Document:

Filed by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.17

EXECUTION COPY

PLATEAU FORWARD SALE AGREEMENT

between

ANOORAQ RESOURCES CORPORATION
 Registration number
10022-2033
(Anooraq)

and

CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED (to be
renamed 
PELAWAN FINANCE SPV (PROPRIETARY) LIMITED) 
Registration Number
2006/032879/07
(Pelawan SPV) 

and

PLATEAU RESOURCES (PROPRIETARY) LIMITED 
Registration
number 1996/013879/07
(Plateau)

2

TABLE OF CONTENTS

	  	  	Page
      No. 
	  	  	  
	1.
      	Definitions
      and interpretation 	3
      
	2.
      	Introduction
      	4
      
	3.
      	Conversion
      process 	5
      
	4.
      	Forward
      Sale 	6
      
	5.
      	Securities
      transfer tax 	6
      
	6.
      	Implementation
      of the Forward Sale 	7
      
	7.
      	Co-operation
      and support 	7
      
	8.
      	Representations
      and warranties 	8
      
	9.
      	Breach
      	11
      

 

3

THIS AGREEMENT is dated 12 June 2009 and made
between:

	(1) 	
      ANOORAQ RESOURCES CORPORATION, registration number
      10022-2033, a company incorporated under the laws of Canada
      (Anooraq);

	 	 
	(2) 	
      PLATEAU RESOURCES (PROPRIETARY) LIMITED,
      registration number 1996/013879/07, a company incorporated under the laws
      of South Africa (Plateau); and

	 	 
	(3) 	
      CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED
      (to be renamed PELAWAN FINANCE SPV (PROPRIETARY) LIMITED),
      registration number 2006/032879/07, a company incorporated under the laws
      of South Africa (Pelawan SPV).

The Parties agree as set out below.

	1. 	Definitions and interpretation
  

	1.1 	
      Words and expressions not otherwise defined in this
      Agreement shall bear the meaning given to them in the RPM Funding Common
      Terms Agreement (as defined below). In addition, unless the context
      dictates otherwise, the words and expressions set forth below shall bear
      the following meanings and cognate expressions shall bear corresponding
      meanings:

	1.1.1 	
      Agreement means this Plateau Forward Sale
      Agreement;

	 	 
	1.1.2 	
      B1 Preference Shares means the 115 800 cumulative,
      convertible preference par value shares of R1.00 each and share premium of
      R9 498.14 each, in the share capital of Pelawan SPV, subscribed for by RPM
      and defined as the "RPM Pelawan SPV B1 Preference Shares" under the
      RPM Funding Common Terms Agreement;

	 	 
	1.1.3 	
      B2 Preference Shares means the 115 800 cumulative,
      convertible preference par value shares of R1.00 each and share premium of
      R4 836.29 each, in the share capital of Plateau, subscribed for by Pelawan
      SPV and defined as the "Pelawan SPV Plateau B2 Preference Shares"
      under the RPM Funding Common Terms Agreement;

	 	 
	1.1.4 	
      B3 Preference Shares means the 111 600 cumulative,
      convertible preference par value shares of R1.00 each and share premium of
      R4 836.29 each, in the share capital of Plateau, subscribed for by Pelawan
      SPV and defined as the "Pelawan SPV Plateau B3 Preference Shares"
      under the RPM Funding Common Terms Agreement;

 

4

	1.1.5 	
      Parties means the parties to this Agreement, being
      Anooraq, Plateau and Pelawan SPV;

	 	 
	1.1.6 	
      RPM Funding Common Terms Agreement means the
      written common terms agreement dated on or about the Signature Date
      between inter alia Anooraq, Plateau and Pelawan SPV; and

	 	 
	1.1.7 	
      RPM Pelawan SPV B1 Preference Share Terms means
      the rights and privileges attaching to a B1 Preference Share, as detailed
      in Schedule 2 to the RPM Pelawan SPV B1 Preference Share Subscription
      Agreement;

	 	 
	1.1.8 	
      Signature Date means the date of the signature of
      the Party last signing this Agreement.

	1.2 	
      The provisions of clauses 1.2 to 1.12 (inclusive), 20
      (Notices and Domicilia), 21 (Governing Law), 22 (Jurisdiction), 23
      (General) and 25 (Counterparts) of the RPM Funding Common Terms Agreement
      are incorporated by reference into this Agreement as if repeated herein in
      full.

	 	 
	1.3 	
      In the event of a conflict between the terms of this
      Agreement and the RPM Funding Common Terms Agreement the provisions of
      this Agreement shall prevail to the extent of the
  conflict.

	2. 	Introduction 

	2.1 	
      Plateau has procured funding from a number of sources in
      order to meet its payment obligations under the Acquisition.

	 	 
	2.2 	
      In this regard, RPM and Pelawan SPV have entered into the
      RPM Pelawan SPV B1 Preference Share Subscription Agreement.

	 	 
	2.3 	
      Pelawan SPV and Plateau have entered into the Pelawan SPV
      Plateau B2 Preference Share Subscription Agreement and the Pelawan SPV
      Plateau B3 Preference Share Subscription Agreement.

	 	 
	2.4 	
      In accordance with the RPM Pelawan SPV B1 Preference
      Share Terms, RPM has the right and option to require that the B1
      Preference Shares (or part thereof) be Converted into such number of
      Pelawan SPV Ordinary Shares, as is determined for value in accordance with
      the Conversion formulae set out under the RPM Pelawan B1 Preference Share
      Terms, which option is capable of being exercised at any time after the
      Issue Date and before the Final Conversion Date pursuant to delivery by
      RPM to Pelawan SPV of a Conversion Notice or, in
the

 

5

		
      absence of delivery of such Conversion Notice, the B1
      Preference Shares will automatically Convert on the Final Conversion
      Date.

	 	 
	2.5 	
      The Conversion of B1 Preference Shares may result in the
      declaration and payment of a B1 Preference Dividend in respect of the B1
      Preference Shares.

	 	 
	2.6 	
      The delivery of a Conversion Notice and the subsequent
      Conversion of the B1 Preference Shares will result in the automatic
      Conversion of a pro rata number of B2 Preference Shares and B3
      Preference Shares into Plateau 2 Converted Shares and Plateau 3 Converted
      Shares, respectively.

	 	 
	2.7 	
      Similarly, the Conversion of the B2 Preference Shares and
      the B3 Preference Shares may result in the declaration of a B2 Preference
      Dividend and a B3 Preference Dividend in respect of the B2 Preference
      Shares and the B3 Preference Shares. In such circumstances, Pelawan SPV
      will use:

	2.7.1 	
      all of the cash proceeds of the B2 Preference Dividend to
      subscribe for the Plateau 2 Subscription Shares; and

	 	 
	2.7.2 	
      all of the cash proceeds of the B3 Preference Dividend to
      subscribe for Plateau 3 Subscription Shares.

	2.8 	
      This Agreement sets out the terms and conditions under
      which Pelawan SPV sells to Anooraq:

	2.8.1 	
      all of the Plateau 2 Shares which Pelawan SPV holds
      immediately following Conversion and subscription, if applicable, in
      exchange for the issue and allotment of such number of Anooraq 2
      Consideration Shares; and

	 	 
	2.8.2 	
      all of the Plateau 3 Shares which Pelawan SPV holds
      immediately following Conversion and subscription, if applicable, in
      exchange for the issue and allotment of such number of Anooraq 3
      Consideration Shares,

in each case, for delivery and
settlement by Anooraq on the Conversion Date.

	3. 	Conversion process

	3.1 	
      In accordance with the Conversion formulae set out under
      the Pelawan SPV Plateau B2 Preference Share Terms, the Pelawan SPV Plateau
      B3 Preference Share Terms and the Conversion Implementation Agreement, the
      Market Value of the Anooraq Common Shares will determine inter
      alia:

 

6

	3.1.1 	
      the number of B2 Preference Shares and B3 Preference
      Shares to be Converted into Plateau 2 Converted Shares and Plateau 3
      Converted Shares;

	 	 
	3.1.2 	
      the B2 Preference Dividend and B3 Preference Dividend to
      be declared and paid by Plateau to Pelawan SPV in respect of the B2
      Preference Shares and B3 Preference Shares, if applicable; and

	 	 
	3.1.3 	
      the additional number of Plateau 2 Subscription Shares
      and Plateau 3 Subscription Shares to be subscribed for by Pelawan SPV
      using all of the cash proceeds of the B2 Preference Dividend and B3
      Preference Dividend.

	3.2 	
      The Conversion of B2 Preference Shares into Plateau 2
      Ordinary Shares and B3 Preference Shares into Plateau 3 Ordinary Shares,
      the payment of a B2 Preference Dividend and a B3 Preference Dividend and
      subsequent subscription by the Pelawan SPV for the Plateau 2 Subscription
      Shares and the Plateau 3 Subscription Shares, will result in Pelawan SPV
      holding Plateau 2 Shares and Plateau 3 Shares.

	4. 	Forward sale 

	4.1 	
      The Parties agree that as at each Conversion Date,
      Pelawan SPV sells to Anooraq (and Anooraq accepts the sale of) the Plateau
      2 Shares and the Plateau 3 Shares. The purchase consideration of this sale
      is the issuing and allotment by Anooraq of the Anooraq 2 Consideration
      Shares and Anooraq 3 Consideration Shares to Pelawan SPV on the Conversion
      Date in accordance with clause 6.2.

	 	 
	4.2 	
      Ownership of, and the risk in and benefit of, the Plateau
      2 Shares and the Plateau 3 Shares shall pass to Anooraq on and with effect
      from the Conversion Date.

	 	 
	4.3 	
      Ownership of, and the risk in and benefit of, the Anooraq
      2 Consideration Shares and Anooraq 3 Consideration Shares shall pass to
      Pelawan SPV on and with effect from the Conversion
Date.

	5. 	
      Securities transfer tax

	 	 
		
      Plateau must pay any securities transfer tax applicable
      to a transfer of Plateau 2 Shares and Plateau 3 Shares from Pelawan SPV to
      Anooraq in terms of section 6(2) of the STT Act and any interest and
      penalties thereon, if applicable.

 

7

	6. 	
      Implementation of the Forward Sale

	 	 
		
      On each Conversion Date:

	6.1 	Pelawan SPV shall deliver to Anooraq:
  

	6.1.1 	
      the original share certificates in respect of the Plateau
      2 Shares and Plateau 3 Shares, together with duly completed instruments of
      transfer, required in terms of section 133(2) of the Companies Act, signed
      by Pelawan SPV as transferor (and dated not more than 5 days before the
      Conversion Date) and specifying Anooraq as transferee; and

	 	 
	6.1.2 	
      a certified copy of resolutions of the directors of
      Pelawan SPV:

	6.1.2.1 	
      approving the transfer of the Plateau 2 Shares and
      Plateau 3 Shares; and

	 	 
	6.1.2.2 	
      directing the transfer secretary of Pelawan SPV to
      procure the registration of transfer of the Plateau 2 Shares and Plateau 3
      Shares to and in the name of Anooraq; and

	6.2 	
      against compliance by Pelawan SPV with clause 6.1,
      Anooraq must immediately:

	6.2.1 	
      issue and allot the Anooraq 2 Consideration Shares and
      the Anooraq 3 Consideration Shares to Pelawan SPV and provide Pelawan SPV
      with written proof thereof; and

	 	 
	6.2.2 	
      deliver to Pelawan SPV a certified copy of resolutions of
      the directors of Anooraq approving the issue and allotment of the Anooraq
      2 Consideration Shares and the Anooraq 3 Consideration Shares to Pelawan
      SPV.

	7. 	Co-operation and support

	7.1 	
      Each of the Parties undertake (at its own expense) to
      co-operate and assist the other Parties by providing any requesting Party
      with such information, records and documents pertaining to the Parties as
      may be reasonably required from time to time by the requesting Party for
      accounting purposes and/or for the preparation and/or filing by the
      requesting Party of any submissions to any relevant tax authorities or any
      other regulatory authorities from time to time.

	 	 
	7.2 	
      Each of the Parties agree to the extent that it is within
      its power to do so, to take all steps necessary to give effect to the
      provisions of this Agreement. In

 

8

particular, Pelawan SPV and Anooraq
undertake to take all steps necessary to pass the requisite special resolutions
to give effect to the terms and conditions of this Agreement in accordance with
the provisions of sections 85 to 89 of the Companies Act. 

	8. 	Representations and warranties
  

	8.1 	
      Pelawan SPV is acquiring the Anooraq 2 Consideration
      Shares and the Anooraq 3 Consideration Shares as principal for its own
      account and not for the benefit of any other person.

	 	 
	8.2 	
      Pelawan SPV is resident in, or otherwise subject to, the
      applicable laws of South Africa.

	 	 
	8.3 	
      Pelawan SPV is not (and is not purchasing the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares for the
      account or benefit of) a U.S. Person and did not execute or deliver this
      Agreement in the United States.

	 	 
	8.4 	
      Pelawan SPV has not received or been provided with a
      prospectus, offering memorandum or similar document or any sales or
      advertising literature and the decision to enter into this Agreement and
      acquire the Anooraq 2 Consideration Shares and the Anooraq 3 Consideration
      Shares has not been based on representations as to fact or otherwise made
      by or on behalf of Anooraq except as expressly set forth herein.

	 	 
	8.5 	
      No person has made to Pelawan SPV any written or oral
      representation:

	8.5.1 	
      that any person will refund or return the consideration
      payable in respect of any of the Anooraq 2 Consideration Shares and the
      Anooraq 3 Consideration Shares to be acquired by Pelawan SPV hereunder;
      or

	 	 
	8.5.2 	
      as to the future price or value of any of the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration
  Shares.

	8.6 	
      Pelawan SPV is knowledgeable of, or has been
      independently advised as to, the applicable laws of Pelawan SPV’s
      jurisdiction of residence which would apply to the transactions
      contemplated by this Agreement, if there are any, and the issuance of the
      Anooraq 2 Consideration Shares and the Anooraq 3 Consideration Shares to
      Pelawan SPV contemplated hereunder complies with all such applicable laws
      and save as provided in this Agreement will not cause Anooraq to become
      subject to or comply with any disclosure, prospectus
or

 

9

reporting requirements under any such
applicable laws to which Anooraq is not already subject. 

	9. 	Acknowledgements, agreements and
      certifications 

	9.1 	Pelawan SPV, acknowledges, agrees and certifies
      as follows: 

	9.1.1 	
      that it is not a resident of British Columbia or any
      other provinces or territories of Canada;

	 	 
	9.1.2 	
      no securities commission, agency, governmental authority,
      regulatory body, stock exchange or other regulatory body has reviewed or
      passed on the merits of the Anooraq 2 Consideration Shares and the Anooraq
      3 Consideration Shares;

	 	 
	9.1.3 	
      Anooraq has advised Pelawan SPV that Anooraq is relying
      on an exemption from the requirements to provide Pelawan SPV with a
      prospectus and to sell the Anooraq 2 Consideration Shares and the Anooraq
      3 Consideration Shares through a person registered to sell securities
      under the Securities Act (British Columbia) and other applicable
      securities laws and, as a consequence of acquiring the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares pursuant to
      this exemption, certain protections, rights and remedies provided by the
      Securities Act (British Columbia) and other applicable securities
      laws, including statutory rights of rescission or damage, will not be
      available to Pelawan SPV;

	 	 
	9.1.4 	
      the Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares will be subject to statutory resale restrictions
      under applicable securities laws, and Pelawan SPV covenants that it will
      not resell or transfer the Anooraq 2 Consideration Shares and the Anooraq
      3 Consideration Shares except in compliance with such laws, and Pelawan
      SPV acknowledges that it is solely responsible (and Anooraq is in no way
      responsible) for such compliance;

	 	 
	9.1.5 	
      The certificates representing the Anooraq 2 Consideration
      Shares and the Anooraq 3 Consideration Shares will bear, as of the Closing
      Date, the following legends as required by National Instrument 45-102
      Resale of Securities of the Canadian securities regulatory
      authorities, with the

 

10

		
      necessary information inserted, and Pelawan SPV agrees to
      comply with the terms of such legends:

	 	 
	9.1.6 	
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [DATE
      THAT IS FOUR (4) MONTHS AND ONE (1) DAY AFTER THE RELEVANT CONVERSION DATE
      TO BE INSERTED].”

	 	 
	9.1.7 	
      in addition, the certificates representing the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares will also bear
      a legend substantially in the following form as required by the TSX-
      Venture Exchange and Pelawan SPV agrees to comply with the terms of such
      legend:

	 	 
	9.1.8 	
      “WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE
      EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
      HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX
      VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A
      CANADIAN RESIDENT UNTIL [DATE THAT IS FOUR (4) MONTHS AND ONE
      (1) DAY AFTER THE RELEVANT CONVERSION DATE TO BE
      INSERTED].”

	 	 
	9.1.9 	
      If required by applicable securities laws or by Anooraq,
      Pelawan SPV will execute, deliver and file or assist Anooraq in filing
      such reports, undertakings and other documents with respect to the issue
      of the Anooraq 2 Consideration Shares and the Anooraq 3 Consideration
      Shares as may be required by any securities commission, stock exchange or
      other regulatory authority;

	 	 
	9.1.10 	
      The Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares have not been and will not be registered under the
      U.S. Securities Act and may not be offered or sold in the United States or
      to U.S. persons unless registered under such act or an exemption from the
      registration requirements of such act is
available;

 

11

	9.1.11 	
      There is no government or other insurance covering the
      Anooraq 2 Consideration Shares and the Anooraq 3 Consideration
    Shares.

	9.2 	Anooraq acknowledges, agrees and certifies as
      follows: 

	9.2.1 	
      if required by applicable securities laws, it will
      execute and file, together with the prescribed fees, all documentation
      required by the applicable securities laws or by any legislation or order
      in force in its jurisdiction of residence or to which it may be subject,
      within the time limits prescribed to permit the subscription for, and
      issuance of, the Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares;

	 	 
	9.2.2 	
      if required by applicable securities laws or by Pelawan
      SPV it will execute, deliver and file or assist Pelawan SPV in filing such
      reports, undertakings and other documents with respect to the issue of the
      Anooraq 2 Consideration Shares and the Anooraq 3 Consideration Shares as
      may be required by any securities commission, stock exchange or other
      regulatory authority.

	10. 	
      Reliance on representations, warranties, covenants,
      certifications and acknowledgements

	 	 
		
      Each of the Parties acknowledge that the other Parties
      will rely on the representations and warranties, covenants, certifications
      and acknowledgements made in this Agreement in completing the transactions
      contemplated by this Agreement.

	 	 
	11. 	
      Breach

	11.1 	
      If a Party breaches any material provision of this
      Agreement and remains in breach for 5 Business Days after written notice
      to that Party requiring that Party to rectify that breach, each of the
      aggrieved Parties shall be entitled (without derogating from any of its
      other rights or remedies under this Agreement or subject to clause 11.2,
      at law) to sue for immediate specific performance of any of the defaulting
      Party's obligations under this Agreement, whether or not such obligation
      is then due, and to claim any damages it has suffered.

	 	 
	11.2 	
      The Parties are not entitled to cancel this
    Agreement.

 

12

	Signed at 	on 	             
                           
                 2009 
	 	 	 
	Witness 	             
         for 	Anooraq Resources Corporation 
	 	 	 
	/s/ signed	 	/s/ signed
	 	 	 
	  	  	duly authorised and warranting such 
	  	  	authority 
	  	  	  
	  	  	  
	Signed at 	on 	             
                           
                 2009 
	 	 	 
	Witness 	             
         for 	Plateau Resources (Proprietary) 
	  	  	Limited 
	 	 	 
	/s/ signed	 	/s/ signed
	 	 	 
	  	  	duly authorised and warranting such 
	  	  	authority 
	  	  	  
	  	  	  
	Signed at 	on 	             
                           
                 2009 
	 	 	 
	Witness 	             
         for 	Central Plaza Investments 78 
	  	  	(Proprietary) Limited (to be renamed 
	  	  	Pelawan Finance SPV (Proprietary) 
	  	  	Limited) 
	 	 	 
	/s/ signed	 	/s/ signed
	 	 	 
	  	  	duly authorised and warranting such 
	  	  	authorityFiled by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.18

	Private & Confidential 	Execution Version: 12 June 2009
  

Dated 12 June
2009                                                                       

 

ANOORAQ RESOURCES CORPORATION 
and 
PLATEAU RESOURCES
(PROPRIETARY) LIMITED 
and others 
as Parent, Borrower and Obligors

MICAWBER 634 (PROPRIETARY) LIMITED 
and 
MICAWBER 603
(PROPRIETARY) LIMITED 
as Security SPVs 

RUSTENBURG PLATINUM MINES LIMITED 
as
co-shareholder of Holdco 

STANDARD CHARTERED BANK 
as Senior Agent 

STANDARD CHARTERED BANK 
as original Security Agent

TUMELO MOATLHODI MOTSISI and 
ASNA CHRIS HAROLD MOTAUNG

as trustees on behalf of the Pelawan Dividend Trust 

	
       

      GLOBAL INTERCREDITOR AGREEMENT 

       

                                                                                             
 

Contents 

	clause 	Page 
	 	 
	SECTION 1 : INTERPRETATION 	4 
	 	 
	1.        Definitions
      and interpretation 	4 
	 	 
	SECTION 2 : THE RELEVANT LIABILITIES 	31 
	 	 
	2.        Ranking of
      Relevant Liabilities 	31 
	 	 
	3.        Senior Liabilities
      	33 
	 	 
	4.        [Intentionally
      left blank.] 	35 
	 	 
	5.        RPM Liabilities
      	35 
	 	 
	6.        Shareholder
      Liabilities 	43 
	 	 
	7.        Intra-Group
      Liabilities 	47 
	 	 
	8.        OptionS to
      purchase 	52 
	 	 
	SECTION 3 : PRIORITY, ENFORCEMENT AND APPLICATION
      	58 
	 	 
	9.        RANKING OF
      SECURITY AND PARALLEL DEBT 	58 
	 	 
	10.      Enforcement and other
      actions under Transaction Security Documents 	61 
	 	 
	11.      Subordination on insolvency
      	65 
	 	 
	12.      Application of proceeds
      	70 
	 	 
	13.      Subordination protections
      	74 
	 	 
	14.      Preservation of controlled
      Liabilities 	76 
	 	 
	SECTION 4 : STATUS, REPRESENTATIONS AND UNDERTAKINGS
      	78 
	 	 
	15.      Status of Obligors and
      Controlled Creditors 	78 
	 	 
	16.      Amendments, consents and
      override 	78 
	 	 
	17.      Representations and warranties
      	79 
	 	 
	18.      Information and other
      undertakings 	80 
	 	 
	SECTION 5 : FINANCE PARTIES 	90 
	 	 
	19.      Attorney 	90 
	 	 
	20.      Security Agent 	90 

	21.      Security SPVs 	97
  
	 	 
	22.      [Intentionally left
      blank] 	101
  
	 	 
	23.      Security 	101
  
	 	 
	SECTION 6 : CHANGES
      TO PARTIES 	105
  
	 	 
	24.      Changes to Parties
    	105
  
	 	 
	SECTION 7 :
      ADMINISTRATION 	107
  
	 	 
	25.      [Intentionally left
      blank.] 	107
  
	 	 
	26.      Costs and expenses
    	107
  
	 	 
	27.      Notices 	107
  
	 	 
	28.      Miscellaneous 	112
  
	 	 
	SECTION 8 :
      GOVERNING LAW AND ENFORCEMENT 	115
  
	 	 
	29.     
      Governing law 	115
      
	 	 
	30.     
      Enforcement 	115
      
	 	  
	Schedule
      1 AUCTION PROCESS 	116
      
	 	 
	Schedule
      2 Accession Agreement 	122
      
	 	 
	Schedule
      3 Fundamental Event of Default 	124
      

THIS AGREEMENT is dated 12 June 2009 and made
BETWEEN:

	(1) 	
      ANOORAQ RESOURCES CORPORATION (the
      “Parent”);

	 	 
	(2) 	
      N1C RESOURCES INC., a limited liability company
      incorporated under the laws of the Cayman Islands with registration no.
      CR-94610 (“N1C Resources”);

	 	 
	(3) 	
      N2C RESOURCES INC., a limited liability company
      incorporated under the laws of the Cayman Islands with registration no.
      CR-94611 (“N2C Resources”);

	 	 
	(4) 	
      PLATEAU RESOURCES (PROPRIETARY) LIMITED (the
      “Borrower”);

	 	 
	(5) 	
      RICHTRAU NO. 179 (PROPRIETARY) LIMITED
      (“Holdco”);

	 	 
	(6) 	
      RICHTRAU NO. 177 (PROPRIETARY) LIMITED
      (“Opco”);

	 	 
	(7) 	
      MICAWBER 634 (PROPRIETARY) LIMITED (the
      “Plateau Security SPV”);

	 	 
	(8) 	
      MICAWBER 603 (PROPRIETARY) LIMITED (the “Opco
      Security SPV”);

	 	 
	(9) 	
      RUSTENBURG PLATINUM MINES LIMITED
      (“RPM”);

	 	 
	(10) 	
      STANDARD CHARTERED BANK as agent for the Senior
      Lenders, the Security SPVs and the Plateau Hedge Counterparties (the
      “Senior Agent”);

	 	 
	(11) 	
      STANDARD CHARTERED BANK as original security agent
      for the Secured Parties (the “Security Agent”); and

	 	 
	(12) 	
      THE PELAWAN DIVIDEND TRUST an inter vivos
      trust established under the laws of South Africa with Master's
      Reference No. IT8410/2004, represented by TUMELO MOATLHODI MOTSISI
      and ASNA CHRIS HAROLD MOTAUNG in their respective capacities as
      trustees, for the time being, for and on behalf of the Pelawan Dividend
      Trust.

IT IS AGREED as follows: 

SECTION 1: INTERPRETATION 

	1. 	
      DEFINITIONS AND INTERPRETATION

	 	 
	1.1 	
      Definitions

	 	 
		
      In this Agreement, unless the context otherwise
      requires:

	 	 
		
      “A Preference Share Equity Claims” means all of
      the Liabilities of the Borrower to RPM in connection with the RPM Plateau
      A Preference Share Subscription Agreement and the Plateau A Preference
      Shares.

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“Accession Agreement” means a
supplemental agreement to this Agreement substantially in the form set out in
Schedule 2 (Accession Agreement), with such amendments as the Security
Agent and Instructing Creditor may approve or reasonably require.

“Accounts Agreement” means
“Accounts Agreement” as defined in the Senior Facilities Agreement. 

“Acquisition Documents” means
“Acquisition Documents” as defined in the Senior Facilities Agreement. 

“Affiliate” means “Affiliate” as
defined in the Senior Facilities Agreement. 

“B Preference Share Documents”
means “B Preference Share Documents” as defined in the Senior Facilities
Agreement. 

“Borrower Business Account”
means “Borrower Business Account” as defined in the Senior Facilities Agreement.

“Borrower Proceeds Account”
means “Borrower Proceeds Account” as defined in the Senior Facilities Agreement.

“Borrower Cash Waterfall” means
the application of proceeds credited to the Borrower Proceeds Account, (other
than proceeds representing a utilisation by the Borrower of the RPM Operating
Cash Flow Shortfall Facility Agreement, which shall be immediately advanced by
the Borrower to Holdco under the Plateau Funding Loan Agreement) towards
satisfaction of the Liabilities of the Borrower and, to the extent of any
shortfall, in the following order: 

	 	(a) 	
      first, (x) credit into the Borrower Business
      Account for application in or towards payment of administrative, operating
      and capital expenditure together with taxes or provision for taxes which
      will become payable prior to the next Payment Date and/or (y) from 1
      January 2012 only, credit to an account of the Parent in connection with
      the administrative, operating and capital expenditure requirements of the
      Parent and up to an amount of ZAR17,500,000 (Indexed) in any Financial
      Year (provided no amount may be so credited to an account of the Parent at
      any time prior to 31 December 2011), provided such credit and expenditure
      in relation to (x) and (y):

	 	(i) 	
      does not give rise to an Event of Default; and

	 	 	 
	 	(ii) 	
      is funded out of the payments received by it under the
      Umbrella Services Agreement and/or the Service(s) Agreements, provided
      that the relevant expenditure financed from the proceeds of these
      agreements does not exceed the maximum aggregate amount of the Plateau
      Limit in any Financial Year; or

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	 	(b) 	
      second, in or towards payment of any unpaid fees,
      costs, expenses and disbursements due by the Borrower to the Senior
      Finance Parties;

	 	 	 
	 	(c) 	
      third, in or towards payment of any sum due but
      unpaid under the Plateau Hedging Documents;

	 	 	 
	 	(d) 	
      fourth, in or towards payment of accrued but
      unpaid interest in relation to current or prior interest periods
      (including capitalised interest) under the Senior Facilities Agreement
      such that the Borrower is able to service any such interest on the
      Interest Payment Date for each Loan;

	 	 	 
	 	(e) 	
      fifth, in or towards payment of current or prior
      years scheduled but unpaid capital under the Senior Facilities Agreement
      such that the Borrower is able to service (i) all Repayment Instalments
      due under the Senior Facilities Agreement on the Repayment Date for each
      Loan and (ii) any mandatory prepayment obligation on its due date of
      prepayment;

	 	 	 
	 	(f) 	
      sixth, in or towards payment of any unpaid fees,
      costs, expenses and disbursements due by the Borrower to RPM under the RPM
      Finance Documents;

	 	 	 
	 	(g) 	
      seventh, in or towards payment of accrued but
      unpaid interest in relation to current or prior interest periods in
      respect of the RPM Standby Facility Agreement such that the Borrower is
      able to service any such interest on the RPM Interest Payment Date for
      each loan thereunder;

	 	 	 
	 	(h) 	
      eighth, in or towards payment of unpaid capital
      under the RPM Standby Facility Agreement on the relevant RPM Repayment
      Date;

	 	 	 
	 	(i) 	
      ninth, in or towards the payment of accrued but
      unpaid interest in relation to current or prior interest periods in
      respect of the RPM Operating Cash Flow Shortfall Facility Agreement such
      that the Borrower is able to service any such interest on the RPM Interest
      Payment Date for each loan thereunder;

	 	 	 
	 	(j) 	
      tenth, in or towards the payment of any unpaid
      capital under the RPM Operating Cash Flow Shortfall Facility Agreement on
      the relevant RPM Repayment Date;

	 	 	 
	 	(k) 	
      eleventh, in or towards the payment of a dividend
      on a RPM Dividend Payment Date in relation to the Plateau A Preference
      Shares in relation to current or prior dividend periods in respect of the
      RPM Plateau A Preference Share Subscription Agreement (up to the extent
      permitted by law);

	 	 	 
	 	(l) 	
      twelfth, in or towards the payment on a RPM
      Dividend Payment Date of a redemption amount or provision for redemption
      of the whole or any part of the Plateau A
Preference

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      Shares in accordance with the provisions of the RPM
      Plateau A Preference Share Subscription Agreement and any amount of such
      provision may be paid by the Borrower into a separate bank account which
      shall not form part of the Transaction Security;

	 	 	 
	 	(m) 	
      thirteenth, in or towards the payment of any
      unpaid fees, costs and expenses due by the Borrower to N2C Resources under
      the N2C Resources Shareholder Loan Agreement;

	 	 	 
	 	(n) 	
      fourteenth, in or towards the payment of accrued
      but unpaid interest in relation to current or prior interest periods in
      respect of Shareholder Liabilities under the N2C Resources Shareholder
      Loan Agreement such that the Borrower is able to service any such interest
      on the N2C Resources Interest Payment Date for each loan
  thereunder;

	 	 	 
	 	(o) 	
      fifteenth, in or towards the payment of current or
      prior years scheduled but unpaid capital under the N2C Resources
      Shareholder Loan Agreement such that the Borrower is able to service all
      repayment instalments due under the N2C Resources Shareholder Loan
      Agreement on the N2C Resources Repayment Date for each loan
    thereunder;

	 	 	 
	 	(p) 	
      sixteenth, in or towards the payment of a dividend
      by the Borrower to N2C Resources provided such payment does not give rise
      to an Event of Default,

and provided, in each case, to the
extent the payment relates to the RPM Liabilities, the Shareholders Liabilities
or Intra-Group Liabilities, the relevant payment is a Permitted Payment under
this Agreement. 

“Borrower Group” means the
Borrower, Holdco, Opco and each of their respective direct or indirect
subsidiaries for the time being (and which will include with effect from the
Closing Date the Holdco Group).

“Cash Waterfalls” means the
Borrower Cash Waterfall, the Holdco Cash Waterfall and the Opco Cash Waterfall.

“Closing Date” means “Closing
Date” as defined in the Senior Facilities Agreement.

“Completion Date” has the
meaning given to it in paragraph 2.3 (Legal Documentation and
Completion) of Part A of Schedule 1 (Auction Process).

“Consent” means any consent,
release, approval, waiver, amendment or other similar action. 

“Constitutional Documents” means
“Constitutional Documents” as defined in the Senior Facilities Agreement. 

“Controlled Creditor”
  means:

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	 	(a) 	
      on or before the Senior Discharge Date, RPM as Creditor
      in respect of the RPM Restricted Liabilities, the Shareholders in respect
      of the Shareholder Liabilities and the Intra-Group Creditors as Creditors
      in respect of the Intra-Group Restricted Liabilities;

	 	 	 
	 	(b) 	
      after the Senior Discharge Date and on or before the RPM
      Discharge Date, the Shareholders and the Intra-Group
  Creditors.

“Controlled Liabilities” means:

	 	(a) 	
      on or before the Senior Discharge Date, the RPM
      Restricted Liabilities, the Shareholders Liabilities and the Intra-Group
      Restricted Liabilities;

	 	 	 
	 	(b) 	
      after the Senior Discharge Date but on or before the RPM
      Discharge Date, the Shareholder Liabilities and the Intra-Group
      Liabilities.

“Creditors” means the Senior
Finance Parties, RPM, Pelawan SPV, the Shareholders and the Intra-Group
Creditors. 

“Debt Option Expiry Date” means
the last day on which RPM is entitled to exercise its Tag Along Rights as
determined in accordance with the auction process procedure set out in Schedule
1 (Disposal Procedure) and without prejudice to the provisions of
paragraph 1.10 of Schedule 1 (Auction Process) of this Agreement; 

“Default” means a Senior Default
or a RPM Default (as applicable). 

“Distribution” means any payment
(whether directly or by way of set-off or otherwise) by or, distribution of
assets of, any member of the Borrower Group, whether in cash, property,
securities or otherwise. 

“DM” means “DM” as defined in
the Senior Facilities Agreement. 

“Enforcement Action” means, in
relation to any Liabilities, any lawful action whatsoever to: 

	 	(a) 	
      demand early payment (payment prior to a scheduled
      payment date), demand early redemption (redemption prior to a scheduled
      redemption date), declare prematurely due and payable or otherwise seek to
      accelerate payment of or redemption of or place on demand all or any part
      of such Liabilities, provided that a demand for or the receipt or recovery
      by a Creditor of amounts representing Relevant Liabilities in accordance
      with the priorities reflected in the Cash Waterfalls and which are
      Permitted Payments, shall not of itself, constitute Enforcement
    Action;

	 	 	 
	 	(b) 	
      recover all or any part of such Liabilities (including by
      set-off (whether by operation of law or otherwise), combination of
      accounts provided that a demand for or the receipt or recovery by a
      Creditor of amounts representing Relevant Liabilities in accordance with
      the

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      priorities reflected in the Cash Waterfalls and which are
      Permitted Payments, shall not of itself, constitute Enforcement
    Action;

	 	 	 
	 	(c) 	
      exercise or enforce any rights under any guarantee,
      indemnity, put option, or other assurance in relation to (or given in
      support of) all or any part of such Liabilities;

	 	 	 
	 	(d) 	
      exercise or enforce any rights under any Security
      whatsoever (including, without limitation, the taking of proceedings for
      the perfection of Security or attachment of assets) which secures or
      purports to secure such Liabilities (including, without limitation, any
      Transaction Security);

	 	 	 
	 	(e) 	
      apply, petition or vote for (or take any other steps
      which may lead to) an Insolvency Event in relation to any Obligor or
      member of the Borrower Group or any suspension of payments or moratorium
      of any Financial Indebtedness of any Obligor or member of the Borrower
      Group or any analogous procedure or step in any jurisdiction; or

	 	 	 
	 	(f) 	
      commence legal proceedings against any Obligor or member
      of the Borrower Group.

“Enforcement Date” means the
date on which any Shareholder, RPM, the Borrower, Holdco, any Security SPV, the
Security Agent, the Senior Agent or any other Senior Finance Party first takes
Enforcement Action in relation to any of the Relevant Liabilities.

“Event of Default” means a
Senior Event of Default or a RPM Event of Default (as applicable). 

“Final Discharge Date” means the
later of the Senior Discharge Date and the RPM Discharge Date. 

“Finance Documents” means the
Senior Finance Documents and the RPM Finance Documents and any other documents
designated as such by the Security Agent. 

“First Ranking Opco Counter
Indemnity Agreement” means “First Ranking Opco Counter Indemnity Agreement”,
as defined in the Senior Facilities Agreement. 

“First Ranking Opco Debt
Guarantee” means “First Ranking Opco Debt Guarantee” as defined in the
Senior Facilities Agreement. 

“First Ranking Plateau Debt
Guarantee” means “First Ranking Plateau Debt Guarantee” as defined in the
Senior Facilities Agreement. 

“Fourth Ranking Plateau Debt
Guarantee” means “Fourth Ranking Plateau Debt Guarantee” as defined in the
Senior Facilities Agreement. 

“Fundamental Event of Default”
  means the occurrence of any one of the events set out in Schedule 3 (Fundamental
  Event of Default).

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“Funding Loan Agreements” means
“Funding Loan Agreements” as defined in the Senior Facilities Agreement. 

“Holdco A Preference Shares”
means the cumulative redeemable “A” preference shares to be issued by Holdco to
RPM and the Borrower pursuant to the RPM Holdco A Preference Share Subscription
Agreement and the Plateau Holdco A Preference Share Subscription Agreement
respectively. 

“Holdco A Preference Share
Subscription Agreement” means the “Holdco A Preference Share Subscription
Agreement” as defined in the Senior Facilities Agreement.

“Holdco A Preference Share Equity
Claims” means the Plateau Holdco A Preference Share Equity Claims and the
RPM Holdco A Preference Share Equity Claims.

“Holdco Business Account” means
“Holdco Business Account” as defined in the Senior Facilities Agreement.

“Holdco Cash Waterfall” means
the application of proceeds credited to the Holdco Business Account (other than
proceeds representing advances received by Holdco from the Borrower and RPM
under the Holdco Funding Loan Agreements, which shall be immediately advanced by
Holdco to Opco under the Opco Funding Loan Agreement) towards satisfaction of
Liabilities of Holdco and, to the extent of any shortfall, in the following
order: 

	 	(a) 	
      first, in or towards payment of administrative,
      operating and capital expenditure together with taxes or provision for
      taxes which will become payable prior to the next Payment Date, provided
      such expenditure:

	 	 	 	 
	 		(i) 	
      does not give rise to an Event of Default; and

	 	 	 	 
	 		(ii) 	
      is funded out of the payments received by it under the
      Umbrella Services Agreement and/or the Service(s) Agreements, provided
      that the relevant expenditure financed from the proceeds of these
      agreements does not exceed the maximum aggregate amount of the Holdco
      Limit in any Financial Year;

	 	 	 	 
	 	(b) 	
      second, in or towards payment of any unpaid fees,
      costs, expenses and disbursements or other additional amounts (other than
      interest or capital) due by Holdco to (x) the Borrower under the Plateau
      Funding Loan Agreement (including, without limitation, all costs, charges,
      expenses and disbursements of the Senior Finance Parties passed on by the
      Borrower to Holdco under the Plateau Funding Loan Agreement) and (y) RPM
      under the RPM Funding Loan Agreement, pro rata and pari passu
      as between (x) and (y);

	 	 	 	 
	 	(c) 	
      third, service of accrued but unpaid current or
      prior years’ accumulated interest under the Holdco Funding Loan Agreements
      pro rata to the proportion that the Plateau
Holdco

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      Capital Liabilities and RPM Holdco Capital Liabilities
      bear to Total Holdco Capital Liabilities such that Holdco is able to
      service any such interest on the Holdco Payment Date for each loan
      thereunder;

	 	 	 	 
	 	(d) 	
      fourth, service of current or prior years’
      scheduled but unpaid capital under the Holdco Funding Loan Agreements pro
      rata to the proportion that the Plateau Holdco Capital Liabilities and RPM
      Holdco Capital Liabilities bear to Total Holdco Capital Liabilities such
      that Holdco is able to service all repayment instalments due under the
      Holdco Funding Loan Agreements on the Holdco Payment Date for each loan
      thereunder;

	 	 	 	 
	 	(e) 	
      fifth, towards the payment of a dividend on a
      Holdco Dividend Payment Date by Holdco to the Borrower and RPM in respect
      of the Holdco A Preference Shares, pro rata and pari passu,
      between themselves (up to the extent permitted by law);

	 	 	 	 
	 	(f) 	
      sixth, towards the payment on a Holdco Dividend
      Payment Date of a redemption amount or provision for a redemption by
      Holdco to the Borrower and RPM in respect of the Holdco A Preference
      Shares, pro rata and pari passu, between themselves and any
      amount of such provision may be paid by Holdco into a separate bank
      account which shall not form part of the Transaction Security;

	 	 	 	 
	 	(g) 	
      seventh, towards the payment of a dividend by
      Holdco to the Borrower, provided that:

	 	 	 	 
	 		(i) 	
      there are no prior ranking claims under the Holdco Cash
      Waterfall;

	 	 	 	 
	 		(ii) 	
      simultaneously with that dividend payment, a dividend
      payment is also made by Holdco to RPM pro rata to the proportion of total
      shares owned by the Borrower and RPM in the capital of Holdco;
  and

	 	 	 	 
	 		(iii) 	
      if such payment is made prior to the Senior Discharge
      Date, such dividend is not paid from the proceeds of disposal of any
      assets of or shares in any of the Project
Companies,

and provided, in each case, to the
extent the payment relates to the RPM Liabilities, the Shareholders Liabilities
or Intra-Group Liabilities, the relevant payment is a Permitted Payment under
this Agreement. 

“Holdco Cession in Security
Agreement” means the cession in security agreement dated on or about the
date of this Agreement and entered into by Holdco in favour of the Borrower and
RPM. 

“Holdco Dividend Payment Date”
  means the dates upon which dividends are expressed to be payable under the RPM
  Holdco A Preference Share Subscription Agreement and the Plateau 

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Holdco A Preference Share Subscription
Agreement, it being agreed that such dates shall coincide with the Interest
Payment Dates. 

“Holdco Funding Loan Agreements”
means “Holdco Funding Loan Agreements” as defined in the Senior Facilities
Agreement. 

“Holdco Funding Loans Discharge
Date” means the date on which the Instructing Creditor and RPM are satisfied
that all Holdco Funding Loan Liabilities have been fully discharged and all
commitments of the Borrower and RPM to Holdco have expired in accordance with
the Holdco Funding Loan Agreements. 

“Holdco Funding Loan
Liabilities” means collectively the Plateau Funding Loan Liabilities and the
RPM Funding Loan Liabilities. 

“Holdco Group” means “Holdco
Group” as defined in the Senior Facilities Agreement. 

“Holdco Limit’ means
ZAR1,000,000 (Indexed).

“Holdco Payment Date” means each
date upon which interest and/or capital is expressed to be payable by Holdco
under the Holdco Funding Loan Agreements, it being agreed that such dates shall
coincide with the Interest Payment Dates. 

“Holdco Opco A Preference Share
Subscription Agreement” means the “Holdco Opco A Preference Share
Subscription Agreement” as defined in the Senior Facilities Agreement. 

“Holdco Reversionary Cession in
Security Agreement” means the reversionary cession in security agreement
dated on or about the date of this Agreement and entered into by Holdco in
favour of RPM. 

“Holdco Security Documents”
means the “Holdco Security Documents” as defined in the Senior Facilities
Agreement. 

“Holdco Shareholder Loan
Agreement” means the “Holdco Shareholder Loan Agreement” as defined in the
Senior Facilities Agreement. 

“Holdco Shareholders Agreement”
means “Holdco Shareholders Agreement” as defined in the Senior Facilities
Agreement. 

“Indexed” means “Indexed” as
defined in the Senior Facilities Agreement. 

“Indicative Offer” has the
meaning given to it in paragraph 1.6 (Indicative Offer Letter) of Part A
of Schedule 1 (Auction Process). 

“Information Memorandum”
  means “Information Memorandum” as defined in the Senior Facilities
  Agreement. 

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“Information Package” means
“Information Package” as defined in the Senior Facilities Agreement. 

“Insolvency Event” means, in
relation to an Obligor, any event or circumstance specified as such in clauses
28.6 (Insolvency) to 28.8 (Creditors’ process) of the Senior
Facilities Agreement. 

“Instructing Creditor” means:

	 	(a) 	
      on or before the Senior Discharge Date, the Senior Agent
      (acting on the instructions of the relevant Senior Finance Parties under
      the Plateau Intercreditor Agreement);

	 	 	 
	 	(b) 	
      after the Senior Discharge Date and on or before the RPM
      Discharge Date, RPM; and

	 	 	 
	 	(c) 	
      after the Senior Discharge Date and the RPM Discharge
      Date, N2C Resources.

“Interest Payment Date” means
“Interest Payment Date” as defined in the Senior Facilities Agreement.

“Intra-Group Agreements” means
this Agreement and any document or agreement, including book entries, (written
or otherwise) evidencing any Intra-Group Liabilities payable or owing by a
member of the Borrower Group to any other member of the Borrower Group.

“Intra-Group Creditors” means
the Borrower, Holdco and Opco and those members of the Borrower Group that enter
into an Accession Agreement in accordance with clause 24.4 (Accession of new
Intra-Group Creditors) as an Intra-Group Creditor. 

“Intra-Group Liabilities” means
all Liabilities of a member of the Borrower Group to another member of the
Borrower Group. 

“Intra-Group Restricted
Liabilities” means all Intra-Group Liabilities other than the Intra-Group
Unrestricted Liabilities. 

“Intra-Group Unrestricted
Liabilities” means the Opco Funding Loan Liabilities, the Plateau Funding
Loan Liabilities and any Liabilities relating to the Umbrella Services Agreement
and the Services Agreement. 

“Lebowa” means “Lebowa” as
defined in the RPM Operating Cash Flow Shortfall Facility Agreement.

“Liabilities” means,
  in relation to a person, all obligations or liabilities of any kind of that
  person from time to time, whether they are to pay money or to perform (or not
  to perform) any other act; express or implied; present, future or contingent;
  joint or several; incurred as a principal or 

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surety or in any other manner;
originally owing to the person claiming performance or acquired by that person
from someone else, together with: 

	 	(a) 	
      all accruing interest, dividends and all related losses,
      fees, costs and other expenses;

	 	 	 
	 	(b) 	
      any refinancing (including subsequent refinancings),
      novation or rescheduling of such liabilities or any part
thereof;

	 	 	 
	 	(c) 	
      any claim for breach of representation, warranty,
      undertaking or on an event of default or under any indemnity in connection
      with any relevant document or agreement;

	 	 	 
	 	(d) 	
      any further advance or subscription which may be made
      under any document or agreement supplemental to any such document or
      agreement together with all related interest, dividends, losses, fees,
      costs and other expenses;

	 	 	 
	 	(e) 	
      any claim for interest accruing or dividends accruing on
      or after the filing of any petition in bankruptcy or reorganisation
      whether or not a claim for post filing interest is allowed in such
      proceeding;

	 	 	 
	 	(f) 	
      any claim for damages or restitution in the event of
      rescission of any such liabilities or otherwise in connection with any
      such document or agreement;

	 	 	 
	 	(g) 	
      any claim flowing from any recovery of a payment or
      discharge in respect of such liabilities on the grounds of preference or
      otherwise; and

	 	 	 
	 	(h) 	
      any amounts (such as post-insolvency interest) which
      would otherwise be included in any of the above but for their discharge,
      non-provability, unenforceability or non-allowability of the same in any
      insolvency or other proceedings.

“Loan” means “Loan” as defined
in the Senior Facilities Agreement. 

“Mining Rights” means each or
any of the Mining Rights (as defined in the Senior Facilities Agreement) from
time to time of Opco. 

“MPRD Act” means “MPRD Act” as
defined in the Senior Facilities Agreement. 

“N2C Resources Counter Indemnity
Agreement” means “N2C Resources Counter Indemnity Agreement” as defined in
the Senior Facilities Agreement. 

“N2C Resources Interest Payment
  Date” means each date upon which interest is expressed to be payable
  under the Shareholder Loan Documents, it being agreed that such dates shall
  coincide with the Interest Payment Dates. 

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“N2C Resources Repayment Date”
means each date upon which capital is expressed to be repayable under the
Shareholder Loan Documents, it being agreed that such dates shall coincide with
the Repayment Dates. 

“N2C Resources Security Documents”
means “N2C Resources Security Documents” as defined in the Senior Facilities
Agreement. 

“N2C Resources Shareholder Loan
Agreement” means “N2C Resources Shareholder Loan Agreement” as defined in
the Senior Facilities Agreement. 

“Obligor” means each “Obligor”
as defined in the Senior Facilities Agreement, together with Holdco and Opco.

“Opco A Preference Shares” means
the cumulative redeemable “A” preference shares to be issued by Opco to Holdco
pursuant to the Holdco Opco A Preference Share Subscription Agreement. 

“Opco A Preference Share Equity
Claims” means all of the Liabilities of Opco to Holdco in connection with
the Holdco A Preference Share Subscription Agreement and the Opco A Preference
Shares. 

“Opco Business Account” means
the “Opco Business Account” as defined in the Senior Facilities Agreement.

“Opco Cash Waterfall” means the
application of proceeds credited to the Opco Business Account in or towards
satisfaction of the Liabilities of Opco and, to the extent of any shortfall, in
the following order: 

	 	(a) 	
      first, in or towards payment of government
      royalties and taxes;

	 	 	 	 
	 	(b) 	
      second, in or towards:

	 	 	 	 
	 		(x) 	
      payment of administrative, operating and capital
      expenditure of Opco provided such payment does not give rise to an Event
      of Default; and

	 	 	 	 
	 		(y) 	
      in or towards settlement of any counter-indemnity claim
      constituting “Permitted Financial Indebtedness” pursuant to (j) of the
      Senior Facilities Agreement provided that settlement does not give rise to
      an Event of Default,

	 	 	 	 
	 		
      in each case, pari passu between (x) and
    (y);

	 	 	 	 
	 	(c) 	
      third, in or towards repayment by Opco to RPM of
      any funds made available by RPM pursuant to clause 18.14(a) (RPM Cure
      Rights);

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	 	(d) 	
      fourth, in or towards payment of, or providing
      towards payment of, service fees payable by Opco to Holdco under the
      Umbrella Services Agreement and/or the Service(s) Agreements and Holdco to
      RPM and the Borrower under the Umbrella Services Agreement and/or the
      Service(s) Agreements provided such payments do not exceed in aggregate
      ZAR85,000,000 (Indexed) (or its equivalent) in any Financial Year of
      Opco;

	 	 	 
	 	(e) 	
      fifth, amounts sufficient to cover working capital
      requirements of Opco (which includes provisions for the items in (a) to
      (d) above for the immediately succeeding period up to the next Opco
      Payment Date not projected to be covered by net cash receipts projected
      for that period);

	 	 	 
	 	(f) 	
      sixth, service of accrued but unpaid current or
      prior years’ accumulated interest under the Opco Funding Loan Agreement
      such that Opco is able to service any such interest on the Opco Payment
      Date for each loan thereunder;

	 	 	 
	 	(g) 	
      seventh, service of current but unpaid current or
      prior years’ scheduled but unpaid capital under the Opco Funding Loan
      Agreement such that Opco is able to service all repayment instalments due
      under the Opco Funding Loan Agreement on the Opco Payment Date for each
      loan thereunder;

	 	 	 
	 	(h) 	
      eighth, the payment of accrued dividends by Opco
      to Holdco on an Opco Dividend Payment Date in respect of the Opco A
      Preference Shares under the Holdco Opco A Preference Share Subscription
      Agreement (to the extent permitted by law);

	 	 	 
	 	(i) 	
      ninth, the payment of any redemption amount or
      provision for a redemption amount by Opco to Holdco on an Opco Dividend
      Payment Date in respect of the Opco A Preference Shares under the Holdco
      Opco A Preference Share Subscription Agreement and any amount of such
      provision may be paid by Opco into a separate bank account which shall not
      form part of the Transaction Security;

	 	 	 
	 	(i) 	
      tenth, to the extent that there are no prior
      ranking claims under the Opco Cash Waterfall, the payment of a dividend by
      Opco to Holdco provided such payment does not give rise to an Event of
      Default,

and provided, in each case, to the
extent the payment relates to the RPM Liabilities, the Shareholder Liabilities
or Intra-Group Liabilities, the relevant payment is a Permitted Payment under
this Agreement. 

“Opco Counter Indemnity
Agreements” means “Opco Counter Indemnity Agreements” as defined in the
Senior Facilities Agreement. 

“Opco Debt Guarantees”
  means “Opco Debt Guarantees” as defined in the Senior Facilities Agreement.
  

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    	16

“Opco Dividend Payment Date”
means the dates upon which dividends are expressed to be payable under the
Holdco Opco A Preference Share Subscription, it being agreed that such dates
shall coincide with the Interest Payment Dates. 

“Opco Funding Loan Agreement”
means “Opco Funding Loan Agreement” as defined in the Senior Facilities
Agreement. 

“Opco Funding Loan Discharge
Date” means the date on which the Instructing Creditor and RPM are satisfied
that all Opco Funding Loan Liabilities have been fully discharged and all
commitments of Holdco to Opco have expired in accordance with the Opco Funding
Loan Agreement. 

“Opco Funding Loan Liabilities”
means all the Liabilities of Opco to Holdco under the Opco Funding Loan
Agreement. 

“Opco Payment Date” means each
date upon which interest and/or capital is expressed to be payable by Opco under
the Opco Funding Loan Agreement, it being agreed that such dates shall coincide
with the Interest Payment Dates. 

“Opco Security Documents” means
the “Opco Security Documents” as defined in the Senior Facilities Agreement.

“Opco Shareholder Loan
Agreement” means the “Opco Shareholder Loan Agreement” as defined in the
Senior Facilities Agreement. 

“Operating Agreements” means
“Operating Agreements” as defined in the Senior Facilities Agreement. 

“Operating Cash Shortfall” means
“Operating Cash Shortfall” as defined in the RPM Operating Cash Shortfall
Facility Agreement. 

“Party” means a party to this
Agreement. 

“Payment Date” means any
Interest Payment Date, Holdco Payment Date, Holdco Dividend Payment Date, N2C
Resources Payment Date, N2C Resources Repayment Date, Opco Dividend Payment
Date, Opco Payment Date, RPM Dividend Payment Date, RPM Interest Payment Date,
or RPM Repayment Date.

“Pelawan Dividend Trust” means
the Pelawan Dividend Trust, an inter vivos trust established under the laws of
South Africa with Master’s Reference No. IT8410/2004.

“Pelawan Dividend Trust Account”
  means the bank account notified by the Pelawan Dividend Trust to the Borrower,
  RPM and the Senior Agent. 

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    	17

“Pelawan SPV” means “Pelawan
SPV” as defined in the Senior Facilities Agreement. 

“Pelawan Trust Deed” means
“Pelawan Trust Deed” as defined in the Senior Facilities Agreement. 

“Permitted Guarantee” means
“Permitted Guarantee” as defined in the Senior Facility Agreement. 

“Permitted Payments” means: 

	 	(a) 	
      in relation to the RPM Liabilities, the payments as
      permitted by clause 5.2 (Permitted Payments: RPM
    Liabilities);

	 	 	 
	 	(b) 	
      in relation to the Shareholder Liabilities, the payments
      as permitted by clause 6.2 (Permitted Payments: Shareholder
      Liabilities); and

	 	 	 
	 	(c) 	
      in relation to the Intra-Group Liabilities, the payments
      as permitted by clause 7.2 (Permitted Payments: Intra-Group
      Liabilities).

“Permitted Refinancing” means in
relation to the A Preference Share Equity Claims, the RPM Standby Facility
Liabilities or the RPM Operating Cash Flow Facility Liabilities, as the case may
be, a refinancing by a Permitted Transferee of the whole or any portion thereof
in accordance with the requirements for the mandatory refinancing thereof as
provided for in the relevant RPM Finance Documents in circumstances where the
Senior Agent has provided written notification to RPM that it is satisfied that
such refinancing shall not be prejudicial to the commercial interests of any
Senior Lender under the Senior Finance Documents and in this regard it is
confirmed that the fact that a Permitted Transferee which provides such
refinancing is not a shareholder of Holdco shall not in itself be regarded as
prejudicial to the commercial interests of any Senior Lender under the Senior
Finance Documents. For the avoidance of doubt, a Permitted Refinancing will not
result in RPM transferring any of its commitments to advance funding under the
RPM Standby Facility Agreement or the RPM Operating Cash Shortfall Facility
Agreement. 

“Permitted RPM Funding Loan Transfer”
  means in relation to the RPM Funding Loan Liabilities, a cession and assignment
  by RPM of its rights and obligations under the RPM Funding Loan Agreement to
  any person and provided that (x) to the extent RPM still has any commitments
  under the RPM Funding Loan Agreement at the time of such transfer (commitments
  relating to the funding by RPM of its share of the Operating Cash Shortfalls),
  RPM shall, notwithstanding such transfer, remain liable for the full amount
  of its original commitment under the RPM Funding Loan Agreement, or if it does
  in fact transfer such commitment, it shall guarantee the obligations of the
  transferee in relation to the acquired commitment of the transferee under the
  RPM Funding Loan Agreement and (y) notwithstanding any such cession and assignment,
  RPM shall, unless it has also ceded and assigned its rights 

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and obligations under the RPM Standby
Facility Agreement as a Permitted RPM Transfer, be deemed, for the purposes of
the RPM Standby Facility Agreement and the determination of its funding
commitment thereunder, from time to time, to receive the full amount of payments
and repayments under the RPM Funding Loan Agreement, from time to time. 

“Permitted RPM Transfer” means,
in each case subject to compliance with the provisions of " "  and the
provisions of clause 24 (Changes to Parties) and provided in each case
that no Event of Default has occurred and is continuing at the time of such
proposed transfer which has resulted in Enforcement Action being taken: 

	 	(a) 	
      " "

	 	  	  
	 	(b) 	
      " "

	 	  	  
	 	(c) 	
      " "

provided in each case, to the extent
  the relevant transfer would result in more than one Creditor having claims in
  relation to any of the Relevant Liabilities contemplated above, RPM or such
  other person acceptable to the Senior Agent shall be appointed to act as agent
  on behalf of the other Creditor(s) in respect of such Relevant Liabilities and
  the other Parties to this Agreement (including, but not limited to the Senior
  Agent and the Security Agent) shall be entitled to assume that RPM is duly authorised
  to act on behalf of such other Creditors without the need to make any further
  enquiries.

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“Permitted Transferee” means
“Permitted Transferee” as defined in the Senior Facilities Agreement. 

“Plateau A Preference Shares”
means the cumulative redeemable “A” preference shares to be issued by the
Borrower to RPM pursuant to the RPM Plateau A Preference Share Subscription
Agreement. 

“Plateau Counter Indemnity
Agreement” means “Plateau Counter Indemnity Agreement” as defined in the
Senior Facilities Agreement. 

“Plateau Debt Guarantees” means
“Plateau Debt Guarantees” as defined in the Senior Facilities Agreement. 

“Plateau Facilities” means
collectively the RPM Standby Facility Agreement, the RPM Operating Cash flow
Shortfall Facility Agreement and the RPM Plateau Holdco A Preference Share
Subscription Agreement. 

“Plateau Funding Loan Agreement”
means “Plateau Funding Loan Agreement” as defined in the Senior Facilities
Agreement. 

“Plateau Funding Loan
Liabilities” means all the Liabilities of Holdco to the Borrower under the
Plateau Funding Loan Agreement. 

“Plateau Hedge Counterparty”
means “Plateau Hedge Counterparty” as defined in the Senior Facilities
Agreement.

“Plateau Hedging Documents”
means “Plateau Hedging Documents” as defined in the Senior Facilities
Agreement.

“Plateau Holdco A Preference Share
Equity Claims” means all of the Liabilities of Holdco to the Borrower in
connection with the Plateau Holdco A Preference Share Subscription Agreement.

“Plateau Holdco A Preference Share
Subscription Agreement” means the “Plateau Holdco A Preference Shareholders
Agreement” as defined in the Senior Facilities Agreement.

“Plateau Holdco Capital
Liabilities” means, at any time, the aggregate amount of capital outstanding
under the Plateau Funding Loan Agreement. 

“Plateau Limit” means
  ZAR27,000,000 (Indexed) or such other amount as agreed to between the Borrower
  and RPM from time to time, provided the aggregate of the Plateau Limit, the
  Holdco Limit and the RPM Limit shall never exceed ZAR85,000,000 (Indexed). 

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“Plateau Security Documents”
means “Plateau Security Documents” as defined in the Senior Facilities
Agreement. 

“Prohibited Distribution” means,
in relation to the Controlled Liabilities:

	 	(a) 	
      any payment or repayment, purchase or acquisition,
      reduction or redemption (in whole or in part), of any of the Controlled
      Liabilities (whether in cash or in kind);

	 	 	 
	 	(b) 	
      any Distribution in satisfaction (in whole or in part),
      of any of the Controlled Liabilities;

	 	 	 
	 	(c) 	
      (save only to the extent it may be required to do so, or
      the same occurs automatically by operation of law, under any applicable
      law (not including, for the avoidance of doubt, under any contract)) any
      set-off against any of the Controlled Liabilities;

	 	 	 
	 	(d) 	
      (without prejudice to the generality of (a) to (c) above)
      any dividend, or any money in redemption, reduction, repayment, purchase,
      cancellation or other extinguishment of any share capital or any other
      Distribution in respect of such share capital to any person (including,
      without limitation, to the Shareholders, an Intra-Group Creditor or RPM)
      or interest in respect of, or the repayment, redemption or purchase of,
      any loan stock and loan notes or similar instrument issued by any
      Obligor,

in each case, other than in relation to
any payment contemplated in paragraph (a) to (d) above to the extent that it is
made in connection with a Permitted Refinancing or pursuant to a “Permitted
Distribution” as defined in the Senior Facilities Agreement. 

“Project Company” means “Project
Company” as defined in the Senior Facilities Agreement. 

“Project Finance Lender” means
any creditor (other than a Controlled Creditor) in relation to Project Finance
Borrowings (as defined in the Senior Facilities Agreement). 

“Project Finance Lender
Liabilities” means, in relation to any Project Company, all Liabilities of
that Project Company to a Project Finance Lender if and to the extent permitted
under the Senior Facilities Agreement. 

“Relevant Borrower Liabilities”
means the Senior Liabilities, the RPM Standby Facility Liabilities, the RPM
Operating Cash Flow Facility Liabilities, the A Preference Share Equity Claims
and the Shareholder Borrower Liabilities (as applicable). 

“Relevant Holdco Liabilities t”
means the Holdco Funding Loan Liabilities and the Holdco A Preference Share
Equity Claims. 

“Relevant Liabilities”
  meanshe Relevant Borrower Liabilities, the Relevant Holdco Liabilities and the
  Relevant Opco Liabilities (as applicable). 

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    	21

“Relevant Opco Liabilities”
means the Opco Funding Loan Liabilities and the Opco A Preference Share Equity
Claims. 

“Relevant Percentage” means the
percentage which is required to ensure compliance with the Authorisations
provided by the Exchange Control Department of the South African Reserve Bank
when remitting funds to N2C Resources.

“Repayment Date” means
“Repayment Date” as defined in the Senior Facilities Agreement. 

“Repayment Instalment” means
“Repayment Instalment” as defined in the Senior Facilities Agreement. 

“Reports” means “Reports” as
defined in the Senior Facilities Agreement. 

“RPM Acquisition Documents”
means the Acquisition Documents to which RPM is a party and any other document
which is designated as a “RPM Acquisition Document” by RPM, N2C Resources, the
Borrower and the Senior Agent. 

“RPM Default” means a “Default”
as defined in the RPM Funding Common Terms Agreement. 

“RPM Declared Default” means an
RPM Event of Default or other early redemption event under the RPM Finance
Documents which has resulted in RPM exercising any of its rights to accelerate
payment or require early redemption under the RPM Finance Documents.

“RPM Documents” means: 

	 	(a) 	
      the RPM Finance Documents;

	 	 	 
	 	(b) 	
      the RPM Operating Agreements;

	 	 	 
	 	(c) 	
      the RPM Acquisition Documents;

	 	 	 
	 	(d) 	
      the Holdco Shareholders
Agreement;

any other document or agreement
(including Constitutional Documents) providing for the payment of any amount by
any member of the Borrower Group to RPM (or any of its Affiliates, other than
members of the Borrower Group). 

“RPM Discharge Date”
  means the date on which RPM is satisfied that all RPM Funding Loan Liabilities,
  RPM Standby Facility Liabilities, RPM Operating Cash Flow Facility Liabilities,
  RPM Holdco A Preference Share Equity Claims and A Preference Share Equity Claims
  have been fully discharged and all commitments of RPM to the Borrower, Holdco
  and Opco have expired in accordance with the RPM Finance Documents. 

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“RPM Dividend Payment Dates”
means each date upon which dividends are expressed to be payable under the
RPM Plateau A Preference Share Subscription Agreement, it being agreed that such
dates shall coincide with the Interest Payment Dates. 

“RPM Event of Default” means an
“Event of Default” as defined in the RPM Funding Common Terms Agreement. 

“RPM Finance Documents” means
“RPM Finance Documents” as defined in the Senior Facilities Agreement and any
other document which is designated as a “RPM Finance Document” by RPM, N2C
Resources, the Borrower and the Senior Agent. 

“RPM Finance Liabilities” means
the RPM Funding Loan Liabilities, the RPM Standby Facility Liabilities, the RPM
Operating Cash Flow Facility Liabilities, the RPM Holdco A Preference Share
Equity Claims and the A Preference Share Equity Claims. 

“RPM Funding Common Terms
Agreement” means “RPM Funding Common Terms Agreement” as defined in the
Senior Facilities Agreement. 

“RPM Funding Loan Agreement”
means “RPM Funding Loan Agreement” as defined in the Senior Facilities
Agreement. 

“RPM Funding Loan Liabilities”
means all the Liabilities of Holdco to RPM under the RPM Funding Loan Agreement.

“RPM Holdco A Preference Share
Equity Claims” means all of the Liabilities of Holdco to RPM in connection
with the RPM Holdco A Preference Share Subscription Agreement. 

“RPM Holdco Capital Liabilities”
means, at any time, the aggregate amount of capital outstanding under the RPM
Funding Loan Agreement. 

“RPM Interest Payment Date”
means each date upon which interest is expressed to be payable under the RPM
Standby Facility Agreement and the RPM Operating Cash Flow Shortfall Facility
Agreement, it being agreed that such dates shall coincide with the Interest
Payment Dates. 

“RPM Liabilities” means
  the RPM Finance Liabilities and all other Liabilities of each member of the
  Borrower Group to RPM (or any of its respective Affiliates) in connection with
  any of the RPM Documents, but excluding the RPM Trade Liabilities and including
  any dividends or other Distributions and any amount payable to RPM on a liquidation
  or other insolvency of any member of the Borrower Group or in respect of any
  advisory, monitoring, management or other fees or expenses. 

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    	23

“RPM Limit” means ZAR57,000,000
(Indexed) or such other amount as agreed to between the Borrower and RPM from
time to time, provided that the aggregate of the Plateau Limit, the Holdco Limit
and the RPM Limit shall never exceed ZAR85,000,000 (Indexed). 

“RPM Operating Agreements” means
the Operating Agreements to which RPM is a party and any other document which is
designated as a “RPM Operating Agreement” by RPM, N2C Resources, the Borrower
and the Senior Agent. 

“RPM Operating Cash Flow Facility
Discharge Date” means the date on which RPM is satisfied that all RPM
Operating Cash Flow Facility Liabilities have been fully discharged and all
commitments of RPM to the Borrower have expired in accordance with the RPM
Operating Cash Flow Shortfall Facility Agreement.

“RPM Operating Cash Flow Facility
Liabilities” means all of the Liabilities of the Borrower to RPM in
connection with the RPM Operating Cash Flow Shortfall Facility Agreement.

“RPM Operating Cash Flow Shortfall
Facility Agreement” means the “RPM Operating Cash Flow Shortfall Facility
Agreement” as defined in the Senior Facilities Agreement. 

“RPM Operating Cash Flow Shortfall
Facility Availability Period” means “Availability Period” as defined in the
RPM Operating Cash Flow Shortfall Facility Agreement. 

“RPM Plateau A Preference Share
Subscription Agreement” means the “RPM Plateau A Preference Share
Subscription Agreement” as defined in the Senior Facilities Agreement. 

“RPM Plateau Restricted
Liabilities” means collectively the RPM Standby Facility Liabilities, the
RPM Operating Cash Flow Facility Liabilities and the A Preference Share Equity
Claims. 

“RPM Repayment Date” means each
date upon which capital is expressed to be repayable under the RPM Standby
Facility Agreement and the RPM Operating Cash Flow Shortfall Facility Agreement,
it being agreed that such dates shall coincide with the Repayment Dates. 

“RPM Restricted Liabilities”
means all RPM Liabilities other than the RPM Unrestricted Liabilities. 

“RPM Standby Facility Agreement”
means the “RPM Standby Facility Agreement” a defined in the Senior Facilities
Agreement. 

“RPM Standby Facility Discharge
Date” means the date on which RPM is satisfied that all RPM Standby Facility
Liabilities have been fully discharged and all commitments of RPM to the
Borrower have expired in accordance with the RPM Standby Facility Agreement.

“RPM Standby Facility Liabilities”
  means all the Liabilities of the Borrower to RPM under the RPM Standby Facility
  Agreement. 

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    	24 

“RPM Trade Liabilities” means
all Liabilities of any member of the Holdco Group towards RPM as trade creditor,
which relate to the procurement and supply of goods and services by RPM on an
arms length basis to such member of the Holdco Group, including pursuant to the
Operating Agreements, the Umbrella Services Agreement and the Services
Agreements.

“RPM Unrestricted Liabilities”
means the RPM Funding Loan Liabilities and any Liabilities relating to the
Umbrella Services Agreement and the Services Agreement. 

“Sale of Concentrate Agreement”
means the “Sale of Concentrate Agreement” as defined in Senior Facilities
Agreement. 

“Second Ranking Opco Counter
Indemnity Agreement” means “Second Ranking Opco Counter Indemnity
Agreement”, as defined in the Senior Facility Agreement. 

“Second Ranking Opco Debt
Guarantee” means “Second Ranking Opco Debt Guarantee” as defined in the
Senior Facilities Agreement. 

“Second Ranking Plateau Debt
Guarantee” means the “Second Ranking Plateau Debt Guarantee” as defined in
the Senior Facilities Agreement. 

“Secured Assets” means “Secured
Assets” as defined in the Senior Facilities Agreement. 

“Secured Party” means each
Senior Finance Party, RPM, the Borrower and Holdco. 

“Security SPV” means any of the
Plateau Security SPV and the Opco Security SPV. 

“Senior Declared Default” means
a Senior Event of Default which has resulted in the Senior Agent exercising any
of its rights under clause 28.20 (Acceleration) of the Senior Facilities
Agreement. 

“Senior Default” means a
“Default” as defined in the Senior Facilities Agreement. 

“Senior Discharge Date” means
the date on which the Senior Agent is satisfied that all Senior Liabilities have
been fully discharged and all commitments of the Senior Finance Parties to the
Obligors have expired in accordance with the Senior Finance Documents. 

“Senior Enforcement Action”
means, in relation to any Senior Liabilities, any action whatsoever to: 

	 	(1) 	
      direct the Security Agent and/or either Security SPV to
      sell any assets under the terms of the Transaction Security to any person
      (including, without limitation, the sale of shares in the capital of
      Holdco or Opco or the sale of any claims under any Funding Loan
      Agreements);

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    	25

	 	(2) 	
      apply, petition or vote for (or take any other steps
      which may lead to) an Insolvency Event in relation to any member of the
      Holdco Group or any suspension of payments or moratorium of any Financial
      Indebtedness of any member of the Holdco Group or any analogous procedure
      or step in any jurisdiction; or

	 	 	 
	 	(3) 	
      commence legal proceedings against any member of the
      Holdco Group.

“Senior Event of Default” means
“Event of Default” as defined in the Senior Facilities Agreement. 

“Senior Facilities Agreement”
means the ZAR750,000,000 (inclusive of capitalised interest) term facility
agreement dated on or about the date of this Agreement and made between, amongst
others, (1) the Parent, (2) N1C Resources, (3) N2C Resources, (4) the Borrower,
(5) the Senior Lenders, (6) the Senior Agent and (7) the Security Agent. 

“Senior Finance Documents” means
the “Finance Documents” as defined in the Senior Facilities Agreement. 

“Senior Finance Party” means
“Finance Party” as defined in the Senior Facilities Agreement and “Senior
Finance Parties” means each or any of them (as the context may require).

“Senior Lenders” means the
“Lenders” as defined in the Senior Facilities Agreement. 

“Senior Liabilities” means all
the Liabilities of any Obligor to any Senior Finance Party in connection with
any of the Senior Finance Documents.

“Senior Recovery” means the
aggregate of all moneys or other assets received or recovered (whether by
set-off or otherwise) from time to time by a Senior Finance Party in respect, or
on account, of any Senior Liabilities. 

“Service Agreement(s)” means
“Service Agreement(s)” as defined in the Senior Facilities Agreement. 

“Shareholder Borrower
Liabilities” means all the Liabilities of the Borrower under the
Shareholders Documents.

“Shareholder Loan Documents”
means “Shareholder Loan Documents” as defined in the Senior Facilities
Agreement. 

“Shareholders” means
  the Parent, N1C Resources and N2C Resources. 

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    	26

“Shareholders Documents” means
this Agreement, the Shareholder Loan Documents, the Services Agreements, the
Acquisition Documents and any other document or agreement (including
Constitutional Documents) providing for the payment of any amount by any member
of the Borrower Group to a Shareholder (or any of its Affiliates, other than
members of the Borrower Group). 

“Shareholders Liabilities” means
all Liabilities of each member of the Borrower Group to any Shareholder (or any
of its Affiliates, other than members of the Borrower Group) in connection with
any of the Shareholders Documents and including any dividends or other
Distributions and any amount payable to any Shareholder on a liquidation or
other insolvency of any member of the Borrower Group or in respect of any
advisory, monitoring, management or other fees or expenses. 

“Standard Chartered Bank” means
Standard Chartered Bank, Johannesburg Branch (Registration No: 2003/020177/10),
a company incorporated in England with limited liability by Royal Charter 1853,
under reference ZC18 and registered as an external company in South Africa.

“Subordinated Documents” means
the Shareholders Documents, the Holdco Shareholder Loan Agreement, the Opco
Shareholder Loan Agreement, or any other document (other than a Finance
Document) or agreement (written or otherwise) providing for, or giving rise to,
the payment of any amount by any member of the Borrower Group to any Shareholder
(or any of its Affiliates) or any Intra-Group Creditor. 

“Subordinated Parties” means any
of the Shareholders and the Intra-Group Creditors. 

“Tag Along Rights means the tag
along rights of RPM as contained in clause 8 (Tag Along) of Schedule 2
(BEE Principles and Pre-emptive Rights) of the Holdco Shareholders
Agreement.

“Third Ranking Opco Debt
Guarantee” means “Third Ranking Opco Debt Guarantee”, as defined in the
Senior Facilities Agreement. 

“Third Ranking Plateau Debt
Guarantee” means “Third Ranking Plateau Debt Guarantee” as defined in the
Senior Facilities Agreement. 

“Total Holdco A Preference Share
Equity Claims” means, at any time, the aggregate amount of the Plateau
Holdco A Preference Share Equity Claims and the RPM Holdco A Preference Share
Equity Claims. 

“Total Holdco Capital Liabilities”
  means, at any time, the aggregate amount of capital outstanding under the Holdco
  Funding Loan Agreements. 

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    	27

“Transaction Documents” means
“Transaction Documents” as defined in the Senior Facilities Agreement. 

“Transaction Security” means the
Security created or purported to be created under or pursuant to the Transaction
Security Documents. 

“Transaction Security Documents”
means each of the “Transaction Security Documents” as defined in the Senior
Facilities Agreement. 

“Transferee” has the meaning
given to it in clause 24.2(a) (Assignments and transfers by
Parties).

“Treasury Transaction” means
“Treasury Transaction” as defined in the Senior Facilities Agreement. 

“Turnover Receipts” means, in
relation to the Controlled Liabilities (other than the RPM Liabilities at any
time after the Senior Discharge Date but on or before the Final Discharge Date),
(but in relation to the Controlled Liabilities of RPM, only insofar as they
relate to the RPM Finance Liabilities): 

	 	(a) 	
      any receipt or recovery of a payment or other
      Distribution of any kind whatsoever in respect, or on account, of any
      Controlled Liabilities which is not permitted by, or which is in breach
      of, or contrary to the terms of, this Agreement;

	 	 	 
	 	(b) 	
      any receipt or recovery of proceeds pursuant to any
      Enforcement Action;

	 	 	 
	 	(c) 	
      any payment or other Distribution of any kind whatsoever
      in relation to the purchase or other acquisition of any Controlled
      Liabilities other than pursuant to the implementation of a Permitted
      Refinancing or Permitted RPM Transfer;

	 	 	 
	 	(d) 	
      any Controlled Liabilities are discharged by set-off
      (whether by operation of law or otherwise), combination of accounts,
      conversion of preference shares into ordinary shares or otherwise and
      which is not otherwise permitted by the provisions of this
    Agreement;

	 	 	 
	 	(e) 	
      any receipt or recovery of a payment or other
      Distribution as a result of the occurrence of an Insolvency Event in
      respect of any Obligor;

	 	 	 
	 	(f) 	
      any Permitted Payment being made on the basis of
      financial information contained in any management accounts and following
      which the audited financial statements or report delivered pursuant to
      clauses 25.1 (Financial Statements) or 25.2 (Provision and
      contents of Compliance Certificate) of the Senior Facilities Agreement
      show that such financial information was incorrect and that had such
      audited financial statements and report been taken into account rather
      than such management accounts then such payment should
  not

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(taking account of the position
subsequently shown) have been payable in accordance with this Agreement. 

	1.2 	
      Construction

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

	 	 	 	 
	 		(i) 	
      the “Borrower”, “Holdco”, “N1C
      Resources”, “N2C Resources”, any “Obligor”,
      “Opco”, any “Security Provider”, the “Parent”, any
      “”Plateau Hedge Counterparty, any “Project Company”,
      “RPM”, the “Security Agent”, the “Senior Agent”, the
      “Senior Finance Parties”, any “Senior Lender”, any
      “Shareholder”, any other person which accedes to this Agreement in
      accordance with clause 24 (Changes to Parties) or any other person
      shall be construed to include its successors in title, permitted assigns
      and permitted transferees and, in the case of the Senior Agent and the
      Security Agent, any person for the time being appointed as Senior Agent or
      Security Agent in accordance with the Senior Finance Documents;

	 	 	 	 
	 		(ii) 	
      (or to any provision of) a “Finance Document” or
      “Subordinated Document” or any other agreement or instrument is a
      reference to the Finance Document or the Subordinated Document (as
      applicable), that provision or other agreement or instrument as in force
      for the time being and as from time to time amended, restated,
      supplemented or novated (however fundamentally including by any increase
      in amounts owing or available to be utilised under such document or any
      change to the parties thereto) and (where such consent is, by the terms of
      this Agreement or the relevant document, required to be obtained as a
      condition to such amendment being permitted) with the prior written
      consent of RPM, the Senior Agent and/or any other relevant Senior Finance
      Parties;

	 	 	 	 
	 		(iii) 	
      any preference share subscription agreement, shall be
      construed to include the relevant terms of issue referred to in or
      contemplated by any such preference share subscription
agreement;

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

	 	 	 	 
	 		(i) 	
      a time of the day is a reference to London
time;

	 	 	 	 
	 		(ii) 	
      “including” means including without limitation;
      and

	 	 	 	 
	 		(iii) 	
      words importing the plural shall include the singular and
      vice versa.

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

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	 	(d) 	
      Unless a contrary indication appears, words and
      expressions defined and construction in the Senior Facilities Agreement
      shall have the same meaning when used in this Agreement.

	 	 	 
	 	(e) 	
      Except as expressly provided for in this Agreement, no
      provision of this Agreement constitutes a stipulation for the benefit of
      any person who is not a Party to this
Agreement.

	1.3 	
      Inconsistencies with other Documents

	 	 
		
      If there is an inconsistency between the provisions of
      this Agreement (regarding subordination, permitted payments, turnover,
      ranking, application of proceeds and amendments only) and any other Senior
      Finance Document, RPM Document, Shareholders Document or any agreement
      constituting the Intra-Group Liabilities, this Agreement will
    prevail.

	 	 
	1.4 	
      Financial assistance

	 	 
		
      For the avoidance of doubt, notwithstanding any other
      provision of this Agreement but without prejudice to the Transaction
      Security Documents, in the case of Obligors that are members of the Holdco
      Group, this Agreement shall not operate to impose any obligation on any
      such Obligor which would constitute the giving of financial assistance
      directly or indirectly for the purpose of the acquisition by any person of
      shares in the Holdco Group or the reduction or discharge of any existing
      liability incurred for the purpose of such acquisition if and for so long
      as it would not be lawful for such financial assistance to be given by any
      such Obligor.

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SECTION 2: THE RELEVANT LIABILITIES 

	2. 	
      RANKING OF RELEVANT LIABILITIES

	 	 	 	 
	2.1 	
      Ranking of Relevant Borrower Liabilities

	 	 	 	 
		
      Except as provided in this Agreement, the Relevant
      Borrower Liabilities will rank for all purposes and at all times in the
      following order:

	 	 	 	 
		(a) 	
      first, the Senior Liabilities;

	 	 	 	 
		(b) 	
      second, the RPM Standby Facility
    Liabilities;

	 	 	 	 
		(c) 	
      third, the RPM Operating Cash Flow Facility
      Liabilities;

	 	 	 	 
		(d) 	
      fourth, the A Preference Share Equity Claims (to
      the extent permitted by law); and

	 	 	 	 
		(e) 	
      sixth, the Shareholder Liabilities.

	 	 	 	 
	2.2 	
      Ranking of Relevant Holdco Liabilities

	 	 	 	 
		(a) 	
      The Relevant Holdco Liabilities will rank for all
      purposes and at all times in the following order:

	 	 	 	 
			(i) 	
      first, the Holdco Funding Loan Liabilities and as
      between the Borrower and RPM (as the case may be) on a pari passu
      basis and for all purposes and at all times pro rata to the
      proportion that the Plateau Holdco Capital Liabilities and RPM Holdco
      Capital Liabilities bear to the Total Holdco Capital Liabilities;
    and

	 	 	 	 
			(ii) 	
      second, the Holdco A Preference Share Equity
      Claims (to the extent permitted by law) and as between the Borrower and
      RPM (as the case may be) on a pari passu basis and for all purposes
      and at all times pro rata to the proportion that the Plateau Holdco
      A Preference Share Equity Claims and the RPM Holdco A Preference Share
      Equity Claims bear to the Total Holdco A Preference Share Equity
      Claims.

	 	 	 	 
		(b) 	
      The Parties expressly acknowledge and agree to the
      ranking of the Holdco Funding Loan Liabilities and the Holdco A Preference
      Share Equity Claims as referred to in (a) above and agree that:

	 	 	 	 
			(i) 	
      for each and every payment made by Holdco to the Borrower
      in relation to the Holdco Funding Loan Liabilities, a pro rata
      payment shall be required to be made to
RPM;

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	 	(ii) 	
      for each and every payment made by Holdco to the Borrower
      in relation to the Holdco A Preference Share Equity Claims, a pro rata
      payment shall be required to be made to RPM; and

	 	 	 
	 	(iii) 	
      these ranking provisions shall apply notwithstanding
      anything to the contrary contained in this Agreement or any other Finance
      Document and thus RPM, the Borrower and Holdco each agree to make whatever
      sharing payments between themselves so as to give effect to their
      intention regarding such ranking.

	2.3 	
      Ranking of Relevant Opco Liabilities

	 	 	 
		
      Except as provided in this Agreement, the Relevant Opco
      Liabilities will rank for all purposes and at all times in the following
      order:

	 	 	 
		(a) 	
      first, the Opco Funding Loan Liabilities;
    and

	 	 	 
		(b) 	
      second, the Opco A Preference Share Equity Claims
      (to the extent permitted by law).

	 	 	 
	2.4 	
      Ranking of Relevant Liabilities
  unaffected

	 	 	 
		
      The ranking and order of priority of Relevant Liabilities
      listed in clauses 2.1, 2.2 and 2.3 (Ranking of Relevant
      Liabilities) shall apply notwithstanding:

	 	 	 
		(a) 	
      the order of registration, notice or execution of any
      Transaction Security Document or other document;

	 	 	 
		(b) 	
      when any Relevant Liability is incurred;

	 	 	 
		(c) 	
      whether or when any person is obliged to advance any
      Relevant Liability;

	 	 	 
		(d) 	
      any fluctuation in the outstanding amount of, or any
      intermediate discharge of, any Relevant Liability;

	 	 	 
		(e) 	
      the creation in favour of any person, in accordance with
      this Agreement, of any additional Security over the undertaking,
      properties or assets of the Obligors (or any of them).

	 	 	 
		(f) 	
      any contrary provisions in any other Finance Document or
      any other Transaction Document.

	 	 	 
	2.5 	
      Classes of certain Relevant Liabilities
      inter se:

	 	 	 
		(a) 	
      This Agreement does not purport to rank the Senior
      Liabilities in each case as between
themselves.

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	 	(b) 	
      The Senior Liabilities, the RPM Liabilities, the
      Shareholder Liabilities and the Intra-Group Liabilities shall not be
      secured, except:

	 	 	 	 
	 		(i) 	
      to the extent secured by the Transaction Security
      Documents; and

	 	 	 	 
	 		(ii) 	
      Intra-Group Liabilities constituted between the Project
      Companies to the extent permitted by the Senior Facilities Agreement;
      or

	 	 	 	 
	 		(iii) 	
      as otherwise provided for in this
  Agreement.

	3. 	
      SENIOR LIABILITIES

	 	 
	3.1 	
      Payments in relation to Senior
  Liabilities

	 	 
		
      The Obligors may pay, repay, redeem or acquire the Senior
      Liabilities at any time in accordance with the terms of the Senior Finance
      Documents.

	 	 
	3.2 	
      Security

	 	 
		
      The Security SPVs may take, accept or receive the benefit
      of any Security, guarantee, indemnity or other assurance against loss in
      respect of the Relevant Liabilities in addition to the Transaction
      Security granted at or about the date of this Agreement or contemplated to
      be granted as provided for in the Senior Facilities Agreement (but which
      may not have been granted already at or about the date of this Agreement)
      provided at the time the benefit of such Security, guarantee, indemnity or
      other assurance is passed (directly or indirectly) to the Senior Finance
      Parties, RPM and the Intra-Group Creditors (to the extent they are Secured
      Parties) under the Security SPV Documents and ranking in the same order of
      priority as their respective Relevant Liabilities under this
    Agreement.

	 	 
	3.3 	
      Restrictions on Enforcement Action: Senior
      Liabilities

	 	 
		
      Subject to clause 3.4 (Permitted Enforcement Action:
      Senior event of Default) and clause 3.5 (Permitted Enforcement
      Action: Fundamental Event of Default), until the RPM Discharge Date,
      no Senior Finance Party may take Senior Enforcement Action referred to in
      (1) and (2) of the definition of “Senior Enforcement Action” without the
      prior written consent of RPM except where failure to commence such Senior
      Enforcement Action would result in the expiry of any statutory limitation
      period, but only to the extent necessary to prevent loss of the right to
      commence such Senior Enforcement Action.

	 	 
	3.4 	
      Permitted Enforcement Action: Senior Event of
      Default

	 	 
		
      The restriction in clause 3.3 (Restrictions on
      Enforcement Action: Senior Liabilities) will not apply to the Senior
      Finance Parties if:

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	 	(a) 	
      a Senior Event of Default has occurred and is continuing;
      and

	 	 	 	 
	 	(b) 	
      the relevant Senior Enforcement Action taken or to be
      taken is limited to:

	 	 	 	 
	 		(i) 	
      the sale of shares in the capital of Holdco (subject to
      the procedure set out in Schedule 1 (Disposal Procedure));
    and

	 	 	 	 
	 		(ii) 	
      the sale of claims arising under the Plateau Funding Loan
      Agreement (subject to the procedure set out in Schedule 1 (Disposal
      Procedure)); and

	 	 	 	 
	 	(c) 	
      the auction process contemplated by Schedule 1
      (Disposal Procedure) is adhered to.

	3.5 	
      Permitted Enforcement Action: Fundamental Event of
      Default

	 	 	 	 
		
      The restrictions in clause 3.3 (Restrictions on
      Enforcement Action: Senior Liabilities) and 3.4 (Permitted
      Enforcement Action: Senior Event of Default) will not apply to the
      Senior Finance Parties if:

	 	 	 	 
		(a) 	
      a Fundamental Event of Default has occurred;
and

	 	 	 	 
		(b) 	
      (if applicable) RPM has not remedied that Fundamental
      Event of Default in accordance with clause 18.14 (RPM Cure Rights)
      within any applicable cure period.

	 	 	 	 
	3.6 	
      Amendments: Funding Documents

	 	 	 	 
		
      No Obligor, nor any Senior Finance Party will, on or
      before the RPM Discharge Date, without the prior written consent of RPM,
      agree to or take any action which would:

	 	 	 	 
		(a) 	
      amend any Senior Finance Document, except to the extent
      such amendment arises out of:

	 	 	 	 
			(i) 	
      any provision of the Mandate Letter relating to the
      syndication process;

	 	 	 	 
			(ii) 	
      any typographical error or other consequential amendment
      required which does not prejudice the commercial interest of RPM;
  or

	 	 	 	 
			(iii) 	
      any provision of the Funding Loan Agreements (other than
      the RPM Funding Loan Agreement) to the extent required to give effect to
      an amendment required to the relevant Funding Loan Agreement(s) as a
      result of an amendment to any other Senior Finance Document which has been
      made or is to be made in accordance with the provisions of this
      Agreement;

	 	 	 	 
		(b) 	
      prohibit, or create a default or event of default
      thereunder with respect to, any action or event that is expressly
      permitted under this Agreement.

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The Senior Agent shall notify RPM of any proposed amendment to the terms of the Senior Finance Documents not less than 5 (Five) Business Days prior to the making of any such amendment.

	
	 	 	 
	
3.7 		
Plateau Intercreditor Agreement

	
	 	 	 
		
The Senior Finance Parties acknowledge and agree that RPM and any Obligor that is not a party to the Plateau Intercreditor Agreement shall have no rights or obligations under the Plateau Intercreditor Agreement and insofar as
there may be a conflict between the provisions of this Agreement and the Plateau Intercreditor Agreement, the provisions of this Agreement shall, to the extent of inconsistency, prevail.

	
	 	 	 
	
4. 		
[Intentionally left blank.]

	
	 	 	 
	
5. 		
RPM LIABILITIES

	
	 	 	 
	
5.1 		
Prohibited actions: RPM Liabilities

	
	 	 	 
		
Subject to clauses 5.2 (Permitted Payments: RPM Liabilities), 5.6 (Permitted Enforcement Action: RPM Liabilities) and 11.2 (Exercise of rights), until after the Senior Discharge Date:

	
	 	 	 
		
(a) 		
no Obligor will, and each Obligor will procure that none of its Subsidiaries will, make, and RPM and will not, and RPM will procure that none of its Affiliates will, receive, any Prohibited Distribution in respect, or on account,
of the RPM Liabilities;

	
	 	 	 
		
(b) 		
no Obligor will, and each Obligor will procure that none of its Subsidiaries will, permit to subsist, and RPM will not, and RPM will procure that none of its Affiliates will, permit to subsist, any Liabilities between the Obligors
and RPM (and its Affiliates) other than the Liabilities contemplated by the Transaction Documents or pursuant to the RPM Trade Liabilities;

	
	 	 	 
		
(c) 		
no Obligor will, and each Obligor will procure that none of its Subsidiaries will, create or permit to subsist, and RPM will not, and RPM will procure that none of its Affiliates will, receive from any Obligor or any of its
Subsidiaries, any Security over any asset of any Obligor or any of its Subsidiaries or give or permit to subsist any guarantee in respect, or on account, of any part of the RPM Liabilities other than under the Transaction Security Documents as at
the date of this Agreement, or as permitted by the definition of “Permitted Security” in the Senior Facilities Agreement.

	
	 	 	 
		
(d) 		
no Obligor will, and each Obligor will procure that none of its Subsidiaries will, take or omit to take, and RPM will not, and RPM will procure that none of its Affiliates will, take or omit to take, any action whereby the ranking
and/or subordination contemplated by this Agreement may be impaired;

	

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	 	(e) 	
      no Obligor will, and each Obligor will procure that none
      of its Subsidiaries will, and RPM will not, and RPM will procure that none
      of its Affiliates will, take any action whereby any RPM Liabilities are
      evidenced by a negotiable instrument;

	 	 	 
	 	(f) 	
      RPM will not convert any RPM Liabilities into shares of
      an Obligor;

	 	 	 
	 	(g) 	
      no Obligor will, and each Obligor will procure that none
      of its Subsidiaries will, and RPM will not, charge, assign or otherwise
      transfer rights and/or obligations under any RPM Finance Documents except
      pursuant to a Permitted RPM Transfer, a Permitted RPM Funding Loan
      Transfer or a transfer by RPM of its rights in respect of the RPM Holdco A
      Preference Share Equity Claims,

		
      in each case, without the prior written consent of the
      Instructing Creditor and, in the case of clause 5.1(g), provided that
      simultaneously with any charge, assignment or transfer contemplated in
      that clause, the relevant chargee/transferee agrees to be bound by the
      provisions of this Agreement by entering into an Accession
    Agreement.

	 	 	 	 	 
	5.2 	
      Permitted Payments: RPM Liabilities

	 	 	 	 	 
		(a) 	
      Prior to the Senior Discharge Date members of the
      Borrower Group may make, and RPM may receive, in respect, or on account,
      of the RPM Unrestricted Liabilities any of the payments set out below and
      in each case, subject only to the conditions referred to below in respect
      of a payment:

	 	 	 	 	 
			(i) 	
      any payment of fees by Opco to RPM under the Umbrella
      Services Agreement and/or the Service(s) Agreements provided
  that:

	 	 	 	 	 
				(A) 	
      all payments ranking ahead of it under the Holdco Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to any such payment; and

	 	 	 	 	 
				(B) 	
      the relevant payments do not exceed the maximum aggregate
      amount of the RPM Limit in any Financial Year;

	 	 	 	 	 
			(ii) 	
      any payment by Holdco to RPM under the RPM Funding Loan
      Agreement provided that:

	 	 	 	 	 
				(A) 	
      all payments ranking ahead of it under the Holdco Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to any such payment; and

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	 	(B) 	
      simultaneously with that payment, the pro rata and
      pari passu payment required to be made by Holdco to the Borrower
      under the Plateau Funding Loan Agreement as referred to in the Holdco Cash
      Waterfall has been made;

	 	(iii) 	
      the repayment by Opco to RPM of any amount paid by RPM to
      Opco in accordance with clause 18.14(a) (RPM Cure Rights), provided
      that:

	 	 	 	 
	 		(A) 	
      the original proceeds paid by RPM to Opco were duly
      credited to the Opco Business Account;

	 	 	 	 
	 		(B) 	
      the original amount paid by RPM to Opco did not exceed
      any restriction set out in clause 18.14 (RPM Cure
Rights);

	 	 	 	 
	 		(C) 	
      all payments ranking ahead of it under the Opco Cash
      Waterfall on the relevant date of repayment have been discharged in full
      prior to any such repayment; and

	 	 	 	 
	 		(D) 	
      the relevant repayment does not give rise to an Event of
      Default;

	 	 	 	 
	 	(iv) 	
      the payment of any consideration due by Holdco to RPM on
      or about the Closing Date as contemplated by paragraph (a) of the
      definition of “Permitted Distribution” of the Senior Facilities
      Agreement.

	 	(b) 	
      Prior to the Senior Discharge Date and subject to clause
      5.3 (Suspension of Permitted Payments – RPM Liabilities) members of
      the Borrower Group may make, and RPM may receive in respect, or on account
      of the RPM Restricted Liabilities:

	 	 	 	 
	 		(i) 	
      cash interest payments due by the Borrower to RPM under
      the RPM Standby Facility Agreement paid from the Borrower Proceeds Account
      and provided that all payments ranking ahead of it under the Borrower Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to any such payment;

	 	 	 	 
	 		(ii) 	
      other payments by the Borrower to RPM under the RPM
      Standby Facility Agreement provided that all payments ranking ahead of it
      under the Borrower Cash Waterfall on the relevant date of payment have
      been discharged in full prior to any such payment;

	 	 	 	 
	 		(iii) 	
      cash interest payments due by the Borrower to RPM under
      the RPM Operating Cash Flow Shortfall Facility Agreement paid from the
      Borrower Proceeds Account and provided that all payments ranking ahead of
      it under the Borrower Cash Waterfall on the relevant date of payment have
      been discharged in full prior to any such
payment;

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	 	(iv) 	
      other payments by the Borrower to RPM under the RPM
      Operating Cash Flow Shortfall Facility Agreement provided that all
      payments ranking ahead of it under the Borrower Cash Waterfall on the
      relevant date of payment have been discharged in full prior to any such
      payment;

	 	 	 	 
	 	(v) 	
      the payment of any dividend to RPM by the Borrower in
      respect of the A Preference Share Equity Claims under the RPM Plateau A
      Preference Share Subscription Agreement, provided that:

	 	 	 	 
	 		(A) 	
      all payments ranking ahead of it under the Borrower Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to any such payment; and

	 	 	 	 
	 		(B) 	
      such payment is lawful;

	 	 	 	 
	 	(vi) 	
      other payments by the Borrower to RPM under the RPM
      Plateau A Preference Share Subscription Agreement provided that all
      payments ranking ahead of it under the Borrower Cash Waterfall on the
      relevant date of payment have been discharged in full prior to any such
      payment;

	 	 	 	 
	 	(vii) 	
      the payment of any dividend to RPM by Holdco in respect
      of the Holdco A Preference Shares in terms of the RPM Holdco A Preference
      Share Subscription Agreement, provided that:

	 	 	 	 
	 		(A) 	
      all payments ranking ahead of it under the Holdco, Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to any such payment;

	 	 	 	 
	 		(B) 	
      simultaneously with that dividend payment, a dividend
      payment is also made by Holdco to the Borrower in respect of the Holdco A
      Preference Shares pro rata to the proportion that the Plateau Holdco A
      Preference Share Equity Claims and RPM Holdco A Preference Share Equity
      Claims bear to the Total Holdco A Preference Share Equity Claims;
    and

	 	 	 	 
	 		(C) 	
      such payment is lawful;

	 	 	 	 
	 	(viii) 	
      other payments by Holdco to RPM under the RPM Holdco A
      Preference Share Subscription Agreement, provided that all payments
      ranking ahead of it under the Holdco Cash Waterfall on the relevant date
      of payment have been discharged in full prior to any such payment;
    and

	 	 	 	 
	 	(ix) 	
      the payment of any dividend to RPM by Holdco arising from
      net dividend proceeds received by Holdco from Opco pursuant to clause
      7.2(b)(vi) (Permitted Payments: Intra-Group Liabilities) provided
      that:

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	 	(A) 	
      the net proceeds of that dividend receipt were duly
      credited to the Holdco Business Account; and

	 	 	 
	 	(B) 	
      simultaneously with that dividend payment, a dividend
      payment is also made by Holdco to the Borrower pro rata to the proportion
      of total shares owned by the Borrower and RPM in the capital of
    Holdco.

	 	(c) 	
      After the Senior Discharge Date, all payments and
      repayments of principal, redemptions, payments of interest, dividends and
      all other amounts in respect, or on account, of the RPM Liabilities shall
      be made in accordance with the RPM Documents.

	5.3 	
      Suspension of Permitted Payments: RPM Restricted
      Liabilities

	 	 
		
      Prior to the Senior Discharge Date, no payment in respect
      of RPM Restricted Liabilities which would otherwise be permitted under
      clause 5.2 (Permitted Payments: RPM Liabilities) may be made
      without the prior written consent of the Instructing Creditor if
      Enforcement Action has been taken pursuant to the occurrence of a
      Fundamental Event of Default and RPM has not remedied that Fundamental
      Event of Default in accordance with clause 18.14 (RPM Cure Rights)
      within any applicable cure period, provided that after the Enforcement
      Date, decisions in respect of such payments will be made by the Security
      Agent acting in accordance with the instructions of the Instructing
      Creditor determined in accordance with the procedures in clause 10
      (Enforcement and other actions under the Transaction Security
      Documents).

	 	 
	5.4 	
      Payment obligations continue

	 	 
		
      For the avoidance of doubt, it is agreed
  that:

	 	(a) 	
      the obligation to make any payment on its due date under
      the RPM Documents which is not permitted to be paid under clause 5.3
      (Suspension of Permitted Payments: RPM Restricted Liabilities)
      shall continue notwithstanding such payment suspension;

	 	 	 
	 	(b) 	
      default interest and arrears interest shall accrue in
      accordance with the terms of the relevant RPM Documents; and

	 	 	 
	 	(c) 	
      clause 5.3 (Suspension of Permitted Payments: RPM
      Restricted Liabilities) acts as a suspension of payment and not as a
      waiver of the right to receive such payment when the suspension period has
      lapsed.

	5.5 	
      Restrictions on Enforcement Action: RPM
      Liabilities

	 	 
		
      Subject to clause 5.6 (Permitted Enforcement Action:
      RPM Liabilities), until the Senior Discharge Date has occurred, RPM
      may not take Enforcement Action in relation to any RPM Finance Liabilities
      without the prior written consent of the Instructing Creditor except (a)
      proceedings solely for injunctive relief (or the equivalent) to restrain
      actual or putative breach of

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      the RPM Documents by any Obligor or specific performance
      against any Obligor where no damages are claimed or (b) where failure to
      commence proceedings would result in the expiry of any statutory
      limitation period, but only to the extent necessary to prevent loss of the
      right to commence proceedings, and in each case where such proceedings are
      not in conflict with this Agreement.

	 	 
	5.6 	
      Permitted Enforcement Action: RPM
    Liabilities

	 	 
		
      The restriction in clause 5.5 (Restrictions on
      Enforcement Action: RPM Liabilities) will not apply to RPM
  if:

	 	(a) 	
      prior to the Senior Discharge Date, a Fundamental Event
      of Default (other than a Fundamental Event of Default arising solely under
      paragraph 4 (RPM Related Change of Control) of Schedule 3
      (Fundamental Event of Default)) has occurred and RPM has not
      remedied that Fundamental Event of Default in accordance with clause 18.14
      (RPM Cure Rights) within the applicable cure period
where:

	 	 	 	 
	 		(i) 	
      the Senior Agent has received written notice of RPM’s
      intention to take Enforcement Action;

	 	 	 	 
	 		(ii) 	
      a period of not less than 15 (Fifteen) Business Days has
      passed from the date of receipt by the Senior Agent of the notice referred
      to above; and

	 	 	 	 
	 		(iii) 	
      RPM takes the Enforcement Action subject to the
      provisions relating to the procedure for Enforcement provided for in this
      Agreement.

	 	 	 	 
	 	(b) 	
      prior to the Senior Discharge Date, an event has occurred
      under clause 6.2 (Change of Control: Mandatory Prepayments) of the
      RPM Funding Common Terms Agreement and is continuing, where:

	 	 	 	 
	 		(i) 	
      the Senior Agent has received written notice of that
      event from RPM;

	 	 	 	 
	 		(ii) 	
      a period of not less than 15 (Fifteen) Business Days has
      passed from the date of receipt by the Senior Agent of the relevant
      notice; and

	 	 	 	 
	 		(iii) 	
      RPM takes the Enforcement Action subject to the
      provisions relating to the procedure for Enforcement provided for in this
      Agreement;

	 	 	 	 
	 	(c) 	
      Enforcement Action has been taken in relation to the
      Plateau Funding Loan Liabilities and provided that RPM shall, without
      prejudice to its rights to take other Enforcement Action as contemplated
      by the other provisions of this clause 5.6 in appropriate circumstances,
      only take the equivalent Enforcement Action under the RPM Funding Loan
      Liabilities;

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	 	(d) 	
      the Security Agent has enforced or has been instructed by
      the Instructing Creditor to enforce the Transaction Security or any of it,
      in accordance with the terms of this Agreement; or

	 	 	 
	 	(e) 	
      the Instructing Creditor has consented to the Enforcement
      Action,

		
      provided that any amounts received by RPM in respect of
      RPM Restricted Liabilities comprising RPM Finance Liabilities as a result
      of or pursuant to such action shall be treated in accordance with clause
      5.7 (Turnover: RPM Liabilities).

	 	 
	5.7 	
      Turnover: RPM Liabilities

	 	 
		
      If at any time on or before the Senior Discharge Date,
      RPM receives or recovers any Turnover Receipts, the recipient or
      beneficiary of that Turnover Receipt will promptly pay all amounts and
      other Distributions received or recovered to the Security Agent for
      application under clause 12 (Application of proceeds) and, pending
      that payment, will hold those amounts and other Distributions as agent for
      the Security Agent for application in accordance with the terms of this
      Agreement.

	 	 
	5.8 	
      No reduction or discharge

	 	 
		
      As between the Obligors and RPM, RPM will be deemed not
      to have been reduced or discharged to the extent of any payment or other
      Distribution to the Security Agent under clause 5.7 (Turnover: RPM
      Liabilities).

	 	 
	5.9 	
      Indemnity

	 	 
		
      The Borrower, Holdco and Opco (as the case may be) will
      fully indemnify RPM upon demand (up to an aggregate amount equal to the
      RPM Finance Liabilities) for the amount of any properly evidenced payment
      or other Distribution to the Security Agent under clause 5.7 (Turnover:
      RPM Liabilities) (a) for any costs, liabilities and expenses incurred
      by RPM as a result of it having to make that payment (otherwise than by
      reason of its own gross negligence, wilful misconduct or fraud) and (b) to
      the extent that clause 5.8 (No reduction or discharge) is held not
      to be effective to re-instate the amount of that payment or other
      Distribution as RPM Finance Liabilities.

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	5.10 	
      Subrogation: RPM
Lenders

	 	(a) 	
      If the Senior Liabilities are wholly or partially paid
      out of any proceeds received in respect, or on account, of the RPM Finance
      Liabilities owing to RPM, RPM will to that extent be subrogated to the
      rights of the Senior Finance Parties in respect of the Senior Liabilities
      so paid including all Security and guarantees for those Senior
      Liabilities, but RPM may not enforce those subrogation rights on or before
      the time that the relevant Senior Liabilities in respect of which RPM is
      subrogated have been discharged without the prior written consent of the
      Instructing Creditor.

	 	 	 
	 	(b) 	
      After the Senior Discharge Date or, if earlier, the date
      on which the Security Agent (acting on the instructions of the Instructing
      Creditor) gives its consent to the exercise of such rights of subrogation
      to the rights of the Senior Finance Parties, each Senior Finance Party,
      will give such assistance to RPM as RPM and/or the Security Agent may
      reasonably require in exercising those rights of subrogation (including a
      cession of such rights), provided that each such Senior Finance Party is
      indemnified on demand to its reasonable satisfaction by RPM against any
      costs, expenses and liabilities that it incurs in relation to giving that
      assistance.

	5.11 	
      Amendments: RPM Documents

	 	 	 	 
		
      Until after the Senior Discharge Date, no Obligor, nor
      RPM will, without the prior written consent of the Instructing Creditor,
      agree to or take any action which would:

	 	 	 	 
		(a) 	
      amend any RPM Finance Documents except to the extent such
      amendment arises out of:

	 	 	 	 
			(i) 	
      any typographical error or other consequential amendment
      which does not prejudice the commercial interest of the Senior Finance
      Parties; or

	 	 	 	 
			(ii) 	
      any provision of the RPM Funding Loan Agreement to the
      extent required to give effect to an amendment required to the RPM Funding
      Loan Agreement as a result of an amendment which has been made or is to be
      made to the Plateau Funding Loan Agreement in accordance with the
      provision of clause 3.6 of this Agreement and in this regard Holdco shall
      agree to such amendments to the RPM Funding Loan Agreement so long as the
      amendment serves to reflect the commercial intention that the Holdco
      Funding Loan Agreements should mirror each other in relation to the
      commercial terms thereof and shall provide all co-operation in signing
      such amendment;

	 	 	 	 
		(b) 	
      refinance the RPM Finance Liabilities unless it
      constitutes a Permitted Refinancing; or

	 	 	 	 
		(c) 	
      prohibit or create a default or event of default
      thereunder with respect to, any action or event that is expressly
      permitted under this Agreement.

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5.12 		
Confirmation: RPM Standby Facility Agreement and RPM Operating Cash Flow Shortfall Facility Agreement

	
	 	 	 
		
RPM undertakes in favour of the Senior Finance Parties that it will comply with its commitments to advance funding under the RPM Standby Facility Agreement and the RPM Operating Cash Flow Shortfall Facility Agreement in accordance
with the provisions of the RPM Standby Facility Agreement and the RPM Operating Cash Flow Shortfall Facility Agreement.

	
	 	 	 
	
6. 		
SHAREHOLDER LIABILITIES

	
	 	 	 
	
6.1 		
Prohibited actions: Shareholder Liabilities

	
	 	 	 
		
Subject to clause 11.2 (Exercise of rights), until after the Final Discharge Date:

	
	 	 	 
		
(a) 		
no Obligor will, and each Obligor will procure that none of its Subsidiaries will, make and no Shareholder will receive, any Prohibited Distribution in respect, or on account, of the Shareholder Liabilities;

	
	 	 	 
		
(b) 		
no Obligor will, and each Obligor will procure that none of its Subsidiaries will, create or permit to subsist and no Shareholder will receive, any Security over any asset of the Borrower or any members of the Borrower Group or
give or permit to subsist any guarantee in respect, or on account, of any part of the Shareholder Liabilities other than under the Senior Finance Documents;

	
	 	 	 
		
(c) 		
no Shareholder will claim or rank as a creditor in the insolvency, winding-up, bankruptcy or liquidation of any member of the Borrower Group other than in circumstances in which that Shareholder may otherwise permanently lose its
rights to file a claim against the relevant member of the Borrower Group if a claim is not filed at that time, provided that any amount received by a Shareholder pursuant to such claim, shall be deposited into a special single purpose proceeds
account held in the name of each relevant recovering Shareholder with the Security Agent (each a “Proceeds Account”) and the proceeds standing to the credit of any such Proceeds Account shall be applied by the Security Agent in
accordance with the priority of payments referred to in clause 12 (Application of Proceeds);

	
	 	 	 
		
(d) 		
no Obligor will, and each Obligor will procure that none of its Subsidiaries will, take or omit to take, and no Shareholder will take or omit to take any action whereby the ranking and/or subordination contemplated by this
Agreement may be impaired;

	
	 	 	 
		
(e) 		
no Obligor will, and each Obligor will procure that none of its Subsidiaries will, and no Shareholder will charge, assign or otherwise transfer rights and/or obligations under any Shareholders Documents; and

	

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	 	(f) 	
      no Shareholder will exercise its voting rights as
      shareholder of any Obligor so as to permit or require any Obligor to make
      any Prohibited Distribution, other than as permitted by the Senior Finance
      Documents;

		
      in each case, without the prior written consent of the
      Instructing Creditor and, in the case of clause 5.1(e), provided that
      simultaneously with any charge, assignment or transfer contemplated in
      that clause, the relevant transferee agrees to be bound by the provisions
      of this Agreement by entering into an Accession Agreement.

	 	 	 	 	 
	6.2 	
      Permitted Payments: Shareholder
  Liabilities

	 	 	 	 	 
		(a) 	
      Prior to the Final Discharge Date and subject to clause
      6.3 (Suspension of Permitted Payments: Shareholder Liabilities), a
      member of the Borrower Group may make, and a Shareholder may receive, in
      respect, or on account, of the Shareholder Liabilities:

	 	 	 	 	 
			(i) 	
      any payment by the Borrower to N2C Resources under the
      N2C Resources Shareholder Loan Agreement provided that:

	 	 	 	 	 
				(A) 	
      all payments ranking ahead of it under the Borrower Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to any such payment; and

	 	 	 	 	 
				(B) 	
      an amount equal to the Relevant Percentage of the net
      proceeds of that payment are credited (on behalf of N2C Resources) to the
      Pelawan Dividend Trust Account;

	 	 	 	 	 
			(ii) 	
      the payment of any dividend to N2C Resources by the
      Borrower in an amount up to or equal to the aggregate net dividend
      proceeds received by the Borrower from Holdco pursuant to clause
      7.2(b)(vi) (Permitted Payments: Intra-Group Liabilities) provided
      that:

	 	 	 	 	 
				(A) 	
      all payments ranking ahead of it under the Borrower Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to any such payment;

	 	 	 	 	 
				(B) 	
      the net proceeds of that dividend receipt were duly
      credited to the Borrower Proceeds Account immediately upon receipt by the
      Borrower; and

	 	 	 	 	 
				(C) 	
      an amount equal to the Relevant Percentage of the
      proceeds of that dividend payment are duly credited (on behalf of N2C
      Resources) to the Pelawan Dividend Trust
Account.

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	 	(b) 	
      After the Final Discharge Date, all payments and
      repayments of principal, interest and all other amounts in respect, or on
      account, of the Shareholders Liabilities shall be made in accordance with
      the Shareholders Documents.

	6.3 	
      Suspension of Permitted Payments: Shareholder
      Liabilities

	 	 
		
      Prior to the Final Discharge Date, no payment which would
      otherwise be permitted under clause 6.2 (Permitted Payments:
      Shareholder Liabilities) may be made without the prior written consent
      of the Instructing Creditor if an Event of Default has occurred and is
      continuing and if the Instructing Creditor has notified the Borrower that
      it is suspending the right of the Borrower and the other members of the
      Borrower Group to make payments in respect, or on account, of all or part
      of the Shareholder Liabilities provided that after the Enforcement Date
      decisions in respect of such payments will be made by the Security Agent
      acting in accordance with the instructions of the Instructing Creditor
      determined in accordance with the procedures in clause 10 (Enforcement
      and other actions under Transaction Security Documents).

	 	 
	6.4 	
      Restrictions on Enforcement Action: Shareholder
      Liabilities

	 	 
		
      Until after the Final Discharge Date, no Shareholder may
      take Enforcement Action in relation to any Shareholder Liabilities without
      the prior written consent of the Instructing Creditor, except in the
      circumstances contemplated by paragraph (c) of clause 6.1 (Prohibited
      actions: Shareholder Liabilities).

	 	 
	6.5 	
      Turnover: Shareholder Liabilities

	 	 
		
      If at any time on or before the Final Discharge Date, any
      Shareholder or the Pelawan Dividend Trust receives or recovers any
      Turnover Receipts, the recipient or beneficiary of that Turnover Receipt
      will promptly pay all amounts and other Distributions received or
      recovered to the Security Agent for application under clause 12
      (Application of proceeds) and, pending that payment, will hold
      those amounts and other Distributions as agent for the Security Agent for
      application in accordance with the terms of this Agreement.

	 	 
	6.6 	
      No reduction or discharge

	 	 
		
      As between the Obligors and the Shareholders, the
      Shareholder Liabilities will be deemed not to have been reduced or
      discharged to the extent of any payment or other Distribution to the
      Security Agent under clause 6.5 (Turnover: Shareholder
      Liabilities).

	 	 
	6.7 	
      Indemnity

	 	 
		
      The Borrower, Holdco and Opco will fully indemnify each
      Shareholder upon demand (up to an aggregate amount equal to the
      Shareholder Liabilities) for the amount of any payment or other
      Distribution to the Security Agent under clause 6.5 (Turnover:
      Shareholder Liabilities) (a) for any

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costs, liabilities and expenses incurred and properly evidenced by the relevant Shareholder as a result of it having to make that payment and (b) to the extent that clause 6.6 (No reduction or discharge) is held not to be
effective to re-instate the amount of that payment or other Distribution as Shareholder Liabilities.

	
	 	 	 
	
6.8 		
Subrogation: Shareholders

	
	 	 	 
		
(a) 		
Until after the Final Discharge Date, the Shareholders will not in any circumstances be subrogated to any right of the Senior Finance Parties or RPM, or any Security or guarantee arising under the Finance Documents in respect of
the Shareholder Liabilities.

	
	 	 	 
		
(b) 		
After the Final Discharge Date, each Senior Finance Party and RPM will give such assistance to the applicable Shareholders as they may reasonably require in exercising those rights of subrogation (including a cession of such
rights), provided that each such Senior Finance Party or RPM (as the case may be) is indemnified on demand to its reasonable satisfaction by the Shareholders against any costs, expenses and liabilities that it incurs, and which are properly
evidenced in relation to giving that assistance.

	
	 	 	 
	
6.9 		
Amendments: Shareholders Documents

	
	 	 	 
		
Until after the Final Discharge Date, no Obligor nor any Shareholder will agree to or take any action which would:

	
	 	 	 
		
(a) 		
amend any Shareholders Documents which would make any principal, interest, or other Distribution or other sum payable under any Shareholders Documents on a date earlier or more frequently than that provided in the relevant
Shareholders Document at the date of this Agreement;

	
	 	 	 
		
(b) 		
amend any Shareholders Documents which would result in any Obligor being subject to more onerous obligations (including without limitation financial covenants) as a whole than those existing at the date of this Agreement or which
would conflict with any provision of this Agreement;

	
	 	 	 
		
(c) 		
charge, assign or otherwise transfer rights and/or obligations under any Shareholders Document; or

	
	 	 	 
		
(d) 		
refinance the Liabilities of the Borrower under the N2C Resources Shareholder Loan Agreement,

	
	 	 	 
		
in each case, without the prior consent of the Instructing Creditor and RPM (if it is not the Instructing Creditor at the relevant time) and, in the case of clause 6.9(c), provided that simultaneously with any charge, assignment
or transfer contemplated in that clause, the

	

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relevant transferee agrees to be bound by the provisions of this Agreement by entering into an Accession Agreement.

	
	 	 	 
	
7. 		
INTRA-GROUP LIABILITIES

	
	 	 	 
	
7.1 		
Prohibited actions: Intra-Group Liabilities

	
	 	 	 
		
Subject to clauses 7.2 (Permitted Payments: Intra-Group Liabilities), 7.3 (Permitted Security: Intra-Group) and 11.2 (Exercise of rights), until after the Final Discharge Date:

	
	 	 	 
		
(a) 		
no member of the Borrower Group will, and each Obligor will procure that no member of the Borrower Group will, make, and no member of the Borrower Group will receive any Prohibited Distribution in respect, or on account, of the
Intra-Group Restricted Liabilities;

	
	 	 	 
		
(b) 		
no member of the Borrower Group will, and each Obligor will procure that no member of the Borrower Group will, create or permit to subsist, and no member of the Borrower Group will receive from any other member of the Borrower
Group, any Security over any asset of any member of the Borrower Group or give or permit to subsist any guarantee in respect, or on account, of any part of the Intra-Group Liabilities other than under the Finance Documents;

	
	 	 	 
		
(c) 		
no member of the Borrower Group will, and each Obligor will procure that no member of the Borrower Group will, take or omit to take, and no member of the Borrower Group will take or omit to take, any action with respect to the
applicable Intra-Group Liabilities whereby the ranking and/or subordination contemplated by this Agreement may be impaired,

	
	 	 	 
		
(d) 		
no member of the Borrower Group will, and each Obligor will procure that no member of the Borrower Group or any of their Affiliates will, take any action whereby any Intra-Group Liabilities are evidenced by a negotiable
instrument;

	
	 	 	 
		
(e) 		
no member of the Borrower Group will convert and each Obligor will procure that no member of the Borrower Group or any of their Affiliates will convert, any Intra-Group Liabilities into shares of an Obligor;

	
	 	 	 
		
(f) 		
no member of the Borrower Group will, and each Obligor will procure that no member of the Borrower Group or any of its Subsidiaries will, charge, assign or otherwise transfer rights and/or obligations under any Intra-Group
Agreement except pursuant to any of the Transaction Security Documents,

	

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in each case without the prior written consent of the Senior Agent (acting on the instructions of the relevant Senior Finance Parties under the Plateau Intercreditor Agreement), RPM, the Borrower and N2C Resources and, in the case
of clause 7.1 (f), provided that simultaneously with any charge, assignment or transfer contemplated in that clause, the relevant chargee/transferee agrees to be bound by the provisions of this Agreement by entering into an Accession Agreement.

	
	 	 	 	 	 
	
7.2 		
Permitted Payments: Intra-Group Liabilities

	
	 	 	 	 	 
		
(a) 		
Prior to the Final Discharge Date, a member of the Borrower Group may make, and another member of the Borrower Group may receive, in respect, or on account, of the Intra-Group Unrestricted Liabilities any of the payments set out
below and in each case, subject only to the conditions referred to below in respect of a payment:

	
	 	 	 	 	 
			
(i) 		
any payment of fees by Opco to Holdco under the Umbrella Services Agreement and/or the Service(s) Agreements provided that:

	
	 	 	 	 	 
				
(A) 		
all payments ranking ahead of it under the Opco Cash Waterfall on the relevant date of payment have been discharged in full prior to any such payment; and

	
	 	 	 	 	 
				
(B) 		
the relevant payments do not exceed the maximum aggregate amount of the Holdco Limit in any Financial Year;

	
	 	 	 	 	 
			
(ii) 		
any payment of fees by Holdco to the Borrower under the Umbrella Services Agreement and/or the Service(s) Agreements provided that:

	
	 	 	 	 	 
				
(A) 		
all payments ranking ahead of it under the Holdco Cash Waterfall on the relevant date of payment have been discharged in full prior to any such payment; and

	
	 	 	 	 	 
				
(B) 		
the relevant payments do not exceed the maximum aggregate amount of the Plateau Limit in any Financial Year;

	
	 	 	 	 	 
			
(iii) 		
any payment by Opco to Holdco under the Opco Funding Loan Agreement provided that all payments ranking ahead of it under the Opco Cash Waterfall on the relevant date of payment have been discharged in full prior to any such
payment;

	
	 	 	 	 	 
			
(iv) 		
any payment by Holdco to the Borrower under the Plateau Funding Loan Agreement provided that:

	

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	 	(A) 	
      all payments ranking ahead of it under the Holdco Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to any such payment; and

	 	 	 
	 	(B) 	
      simultaneously with that payment, an equivalent payment
      is also made by Holdco to RPM under the RPM Funding Loan Agreement pro
      rata to the proportion that the Plateau Holdco Capital Liabilities and RPM
      Holdco Capital Liabilities bear to Total Holdco Capital
  Liabilities.

	 	(b) 	
      Prior to the Final Discharge Date and subject to clause
      7.4 (Suspension of Permitted Payments – Intra-Group Restricted
      Liabilities) a member of the Borrower Group may make, and another
      member of the Borrower Group may receive, in respect of, or on account of
      the Intra-Group Restricted Liabilities:

	 	 	 	 	 
	 		(i) 	
      any payment of a dividend by Opco to Holdco in respect of
      the Opco A Preference Shares under the Holdco Opco A Preference Share
      Subscription Agreement (to the extent lawful) provided that all payments
      ranking ahead of it under the Opco Cash Waterfall on the relevant date of
      payment have been discharged in full prior to such payment;

	 	 	 	 	 
	 		(ii) 	
      other payments by Opco to Holdco under the Holdco Opco A
      Preference Share Subscription Agreement provided that all payments ranking
      ahead of it under the Opco Cash Waterfall on the relevant date of payment
      have been discharged in full prior to any such payment;

	 	 	 	 	 
	 		(iii) 	
      any payment of dividend by Holdco to the Borrower in
      respect of the Holdco A Preference Shares under the Plateau Holdco A
      Preference Share Subscription Agreement (to the extent lawful) provided
      that:

	 	 	 	 	 
	 			(A) 	
      all payments ranking ahead of it under the Holdco Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to such payment; and

	 	 	 	 	 
	 			(B) 	
      simultaneously with that payment, a dividend payment is
      also made by Holdco to RPM under the RPM Holdco A Preference Share
      Subscription Agreement in respect of the Holdco A Preference Shares pro
      rata to the proportion that the Plateau Holdco A Preference Share Equity
      Claims and RPM Holdco A Preference Share Equity Claims bear to the Total
      Holdco A Preference Share Equity Claims;

	 	 	 	 	 
	 		(iv) 	
      other payments by Holdco to the Borrower under the
      Plateau Holdco A Preference Share Subscription Agreement provided that all
      payments ranking ahead of it under

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      the Holdco Cash Waterfall on the relevant date of payment
      have been discharged in full prior to any such payment;

	 	 	 	 
	 	(v) 	
      the payment of a dividend to Opco or any of its direct or
      indirect Subsidiaries;

	 	 	 	 
	 	(vi) 	
      the payment of any other dividend to Holdco by Opco (to
      the extent lawful) provided that all payments ranking ahead of it under
      the Opco Cash Waterfall on the relevant date of payment have been
      discharged in full prior to any such payment;

	 	 	 	 
	 	(vii) 	
      the payment of any dividend to Holdco or to any direct or
      indirect Subsidiary of Holdco by any other member of the Holdco Group
      (other than Opco);

	 	 	 	 
	 	(viii) 	
      the payment of any dividend to the Borrower provided
      that:

	 	 	 	 
	 		(A) 	
      all payments ranking ahead of it under the Holdco Cash
      Waterfall on the relevant date of payment have been discharged in full
      prior to such payment; and

	 	 	 	 
	 		(B) 	
      the payment of such dividends is made pro rata as between
      RPM and the Borrower based on their respective shareholding in the capital
      of Holdco; and

	 	 	 	 
	 	(ix) 	
      any payment by a Project Company to another Project
      Company provided there is no recourse to any other member of the Borrower
      Group.

	7.3 	
      Permitted Security: Intra-Group

	 	 	 
		
      Prior to the Final Discharge Date:

	 	 	 
		(a) 	
      a Project Company may create or permit to subsist, and
      any other Project Company may receive from any other Project Company, any
      Security over any asset of any Project Company or give or permit to
      subsist any guarantee, on account of any part of any Intra- Group
      Liabilities constituted between each or any Project Company provided, in
      each case, there is no recourse to any other member of the Borrower Group
      and provided such Security constitutes Permitted Security;

	 	 	 
		(b) 	
      Opco may create or permit to subsist, and the Borrower
      and Holdco may receive from Opco, a back-to-back counter-indemnity of any
      Intra-Group Liabilities constituted between Opco and the Borrower or
      Holdco (as the case may be) in connection with any Permitted Guarantee
      entered into by the Borrower or Holdco (as the case may be) in favour of a
      third party for the obligations of Opco pursuant to paragraph (c) of the
      definition of Permitted Guarantee (as defined in the Senior Facilities
      Agreement); and

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	 	(c) 	
      each Project Company may create or permit to subsist, and
      each member of the Borrower Group (other than Opco) may receive from that
      Project Company, a back-to- back counter-indemnity of any Intra-Group
      Liabilities constituted between that Project Company and the relevant
      member of the Borrower Group in connection with any Permitted Guarantee
      entered into by that member of the Borrower Group in favour of a third
      party for the obligations of that Project Company pursuant to paragraph
      (d) of the definition of Permitted Guarantee.

	7.4 	
      Suspension of Permitted Payments and Security:
      Intra-Group Restricted Liabilities

	 	 	 
		
      Prior to the Final Discharge Date, no payment in respect
      of an Intra-Group Restricted Liability, guarantee or security which would
      otherwise be permitted under clause 7.2 (Permitted Payments:
      Intra-Group Liabilities) or clause 7.3 (Permitted Security:
      Intra-Group) may be made or created (as the case may be) without the
      prior written consent of the Instructing Creditor if an Event of Default
      has occurred and if the Instructing Creditor has notified the Borrower
      that it is suspending the right of the members of the Borrower Group to
      make payments or create guarantees or Security in respect of Intra-Group
      Liabilities (or certain of them as specified in such notice) provided that
      after the Enforcement Date decisions in respect of or on account of such
      payments, guarantees or Security will be made by the Security Agent acting
      in accordance with the instructions of the Instructing Creditor as
      determined in accordance with the procedures in clause 10 (Enforcement
      and other actions under Transaction Security Documents).

	 	 	 
	7.5 	
      Restriction on Enforcement Action: Intra-Group
      Liabilities

	 	 	 
		
      Until after the Final Discharge Date:

	 	 	 
		(a) 	
      no member of the Borrower Group may take Enforcement
      Action in relation to any Intra- Group Liabilities without the prior
      written consent of the Security Agent (acting on the instructions of the
      Instructing Creditor); and

	 	 	 
		(b) 	
      upon the occurrence of a Fundamental Event of Default
      which is not capable of being remedied or has not been remedied by RPM in
      accordance with clause 18.14 (RPM Cure Rights) within any
      applicable cure period, each member of the Borrower Group will, and the
      Obligors shall ensure that the relevant members of the Borrower Group
      will, take any Enforcement Action in relation to the Intra-Group
      Liabilities which the Security Agent directs it to take and, if so
      required by the Security Agent, shall (to the extent the relevant member
      of the Holdco Group is able) amend, waive or release the Intra-Group
      Liabilities owed to it by other members of the Borrower Group and/or terms
      applicable to it in such manner and to such extent as the Security Agent
      may direct.

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7.6 		
Turnover: Intra-Group Liabilities

	
	 	 	 
		
If at any time on or before the Final Discharge Date, any member of the Borrower Group receives or recovers any Turnover Receipts, the recipient or beneficiary of that Turnover Receipt will (and the Obligors shall procure that the
relevant member of the Borrower Group will) promptly pay all amounts received or recovered and other Distributions received to the Security Agent for application under clause 12 (Application of proceeds) and, pending that payment, will hold
those amounts and other Distributions as agent for the Security Agent for application in accordance with the terms of this Agreement.

	
	 	 	 
	
7.7 		
No subrogation of Intra-Group Creditors

	
	 	 	 
		
(a) 		
Until after the Final Discharge Date, the members of the Borrower Group will not (and the Obligors shall procure that the relevant member of the Borrower Group will) in any circumstances be subrogated to any right of the Senior
Finance Parties or RPM or any Security or guarantee arising under the Finance Documents;

	
	 	 	 
		
(b) 		
After the Final Discharge Date, each Senior Finance Party and RPM will give such assistance to the applicable members of the Borrower Group as they may require in exercising those rights of subrogation (including a cession of such
rights) provided that each such Senior Finance Party and RPM (as the case may be) is indemnified on demand to its reasonable satisfaction by the Borrower Group against any costs, expenses and liabilities it incurs, and which are properly evidenced
in relation or giving that assistance.

	
	 	 	 
	
8. 		
OPTIONS TO PURCHASE

	
	 	 	 
	
8.1 		
Purchase option

	
	 	 	 
		
During the period commencing on the day after the Closing Date and ending on (but including) the Debt Option Expiry Date, the Parent (subject to clause 8.5 (Restriction on Parent prior to RPM Discharge Date)) or RPM (as the
case may be) may, on giving written notice to the Senior Agent, at the expense of the Parent or RPM (as the case may be), issue an unconditional and irrevocable offer to purchase all (but not part only) of the rights and obligations of the Senior
Finance Parties under the Senior Finance Documents in relation to the Senior Liabilities. The Senior Agent shall accept the first offer received from the Parent or RPM (as the case may be) (the “Relevant Purchaser”) on behalf of the
Senior Finance Parties if that offer provides for:

	
	 	 	 
		
(a) 		
payment in full in cash (as contemplated by clauses 8.2(a) and (b) (Terms of purchase)); and

	
	 	 	 
		
(b) 		
immediately available funds,

	

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in each case, in form and substance satisfactory to the Senior Agent.

	
	 	 	 	 
	
8.2 		
Terms of purchase

	
	 	 	 	 
		
Any such purchase shall take effect on the following terms:

	
	 	 	 	 
		
(a) 		
payment in full in cash of an amount certified by the Senior Agent to be equal to the aggregate of (x) the Senior Liabilities outstanding as at the date (the “Purchase Date”), that amount is to be paid (being not
later than 5 days after the date of the acceptance of the offer by the Senior Agent) and (y) all other amounts which would be payable on a prepayment as at the Purchase Date determined under the Senior Facilities Agreement (such as breakage
costs);

	
	 	 	 	 
		
(b) 		
the relevant rights and obligations of the Senior Finance Parties under the Senior Finance Documents in relation to the Senior Liabilities shall be transferred by way of transfers under:

	
	 	 	 	 
			
(i) 		
clause 29 (Changes to the Lenders) of the Senior Facilities Agreement; and

	
	 	 	 	 
			
(ii) 		
standard ISDA novation agreements pursuant to which (A) the existing Plateau Hedge Counterparties shall be transferors, (B) the Relevant Purchaser or its nominee(s) shall be transferees and (C) the Borrower and/or Holdco (as the
case may be) shall continue as remaining parties,

	
	 	 	 	 
			
in each case, in form and substance satisfactory to the Senior Agent;

	
	 	 	 	 
		
(c) 		
after the transfer, no Senior Finance Party will be under any actual or contingent liability to any Obligor or any other person under this Agreement or any Senior Finance Document in relation to any Senior Liabilities for which it
is not holding cash collateral in an amount and established on terms reasonably satisfactory to it;

	
	 	 	 	 
		
(d) 		
an indemnity is provided from each Obligor or the Relevant Purchaser or another third party acceptable to each Senior Finance Party and in a form satisfactory to each Senior Finance Party in respect of all losses which may be
sustained or incurred by any Senior Finance Party in consequence of any sum received or recovered by any Senior Finance Party from any Obligor or RPM or other person being required (or it being alleged that it is required) to be paid back by or
clawed back from any Senior Finance Party for any reason whatsoever, save for losses arising solely from wilful misconduct, gross negligence or fraud on the part of a Senior Finance Party and provided that where it is demonstrated to the reasonable
satisfaction of the Senior Agent that those losses could not have been recovered in full by the relevant Senior Finance Party under the Senior Finance Documents if that transfer had not been made, that indemnity shall not extend to the shortfall;
and

	

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	 	(e) 	
      the relevant transfer shall be without recourse to, or
      warranty from, the Senior Finance Parties.

	8.3 	
      Senior Liabilities transfers

	 	 	 	 
		
      No Senior Finance Party will be under any obligation to
      maintain its participation in the Senior Liabilities and each Senior
      Finance Party may, subject only to the provisions of the Senior Finance
      Documents and this Agreement, transfer all or any of its participation at
      any time up to the date on which the Relevant Purchaser purchases the then
      outstanding Senior Liabilities in full.

	 	 	 	 
	8.4 	
      Further Assurance

	 	 	 	 
		
      RPM, each Obligor and the Senior Finance Parties agree to
      enter into any documentation (including any novation agreement
      contemplated by clause 8.2(b) above) and take any action and/or steps that
      the Senior Agent may reasonably request in order to give effect to any
      transfer contemplated above.

	 	 	 	 
	8.5 	
      Restriction on Parent prior to RPM Discharge
      Date

	 	 	 	 
		
      Prior to the RPM Discharge Date, the Parent shall not be
      entitled to exercise its rights under clause 8.1 (Purchase Option)
      unless:

	 	 	 	 
		(a) 	
      at the time of the exercise of the option, RPM has
      reduced its ordinary shareholding in Holdco to less than 25.1% of the
      ordinary issued equity share capital of Holdco and Senior Enforcement
      Action has been taken as a result; and

	 	 	 	 
		(b) 	
      the Parent has given RPM not less than 15 (Fifteen) days’
      notice of its intention to exercise the option and RPM has not, after the
      expiry of such notice period, exercised the option.

	 	 	 	 
	8.6 	
      Termination of exercise option

	 	 	 	 
		(a) 	
      Without prejudice to any Enforcement Action being taken
      in connection with a Senior Event of Default or a Fundamental Event of
      Default, if:

	 	 	 	 
			(i) 	
      the option referred to in clause 8.1 above has been
      exercised by RPM or the Parent (as the case may be) on or before the Debt
      Option Expiry Date; and

	 	 	 	 
			(ii) 	
      RPM or the Parent (as the case may be) fails to comply
      with any of its obligations under clause 8.1 (Purchase option) or
      clause 8.2 (Terms of purchase),

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      then the right of the Party which exercised the option to
      complete the purchase of the relevant Senior Liabilities shall (upon
      written notice of the same by the Senior Agent) terminate and RPM or the
      Parent (as the case may be) shall within three Business Days of demand by
      the Senior Agent, indemnify each Senior Finance Party against any cost,
      loss or liability incurred and properly evidenced by it as a result of a
      failure by RPM or the Parent (as the case may be) to purchase the relevant
      Senior Liabilities in accordance with the terms set out in this clause 8
      (Option to Purchase).

	 	 	 	 
	 	(b) 	
      Upon:

	 	 	 	 
	 		(i) 	
      the expiry of the option; or

	 	 	 	 
	 		(ii) 	
      the termination of the option,

	 	 	 	 
	 		
      as contemplated in each case above, the condition (if
      any) contemplated by paragraph 1.5(b) (Key terms of the proposed
      transaction) of Part B of Schedule 1 (Auction Process) in
      connection with the sale of any shares in the capital of Holdco or any
      claims under the Plateau Funding Loan Agreement shall be deemed to have
      been satisfied.

	8.7 	
      " "

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	 	(b) 	
      " "

	8.8 	
      Call Option in favour of Purchaser of Shares in
      capital of Holdco

	 	 	 	 
		(a) 	
      If pursuant to Senior Enforcement Action the ordinary
      shares held by the Borrower in the share capital of Holdco are sold to any
      person (the “Purchaser”) and upon being notified in writing by the
      Senior Agent that the Purchaser wishes to acquire the RPM Finance
      Liabilities relating to the Plateau Facilities (the “Target RPM Finance
      Liabilities”) with effect on or within a specified period after the
      Completion Date, RPM shall be obliged to sell, cede and assign all of its
      rights and obligations in respect of the Target RPM Finance Liabilities to
      the Purchaser on the terms set out in paragraph (b) below.

	 	 	 	 
		(b) 	
      The purchase by the Purchaser of the Target RPM Finance
      Liabilities shall take effect on the following terms:

	 	 	 	 
			(i) 	
      payment in full in cash of an amount certified by RPM to
      be equal to the Target RPM Finance Liabilities outstanding as at the date
      (the “Purchase Date”) that amount is to be paid (being the date
      upon which the Target RPM Finance Liabilities are to be transferred to the
      Purchaser);

	 	 	 	 
			(ii) 	
      payment in full in cash of the amount which RPM certifies
      to be necessary to compensate it for any accrued interest, dividends,
      costs, charges, expenses and break costs on the Purchase Date;

	 	 	 	 
			(iii) 	
      the relevant rights and obligations of RPM under the RPM
      Finance Documents in relation to the Target RPM Finance Liabilities shall
      be transferred by way of transfers under the applicable transfer
      provisions under the relevant RPM Finance Documents:

	 	 	 	 
				
      in each case, in form and substance satisfactory to
      RPM;

	 	 	 	 
			(iv) 	
      after the transfer RPM, will not be under any actual or
      contingent liability to any Obligor or any other person under this
      Agreement or any other RPM Finance Document in relation to any Target RPM
      Finance Liabilities for which it is not

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      holding cash collateral in an amount and established on
      terms reasonably satisfactory to it;

	 	 	 
	 	(v) 	
      an indemnity is provided by the Purchaser or another
      third party acceptable to RPM and in a form satisfactory to RPM in respect
      of all losses which may be sustained or incurred by RPM in consequence of
      any sum received or recovered by RPM from any Obligor or other person
      being required (or it being alleged that it is required) to be paid back
      by or clawed back from RPM for any reason whatsoever, save for losses
      arising solely from gross negligence, wilful misconduct or fraud on the
      part of RPM and provided that where it is demonstrated to the reasonable
      satisfaction of RPM that those losses could not have been recovered in
      full by RPM under the RPM Finance Documents if that transfer had not been
      made, that indemnity shall not extend to the shortfall; and

	 	 	 
	 	(vi) 	
      the relevant transfer shall be without recourse to, or
      warranty from RPM; and

	 	 	 
	 	(vii) 	
      RPM shall not exercise any right it may otherwise have to
      take Enforcement Action in relation to the RPM Funding Loan Liabilities or
      the RPM Holdco A Preference Share Equity Claims solely on account of the
      change of control of Holdco which takes place pursuant to the acquisition
      by the Purchaser of the shares in Holdco previously held by the Borrower
      in the circumstances contemplated by paragraph (a)
above.

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SECTION 3: RANKING, ENFORCEMENT AND APPLICATION 

	9. 	
      RANKING OF SECURITY AND PARALLEL DEBT

	 	 	 	 
	9.1 	
      Ranking of Security

	 	 	 	 
		(a) 	
      All Transaction Security under the N2C Resources Security
      Documents is given to the Plateau Security SPV directly or indirectly for
      the obligations of the Borrower under the guarantee contained in the
      Senior Facilities Agreement and under the N2C Resources Counter Indemnity
      Agreement and all proceeds from enforcement by the Plateau Security SPV of
      its rights under the guarantee referred to in the Senior Facilities
      Agreements, the N2C Resources Counter Indemnity Agreements and the N2C
      Resources Security Documents will, for all purposes and at all times be
      applied by the Plateau Security SPV (or the Security Agent on its behalf)
      towards the claims of the Senior Finance Parties under the guarantee
      referred to in the Senior Facilities Agreement in respect of the Senior
      Liabilities in priority to any claims under the Fourth Ranking Plateau
      Debt Guarantee in respect of the A Preference Share Equity
  Claims.

	 	 	 	 
		(b) 	
      All Transaction Security under the Plateau Security
      Documents is given to the Plateau Security SPV directly or indirectly for
      the obligations of the Borrower under the Plateau Counter Indemnity
      Agreement and all proceeds from enforcement by the Plateau Security SPV of
      its rights under the Plateau Counter Indemnity Agreement and the Plateau
      Security Documents will for all purposes and at all times:

	 	 	 	 
			(i) 	
      be applied by the Plateau Security SPV (or the Security
      Agent on its behalf) towards the claims under the First Ranking Plateau
      Debt Guarantee in respect of the Senior Liabilities in priority to any
      claims under the Second Ranking Plateau Debt Guarantee in respect of the
      RPM Standby Facility Liabilities and the Third Ranking Plateau Debt
      Guarantee in respect of the RPM Operating Cash Flow Shortfall Facility
      Liabilities;

	 	 	 	 
			(ii) 	
      be applied by the Plateau Security SPV (or the Security
      Agent on its behalf) towards the claims under the Second Ranking Plateau
      Debt Guarantee in respect of the RPM Standby Facility Liabilities in
      priority to any claims in respect of the Third Ranking Plateau Debt
      Guarantee in respect of the RPM Operating Cash Flow Shortfall Facility
      Liabilities.

	 	 	 	 
		(c) 	
      All Transaction Security under the Holdco Security
      Documents will for all purposes and at all times secure (i) first, the
      Plateau Funding Loan Liabilities and the RPM Funding Loan Liabilities pro
      rata to the proportion that the Plateau Holdco Capital Liabilities and RPM
      Holdco Capital Liabilities bear to Total Holdco Capital Liabilities; and
      (ii) second, the

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      obligations of Holdco under the Holdco Guarantee in
      respect of the A Preference Share Equity Claims.

	 	 	 
	 	(d) 	
      Except as provided for in (e) below, all Transaction
      Security under the Opco Security Documents is given to the Opco Security
      SPV directly or indirectly for the obligations of Opco under the Opco
      Counter Indemnity Agreements and all proceeds from enforcement by the Opco
      Security SPV of its rights under the Opco Counter Indemnity Agreements and
      the Opco Security Documents will for all purposes and at all times be
      applied by the Opco Security SPV (or the Security Agent on its behalf)
      first towards the claims under the First Ranking Opco Debt Guarantee in
      respect of the Opco Funding Loan Liabilities and in priority to any claims
      under the Second Ranking Opco Debt Guarantee and the Third Ranking Opco
      Debt Guarantee in respect of the RPM Holdco A Preference Share Equity
      Claims and the A Preference Share Equity Claims, respectively.

	 	 	 
	 	(e) 	
      Transaction Security under the Opco Security Documents
      given to the Security Agent (as principal creditor) pursuant to the
      parallel debt obligations referred to in 9.3 (Parallel Debt
      Obligations) below, will to the extent proceeds are realised by the
      Security Agent in connection with such Transaction Security, and after
      deducting all costs, fees and charges incurred by the Security Agent in
      enforcing such Transaction Security, at all times be applied by the
      Security Agent in the manner and in the order of priority referred to in
      clause 12.1 (Application Opco Security
Documents).

	9.2 	
      Ranking of Relevant Liabilities
  unaffected

	 	 	 
		
      The ranking and order of priority of the Transaction
      Security listed in clause 9.1 (Ranking of Security) shall apply
      notwithstanding:

	 	 	 
		(a) 	
      the order of registration, notice or execution of any
      Transaction Security Document or other document;

	 	 	 
		(b) 	
      when any Relevant Liability is incurred;

	 	 	 
		(c) 	
      whether or when a Creditor is obliged to advance any
      Liability;

	 	 	 
		(d) 	
      any fluctuation in the outstanding amount of, or any
      intermediate discharge of, any Relevant Liability;

	 	 	 
		(e) 	
      the creation in favour of any Creditor, in accordance
      with this Agreement, of any additional Security over the undertaking,
      properties or assets of the Obligors (or any of them) or any perfection or
      attachment proceedings in relation to any asset or assets which is or are
      (as the case may be) expressed to be subject to any Transaction Security
      Document; or

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	 	(f) 	
      any contrary provisions in any Finance Document or any
      Subordinated Document.

	9.3 	
      Parallel Debt Obligations

	 	 	 	 
		(a) 	
      Opco hereby irrevocably and unconditionally undertakes to
      pay to the Security Agent amounts equal to any amounts owing from time to
      time by Opco to the Opco Security SPV under the Opco Counter Indemnity
      Agreements as and when those amounts are due.

	 	 	 	 
		(b) 	
      Each Party acknowledges that the obligations of Opco
      under paragraph (a) above are several and are separate and independent
      from, and shall not in any way limit or affect, the corresponding
      obligations of Opco to the Opco Security SPV under the Opco Counter
      Indemnity Agreements (its “Corresponding Debt”) nor shall the
      amounts for which Opco is liable under paragraph (a) above (its
      “Parallel Debt”) be limited or affected in any way by its
      Corresponding Debt provided that:

	 	 	 	 
			(i) 	
      the Parallel Debt of Opco shall be decreased to the
      extent that its Corresponding Debt has been irrevocably paid or
      discharged; and

	 	 	 	 
			(ii) 	
      the Corresponding Debt of Opco shall be decreased to the
      extent that its Parallel Debt has been irrevocably paid or discharged;
      and

	 	 	 	 
			(iii) 	
      the amount of the Parallel Debt of Opco shall at all
      times be equal to the amount of its Corresponding Debt.

	 	 	 	 
		(c) 	
      For the purposes of this clause 9.3, the Security Agent
      acts in its own name and not as a trustee and its claims in respect of the
      Parallel Debt shall not be held on trust. Any Transaction Security granted
      under the Opco Security Documents to the Security Agent to secure the
      Parallel Debt is granted to the Security Agent in its capacity as creditor
      of the Parallel Debt and shall not be held on trust.

	 	 	 	 
		(d) 	
      All moneys received and recovered by the Security Agent
      pursuant to this clause 9.3, and all amounts received or recovered by the
      Security Agent from or by the enforcement of any Security granted to
      secure the Parallel Debt, shall be applied in accordance with clause 12.1
      (Application: Opco Security Documents) and the Security Agent
      undertakes to make such payments in favour of the relevant Creditors
      referred to therein out of such amounts received or recovered by
  it.

	 	 	 	 
		(e) 	
      Without limiting or affecting the Security Agent’s rights
      against Opco (whether under this clause 9.3 or under any other provision
      of the Finance Documents), Opco acknowledges
that:

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	 	(i) 	
      nothing in this clause 9.3 shall impose any obligation on
      the Security Agent to advance any sum to Opco under the Finance Documents,
      except in its capacity as a Senior Lender; and

	 	 	 
	 	(ii) 	
      for the purpose of any vote taken under any Finance
      Document, the Security Agent shall not be regarded as having any
      participation or commitment other than those which it has in its capacity
      as a Senior Lender or Plateau Hedge
Counterparty.

	10. 	
      ENFORCEMENT AND OTHER ACTIONS UNDER TRANSACTION
      SECURITY DOCUMENTS

	 	 	 
	10.1 	
      Instructions to a Security SPV

	 	 	 
		(a) 	
      Each of the Parties agree that, without prejudice to the
      rights and obligations of the Plateau Security SPV or the Opco Security
      SPV under the Finance Documents and unless not legally possible, the
      Security Agent shall have the sole and exclusive right to make claims
      against the Plateau Security SPV or the Opco Security SPV under the
      Plateau Debt Guarantees and the Opco Debt Guarantees on behalf of the
      relevant Secured Parties, to instruct the Plateau Security SPV or the Opco
      Security SPV (as the case may be) to exercise any or all of the remedies
      or any of its rights, powers, authorities or discretions granted in the
      Finance Documents, or to commence, pursue, conclude or settle any legal
      proceedings against the Borrower, any other Obligor or any other security
      provider in any applicable jurisdiction on behalf of the Secured Parties
      or any of them in connection with the Finance Documents.

	 	 	 
		(b) 	
      Each Security SPV shall comply with the instructions of
      the Security Agent as referred to in paragraph (a) above as to the
      enforcement by it of any or all of the Transaction Security or of any
      other remedies or the exercise by it of any of its rights, powers,
      authorities or discretions or the performance of any of its duties,
      obligations and responsibilities under any of the Finance
  Documents.

	 	 	 
		(c) 	
      Each Security SPV shall refrain from enforcing the
      Transaction Security unless otherwise directed to do so by the Security
      Agent.

	 	 	 
		(d) 	
      The Security Agent in instructing the Plateau Security
      SPV or the Opco Security SPV (as applicable) pursuant to paragraph (a) and
      (b) above shall act on the instructions of the relevant Parties as
      referred to in clause 10.4 (Action on or before the Senior Discharge
      Date), clause 10.5 (Action after the Senior Discharge Date) and
      clause 10.6 (Action after the RPM Discharge
Date).

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	10.2 	
      Security SPV’s May Seek Instructions

	 	 
		
      A Security SPV shall at any time be entitled (but not
      obliged) to request instructions from the Security Agent as to the manner
      of enforcement by it of all or any of the Transaction Security or of any
      other remedies or the exercise by it of any of its rights, powers,
      authorities or discretions or the performance of any of its duties,
      obligations and responsibilities under any of the Finance
  Documents.

	 	 
	10.3 	
      Instructions to Security SPV’s to be
  Binding

	 	 
		
      Any instruction given to a Security SPV by the Security
      Agent, under and in accordance with this Agreement shall be binding upon
      RPM and each Obligor to the extent it is not given in breach of any
      provision of the Finance Documents.

	 	 
	10.4 	
      Action on or before the Senior Discharge
    Date

	 	(a) 	
      Subject to any contrary provisions in this Agreement,
      until after the Senior Discharge Date, the Security Agent shall exercise
      any right, power, authority or discretion vested in it as Security Agent
      and take Enforcement Action in relation to the Senior Finance Documents
      and the Transaction Security Documents in accordance with instructions of
      the Instructing Creditor, provided that the Security Agent shall make
      claims and take Enforcement Action under the RPM Finance Documents in
      accordance with the instructions of RPM provided that (x) such Enforcement
      Action is not restricted by the provisions of this Agreement and (y) such
      instructions of RPM are, to the extent they relate to the sale process of
      the Secured Assets, not in conflict with the instructions given by the
      Instructing Creditor.

	 	 	 
	 	(b) 	
      If, prior to the Senior Discharge Date, the Security
      Agent is instructed by the Senior Agent to take Senior Enforcement Action
      pursuant to clause 3.4 (Permitted Enforcement Action: Senior Event of
      Default):

	 	(i) 	
      the Security Agent will notify RPM of such
      instruction;

	 	 	 
	 	(ii) 	
      the Instructing Creditor shall, where reasonably
      practicable, consult with RPM on the Senior Enforcement Action to be taken
      and ensure that any agreement reached on this as between the Instructing
      Creditor and RPM is communicated to the Security Agent;

	 	 	 
	 	(iii) 	
      the Security Agent shall comply in all material respects
      with the disposal process set out in Schedule 1 (Auction
      Process);

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	 	(iv) 	
      RPM shall provide all notices and take all such action as
      the Security Agent may reasonably require in support of the disposal
      process set out in Schedule 1 (Auction
Process).

	 	(c) 	
      If, prior to the Senior Discharge Date, the Security
      Agent is instructed by the Instructing Creditor to take Senior Enforcement
      Action pursuant to clause 3.5 (Permitted Enforcement Action:
      Fundamental Event of Default), it shall take instruction from the
      Instructing Creditor as contemplated by paragraph (a) above without any
      restriction contemplated by clause 3.3 (Restrictions on Enforcement
      Action: Senior Liabilities), clause 3.4 (Permitted Enforcement
      Action: Senior Event of Default) or paragraph (b)
  above.

	10.5 	
      Action after the Senior Discharge Date

	 	 	 
		
      After the Senior Discharge Date but on or before the RPM
      Discharge Date, the Security Agent shall exercise any right, power,
      authority or discretion vested in it as Security Agent and take
      Enforcement Action in relation to the Transaction Security Documents in
      accordance with the instructions of RPM which shall override any
      conflicting instructions given by or on behalf of any other
  Party.

	 	 	 
	10.6 	
      Action after the RPM Discharge Date

	 	 	 
		
      After the Senior Discharge Date and the RPM Discharge
      Date, the Security Agent shall exercise any right, power, authority or
      discretion vested in it as Security Agent and take Enforcement Action in
      relation to the Transaction Security Documents in accordance with the
      instructions of N2C Resources which shall override any conflicting
      instructions given by or on behalf of any other Party.

	 	 	 
	10.7 	
      Exemption

	 	 	 
		(a) 	
      No Senior Finance Party shall be responsible to any other
      Party and RPM shall not be responsible to any other Obligor for any
      instructions given or not given to the Security Agent in relation to the
      Transaction Security Documents, provided in each case they act in good
      faith and in accordance with their obligations under the Senior Finance
      Documents or the RPM Finance Documents (as applicable).

	 	 	 
		(b) 	
      Any instructions given in accordance with clause 10.4
      (Action on or before the Senior Discharge Date) shall be binding on
      all the Creditors provided that the Security Agent is not authorised to
      act on behalf of a Senior Finance Party or RPM or any Shareholder (without
      first obtaining that person’s consent) in any legal, insolvency or
      arbitration proceedings relating to any Senior Finance Document, any RPM
      Document, any Shareholders Document or this
Agreement.

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	 	(c) 	
      Subject to any mandatory provisions of law, none of the
      Security Agent and the Senior Finance Parties shall be responsible to any
      other Party and RPM shall not be responsible to any other Obligor, for (a)
      any or any order or manner or particular time of Enforcement Action
      (unless such Enforcement Action is taken contrary to the terms of this
      Agreement), (b) failure to take Enforcement Action or (c) failure to
      maximise the proceeds of any Enforcement Action, in each case, as
      contemplated under clauses 10.5 to 10.6 (as the case may be) and any of
      the Security Agent or any other Party (as applicable) may cease any such
      Enforcement Action at any time.

	 	 	 
	 	(d) 	
      In the absence of, or while awaiting, instructions from
      the Senior Agent or other Party (as applicable under this clause 10),
      (including in exceptional circumstances where time does not permit RPM or
      any agent obtaining instructions from the Senior Agent or other relevant
      Party and urgent action is required) the Security Agent may act (or
      refrain from taking action) as it considers to be in the best interest of
      the Senior Finance Parties and thereafter RPM in accordance with their
      priorities.

	10.8 	
      Authority of Security Agent

	 	 	 	 
		(a) 	
      If in connection with any Enforcement Action:

	 	 	 	 
			(i) 	
      the Security Agent sells or otherwise disposes of (or
      proposes to sell or otherwise dispose of) any asset under any Transaction
      Security Document; or

	 	 	 	 
			(ii) 	
      the Borrower or any other member of the Borrower Group
      sells or otherwise disposes of (or proposes to sell or otherwise dispose
      of) any asset at the request or direction of the Security Agent,

	 	 	 	 
			
      the Security Agent may, at the cost and expense of the
      Obligors, and is irrevocably hereby authorised by each Creditor to release
      in any manner whatsoever any Transaction Security created or purported to
      be created over the relevant asset.

	 	 	 	 
		(b) 	
      Each Creditor hereby irrevocably authorises the Security
      Agent to release in any manner whatsoever any Security and any guarantee
      upon the sale or disposal of any asset (including shares) otherwise than
      pursuant to an Enforcement Action provided that such sale or disposal is
      in compliance with the terms of the Finance Documents (including as a
      result of any Consent in accordance with any Finance Document) and such
      release is a condition of the terms of such sale or disposal or is
      otherwise necessary in order for such sale or disposal to be
    completed.

	 	 	 	 
		(c) 	
      Each Party acknowledges and agrees to the provisions of
      clause 40.2 (Exceptions) of the Senior Facilities Agreement and any
      equivalent provision in any of the Transaction Security
  Documents.

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	 	(d) 	
      Each Creditor hereby undertakes in favour of the Security
      Agent to promptly execute any releases or other documents and take any
      action which the Security Agent may reasonably require in order to
      facilitate or to give effect to any Enforcement Action permitted under
      this Agreement.

	 	 	 
	 	(e) 	
      The release of any Obligor or member of the Borrower
      Group as contemplated in clause 10.8 (a) to (c) will not affect or
      otherwise reduce the obligations and/or liabilities of any other Obligor
      or member of the Borrower Group to the relevant
  Creditors.

	10.9 	
      All enforcement action through the Security
      Agent

	 	 	 	 
		
      Without the prior written consent of the Security Agent,
      none of the other Senior Finance Parties, RPM or the Obligors shall have
      any independent power to make claims against the Opco Security SPV or the
      Plateau Security SPV under any of the Opco Debt Guarantees or Plateau Debt
      Guarantees or to make claims against N2C Resources under the Finance
      Documents or to enforce any of the Transaction Security Documents, or to
      exercise any rights, discretions or powers or to grant any consents or
      releases under or pursuant to any such Transaction Security Documents or
      otherwise have direct recourse to the Security and/or guarantees
      constituted by any of such Transaction Security Documents (including, for
      the avoidance of doubt, the rights, discretions and powers of RPM and the
      Borrower under the Holdco Cession in Security Agreement, the Holdco
      Reversionary Cession in Security Agreement and any other Holdco Security
      Documents) except through the Security Agent.

	 	 	 	 
	11. 	
      SUBORDINATION ON INSOLVENCY

	 	 	 	 
	11.1 	
      Subordination

	 	 	 	 
		(a) 	
      At any time on or before the Senior Discharge Date, upon
      the occurrence of an Insolvency Event that has occurred to or in respect
      of the Borrower, then in connection with the RPM Standby Facility
      Liabilities, the RPM Operating Cash Flow Shortfall Facility Liabilities,
      the A Preference Share Equity Claims and the Shareholder
    Liabilities:

	 	 	 	 
			(i) 	
      claims against the Borrower will be subordinate in right
      of payment to the claims against the Borrower in respect of the Senior
      Liabilities and the Relevant Borrower Liabilities shall rank in the order
      of priority set out in clause 2.1 (Ranking of Relevant Borrower
      Liabilities);

	 	 	 	 
			(ii) 	
      RPM and N2C Resources (as applicable) shall not, unless
      otherwise directed by the Instructing Creditor or as permitted by
      paragraph (e) of this clause 11.1 (Subordination), prove for the
      RPM Standby Facility Liabilities, the RPM Operating Cash Flow Shortfall
      Facility Liabilities, the A Preference Share Equity Claims or the
      Shareholder Liabilities (as applicable) until the Senior Liabilities have
      first been paid or discharged in full (and for all purposes any
      Distribution received by the

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      Senior Finance Parties shall only be taken to discharge
      the Senior Liabilities to the extent of the actual amount received by the
      Senior Finance Parties); and

	 	 	 
	 	(iii) 	
      if RPM or N2C Resources is directed by the Instructing
      Creditor to prove for the RPM Standby Facility Liabilities, the RPM
      Operating Cash Flow Shortfall Facility Liabilities, the A Preference Share
      Equity Claims or the Shareholder Liabilities (as applicable) then it shall
      act in accordance with such directions and shall procure (including,
      without limitation, the granting of a power of attorney) that any
      resultant Distributions shall be made by the liquidator of the Borrower,
      or any other person making the Distribution, to the Senior Agent to the
      extent necessary to repay all the Senior Liabilities in
  full.

	 	(b) 	
      At any time on or before the RPM Discharge Date, upon the
      occurrence of an Insolvency Event that has occurred to or in respect of
      the Borrower, then in connection with the Shareholder
  Liabilities:

	 	 	 	 
	 		(i) 	
      claims against the Borrower will be subordinate in right
      of payment to the claims against the Borrower in respect of the Senior
      Liabilities and the RPM Finance Liabilities;

	 	 	 	 
	 		(ii) 	
      the Shareholders shall not, unless otherwise directed by
      the Instructing Creditor or as permitted by paragraph (c) of this clause
      11.1 (Subordination) prove for the Shareholder Liabilities until
      the Senior Liabilities and the RPM Finance Liabilities have first been
      paid or discharged in full (and for all purposes any Distribution received
      by the Senior Finance Parties or RPM (as applicable) shall only be taken
      to discharge the Senior Liabilities or the RPM Finance Liabilities (as
      applicable) to the extent of the actual amount received by the Senior
      Finance Parties and RPM); and

	 	 	 	 
	 		(iii) 	
      if any Shareholder is directed by the Instructing
      Creditor to prove for the Shareholder Liabilities of the Borrower then it
      shall act in accordance with such directions and shall procure (including,
      without limitation, the granting of a power of attorney) that any
      resultant Distributions shall be made by the liquidator of the Borrower,
      or any other person making the Distribution, to the Senior Agent or RPM
      (as applicable) to the extent necessary to repay all the Senior
      Liabilities and the RPM Finance Liabilities in full.

	 	 	 	 
	 	(c) 	
      At any time on or before the Holdco Funding Loans
      Discharge Date, upon the occurrence of an Insolvency Event that has
      occurred to or in respect of Holdco, then in connection with the Holdco
      Funding Loan Liabilities:

	 	 	 	 
	 		(i) 	
      claims against Holdco by the Borrower and RPM will rank
      equally in right of payment pro rata to the proportion that the Plateau
      Holdco Capital Liabilities and

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      RPM Holdco Capital Liabilities bear to Total Holdco
      Capital Liabilities respectively and in priority to claims against Holdco
      by the Borrower and RPM in respect of the Holdco A Preference Share Equity
      Claims and the Relevant Holdco Liabilities shall rank in the order of
      priority set out in clause 2.2 (Ranking of Relevant Holdco
      Liabilities);

	 	 	 
	 	(ii) 	
      the Borrower and RPM shall not, unless otherwise directed
      by the Security Agent, or as permitted by paragraph (e) of this clause
      11.1 (Subordination) prove for the Holdco A Preference Share Equity
      Claims;

	 	 	 
	 	(iii) 	
      if the Borrower or RPM is directed by the Security Agent
      to prove for the Holdco A Preference Share Equity Claims then it shall act
      in accordance with such directions and shall procure (including without
      limitation, the granting of a power of attorney) that any resultant
      Distributions shall be made by the liquidator of Holdco, or any other
      person making the Distribution, to the Security Agent to the extent
      necessary to repay all the Holdco Funding Loan Liabilities in
  full.

	 	(d) 	
      At any time on or before the Opco Funding Loan Discharge
      Date, upon the occurrence of an Insolvency Event that has occurred to or
      in respect of Opco, then in connection with the Opco Funding Loan
      Liabilities:

	 	 	 	 
	 		(i) 	
      claims against Opco in respect of the Opco Funding Loan
      Liabilities will rank in right of payment in priority to all other
      Relevant Opco Liabilities and the Relevant Opco Liabilities shall rank in
      the order of priority set out in clause 2.3 (Ranking of Relevant Opco
      Liabilities);

	 	 	 	 
	 		(ii) 	
      Holdco shall not, unless otherwise directed by the
      Security Agent or as permitted by paragraph (e) of this clause 11.1
      (Subordination), prove for the Opco A Preference Share Equity
      Claims; and

	 	 	 	 
	 		(iii) 	
      if Holdco is directed by the Security Agent to prove for
      the Opco A Preference Share Equity Claims then Holdco shall act in
      accordance with such directions and shall procure (including without
      limitation, the granting of a power of attorney) that any resultant
      Distributions shall be made by the liquidator of Opco, or any other person
      making the Distribution, to the Security Agent to the extent necessary to
      repay all the Opco Funding Loan Liabilities in full.

	 	 	 	 
	 	(e) 	
      RPM or N2C Resources (as applicable) shall be entitled to
      prove claims in relation to Relevant Liabilities, which would otherwise be
      prohibited by the provisions of this clause 11.1 (Subordination) in
      circumstances in which RPM or N2C Resources may otherwise permanently lose
      its right to file a claim against the relevant member of the Borrower
      Group if a claim is not filed at that time, provided that any amount
      received by RPM or N2C Resources pursuant to such a claim, shall be
      deposited into a special single purpose

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proceeds account held in the name of
the relevant recovering Creditor with the Security Agent (a “Proceeds
Account”) and the proceeds standing to the credit of any such Proceeds
Account shall be applied by the Security Agent in accordance with the provisions
of clause 12 (Application of Proceeds). 

	11.2 	
      Exercise of rights

	 	 	 	 
		(a) 	
      Without prejudice to the rest of clause 11.2, on or after
      the occurrence of a Fundamental Event of Default that is not capable of
      being remedied or has not been remedied by RPM in accordance with clause
      18.14 (RPM Cure Rights) within any applicable cure period, the
      Security Agent is irrevocably authorised by the Shareholders, RPM and the
      Intra-Group Creditors on their behalf to:

	 	 	 	 
			(i) 	
      take any Enforcement Action in accordance with this
      Agreement in relation to;

	 	 	 	 
			(ii) 	
      demand, claim, enforce, prove and give receipt
  for;

	 	 	 	 
			(iii) 	
      file claims and proofs, give receipts and take all
      proceedings and do all things which the Security Agent considers
      reasonably necessary to recover; and

	 	 	 	 
			(iv) 	
      collect and receive Distributions of any kind whatsoever
      in respect, or on account, of,

	 	 	 	 
			
      the Relevant Liabilities due from any Obligor, provided
      that in taking any such action under the RPM Finance Documents, the
      Security Agent shall act in accordance with the instructions of RPM
      provided that such instructions are, to the extent they relate to the sale
      process of the Secured Assets, not in conflict with any instructions given
      by the Instructing Creditor.

	 	 	 	 
		(b) 	
      Upon the occurrence of any Insolvency Event that has
      occurred to or in respect of the Borrower, the Security Agent is
      irrevocably authorised by the Shareholders, RPM and the Intra-Group
      Creditors on their behalf to:

	 	 	 	 
			(i) 	
      take any Enforcement Action in accordance with this
      Agreement in relation to;

	 	 	 	 
			(ii) 	
      demand, claim, enforce, prove and give receipt
  for;

	 	 	 	 
			(iii) 	
      file claims and proofs, give receipts and take all
      proceedings and do all things which the Security Agent considers
      reasonably necessary to recover; and

	 	 	 	 
			(iv) 	
      collect and receive Distributions of any kind whatsoever
      in respect, or on account, of,

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      the Relevant Liabilities due from the Borrower, provided
      that in taking any such action under the RPM Finance Documents, the
      Security Agent shall act in accordance with the instructions of RPM
      provided that such instructions are, to the extent they relate to the sale
      process of the Secured Assets, not in conflict with any instructions given
      by the Instructing Creditor.

	 	 	 	 
	 	(c) 	
      Upon the occurrence of any Insolvency Event that has
      occurred to or in respect of Holdco or Opco (but in the case of Opco only
      to the extent it triggers a Fundamental Event of Default), the Security
      Agent subject to the restrictions referred to in clauses 3 (Senior
      Liabilities), 5 (RPM Liabilities), 6 (Shareholder
      Liabilities) and 7 (Intra-Group Liabilities) is irrevocably
      authorised by the Shareholders, RPM and the Intra-Group Creditors on their
      behalf to:

	 	 	 	 
	 		(i) 	
      take any Enforcement Action in accordance with this
      Agreement in relation to;

	 	 	 	 
	 		(ii) 	
      demand, claim, enforce, prove and give receipt
  for;

	 	 	 	 
	 		(iii) 	
      file claims and proofs, give receipt and take all
      proceedings and do all things which the Security Agent considers
      reasonably necessary to recover; and

	 	 	 	 
	 		(iv) 	
      collect and receive Distributions of any kind whatsoever
      in respect, or on account, of,

	 	 	 	 
	 		
      the Relevant Liabilities due from Holdco or Opco,
      provided that in taking any such action under the RPM Finance Documents,
      the Security Agent shall act in accordance with the instructions of RPM
      provided that such instructions are, to the extent they relate to the sale
      process of the Secured Assets, not in conflict with any instructions given
      by the Instructing Creditor.

	 	 	 	 
	 	(d) 	
      If, for any reason whatsoever, the Security Agent is not
      entitled or elects not to take any such action mentioned in clause
      11.2(a), (b) or (c), the relevant Creditors shall do so promptly on the
      request by the Security Agent.

	 	 	 	 
	 	(e) 	
      Where a Controlled Creditor is prohibited from proving
      for any Liabilities under clauses 11.1(a)(ii), 11.1(b)(ii), 11.1(c)(ii) or
      11.1(d)(ii) and such prohibition would result in that Controlled Creditor
      permanently losing its right to file a claim and prove for the relevant
      Liabilities if such action is not taken at that time, the relevant
      Controlled Creditor may (subject to the rights of the Security Agent under
      clause 11.2 (Exercise of rights)) file a claim and prove for such
      Liabilities to the extent necessary to prevent that Creditor permanently
      losing the right to prove for any such Liabilities provided, in each case,
      that any amounts received by the relevant Controlled Creditor as a result
      of or pursuant to such action shall be treated in accordance with clauses
      5.7 (Turnover: RPM Liabilities),

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6.5 (Turnover: Shareholder
Liabilities), 7.6 (Turnover: Intra-Group Liabilities) and 6.1(c)
(Prohibited actions: Shareholders Liabilities) (as the case may be). 

	12. 	
      APPLICATION OF PROCEEDS

	 	 	 
	12.1 	
      Application (Opco Security Documents)

	 	 	 
		
      All proceeds of enforcement of the Transaction Security
      under the Opco Security Documents and all amounts paid to the Security
      Agent under this Agreement in relation to such proceeds shall be applied
      in the following order and in each case pro rata to outstanding amounts
      owing:

	 	 	 
		(a) 	
      first, in payment of unpaid fees, costs and
      expenses and Liabilities (including interest on them recoverable under the
      Opco Counter Indemnity Agreements, the Opco Debt Guarantees, the Opco
      Security Documents, the Opco Funding Loan Agreement and any other Finance
      Documents) incurred by or on behalf of the Security Agent and the Opco
      Security SPV (and any receiver, attorney. adviser, delegate or agent
      appointed by them or either of them) and the remuneration of the Security
      Agent and the Opco Security SPV and their respective advisers, attorneys,
      delegates and agents under the above- mentioned agreements;

	 	 	 
		(b) 	
      second, in payment of unpaid costs and expenses
      incurred by or on behalf of Holdco in connection with the enforcement of
      the First Ranking Opco Debt Guarantee and the Opco Security
    Documents;

	 	 	 
		(c) 	
      third, in payment to Holdco for applications
      towards unpaid and outstanding Opco Funding Loan Liabilities;

	 	 	 
		(d) 	
      fourth, in payment of unpaid costs and expenses
      incurred by or on behalf of RPM in connection with the enforcement of the
      Second Ranking Opco Debt Guarantee, the Third Ranking Opco Debt Guarantee
      and the Opco Security Documents;

	 	 	 
		(e) 	
      fifth, in payment to RPM towards claims of RPM
      under the Second Ranking Opco Debt Guarantee in respect of the A
      Preference Share Equity Claims;

	 	 	 
		(f) 	
      sixth, in payment to RPM towards claims of RPM
      under the Third Ranking Opco Debt Guarantee in respect of the RPM Holdco A
      Preference Share Equity Claims; and

	 	 	 
		(g) 	
      seventh, in payment of the surplus (if any) to
      Opco or other person(s) entitled to it,

	 	 	 
		
      and pending that application shall be held by the
      Security Agent as agent for the beneficiaries entitled to it. No such
      proceeds or amounts shall be applied in payment of any amounts specified
      in any of the paragraphs in this clause 12.1 until all amounts specified
      in any earlier paragraph have been paid.

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12.2 		
Application (Holdco Security Documents)

	
	 	 	 
		
All proceeds of enforcement of the Transaction Security under the Holdco Security Documents and all amounts paid to the Security Agent under this Agreement in relation to such proceeds shall be applied in the following order and
in each case pro rata to outstanding amounts owing:

	
	 	 	 
		
(a) 		
first, in payment of unpaid fees, costs and expenses and Liabilities (including interest on them recoverable under the Holdco Security Documents, the RPM Funding Loan Agreement, the Plateau Funding Loan Agreement and any
other Finance Documents) incurred by or on behalf of the Security Agent (and any receiver, attorney, adviser, delegate or agent appointed by it) and the remuneration of the Security Agent and its advisers, attorneys, delegates and agents under the
above-mentioned agreements;

	
	 	 	 
		
(b) 		
second, in payment of unpaid costs and expenses incurred by or on behalf of RPM or the Borrower in connection with the enforcement of the Holdco Security Documents;

	
	 	 	 
		
(c) 		
third, to the Security Agent for applications towards unpaid and outstanding RPM Funding Loan Liabilities and Plateau Funding Loan Liabilities pro rata to the proportion that the Plateau Holdco Capital Liabilities and RPM
Holdco Capital Liabilities bear to Total Holdco Capital Liabilities respectively;

	
	 	 	 
		
(d) 		
fourth, in payment to RPM towards claims of RPM under the Holdco Guarantee in respect of the A Preference Share Equity Claims;

	
	 	 	 
		
(e) 		
fifth, in payment of the surplus (if any) to Holdco or other person(s) entitled to it,

	
	 	 	 
		
and pending that application shall be held by the Security Agent as agent for the beneficiaries entitled to it. No such proceeds or amounts shall be applied in payment of any amounts specified in any of the paragraphs in this
clause 12.2 until all amounts specified in any earlier paragraph have been paid.

	
	 	 	 
	
12.3 		
Application (Plateau Security Documents)

	
	 	 	 
		
All proceeds of enforcement of the Transaction Security under the Plateau Security Documents and all amounts paid to the Security Agent under this Agreement in relation to such proceeds shall be applied in the following order and
in each case pro rata to outstanding amounts owing:

	
	 	 	 
		
(a) 		
first, in payment of unpaid fees, costs and expenses and Liabilities (including interest on them recoverable under the Plateau Counter Indemnity Agreement, the Plateau Debt Guarantees, the Plateau Security Documents, the
Senior Facilities Agreement, the RPM Standby Facility Agreement, the RPM Operating Cash Flow Shortfall Facility Agreement or the RPM Plateau A Preference Share Subscription Agreement) incurred by or on behalf of the Security Agent and the Plateau
Security SPV (and any receiver, attorney.

	

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      adviser, delegate or agent appointed by them or either of
      them) and the remuneration of the Security Agent and the Plateau Security
      SPV and their respective advisers, attorneys, delegates and agents under
      the above-mentioned agreements;

	 	 	 
	 	(b) 	
      second, in payment of unpaid costs and expenses
      incurred by or on behalf of the Senior Lenders and the Plateau Hedge
      Counterparties in connection with the enforcement of the Plateau Debt
      Guarantees and the Plateau Security Documents;

	 	 	 
	 	(c) 	
      third, in payment to the Senior Agent for
      applications towards unpaid and outstanding Senior Liabilities in the
      order of priority specified in the Plateau Intercreditor
  Agreement;

	 	 	 
	 	(d) 	
      fourth, in payment of unpaid costs and expenses
      incurred by or on behalf of RPM in connection with the enforcement of the
      Second Ranking Plateau Debt Guarantee and the Plateau Security
      Documents;

	 	 	 
	 	(e) 	
      fifth, in payment to RPM for applications towards
      unpaid and outstanding RPM Standby Facility Liabilities;

	 	 	 
	 	(f) 	
      sixth, in payment of unpaid costs and expenses
      incurred by or on behalf of RPM in connection with the enforcement of the
      Third Ranking Plateau Debt Guarantee and the Plateau Security
      Documents;

	 	 	 
	 	(g) 	
      seventh, in payment to RPM for applications
      towards unpaid and outstanding RPM Operating Cash Flow Shortfall Facility
      Liabilities;

	 	 	 
	 	(h) 	
      eighth, in payment to RPM for application towards
      unpaid and outstanding A Preference Share Equity Claims (to the extent
      lawful); and

	 	 	 
	 	(h) 	
      ninth, in payment of the surplus (if any) to the
      Borrower or other person(s) entitled to it,

		
      and pending that application shall be held by the
      Security Agent as agent for the beneficiaries entitled to it. No such
      proceeds or amounts shall be applied in payment of any amounts specified
      in any of the paragraphs in this clause 12.3 until all amounts specified
      in any earlier paragraph have been paid.

	 	 
	12.4 	
      Application (N2C Resource Security
    Documents)

	 	 
		
      All proceeds of enforcement of the Transaction Security
      under the N2C Resource Security Documents and all amounts paid to the
      Security Agent under this Agreement in relation to such proceeds shall be
      applied in the following order and in each case pro rata to outstanding
      amounts owing:

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	 	(a) 	
      first, in payments of unpaid fees, costs and
      expenses and Liabilities (including interest recoverable under the N2C
      Resources Counter Indemnity Agreement, the Senior Facilities Agreement and
      under any other Finance Documents) incurred by or on behalf of the
      Security Agent and the Plateau Security SPV (and any receiver, attorney,
      advisor, delegate or agent appointed by them or either of them) and the
      remuneration of the Security Agent and the Plateau Security SPV and their
      respective advisors, attorneys, delegates and agents under the
      abovementioned agreements;

	 	 	 
	 	(b) 	
      second, in payment of unpaid costs and expenses
      incurred by or on behalf of the Senior Agent in connection with the
      enforcement of the guarantee provided by N2C Resources in the Senior
      Facilities Agreement;

	 	 	 
	 	(c) 	
      third, in payment to the Senior Agent for
      application towards unpaid and outstanding Senior Liabilities in the order
      of priority specified in the Plateau Intercreditor Agreement;

	 	 	 
	 	(d) 	
      fourth, in payment of unpaid costs and expenses
      incurred by or on behalf of RPM in connection with the enforcement of the
      Fourth Ranking Plateau Debt Guarantee and the N2C Resources Security
      Documents;

	 	 	 
	 	(e) 	
      fifth, in payment to RPM for application toward
      unpaid and outstanding A Preference Share Equity Claims (to the extent
      lawful);

	 	 	 
	 	(f) 	
      sixth, in payment of a surplus (if any) to N2C
      Resources or other persons entitled to it; and

		
      pending that application shall be held by the Security
      Agent as agent for the beneficiaries entitled to it. No such proceeds or
      amount shall be applied in payment of any amounts specified in any of the
      paragraphs in this clause 12.4 until all amounts specified in any earlier
      paragraph have been paid.

	 	 
	12.5 	
      Application (Relevant Opco Liabilities)

	 	 
		
      All amounts paid to the Security Agent under this
      Agreement in relation to the Relevant Opco Liabilities (whether under the
      turnover provisions or otherwise) shall be applied by the Security Agent
      in the order of priority and in each case pro rata to the
      outstanding amounts owing, as set out in clause 2.3 (Ranking of
      Relevant Opco Liabilities).

	 	 
	12.6 	
      Application (Relevant Holdco
Liabilities)

	 	 
		
      All amounts paid to the Security Agent under this
      Agreement in relation to the Relevant Holdco Liabilities (whether under
      the turnover provisions or otherwise) shall be applied by the Security
      Agent in the order of priority and in each case pro rata to the
      outstanding amounts owing, as set out in clause 2.2 (Ranking of
      Relevant Holdco Liabilities).

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12.7 		
Application (Relevant Borrower Liabilities)

	
	 	 	 
		
All amounts paid to the Security Agent under this Agreement in relation to the Relevant Borrower Liabilities (whether under the turnover provisions or otherwise) shall be applied by the Security Agent in the order of priority and
in each case pro rata to the outstanding amounts owing, as set out in clause 2.1 (Ranking of Relevant Borrower Liabilities).

	
	 	 	 
	
12.8 		
Report recoveries

	
	 	 	 
		
Nothing in this Agreement shall prevent any Party making claims for costs or damages in relation to the Reports provided that:

	
	 	 	 
		
(a) 		
before any Party takes such action, it will (except in the case of the Senior Finance Parties) notify and consult the other Parties to whom the relevant Report is addressed on the nature of the action to be taken;

	
	 	 	 
		
(b) 		
if any Senior Liabilities remain outstanding and any Shareholder receives any moneys as a result of making any claim for costs or damages in relation to any Report, the recipient shall pay an amount equal to the amount of such
moneys (less the costs and expenses reasonably incurred in making such claim or conducting such necessary litigation taking into account the costs of conducting such litigation and any taxation payable in respect of the amount recovered) to the
Borrower by way of a loan which shall form part of the Shareholder Liabilities (if any) owing to that Shareholder and, as such, shall rank pari passu with the other Shareholder Liabilities (if any) due to such Party in accordance with the
provisions of this Agreement and otherwise be subject to the provisions of this Agreement governing that Shareholder Liability.

	
	 	 	 
	
13. 		
SUBORDINATION PROTECTIONS

	
	 	 	 
	
13.1 		
Continuing subordination

	
	 	 	 
		
The subordination and priority provisions in this Agreement constitute a continuing subordination and benefit to the ultimate balance of the Senior Liabilities and the RPM Finance Liabilities respectively regardless of any
intermediate payment or discharge of the Senior Liabilities or the RPM Finance Liabilities (as applicable) in whole or in part.

	
	 	 	 
	
13.2 		
Avoidance of payments

	
	 	 	 
		
If any payment by an Obligor or any release given by the Security Agent or any Security SPV (whether in respect of debts or any Security for them or otherwise) is avoided or reduced as a result of insolvency or any similar
event:

	
	 	 	 
		
(a) 		
the liability of each Obligor under this Agreement will continue as if the payment, release, avoidance or reduction had not occurred; and

	

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	 	(b) 	
      the Security Agent or the relevant Security SPV (as
      applicable) will be entitled to recover the value or amount of that
      security or payment from each Obligor, as if the payment, release,
      avoidance or reduction had not occurred.

	13.3 	
      Waiver of defences

	 	 	 
		
      The subordination and priority provisions in this
      Agreement will not be affected by any act, omission, matter or thing
      which, but for this clause 13, would reduce or release the Parties from
      their obligations or otherwise prejudice such Parties’ obligations under
      this Agreement (without limitation whether or not known to it or any other
      Party) or otherwise affect those subordination and priority provisions,
      including:

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

	 	 	 
		(b) 	
      the release of a Party or any other person;

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

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

	 	 	 
		(e) 	
      any amendment, supplement, novation, extension (whether
      of maturity or otherwise) or restatement (in each case however fundamental
      and of whatsoever nature) or replacement of a Finance Document, a
      Subordinated Document or any other document or Transaction
  Security;

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

	 	 	 
		(g) 	
      any insolvency or similar proceedings.

	 	 	 
	13.4 	
      Appropriations

	 	 	 
		(a) 	
      On or before the Senior Discharge Date, each Senior
      Finance Party (or any agent on its behalf) may, subject to its obligations
      under this Agreement:

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	 	(i) 	
      refrain from enforcing Transaction Security or rights
      held or received by it (or any agent on its behalf) in respect of its
      Relevant Liabilities, or apply any moneys or other assets received or
      recovered by it under this Agreement or from any person against its
      Relevant Liabilities in any order or manner it thinks fit; and

	 	 	 
	 	(ii) 	
      hold in an interest-bearing suspense account any moneys
      or other assets received from any person, unless or until such moneys or
      other assets received or recovered by it under the relevant Finance
      Documents or under this Agreement in aggregate are sufficient to bring
      about the Senior Discharge Date provided that when the amount of moneys
      received in respect of Senior Liabilities are sufficient to bring about
      the Senior Discharge Date, that amount shall be applied against the Senior
      Liabilities.

	 	(b) 	
      After the Senior Discharge Date but on or before the RPM
      Discharge Date, RPM (or any agent on its behalf) may, subject to its
      obligations under this Agreement:

	 	 	 	 
	 		(i) 	
      refrain from enforcing Transaction Security or rights
      held or received by it (or any agent on its behalf) in respect of the RPM
      Finance Liabilities, or apply any moneys or other assets received or
      recovered by it under this Agreement or from any person against its RPM
      Finance Liabilities in any order or manner it thinks fit; and

	 	 	 	 
	 		(ii) 	
      hold in an interest-bearing suspense account any moneys
      or other assets received from any person, unless or until such moneys or
      other assets received or recovered by it under the RPM Finance Documents
      or under this Agreement in aggregate are sufficient to bring about the RPM
      Discharge Date provided that when the amount of moneys received in respect
      of the RPM Finance Liabilities are sufficient to bring about the RPM
      Discharge Date, that amount shall be applied against the RPM Finance
      Liabilities.

	14. 	
      PRESERVATION OF CONTROLLED LIABILITIES

	 	 	 
	14.1 	
      Preservation of Controlled Liabilities

	 	 	 
		(a) 	
      Notwithstanding any term of this Agreement postponing,
      subordinating or preventing the payment of all or any part of the
      Controlled Liabilities, the relevant Controlled Liabilities shall, as
      between the Obligors and the Controlled Creditors, be deemed to remain
      owing or due and payable (and interest, default interest or indemnity
      payments shall continue to accrue) in accordance with the relevant Finance
      Documents or Subordinated Documents (as applicable).

	 	 	 
		(b) 	
      No failure on the part of any Controlled Creditor to
      exercise, nor any delay in exercising, any right or remedy under any
      relevant Finance Document, or any Subordinated Document (as applicable) by
      reason of any term of this Agreement postponing,
  restricting

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or preventing such exercise shall
operate as a waiver, nor shall any single or partial exercise of any right or
remedy prevent any further or other exercise or the exercise of any other right
or remedy by any Controlled Creditor. 

	14.2 	
      No liability

	 	(a) 	
      No Senior Finance Party will be liable to any Controlled
      Creditor for:

	 	 	 	 
	 		(i) 	
      the manner of exercise or any non-exercise of its rights,
      remedies, powers, authorities or discretions under this Agreement (unless
      such liability is directly caused by its gross negligence, wilful default
      or fraud); or

	 	 	 	 
	 		(ii) 	
      any failure to collect or preserve any Controlled
      Liabilities or delay in doing so.

	 	 	 	 
	 	(b) 	
      RPM will not be liable to any Controlled Creditor
    for:

	 	 	 	 
	 		(i) 	
      the manner of exercise or any non-exercise of its rights,
      remedies, powers, authorities or discretions under this Agreement in
      relation to the RPM Liabilities (unless such liability arises solely from
      the gross negligence, wilful default or fraud of RPM); or

	 	 	 	 
	 		(ii) 	
      any failure to collect or preserve any RPM Liabilities or
      delay in doing so.

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SECTION 4: STATUS, REPRESENTATIONS
AND UNDERTAKINGS 

	15. 	
      STATUS OF OBLIGORS AND CONTROLLED
  CREDITORS

	 	 	 
		
      Each Controlled Creditor, each Obligor and the Pelawan
      Dividend Trust is a Party to this Agreement in order to acknowledge the
      priorities, rights and obligations set out in this Agreement and
      undertakes not to take or agree to take any action which may prejudice or
      affect the enforcement of the provisions of this Agreement or do anything
      which would be inconsistent with any provision of this
Agreement.

	 	 	 
	16. 	
      AMENDMENTS, CONSENTS AND OVERRIDE

	 	 	 
	16.1 	
      Changes to this Agreement

	 	 	 
		(a) 	
      The provisions of this Agreement may not be amended or
      waived except by written agreement between the Senior Agent, the Borrower,
      N2C Resources and RPM. Any such agreement shall be entered into by such
      Parties in accordance with the terms of the relevant Finance Documents,
      including terms in respect of consents required from the relevant
      Creditors. No consent of any Obligor or Shareholders or other members of
      the Group is required for any such amendment or waiver unless, but subject
      to clause 16.1(b), it alters their obligations under this Agreement or the
      provisions relating to any payments permitted to be made by or to them
      under this Agreement.

	 	 	 
		(b) 	
      The subordination provisions in clause 11.1
      (Subordination) are exclusively for the benefit of the Senior
      Finance Parties and RPM and may be amended or waived by the Senior Finance
      Parties and RPM in accordance with the terms of the relevant Finance
      Documents including terms in respect of consents required from the
      relevant Creditors.

	 	 	 
		(c) 	
      If the amendment or waiver may impose new or additional
      obligations on or withdraw or reduce the rights of any Party, the consent
      of that Party is required.

	 	 	 
		(d) 	
      An amendment or waiver which relates to the rights or
      obligations of the Senior Agent, either Security SPV or the Security Agent
      may not be affected without the consent of the Senior Agent, the relevant
      Security SPV or the Security Agent (as applicable).

	 	 	 
		(e) 	
      Any amendment or waiver given in accordance with this
      clause 16.1 will be binding on all parties and the Security Agent may
      effect, on behalf of the Senior Agent, either Security SPV or any
      Creditor, any amendment or waiver permitted by this clause 16.1.

	 	 	 
	16.2 	
      Consents under Transaction Security
    Documents

	 	 	 
		
      Unless the provisions of any Finance Document expressly
      provide otherwise, the Security Agent may, if authorised by the
      Instructing Creditor give or agree a Consent under any of the Transaction
      Security Documents which shall be binding on each Party, except that the
      prior

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consent of the Senior Agent, the Borrower and RPM is required to authorise any amendment of any Transaction Security Document which would affect the nature or the scope of the Secured Assets or the manner in which proceeds of
enforcement are distributed. The Instructing Creditor shall, prior to giving such authorisation, consult with RPM in order to ensure that RPM shall not be prejudiced by the granting of such authorisation in relation to the relevant Consent.

	
	 	 	 
	
16.3 		
No objections

	
	 	 	 
		
No Controlled Creditor or Obligor shall have any claim or remedy against any of:

	
	 	 	 
		
(a) 		
the Senior Finance Parties by reason of (a) any transaction entered into between any Senior Finance Party or and any member of the Borrower Group, (b) any Consent or (c) any requirement or condition imposed by or on behalf of any
Senior Finance Party under any Senior Finance Document or any other agreement; or

	
	 	 	 
		
(b) 		
RPM by reason of (a) any transaction entered into between RPM and any member of the Borrower Group, (b) any Consent or (c) any requirement or condition imposed by or on behalf of RPM under any RPM Finance Document or any other
agreement,

	
	 	 	 
		
which breaches or causes a default, an event of default or potential event of default (however described) under any Finance Document or any Subordinated Document, unless entered into in breach of, or contrary to the terms of, this
Agreement.

	
	 	 	 
	
17. 		
REPRESENTATIONS AND WARRANTIES

	
	 	 	 
		
Each Controlled Creditor represents and warrants to each Senior Finance Party and RPM represents and warrants to each Subordinated Party and each Subordinated Party represents and warrants to RPM that:

	
	 	 	 
	
17.1 		
it is duly incorporated (if a body corporate) and validly existing under the law of its jurisdiction of incorporation;

	
	 	 	 
	
17.2 		
subject to the Legal Reservations, the obligations expressed to be assumed by it under this Agreement are legal, valid, binding and enforceable obligations;

	
	 	 	 
	
17.3 		
the entry into, and performance by it of the terms of, this Agreement do not and will not conflict with:

	
	 	 	 
		
(a) 		
any law or regulation applicable to it;

	
	 	 	 
		
(b) 		
its Constitutional Documents; or

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

	

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17.4 		
it has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, this Agreement and the transactions contemplated by this Agreement;

	
	 	 	 
	
17.5 		
all Authorisations required or desirable to make this Agreement admissible in evidence in the courts of South Africa and in the jurisdiction in which it is incorporated have been obtained or effected and are in full force and
effect; and

	
	 	 	 
	
17.6 		
the Subordinated Documents and (as applicable) copied to the Senior Agent on or about the Closing Date contain all the terms and conditions of the Controlled Liabilities.

	
	 	 	 
	
18. 		
INFORMATION AND OTHER UNDERTAKINGS

	
	 	 	 
	
18.1 		
Defaults

	
	 	 	 
		
(a) 		
The Senior Agent and RPM will notify each other promptly upon becoming aware of the occurrence of any Default, Event of Default, Senior Declared Default or RPM Declared Default.

	
	 	 	 
		
(b) 		
Each Party will notify the Senior Agent and RPM of any Default, Event of Default, Senior Declared Default, RPM Declared Default or breach of the provisions of this Agreement promptly upon that Party becoming aware of that Default,
Event of Default, Senior Declared Default, RPM Declared Default or breach.

	
	 	 	 
		
(c) 		
The Senior Agent will notify the Parent and RPM of any formal request for instruction issued by it to the Senior Lenders in connection with the Senior Agent exercising its rights under clause 28.20 (Acceleration) of the
Senior Facilities Agreement to declare any loans due and payable (on demand or otherwise) or to exercise or direct the Security Agent and/or any Security SPV to sell any assets under the Transaction Security pursuant to clause 3.4 (Permitted
Enforcement Action: Senior Event of Default) and shall provide the Parent and RPM with a copy of that formal request if so requested by either such Party. Failure by the Senior Agent to give such notice to either Party shall not affect the
efficacy of any subsequent instruction given by the Senior Lenders.

	
	 	 	 
	
18.2 		
Waiver of Defaults

	
	 	 	 
		
(a) 		
Upon the waiver or remedy of an Event of Default in accordance with the Finance Documents, the Senior Agent or RPM (as applicable) will promptly notify the other in writing of that waiver or remedy.

	
	 	 	 
		
(b) 		
Upon the waiver or remedy of an event of default or breach (however so called) under any Transaction Document, the Controlled Creditors will promptly notify the Senior Agent in writing of that waiver or remedy.

	

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18.3 		
Amount of Liabilities

	
	 	 	 
		
Each of the Senior Agent, RPM, the Shareholders and the Intra-Group Creditors will on request by any of the others or the Security Agent from time to time notify the others and the Security Agent of details of the amount of
outstanding Senior Liabilities, its outstanding RPM Liabilities, its outstanding Shareholder Liabilities or its Intra-Group Liabilities respectively.

	
	 	 	 
	
18.4 		
Other information

	
	 	 	 
		
(a) 		
Each Obligor authorises each Senior Finance Party and RPM to disclose to each other Senior Finance Party and RPM all information relating to it, any of its Subsidiaries or the Shareholders and the Borrower Group as a whole or any
Shareholder or any member the Borrower Group coming into the possession of that Senior Finance Party or RPM in connection with any Senior Finance Document, RPM Finance Document or Subordinated Document (including the respective amounts of any
Liabilities outstanding from time to time).

	
	 	 	 
		
(b) 		
RPM authorises each Senior Finance Party and each Obligor to disclose to each other Senior Finance Party and each Obligor all information relating to it or any of its Subsidiaries coming into the possession of that Senior Finance
Party or Obligor in connection with any Senior Finance Document, RPM Finance Document or Subordinated Document (including the respective amounts of any Liabilities outstanding from time to time).

	
	 	 	 
		
(c) 		
RPM shall supply to the Senior Agent (in sufficient copies for all the Senior Finance Parties) as soon as they are available but in any event within 120 days after the end of each of its financial years, its audited consolidated
financial statements for each financial year.

	

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	18.5 	Co-operation

" "

	18.6 	
      Registration and notice

	 	 	 
		
      The Parties will co-operate with each other with a view
      to reflecting the priority of the Transaction Security in any register or
      with any filing or registration authority and in giving written notice to
      any person of any of the Transaction Security.

	 	 	 
	18.7 	
      Consultation

	 	 	 
		
      The Security Agent shall, so far as practicable in the
      circumstances, consult with the Senior Agent and RPM:

	 	 	 
		(a) 	
      before taking any formal steps to exercise any remedy
      against any member of the Borrower Group or taking other Enforcement
      Action; and

	 	 	 
		(b) 	
      generally with regard to significant matters affecting
      the rights of the Parties as regulated by this Agreement,

	 	 	 
		
      but nothing in this clause 18.7 or elsewhere in this
      Agreement will, as a result of any failure to consult, invalidate or
      otherwise affect any action or step taken without any such
      consultation.

	 	 	 
	18.8 	
      Ranking overseas

	 	 	 
		
      Each Party undertakes to use all reasonable endeavours to
      ensure that the provisions of this Agreement as to the relative ranking of
      priorities and subordination as between the Parties shall be given effect
      to in all relevant jurisdictions.

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	18.9 	
      Obligors’ Agent

	 	 
		
      Each Obligor acknowledges the appointment of the Borrower
      as Obligors' Agent pursuant to clause 2.3 (Obligors' Agent) of the
      Senior Facilities Agreement and the terms of that clause are incorporated
      in this Agreement mutatis mutandis.

	 	 
	18.10 	
      Holding Companies

	 	(a) 	
      The Borrower shall not (and the Shareholders shall
      procure that the Borrower shall not) trade, carry on any business, own any
      assets or incur any liabilities except for:

	 	 	 	 
	 		(i) 	
      the provision of administrative services (excluding
      treasury services) to members of the Holdco Group of a type customarily
      provided by a holding company to its Subsidiaries;

	 	 	 	 
	 		(ii) 	
      ownership of shares in its direct Subsidiaries,
      intra-Group debit balances, intra- Group credit balances and other credit
      balances in bank accounts, cash and Cash Equivalent Investments but only
      if those shares, credit balances, cash and Cash Equivalent Investments are
      subject to the Transaction Security (in form and substance satisfactory to
      the Security Agent); and

	 	 	 	 
	 		(iii) 	
      any liabilities under the Transaction Documents to which
      it is a party and professional fees and administration costs in the
      ordinary course of business as a holding company.

	 	 	 	 
	 	(b) 	
      Holdco shall not (and RPM, the Borrower, and the
      Shareholders shall procure that Holdco shall not) trade, carry on any
      business, own any assets or incur any liabilities except for:

	 	 	 	 
	 		(i) 	
      the provision of administrative services (excluding
      treasury services) to other members of the Holdco Group of a type
      customarily provided by a holding company to its Subsidiaries;

	 	 	 	 
	 		(ii) 	
      ownership of shares in its direct Subsidiaries,
      intra-Group debit balances, intra- Group credit balances and other credit
      balances in bank accounts, cash and Cash Equivalent Investments but only
      if those shares (other than shares in the capital of each Project
      Company), credit balances, cash and Cash Equivalent Investments are
      subject to the Transaction Security (in form and substance satisfactory to
      the Security Agent); and

	 	 	 	 
	 		(iii) 	
      any liabilities under the Transaction Documents to which
      it is a party and professional fees and administration costs in the
      ordinary course of business as a holding
company.

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18.11 		
Assumption of direct obligations

	
	 	 	 	 
		
As between (a) the Senior Finance Parties and (b) Holdco and Opco, if and to the extent that Holdco or Opco is the subject of an undertaking by the Borrower or another Obligor to procure that it complies with an undertaking or
obligation under the Senior Facilities Agreement (arising, for example, in its capacity as a member of the Borrower Group, a Subsidiary or an Affiliate of the Borrower or that other Obligor), each of Holdco and Opco undertakes to ensure that it will
comply with that undertaking or other obligation as if that undertaking or other obligation had applied to it directly as a primary obligation under this Agreement mutatis mutandis.

	
	 	 	 	 
	
18.12 		
Proceeds Accounts

	
	 	 	 	 
		
(a) 		
RPM (in its capacity as shareholder of Holdco and insofar as it is possible for it to so procure, having regard to its rights as shareholder contained, inter alia, in the Holdco Shareholders Agreement) and each Obligor,
shall procure that all proceeds from:

	
	 	 	 	 
			
(i) 		
any utilisation of or advance under the Opco Funding Loan Agreement or Opco Shareholder Loan Agreement (as the case may be);

	
	 	 	 	 
			
(ii) 		
any payment due under the Sale of Concentrate Agreement;

	
	 	 	 	 
			
(iii) 		
any payment made or to be made by RPM or the Parent (as the case may be) to Opco pursuant to clause 18.13(a) (Operating expenses taxes etc) or clause 18.14 (RPM Cure Rights); and

	
	 	 	 	 
			
(iv) 		
any payment made to Opco in accordance with the terms of any other Transaction Document,

	
	 	 	 	 
			
is paid directly into the Opco Business Account.

	
	 	 	 	 
		
(b) 		
RPM (in its capacity as shareholder of Holdco and insofar as it is possible for it to so procure, having regard to its rights as shareholder contained, inter alia, in the Holdco Shareholders Agreement) and each Obligor,
shall procure that all proceeds from:

	
	 	 	 	 
			
(i) 		
any utilisation of or advance under the Holdco Funding Loan Agreements;

	
	 	 	 	 
			
(ii) 		
any repayment of principal or interest under the Opco Funding Loan Agreement;

	
	 	 	 	 
			
(iii) 		
any dividends or redemption amounts paid under the Holdco Opco A Preference Share Subscription Agreement;

	
	 	 	 	 
			
(iv) 		
any payment due to Holdco under the Umbrella Services Agreement and/or the Service(s) Agreements;

	

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	 	(v) 	
      any payment made or to be made by RPM or the Parent (as
      the case may be) to Holdco pursuant to clause 18.13(b) (Operating
      expenses taxes etc); and

	 	 	 
	 	(vi) 	
      any payment made to Holdco in accordance with the terms
      of any other Transaction Document,

	 		
      is paid directly into the Holdco Business
  Account.

	 	 	 	 
	 	(c) 	
      Each Obligor shall procure that all proceeds from any
      payment made or to be made by the Parent to the Borrower pursuant to
      clause 18.13(a) (Operating expenses taxes etc) or by RPM to the
      Borrower under the RPM Standby Facility Agreement or the RPM Operating
      Cash Flow Shortfall Facility Agreement (including any advance thereunder)
      is paid directly into the Borrower Proceeds Account.

	 	 	 	 
	 	(d) 	
      RPM (in its capacity as shareholder of Holdco and insofar
      as it is possible for it to so procure, having regard to its rights as
      shareholder contained, inter alia, in the Holdco Shareholders
      Agreement) and each Obligor shall procure that:

	 	 	 	 
	 		(i) 	
      the balance standing to the credit of the Opco Business
      Account shall be applied for the purposes, and in the order of priority,
      set out in this Agreement; and

	 	 	 	 
	 		(ii) 	
      the balance standing to the credit of the Holdco Business
      Account shall be applied for the purposes, and in the order of priority,
      set out in this Agreement.

	 	 	 	 
	 	(e) 	
      Each Obligor shall procure that the balance standing to
      the credit of the Borrower Proceeds Account shall be applied for the
      purposes, and in the order of priority, set out in this
  Agreement.

	18.13 	
      Operating expenses, taxes etc

	 	 	 	 
		(a) 	
      In circumstances where there is an Operating Cash
      Shortfall and the Borrower is entitled to utilise the RPM Operating Cash
      Shortfall Facility Agreement, the Borrower and RPM shall advance
      shareholder loans to Holdco to fund Operating Cash Shortfalls at Lebowa
      which may arise during the RPM Operating Cash Flow Shortfall Facility
      Availability Period in proportion to their respective shareholding in
      Holdco up to an aggregate amount equal to ZAR1,470,588,235 and in this
      regard the Borrower and RPM shall, promptly upon the request of the Senior
      Agent:

	 	 	 	 
			(i) 	
      in relation to the Borrower, make a drawdown under the
      RPM Operating Cash Flow Shortfall Facility Agreement (which may include
      instructing RPM to pay the utilisation proceeds of the drawdown directly
      to Opco) and advance this amount to Holdco;
and

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	 	(ii) 	
      in relation to RPM advance its corresponding proportion
      of the total funding requirement to Holdco or directly to Opco in
      accordance with the RPM Funding Loan
Agreement.

	 	(b) 	
      Holdco undertakes in favour of RPM and the Senior Finance
      Parties to advance all proceeds received by it from RPM and the Borrower
      under the Holdco Funding Loan Agreements as contemplated in (a) above, to
      Opco under the Opco Funding Loan Agreement and Opco undertakes to utilise
      such funds in order to meet the operating expenditure and/or capital
      expenditure (including stay in business capital expenditure) arising at
      Lebowa and in respect of which the Operating Cash Shortfall
  arises.

	18.14 	
      RPM Cure Rights

" "

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	 	(c) 	
      " "

	 	  	
      

	 	(d) 	
      " "

	 	  	
       

	 	(e) 	
      " "

	 	  	
      

	 	(f) 	
      " "

	18.15 	
      RPM undertaking relating to
  Disposals

	 	(a) 	
      RPM undertakes in favour of the Senior Finance Parties
      that it shall not, other than in the ordinary course of business (which
      ordinary business shall include any empowerment transactions concluded or
      to be concluded in order to ensure compliance with the MPRD Act), sell,
      lease, rent, transfer or otherwise voluntarily dispose of by one or more
      transactions or a series of transactions (whether related or not), the
      whole or the majority of its revenues or assets, other than any disposal
      which in the reasonable opinion of the Majority Lenders (communicated on
      their behalf by the Senior Agent) would not materially affect the ability
      of RPM to perform its funding obligations under the RPM Finance
      Documents.

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	 	(b) 	
      Should RPM conclude a transaction contrary to the
      provisions of paragraph (a) above, the only remedy of the Senior Finance
      Parties shall be for the Senior Agent to request (in which case RPM shall
      be obliged to provide), Security to the satisfaction of the Senior Finance
      Parties in order to ensure that RPM’s funding obligations under the RPM
      Operating Cash Flow Shortfall Facility Agreement and the RPM Funding Loan
      Agreement will be met.

	18.16 	
      Certifications

	 	 
		
      Not later than 10 (ten) Business Days prior to any
      Payment Date, the Borrower shall provide to the Senior Agent and RPM a
      certificate in a form reasonably acceptable to the Senior Agent and RPM,
      setting out the proposed application of proceeds through the Cash
      Waterfalls scheduled to occur on the relevant Payment Date and the
      allocation of all such proceeds and each other Party will co-operate in
      providing such information reasonably requested by the Borrower in
      connection with such certification.

	 	 
	18.17 	
      Mine Plan and Base Case Model

	 	 
		
      RPM (in its capacity as shareholder of Holdco and insofar
      as it is possible for it to procure, having regard to its rights as
      shareholder contained, inter alia, in the Holdco Shareholders Agreement)
      undertakes in favour of the Senior Finance Parties to vote in favour of
      changes required to the Applicable Mine Plan (or update thereof) in order
      to ensure that the Applicable Mine Plan (or update thereof) is in a form
      reasonably acceptable to the Senior Agent and incorporates the information
      required as set out in clause 25.5 (Mine Plan and Base Case Model)
      of the Senior Facilities Agreement.

	 	 
	18.18 	
      B Preference Share Documents

	 	 
		
      RPM agrees and undertakes in favour of the Senior Finance
      Parties that until the Senior Discharge Date it shall not (x) materially
      amend (such as amending the terms to provide for redemption of the shares
      as opposed to conversion) any of the B Preference Share Documents, save
      for any amendments made pursuant to a share adjustment event relating to
      the Parent and which relate to protecting the position of RPM under the B
      Preference Share Documents or (y) cede, assign or otherwise transfer its
      rights for obligations under the B Preference Share Documents or any of
      them.

	 	 
	18.19 	
      Payment Dates

	 	 
		
      The Parties agree that if deemed necessary in order to
      ensure a flow of funds through the Cash Waterfalls in order to allow the
      Borrower to meet any payment obligation towards the Senior Finance Parties
      or RPM on the relevant scheduled Payment Date under the relevant Finance
      Documents, Opco shall be entitled to make Permitted Payments to Holdco 1
      (One) Business Day prior to the actual scheduled Payment Date for such
      payments and Holdco shall also be

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entitled to make Permitted Payments to
  the Borrower 1 (One) Business Day prior to the actual scheduled Payment Date
  for such payments. 

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SECTION 5: FINANCE PARTIES 

	19. 	
      ATTORNEY

	 	 	 
	19.1 	
      Security Agent

	 	 	 
		
      RPM, each Subordinated Party and each Obligor irrevocably
      and by way of security appoints the Security Agent as its attorney (with
      full power of substitution and delegation) in its name and on its behalf
      to do anything which it has authorised the Security Agent to do under this
      Agreement and/or is obliged to do under this Agreement but has failed to
      do after receiving reasonable notice from the Security Agent provided that
      no such notice is required if, in the reasonable opinion of the Security
      Agent, prompt or immediate action is required or desirable to exercise
      such power.

	 	 	 
	19.2 	
      Ratification

	 	 	 
		
      RPM, each Subordinated Party and each Obligor ratifies
      and confirms and agrees to ratify and confirm whatever any such attorney
      shall do in the proper exercise or purported exercise of the power of
      attorney granted by it in this clause 19.

	 	 	 
	20. 	
      SECURITY AGENT

	 	 	 
	20.1 	
      Appointment of the Security Agent

	 	 	 
		(a) 	
      Each other Secured Party appoints the Security Agent to
      act as security agent under and in connection with the Finance Documents,
      the Transaction Security and this Agreement in relation to any
      Security.

	 	 	 
		(b) 	
      Each other Secured Party authorises the Security Agent to
      exercise the rights, powers, authorities and discretions specifically
      given to it under or in connection with the Finance Documents, the
      Transaction Security and this Agreement together with any other incidental
      rights, powers, authorities and discretions.

	 	 	 
	20.2 	
      Duties of the Security Agent

	 	 	 
		(a) 	
      Each relevant Secured Party shall promptly send to the
      Security Agent such certification as the Security Agent may reasonably
      require pursuant to clause 23.4 (Basis of distribution).

	 	 	 
		(b) 	
      The duties of the Security Agent under the Finance
      Documents, the Transaction Security and this Agreement are solely
      mechanical and administrative in nature.

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20.3 		
Role of the Security Agent

	
	 	 	 	 
		
The Security Agent shall not be an agent or trustee of any Secured Party (save in each case as expressly provided in any Finance Document) or any Obligor or any other person under or in connection with any Finance Document, the
Transaction Security or this Agreement.

	
	 	 	 	 
	
20.4 		
No fiduciary duties

	
	 	 	 	 
		
(a) 		
Nothing in this Agreement constitutes the Security Agent as an agent, trustee or fiduciary of any other person.

	
	 	 	 	 
		
(b) 		
The Security Agent (in its capacity as such) shall not be bound to account to any Secured Party for any sum or the profit element of any sum contracted to be received by it in terms of the Finance Documents for its own account.

	
	 	 	 	 
	
20.5 		
Business with the Group

	
	 	 	 	 
		
The Security Agent may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Borrower Group or any other person.

	
	 	 	 	 
	
20.6 		
Rights and discretions of the Security Agent

	
	 	 	 	 
		
(a) 		
The Security Agent may rely on:

	
	 	 	 	 
			
(i) 		
any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and

	
	 	 	 	 
			
(ii) 		
any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

	
	 	 	 	 
		
(b) 		
The Security Agent may assume (unless it has received notice to the contrary in its capacity as security agent or Security Agent for the Secured Parties) that:

	
	 	 	 	 
			
(i) 		
no default, event of default or potential event of default, however described, has occurred under a Finance Document;

	
	 	 	 	 
			
(ii) 		
any right, power, authority or discretion vested in any Party or any group of Creditors or RPM or the Senior Finance Parties has not been exercised; and

	
	 	 	 	 
			
(iii) 		
any notice or request made by the Borrower is made on behalf of and with the consent and knowledge of all the Obligors.

	
	 	 	 	 
		
(c) 		
The Security Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts.

	

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	 	(d) 	
      The Security Agent may act in relation to the Finance
      Documents, the Transaction Documents, the Transaction Security and this
      Agreement through its personnel and agents.

	 	 	 
	 	(e) 	
      The Security Agent may disclose to any other Party any
      information it reasonably believes it has received as security agent under
      this Agreement and/or the Finance Documents.

	 	 	 
	 	(f) 	
      Notwithstanding any other provision of any Finance
      Document, the Transaction Security or this Agreement to the contrary, the
      Security Agent is not obliged to do or omit to do anything if it would or
      might in its reasonable opinion constitute a breach of any law or
      regulation, or a breach of a fiduciary duty or duty of
    confidentiality.

	20.7 	
      Responsibility for documentation

	 	 	 	 
		
      The Security Agent is not responsible for:

	 	 	 	 
		(a) 	
      the adequacy, accuracy and/or completeness of any
      information (whether oral or written) supplied by the Senior Agent, any
      other Senior Finance Party, RPM, any Subordinated Party, any Obligor or
      any other person given in or in connection with any Finance Document, the
      Subordinated Documents, this Agreement, the Information Memorandum or any
      part of the Information Package;

	 	 	 	 
		(b) 	
      the legality, validity, effectiveness, adequacy or
      enforceability of any Finance Document, any Subordinated Document,
      Transaction Security, Transaction Document or this Agreement or any other
      agreement, arrangement or document entered into, made or executed in
      anticipation of or in connection with any Finance Document, any
      Subordinated Document, Transaction Security, Transaction Document or this
      Agreement;

	 	 	 	 
		(c) 	
      (without prejudice to the following provisions) any
      failure or omission to perfect, or defect in perfecting, the Transaction
      Security, including:

	 	 	 	 
			(i) 	
      failure to obtain any Authorisation for the execution,
      validity, enforceability or admissibility in evidence of any Transaction
      Security Document; or

	 	 	 	 
			(ii) 	
      failure to effect or procure registration of or otherwise
      protect or perfect any of the Transaction Security under any laws in any
      territory;

	 	 	 	 
		(d) 	
      ascertaining whether all agreements and documents which
      should have been deposited with it (or the Senior Agent) under or pursuant
      to any of the Transaction Security Documents have been so
  deposited;

	 	 	 	 
		(e) 	
      investigating or making any enquiry into the title of any
      Security Provider to any of the Transaction
Security;

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	 	(f) 	
      the failure to register any of the Transaction Security
      Documents in any relevant jurisdiction;

	 	 	 
	 	(g) 	
      the failure to register any of the Transaction Security
      Documents in accordance with the provisions of the documents of title of
      any Security Provider to any of the Transaction Security;

	 	 	 
	 	(h) 	
      the failure to take or require the Borrower or any other
      Obligor to take any steps to render any of the Transaction Security
      Documents effective as regards property or assets or to secure the
      creation of any ancillary security under the laws of the jurisdiction
      concerned;

	 	 	 
	 	(i) 	
      (save as otherwise provided in this clause 20.7) taking
      or omitting to take any other action under or in relation to the
      Transaction Security Documents; or

	 	 	 
	 	(j) 	
      the failure of any other Senior Finance Party, RPM or any
      Shareholder or other Obligor (as applicable) to perform or discharge any
      of its duties or obligations under the relevant Finance Documents or
      Subordinated Documents.

	20.8 	
      Exclusion of liability

	 	 	 
		(a) 	
      Without limiting clause 20.8(b), the Security Agent will
      not be liable for any action taken by it under or in connection with any
      Finance Document, any Transaction Document, the Transaction Security or
      this Agreement, unless directly caused by its gross negligence, wilful
      misconduct or fraud.

	 	 	 
		(b) 	
      No Party (other than the Security Agent) may take any
      proceedings against any officer, employee or agent of the Security Agent
      in respect of any claim it might have against the Security Agent or in
      respect of any act or omission of any kind by that officer, employee or
      agent in relation to any Finance Document, any Transaction Document, the
      Transaction Security or this Agreement and any officer, employee or agent
      of the Security Agent may rely on this clause 20.8 as a stipulation for
      its benefit (stipulatio alteri) open for acceptance by it at any
      time and in any manner permitted by law.

	 	 	 
		(c) 	
      The Security Agent will not be liable for any delay (or
      any related consequences) in crediting an account with an amount required
      under the Finance Documents or this Agreement to be paid by it if it has
      taken all necessary steps as soon as reasonably practicable to comply with
      the regulations or operating procedures of any recognised clearing or
      settlement system used by it for that purpose.

	 	 	 
	20.9 	
      Indemnities to the Security Agent

	 	 	 
		
      Each Creditor shall (in the proportion to its share of
      the Senior Liabilities or RPM Finance Liabilities (as applicable) then
      outstanding to all the Senior Liabilities and RPM
Finance

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      Liabilities (as applicable) then outstanding) indemnify
      the Security Agent, within three Business Days of demand, against any
      cost, loss or liability incurred and properly evidenced by the Security
      Agent (otherwise than by reason of its gross negligence, wilful misconduct
      or fraud) in acting as Security Agent under the Finance Documents, the
      Transaction Documents, the Transaction Security or this Agreement (unless
      it has been reimbursed by an Obligor pursuant to a Finance Document,
      Transaction Document, the Transaction Security (as relevant) or this
      Agreement).

	 	 
	20.10 	
      Resignation of the Security
Agent

	 	(a) 	
      The Security Agent may resign and appoint one of its
      Affiliates as successor by giving notice to the Senior Agent, the
      Borrower, RPM and each of the Secured Parties.

	 	 	 
	 	(b) 	
      Alternatively, the Security Agent may resign by giving
      notice to the Senior Agent, the Borrower, RPM and each of the Secured
      Parties, in which case the Instructing Creditor may appoint a successor
      Security Agent, provided that the Instructing Creditor shall, where
      reasonably practicable, consult with RPM on the appointment of the
      successor Security Agent.

	 	 	 
	 	(c) 	
      If the Instructing Creditor has not appointed a successor
      Security Agent in accordance with clause 20.10(b) within 30 days after
      notice of resignation has been given, the Security Agent (after
      consultation with the Senior Agent, the Borrower and RPM) may appoint a
      successor Security Agent.

	 	 	 
	 	(d) 	
      The retiring Security Agent shall make available to its
      successor such documents and records and provide such assistance as its
      successor may reasonably request for the purposes of performing its
      functions as Security Agent under the Finance Documents, the Transaction
      Security and this Agreement.

	 	 	 
	 	(e) 	
      The resignation notice of the Security Agent shall only
      take effect upon the appointment of a successor.

	 	 	 
	 	(f) 	
      Upon the appointment of a successor, the retiring
      Security Agent (in its capacity as such) shall be discharged from any
      further obligation in respect of the Finance Documents, the Transaction
      Documents, the Transaction Security and this Agreement, but shall remain
      entitled to the benefit of this clause 20.10. Its successor and each of
      the other Parties shall have the same rights and obligations amongst
      themselves as they would have had if such successor had been an original
      Party.

	 	 	 
	 	(g) 	
      After consultation with the Borrower, the Instructing
      Creditor may, by notice to the Security Agent, require it to resign in
      accordance with clause 20.10(b). In this event, the Security Agent shall
      resign in accordance with clauses 20.10(b) and
(e).

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	 	(h) 	
      At any time after the appointment of a successor, the
      retiring Security Agent shall do and execute all acts, deeds and documents
      reasonably required by its successor to transfer to it (or its nominee, as
      it may direct) any property, assets and rights previously vested in the
      retiring Security Agent pursuant to the Transaction Security Documents and
      which shall not have vested in its successor by operation of law. All such
      acts, deeds and documents shall be done or, as the case may be, executed
      at the cost of the retiring Security Agent.

	20.11 	
      Confidentiality

	 	 	 
		(a) 	
      The Security Agent (in acting as security agent for the
      Secured Parties) shall be regarded as acting through its respective
      security agency division which shall be treated as a separate entity from
      any other of its divisions or departments.

	 	 	 
		(b) 	
      If information is received by another division or
      department of the Security Agent, it may be treated as confidential to
      that division or department and the Security Agent shall not be deemed to
      have notice of it.

	 	 	 
		(c) 	
      Notwithstanding any other provision of any Finance
      Document or other Transaction Document to the contrary, the Security Agent
      is not obliged to disclose to any other person (i) any confidential
      information or (ii) any other information if the disclosure would or might
      in its reasonable opinion constitute a breach of any law or a breach of a
      fiduciary duty.

	 	 	 
	20.12 	
      Credit appraisal by the Secured Parties

	 	 	 
		
      Without affecting the responsibility of any Obligor or
      other person for information supplied by it or on its behalf in connection
      with any Finance Document, any Transaction Document, the Transaction
      Security or this Agreement, each Secured Party confirms to the Security
      Agent that it has been, and will continue to be, solely responsible for
      making its own independent appraisal and investigation of all risks
      arising under or in connection with any Finance Document, any Transaction
      Document, the Transaction Security or this Agreement including but not
      limited to:

	 	 	 
		(a) 	
      the financial condition, status and nature of each member
      of the Borrower Group;

	 	 	 
		(b) 	
      the legality, validity, effectiveness, adequacy or
      enforceability of any Finance Document, any Transaction Document, the
      Transaction Security or any other agreement, Security, arrangement or
      document entered into, made or executed in anticipation of, under or in
      connection with any Finance Document, any Transaction Document, the
      Transaction Security or this Agreement;

	 	 	 
		(c) 	
      whether that Secured Party has recourse, and the nature
      and extent of that recourse, against any Party or any of its respective
      assets under or in connection with any Finance Document, any Transaction
      Document, the Transaction Security or this Agreement,
the

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      transactions contemplated by the Finance Documents, the
      Transaction Documents, the Transaction Security or this Agreement or any
      other agreement, Security, arrangement or document entered into, made or
      executed in anticipation of, under or in connection with any Finance
      Document, any Transaction Document, the Transaction Security or this
      Agreement;

	 	 	 
	 	(d) 	
      the adequacy, accuracy and/or completeness of the
      Information Memorandum, the Information Package and any other information
      provided by the Security Agent, any Party or by any other person under or
      in connection with any Finance Document, any Transaction Document, the
      Transaction Security or this Agreement, the transactions contemplated by
      the Finance Documents, the Transaction Documents, the Transaction Security
      or this Agreement or any other agreement, Security, arrangement or
      document entered into, made or executed in anticipation of, under or in
      connection with any Finance Document, the Transaction Documents, the
      Transaction Security or this Agreement; and

	 	 	 
	 	(e) 	
      the right or title of any person in or to, or the value
      or sufficiency of any part of the Secured Assets, the priority of any of
      the Transaction Security or the existence of any Security affecting the
      Secured Assets .

	20.13 	
      Deduction from amounts payable by the Security
      Agent

	 	 
		
      If any Party owes an amount to the Security Agent (in its
      capacity as such) under the Finance Documents, the Transaction Documents,
      the Transaction Security or this Agreement, the Security Agent may, after
      giving notice to that Party, deduct an amount not exceeding that amount
      from any payment to that Party which the Security Agent would otherwise be
      obliged to make under the Finance Documents, the Transaction Documents,
      the Transaction Security or this Agreement and apply the amount deducted
      in or towards satisfaction of the amount owed. For the purposes of the
      Finance Documents, the Transaction Documents, the Transaction Security or
      this Agreement, that Party shall be regarded as having received any amount
      so deducted.

	 	 
	20.14 	
      Common parties

	 	 
		
      Notwithstanding that the Senior Agent and the Security
      Agent may from time to time be the same entity, the Senior Agent and the
      Security Agent have entered into the Finance Documents (to which they are
      party) in their separate capacities as agent for the Senior Finance
      Parties or (as appropriate) Security Agent for the Secured Parties
      provided that, where any Finance Document provides for the Senior Agent or
      Security Agent to communicate with or provide instructions to the other,
      while the two parties in question are the same entity, it will not be
      necessary for there to be any such formal communication or instructions
      notwithstanding that the Finance Documents provide in certain cases for
      the same to be in writing.

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20.15 		
Indemnity to the Security Agent

	
	 	 	 
		
The Borrower shall promptly indemnify the Security Agent against any cost, loss or liability incurred and properly evidenced by the Security Agent (acting reasonably and not caused by the Security Agent’s gross negligence,
wilful misconduct or fraud) as a result of:

	
	 	 	 
		
(a) 		
investigating any event which it reasonably believes is a default, an event of default or potential event of default, however described; or

	
	 	 	 
		
(b) 		
acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised by N2C Resources, RPM, the Borrower, any Shareholder or any other Obligor (or their
respective officers, agent or employees).

	
	 	 	 
	
20.16 		
Security Agent expenses

	
	 	 	 
		
The Borrower shall within 3 Business Days of demand pay the Security Agent the amount of all reasonable costs and expenses (including legal fees) incurred (and properly evidenced) by it in connection with the administration or
release of any Security created pursuant to any Transaction Security Document.

	
	 	 	 
	
21. 		
Security SPVs

	
	 	 	 
	
21.1 		
No fiduciary duties

	
	 	 	 
		
Nothing in this Agreement constitutes a Security SPV as an agent, trustee or fiduciary of any other person.

	
	 	 	 
	
21.2 		
Rights and discretions of a Security SPV

	
	 	 	 
		
Notwithstanding any other provision of any Finance Document, any Transaction Document, the Transaction Security or this Agreement to the contrary, a Security SPV is not obliged to do or omit to do anything if it would or might in
its reasonable opinion constitute a breach of any law or regulation, or a breach of a fiduciary duty or duty of confidentiality.

	
	 	 	 
	
21.3 		
Responsibility for documentation

	
	 	 	 
		
A Security SPV is not responsible for:

	
	 	 	 
		
(a) 		
the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Security Agent, the Senior Agent any other Senior Finance Party, RPM any Obligor or any other person given in or in connection
with any Finance Document, any Transaction Document, this Agreement and the Information Memorandum or any part of the Information Package;

	

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	 	(b) 	
      the legality, validity, effectiveness, adequacy or
      enforceability of any Finance Document, Transaction Security, Transaction
      Document or this Agreement or any other agreement, arrangement or document
      entered into, made or executed in anticipation of or in connection with
      any Finance Document, Transaction Security, Transaction Document or this
      Agreement;

	 	 	 	 
	 	(c) 	
      (without prejudice to the following provisions) any
      failure or omission to perfect, or defect in perfecting, the Transaction
      Security, including:

	 	 	 	 
	 		(i) 	
      failure to obtain any Authorisation for the execution,
      validity, enforceability or admissibility in evidence of any Transaction
      Security Document; or

	 	 	 	 
	 		(ii) 	
      failure to effect or procure registration of or otherwise
      protect or perfect any of the Transaction Security under any laws in any
      territory;

	 	 	 	 
	 	(d) 	
      ascertaining whether all deeds and documents which should
      have been deposited with it under or pursuant to any of the Transaction
      Security Documents have been so deposited;

	 	 	 	 
	 	(e) 	
      investigating or making any enquiry into the title of any
      Obligor to any of the Transaction Security;

	 	 	 	 
	 	(f) 	
      the failure to register any of the Transaction Security
      Documents in any relevant jurisdiction;

	 	 	 	 
	 	(g) 	
      the failure to register any of the Transaction Security
      Documents in accordance with the provisions of the documents of title of
      any Obligor to any of the Transaction Security;

	 	 	 	 
	 	(h) 	
      the failure to take or require the Borrower or any other
      Obligor to take any steps to render any of the Transaction Security
      Documents effective as regards property or assets (including property and
      assets in South Africa) or to secure the creation of any ancillary charge
      under the laws of the jurisdiction concerned;

	 	 	 	 
	 	(i) 	
      (save as otherwise provided in this clause 21.3) taking
      or omitting to take any other action under or in relation to the
      Transaction Security Documents; or

	 	 	 	 
	 	(j) 	
      the failure of any other Senior Finance Party, RPM or any
      Obligor to perform or discharge any of its duties or obligations under the
      relevant Finance Documents.

	21.4 	
      Exclusion of liability

	 	 	 
		(a) 	
      Without limiting clause 21.4(b), a Security SPV will not
      be liable for any action taken by it under or in connection with any
      Finance Document, any Transaction Document, the Transaction Security or
      this Agreement, unless directly caused by its gross negligence, wilful
      misconduct or fraud.

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	 	(b) 	
      No Party (other than a Security SPV) may take any
      proceedings against any officer, employee or agent of the relevant
      Security SPV in respect of any claim it might have against the relevant
      Security SPV or in respect of any act or omission of any kind by that
      officer, employee or agent in relation to any Finance Document, any
      Transaction Document, the Transaction Security or this Agreement and any
      officer, employee or agent of the relevant Security SPV may rely on this
      clause 21.4(b) as a stipulation for its benefit (stipulatio alteri) open
      for acceptance by it at any time and in any manner permitted by
  law.

	 	 	 
	 	(c) 	
      A Security SPV will not be liable for any delay (or any
      related consequences) in crediting an account with an amount required
      under the Finance Documents or this Agreement to be paid by it if it has
      taken all necessary steps as soon as reasonably practicable to comply with
      the regulations or operating procedures of any recognised clearing or
      settlement system used by it for that purpose.

	 	 	 
	 	(d) 	
      Nothing in this Agreement shall oblige a Security SPV to
      carry out any “know your customer” or other checks in relation to any
      person on behalf of any Secured Party and each Secured Party confirms to
      each Security SPV 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 a Security
SPV.

	21.5 	
      Indemnities to the Security SPV’s

	 	 
		
      Each Creditor shall (in the proportion to its share of
      the Senior Liabilities or RPM Finance Liabilities (as applicable) then
      outstanding to all the Senior Liabilities and RPM Finance Liabilities (as
      applicable) then outstanding) indemnify each Security SPV, within three
      Business Days of demand, against any cost, loss or liability incurred and
      properly evidenced by the Security SPV (otherwise than by reason of its
      gross negligence, wilful misconduct or fraud) in acting as Security SPV
      under the Finance Documents, the Transaction Documents, the Transaction
      Security or this Agreement (unless it has been reimbursed by an Obligor
      pursuant to any Finance Document, any Transaction Document, the
      Transaction Security (as relevant) or this Agreement).

	 	 
	21.6 	
      Confidentiality

	 	 
		
      Notwithstanding any other provision of any Finance
      Document to the contrary, a Security SPV is not obliged to disclose to any
      other person (i) any confidential information or (ii) any other
      information if the disclosure would or might in its reasonable opinion
      constitute a breach of any law or a breach of a fiduciary
  duty.

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21.7 		
Credit appraisal by the Secured Parties

	
	 	 	 
		
Without affecting the responsibility of any Obligor or other person for information supplied by it or on its behalf in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement,
each other Secured Party confirms to each Security SPV that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document,
any Transaction Document, the Transaction Security or this Agreement including but not limited to:

	
	 	 	 
		
(a) 		
the financial condition, status and nature of each member of the Borrower Group;

	
	 	 	 
		
(b) 		
the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, any Transaction Document, the Transaction Security or any other agreement, Security, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement;

	
	 	 	 
		
(c) 		
whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, any Transaction Document, the Transaction
Security or this Agreement, the transactions contemplated by the Finance Documents, any Transaction Document, the Transaction Security or this Agreement or any other agreement, Security, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement;

	
	 	 	 
		
(d) 		
the adequacy, accuracy and/or completeness of the Information Memorandum and any other information provided by the Security Agent, any Party or by any other person under or in connection with any Finance Document, any Transaction
Document, the Transaction Security or this Agreement, the transactions contemplated by the Finance Documents, any Transaction Document, the Transaction Security or this Agreement or any other agreement, Security, arrangement or document entered
into, made or executed in anticipation of, under or in connection with any Finance Document, any Transaction Document, the Transaction Security or this Agreement; and

	
	 	 	 
		
(e) 		
the right or title of any person in or to, or the value or sufficiency of any part of the Secured Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Secured Assets.

	

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21.8 		
Deduction from amounts payable by a Security SPV

	
	 	 	 
		
If any Party owes an amount to a Security SPV under the Finance Documents, any Transaction Document, the Transaction Security or this Agreement, that Security SPV may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which that Security SPV would otherwise be obliged to make under the Finance Documents, any Transaction Document, the Transaction Security or this Agreement and apply the amount deducted in or
towards satisfaction of the amount owed. For the purposes of the Finance Documents, the Transaction Documents, the Transaction Security or this Agreement, that Party shall be regarded as having received any amount so deducted.

	
	 	 	 
	
21.9 		
Security SPV expenses

	
	 	 	 
		
The Borrower shall, within 3 Business Days of demand, pay the relevant Security SPV the amount of all costs and expenses (including legal fees) reasonably incurred and properly evidenced by it in connection with the administration
or release of any Security created pursuant to any Transaction Security Document.

	
	 	 	 
	
22. 		
[Intentionally left blank]

	
	 	 	 
	
23. 		
SECURITY

	
	 	 	 
	
23.1 		
Definitions

	
	 	 	 
		
In this clause 23:

	
	 	 	 
		
“Security Property” means all right, title and interest in, to and under any Transaction Security Document, including:

	
	 	 	 
		
(a) 		
the assets over which Security is expressed to be created pursuant to any Transaction Security Document (the “Secured Assets”);

	
	 	 	 
		
(b) 		
the benefit of the undertakings in any Transaction Security Document; and

	
	 	 	 
		
(c) 		
all sums received or recovered by the Security Agent or either Security SPV pursuant to any Transaction Security Document and any assets representing the same.

	
	 	 	 
	
23.2 		
Retention of documents

	
	 	 	 
		
The Security Agent may hold title deeds and other documents relating to any of the Secured Assets in such manner as it sees fit (including allowing a Security SPV, the Instructing Creditor or any Obligor to retain them).

	

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23.3 		
Indemnity out of Security Property

	
	 	 	 	 
		
The Security Agent, and either Security SPV and every receiver, delegate, attorney, agent or other similar person appointed under any Transaction Security Document may indemnify itself out of the proceeds of realisation of the
Security Property against any cost, loss or liability incurred and properly evidenced by it in that capacity (otherwise than by reason of its own gross negligence, wilful misconduct or fraud).

	
	 	 	 	 
	
23.4 		
Basis of distribution

	
	 	 	 	 
		
(a) 		
To enable it to make any distribution, the Security Agent may fix a date as at which the amount of any Liabilities is to be calculated and may require, and rely on, a certificate from any Party giving details of:

	
	 	 	 	 
			
(i) 		
any sums due or owing to any Party as at that date; and

	
	 	 	 	 
			
(ii) 		
such other matters as it thinks fit.

	
	 	 	 	 
		
(b) 		
The Senior Finance Parties, N2C Resources, the Borrower, Holdco, Opco and RPM shall provide the Security Agent with such written information as it may reasonably require for the purposes of carrying out its duties and obligations
under the Transaction Security Documents and, where appropriate, with such necessary directions in writing so as to enable the Security Agent to make the calculations and applications contemplated by clause 12 (Application of proceeds) and to
apply amounts received under, and the proceeds of realisation of, the Transaction Security Documents as contemplated by the Transaction Security Documents and clause 12 (Application of proceeds).

	
	 	 	 	 
	
23.5 		
No duty to collect payments

	
	 	 	 	 
		
Except as otherwise stated in this Agreement, the Security Agent and each Security SPV shall not have any duty:

	
	 	 	 	 
		
(a) 		
to ensure that any payment or other financial benefit in respect of any of the Secured Assets or any Relevant Liabilities or any Controlled Liabilities is duly and punctually paid, received or collected; or

	
	 	 	 	 
		
(b) 		
to ensure the taking up of any (or any offer of any) stocks, shares, rights, moneys or other property accruing or offered at any time by way of interest, dividend, redemption, bonus, rights, preference, option, warrant or
otherwise in respect of any of the Secured Assets or any Relevant Liabilities or any Controlled Liabilities.

	

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23.6 		
Appropriation

	
	 	 	 	 
		
(a) 		
Each Party irrevocably waives any right to appropriate any payment to, or other sum received, recovered or held by, the Security Agent in or towards payment of any particular part of the Relevant Liabilities or Controlled
Liabilities (as the case may be) and agrees that the Security Agent shall have the exclusive right to do so.

	
	 	 	 	 
		
(b) 		
Clause 23.6(a) will override any application made or purported to be made by any other person.

	
	 	 	 	 
	
23.7 		
Investments

	
	 	 	 	 
		
All money received or held by the Security Agent or either Security SPV pursuant to this Agreement may, in the name of, or under the control of, the Security Agent:

	
	 	 	 	 
		
(a) 		
be invested in any investment of a non-speculative nature;

	
	 	 	 	 
		
(b) 		
be deposited at such bank or institution (including itself, any other Senior Finance Party or any Affiliate of any Senior Finance Party) as it thinks fit,

	
	 	 	 	 
			
and such monies received or held by the Security Agent or either Security SPV shall be treated as “trust property” for the purpose of the Financial Institutions (Protection of Funds) Act, 2001 on the basis that the
relevant Creditors who are entitled to such amounts are the principals in relation to such amounts.

	
	 	 	 	 
	
23.8 		
Suspense account

	
	 	 	 	 
		
Subject to clause 23.9 (Timing of distributions), the Security Agent may:

	
	 	 	 	 
		
(a) 		
hold in an interest bearing suspense account any moneys received by it from any Party; and

	
	 	 	 	 
		
(b) 		
invest an amount equal to the balance from time to time standing to the credit of that suspense account in any of the investments authorised by clause 23.7 (Investments).

	
	 	 	 	 
	
23.9 		
Timing of distributions

	
	 	 	 	 
		
Distributions by the Security Agent shall be made as and when determined by it.

	
	 	 	 	 
	
23.10 		
Delegation

	
	 	 	 	 
		
(a) 		
The Security Agent may:

	
	 	 	 	 
			
(i) 		
employ and pay an agent selected by it to transact or conduct any business and to do all acts required to be done by it (including the receipt and payment of money);

	

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	 	(ii) 	
      delegate to any person on any terms (including power to
      sub-delegate) all or any of its functions; and

	 	 	 
	 	(iii) 	
      with the prior consent of the Instructing Creditor,
      appoint, on such terms as it may determine, or remove, any person to act
      either as separate or joint security agent with those rights and
      obligations vested in the Security Agent by this Agreement or any
      Transaction Security Document.

	 	(b) 	
      The Security Agent will not be:

	 	 	 	 
	 		(i) 	
      responsible to anyone for any misconduct or omission by
      any agent, delegate or security agent appointed by it pursuant to clause
      23.10(a); or

	 	 	 	 
	 		(ii) 	
      bound to supervise the proceedings or acts of any such
      agent, delegate or security agent,

		
      provided that it exercises reasonable care in selecting
      that agent, delegate or security agent.

	 	 
	23.11 	
      Unwinding

	 	 
		
      Any appropriation or distribution which later transpires
      to have been or is agreed by the Security Agent to have been invalid or
      which has to be refunded shall be refunded and shall be deemed never to
      have been made.

	 	 
	23.12 	
      Party

	 	 
		
      The Security Agent and each Security SPV shall be
      entitled to assume that a Party is acting in a particular capacity stated
      in this Agreement or an Accession Agreement unless notified to the
      contrary.

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SECTION 6: CHANGES TO PARTIES 

	24. 	
      CHANGES TO PARTIES

	 	 	 
	24.1 	
      Assignment and transfers by Parties

	 	 	 
		
      No Party may cede, assign, delegate or transfer all or
      any part of its rights, benefits or obligations under this Agreement
      without the prior written consent of the Instructing Creditor (unless it
      is to a person who is a Permitted Transferee) and then in either case
      subject to compliance with the provisions of clause 24.2.

	 	 	 
	24.2 	
      Assignments and transfers by Parties

	 	 	 
		(a) 	
      A Party (in this capacity the “Transferor”) may
      (x) if the Instructing Creditor has given its prior written consent
      therefore or (y) in terms of a Permitted RPM Transfer or a transfer by a
      Senior Finance Party to a Permitted Transferee, cede, assign, delegate or
      transfer any of its rights and/or obligations under this Agreement to
      another person (a “Transferee”) to whom a Transferor is permitted
      to cede, assign, delegate or transfer rights, benefits and obligations
      under the applicable Transaction Documents.

	 	 	 
		(b) 	
      A cession, assignment, delegation or transfer will only
      be effective if the Security Agent executes an Accession Agreement duly
      completed and signed on behalf of the Transferee under which the
      Transferee agrees to be bound by all of the terms of this Agreement as if
      it had originally been party to this Agreement.

	 	 	 
		(c) 	
      Each Party (other than the Transferee) irrevocably
      authorises the Security Agent to execute on its behalf any Accession
      Agreement which has been duly completed and executed on behalf of the
      Transferee.

	 	 	 
	24.3 	
      Hedge Counterparties

	 	 	 
		
      No person entering into any Treasury Transaction with
      Opco in connection with protection against or benefit from fluctuation in
      any rate or price will be entitled to share in any Transaction Security or
      any guarantee or indemnity in any Finance Document in relation to those
      Treasury Transactions in respect of any of the Liabilities arising under
      or in any Finance Document in connection with that Treasury Transaction,
      or benefit from the representations, warranties or undertakings of any
      Party in connection therewith.

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24.4 		
Accession of Intra-Group Creditors

	
	 	 	 	 
		
(a) 		
The Parent will procure that any member of the Borrower Group or other person (a “New Obligor”) which grants any Security or guarantee in respect of, or otherwise becomes liable for, any Controlled Liabilities
after the date of this Agreement will promptly complete, sign and deliver to the Security Agent an Accession Agreement under which the New Obligor agrees to be bound by all of the terms of this Agreement as if it had originally been a party to this
Agreement as an Obligor.

	
	 	 	 	 
		
(b) 		
Each Party (other than the New Obligor) irrevocably authorises the Security Agent to execute on its behalf any Accession Agreement which has been duly completed and signed on behalf of that New Obligor.

	
	 	 	 	 
	
24.5 		
Senior Agent Acting for Senior Finance Parties

	
	 	 	 	 
		
(a) 		
The Parties acknowledge and agree that pursuant to the Senior Facilities Agreement and the Plateau Intercreditor Agreement, the Senior Agent is authorised by each Senior Finance Party amongst others, to:

	
	 	 	 	 
			
(i) 		
enter into this agreement as the Agent of the Senior Finance Parties under this Agreement;

	
	 	 	 	 
			
(ii) 		
to exercise the rights, powers, authorities and discretions specifically given to the Senior Finance Parties under or in connection with this Agreement together with any other incidental rights, powers, authorities and discretions
on behalf of the Senior Finance Parties.

	
	 	 	 	 
		
(b) 		
Accordingly it shall not be necessary for a Senior Finance Party which is not directly a Party to this Agreement to become a Party to this Agreement and all instructions to the Senior Agent relating to the exercise of the rights,
powers, authorities and discretions given to the Senior Agent or the other Senior Finance Parties in connection with this Agreement shall be given by the Senior Finance Parties under the Senior Facilities Agreement and the Plateau Intercreditor
Agreement, as applicable and the Senior Finance Parties shall be bound by the actions of the Senior Agent under this Agreement.

	
	 	 	 	 
	
24.6 		
Notification by Security Agent

	
	 	 	 	 
		
The Security Agent will promptly notify the Senior Agent, RPM and the Borrower of the receipt and execution by it of any Accession Agreement.

	
	 	 	 	 
	
24.7 		
Benefit of Agreement

	
	 	 	 	 
		
This Agreement will be binding upon, and ensure for the benefit of, each Party and its or any subsequent successors or assigns.

	

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SECTION 7: ADMINISTRATION 

	25. 	
      [Intentionally left blank.]

	 	 	 
	26. 	
      COSTS AND EXPENSES

	 	 	 
	26.1 	
      Indemnity

	 	 	 
		
      The Obligors will indemnify each of the Senior Finance
      Parties on demand from and against (a) any reasonable cost, loss or
      liability incurred and properly evidenced by each such Senior Finance
      Party (otherwise than by reason of its gross negligence, wilful misconduct
      or fraud) in connection with the negotiation, preparation, execution,
      amendment, release, performance and/or (b) subject to any binding court
      order to the contrary, any costs, loss or liability reasonably incurred by
      each such Senior Finance Party (otherwise than by reason of its gross
      negligence, wilful misconduct or fraud) in connection with the enforcement
      or attempted enforcement of, or preservation of any such parties rights'
      under, this Agreement, including any present or future stamp or other
      taxes or duties and any penalties or interest with respect thereto which
      may be imposed by any competent jurisdiction in connection with the
      execution or enforcement of this Agreement or in consequence of any
      payment being made under and in terms of this Agreement (whether made by
      an Obligor or a third person) being impeached or declared void for any
      reason whatsoever.

	 	 	 
	26.2 	
      Interest

	 	 	 
		
      Amounts payable under clause 26.1 (Indemnity)
      which are not paid on demand shall carry default interest at the default
      rate referred to in clause 14.3 (Default interest) of the Senior
      Facilities Agreement both before and after judgment, from the date of
      demand and shall form part of the applicable Relevant Liabilities. All
      such default interest shall be compounded monthly in arrears.

	 	 	 
	27. 	
      NOTICES

	 	 	 
	27.1 	
      Communication in Writing

	 	 	 
		
      Subject to clause 27.4 (Electronic communication),
      any communication to be made under or in connection with this Agreement
      shall be made in writing and, unless otherwise stated, may be made by fax
      or letter.

	 	 	 
	27.2 	
      Notices

	 	 	 
		(a) 	
      Each Party chooses the address set out opposite its name
      below as its address to which any written notice in connection with this
      Agreement may be addressed.

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	 	(i) 	
      Anooraq Resources Corporation

	 	 	 
	 		
      Plateau

	 		4 th Floor, 82 Grayston Drive
 Off
      Esterhysen Lane 
Sandton 
Telefax
      No.:           (011)
      883 0836
	 		Attention:      The Company
      Secretary
	 	 	 
	 		Hunter Dicksinson
	 		No. 1020, 800 West Street 
Vancouver, BC V6C 2V6
	 		Telefax
      No.:           +1
      604 684 8092 
Attention:      Mr. Ronald W.
      Thiessen
	 	 	 
	 	(ii) 	N1C Resources Inc.
	 	 	 
	 		Plateau
	 		4 th Floor, 82 Grayston Drive 
Off
      Esterhysen Lane 
Sandton 
Telefax
      No.:           
      (011) 883 0836
	 		Attention:      The Company
      Secretary
	 	 	 
	 		Hunter Dicksinson
	 		No. 1020, 800 West Street 
Vancouver, BC V6C 2V6
	 		Telefax
      No.:           +1
      604 684 8092 
Attention:      Mr. Ronald W.
      Thiessen
	 	 	 
	 	(iii) 	N2C Resources Inc.
	 	 	 
	 		Plateau
	 		4 th Floor, 82 Grayston Drive 
Off
      Esterhysen Lane 
Sandton 
Telefax
      No.:           (011)
      883 0836
	 		Attention:      The Company
      Secretary
	 	 	 
	 		Hunter Dicksinson
	 		No. 1020, 800 West Street 
Vancouver, BC V6C 2V6
	 		Telefax
      No.:           +1
      604 684 8092 
Attention:      Mr. Ronald W.
      Thiessen
	 	 	 
	 	(iv) 	Plateau Resources (Proprietary) Limited
	 	 	 
	 		4 th Floor, 82 Grayston Drive 
Off
      Esterhysen Lane 
Sandton 
Telefax
      No.:           (011)
      883 0836
	 		
      Attention:      The Company
      Secretary

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	 	(v) 	
      Richtrau No. 179 (Proprietary) Limited

	 	 	 
	 		
      C/o Plateau

	 		4 th Floor, 82 Grayston Drive 
Off
      Esterhysen Lane 
Sandton 
Telefax
      No.:           (011)
      883 0836
	 		
      Attention:        
      The Company Secretary

	 	 	 
	 	(vi) 	
      Richtrau No. 177 (Proprietary) Limited

	 	 	 
	 		
      C/o Plateau

	 		4 th Floor, 82 Grayston Drive
 Off
      Esterhysen Lane 
Sandton 
Telefax
      No.:           (011)
      883 0836
	 		
      Attention:        The
      Company Secretary

	 	 	 
	 	(vii) 	
      Micawber 634 (Proprietary) Limited

	 	 	 
	 		
      C/o GMG Trust Company (SA) (Proprietary)
      Limited

	 		5 th Floor, the Terraces
	 		25 Protea Road
	 		
      Claremont

	 		
      Telefax No.    086 649 2700
      
Attention:      Sally Clifton

	 	 	 
	 		
      With copy to:

	 	 	 
	 		
      Standard Chartered Bank (as Senior
Agent)

	 		5 th Floor, 1 Basinghall Avenue

      London, EC2V 5DD
	 		
      Attention:       
      Christopher Hurford and Aimee Flynn 
Telefax
      No.       0207 885 6460

	 	 	 
	 	(viii) 	
      Micawber 603 (Proprietary) Limited

	 	 	 
	 		
      C/o GMG Trust Company (SA) (Proprietary)
      Limited

	 		5 th Floor, the Terraces
	 		25 Protea Road
	 		
      Claremont

	 		
      Telefax No.   086 649 2700
      
Attention:     Sally Clifton

	 	 	 
	 		
      With copy to:

	 	 	 
	 		
      Standard Chartered Bank (as Senior
Agent)

	 		5 th Floor, 1 Basinghall Avenue
      
London, EC2V 5DD
	 		
      Attention:       
      Christopher Hurford and Aimee Flynn 
Telefax
      No.       0207 885
6460

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	 	(ix) 	
      Rustenburg Platinum Mines Limited

	 	 	 
	 		
      RPM

	 		
      No. 55 Marshall Street 
Marshalltown
      
Johannesburg

	 		
      Telefax
      No.:           (011)
      373 5111 
Attention:        The
      Company Secretary

	 	 	 
	 	(x) 	
      Standard Chartered Bank (as Senior
Agent)

	 	 	 
	 		5 th Floor, 1 Basinghall Avenue
	 		
      London, EC2V 5DD

	 		
      Attention:     Christopher Hurford
      and Aimee Flynn 
Telefax No.    0207 885
  6460

	 	 	 
	 	(xi) 	
      Standard Chartered Bank (as Security
  Agent)

	 	 	 
	 		5 th Floor, 1 Basinghall Avenue
	 		
      London, EC2V 5DD

	 		
      Attention:    Christopher Hurford and
      Aimee Flynn 
Telefax No.   0207 885 6460

	 	 	 
	 	(xii) 	
      The Pelawan Dividend Trust

	 	 	 
	 		4 th Floor, 82 Grayston Drive
 Off
      Esterhysen Lane 
Sandton
	 	 	 
	 		
      Telefax
      No.:           (011) 883
      0836 
Attention:         
       The Company Secretary

	 	(b) 	
      Any notice or communication required or permitted to be
      given in terms of this Agreement shall be valid and effective only if in
      writing but it shall be competent to give notice by telefax transmitted to
      its telefax number set out opposite its name above.

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

	 	 	 	 
	 	(d) 	
      Any notice given in terms of this Agreement
  shall:

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

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

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	 	(iii) 	
      if transmitted by facsimile be deemed to have been
      received by the addressee on the first Business Day after the date of
      transmission;

	 		
      unless the contrary is proved.

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

	27.3 	
      Domicilia

	 	 	 	 
		(a) 	
      Each of the Parties chooses its physical address set out
      opposite its name in clause 27.2(a) as its domicilium citandi et
      executandi at which documents in legal proceedings in connection with
      this Agreement may be served.

	 	 	 	 
		(b) 	
      Any Party may by written notice to the other Parties
      change its domicilium from time to time to another address, not
      being a post office box or a poste restante, in South Africa;
      provided that any such change shall only be effective on the fourteenth
      day after the receipt or deemed receipt of the notice by the other Parties
      pursuant to clause 27.2(d).

	 	 	 	 
	27.4 	
      Electronic communication

	 	 	 	 
		(a) 	
      Any communication to be made between the Parties under or
      in connection with this Agreement may be made by electronic mail or other
      electronic means, if the relevant Parties:

	 	 	 	 
			(i) 	
      agree that, unless and until notified to the contrary,
      this is to be an accepted form of communication;

	 	 	 	 
			(ii) 	
      notify each other in writing of their electronic mail
      address and/or any other information required to enable the sending and
      receipt of information by that means; and

	 	 	 	 
			(iii) 	
      notify each other of any change to their address or any
      other such information supplied by them.

	 	 	 	 
		(b) 	
      Any electronic communication made between the Parties
      will be effective only when actually received in readable form and in the
      case of any electronic communication made by any Party to the Senior
      Agent, the Security Agent or any Security SPV only if it is addressed in
      such a manner as the Senior Agent, the Security Agent or relevant Security
      SPV shall specify for this purpose.

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27.5 		
English Language

	
	 	 	 	 
		
(a) 		
Any notice given under or in connection with this Agreement must be in English.

	
	 	 	 	 
		
(b) 		
All other documents provided under or in connection with this Agreement must be:

	
	 	 	 	 
			
(i) 		
in English; or

	
	 	 	 	 
			
(ii) 		
if not in English, and if so required by the Security Agent or any other Senior Finance Party accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a
constitutional, statutory or other official document.

	
	 	 	 	 
	
28. 		
MISCELLANEOUS

	
	 	 	 	 
	
28.1 		
Certificates and determinations

	
	 	 	 	 
		
Any certification or determination by a Senior Finance Party of a rate or amount under any Senior Finance Document is prima facie evidence of the matters to which it relates.

	
	 	 	 	 
	
28.2 		
Severability

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

	
	 	 	 	 
	
28.3 		
Sole Record

	
	 	 	 	 
		
This document (read with the Senior Facilities Agreement as contemplated by clause 1.2(d)) constitutes the sole record of the agreement between the Parties in regard to the subject matter thereof and no Party shall be bound by any
express or implied term, representation, warranty, promise or the like, not recorded herein.

	
	 	 	 	 
	
28.4 		
Co-operation

	
	 	 	 	 
		
The Parties undertake at all times to do all such things, to perform all such acts and to take all such steps and to procure the doing of all such things, the performance of all such actions and

	

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the taking of all such steps as may be open to them and necessary for or incidental to the putting into effect or maintenance of the terms, conditions and import of this Agreement.

	
	 	 	 
	
28.5 		
Costs

	
	 	 	 
		
(a) 		
The costs of and incidental to the negotiation, preparation and execution of this Agreement shall be paid in accordance with the terms of the Senior Finance Documents.

	
	 	 	 
		
(b) 		
All properly evidenced legal costs incurred by any Party in consequence of any default of the provisions of this Agreement by any other Party shall be payable on demand by the defaulting Party on the scale as between attorney and
own client and shall include collection charges, the costs incurred by the non-defaulting Party in endeavouring to enforce such rights prior to the institution of legal proceedings and the costs incurred in connection with the satisfaction or
enforcement of any judgement awarded in favour of the non-defaulting Party in relation to its rights in terms of or arising out of this Agreement, all such costs to be properly evidenced.

	
	 	 	 
	
28.6 		
Remedies and waivers

	
	 	 	 
		
(a) 		
No failure to exercise, nor any delay in exercising, on the part of any Creditor, any right or remedy under this Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any
further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

	
	 	 	 
		
(b) 		
A waiver given or consent granted by any Creditor under this Agreement will be effective only if given in writing and then only in the instance and for the purpose for which it is given.

	
	 	 	 
	
28.7 		
Discharge of Relevant Liabilities

	
	 	 	 
		
For the avoidance of doubt, no Creditor shall be required to give any Consent under any provision of this Agreement after the date on which its Relevant Liabilities have been fully and irrevocably paid or discharged and all
commitments of that Party in respect of its Relevant Liabilities have expired or been cancelled.

	
	 	 	 
	
28.8 		
Counterparts

	
	 	 	 
		
This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

	

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28.9 		
Failure to execute

	
	 	 
		
Failure by one or more Parties (“Non-Signatories”) to execute this Agreement will not invalidate the provisions of this Agreement as between the other Parties who do execute this Agreement. Any Non-Signatories may
execute this Agreement (or a counterpart of this Agreement) on a subsequent date and will thereupon become bound by its provisions.

	

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  SECTION 8: GOVERNING LAW AND ENFORCEMENT 

	29. 	
      GOVERNING LAW

	 	 	 
		
      The entire provisions of this Agreement shall be governed
      by and construed in accordance with the laws of South Africa.

	 	 	 
	30. 	
      ENFORCEMENT

	 	 	 
	30.1 	
      Jurisdiction

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

	 	 	 
		(b) 	
      This clause 30.1 is for the benefit of the Senior Finance
      Parties only. As a result, no Senior Finance Party shall be prevented from
      taking proceedings relating to or arising out of this Agreement in any
      other courts with jurisdiction. To the extent allowed by law, the Senior
      Finance Parties may take concurrent proceedings in any number of
      jurisdictions.

THIS AGREEMENT has been entered into on the date stated at
  the beginning of this Agreement. 

  

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Schedule 1 

AUCTION PROCESS 

""

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""

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""

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""

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"" 

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" "

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Schedule 2 

Accession Agreement 

THIS AGREEMENT is made on [•] 

BETWEEN:

	(1) 	 [•] (the [“New [Senior Finance
        Party/RPM/Obligor/Intra-Group Creditor/Shareholder]”]); and

	 	 
	(2) 	 [•] in its capacity as Security Agent under the
        Intercreditor Agreement.

WHEREAS:

	(A) 	
      This Agreement is supplemental to a global intercreditor
      agreement dated [x] 2009 (the “Intercreditor Agreement”) between,
      amongst others, the Parent, certain of its subsidiaries and the Security
      Agent.

	 	 
	(B) 	 This Agreement has been entered into to record the accession
        of [name of New Senior Finance Party/RPM/Obligor/Intra-Group Creditor/Shareholder]
        [[•]] as [a Senior Finance Party/RPM/ Obligor/Intra-Group Creditor/Shareholder]
        under [the Senior Facilities Agreement (as referred to in the Intercreditor
        Agreement) and] the Intercreditor Agreement.

IT IS AGREED as follows: 

	1. 	
      Definitions

	 	 
	1.1 	
      Words and expressions defined in the Intercreditor
      Agreement have the same meanings when used in this Agreement.

	 	 
	1.2 	
      The provisions of clause 1.2 (Construction) to 1.3
      (Inconsistencies with other Documents) of the Intercreditor
      Agreement apply to this Agreement as though they were set out in this
      Agreement except that references to the Intercreditor Agreement are to be
      construed as references to this Agreement.

	 	 
	2. 	
      Accession of New [Senior Finance
      Party/RPM/Obligor/Intra-Group
  Creditor/Shareholder]

	 	 
	2.1 	 The New [Senior Finance Party/RPM/Obligor/Intra-Group
        Creditor/Shareholder] [[•]] agrees to become, with immediate
        effect, a party to, and agrees to be bound by the terms of, the Intercreditor
        Agreement and the Senior Facilities Agreement] as if it had originally
        been party to the Intercreditor Agreement [and the Senior Facilities Agreement]
        as [a Senior Finance Party/RPM//Obligor/Intra-Group Creditor/Shareholder]
        in that capacity or capacities (as applicable) and it shall perform all
        of the undertakings and agreements set out in the

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      Intercreditor Agreement and given by [a] [an] [Senior
      Finance Party/RPM/Obligor/Intra-Group Creditor/Shareholder].

	 	 
	2.2 	 The New [Senior Finance Party/RPM/Obligor/Intra-Group
        Creditor/Shareholder] [[•]] confirms that its address details
        for notices in relation to clause 27 (Notices) are as follows:

	 	 
		 Address: [•]

	 	 
		 Facsimile: [•]

	 	 
		 Attention: [•]

	 	 
	2.3 	 The Security Agent for itself and the other parties
        to the Intercreditor Agreement other than the New [Senior Finance Party/RPM/Obligor/Intra-Group
        Creditor/Shareholder] confirms the acceptance of the New [Senior/RPM/
        Obligor/Intra-Group Creditor/ Shareholder] [•] as [a Senior
        Finance Party/RPM/Obligor/Intra-Group Creditor/Shareholder] for the
        purposes of the Intercreditor Agreement and the Senior Facilities Agreement].

	3. 	
      Counterparts

	 	 
		
      This Agreement may be executed in any number of
      counterparts, and this has the same effect as if the signatures on the
      counterparts were a single copy of this Agreement.

	 	 
	4. 	
      Governing law

	 	 
		
      This Agreement is governed by and construed in accordance
      with the laws of South Africa.

IN WITNESS whereof this Agreement has been duly executed
  on the date first above written. 

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Schedule 3 

Fundamental Event of Default 

A Fundamental Event of Default will occur if: 

	1. 	
      Insolvency

	 	 
	1.1 	
      Opco is unable to pay its debts as they fall due or
      suspends making payments on any of its debts or announces an intention to
      do so except that no Fundamental Event of Default will occur
  if:

	1.1.1 	
      the debt or debts referred to above are in relation to a
      single creditor for amounts not exceeding the Single Creditor Limit;
    or

	 	 
	1.1.2 	
      the debt or debts referred to above are in relation to
      any two or more creditors for an aggregate amount not exceeding the
      Multiple Creditor Limit.

		
      For the purposes of this paragraph, the “Single
      Creditor Limit” means R7 500 000 and the “Multiple Creditor Limited” R30 000 000
  (Indexed).

	 	 
	1.2 	
      The consolidated gross assets of Opco (fairly valued) are
      less than the consolidated liabilities of Opco (fairly valued), for which
      purposes, the consolidated liabilities of Opco will exclude any amount
      owed to Holdco.

	 	 
		
      Reference to “fairly valued” in this paragraph 1.2
      means the valuations signed off by the directors in the latest financial
      statements or an independent valuation obtained at the request of the
      Senior Agent.

	 	 
	2. 	
      Insolvency process

	 	 
	2.1 	
      a shareholder or board resolution is passed for the
      winding-up, judicial management or dissolution of Holdco or
Opco;

	 	 
	2.2 	
      an order for the winding up, judicial management or
      dissolution is made in respect of Holdco or Opco;

	 	 
	2.3 	
      a liquidator, judicial manager or similar officer is
      appointed in respect of Holdco, Opco or any of their assets,

	 	 
	2.4 	
      corporate action, legal proceedings or other procedure or
      step is taken in relation to the suspension of payments, a moratorium of
      indebtedness or a scheme of arrangement or other similar arrangement with
      creditors of Opco except that no Fundamental Event of Default will occur
      under 2.1, 2.2, 2.3 or 2.4 if:

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	 	(a) 	
      such step or procedure is part of a reorganisation on a
      solvent basis which does not constitute an Event of Default;

	 	 	 
	 	(b) 	
      where any of the above insolvency related procedures are
      initiated or commenced at the instance of the Borrower or a Senior Finance
      Party; or

	 	 	 
	 	(c) 	
      an application for winding-up presented by a creditor
      which is (x) frivolous or vexatious or (y) contested in good faith and
      with due process and diligence and in either case ((x) or (y)) is
      discharged or struck out within 30 days of
commencement.

	3. 	
      Mineral rights

	 	 
		
      Opco no longer has its Mining Rights or ceases to carry
      on its [business (including, for the avoidance of doubt, its mining
      operations for 90 days (including any period of care and
    maintenance).

	 	 
	4. 	
      RPM Related Change of Control

	 	 
		
      A “Change of Control” (as defined in the Senior
      Facilities Agreement) occurs because RPM has ceased to have legal and
      beneficial ownership of at least 25.1% of the issued equity share capital
      of Holdco.

	 	 
	5. 	
      Tag Along

	 	 
		
      The Security Agent designates a Tag Along Event as a
      Fundamental Event of Default in accordance with paragraph 1.7 of Schedule
      1.

	 	 
	6. 	
      RPM Enforcement Action

	 	 
		
      RPM becomes entitled to take and takes Enforcement Action
      under paragraph (b) of clause 5.6 (Permitted Enforcement Action: RPM
      Liabilities).

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[The New [Senior Finance Party/RPM/Obligor/Intra-Group
Creditor/Shareholder] 

	EXECUTED and DELIVERED by 	) 	 
	[Name] 	) 	 
	  	  	 
	  	  	 
	  	  	 
	The [Security/Senior] Agent 	  	 
	  	  	 
	SIGNED for and on behalf of 	) 	 
	[Name] 	  	 

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SIGNATORIES 

THE PARENT 

SIGNED at __________________ on this the ________ day
of ____________ 2009. 

For and on behalf of 
ANOORAQ
RESOURCES CORPORATION

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

____________________________
Name: 
Capacity: 
Who
warrants his authority hereto 

N1C RESOURCES

SIGNED at __________________ on this the ________ day of
____________ 2009. 

For and on behalf of 
N1C
RESOURCES INC.

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

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N2C RESOURCES 

SIGNED at __________________ on this the ________ day of
____________ 2009. 

For and on behalf of 
N2C
RESOURCES INC.

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

____________________________
Name: 
Capacity: 
Who
warrants his authority hereto 

THE BORROWER 

SIGNED at __________________ on this the ________ day of
____________ 2009. 

For and on behalf of 
PLATEAU
RESOURCES (PROPRIETARY) LIMITED

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

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HOLDCO 

SIGNED at __________________ on this the ________ day of
____________ 2009. 

For and on behalf of 
RICHTRAU
NO. 179 (PROPRIETARY) LIMITED 

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

____________________________
Name: 
Capacity: 
Who
warrants his authority hereto 

OPCO

SIGNED at __________________ on this the ________ day of
____________ 2009. 

For and on behalf of 
RICHTRAU
NO. 177 (PROPRIETARY) LIMITED 

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

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PLATEAU SECURITY SPV 

SIGNED at Johannesburg on this the 12 day of June 2009. 

For and on behalf of 
MICAWBER
634 (PROPRIETARY) LIMITED 

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

____________________________
Name: 
Capacity: 
Who
warrants his authority hereto 

OPCO SECURITY SPV 

SIGNED at Johannesburg on this the  12 day of June 2009.

For and on behalf of 
MICAWBER
603 (PROPRIETARY) LIMITED 

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

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RPM 

SIGNED at __________________ on this the ________ day of
____________ 2009. 

For and on behalf of 
RUSTENBURG
PLATINUM MINES LIMITED 

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

____________________________
Name: 
Capacity: 
Who
warrants his authority hereto 

THE SENIOR AGENT 

SIGNED at __________________ on this the ________ day of
____________ 2009. 

For and on behalf of 
STANDARD
CHARTERED BANK 

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

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THE SECURITY AGENT 

SIGNED at __________________ on this the ________ day of
____________ 2009. 

For and on behalf of 
STANDARD
CHARTERED BANK 

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

/s/ signed

  ____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto 

THE PELAWAN DIVIDEND TRUST 

SIGNED at __________________ on this the ________ day of
____________ 2009. 

For and on behalf of 

  THE PELAWAN DIVIDEND TRUST 

/s/ signed

____________________________

  Name: TUMELO MOATLHODI MOTSISI 

  Capacity: Trustee 

  Who warrants his authority hereto 

/s/ signed

____________________________
Name:
ASNA CHRIS HAROLD MOTAUNG

Capacity: Trustee 

  Who warrants his authority hereto 

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