (or certificates of similar import and substance) for each U.S. Loan Party from each state or other jurisdiction in which
such Loan Party is authorized to do business, each of which shall be certified by the appropriate official of each such jurisdiction.

 

     

     

    

 

		6.	Within 5 days following the Closing Date, or such later date as the Administrative Agent may agree in
its reasonable discretion, the Borrowers shall deliver, or cause to be delivered, to the Administrative Agent the Deed of Assignment,
by and between Coronado Curragh Pty Ltd, as Original Assignor (as defined therein) and Citibank, N.A., as collateral agent for itself
and the other Secured Parties, governed by the laws of Singapore.

 

		7.	Within 5 days following the Closing Date, or such later date as the Administrative Agent may agree in
its reasonable discretion, the Administrative Agent shall have received the executed opinion of Latham and Watkins, counsel to the Administrative
Agent, addressed to the Administrative Agent, the Lenders and the L/C Issuer in connection with the Deed of Assignment, by and between
Coronado Curragh Pty Ltd, as Original Assignor (as defined therein) and Citibank, N.A., as collateral agent for itself and the other Secured
Parties, governed by the laws of Singapore.

 

		8.	Within 60 days following the Closing Date, or such later date as the Administrative Agent may agree in
its reasonable discretion, the Borrowers shall deliver, or cause to be delivered, to the Administrative Agent a confirmation copy of the
UCC termination statements filed with the Delaware Secretary of State evidencing the termination of the following financing statements:

 

	Debtor	Secured Party	Collateral	State	Original File Date/Number

 (as of Closing Date)
	Consol Buchanan Mining Company LLC	Caterpillar Financial Services Corporation	Specific
    leased equipment	DE	
    12/22/2011

    #2011 4924539

	Consol Buchanan Mining Company LLC	Caterpillar Financial Services Corporation	Specific leased equipment	DE	
    12/22/2011

    #2011 4924653

	Consol Buchanan Mining Company LLC	Caterpillar Financial Services Corporation	Specific leased equipment	DE	
    8/3/2012

    #2012 3011030

	Coronado Coal II LLC	Terex Financial Services, Inc.	Specific equipment	DE	
    11/28/2016

    #2016 7353145

	Coronado Coal II LLC	Komatsu Financial Limited Partnership	Specific equipment	DE	
    2/23/2017

    #2017 1231197

	Coronado Coal II LLC	Komatsu Financial Limited Partnership	Specific equipment	DE	
    5/23/2017

    #2017 3400964

	Coronado Coal II LLC	Carter Machinery Company, Incorporated	Specific equipment	DE	
    2/1/2018

    #2018 0752051

	Coronado Coal II LLC	Narco	Specific equipment	DE	
    1/21/2021

    #2021 0550153

	Coronado Coal II LLC	Narco	Specific equipment	DE	
    2/10/2021

    #2021 1119347

	Coronado Coal II LLC	Narco	Specific equipment	DE	
    3/1/2021

    #2021 1626770

	Coronado IV LLC	Caterpillar Financial Services Corporation	Specific leased equipment	DE	
    4/28/2011

    #2011 1599599

 

     

     

    

 

	Debtor	Secured Party	Collateral	State	Original File Date/Number

 (as of Closing Date)

	Coronado IV LLC	Komatsu Financial Limited Partnership	Specific leased equipment	DE	
    1/29/2020

    #2020 0702649

	Greenbrier Smokeless Coal Mining, L.L.C.	Caterpillar Financial Services Corporation	Specific equipment	DE	
    7/28/2014

    #2014 2993467

	Greenbrier Smokeless Coal Mining, L.L.C.	Caterpillar Financial Services Corporation	Specific equipment	DE	
    12/30/2014

    #2014 5280615

	Greenbrier Smokeless Coal Mining, L.L.C.	Terex Financial Services, Inc.	Specific equipment	DE	
    3/9/2015

    #2015 0974740

	
    Greenbrier Smokeless Coal Mining, L.L.C.

    Additional Debtor: Coronado Coal LLC
	Caterpillar Financial Services Corporation	Specific equipment	DE	
    1/6/2017

    #2017 0125655

	
    Greenbrier Smokeless Coal Mining, L.L.C.

    Additional Debtor: Coronado Coal LLC
	Caterpillar Financial Services Corporation	Specific equipment	DE	
    1/6/2017

    #2017 0127172

	Greenbrier Smokeless Coal Mining, L.L.C.	Caterpillar Financial Services Corporation	Specific equipment	DE	
    5/19/2017

    #2017 3306336

	Greenbrier Smokeless Coal Mining, LLC	Carter Machinery Company, Incorporated	Specific leased equipment	DE	
    4/9/2018

    #2018 2413140

 

     

     

    

 

Schedule 7.01

 

Existing Liens

 

		1.	U.S. Loan Parties

 

	Debtor	Secured Party	Collateral	State	Original File Date/Number 

(as of Closing Date)
	BUCHANAN MINERALS, LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667229

	
    Buchanan Mining Company LLC

    Additional Debtor: Coronado IV LLC
	Joy Global Underground Mining LLC	Leased equipment	DE	
    10/10/2018

    #2018 7009521

	
    Buchanan Mining Company LLC

    Additional Debtor: Coronado IV LLC
	Joy Global Underground Mining LLC	
    Bailee/Bailor

    Consigned Inventory
	DE	
    10/10/2018

    #2018 7009604

	
    Buchanan Mining Company LLC

    Additional Debtor: Coronado IV LLC
	Joy Global Underground Mining LLC	
    Consignee/Consignor

    Consigned Inventory

     
	DE	
    10/10/2018

    #2018 7009752

	Buchanan Mining Company LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667278

	Coronado Coal LLC	CIT Bank N.A.	Specific leased equipment	DE	
    6/30/2016

    #2016 3948609

	Coronado Coal LLC	
    GSG Financial LLC

    Additional Secured Party: CIT Bank, N.A.
	Equipment, machinery, furniture, fixtures, software, inventory and/or other personal property	DE	
    11/2/2016

    #2016 6755522

	Coronado Coal Corporation	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667336

	CORONADO COAL LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667351

	Coronado Coal II LLC	Caterpillar Financial Services Corporation	Specific equipment	DE	
    8/21/2017

    #2017 5561599

	CORONADO COAL II LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667344

	Coronado Curragh LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667377

	Coronado Global Resources Inc.	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667427

	
    Coronado II LLC

    Additional Debtor: Coronado Group LLC
	Joy Global Underground Mining LLC	Specific leased equipment	DE	
    1/23/2017

    #2017 0485877

	
    Coronado II LLC

    Additional Debtor: Coronado Group LLC
	Joy Global Underground Mining LLC	
    Bailee/Bailor

    Consigned Inventory
	DE	
    1/23/2017

    #2017 0486057

 

     

     

    

 

	Debtor	Secured Party	Collateral	State	Original File Date/Number 

(as of Closing Date)
	
    Coronado II LLC

    Additional Debtor: Coronado Group LLC
	Joy Global Underground Mining LLC	
    Consignee/Consignor

    Consigned Inventory
	DE	
    1/23/2017

    #2017 0489481

	CORONADO II LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667864

	CORONADO IV LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667898

	CORONADO VA, LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667906

	Greenbrier Minerals, LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667922

	Greenbrier Smokeless Coal Mining, L.L.C.	WebBank	Leased computer equipment, peripherals, and other equipment	DE	
    8/16/2016

    #2016 4975718

	Greenbrier Smokeless Coal Mining, L.L.C.	Caterpillar Financial Services Corporation	Specific equipment	DE	
    8/21/2017

    #2017 5561128

	Greenbrier Smokeless Coal Mining, L.L.C.	Caterpillar Financial Services Corporation	Specific equipment	DE	
    8/31/2017

    #2017 5798563

	Greenbrier Smokeless Coal Mining, L.L.C.	Caterpillar Financial Services Corporation	Specific equipment	DE	
    9/21/2017

    #2017 6299678

	Greenbrier Smokeless Coal Mining, L.L.C.	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7667948

	Matoaka Land Company, LLC	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7668003

	Midland Trail Resources, LLC	Stanwell Corporation Limited	All assets	WV	
    11/5/2018

    #2018E110500055

	POWHATAN MID-VOL COAL SALES, L.L.C.	Stanwell Corporation Limited	All assets	DE	
    11/5/2018

    #2018 7668045

 

     

     

    

 

		2.	Australian Loan Parties

 

	PPSR Registration No.	Grantor	Secured Party	Collateral Type
	201804030062123	Wesfarmers Curragh Pty Ltd; Curragh Queensland Mining Pty Ltd; Curragh Coal Sales Co. Pty. Ltd.	Coronado Australia Holdings Pty Ltd	All PAAP With Except
	201701300084885	Wesfarmers Curragh Pty Ltd	Coronado Global Resources Inc.	All PAAP No Except
	201701300085011	Curragh Queensland Mining Pty Ltd	Coronado Global Resources Inc.	All PAAP No Except
	201701300084774	Curragh Coal Sales Co. Pty. Ltd.	Coronado Global Resources Inc.	All PAAP No Except
	201810260067828	Coronado Finance Pty Ltd; Coronado Australia Holdings Pty Ltd; Coronado Curragh Pty Ltd; Curragh Queensland Mining Pty Ltd; Curragh Coal Sales Co. Pty. Ltd.	Stanwell Corporation Limited	All PAAP With Except
	202006300095093	Coronado Curragh Pty Ltd	The Hongkong And Shanghai Banking Corporation Limited	Account
	202006300095086	Coronado Curragh Pty Ltd	The Hongkong And Shanghai Banking Corporation Limited	All PAAP With Except
	202006300095103	Coronado Curragh Pty Ltd	The Hongkong And Shanghai Banking Corporation Limited	Chattel Paper
	201810240062942	Curragh Coal Sales Co. Pty. Ltd.	Westpac Administration Pty. Limited	All PAAP With Except
	201810240061658	Coronado Finance Pty Ltd	Westpac Administration Pty. Limited	Account
	201810240062114	Coronado Curragh Pty Ltd	Westpac Administration Pty. Limited	All PAAP With Except
	201810240062244	Coronado Curragh Pty Ltd	Westpac Administration Pty. Limited	General Intangible
	201810240063588	Curragh Coal Sales Co. Pty. Ltd.	Westpac Administration Pty. Limited	Account
	201810240062829	Curragh Queensland Mining Pty Ltd	Westpac Administration Pty. Limited	Account
	201810240062011	Coronado Australia Holdings Pty Ltd	Westpac Administration Pty. Limited	Account
	201810240062510	Curragh Queensland Mining Pty Ltd	Westpac Administration Pty. Limited	All PAAP With Except
	201810240061207	Coronado Finance Pty Ltd	Westpac Administration Pty. Limited	General Intangible
	201810240063041	Curragh Coal Sales Co. Pty. Ltd.	Westpac Administration Pty. Limited	General Intangible
	201810240062612	Curragh Queensland Mining Pty Ltd	Westpac Administration Pty. Limited	General Intangible
	201810240061834	Coronado Australia Holdings Pty Ltd	Westpac Administration Pty. Limited	All PAAP With Except
	201810240061932	Coronado Australia Holdings Pty Ltd	Westpac Administration Pty. Limited	General Intangible

 

     

     

    

 

	PPSR Registration No.	Grantor	Secured Party	Collateral Type
	201810240062373	Coronado Curragh Pty Ltd	Westpac Administration Pty. Limited	Account
	201810240061063	Coronado Finance Pty Ltd	Westpac Administration Pty. Limited	All PAAP With Except
	202011180058566	Coronado Curragh Pty Ltd	3e Advantage Pty Limited	Other Goods
	202011180058385	Coronado Curragh Pty Ltd	3e Advantage Pty Limited	Other Goods
	201205160079494	ACN: 009 362 565	Acrow Formwork And Scaffolding Pty Ltd	Other Goods
	201904150039024	Coronado Curragh Pty Ltd	Advanced Piping Group Pty Ltd; Advanced Piping Systems Pty Ltd; The Trustee For Caleb Craig Family Trust & The Trustee For Nathan Craig Family Trust & The Trustee For Stuart D Craig Family Trust	Other Goods
	201505260025919	ACN: 009 362 565	Afl Telecommunications Australia Pty Ltd	Other Goods
	201903060013876	Coronado Curragh Pty Ltd	Aletek Pty Ltd	Other Goods
	201401300455784	ACN: 095 450 418	Allens Industrial Products Pty Ltd	Other Goods
	201909270054403	Coronado Curragh Pty Ltd	Ampcontrol (Qld) Pty Limited	Other Goods
	201907250002718	Coronado Curragh Pty Ltd	Ampcontrol (Qld) Pty Limited	Other Goods
	201608120002695	Wesfarmers Curragh Pty Ltd	Applied Industrial Technologies Pty Ltd	Other Goods
	201204190074339	ACN: 009 362 565	Applied Industrial Technologies Pty Ltd	Other Goods
	202004140005682	Coronado Curragh Pty Ltd	Aqua Terra Oil And Mineral Service And Supply Company Pty. Ltd.; Atom Supply Group Pty Limited	Other Goods
	201906240065350	Coronado Curragh Pty Ltd	Basf Australia Ltd.	Other Goods
	201710170048353	Curragh Queensland Mining Pty Ltd	Bearing Dynamics Pty Ltd; Bearing Service Proprietary Limited; B.J. Bearings Pty Ltd; Cbc Australia Pty Limited; Circlips (Australia) Pty Ltd; Fasteners Australia Pty Limited; Glade Manufacturing & Sales Pty Limited; Hs Company Pty Limited; Motion Asia Pacific Pty Ltd; Inenco Wholesale Pty Ltd; Phoenix Traders Pty Limited; Seal Imports Pty Limited; Seal Innovations Pty Ltd; Specialised Wholesale Pty Ltd; Specialty Fasteners Pty Ltd; Webster Bearings & Engineering Supplies Pty Ltd; W.W. Industrial Pty Ltd; Ntn-Cbc (Australia) Pty Ltd	Other Goods

 

     

     

    

 

	PPSR Registration No.	Grantor	Secured Party	Collateral Type
	201812050021687	Coronado Curragh Pty Ltd	Bearing Dynamics Pty Ltd; Bearing Service Proprietary Limited; B.J. Bearings Pty Ltd; Cbc Australia Pty Limited; Circlips (Australia) Pty Ltd; Fasteners Australia Pty Limited; Glade Manufacturing & Sales Pty Limited; Hs Company Pty Limited; Motion Asia Pacific Pty Ltd; Inenco Wholesale Pty Ltd; Phoenix Traders Pty Limited; Seal Imports Pty Limited; Seal Innovations Pty Ltd; Specialised Wholesale Pty Ltd; Specialty Fasteners Pty Ltd; Webster Bearings & Engineering Supplies Pty Ltd; W.W. Industrial Pty Ltd; Ntn-Cbc (Australia) Pty Ltd	Other Goods
	201706010036895	Tahmoor Coal Pty Ltd; Wesfarmers Curragh Pty Ltd; Webster Bearings & Engineering Supplies Pty Ltd; Active Lifting Equipment Co. Pty. Ltd.; Stenhouse Lifting Equipment Pty Ltd; Lankhorst Euronete Australia Pty Ltd; Robertsons Lifting & Rigging Pty Limited; Proofload Pty Ltd; Industrial Galvanizers Corporation Pty Ltd; Flinders Logistics Pty Ltd; Atwood Oceanics Australia Pty Limited; Franklin Offshore Australia Pty Ltd; Flinders Adelaide Container Terminal Pty Ltd; Cabs Pty Ltd; Enermech Pty Limited; Sparrows Services Australia Pty Ltd; Favelle Favco Cranes Pty Limited; Hi - Rise Solutions Pty Ltd; Bunzl Brands & Operations Pty Limited; On Call Lifting Pty Limited; Freo Group Pty Ltd; Barry Evans Lifting & Safety (Qld) Pty Ltd; Bluescope Steel Limited; The Eilbeck Unit Trust; Roads Corporation; Jsb Investments Pty Ltd Trust	Bekaert Wire Ropes Pty Ltd	Other Goods

 

     

     

    

 

	PPSR Registration No.	Grantor	Secured Party	Collateral Type
	202004020024656	Coronado Curragh Pty Ltd	Blackwater Quarries Pty Ltd	Other Goods
	202004020024641	Coronado Curragh Pty Ltd	Blackwater Quarries Pty Ltd	Motor Vehicle
	201912170024882	Coronado Curragh Pty Ltd	Boc Limited	Other Goods
	201807020089051	Coronado Curragh Pty Ltd	Bradken Resources Pty Limited	Other Goods
	201510150088266	Wesfarmers Curragh Pty Ltd	Btp Equipment Pty Ltd; Btp Parts Pty Ltd	Motor Vehicle
	201510150087758	Wesfarmers Curragh Pty Ltd	Btp Equipment Pty Ltd; Btp Parts Pty Ltd	Motor Vehicle
	201506040057197	ACN: 095 450 418	Btp Equipment Pty Ltd; Btp Parts Pty Ltd	Other Goods
	201506040057184	ACN: 095 450 418	Btp Equipment Pty Ltd; Btp Parts Pty Ltd	Other Goods
	201510150088535	Wesfarmers Curragh Pty Ltd	Btp Equipment Pty Ltd; Btp Parts Pty Ltd	Other Goods
	201510150088056	Wesfarmers Curragh Pty Ltd	Btp Equipment Pty Ltd; Btp Parts Pty Ltd	Other Goods
	202010120068706	Curragh Queensland Mining Pty Ltd	Btp Equipment Pty Ltd; Btp Parts Pty Ltd	Motor Vehicle
	201709180065071	Wesfarmers Curragh Pty Ltd	Buildingpoint Australia Pty Ltd; Sitech Construction Systems Pty Ltd; Ultimate Positioning Group Pty Ltd	Other Goods
	201811260030613	Coronado Curragh Pty Ltd	Buildingpoint Australia Pty Ltd; Sitech Construction Systems Pty Ltd; Ultimate Positioning Group Pty Ltd	Other Goods
	201811260030621	Coronado Curragh Pty Ltd	Buildingpoint Australia Pty Ltd; Sitech Construction Systems Pty Ltd; Ultimate Positioning Group Pty Ltd	Other Goods
	201709180065282	Wesfarmers Curragh Pty Ltd	Buildingpoint Australia Pty Ltd; Sitech Construction Systems Pty Ltd; Ultimate Positioning Group Pty Ltd	Other Goods
	201201120705493	ACN: 009 362 565	Cnw Pty Ltd	Other Goods
	202002170065530	Coronado Curragh Pty Ltd	Coregas Pty Ltd	Other Goods
	201807100017121	Coronado Curragh Pty Ltd	Cqms Castings Pty Ltd; Cqms Razer Pty Ltd	Other Goods
	201302260027531	ACN: 009 362 565	Dyno Nobel Asia Pacific Pty Limited	Other Goods
	201704010068860	Curragh Queensland Mining Pty Ltd	Elgas Limited	Other Goods
	201204120012386	ACN: 009 362 565	Emerson Automation Solutions Final Control Sales Australia Pty Limited	Other Goods

 

     

     

    

 

	PPSR Registration No.	Grantor	Secured Party	Collateral Type
	201801120050668	Wesfarmers Curragh Pty Ltd	Energy Power Systems Australia Pty. Limited.	Other Goods
	201801120050647	Wesfarmers Curragh Pty Ltd	Energy Power Systems Australia Pty. Limited.	Motor Vehicle
	202012050007519	Coronado Curragh Pty Ltd	Esco Australia Holdings Pty Limited	Other Goods
	201902050065028	Coronado Curragh Pty Ltd	Flender Pty. Ltd.	Other Goods
	201804110048390	Coronado Curragh Pty Ltd	Global Welding Supplies Pty Limited	Other Goods
	201803270036593	Wesfarmers Curragh Pty Ltd	Global Welding Supplies Pty Limited	Other Goods
	201804030033024	Wesfarmers Curragh Pty Ltd	Global Welding Supplies Pty Limited	Other Goods
	201202100065463	ACN: 009 362 565	Hastings Deering (Australia) Limited	Other Goods
	201305280078582	ACN: 009 362 565	Kador Engineering (Australia) Pty. Limited	Other Goods
	201305280078684	ACN: 009 362 565	Kador Engineering (Australia) Pty. Limited	Other Goods
	201401310176531	ACN: 009 362 565	Komatsu Australia Pty Ltd	Other Goods
	201703020043689	Wesfarmers Curragh Pty Ltd	Komatsu Australia Pty Ltd	Other Goods
	201507240021714	Curragh Queensland Mining Pty Ltd	Liebherr-Australia Pty. Ltd.	Other Goods
	201609270075751	Wesfarmers Curragh Pty Ltd	Metal Manufactures Pty Limited	Other Goods
	201401140100394	ACN: 009 362 565	Metal Manufactures Pty Limited	Other Goods
	201902280011414	Coronado Curragh Pty Ltd	Metso Australia Limited	Other Goods
	202005140063551	Coronado Curragh Pty Ltd	Mm Plastics Pty Limited	Other Goods
	201202200052292	ACN: 009 362 565	Penske Power Systems Pty Ltd	Other Goods
	201204110183134	ACN: 009 362 565	Pentair Flow Control Pacific Pty Limited	Other Goods
	201703220058068	Wesfarmers Curragh Pty Ltd	Primepower Queensland Pty Ltd	Other Goods
	201908190052055	Coronado Curragh Pty Ltd	Royal Wolf Trading Australia Pty Limited	Other Goods
	201601080041644	Wesfarmers Curragh Pty Ltd	Ryco Hydraulics Pty Ltd	Other Goods
	201705050004538	Wesfarmers Curragh Pty Ltd	Schneider Electric (Australia) Pty Limited; Schneider Electric It Australia Pty Ltd; Schneider Electric Buildings Australia Pty Ltd; Schneider Electric Systems Australia Pty Ltd; M & C Energy Pty Ltd	Other Goods
	201804130060912	Coronado Curragh Pty Ltd	Schneider Electric (Australia) Pty Limited; Schneider Electric It Australia Pty Ltd; Schneider Electric Buildings Australia Pty Ltd; Schneider Electric Systems Australia Pty Ltd; M & C Energy Pty Ltd	Other Goods

 

     

     

    

 

	PPSR Registration No.	Grantor	Secured Party	Collateral Type
	202007020071338	Coronado Curragh Pty Ltd	Sew-Eurodrive Pty. Ltd.	Other Goods
	201202100258641	ACN: 009 362 565	Siemens Ltd.	Other Goods
	201909120012833	Curragh Queensland Mining Pty Ltd	South Pacific Welding Group Pty Limited	Other Goods
	201808100092449	Coronado Curragh Pty Ltd	Tfp Engineering Pty Limited	Other Goods
	201808100092431	Coronado Curragh Pty Ltd	Tfp Engineering Pty Limited	Other Goods
	201210170049457	ACN: 009 362 565	Triangle Cables (Aust) Pty Ltd	Other Goods
	201210170049295	ACN: 009 362 565	Triangle Cables (Aust) Pty Ltd	Other Goods
	201710140016918	Wesfarmers Curragh Pty Ltd	Tru Flo Pumping Systems Pty Limited; The Trustee For The Jamb Family Trust; Nde Pty Ltd; Qhg Pty Ltd	Other Goods
	201710140016669	Wesfarmers Curragh Pty Ltd	Tru Flo Pumping Systems Pty Limited; The Trustee For The Jamb Family Trust; Nde Pty Ltd; Qhg Pty Ltd	Motor Vehicle
	202008310034659	Coronado Curragh Pty Ltd	Vinidex Pty Limited	Other Goods
	201706200058364	Wesfarmers Curragh Pty Ltd	Waco Kwikform Limited	Other Goods
	201401200068455	ACN: 009 362 565	Xylem Water Solutions Australia Limited	Other Goods

 

 

     

     

    

 

Schedule 7.02

 

Existing Indebtedness

 

		1.	Royalty Deed, dated 31 August 2010 (as amended, supplemented, restated or otherwise modified from time to time), pursuant to
which Winged Horse Pty Limited as trustee for the Pegasus Royalty Unit Trust and B. McDonald (No. 2 Pty Limited are entitled to a
royalty with respect to any coal produced from any mine covering some or all of MDL 162.

 

		2.	Obligations incurred under and in connection with the Stanwell Agreements, including obligations of Holdings or any Restricted Subsidiary
assumed as the deferred purchase price relating to the Stanwell Reserved Area or Stanwell Rebate.

 

		3.	Senior Secured Notes.

 

		4.	Installment sale contracts:

 

		a.	Greenbrier Smokeless Coal Mining, L.L.C.

 

		·	Caterpillar Financial Services Corporation, dated August 28, 2017, transaction #3202479 (Balance as of April 30, 2021: $490,670).

 

		·	Caterpillar Financial Services Corporation, dated September 30, 2017, transaction #3190804 (Balance as of April 30, 2021:
$428,887).

 

		b.	Coronado Coal II LLC

 

		·	Caterpillar Financial Services Corporation, dated August 16, 2017, transaction # 3202482 (Balance as of April 30, 2021:
$72,303).

 

		5.	Buchanan Mining Company, LLC and Coronado IV, LLC - Joy Global Underground Mining, LLC, Continuous Miner Life Cycle Management Agreement
dated November 1, 2014.

 

		6.	Buchanan Mining Company, LLC with Coronado IV, LLC as Guarantor – Joy Global Underground Mining, LLC, Shearer Life Cycle Management
Agreement dated September 21, 2018.

 

		7.	Coronado Coal II, LLC with Coronado Group, LLC as Guarantor - Joy Global Underground Mining, LLC, Continuous Miner Life Cycle Management
Agreement dated October 25, 2016. Listed below are amendments to the original agreement. Listed below are amendments to the original
agreement:

 

		·	First Amendment dated Mary 2017

 

		·	Second Amendment dated April 2017

 

		·	Third Amendment dated May 2018

 

		·	Fourth Amendment dated April 2020

 

		·	Fifth Amendment dated August 2020

 

     

     

    

 

		8.	Coronado Group, LLC - Bank of America Merrill Lynch Commercial Card Agreement dated March 2, 2018.1

 

		9.	Coronado Coal II, LLC and Coronado IV, LLC – Bank of America Merrill Lynch Draft Purchase Agreement dated August 19, 2015
and July 12, 2016, respectively.

 

		10.	Coronado Global Resources, Inc. and Coronado Coal Corporation – AFCO Commercial Premium Finance Agreement dated June 12,
2020. To be renewed for the new policy year dated June 1, 2021.

 

		11.	Coronado Global Resources, Inc. and Coronado Curragh PTY LTD – AFCO Commercial Premium Finance Agreement dated June 12,
2020. To be renewed for the new policy year dated June 1, 2021.

 

		12.	Coronado Coal, LLC – GSG Financial, LLC dated July 11, 2016, Xerox copiers/printers with an amendment dated October 27,
2016 for additional Xerox copier/printer.

 

		13.	.Obligations incurred under and in connection with the Master Equipment Lease Agreement dated 5 January 2021
between Macquarie Bank Limited, Coronado Curragh Pty Ltd and Coronado Global Resources Inc, the Equipment Sale and Purchase Agreement
dated 5 January 2021 between Coronado Curragh Pty Ltd and Macquarie Bank Limited, the Bill of Sale dated 2021 between Coronado Curragh
Pty Ltd and Macquarie Bank Limited, the Lease Agreement dated 6 January 2021 between Macquarie Bank Limited and Coronado Curragh
Pty Ltd, the Side Letter dated 5 January 2021 from Macquarie Bank Limited to Coronado Curragh Pty Ltd and Coronado Global Resources
Inc, and all transactions contemplated by those documents.

 

		14.	Limited Recourse Receivables Discounting Framework Agreement between Coronado Curragh Pty Ltd and The
Hongkong and Shanghai Banking Corporation Limited dated 30 June 2020, and the transactions contemplated thereunder.

 

		15.	$1.3m Credit Card Facility between Coronado Curragh Pty Ltd and Australia and New Zealand Banking Group Limited

 

		16.	Draft Purchase Agreement, dated as of August 19, 2015 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time), by and between Coronado II LLC and Bank of America, N.A. with respect to ArcelorMuttal
USA LLC receivables.

 

		17.	Supplier Agreement, dated as of May 12, 2021, by and among Coronado Coal II LLC and Coronado IV LLC
and LSQ Funding Group, L.C. with respect to United States Steel Corporation receivables.

 

 

 

1 This agreement is process of changing
obligors from Coronado Group LLC to Coronado Coal Corporation as the agreement applies to accounts at Coronado Coal Corporation.

 

     

     

    

 

Schedule 7.03

 

Existing Investments

 

None.

 

     

     

    

 

Schedule 7.08

 

Transactions with Affiliates

 

None.

 

     

     

    

 

Schedule 11.02

 

Agents’ Offices, Certain Addresses
for Notices

 

If to the U.S. Borrower:

 

Coronado Coal Corporation

100 Bill Baker Way

Beckley, West Virginia 25801

Attention: Richard Rose

Email: rrose@coronadocoal.com

Phone: (681) 207 7286

 

U.S. Borrower
Website: https://coronadoglobal.com.au/

 

with copies to (which shall not constitute notice):

 

Jones Day

500 Grant Street, Suite 4500

Pittsburgh, PA 15219-2514

Attention: Brian D. Trudgen

Email: btrudgen@jonesday.com

 

If to the Australian Borrower:

 

Coronado Finance Pty Ltd

Level 33, Central Plaza One

345 Queen Street

Brisbane QLD 4000

Attention: Gerhard Ziems

Email: gziems@coronadoglobal.com.au

Phone: +61 7 3031 7680

 

Australian
Borrower Website: https://coronadoglobal.com.au/

 

with copies to (which shall not constitute notice):

 

Jones Day

Aurora Place

Level 41, 88 Phillip Street

Sydney NSW 2000

Australia

Attention: Katie E. Higgins

Email: khiggins@jonesday.com

 

     

     

    

 

If to any U.S. Loan Party:

 

Coronado Coal Corporation

100 Bill Baker Way

Beckley, West Virginia 25801

Attention: Richard Rose

Email: rrose@coronadocoal.com

Phone: (681) 207 7286

 

with copies to (which shall not constitute notice):

 

Jones Day

500 Grant Street, Suite 4500

Pittsburgh, PA 15219-2514

Attention: Brian D. Trudgen

Email: btrudgen@jonesday.com

 

If to any Australian Loan Party:

 

Coronado Finance Pty Ltd

Level 33, Central Plaza One

345 Queen Street

Brisbane QLD 4000

Attention: Gerhard Ziems

Email: gziems@coronadoglobal.com.au

Phone: +61 7 3031 7680

 

with copies to (which shall not constitute notice):

 

Jones Day

Aurora Place

Level 41, 88 Phillip Street

Sydney NSW 2000

Australia

Attention: Katie E. Higgins

Email: khiggins@jonesday.com

 

     

     

    

 

If to the Administrative Agent:

 

Citibank – Delaware Global Loans

1615 Brett Road

OPS III

New Castle, DE 19720

Attn: Agency Operations

Phone: (302) 894-6010

ABL Fax: (646) 274-5025

ABL Borrower
Notifications: glabfunitloansops@citi.com

ABL Borrower
Inquiry: abtfcitiagency@citi.com

Disclosure
Team Mail (Financial Reporting): oploanswebadmin@citi.com

Investor
Relations Team: global.loans.support@citi.com

 

with copies to (which shall not constitute notice):

 

Latham & Watkins LLP

1271 Avenue of Americas

New York, NY, 10020

Attention: Conray Tseng

Email: Conray.Tseng@lw.com

Phone: (212) 906-1638

 

If to the L/C Issuers:

 

Citibank, N.A.

388 Greenwich Street, 7th Flr

New York, NY 10013

Attention: Denise Perry

Email: denise.perry@citi.com

Phone: (212) 723-3744

Fax: (646) 291-3358

 

Credit Suisse AG

Eleven Madison Avenue, 8th floor

New York, New York 10010

Attention: Trade Finance Services

Email: list.ib-lettersofcredit-ny@credit-suisse.com

Phone: 212-325-5397

 

BMO Harris Bank N.A.

111 West Monroe

Chicago, Illinois 60603

Attention: Brittany Malone

Email: brittany.malone@bmo.com

Phone: 312-293-5224

 

     

     

    

 

with copies to (which shall not constitute notice):

 

Latham & Watkins LLP

1271 Avenue of Americas

New York, NY, 10020

Attention: Conray Tseng

Email: Conray.Tseng@lw.com

Phone: (212) 906-1638

 

     

     

    

 

 

Exhibit A

to

Credit Agreement

 

Form of
Borrowing Notice

 

_________
__, ____

 

Citibank, N.A.

as Administrative Agent under the

Credit Agreement referred to below

388 Greenwich Street, 7th Floor

New York, New York 10013

Attention: [•]

 

		Re:	Borrowing Notice (this “Notice”) of Coronado Global Resources Inc., a Delaware corporation
(“Holdings”), Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited company (“Australian
Parent”), Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”), and Coronado Finance
Pty Ltd (ACN 628 668 235), an Australian proprietary limited company (“Australian Borrower” and, together with U.S.
Borrower, the “Borrowers”),

 

Reference is made to the Syndicated Facility Agreement,
dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Credit
Agreement”), by and among Holdings, the Borrowers, the Guarantors party thereto, each lender from time to time party thereto,
Citibank, N.A. (acting through such of its Affiliates, offices or branches as it deems appropriate), as administrative agent and collateral
agent (in such capacities, the “Administrative Agent”), BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A.,
as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands Branch and BMO Harris Bank N.A., as L/C Issuers.

 

. Capitalized terms used herein and not otherwise
defined herein shall have the meanings given to such terms in the Credit Agreement.

 

[The undersigned][Holdings, as Borrower Representative,
on behalf of the [U.S. Borrower][Australian Borrower]] hereby gives you notice, irrevocably, pursuant to Section 2.02(a) of
the Credit Agreement that the undersigned hereby requests a Borrowing of Loans under the Credit Agreement and, in connection therewith,
sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.02(a) of
the Credit Agreement:

 

    A-225

     

    

 

A.            The
Business Day of the Proposed Borrowing is ________ __, ____ (the “Funding Date”).1

 

B.            [The
aggregate amount of the Borrowing is [$][A$]           , of which amount [[$]        
 consists of Base Rate Loans] [and] [[A$]          consists of BBSY Loans] [and] [[$][A$] 
         consists of Eurocurrency Rate Loans having an initial Interest Period of [one] [three]
[six] or [twelve]2 month[s]].]3

 

C.            After
giving effect to the Proposed Borrowing, the aggregate amount of all Loans outstanding is [$][A$]         .

 

The undersigned, being a Responsible Officer,
hereby certifies, in its capacity as a Responsible Officer and not in his/her individual capacity, that the following statements are true
and correct on the date hereof and will be true and correct on the Funding Date:

 

A.            The
representations and warranties of each Loan Party and its Restricted Subsidiaries contained in the Credit Agreement and each other Loan
Document or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct
in all material respects (or, if such representation or warranty is subject to a materiality or Material Adverse Effect qualification,
in all respects) on and as of each such date, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall have been true and correct in all material respects (or, if such representation or warranty is subject
to a materiality or Material Adverse Effect qualification, in all respects) as of such earlier date; and

 

B.            No
Default or Event of Default has occurred or is continuing, or would result from the Proposed Borrowing or from the application of the
Proceeds thereof.

 

[SIGNATURE PAGES FOLLOW]

 

 

1 Pursuant to Section 2.02(a)(i), the Borrowing Notices
shall be delivered to the Administrative Agent no later than 11:00 a.m. (New York City time): (i) in the case of Eurocurrency Rate Loans
in Dollars, three (3) Business Days prior to the Funding Date; (ii) in the case of BBSY Loans, three (3) Business Days prior to the Funding
Date; (iii) in the case of Eurocurrency Rate Loans in Australian Dollars, four (4) Business Days (or such longer period as the Administrative
Agent may agree) prior to the Funding Date; (iv) in the case of Eurocurrency Rate Loans in an Alternate Currency (other than Australian
Dollars), within such period as the Administrative Agent may agree; and (v) in the case of Base Rate Loans in Dollars, one (1) Business
Day prior to the Funding Date.

 

2 An Interest Period of twelve (12) months requires consent
of all Lenders pursuant to the definition of “Interest Period” in the Credit Agreement.

 

3 Pursuant to Section 2.02(a)(iii), each Borrowing of (i)
Eurocurrency Rate Loans or BBSY Loans shall be in a principal amount of $1,000,000 (or like amount in the relevant currency) or a whole
multiple of $500,000 (or like amount in the relevant currency) in excess thereof and (ii) Base Rate Loans shall be repaid in a principal
amount of $500,000 or a whole multiple of $100,000 in excess thereof.

 

    A-226

     

    

 

IN WITNESS WHEREOF, the undersigned
has caused this Notice to be executed and delivered by a duly authorized officer as of the date first written above.

 

	 	[CORONADO GLOBAL RESOURCES INC.]
	 	[CORONADO COAL CORPORATION]
	 	[CORONADO FINANCE PTY LTD]

 

	 	By:	

	 	 	Name:
	 	 	Title:

 

[SIGNATURE PAGE TO BORROWING
NOTICE]

 

    	 		 

     

    

 

Exhibit B

to

Credit Agreement

 

Form of

 

Notice
of Conversion or Continuation

 

_________ __, ____

 

Citibank, N.A.

as Administrative Agent under the

Credit Agreement referred to below

388 Greenwich Street, 7th Floor

New York, New York 10013

 

Attention:         [•],

 

		Re:	Notice of Conversion or Continuation (this “Notice”) by Coronado Global Resources Inc., a Delaware corporation (“Holdings”),
Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited company (“Australian Parent”),
Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”), and Coronado Finance Pty Ltd (ACN 628
668 235), an Australian proprietary limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”),

 

Reference is made to the Syndicated Facility Agreement,
dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Credit
Agreement”), by and among Holdings, the Borrowers, the Guarantors party thereto, each lender from time to time party thereto,
Citibank, N.A. (acting through such of its Affiliates, offices or branches as it deems appropriate), as administrative agent and collateral
agent (in such capacities, the “Administrative Agent”), BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A.,
as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands Branch and BMO Harris Bank N.A., as L/C Issuers. Capitalized
terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement.

 

    B-1

     

    

 

[The undersigned][Holdings, as Borrower Representative,
on behalf of the [U.S. Borrower][Australian Borrower]] hereby gives you notice, irrevocably, pursuant to Section 2.02(a) of
the Credit Agreement that the undersigned hereby requests a [conversion] [continuation] on _______ _, ____4 of [$][A$]____________5
in principal amount of presently outstanding Loans that are [Base Rate][BBSY][Eurocurrency Rate] Loans having an Interest Period ending
on ______ __, ____ [to] [as] [Base Rate][BBSY][Eurocurrency Rate] Loans. [The Interest Period for such amount requested to be converted
to or continued as Eurocurrency Rate Loans is [one] [three] [six] or [twelve]6 month[s].]

 

[SIGNATURE
PAGES FOLLOW]

 

 

4
Pursuant to 2.02(a)(i), the Notice of Conversion or Continuation shall be delivered to the Administrative Agent no later than 11:00
a.m. (New York City Time): (i) in the case of Eurocurrency Rate Loans in Dollars, three (3) Business Days prior to the requested date;
(ii) in the case of BBSY Loans, three (3) Business Days prior to the requested date; (iii) in the case of Eurocurrency Rate Loans in
Australian Dollars, four (4) Business Days (or such longer period as the Administrative Agent may agree) prior to the requested date;
and (iv) in the case of Eurocurrency Rate Loans in an Alternate Currency (other than Australian Dollars), within such period as Administrative
Agent may agree.

5 Pursuant to 2.02(a)(iii), each conversion to
or continuation of Eurocurrency Rate Loans or BBSY Loans shall be in a principal amount of $1,000,000 (or like amount in the relevant
currency) or a whole multiple of $500,000 (or like amount in the relevant currency in excess thereof.

6 An Interest Period of twelve (12) months requires
consent of all Lenders pursuant to the definition of “Interest Period” in the Credit Agreement.

    	 	B-2	 

     

    

 

IN WITNESS WHEREOF, the undersigned
has caused this Notice to be executed and delivered by a duly authorized officer as of the date first written above.

 

	 	[CORONADO GLOBAL RESOURCES INC.]
	 	[CORONADO COAL CORPORATION]
	 	[CORONADO FINANCE PTY LTD]

 

	 	By:	

	 	 	Name:
	 	 	Title:

 

[SIGNATURE PAGE TO NOTICE OF CONVERSION OR CONTINUATION]

 

    	 		 

     

    

 

Exhibit C

to

Credit Agreement

 

Form of
Note

(this “Note”)

 

	Lender:
    [Name of Lender]	 	     New
    York, New York
	Principal
    Amount: [$][A$] [   ]	 	     ___________ __,
    ____

 

FOR VALUE RECEIVED, the undersigned, Coronado
Coal Corporation, a Delaware closed corporation (“U.S. Borrower”), and Coronado Finance Pty Ltd (ACN 628 668 235),
an Australian proprietary limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”),
hereby promise to pay, on a joint and several basis, to the Lender set forth above or its registered assigns (the “Lender”)
the Principal Amount set forth above, or, if less, the aggregate unpaid principal amount of all Loans (as defined in the Credit Agreement
referred to below) of the Lender to the Borrowers, payable at such times, and in such amounts, as are specified in the Credit Agreement.

 

The Borrowers promise to pay interest on the unpaid
principal amount of the Loans from the date made until such principal amount is paid in full, at such interest rates, and payable at such
times, as are specified in the Credit Agreement.

 

Both principal and interest are payable in [Dollars][the
applicable Alternate Currency] to Citibank N.A., as Administrative Agent, at 388 Greenwich Street, 7th Floor, New York, New York 10013,
in immediately available funds.

 

This Note is one of the Notes referred to in,
and is entitled to the benefits of, the Syndicated Facility Agreement, dated as of May 12, 2021 (as the same may be amended, supplemented,
restated or otherwise modified from time to time, the “Credit Agreement”), by and among Coronado Global Resources Inc.,
a Delaware corporation, as Holdings, Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited company,
as the Australian Parent, the Borrowers, the Guarantors party thereto, each lender from time to time party thereto, Citibank, N.A. (acting
through such of its Affiliates, offices or branches as it deems appropriate), as administrative agent and collateral agent (in such capacities,
the “Administrative Agent”), BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A., as Swingline Lender, and
Citibank, N.A., Credit Suisse AG, Cayman Islands Branch and BMO Harris Bank N.A., as L/C Issuers.

 

Capitalized terms used herein and not otherwise
defined herein shall have the meanings given to such terms in the Credit Agreement.

 

The Credit Agreement, among other things, (a) provides
for the making of Loans by the Lender to the Borrowers in an aggregate amount not to exceed at any time outstanding the Principal Amount
set forth above, the indebtedness of the Borrowers resulting from such Loans being evidenced by this Note and (b) contains provisions
for acceleration of the maturity of the unpaid principal amount of this Note upon the happening of certain stated events and also for
prepayments on account of the principal hereof prior to the maturity hereof upon the terms and conditions therein specified.

 

    	 	C-1	 

     

    

 

This Note is entitled to the benefits of the Guarantee
provided in Article 10 of the Credit Agreement and is secured by the Collateral described in the Collateral Documents.

 

Demand, diligence, presentment, protest and notice
of non-payment and protest are hereby waived by the Borrowers, except as expressly set forth in the Credit Agreement.

 

This Note shall be governed by, and construed
and interpreted in accordance with, the law of the State of New York.

 

[SIGNATURE
PAGES FOLLOW]

 

    	 	C-2	 

     

    

 

 

IN WITNESS WHEREOF, the Borrowers have caused this Note to be executed
and delivered by a duly authorized officer as of the date first written above.

 

	 	CORONADO COAL CORPORATION
	 	CORONADO FINANCE PTY LTD

 

	 	By:	

	 	 	Name:
	 	 	Title:

 

[SIGNATURE PAGE TO REVOLVING
CREDIT NOTE]

 

    	 		 

     

    

 

Exhibit D

to

Credit Agreement

 

Form of
Swingline Loan Notice

(this “Notice”)

 

___________ __, ____

 

Citibank, N.A.

as Administrative Agent under the

Credit Agreement referred to below

388 Greenwich Street, 7th Floor

New York, New York 10013

 

Attention:     [●]

 

		Re:	Swingline Loan Notice (this “Notice”) of Coronado Global Resources Inc., a Delaware
corporation (“Holdings”), Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited
company (“Australian Parent”), Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”),
and Coronado Finance Pty Ltd (ACN 628 668 235), an Australian proprietary limited company (“Australian Borrower” and,
together with U.S. Borrower, the “Borrowers”)

 

Reference is made to the Syndicated Facility Agreement,
dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Credit
Agreement”), by and among Holdings, the Borrowers, the Guarantors party thereto, each lender from time to time party thereto,
Citibank, N.A. (acting through such of its Affiliates, offices or branches as it deems appropriate), as administrative agent and collateral
agent (in such capacities, the “Administrative Agent”), BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A.,
as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands Branch and BMO Harris Bank N.A., as L/C Issuers.

 

Capitalized terms used herein and not otherwise
defined herein shall have the meanings given to such terms in the Credit Agreement.

 

[The undersigned] [Holdings, as Borrower Representative,
on behalf of the [U.S. Borrower][Australian Borrower]] hereby requests a Swingline Loan of Loans under the Credit Agreement and, in connection
therewith, sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.05(b) of
the Credit Agreement:

 

A.            The
Business Day of the Proposed Borrowing is ________, _____ (the “Funding Date”).7

 

    	 	D-1	 

     

    

 

B.            The
aggregate amount of the Borrowing is [$][A$]________, which amount shall consist of Base Rate Loans.8

 

The undersigned, being a Responsible Officer,
hereby certifies, in its capacity as a Responsible Officer and not in his/her individual capacity, that the following statements are true
and correct on the date hereof and will be true and correct on the Funding Date:

 

A.            The
representations and warranties of each Loan Party and its Subsidiaries contained in the Credit Agreement and each other Loan Document
or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct in all
material respects (or, if such representation or warranty is subject to a materiality or Material Adverse Effect qualification, in all
respects) on and as of each such date, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall have been true and correct in all material respects (or, if such representation or warranty is subject
to a materiality or Material Adverse Effect qualification, in all respects) as of such earlier date; and

 

B.            No
Default or Event of Default has occurred or is continuing, or would result from the Proposed Borrowing or from the application of the
Proceeds thereof.

 

[SIGNATURE
PAGES FOLLOW]

 

 

7 Pursuant to Section 2.05(b), the Swingline Loan Notice
is to be delivered to the Administrative Agent no later than 1:00 p.m. (New York City time) on the Funding Date.

 

8 Pursuant to Section 2.05(b), each Swingline Borrowing
shall be in a minimum principal amount of $100,000.

 

    	 	D-2	 

     

    

  

IN WITNESS WHEREOF, the undersigned has caused this Notice to be executed
and delivered by a duly authorized officer as of the date first written above.

 

	 	[CORONADO GLOBAL RESOURCES INC.]
	 	[CORONADO COAL CORPORATION]
	 	[CORONADO FINANCE PTY LTD]

 

	 	By:	

	 	 	Name:
	 	 	Title:

 

[SIGNATURE PAGE TO SWINGLINE NOTICE]

 

    	 		 

     

    

 

 

Exhibit
E

to

Credit Agreement

 

Form
of Compliance Certificate

(this “Certificate”)

 

Financial Statement Date: ________, ____

 

To:     Citibank,
N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference
is made to the Syndicated Facility Agreement, dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise
modified from time to time, the “Credit Agreement”), by and among Coronado Global Resources Inc., a Delaware
corporation (“Holdings”), Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited
company (“Australian Parent”), Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”),
and Coronado Finance Pty Ltd (ACN 628 668 235), an Australian proprietary limited company (“Australian Borrower” and,
together with U.S. Borrower, the “Borrowers”), the Guarantors party thereto, each lender from time to time party thereto,
Citibank, N.A. (acting through such of its Affiliates, offices or branches as it deems appropriate), as administrative agent and collateral
agent (in such capacities, the “Administrative Agent”), BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A.,
as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands Branch and BMO Harris Bank N.A., as L/C Issuers.

 

Capitalized terms used herein
shall have the meanings given to them in the Credit Agreement.

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the [Chief Executive Officer/Chief Financial Officer/the Treasurer/Assistant
Treasurer/Vice President of Finance/Controller]9 of Holdings, and that, as such, he/she is authorized to execute and
deliver this Certificate to the Administrative Agent on the behalf of Holdings, and that:

 

1.            [Holdings
has delivered the audited financial statements required by Section 6.01(a) of the Credit Agreement for the fiscal year
of Holdings ended [●], 20[●].]

 

2.            [Holdings
has delivered the unaudited financial statements required by Section 6.01(b) of the Credit Agreement for the fiscal quarter
of Holdings ended as of [●], 20[●]. Such consolidated financial statements fairly present in all material respects the financial
condition, results of operations, changes in shareholders’ equity and cash flows of Holdings and its Subsidiaries in accordance
with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.]

 

 

9 Select as appropriate.

 

    E-1

     

    

 

3.            The
undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made under his/her supervision,
a detailed review of the financial condition of Holdings and its Subsidiaries during the accounting period covered by such [audited]10
[unaudited]11 financial statements.

 

4.            A
review of the activities of Holdings and its Subsidiaries during such fiscal period has been made under the supervision of the undersigned
with a view to determining whether during such fiscal period Holdings and its Subsidiaries performed and observed all their respective
Obligations under the Loan Documents, and

 

[select one:]

 

[to the best knowledge of
the undersigned, during such fiscal period Holdings and its Subsidiaries performed and observed each covenant of the Loan Documents applicable
to it, and no Default or Event of Default has occurred and is continuing.]

 

--or--

 

[to the best knowledge of
the undersigned, the following covenants or conditions have not been performed or observed and the following is a list of each such Default
or Event of Default, its nature and status and the action that Holdings and its Subsidiaries propose to take with respect thereto:]

 

5.            [[To
the best knowledge of the undersigned, during such fiscal period, there has been no change in the information with respect to the Collateral
owned by any Loan Party in the Perfection Certificate delivered on the Closing Date since the date of such Perfection Certificate or the
date of the most recent Compliance Certificate][Attached to this Certificate as Schedule 2 is a Perfection Certificate Supplement, signed
by the Loan Parties, identifying such changes to the Collateral since the Closing Date or the date of the most recent Compliance Certificate,
as applicable].]

 

6.            The
financial covenant analyses and information set forth on Schedule 1 attached hereto are true and accurate on and as of the date
of this Certificate.

 

[SIGNATURE PAGES FOLLOW]

 

 

10 Select if paragraph 1 is included.

 

11 Select if paragraph 2 is included.

 

    E-2

     

    

 

IN WITNESS WHEREOF, the undersigned has caused
this Certificate to be executed and delivered by a duly authorized officer as of the date first written above.

 

	 	CORONADO GLOBAL RESOURCES INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURE PAGE TO COMPLIANCE CERTIFICATE]

 

      

     

    

 

SCHEDULE
1

 

For the fiscal [quarter][year] ended ___________________,
____ (“Statement Date”)

 

Fixed Charge Coverage Ratio.

 

The Fixed Charge Coverage Ratio for the Test Period
ended as of the Financial Statement Date written above (“Measurement Period”) is set forth below and [is/is not]
greater than or equal to 1.00:1.00 for the Measurement Period.

 

Fixed Charge Coverage Ratio is defined as follows:

 

	A.	Consolidated EBITDA of Holdings and its Subsidiaries for the Measurement Period (per Exhibit A)	$__________
	B.	Non-financed Capital Expenditure (including Capital Expenditure financed with the proceeds of any Loans) paid or payable currently in cash by Holdings or any of its Subsidiaries for the Measurement Period	
     

    $__________

	C.	Total (A minus B)	$__________
	D.	Fixed Charges of Holdings and its Subsidiaries during the Measurement Period (per Exhibit B)	$__________
	 	Fixed Charge Coverage Ratio (C divided by D)	__________

 

    E-4

     

    

 

 

Exhibit A

 

CONSOLIDATED
EBITDA

 

	A	Consolidated Net Income for the Measurement Period (Item A1 minus the sum of Items A2 through A15 minus Item A16 plus Item A17):	$_________
	 	1.	The aggregate of the net income (or loss) of such Person and its Restricted Subsidiaries on a consolidated basis determined in conformity with GAAP	$_________
	 	Minus, without duplication:	 
	 	2.	The net income (or loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting, except to the extent of the amount of net income actually paid in cash to, or the amount of loss actually funded in cash by, the specified Person or a Restricted Subsidiary of the Person during the Measurement Period	$_________
	 	3.	The net income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with Holdings or any Restricted Subsidiary or all or substantially all of the property and assets of such Person are acquired by Holdings or any Restricted Subsidiary	$_________
	 	4.	The net income (but not loss) of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter, articles of association or other similar constitutive documents or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted Subsidiary	$_________
	 	5.	The cumulative effect of a change in accounting principles	
    $_________

     

	 	6.	Any net after-tax gains or losses realized on the sale or other disposition of (i) any property or assets of Holdings or any Restricted Subsidiary which is not sold in the ordinary course of business or (ii) any Capital Stock of any Person (including any gains or losses by Holdings realized on sales of Capital Stock of Holdings or any Restricted Subsidiary)	$_________
	 	7.	Any translation gains or losses due solely to fluctuations in currency values and related tax effects	$_________
	 	8.	Any income or loss from the early extinguishment of Indebtedness or early termination of Hedging Obligations or other derivative instruments or any gains or losses from the effect of mark-to-market adjustments relating to Hedging Obligations until realized in cash	$_________

 

    E-5

     

    

 

	 	9.	Any non-cash compensation expenses or charges in connection with stock option plans, employee benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock or other rights	$_________
	 	10.	Any gains or losses on discontinued operations or disposal of discontinued operations or costs and expenses associated with the closure of any mines (including any reclamation or disposal obligations)	$_________
	 	11.	Any net after-tax extraordinary, non-recurring or unusual gains or losses	$_________
	 	12.	Any severance expenses, relocation expenses, restructuring expenses, curtailments or modifications to pension and post-retirement employee benefit plans, excess pension charges, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition integration costs, facilities opening costs, project start-up costs, business optimization costs, signing, retention or completion bonuses, expenses or charges related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment or modification of Indebtedness (in each case, whether or not successful), and any fees, expenses, or charges related to the Transactions	$_________
	 	13.	The effect of any non-cash impairment charge affecting goodwill or intangibles or any reversal of such impairment charge	$_________
	 	14.	Non-cash unwind of the below market contract in the Stanwell Agreements	$_________
	 	15.	Non-cash impact of the unwind of the discounts related to the deferred purchase price of the Stanwell Reserved Area and the Stanwell Rebate	$_________
	 	Minus, without duplication:	 
	 	16.	Interest, accretion, depreciation, amortization or unwinding of discounts with respect to Reclamation Obligations to the extent otherwise included therein	$_________
	 	Plus, without duplication:	 
	 	17.	Subject to the exclusions set forth in clauses (2) to (15) above and only to the extent the following items would have been included in the calculation of Consolidated Net Income under GAAP as in effect on the Closing Date, include expenses (including related provision) (net of any reversals or credits thereto) for Reclamation Obligations, relating to the Measurement Period	$_________
	Plus, without duplication, to the extent was deducted in calculating Consolidated Net Income for the Measurement Period:	 
	B	Consolidated Interest Expense for the Measurement Period (as determined on a consolidated basis for Holdings and its Restricted Subsidiaries in conformity with GAAP) (Item B1(i) plus the sum of Items B1(ii) through B1(ix)  minus the sum of Items B1(x) and B1(xi))	$_________
	 	1.	(i)	The amount that would be included in gross interest expense on a consolidated income statement prepared in accordance with GAAP for the Measurement Period of Holdings and its Restricted Subsidiaries, 	
    $_________

     

	 	 	 	 	 

 

    E-6

     

    

 

	 	 	Plus, to the extent not included in such gross interest expense, and to the extent incurred, accrued or payable during the Measurement Period by Holdings and its Restricted Subsidiaries, without duplication,	 
	(ii)	Interest expense attributable to Capital Lease Obligations and imputed interest with respect to Attributable Debt	$_________
	(iii)	Amortization of debt issuance costs and original issue discount expense and non-cash interest payments in respect of any Indebtedness	$_________
	(iv)	The interest portion of any deferred payment obligation	$_________
	(v)	All commissions, discounts and other fees and charges with respect to letters of credit, bank guarantees or similar instruments issued for financing purposes or in respect of any Indebtedness but not establishment, arrangement and other fees payable once only on the initial incurrence of Indebtedness	$_________
	(vi)	The net costs associated with Hedging Obligations (including the amortization of fees) to the extent, but only to the extent in respect of interest rate or currency protection in respect of Indebtedness (net of payments received under such Hedging Obligations)	$_________
	(vii)	Any capitalized interest	$_________
	(viii)	All other non-cash interest expense	$_________
	(ix)	Commissions, discounts, yield and other fees and charges incurred in connection with any Permitted Securitization Financing which are payable to Persons other than Holdings, the Issuer and the Restricted Subsidiaries	$_________
	Minus, without duplication,	$_________
	(x)	All interest, accretion, amortization or unwinding of discounts with respect to Reclamation Obligations	$_________
	(xi)	Any non-cash unwinding of the effects of discounting on provisions or any other non-cash interest expense that is not associated with Indebtedness which is shown as interest expense on a consolidated income statement of Holdings and its Restricted Subsidiaries for the relevant period	$_________
	Plus, without duplication, to the extent was deducted in calculating Consolidated Net Income:	 
	C	Total add-backs to Consolidated EBITDA (as determined on a consolidated basis for Holdings and its Restricted Subsidiaries in conformity with GAAP) (The sum of Items C1 through C6)	$_________
	 	1.	Income taxes (other than income taxes attributable to extraordinary and non-recurring gains (or losses) or sales of assets out of the ordinary course of business)	$_________
	 	2.	Depreciation, depletion and amortization expense	
    $_________

     

 

    E-7

     

    

 

	 	3.	Business optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt, shall include, without limitation, the effect of facility closures, facility consolidations, retention, severance, systems establishment costs, contract termination costs, future lease commitments and excess pension charges), start-up or initial costs for any project or other business optimization expenses or reserves including, without limitation, costs or reserves associated with improvements to information technology and accounting functions, integration costs, or any one-time costs incurred in connection with acquisitions and Investments (including travel and out-of-pocket costs, professional fees for legal, accounting and other services, human resources costs (including relocation bonuses), restructuring costs (including recruiting costs and employee severance), management transaction costs, losses associated with temporary decreases in work volume and expenses related to maintaining underutilized personnel) and costs related to the closure and/or consolidation of facilities and the portion of any earn-out, non-compete payments relating to the Measurement Period or other contingent purchase price obligations and adjustments thereof and purchase price adjustments to the extent such payment is permitted to be paid pursuant to this Agreement and is deducted from Consolidated Net Income	$_________
	 	4.	All other non-cash items reducing Consolidated Net Income (other than non-cash items in a period which reflect cash expenses paid or to be paid in another period), less all non-cash items increasing Consolidated Net Income (other than accrual of revenue in the ordinary course of business)	$_________
	 	5.	Commissions, discounts, yield and other fees and charges incurred in connection with any Permitted Securitization Financing which are payable to Persons other than Holdings and the Restricted Subsidiaries	$_________
	 	6.	The amount of loss or discount in connection with a Permitted Securitization Financing, including amortization of loan origination costs and amortization of portfolio discounts	$_________
	D	[If any Restricted Subsidiary is not a Wholly Owned Subsidiary, Consolidated EBITDA will be reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to (A) the amount of the Consolidated EBITDA attributable to such Restricted Subsidiary multiplied by (B) the percentage ownership interest in the income of such Restricted Subsidiary not owned on the last day of the Measurement Period by Holdings or any Restricted Subsidiary]	$[________]
	Consolidated EBITDA (Lines A plus B plus C [minus D]12):	$_________

 

 

12 Applicable only if any Restricted Subsidiary is not
a Wholly Owned Subsidiary.

 

    E-8

     

    

 

Exhibit B

 

Fixed
Charges of Holdings and its Subsidiaries

 

	A.	All scheduled amortization payments of principal paid or due and payable during the Measurement Period by Holdings or any its Subsidiaries in respect of (i) any Indebtedness under clause (a) of the definition of Indebtedness (including scheduled payments of the principal portion of Capital Lease Obligations), (ii) any Permitted Securitization Financings and (iii) any Permitted Factoring Arrangements	$_________
	B.	
    Consolidated interest expense (including the interest component of
    payments under Capital Lease Obligations, Permitted Securitization financings and Permitted Factoring Arrangements) of Holdings and its

    Subsidiaries for the Measurement Period
	$_________
	C.	The aggregate amount of federal, state, local and foreign income Taxes and franchise and similar Taxes (net of any benefit or credit) included in the determination of Consolidated Net Income paid in cash during the Measurement Period 	$_________
	D.	All Restricted Payments payable during the Measurement Period to any Person other than Holdings and its Subsidiaries	$_________
	Fixed Charges (sum of A plus B plus C plus D)	
    $_________

     

 

    E-9

     

    

 

[SCHEDULE 2]13

 

[PERFECTION CERTIFICATE SUPPLEMENT]

 

[[See attached.]]

 

 

13 Pursuant to Section 6.02(b), to be included to the extent
there has been any change in the information with respect to the Collateral owned by any Loan Party in the Perfection delivered on the
Closing Date since the date of such Perfection Certificate or the date of the most recent certificate delivered, as applicable.

 

    E-10

     

    

 

Exhibit
F

to

Credit Agreement

 

Form of Assignment and Acceptance

 

This Assignment and Acceptance
(the “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered into by and between
[Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
It is understood and agreed that the rights and obligations of [the Assignors][the Assignees] hereunder are several and not joint.]14
Capitalized terms used but not defined herein shall have the meanings given to such terms in the Credit Agreement referenced below, receipt
of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are
hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the
Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender
under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage
interest identified below of all of such outstanding rights and obligations of the Assignor under the Facility (including without limitation
any letters of credit, guarantees, and swingline loans included in the Facility), and (ii) to the extent permitted to be assigned
under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any
Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered
pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not
limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the
rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor
to the Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).
Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Acceptance,
without representation or warranty by the Assignor.

 

		1.	Assignor:	 	 

 

		2.	Assignee:	 	 

Assignee is an [Affiliate][Approved Fund] of [identify
Lender]

 

 

		14	To include bracketed language if there are either multiple Assignors
or multiple Assignees.

 

    F-1 

     

    

 

		3.	Borrowers:Coronado Coal Corporation,
a Delaware closed corporation (“U.S. Borrower”) and Coronado Finance Pty Ltd (ACN 628 668 235), an Australian proprietary
limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”)

 

		4.	Administrative Agent:Citibank, N.A., in such capacity, as the Administrative Agent under the Credit Agreement

 

		5.	Credit Agreement:Syndicated Facility Agreement, dated as of May 12, 2021 (as the same may be
amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), by and among Coronado
Global Resources, Inc., a Delaware corporation, Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary
limited company, the Borrowers, the Guarantors party thereto, each lender from time to time party thereto, Citibank, N.A. (acting through
such of its Affiliates, offices or branches as it deems appropriate), as administrative agent and collateral agent (in such capacities,
the “Administrative Agent”), BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A., as Swingline Lender, and
Citibank, N.A., Credit Suisse AG, Cayman Islands Branch and BMO Harris Bank N.A., as L/C Issuers.

 

		6.	Assigned Interest:

 

	Assignor	Assignee	Facility Assigned	Aggregate Amount of Commitment/

Loans for all Lenders	Amount of Commitment/

Loans Assigned	Percentage Assigned of Commitment/

Loans	CUSIP Number
	 	 	 	$	$	%	 
	 	 	 	$	$	%	 
	 	 	 	$	$	%	 

 

		7.	Trade Date:     ______________15

 

Effective Date: _____________ ___, 20___ [TO BE
INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

		15	To be completed if the Assignor and the Assignee intend that
the minimum assignment amount is to be determined as of the Trade Date.

 

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The
terms set forth in this Assignment and Acceptance are hereby agreed to:

 

	 	ASSIGNOR
	 	 	 
	 	[NAME OF ASSIGNOR]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	ASSIGNEE
	 	 	 
	 	[NAME OF ASSIGNEE]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	[Consented to and]16 Accepted:	 
	 	 
	CITIBANK, N.A.,	 
	as Administrative Agent[, L/C Issuer]17 [and Swingline Lender]18	 
	 	 
	 	 
	By: 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	[Consented to]:19	 
	 	 
	CORONADO GLOBAL RESOURCES INC., as the Borrower Representative	 
	 	 
	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

		16	To be added only if the consent of the Administrative Agent
is required in the Credit Agreement by Section 11.06(b) or the definition of “Eligible Assignee.”

		17	To be added only if the consent of the L/C Issuer is required
in the Credit Agreement by Section 11.06(b) or the definition of “Eligible Assignee.”

		18	To be added only if the consent of the Swingline Lender is required
in the Credit Agreement by Section 11.06(b) or the definition of “Eligible Assignee.”

		19	To be added only if the consent of the Borrowers is required
in the Credit Agreement by Section 11.06(b) or the definition of “Eligible Assignee.”

 

    F-3 

     

    

 

ANNEX
1 TO ASSIGNMENT AND ACCEPTANCE

 

SYNDICATED FACILITY AGREEMENT DATED AS OF MAY 12,
2021, BY AND AMONG HOLDINGS, THE AUSTRALIAN PARENT, THE BORROWERS, THE GUARANTORS, THE LENDERS PARTY THERETO FROM TIME TO TIME, CITIBANK,
N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT, BMO HARRIS BANK N.A., AS CO-COLLATERAL AGENT, CITIBANK, N.A., AS SWINGLINE LENDER,
AND CITIBANK, N.A., CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH AND BMO HARRIS BANK N.A., AS L/C ISSUERS

 

STANDARD TERMS AND CONDITIONS

 

		1.	Representations
and Warranties.

 

1.1        Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has
taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby
and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties
or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition
of the Borrowers, any of their Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the
performance or observance by the Borrowers, any of their Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document.

 

1.2.       Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it meets all the requirements to be an assignee under Section 11.06 of the Credit Agreement (subject
to such consents, if any, as may be required thereunder), (iii) from and after the Effective Date, it shall be bound by the provisions
of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either
it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of
such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies
of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents
and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and
to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Assignment and Acceptance and to purchase the Assigned Interest, and (vii) if it is a Foreign Lender, attached to the Assignment
and Acceptance is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed
by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor
or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of
the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

    F-4 

     

    

 

2.              Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments
of the principal amount outstanding, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding
the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing,
the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective
Date to the Assignee.

 

3.              General
Provisions. This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute
one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed by,
and construed in accordance with, the law of the State of New York.

 

    F-5 

     

    

 

Exhibit
G

to

Credit Agreement

 

Form
of

Borrowing Base Certificate

 

Coronado Global Resources Inc.

Borrowing Base Certificate

Period ending __/__/__

 

Citibank, N.A.

as Administrative Agent under the

Credit Agreement referred to below

388 Greenwich Street, 7th Floor

New York, New York 10013

 

Capitalized terms used but not defined herein
shall have the meanings given to such terms in the Credit Agreement (as defined herein). Pursuant to [Section 4.01(a)(xiii)][Section 6.02(i)]
of the Syndicated Facility Agreement, dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise modified
from time to time, the “Credit Agreement”), by and among Coronado Global Resources Inc., a Delaware corporation (“Holdings”),
Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited company (“Australian Parent”),
Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”), and Coronado Finance Pty Ltd (ACN 628 668
235), an Australian proprietary limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”),
the Guarantors party thereto, each lender from time to time party thereto, Citibank, N.A. (acting through such of its Affiliates, offices
or branches as it deems appropriate), as administrative agent and collateral agent (in such capacities, the “Administrative Agent”),
BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A., as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands
Branch and BMO Harris Bank N.A., as L/C Issuers, the undersigned, being a Responsible Officer of Holdings, hereby certifies, in such capacity
and not in any individual capacity that:

 

(a) attached hereto as Exhibit A is
a schedule of the Borrowing Base of the Borrowers as of the above date and the calculations made with respect thereto, and such attached
information is true, complete and correct in all material respects as of the close of business on the period end set forth above, and

 

(b) based on the schedule attached hereto
as Exhibit A, the aggregate amount of the Borrowing Base as of such date is: $________________________.

 

[SIGNATURE PAGES FOLLOW]

 

    G-1 

     

    

 

IN WITNESS WHEREOF, Holdings has caused this certificate to be executed
and delivered by a duly authorized officer on the date first written above.

 

	 	CORONADO GLOBAL RESOURCES INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Borrowing Base Certificate]

 

    

     

    

 

Exhibit
A to Borrowing Base Certificate

 

Borrowing
Base Calculations

 

Borrowing
Base Summary 

 

	Key	 	 
	 	Update for each submission
	 	Linked to subsequent tab	 
	 	Formula/template text/left blank
	 	Prepared by Citi	 
	 	 	 

 

	Borrowing Base Certificate	 	 	 	 
	Coronado Coal	 	 	 	 
	In thousands of US Dollars	 	 	 	 
	 	 	 	 	 
	Borrowing base date	date	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	In thousands of US Dollars	Total	 	U.S.	Australia
	 	 	 	 	 
	Accounts Receivable	 	 	 	 
	Gross Accounts Receivable	                   - 	 	               - 	               - 
	Ineligible Accounts Receivable	                   - 	 	               - 	               - 
	Eligible Accounts Receivable	                   - 	 	               - 	               - 
	Advance rate	                   - 	 	               - 	               - 
	Gross available Accounts Receivable	                   - 	 	               - 	               - 
	Accounts Receivable reserves	                   - 	 	               - 	               - 
	Net available Accounts Receivable	                   - 	 	               - 	               - 
	Accounts Receivable effective rate	 	 	 	 
	 	 	 	 	 
	Inventory	 	 	 	 
	Gross Inventory	                   - 	 	               - 	               - 
	Ineligible Inventory	                   - 	 	               - 	               - 
	Eligible Inventory	                   - 	 	               - 	               - 
	Advance rate	 	 	 	 
	Gross available Inventory	                   - 	 	               - 	               - 
	Inventory reserves	                   - 	 	               - 	               - 
	Net available Inventory	                   - 	 	               - 	               - 
	Inventory effective rate	                   - 	 	               - 	               - 
	 	 	 	 	 
	Gross aggregate availability	                   - 	 	               - 	               - 
	 	 	 	 	 
	Total availability reserves	                   - 	 	               - 	               - 
	 	 	 	 	 
	Net aggregate availability	                   - 	 	               - 	               - 

 

    G-2 

     

    

 

	Sublimits	 	 	 	 
	[Sublimit name]	 	 	 	 
	[Sublimit name]	 	 	 	 
	[Sublimit name]	 	 	 	 
	[Sublimit name]	 	 	 	 
	[Sublimit name]	 	 	 	 
	[Sublimit name]	 	 	 	 
	[Sublimit name]	 	 	 	 
	Total sublimit reserves	                   - 	 	               - 	               - 
	 	 	 	 	 
	Net aggregate availability, after sublimits	                   - 	 	               - 	               - 
	 	 	 	 	 
	Aggregate commitment	100,000	 	 	 
	Suppressed availability	                   - 	 	               - 	               - 
	Net aggregate availabilty	                   - 	 	               - 	               - 
	 	 	 	 	 
	Revolver
balance (as of month-end)20	 	 	 	 
	Letters
of credit21	 	 	 	 
	[Other outstandings category]	 	 	 	 
	Total outstandings	                   - 	 	               - 	               - 
	 	 	 	 	 
	Excess/(shortfall)	                   - 	 	 	 
	 	 	 	 	 
	Utilization	 	 	 	 
	 	 	 	 	 
	Revolver balance (as of submission date)	 	 	 	 

 

 

		20	Input as negative

 

		21	Input as negative

 

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Sublimits

 

	Coronado Coal	 	 	 	 
	date	 	 	 	 
	 	 	 	 	 
	In thousands of US Dollars	Total	 	U.S.	Australia
	 	 	 	 	 
	Unbilled A/R Cap	 	 	 	 
	 	 	 	 	 
	Availability from Unbilled AR is limited to the lesser of $30 million or 50% of availability from Billed and Unbilled A/R	 	 	 	 
	 	 	 	 
	 	 	 	 
	Billed A/R Availability	            - 	 	               - 	               - 
	Unbilled A/R Availability	            - 	 	               - 	               - 
	Is Unbilled > $30 million	 	 	 	 
	Is Unbilled > 50% of Total A/R Available	 	 	 	 
	 	 	 	 	 
	Reserve for collateral exceeding sublimit	 	 	 
	 	 	 	 	 
	Coal Inventory Cap	 	 	 	 
	 	 	 	 	 
	Availability from Coal Inventory is limited to 50% of total Availability calculated prior to the effect of the Coal Inventory Cap	 	 	 	 
	 	 	 	 
	 	 	 	 
	Total Availability	            - 	 	               - 	               - 
	Availability from Coal Inventory  	            - 	 	               - 	               - 
	Is Coal Inventory > 50%	 	 	 	 
	 	 	 	 	 
	Reserve for collateral exceeding sublimit	 	 	 
	 	 	 	 	 
	Supplies Inventory Cap	 	 	 	 
	 	 	 	 	 
	Availability from Supplies Inventory is limited to 7.5% of total Availability calculated prior to the effect of the Supplies Inventory Cap	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Total Availability	            - 	 	               - 	               - 
	Availability from Supplies Inventory  	            - 	 	               - 	               - 
	Is Supplies Inventory > 7.5%	 	 	 	 
	 	 	 	 	 

 

    G-4 

     

    

 

	Reserve for collateral exceeding sublimit	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	[Sublimit name]	 	 	 	 
	 	 	 	 	 
	[Input calculation]	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Reserve for collateral exceeding sublimit	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    G-5 

     

    

 

Accounts
Receivables

 

Coronado Coal

date

 

 

	 	 	 	 	 	 	 	 	 	 	 	 
	In thousands of US Dollars	 	 	Total	 	 	 	U.S.	 	 	 	Australia
	Trade AR, Beginning Balance	 	$	-	 	 	$	-	 	 	$	-
	Gross Billings	 	$	-	 	 	 	 	 	 	 	 
	Net Cash Collections	 	$	-	 	 	 	 	 	 	 	 
	Miscellaneous Credit Adjustments	 	$	-	 	 	 	 	 	 	 	 
	Miscellaneous Debit Adjustments	 	$	-	 	 	 	 	 	 	 	 
	Trade AR, Ending Balance	 	$	-	 	 	$	-	 	 	$	-
	 	 	 	 	 	 	 	 	 	 	 	 
	Billed Accounts Receivable	 	$	-	 	 	$	-	 	 	$	-
	Provisional invoices (Unbilled A/R)	 	$	-	 	 	$	-	 	 	$	-
	Gross Accounts Receivable	 	$	-	 	 	$	-	 	 	$	-
	 	 	 	 	 	 	 	 	 	 	 	 
	Ineligibles	 	 	 	 	 	 	 	 	 	 	 
	Xcoal receivables not supported by LC	 	$	-	 	 	$	-	 	 	$	-
	Foreign - insured	 	$	-	 	 	$	-	 	 	$	-
	Contra accounts	 	$	-	 	 	$	-	 	 	$	-
	Foreign - not insured	 	$	-	 	 	$	-	 	 	$	-
	Letter of credit overage	 	$	-	 	 	$	-	 	 	$	-
	Credits in prior	 	$	-	 	 	$	-	 	 	$	-
	COD / Cash advance customers	 	$	-	 	 	$	-	 	 	$	-
	Past dues	 	$	-	 	 	$	-	 	 	$	-
	Cross-aging	 	$	-	 	 	$	-	 	 	$	-
	Non-Trade AR	 	$	-	 	 	$	-	 	 	$	-
	Concentration limit	 	$	-	 	 	$	-	 	 	$	-
	Extended terms	 	$	-	 	 	$	-	 	 	$	-
	 	 	 	 	 	 	 	 	 	 	 	 
	Subtotal ineligibles	 	$	-	 	 	$	-	 	 	$	-
	 	 	 	 	 	 	 	 	 	 	 	 
	[Ineligible name]	 	$	-	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Total ineligibles	 	$	-	 	 	$	-	 	 	$	-
	 	 	 	 	 	 	 	 	 	 	 	 
	Eligible Accounts Receivable	 	$	-	 	 	$	-	 	 	$	-
	 	 	 	 	 	 	 	 	 	 	 	 
	Advance rate	 	 	 	 	 	 	 	 	 	 	 
	Gross available Accounts Receivable	 	 	-	 	 	$	-	 	 	$	-
	 	 	 	 	 	 	 	 	 	 	 	 
	Reserves	 	 	 	 	 	 	 	 	 	 	 
	[Reserve name]	 	 	-	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Total reserves	 	 	-	 	 	$	-	 	 	$	-
	 	 	 	 	 	 	 	 	 	 	 	 
	Net available Accounts Receivable	 	 	-	 	 	$	-	 	 	$	-

 

% of total

Effective rate

 

Sublimits

*Insert calculation of any sublimits specific to collateral type.      

 

    G-7

     

    

 

Inventory

 

Coronado Coal

date

 

	 	 	 	 	 	 	U.S.	 	Australia
	In thousands of US Dollars	Total	 	U.S.	Australia	 	Raw 

Coal	WIP	Clean 

Coal	Supplies	 	Raw 

Coal	WIP	Clean 

Coal	Supplies
	Gross Inventory	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ineligibles	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WICET port inventory22	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	Stanwell coal	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	Surface coal	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	Shrinkage reserve	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	Stock obsolescence	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	[Ineligible name]	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Subtotal ineligibles	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[Ineligible name]	 $         -   	 	 $           -   	 $           -   	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total ineligibles	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Eligible Inventory	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Advance rate	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross available Inventory	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserves	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[Reserve name]	 $         -   	 	 $           -   	 $           -   	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total reserves	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net available Inventory	 $         -   	 	 $           -   	 $           -   	 	             - 	              - 	               - 	           - 	 	              - 	              - 	               - 	              - 

 

 

22 only reserve if usage is > 50% of total Borrowing Base

 

% of total

Effective rate                            

 

	Advance rate calculation	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	NOLV	 	 	 	 	 	0.0%	 	0.0%	0.0%	 	0.0%	 	0.0%	0.0%
	[XX%] of NOLV	 	 	 	 	 	0.0%	 	0.0%	0.0%	 	0.0%	 	0.0%	0.0%
	[Minimum rate]	 	 	 	 	 	85.0%	 	85.0%	85.0%	 	85.0%	 	85.0%	85.0%
	Advance rate	 	 	 	 	 	0.0%	0.0%	0.0%	0.0%	 	0.0%	0.0%	0.0%	0.0%

 

Sublimits

*Insert calculation of any sublimits specific to collateral type.                          

 

    G-8

     

    

 

Reserves

 

Coronado Coal

date        

 

	In thousands of US Dollars	Total	 	U.S.	Australia
	Off-Balance Sheet Redundancy	           - 	 	               - 	               - 
	Employee Entiltlements	           - 	 	               - 	               - 
	Accrued Rail Costs - Aurizon	           - 	 	               - 	               - 
	Accrued Port Costs - Port of Gladstone	           - 	 	               - 	               - 
	Accrued Rail Costs - Pacific National	           - 	 	               - 	               - 
	Financed Insurance Premiums	           - 	 	               - 	               - 
	Deferred Payroll Taxes	           - 	 	               - 	               - 
	VAT Payable	           - 	 	               - 	               - 
	[Reserve name]	           - 	 	 	 
	Total reserves	           - 	 	               - 	               - 

 

    G-9

     

    

 

Exhibit
H-1

to

Credit Agreement

 

Security
Agreement 

 

[SEE ATTACHED]

 

    H-1

     

    

 

Exhibit
H-2

to

Credit Agreement

 

Australian
Collateral Documents 

 

[SEE ATTACHED]

 

    H-2

     

    

 

Exhibit I

to

Credit
Agreement

 

Form of
Perfection Certificate

 

[SEE
ATTACHED]

 

    I-1

     

    

 

Exhibit j

to

Credit Agreement

 

Form of
Perfection Certificate Supplement

 

[●],
20[●]

 

[SEE
ATTACHED]

 

    J-1

     

    

 

Exhibit K

 

Form of

Assumption Agreement

(this “Assumption Agreement”)

 

ASSUMPTION AGREEMENT, dated as of __________, 20___, made by __________________,
a ________________ [corporation] [limited liability company] [limited partnership] (the “Additional Borrower”), in
favor of Citibank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the banks and other
financial institutions (the “Lenders”) parties to the Credit Agreement referred to below. All capitalized terms not
defined herein shall have the meaning ascribed to them in such Credit Agreement.

 

WITNESSETH:

 

WHEREAS, Coronado Global Resources Inc., a Delaware
corporation (“Holdings”), Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited
company (“Australian Parent”), Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”),
and Coronado Finance Pty Ltd (ACN 628 668 235), an Australian proprietary limited company (“Australian Borrower” and,
together with U.S. Borrower, the “Borrowers”), the Guarantors party thereto, each lender from time to time party thereto,
Citibank, N.A. (acting through such of its Affiliates, offices or branches as it deems appropriate), as administrative agent and collateral
agent (in such capacities, the “Administrative Agent”), BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A.,
as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands Branch and BMO Harris Bank N.A., as L/C Issuers, have entered
into that certain Syndicated Facility Agreement, dated as of May 12, 2021 (as the same may be amended, supplemented, restated or
otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, the Credit Agreement provides for a guarantee
by the Guarantors in favor of the Administrative Agent for the benefit of the Secured Parties;

 

WHEREAS, the Credit Agreement requires the Additional
Borrower to become a party to thereto as a borrower and guarantee the Obligations thereunder pursuant to Article 10 therefor; and

 

WHEREAS, the Additional Borrower has agreed to
execute and deliver this Assumption Agreement in order to become a party to the Credit Agreement and the Security Agreement;

 

NOW, THEREFORE, IT IS AGREED:

 

1.         By
executing and delivering this Assumption Agreement, the Additional Borrower, as provided in Section 6.12 of the Credit Agreement,
hereby becomes a party to the Credit Agreement as both a Borrower and a Guarantor thereunder with the same force and effect as if originally
named therein as a Borrower and a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations
and liabilities of a Borrower and a Guarantor thereunder.

 

    K-1 

     

    

 

2.           The
Additional Borrower hereby represents and warrants that (i) each of the representations and warranties, to the extent applicable
to a Borrower and a Guarantor, contained in the Credit Agreement and in each other Loan Document, is true and correct in all material
respects (or, if such representation or warranty is subject to materiality or Material Adverse Effect qualification, in all respects)
on and as the date hereof as if made on and as of such date (after giving effect to this Assumption Agreement), except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material
respects as of such earlier date and (ii) at the time of and immediately after the date hereof, no Default or Event of Default has
occurred or is continuing, or would result from such Person becoming a Borrower and a Guarantor under the Credit Agreement.

 

3.            The
Additional Borrower agrees that the guarantees of the Obligations contained in the Credit Agreement will apply to the Obligations of the
Additional Borrower, to the extent applicable in accordance with the terms thereof. Upon execution of this Assumption Agreement by each
of the Existing Borrowers, the Additional Borrower and the Administrative Agent, and the satisfaction of the conditions set forth in Section 6.12
of the Credit Agreement, the Additional Borrower (i) shall be a party to the Credit Agreement and the other Loan Documents and shall
constitute a “Borrower” and a “Guarantor” for all purposes thereof with the same force and effect as if originally
named a Borrower and a Guarantor therein and (ii) agrees to be bound by all provisions of the Credit Agreement and the other Loan
Documents and shall have all the rights and obligations of a Borrower or a Guarantor thereunder.

 

4.            The
Additional Borrower hereby ratifies and agrees to be bound by Section 11.18 (Joint and Several Liability) of the Credit
Agreement and the appointment of the Borrower Representative under Section 11.20 of the Credit Agreement.

 

5.                Governing
Law. THIS ASSUMPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

6.            Counterparts.
This Assumption Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. The words “delivery,” “execution,”
 “execute,” “signed,” “signature,” and words of like import in or related to this Agreement or any
document to be signed in connection with this Assumption Agreement and the transactions contemplated hereby shall be deemed to include
electronic signatures which shall be of the same legal effect, validity or enforceability as a manually executed signature, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act

 

[SIGNATURE PAGES FOLLOW]

 

    K-2 

     

    

 

IN WITNESS WHEREOF, the undersigned has caused this
Assumption Agreement to be duly executed and delivered as of the date first above written.

 

	 	[ADDITIONAL BORROWER]

 

		By:	 
		 	Name:
		 	Title:

 

[SIGNATURE PAGE TO ASSUMPTION AGREEMENT]

 

     

     

    

 

Exhibit L

to

Credit Agreement

 

Form of
Solvency Certificate

 

_______, _______

 

Reference is made to the Syndicated Facility Agreement,
dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Credit
Agreement”), by and among Coronado Global Resources Inc., a Delaware corporation (“Holdings”), Coronado Australia
Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited company (“Australian Parent”), Coronado Coal
Corporation, a Delaware closed corporation (“U.S. Borrower”), and Coronado Finance Pty Ltd (ACN 628 668 235), an Australian
proprietary limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”),
the Guarantors party thereto, each lender from time to time party thereto, Citibank, N.A. (acting through such of its Affiliates, offices
or branches as it deems appropriate), as administrative agent and collateral agent (in such capacities, the “Administrative Agent”),
BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A., as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands
Branch and BMO Harris Bank N.A., as L/C Issuers.

 

.I, [●], the [Chief Executive Officer/Chief
Financial Officer/the Treasurer/Assistant Treasurer/Vice President of Finance/Controller]23 of Holdings, in such capacity
and not in an individual capacity, hereby certify as follows:

 

		1.	I am generally familiar with the businesses and assets of Holdings and its Subsidiaries, taken as a whole,
and am duly authorized to execute this Solvency Certificate on behalf of Holdings and its Subsidiaries pursuant to Section 4.01(a)(xi) the
Credit Agreement; and

 

		2.	As of the Closing Date and after giving effect to the Transactions and the incurrence of the Indebtedness
and obligations being incurred in connection with the Credit Agreement and the Transactions, (i) the sum of the debt (including contingent
liabilities) of Holdings and its Subsidiaries, on a consolidated basis, does not exceed the fair value of the present assets of Holdings
and its Subsidiaries, on a consolidated basis, (ii) the present fair saleable value of the assets of Holdings and its Subsidiaries,
on a consolidated basis, is not less than the amount that will be required to pay the probable liabilities (including contingent liabilities)
of Holdings and its Subsidiaries, on a consolidated basis, as they become absolute and mature; (iii) the capital of Holdings and
its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to the business of Holdings or its Subsidiaries, on a
consolidated basis, contemplated as of the Closing Date; and (iv) Holdings and its Subsidiaries, on a consolidated basis, do not
intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability
to pay such debt as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at
any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount
that can reasonably be expected to become an actual or matured liability.

 

 

23 Select as appropriate.

 

[SIGNATURE PAGE FOLLOWS]

 

    L-1

     

    

 

IN WITNESS WHEREOF, the undersigned has executed
this certificate in such undersigned’s capacity as a Responsible Officer of Holdings, on behalf of Holdings, and not individually,
as of the date first stated above.

 

	 	CORONADO GLOBAL RESOURCES, INC.

 

		By:	 
		 	Name:
		 	Title:

 

[SIGNATURE PAGE TO SOLVENCY CERTIFICATE]

 

     

     

    

 

Exhibit M

to

Credit Agreement

 

[FORM OF] U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to
the Syndicated Facility Agreement, dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise modified
from time to time, the “Credit Agreement”), by and among Coronado Global Resources Inc., a Delaware corporation (“Holdings”),
Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited company (“Australian Parent”),
Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”), and Coronado Finance Pty Ltd (ACN 628 668
235), an Australian proprietary limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”),
the Guarantors party thereto, each lender from time to time party thereto, Citibank, N.A. (acting through such of its Affiliates, offices
or branches as it deems appropriate), as administrative agent and collateral agent (in such capacities, the “Administrative Agent”),
BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A., as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands
Branch and BMO Harris Bank N.A., as L/C Issuers.

 

Pursuant to the provisions of
Section 3.01(f)(ii)(B)(3) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “10
percent shareholder” of the Borrowers within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a
 “controlled foreign corporation” related to the Borrowers as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrowers with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.
By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned
shall promptly so inform the Borrowers and the Administrative Agent, and (2) the undersigned shall have at all times furnished the
Borrowers and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF LENDER]

 

	By:	 	 

	Name:		 

	Title:		 

 

Date: ________ __, 20[ ]

 

    M-1

     

    

 

[FORM OF] U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to
the Syndicated Facility Agreement, dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise modified
from time to time, the “Credit Agreement”), by and among Coronado Global Resources Inc., a Delaware corporation (“Holdings”),
Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited company (“Australian Parent”),
Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”), and Coronado Finance Pty Ltd (ACN 628 668
235), an Australian proprietary limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”),
the Guarantors party thereto, each lender from time to time party thereto, Citibank, N.A. (acting through such of its Affiliates, offices
or branches as it deems appropriate), as administrative agent and collateral agent (in such capacities, the “Administrative Agent”),
BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A., as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands
Branch and BMO Harris Bank N.A., as L/C Issuers.

 

Pursuant to the provisions of
Section 3.01(f)(ii)(B)(3) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within
the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “10 percent shareholder” of the Borrowers
within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation”
related to the Borrowers as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing
this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned shall
promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in
either of the two calendar years preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF PARTICIPANT]

 

	By:	 	 

	Name:		 

	Title:		 

 

Date: ________ __, 20[ ]

 

    M-2

     

    

 

[FORM OF] U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to
the Syndicated Facility Agreement, dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise modified
from time to time, the “Credit Agreement”), by and among Coronado Global Resources Inc., a Delaware corporation (“Holdings”),
Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited company (“Australian Parent”),
Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”), and Coronado Finance Pty Ltd (ACN 628 668
235), an Australian proprietary limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”),
the Guarantors party thereto, each lender from time to time party thereto, Citibank, N.A. (acting through such of its Affiliates, offices
or branches as it deems appropriate), as administrative agent and collateral agent (in such capacities, the “Administrative Agent”),
BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A., as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands
Branch and BMO Harris Bank N.A., as L/C Issuers.

 

Pursuant to the provisions of
Section 3.01(f)(ii)(B)(3) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole
beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or
indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of
its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a “10 percent shareholder” of the Borrowers within the meaning of Section 881(c)(3)(B) of the Code and (v) none
of its direct or indirect partners/members is a “controlled foreign corporation” related to the Borrowers as described in
Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is
claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that
is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided
in this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times
furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

    M-3

     

    

 

[NAME OF PARTICIPANT]

 

	By:	 	 

	Name:		 

	Title:		 

 

Date: ________ __, 20[ ]

 

    M-4

     

    

 

[FORM OF] U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For
U.S. Federal Income Tax Purposes)

 

Reference is hereby made to
the Syndicated Facility Agreement, dated as of May 12, 2021 (as the same may be amended, supplemented, restated or otherwise modified
from time to time, the “Credit Agreement”), by and among Coronado Global Resources Inc., a Delaware corporation (“Holdings”),
Coronado Australia Holdings Pty Ltd (ACN 623 524 989), an Australian proprietary limited company (“Australian Parent”),
Coronado Coal Corporation, a Delaware closed corporation (“U.S. Borrower”), and Coronado Finance Pty Ltd (ACN 628 668
235), an Australian proprietary limited company (“Australian Borrower” and, together with U.S. Borrower, the “Borrowers”),
the Guarantors party thereto, each lender from time to time party thereto, Citibank, N.A. (acting through such of its Affiliates, offices
or branches as it deems appropriate), as administrative agent and collateral agent (in such capacities, the “Administrative Agent”),
BMO Harris Bank N.A., as co-collateral agent, Citibank, N.A., as Swingline Lender, and Citibank, N.A., Credit Suisse AG, Cayman Islands
Branch and BMO Harris Bank N.A., as L/C Issuers.

 

Pursuant to the provisions of
Section 3.01(f)(ii)(B)(3) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its
direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)),
(iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned
nor any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into
in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its
direct or indirect partners/members is a “10 percent shareholder” of the Borrowers within the meaning of Section 881(c)(3)(B) of
the Code and (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related to the
Borrowers as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrowers with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that
is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided
in this certificate changes, the undersigned shall promptly so inform the Borrowers and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

    M-5

     

    

 

[NAME OF LENDER]

 

	By:	 	 

	Name:		 

	Title:		 

 

Date: ________ __, 20[ ]

 

    M-6EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Amended and Restated EMPLOYMENT AGREEMENT (this “Agreement”), effective as of May 12, 2021 (the “Effective
Date”), is between Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust (“Company”), and Joseph F. Coradino (“Executive”). 

BACKGROUND 

Executive is currently the Chief Executive Officer of Company. Company desires to continue to employ Executive as its Chief Executive Officer,
and Executive desires to continue to be so employed, on the terms and conditions contained in this Agreement. Executive has been and will continue to be involved with Company’s operations and management and has and will continue to have trade
secrets and other confidential information relating to Company and its business relationships; accordingly, the noncompetition agreement and other restrictive covenants contained in Section 5 hereof constitute essential elements hereof. 

This Agreement shall amend, effective as of the Effective Date, the current Amended and Restated Employment Agreement, effective as of
June 7, 2012, between Executive and Company (the “Current Employment Agreement”). 
 NOW, THEREFORE, in consideration
of the premises and the mutual agreements contained herein and intending to be legally bound hereby, the parties hereto agree as follows: 
  

	1.	 CAPACITY AND DUTIES 

1.1. Employment; Acceptance of Employment. Company hereby employs Executive and Executive hereby agrees to continue
employment by Company for the period and upon the terms and conditions hereinafter set forth. 
 1.2. Capacity and Duties. 

(a) Executive shall serve as Chief Executive Officer of Company and, subject to the supervision and control of the Board of Trustees of Company
(the “Board”), shall have the duties and authority generally consistent with such office. Executive shall perform such other duties and shall have such authority as may from time to time be specified by the Board and as shall be consistent
with the status and authority of his office. Executive shall also serve as a member of the Board (and presently serves as Chairman of the Board). Executive shall also serve as Chief Executive Officer of PREIT Associates, L.P. (“PALP”), of
which Company is the general partner. 
 (b) Executive understands that substantially all of the assets of Company consists of its general
partner interest in PALP, and that the business operations of PALP and its direct and indirect subsidiaries constitute all of the business operations conducted by Company and its “Affiliates” (as defined in subsection (c) below).
Accordingly, Company and Executive understand that most of Executive’s time and energy will be expended on behalf of PALP and its direct and indirect subsidiaries in Executive’s capacity as an officer of PALP rather than as an officer of
Company. 

 (c) Except as permitted by subsection (d) below, Executive (i) shall devote his
full working time, energy, skill and best efforts to the performance of his duties hereunder, in a manner that will comply with Company’s published rules and policies in effect from time to time, and (ii) shall not be employed by or
participate or engage in or in any manner be a part of the management or operation of any business enterprise other than Company and its Affiliates without the prior written consent of Company, which consent may be granted or withheld in the sole
discretion of Company. “Affiliate” as used in this Agreement means any person or entity controlling, controlled by, or under common control with, Company. “Control,” as used in the definition of Affiliate, means the power to
direct the management and policies of a person or entity, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; the terms “controlling” and “controlled” shall have correlative
meanings. Further, any person or entity that owns beneficially, either directly or through one or more intermediaries, more than 20 percent of the ownership interests in a specified entity shall be presumed to control such entity for purposes
of the definition of Affiliate. 
 (d) Notwithstanding the provisions of subsection (c) above, Executive may (i) continue his
investments in the properties listed on Schedule 1.2 hereto and, subject to the provisions of Section 5.2 hereof, subsequent properties, provided that Executive’s activities with respect to such subsequent properties comply with any
procedures adopted by the Board of Trustees of Company (the “Board”) governing Executive’s non-Company related real estate activities, and (ii) subject to Section 5.2 hereof and
policies and guidelines of Company, serve on the board of directors or similar body of other organizations, including publicly owned corporations or other entities, philanthropic organizations, and organizations in which Executive has made an
investment, provided that Executive’s activities with respect to all of the foregoing do not, individually or in the aggregate, in any significant way, interfere with, detract from, or affect the performance of his duties to Company under this
Agreement. 
  

	2.	 TERM OF EMPLOYMENT 

2.1. Term. The initial term of Executive’s employment hereunder shall begin on the Effective Date and last until the two-year anniversary thereof (the “Expiration Date”), unless sooner terminated in accordance with the other provisions hereof. Except as hereinafter provided, on the Expiration Date and on each subsequent
anniversary thereof, the Term (as hereinafter defined) shall be automatically extended for one year unless either party shall have given to the other party notice of non-renewal of this Agreement at least 120
calendar days prior to the expiration of the Term. The initial term of employment hereunder and each term as extended is a “Term.” If a non-renewal notice is given as provided above, Executive’s
employment under this Agreement shall terminate (within the meaning of Section 4.7 hereof) on the last calendar day of the Term. If the non-renewal notice is given by Company, such termination of
employment shall be a termination by Company without Cause, within the meaning of Section 4.4 hereof. If the non-renewal notice is given by Executive, such termination of employment shall be a termination
by Executive without Good Reason, within the meaning of Section 4.6 hereof. 

  
 -2- 

	3.	 COMPENSATION 

3.1. Base Compensation. As compensation for Executive’s services, Company shall pay to Executive a salary at the
initial annual rate of $900,000 (consistent with Executive’s salary beginning January 1, 2021), payable in periodic installments in accordance with Company’s regular payroll practices in effect from time to time. Executive’s
salary may be increased at any time subsequent to the Effective Date pursuant to action taken or authorized by the Executive Compensation and Human Resources Committee (the “Committee”) of the Board. Executive’s annual salary cannot
be decreased without the written consent of Executive. Executive’s annual salary, as determined in accordance with this Section, is hereinafter referred to as the “Base Salary.” 

3.2. Cash Incentives. For each calendar year ending during his employment hereunder, Executive will have the opportunity
to earn an annual bonus with a target amount of 175% of the Base Salary in effect at the end of the applicable year (the “Target Bonus”). The actual bonus payable to Executive, if any, with respect to any year may be more or less
than the Target Bonus and will be determined by the Committee, in its sole discretion, based on the achievement of corporate and/or personal objectives established by the Committee. Payments under this paragraph shall be made during the period
January 1 through March 15 of the calendar year following the calendar year for which such Incentive Payment was earned. 
 3.3.
Employee Benefits. In addition to the compensation provided for in Sections 3.1 and 3.2 hereof, Executive shall be entitled, during his employment hereunder, to participate in such of Company’s employee benefit plans and
benefit programs, including medical benefit programs, as may from time to time be provided by Company for its executive officers. Company shall use its commercially reasonable efforts to provide Executive with health insurance through a preferred
provider, traditional indemnity or equivalent plan. 
 3.4. Vacation. During the Term, Executive shall be entitled to a
paid vacation of 25 business days during each calendar year or such additional number of days as is provided in the Employee Handbook published from time to time by Company (the “Company Employee Handbook”). Executive’s right to carry
forward unused vacation days for a calendar year to any future calendar year shall be governed by the Company Employee Handbook as in effect from time to time. 

3.5. Expense Reimbursement. Company shall reimburse Executive for all reasonable expenses incurred by him in connection
with the performance of his duties hereunder in accordance with its regular reimbursement policies as in effect from time to time and upon receipt of itemized vouchers and such other supporting information with respect to such expenses as Company
may reasonably require. 
 3.6. Equity Plans. Executive shall be entitled, during his employment hereunder, to
participate in such of Company’s equity incentive plans and programs as may from time to time be provided by Company for its executive officers at such level as shall be determined by the Committee or the Board, as appropriate. 

  
 -3- 

 3.7. Defined Contribution Plans. The Company is terminating each of the non-elective defined contribution plans in which Executive participates in a manner intended to comply with Treas. Reg. §1.409A-3(j)(4)(ix)(C). 

3.8. 2021 Equity Grant. Executive’s regular grant for 2021 has been delayed pending the Effective Date.
Notwithstanding the delay, Executive’s regular grant for 2021 will have vesting dates consistent with the vesting date for the Company’s other senior executives. 
  

	4.	 TERMINATION OF EMPLOYMENT 

4.1. Death of Executive. If Executive dies during the Term, Company shall, within 30 calendar days of the death of
Executive, pay any amounts (including salary, bonuses, vacation pay, expense reimbursement, etc.) that have been fully earned by, but not yet paid to, Executive under this Agreement as of the date of Executive’s death. If, for the year in which
Executive dies, Company achieves the performance goals established in accordance with any cash incentive plan in which Executive participates, Company shall pay Executive’s estate, within the period in the following year that begins
January 1 and ends March 15, an amount equal to the bonus that Executive would have received had he been employed by Company for the full year, multiplied by a fraction, the numerator of which is the number of calendar days Executive was
employed in such year and the denominator of which is 365. Upon Executive’s death, (i) each outstanding option granted to Executive before, on or after the date hereof shall become vested and shall be immediately exercisable in accordance
with the terms thereof, (ii) each outstanding nonqualified stock option (“NQSO”) granted to Executive before, on or after the date hereof shall be exercisable until the earlier of (A) the later of 180 calendar days after the
death of Executive or the period following the death of Executive that is set forth in the relevant stock option agreement or (B) the scheduled expiration date of such option, (iii) the exercise period of each incentive stock option
(“ISO”) granted to Executive before, on or after the date hereof shall be governed by the terms of the relevant ISO agreement, (iv) with respect to restricted stock and restricted stock units granted prior to 2021, those awards will
be treated in accordance with the applicable award agreement, (v) with respect to then outstanding restricted stock and restricted stock units granted during or after 2021: (A) those awards which are subject to vesting solely based on the
passage of time and Executive’s continued employment shall become immediately vested, and (B) those awards which are subject to vesting based upon performance (however measured) shall remain outstanding and shall vest or be forfeited, in
whole or in part, based on actual performance through the end of the applicable performance period, and (vi) the Company will pay the applicable premium for COBRA continuation coverage under the Company’s group medical plan for
Executive’s covered spouse and dependents (if any) for a period of 18 months. 
 4.2. Disability of Executive. If
Executive is or has been materially unable for any reason to perform his duties hereunder for 120 calendar days during any period of 150 consecutive calendar days, Company shall have the right to terminate Executive’s employment (within the
meaning of Section 4.7 hereof) upon 30 calendar days’ prior written notice to Executive at any time during the continuation of such inability, in which event Company shall, within 30 calendar days of such termination, pay any amounts
(including salary, bonuses, vacation pay, expense reimbursement, etc.) that have been fully earned by, but not yet paid to, Executive under this Agreement as of the date of such termination. If, for the year in which Executive’s employment is
terminated pursuant to this Section, Company achieves the 

  
 -4- 

 
performance goals established in accordance with any cash incentive plan in which Executive participates, Company shall pay Executive, within the period in the following year that begins
January 1 and ends March 15, an amount equal to the bonus that Executive would have received had he been employed by Company for the full year, multiplied by a fraction, the numerator of which is the number of calendar days Executive was
employed in the year in which his employment is terminated and the denominator of which is 365. Upon termination of Executive’s employment pursuant to this Section, (i) each outstanding option granted to Executive before, on or after the
date hereof shall become vested and shall be immediately exercisable in accordance with the terms thereof, (ii) each outstanding NQSO granted to Executive before, on or after the date hereof shall be exercisable until the earlier of
(A) the later of 180 calendar days after the termination of Executive’s employment pursuant to this Section or the period following the termination of Executive’s employment for disability as is set forth in the relevant stock option
agreement, or (B) the scheduled expiration date of such option, (iii) the exercise period of each ISO granted to Executive before, on or after the date hereof shall be governed by the terms of the relevant ISO agreement, (iv) with
respect to restricted stock and restricted stock units granted prior to 2021, those awards will be treated in accordance with the applicable award agreement, (v) with respect to then outstanding restricted stock and restricted stock units
granted during or after 2021: (A) those awards which are subject to vesting solely based on the passage of time and Executive’s continued employment shall become immediately vested, and (B) those awards which are subject to vesting based
upon performance (however measured) shall remain outstanding and shall vest or be forfeited, in whole or in part, based on actual performance through the end of the applicable performance period, and (vi) the Company will pay the applicable
premium for COBRA continuation coverage under the Company’s group medical plan for Executive and his covered spouse and dependents (if any) for a period of 18 months. 

4.3. Termination for Cause. Executive’s employment hereunder shall terminate (within the meaning of Section 4.7
hereof) immediately upon notice that Company is terminating Executive for Cause, in which event Company shall not thereafter be obligated to make any further payments hereunder other than amounts (including salary, bonus, vacation pay, expense
reimbursement, etc.) that have been fully earned by, but not yet paid to, Executive under this Agreement as of the date of such termination, and which shall be paid within 30 calendar days of such termination. Upon termination of Executive’s
employment pursuant to this Section, (i) each outstanding equity award shall be governed by the terms of the relevant plan and/or award agreement, and (ii) Executive and his spouse and dependents shall have such rights (if any) to continue
medical benefits coverage at his or their sole expense following termination for Cause as are then accorded under COBRA for the COBRA coverage period. “Cause” shall mean the following: 

(a) (i) fraud in connection with Executive’s employment, (ii) theft, misappropriation or embezzlement of funds of Company or any of
its Affiliates, or (iii) an act resulting in termination pursuant to the provisions of the “Code” (as defined in Section 6.3 hereof); 

(b) indictment of Executive for a crime involving moral turpitude; 

  
 -5- 

 (c) breach of Executive’s obligations under Section 5.1 hereof or Section 5.2
hereof; 
 (d) failure of Executive to perform his duties to Company (other than on account of illness, accident, vacation or leave of
absence) that persists for more than 30 calendar days after written demand for substantial performance which specifically identifies the manner in which Executive has failed to perform; or 

(e) Executive’s repeated abuse of alcohol or drugs. 

4.4. Termination Without Cause or for Good Reason. 

(a) If at any time during the Term (i) Executive’s employment is terminated (within the meaning of Section 4.7 hereof) by
Company for any reason other than Cause or the death or disability of Executive or (ii) Executive’s employment is terminated (within the meaning of Section 4.7 hereof) by Executive for “Good Reason” (as hereinafter defined):

 (1) Company shall, on or before Executive’s last day of full-time employment hereunder, pay Executive all amounts (including salary,
bonuses, vacation pay, expense reimbursement, etc.) that have been fully earned by, but not yet paid to, Executive under this Agreement as of the date of such termination. 

(2) In addition, subject to subsection (c) below: 

(i) the Company shall pay Executive an amount equal to two times the sum of (x) Executive’s Base Salary plus
(y) Executive’s Target Bonus. This amount will be paid as follows: (A) 50% will be paid on the 70th day following Executive’s termination (within the meaning of Section 4.7
hereof), and (B) 50% will be paid in 12 equal month installments, commencing six months following Executive’s termination (within the meaning of Section 4.7 hereof). 

(ii) the Company shall pay Executive a pro-rated annual bonus for the fiscal year in which such
termination occurs, which amount shall be determined by multiplying (A) the Target Bonus, by (B) a fraction, the numerator of which will be the number of days in that year that have transpired prior to such termination, and the denominator
of which will be 365. This amount will be paid on the 70th day following Executive’s termination (within the meaning of Section 4.7 hereof). 

(iii) the Company will pay the applicable premium for COBRA continuation coverage under the Company’s group medical plan for Executive
and his covered spouse and dependents (if any) for a period of 18 months, or if less, until Executive is eligible for healthcare coverage under another employer’s group health plan. 

(iv) anything to the contrary in any other existing agreement or document notwithstanding, each outstanding stock option granted to Executive
before, on or after the date hereof shall become immediately vested and exercisable on the date of such termination, and, with respect to each outstanding NQSO granted to Executive before, on or after the date hereof, such NQSO shall remain
exercisable until the earlier of 180 calendar days following such termination or the scheduled expiration date of such option. The exercise period of each ISO granted to Executive before, on or after the date hereof shall be governed by the terms of
the relevant ISO agreement. 

  
 -6- 

 (v) then outstanding restricted stock and restricted stock unit awards which are subject to
vesting solely based on the passage of time and Executive’s continued employment shall become immediately vested. 
 (vi) with respect
to then outstanding restricted stock and restricted stock units granted prior to 2021 and that are subject to vesting based upon performance (however measured), those awards will be treated in accordance with the applicable award agreement. 

(vii) with respect to then outstanding restricted stock and restricted stock units granted during or after 2021 and that are subject to
vesting based upon performance (however measured), those awards shall remain outstanding and shall vest or be forfeited, in whole or in part, based on actual performance through the end of the applicable performance period. 

(b) “Good Reason” shall mean the following: 

(1) any action or inaction that constitutes a material breach of Company’s obligations to Executive hereunder; 

(2) a material change in the geographic location at which Executive provides services; or 

(3) a material diminution in Executive’s authority, duties or responsibilities; provided, however, that Executive’s removal from the
role as Chairman of the Board shall not be a basis for “Good Reason” termination (or otherwise be a breach by Company hereunder); provided, in each case, that Executive shall have given written notice thereof to Company (which shall
specifically identify the basis for the notice) within a period not to exceed 90 calendar days from the initial existence of the condition, and Company shall have failed to remedy the condition within 30 calendar days after its receipt of such
notice. Further, for Executive’s termination of employment (within the meaning of Section 4.7 hereof) to be for Good Reason, Executive must give Company irrevocable written notice of termination and such termination must occur before the
end of the 120 calendar days following the end of the 30-calendar-day remedy period described above. 

(c) Notwithstanding the foregoing, the payments, rights and benefits described in subsection (b) above (the “Severance
Benefits”) (including, for avoidance of doubt, any enhancement in the Severance Benefits pursuant to Section 4.5(a) below) shall not be due unless Executive has executed and delivered to Company, without revocation during any permitted
revocation period, a further agreement, to be presented to Executive by Company on or before the 10th calendar day after such termination, that shall provide (i) an unconditional release by
Executive of all claims, charges, complaints and grievances, whether known or unknown to 

  
 -7- 

 
Executive, against Company and any Affiliate (including, with respect to matters relating to his employment hereunder, any trustee, officer, employee or agent of Company or any Affiliate) through
the date of Executive’s termination of employment; (ii) an undertaking to maintain the confidentiality of such agreement; and (iii) an undertaking to indemnify Company if Executive breaches such agreement. Executive must sign and
return the release to Company, and the release must become irrevocable, before the Severance Benefits are paid or provided to him; provided that, if the release is not timely presented to Executive, the requirement that Executive sign the release
shall be waived. If the release is timely presented to Executive, but Executive does not sign and return the release to Company by the end of the applicable consideration period under the federal Age Discrimination in Employment Act (currently,
either 21 or 45 calendar days), then Executive shall forfeit the Severance Benefits. 
 4.5. Change of Control. 

(a) If, during a Term, there should be a Change of Control (as defined herein), and within six months before such Change of Control or 12
months thereafter either (i) Executive’s employment shall be terminated (within the meaning of Section 4.7 hereof) by the Company for any reason other than for death, disability or Cause or (ii) Executive’s employment is
terminated (within the meaning of Section 4.7 hereof) by Executive for Good Reason, then the word “two” in Section 4.4(a)(2)(i) will be replaced with the word “three.” To the extent that this necessitates an increase in
the amount described in Section 4.4(a)(2)(i)(A) (i.e., the installment payable on the 70th day following such termination) after such installment has been paid, the incremental increase in
that installment will be paid within 10 days following such Change in Control. 
 (b) Notwithstanding any contrary provision of this
Agreement (or any plan, policy, agreement or other arrangement covering Executive), if any payment, right or benefit paid, provided or due to Executive, whether pursuant to this Agreement or otherwise (each, a “Payment,” and collectively,
the “Total Payments”), would subject Executive to the excise tax imposed by Section 4999 of the Internal Revenue Code (the “Excise Tax”), then the Total Payments will be reduced to the minimum extent necessary to avoid the
imposition of the Excise Tax, but only if (i) the amount of such Total Payments, as so reduced, is greater than or equal to (ii) the amount of such Total Payments without reduction (in each case, determined on an after-tax basis). Any reduction of the Total Payments required by this paragraph will be implemented by determining the Parachute Ratio (as defined below) for each Payment and then by reducing the Payments in order,
beginning with the Payment with the highest Parachute Ratio. For Payments with the same Parachute Ratio, later Payments will be reduced before earlier Payments. For Payments with the same Parachute Ratio and the same time of payment, each Payment
will be reduced proportionately. For purposes of this paragraph, “Parachute Ratio” means a fraction, (x) the numerator of which is the value of the applicable Payment, as calculated for purposes of Section 280G of the Internal
Revenue Code (the “IRC”), and (y) the denominator of which is the economic value of the applicable Payment. 

  
 -8- 

 (c) A “Change of Control” of Company shall mean: 

(1) The acquisition by an individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30 percent or more of the
combined voting power of the then outstanding voting securities of Company entitled to vote generally in the election of trustees (the “Outstanding Shares”); provided, however, that the following acquisitions shall not constitute a Change
of Control: (i) any acquisition directly from Company unless, in connection therewith, a majority of the individuals who constitute the Board as of the date immediately preceding such transaction cease to constitute at least a majority of the
Board, (ii) any acquisition by Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Company or any entity controlled by Company, (iv) any acquisition by any individual, entity, or
group in connection with a Business Combination (as defined below) that fails to qualify as a Change of Control pursuant to paragraphs (3) or (4) below, or (v) any acquisition by any Person entitled to file Form 13G under the Exchange Act
with respect to such acquisition; or 
 (2) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a trustee subsequent to the date hereof whose appointment, election, or nomination for election by Company’s shareholders was
approved by a vote of at least a majority of the trustees then comprising the Incumbent Board or by a majority of the members of a committee authorized by the Incumbent Board to approve such appointment, election, or nomination (other than an
appointment, election, or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the trustees of Company) shall be, for purposes of this Agreement,
considered as though such person were a member of the Incumbent Board; or 
 (3) The consummation of a reorganization, merger, or
consolidation, or sale or other disposition of all or substantially all of the assets of Company (a “Business Combination”), in each case, if, following such Business Combination all or substantially all of the individuals and entities who
were the beneficial owners of the Outstanding Shares immediately prior to such Business Combination beneficially own, directly or indirectly, less than 40 percent of, respectively, the then outstanding shares of equity securities and the
combined voting power of the then outstanding voting securities entitled to vote generally in the election of trustees or directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity
which, as a result of such transaction, owns Company or all or substantially all of Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as such beneficial owners held their ownership,
immediately prior to such Business Combination, of the Outstanding Shares; or 
 (4) The consummation of a Business Combination, if,
following such Business Combination all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Shares immediately prior to such Business Combination beneficially own, directly or indirectly,
40 percent or more but less than 60 percent of, respectively, the then outstanding shares of equity securities and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of trustees
or directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which, as a result of such transaction, owns Company or all or substantially all of Company’s assets either
directly or through one or more subsidiaries) in 

  
 -9- 

 
substantially the same proportions as such beneficial owners held their ownership, immediately prior to such Business Combination, of the Outstanding Shares, and (i) any Person (excluding
any employee benefit plan (or related trust) of Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30 percent or more of, respectively, the then outstanding shares of equity securities of
the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior to the Business Combination, or (ii) at least a
majority of the members of the board of trustees or directors of the entity resulting from such Business Combination were not members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board
providing for such Business Combination, or (iii) the Chief Executive Officer of Company at the time of the execution of the initial agreement providing for such Business Combination is not appointed or elected to a comparable or higher
position with the entity resulting from such Business Combination, or (iv) the executive officers of Company holding the title of Executive Vice President or higher at the time of the execution of the initial agreement for such Business
Combination constitute less than a majority of the executive officers holding comparable or higher titles of the entity resulting from such Business Combination; or 

(5) A complete liquidation or dissolution of Company. 

Consummation of a Business Combination following which all or substantially all of the individuals and entities who were the beneficial owners of the
Outstanding Shares immediately prior to such Business Combination beneficially own, directly or indirectly, 60 percent or more of, respectively, the then outstanding shares of equity securities and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of trustees or directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which, as a result of such
transaction, owns Company or all or substantially all of Company’s assets either directly or through one or more subsidiaries) shall not constitute a “Change of Control” unless following such transaction the provisions of paragraphs
(1) or (2) above are independently satisfied. 
 4.6. Voluntary Termination.  

(a) In the event Executive’s employment is voluntarily terminated (within the meaning of Section 4.7 hereof) by Executive without
Good Reason, then except as otherwise provided in subsection (b) below, Company shall not be obligated to make any further payments to Executive under this Agreement other than amounts (including salary, bonuses, vacation pay, expense
reimbursement, etc.) that have been fully earned by, but not yet paid to, Executive as of the date of Executive’s termination, which amounts shall be paid within 30 calendar days of such termination. Executive shall also have such rights to
continue medical coverage at his sole expense following such voluntary termination as are then accorded under COBRA. 

  
 -10- 

 (b) If Executives becomes Retirement Eligible (as defined below), then with respect to any
then outstanding restricted stock and restricted stock units granted during or after 2021: 
 (1) those awards which are subject to vesting
solely based on the passage of time and Executive’s continued employment shall become immediately vested, but the shares issued in respect thereof will be subject to stop-transfer orders until the otherwise applicable vesting date; and 

(2) those awards which are subject to vesting based upon performance (however measured) shall remain outstanding and shall vest or be
forfeited, in whole or in part, based on actual performance through the end of the applicable performance period. 
 Notwithstanding the foregoing, the
vesting of awards under this Section 4.6(b) will be conditioned on Executive’s execution of a release meeting the requirements of Section 4.4(c) and on such release becoming irrevocable within 60 days following Executive’s
cessation of employment. 
 (c) “Retirement Eligible” means that Executive has (A) delivered to the Board one year’s
advance written notice of his retirement (which notice may not be conditional or revocable, except to the extent permitted by the Board), and (B) remained in continuous service with the Company for one year following delivery of such notice;
provided, however, that the Board may elect to accelerate the effective date of Executive’s retirement to a date sooner than designated by Executive, in which case Executive will become Retirement Eligible upon remaining in service through the
earlier date selected by the Board. If the Board elects to accelerate the effective date of Executive’s retirement, the resulting cessation of Executive’s employment will continue to constitute a voluntary resignation described in this
Section 4.7 (and, for avoidance of doubt, not a termination described in Section 4.4 above); provided however, in that case, the Company will pay to Executive: 

(1) an amount equal to the Base Salary that would have otherwise been payable between the effective date of such retirement and
the first anniversary of Executive’s delivery of notice of retirement (payable on the 70th day following Executive’s termination (within the meaning of Section 4.7 hereof)); 

(2) an annual bonus for any fiscal year ending between notice and the date of Executive’s termination calculated in
accordance with Section 3.2 based on actual performance and payable on the same date that annual bonuses are paid to the Company’s remaining executive officers with respect to the applicable year; and 

(3) a pro-rated annual bonus for the fiscal year in which such termination occurs,
which amount shall be determined by multiplying (A) the annual bonus that would have otherwise been payable to Executive for that year under Section 3.2 above (but for his retirement) based on actual performance, multiplied by (B) a
fraction, the numerator of which will be the number of days in that year that have transpired prior to the effective date of such termination, and the denominator of which will be 365 (payable on the same date that annual bonuses are paid to the
Company’s remaining executive officers with respect to the applicable year); and 
 provided, further, for purposes of calculating the
amounts due under clauses (2) and (3) of the preceding proviso and for any vesting of equity awards under this Agreement, the date of Executive’s termination will be deemed to occur no earlier than the four month anniversary of
Executive’s notice of retirement and any unused vacation days will be added to such date. 

  
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 Notwithstanding the foregoing, the above described payments will be conditioned on Executive’s
execution of a release meeting the requirements of Section 4.4(c) and on such release becoming irrevocable within 60 days following Executive’s cessation of employment. 

4.7. Termination of Employment for Purposes of Compliance with (or Exemption from) Section 409A of
IRC. Executive shall only have incurred a termination of employment from Company if Executive has separated from service with all entities in the group of entities under common control with Company, within the meaning of sections 414(b) and
414(c) of the IRC (using the phrase “at least 50 percent” rather than the phrase “at least 80 percent,” where applicable). The determination of whether Executive has had a termination of employment from Company shall be made
by the Committee, applying the rules set forth in Treas. Reg. §1.409A-1(h) and any amendment thereof or successor thereto. 

4.8. Section 409A Compliance.  

(a) All payments hereunder are intended to be exempt from or compliant with the requirements of section 409A of the IRC and the final
regulations issued thereunder, and this Agreement shall be construed and interpreted accordingly. Nonetheless, Company does not guaranty the tax treatment of any compensation payable to Executive. 

(b) To the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any
successor provision) is necessary to avoid the application of an additional tax under section 409A of the IRC to payments due to Executive upon or following his “separation from service,” then notwithstanding any other provision of this
Agreement (or any otherwise applicable plan, policy, agreement or arrangement), any such payments that are otherwise due within six months following Executive’s “separation from service” will be deferred without interest and paid to
Executive in a lump sum immediately following that six month period. 
 (c) For purposes of the application of section 409A of the IRC, each
payment in a series of payments will be deemed a separate payment. 
  

	5.	 RESTRICTIVE COVENANTS 

5.1. Confidentiality. Executive acknowledges a duty of confidentiality owed to Company and shall comply with the
confidentiality section of the Company Employee Handbook as in effect from time to time. 
 5.2. Noncompetition. During
the term of Executive’s employment and for one year after termination of Executive’s employment by Company for Cause or by Executive for other than Good Reason, Executive shall not directly or indirectly (i) engage, anywhere within 25
miles of any property in which Company or an Affiliate has a direct or indirect ownership interest, in any activity which competes in whole or in part with the activities of Company or any Affiliate at the time of such termination (a “Proximate
Competitive Activity”) or (ii) be or become a stockholder, partner, owner, officer, director, employee or agent of, a consultant to, or give financial or other assistance to, any person or entity considering engaging in any Proximate

  
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Competitive Activity or so engaged; provided, however, that nothing herein shall prohibit Executive and his affiliates from (A) owning, as passive investors, in the aggregate not more than
two percent of the outstanding publicly traded stock of any corporation engaged in a Proximate Competitive Activity; or (B) acquiring, developing, managing, or leasing any properties which do not involve a Proximate Competitive Activity,
subject, however, to Sections 1.2(b) and 1.2(c) hereof. The duration of Executive’s covenants set forth in this Section and Section 5.3 shall be extended by a period of time equal to the number of calendar days, if any, during which
Executive is finally determined to be in violation of such provisions. 
 5.3. Solicitation of Employees. During the
term of Executive’s employment and for two years thereafter, Executive shall not directly or indirectly solicit or contact any person who is employed by Company or any Affiliate with a view to the engagement or employment of such person by any
person or entity or otherwise interfere with the employment relationship of Company or of any Affiliate with any of its employees. 
 5.4.
Injunctive and Other Relief. 
 (a) Executive acknowledges that the covenants contained in Sections 5.1, 5.2 and 5.3 hereof are
fair and reasonable in light of the consideration paid hereunder, and that damages alone shall not be an adequate remedy for any breach by Executive of his covenants contained herein. Accordingly, in addition to any other remedies that Company may
have, Company shall be entitled to injunctive relief in any court of competent jurisdiction for any breach or threatened breach of any such covenants by Executive. Nothing contained herein shall prevent or delay Company from seeking, in any court of
competent jurisdiction, specific performance or other equitable remedies in the event of any breach or intended breach by Executive of any of his obligations hereunder. 

(b) In addition to such equitable relief with respect to Sections 5.1, 5.2 and 5.3 hereof, Company shall be entitled to monetary damages for
any breach in an amount deemed reasonable to cover all actual and consequential losses, plus all monies received by Executive as a result of said breach and all costs and attorneys’ fees incurred by Company in enforcing this Agreement,
provided, however, that Company shall have no right to set off any such monetary damages against amounts owed by Company to Executive under this Agreement or any other agreement between the parties. Any action initiated by Company for monetary
damages related to any such breach shall be subject to Section 6.1 hereof, unless brought as part of an action also seeking specific performance or other form of injunctive or equitable relief. 

 

	6.	 MISCELLANEOUS 

6.1. Arbitration. 

(a) All disputes arising out of or relating to this Agreement that cannot be settled by the parties shall be settled by arbitration in
Philadelphia, Pennsylvania, pursuant to the rules and regulations then obtaining of the American Arbitration Association; provided, that nothing herein shall preclude Company or Executive from seeking, in the state or federal courts within the
Commonwealth of Pennsylvania, specific performance or other equitable remedies in the case of any breach or threatened breach by Executive of Section 5.1 hereof, Section 5.2 hereof or Section 5.3 hereof. The decision of the
arbitrators shall be final and binding upon the parties, and judgment upon such decision may be entered in any court of competent jurisdiction. 

  
 -13- 

 (b) Discovery shall be allowed pursuant to the intendment of the United States Federal Rules
of Civil Procedure and as the arbitrators determine appropriate under the circumstances. 
 (c) The arbitration tribunal shall be formed of
three arbitrators, one to be appointed by each party and the third to be appointed by the first two arbitrators. Such arbitrators shall be instructed to apply the contractual provisions hereof in deciding any matter submitted to them. 

(d) The cost of any arbitration proceeding hereunder shall be borne equally by the parties, unless Company agrees otherwise. Each party shall
be responsible for his or its own legal fees and expenses associated with any such arbitration; provided, however, that to the extent such dispute relates to the application of Section 4.5 above and the arbitrator determines that Executive has
substantially prevailed in such dispute, the arbitrator shall include in his or her decision an award of reasonable attorney’s fees and expenses to Executive. 

6.2. Prior Employment. Executive represents and warrants that he is not a party to any other employment, non-competition, joint venture, partnership, or other agreement or restriction that could interfere with his employment with Company in accordance with this Agreement or his or Company’s rights and obligations
hereunder; and that his acceptance of continued employment with Company and the performance of his duties hereunder will not breach the provisions of any contract, agreement, or understanding to which he is party or any duty owed by him to any other
person. Executive warrants and covenants that, while an employee of Company, he will not hereafter become a party to or be bound by any such conflicting agreement. 

6.3. Code of Business Conduct. Executive acknowledges that he is and shall remain subject to the provisions of Company’s
Code of Business Conduct and Ethics for Employees and Officers (as modified, amended or supplemented from time to time, the “Code”), including, without limitation, the enforcement provisions set forth in the Code. Executive agrees to
comply with the provisions of the Code. 
 6.4. Indemnification/Litigation Assistance. Company
shall indemnify and defend Executive against all claims arising out of Executive’s activities as an officer or employee of Company or its Affiliates to the fullest extent permitted by law and under Company’s Trust Agreement. In addition to
the foregoing, Executive shall, upon reasonable notice, furnish such information and proper assistance to Company as may reasonably be required by Company in connection with any litigation in which it or its Affiliates are, or may become, parties.
After termination of Executive’s employment, Executive shall be fairly compensated for providing assistance to Company that is more than incidental; provided, however, that the failure of Company and Executive to agree on such compensation
shall not be the basis on which Executive withholds any information or assistance. 

  
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 6.5. Severability. The invalidity or unenforceability of any particular
provision or part of any provision of this Agreement shall not affect the other provisions or parts hereof. If any provision hereof is determined to be invalid or unenforceable by a court of competent jurisdiction by reason of the duration or
geographical scope of the covenants contained therein, such duration or geographical scope, or both, shall be considered to be reduced to a duration or geographical scope to the extent necessary to cure such invalidity. 

6.6. Assignment. This Agreement shall not be assignable by Executive, and shall be assignable by
Company only to an Affiliate or to any person or entity that becomes a successor in interest (by purchase of assets or shares, or by merger, or otherwise) to Company in the business or a portion of the business presently operated by Company. Subject
to the foregoing, this Agreement and the rights and obligations set forth herein shall inure to the benefit of, and be binding upon, the parties hereto and each of their respective permitted successors, assigns, heirs, executors and administrators.
An assignment by Company permitted under this Section shall not itself constitute a termination of Executive’s employment hereunder. 

6.7. Notices. All notices hereunder shall be in writing and shall be sufficiently given if hand-delivered, sent by
documented overnight delivery service or registered or certified mail, postage prepaid, return receipt requested, or by telegram or telecopy (confirmed by U.S. mail), receipt acknowledged, addressed as set forth below or to such other person and/or
at such other address as may be furnished in writing by any party hereto to the other. Any such notice shall be deemed to have been given as of the date received, in the case of personal delivery, or on the date shown on the receipt or confirmation
therefor, in all other cases. Any and all service of process and any other notice in any action, suit, or proceeding shall be effective against any party if given as provided in this Agreement; provided that nothing herein shall be deemed to affect
the right of any party to serve process in any other manner permitted by law. 
 (a) If to Company: 

Pennsylvania Real Estate Investment Trust 

One Commerce Square 
 2005
Market Street, Suite 1000 
 Philadelphia, Pennsylvania 19103 

Tel: (215) 875-0700 

Fax: (215) 547-7311 

Attention: Chairman, Executive Compensation and Human 

Resources Committee of the Board of Trustees 

If to Executive: 
 Joseph F.
Coradino, at the most recent address contained in Company’s personnel records 

  
 -15- 

 6.8. Entire Agreement and Modification. This
Agreement constitutes the entire agreement between the parties hereto with respect to the matters contemplated herein, amends the Current Employment Agreement, and supersedes and replaces any other prior agreements and understandings with respect
thereto. Neither the failure nor any delay on the part of any party to exercise any right, remedy, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, or privilege
preclude any other or further exercise of the same or of any other right, remedy, power, or privilege with respect to any occurrence or be construed as a waiver of any right, remedy, power, or privilege with respect to any other occurrence. 

6.9. Governing Law. This Agreement is made pursuant to, and shall be construed and enforced in accordance with, the
internal laws of the Commonwealth of Pennsylvania (and United States federal law, to the extent applicable), without giving effect to otherwise applicable principles of conflicts of law. Any action seeking specific performance of, enforcement of or
other equitable remedies with respect to Sections 5.1, 5.2, and/or 5.3 hereof shall be brought exclusively within state or federal courts located within Pennsylvania, and Company and Executive submit and consent to the exclusive jurisdiction of such
courts. 
 6.10. Headings; Counterparts. The headings of Sections and subsections in this Agreement are for convenience
only and shall not affect its interpretation. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which, when taken together, shall be deemed to constitute but one and the same
Agreement. 
 6.11. Delegation. Any action hereunder that may be taken or directed by the Board or
by the Committee may be delegated by (i) the Board to a committee of the Board or to an individual trustee or officer, or (ii) the Committee to one or more members of the Committee or officers, and the determination of any such delegee or
delegees shall have the same effect hereunder as a determination of the Board or the Committee, as applicable. 
 6.12. Company
Assets. Executive acknowledges that no trustee, officer, director or shareholder of Company or any Affiliate is liable to Executive in respect of the payments or other matters set forth herein. 

6.13. Amendment. 

(a) No provision of this Agreement may be amended, modified, or waived except in a writing signed by Executive and such officer as may be
specifically designated by Company to sign on its behalf. 
 (b) In the event Company’s provision of post-separation medical benefit
coverage (to Executive or his spouse or dependents) would cause Company or Executive or his spouse or dependents to experience adverse tax consequences, Company, at its option, but after first seeking a negotiated resolution with Executive, may
provide Executive with the after-tax economic equivalent of such benefit for any designated period. The economic equivalent of any benefit forgone shall be deemed to be the lowest cost that would be incurred
by Executive in obtaining coverage equivalent to that otherwise to be provided to Executive by Company under this Agreement. 
 6.14.
No Mitigation. In no event shall Executive be required to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under this Agreement, and such amounts shall
not be reduced whether or not Executive obtains other employment after termination of his employment hereunder; provided, however, that notwithstanding the foregoing any entitlement Executive has hereunder to post-separation medical benefits
coverage shall terminate upon Executive commencing medical benefits coverage through a plan offered by a subsequent employer. 

  
 -16- 

 6.15. Service as a Trustee; Amendment of Trust Agreement or By-Laws. 
 (a) Assuming that the Term has not been terminated, that a non-renewal notice has not been given to Executive and that a notice of resignation or non-renewal has not been given by Executive, the Board shall nominate Executive as a
candidate for election to the Board at each Annual Meeting of Shareholders of Company at which Executive’s term as a trustee is scheduled to expire, and Executive agrees to continue to serve as a trustee if elected. Upon termination of the
Executive’s employment hereunder, Executive (unless otherwise requested by the Board) shall resign from the Board and from any positions he may then hold on the governing body of any Affiliate or subsidiary of Company. 

(b) Company shall not amend, modify or repeal Paragraph 14 of its Trust Agreement or Article 5 of its
By-Laws, each as currently in effect, if the effect of such amendment, modification or repeal would be to alter, to the detriment of Executive, the rights of Executive to indemnification or advance of expenses
based on an act or failure to act that took place during Executive’s employment hereunder. 
 (c) It is agreed that Executive shall not
have any equitable remedies of any nature (including, but not limited to, injunctive relief and specific performance) with respect to this Section, and that his sole remedy shall be as set forth in Section 4.4 hereof, Section 4.5 hereof or
Section 4.6 hereof, whichever shall be applicable. 
 6.16. Legal Fees. Company agrees to pay all
reasonable legal fees and expenses that Executive has incurred in the preparation and negotiation of this Agreement, up to a maximum of $45,000. 

6.17. Tax Withholding. All payments and benefits to be provided in this Agreement shall be subject to deductions and
withholdings as required by law and/or as authorized by Executive. 

  
 -17- 

 IN WITNESS WHEREOF, the parties have executed this Agreement on May 12, 2021. 

 

			
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	 /s/ Lisa M. Most

	Name: Lisa M. Most
	Title: Executive Vice President, Secretary and General Counsel
	
	 /s/ Joseph F. Coradino

	Joseph F. Coradino

  
 -18- 

 Schedule 1.2 

Permitted Activities 
  

	1.	 TRO Liquidating LLC (TROL) 

 

	2.	 Strouse-Greenberg Realty Investments, Inc. (TRO Liquidating LLC) - TROL 

 

	3.	 Metromarket Management LLC (TRO Liquidating LLC) 

 

	4.	 Sports World/Stadium Complex (TRO Liquidating LLC) 

 

	5.	 Personal Property (Artwork) (TROL) 

 

	6.	 Delaware Avenue (Riverboat Associates) 

 

	7.	 Source Digital 

  
 -19-

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