Document:

sbgl_Ex4_38

		

			Exhibit 4.38

		

		

			 

		

		
			EXECUTION VERSION
		

		
			 
		

		
			 
		

		
			INDENTURE
		

		
			 
		

		
			Dated as of June 27, 2017
		

		
			 
		

		
			Among
		

		
			 
		

		
			SIBANYE GOLD LIMITED
		

		
			 
		

		
			as a Guarantor
		

		
			 
		

		
			STILLWATER MINING COMPANY
		

		
			 
		

		
			as Issuer
		

		
			 
		

		
			and
		

		
			 
		

		
			THE OTHER GUARANTORS NAMED ON THE SIGNATURE PAGES HERETO
		

		
			 
		

		
			and
		

		
			 
		

		
			THE BANK OF NEW YORK MELLON, LONDON BRANCH
		

		
			as Trustee
		

		
			 
		

		
			6.125% SENIOR NOTES DUE 2022
		

		
			 
		

		
			7.125% SENIOR NOTES DUE 2025
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			TABLE OF CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Page

				
	
					
						 

					
					
						 

				
	
					
						ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

					
1
				
	
					
						 

					
					
						 

				
	
					
						SECTION 1.01.

					
					
						Definitions

					
1
				
	
					
						SECTION 1.02.

					
					
						Other Definitions

					
27
				
	
					
						SECTION 1.03.

					
					
						Rules of Construction

					
28
				
	
					
						SECTION 1.04.

					
					
						Acts of Holders

					
28
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE II THE NOTES

					
30
				
	
					
						 

					
					
						 

				
	
					
						SECTION 2.01.

					
					
						Form and Dating; Terms

					
30
				
	
					
						SECTION 2.02.

					
					
						Execution and Authentication

					
31
				
	
					
						SECTION 2.03.

					
					
						Registrar and Paying Agent

					
32
				
	
					
						SECTION 2.04.

					
					
						Paying Agent to Hold Money in Trust

					
32
				
	
					
						SECTION 2.05.

					
					
						Holder Lists

					
33
				
	
					
						SECTION 2.06.

					
					
						Transfer and Exchange

					
33
				
	
					
						SECTION 2.07.

					
					
						Replacement Notes

					
42
				
	
					
						SECTION 2.08.

					
					
						Outstanding Notes

					
42
				
	
					
						SECTION 2.09.

					
					
						Treasury Notes

					
43
				
	
					
						SECTION 2.10.

					
					
						Temporary Notes

					
43
				
	
					
						SECTION 2.11.

					
					
						Cancellation

					
43
				
	
					
						SECTION 2.12.

					
					
						Defaulted Interest

					
43
				
	
					
						SECTION 2.13.

					
					
						Additional Amounts

					
44
				
	
					
						SECTION 2.14.

					
					
						CUSIP and ISIN Numbers

					
46
				
	
					
						SECTION 2.15.

					
					
						Computation of Interest

					
46
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE III REDEMPTION

					
46
				
	
					
						 

					
					
						 

				
	
					
						SECTION 3.01.

					
					
						Notices to Trustee

					
46
				
	
					
						SECTION 3.02.

					
					
						Selection of Notes to Be Redeemed or Purchased

					
47
				
	
					
						SECTION 3.03.

					
					
						Notice of Redemption

					
47
				
	
					
						SECTION 3.04.

					
					
						Effect of Notice of Redemption

					
48
				
	
					
						SECTION 3.05.

					
					
						Deposit of Redemption or Purchase Price

					
48
				
	
					
						SECTION 3.06.

					
					
						Notes Redeemed or Purchased in Part

					
49
				
	
					
						SECTION 3.07.

					
					
						Optional Redemption

					
49
				
	
					
						SECTION 3.08.

					
					
						Mandatory Redemption: Open Market Purchases

					
50
				
	
					
						SECTION 3.09.

					
					
						Optional Redemption for Taxation Reasons

					
50
				
	
					
						SECTION 3.10.

					
					
						Offers to Repurchase by Application of Excess Proceeds

					
51
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE IV COVENANTS

					
53
				
	
					
						 

					
					
						 

				
	
					
						SECTION 4.01.

					
					
						Payment of Notes

					
53
				
	
					
						SECTION 4.02.

					
					
						Maintenance of Office or Agency

					
53
				
	
					
						SECTION 4.03.

					
					
						Reports

					
54
				
	
					
						SECTION 4.04.

					
					
						Compliance Certificate

					
55
				
	
					
						SECTION 4.05.

					
					
						Taxes

					
55
				
	
					
						SECTION 4.06.

					
					
						Stay, Extension and Usury Laws.

					
55
				
	
					
						SECTION 4.07.

					
					
						Limitation on Restricted Payments

					
55
				
	
					
						SECTION 4.08.

					
					
						Limitation on restrictions on distributions from restricted subsidiaries

					
59
				
	
					
						SECTION 4.09.

					
					
						Limitation on Indebtedness

					
61
				
	
					
						SECTION 4.10.

					
					
						Asset Sales

					
65
				
	
					
						SECTION 4.11.

					
					
						Limitation on affiliate transactions

					
67
				
	
					
						SECTION 4.12.

					
					
						Limitation on liens

					
69
				
	
					
						SECTION 4.13.

					
					
						Corporate Existence

					
70
				
	
					
						SECTION 4.14.

					
					
						Repurchase at the Option of Holders upon Change of control

					
70
				
	
					
						SECTION 4.15.

					
					
						Future guarantors

					
72
				
	
					
						SECTION 4.16.

					
					
						[Reserved]

					
72
				

		
			
		

		

		 

		

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						SECTION 4.17.

					
					
						Effectiveness of covenants

					
72
				
	
					
						SECTION 4.18.

					
					
						Payments for Consent

					
73
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE V SUCCESSORS

					
74
				
	
					
						 

					
					
						 

				
	
					
						SECTION 5.01.

					
					
						Merger and consolidation

					
74
				
	
					
						SECTION 5.02.

					
					
						Successor Entity Substituted

					
76
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE VI DEFAULTS AND REMEDIES

					
76
				
	
					
						 

					
					
						 

				
	
					
						SECTION 6.01.

					
					
						Events of Default

					
76
				
	
					
						SECTION 6.02.

					
					
						Acceleration

					
78
				
	
					
						SECTION 6.03.

					
					
						Other Remedies

					
79
				
	
					
						SECTION 6.04.

					
					
						Waiver of Past Defaults

					
79
				
	
					
						SECTION 6.05.

					
					
						Control by Majority

					
79
				
	
					
						SECTION 6.06.

					
					
						Limitation on Suits

					
79
				
	
					
						SECTION 6.07.

					
					
						Rights of Holders to Receive Payment

					
80
				
	
					
						SECTION 6.08.

					
					
						Collection Suit by Trustee

					
80
				
	
					
						SECTION 6.09.

					
					
						Restoration of Rights and Remedies

					
80
				
	
					
						SECTION 6.10.

					
					
						Rights and Remedies Cumulative

					
80
				
	
					
						SECTION 6.11.

					
					
						Delay or Omission Not Waiver

					
80
				
	
					
						SECTION 6.12.

					
					
						Trustee May File Proofs of Claim

					
81
				
	
					
						SECTION 6.13.

					
					
						Priorities

					
81
				
	
					
						SECTION 6.14.

					
					
						Undertaking for Costs

					
81
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE VII TRUSTEE

					
82
				
	
					
						 

					
					
						 

				
	
					
						SECTION 7.01.

					
					
						Duties of Trustee

					
82
				
	
					
						SECTION 7.02.

					
					
						Rights of Trustee

					
83
				
	
					
						SECTION 7.03.

					
					
						Individual Rights of Trustee

					
84
				
	
					
						SECTION 7.04.

					
					
						Trustee's Disclaimer

					
84
				
	
					
						SECTION 7.05.

					
					
						Notice of Defaults

					
84
				
	
					
						SECTION 7.06.

					
					
						Reports by Trustee to Holders of the Notes

					
85
				
	
					
						SECTION 7.07.

					
					
						Compensation and Indemnity

					
85
				
	
					
						SECTION 7.08.

					
					
						Replacement of Trustee

					
85
				
	
					
						SECTION 7.09.

					
					
						Successor Trustee by Merger

					
86
				
	
					
						SECTION 7.10.

					
					
						Eligibility; Disqualification

					
86
				
	
					
						SECTION 7.11.

					
					
						Appointment of Co-Trustee.

					
87
				
	
					
						SECTION 7.12.

					
					
						Trustee’s Application for Instructions from the Company

					
87
				
	
					
						SECTION 7.13.

					
					
						Reliance on Officer’s Certificate

					
88
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE

					
88
				
	
					
						 

					
					
						 

				
	
					
						SECTION 8.01.

					
					
						Option to Effect Legal Defeasance or Covenant Defeasance

					
88
				
	
					
						SECTION 8.02.

					
					
						Legal Defeasance and Discharge

					
88
				
	
					
						SECTION 8.03.

					
					
						Covenant Defeasance

					
88
				
	
					
						SECTION 8.04.

					
					
						Conditions to Legal or Covenant Defeasance

					
89
				
	
					
						SECTION 8.05.

					
					
						Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions

					
90
				
	
					
						SECTION 8.06.

					
					
						Repayment to the Company

					
90
				
	
					
						SECTION 8.07.

					
					
						Reinstatement

					
91
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE IX AMENDMENTS AND WAIVERS

					
91
				
	
					
						 

					
					
						 

				
	
					
						SECTION 9.01.

					
					
						Without Consent of Holders

					
91
				
	
					
						SECTION 9.02.

					
					
						With Consent of Holders

					
92
				
	
					
						SECTION 9.03.

					
					
						[Reserved]

					
94
				
	
					
						SECTION 9.04.

					
					
						Revocation and Effect of Consents

					
94
				
	
					
						SECTION 9.05.

					
					
						Notation on or Exchange of Notes

					
94
				
	
					
						SECTION 9.06.

					
					
						Trustee to Sign Amendments, etc

					
94
				

		
			
		

		

		 

		

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						ARTICLE X GUARANTEES

					
94
				
	
					
						 

					
					
						 

				
	
					
						SECTION 10.01.

					
					
						Guarantee

					
94
				
	
					
						SECTION 10.02.

					
					
						Limitation on Guarantor Liability

					
95
				
	
					
						SECTION 10.03.

					
					
						Execution and Delivery

					
96
				
	
					
						SECTION 10.04.

					
					
						Subrogation

					
96
				
	
					
						SECTION 10.05.

					
					
						Benefits Acknowledged

					
96
				
	
					
						SECTION 10.06.

					
					
						[Release of Note Guarantees]

					
96
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE XI SATISFACTION AND DISCHARGE

					
97
				
	
					
						 

					
					
						 

				
	
					
						SECTION 11.01.

					
					
						Satisfaction and Discharge

					
97
				
	
					
						SECTION 11.02.

					
					
						Application of Trust Money

					
98
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE XII MISCELLANEOUS

					
98
				
	
					
						 

					
					
						 

				
	
					
						SECTION 12.01.

					
					
						Reserved

					
98
				
	
					
						SECTION 12.02.

					
					
						Notices

					
98
				
	
					
						SECTION 12.03.

					
					
						Communication by Holders with Other Holders

					
100
				
	
					
						SECTION 12.04.

					
					
						Certificate and Opinion as to Conditions Precedent

					
100
				
	
					
						SECTION 12.05.

					
					
						Statements Required in Certificate or Opinion

					
100
				
	
					
						SECTION 12.06.

					
					
						Rules by Trustee and Agents

					
100
				
	
					
						SECTION 12.07.

					
					
						No Personal Liability of Directors, Officers, Employees and Shareholders

					
101
				
	
					
						SECTION 12.08.

					
					
						Governing Law

					
101
				
	
					
						SECTION 12.09.

					
					
						Waiver of Jury Trial

					
101
				
	
					
						SECTION 12.10.

					
					
						No Adverse Interpretation of Other Agreements

					
101
				
	
					
						SECTION 12.11.

					
					
						Successors

					
101
				
	
					
						SECTION 12.12.

					
					
						Severability

					
101
				
	
					
						SECTION 12.13.

					
					
						Counterpart Originals

					
101
				
	
					
						SECTION 12.14.

					
					
						Table of Contents, Headings, etc

					
101
				
	
					
						SECTION 12.15.

					
					
						U.S.A. PATRIOT Act

					
101
				
	
					
						SECTION 12.16.

					
					
						Payments Due on Non-Business Days

					
102
				
	
					
						SECTION 12.17.

					
					
						Submission to Jurisdiction

					
102
				
	
					
						SECTION 12.18.

					
					
						Waiver of Immunity

					
102
				
	
					
						SECTION 12.19.

					
					
						Anti-Money Laundering, Terrorism and Economic Sanctions.

					
102
				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						SCHEDULES

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						SCHEDULE 1

					
					
						FORM OF FACE OF 2022 NOTE

				
	
					
						 

					
					
						 

				
	
					
						SCHEDULE  2

					
					
						FORM OF 2025 NOTE

				
	
					
						 

					
					
						 

				
	
					
						SCHEDULE  3

					
					
						FORM OF CERTIFICATE OF TRANSFER

				
	
					
						 

					
					
						 

				
	
					
						SCHEDULE 4

					
					
						FORM OF CERTIFICATE OF EXCHANGE

				
	
					
						 

					
					
						 

				
	
					
						SCHEDULE  5

					
					
						FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT

				
	
					
						GUARANTORS

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			iii

		

 

		

			 

		

		

		
			INDENTURE, dated as of June 27, 2017, among Sibanye Gold Limited, a public company duly registered and incorporated under the laws of South Africa (the "Company") as a Guarantor, Stillwater Mining Company, a corporation existing under the laws of the state of Delaware (the "Issuer"), the other Guarantors (as defined herein) listed on the signature pages hereto, and The Bank of New York Mellon, London Branch, a New York banking corporation, as trustee (the "Trustee").
		

		
			 
		

		
			W I T N E S S E T H
		

		
			 
		

		
			WHEREAS, the Issuer has duly authorized the creation and issuance of (i) $500 million of 2022 Notes (the "Initial 2022 Notes") and (ii) $550 million of 2025 Notes, (the "Initial 2025 Notes" and together with the Initial 2022 Notes, the "Initial Notes");
		

		
			 
		

		
			WHEREAS, the Issuer may issue an unlimited principal amount of additional Notes (the "Additional Notes"); and
		

		
			 
		

		
			WHEREAS, the Issuer and each of the Guarantors have duly authorized the execution and delivery of this Indenture.
		

		
			 
		

		
			NOW, THEREFORE, the Issuer, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders.
		

		
			 
		

		
			ARTICLE I
		

		
			 
		

		
			DEFINITIONS AND INCORPORATION BY REFERENCE
		

		
			 
		

		
			SECTION 1.01.          Definitions
		

		
			 
		

		
			"144A Global Note" means a Global Note substantially in the form of Schedule 1 or Schedule 2 attached hereto, as applicable, bearing the Global Notes Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the applicable series of Notes sold in reliance on Rule 144A.
		

		
			 
		

		
			"2022 Notes" means the Initial 2022 Notes and any Additional Notes of the same series.
		

		
			 
		

		
			"2025 Notes" means the Initial 2025 Notes and any Additional Notes of the same series.
		

		
			 
		

		
			"Acquired Indebtedness" means, with respect to any specified Person, Indebtedness
		

		
			 
		

		
			(a)           of any Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary of the Company or
		

		
			 
		

		
			(b)          assumed in connection with the acquisition of assets from such Person,
		

		
			 
		

		
			in each case whether or not Incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such acquisition, and Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.
		

		
			 
		

		
			Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (a) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary of the Company and, with respect to clause (b) of the preceding sentence, on the date of consummation of such acquisition of assets.
		

		
			 
		

		
			"Acquisition" means the acquisition of Stillwater Mining Company.
		

		
			 
		

		
			"Additional Assets" means:
		

		
			 
		

		
			(a)          any property, plant, equipment, or other asset (excluding working capital or current assets for the avoidance of doubt) to be used by the Company or any of its Restricted Subsidiaries in a Similar Business;
		

		
			 
		

		
			
		

		
			

		 

		

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			(b)          the Capital Stock of a Person that becomes a Restricted Subsidiary of the Company as a result of the acquisition of such Capital Stock by the Company or its Restricted Subsidiary; or
		

		
			 
		

		
			(c)          Capital Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary of the Company;
		

		
			 
		

		
			provided,  however, that, in the case of clauses (b) and (c), such Restricted Subsidiary is primarily engaged in a Similar Business.
		

		
			 
		

		
			"Additional Notes" means additional Notes of each series (other than the Initial Notes) issued from time to time under this Indenture in accordance with Section 2.01 and Section 4.09, as part of the same series as the applicable series of Initial Notes whether or not they bear the same "CUSIP" number.
		

		
			 
		

		
			"Affiliate" of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with") when used with respect to any Person means possession, directly or indirectly, of the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing; provided that, exclusively for purposes of Section 4.10 and Section 4.11, beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control.
		

		
			 
		

		
			"Agent" means any Registrar or Paying Agent.
		

		
			 
		

		
			"Applicable Premium" means, with respect to a Note of the applicable series on any date of redemption, the greater of:
		

		
			 
		

		
			(a)           1.0% of the principal amount of such Note, and
		

		
			 
		

		
			(b)          the excess, if any, of (a) the present value as of such date of redemption of (i) the redemption price of such Note on June 27, 2019 (in the case of the 2022 Notes) or June 27, 2021 (in the case of the 2025 Notes) (such redemption price being described under Section 3.07 of this Indenture), plus (ii) all required interest payments due on such Note through June 27, 2019 (in the case of the 2022 Notes) or June 27, 2021 (in the case of the 2025 Notes) (excluding accrued but unpaid interest to the date of redemption), computed in accordance with standard market convention using a discount rate equal to the Treasury Rate as of such date of redemption plus 50 basis points, over (b) the then outstanding principal amount of such Note, as calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer will designate; provided that such calculation will not be the duty or obligation of the Trustee.
		

		
			 
		

		
			"Applicable Procedures" means, with respect to any transfer or transaction involving a Global Note or beneficial interest therein, the rules and procedures of the Depositary for such Global Note, Euroclear or Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time.
		

		
			 
		

		
			"Asset Disposition" means any direct or indirect sale, lease (other than an operating lease entered into in the ordinary course of business), transfer, issuance or other disposition, or a series of related sales, leases, transfers, issuances or dispositions that are part of a common plan, of shares of Capital Stock of a Subsidiary (other than directors' qualifying shares), property or other assets (each referred to for the purposes of this definition as a "disposition") by the Company or any of its Restricted Subsidiaries, including any disposition by means of a merger, amalgamation, consolidation, or similar transaction.
		

		
			 
		

		
			Notwithstanding the preceding, the following items shall not be deemed to be Asset Dispositions:
		

		
			 
		

		
			(a)           a disposition of assets by a Restricted Subsidiary of the Company or by the Company or any of its Restricted Subsidiaries to a Restricted Subsidiary of the Company;
		

		
			 
		

		
			(b)          a disposition of Cash Equivalents in the ordinary course of business;
		

		
			 
		

		
			(c)           a disposition of inventories in the ordinary course of business or any disposition of property pursuant to a Deferred Revenue Financing Arrangement;
		

		
			 
		

		
			
		

		
			

		 

		

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			(d)          a disposition of obsolete, damaged or worn out property or equipment or property or equipment that are no longer used or useful in the conduct of the business of the Company and its Restricted Subsidiaries and that is disposed of in each case in the ordinary course of business;
		

		
			 
		

		
			(e)           the disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control pursuant to this Indenture;
		

		
			 
		

		
			(f)           an issuance of Capital Stock by a Restricted Subsidiary of the Company to the Company or to a Wholly-Owned Subsidiary;
		

		
			 
		

		
			(g)          any Permitted Investment or Restricted Payment in compliance with Section 4.07;
		

		
			 
		

		
			(h)          for purposes of Section 4.10 only, Permitted Investment or Restricted Payment in compliance with Section 4.07;
		

		
			 
		

		
			(i)           dispositions of assets in a single transaction or a series of related transactions with an aggregate Fair Market Value of less than $25.0 million;
		

		
			 
		

		
			(j)           the creation of a Permitted Lien and dispositions in connection with Permitted Liens;
		

		
			 
		

		
			(k)          the issuance by a Restricted Subsidiary of the Company of Preferred Stock that is permitted by Section 4.09;
		

		
			 
		

		
			(l)           the licensing or sublicensing of intellectual property or other general intangibles and licenses, leases or subleases of other property in the ordinary course of business which do not materially interfere with the business of the Company and its Restricted Subsidiaries;
		

		
			 
		

		
			(m)         foreclosure, condemnation, expropriation, nationalization, eminent domain or any similar action with respect to any assets;
		

		
			 
		

		
			(n)          any sale of Capital Stock in, or Indebtedness or other securities of, an Unrestricted Subsidiary;
		

		
			 
		

		
			(o)          the unwinding of any Hedging Obligations;
		

		
			 
		

		
			(p)          the surrender or waiver of contract rights or the settlement or surrender of contract, tort or other claims;
		

		
			 
		

		
			(q)          dispositions to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding agreements;
		

		
			 
		

		
			(r)           any sale, transfer or other disposition of accounts receivable or inventories in connection with a Qualified Securitization Financing; and
		

		
			 
		

		
			(s)           the lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business.
		

		
			 
		

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

		
			 
		

		
			"Average Life" means, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or
		

		
			 
		

		
			
		

		
			

		 

		

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			redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by (2) the sum of all such payments.
		

		
			 
		

		
			"Bankruptcy Law" means Title 11, U.S. Code, as amended, or any similar federal, state or foreign law for the relief of debtors.
		

		
			 
		

		
			"beneficial ownership" has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, and "beneficial owner" has a corresponding meaning.
		

		
			 
		

		
			"Board of Directors" means:
		

		
			 
		

		
			(a)           with respect to a corporation, the Board of Directors of the corporation or (other than for purposes of determining Change of Control) the executive committee of the Board of Directors;
		

		
			 
		

		
			(b)          with respect to a partnership, the Board of Directors of the general partner of the partnership; and
		

		
			 
		

		
			(c)           with respect to any other Person, the board or committee of such Person serving a similar function.
		

		
			 
		

		
			"Business Day" means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or Johannesburg, South Africa are authorized or required by law to close.
		

		
			 
		

		
			"Bridge Loan" means the U.S.$2.65 billion bridge loan facility obtained by the Company, directly and indirectly through its newly formed U.S. merger subsidiary from Citibank N.A., London Branch and HSBC Bank plc (and to which JPMorgan Chase Bank, N.A., London Branch and Rand Merchant Bank, a division of FirstRand Bank Limited, among others, subsequently acceded as lenders pursuant to a syndication agreement) to fund the Acquisition, to refinance existing indebtedness at Stillwater Mining Company and to pay certain related fees, costs and expenses.
		

		
			 
		

		
			"Capital Stock" of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock and limited liability or partnership interests (whether general or limited), but excluding any debt securities convertible or exchangeable into such equity.
		

		
			 
		

		
			"Capitalized Lease Obligations" means an obligation that would have been required to be classified and accounted for as a capitalized lease for financial reporting purposes in accordance with IFRS as in effect on the Issue Date. The amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made as determined in accordance with IFRS as in effect on the Issue Date, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty.
		

		
			 
		

		
			"Cash Equivalents" means:
		

		
			 
		

		
			(a)           South African rand, U.S. dollars or, in the case of any foreign Subsidiary, such other local currencies held by it from time to time in the ordinary course of business;
		

		
			 
		

		
			(b)          securities issued or directly and fully Guaranteed or insured by (i) the United States of America, South Africa or Canada, or (ii) so long as such country's long-term debt is rated "A-1" or the equivalent thereof by S&P or at least "P-1" or the equivalent thereof by Moody's any agency or instrumentality thereof, a member state of the European Union, the United Kingdom, Switzerland, or Norway (provided that the full faith and credit of the United States of America, the relevant member state of the European Union, the United Kingdom, Switzerland, Norway, Canada or South Africa is pledged in support thereof), having maturities of not more than one year from the date of acquisition;
		

		
			 
		

		
			(c)           marketable general obligations issued by any state of the United States or any political subdivision of any such province or state or any public instrumentality thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit rating of 'A' or better from either Standard & Poor's Ratings Services or Moody's Investors Service, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if both of the two named Rating Agencies cease publishing ratings of investments;
		

		
			 
		

		
			
		

		
			

		 

		

			4

		

 

		

			 

		

		

		
			(d)          certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers' acceptances having maturities of not more than one year from the date of acquisition thereof issued by any commercial bank the long term debt of which is rated at the time of acquisition thereof at least 'A' or the equivalent thereof by Standard & Poor's Ratings Services, or 'A' or the equivalent thereof by Moody's Investors Service, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if both of the two named Rating Agencies cease publishing ratings of investments, and having combined capital and surplus in excess of $500.0 million;
		

		
			 
		

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

		
			 
		

		
			(f)           commercial paper rated at the time of acquisition thereof at least "A-2" or the equivalent thereof by Standard & Poor's Ratings Services or "P-2" or the equivalent thereof by Moody's Investors Service, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if both of the two named Rating Agencies cease publishing ratings of investments, and in any case maturing within one year after the date of acquisition thereof; and
		

		
			 
		

		
			(g)          interests in any investment company or money market fund which invests 95% or more of its assets in instruments of the type specified in clauses (a) through (f) above.
		

		
			 
		

		
			"Change of Control" means:
		

		
			 
		

		
			(a)           any "person" or "group" of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that such person or group shall be deemed to have "beneficial ownership" of all shares that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company (or its successor by merger, amalgamation, consolidation or purchase of all or substantially all of its assets); or
		

		
			 
		

		
			(b)          the merger, consolidation, or amalgamation of the Company with or into another Person or the merger, amalgamation or consolidation of another Person with or into the Company or the merger, amalgamation or consolidation of any Person with or into a Subsidiary of the Company, unless the holders of a majority of the aggregate voting power of the Voting Stock of the Company, immediately prior to such transaction, hold securities of the surviving or transferee Person that represent, immediately after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving or transferee Person; or
		

		
			 
		

		
			(c)           the sale, assignment, conveyance, transfer, lease or other disposition (other than by way of merger, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole to any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act); or
		

		
			 
		

		
			(d)          the adoption by the shareholders of the Company of a plan or proposal for the liquidation or dissolution of the Company; or
		

		
			 
		

		
			(e)           the first day on which a majority of the Board of Directors of the Company are not Continuing Directors; or
		

		
			 
		

		
			(f)           the Company ceases to own, directly or indirectly, all of the Capital Stock of the Issuer.
		

		
			 
		

		
			For the avoidance of doubt, no Change of Control will occur upon a Permitted Reorganization. 
		

		
			 
		

		
			"Clearstream" means Clearstream Banking, Société Anonyme, or any successor securities clearing agency.  
		

		
			 
		

		
			
		

		
			

		 

		

			5

		

 

		

			 

		

		

		
			"Code" means the Internal Revenue Code of 1986, as amended.
		

		
			 
		

		
			"Commodity Agreement" means any commodity futures contract, commodity swap, commodity option or other similar agreement or arrangement entered into by the Company or any of its Restricted Subsidiaries designed to protect the Company or any of its Restricted Subsidiaries against fluctuations in the price of commodities actually used, produced or sold in the ordinary course of business of the Company and its Restricted Subsidiaries.
		

		
			 
		

		
			"Common Stock" means with respect to any Person, any and all shares, interest or other participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person's common stock, whether or not outstanding on the Issue Date, and includes, all series and classes of such common stock.
		

		
			 
		

		
			"Company" means the party named as such in the first paragraph of this Indenture or any successor obligor to its obligations under this Indenture and the Notes pursuant to Article V.
		

		
			 
		

		
			"Consolidated EBITDA" for any period means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period:
		

		
			 
		

		
			(a)           increased (without duplication) by the following items to the extent deducted in calculating such Consolidated Net Income:
		

		
			 
		

		
			(i)           Consolidated Interest Expense; plus
		

		
			 
		

		
			(ii)          Consolidated Income Taxes; plus
		

		
			 
		

		
			(iii)         consolidated amortization, depletion and depreciation expense; plus
		

		
			 
		

		
			(iv)         other non-cash charges reducing Consolidated Net Income (other than depreciation, amortization or depletion expense (but including environmental rehabilitation and reclamation expenses)), including any write-offs or losses from (or gains on the reversal of previously recognized) write-downs or impairments (excluding any such non-cash charge to the extent it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash expense that was capitalized at the time of payment), and non-cash compensation expense recorded from grants of stock appreciation or similar rights, stock options, restricted stock or other rights to officers, directors or employees; plus
		

		
			 
		

		
			(v)          any expenses or charges (other than depreciation, amortization or depletion expense) related to any Equity Offering, Permitted Investment, merger, amalgamation, consolidation, acquisition, disposition, recapitalization or the Incurrence of Indebtedness permitted to be Incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) fees, expenses or charges related to the offering of the Notes and (ii) any amendment or other modification of the Notes; plus
		

		
			 
		

		
			(vi)         any restructuring charges, integration costs or costs associated with establishing new facilities (which, for the avoidance of doubt, shall include retention, severance, relocation, workforce reduction, contract termination, systems establishment costs and facilities consolidation costs) certified by the chief financial officer of the Company and deducted (and not added back) in computing Consolidated Net Income; provided that the aggregate amount of all charges, expenses and costs added back under this clause (vi) shall not exceed $15.0 million in any consecutive four quarter period; plus
		

		
			 
		

		
			(vii)        accretion of asset retirement obligations, net of cash payments for such asset retirement obligations; plus
		

		
			 
		

		
			(viii)       non-recurring or unusual losses or expenses,
		

		
			 
		

		
			(b)          decreased (without duplication) by non-cash items increasing Consolidated Net Income of such Person for such period (excluding any items which represent the accrual of revenue in the
		

		
			 
		

		
			
		

		
			

		 

		

			6

		

 

		

			 

		

		

		
			ordinary course of business or the reversal of any accrual of, or reserve for, anticipated cash charges that reduced Consolidated EBITDA in any prior period); and
		

		
			 
		

		
			(c)           increased or decreased (without duplication) to eliminate, to the extent reflected in Consolidated Net Income, effects of adjustments (including the effects of such adjustments pushed down to the Company and its Restricted Subsidiaries) in any line item in such Person's consolidated financial statements resulting from the application of purchase accounting in relation to any completed acquisition.
		

		
			 
		

		
			Notwithstanding the foregoing, clauses (a)(ii) through (viii) above relating to amounts of a Restricted Subsidiary of a Person will be added to Consolidated Net Income to compute Consolidated EBITDA of such Person only to the extent (and in the same proportion) that the net income (loss) of such Restricted Subsidiary was included in calculating the Consolidated Net Income of such Person and, to the extent the amounts set forth in clauses (a)(ii) through (viii) above are in excess of those necessary to offset a net loss of such Restricted Subsidiary or if such Restricted Subsidiary has net income for such period included in Consolidated Net Income, only if a corresponding amount would be permitted at the date of determination to be dividended to such Person by such Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its shareholders.
		

		
			 
		

		
			"Consolidated Income Taxes" means, with respect to any Person for any period, provision of such Person for such period (calculated on a consolidated basis in accordance with IFRS) in respect of taxes imposed upon such Person or other payments required to be made by such Person to any governmental authority which taxes or other payments are calculated by reference to the income (including royalties) or profits or capital of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), including, federal, provincial, state, franchise and similar taxes and foreign withholding taxes regardless of whether such taxes or payments are required to be remitted to any governmental authority.
		

		
			 
		

		
			"Consolidated Interest Expense" means, with respect to any Person, for any period, the total interest expense with respect to Indebtedness of such Person and its consolidated Restricted Subsidiaries, net of any interest income received by such Person and its consolidated Restricted Subsidiaries, whether paid or accrued, plus, to the extent not included in such interest expense:
		

		
			 
		

		
			(a)           interest expense attributable to Capitalized Lease Obligations and the interest portion of rent expense associated with Attributable Indebtedness in respect of the relevant lease giving rise thereto;
		

		
			 
		

		
			(b)          amortization of debt discount (including the amortization of original issue discount resulting from the issuance of Indebtedness at less than par) and debt issuance cost; provided,  however, that any amortization of bond premium will be credited to reduce Consolidated Interest Expense unless such amortization of bond premium has otherwise reduced Consolidated Interest Expense;
		

		
			 
		

		
			(c)           non-cash interest expense, but any non-cash interest income or expense attributable to the movement in the mark-to-market valuation of Hedging Obligations or other derivative instruments shall be excluded from the calculation of Consolidated Interest Expense;
		

		
			 
		

		
			(d)          commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing;
		

		
			 
		

		
			(e)           the interest expense on Indebtedness (other than Non-Recourse Debt) of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries;
		

		
			 
		

		
			(f)           costs associated with entering into Hedging Obligations (including amortization of fees) related to Indebtedness;
		

		
			 
		

		
			(g)          interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period;
		

		
			 
		

		
			
		

		
			

		 

		

			7

		

 

		

			 

		

		

		
			(h)          the product of (i) all dividends paid or payable, in cash, Cash Equivalents or Indebtedness or accrued during such period on any series of Disqualified Stock of such Person or on Preferred Stock of its Non-Guarantors payable to a party other than the Company or a Wholly-Owned Subsidiary, times (ii)  a fraction, the numerator of which is one and the denominator of which is one minus the then current combined South African and U.S. federal, state, provincial, municipal and local statutory tax rate of such Person, expressed as a decimal, in each case on a consolidated basis and in accordance with IFRS;
		

		
			 
		

		
			(i)           Receivables Fees; and
		

		
			 
		

		
			(j)           the cash contributions to any employee stock ownership plan or similar trust to the extent such contributions are intended to be used by such plan or trust to pay interest or fees to any Person (other than the Company and its Restricted Subsidiaries) in connection with Indebtedness Incurred by such plan or trust.
		

		
			 
		

		
			For the purpose of calculating the Leverage Ratio, the calculation of Consolidated Interest Expense shall include all interest expense (including any amounts described in clauses (a) through (j) above) relating to any Indebtedness of such Person or any of the Restricted Subsidiaries of the Company described in the final paragraph of the definition of "Indebtedness."
		

		
			 
		

		
			For purposes of the foregoing, total interest expense will be determined after giving effect to any net payments made or received by such Person and its Subsidiaries with respect to Interest Rate Agreements. Notwithstanding anything to the contrary contained herein, (i) without duplication of clause (i) above, commissions, discounts, yield and other fees and charges Incurred in connection with any transaction pursuant to which such Person or its Restricted Subsidiaries may sell, convey or otherwise transfer or grant a security interest in any Securitization Assets assets shall be included in Consolidated Interest Expense and (ii) any imputed interest in respect of any Deferred Revenue Financing Arrangement shall not be included in Consolidated Interest Expense.
		

		
			 
		

		
			"Consolidated Net Income" means, for any period, the net income (loss) of the Company and its consolidated Restricted Subsidiaries determined on a consolidated basis in accordance with IFRS; provided,  however, that there will not be included in such Consolidated Net Income:
		

		
			 
		

		
			(a)           any net income (loss) of any Person if such Person is not a Restricted Subsidiary of the Company or that is accounted for by the equity method of accounting, except that:
		

		
			 
		

		
			(i)           subject to the limitations contained in clauses (c) through (h) below, the Company's equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Company or any of its Restricted Subsidiaries as a dividend or other distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary of the Company, to the limitations contained in clause (b) below); and
		

		
			 
		

		
			(ii)          the Company's equity in a net loss of any such Person (other than an Unrestricted Subsidiary) for such period will be included in determining such Consolidated Net Income to the extent such loss has been funded with cash from the Company or its Restricted Subsidiary;
		

		
			 
		

		
			(b)          solely for the purpose of determining the amount available for Restricted Payments under Section 4.07(a)(iv)(C)(A) any net income (but not loss) of any Restricted Subsidiary of the Company (other than a Guarantor) will be excluded if such Restricted Subsidiary is subject to prior government approval or other restrictions due to the operation of its charter or any agreement, instrument, judgment, decree, order statute, rule or government regulation (which have not been waived), directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that:
		

		
			 
		

		
			(i)           subject to the limitations contained in clauses (c) through (h) below, the Company's equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary of
		

		
			 
		

		
			
		

		
			

		 

		

			8

		

 

		

			 

		

		

		
			the Company as a dividend (subject, in the case of a dividend to another Restricted Subsidiary of the Company, to the limitation contained in this clause); and
		

		
			 
		

		
			(ii)          the Company's equity in a net loss of any such Restricted Subsidiary for such period will be included in determining such Consolidated Net Income;
		

		
			 
		

		
			(c)           any gain or loss (less all fees and expenses relating thereto) realized upon sales or other dispositions of any assets of the Company or such Restricted Subsidiary, other than in the ordinary course of business, as determined in good faith by Senior Management;
		

		
			 
		

		
			(d)          any income or loss from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments;
		

		
			 
		

		
			(e)           any extraordinary gain or loss or non-recurring items;
		

		
			 
		

		
			(f)           any unrealized net gain or loss resulting in such period from (i) Hedging Obligations or other derivative instruments and (ii) currency translation gains or losses related to currency remeasurements of Indebtedness;
		

		
			 
		

		
			(g)          any net income or loss included in the consolidated statement of operations with respect to noncontrolling interests; and
		

		
			 
		

		
			(h)          the cumulative effect of a change in accounting principles.
		

		
			 
		

		
			"Continuing Director" means, as of any date of determination, any member of the Board of Directors of the Company: (1) who was a member of such Board of Directors on the Issue Date or (2) whose election or nomination for election to such Board of Directors has been approved by a majority of the Continuing Directors who were at the time of such nomination or election members of such Board.
		

		
			 
		

		
			"Corporate Trust Office of the Trustee" shall be at the address of the Trustee specified in Section 12.02 or such other address as to which the Trustee may give notice to the Holders and the Company, or the principal corporate trust office of any successor T rustee (or such other address as such successor Trustee may designate from time to time by notice to the Company).
		

		
			 
		

		
			"Currency Agreement" means, in respect of a Person, any foreign exchange contract, currency swap agreement, futures contract, option contract or other similar agreement as to which such Person is a party or a beneficiary, in each case designed to protect such Person against fluctuations in currency exchange rate.
		

		
			 
		

		
			"Custodian" means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.
		

		
			 
		

		
			"Debt Facility" means one or more debt facilities (including the USD Revolving Credit Facility and the Rand Revolving Credit Facility) or commercial paper facilities with banks or other institutional lenders or institutional investors providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or issuances of debt securities evidenced by notes, debentures, bonds, indentures or similar instruments, in each case as amended, restated, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time (and whether or not with the original administrative agent, lenders or trustee or another administrative agent or agents, other lenders or trustee and whether provided under any credit or other agreement or indenture).
		

		
			 
		

		
			"Default" means any event that is, or after notice or passage of time or both would be, an Event of Default.
		

		
			 
		

		
			"Deferred Revenue Financing Arrangement" means any financing transaction, including any
		

		
			stream transaction or royalty agreement, (x) pursuant to which (a) the Company or any of its Restricted Subsidiaries receives cash advances or deposits in respect of future revenues from the sale of specified mineral assets to a Person other than an Affiliate, (b) such liability in relation to such financial transaction is amortized upon the delivery or sale of such mineral assets and (c) there is no obligation to sell a minimum amount of the relevant mineral assets and (y) which financing transaction is customary in the mining business.
		

		
			 
		

		
			
		

		
			

		 

		

			9

		

 

		

			 

		

		

		
			"Definitive Note" means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Schedule 1 or Schedule 3 hereto, as applicable, except that such Note shall not bear the Global Notes Legend and shall not have the "Schedule of Exchanges of Interests in the Global Note" attached thereto.
		

		
			 
		

		
			"Depositary" means, with respect to Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as the Depositary with respect to the Notes and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture.
		

		
			 
		

		
			"Designated Non-cash Consideration" means the Fair Market Value of non-cash consideration received by the Company or any of its Restricted Subsidiaries in connection with an Asset Sale that is designated as "Designated Non-cash Consideration" pursuant to an Officer's Certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale, redemption or payment of, on or with respect to such Designated Non-cash Consideration.
		

		
			 
		

		
			"Disqualified Stock" means, with respect to any Person, any Capital Stock of such Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event:
		

		
			 
		

		
			(a)          matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;
		

		
			 
		

		
			(b)          is convertible into or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable solely at the option of the Company or its Restricted Subsidiaries (it being understood that upon such conversion or exchange it shall be an Incurrence of such Indebtedness or Disqualified Stock)); or
		

		
			 
		

		
			(c)          is redeemable at the option of the holder of the Capital Stock in whole or in part,
		

		
			 
		

		
			in each case on or prior to the date 91 days after the earlier of the final maturity date of the Notes or the date the Notes are no longer outstanding; provided,  however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; provided,  further, that any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company or its Restricted Subsidiaries to repurchase such Capital Stock upon the occurrence of a change of control or asset disposition (each defined in a substantially identical manner to the corresponding definitions in this Indenture) shall not constitute Disqualified Stock if the terms of such Capital Stock (and all such securities into which it is convertible or exchangeable or for which it is redeemable) provide that the Company or its Restricted Subsidiaries, as applicable, are not required to repurchase or redeem any such Capital Stock (and all such securities into which it is convertible or exchangeable or for which it is redeemable) pursuant to such provision prior to compliance by the Company with the provisions of this Indenture described under Section 4.10 and 4.14 and such repurchase or redemption complies with Section 4.07.
		

		
			 
		

		
			"DTC" means The Depository Trust Company.
		

		
			 
		

		
			"Eskom" means the South African electricity public utility doing business under the name Eskom.
		

		
			 
		

		
			"Equity Offering" means a public or private offering for cash by the Company of its Common Stock, or options, warrants or rights with respect to its Common Stock, after the Issue Date other than (x) any issuances pursuant to employee benefit plans or otherwise in compensation to officers, directors or employees, (y)  an issuance to any Subsidiary or (z) any offering of Common Stock issued in connection with a transaction that constitutes a Change of Control.
		

		
			 
		

		
			"Euroclear" means Euroclear Bank S.A./N.Y., as operator of Euroclear systems Clearance System or any successor securities clearing agency.
		

		
			 
		

		
			"Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.
		

		
			 
		

		
			
		

		
			

		 

		

			10

		

 

		

			 

		

		

		
			"Fair Market Value" means, with respect to any asset or liability, the fair market value of such asset or liability as determined by Senior Management of the Company in good faith; provided that if the fair market value exceeds $50.0 million, such determination shall be made by the Board of Directors of the Company or an authorized committee thereof in good faith (including as to the value of all non-cash assets and liabilities).
		

		
			 
		

		
			"Franco Nevada Loan Agreement" means the loan available to Ezulwini Mining Company pursuant to a written gold purchase agreement dated November 5, 2009 among Ezulwini Mining Company and Franco Nevada GLW Holdings Corp., Gold Wheaton Gold Corp. and Franco Nevada (Barbados) Corporation (previously known as Gold Wheaton (Barbados) Corporation) in the amount of $50.0 million and under which R2.7 million was outstanding as at December 31, 2016.
		

		
			 
		

		
			"Global Notes Legend" means the legend set forth in Section 2.06(g)(ii), which is required to be placed on all Global Notes issued under this Indenture.
		

		
			 
		

		
			"Global Notes" means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Schedule 1 or Schedule 2 hereto, as applicable, issued in accordance with Section 2.01, Section 2.06(b), or Section 2.06(d).
		

		
			 
		

		
			"Guarantee" means any obligation, contingent or otherwise, of any Person directly or indirectly Guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person:
		

		
			 
		

		
			(a)           to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or
		

		
			 
		

		
			(b)          entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided,  however, that the term "Guarantee" will not include endorsements for collection or deposit in the ordinary course of business.
		

		
			 
		

		
			"Guarantor" means the Company and each Subsidiary Guarantor.
		

		
			 
		

		
			"Guarantor Subordinated Obligation" means, with respect to a Guarantor, any Indebtedness of such Guarantor (whether outstanding on the Issue Date or thereafter Incurred) that is expressly subordinated in right of payment to the obligations of such Guarantor under its Note Guarantee pursuant to a written agreement.
		

		
			 
		

		
			"Hedging Obligations" of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Agreement.
		

		
			 
		

		
			"Holder" means a Person in whose name a Note is registered on the Registrar's books.
		

		
			 
		

		
			"IFRS" means the international financial reporting standards as issued by the International Accounting Standards Board as in effect from time to time. All ratios and computations based on IFRS contained in this Indenture will be computed in conformity with IFRS.
		

		
			 
		

		
			"Incur" means issue, create, assume, Guarantee, incur or otherwise become liable for; provided,  however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company (whether by merger, amalgamation, consolidation, acquisition or otherwise) will be deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary of the Company; and the terms "Incurred" and "Incurrence" have meanings correlative to the foregoing.
		

		
			 
		

		
			"Indebtedness" means, with respect to any Person on any date of determination (without duplication):
		

		
			 
		

		
			(a)           the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money;
		

		
			 
		

		
			
		

		
			

		 

		

			11

		

 

		

			 

		

		

		
			(b)          the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;
		

		
			 
		

		
			(c)           the principal component of all obligations of such Person in respect of letters of credit, bankers' acceptances or other similar instruments (including reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates to a trade payable and such obligation is satisfied within 30 days of Incurrence);
		

		
			 
		

		
			(d)          the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property which purchase price is due after the date of placing such property in service or taking delivery and title thereto, except (i) any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business and (ii) any earn-out obligation until the amount of such obligation becomes a liability on the balance sheet of such Person in accordance with IFRS;
		

		
			 
		

		
			(e)           Capitalized Lease Obligations and Attributable Indebtedness of such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor);
		

		
			 
		

		
			(f)           the principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any accrued dividends);
		

		
			 
		

		
			(g)          the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided,  however, that the amount of such Indebtedness will be the lesser of (a) the Fair Market Value of such asset at such date of determination and (b) the amount of such Indebtedness of such other Persons;
		

		
			 
		

		
			(h)          the principal component of Indebtedness of other Persons to the extent Guaranteed by such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor); and
		

		
			 
		

		
			(i)           to the extent not otherwise included in this definition, net obligations of such Person under Hedging Obligations (the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such Obligation that would be payable by such Person at such time).
		

		
			 
		

		
			Notwithstanding the foregoing: (i) money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to pre-fund the payment of interest on such Indebtedness shall not be deemed to be "Indebtedness"; provided that such money is held to secure the payment of such interest; (ii) in connection with the purchase by the Company or any of its Restricted Subsidiaries of any business, the term "Indebtedness" will exclude post-closing payment adjustments or earn-out or similar obligations to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided,  however, that at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 30 days thereafter; (iii) "Indebtedness" shall be calculated without giving effect to any increase or decrease in Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness; (iv), Reclamation Obligations are not and will not be deemed to be Indebtedness; (v) any liabilities pursuant to any Deferred Revenue Financing Arrangement shall not be "Indebtedness"; (vi) for the avoidance of doubt, any liabilities of such Person in connection with letters of credit, banker's acceptances or other similar instruments (including reimbursement obligations with respect thereto provided it is satisfied within 30 days of Incurrence) issued to secure payment by the Company or any of its Restricted Subsidiaries of purchases of electricity from Eskom in the ordinary course of business shall not be "Indebtedness"; and (vii) any obligations under or in respect of Qualified Securitization Financings shall not be "Indebtedness".
		

		
			 
		

		
			In addition, "Indebtedness" of the Company and its Restricted Subsidiaries shall include (without duplication) Indebtedness described in the second preceding paragraph that would not appear as a liability on the balance sheet of the Company and its Restricted Subsidiaries if:
		

		
			 
		

		
			
		

		
			

		 

		

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			(a)           such Indebtedness is the obligation of a partnership or joint venture that is not a Subsidiary of the Company (a "Joint Venture");
		

		
			 
		

		
			(b)          the Company or any of its Restricted Subsidiaries is a general partner of the Joint Venture (a "General Partner"); and
		

		
			 
		

		
			(c)           there is recourse, by contract or operation of law, with respect to the payment of such Indebtedness to property or assets of the Company or any of its Restricted Subsidiaries; and then such Indebtedness shall be included in an amount not to exceed:
		

		
			 
		

		
			(i)           the lesser of (i) the net assets of the General Partner and (ii) the amount of such obligations to the extent that there is recourse, by contract or operation of law, to the property or assets of the Company or any of its Restricted Subsidiaries; or
		

		
			 
		

		
			(ii)          if less than the amount determined pursuant to clause (i) immediately above, the actual amount of such Indebtedness that is recourse to the Company or any of its Restricted Subsidiaries, if the Indebtedness is evidenced by a writing and is for a determinable amount.
		

		
			 
		

		
			"Indenture" means this Indenture, as amended or supplemented from time to time.
		

		
			 
		

		
			"Independent Financial Advisor" means an accounting, appraisal, investment banking firm or consultant to Persons engaged in Similar Businesses of internationally recognized standing that is, in the good faith judgment of the Company, qualified to perform the task for which it has been engaged.
		

		
			 
		

		
			"Indirect Participant" means a Person who holds a beneficial interest in a Global Note through a Participant.
		

		
			 
		

		
			"Initial Notes" has the meaning set forth in the recitals hereto.
		

		
			 
		

		
			"Initial Purchasers" means Citigroup Global Markets Inc., HSBC Bank plc, Barclays Bank PLC, Credit Suisse Securities (Europe) Limited, The Standard Bank of South Africa Limited, .J.P. Morgan Securities plc, Mizuho International plc, Morgan Stanley & Co International plc, MUFG Securities EMEA plc., Rand Merchant Bank, a division of FirstRand Bank Limited (London Branch), RBC Capital Markets, LLC, Scotia Capital (USA) Inc and Société Générale.
		

		
			 
		

		
			"interest" with respect to each series of Notes means interest with respect thereto.
		

		
			 
		

		
			"Interest Payment Date" means June 27 and December 27 of each year to stated maturity of the applicable series of Notes.
		

		
			 
		

		
			"Interest Rate Agreement" means, with respect to any Person, any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or a beneficiary.
		

		
			 
		

		
			"Investment" means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct or indirect advance, loan (other than advances or extensions of credit to customers, suppliers or vendors in the ordinary course of business) or other extensions of credit (including by way of Guarantee or similar arrangement, but excluding any debt or extension of credit represented by a bank deposit (other than a time deposit)) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such Person and all other items that are or would be classified as investments on a balance sheet prepared in accordance with IFRS; provided that none of the following will be deemed to be an Investment:
		

		
			 
		

		
			(a)          Hedging Obligations entered into in the ordinary course of business and in compliance with this Indenture;
		

		
			 
		

		
			(b)          endorsements of negotiable instruments and documents in the ordinary course of business; and
		

		
			 
		

		
			
		

		
			

		 

		

			13

		

 

		

			 

		

		

		
			(c)          an acquisition of assets, Capital Stock or other securities by the Company or a Subsidiary of the Company for consideration to the extent such consideration consists of Common Stock of the Company.
		

		
			 
		

		
			For purposes of Section 4.07,
		

		
			 
		

		
			(a)          "Investment" will include the portion (proportionate to the Company's equity interest in a Restricted Subsidiary of the Company that is to be designated an Unrestricted Subsidiary) of the Fair Market Value of the net assets of such Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; provided,  however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary of the Company, the Company will be deemed to continue to have a permanent "Investment" in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Company's aggregate "Investment" in such Subsidiary as of the time of such redesignation less (b) the portion (proportionate to the Company's equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time that such Subsidiary is so redesignated a Restricted Subsidiary of the Company;
		

		
			 
		

		
			(b)          any property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer; and
		

		
			 
		

		
			(c)           if the Company or any of its Restricted Subsidiaries sells or otherwise disposes of any Voting Stock of any Restricted Subsidiary of the Company such that, after giving pro forma effect to any such sale or disposition, such entity is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Capital Stock of such Subsidiary not sold or disposed of.
		

		
			 
		

		
			"Investment Grade Rating" means a rating equal to or higher than Baa3 (or the equivalent) by Moody's Investors Service, Inc. and BBB — (or the equivalent) by Standard & Poor's Ratings Services, or, if either Moody's Investors Service, Inc. or Standard & Poor's Ratings Services no longer rates the Notes, any equivalent rating by another Rating Agency, in each case, with a stable or better outlook.
		

		
			 
		

		
			"Issue Date" means the date of this Indenture.
		

		
			 
		

		
			"Issuer" means the party named as such in the first paragraph of this Indenture or any successor obligor to its obligations under this Indenture and the Notes pursuant to Article V.
		

		
			 
		

		
			"Leverage Ratio" means, as of any date of determination with respect to any Person, the ratio of (i) Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with IFRS) to (ii) Consolidated EBITDA of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which financial statements prepared on a consolidated basis in accordance with IFRS are available; provided,  however, that:
		

		
			 
		

		
			(a)           if the Company or any of its Restricted Subsidiaries:
		

		
			 
		

		
			(i)           has Incurred any Indebtedness (other than Indebtedness that constitutes ordinary working capital borrowings) since the beginning of such period that remains outstanding on such date of determination or if the transaction giving rise to the need to calculate the Leverage Ratio includes an Incurrence of Indebtedness (other than Indebtedness that constitutes ordinary working capital borrowings), Consolidated EBITDA for such period will be calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been Incurred on the first day of such period (except that in making such computation, the amount of Indebtedness under any revolving Debt Facility outstanding on the date of such calculation will be deemed to be:
		

		
			 
		

		
			(A)         the average daily balance of such Indebtedness during such four fiscal quarters or such shorter period for which such facility was outstanding; or
		

		
			 
		

		
			(B)         if such facility was created after the end of such four fiscal quarters, the average daily balance of such Indebtedness during the period from the date of creation of such facility to the date of such calculation),
		

		
			 
		

		
			
		

		
			

		 

		

			14

		

 

		

			 

		

		

		
			and the discharge of any other Indebtedness repaid, repurchased, redeemed, retired, defeased or otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period; or
		

		
			 
		

		
			(ii)          has repaid, repurchased, redeemed, retired, defeased or otherwise discharged any Indebtedness since the beginning of the period that is no longer outstanding on such date of determination or if the transaction giving rise to the need to calculate the Leverage Ratio includes a discharge of Indebtedness (in each case, other than Indebtedness Incurred under any revolving Debt Facility unless such Indebtedness has been permanently repaid and the related commitment terminated and not replaced), Consolidated EBITDA will be calculated after giving effect on a pro forma basis to such discharge of such Indebtedness, including with the proceeds of such new Indebtedness, as if such discharge had occurred on the first day of such period;
		

		
			 
		

		
			(b)          if since the beginning of such period, the Company or any of its Restricted Subsidiaries will have made any Asset Disposition or disposed of or discontinued (as defined under IFRS) any company, division, operating unit, segment, business, group of related assets or line of business or if the transaction giving rise to the need to calculate the Leverage Ratio is such an Asset Disposition, the Consolidated EBITDA for such period will be reduced by an amount equal to the Consolidated EBITDA (if positive) directly attributable to the assets that are the subject of such disposition or discontinuation for such period or increased by an amount equal to the Consolidated EBITDA (if negative) directly attributable thereto for such period;
		

		
			 
		

		
			(c)           if since the beginning of such period the Company or any of its Restricted Subsidiaries (by merger, amalgamation, consolidation or otherwise) will have made an Investment in any Restricted Subsidiary of the Company (or any Person that becomes a Restricted Subsidiary of the Company or is merged with or into the Company or any of its Restricted Subsidiaries) or an acquisition of assets, including any transaction or acquisition of assets occurring in connection with a transaction causing a calculation to be made hereunder, which constitutes all or substantially all of a company, division, operating unit, segment, business, group of related assets or line of business, Consolidated EBITDA will be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition occurred on the first day of such period; and
		

		
			 
		

		
			(d)          if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary of the Company or was merged with or into the Company or any of its Restricted Subsidiaries since the beginning of such period) will have Incurred any Indebtedness or discharged any Indebtedness, made any disposition or any Investment or acquisition of assets that would have required an adjustment pursuant to clause (a), (b) or (c) above if made by the Company or its Restricted Subsidiary during such period, Consolidated EBITDA will be calculated after giving pro forma effect thereto as if such transaction occurred on the first day of such period.
		

		
			 
		

		
			For the purposes of this definition and the definitions of Consolidated EBITDA, Consolidated Income Taxes, Consolidated Interest Expense and Consolidated Net Income, (a) whenever pro forma effect is to be given to any transaction or calculation, the pro forma calculations will be as determined in good faith by a responsible financial or accounting officer of the Company or an Officer of the Company (including in respect of anticipated expense and cost reductions and synergies) and (b) in determining the amount of Indebtedness outstanding on any date of determination, pro forma effect shall be given to any Incurrence, repayment, repurchase, defeasance or other acquisition, retirement or discharge of Indebtedness as if such transaction had occurred on the first day of the relevant period.
		

		
			 
		

		
			"Lien" means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, deed of trust, deemed trust, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to constitute a Lien.
		

		
			 
		

		
			
		

		
			

		 

		

			15

		

 

		

			 

		

		

		
			"Limited Guarantee" means a Guarantee by a Person organized other than in Delaware and South Africa, the amount of which is limited in order to comply with applicable requirements of law in the jurisdiction of organization of the applicable Person with respect to the enforceability of such Guarantee.
		

		
			 
		

		
			"Moody's" means Moody's Investors Service, Inc. and any successor to its rating agency business.
		

		
			 
		

		
			"Net Available Cash" from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities or other assets received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the properties or assets that are the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of:
		

		
			 
		

		
			(a)           all legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses, and federal, state, provincial, municipal and local taxes, and all foreign taxes, required to be paid or accrued as a liability under IFRS (after taking into account any available tax credits or deductions and any tax sharing agreements), as a consequence of such Asset Disposition;
		

		
			 
		

		
			(b)          all payments made on any Indebtedness that is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law be repaid out of the proceeds from such Asset Disposition;
		

		
			 
		

		
			(c)           all distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of such Asset Disposition; and
		

		
			 
		

		
			(d)           the deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with IFRS, against any liabilities associated with the assets disposed of in such Asset Disposition and retained by the Company or any of its Restricted Subsidiaries after such Asset Disposition.
		

		
			 
		

		
			"Net Cash Proceeds" with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale, net of attorneys' fees, accountants' fees, underwriters' or placement agents' fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements).
		

		
			 
		

		
			"New Holdco" has the meaning set forth in the definition of "Permitted Reorganization."
		

		
			 
		

		
			"Non-Guarantor" means any Restricted Subsidiary of the Company that is not a Guarantor.
		

		
			 
		

		
			"Non-Recourse Debt" means Indebtedness of a Person:
		

		
			 
		

		
			(a)           as to which neither the Company nor any of its Restricted Subsidiaries (a) provides   any Guarantee or credit support of any kind (including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness), other than Indebtedness secured by Liens permitted by clause (y)  of the definition of Permitted Liens, or (b) is directly or indirectly liable (as a guarantor or otherwise), other than as a result of Indebtedness secured by Liens permitted by clause (y) of the definition of Permitted Liens;
		

		
			 
		

		
			(b)          no default with respect to which would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or any of its Restricted Subsidiaries, other than Indebtedness secured by Liens permitted by clause (y) of the definition of Permitted Liens, to declare a default under such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity; and
		

		
			 
		

		
			(c)           the explicit terms of which provide there is no recourse against any of the assets of the Company or its Restricted Subsidiaries, other than in respect of Liens permitted by clause (y) of the definition of Permitted Liens.
		

		
			 
		

		
			"Non-U.S. Person" means a Person who is not a U.S. Person.
		

		
			 
		

		
			
		

		
			

		 

		

			16

		

 

		

			 

		

		

		
			"Note Guarantee" means, individually, any Guarantee of payment of the applicable series of Notes and the Company's other Obligations under this Indenture by a Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees.
		

		
			 
		

		
			"Notes" means the Initial Notes of each series and any note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term "Notes" shall also include any Additional Notes of each series that may be issued under a supplemental indenture and notes to be issued or authenticated upon transfer, replacement or exchange of Notes.
		

		
			 
		

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

		
			 
		

		
			"Offering Memorandum" means the offering memorandum, dated June 20, 2017, relating to the sale of the Initial Notes.
		

		
			 
		

		
			"Offer to Purchase" means an Asset Disposition Offer or a Change of Control Offer.
		

		
			 
		

		
			"Officer" means the Chairman of the Board, the Chief Executive Officer, Chief Financial Officer, or the Secretary of the Company or, in the event that the Company is a partnership or a limited liability company that has no such officers, a person duly authorized under applicable law by the general partner, managers, members or a similar body to act on behalf of the Company. Officer of any Guarantor has a correlative meaning.
		

		
			 
		

		
			"Officer's Certificate" means a certificate signed by an Officer of the Company.
		

		
			 
		

		
			"Opinion of Counsel" means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee.
		

		
			 
		

		
			"Parent" means, with respect to any Person, any other Person of which such Person is a direct or indirect Subsidiary.
		

		
			 
		

		
			"Pari Passu Indebtedness" means Indebtedness that ranks equally in right of payment to the Notes, in the case of the Issuer, or the Note Guarantees, in the case of any Guarantor (without giving effect to collateral arrangements).
		

		
			 
		

		
			"Participant" means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).
		

		
			 
		

		
			"Permitted Investment" means an Investment by the Company or any of its Restricted Subsidiaries in:
		

		
			 
		

		
			(a)           the Company or a Restricted Subsidiary of the Company;
		

		
			 
		

		
			(b)          any Investment by the Company or any of its Restricted Subsidiaries in a Person that is engaged in a Similar Business if as a result of such Investment:
		

		
			 
		

		
			(i)           such Person becomes a Restricted Subsidiary of the Company; or
		

		
			 
		

		
			(ii)          such Person, in one transaction or a series of related transactions, is merged or consolidated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or any of its Restricted Subsidiaries,
		

		
			 
		

		
			and, in each case, any Investment held by such Person; provided that such Investment was not acquired by such Person in contemplation of such acquisition, merger, amalgamation, consolidation or transfer;
		

		
			 
		

		
			
		

		
			

		 

		

			17

		

 

		

			 

		

		

		
			(c)           cash and Cash Equivalents;
		

		
			 
		

		
			(d)          (a) endorsements for collection or deposit in the ordinary course of business and (b) receivables owing to the Company or any of its Restricted Subsidiaries created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided,  however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;
		

		
			 
		

		
			(e)           payroll, travel, commission, entertainment, relocation and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;
		

		
			 
		

		
			(f)           loans or advances to employees, Officers or directors of the Company or any of its Restricted Subsidiaries in the ordinary course of business in an aggregate amount not in excess of $5.0 million with respect to all loans or advances made since the Issue Date (without giving effect to the forgiveness of any such loan);
		

		
			 
		

		
			(g)          any Investment acquired by the Company or any of any of its Restricted Subsidiaries:
		

		
			 
		

		
			(i)           in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable or in satisfaction of judgments or otherwise in resolution or compromise of litigation, arbitration or disputes; or
		

		
			 
		

		
			(ii)          as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;
		

		
			 
		

		
			(h)          Investments made as a result of the receipt of non-cash consideration from an Asset Disposition that was made pursuant to and in compliance with Section 4.10 or any other disposition of assets not constituting an Asset Disposition;
		

		
			 
		

		
			(i)           Investments in existence on the Issue Date, or an Investment consisting of any extension, modification, replacement or renewal of any such Investment existing on the Issue Date; provided that the amount of any such Investment may be increased in such extension, modification, replacement or renewal only (a) as required by the terms of such Investment or (b) as otherwise permitted under this Indenture;
		

		
			 
		

		
			(j)           Currency Agreements, Interest Rate Agreements, Commodity Agreements and related Hedging Obligations, which transactions or obligations are Incurred in compliance with Section 4.09;
		

		
			 
		

		
			(k)          Guarantees issued in accordance with Section 4.09;
		

		
			 
		

		
			(l)           Investments made in connection with the funding of contributions under any non- qualified retirement plan or similar employee compensation plan in an amount not to exceed the amount of compensation expense recognized by the Company and its Restricted Subsidiaries in connection with such plans;
		

		
			 
		

		
			(m)         surety and performance bonds and workers' compensation, utility, lease, tax and similar deposits in the ordinary course of business;
		

		
			 
		

		
			(n)          Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;
		

		
			 
		

		
			(o)          any Investment in connection with a Qualified Securitization Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Securitization Financing;
		

		
			 
		

		
			
		

		
			

		 

		

			18

		

 

		

			 

		

		

		
			(p)          Similar Business Investments, together with all other Investments pursuant to this clause (p), in an aggregate amount not to exceed the greater of (x) $250.0 million and (y) 5.0% of Total Assets, at any one time outstanding (in each case, with the Fair Market Value of such Investment being measured at the time made and without giving effect to subsequent changes in value);
		

		
			 
		

		
			(q)          Investments arising from the transfer of non-performing assets to a Person in exchange for Capital Stock of such Person in an aggregate amount not to exceed $150.0 million at any one time outstanding (in each case, with the Fair Market Value of such Investment being measured at the time made and without giving effect to subsequent changes in value); and
		

		
			 
		

		
			(r)           Investments by the Company or any of its Restricted Subsidiaries, together with all other Investments pursuant to this clause (r), in an aggregate amount not to exceed the greater of (x) $50.0 million and (y) 1.25% of Total Assets, at any one time outstanding (in each case, with the Fair Market Value of such Investment being measured at the time made and without giving effect to subsequent changes in value).
		

		
			 
		

		
			"Permitted Liens" means, with respect to any Person:
		

		
			 
		

		
			(a)           pledges or deposits by such Person under workers' compensation laws, unemployment insurance laws, pension laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of business;
		

		
			 
		

		
			(b)          Liens imposed by law, including carriers', warehousemen's, mechanics', materialmen's and repairmen's Liens, Incurred in the ordinary course of business;
		

		
			 
		

		
			(c)           Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or that are being contested in good faith by appropriate proceedings provided appropriate reserves required pursuant to IFRS have been made in respect thereof;
		

		
			 
		

		
			(d)          Liens in favor of issuers of surety or performance bonds or letters of credit or bankers' acceptances or similar obligations issued pursuant to the request of and for the account of such Person in the ordinary course of its business;
		

		
			 
		

		
			(e)           minor survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person;
		

		
			 
		

		
			(f)           Liens securing Hedging Obligations that are Incurred in the ordinary course of business (and not for speculative purposes);
		

		
			 
		

		
			(g)          leases, licenses, subleases and sublicenses of assets (including, real property and intellectual property rights) that do not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries;
		

		
			 
		

		
			(h)          judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired;
		

		
			 
		

		
			(i)           Liens for the purpose of securing the payment of all or a part of the purchase price of, or Capitalized Lease Obligations, mortgage financings, purchase money obligations or other payments Incurred to finance assets or property (other than Capital Stock or other Investments) acquired, constructed, improved or leased in the ordinary course of business; provided that:
		

		
			 
		

		
			
		

		
			

		 

		

			19

		

 

		

			 

		

		

		
			(i)           the aggregate principal amount of Indebtedness secured by such Liens does not exceed the aggregate amount of Indebtedness permitted to be Incurred pursuant to Section 4.9(b)(viii); and
		

		
			 
		

		
			(ii)          such Liens are created within 365 days of construction, acquisition or improvement of such assets or property and do not encumber any other assets or property of the Company or any of its Restricted Subsidiaries other than such assets or property and assets affixed or appurtenant thereto;
		

		
			 
		

		
			(j)           Liens arising solely by virtue of any statutory or common law provisions relating to Liens in favor of trustee and escrow agents, banker's Liens, margin Liens, rights of set off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that:
		

		
			 
		

		
			(i)           such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in excess of those set forth by regulations promulgated by the U.S. Federal Reserve Board; and
		

		
			 
		

		
			(ii)          such deposit account is not intended by the Company or any of its Restricted Subsidiaries to provide collateral to the depository institution;
		

		
			 
		

		
			(k)          Liens arising from Uniform Commercial Code (or similar statutes in other jurisdictions) financing statement filings regarding operating leases entered into by the Company and any of its Restricted Subsidiaries in the ordinary course of business;
		

		
			 
		

		
			(l)           Liens existing on the Issue Date;
		

		
			 
		

		
			(m)         Liens on property or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary of the Company; provided,  however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such other Person becoming a Restricted Subsidiary of the Company; provided,  further,  however, that any such Lien may not extend to any other property or assets owned by the Company or any of its Restricted Subsidiaries;
		

		
			 
		

		
			(n)          Liens on property at the time the Company or a Restricted Subsidiary of the Company acquired the property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or any of its Restricted Subsidiaries; provided,  however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such acquisition; provided further,  however, that such Liens may not extend to any other property or assets owned by the Company or any of its Restricted Subsidiaries;
		

		
			 
		

		
			(o)          Liens securing Indebtedness or other obligations of a Restricted Subsidiary of the Company owing to the Company or another Restricted Subsidiary of the Company;
		

		
			 
		

		
			(p)          Liens securing the Notes and the Note Guarantees;
		

		
			 
		

		
			(q)          Liens securing Refinancing Indebtedness Incurred to refinance, refund, replace, amend, extend or modify, as a whole or in part, Indebtedness that was previously so secured pursuant to clauses (i), (l), (m), (n), (p), (r) and this clause (q) of this definition; provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is in respect of property that is the security for a Permitted Lien hereunder;
		

		
			 
		

		
			(r)           any interest or title of a lessor under any Capitalized Lease Obligation or operating lease;
		

		
			 
		

		
			(s)           Liens in favor of the Company or any of its Restricted Subsidiaries;
		

		
			 
		

		
			(t)           Liens under industrial revenue, municipal or similar bonds;
		

		
			 
		

		
			
		

		
			

		 

		

			20

		

 

		

			 

		

		

		
			(u)          Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business;
		

		
			 
		

		
			(v)          Liens on specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;
		

		
			 
		

		
			(w)         deposits made in the ordinary course of business to secure liability to insurance
		

		
			carriers;
		

		
			 
		

		
			(x)          Liens on the Capital Stock or Indebtedness of an Unrestricted Subsidiary; provided that such Liens do not encumber any assets or property other than the Capital Stock or Indebtedness of such Unrestricted Subsidiary;
		

		
			 
		

		
			(y)          Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the disposition of such assets;
		

		
			 
		

		
			(z)           Liens on Securitization Assets Incurred in connection with any Qualified Securitization Financing;
		

		
			 
		

		
			(aa)         Liens securing Indebtedness under the Franco Nevada Loan Agreement;
		

		
			 
		

		
			(bb)          Liens securing Indebtedness (other than Subordinated Obligations and Guarantor Subordinated Obligations) in an aggregate principal amount not to exceed the greater of (x) $250.0 million and (y) 5.00% of Total Assets, at any time outstanding; and
		

		
			 
		

		
			(cc)         Liens securing obligations under any Deferred Revenue Financing Arrangement.
		

		
			 
		

		
			"Permitted Reorganization" means a transaction comprising (x) the incorporation of a new direct Parent ("New Holdco") which, immediately after giving effect to the Permitted Reorganization, owns 100% of the Voting Stock of the Company and (y) the exchange of the entire issued and outstanding Voting Stock of the Company for the entire issued and outstanding Voting Stock of New Holdco; provided that (i) New Holdco is a Person organized and existing under the laws of South Africa, (ii) New Holdco expressly assumes all of the obligations of the Company under the Notes and this Indenture pursuant to a supplemental indenture in form reasonably satisfactory to the Trustee, (iii) the predecessor Company enters into a supplemental indenture to this Indenture pursuant to which it irrevocably and unconditionally guarantees on a joint and several basis the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a senior basis and all other obligations under this Indenture, (iv) immediately before and immediately after giving pro forma effect to such transaction, no Default or Event of Default shall have occurred or be continuing, (v) the predecessor Company shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such transaction and such supplemental indenture comply with this Indenture, and (vi) the predecessor Company shall have delivered to the Trustee a certificate from the Board of Directors of New Holdco which confirms the solvency of New Holdco after giving effect to the Permitted Reorganization; provided that notwithstanding the foregoing only one Permitted Reorganization shall be permitted under this Indenture after the Issue Date. Upon completion of a Permitted Reorganization, New Holdco shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if New Holdco had been named as Company therein.
		

		
			 
		

		
			"Person" means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision hereof or any other entity.
		

		
			 
		

		
			"Preferred Stock" as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) that is preferred as to the payment of dividends upon liquidation, dissolution or winding up.
		

		
			 
		

		
			"Private Placement Legend" means the legend set forth in Section 2.06(g)(i) to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture.
		

		
			 
		

		
			
		

		
			

		 

		

			21

		

 

		

			 

		

		

		
			"QIB" means a "qualified institutional buyer as defined in Rule 144A.
		

		
			 
		

		
			"Qualified Securitization Financing" means any financing pursuant to which the Company or any of its Restricted Subsidiaries may sell, convey or otherwise transfer to any other Person or grant a security interest in any accounts receivable (and related assets) or inventory in any aggregate principal amount equivalent to the Fair Market Value of such accounts receivable (and related assets) or inventory of the Parent or any of its Restricted Subsidiaries; provided that (a) the covenants, events of default and other provisions applicable to such financing shall be customary for such transactions and shall be on market terms (as determined in good faith by the Board of Directors or senior management of the Company) at the time such financing is entered into, (b) the interest rate applicable to such financing shall be a market interest rate (as determined in good faith by the Board of Directors or senior management of the Company) at the time such financing is entered into and (c) such financing shall be non-recourse to the Company or any of its Restricted Subsidiaries except to a limited extent customary for such transactions. For the purpose of this definition, for the avoidance of doubt assets related to accounts receivable include cash received on payment of the accounts receivable and accounts into which such cash is deposited.
		

		
			 
		

		
			"Rand Revolving Credit Facility" means the facility agreement, dated as of November 15, 2016 among, inter alios, the Company, as borrower, the guarantors party thereto, Nedbank Limited, FirstRand Bank Limited, ABSA Bank Limited, The Standard Bank of South Africa Limited and Bank of China Limited Johannesburg Bank as mandated lead arrangers, and Nedbank Limited as agent, as such agreement may be amended, modified, supplemented, extended, renewed, refinanced or replaced or substituted from time to time.
		

		
			 
		

		
			"Rating Agency" means each of S&P and Moody's or, if S&P or Moody's or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies (as defined pursuant to Section 3(62) of the Exchange Act), as the case may be, selected by the Company (as certified by a resolution of the Board of Directors) which shall be substituted for S&P or Moody's or both, as the case may be.
		

		
			 
		

		
			"Receivable" means a right to receive payment arising from a sale or lease of goods or the performance of services by a Person pursuant to an arrangement with another Person pursuant to which such other Person is obligated to pay for goods or services under terms that permit the purchase of such goods and services on credit and shall include, in any event, any items of property that would be classified as an "account," "chattel paper," "payment intangible" or "instrument" under the Uniform Commercial Code as in effect in the State of New York and any "supporting obligations" as so defined.
		

		
			 
		

		
			"Receivables Fees" means any fees or interest paid to purchasers or lenders providing the financing in connection with a securitization transaction, factoring agreement or other similar agreement, including any such amounts paid by discounting the face amount of Receivables or participations therein transferred in connection with a securitization transaction, factoring agreement or other similar arrangement, regardless of whether any such transaction is structured as on-balance sheet or off-balance sheet or through a Restricted Subsidiary of the Company or an Unrestricted Subsidiary.
		

		
			 
		

		
			"Reclamation Obligations" means statutory, contractual, constructive or legal obligations associated with decommissioning of mining operations and/or mineral processing facilities and reclamation and rehabilitation costs arising when environmental disturbance is caused by the exploration or development of mineral properties, plant and equipment (including any environmental bond, rehabilitation bond, guarantee of reclamation or rehabilitation obligations or similar arrangements which the Company or any of its Restricted Subsidiaries are required to provide under applicable environmental or mining law).
		

		
			 
		

		
			"Record Date" for the interest payable on any applicable Interest Payment Date means June 12 or December 12 (whether or not a Business Day) preceding such Interest Payment Date.
		

		
			 
		

		
			"Refinancing Indebtedness" means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or extend (including pursuant to any defeasance or discharge mechanism) (collectively, "refinance," "refinances" and "refinanced" shall each have a correlative meaning) any Indebtedness existing on the Issue Date or Incurred in compliance with this Indenture (including Indebtedness of the Company that refinances Indebtedness of any of its Restricted Subsidiaries and Indebtedness of any of its Restricted Subsidiaries that refinances Indebtedness of another Restricted Subsidiary of the Company) including Indebtedness that refinances Refinancing Indebtedness; provided,  however, that:
		

		
			 
		

		
			
		

		
			

		 

		

			22

		

 

		

			 

		

		

		
			(a)           (i) if the Stated Maturity of the Indebtedness being refinanced is earlier than the Stated Maturity of the Notes of either series, the Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being refinanced or (ii) if the Stated Maturity of the Indebtedness being refinanced is later than the Stated Maturity of the Notes of each series, the Refinancing Indebtedness has a Stated Maturity at least 91 days later than the latest Stated Maturity of the Notes;
		

		
			 
		

		
			(b)          the Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the Indebtedness being refinanced;
		

		
			 
		

		
			(c)           such Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced (plus, without duplication, any additional Indebtedness Incurred to pay interest or premiums required by the instruments governing such existing Indebtedness and fees Incurred in connection therewith);
		

		
			 
		

		
			(d)          if the Indebtedness being refinanced is subordinated in right of payment to the Notes or the Note Guarantees, such Refinancing Indebtedness is subordinated in right of payment to the Notes or the Note Guarantees on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness being refinanced; and
		

		
			 
		

		
			(e)           Refinancing Indebtedness shall not include Indebtedness of a Non Guarantor that refinances Indebtedness of the Company or a Guarantor.
		

		
			 
		

		
			"Regulation S" means Regulation S promulgated under the Securities Act.
		

		
			 
		

		
			"Regulation S Global Note" means a Regulation S Temporary Global Note or a Regulation S Permanent Global Note, as appropriate.
		

		
			 
		

		
			"Regulation S Permanent Global Note" means a Global Note substantially in the form of Schedule 1 or Schedule 2 hereto, as applicable, bearing the Private Placement Legend and the Global Notes Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of Notes of the applicable series sold in reliance on Regulation S.
		

		
			 
		

		
			"Regulation S Temporary Global Note" means a temporary Global Note in the form of Schedule 1 or Schedule 2 hereto, as applicable, bearing the Private Placement Legend, the Global Notes Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of Notes of the applicable series initially sold in reliance on Rule 903 of Regulation S.
		

		
			 
		

		
			"Regulation  S  Temporary  Global  Note  Legend"  means  the  legend  set  forth   in   Section 2.06(g)(iv) to be placed on the Regulation S Temporary Global Note.
		

		
			 
		

		
			"Responsible Officer" means, when used with respect to the Trustee, any officer assigned to the Corporate Trust Division – Corporate Finance Unit (or any successor division or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration of this Indenture, and for the purpose of Section 7.01(c)(ii) and the second sentence of Section 7.05 shall also include any other officer of the Trustee to whom any corporate trust matter is referred because of such officer's knowledge of and familiarity with the particular subject.
		

		
			 
		

		
			"Restricted Definitive Note" means a Definitive Note bearing the Private Placement Legend.
		

		
			 
		

		
			"Restricted Global Note" means a Global Note bearing the Private Placement Legend and the Global Notes Legend.
		

		
			 
		

		
			"Restricted Investment" means any Investment other than a Permitted Investment.
		

		
			 
		

		
			"Restricted Period" with respect to any Note, means the period of 40 consecutive days beginning on and including the later of (a) the day on which such Note is first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S, notice of which day shall be promptly
		

		
			 
		

		
			
		

		
			

		 

		

			23

		

 

		

			 

		

		

		
			given by the Company to the Trustee, and (b) the date of issuance with respect to such Note or any predecessor of such Note.
		

		
			 
		

		
			"Restricted Subsidiary" of a Person means any direct or indirect Subsidiary of the referent Person (or if no such Person is specified, the Company) that is not an Unrestricted Subsidiary.
		

		
			 
		

		
			"Rights Offering" means the rights offering by the Company of 1,195,787,294 of its ordinary shares pursuant to a U.S. prospectus supplement and a South African shareholder circular, each dated May 18, 2017.
		

		
			 
		

		
			"Sale/Leaseback Transaction" means an arrangement relating to property now owned or hereafter acquired whereby the Company or its Restricted Subsidiary transfers such property to a Person (other than the Company or any of its Subsidiaries) and the Company or its Restricted Subsidiary leases it from such Person.
		

		
			 
		

		
			"Rule 144" means Rule 144 promulgated under the Securities Act.
		

		
			 
		

		
			"Rule 144A" means Rule 144A promulgated under the Securities Act.
		

		
			 
		

		
			"S&P" means Standard & Poor's Rating Services and any successor to its rating agency business.
		

		
			 
		

		
			"SEC" means the U.S. Securities and Exchange Commission.
		

		
			 
		

		
			"Secured Indebtedness" means any Indebtedness of the Company or any of its Restricted Subsidiaries secured by a Lien on assets of the Company or such Restricted Subsidiary, excluding Capital Stock or Indebtedness of an Unrestricted Subsidiary.
		

		
			 
		

		
			"Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.
		

		
			 
		

		
			"Securitization Assets" means any accounts receivable or related assets and inventory subject to a Qualified Securitization Financing. For the purpose of this definition, for the avoidance of doubt assets related to accounts receivable include cash received on payment of the accounts receivable and accounts into which such cash is deposited.
		

		
			 
		

		
			"Senior Management" means the chief executive officer and the chief financial officer of the Company.
		

		
			 
		

		
			"Significant Subsidiary" means any Restricted Subsidiary of the Company that would be a "Significant Subsidiary" of the Company within the meaning of Rule 1-02 under Regulation SX promulgated by the SEC, determined as of the date of the most recently completed financial statements of the Company and its Restricted Subsidiaries.
		

		
			 
		

		
			"Similar Business" means any business conducted or proposed to be conducted by the Company and its Restricted Subsidiaries on the Issue Date or any other business that is similar, reasonably related, incidental or ancillary thereto.
		

		
			 
		

		
			"Similar Business Investments" means Investments (other than Investments in Restricted Subsidiaries) made in (A) the ordinary course of, or of a nature that are customary in, the mining business as a means of exploiting, exploring for, acquiring, developing, processing, gathering, producing, transporting, marketing, selling or distributing copper, zinc, gold, silver or other base or precious metals, concentrates, oxides and other products used, useful or created in the mining business, including through agreements, acquisitions, transactions, joint ventures, partnerships or contractual or other interests or arrangements which may permit one to share (or have the effect of sharing) risks or costs, comply with regulatory requirements regarding ownership or satisfy other customary objectives in the mining business, and in any event including, Investments made in connection with or in the form of (i) direct or indirect ownership interests in mining properties, gathering or upgrading systems or facilities and (ii) operating agreements, developments agreements, area of mutual interest agreements, pooling agreements, service contracts, option agreements, joint venture agreements, partnership or limited liability company agreements (whether general or limited), or other similar or customary agreements, transactions, properties, interests or arrangements, and Investments and expenditures in connection therewith or pursuant thereto; and (B) Persons engaged in a Similar Business.
		

		
			 
		

		
			
		

		
			

		 

		

			24

		

 

		

			 

		

		

		
			"Stated Maturity" means, with respect to any instrument or security, the date specified in the agreement governing or certificate relating to such Indebtedness as the fixed date on which the final payment of principal of such instrument or security is due and payable, including pursuant to any mandatory redemption provision, but not including any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof.
		

		
			 
		

		
			"Subordinated Obligation" means any Indebtedness of the Issuer (whether outstanding on the Issue Date or thereafter Incurred) that is subordinated or junior in right of payment to the Notes pursuant to a written agreement.
		

		
			 
		

		
			"Subsidiary" of any Person means (a) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total ordinary voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof (or Persons performing similar functions) or (b) any partnership, joint venture limited liability company (other than an unincorporated joint venture) or similar entity of which more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, is, in the case of clauses (a) and (b), at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such Person. Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary of the Company.
		

		
			 
		

		
			"Subsidiary Guarantor" means each Restricted Subsidiary of the Company in existence on the Issue Date that provides a Note Guarantee on the Issue Date and any other Restricted Subsidiary of the Company that provides a Note Guarantee after the Issue Date, in each case, in accordance with this Indenture; provided that upon release or discharge of any Restricted Subsidiary of the Company from its Note Guarantee in accordance with this Indenture, such Restricted Subsidiary shall cease to be a Subsidiary Guarantor.
		

		
			 
		

		
			"Total Assets" means the total consolidated assets of the Company and its Restricted Subsidiaries on a consolidated basis determined in accordance with IFRS, as shown on the most recent consolidated balance sheet of the Company; provided that, for purposes of calculating "Total Assets" for purposes of testing the covenants under this Indenture in connection with any transaction, the total consolidated assets of the Company and its Restricted Subsidiaries shall be adjusted to reflect any acquisitions and dispositions of assets that have occurred during the period from the date of the applicable balance sheet through the applicable date of determination.
		

		
			 
		

		
			"Treasury Rate" means, as of any date of redemption of Notes of a series, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently completed week for which such information is available as of the date that is two Business Days prior to the redemption date) of the yield to maturity of United States Treasury Securities with a constant maturity (as compiled and published in Federal Reserve Statistical Release H.15 with respect to each applicable day during such week or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the period from the redemption date to June 27, 2019 (in the case of the 2022 Notes) or June 27, 2021 (in the case of the 2025 Notes); provided,  however, that if the period from the redemption date to June 27, 2019 (in the case of the 2022 Notes) or June 27, 2021 (in the case of the 2025 Notes) is not equal to the constant maturity of a United States Treasury security for which such yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the redemption date to June 27, 2019 (in the case of the 2022 Notes) or June 27, 2021 (in the case of the 2025 Notes) is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.
		

		
			 
		

		
			"Trustee" means The Bank of New York Mellon, London Branch, a New York banking corporation, as trustee, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.
		

		
			 
		

		
			"Unrestricted Definitive Note" means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend.
		

		
			 
		

		
			"Unrestricted Global Note" means any Note in global form that does not bear or is not required to bear the Private Placement Legend.
		

		
			 
		

		
			
		

		
			

		 

		

			25

		

 

		

			 

		

		

		
			"Unrestricted Subsidiary" means (x) Sibanye Gold Eastern Operations Proprietary Limited (unless designated as a Restricted Subsidiary pursuant to the terms of this Indenture), (y) any other Subsidiary of the Company which at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Company in the manner provided below and (z) any Subsidiary of an Unrestricted Subsidiary.
		

		
			 
		

		
			The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through merger, amalgamation, consolidation or Investment therein) to be an Unrestricted Subsidiary only if:
		

		
			 
		

		
			(a)           such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of or have any Investment in, or own or hold any Lien on any property of, any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary;
		

		
			 
		

		
			(b)          such Subsidiary has no Indebtedness other than Non-Recourse Debt;
		

		
			 
		

		
			(c)           such designation and the Investment of the Company in such Subsidiary complies with Section 4.07;
		

		
			 
		

		
			(d)          such Subsidiary, either alone or in the aggregate with all other Unrestricted Subsidiaries, does not operate, directly or indirectly, all or substantially all of the business of the Company and its Subsidiaries;
		

		
			 
		

		
			(e)           such Subsidiary is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation:
		

		
			 
		

		
			(i)           to subscribe for additional Capital Stock of such Person; or
		

		
			 
		

		
			(ii)          to maintain or preserve such Person's financial condition or to cause such Person to achieve any specified levels of operating results; and
		

		
			 
		

		
			(f)           on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract, arrangement or understanding with the Company or any of its Restricted Subsidiaries with terms substantially less favorable to the Company than those that might have been obtained from Persons who are not Affiliates of the Company.
		

		
			 
		

		
			Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a resolution of the Board of Directors of the Company giving effect to such designation and an Officer's Certificate certifying that such designation complies with the foregoing conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture, and any Indebtedness of such Subsidiary shall be deemed to be Incurred as of such date.
		

		
			 
		

		
			The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof and the Company could Incur at least $1.00 of additional Indebtedness pursuant to Section 4.9(a) on a pro forma basis taking into account such designation.
		

		
			 
		

		
			"U.S. Government Obligations" means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit.
		

		
			 
		

		
			"USD Revolving Credit Facility" means the facility agreement, dated as of August 24, 2015 among, inter alios, the Company, as borrower, the guarantors party thereto, the Bank of America Merrill Lynch International as agent and Bank of America Merrill Lynch International and HSBC PLC as arrangers, as such agreement may be amended, modified, supplemented, extended, renewed, refinanced or replaced or substituted from time to time.
		

		
			 
		

		
			"U.S. Person" means a U.S. person as defined in Rule 902(k) under the Securities Act.
		

		
			 
		

		
			
		

		
			

		 

		

			26

		

 

		

			 

		

		

		
			"Voting Stock" of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of directors, managers or trustees, as applicable, of such Person.
		

		
			 
		

		
			"Wholly Owned Subsidiary" means a Restricted Subsidiary of the Company, all of the Capital Stock of which (other than directors' qualifying shares) is owned by the Company or another Wholly Owned Subsidiary.
		

		
			 
		

		
			SECTION 1.02.          Other Definitions
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Term

					
					
						    

					
					
						Defined in Section

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Additional Amounts"

					
					
						 

					
					
						2.13(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Affiliate Transaction"

					
					
						 

					
					
						4.11

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Asset Disposition Offer"

					
					
						 

					
					
						4.10(c)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Asset Disposition Offer Amount"

					
					
						 

					
					
						3.10(b)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Asset Disposition Offer Period"

					
					
						 

					
					
						3.10(b)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Asset Disposition Purchase Date"

					
					
						 

					
					
						3.10(b)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Authentication Order"

					
					
						 

					
					
						2.02(c)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Change of Control Offer"

					
					
						 

					
					
						4.14(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Change of Control Payment"

					
					
						 

					
					
						4.14(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Change of Control Payment Date"

					
					
						 

					
					
						4.14(b)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Covenant Defeasance"

					
					
						 

					
					
						8.03

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Event of Default"

					
					
						 

					
					
						6.01(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Excess Proceeds"

					
					
						 

					
					
						4.10(c)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Expiration Date"

					
					
						 

					
					
						1.04(j)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Initial Default"

					
					
						 

					
					
						6.04

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Legal Defeasance"

					
					
						 

					
					
						8.02(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Note Register

					
					
						 

					
					
						2.03(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Paying Agent"

					
					
						 

					
					
						2.03(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"payment default"

					
					
						 

					
					
						6.01(a)(v)(A)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Payor

					
					
						 

					
					
						2.13(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Registrar"

					
					
						 

					
					
						2.03(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Reinstatement Date"

					
					
						 

					
					
						4.17(b)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Relevant Taxing Jurisdiction"

					
					
						 

					
					
						2.13(a)(iii)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Restricted Payment"

					
					
						 

					
					
						4.07(a)(iv)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Successor Company"

					
					
						 

					
					
						5.01(b)(i)

				

		
			
		

		

		 

		

			27

		

 

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						Term

					
					
						    

					
					
						Defined in Section

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Successor Guarantor"

					
					
						 

					
					
						5.01(a)(iv)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Suspended Covenants"

					
					
						 

					
					
						4.17(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Suspension Period"

					
					
						 

					
					
						4.17(a)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						"Taxes"

					
					
						 

					
					
						2.13(a)

				

		
			 
		

		
			 
		

		
			SECTION 1.03.          Rules of Construction
		

		
			 
		

		
			Unless the context otherwise requires:
		

		
			 
		

		
			(a)           a term defined in Section 1.01 or Section 1.02 has the meaning assigned to it therein;
		

		
			 
		

		
			(b)          an accounting term not otherwise defined has the meaning assigned to it in accordance with IFRS;
		

		
			 
		

		
			(c)           "or" is not exclusive;
		

		
			 
		

		
			(d)          words in the singular include the plural, and words in the plural include the singular;
		

		
			 
		

		
			(e)           provisions apply to successive events and transactions;
		

		
			 
		

		
			(f)           unless the context otherwise requires, any reference to an "Appendix," "Article," "Section," "clause," "Schedule" or "Exhibit" refers to an Appendix, Article, Section, clause, Schedule or Exhibit, as the case may be, of this Indenture;
		

		
			 
		

		
			(g)          the words "herein," "hereof" and other words of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision;
		

		
			 
		

		
			(h)          the words "including," "includes" and other words of similar import shall be deemed to be followed by "without limitation";
		

		
			 
		

		
			(i)           references to sections of, or rules under, the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time;
		

		
			 
		

		
			(j)           unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture; and
		

		
			 
		

		
			(k)          in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions, the Company may classify such transaction as it, in its sole discretion, determines.
		

		
			 
		

		
			SECTION 1.04.          Acts of Holders
		

		
			 
		

		
			(a)           Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuer and the Guarantors. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee, the Issuer and the Guarantors, if made in the manner provided in this Section 1.04.
		

		
			 
		

		
			
		

		
			

		 

		

			28

		

 

		

			 

		

		

		
			(b)          The fact and date of the execution by any Person of any such instrument or writing may be proved (1) by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof or (2) in any other manner deemed reasonably sufficient by the Trustee. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The authority of the Person executing the same may also be proved in any other manner deemed reasonably sufficient by the Trustee.
		

		
			 
		

		
			(c)           The ownership of Notes shall be proved by the Note Register.
		

		
			 
		

		
			(d)          Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Issuer or the Guarantors in reliance thereon, whether or not notation of such action is made upon such Note.
		

		
			 
		

		
			(e)           The Issuer may set a record date for purposes of determining the identity of Holders entitled to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, or to vote on any action authorized or permitted to be taken by Holders; provided that the Issuer may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in clause (f)  below. Unless otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or vote or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation or vote. If any record date is set pursuant to this clause (e), the Holders on such record date, and only such Holders, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action (including revocation of any action), whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes, or each affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this paragraph, the Issuer, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder in the manner set forth in Section 12.02.
		

		
			 
		

		
			(f)           The Trustee may set any day as a record date for the purpose of determining the Holders entitled to join in the giving or making of (1) any notice of default under Section 6.01 (a), (2) any declaration of acceleration referred to in Section 6.02, (3) any direction referred to in Section 6.05 or (4) any request to pursue a remedy referred to in Section 6.06(b). If any record date is set pursuant to this paragraph, the Holders on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Issuer’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Issuer and to each Holder in the manner set forth in Section 12.02.
		

		
			 
		

		
			(g)          Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part.
		

		
			 
		

		
			(h)          Without limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be
		

		
			 
		

		
			
		

		
			

		 

		

			29

		

 

		

			 

		

		

		
			made, given or taken by Holders, and a Depositary that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary's standing instructions and customary practices.
		

		
			 
		

		
			(i)           The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners of interests in such Global Note on such record date or their duly appointed proxy or proxies shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial owners of interests in such Global Note after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date.
		

		
			 
		

		
			(j)           With respect to any record date set pursuant to this Section 1.04, the party hereto that sets such record date may designate any day as the "Expiration Date" and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Notes in the manner set forth in Section 12.02, on or prior to both the existing and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 1.04, the party hereto which set such record date shall be deemed to have initially designated the 90th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this clause (j).
		

		
			 
		

		
			ARTICLE II
		

		
			 
		

		
			THE NOTES
		

		
			 
		

		
			SECTION 2.01.          Form and Dating; Terms
		

		
			 
		

		
			(a)           The Notes of each series and the Trustee's certificate of authentication with respect to Notes of such series shall be substantially in the form of Schedule 1 hereto (with respect to the 2022 Notes) or Schedule 2 hereto (with respect to the 2025 Notes), which are hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law, or with any rules of any securities exchange or usage or with the rules of the Depository or this Indenture, all as may be determined by the officers executing such Notes as evidenced by their execution of the Notes. Each Note shall be dated the date of its authentication. The Notes shall be in minimum denominations of $200,000 and integral multiples of $1,000 in excess thereof.
		

		
			 
		

		
			(b)          Notes issued in global form shall be substantially in the form of Schedule 1 hereto (with respect to the 2022 Notes) or Schedule 2 hereto (with respect to the 2025 Notes) (including the Global Note Legend thereon and the "Schedule of Exchanges of Interests in the Global Note" attached thereto). Notes issued in definitive form shall be substantially in the form of Schedule 1 hereto (with respect to the 2022 Notes) or Schedule 2 hereto (with respect to the 2025 Notes) (but without the Global Note Legend thereon and without the "Schedule of Exchanges of Interests in the Global Note" attached thereto). Each Global Note shall represent such of the outstanding Notes of the applicable series as shall be specified in the "Schedule of Exchanges of Interests in the Global Note" attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes of the applicable series from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes of the applicable series represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes of the applicable series represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06.
		

		
			 
		

		
			Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note of the applicable series will be exchanged for beneficial interests in the Regulation S Permanent Global Note of such series pursuant to the Applicable Procedures. Simultaneously with the
		

		
			 
		

		
			
		

		
			

		 

		

			30

		

 

		

			 

		

		

		
			authentication of the Regulation S Permanent Global Note of each series, the Trustee will cancel the Regulation S Temporary Global Note of such series. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note of the applicable series may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided.
		

		
			 
		

		
			(c)           The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.
		

		
			 
		

		
			The terms and provisions contained in the Notes of each series shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.
		

		
			 
		

		
			The Notes shall be subject to repurchase by the Issuer or the Company pursuant to an Asset Disposition Offer as provided in Section 4.10 or a Change of Control Offer as provided in Section 4.14. The Notes shall not be redeemable, other than as provided in Article III.
		

		
			 
		

		
			Additional Notes of each series ranking pari passu with Initial Notes of such series may be created and issued from time to time by the Company without notice to or consent of the Holders and shall (except as described under Article VI or Article IX) be consolidated with and form a single class with the Initial Notes of the applicable series and have the same terms as to status, redemption or otherwise (other than with respect to the issue date, the purchase price thereof and the date from which the interest accrues) as the applicable series of Initial Notes; provided that the Issuer's ability to issue Additional Notes shall be subject to the Company's compliance with Section 4.09. The Notes of a series and any Additional Notes of such series shall be substantially identical other than the Issue date, the issue price, the initial accrued interest date and the first interest payment date. Except as described under Article VI or Article IX, the Initial Notes of a given series and any Additional Notes of such series subsequently issued under this Indenture will be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase, and shall vote together as one class on all matters with respect to the corresponding Notes, provided that if the Additional Notes are not fungible with the applicable series of Notes issued on the Issue Date for U.S. federal income tax purposes the Additional Notes will have a separate CUSIP or ISIN number, if applicable. Unless the context requires otherwise, references to "Notes" for all purposes of this Indenture include any Additional Notes that are actually issued. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture.
		

		
			 
		

		
			In authenticating and delivering Additional Notes, the Trustee shall be entitled to receive and shall be fully protected in conclusively relying upon, in addition to the Opinion of Counsel and Officer's Certificate required by Section 12.04, an Opinion of Counsel (i) as to the due authorization, execution, delivery, validity and enforceability of such Additional Notes, (ii) stating that the form and terms of such Additional Notes have been established by a supplemental indenture and pursuant to a resolution of the Board of Directors of the Issuer in conformity with the provisions of this Indenture and (iii) stating that all laws and requirements in respect of the execution and delivery by the Issuer of such Additional Notes have been complied with.
		

		
			 
		

		
			(d)          The provisions of the "Operating Procedures of the Euroclear System" and 'Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking" and "Customer Handbook" of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note of the applicable series and the Regulation S Permanent Global Note of the applicable series that are held by Participants through Euroclear or Clearstream.
		

		
			 
		

		
			SECTION 2.02.          Execution and Authentication
		

		
			 
		

		
			(a)           At least one Officer shall execute the Notes on behalf of the Issuer by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.
		

		
			 
		

		
			(b)          A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated substantially in the form provided for in Schedule 1 (with respect to the 2022 Notes) or Schedule 2 (with respect to the 2025 Notes) attached hereto by the manual signature of an
		

		
			 
		

		
			
		

		
			

		 

		

			31

		

 

		

			 

		

		

		
			authorized signatory of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.
		

		
			 
		

		
			(c)           On the Issue Date, the Trustee shall, upon receipt of a written order of the Issuer signed by an Officer (an "Authentication Order") authenticate and deliver the Initial Notes. In addition, at any time and from time to time, the Trustee shall, upon receipt of an Authentication Order, authenticate and deliver any Additional Notes in an aggregate principal amount specified in such Authentication Order for such Additional Notes issued hereunder and, in the case of any issuance of Additional Notes pursuant to Section 2.01, shall certify that such issuance is in compliance with Section 4.09.
		

		
			 
		

		
			(d)          The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders, the Issuer or an Affiliate of the Issuer.
		

		
			 
		

		
			SECTION 2.03.          Registrar and Paying Agent
		

		
			 
		

		
			(a)           The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange ("Registrar") and at least one office or agency where Notes may be presented for payment ("Paying Agent") including an office or agency for such purposes in the City of New York, which shall initially be the Corporate Trust Office of the Trustee. The Registrar shall keep a register of the Notes and of their transfer and exchange ("Note Register"). The Issuer may appoint one or more co- registrars and one or more additional paying agents. The term "Registrar" includes any co-registrar, and the term "Paying Agent" includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without prior notice to any Holder; provided,  however, that no such removal shall become effective until (i) acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee and the passage of any waiting or notice periods required by the Depositary's procedures or (ii) written notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer or any Affiliate incorporated or organized within the United States of America may act as Paying Agent (except for purposes of Article VIII) or Registrar.
		

		
			 
		

		
			(b)          The Issuer initially appoints DTC to act as Depositary with respect to the Global Notes. The Issuer initially appoints the Trustee to act as Paying Agent and The Bank of New York Mellon to act as Registrar for each series of Notes, for which the Trustee shall be Custodian. If, at any time, the Bank of New York Mellon is not the Registrar, the Registrar shall make available to the Trustee ten days prior to each Interest Payment Date and at such other times as the Trustee may reasonably request the names and addresses of the Holders as they appear in the Note Register.
		

		
			 
		

		
			SECTION 2.04.          Paying Agent to Hold Money in Trust
		

		
			 
		

		
			The Issuer shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal, premium, if any, or interest, if any, on each series of Notes, and shall notify the Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, a Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Issuer or an Affiliate of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this Indenture, and shall promptly notify the Trustee in writing of any action or failure to act as required by this Section. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve as Paying Agent for each series of Notes.
		

		
			 
		

		
			
		

		
			

		 

		

			32

		

 

		

			 

		

		

		
			SECTION 2.05.          Holder Lists
		

		
			 
		

		
			The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee in writing at least five Business Days before each Interest Payment Date and at such other times as the Trustee may reasonably request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders.
		

		
			 
		

		
			SECTION 2.06.          Transfer and Exchange
		

		
			 
		

		
			(a)           Transfer and Exchange of Global Notes. Except as otherwise set forth in  this Section 2.06, a Global Note may be transferred, in whole and not in part, only to another nominee of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (i) the Depositary (x) notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a "clearing agency" registered under the Exchange Act and, in such case, a successor Depositary is not appointed by the Issuer within 90 days, (ii) there shall have occurred and be continuing a Default with respect to the Notes or (iii) the Issuer, at its option, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes (although Regulation S Temporary Global Notes at our election pursuant to this clause may not be exchanged for Definitive Notes prior to (a) the expiration of the Restricted Period and (b) the receipt of any certificates required under the provisions of Regulation S). Upon the occurrence of any of the preceding events in (i), (ii) or (iii)  above, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.07 and Section 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or Section 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in (i), (ii) or (iii) above and pursuant to Section 2.06(c) or (e). A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); provided,  however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) and (c).
		

		
			 
		

		
			(b)          Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii), (iii) or (iv) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:
		

		
			 
		

		
			(i)           Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided,  however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i).
		

		
			 
		

		
			(ii)           All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial  interests  that  are  not  subject  to  Section 2.06(b)(i), the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding
		

		
			
		

		
			

		 

		

			33

		

 

		

			 

		

		

		
			the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903; provided,  further, that in no event shall a beneficial interest in an Unrestricted Global Note be credited, or an Unrestricted Definitive Note be issued, to a Person who is an affiliate (as defined in Rule 144) of the Company. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h).
		

		
			 
		

		
			(iii)         Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) and the Registrar receives the following:
		

		
			 
		

		
			(A)         if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Schedule 3 hereto, including the certifications in item (1) thereof; or
		

		
			 
		

		
			(B)         if the transferee will take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note or the Regulation S Permanent Global Note, then the transferor must deliver a certificate in the form of Schedule 3Schedule 4 hereto, including the certifications in item (2) thereof.
		

		
			 
		

		
			(iv)         Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted  Global  Note  if  the  exchange  or  transfer  complies  with  the  requirements  of  Section 2.06(b)(ii) and the Registrar receives the following:
		

		
			 
		

		
			(A)         if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Schedule 4 hereto, including the certifications in item (1)(a) thereof; or
		

		
			 
		

		
			(B)         if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Schedule 3 hereto, including the certifications in item (4) thereof;
		

		
			 
		

		
			and, in each such case set forth in this subparagraph (iv), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
		

		
			 
		

		
			If any such transfer is effected pursuant to subparagraph (iv) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (iv) above.
		

		
			 
		

		
			
		

		
			

		 

		

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			Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.
		

		
			 
		

		
			(c)           Transfer or Exchange of Beneficial Interests for Definitive Notes.
		

		
			 
		

		
			(i)           Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events in paragraph (i), (ii) or (iii) of Section 2.06(a) and receipt by the Registrar of the following documentation:
		

		
			 
		

		
			(A)         if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of Schedule 4 hereto, including the certifications in item (2)(a) thereof;
		

		
			 
		

		
			(B)         if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (1) thereof;
		

		
			 
		

		
			(C)         if such beneficial interest is being transferred to a Non U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (2) thereof;
		

		
			 
		

		
			(D)         if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (3)(a) thereof;
		

		
			 
		

		
			(E)         if such beneficial interest is being transferred to the Company or any of its Restricted Subsidiaries, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (3)(b) thereof; or
		

		
			 
		

		
			(F)          if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (3)(c) thereof;
		

		
			 
		

		
			the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuer shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend, and the Regulation S Temporary Global Note Legend, as applicable, and shall be subject to all restrictions on transfer contained therein.
		

		
			 
		

		
			(ii)          Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Section 2.06(c)(i)(A) and (C), a beneficial interest in a Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.
		

		
			 
		

		
			
		

		
			

		 

		

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			(iii)         Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in subsection (i), (ii) or (iii) of Section 2.06(a) and if the Registrar receives the following:
		

		
			 
		

		
			(A)         if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Schedule 4 hereto, including the certifications in item (1)(b) thereof; or
		

		
			 
		

		
			(B)         if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Schedule 3 hereto, including the certifications in item (4) thereof.
		

		
			 
		

		
			and, in each such case set forth in this subparagraph (iii), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
		

		
			 
		

		
			(iv)         Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in subsection (i), (ii) or (iii) of  Section 2.06(a)  and  satisfaction  of  the  conditions  set  forth  in  Section 2.06(b)(ii), the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuer shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend.
		

		
			 
		

		
			(d)          Transfer and Exchange of Definitive Notes for Beneficial Interests.
		

		
			 
		

		
			(i)           Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation:
		

		
			 
		

		
			(A)         if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Schedule 4 hereto, including the certifications in item (2)(b) thereof;
		

		
			 
		

		
			(B)         if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (1) thereof;
		

		
			 
		

		
			(C)         if such Restricted Definitive Note is being transferred to a Non U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (2) thereof;
		

		
			 
		

		
			
		

		
			

		 

		

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			(D)         if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (3)(a) thereof;
		

		
			 
		

		
			(E)         if such Restricted Definitive Note is being transferred to the Company or any of its Restricted Subsidiaries, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (3)(b) thereof; or
		

		
			 
		

		
			(F)          if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (3)(c) thereof,
		

		
			 
		

		
			the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global Note, in the case of clause (B) above, the applicable 144A Global Note and, in the case of clause (C) above, the applicable Regulation S Global Note.
		

		
			 
		

		
			(ii)          Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:
		

		
			 
		

		
			(A)         if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Schedule 4 hereto, including the certifications in item (1)(c) thereof; or
		

		
			 
		

		
			(B)         if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Schedule 3 hereto, including the certifications in item (4) thereof;
		

		
			 
		

		
			and, in each such case set forth in this subparagraph (ii), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
		

		
			 
		

		
			Upon satisfaction of the conditions in this Section 2.06(d)(ii), the Trustee shall cancel the Restricted Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.
		

		
			 
		

		
			(iii)         Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.
		

		
			 
		

		
			If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii)or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred.
		

		
			 
		

		
			
		

		
			

		 

		

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			(e)           Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder's compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e):
		

		
			 
		

		
			(i)           Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:
		

		
			 
		

		
			(A)         if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate substantially in the form of Schedule 3 hereto, including the certifications in item (1) thereof;
		

		
			 
		

		
			(B)         if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Schedule 3 hereto, including the certifications in item (2) thereof; or
		

		
			 
		

		
			(C)         if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Schedule 4 hereto, including the certifications required by item (3) thereof, if applicable.
		

		
			 
		

		
			(ii)          Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following:
		

		
			 
		

		
			(A)         if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Schedule 4 hereto, including the certifications in item (1)(d) thereof; or
		

		
			 
		

		
			(B)         if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Schedule 4 hereto, including the certifications in item (4) thereof;
		

		
			 
		

		
			and, in each such case set forth in this subparagraph (ii), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
		

		
			 
		

		
			(iii)         Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.
		

		
			 
		

		
			(f)           [Reserved]
		

		
			 
		

		
			(g)          Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture:
		

		
			 
		

		
			
		

		
			

		 

		

			38

		

 

		

			 

		

		

		
			(i)           Private Placement Legend.
		

		
			 
		

		
			(A)         Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution therefor) shall bear the legend in substantially the following form:
		

		
			 
		

		
			"THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE") THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH ANY OF THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) [IN THE CASE OF RULE 144A NOTES: AND ON WHICH THE ISSUER INSTRUCTS THE TRUSTEE THAT THIS LEGEND SHALL BE DEEMED REMOVED FROM THE NOTES, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE INDENTURE RELATING TO THIS SECURITY], ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATIONS UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]"
		

		
			 
		

		
			(B)         Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend.
		

		
			 
		

		
			(ii)          Global Note Legend. Each Global Note shall bear a legend in substantially the following form:
		

		
			 
		

		
			
		

		
			

		 

		

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			"THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(A) OF THE INDENTURE, (Ill) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC") TO THE COMPANY OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."
		

		
			 
		

		
			(iii)         [Reserved]
		

		
			 
		

		
			(iv)         Regulation S Temporary Global Note Legend. Each temporary Note that is a Global Note issued pursuant to Regulation S shall bear a legend in substantially the following form:
		

		
			 
		

		
			"THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.
		

		
			 
		

		
			NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE."
		

		
			 
		

		
			(h)          Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly, and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction. If the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.
		

		
			 
		

		
			
		

		
			

		 

		

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			(i)           General Provisions Relating to Transfers and Exchanges.
		

		
			 
		

		
			(i)           To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar's request.
		

		
			 
		

		
			(ii)          No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 2.07, Section 2.10, Section 3.06, Section 3.10, Section 4.10, Section 4.14 and Section 9.05).
		

		
			 
		

		
			(iii)         Neither the Registrar nor the Issuer shall be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.
		

		
			 
		

		
			(iv)         All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.
		

		
			 
		

		
			(v)          Neither the Issuer nor the Registrar shall be required (A) to issue, to register the transfer of or to exchange Notes of the applicable series during a period beginning at the opening of business 15 days before the day of mailing of notice of redemption of Notes of such series under Section 3.02 and ending at the close of business on the day of such mailing, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date or (D) to register the transfer of or to exchange a Note tendered and not withdrawn in connection with a Change of Control Offer or Asset Disposition Offer.
		

		
			 
		

		
			(vi)         Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.
		

		
			 
		

		
			(vii)        Upon surrender for registration of transfer of any Note at the office or agency of the Issuer designated pursuant to Section 2.03, the Issuer shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount.
		

		
			 
		

		
			(viii)       At the option of the Holder, Notes of a certain series may be exchanged for other Notes of the same series of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of this Section 2.06.
		

		
			 
		

		
			(ix)         All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile or electronically via .pdf transmission.
		

		
			 
		

		
			(x)          None of the Trustee, the Paying Agent or the Registar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including transfers between or among Depositary participants or beneficial owners of interests in
		

		
			 
		

		
			
		

		
			

		 

		

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			any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
		

		
			 
		

		
			(xi)         None of the Issuer, the Trustee, the Paying Agent or the Registrar shall have any responsibility or obligation to any beneficial owner in a Global Note, a Depositary participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any Depositary participant, with respect to any ownership interest in the Notes or with respect to the delivery to any Depositary participant, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes and this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of the Global Security). The rights of beneficial owners in the Global Note shall be exercised only through the Depositary subject to the applicable procedures. The Issuer, the Trustee, the Paying Agent and the Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The Issuer, the Trustee, the Paying Agent and the Registrar shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Note for all purposes of this Indenture relating to such Global Note (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Note) as the sole holder of such Global Security. None of the Issuer, the Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Note, for the records of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global Note, for any transactions between the Depositary and any Depositary participant or between or among the Depositary, any such Depositary participant and/or any holder or owner of a beneficial interest in such Global Note, or for any transfers of beneficial interests in any such Global Note.
		

		
			 
		

		
			(xii)        Notwithstanding the foregoing, with respect to any Global Note, nothing herein shall prevent the Issuer, the Trustee, or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary (or its nominee), as a Holder, with respect to such Global Note or shall impair, as between such Depositary and owners of beneficial interests in such Global Note, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Global Note.
		

		
			 
		

		
			SECTION 2.07.          Replacement Notes
		

		
			 
		

		
			If any mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee's requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer or the Trustee may charge for their expenses in replacing a Note, which may include any expenses of the Trustee.
		

		
			 
		

		
			Every replacement Note is a contractual obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes of the same series duly issued hereunder.
		

		
			 
		

		
			SECTION 2.08.          Outstanding Notes
		

		
			 
		

		
			(a)           The Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, those described in this Section 2.08 as not outstanding and, solely to the extent provided for in Article VIII, Notes that are subject to Legal Defeasance or Covenant Defeasance as provided in Section 8.01. Except as set forth in Section 2.09, a
		

		
			 
		

		
			
		

		
			

		 

		

			42

		

 

		

			 

		

		

		
			Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note; provided that Notes held by the Company or a Subsidiary of the Company will not be deemed to be outstanding for purposes of Section 3.07(b).
		

		
			 
		

		
			(b)          If a Note is replaced or paid pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser, as such term is defined in Section 8-303 of the Uniform Commercial Code in effect in the State of New York.
		

		
			 
		

		
			(c)           If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue from and after the date of such payment.
		

		
			 
		

		
			(d)          If a Paying Agent (other than the Issuer or a Subsidiary or any Affiliate thereof) holds, on the maturity date or any redemption date or date for repurchase of the applicable series of Notes money sufficient to pay Notes of such series payable or to be redeemed or purchased on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.
		

		
			 
		

		
			SECTION 2.09.          Treasury Notes
		

		
			 
		

		
			In determining whether the Holders of the requisite principal amount of Notes have concurred in any direction, waiver or consent, Notes beneficially owned by the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee's right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Issuer or any obligor under the Notes or any Affiliate of the Issuer or of such other obligor.
		

		
			 
		

		
			SECTION 2.10.          Temporary Notes
		

		
			 
		

		
			Until definitive Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate Temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for Temporary Notes upon surrender of such Temporary Notes at the office or agency of the Issuer, without charge to the Holder. Until so exchanged, the Holders and beneficial holders, as the case may be, of Temporary Notes shall be entitled to all of the benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture.
		

		
			 
		

		
			SECTION 2.11.          Cancellation
		

		
			 
		

		
			The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of canceled Notes in accordance with its customary procedures (subject to the record retention requirement of the Exchange Act). Certification of the disposal of all canceled Notes shall, upon the written request of the Issuer, be delivered to the Issuer. The Trustee shall retain all canceled Notes in accordance with its standard procedures (subject to the record retention requirements of the Exchange Act), and copies of the canceled Notes shall be provided to the Issuer upon the Issuer's written request. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. If the Issuer acquires any of the Notes, such acquisition shall not operate as a redemption or satisfaction of Indebtedness represented by such Notes unless or until the same are delivered to the Trustee for cancellation. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture.
		

		
			 
		

		
			SECTION 2.12.          Defaulted Interest
		

		
			 
		

		
			(a)           If the Issuer defaults in a payment of interest on any series of Notes, it shall pay, or shall deposit with the Paying Agent money in immediately available funds sufficient to pay, the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the applicable series of
		

		
			 
		

		
			
		

		
			

		 

		

			43

		

 

		

			 

		

		

		
			Notes and in Section 4.01. The Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each such Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements reasonably satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Issuer shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall send, or cause to be sent, to each Holder a notice that states the special record date, the related payment date and the amount of such interest to be paid.
		

		
			 
		

		
			(b)          Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue interest, which were carried by such other Note.
		

		
			 
		

		
			SECTION 2.13.          Additional Amounts
		

		
			 
		

		
			(a)           All payments made by the Issuer, any Successor Issuer (as defined below) or any Guarantor (collectively, each a "Payor") on the Notes or a Note Guarantee will be made free and clear of and without withholding or deduction for, or on account of, any present or future tax, levy, impost, assessment or other governmental charge (including penalties, interest, and other liabilities with respect thereto) ("Taxes") unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of:
		

		
			 
		

		
			(i)           the United States, South Africa or any political subdivision or governmental authority of either thereof or therein having power to tax;
		

		
			 
		

		
			(ii)          any jurisdiction from or through which payment on any such Note or Note Guarantee is made by a Payor or its agents, or any political subdivision or governmental authority thereof or therein having the power to tax; or
		

		
			 
		

		
			(iii)         any other jurisdiction in which a Payor is incorporated or organized, resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each of clause (i), (ii) and (iii), a "Relevant Taxing Jurisdiction"),
		

		
			 
		

		
			will at any time be required from any payments made by a Payor with respect to any Note or Note Guarantee, including payments of principal, redemption price, premium, if any, or interest, the Payor will pay (together with such payments) such additional amounts (the "Additional Amounts") as may be necessary in order that the net amounts received in respect of such payments by the Holders or the Trustee, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), will equal the amounts which would have been received in respect of such payments on any such Note or Note Guarantee in the absence of such withholding or deduction; provided,  however, that no such Additional Amounts will be payable for or on account of:
		

		
			 
		

		
			(iv)         any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder or the beneficial owner of a Note (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership, limited liability company or corporation) and the Relevant Taxing Jurisdiction (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment or a dependent agent in, or being physically present in, the Relevant Taxing Jurisdiction) but excluding, in each case, any connection arising solely from the acquisition, ownership, holding or enforcement of such Note or Note Guarantee or the receipt of any payment in respect thereof;
		

		
			 
		

		
			
		

		
			

		 

		

			44

		

 

		

			 

		

		

		
			(v)          any Taxes that are imposed or withheld by reason of the failure by the Holder or the beneficial owner of the Note to comply with a written request of the Payor addressed to the Holder, after reasonable notice (such notice being given no less than 30 days before any deduction or withholding of Taxes with respect to any Note or Note Guarantee would be payable), to provide certification, information, documents or other evidence concerning the nationality, residence or identity or connection with the Relevant Taxing Jurisdiction of the Holder or such beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, which is required by applicable law, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from, or a reduction in the rate of deduction or withholding of, all or part of such Taxes;
		

		
			 
		

		
			(vi)         any Taxes that are payable otherwise than by deduction or withholding from a payment with respect to the Notes or Note Guarantees;
		

		
			 
		

		
			(vii)        any estate, inheritance, gift, value added, sales, use, or similar Taxes;
		

		
			 
		

		
			(viii)       any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is permitted or required for payment) more than 30 days after the relevant payment was first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period);
		

		
			 
		

		
			(ix)         any Taxes imposed on or with respect to any payment to any Holder who is a fiduciary or a partnership or other than the sole beneficial owner of such Notes to the extent that the beneficiary or settlor with respect to such fiduciary, the member of such partnership or the beneficial owner of such Notes would not have been entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner held such Notes directly;
		

		
			 
		

		
			(x)          any Tax that is imposed pursuant to sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), any regulations or other official guidance thereunder, any intergovernmental agreement entered into in connection therewith, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to any of the foregoing or any agreements entered into pursuant to section 1471(b)(1) of the Code;
		

		
			 
		

		
			(xi)         any U.S. federal withholding Taxes imposed as a result of (i) a person's past or present actual or constructive ownership of 10% or more of the total combined voting power of all classes of stock of the Issuer entitled to vote, (ii) such holder being a bank receiving such interest pursuant to a loan agreement entered into in the ordinary course of its trade or business as described in section 881(c)(3)(A) of the Code or (iii) such holder being a "controlled foreign corporation" within the meaning of section 957 of the Code that is related to the Issuer within the meaning of section 864(d)(4) of the Code; or
		

		
			 
		

		
			(xii)        any combination of the above.
		

		
			 
		

		
			(b)          The Payor will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes, in such form as provided in the ordinary course by the Relevant Taxing Jurisdiction and as is reasonably available to the Payor and will provide such certified copies to the Trustee. Such copies shall be made available to the Holders upon request and will be made available at the offices of the Company.
		

		
			 
		

		
			(c)           If any Payor will be obligated to pay Additional Amounts under or with respect to any payment made on any Note or Note Guarantee, at least 30 days prior to the date of such payment, the Payor will deliver to the Trustee and the Paying Agent an Officer's Certificate stating the fact that Additional Amounts will be payable and the amount so payable and such other information necessary to enable the Paying Agent to pay Additional Amounts to Holders on the relevant payment date (unless such obligation to pay Additional
		

		
			 
		

		
			
		

		
			

		 

		

			45

		

 

		

			 

		

		

		
			Amounts arises, or the Payor becomes aware of such obligation, less than 45 days prior to the relevant payment date, in which case the Payor may deliver such Officer's Certificate as promptly as practicable after the date that is 30 days prior to the payment date). The Trustee and the Paying Agent will be entitled to rely solely on such Officer's Certificate as conclusive proof that such payments are necessary.
		

		
			 
		

		
			(d)          Wherever in this Indenture, the Notes or the Note Guarantees there is mentioned, in
		

		
			any context:
		

		
			 
		

		
			(i)           the payment of principal;
		

		
			 
		

		
			(ii)          purchase prices in connection with a redemption or purchase of the Notes;
		

		
			 
		

		
			(iii)         interest; or
		

		
			 
		

		
			(iv)         any other amount payable on or with respect to the Notes or the Note Guarantees,
		

		
			 
		

		
			such reference shall be deemed to include payment of Additional Amounts as described under this heading to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
		

		
			 
		

		
			(e)           The relevant Payors will pay any present or future stamp, issue, registration, transfer, excise, court or documentary taxes, or any other property or similar Taxes that arise in any jurisdiction from the execution, delivery, registration or enforcement of the Notes or the Note Guarantees, this Indenture or any other document or instrument in relation thereto (other than a transfer or exchange of the Notes after the initial offering thereof), excluding any such Taxes imposed by any jurisdiction that is not a Relevant Taxing Jurisdiction, and the Payor agrees to indemnify the Holders for any such taxes paid by such Holders.
		

		
			 
		

		
			(f)           The foregoing obligations will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to the Issuer or any Guarantor is organized or any political subdivision or taxing authority or agency thereof or therein.
		

		
			 
		

		
			SECTION 2.14.          CUSIP and ISIN Numbers
		

		
			 
		

		
			The Issuer in issuing the Notes may use CUSIP or ISIN numbers (if then generally in use) and if it does, the Trustee shall use CUSIP or ISIN numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange or in Offers to Purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange or Offer to Purchase shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers.
		

		
			 
		

		
			SECTION 2.15.          Computation of Interest
		

		
			 
		

		
			Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.
		

		
			 
		

		
			ARTICLE III
		

		
			 
		

		
			REDEMPTION
		

		
			 
		

		
			SECTION 3.01.          Notices to Trustee
		

		
			 
		

		
			If the Issuer elects to redeem Notes pursuant to Section 3.07 or Section 3.09, it shall furnish to the Trustee, at least five Business Days before notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 3.03 (unless a shorter notice shall be agreed to by the Trustee in writing) but not more than 60 days before a redemption date, an Officer's Certificate setting forth (1) the paragraph or subparagraph of such Note or Section of this Indenture pursuant to which the redemption shall occur, (2) the redemption date, (3) the principal amount of the Notes to be redeemed and (4) the redemption price, if then ascertainable.
		

		
			 
		

		
			
		

		
			

		 

		

			46

		

 

		

			 

		

		

		
			SECTION 3.02.          Selection of Notes to Be Redeemed or Purchased
		

		
			 
		

		
			(a)           If less than all of the Notes of a series are to be redeemed pursuant to Section 3.07 or Section 3.09 or purchased in an Offer to Purchase at any time, the Trustee shall select the Notes of such series to be redeemed or purchased (1) if the Notes of such series are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes of such series are listed or (2) if the Notes of such series are not so listed, on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem fair and appropriate, all in accordance with the procedures of the Depositary in the case of Global Notes. In the event of partial redemption or purchase by lot, the particular Notes of such series to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the then outstanding Notes of such series not previously called for redemption or purchase.
		

		
			 
		

		
			(b)          The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $1,000 or whole number multiples of $1,000; no Notes of $200,000 or less shall be redeemed in part, except that if all of the Notes of a given series of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes of such series held by such Holder, even if not $200,000 or a multiple of $1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.
		

		
			 
		

		
			(c)           After the redemption date, upon surrender of a Note to be redeemed in part only, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note, representing the same Indebtedness to the extent not redeemed, shall be issued in the name of the Holder of the Notes upon cancellation of the original Note (or appropriate book entries shall be made to reflect such partial redemption).
		

		
			 
		

		
			SECTION 3.03.          Notice of Redemption
		

		
			 
		

		
			(a)           Subject to Section 3.10, the Issuer shall send, or cause to be sent (in the case of Notes held in book-entry form, by electronic transmission) notices of redemption of Notes at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed pursuant to this Article at such Holder's registered address or otherwise in accordance with the procedures of the Depositary, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with Article VIII or Article XI.
		

		
			 
		

		
			(b)          The notice shall identify the Notes to be redeemed (including CUSIP and ISIN number, if applicable) and shall state:
		

		
			 
		

		
			(i)           the redemption date;
		

		
			 
		

		
			(ii)          the redemption price, including the portion thereof representing any accrued and unpaid interest; provided that in connection with a redemption under Section 3.07(a), the notice need not set forth the redemption price but only the manner of calculation thereof;
		

		
			 
		

		
			(iii)         if any series of Notes is to be redeemed in part only, the portion of the principal amount of that series of Notes that is to be redeemed;
		

		
			 
		

		
			(iv)         the name and address of the Paying Agent;
		

		
			 
		

		
			(v)          that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;
		

		
			 
		

		
			(vi)         that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes called for redemption ceases to accrue on and after the redemption date;
		

		
			 
		

		
			(vii)        the paragraph or subparagraph of the Notes or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and
		

		
			 
		

		
			
		

		
			

		 

		

			47

		

 

		

			 

		

		

		
			(viii)       that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed on the Notes.
		

		
			 
		

		
			(c)           At the Issuer's request, the Trustee shall give the notice of redemption in the Issuer's name and at the Issuer's expense; provided that the Issuer shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to be sent or caused to be sent to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer's Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as  provided  in  Section 3.03(b).
		

		
			 
		

		
			Any redemption or notice of any redemption of any series of Notes may, at the Issuer's discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Offering, other debt or equity financing, acquisition or other corporate transaction or event, and, at the Issuer's discretion, the redemption date may be delayed until such time as any or all of such conditions have been satisfied. In addition, the Issuer may provide in any notice of redemption that payment of the redemption price and the performance of its obligations with respect to such redemption may be performed by another Person; provided,  however, that the Issuer will remain obligated to pay the redemption price and perform its obligations with respect to such redemption in the event such other Person fails to do so. Notice of any redemption in respect of an Equity Offering may be given prior to completion thereof.
		

		
			 
		

		
			Any such condition precedent will be described in the notice of redemption in reasonable detail. If any such condition precedent has not been satisfied, the Issuer will provide notice to the Trustee not less than two Business Days prior to the redemption date that such condition precedent has not been satisfied, and that either the notice of redemption is rescinded and the redemption subject to the satisfaction of such condition precedent shall not occur or, at the Issuer's discretion, the redemption date is delayed until such time as such condition precedent has been satisfied. The Trustee shall as promptly as practicable send a copy of such notice to the Holders of the applicable Notes.
		

		
			 
		

		
			SECTION 3.04.          Effect of Notice of Redemption
		

		
			 
		

		
			Once notice of redemption is sent in accordance with Section 3.03, unless such redemption is subject to one or more conditions precedent as described in Section 3.03, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.06, on and after the redemption date, interest ceases to accrue on Notes or portions of Notes called for redemption.
		

		
			 
		

		
			SECTION 3.05.          Deposit of Redemption or Purchase Price
		

		
			 
		

		
			(a)           By no later than 10:00 a.m. (New York City time) on the redemption or purchase date, the Issuer shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest, if any, on all Notes to be redeemed or purchased on that date. The Paying Agent shall promptly mail to each Holder whose Notes are to be redeemed or repurchased the applicable redemption or purchase price thereof and accrued and unpaid interest, if any, thereon. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest, if any, on all Notes to be redeemed or purchased.
		

		
			 
		

		
			(b)          If the Issuer complies with the provisions of Section 3.05(a), on and after the redemption or purchase date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest, if any, to the redemption or purchase date shall be paid on the relevant Interest Payment Date to the Person in whose name such Note was registered at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be subject to redemption by the Issuer. If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because of the failure of the Issuer to comply with Section 3.05(a),
		

		
			 
		

		
			
		

		
			

		 

		

			48

		

 

		

			 

		

		

		
			interest, if any, shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and, to the extent lawful, on any interest accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01.
		

		
			 
		

		
			SECTION 3.06.          Notes Redeemed or Purchased in Part
		

		
			 
		

		
			Upon surrender of a Note of a given series that is redeemed or purchased in part, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee shall promptly authenticate and mail to the Holder (or cause to be transferred by book entry) at the expense of the Issuer a new Note of such series equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same Indebtedness to the extent not redeemed or purchased; provided that each new Note shall be in a principal amount of $200,000 or an integral multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer's Certificate is required for the Trustee to authenticate such new Note.
		

		
			 
		

		
			SECTION 3.07.          Optional Redemption
		

		
			 
		

		
			(a)            On and after June 27, 2019 (in the case of the 2022 Notes) or June 27, 2021 (in the case of the 2025 Notes), the Issuer may redeem such series of Notes, in whole or in part, on one or more occasions, upon not less than 30 nor more than 60 days' notice, at the redemption prices (expressed as a percentage of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest on the Notes, if any, to the applicable date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date falling on or prior to such redemption date), if redeemed during the 12-month period beginning on June 27 of each of the years indicated below:
		

		
			 
		

		
			2022 Notes
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Year

					
					
						    

					
					
						Percentage

					
					
						 

				
	
					
						2019

					
					
						 

					
103.0625
					
					
						%

				
	
					
						2020

					
					
						 

					
101.5313
					
					
						%

				
	
					
						2021 and thereafter

					
					
						 

					
100.000
					
					
						%

				

		
			 
		

		
			2025 Notes
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Year

					
					
						    

					
					
						Percentage

					
					
						 

				
	
					
						2019

					
					
						 

					
103.5625
					
					
						%

				
	
					
						2020

					
					
						 

					
101.7813
					
					
						%

				
	
					
						2021 and thereafter

					
					
						 

					
100.000
					
					
						%

				

		
			 
		

		
			(b)          Prior to June 27, 2019 (in the case of the 2022 Notes) or June 27, 2021 (in the case of the 2025 Notes), the Issuer may on any one or more occasions redeem up to 35% of the original aggregate principal amount of the Notes (plus the aggregate principal amount of any Additional Notes of the same series) with funds in an aggregate amount not exceeding the aggregate Net Cash Proceeds of one or more Equity Offerings, in the case of the 2022 Notes, at a redemption price equal to 106.125% of the aggregate principal amount thereof, and in the case of the 2025 Notes, at a redemption price equal to 107.125% of the aggregate principal amount thereof, in each case plus accrued and unpaid interest, if any, to the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date falling on or prior to such redemption date); provided that
		

		
			 
		

		
			(i)           at least 65% of the original aggregate principal amount of the Notes, (calculated after giving effect to any issuance of Additional Notes of the same series) remains outstanding immediately after each such redemption; and
		

		
			 
		

		
			(ii)          such redemption occurs within 120 days after the closing of the related Equity Offering.
		

		
			 
		

		
			If the optional redemption date is on or after an interest record date and on or before the related interest payment date, the accrued and unpaid interest, if any, will be paid to the Person in whose name
		

		
			
		

		
			

		 

		

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			the Note is registered at the close of business, on such record date, and no additional interest will be payable to Holders whose Notes will be subject to redemption by the Issuer.
		

		
			 
		

		
			(c)           At any time prior to June 27, 2019 (in the case of the 2022 Notes) or June 27, 2021 (in the case of the 2025 Notes), the Issuer may redeem the Notes in such series, in whole but not in part, upon not less than 30 nor more than 60 days' prior notice mailed to each Holder or otherwise in accordance with the procedures of the depositary at a redemption price equal to 100% of the aggregate principal amount of the Notes plus the Applicable Premium, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date falling on or prior to such redemption date).
		

		
			 
		

		
			(d)          Except pursuant to clause (a), (b) or (c) of this Section 3.07 or pursuant to Section 3.09, the Notes shall not be redeemable at the Issuer's option prior to June 27, 2022 (in the case of the 2022 Notes) or June 27, 2025 (in the case of the 2025 Notes).
		

		
			 
		

		
			(e)           Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through 3.06.
		

		
			 
		

		
			SECTION 3.08.          Mandatory Redemption: Open Market Purchases
		

		
			 
		

		
			The Issuer is not required to make any mandatory redemption or sinking fund payments with respect to the Notes.
		

		
			 
		

		
			The Issuer may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws and regulations so long as such acquisition does not otherwise violate the terms of this Indenture.
		

		
			 
		

		
			SECTION 3.09.          Optional Redemption for Taxation Reasons
		

		
			 
		

		
			(a)           The Issuer or Successor Issuer (as defined below) may redeem the Notes in whole, but not in part, at any time upon giving not less than 30 nor more than 60 days' prior written notice to the Holders of the Notes (which notice will be irrevocable), with a copy to the Trustee and the Paying Agent, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed for redemption (a "Tax Redemption Date") (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date) and all Additional Amounts, if any, then due and which will become due on the Tax Redemption Date as a result of the redemption or otherwise, if any, if the Issuer, a Successor Issuer or the relevant Guarantor determines in good faith that, as a result of:
		

		
			 
		

		
			(i)           any change in, or amendment to, the law (or any regulations or rulings promulgated thereunder) of a Relevant Taxing Jurisdiction affecting taxation; or
		

		
			 
		

		
			(ii)          any change in, or amendment to, or the introduction of, an official position regarding the application, administration or interpretation of such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) of a Relevant Taxing Jurisdiction (each of the foregoing in clauses (i) and (ii), a "Change in Tax Law"),
		

		
			 
		

		
			the Issuer, a Successor Issuer or the relevant Guarantor is, or on the next interest payment date in respect of the Notes or a Note Guarantee would be, required to pay any Additional Amounts (but, in the case of a Guarantor, only if the payment giving rise to such requirement to pay Additional Amounts cannot be made by the Issuer or another Guarantor without giving rise to an obligation to pay Additional Amounts), and such obligation cannot be avoided by taking reasonable measures available to the Issuer, the Successor Issuer or the relevant Guarantor (including, for the avoidance of doubt, making payments through a different Paying Agent). In the case of redemption due to withholding as a result of a Change in Tax Law in a jurisdiction that is a Relevant Taxing Jurisdiction at the Issue Date, such Change in Tax Law must be publicly announced and become effective on or after the Issue Date. In the case of redemption due to withholding as a result of a Change in Tax Law in a jurisdiction that becomes a Relevant Taxing Jurisdiction after the Issue Date, such Change in Tax Law must be publicly announced and become effective on or after the date the jurisdiction becomes a Relevant Taxing Jurisdiction, unless the Change in Tax Law would have applied to the predecessor of the Successor Issuer. No
		

		
			 
		

		
			
		

		
			

		 

		

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			notice of redemption will be given (a) earlier than 60 days prior to the earliest date on which the Issuer, a Successor Issuer or the relevant Guarantor would be obliged to make such payment of Additional Amounts if a payment in respect of the Notes were then due and (b) unless at the time such notice is given, such obligation to pay such Additional Amounts remains in effect. Prior to the publication or mailing of any notice of redemption of the Notes pursuant to the foregoing, the Issuer, Successor Issuer or relevant Guarantor will deliver to the Trustee (a) an Officer's Certificate stating that it is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to its right so to redeem have been satisfied and that it would not be able to avoid the obligation to pay Additional Amounts by taking reasonable measures available to it and (b) an Opinion of Counsel of recognized standing to the effect that the Issuer, Successor Issuer or Guarantor has or have been or will become obligated to pay Additional Amounts as a result of a Change in Tax Law. The Trustee will accept such Officer's Certificate and Opinion of Counsel as sufficient evidence of the satisfaction of the conditions precedent described above, without further inquiry.
		

		
			 
		

		
			(b)          The foregoing will apply mutatis mutandis to any jurisdiction in which any successor to the Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein.
		

		
			 
		

		
			(c)           In the event that the Issuer elects to redeem the Notes pursuant to the provisions set forth in Section 3.09(a), the Issuer shall deliver to the Trustee on Officer's Certificate stating that the Issuer is or will become obligated to pay Additional Amounts because of an amendment to or change in law or regulation or position as described in this Section 3.09.
		

		
			 
		

		
			(d)          Any redemption pursuant to Section 3.09 shall be made pursuant to the provisions of Section 3.01 through 3.06. Any notice to redeem the Notes pursuant to this Section 3.09 shall not be given earlier than 120 days prior to the earliest date on which the Issuer would be obligated to pay Additional Amounts in respect of the Notes.
		

		
			 
		

		
			SECTION 3.10.          Offers to Repurchase by Application of Excess Proceeds
		

		
			 
		

		
			(a)           In the event that, pursuant to Section 4.10, the Company is required to commence an Asset Disposition Offer, the Company will follow the procedures specified below.
		

		
			 
		

		
			(b)          The Asset Disposition Offer will remain open for a period of 20 Business Days following its commencement, except to the extent that a longer period is required by applicable law (the "Asset Disposition Offer Period"). No later than five Business Days after the termination of the Asset Disposition Offer Period (the "Asset Disposition Purchase Date"), the Company or the Issuer will apply all Excess Proceeds to the purchase of the aggregate principal amount of Notes and, if applicable, Pari Passu Indebtedness (on a pro rata basis, if applicable) required to be purchased pursuant to Section 4.10 (the "Asset Disposition Offer Amount") or, if less than the Asset Disposition Offer Amount of Notes (and, if applicable, Pari Passu Indebtedness) has been so validly tendered and not validly withdrawn, all Notes and Pari Passu Indebtedness validly tendered and not validly withdrawn in response to the Asset Disposition Offer.
		

		
			 
		

		
			(c)           If the Asset Disposition Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest to the Asset Disposition Purchase Date will be paid to the Person in whose name a Note is registered at the close of business on such record date.
		

		
			 
		

		
			(d)          Upon the commencement of an Asset Disposition Offer, the Company or the Issuer shall send a notice (or, in the case of Global Notes, otherwise communicate in accordance with the procedures of the Depositary) to each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Disposition Offer. The Asset Disposition Offer shall be made to all Holders and, if required, all holders of Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Disposition Offer, shall state:
		

		
			 
		

		
			(i)           that the Asset Disposition Offer is being made pursuant to this Section 3.10 and Section 4.10 and the length of time the Asset Disposition Offer shall remain open;
		

		
			 
		

		
			(ii)          the Asset Disposition Offer Amount, the purchase price, including the portion thereof representing any accrued and unpaid interest, and the Asset Disposition Purchase Date;
		

		
			 
		

		
			
		

		
			

		 

		

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			(iii)         that any Note not properly tendered or accepted for payment shall continue
		

		
			to accrue interest;
		

		
			 
		

		
			(iv)         that, unless the Company and the Issuer default in making such payment, any Note accepted for payment pursuant to the Asset Disposition Offer will cease to accrue interest on and after the Asset Disposition Purchase Date;
		

		
			 
		

		
			(v)          that Holders electing to have a Note purchased pursuant to an Asset Disposition Offer may elect to have Notes purchased in integral multiples of $1,000 only;
		

		
			 
		

		
			(vi)         that Holders electing to have a Note purchased pursuant to an Asset Disposition Offer shall be required to (i) surrender such Note, with the form entitled "Option of Holder to Elect Purchase" on the reverse of such Note completed, or (ii) transfer such Note by book-entry transfer, in either case, to the Company, the Depositary, if applicable, or a Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Asset Disposition Purchase Date;
		

		
			 
		

		
			(vii)        that Holders shall be entitled to withdraw their tendered Notes and their election to require the Company or the Issuer to purchase such Notes if the Company, the Issuer, the Depositary or the Paying Agent, as the case may be, receives at the address specified in the notice, not later than the expiration of the Asset Disposition Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes the Holder tendered for purchase and a statement that such Holder is withdrawing its tendered Notes and its election to have such Note purchased;
		

		
			 
		

		
			(viii)       that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds the Asset Disposition Offer Amount, then the Notes and such Pari Passu Indebtedness will be purchased on a pro rata basis based on the aggregate accreted value or principal amount, as applicable, of the Notes or such Pari Passu Indebtedness tendered and the selection of the Notes for purchase shall be made by the Trustee by such method as the Trustee in its sole discretion shall deem to be fair and appropriate, although no Note having a principal amount of
		

		
			$200,000 or less shall be purchased in part; and
		

		
			 
		

		
			(ix)         that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer) representing the same Indebtedness to the extent not repurchased.
		

		
			 
		

		
			The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice is sent in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder's failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect.
		

		
			 
		

		
			(e)           On or before the Asset Disposition Purchase Date, the Company or the Issuer will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Asset Disposition Offer Amount of Notes and Pari Passu Indebtedness or portions thereof validly tendered and not validly withdrawn pursuant to the Asset Disposition Offer, or if less than the Asset Disposition Offer Amount has been validly tendered and not validly withdrawn, all Notes and Pari Passu Indebtedness so tendered and not withdrawn, in the case of the Notes in integral multiples of $1,000; provided that if, following repurchase of a portion of a Note, the remaining principal amount of such Note outstanding immediately after such repurchase would be less than $200,000, then the portion of such Note so repurchased shall be reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase is $200,000. The Company or the Issuer will deliver, or cause to be delivered, to the Trustee the Notes so accepted and an Officer's Certificate stating the aggregate principal amount of Notes or portions thereof so accepted and that such Notes or portions thereof were accepted for payment by the Company or the Issuer in accordance with the terms of this covenant. In addition, the Company and the Issuer will deliver all certificates and notes required, if any, by the agreements governing the Pari Passu Indebtedness. The Paying Agent, the Company or the Issuer, as the case may be, will promptly, but in no event later than five Business Days after termination of the Asset Disposition Offer Period,
		

		
			 
		

		
			
		

		
			

		 

		

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			mail or deliver to each tendering Holder or holder or lender of Pari Passu Indebtedness, as the case may be, an amount equal to the purchase price of the Notes or Pari Passu Indebtedness so validly tendered and not properly withdrawn by such holder or lender, as the case may be, and accepted by the Company or the Issuer for purchase, and, if less than all of the Notes tendered are purchased pursuant to the Asset Disposition Offer, the Issuer will promptly issue a new Note, and the Trustee, upon delivery of an authentication order from the Issuer, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or Officer's Certificate will be required for the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note will be in a principal amount of $200,000 or an integral multiple of $1,000 in excess thereof. In addition, the Company and the Issuer will take any and all other actions required by the agreements governing the Pari Passu Indebtedness. Any Note not so accepted will be promptly mailed or delivered by the Issuer to the Holder thereof. The Company and the Issuer will publicly announce the results of the Asset Disposition Offer on the Asset Disposition Purchase Date.
		

		
			 
		

		
			Other than as specifically provided in this Section 3.10 or Section 4.10, any purchase pursuant to this Section 3.10 shall be made pursuant to the applicable provisions of Section 3.01 through Section 3.06.
		

		
			 
		

		
			ARTICLE IV
		

		
			 
		

		
			COVENANTS
		

		
			 
		

		
			SECTION 4.01.          Payment of Notes
		

		
			 
		

		
			(a)           The Issuer shall pay or cause to be paid the principal, premium, if any, and interest, if any, on Notes of each series on the dates and in the manner provided in the Notes of the applicable Series. Principal, premium, if any, and interest, if any, shall be considered paid on the date due if the Paying Agent, if other than one of the Issuer or a Subsidiary, holds as of 10:00 a.m., New York City time, on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay the principal, premium, if any, and interest then due.
		

		
			 
		

		
			(b)          The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, at the rate equal to the then applicable interest rate on the Notes of each series to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue instalments of interest, if any, (without regard to any applicable grace period) at the same rate to the extent lawful.
		

		
			 
		

		
			SECTION 4.02.          Maintenance of Office or Agency
		

		
			 
		

		
			The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer and the Guarantors in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.
		

		
			 
		

		
			The Issuer may also from time to time designate additional offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
		

		
			 
		

		
			The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03.
		

		
			 
		

		
			
		

		
			

		 

		

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			SECTION 4.03.          Reports
		

		
			 
		

		
			(a)           Whether or not required by the SEC's rules and regulations, so long as any Notes are outstanding, the Company will furnish to the Trustee and the holders of Notes, within the time periods (including any extensions thereof) specified in the SEC's rules and regulations:
		

		
			 
		

		
			(i)           annual reports of the Company that would be required to be filed with the SEC on Form 20-F if the Company were required to file such reports; and
		

		
			 
		

		
			(ii)          all half-year and current reports of the Company that would be required to be furnished with the SEC on Form 6-K if the Company were required to furnish such reports.
		

		
			 
		

		
			All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on form 20-F will include a report on the Company's consolidated financial statements by the Company's independent registered public accounting firm. To the extent such filings are made with the SEC, the reports will be deemed to have been furnished to the Trustee and holders of Notes. The Company agrees that it will not take any action for the purpose of causing the SEC not to accept any such filings.
		

		
			 
		

		
			(b)          If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries and such Subsidiaries are Significant Subsidiaries, then the half-yearly and annual financial information required by the second preceding paragraph will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company.
		

		
			 
		

		
			(c)           The Company will not later than ten (10) Business Days after the time it (x) furnishes its annual and half-yearly reports to the Trustee and the holders of the Notes pursuant to Section 4.03(a)(i) and (ii) or (y) posts its half-year and annual reports on its website pursuant to Section 4.03(d), hold (or cause to be held) a conference call to discuss the information contained in such reports and, no fewer than two (2) Business Days prior to the date of the conference call required to be held in accordance with this paragraph, issue (or cause to be issued) a press release to appropriate wire services announcing the time and date of such conference call and either including all information necessary to access the call or directing the holders or beneficial owners of, and prospective investors in, the Notes and securities analysts and market makers to contact an individual at the Company (for whom contact information shall be provided in such press release) to obtain the information on how to access such conference call; provided that no such conference call will be required if (x) the Company has held a conference call prior to the furnishing or posting of the relevant annual or half-yearly report discussing the information contained in the relevant annual or half-yearly report and (y) the related press release announcing the time and date and access information described in this Section 4.03(c) in relation to such conference call is provided no fewer than two (2) Business Days prior to the date of such conference call.
		

		
			 
		

		
			(d)          If the SEC will not accept the Company's filings for any reason, the Company will post (or cause to be posted) the reports referred to in Section 4.03(a) on its website with no password protection within the time periods that would apply if the Company were required to file those reports with the SEC. In addition, the Company agrees that, for so long as any Notes remain outstanding, at any time it is not required to file the reports required by this Section 4.03 with the SEC, it will furnish to the holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.
		

		
			 
		

		
			(e)           It is understood that the Trustee will have no obligation to determine whether such information, documents or reports have been filed with the SEC or posted on the Issuer's website. The posting or delivery of such information, documents or reports to the Trustee is for informational purposes only and the Trustee's receipt of such information, documents or reports shall not constitute actual or constructive knowledge or notice of any information contained therein or determinable from information contained therein, including the Issuer's compliance with any of the covenants under this Indenture, as to which the Trustee is entitled to rely exclusively on an Officer's Certificate.
		

		
			 
		

		
			
		

		
			

		 

		

			54

		

 

		

			 

		

		

		
			SECTION 4.04.          Compliance Certificate
		

		
			 
		

		
			(a)           The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue Date, an Officer's Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company and each Guarantor have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, the Company and each Guarantor have kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions of this Indenture (or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and what action the Company and each Guarantor are taking or propose to take with respect thereto).
		

		
			 
		

		
			(b)          When any Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other evidence of Indebtedness of the Company or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, the Company shall promptly (which shall be no more than five Business Days following the date on which the Company becomes aware of such Default, receives such notice or becomes aware of such action, as applicable) send to the Trustee an Officer's Certificate specifying such event, its status and what action the Company is taking or proposes to take with respect thereto.
		

		
			 
		

		
			SECTION 4.05.          Taxes
		

		
			 
		

		
			The Company shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments and governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders.
		

		
			 
		

		
			SECTION 4.06.          Stay, Extension and Usury Laws
		

		
			 
		

		
			The Company and each Guarantor covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.
		

		
			 
		

		
			SECTION 4.07.          Limitation on Restricted Payments
		

		
			 
		

		
			(a)           The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:
		

		
			 
		

		
			(i)           declare or pay any dividend or make any distribution (whether made in cash, securities or other property) on or in respect of its or any of its Restricted Subsidiaries' Capital Stock (including any payment in connection with any merger, amalgamation or consolidation involving the Company or any of its Restricted Subsidiaries) other than:
		

		
			 
		

		
			(A)         dividends or distributions payable solely in Capital Stock of the Company (other than Disqualified Stock); and
		

		
			 
		

		
			(B)         dividends or distributions by a Restricted Subsidiary of the Company, so long as the Company or any of its Restricted Subsidiaries holding such Capital Stock receives at least its pro rata share of such dividend or distribution;
		

		
			 
		

		
			(ii)          purchase, redeem, retire or otherwise acquire for value, including in connection with any merger, amalgamation or consolidation, any Capital Stock of the Company held by Persons other than the Company or any of its Restricted Subsidiaries (other than in exchange for Capital Stock of the Company (other than Disqualified Stock));
		

		
			 
		

		
			
		

		
			

		 

		

			55

		

 

		

			 

		

		

		
			(iii)         make any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment, scheduled sinking fund payment or scheduled maturity, any Subordinated Obligations or Guarantor Subordinated Obligations, other than:
		

		
			 
		

		
			(A)         Indebtedness of the Issuer owing to and held by any Guarantor or Indebtedness of a Guarantor owing to and held by the Issuer or any other Guarantor permitted under Section 4.09(b)(v); or
		

		
			 
		

		
			(B)         the purchase, repurchase, redemption, defeasance or other acquisition or retirement of, Subordinated Obligations or Guarantor Subordinated Obligations of any Guarantor in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition or retirement); or
		

		
			 
		

		
			(iv)         make any Restricted Investment
		

		
			 
		

		
			(all such payments and other actions referred to in clauses (i) through (iv) shall be referred to as a "Restricted Payment"), unless, at the time of and after giving pro forma effect to such Restricted Payment:
		

		
			 
		

		
			(A)         no Default shall have occurred and be continuing (or would result therefrom);
		

		
			 
		

		
			(B)         immediately after giving effect to such transaction on a pro forma basis, the Company could Incur $1.00 of additional Indebtedness under Section 4.09(a); and
		

		
			 
		

		
			(C)         the aggregate amount of such Restricted Payment and all other Restricted Payments declared or made subsequent to the Issue Date (without duplication and excluding Restricted Payments made pursuant to clauses 4.07(b)(i), (ii), (iii), (v), (vii), (viii), (ix) and (x)) would not exceed the sum of (without duplication):
		

		
			 
		

		
			(1)          50% of Consolidated Net Income for the period (treated as one accounting period) from January 1, 2017 to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for which internal financial statements are available (or, in case such Consolidated Net Income is a deficit, minus 100% of such deficit); plus
		

		
			 
		

		
			(2)          100% of the aggregate Net Cash Proceeds or Fair Market Value of assets received by the Company from the issue or sale of its Capital Stock (other than Disqualified Stock) or other capital contributions subsequent to the Issue Date other than:
		

		
			 
		

		
			(X)        Net Cash Proceeds or Fair Market Value of assets received by the Company from the issue or sale of such Capital Stock to a Restricted Subsidiary of the Company or to an employee stock ownership plan, option plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or Guaranteed by the Company or any of its Restricted Subsidiaries unless such loans have been repaid with cash on or prior to the date of determination; and
		

		
			 
		

		
			(Y)        Net Cash Proceeds received by the Company from the issue and sale of its Capital Stock or capital contributions to the extent applied to redeem Notes in compliance with the  provisions  set  forth  under  Section 3.07(b); plus
		

		
			 
		

		
			(3)          the amount by which Indebtedness of the Company or any of its Restricted Subsidiaries is reduced on the Company's consolidated balance sheet
		

		
			 
		

		
			
		

		
			

		 

		

			56

		

 

		

			 

		

		

		
			upon the conversion or exchange subsequent to the Issue Date of any Indebtedness of the Company or any of its Restricted Subsidiaries (other than debt held by a Restricted Subsidiary of the Company) convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company (less the amount of any cash, or the Fair Market Value of any other property, distributed by the Company upon such conversion or exchange); plus
		

		
			 
		

		
			(4)          an amount equal to:
		

		
			 
		

		
			(X)        100% of the aggregate amount received in cash and the Fair Market Value of non-cash assets received by means of repurchases or redemptions of Restricted Investments or Similar Business Investments by such Person, proceeds realized upon the sale of such Restricted Investment or Similar Business Investments to an unaffiliated purchaser, repayments of loans or advances or other transfers of assets (including by way of dividend or distribution) by such Person to the Company or any of its Restricted Subsidiaries (other than for reimbursement of tax payments) including dividends received from Unrestricted Subsidiaries, which amount in each case under this sub-clause was included in the calculation of the amount of Restricted Payments available (including Similar Business Investments); plus
		

		
			 
		

		
			(Y)       the Fair Market Value of the Investment in an Unrestricted Subsidiary that is being designated as a Restricted Subsidiary of the Company or the merger, amalgamation or consolidation of an Unrestricted Subsidiary with and into the Company or any of its Restricted Subsidiaries (valued in each case as provided in the definition of "Investment") not to exceed the amount of Investments previously made by the Company or any of its Restricted Subsidiaries in such Unrestricted Subsidiary, which amount in each case under this sub-clause was included in the calculation of the amount of Restricted Payments; provided,  however, that no amount will be included under this clause (4) to the extent it is already included in Consolidated Net Income; less
		

		
			 
		

		
			(5)          any Similar Business Investment subsequent to the Issue Date made pursuant to clause (p) of the definition of Permitted Investments.
		

		
			 
		

		
			(b)          The provisions of Section 4.07(a) shall not prohibit:
		

		
			 
		

		
			(i)           any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock, Disqualified Stock or Subordinated Obligations of the Issuer or any Guarantor Subordinated Obligations of any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock of the Company (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or Guaranteed by the Company or any of its Restricted Subsidiaries unless such loans have been repaid with cash on or prior to the date of determination); provided,  however, that the Net Cash Proceeds from such sale of Capital Stock to the extent used for such Restricted Payment will be excluded from Section 4.07(a)(iv)(C)(2);
		

		
			 
		

		
			(ii)          any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations or Guarantor Subordinated Obligations made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Obligations of the Issuer or any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Guarantor Subordinated Obligations made by exchange for, or out of the proceeds of the substantially concurrent sale of, Guarantor Subordinated Obligations, so long as such refinancing Subordinated Obligations or Guarantor Subordinated Obligations are permitted to be Incurred pursuant to Section 4.09 and constitute Refinancing Indebtedness;
		

		
			 
		

		
			
		

		
			

		 

		

			57

		

 

		

			 

		

		

		
			(iii)         any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified Stock of the Company or any of its Restricted Subsidiaries made by exchange for or out of the proceeds of the substantially concurrent issuance or sale of Disqualified Stock of the Company or such Restricted Subsidiary, as the case may be, so long as such refinancing Disqualified Stock is permitted to be Incurred pursuant to Section 4.09 and constitutes Refinancing Indebtedness; and provided that any such purchase, repurchase, redemption, defeasance or other acquisition or retirement is at a purchase price not greater than 100% of the principal amount of such Indebtedness plus accrued and unpaid interest and any premium required by the terms of such Indebtedness;
		

		
			 
		

		
			(iv)         the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Guarantor Subordinated Obligation of the Company (a) at a purchase price not greater than 101% of the principal amount of such Subordinated Obligation in the event of a Change of Control in accordance with provisions similar to Section 4.14 or (b) at a purchase price not greater than 100% of the principal amount thereof  in  accordance  with  provisions  similar  to  Section 4.10; provided that, prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Company or the Issuer has made the Change of Control Offer or Asset Disposition Offer, as applicable, as provided in such covenant with respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment in connection with such Change of Control Offer or Asset Disposition Offer;
		

		
			 
		

		
			(v)          dividends paid within 60 days after the date of declaration if at such date of declaration such dividend would have complied with this Section 4.07;
		

		
			 
		

		
			(vi)         the purchase, redemption or other acquisition, cancellation, payment upon vesting or retirement for value of Capital Stock or equity appreciation rights or share units of the Company held by any existing or former employees or management of the Company or any Subsidiary of the Company or their assigns, estates or heirs, in each case upon death, disability, retirement, severance or termination of employment or in connection with the repurchase, redemption or other acquisition, cancellation, payment upon vesting or retirement for value provisions under employee stock option or stock purchase agreements or other agreements to compensate management employees approved by the Board of Directors; provided that such Capital Stock or equity appreciation rights or share units were received for services related to, or for the benefit of, the Company and its Restricted Subsidiaries; and provided,  further, that such repurchases, redemptions or other acquisition, cancellation, payment upon vesting or retirements for value pursuant to this clause (vi) will not exceed $10.0 million in the aggregate during any calendar year (with any unused amounts in any calendar year being carried over to the immediately succeeding calendar year, not to exceed $20.0 million in any calendar year), although such amount in any calendar year may be increased by an amount not to exceed:
		

		
			 
		

		
			(A)         the Net Cash Proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Company to existing or former employees or members of management of the Company or any of its Subsidiaries that occurs after the Issue Date, to the extent the Net Cash Proceeds from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments (provided that the Net Cash Proceeds from such sales or contributions will be excluded from Section 4.07(a)(iv)(C)(2); plus
		

		
			 
		

		
			(B)         the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries after the Issue Date; less
		

		
			 
		

		
			(C)         the amount of any Restricted Payments previously made with the Net Cash Proceeds described in clauses (A) and (B) of this clause (vi);
		

		
			 
		

		
			(vii)        the declaration and payment of dividends to holders of any class or series of Disqualified Stock or Preferred Stock of the Company issued in accordance with the terms of this Indenture to the extent such dividends are included in the definition of "Consolidated Interest Expense";
		

		
			 
		

		
			
		

		
			

		 

		

			58

		

 

		

			 

		

		

		
			(viii)       repurchases of Capital Stock deemed to occur upon the exercise of stock options, warrants, other rights to purchase Capital Stock or other convertible securities or similar securities if such Capital Stock represents a portion of the exercise price thereof (or withholding of Capital Stock to pay related withholding taxes with regard to the exercise of such stock options or the vesting of any such restricted stock, restricted stock units, deferred stock units or any similar securities);
		

		
			 
		

		
			(ix)         payments in lieu of the issuance of fractional shares of Capital Stock in connection with any transaction otherwise permitted under this Section 4.07;
		

		
			 
		

		
			(x)          payments or distributions to holders of the Capital Stock of the Company or any of its Restricted Subsidiaries pursuant to appraisal or dissenting rights required under applicable law or pursuant to a court order in connection with any merger, amalgamation, consolidation or sale, assignment, conveyance, transfer, lease or other disposition of assets;
		

		
			 
		

		
			(xi)         the declaration and payment of dividends on the Company's Common Stock in an amount not to exceed $80.0 million in the aggregate for any twelve-month period;
		

		
			 
		

		
			(xii)        in connection with a Permitted Reorganization;
		

		
			 
		

		
			(xiii)       any other Restricted Payment so long as after giving effect to such Restricted Payment on a pro forma basis, the Leverage Ratio would not exceed 1.75 to 1.00; and
		

		
			 
		

		
			(xiv)       other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause (xiv) (as reduced by the Fair Market Value returned from any such Restricted Payments that constituted Restricted Investments) not to exceed $50.0 million,
		

		
			 
		

		
			provided,  however, that at the time of and after giving pro forma effect to, any Restricted Payment permitted under clauses (v), (vii), (ix) and (xiv), no Default shall have occurred and be continuing or would occur as a consequence thereof.
		

		
			 
		

		
			The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of such Restricted Payment of the assets or securities proposed to be transferred or issued by the Company or any of its Restricted Subsidiaries, as the case may be, pursuant to such Restricted Payment. The amount of all Restricted Payments paid in cash shall be their face amount.
		

		
			 
		

		
			(c)           For purposes of designating any Restricted Subsidiary of the Company as an Unrestricted Subsidiary, all outstanding Investments by the Company and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Investments in an amount determined as set forth in the definition of "Investment." Such designation will be permitted only if a Restricted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject to any of the restrictive covenants set forth in this Indenture.
		

		
			 
		

		
			(d)          For purposes of determining compliance with any U.S. dollar denominated restriction on Restricted Payments, the U.S. dollar equivalent of a Restricted Payment denominated in foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date the Company or the Restricted Subsidiary, as the case may be, first commits to such Restricted Payment.
		

		
			 
		

		
			SECTION 4.08.          Limitation on restrictions on distributions from restricted subsidiaries
		

		
			 
		

		
			(a)           The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary of the Company to:
		

		
			 
		

		
			(i)           pay dividends, in cash or otherwise, or make any other distributions on or in respect of its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits;
		

		
			 
		

		
			
		

		
			

		 

		

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			(ii)          pay any Indebtedness or other obligations owed to the Company or any of its Restricted Subsidiaries (it being understood that the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock);
		

		
			 
		

		
			(iii)         make any loans or advances to the Company or any of its Restricted Subsidiaries (it being understood that the subordination of loans or advances made to the Company or any of its Restricted Subsidiaries to other Indebtedness Incurred by the Company or any of its Restricted Subsidiaries shall not be deemed a restriction on the ability to make loans or advances); or
		

		
			 
		

		
			(iv)         sell, lease or transfer any of its property or assets to the Company or any of its Restricted Subsidiaries (it being understood that such transfers shall not include any type of transfer described in clause (i) or (iii) above).
		

		
			 
		

		
			(b)          The preceding provisions will not prohibit encumbrances or restrictions existing under or by reason of:
		

		
			 
		

		
			(i)           this Indenture, the Notes and the Note Guarantees;
		

		
			 
		

		
			(ii)          any agreement or instrument existing on the Issue Date (except for this Indenture, the Notes or the Note Guarantees);
		

		
			 
		

		
			(iii)         (x) any agreement or other instrument of a Person acquired by the Company or any of its Restricted Subsidiaries in existence at the time of such acquisition (but not created in contemplation thereof) or (y) any agreement or other instrument with respect to a Restricted Subsidiary of the Company that was previously an Unrestricted Subsidiary pursuant to or by reason of an agreement that such Subsidiary is a party to or entered into before the date on which such Subsidiary became a Restricted Subsidiary of the Company (but not created in contemplation thereof), in the case of (x) and (y) above, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired or so designated or deemed, as applicable (including after- acquired property);
		

		
			 
		

		
			(iv)         any amendment, restatement, modification, renewal, supplement, refunding, replacement or refinancing of an agreement or instrument referred to in clauses (ii), (iii) or (v) of this Section 4.08(b); provided,  however, that such amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are, in the good faith judgment of Senior Management, not materially more restrictive, when taken as a whole, than the encumbrances and restrictions contained in the agreements referred to in clauses (ii), (iii) or (v) of this Section 4.08(b) on the Issue Date or the date such Restricted Subsidiary became a Restricted Subsidiary of the Company or was merged into a Restricted Subsidiary of the Company, whichever is applicable;
		

		
			 
		

		
			(v)          (x) customary non-assignment or subletting provisions in leases governing leasehold interests to the extent such provisions restrict the transfer of the lease or the property leased thereunder and (y) security agreements or mortgages securing Indebtedness of a Restricted Subsidiary of the Company to the extent such encumbrance or restriction restricts the transfer of the property subject to such security agreements or mortgages;
		

		
			 
		

		
			(vi)         Liens permitted to be Incurred under Section 4.12 that limits the right of the debtor to dispose of the assets securing such Indebtedness;
		

		
			 
		

		
			(vii)        purchase money obligations for property acquired and Capitalized Lease Obligations, in each case, that (x) are permitted under this Indenture and (y) impose encumbrances or restrictions of the nature described in Section 4.08(a)(iii) on the property so acquired;
		

		
			 
		

		
			(viii)       contracts for the sale of assets, including customary restrictions with respect to a Subsidiary of the Company pursuant to an agreement that has been entered into for the sale or disposition of all or a portion of the Capital Stock or assets of such Subsidiary;
		

		
			 
		

		
			
		

		
			

		 

		

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			(ix)         restrictions on cash or other deposits or net worth imposed by customers, suppliers or landlords under contracts entered into in the ordinary course of business;
		

		
			 
		

		
			(x)          any customary provisions in joint venture, partnership and limited liability agreements relating to joint ventures that are not Restricted Subsidiaries of the Company and other similar agreements entered into in the ordinary course of business;
		

		
			 
		

		
			(xi)         any customary provisions (including non-assignment and non-transfer provisions) in leases, subleases or licenses (including licenses of intellectual property) and other agreements entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business;
		

		
			 
		

		
			(xii)        encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation or order or required under any permit required for the ordinary course business of the Company and its Restricted Subsidiaries;
		

		
			 
		

		
			(xiii)       (w) other Indebtedness Incurred or Preferred Stock issued by a Guarantor in accordance with Section 4.09 that are not materially more restrictive, taken as a whole, than those applicable to the Company under this Indenture on the Issue Date (which results in encumbrances or restrictions on a Restricted Subsidiary of the Company comparable to those applicable to the Company) under this Indenture on the Issue Date, (x) other Indebtedness Incurred or Preferred Stock issued, in each case permitted to be Incurred or issued subsequent to the Issue Date pursuant to Section 4.09, (y) any Deferred Revenue Financing Arrangement entered into subsequent to the Issue Date or (z) any Qualified Securitization Financing; provided that with respect to clauses (w), (x), (y) and (z), at the time of such Incurrence or issuance or entering into, such encumbrances or restrictions will not materially adversely affect the Company's ability to make principal and interest payments on the Notes as determined in good faith by the Board of Directors;
		

		
			 
		

		
			(xiv)       any  agreement  with  a  governmental  entity  providing  for developmental
		

		
			financing;
		

		
			 
		

		
			(xv)        customary non-assignment and non-transfer provisions of any contract, license or lease entered into in the ordinary course of business; and
		

		
			 
		

		
			(xvi)       customary encumbrances or restrictions contained in Hedging Obligations permitted to be Incurred under this Indenture.
		

		
			 
		

		
			SECTION 4.09.          Limitation on Indebtedness
		

		
			 
		

		
			(a)           The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness); provided,  however, that the Issuer and the Guarantors may Incur Indebtedness if on the date thereof and after giving effect thereto on a pro forma basis:
		

		
			 
		

		
			(i)           the Leverage Ratio for the Company and its Restricted Subsidiaries does not exceed 2.50 to 1.00; and
		

		
			 
		

		
			(ii)          no Default or Event of Default will have occurred or be continuing or would occur as a consequence of Incurring the Indebtedness or entering into the transactions relating to such Incurrence.
		

		
			 
		

		
			(b)          Section 4.09(a) will not prohibit the Incurrence of the following Indebtedness:
		

		
			 
		

		
			(i)            Indebtedness of the Issuer or any of the Guarantors Incurred under a Debt Facility and the issuance and creation of letters of credit and bankers' acceptances thereunder (with undrawn trade letters of credit and reimbursement obligations relating to trade letters of credit satisfied within 30 days being excluded, and bankers' acceptances being deemed to have a principal amount equal to the face amount thereof) in an aggregate amount not to exceed the greater of (x) $500.0
		

		
			 
		

		
			
		

		
			

		 

		

			61

		

 

		

			 

		

		

		
			million and (y) 12.5% of Total Assets less the amount of prepayments or repayments of term Indebtedness with the proceeds from Asset Sales;
		

		
			 
		

		
			(ii)          Indebtedness represented by the Notes (including any Note Guarantee) (other than any Additional Notes);
		

		
			 
		

		
			(iii)         Indebtedness of the Company and any of its Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness described in clauses (i), (ii), (iv), (v), (vii), (ix), (x)  and (xi) of this paragraph) after giving pro forma effect to the use of proceeds of the Notes as described in the Offering Memorandum;
		

		
			 
		

		
			(iv)         Guarantees by (a) the Issuer or a Guarantor of Indebtedness permitted to be Incurred by the Issuer or a Guarantor in accordance with the provisions of this covenant; provided that in the event such Indebtedness that is being Guaranteed is a Subordinated Obligation or a Guarantor Subordinated Obligation, then the related Guarantee shall be subordinated in right of payment to the Notes or the Note Guarantee, as the case may be, and (b) Non-Guarantors of Indebtedness Incurred by Non-Guarantors in accordance with the provisions of this Indenture;
		

		
			 
		

		
			(v)          Indebtedness of the Company owing to and held by any of its Restricted Subsidiaries or Indebtedness of a Restricted Subsidiary of the Company owing to and held by the Company or any other Restricted Subsidiary of the Company; provided,  however, that:
		

		
			 
		

		
			(A)         if the Issuer is the obligor on Indebtedness owing to a Non- Guarantor, such Indebtedness is unsecured and expressly subordinated in right of payment in full to all obligations with respect to the Notes;
		

		
			 
		

		
			(B)         if a Guarantor is the obligor on such Indebtedness and a Non- Guarantor is the obligee, such Indebtedness is unsecured and expressly subordinated in right of payment to the Note Guarantee of such Guarantor; and
		

		
			 
		

		
			(C)         (i) any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being beneficially held by a Person other than the Company or any of its Restricted Subsidiaries; and
		

		
			 
		

		
			(ii) any sale or other transfer of any such Indebtedness to a Person other than the Company or any of its Restricted Subsidiaries,
		

		
			 
		

		
			shall be deemed, in each case under this clause (v)(C), to constitute an Incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be;
		

		
			 
		

		
			(vi)         Indebtedness (i) of any Person outstanding on the date on which such Person became a Restricted Subsidiary of the Company or was acquired by, or merged into or amalgamated or consolidated with the Company or any of its Restricted Subsidiaries or (ii) otherwise Incurred by the Company or any of its Restricted Subsidiaries to provide all or any portion of the funds utilized to consummate the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary of the Company or was otherwise acquired by, or merged into or amalgamated or consolidated with the Company or any of its Restricted Subsidiaries; provided,  however, in each case, that at the time such Person is acquired or such Indebtedness Incurred, either:
		

		
			 
		

		
			(A)         the Company would have been able to Incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(a) after giving pro forma effect to such transaction or series of related transactions and the Incurrence of such Indebtedness pursuant to this clause (vi); or
		

		
			 
		

		
			(B)         the Leverage Ratio of the Company and its Restricted Subsidiaries upon completion of such acquisition, merger, amalgamation or consolidation would be equal to or greater than such ratio immediately prior to such acquisition, merger, amalgamation or
		

		
			 
		

		
			
		

		
			

		 

		

			62

		

 

		

			 

		

		

		
			consolidation, after giving pro forma effect to such transaction or series of related transactions and the Incurrence of such Indebtedness pursuant to this clause (vi);
		

		
			 
		

		
			(vii)        Indebtedness under Hedging Obligations that are Incurred in the ordinary course of business (and not for speculative purposes);
		

		
			 
		

		
			(viii)       Indebtedness (including Capitalized Lease Obligations) of the Company or any of its Restricted Subsidiaries Incurred to finance the purchase, design, lease, construction, repair, replacement or improvement of any property (real or personal), plant or equipment used or to be used in a Similar Business through the direct purchase of such property, plant or equipment or the purchase of Capital Stock of any Person owning such property, plant or equipment (including any Indebtedness deemed to be Incurred in connection with any such purchase), and any Indebtedness of the Company or any of its Restricted Subsidiaries that serves to refund or refinance any Indebtedness Incurred pursuant to this clause (viii), in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (viii) and then outstanding, will not exceed the greater of (x) $150.0 million and (y) 2.25% of Total Assets at any time outstanding;
		

		
			 
		

		
			(ix)         Indebtedness Incurred by the Company or any of its Restricted Subsidiaries in respect of (a) workers' compensation claims, health, disability or other employee benefits; (b)  property, casualty or liability insurance, self-insurance obligations; and (c) statutory, appeal, completion, export, import, customs, revenue, performance, bid, surety, reclamation, remediation and similar bonds, letters of credit, completion guarantees, judgment, advance payment, customs, VAT or similar instruments issued for the account of the Company and any of its Restricted Subsidiaries provided in the ordinary course of business and not for borrowed money;
		

		
			 
		

		
			(x)          Indebtedness arising from agreements of the Company or any of its Restricted Subsidiaries providing for customary indemnification, adjustment of purchase price, earn- out or similar obligations, in each case, Incurred or assumed in connection with the disposition of any business or assets of the Company or any business, assets or Capital Stock of any of its Restricted Subsidiaries, other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Capital Stock for the purpose of financing such acquisition; provided that:
		

		
			 
		

		
			(A)         the maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds, including non-cash proceeds (the Fair Market Value of such non-cash proceeds being measured at the time received and without giving effect to subsequent changes in value) actually received by the Company and its Restricted Subsidiaries in connection with such disposition; and
		

		
			 
		

		
			(B)         such Indebtedness is not reflected as indebtedness on the balance sheet of the Company or any of its Restricted Subsidiaries (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (x));
		

		
			 
		

		
			(xi)         Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided,  however, that such Indebtedness is extinguished within five Business Days of Incurrence;
		

		
			 
		

		
			(xii)        Indebtedness in the form of letters of credit and reimbursement obligations relating to letters of credit that are satisfied within 30 days of being drawn;
		

		
			 
		

		
			(xiii)       the Incurrence or issuance by the Company or any of its Restricted Subsidiaries of Refinancing Indebtedness that serves (or will serve) to refund or refinance any Indebtedness Incurred as permitted under Section 4.09(a) and clauses (ii), (iii), (vi) and this clause (xiii) of the second paragraph of this covenant;
		

		
			 
		

		
			(xiv)       Indebtedness of the Company or any of its Restricted Subsidiaries consisting of the financing of insurance premiums incurred in the ordinary course of business;
		

		
			 
		

		
			
		

		
			

		 

		

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			(xv)        Indebtedness of the Company or any of its Restricted Subsidiaries consisting of take-or-pay obligations contained in supply arrangements Incurred in the ordinary course of business;
		

		
			 
		

		
			(xvi)       Non-Recourse Debt;
		

		
			 
		

		
			(xvii)      Indebtedness of the Issuer, to the extent the net proceeds thereof are promptly deposited to defease the Notes as described under Section 8.02; and
		

		
			 
		

		
			(xviii)     in addition to the items referred to in clauses (i) through (xvii) above, Indebtedness of the Company and its Restricted Subsidiaries in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (xviii) and then outstanding, will not exceed the greater of (x) $250.0 million and (y) 5.0% of Total Assets; provided that the amount of Indebtedness Incurred pursuant to this clause (xviii) by Restricted Subsidiaries that are not Guarantors will not exceed the greater of $100.0 million and 2.25% of Total Assets.
		

		
			 
		

		
			(c)           The Company and the Issuer will not Incur, and the Company will not permit any Subsidiary Guarantor to Incur, any Indebtedness (excluding intercompany Indebtedness Incurred under clause (v)  of the preceding paragraph) that is contractually subordinated in right of payment to any other Indebtedness of the Company, the Issuer or such Subsidiary Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided,  however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Issuer solely by virtue of being unsecured or by virtue of being secured on a junior priority basis. No Restricted Subsidiary of the Company (other than a Guarantor) may Incur any Indebtedness if the proceeds are used to refinance Indebtedness of the Issuer or a Guarantor.
		

		
			 
		

		
			(d)          For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant to and in compliance with, this Section 4.09:
		

		
			 
		

		
			(i)           in the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in this Section 4.09(b), or is entitled to be Incurred pursuant to Section 4.09(a), the Company, in its sole discretion, will classify such item of Indebtedness on the date of Incurrence, and may later reclassify all or a portion of such Indebtedness, in any manner that complies with this covenant; provided that any Indebtedness outstanding on the Issue Date under any Debt Facility (including the USD Revolving Credit Facility) will be treated as Incurred on the Issue Date under clause (i) of Section 4.09(b);
		

		
			 
		

		
			(ii)          guarantees of, or obligations in respect of letters of credit relating to, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included;
		

		
			 
		

		
			(iii)         if obligations in respect of letters of credit are Incurred pursuant to a Debt Facility and are being treated as Incurred pursuant to clause (i) of Section 4.09(b) and the letters of credit relate to other Indebtedness, then such other Indebtedness shall not be included;
		

		
			 
		

		
			(iv)         the principal amount of any Disqualified Stock of the Company or any of its Restricted Subsidiaries, or Preferred Stock of a Non-Guarantor, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) and the liquidation preference thereof;
		

		
			 
		

		
			(v)          Indebtedness permitted by this Section 4.09 need not be permitted solely by reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.09 permitting such Indebtedness;
		

		
			 
		

		
			(vi)         the principal amount of any Indebtedness outstanding in connection with a securitization transaction or series of securitization transactions is the amount of obligations
		

		
			 
		

		
			
		

		
			

		 

		

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			outstanding under the legal documents entered into as part of such transaction that would be characterized as principal if such transaction were structured as a secured lending transaction rather than as a purchase relating to such transaction;
		

		
			 
		

		
			(vii)        the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with IFRS; and
		

		
			 
		

		
			(e)           to the extent any Indebtedness is Incurred under Section 4.09(c) substantially concurrently (but in any event on the same date) with other Indebtedness Incurred under clause (i) of Section 4.09(a), such other Indebtedness shall be, unless the Company elects otherwise, disregarded for purposes of the related calculation of the Leverage Ratio (but shall, for the avoidance of doubt, be included in any and all subsequent calculations of the Leverage Ratio to the extent then outstanding), including the application of proceeds therefrom.
		

		
			 
		

		
			(f)           Accrual of interest, accrual of dividends, the accretion of accreted value, the amortization of debt discount, the payment of interest in the form of additional Indebtedness and the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock shall not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.09. The amount of any Indebtedness outstanding as of any date shall be (i) the accreted value thereof in the case of any Indebtedness issued with original issue discount or the aggregate principal amount outstanding in the case of Indebtedness issued with interest payable in kind and (ii) the principal amount or liquidation preference thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness.
		

		
			 
		

		
			(g)          In addition, the Company will not permit any of its Unrestricted Subsidiaries to Incur any Indebtedness or issue any shares of Disqualified Stock, other than Non-Recourse Debt. If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary of the Company, any Indebtedness of such Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary of the Company as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date under this covenant, the Company shall be in Default of this Section 4.09).
		

		
			 
		

		
			(h)          For purposes of determining compliance with any U.S. dollar denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced.
		

		
			 
		

		
			(i)           Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that the Company and its Restricted Subsidiaries may Incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.
		

		
			 
		

		
			SECTION 4.10.          Asset Sales
		

		
			 
		

		
			(a)           The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate any Asset Disposition unless:
		

		
			 
		

		
			(i)           the Company or such Restricted Subsidiary, as the case may be, receives consideration at least equal to the Fair Market Value (such Fair Market Value to be determined on the date of contractually agreeing to such Asset Disposition) of the shares and assets subject to such Asset Disposition;
		

		
			 
		

		
			
		

		
			

		 

		

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			(ii)          at least 75% of the consideration from such Asset Disposition received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; and
		

		
			 
		

		
			(iii)         an amount equal to 100% of the Net Available Cash from such Asset Disposition is applied or committed to be applied by the Company or such Restricted Subsidiary, as the case may be, within 365 days from the later of the date of such Asset Disposition or the receipt of such Net Available Cash, and, if committed to be applied, such Net Available Cash is thereafter applied within 180 days of the date which is 365 days from such Asset Disposition (such 365 plus 180-day period, the "Asset Sale Commitment Period") as follows:
		

		
			 
		

		
			(A)         to repay and permanently reduce (and permanently reduce any commitments with respect thereto) Secured Indebtedness of the Company (other than any Disqualified Stock or Guarantor Subordinated Obligations) or Secured Indebtedness of a Restricted Subsidiary of the Company (other than any Disqualified Stock, Subordinated Obligations or Guarantor Subordinated Obligations), in each case other than Indebtedness owed to the Company or a Restricted Subsidiary of the Company;
		

		
			 
		

		
			(B)         to repay and permanently reduce (and permanently reduce any commitments with respect thereto) obligations under other Indebtedness of the Company that ranks equally in right of payment with the Notes (other than any Disqualified Stock or Guarantor Subordinated Obligations) or Indebtedness of a Restricted Subsidiary (other than any Disqualified Stock, Subordinated Obligations or Guarantor Subordinated Obligations), in each case other than Indebtedness owed to the Company or a Restricted Subsidiary of the Company; provided that with respect to any reduction of Obligations that rank equally in right of payment with the Notes pursuant to this clause (B), the Company shall equally and ratably reduce obligations under the Notes either (i) as provided under Section 3.07, (ii) through open market purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or (iii) by making an offer to all Holders to purchase their Notes at or above 100% of the principal amount thereof, plus, in each case, the amount of accrued but unpaid interest on the amount of Notes, in each case on a pro rata basis, the aggregate amount of which offer shall be equal to the aggregate amount that would reduce the Obligations under the Notes on an equal and ratable basis with such other Indebtedness that ranks equally in right of payment with the Notes based on the aggregate outstanding principal amount of the Notes and of such other Indebtedness;
		

		
			 
		

		
			(C)         to invest in Additional Assets;
		

		
			 
		

		
			(D)         to make capital expenditures in respect of the Company's or its Restricted Subsidiaries' Permitted Business;
		

		
			 
		

		
			(E)         to purchase the Notes pursuant to an offer to all holders of Notes at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the date of purchase (a "Notes Offer"); or
		

		
			 
		

		
			(F)          a combination of repayments, reductions, purchases, investments and expenditures permitted by the foregoing clauses (A) through (E);
		

		
			 
		

		
			provided that pending the final application of any such Net Available Cash in accordance with this paragraph, the Company and its Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise invest such Net Available Cash in any manner not prohibited by this Indenture.
		

		
			 
		

		
			(b)          For the purposes of clause (a)(ii) above and for no other purpose, the following will be deemed to be cash:
		

		
			 
		

		
			(i)           any liabilities (as shown on the Company's or such Restricted Subsidiary's most recent balance sheet) of the Company or any of its Restricted Subsidiaries (other than contingent
		

		
			 
		

		
			
		

		
			

		 

		

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			liabilities and liabilities that are by their terms subordinated to the Notes or the Note Guarantees) that are assumed by the transferee of any such assets and from which the Company and all such Restricted Subsidiaries have been validly released from liability by all creditors in writing;
		

		
			 
		

		
			(ii)          any Designated Non-Cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Disposition having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (ii) that is at that time outstanding, not to exceed the greater of (x) $100.0 million and (y) 2.25% of Total Assets at the time of the receipt of such Designated Non-Cash Consideration (with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value);
		

		
			 
		

		
			(iii)         any securities, notes or other obligations received by the Company or any of its Restricted Subsidiaries from the transferee that are converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received) within 180 days following the closing of such Asset Disposition; and
		

		
			 
		

		
			(iv)         any Additional Assets.
		

		
			 
		

		
			(c)           Any Net Available Cash from Asset Dispositions that is not applied or invested as provided in the preceding paragraph will be deemed to constitute "Excess Proceeds." On the business day following the final day of the Asset Sale Commitment Period, if the aggregate amount of Excess Proceeds exceeds $50.0 million, the Company or the Issuer will be required to make an offer ("Asset Disposition Offer") to all Holders and, to the extent required by the terms of outstanding Pari Passu Indebtedness, to all holders of such Pari Passu Indebtedness, to purchase the maximum aggregate principal amount of Notes and any such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on a record date to receive interest on the relevant interest payment date), in accordance with the procedures set forth in this Indenture or the agreements governing the Pari Passu Indebtedness, as applicable, in each case in denominations of $200,000 and larger integral multiples of $1,000 in excess thereof. The Company or the Issuer shall commence an Asset Disposition Offer with respect to Excess Proceeds by mailing (or otherwise communicating in accordance with the procedures of DTC) the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. To the extent that the aggregate amount of Notes and Pari Passu Indebtedness validly tendered and not validly withdrawn pursuant to an Asset Disposition Offer is less than the Excess Proceeds, the Company or the Issuer may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants contained in this Indenture. If the aggregate principal amount of Notes tendered pursuant to an Asset Disposition Offer and other Pari Passu Indebtedness tendered by holders thereof or lenders thereunder, collectively, exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the aggregate accreted value or principal amount of tendered Notes and Pari Passu Indebtedness. Upon completion of such Asset Disposition Offer, regardless of the amount of Excess Proceeds used to purchase Notes pursuant to such Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero.
		

		
			 
		

		
			(d)          The Company and the Issuer will comply with all applicable securities laws and regulations and the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Disposition Offer or a Notes Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with the Asset Disposition or Notes Offer provisions of this Indenture, the Company and the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached their respective obligations under the Asset Sales provisions of this Indenture by virtue of such compliance.
		

		
			 
		

		
			SECTION 4.11.          Limitation on affiliate transactions
		

		
			 
		

		
			(a)           The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct any transaction (including the purchase, sale, lease or exchange of any property or asset or the rendering of any service) with any Affiliate of the Company (an "Affiliate Transaction") involving aggregate consideration in excess of $10.0 million, unless:
		

		
			 
		

		
			
		

		
			

		 

		

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			(i)           the terms of such Affiliate Transaction are no less favorable to the Company or such Restricted Subsidiary, as the case may be, than those that could have been obtained by the Company or such Restricted Subsidiary in a comparable transaction at the time of such transaction in arm's-length dealings with a Person that is not an Affiliate;
		

		
			 
		

		
			(ii)          in the event such Affiliate Transaction involves an aggregate consideration in excess of $25.0 million, the Company has provided an Officer's Certificate to the Trustee stating that the terms of such Affiliate Transaction are no less favorable to the Company or such Restricted Subsidiary, as the case may be, than those that could have been obtained by the Company or such Restricted Subsidiary in a comparable transaction at the time of such transaction in arm's length dealings with a Person that is not an Affiliate; and
		

		
			 
		

		
			(iii)         in the event such Affiliate Transaction involves an aggregate consideration in excess of $50.0 million, the terms of such transaction have been approved by a majority of the members of the Board of Directors of the Company and by a majority of the members of such Board of Directors having no personal stake in such transaction, if any (and such majority or majorities, as the case may be, determines that such Affiliate Transaction satisfies the criteria in clause (i) above).
		

		
			 
		

		
			(b)          The preceding paragraph (a) will not apply to:
		

		
			 
		

		
			(i)           any transaction between the Company and any of its Restricted Subsidiaries or between any Restricted Subsidiaries of the Company, including any Guarantees issued by the Company or a Restricted Subsidiary of the Company for the benefit of the Company or any of its Restricted Subsidiaries, as the case may be, in accordance with Section 4.09;
		

		
			 
		

		
			(ii)          any Restricted Payment permitted to be made pursuant to Section 4.07 and any "Permitted Investments" (other than Permitted Investments as defined in clauses (b) or (q) of the definition thereof);
		

		
			 
		

		
			(iii)         any issuance of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or as the funding of, employment, consulting or similar agreements and severance and other compensation arrangements, options to purchase Capital Stock of the Company, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans and/or indemnity provided on behalf of Officers, directors and employees and consultants approved by the Board of Directors of the Company;
		

		
			 
		

		
			(iv)         the payment of reasonable and customary fees and reimbursements or employee benefits paid to, and indemnity provided on behalf of, directors, officers, employees or consultants of the Company or any of its Restricted Subsidiaries;
		

		
			 
		

		
			(v)          loans or advances (or cancellation of loans or advances) to employees, Officers or directors of the Company or any of its Restricted Subsidiaries in the ordinary course of business, in an aggregate amount not in excess of $5.0 million (without giving effect to the forgiveness of any such loan) at any one time outstanding;
		

		
			 
		

		
			(vi)         any agreement as in effect as of the Issue Date, as these agreements may be amended, modified, supplemented, extended or renewed from time to time, so long as any such amendment, modification, supplement, extension or renewal is not more disadvantageous to the Holders in any material respect in the good faith judgment of Senior Management, when taken as a whole, than the terms of the applicable agreements in effect on the Issue Date;
		

		
			 
		

		
			(vii)        any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by, merged into or consolidated with the Company or any of its Restricted Subsidiaries; provided that such agreement was not entered into in contemplation of such acquisition, merger, amalgamation or consolidation and any amendment thereto (so long as any such amendment is not disadvantageous in any material respect to the Holders in the good faith judgment of Senior Management when taken as a whole, as compared to the applicable agreement as in effect on the date of such acquisition, merger, amalgamation or consolidation);
		

		
			 
		

		
			
		

		
			

		 

		

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			(viii)       transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services, in each case in the ordinary course of the business of the Company and its Restricted Subsidiaries and otherwise in compliance with the terms of this Indenture; provided that in the reasonable determination of the members of the Board of Directors or Senior Management of the Company, such transactions or agreements are on terms that are not materially less favorable, when taken as a whole, to the Company or the relevant Restricted Subsidiary than those that could have been obtained at the time of such transactions or agreements in a comparable transaction or agreement by the Company or such Restricted Subsidiary with an unrelated Person;
		

		
			 
		

		
			(ix)         any issuance or sale of Capital Stock (other than Disqualified Stock) to Affiliates of the Company and any agreement that grants registration and other customary rights in connection therewith or otherwise to the direct or indirect securityholders of the Company (and the performance of such agreements);
		

		
			 
		

		
			(x)          any transactions in the ordinary course with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, an equity interest in such Person;
		

		
			 
		

		
			(xi)         transactions between the Company or any of its Restricted Subsidiaries and any Person that is an Affiliate solely because one or more of its directors is also a director of the Company or any of its Restricted Subsidiaries; provided that such director abstains from voting as a director of the Company or such Restricted Subsidiary, as the case may be, on any matter involving such other Person;
		

		
			 
		

		
			(xii)        (i) any merger, amalgamation, consolidation or other reorganization of the Company with an Affiliate in compliance with this Indenture solely for the purpose and with the sole effect of forming a holding company or reincorporating the Company in a new jurisdiction or (ii) any Permitted Reorganization;
		

		
			 
		

		
			(xiii)       the entering into of a tax sharing agreement, or payments pursuant thereto, between the Company and one or more Subsidiaries, on the one hand, and any other Person with which the Company and such Subsidiaries are required or permitted to file a consolidated tax return or with which the Company and such Subsidiaries are part of a consolidated group for tax purposes, on the other hand;
		

		
			 
		

		
			(xiv)       any employment, deferred compensation, consulting, non-competition, confidentiality or similar agreement entered into by the Company or any of its Restricted Subsidiaries with its employees or directors or consultants in the ordinary course of business and payments and other benefits (including bonus, retirement, severance, health, stock option and other benefit plans) pursuant thereto; and
		

		
			 
		

		
			(xv)        transactions in which the Company or any of its Restricted Subsidiaries delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when taken as a whole, than those that might reasonably have been obtained by the Company or such Restricted Subsidiary in a comparable transaction at such time on an arms' length basis from a Person that is not an Affiliate.
		

		
			 
		

		
			SECTION 4.12.          Limitation on liens
		

		
			 
		

		
			(a)           The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, Incur, assume or suffer to exist any Lien (other than Permitted Liens) upon any of its property or assets (including Capital Stock of Subsidiaries), whether owned on the Issue Date or acquired after that date, which Lien secures any Indebtedness, unless contemporaneously with the Incurrence of such Liens:
		

		
			 
		

		
			
		

		
			

		 

		

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			(i)           in the case of Liens securing Subordinated Obligations or Guarantor Subordinated Obligations, the Notes and related Note Guarantees are secured by a Lien on such property or assets that is senior in priority to such Liens; or
		

		
			 
		

		
			(ii)          in all other cases, the Notes and related Note Guarantees are equally and ratably secured or are secured by a Lien on such property or assets that is senior in priority to such Liens.
		

		
			 
		

		
			Any Lien created for the benefit of Holders pursuant to this covenant shall be automatically and unconditionally released and discharged upon the release and discharge of each of the Liens described in clauses (i) and (ii) above.
		

		
			 
		

		
			SECTION 4.13.          Corporate Existence
		

		
			 
		

		
			Subject to Article V, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (1) its corporate existence and the corporate, partnership, limited liability company or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary and (2) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership, limited liability company or other existence of any of its Restricted Subsidiaries, if the Company in good faith shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole.
		

		
			 
		

		
			SECTION 4.14.          Repurchase at the Option of Holders upon Change of control
		

		
			 
		

		
			(a)           If a Change of Control occurs, unless the Company or the Issuer has given notice to redeem all of the outstanding Notes pursuant to Section 3.03 and Section 3.07 or 3.09, the Company or the Issuer will, within 30 days following such Change of Control, make an offer to purchase all of the outstanding Notes (a "Change of Control Offer") at a purchase price in cash equal to 101% of the principal amount of such outstanding Notes plus accrued and unpaid interest, if any, to the date of purchase (the "Change of Control Payment") (subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to the Change of Control Payment Date of purchase).
		

		
			 
		

		
			(b)          The Company or the Issuer will mail a notice of such Change of Control Offer to each Holder or otherwise give notice in accordance with the applicable procedures of DTC, with a copy to the Trustee, stating:
		

		
			 
		

		
			(i)           that a Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for purchase by the Company or the Issuer at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on Interest Payment Date falling on or prior to the Change of Control Payment Date);
		

		
			 
		

		
			(ii)          a description of the transaction or transactions that constitute the Change of Control and the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed) (the "Change of Control Payment Date");
		

		
			 
		

		
			(iii)         that Notes must be tendered in multiples of $1,000, and any Note not properly tendered will remain outstanding and continue to accrue interest;
		

		
			 
		

		
			(iv)         that, unless the Company and the Issuer default in the payment of the Change of Control Payment, any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date;
		

		
			 
		

		
			(v)          that Holders electing to have a Note purchased pursuant to a Change of Control Offer shall be required to (i) surrender such Note, with the form entitled "Option of Holder to
		

		
			 
		

		
			
		

		
			

		 

		

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			Elect Purchase" on the reverse of such Note completed, or (ii) transfer such Note by book-entry transfer, in either case, to the Company, the Issuer, the Depositary, if applicable, or a Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;
		

		
			 
		

		
			(vi)         that Holders shall be entitled to withdraw their tendered Notes and their election to require the Company or the Issuer to purchase such Notes; provided that if the Company, the Issuer, the Depositary or the Paying Agent, as the case may be, receives at the address specified in the notice, not later than the close of business on the 20th Business Day following the date of the Change of Control notice, a facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;
		

		
			 
		

		
			(vii)        that if a Holder is tendering less than all of its Notes, such Holder will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to $200,000 or an integral multiple of $1,000 in excess thereof); and
		

		
			 
		

		
			(viii)       any other instructions a determined by the Company or the Issuer, consistent with this Section 4.14, that a Holder must follow in order to have its Notes repurchased.
		

		
			 
		

		
			The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice is sent in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder's failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect.
		

		
			 
		

		
			(c)           On the Change of Control Payment Date, the Company or the Issuer will, to the extent lawful:
		

		
			 
		

		
			(i)           accept for payment all Notes or portions of Notes (of $200,000 or larger integral multiples of $1,000 in excess thereof) validly tendered and not validly withdrawn pursuant to the Change of Control Offer;
		

		
			 
		

		
			(ii)          deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes so accepted for payment; and
		

		
			 
		

		
			(iii)         deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted for payment together with an Officer's Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company or the Issuer in accordance with the terms of this covenant.
		

		
			 
		

		
			(d)          The Paying Agent will promptly pay to each Holder of Notes so accepted for payment the Change of Control Payment for such Notes, and the Trustee upon receipt of an authentication order from the Issuer will promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $200,000 or integral multiples of $1,000 in excess thereof.
		

		
			 
		

		
			(e)           If the Change of Control Payment Date is on or after a record date and on or before the related interest payment date, the accrued and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name the Note is registered at the close of business on such record date, and no additional interest will be payable to Holders whose Notes are tendered pursuant to the Change of Control Offer.
		

		
			 
		

		
			(f)           Neither the Company nor the Issuer will be required to make a Change of Control Offer upon a Change of Control if a third party makes an offer to purchase all of the outstanding Notes in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to
		

		
			 
		

		
			
		

		
			

		 

		

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			a Change of Control Offer, and such third party purchases all Notes validly tendered and not withdrawn under such offer to purchase. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, and conditioned upon the occurrence of such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer.
		

		
			 
		

		
			(g)          The Company and the Issuer will comply with all applicable securities laws and regulations and the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with provisions of this Indenture, the Company and the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in this Indenture by virtue of the conflict.
		

		
			 
		

		
			Other than as specifically provided in this Section 4.14, any purchase pursuant to this Section 4.14 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06.
		

		
			 
		

		
			(h)          If holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender such Notes pursuant to the Change of Control Offer and the Company or the Issuer, or any third party making a Change of Control offer in lieu of the Company and the Issuer as described above, elects to purchase all of the Notes validly tendered by such Holders, the Company, the Issuer or such third party will have the right upon notice given not more than 60 days following such tendering of Notes pursuant to the Change of Control Offer (and not less than 15 days prior to the date fixed for such redemption pursuant to the Change of Control Offer), to redeem on the date of redemption pursuant to the Change of Control Offer, any and all Notes that remain outstanding following such Change of Control Offer, at a price in cash equal to the Change of Control Payment.
		

		
			 
		

		
			SECTION 4.15.          Future guarantors
		

		
			 
		

		
			(a)           The Company will cause each of its Restricted Subsidiaries that becomes a guarantor of Indebtedness outstanding under the USD Revolving Credit Facility or that Guarantees any other Indebtedness of the Company or any Guarantor with an aggregate principal amount exceeding $50.0 million that is not a Guarantor to execute and deliver to the Trustee a supplemental indenture to this Indenture the form of which is attached in Schedule 5 hereto pursuant to which such Restricted Subsidiary will, subject to Sections 4.15(c) and (d), irrevocably and unconditionally guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a senior basis and all other Obligations under this Indenture.
		

		
			 
		

		
			(b)          The obligations of each Guarantor will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law.
		

		
			 
		

		
			(c)           Each Note Guarantee shall be released in accordance with Section 10.06 of this Indenture.
		

		
			 
		

		
			(d)          Notwithstanding anything to the contrary contained in this Indenture, a Note Guarantee provided pursuant to this Section 4.15 by Guarantors organized in jurisdictions other than Delaware and South Africa may be Limited Guarantees if the Board of Directors, in consultation with local counsel, makes a reasonable determination that such limitations are required due to legal requirements within such jurisdiction.
		

		
			 
		

		
			SECTION 4.16.          [Reserved]
		

		
			 
		

		
			SECTION 4.17.          Effectiveness of covenants
		

		
			 
		

		
			(a)           Following the first day on which:
		

		
			 
		

		
			
		

		
			

		 

		

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			(i)           each series of the Notes has an Investment Grade Rating from both of the Rating Agencies; and
		

		
			 
		

		
			(ii)          no Default or Event of Default has occurred and is continuing under this Indenture,
		

		
			 
		

		
			the Company and its Restricted Subsidiaries will not be subject to the following provisions of this Indenture: Section 4.07, Section 4.08, Section 4.09, Section 4.10, Section 4.11 and Section 5.01 (collectively, the "Suspended Covenants")
		

		
			 
		

		
			If at any time either series of the Notes' credit rating is downgraded from an Investment Grade Rating by any Rating Agency or if a Default or Event of Default occurs and is continuing, then the Suspended Covenants will thereafter be reinstated as if such covenants had never been suspended (the "Reinstatement Date") and be applicable pursuant to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms of this Indenture), unless and until such series of the Notes subsequently attains an Investment Grade Rating from both of the Rating Agencies and no Default or Event of Default is in existence (in which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment Grade Rating from both of the Rating Agencies and no Default or Event of Default is in existence); provided,  however, that no Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Note Guarantees with respect to the Suspended Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period (as defined below), regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the date of suspension of the covenants and the Reinstatement Date is referred to as the "Suspension Period."
		

		
			 
		

		
			(b)          On the Reinstatement Date, all Indebtedness Incurred during the Suspension Period will be classified to have been Incurred pursuant to Section 4.09(a) or 4.09(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reinstatement Date and after giving effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reinstatement Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 4.09(a) or 4.09(b), such Indebtedness will be deemed to have been outstanding on the Issue Date, so  that  it  is  classified  under Section 4.09(b)(iii). Calculations made after the Reinstatement Date of the amount available to be made as Restricted Payments under Section 4.07 will be made as though provisions in Section 4.07 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 4.07(a)(i).
		

		
			 
		

		
			(c)           During any period when the Suspended Covenants are suspended, the Board of Directors of the Company may not designate any of the Company's Subsidiaries as Unrestricted Subsidiaries pursuant to this Indenture.
		

		
			 
		

		
			(d)          The Company will provide the Trustee and the Holders with prompt written notice of any suspension of the Suspended Covenants or the subsequent reinstatements of such Suspended Covenants. The Trustee will have no duty to (i) monitor the ratings of the Notes or (ii) determine whether a Reinstatement Date has occurred.
		

		
			 
		

		
			SECTION 4.18.          Payments for Consent
		

		
			 
		

		
			(a) The Company will not, and will not  permit  any  of its Restricted  Subsidiaries to,  directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment; provided that this covenant shall not be breached if consents, waivers or amendments are sought in connection with an exchange offer for all of the Notes where participation in such exchange offer is limited to Holders who are "qualified institutional buyers," within the meaning of Rule 144A or other similar qualified investors under other applicable securities laws, or non U.S. Persons, within the meaning of Regulation S.
		

		
			
		

		
			

		 

		

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			ARTICLE V 
		

		
			 
		

		
			SUCCESSORS
		

		
			 
		

		
			SECTION 5.01.          Merger and consolidation
		

		
			 
		

		
			(a)           The Issuer will not, directly or indirectly, merge with or into, or amalgamate or consolidate with, or wind up into (whether or not the Issuer is the surviving corporation), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets, in one or more related transactions, to any Person unless:
		

		
			 
		

		
			(i)           the, continuing, resulting, surviving or transferee Person (the "Successor Issuer") is a Person (other than an individual) organized and existing under the laws of any member state of the European Union (excluding Greece), the United Kingdom, Switzerland, Canada, any province or territory thereof, Australia, South Africa, any state of the United States or the District of Columbia;
		

		
			 
		

		
			(ii)          the Successor Issuer (if other than the Issuer) expressly assumes all of the obligations of the Issuer under the Notes and this Indenture pursuant to a supplemental indenture in form reasonably satisfactory to the Trustee;
		

		
			 
		

		
			(iii)         immediately after giving pro forma effect to such transaction, no Default or Event of Default shall have occurred and be continuing;
		

		
			 
		

		
			(iv)         immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred at the beginning of the applicable four-quarter period,
		

		
			 
		

		
			(A)         the Company would be able to Incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(a); or
		

		
			 
		

		
			(B)         the Leverage Ratio for the Company and its Restricted Subsidiaries would be no greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction;
		

		
			 
		

		
			(v)          if the Issuer is not the surviving corporation, each Guarantor (unless it is the other party to the transactions above, in which case clause (i) of the following paragraph shall apply) shall have by supplemental indenture confirmed that its Note Guarantee shall apply to such Successor Issuer's obligations under this Indenture and the Notes; and
		

		
			 
		

		
			(vi)         the Company shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation, winding up or disposition, and such supplemental indenture, if any, comply with this Indenture and all conditions precedent provided for in this Indenture relating to such transaction have been complied with.
		

		
			 
		

		
			(b)          The Company will not, directly or indirectly, merge with or into, or amalgamate or consolidate with, or wind up into (whether or not the Company is the surviving corporation), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets, in one or more related transactions, to any Person unless:
		

		
			 
		

		
			(i)           the, continuing, resulting, surviving or transferee Person (the "Successor Company") is a Person (other than an individual) organized and existing under the laws of any member state of the European Union (excluding Greece), the United Kingdom, Switzerland, Canada, any province or territory thereof, Australia, South Africa, any state of the United States or the District of Columbia;
		

		
			 
		

		
			(ii)          the Successor Company (if other than the Company) expressly assumes all of the obligations of the Company under the Notes and this Indenture pursuant to a supplemental indenture in form reasonably satisfactory to the Trustee;
		

		
			 
		

		
			
		

		
			

		 

		

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			(iii)         immediately after giving pro forma effect to such transaction, no Default or Event of Default shall have occurred and be continuing;
		

		
			 
		

		
			(iv)         immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred at the beginning of the applicable four-quarter period,
		

		
			 
		

		
			(A)         the Successor Company would be able to Incur at least $1.00 of additional Indebtedness pursuant Section 4.09(a) or
		

		
			 
		

		
			(B)         the Leverage Ratio for the Successor Company and its Restricted Subsidiaries would be no greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction;
		

		
			 
		

		
			(v)          if the Company is not the surviving corporation, each Guarantor (unless it is the other party to the transactions above, in which case clause (i) of the following paragraph shall apply) shall have by supplemental indenture confirmed that its Note Guarantee shall apply to such Successor Company's obligations under this Indenture and the Notes; and
		

		
			 
		

		
			(vi)         the Company shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation, winding up or disposition, and such supplemental indenture, if any, comply with this Indenture and all conditions precedent provided for in this Indenture relating to such transaction have been complied with.
		

		
			 
		

		
			(c)           Sections 5.01(b)(iii) and (iv) will not apply to:
		

		
			 
		

		
			(i)           any Restricted Subsidiary of the Company consolidating with, amalgamating with, merging with or into, winding up into or transferring all or part of its properties and assets to the Company so long as no Capital Stock of the Restricted Subsidiary of the Company is distributed to any Person other than the Company;
		

		
			 
		

		
			(ii)          the Company consolidating with, amalgamating with, merging with or into or winding up into an Affiliate of the Company solely for the purpose of reincorporating the Company in any member state of the European Union (excluding Greece), the United Kingdom, Switzerland, Canada, any province or territory thereof, Australia, South Africa, any state of the United States or the District of Columbia; and
		

		
			 
		

		
			(iii)         the sale, assignment, conveyance, transfer or other disposition of all or substantially all of the assets of the Company to New Holdco in a Permitted Reorganization.
		

		
			 
		

		
			In addition, the Company will not permit any Subsidiary Guarantor to, directly or indirectly, merge with or into, or amalgamate or consolidate with, or wind up into, (whether or not the Subsidiary Guarantor is the surviving corporation), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets, in one or more related transactions, to any Person (other than to the Issuer or another Guarantor) unless:
		

		
			 
		

		
			(iv)         (a) if such entity remains a  Subsidiary  Guarantor,  the  resulting,  surviving or transferee Person (the "Successor Guarantor") is a Person (other than an individual) organized and existing under the same laws as the Subsidiary Guarantor was organized under immediately prior to such transaction, the laws of any member state of the European Union (excluding Greece), the United Kingdom, Switzerland, Canada, any province or territory thereof, Australia, South Africa, any state of the United States or the District of Columbia;
		

		
			 
		

		
			(A)         if such entity remains a guarantor, the Successor Guarantor, if other than such Subsidiary Guarantor, expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture, the Notes and its Note Guarantee pursuant to a supplemental indenture in form reasonably satisfactory to the Trustee;
		

		
			 
		

		
			
		

		
			

		 

		

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			(B)         immediately after giving pro forma effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and
		

		
			 
		

		
			(C)         the Company will have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, winding up or disposition and such supplemental indenture (if any) comply with this Indenture and all conditions precedent provided for in this Indenture relating to such transaction have been complied with; and
		

		
			 
		

		
			(D)         the transaction does not violate Section 4.10 (it being understood that only such portion of the Net Available Cash as is required to be applied on the date of such transaction in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time).
		

		
			 
		

		
			(d)          Notwithstanding the foregoing, any Subsidiary Guarantor may (i) merge with or into, or amalgamate or consolidate with, or wind up into, (whether or not the Subsidiary Guarantor is the surviving corporation), or transfer all or part of its properties and assets to any other Guarantor or the Issuer or (ii) merge with or into, or amalgamate or consolidate with, or wind up into, (whether or not the Subsidiary Guarantor is the surviving corporation), a Restricted Subsidiary of the Company for the purpose of reincorporating the Subsidiary Guarantor in any member state of the European Union (excluding Greece), the United Kingdom, Switzerland, Canada, any province or territory thereof, Australia, South Africa, any state of the United States or the District of Columbia, so long as the amount of Indebtedness of such Subsidiary Guarantor and its Subsidiaries is not increased thereby.
		

		
			 
		

		
			(e)           For purposes of this Section 5.01, the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, will be deemed to be the disposition of all or substantially all of the properties and assets of the Company.
		

		
			 
		

		
			SECTION 5.02.          Successor Entity Substituted
		

		
			 
		

		
			Upon any consolidation, merger, amalgamation, or arrangement, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer or a Guarantor in accordance with Section 5.01, the successor Person formed by such consolidation or into or with which the Issuer or a Guarantor, as applicable, is merged, amalgamated or wound up or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, winding up, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the Issuer or such Guarantor, as applicable, shall refer instead to the successor entity and not to the Issuer or such Guarantor, as applicable), and may exercise every right and power of the Issuer or such Guarantor, as applicable, under this Indenture, the Notes and the Note Guarantees with the same effect as if such successor Person had been named as the Issuer or such Guarantor, as applicable, herein; provided that, in the case of a lease of all or substantially all its assets, the Issuer shall not be released from the obligation to pay the principal of and interest on the Notes, and a Guarantor shall not be released from its obligations under its Note Guarantee.
		

		
			 
		

		
			ARTICLE VI
		

		
			 
		

		
			DEFAULTS AND REMEDIES
		

		
			 
		

		
			SECTION 6.01.          Events of Default
		

		
			 
		

		
			(a)         Each of the following is an "Event of Default":
		

		
			 
		

		
			(i)           default for 30 days in any payment of interest on any Note when due;
		

		
			 
		

		
			
		

		
			

		 

		

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			(ii)          default in the payment of principal of or premium, if any, on any Note when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise;
		

		
			 
		

		
			(iii)         failure by the Issuer or any Guarantor to comply with its obligations under Section 5.01;
		

		
			 
		

		
			(iv)         failure by the Issuer or any Guarantor to comply for 60 days after notice as provided below with its other agreements contained in this Indenture or the Notes;
		

		
			 
		

		
			(v)          default under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee exists on or is created after the Issue Date, which default:
		

		
			 
		

		
			(A)         is caused by a failure to pay principal of such Indebtedness at final maturity thereof after giving effect to any applicable grace periods provided in such Indebtedness and such failure to make any payment has not been waived or the maturity of such Indebtedness has not been extended (a "payment default"); or
		

		
			 
		

		
			(B)         results in the acceleration of such Indebtedness prior to its maturity (the "cross acceleration provision");
		

		
			 
		

		
			and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates $50.0 million or more (or its foreign currency equivalent);
		

		
			 
		

		
			(vi)         failure by the Company or any Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary to pay final judgments aggregating in excess of $50.0 million (or its foreign currency equivalent) (net of any amounts with respect to which a reputable and solvent insurance company has acknowledged liability in writing), which judgments are not paid, discharged or stayed for a period of 60 days or more after such judgment becomes final and non-appealable (the "judgment default provision");
		

		
			 
		

		
			(vii)        the Company or any Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary, other than in connection with solvent reconstructions or reorganizations otherwise permitted under this Indenture, pursuant to or within the meaning of any Bankruptcy Law:
		

		
			 
		

		
			(A)         commences proceedings to be adjudicated bankrupt or insolvent or unable to pay its debts;
		

		
			 
		

		
			(B)         consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking an arrangement of debt, compromise, reorganization, dissolution, winding up or relief under applicable Bankruptcy Law;
		

		
			 
		

		
			(C)         consents to the appointment of a custodian, receiver, interim receiver, business rescue practitioner, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property;
		

		
			 
		

		
			(D)         makes a general assignment or compromise for the benefit of its creditors; or
		

		
			 
		

		
			(E)         generally is not paying its debts as they become due;
		

		
			 
		

		
			
		

		
			

		 

		

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			(viii)       a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
		

		
			 
		

		
			(A)         is for relief against the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in a proceeding in which the Company, any such Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent or unable to pay its debts;
		

		
			 
		

		
			(B)         appoints a custodian, receiver, business rescue practitioner, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or
		

		
			 
		

		
			(C)         orders the liquidation, business rescue, dissolution, readjustment or compromise of debt, reorganization or winding up of the Company, or any Significant Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary;
		

		
			 
		

		
			and the order or decree remains unstayed and in effect for 60 consecutive days; or
		

		
			 
		

		
			(ix)         any Note Guarantee of a Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary, ceases to be in full force and effect (except as contemplated by the terms of this Indenture) or is declared null and void in a judicial proceeding or any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary, denies or disaffirms its obligations under this Indenture or its Note Guarantee.
		

		
			 
		

		
			(b)          In the event of a declaration of acceleration of the Notes because an Event of Default described in Section 6.01(a)(v) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if:
		

		
			 
		

		
			(i)           the default triggering such Event of Default pursuant to Section 6.01(a)(v) shall be remedied or cured by the Company or any of its Restricted Subsidiaries or waived by the holders of the relevant Indebtedness within 20 days after the declaration of acceleration with respect thereto; and
		

		
			 
		

		
			(ii)          (A) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (B) all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived.
		

		
			 
		

		
			SECTION 6.02.          Acceleration
		

		
			 
		

		
			If an Event of Default (other than an Event of Default specified in clause (vii) or (viii) of Section 6.01(a) occurs and is continuing, the Trustee by written notice to the Company, specifying the Event of Default, or the Holders of at least 25% in principal amount of the then outstanding Notes by notice to the Company and the Trustee, may, and the Trustee at the request of such Holders (subject to the Holders having offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense) shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable. Upon such a declaration, such principal, premium, if any, and accrued and unpaid interest, if any, will be due and payable immediately.
		

		
			 
		

		
			If an Event of Default specified in clause (vii) or (viii) of Section 6.01(a) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.
		

		
			 
		

		
			
		

		
			

		 

		

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			SECTION 6.03.          Other Remedies
		

		
			 
		

		
			If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.
		

		
			 
		

		
			The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.
		

		
			 
		

		
			SECTION 6.04.          Waiver of Past Defaults
		

		
			 
		

		
			The Holders of a majority in principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all Holders waive any past or existing Default and rescind any acceleration with respect to the Notes and its consequences hereunder (including any related payment default that resulted from such acceleration), except:
		

		
			 
		

		
			(a)           a continuing Default in the payment of the principal, premium, if any, or interest, if any, on any Note held by a non-consenting Holder (including in connection with an Asset Disposition Offer or a Change of Control Offer); and
		

		
			 
		

		
			(b)          a Default with respect to a provision that under Section 9.02 cannot be amended without the consent of each Holder affected,
		

		
			 
		

		
			provided that, in the case of the rescission of any acceleration with respect to the Notes and its consequences if, (1) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default (except nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration) have been cured or waived.
		

		
			 
		

		
			Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
		

		
			 
		

		
			If a Default is deemed to occur solely because a Default (the "Initial Default") already existed, and such Initial Default is subsequently cured and is not continuing, the Default or Event of Default resulting solely because the Initial Default existed shall be deemed cured, and shall be deemed annulled, waived and rescinded without any further action required.
		

		
			 
		

		
			SECTION 6.05.          Control by Majority
		

		
			 
		

		
			The Holders of a majority in principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, the Notes or any Note Guarantee, or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability or expense for which the Trustee has not been offered an indemnity reasonably satisfactory to it.
		

		
			 
		

		
			SECTION 6.06.          Limitation on Suits
		

		
			 
		

		
			Subject to Section 6.07, no Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless:
		

		
			 
		

		
			(a)           such Holder has previously given the Trustee notice that an Event of Default is continuing;
		

		
			 
		

		
			(b)          the Holders of at least 25% in principal amount of the then outstanding Notes have requested the Trustee to pursue the remedy;
		

		
			 
		

		
			
		

		
			

		 

		

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			(c)           such Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense;
		

		
			 
		

		
			(d)          the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity; and
		

		
			 
		

		
			(e)           the Holders of a majority in principal amount of the then outstanding Notes have not given the Trustee a direction that is inconsistent with such request within such 60-day period.
		

		
			 
		

		
			A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder, it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any actions or forbearances by a Holder are unduly prejudicial to other Holders.
		

		
			 
		

		
			SECTION 6.07.          Rights of Holders to Receive Payment
		

		
			 
		

		
			Notwithstanding any other provision of this Indenture, the legal right of any Holder to institute suit for the enforcement of any payment of principal, premium, if any, and interest on its Note, on or after the respective due dates expressed or provided for in such Note (including in connection with an Asset Disposition Offer or a Change of Control Offer) shall not be impaired or affected without the consent of such Holder.
		

		
			 
		

		
			For the avoidance of doubt, no amendment to or deletion of any of the covenants of this Indenture in accordance with the amendment provisions of this Indenture, or action taken in compliance with such covenants in effect at the time of such action, shall be deemed to make any change in the provisions of this Indenture relating to the legal right of any Holder to receive payments of principal of, premium on, if any, or interest, if any, on the Notes.
		

		
			 
		

		
			SECTION 6.08.          Collection Suit by Trustee
		

		
			 
		

		
			If an Event of Default specified in Section 6.01(a)(i) or (ii) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer and any other obligor on the Notes for the whole amount of principal of, premium, if any, and interest, if any, remaining unpaid on the Notes, together with interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel.
		

		
			 
		

		
			SECTION 6.09.          Restoration of Rights and Remedies
		

		
			 
		

		
			If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the Issuer, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted.
		

		
			 
		

		
			SECTION 6.10.          Rights and Remedies Cumulative
		

		
			 
		

		
			Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy are, to the extent permitted by law, cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
		

		
			 
		

		
			SECTION 6.11.          Delay or Omission Not Waiver
		

		
			 
		

		
			No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
		

		
			 
		

		
			
		

		
			

		 

		

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			may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
		

		
			 
		

		
			SECTION 6.12.          Trustee May File Proofs of Claim
		

		
			 
		

		
			The Trustee may file proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes, including the Guarantors), its creditors or its property and is entitled and empowered to participate as a member in any official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims. Any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
		

		
			 
		

		
			SECTION 6.13.          Priorities
		

		
			 
		

		
			If the Trustee collects any money or property pursuant to this Article VI, or, after an Event of Default, any money or other property distributable in respect of the Issuer’s obligations under this Indenture, it shall pay out the money or property in the following order:
		

		
			 
		

		
			(a)           to the Trustee (including any predecessor trustee) and its agents and attorneys for amounts due under Section 7.07, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;
		

		
			 
		

		
			(b)          to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, if any, respectively; and
		

		
			 
		

		
			(c)           to the Issuer or to such party as a court of competent jurisdiction shall direct, including a Guarantor, if applicable.
		

		
			 
		

		
			The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.13. Promptly after any record date is set pursuant to this Section 6.13, the Trustee shall cause notice of such record date and payment date to be given to the Issuer and to each Holder in the manner set forth in Section 12.02.
		

		
			 
		

		
			SECTION 6.14.          Undertaking for Costs
		

		
			 
		

		
			In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in such suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys' fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.
		

		
			 
		

		
			
		

		
			

		 

		

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			ARTICLE VII
		

		
			 
		

		
			TRUSTEE
		

		
			 
		

		
			SECTION 7.01.          Duties of Trustee
		

		
			 
		

		
			(a)           If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs.
		

		
			 
		

		
			(b)          Except during the continuance of an Event of Default:
		

		
			 
		

		
			(i)           the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
		

		
			 
		

		
			(ii)          in the absence of bad faith or willful misconduct on its part, the Trustee may, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein).
		

		
			 
		

		
			(c)           The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:
		

		
			 
		

		
			(i)           this Subsection (c) shall not be construed to limit the effect of subsections (b)  or (g) of this Section;
		

		
			 
		

		
			(ii)          the Trustee shall not be liable for any error of judgement made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and
		

		
			 
		

		
			(iii)         the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Notes of any series, determined as provided herein, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Notes of such series.
		

		
			 
		

		
			(d)          Subject to this Article VII, if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders unless the Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense.
		

		
			 
		

		
			(e)           The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.
		

		
			 
		

		
			(f)           Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article VIII.
		

		
			 
		

		
			(g)          No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
		

		
			 
		

		
			
		

		
			

		 

		

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			(h)          Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01.
		

		
			 
		

		
			SECTION 7.02.          Rights of Trustee
		

		
			 
		

		
			(a)           In the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person.
		

		
			 
		

		
			(b)          The Trustee need not investigate any fact or matter stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but, in the case of any document which is specifically required to be furnished to the Trustee pursuant to any provision hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of this Indenture. The Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.
		

		
			 
		

		
			(c)           Before the Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel or both conforming to Section 12.04. The Trustee shall not be liable for any action it takes or omits to take in good faith in conclusive reliance on the Officer's Certificate or Opinion of Counsel.
		

		
			 
		

		
			(d)          The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent or attorney appointed by it with due care.
		

		
			 
		

		
			(e)           The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; provided,  however, that the Trustee's conduct does not constitute bad faith, willful misconduct or negligence.
		

		
			 
		

		
			(f)           The Trustee may consult with counsel of its selection, and the advice of such counsel, including any Opinion of Counsel, shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith, in accordance with and in reliance thereon.
		

		
			 
		

		
			(g)          The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.
		

		
			 
		

		
			(h)          The Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions, or agreements on the part of the Issuer, the Company or any other Person that is a party to this Indenture, except as otherwise set forth herein, but the Trustee may require of the Issuer full information and advice as to the performance of the covenants, conditions and agreements contained herein.
		

		
			 
		

		
			(i)           The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with respect to such permissive rights, the Trustee shall not be answerable for other than its negligence or willful misconduct.
		

		
			 
		

		
			(j)           The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with respect to such permissive rights, the Trustee shall not be answerable for other than its negligence, bad faith or willful misconduct; (i) Except for an Event of Default under Sections 6.01(a)(i) or (ii) hereof, the Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or shall have received from the Issuer or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding written notice thereof at the Corporate Trust Office of the Trustee, and such notice references
		

		
			 
		

		
			
		

		
			

		 

		

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			the Notes and this Indenture. In the absence of any such notice or actual knowledge, and except for a default under Sections 6.01(a)(i) or (ii) hereof, the Trustee may conclusively assume that no Default or Event of Default exists.
		

		
			 
		

		
			(k)          The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
		

		
			 
		

		
			(l)           The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder.
		

		
			 
		

		
			(m)         In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
		

		
			 
		

		
			(n)          In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
		

		
			 
		

		
			(o)          Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an order of the Issuer and any resolution of the Board of Directors may be sufficiently evidenced by a board resolution.
		

		
			 
		

		
			(p)          The Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which certificate may be updated and delivered to the Trustee at any time by the Issuer in its discretion.
		

		
			 
		

		
			SECTION 7.03.          Individual Rights of Trustee
		

		
			 
		

		
			The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights.
		

		
			 
		

		
			SECTION 7.04.          Trustee's Disclaimer
		

		
			 
		

		
			The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer's use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer's direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee and it shall not be responsible for any statement or recital of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee's certificate of authentication. The Trustee shall not be responsible to make any calculation with respect to any matter under this Indenture. The Trustee shall have no duty to monitor or investigate the Issuers’ compliance with or the breach of, or cause to be performed or observed, any representation, warranty, or covenant, or agreement of any Person, other than the Trustee and its affiliates and any co-trustee, made in this Indenture.
		

		
			 
		

		
			SECTION 7.05.          Notice of Defaults
		

		
			 
		

		
			If a Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee, the Trustee shall send to each Holder a notice of the Default within 30 days after such Default. The Trustee may withhold
		

		
			 
		

		
			
		

		
			

		 

		

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			from the Holders notice of any continuing Default notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders.
		

		
			 
		

		
			SECTION 7.06.          Reports by Trustee to Holders of the Notes
		

		
			 
		

		
			(a)           The Trustee shall transmit to Holders reports concerning the Trustee and its actions under this Indenture. The interval between transmission of reports to be transmitted at intervals shall be 12 months. Such report shall be due on March 1 of each year following the first issuance of Notes.
		

		
			 
		

		
			(b)          A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which the Notes are listed, with the SEC and with the Company. The Issuer shall promptly notify the Trustee in writing when any series of Notes are listed on any stock exchange and of any delisting therefrom.
		

		
			 
		

		
			SECTION 7.07.          Compensation and Indemnity
		

		
			 
		

		
			(a)           The Issuer and the Guarantors, jointly and severally, shall pay to the Trustee from time to time such compensation for its services as shall be agreed to in writing from time to time by the Issuer, the Guarantors and the Trustee. The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable and documented out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable and documented compensation and expenses, disbursements and advances of the Trustee's agents, counsel, accountants and experts. The Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee, its agents, representatives, officers, directors, employees and attorneys against any and all loss, liability, damage, taxes (other than taxes based upon, measured by or determined by the income of the Trustee), claim (whether asserted by the Issuer, a Guarantor, a Holder or any other person) or expense (including reasonable and documented compensation and expenses and disbursements of the Trustee's counsel) including the reasonable and documented costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the administration of this trust and the performance of its duties or in connection with the exercise or performance of any of its rights or powers hereunder. The Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Trustee shall provide reasonable cooperation in such defense. The Trustee may have separate counsel of its selection and the Issuer shall pay the fees and expenses of such counsel reasonably acceptable to the Issuer; provided,  however, that the Issuer shall not be required to pay such fees and expenses if the Issuer assumes such defense unless there is a conflict of interest between the Issuer and the Trustee in connection with such defense as determined by Trustee in consultation with counsel. Notwithstanding the foregoing, the Issuer and the Guarantors need not reimburse any expense or indemnify against any loss, liability, damage, claim or expense incurred by the Trustee through the Trustee's own willful misconduct or negligence.
		

		
			 
		

		
			(b)          To secure the Issuer's payment obligations of the Issuer and the Guarantors in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, other than money or property held in trust to pay principal of and interest, if any, on particular Notes.
		

		
			 
		

		
			(c)           The Issuer's payment obligations pursuant to this Section 7.07 shall survive the resignation or removal of the Trustee and the discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(a)(vii) or (viii) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law.
		

		
			 
		

		
			SECTION 7.08.          Replacement of Trustee
		

		
			 
		

		
			(a)           The Trustee or any successor hereafter appointed may resign at any time by giving 30 days' prior notice of such resignation to the Issuer and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Issuer shall remove the Trustee if:
		

		
			 
		

		
			
		

		
			

		 

		

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			(i)           the Trustee fails to comply with Section 7.10;
		

		
			 
		

		
			(ii)          the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
		

		
			 
		

		
			(iii)         a receiver or public officer takes charge of the Trustee or its property; or
		

		
			 
		

		
			(iv)         the Trustee otherwise becomes incapable of acting.
		

		
			 
		

		
			(b)          If the Trustee resigns or has been removed by the Holders, Holders of a majority in principal amount of the outstanding Notes may appoint a successor trustee. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor trustee. Within one year after the successor trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor trustee to replace it with another successor trustee appointed by the Company.
		

		
			 
		

		
			(c)           The successor trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders, and include in the notice its name and address of the Corporate Trust Office of the Trustee. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor trustee, subject to the Lien provided for in Section 7.07.
		

		
			 
		

		
			(d)          If a successor trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 10% in principal amount of the Notes may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor trustee.
		

		
			 
		

		
			(e)           If the Trustee fails to comply with Section 7.10, any Holder of Notes may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to the Notes.
		

		
			 
		

		
			(f)           Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer's obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.
		

		
			 
		

		
			SECTION 7.09.          Successor Trustee by Merger
		

		
			 
		

		
			(a)           If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall, if such resulting, surviving or transferee corporation or banking association is otherwise eligible under this Indenture, be the successor Trustee.
		

		
			 
		

		
			(b)          In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which the Notes provide or this Indenture provides that the certificate of the Trustee shall have.
		

		
			 
		

		
			SECTION 7.10.          Eligibility; Disqualification
		

		
			 
		

		
			The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of financial condition.
		

		
			 
		

		
			
		

		
			

		 

		

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			SECTION 7.11.          Appointment of Co-Trustee
		

		
			 
		

		
			(a)           Notwithstanding any other provisions of this Indenture, at any time for the purpose of meeting any legal requirement of any jurisdiction in which the Issuer may at the time be located in connection with the enforcement of any right or the taking of any action on behalf of the Holders of any Notes issued hereunder, the Trustee shall have the power and may execute and deliver all instruments necessary for the appointment of one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, and to vest in such Person or Persons, in such capacity and for the benefit of the Holders, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. Each co-trustee or separate trustee hereunder shall be required to have a combined capital and surplus of at least $50,000,000 and the Trustee shall, at the expense of the Issuer, provide prompt notice to Holders of the appointment of any co-trustee or separate trustee. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor and no notice to the Holders of the appointment of any co-trustee is or separate trustee shall be required under Section 7.08 hereof.
		

		
			 
		

		
			(b)          Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
		

		
			 
		

		
			(i)           all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee;
		

		
			 
		

		
			(ii)          the Trustee shall not be personally liable by reason of any act or omission of any co-trustee or separate trustee hereunder. No co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee, any separate trustee or any other co-trustee hereunder. No separate trustee hereunder shall be personally liable by reason of any act or omission of the Trustee, any co-trustee or any other separate trustee hereunder; and
		

		
			 
		

		
			(iii)         the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.
		

		
			 
		

		
			(c)           Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VII. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection or rights (including the rights to compensation, reimbursement and indemnification hereunder) to, the Trustee. Every such instrument shall be filed with the Trustee.
		

		
			 
		

		
			(d)          Any separate trustee or co-trustee may at any time constitute the Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of his, her or its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without appointment of a new or successor trustee.
		

		
			 
		

		
			SECTION 7.12.          Trustee’s Application for Instructions from the Issuer
		

		
			 
		

		
			Any application by the Trustee for written instructions from the Issuer may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application
		

		
			 
		

		
			
		

		
			

		 

		

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			on or after the date specified in such application (which date shall not be less than three Business Days after the date any officer of the Issuer actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted.
		

		
			 
		

		
			SECTION 7.13.          Reliance on Officer’s Certificate
		

		
			 
		

		
			Whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of bad faith on the part of the Trustee, rely upon an Officer’s Certificate.
		

		
			 
		

		
			ARTICLE VIII
		

		
			 
		

		
			LEGAL DEFEASANCE AND COVENANT DEFEASANCE
		

		
			 
		

		
			SECTION 8.01.          Option to Effect Legal Defeasance or Covenant Defeasance
		

		
			 
		

		
			The Issuer may, at its option and at any time, elect to have either Section 8.02 or Section 8.03 applied to all outstanding Notes of any series upon compliance with the conditions set forth below in this Article VIII.
		

		
			 
		

		
			SECTION 8.02.          Legal Defeasance and Discharge
		

		
			 
		

		
			(a)           Upon the Issuer's exercise under Section 8.01 of the option applicable to this  Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding Notes of the applicable series and Note Guarantees of the applicable series on the date the conditions set forth below are satisfied ("Legal Defeasance"). For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes of such series, which shall thereafter be deemed to be "outstanding" only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in (i) and (ii) below, and to have satisfied all of its other obligations under such Notes and this Indenture, including that of the Guarantors (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:
		

		
			 
		

		
			(i)           the rights of Holders to receive payments in respect of the principal of, or interest (including Additional Amounts) or premium, if any, on such Notes when such payments are due from the trust referred to below;
		

		
			 
		

		
			(ii)          the Issuer's obligations with respect to the Notes concerning issuing Temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for Note payments held in trust;
		

		
			 
		

		
			(iii)         the rights, powers, trusts, duties and immunities of the Trustee, and the Issuer's obligations in connection therewith; and
		

		
			 
		

		
			(iv)         the legal defeasance and covenant defeasance provisions of this Indenture.
		

		
			 
		

		
			(b)          Subject to compliance with this Article VIII, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03.
		

		
			 
		

		
			SECTION 8.03.          Covenant Defeasance
		

		
			 
		

		
			Upon the Issuer's exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in Section 3.10, Section 4.03, Section 4.07, Section 4.08,
		

		
			 
		

		
			
		

		
			

		 

		

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			Section 4.09, Section 4.10, Section 4.11, Section 4.12, Section 4.14, Section 4.15 and Section 4.17 and Section 5.01(a)(iv) with respect to the outstanding Notes of the applicable series, and the Guarantors shall be deemed to have been discharged from their obligations with respect to all Note Guarantees of such series, on and after the date the conditions set forth in Section 8.04 are satisfied ("Covenant Defeasance") and the Notes of such series shall thereafter be deemed not "outstanding" for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed "outstanding" for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to this Indenture and the outstanding Notes of a series, the Issuer or the Company, as applicable, may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document, and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuer's exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Section 6.01(a)(iii) (only with respect to the failure of the Issuer to comply with Section 5.01(a)(iv)), Section 6.01(a)(iv), (only with respect to covenants that are released as a result of such Covenant Defeasance), Sections 6.01(a)(v), 6.01(a)(vi), Section 6.01(a)(vii) (solely with respect to Significant Subsidiaries or a group of Restricted Subsidiaries of the Company that, taken together would constitute a Significant Subsidiary), Section 6.01(a)(viii) (solely with respect to Significant Subsidiaries or a group of Restricted Subsidiaries of the Company that, taken together would constitute a Significant Subsidiary) and Section 6.01(a)(ix), in each case, shall not constitute Events of Default.
		

		
			 
		

		
			SECTION 8.04.          Conditions to Legal or Covenant Defeasance
		

		
			 
		

		
			(a)           The following shall be the conditions to the exercise of either the Legal Defeasance option under Section 8.02 or the Covenant Defeasance option under Section 8.03 with respect to any series of Notes:
		

		
			 
		

		
			(i)           the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof, in amounts as will be sufficient, in the opinion of an internationally recognized investment bank or firm of independent public accountants without consideration of any reinvestment of interest, to pay the principal of or interest (including Additional Amounts), and premium, if any, due on each outstanding Note at its Stated Maturity or on the applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated maturity date or to a particular redemption date;
		

		
			 
		

		
			(ii)          in the case of Legal Defeasance, the Issuer has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that (a) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (b) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel will confirm that the Holders and beneficial owners will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;
		

		
			 
		

		
			(iii)         in the case of Covenant Defeasance, the Issuer has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders and beneficial owners will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;
		

		
			 
		

		
			(iv)         such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under any material agreement or instrument (other than this
		

		
			 
		

		
			
		

		
			

		 

		

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			Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound;
		

		
			 
		

		
			(v)          no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith);
		

		
			 
		

		
			(vi)         the Issuer has delivered to the Trustee an Opinion of Counsel to the effect that, as of the date of such opinion and subject to customary assumptions and exclusions, including that no intervening bankruptcy of the Company between the date of deposit and the 91st day following the deposit and assuming that no Holder is an "insider of the Company under applicable bankruptcy law, after the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization of similar laws affecting creditors' rights generally;
		

		
			 
		

		
			(vii)        the Issuer has delivered to the Trustee an Officer's Certificate stating that the deposit was not made by the Issuer with the intent of defeating, hindering, delaying or defrauding creditors of the Issuer, any Guarantor or others;
		

		
			 
		

		
			(viii)       the Issuer has delivered to the Trustee an Officer's Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with; and
		

		
			 
		

		
			(ix)         the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of each Note at its applicable maturity or redemption date, as the case may be (which instructions may be contained in the Officer's Certificate referred to in clause (vi) above).
		

		
			 
		

		
			SECTION 8.05.          Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
		

		
			 
		

		
			(a)           Subject to Section 8.06, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 in respect of the outstanding Notes of the applicable series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, if any, on such Notes, but such money need not be segregated from other funds except to the extent required by law.
		

		
			 
		

		
			(b)          The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes of such series.
		

		
			 
		

		
			(c)           Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the request of the Issuer any money or U.S. Government Obligations held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.
		

		
			 
		

		
			SECTION 8.06.          Repayment to the Company
		

		
			 
		

		
			Subject to any applicable abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest, if any, has become due and payable shall be paid to the Issuer on its written request or (if then held by the Issuer) shall be discharged from
		

		
			 
		

		
			
		

		
			

		 

		

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			such trust; and the Holder of such Note shall thereafter look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease.
		

		
			 
		

		
			SECTION 8.07.          Reinstatement
		

		
			 
		

		
			If the Trustee or Paying Agent is unable to apply any U.S. dollars or U.S. Government Obligations in accordance with Section 8.02 or Section 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer's and the Guarantors' obligations under this Indenture, the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or Section 8.03, as the case may be; provided that, if the Issuer makes any payment of principal, premium, if any, or interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.
		

		
			 
		

		
			ARTICLE IX
		

		
			 
		

		
			AMENDMENTS AND WAIVERS
		

		
			 
		

		
			SECTION 9.01.          Without Consent of Holders
		

		
			 
		

		
			(a)           Notwithstanding the foregoing, without the consent of any Holder, the Issuer, the Guarantors and the Trustee may amend this Indenture, the Notes and the Note Guarantees to:
		

		
			 
		

		
			(i)           cure any ambiguity, omission, defect or inconsistency;
		

		
			 
		

		
			(ii)          provide for the assumption by a successor of the obligations of the Issuer or any Guarantor under this Indenture, the Notes or the Note Guarantees in accordance with Section 5.01;
		

		
			 
		

		
			(iii)         provide for or facilitate the issuance of uncertificated Notes in addition to or in place of certificated Notes; provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code;
		

		
			 
		

		
			(iv)         to comply with the rules of any applicable Depositary;
		

		
			 
		

		
			(v)          (i) add Guarantors with respect to the Notes or (ii) release a Guarantor from its obligations under its Note Guarantee or this Indenture in accordance with the applicable provisions of this Indenture;
		

		
			 
		

		
			(vi)         secure the Notes and the Note Guarantees;
		

		
			 
		

		
			(vii)        add covenants of the Company or its Restricted Subsidiaries or Events of Default for the benefit of Holders or to make changes that would provide additional rights to the Holders, or to surrender any right or power conferred upon the Issuer or any Guarantor;
		

		
			 
		

		
			(viii)       make any change that does not materially adversely affect the legal rights under this Indenture of any Holder;
		

		
			 
		

		
			(ix)         evidence and provide for the acceptance of an appointment under this Indenture of a successor Trustee; provided that the successor Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture;
		

		
			 
		

		
			(x)          conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the "Description of Notes" section of the Offering Memorandum to the extent that such provision in such "Description of Notes" section was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees, as set forth in an Officer's Certificate; or
		

		
			 
		

		
			
		

		
			

		 

		

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			(xi)         make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and administration of the Notes or, if Incurred in compliance with this Indenture, Additional Notes; provided,  however, that (A) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities laws and regulations and (B) such amendment does not materially and adversely affect the rights of Holders to transfer Notes.
		

		
			 
		

		
			(b)          Upon the request of the Issuer, and upon receipt by the Trustee of the documents described in Section 12.04, the Trustee shall join with the Issuer and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.
		

		
			 
		

		
			(c)           After an amendment, supplement or waiver under this Section 9.01 becomes effective, the Issuer shall send to the Holders of Notes affected thereby a written notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.
		

		
			 
		

		
			SECTION 9.02.          With Consent of Holders
		

		
			 
		

		
			(a)           Except as provided in Section 9.01 and below in this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and any Note Guarantee with the consent of the Holders of a majority in principal amount of the Notes then outstanding voting as a single class (or, if such amendment or supplement relates solely to Notes of a particular series, the Holders of a majority in principal amount of the Notes of such series then outstanding) (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Section 6.04 and Section 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes voting as a single class (including consents obtained in connection with the purchase of, or tender offer or exchange offer for, Notes). Section 2.08 and Section 2.09 shall determine which Notes are considered to be "outstanding" for the purposes of this Section 9.02.
		

		
			 
		

		
			(b)          Upon the request of the Issuer, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 and Section 12.04, the Trustee shall join with the Issuer and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee's own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture.
		

		
			 
		

		
			(c)           The consent of the Holders will not be necessary under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver. It will be sufficient if such consent approves the substance of the proposed amendment or supplement. A consent to any amendment, supplement or waiver under this Indenture by any Holder given in connection with a tender of such Holder's Notes will not be rendered invalid by such tender.
		

		
			 
		

		
			(d)          After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company is required to give to the Holders a written notice briefly describing such amendment, supplement or waiver. However, the failure to give such notice to the Holders or any defect in such notice will not impair or affect the validity of the amendment, supplement or waiver.
		

		
			 
		

		
			(e)           Without the consent of each Holder of an outstanding Note affected, no amendment, supplement or waiver under this Section 9.02 may:
		

		
			 
		

		
			
		

		
			

		 

		

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			(i)           reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;
		

		
			 
		

		
			(ii)          reduce the stated rate of interest or extend the stated time for payment of interest on any Note;
		

		
			 
		

		
			(iii)         reduce the principal of or extend the Stated Maturity of any Note;
		

		
			 
		

		
			(iv)         waive a Default or Event of Default in the payment of principal of, Additional Amounts or premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes with respect to a nonpayment default and a waiver of the payment default that resulted from such acceleration);
		

		
			 
		

		
			(v)          reduce the premium payable upon the redemption or repurchase of any Note or change the time at which any Note may be redeemed or repurchased as described above under Section 3.07, Section 4.10 or Section 4.14 whether through an amendment or waiver of provisions in the covenants, definitions or otherwise (except, with respect to clauses (ii) and (iii), amendments to the definitions of “Change of Control” or changes to any notice provisions, which may be amended with the consent of the Holders of a majority in principal amount of the Notes then outstanding (until the obligation to make a Change of Control Offer or Asset Disposition Offer has arisen);
		

		
			 
		

		
			(vi)         make any Note payable in a currency other than that stated in the Notes;
		

		
			 
		

		
			(vii)        impair the right of any Holder to receive payment of principal of and interest on such Holder’s Notes on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes or any Note Guarantee in respect thereof;
		

		
			 
		

		
			(viii)       make any change in the amendment or waiver provisions which require each Holder’s consent;
		

		
			 
		

		
			(ix)         modify or release any of the Note Guarantees in any manner adverse to the Holders of the Notes, other than in accordance with the terms of the Indenture; or
		

		
			 
		

		
			(x)          make any change to the ranking of the Notes or Note Guarantees, in each case in a manner that adversely affects the rights of the Holders of the Notes.
		

		
			 
		

		
			(f)           A consent to any amendment, supplement or waiver of this Indenture, the Notes or any Note Guarantee by any Holder given in connection with a tender of such Holder's Notes shall not be rendered invalid by such tender.
		

		
			 
		

		
			For the avoidance of doubt, no amendment to or deletion of any of the covenants described in Article IV of this Indenture in accordance with the amendment provisions set forth in this Indenture, or action taken in compliance with such covenants in effect at the time of such action, shall be deemed to make any change in the provisions of this Indenture relating to the legal right of any Holder of Notes to receive payments of principal of, premium on, if any, or interest, if any, on the Notes.
		

		
			 
		

		
			Notwithstanding the foregoing, if any amendment, waiver or other modification affects only the rights of Holders of Notes of a particular series, the Holders of Notes of the other series shall not be required to consent thereto (and in such case, only the consent of a majority in principal amount of the affected series of Notes or each Holder, as applicable, shall be required to consent thereto). For the avoidance of doubt, it is understood and agreed that any matter described in the preceding paragraphs that by its terms applies only to a particular series of Notes shall not be deemed to affect the rights of, or require the consent of, the Holders of the other series of Notes and shall require only the consent of the Holders of that particular series of Notes, as the case may be.
		

		
			 
		

		
			
		

		
			

		 

		

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			SECTION 9.03.          [Reserved]
		

		
			 
		

		
			SECTION 9.04.          Revocation and Effect of Consents
		

		
			 
		

		
			(a)           Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder's Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.
		

		
			 
		

		
			(b)          The Company may, but shall not be obligated to, fix a record date pursuant to Section 1.04 for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver.
		

		
			 
		

		
			SECTION 9.05.          Notation on or Exchange of Notes
		

		
			 
		

		
			(a)           The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer, in exchange for all Notes, may issue, and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.
		

		
			 
		

		
			(b)          Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.
		

		
			 
		

		
			SECTION 9.06.          Trustee to Sign Amendments, etc
		

		
			 
		

		
			The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amendment, supplement or waiver, the Trustee shall  receive  and  (subject  to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.04, an Officer's Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Guarantor party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof.
		

		
			 
		

		
			ARTICLE X
		

		
			 
		

		
			GUARANTEES
		

		
			SECTION 10.01.        Guarantee
		

		
			 
		

		
			(a)           Subject to this Article X, each of the Guarantors hereby, jointly and severally, irrevocably and unconditionally guarantees, on a senior unsecured basis, to each Holder and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: (1) the principal, premium, if any, and interest, if any, on the Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal and interest on the Notes, if any, if lawful, and all other Obligations of the Issuer to the Holders or the Trustee hereunder or under the Notes shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Failing payment by the Issuer when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. The Company hereby fully and unconditionally guarantees the Guarantee of each
		

		
			 
		

		
			
		

		
			

		 

		

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			Guarantor on an unsecured, unsubordinated basis. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.
		

		
			 
		

		
			(b)          The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture, or pursuant to Section 10.06.
		

		
			 
		

		
			(c)           Each of the Guarantors also agrees, jointly and severally, to pay any and all costs and I expenses (including reasonable and documented attorneys' fees and expenses) incurred by the Trustee or any Holder, in connection with the administration of this trust and the performance of its duties or in connection with the exercise or performance of any of its rights or powers hereunder, including in enforcing any rights under this Section 10.01.
		

		
			 
		

		
			(d)          If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
		

		
			 
		

		
			(e)           Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantees.
		

		
			 
		

		
			(f)           Each Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation or reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer's assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or the Note Guarantees, whether as a "voidable preference," "fraudulent transfer" or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
		

		
			 
		

		
			(g)          In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
		

		
			 
		

		
			(h)          Each payment to be made by a Guarantor in respect of its Note Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.
		

		
			 
		

		
			SECTION 10.02.        Limitation on Guarantor Liability.
		

		
			 
		

		
			Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent conveyance or a fraudulent transfer for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer
		

		
			 
		

		
			
		

		
			

		 

		

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			Act or any similar federal, provincial or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article X, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law.
		

		
			 
		

		
			SECTION 10.03.        Execution and Delivery.
		

		
			 
		

		
			(a)           To evidence its Note Guarantee set forth in Section 10.01, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by an Officer or person holding an equivalent title.
		

		
			 
		

		
			(b)          Each Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes.
		

		
			 
		

		
			(c)           If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates any Note, the Note Guarantees shall be valid nevertheless.
		

		
			 
		

		
			(d)          The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors.
		

		
			 
		

		
			(e)           If required by Section 4.15, the Company shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 4.15 and this Article X, to the extent applicable.
		

		
			 
		

		
			SECTION 10.04.        Subrogation.
		

		
			 
		

		
			Each Guarantor shall be subrogated to all rights of Holders against the Company in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01; provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under this Indenture or the Notes shall have been paid in full.
		

		
			 
		

		
			SECTION 10.05.        Benefits Acknowledged.
		

		
			 
		

		
			Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waiver made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits.
		

		
			 
		

		
			SECTION 10.06.        Release of Note Guarantees
		

		
			 
		

		
			A Note Guarantee by a Subsidiary Guarantor will be automatically and unconditionally be released and discharged, upon:
		

		
			 
		

		
			(a)                      (i) any sale, assignment, transfer, conveyance, exchange or other disposition (by merger, amalgamation, consolidation, winding up or otherwise) of (i) all or substantially all of the assets of such Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company or (ii) the Capital Stock of such Guarantor after which the applicable Guarantor is no longer a Restricted Subsidiary of the Company, which sale, assignment, transfer, conveyance, exchange or other disposition in each case does not violate the provisions of this Indenture described under Section 4.14 and Section 5.01 (it being understood that only such portion of the Net Available Cash as is required to be applied on or before the date of such release in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time); provided that all
		

		
			 
		

		
			
		

		
			

		 

		

			96

		

 

		

			 

		

		

		
			the obligations of such Guarantor under all other Indebtedness of the Company and its Restricted Subsidiaries terminate upon consummation of such transaction;
		

		
			 
		

		
			(ii)          the designation of any Guarantor as an Unrestricted Subsidiary in accordance with the applicable provisions in this Indenture; or
		

		
			 
		

		
			(iii)         upon repayment in full of the Notes or the Issuer's exercise of its legal defeasance option or covenant defeasance option in Section 8.02 or upon satisfaction and discharge of the Issuer's obligations under this Indenture in accordance with the terms of this Indenture;
		

		
			 
		

		
			(iv)         upon the liquidation or dissolution of such Guarantor, provided that no Default or Event of Default has occurred or is continuing;
		

		
			 
		

		
			(v)          with respect to (x) Rand Uranium Proprietary Limited and (y) any Guarantor that became a Guarantor after the Issue Date and was required to provide such Guarantee pursuant to Section 4.15 upon such Guarantor being unconditionally released and discharged from its liability with respect to the Indebtedness that gave rise to the requirement to provide such Guarantee so long as no other Indebtedness guaranteed by the relevant Guarantor would result in the requirement that such Guarantor provide a Guarantee pursuant to Section 4.15 immediately after the release of such Guarantee; provided, that if such Guarantor has Incurred any Indebtedness under this Indenture in reliance on its status as a Guarantor, such Guarantor's obligations under the Indebtedness so Incurred are satisfied and discharged in full or are otherwise permitted to be Incurred under Section 4.09 by a Restricted Subsidiary that is not a Guarantor; and
		

		
			 
		

		
			(vi)         as described under Section 9, and
		

		
			 
		

		
			(b)          such Guarantor delivering to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction and/or release have been complied with.
		

		
			 
		

		
			The Note Guarantee of the Company will be automatically and unconditionally released and discharged upon the circumstances described in clauses (iii) and (vi) above and the delivery of the Officer's Certificate and Opinion of Counsel described in paragraph (b) above.
		

		
			 
		

		
			ARTICLE XI
		

		
			 
		

		
			SATISFACTION AND DISCHARGE
		

		
			 
		

		
			SECTION 11.01.        Satisfaction and Discharge
		

		
			 
		

		
			(a)           This Indenture shall be discharged and will cease to be of further effect as to a series of Notes when either:
		

		
			 
		

		
			(i)           all Notes of such series that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for which payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation; or
		

		
			 
		

		
			(ii)          all Notes of such series not theretofore delivered to the Trustee for cancellation (i) have become due and payable by reason of the giving of a notice of redemption or otherwise, (ii) will become due and payable within one year or (iii) may be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient (if such deposit includes U.S. Government Obligations, in the opinion of a an internationally recognized investment bank or firm of independent public accountants) without consideration of any reinvestment to pay and discharge the entire
		

		
			 
		

		
			
		

		
			

		 

		

			97

		

 

		

			 

		

		

		
			Indebtedness on the Notes of such series not theretofore delivered to the Trustee for cancellation for principal, premium, if any, Additional Amounts, if any, and accrued interest to the date of maturity or redemption;
		

		
			 
		

		
			(A)         no Default or Event of Default has occurred and is continuing on the date of the deposit or will occur as a result of the deposit (other than a Default or an Event of Default resulting from borrowing of funds to be applied to such deposit and the deposit will not result in a breach or violation of, or constitute a default under, any material agreement or material instrument (other than this Indenture) to which the or any Guarantor is a party or by which the Issuer or any Guarantor is bound;
		

		
			 
		

		
			(B)         the Issuer or any Guarantor has paid or caused to be paid all sums payable by the Issuers under this Indenture with respect to such series of Notes; and
		

		
			 
		

		
			(C)         the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes of such series at their applicable maturity or redemption date, as the case may be.
		

		
			 
		

		
			(b)          In addition, the Issuer must deliver an Officer's Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied; provided that any such counsel may rely on any Officer's Certificate as to matters of fact (including as to compliance with the foregoing clauses (A), (B), (C) and (D). Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to Section 11.01(a)(ii), the provisions of Section 11.02 and Section 8.06 shall survive.
		

		
			 
		

		
			SECTION 11.02.        Application of Trust Money
		

		
			 
		

		
			(a)           Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any, and interest, if any, for whose payment such money has been deposited with the Trustee, but such money need not be segregated from other funds except to the extent required by law.
		

		
			 
		

		
			(b)          If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer's and any Guarantor's obligations under this Indenture, the Notes of the applicable series and the Note Guarantees with respect to such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Issuer has made any payment of principal, premium, if any, or interest, if any, on any Notes of the applicable series because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent, as the case may be.
		

		
			 
		

		
			ARTICLE XII 
		

		
			 
		

		
			MISCELLANEOUS
		

		
			 
		

		
			SECTION 12.01.        Reserved
		

		
			 
		

		
			SECTION 12.02.        Notices
		

		
			 
		

		
			(a)           Any notice or communication to the Issuer, any Guarantor or the Trustee is duly given if in writing and (1) delivered in person, (2) mailed by first-class mail (certified or registered, return receipt requested), postage prepaid, or overnight air courier guaranteeing next day delivery or (3) sent by facsimile or electronic transmission, to its address:
		

		
			 
		

		
			
		

		
			

		 

		

			98

		

 

		

			 

		

		

		
			if to the Issuer or any Guarantor:
		

		
			 
		

		
			Stillwater Mining Company
		

		
			Libanon Business Park,
		

		
			1 Hospital Street (off Cedar Avenue),
		

		
			Libanon, Westonaria, 1780,
		

		
			South Africa
		

		
			Facsimile: +27 11 278 9863
		

		
			Attention: Charl Keyter
		

		
			 
		

		
			Sibanye Gold Limited
		

		
			Libanon Business Park,
		

		
			1 Hospital Street (off Cedar Avenue),
		

		
			Libanon, Westonaria, 1780,
		

		
			South Africa
		

		
			Facsimile: +27 11 278 9863
		

		
			Attention: Charl Keyter
		

		
			 
		

		
			with a copy (which copy shall be delivered as an accommodation and shall not be required to be delivered in satisfaction of any requirement hereof) to
		

		
			 
		

		
			Linklaters LLP One Silk Street
		

		
			London EC2Y 8HQ United Kingdom
		

		
			 
		

		
			and Linklaters LLP
		

		
			1345 Avenue of the Americas New York, NY 10105
		

		
			United States
		

		
			 
		

		
			if to the Trustee:
		

		
			 
		

		
			The Bank of New York Mellon, London Branch One Canada Square, London E14 5AL
		

		
			United Kingdom
		

		
			Attention: Corporate Trust Division
		

		
			 
		

		
			The Issuer, any Guarantor or the Trustee, by like notice, may designate additional or different addresses for subsequent notices or communications.
		

		
			 
		

		
			(b)          All notices and communications (other than those sent to Holders) shall be deemed to have been duly given, whether personally delivered, sent by facsimile or electronic transmission (in PDF format), or mailed by first-class mail to the address above in Section 12.02(a), shall be deemed duly given, regardless of whether the addressee receives such notice or communication; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof.
		

		
			 
		

		
			(c)           Any notice or communication to a Holder shall be mailed by first-class mail (certified or registered, return receipt requested) or by overnight air courier guaranteeing next day delivery to its address shown on the Note Register or by such other delivery system as the Trustee agrees to accept and shall be deemed to be sufficiently given if so sent within the time prescribed. Failure to send a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
		

		
			 
		

		
			(d)          Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.
		

		
			 
		

		
			
		

		
			

		 

		

			99

		

 

		

			 

		

		

		
			(e)           Where this Indenture provides for notice of any event (including any notice of redemption) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), pursuant to the applicable procedures of such Depositary, if any, prescribed for the giving of such notice.
		

		
			 
		

		
			(f)           The Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured facsimile or electronic transmission (in PDF format); provided,  however, that (1) the party providing such written notice, instructions or directions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (2) such originally executed notice, instructions or directions shall be signed by an authorized representative of the party providing such notice, instructions or directions. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reasonable reliance upon and compliance with such notice, instructions or directions notwithstanding such notice, instructions or directions conflict or are inconsistent with a subsequent notice, instructions or directions.
		

		
			 
		

		
			(g)          If the Issuer sends a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.
		

		
			 
		

		
			SECTION 12.03.        Communication by Holders with Other Holders
		

		
			 
		

		
			Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes.
		

		
			 
		

		
			SECTION 12.04.        Certificate and Opinion as to Conditions Precedent
		

		
			 
		

		
			Upon any request or application by the Issuer or any Guarantor to the Trustee to take any action under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to the Trustee:
		

		
			 
		

		
			(a)           an Officer's Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05) stating that, in the opinion of the signer(s), all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and
		

		
			 
		

		
			(b)          an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with.
		

		
			 
		

		
			SECTION 12.05.        Statements Required in Certificate or Opinion
		

		
			 
		

		
			Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04) shall include:
		

		
			 
		

		
			(a)           a statement that the Person making such certificate or opinion has read such covenant or condition;
		

		
			 
		

		
			(b)          a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
		

		
			 
		

		
			(c)           a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be limited to reliance on an Officer's Certificate as to matters of fact); and
		

		
			 
		

		
			(d)          a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with.
		

		
			 
		

		
			SECTION 12.06.        Rules by Trustee and Agents
		

		
			 
		

		
			The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.
		

		
			 
		

		
			
		

		
			

		 

		

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			SECTION 12.07.        No Personal Liability of Directors, Officers, Employees and Shareholders
		

		
			 
		

		
			No past, present or future director, officer, employee, incorporator, member, partner or shareholder of the Issuer or any Guarantor shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Note Guarantees or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation.
		

		
			 
		

		
			Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
		

		
			 
		

		
			SECTION 12.08.        Governing Law
		

		
			 
		

		
			THIS INDENTURE, THE NOTES AND ANY NOTE GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
		

		
			 
		

		
			SECTION 12.09.        Waiver of Jury Trial
		

		
			 
		

		
			EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE (IN ITS OWN CAPACITY AND NOT ON BEHALF OF HOLDERS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
		

		
			 
		

		
			SECTION 12.10.        No Adverse Interpretation of Other Agreements
		

		
			 
		

		
			This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.
		

		
			 
		

		
			SECTION 12.11.        Successors
		

		
			 
		

		
			All agreements of the Issuer in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors and assigns. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.06.
		

		
			 
		

		
			SECTION 12.12.        Severability
		

		
			 
		

		
			In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
		

		
			 
		

		
			SECTION 12.13.        Counterpart Originals
		

		
			 
		

		
			The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or .pdf transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf shall be deemed to be their original signatures for all purposes.
		

		
			 
		

		
			SECTION 12.14.        Table of Contents, Headings, etc
		

		
			 
		

		
			The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.
		

		
			 
		

		
			SECTION 12.15.        U.S.A. PATRIOT Act
		

		
			 
		

		
			The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they shall provide the
		

		
			 
		

		
			
		

		
			

		 

		

			101

		

 

		

			 

		

		

		
			Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act.
		

		
			 
		

		
			SECTION 12.16.        Payments Due on Non-Business Days
		

		
			 
		

		
			In any case where any Interest Payment Date, redemption date or repurchase date or the Stated Maturity of the Notes shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal, premium, if any, or interest on the Notes need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, redemption date or repurchase date, or at the Stated Maturity of the Notes; provided that no interest will accrue for the period from and after such Interest Payment Date, redemption date, repurchase date or Stated Maturity, as the case may be.
		

		
			 
		

		
			SECTION 12.17.        Submission to Jurisdiction.
		

		
			 
		

		
			Each Guarantor not organized in the United States shall appoint Corporation Service Company as its agent for service of process in any suit, action or proceeding with respect to this Indenture, the Notes and the Note Guarantees and for actions brought under the U.S. federal or state securities laws brought in any U.S. federal or state court located in the Borough of Manhattan in the County and City of New York. The Issuer and each Guarantor irrevocably and unconditionally submit to the non-exclusive jurisdiction of the state and federal courts sitting in the Borough of Manhattan in the County and City of New York over any suit, action or proceeding arising out of or relating to this Indenture, the Notes or the Note Guarantees and for actions brought under the U.S. federal or state securities laws. Service of any process, summons, notice or document by registered mail addressed to the Issuer or any Guarantor at the address above in Section 12.02 shall be effective service of process against the Issuer or any Guarantor for any suit, action or proceeding brought in any such court. The Issuer and each Guarantor irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon the Issuer and each Guarantor and may be enforced in any other courts to whose jurisdiction the Issuer is or may be subject, by suit upon judgment. The Issuer and each Guarantor further agree that nothing herein shall affect any Holder's right to effect service of process in any other manner permitted by law or bring a suit action or proceeding (including a proceeding for enforcement of a judgment) in any other court or jurisdiction in accordance with applicable law.
		

		
			 
		

		
			SECTION 12.18.        Waiver of Immunity.
		

		
			 
		

		
			To the extent that each of the Issuer and the Guarantors, or any of their respective properties, assets or revenues may have or may hereafter become entitled to, or have attributed to each of the Issuer and the Guarantors, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from setoff or counterclaim, from the jurisdiction of any New York state or U.S. federal court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any such court in which proceedings may at any time be commenced, with respect to the obligations and liabilities of each of the Issuer and the Guarantors or any other matter under or arising out of or in connection with this Indenture, each of the Issuer and the Guarantors hereby irrevocably and unconditionally waives or will waive such right to the extent permitted by applicable law, and agree not to plead or claim, any such immunity and consent to such relief and enforcement.
		

		
			 
		

		
			SECTION 12.19.        Anti-Money Laundering, Terrorism and Economic Sanctions.
		

		
			 
		

		
			(a)           The Trustee and/or the Agents may take any action which they in their sole discretion consider appropriate so as to comply with any applicable law, regulation, request of a public or regulatory authority or any internal group policy (including any "Know Your Client" and/or other compliance policy) which relates to the prevention of fraud, money laundering, terrorism or other criminal activities or the provision of financial and other services to sanctioned persons or entities. Neither the Trustee nor the Agents will be liable for any loss (whether direct or consequential and including, without limitation, loss of profit or interest) caused in whole or in part by any actions which are taken by the Delegates or Agents pursuant to this Clause.
		

		
			 
		

		
			
		

		
			

		 

		

			102

		

 

		

			 

		

		

		
			(b)          The Issuer covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers are the target or subject of any sanctions enforced by the US Government, (including, without limitation, the Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”) or the US Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively “Sanctions”).
		

		
			 
		

		
			(c)          The Issuer covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers will use any repayments/reimbursements made pursuant to this Indenture, (i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person.
		

		
			 
		

		
			[Signatures on following page]
		

		
			 
		

		
			 
		

		

		 

		

			103

		

 

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						STILLWATER MINING COMPANY

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title    Director

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			
		

		

		 

		

			[Signature Page to Indenture] 

		

 

		

			 

		

	
					
						

					
						 

					
					
						    

					
					
						SIBANYE GOLD LIMITED

				
	
					
						 

					
					
						 

					
					
						 

					
					
						as a Guarantor

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title    Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						KROONDAL OPERATIONS PROPRIETARY UNITED

				
	
					
						 

					
					
						 

					
					
						 

					
					
						as a Guarantor

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title    Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						RAND URANIUM PROPRIETARY LIMITED

				
	
					
						 

					
					
						 

					
					
						 

					
					
						as a Guarantor

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title    Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						SIBANYE RUSTENBURG PLATINUM MINES PROPRIETARY LIMITED

				
	
					
						 

					
					
						 

					
					
						 

					
					
						as a Guarantor

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Charl Keyter

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title    Director

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to Indenture] 

		

 

		

			 

		

	
					
						

					
						 

					
					
						    

					
					
						THE BANK OF NEW YORK MELLON, LONDON BRANCH,  as Trustee

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Paul Cattermole

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Paul Cattermole

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:   Vice President

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to Indenture] 

		

 

		

			 

		

		

		
			SCHEDULE 1
		

		
			 
		

		
			FORM OF 2022 NOTE
		

		
			 
		

		
			[FORM OF FACE OF 2022 NOTE]
		

		
			 
		

		
			[Insert the Private Placement Legend, if applicable, pursuant to the provisions of the Indenture]
		

		
			 
		

		
			[Insert the Global Notes Legend, if applicable, pursuant to the provisions of the Indenture]
		

		
			 
		

		
			[Insert the Regulation S Temporary Global Legend, if applicable, pursuant to the provisions of the Indenture]
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 1-1

		

 

		

			 

		

		

		
			CUSIP [         ]
		

		
			ISIN [     ]1
		

		
			 
		

		
			[RULE 144A] [REGULATION S] [GLOBAL] NOTE
		

		
			 
		

		
			6.125% Senior Notes due 2022
		

		
			 
		

		
			No. [A-_] [S-_]
		

		
			 
		

		
			 [Up to]2[$                    ]
		

		
			 
		

		
			STILLWATER MINING COMPANY
		

		
			 
		

		
			promises to pay to [CEDE & CO.]3 [         ] or registered assigns the principal sum [$           (          Dollars), as revised by the Schedule of Exchanges of  Interests  in  the  Global  Note  attached  hereto]4 [of  $           (          Dollars)]5 on June 27, 2022.
		

		
			 
		

		
			Interest Payment Dates: June 27 and December 27, commencing December 27, 2017
		

		
			 
		

		
			Record Dates: June 12 and December 12
		

		
			 
		

		
			 
		

		
			 
		

		

		
			 
		

			
	
			
				 1
			

			
	
			
			Rule 144A Note CUSIP:  86074Q AM4

		
			Rule 144A Note ISIN: US86074QAM42
		

		
			Regulation S Note CUSIP: U85969 AC4
		

		
			Regulation S Note ISIN: USU85969AC41
		

			
	
			
				 2
			

			
	
			
			Include in Global Notes

			
	
			
				 3
			

			
	
			
			Include in Global Notes

			
	
			
				 4
			

			
	
			
			Include in Global Notes

			
	
			
				 5
			

			
	
			
			Include in Definitive Notes

		
			 
		

		
			
		

		
			

		 

		

			Sch. 1-2

		

 

		

			 

		

		

		
			IN WITNESS HEREOF, the Company has caused this instrument to be duly executed.
		

		
			 
		

			
					
						 

					
					
						STILLWATER MINING COMPANY

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				

		
			 
		

		
			CERTIFICATE OF AUTHENTICATION
		

		
			 
		

		
			This is one of the Notes referred to in the within-mentioned Indenture:
		

		
			 
		

			
					
						 

					
					
						THE BANK OF NEW YORK MELLON, LONDON BRANCH,

				
	
					
						 

					
					
						as Trustee

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Authorized Signatory:

				
	
					
						Dated: [                                 ]  [      ], [      ]

					
					
						 

					
					
						 

				

		
			
		

		
			

		 

		

			Sch. 1-3

		

 

		

			 

		

		

		
			FORM OF NOTATION OF GUARANTEE
		

		
			 
		

		
			For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of June 27, 2017 (the “Indenture”) (and subject in all cases to the limitations set forth in Section 10.02 of the Indenture), between, among others, Stillwater Mining Company, a public limited company incorporated under the laws of Delaware (the “Issuer”), the Guarantors party thereto, The Bank of New York Mellon, acting through its London Branch, as Trustee and Principal Paying Agent and The Bank of New York Mellon as Registrar, (a) the due and punctual payment of the principal of, premium on, if any, interest and Additional Amounts, if any, on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of, premium on, if any, interest and Additional Amounts, if any, on, the Notes, if lawful, and the due and punctual performance of all other obligations of the Issuer to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. Each Holder, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee as attorney-in-fact of such Holder for such purpose.
		

		
			 
		

		
			Capitalized terms used but not defined herein have the meanings given to them in the Indenture.
		

		
			 
		

			
					
						 

					
					
						[NAME OF GUARANTORS]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						       Name:

					
					
						 

				
	
					
						 

					
					
						       Title:

					
					
						 

				

		
			
		

		
			

		 

		

			Sch. 1-4

		

 

		

			 

		

		

		
			[Reverse Side of Note]
		

		
			 
		

		
			6.125% Senior Notes due 2022
		

		
			 
		

		
			Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.
		

		
			 
		

		
			1.           INTEREST. Stillwater Mining Company, a corporation existing under the laws of the State of Delaware (the "Issuer") promises to pay interest on the principal amount of this Note at 6.125% per annum from and including June 27, 2017 until but excluding maturity. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) semi-annually in arrears on June 27 and December 27 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an "Interest Payment Date"). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of original issuance; provided that the first Interest Payment Date shall be December 27, 2017. The Issuer shall pay interest (including post -petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; to the extent lawful it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any, (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest shall be computed on the basis of a 360-day year comprised of 12 30-day months.
		

		
			 
		

		
			2.           METHOD OF PAYMENT. The Issuer shall pay interest on the Notes to the Persons who are registered holders of Notes at the close of business on the June 12 or December 12 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.12 of this Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall be payable at the office or agency of the Issuer maintained for such purpose; provided that payment by wire transfer of immediately available funds shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
		

		
			 
		

		
			3.           PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon, London Branch, the trustee under the Indenture, shall act as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to the Holders. The Issuer or any Wholly-Owned Subsidiary incorporated or organized within the United States of America may act as Paying Agent (except for purposes of Article VIII of the Indenture) or Registrar.
		

		
			 
		

		
			4.           INDENTURE. The Issuer issued the Notes under an Indenture, dated as of June 27, 2017 (the "Indenture") among Stillwater Mining Company, the Guarantors named therein and The Bank of New York Mellon, London Branch, as trustee. This Note is one of a duly authorized issue of notes of the Issuer designated as its 6.125% Senior Notes due 2022. The Issuer shall be entitled to issue Additional Notes pursuant to Section 2.01 and 4.09 of the Indenture. The Notes and any Additional Notes of the same series issued under the Indenture shall be treated as a single class of securities under the Indenture (and shall for certain purposes be treated as a single class with the 2025 Notes as described in the Indenture). The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
		

		
			
		

		
			

		 

		

			Sch. 1-5

		

 

		

			 

		

		

		
			5.           REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption, and may be the subject of an Offer to Purchase, as further described in the Indenture. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.
		

		
			 
		

		
			6.           DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part.
		

		
			 
		

		
			7.           PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.
		

		
			 
		

		
			8.           AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees or the Notes may be amended or supplemented as provided in the Indenture.
		

		
			 
		

		
			9.           DEFAULTS AND REMEDIES. The Events of Default relating  to  the  Notes  are  defined  in  Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Issuer, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture.
		

		
			 
		

		
			10.         AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.
		

		
			 
		

		
			11.         GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
		

		
			 
		

		
			12.         CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.
		

		
			 
		

		
			The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:
		

		
			 
		

		
			Stillwater Mining Company 
		

		
			Libanon Business Park,
		

		
			1 Hospital Street (off Cedar Avenue),
		

		
			Libanon, Westonaria, 1780,
		

		
			South Africa
		

		
			Facsimile: +27 11 278 9863
		

		
			Attention: Charl Keyter
		

		
			
		

		
			

		 

		

			Sch. 1-6

		

 

		

			 

		

		

		
			ASSIGNMENT FORM
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						To assign this Note, fill in the form below:

				
	
					
						 

				
	
					
						(I) or (we) assign and transfer this Note to:

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						(Insert assignee's legal name) 

				
	
					
						(Insert assignee's soc. sec. or tax I.D. no.)

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						(Print or type assignee's name, address and zip code)

				
	
					
						 

				
	
					
						and irrevocably appoint to

				
	
					
						 

				
	
					
						transfer this Note on the books of the Company. The agent may substitute another to act for him.

				
	
					
						 

				
	
					
						Date:

					
					
						 

					
					
						Your

				
	
					
						 

					
					
						Signature:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						(Sign exactly as your name appears

				
	
					
						 

					
					
						 

					
					
						on the face of this Note)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signature Guarantee*:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 1-7

		

 

		

			 

		

		

		
			OPTION OF HOLDER TO ELECT PURCHASE
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, check the appropriate box below:

				
	
					
						 

					
					
						    

					
					
						 

				
	
					
						[ ] Section 4.10

					
					
						 

					
					
						[ ] Section 4.14

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of this Indenture, state the amount you elect to have purchased:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						$             

					
					
						 

					
					
						(integral multiples of $1,000 provided that the unpurchased portion must be in a minimum principal amount of $200,000)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						                          

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Your

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Signature:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						(Sign exactly as your name appears

				
	
					
						 

					
					
						 

					
					
						 

					
					
						on the face of this Note)

				
	
					
						 

					
					
						 

					
					
						Tax

				
	
					
						 

					
					
						 

					
					
						Identification

				
	
					
						 

					
					
						 

					
					
						No.:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signature Guarantee*:

					
					
						                          

					
					
						 

					
					
						 

				

		
			 
		

		
			* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 1-8

		

 

		

			 

		

		

		
			SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*
		

		
			 
		

		
			The initial outstanding principal amount of this Global Note is $                . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made:
		

		
			 
		

			
					
						Date of Exchange

					
					
						    

					
					
						Amount of decrease 
in Principal
Amount

					
					
						    

					
					
						Amount of increase 
in Principal
Amount of this
Global Note

					
					
						    

					
					
						Principal Amount
of this Global Note
following such
decrease or increase

					
					
						    

					
					
						Signature of 
authorized
signatory of Trustee
or Custodian

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		

		
			*This schedule should be included only if the Note is issued in global form.
		

		
			 
		

		
			 
		

		
			

		 

		

			Sch. 1-9

		

 

		

			 

		

		

		
			SCHEDULE 2
		

		
			 
		

		
			FORM OF 2025 NOTE
		

		
			 
		

		
			[FORM OF FACE OF 2025 NOTE]
		

		
			 
		

		
			[Insert the Private Placement Legend, if applicable, pursuant to the provisions of the Indenture]
		

		
			 
		

		
			[Insert the Global Notes Legend, if applicable, pursuant to the provisions of the Indenture]
		

		
			 
		

		
			[Insert the Regulation S Temporary Global Legend, if applicable, pursuant to the provisions of the Indenture]
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 2-1

		

 

		

			 

		

		

		
			CUSIP [         ]
		

		
			ISIN [     ]6
		

		
			 
		

		
			[RULE 144A] [REGULATION S] [GLOBAL] NOTE
		

		
			 
		

		
			7.125% Senior Notes due 2025
		

		
			 
		

		
			No. [A-_] [S-_]
		

		
			 
		

		
			[Up to]7[$             ]
		

		
			 
		

		
			 
		

		
			STILLWATER MINING COMPANY
		

		
			 
		

		
			promises to pay to [CEDE & CO.]8  [             ] or registered assigns the principal  sum [$              (       Dollars), as revised by the Schedule of Exchanges of Interests in the Global Note attached hereto]9  [of $               (       Dollars)10 on June 27, 2025.
		

		
			 
		

		
			Interest Payment Dates: June 27 and December 27, commencing December 27, 2017. 
		

		
			 
		

		
			Record Dates: June 12 and December 12.
		

		
			 
		

		
			 
		

		

			
	
			
				 6
			

			
	
			
			Rule 144A Note  CUSIP:  86074Q  AN2 

		
			Rule 144A Note ISIN: US86074QAN25
		

		
			Regulation S Note CUSIP: U85969 AD2
		

		
			Regulation S Note ISIN: USU85969AD24
		

			
	
			
				 7
			

			
	
			
			Include in Global Notes

			
	
			
				 8
			

			
	
			
			Include in Global Notes

			
	
			
				 9
			

			
	
			
			Include in Global Notes

			
	
			
				 10
			

			
	
			
			Include in Definitive Notes

		
			
		

		
			

		 

		

			Sch. 2-2

		

 

		

			 

		

		

		
			IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed.
		

		
			 
		

			
					
						 

					
					
						STILLWATER MINING COMPANY

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				

		
			 
		

		
			CERTIFICATE OF AUTHENTICATION
		

		
			 
		

		
			This is one of the Notes referred to in the within-mentioned Indenture:
		

		
			 
		

			
					
						 

					
					
						THE BANK OF NEW YORK MELLON, LONDON BRANCH

				
	
					
						 

					
					
						as Trustee

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Authorized Signatory:

				
	
					
						Dated: [                                 ] [      ], [      ]

					
					
						 

					
					
						 

				

		
			
		

		
			

		 

		

			Sch. 2-3

		

 

		

			 

		

		

		
			 
		

		
			FORM OF NOTATION OF GUARANTEE
		

		
			 
		

		
			For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of June 27, 2017 (the “Indenture”) (and subject in all cases to the limitations set forth in Section 10.02 of the Indenture), between, among others, Stillwater Mining Company, a public limited company incorporated under the laws of Delaware (the “Issuer”), the Guarantors party thereto, The Bank of New York Mellon, acting through its London Branch, as Trustee and Principal Paying Agent and The Bank of New York Mellon as Registrar, (a) the due and punctual payment of the principal of, premium on, if any, interest and Additional Amounts, if any, on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of, premium on, if any, interest and Additional Amounts, if any, on, the Notes, if lawful, and the due and punctual performance of all other obligations of the Issuer to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. Each Holder, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee as attorney-in-fact of such Holder for such purpose.
		

		
			 
		

		
			Capitalized terms used but not defined herein have the meanings given to them in the Indenture.
		

		
			 
		

			
					
						 

					
					
						[NAME OF GUARANTORS]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						    Name:

					
					
						 

				
	
					
						 

					
					
						    Title:

					
					
						 

				

		
			
		

		
			

		 

		

			Sch. 2-4

		

 

		

			 

		

		

		
			[Reverse Side of Note]
		

		
			 
		

		
			7.125% Senior Notes due 2025
		

		
			 
		

		
			Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.
		

		
			 
		

		
			1.           INTEREST. Stillwater Mining Company, a corporation existing under the laws of the State of Delaware (the "Issuer") promises to pay interest on the principal amount of this Note at 7.125% per annum from and including June 27, 2017 until but excluding maturity. The Issuer shall pay interest semi-annually in arrears on June 27 and December 27 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an "Interest Payment Date"). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of original issuance; provided that the first Interest Payment Date shall be December 27, 2017. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; to the extent lawful it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any, (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest shall be computed on the basis of a 360-day year comprised of 12 30-day months.
		

		
			 
		

		
			2.           METHOD OF PAYMENT. The Issuer shall pay interest on the Notes to the Persons who are registered holders of Notes at the close of business on the June 12 or December 12 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall be payable at the office or agency of the Issuer maintained for such purpose provided that payment by wire transfer of immediately available funds shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
		

		
			 
		

		
			3.           PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon, London Branch, the trustee under the Indenture, shall act as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to the Holders. The Issuer or any Wholly-Owned Subsidiary incorporated or organized within the United States of America may act as Paying Agent (except for purposes of Article VIII of the Indenture) or Registrar.
		

		
			 
		

		
			4.           INDENTURE. The Company issued the Notes under an Indenture, dated as of June 27, 2017 (the "Indenture") among Stillwater Mining Company, the Guarantors named therein and The Bank of New York Mellon, London Branch, as trustee. This Note is one of a duly authorized issue of notes of the Issuer designated as its 7.125% Senior Notes due 2025. The Issuer shall be entitled to issue Additional Notes pursuant to Section 2.01 and Section 4.09 of the Indenture. The Notes and any Additional Notes of the same series issued under the Indenture shall be treated as a single class of securities under the Indenture (and shall for certain purposes be treated as a single class with the 2022 Notes as described in the Indenture). The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
		

		
			 
		

		
			5.           REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption, and may be the subject of an Offer to Purchase, as further described in the Indenture. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 2-5

		

 

		

			 

		

		

		
			 
		

		
			6.           DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part.
		

		
			 
		

		
			7.           PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.
		

		
			 
		

		
			8.           AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees or the Notes may be amended or supplemented as provided in the Indenture.
		

		
			 
		

		
			9.           DEFAULTS AND REMEDIES. The Events of Default relating  to  the  Notes  are  defined  in  Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture.
		

		
			 
		

		
			10.         AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.
		

		
			 
		

		
			11.         GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
		

		
			 
		

		
			12.         CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.
		

		
			 
		

		
			The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:
		

		
			 
		

		
			Stillwater Mining Company 
		

		
			Libanon Business Park,
		

		
			1 Hospital Street (off Cedar Avenue),
		

		
			Libanon, Westonaria, 1780,
		

		
			South Africa
		

		
			Facsimile: +27 11 278 9863
		

		
			Attention: Charl Keyter
		

		
			
		

		
			

		 

		

			Sch. 2-6

		

 

		

			 

		

		

		
			ASSIGNMENT FORM
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						To assign this Note, fill in the form below:

				
	
					
						 

				
	
					
						(I) or (we) assign and transfer this Note to:

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						(Insert assignee's legal name) 

				
	
					
						(Insert assignee's sec. sec. or tax I.D. no.)

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						(Print or type assignee's name, address and zip code)

				
	
					
						 

				
	
					
						and irrevocably appoint to

				
	
					
						 

				
	
					
						transfer this Note on the books of the Company. The agent may substitute another to act for him.

				
	
					
						 

				
	
					
						Date:

					
					
						 

					
					
						Your

				
	
					
						 

					
					
						Signature:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						(Sign exactly as your name appears

				
	
					
						 

					
					
						 

					
					
						on the face of this Note)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signature Guarantee*:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 2-7

		

 

		

			 

		

		

		
			OPTION OF HOLDER TO ELECT PURCHASE
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, check the appropriate box below:

				
	
					
						 

					
					
						    

					
					
						 

				
	
					
						[ ] Section 4.10

					
					
						 

					
					
						[ ] Section 4.14

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						$             

					
					
						 

					
					
						(integral multiples of $1,000 provided that the unpurchased portion must be in a minimum principal amount of $200,000)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Your

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Signature:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						(Sign exactly as your name appears

				
	
					
						 

					
					
						 

					
					
						 

					
					
						on the face of this Note)

				
	
					
						 

					
					
						 

					
					
						Tax

				
	
					
						 

					
					
						 

					
					
						Identification

				
	
					
						 

					
					
						 

					
					
						No.:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Signature Guarantee*:

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).
		

		
			
		

		
			

		 

		

			Sch. 2-8

		

 

		

			 

		

		

		
			SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*
		

		
			 
		

		
			The initial outstanding principal amount of this Global Note is $                . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made:
		

		
			 
		

			
					
						Date of Exchange

					
					
						    

					
					
						Amount of decrease 
in Principal
Amount

					
					
						    

					
					
						Amount of increase 
in Principal
Amount of this
Global Note

					
					
						    

					
					
						Principal Amount
of this Global Note
following such
decrease or increase

					
					
						    

					
					
						Signature of 
authorized
signatory of Trustee
or Custodian

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		

		
			*This schedule should be included only if the Note is issued in global form.
		

		
			 
		

		
			 
		

		
			

		 

		

			Sch. 2-9

		

 

		

			 

		

		

		
			 
		

		
			SCHEDULE 3
		

		
			 
		

		
			FORM OF CERTIFICATE OF TRANSFER
		

		
			 
		

		
			Stillwater Mining Company
		

		
			Libanon Business Park,
		

		
			1 Hospital Street (off Cedar Avenue),
		

		
			Libanon, Westonaria, 1780,
		

		
			South Africa
		

		
			Facsimile: +27 11 278 9863
		

		
			Attention: Charl Keyter
		

		
			 
		

		
			The Bank of New York Mellon, London Branch
		

		
			One Canada Square, London E14 5AL
		

		
			United Kingdom
		

		
			Attention: Corporate Trust Division
		

		
			 
		

		
			Re: [6.125% Senior Notes due 2022] [7.125% Senior Notes due 2025]
		

		
			 
		

		
			Reference is hereby made to the Indenture, dated as of June 27, 2017 (the "Indenture") among Stillwater Mining Company (the "Issuer"), the Guarantors named therein and The Bank of New York Mellon, London Branch, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
		

		
			 
		

		
			                     (the "Transferor") owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $                    in such Note[s] or interests (the "Transfer") to                (the "Transferee") as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:
		

		
			 
		

		
			[CHECK ALL THAT APPLY]
		

		
			 
		

		
			1.           [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act") and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a "qualified institutional buyer within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act.
		

		
			 
		

		
			2.           [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S TEMPORARY GLOBAL NOTE, THE REGULATION S PERMANENT GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 3-1

		

 

		

			 

		

		

		
			prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Temporary Global Note, the Regulation S Permanent Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.
		

		
			 
		

		
			3.           [ ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):
		

		
			 
		

		
			(a)           [ ] such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; or
		

		
			 
		

		
			(b)          [ ] such Transfer is being effected to the Issuers or a subsidiary thereof; or
		

		
			 
		

		
			(c)           [ ] such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; or
		

		
			 
		

		
			(d)          [ ] such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit B-1 to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of Transfer of less than $100,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Notes and in the Indenture and the Securities Act.
		

		
			 
		

		
			4.           [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.
		

		
			 
		

		
			(a)           [ ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 to a Person who is not an affiliate (as defined in Rule 144) of the Issuers under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
		

		
			 
		

		
			(b)          [ ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act to a
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 3-2

		

 

		

			 

		

		

		
			 
		

		
			Person who is not an affiliate (as defined in Rule 144) of the Issuers and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
		

		
			 
		

		
			(c)          [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 to a Person who is not an affiliate (as defined in Rule 144) of the Issuers and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.
		

		
			 
		

		
			5.           [ ] CHECK IF TRANSFEROR IS AN AFFILIATE OF THE ISSUERS.
		

		
			 
		

		
			6.           [ ] CHECK IF TRANSFEREE IS AN AFFILIATE OF THE ISSUERS.
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 3-3

		

 

		

			 

		

		

		
			This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						[Insert Name of Transferor]

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

				
	
					
						Dated:

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			Sch. 3-4

		

 

		

			 

		

		

		
			 
		

		
			ANNEX A TO CERTIFICATE OF TRANSFER
		

		
			 
		

		
			1.           The Transferor owns and proposes to transfer the following: 
		

		
			 
		

		
			[CHECK ONE OF (a) OR (b)]
		

		
			 
		

		
			(a)         [ ] a beneficial interest in the:
		

		
			 
		

		
			(i)           [ ] 144A Global Note (CUSIP [    ]), or
		

		
			 
		

		
			(ii)          [ ] Regulation S Global Note (CUSIP [    ]), or
		

		
			 
		

		
			(b)         [ ] a Restricted Definitive Note.
		

		
			 
		

		
			2.           After the Transfer the Transferee will hold:
		

		
			 
		

		
			[CHECK ONE]
		

		
			 
		

		
			(a)         [ ] a beneficial interest in the:
		

		
			 
		

		
			(i)           [ ] 144A Global Note (CUSIP [    ]), or
		

		
			 
		

		
			(ii)          [ ] Regulation S Global Note (CUSIP [    ]), or
		

		
			 
		

		
			(iii)         [ ] Unrestricted Global Note (CUSIP [    ]), or
		

		
			 
		

		
			(b)         [ ] a Restricted Definitive Note; or
		

		
			 
		

		
			(c)          [ ] an Unrestricted Definitive Note, in accordance with the terms of the Indenture.
		

		
			 
		

		
			 
		

		
			

		 

		

			Sch. 3-5

		

 

		

			 

		

		

		
			SCHEDULE 4
		

		
			 
		

		
			FORM OF CERTIFICATE OF EXCHANGE
		

		
			 
		

		
			Stillwater Mining Company
		

		
			Libanon Business Park,
		

		
			1 Hospital Street (off Cedar Avenue),
		

		
			Libanon, Westonaria, 1780,
		

		
			South Africa
		

		
			Facsimile: +27 11 278 9863 
		

		
			Attention: Charl Keyter
		

		
			 
		

		
			The Bank of New York Mellon
		

		
			One Canada Square, London E14 5AL
		

		
			United Kingdom
		

		
			Attention: Corporate Trust Division
		

		
			 
		

		
			Re: [6.125% Senior Notes due 2022] [7.125% Senior Notes due 2025]
		

		
			 
		

		
			Reference is hereby made to this Indenture, dated as of [•] (the "Indenture") among Stillwater Mining Company, the Guarantors named therein and The Bank of New York Mellon, London Branch, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
		

		
			 
		

		
			                  (the "Owner") owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the "Exchange"). In connection with the Exchange, the Owner hereby certifies that:
		

		
			 
		

		
			1.           [ ] EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE
		

		
			 
		

		
			(a)           [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner's beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the "Securities Act") (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Company.
		

		
			 
		

		
			(b)          [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner's beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Company.
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 5-1

		

 

		

			 

		

		

		
			 
		

		
			(c)           [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner's Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Company.
		

		
			 
		

		
			(d)          [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner's Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Company.
		

		
			 
		

		
			2.           EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES
		

		
			 
		

		
			(a)           [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner's beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner's own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.
		

		
			 
		

		
			(b)          [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner's Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note [ ] Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner's own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.
		

		
			 
		

		
			3.           [ ] CHECK IF OWNER IS AN AFFILIATE OF THE COMPANY.
		

		
			 
		

		
			4.           [ ] CHECK IF OWNER IS EXCHANGING THIS NOTE IN CONNECTION WITH AN EXPECTED TRANSFER TO AN AFFILIATE OF THE COMPANY.
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 5-2

		

 

		

			 

		

		

		
			This certificate and the statements contained herein are made for your benefit and the benefit of the Company and are dated
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						[Insert Name of Transferor]

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			Sch. 5-3

		

 

		

			 

		

		

		
			SCHEDULE 5
		

		
			 
		

		
			FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS
		

		
			 
		

		
			Supplemental Indenture (this "Supplemental Indenture") dated as of [ ] [ ], 20[ ], among the guarantor listed below as a signing party (the "Additional Guarantor") a subsidiary of [Sibanye Gold Limited], a corporation existing under the laws of [the Republic of South Africa] (the "Company"), the Issuer and The Bank of New York Mellon, London Branch, a New York banking corporation, as trustee under the Indenture referred to below (the "Trustee").
		

		
			 
		

		
			W I T N E S S E T H
		

		
			 
		

		
			WHEREAS, each of Stillwater Mining Company (the "Issuer") and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the "Indenture") dated as of June 27. 2017, providing for the issuance of an unlimited aggregate principal amount of 6.125% Senior Notes due 2022 (the "2022 Notes") and 7.125% Senior Notes due 2025 (the "2025 Notes" and, together with the 2022 Notes, the "Notes");
		

		
			 
		

		
			WHEREAS, this Indenture provides that under certain circumstances the Additional Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Additional Guarantor shall unconditionally guarantee all of the Issuer's Obligations under the Notes and the Indenture on the terms and conditions set forth under the Indenture; and
		

		
			 
		

		
			WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee and the Issuer are authorized to execute and deliver this Supplemental Indenture; and
		

		
			 
		

		
			WHEREAS, the Issuer has requested and hereby requests that the Trustee join with the Issuer in the execution and delivery of this Supplemental Indenture.
		

		
			 
		

		
			NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows:
		

		
			 
		

		
			1.           Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
		

		
			 
		

		
			2.           Guarantor. The Additional Guarantor hereby agrees to be a party under the Indenture as a Guarantor and as such to be bound by the terms of the Indenture applicable to Guarantors, including Article X thereof.
		

		
			 
		

		
			3.           Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
		

		
			 
		

		
			4.           Waiver of Jury Trial. EACH OF THE COMPANY, THE ADDITIONAL GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
		

		
			 
		

		
			5.           Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or .pdf transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf shall be deemed to be their original signatures for all purposes.
		

		
			 
		

		
			
		

		
			

		 

		

			Sch. 5-4

		

 

		

			 

		

		

		
			6.           Headings. The headings of the Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.
		

		
			 
		

		
			7.           The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity sufficiency or adequacy of this Supplemental Indenture or for or in respect of the recitals or statements contained herein, all of which recitals and statements are made solely by the Additional Guarantor and the Issuer, and the Trustee assumes no responsibility for their correctness.
		

		
			 
		

		
			8.           Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered shall by bound hereby.
		

		
			
		

		
			

		 

		

			Sch. 5-5

		

 

		

			 

		

		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						[NAME OF ADDITIONAL GUARANTOR]

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						STILLWATER MINING COMPANY

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						THE BANK OF NEW YORK MELLON, LONDON BRANCH,

				
	
					
						 

					
					
						 

					
					
						as Trustee

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		 

		

			Sch. 5-6sbgl_Ex4_39

		
			Exhibit 4.39
		

		
			 
		

		
			 
		

			
					
						

					
					
						CLIFFORD CHANCE LLP

				

		
			 
		

		
			 
		

		
			EXECUTION VERSION
		

		
			 
		

		
			 
		

		
			DATED 26 September 2017
		

		
			 
		

		
			SIBANYE GOLD LIMITED
AS ISSUER
		

		
			 
		

		
			STILLWATER MINING COMPANY
		

		
			KROONDAL OPERATIONS PROPRIETARY LIMITED
		

		
			AS GUARANTORS AND
		

		
			 
		

		
			BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED
		

		
			AS TRUSTEE
		

		
			 
		

		

		
			TRUST DEED
		

		
			CONSTITUTING
		

		
			USD 450,000,000 1.875 PER CENT. GUARANTEED
		

		
			CONVERTIBLE BONDS DUE 2023
		

		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			CONTENTS
		

		
			 
		

			
					
						Clause

					
					
						Page

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.

					
					
						Definitions

					
1
				
	
					
						2.

					
					
						Covenant to Repay the Bonds

					
6
				
	
					
						3.

					
					
						Form and Issue of Bonds

					
9
				
	
					
						4.

					
					
						Fees, Duties and Taxes

					
10
				
	
					
						5.

					
					
						Covenant of Compliance and Guarantee

					
10
				
	
					
						6.

					
					
						Cancellation of Bonds and Records

					
13
				
	
					
						7.

					
					
						Enforcement

					
14
				
	
					
						8.

					
					
						Action, Proceedings and Indemnification

					
14
				
	
					
						9.

					
					
						Application of Moneys

					
14
				
	
					
						10.

					
					
						Notice of Payments

					
15
				
	
					
						11.

					
					
						Investment by Trustee

					
15
				
	
					
						12.

					
					
						Partial Payments

					
15
				
	
					
						13.

					
					
						Conversion

					
16
				
	
					
						14.

					
					
						Covenants by the Issuer

					
16
				
	
					
						15.

					
					
						Remuneration and Indemnification of Trustee

					
20
				
	
					
						16.

					
					
						Supplement to Trustee Acts

					
21
				
	
					
						17.

					
					
						Trustee's Liability

					
27
				
	
					
						18.

					
					
						Trustee Contracting with the Issuer and the Guarantors

					
28
				
	
					
						19.

					
					
						Waiver, Authorisation and Determination

					
29
				
	
					
						20.

					
					
						Entitlement to treat Holder as Absolute Owner

					
29
				
	
					
						21.

					
					
						Substitution

					
30
				
	
					
						22.

					
					
						Currency Indemnity

					
31
				
	
					
						23.

					
					
						New Trustee

					
32
				
	
					
						24.

					
					
						Trustee's Retirement and Removal

					
33
				
	
					
						25.

					
					
						Trustee's Powers to be Additional

					
33
				
	
					
						26.

					
					
						Notices

					
33
				
	
					
						27.

					
					
						Governing Law

					
34
				
	
					
						28.

					
					
						Submission to Jurisdiction

					
34
				
	
					
						29.

					
					
						Counterparts

					
35
				
	
					
						30.

					
					
						Contracts (Rights of Third Parties) Act 1999

					
35
				
	
					
						Schedule 1 Form of Global Certificate

					
36
				
	
					
						Schedule 2 Form of Definitive Certificate and Conditions of the Bonds

					
42
				
	
					
						Part 1 Form of Definitive Certificate

					
42
				
	
					
						Part 2 Conditions of the Bonds

					
45
				
	
					
						Schedule 3 Provisions for Meetings of Bondholders

					
115
				
	
					
						Schedule 4 Form of Authorised Signatories Certificate

					
129
				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			THIS TRUST DEED is made on 26 September 2017
		

		
			 
		

		
			BETWEEN:
		

		
			 
		

		
			(1)       SIBANYE GOLD LIMITED, a public company with limited liability incorporated under the laws of the Republic of South Africa (the "Issuer");
		

		
			 
		

		
			(2)       STILLWATER MINING COMPANY, a corporation incorporated under the laws of the State of Delaware (the "Delaware Guarantor");
		

		
			 
		

		
			(3)       KROONDAL OPERATIONS PROPRIETARY LIMITED, a private company with limited liability incorporated under the laws of the Republic of South Africa (together with the Delaware Guarantor, the "Guarantors"); and
		

		
			 
		

		
			(4)       BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED, a company incorporated under the laws of England and Wales, whose registered office is at One Canada Square, London E14 5AL, United Kingdom (the "Trustee", which expression shall, wherever the context so admits, include such company and all other persons or companies for the time being the trustee or trustees of these presents) as trustee for the Bondholders (as defined below).
		

		
			 
		

		
			WHEREAS:
		

		
			 
		

		
			(A)       Pursuant to a resolution of the board of directors of the Issuer passed on 18 September 2017, the Issuer resolved to issue the USD 450,000,000 1.875 per cent. Guaranteed Convertible Bonds due 2023 to be constituted by this Trust Deed.
		

		
			 
		

		
			(B)       Pursuant to a resolution of the board of directors of each Guarantor passed on 18 September 2017, each Guarantor has agreed to give a guarantee in respect of the USD 450,000,000 1.875 per cent. Guaranteed Convertible Bonds due 2023 and to enter into certain covenants as set out in this Trust Deed.
		

		
			 
		

		
			(C)       Any Bonds in definitive form will be in registered form without coupons.
		

		
			 
		

		
			(D)      The Trustee has agreed to act as trustee of these presents for the benefit of the Bondholders upon and subject to the terms and conditions of these presents.
		

		
			 
		

		
			NOW THIS TRUST DEED WITNESSES AND IT IS AGREED AND DECLARED as
		

		
			follows:
		

		
			 
		

		
			1.         DEFINITIONS
		

		
			 
		

		
			1.1       In these presents unless there is anything in the subject or context inconsistent therewith the following expressions shall have the following meanings and words not defined herein have the meaning given to them in the Conditions:
		

		
			 
		

		
			"Agency Agreement" means the agreement appointing the initial Principal Paying, Transfer and Conversion Agent, Paying, Transfer and Conversion Agents and Registrar in relation to the Bonds and any other agreement for the time being in force appointing Successor paying, transfer and conversion agents and/or successor registrars in relation to the Bonds, or in connection with their duties, the terms of which have previously been approved in writing by the Trustee, together with any
		

		
			 
		

		
			
		

		
			

		 

		

			-  1  -

		

 

		

		
			agreement for the time being in force amending or modifying with the prior written approval of the Trustee any of the aforesaid agreements in relation to the Bonds;
		

		
			 
		

		
			"Appointee" means any attorney, manager, agent, delegate, nominee, custodian or other person appointed by the Trustee under these presents;
		

		
			 
		

		
			"Authorised Signatory" means any person who (a) is a chairman of the board of directors, chief executive officer, chief financial officer, director or the secretary of the Issuer or the relevant Guarantor (as the case may be) or (b) has been notified by the Issuer in writing to the Trustee as being duly authorised to sign documents and to do other acts and things on behalf of the Issuer or the relevant Guarantor (as the case may be) for the purposes of this Trust Deed;
		

		
			 
		

		
			"Bonds" means the Bonds in registered form comprising the said USD 450,000,000 1.875 per cent. Guaranteed Convertible Bonds due 2023 of the Issuer hereby constituted or the principal amount thereof for the time being outstanding or, as the context may require, a specific number thereof and includes any replacements for Bonds issued pursuant to Condition 13, any further Bonds issued in accordance with Condition 18 and Clause 2.4 and (except for the purposes of Clause 2.4(d)) the Global Certificate;
		

		
			 
		

		
			"Bondholders" means the several persons who are for the time being holders of the Bonds (being the persons whose names are entered in the register of holders of the Bonds as the holders thereof, or in the case of a joint holding, to the joint holder whose name appears first on the register of Bondholders in respect of such holding) save that, for so long as such Bonds or any part thereof are represented by the Global Certificate deposited with a common depositary for Euroclear and Clearstream, Luxembourg or, in respect of Bonds in definitive form held in an account with Euroclear or Clearstream, Luxembourg, each person who is for the time being shown in the records of Euroclear or Clearstream, Luxembourg (other than Clearstream, Luxembourg, if Clearstream, Luxembourg shall be an accountholder of Euroclear,  and Euroclear, if Euroclear shall be an accountholder of Clearstream, Luxembourg) as the holder of a particular principal amount of the Bonds shall be deemed to be the holder of such principal amount of such Bonds (and the registered holder of the relevant Bond shall be deemed not to be the holder) for all purposes of these presents other than with respect to the payment of principal of such Bonds, the rights to which shall be vested, as against the Issuer and the Trustee, solely in such common depositary and for which purpose such common depositary shall be deemed to be the holder of such principal amount of such Bonds in accordance with and subject to its terms and the provisions of these presents; and the words "holder" and "holders" and related expressions shall (where appropriate) be construed accordingly;
		

		
			 
		

		
			"Certificate" means a Global Certificate or a Definitive Certificate;
		

		
			 
		

		
			"Clearstream, Luxembourg" means Clearstream Banking S.A.;
		

		
			 
		

		
			"Conditions" means the Conditions in the form set out in Schedule 2 as the same may from time to time be modified or supplemented in accordance with these presents and any reference in these presents to a particular specified Condition or paragraph of a Condition shall in relation to the Bonds be construed accordingly;
		

		
			 
		

		
			
		

		
			

		 

		

			-  2  -

		

 

		

		
			"Definitive Certificates" has the meaning set out in subclause 3.1; 
		

		
			 
		

		
			"Euroclear" means Euroclear Bank S.A./N.V.;
		

		
			 
		

		
			"Event of Default" means any of the conditions or events described in Condition 10;
		

		
			 
		

		
			"Extraordinary Resolution" has the meaning set out in paragraph 1 of Schedule 3;
		

		
			 
		

		
			"Global Certificate" means the global certificate in respect of the Bonds to be issued pursuant to subclause 3.1 in the form or substantially in the form set out in Schedule 1;
		

		
			 
		

		
			"Liability" means any loss, damage, cost, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges but excluding, for the avoidance of doubt, tax liabilities arising to the Trustee by reference to its income or profits in respect of the remuneration described herein) and including any value added tax or similar tax charged or chargeable in respect thereof and legal fees and expenses on a full indemnity basis;
		

		
			 
		

		
			"Material Subsidiary" has the meaning given to such term in the Conditions; 
		

		
			 
		

		
			"outstanding" means in relation to the Bonds all the Bonds issued other than:
		

		
			 
		

		
			(a)        those Bonds which have been redeemed pursuant to these presents;
		

		
			 
		

		
			(b)        those Bonds in respect of which the date for redemption in accordance with the Conditions has occurred and the redemption moneys (including premium (if any) payable thereon) have been duly paid to the Trustee or to the Principal Paying, Transfer and Conversion Agent in the manner provided in the Agency Agreement (and where appropriate notice to that effect has been given to the Bondholders in accordance with Condition 17) and remain available for payment (against presentation of the relevant Bond, if required);
		

		
			 
		

		
			(c)        those Bonds in respect of which Conversion Rights have been exercised and all obligations of the Issuer duly performed in relation thereto;
		

		
			 
		

		
			(d)        those Bonds which have been purchased and cancelled in accordance with Condition 7;
		

		
			 
		

		
			(e)        those Bonds which have become void under Condition 12;
		

		
			 
		

		
			(f)        those mutilated or defaced Bonds which have been surrendered and cancelled and in respect of which replacements have been issued pursuant to Condition 13;
		

		
			 
		

		
			(g)        (for the purpose only of ascertaining the principal amount of the Bonds outstanding and without prejudice to the status for any other purpose of the relevant Bonds) those Bonds which are alleged to have been lost, stolen or destroyed and in respect of which replacements have been issued pursuant to Condition 13; and
		

		
			 
		

		
			
		

		
			

		 

		

			-  3  -

		

 

		

		
			(h)        the Global Certificate to the extent that it shall have been exchanged for Bonds in definitive form pursuant to its provisions;
		

		
			 
		

		
			PROVIDED THAT for each of the following purposes, namely:
		

		
			 
		

		
			(i)        the right to attend and vote at any meeting of the Bondholders or any of them, an Extraordinary Resolution in writing or an Ordinary Resolution in writing or an Extraordinary Resolution by way of electronic consents through the relevant Clearing System(s) as envisaged by paragraph 1 of Schedule 3 and any direction or request by the holders of the Bonds;
		

		
			 
		

		
			(ii)       the determination of how many and which Bonds are for the time being outstanding for the purposes of subclause 8.1, Conditions 10, 14 and 15 and paragraphs 4, 7 and 9 of Schedule 3;
		

		
			 
		

		
			(iii)      any discretion, power or authority (whether contained in these presents or vested by operation of law) which the Trustee is required, expressly or impliedly, to exercise in or by reference to the interests of the Bondholders or any of them; and
		

		
			 
		

		
			(iv)      the determination by the Trustee whether any event, circumstance, matter or thing is, in its opinion, materially prejudicial to the interests of the Bondholders or any of them,
		

		
			 
		

		
			those Bonds (if any) which are for the time being held by or on behalf of or for the benefit of the Issuer, any Guarantor or any member of the Group and not cancelled in each case as beneficial owner, shall (unless and until ceasing to be so held) be deemed not to remain outstanding;
		

		
			 
		

		
			"Paying, Transfer and Conversion Agents" means the several institutions (including where the context permits the Principal Paying, Transfer and Conversion Agent) at their respective specified offices initially appointed as Paying, Transfer and Conversion Agents in relation to the Bonds by the Issuer and the Guarantors pursuant to the Agency Agreement and/or, if applicable, any Successor paying, transfer and conversion agents in relation to such Bonds;
		

		
			 
		

		
			"Potential Event of Default" means any condition or event which, with the lapse of time and/or the issue, making or giving of any notice or certification and/or the fulfilment of any similar condition, would constitute an Event of Default;
		

		
			 
		

		
			"Principal Paying, Transfer and Conversion Agent" means the institution at its specified office initially appointed as principal paying, transfer and conversion agent in relation to such Bonds by the Issuer and the Guarantors pursuant to the Agency Agreement or, if applicable, any Successor principal paying agent in relation to such Bonds;
		

		
			 
		

		
			"Registrar" means the institution at its specified office initially appointed as the registrar in relation to the Bonds by the Issuer and the Guarantors pursuant to the Agency Agreement or, if applicable, any Successor registrar in relation to such Bonds;
		

		
			 
		

		
			"Relevant Date" has the meaning set out in Condition 3;
		

		
			 
		

		
			
		

		
			

		 

		

			-  4  -

		

 

		

		
			"repay", "redeem" and "pay" shall each include both the others and cognate expressions shall be construed accordingly;
		

		
			 
		

		
			"Subsidiary has the meaning set out in Condition 3;
		

		
			 
		

		
			"Successor" means, in relation to the Principal Paying, Transfer and Conversion Agent, the other Paying, Transfer and Conversion Agents and the Registrar, any successor to any one or more of them appointed in relation to the Bonds which shall become such pursuant to the provisions of these presents, the Agency Agreement and/or such other or further principal paying, transfer and conversion agent, paying, transfer and conversion agents and/or registrar (as the case may be) in relation to such Bonds as may (with the prior approval of, and on terms previously approved by, the Trustee in writing) from time to time be appointed as such, and/or, if applicable, such other or further specified offices (in the former case being within the same place as those for which they are substituted) as may from time to time be nominated, in each case by the Issuer and, if applicable, the Guarantors, and (except in the case of the initial appointments and specified offices made under and specified in the Conditions and/or the Agency Agreement, as the case may be) notice of whose appointment or, as the case may be, nomination has been given to the Bondholders pursuant to subclause 14(j) in accordance with Condition 17;
		

		
			 
		

		
			"these presents" means this Trust Deed and the Schedules and any trust deed supplemental hereto and the Schedules (if any) thereto and the Bonds and the Conditions, all as from time to time modified in accordance with the provisions herein or therein contained;
		

		
			 
		

		
			"Trust Corporation" means a corporation entitled by rules made under the Public Trustee Act 1906 or entitled pursuant to any other comparable legislation applicable to a trustee in any other jurisdiction to carry out the functions of a custodian trustee;
		

		
			 
		

		
			"Trustee Acts" means the Trustee Act 1925 and the Trustee Act 2000;
		

		
			 
		

		
			"USD" means the lawful currency for the time being of the United States of America; words denoting the singular shall include the plural and vice versa;
		

		
			 
		

		
			words denoting one gender only shall include the other genders; and
		

		
			 
		

		
			words denoting persons only shall include firms and corporations and vice versa.
		

		
			 
		

		
			1.2
		

		
			(a)       All references in these presents to principal, premium and/or other amounts payable in respect of the Bonds or to any moneys payable by the Issuer and/or the Guarantors under these presents shall be deemed to include, in the case of amounts of principal and/or premium payable, a reference to any specific redemption price (as defined in the relevant Conditions) and, in any case, a reference to any additional amounts which may be payable under Condition 9 or, if applicable, under any undertaking or covenant given pursuant to subclause 14(l) or subclause 21.1(b)(ii).
		

		
			 
		

		
			(b)       All references in these presents to any statute or any provision of any statute shall be deemed also to refer to any statutory modification or re-enactment
		

		
			 
		

		
			
		

		
			

		 

		

			-  5  -

		

 

		

		
			thereof or any statutory instrument, order or regulation made thereunder or under any such modification or re-enactment.
		

		
			 
		

		
			(c)        All references in these presents to guarantees or to an obligation being guaranteed shall be deemed to include respectively references to indemnities or to an indemnity being given in respect thereof.
		

		
			 
		

		
			(d)        All references in these presents to any action, remedy or method of proceeding for the enforcement of the rights of creditors shall be deemed to include, in respect of any jurisdiction other than England, references to such action, remedy or method of proceeding for the enforcement of the rights of creditors available or appropriate in such jurisdiction as shall most nearly approximate to such action, remedy or method of proceeding described or referred to in these presents.
		

		
			 
		

		
			(e)        All references in these presents to taking proceedings against the Issuer and/or the Guarantors shall be deemed to include references to proving in the winding up of the Issuer and/or the Guarantors.
		

		
			 
		

		
			(f)        All references in these presents to Euroclear and/or Clearstream, Luxembourg shall be deemed to include references to any other clearing system as is approved by the Trustee.
		

		
			 
		

		
			(g)       In this Trust Deed references to Schedules, clauses, subclauses, paragraphs and subparagraphs shall be construed as references to the Schedules to this Trust Deed and to the clauses, subclauses, paragraphs and subparagraphs of this Trust Deed respectively.
		

		
			 
		

		
			(h)       In these presents tables of contents and clause headings are included for ease of reference and shall not affect the construction of these presents.
		

		
			 
		

		
			(i)        All references in these presents involving compliance by the Trustee with a test of reasonableness shall be deemed to include a reference to a requirement that such reasonableness shall be determined by reference solely to the interests of the holders of the Bonds.
		

		
			 
		

		
			2.         COVENANT TO REPAY THE BONDS
		

		
			 
		

		
			2.1       The aggregate principal amount of the Bonds is limited to USD 450,000,000.
		

		
			 
		

		
			2.2       The Issuer covenants with the Trustee that it will, in accordance with these presents, on the due date for the final maturity of the Bonds provided for in the Conditions, or on such earlier date as the same or any part thereof may become due and repayable thereunder, pay or procure to be paid unconditionally to or to the order of the Trustee in USD in immediately available funds the principal amount of the Bonds repayable on that date and shall in the meantime and until such date (both before and after any judgment or other order of a court of competent jurisdiction) pay or procure to be paid unconditionally to or to the order of the Trustee as aforesaid interest (which shall accrue from day to day) on the principal amount of the Bonds at the rates calculated from time to time in accordance with Condition 5 and on the dates provided for in the Conditions PROVIDED THAT:
		

		
			 
		

		
			
		

		
			

		 

		

			-  6  -

		

 

		

		
			(a)        every payment of principal or interest in respect of the Bonds to or to the account of the Principal Paying, Transfer and Conversion Agent in the manner provided in the Agency Agreement shall operate in satisfaction pro tanto of the relative covenant by the Issuer in this clause except to the extent that there is default in the subsequent payment thereof in accordance with the Conditions to the Bondholders;
		

		
			 
		

		
			(b)        in any case where payment of principal is made to the Trustee or the Principal Paying, Transfer and Conversion Agent after the due date, interest shall continue to accrue on the principal amount of the Bonds (both before and after any judgment or other order of a court of competent jurisdiction) at the rate aforesaid up to and including the date on which either the full amount is paid to the Bondholders or, if earlier, the fourth day after notice has been given to the Bondholders in accordance with the Conditions that the full amount has been received by the Principal Paying, Transfer and Conversion Agent or the Trustee except, in the case of payment to the Principal Paying, Transfer and Conversion Agent, to the extent that there is default in the subsequent payment thereof in accordance with the Conditions to the Bondholders; and
		

		
			 
		

		
			(c)        in any case where payment of the whole or any part of the principal amount of any Bond is improperly withheld or refused upon due presentation thereof (other than in circumstances contemplated by proviso (b) above) interest shall accrue on that principal amount payment of which has been so withheld or refused (both before and after any judgment or other order of a court of competent jurisdiction) at the rate aforesaid from and including the date of such withholding or refusal up to and including the date on which, upon further presentation of the relevant Bond, payment of the full amount (including interest as aforesaid) in USD payable in respect of such Bond is made or (if earlier) the fourth day after notice is given to the relevant Bondholder (in accordance with Condition 17) that the full amount (including interest as aforesaid) in USD payable in respect of such Bond is available for payment, provided that, upon further presentation thereof being duly made, such payment is made.
		

		
			 
		

		
			The Trustee will hold the benefit of this covenant on trust for the Bondholders and itself in accordance with these presents.
		

		
			 
		

		
			TRUSTEE'S REQUIREMENTS REGARDING PAYING, TRANSFER AND CONVERSION AGENTS
		

		
			 
		

		
			2.3       At any time after an Event of Default or a Potential Event of Default shall have occurred, the Trustee may:
		

		
			 
		

		
			(a)        by notice in writing to the Issuer, the Guarantors, the Principal Paying, Transfer and Conversion Agent, the Registrar and the other Paying, Transfer and Conversion Agents require the Principal Paying, Transfer and Conversion Agent, the Registrar and the other Paying, Transfer and Conversion Agents pursuant to the Agency Agreement:
		

		
			 
		

		
			(i)         to act thereafter as Principal Paying, Transfer and Conversion Agent, Registrar and Paying, Transfer and Conversion Agents respectively of
		

		
			 
		

		
			
		

		
			

		 

		

			-  7  -

		

 

		

		
			the Trustee in relation to payments to be made by or on behalf of the Trustee under the provisions of these presents mutatis mutandis on the terms provided in the Agency Agreement (save that the Trustee's liability under any provisions thereof for the indemnification, remuneration and payment of out-of-pocket expenses of the Paying, Transfer and Conversion Agents and the Registrar shall be limited to the amounts for the time being held by the Trustee on the trusts of these presents relating to the Bonds and available for such purpose) and thereafter to hold all Bonds and all sums, documents and records held by them in respect of the Bonds on behalf of the Trustee; or
		

		
			 
		

		
			(ii)       to deliver up all Bonds and all sums, documents and records held by them in respect of the Bonds to the Trustee or as the Trustee shall direct in such notice provided that such notice shall be deemed not to apply to any documents or records which the relative Paying, Transfer and Conversion Agents or the Registrar, as the case may be is obliged not to release by any law or regulation; and/or
		

		
			 
		

		
			(b)        by notice in writing to the Issuer and the Guarantors require each of them to make all subsequent payments in respect of the Bonds to or to the order of the Trustee and not to the Principal Paying, Transfer and Conversion Agent; with effect from the issue of any such notice to the Issuer and the Guarantors and until such notice is withdrawn proviso (a) to subclause 2.2 of this Clause relating to the Bonds shall cease to have effect.
		

		
			 
		

		
			FURTHER ISSUES
		

		
			 
		

		
			2.4
		

		
			(a)       The Issuer shall be at liberty from time to time (but subject always to the provisions of these presents) without the consent of the Bondholders to create and issue further Bonds or notes either (i) ranking pari passu in all respects (or in all respects save for the first payment of interest on them and the first date on which conversion rights may be exercised), and so that the same shall be consolidated and form a single series, with the Bonds and/or the further Bonds or bonds of any series or (ii) upon such terms as to ranking, conversion, redemption and otherwise as the Issuer may at the time of issue thereof determine, provided, if such further Bonds are not fungible with the outstanding Bonds of the applicable series for U.S. federal income tax purposes, the further Bonds will have a separate ISIN or other identifying number from that of the outstanding Bonds.
		

		
			 
		

		
			(b)       Any further Bonds or notes which are to be created and issued pursuant to the provisions of paragraph 2.4(a) above so as to form a single series with the Bonds and/or the further Bonds or bonds of any series shall be constituted by a trust deed supplemental to this Trust Deed and any other further Bonds or notes which are to be created and issued pursuant to the provisions of paragraph 2.4(a) above may (subject to the consent of the Trustee) be constituted by a trust deed supplemental to this Trust Deed. In any such case the Issuer and the Guarantors shall prior to the issue of any further Bonds or notes to be so constituted execute and deliver to the Trustee a trust deed supplemental to this Trust Deed (in relation to which all applicable stamp
		

		
			 
		

		
			
		

		
			

		 

		

			-  8  -

		

 

		

		
			duties or other documentation fees, duties or taxes have been paid and, if applicable, duly stamped or denoted accordingly) containing a covenant by the Issuer in the form mutatis mutandis of subclause 2.2 in relation to the principal, premium, interest, (if any) and any other amounts payable in respect of such further Bonds or notes and such other provisions (whether or not  corresponding to any of the provisions contained in this Trust Deed) as the Trustee shall require including making such consequential modifications  to this Trust Deed as the Trustee shall require in order to give effect to such issue of further Bonds or notes.
		

		
			 
		

		
			(c)        A memorandum of every such supplemental trust deed shall be endorsed by the Trustee on this Trust Deed and by the Issuer and the Guarantors on its duplicate of this Trust Deed.
		

		
			 
		

		
			(d)        Whenever it is proposed to create and issue any further Bonds or notes the Issuer shall give to the Trustee not less than 14 days' notice in writing of its intention so to do stating the amount of further Bonds or notes proposed to be created and issued.
		

		
			 
		

		
			3.         FORM AND ISSUE OF BONDS
		

		
			 
		

		
			3.1       The Bonds shall be represented initially by the Global Certificate which the Issuer shall issue to a common depositary for Euroclear and Clearstream, Luxembourg on terms that such common depositary shall hold the same for the account of the persons who would otherwise be entitled to receive the Bonds in definitive form ("Definitive Certificates") and the successors in title to such persons as appearing in the records  of Euroclear and Clearstream, Luxembourg for the time being.
		

		
			 
		

		
			3.2       The Global Certificate shall be printed or typed in the form or substantially in the form set out in Schedule 1 and may be a facsimile. The Global Certificate shall be in the aggregate principal amount of USD 450,000,000 and shall be signed manually or in facsimile by a person duly authorised by the Issuer on behalf of the Issuer and shall be authenticated by or on behalf of the Registrar. The Global Certificate so executed and authenticated shall be a binding and valid obligation of the Issuer and title thereto shall pass by registration of transfer in respect thereof in accordance with the provisions of these presents.
		

		
			 
		

		
			3.3       The Issuer shall issue the Definitive Certificates in exchange for the Global Certificate in limited circumstances and in accordance with the provisions thereof.
		

		
			 
		

		
			3.4       The Bonds in definitive form shall be in registered form and shall be issued in the form or substantially in the form set out in Schedule 2 in the denomination and transferable in units of USD200,000 each or integral multiples thereof, shall be serially numbered and shall be endorsed with a Form of Transfer in the form or substantially in the form also set out in Schedule 2 and with the Conditions. Title to the Bonds in definitive form shall pass upon the registration of transfers in respect thereof in accordance with the provisions of these presents.
		

		
			 
		

		
			3.5       The Definitive Certificates shall be signed manually or in facsimile by an authorised representative of the Issuer on behalf of the Issuer and shall be authenticated by or on behalf of the Registrar.
		

		
			 
		

		
			
		

		
			

		 

		

			-  9  -

		

 

		

		
			3.6       The Issuer may use the facsimile signature of any person who at the date such signature is affixed is a person duly authorised by the Issuer or is an authorised representative of the Issuer as referred to in subclauses 3.2 and 3.5 above notwithstanding that at the time of issue of the Global Certificate or any of the Definitive Certificates, as the case may be, he may have ceased for any reason to be so authorised or to be the holder of such office. The Definitive Certificates so signed shall be binding and valid obligations of the Issuer.
		

		
			 
		

		
			4.         FEES, DUTIES AND TAXES
		

		
			 
		

		
			4.1       The Issuer will pay any stamp, issue, registration, documentary and other similar fees, duties and taxes, including interest and penalties, payable in Belgium, Luxembourg, the United Kingdom, the United States or the Republic of South Africa on or in connection with (a) the execution and delivery of these presents and (b) the constitution and original issue of the Bonds. The Issuer will also pay any stamp, issue, registration, documentary and other similar fees, duties and taxes, including interest and penalties, payable in any relevant jurisdiction on or in connection with any action taken by or on behalf of the Trustee or (where permitted under these presents so to do) any Bondholder to enforce, or to resolve any doubt concerning, or for any other purpose in relation to, these presents.
		

		
			 
		

		
			4.2       The Issuer or relevant Guarantor shall notify the Trustee in the event that it determines that any payment to be made by the Trustee under the Bonds is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated, provided, however, that the Issuer's or relevant Guarantor's obligation under this Clause 4.2 shall apply only to the extent that such payments are so treated by virtue of characteristics of the Issuer, the Bonds or both.
		

		
			 
		

		
			For the purposes of this Clause 4.2, the following terms shall have the following meanings:
		

		
			 
		

		
			"Code" means the US Internal Revenue Code of 1986, as amended; and
		

		
			 
		

		
			"FATCA Withholding" means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto.
		

		
			 
		

		
			5.         COVENANT OF COMPLIANCE AND GUARANTEE
		

		
			 
		

		
			5.1       Each of the Issuer and the Guarantors severally covenants with the Trustee that it will comply with and perform and observe all the provisions of these presents which are expressed to be binding on it. The Conditions shall be binding on the Issuer, the Guarantors and the Bondholders. The Trustee shall be entitled to enforce the obligations of the Issuer and the Guarantors under the Bonds as if the same were set out and contained in the trust deeds constituting the same, which shall be read and construed as one document with the Bonds. The Trustee will hold the benefit of this
		

		
			 
		

		
			
		

		
			

		 

		

			-  10  -

		

 

		

		
			covenant upon trust for itself and the Bondholders according to its and their respective interests.
		

		
			 
		

		
			5.2       Each of the Guarantors hereby irrevocably and unconditionally, jointly and severally and notwithstanding the release of any other guarantor or any other person under the terms of any composition or arrangement with any creditors of the Issuer or any other Subsidiary of the Issuer, guarantees to the Trustee payment in accordance with the provisions of these presents of the principal of and premium (if any) and interest on the Bonds and of any other amounts payable by the Issuer under these presents as and when the same become due and payable.
		

		
			 
		

		
			5.3       If the Issuer fails for any reason whatsoever to pay any such principal, premium interest or other amount payable in accordance with these presents and the Conditions as and when the same become due and payable, the Guarantors shall cause each and every such payment to be made as if the Guarantors instead of the Issuer were expressed to be the primary obligor under these presents and not merely as surety (but without affecting the nature of the Issuer's obligations) to the intent that the holder of the relevant Bond or the Trustee (as the case may be) shall receive the same amounts in respect of principal, premium, interest or such other amount as would have been receivable had such payments been made by the Issuer.
		

		
			 
		

		
			5.4       If any sum which, although expressed to be payable by the Issuer under these presents or the Bonds, is for any reason (whether or not now existing and whether or not now known or becoming known to the Issuer, the Guarantors, the Trustee or any Bondholder) not recoverable from a Guarantor on the basis of a guarantee then (a) it will nevertheless be recoverable from it as if it were the sole principal debtor and will be paid by it to the Trustee on demand and (b) as a separate and additional liability under these presents each Guarantor agrees, on a joint and several basis, as a primary obligation, to indemnify each of the Trustee and each Bondholder in respect of such sum by way of a full indemnity in the manner and currency as is provided for in the Bonds or these presents (as the case may be) and to indemnify, on a joint and several basis, the Trustee and each Bondholder against all losses, claims, costs, charges and expenses to which it may be subject or which it may incur in recovering such sum.
		

		
			 
		

		
			5.5       If any payment received by the Trustee or any Bondholder under the provisions of these presents shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of the Issuer or, without limitation, on any other event) be avoided or set aside for any reason, such payment shall not be considered as discharging or diminishing the liability of the Guarantors and this guarantee shall continue to apply as if such payment had at all times remained owing by the Issuer and the Guarantors shall, on a joint and several basis, indemnify the Trustee and the Bondholders (as the case may be) in respect thereof PROVIDED THAT the obligations of the Issuer and/or the Guarantors under this subclause shall, as regards each payment made to the Trustee or any Bondholder which is avoided or set aside, be contingent upon such payment being reimbursed to the Issuer or other persons entitled through the Issuer.
		

		
			 
		

		
			5.6       Each Guarantor hereby agrees that its obligations under this clause shall be unconditional and that each Guarantor shall be fully liable irrespective of the validity, regularity, legality or enforceability against the Issuer of, or of any defence or counter-claim whatsoever available to the Issuer in relation to, its obligations under these presents, whether or not any action has been taken to enforce the same or any
		

		
			 
		

		
			
		

		
			

		 

		

			-  11  -

		

 

		

		
			judgment obtained against the Issuer, whether or not any of the other provisions of these presents have been modified, whether or not any time, indulgence, waiver, authorisation or consent has been granted to the Issuer by or on behalf of the Bondholders or the Trustee, whether or not any determination has been made by the Trustee pursuant to subclause 19.1, whether or not there have been any dealings or transactions between the Issuer, any of the Bondholders or the Trustee, whether or not the Issuer has been dissolved, liquidated, merged, consolidated, bankrupted or has changed its status, functions, control or ownership, whether or not the Issuer has been prevented from making payment by foreign exchange provisions applicable at its place of registration or incorporation and whether or not any other circumstances have occurred which might otherwise constitute a legal or equitable discharge of or defence to a guarantor. Accordingly the validity of this guarantee shall not be affected by reason of any invalidity, irregularity, illegality or unenforceability of all or any of the obligations of the Issuer under these presents and this guarantee shall not be discharged nor shall the liability of any Guarantor under these presents be affected by any act, thing or omission or means whatever whereby its liability would not have been discharged if it had been the principal debtor.
		

		
			 
		

		
			5.7       Without prejudice to the provisions of subclause 8.1 the Trustee may determine from time to time whether or not it will enforce this guarantee which it may do without making any demand of or taking any proceedings against the Issuer and may from time to time make any arrangement or compromise with any Guarantor in relation to this guarantee which the Trustee may consider expedient in the interests of the Bondholders.
		

		
			 
		

		
			5.8       Each Guarantor waives diligence, presentment, demand of payment, filing of claims with a court in the event of dissolution, liquidation, merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to these presents or the indebtedness evidenced thereby and all demands whatsoever and covenants that this guarantee shall be a continuing guarantee, shall extend to the ultimate balance of all sums payable and obligations owed by the Issuer under these presents, shall not be discharged except by complete performance of the obligations in these presents and is additional to, and not instead of, any security or other guarantee or indemnity at any time existing in favour of any person, whether from such Guarantor or otherwise.
		

		
			 
		

		
			5.9       If any moneys shall become payable by the Guarantors under this guarantee, no Guarantor shall, so long as the same remain unpaid, without the prior written consent of the Trustee:
		

		
			 
		

		
			(a)       in respect of any amounts paid or payable by it under this guarantee, exercise any rights of subrogation or contribution or, without limitation, any other right or remedy which may accrue to it in respect of or as a result of any such payment or any such obligation to make payment; or
		

		
			 
		

		
			(b)       in respect of any other moneys for the time being due to such Guarantor by the Issuer, claim payment thereof or exercise any other right or remedy;
		

		
			 
		

		
			(including in either case claiming the benefit of any security or right of set-off or contribution or, on the liquidation of the Issuer, proving in competition with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or
		

		
			 
		

		
			
		

		
			

		 

		

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			liquidation of the Issuer, any payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, shall be received by any Guarantor before payment in full of all amounts payable under these presents shall have been made to the Bondholders and the Trustee, such payment or distribution shall be received by the relevant Guarantor on trust to pay the same over immediately to the Trustee for application in or towards the payment of all sums due and unpaid under these presents in accordance with Clause 9.
		

		
			 
		

		
			5.10     Until all amounts which may be or become payable by the Issuer under these presents have been irrevocably paid in full, the Trustee may:
		

		
			 
		

		
			(a)        refrain from applying or enforcing any other moneys, security or rights held or received by the Trustee in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise), and the Guarantors shall not be entitled to the benefit of the same; and
		

		
			 
		

		
			(b)        hold in a suspense account any moneys received from any Guarantor or on account of the Guarantors' liability under this guarantee, without liability to pay interest on those moneys.
		

		
			 
		

		
			5.11     The obligations of each Guarantor under these presents constitute direct, unconditional, unsubordinated and (subject to the provisions of Condition 2) unsecured obligations of the relevant Guarantor and rank and will rank at all times equally with all other existing and future unsecured (subject to Condition 2) and unsubordinated indebtedness of the relevant Guarantor, save for such obligations that may be preferred by provisions of law that are mandatory and of general application.
		

		
			 
		

		
			6.         CANCELLATION OF BONDS AND RECORDS
		

		
			 
		

		
			6.1       The Issuer shall procure that all Bonds (a) redeemed, (b) in respect of which Conversion Rights are exercised, (c) purchased and surrendered for cancellation by or on behalf of the Issuer, any Guarantor or any member of the Group, (d) which, being mutilated or defaced, have been surrendered and replaced pursuant to Condition 13 or (e) exchanged as provided in these presents shall forthwith be cancelled by the Principal Paying, Transfer and Conversion Agent and a certificate stating:
		

		
			 
		

		
			(a)        the aggregate principal amount of Bonds which have been redeemed;
		

		
			 
		

		
			(b)        the serial numbers of such Bonds in definitive form (if applicable);
		

		
			 
		

		
			(c)        the aggregate principal amount of Bonds (if any) which have been purchased by or on behalf of the Issuer, any Guarantor or any member of the Group and cancelled and the serial numbers of such Bonds in definitive form; and
		

		
			 
		

		
			(d)       the aggregate principal amounts of Bonds which have been so exchanged or surrendered and replaced and the serial numbers of such Bonds in definitive form
		

		
			 
		

		
			shall be given by the Principal Paying, Transfer and Conversion Agent to the Trustee as soon as practicable and in any event within four months after the date of redemption, purchase, payment, exchange or replacement (as the case may be) takes
		

		
			 
		

		
			
		

		
			

		 

		

			-  13  -

		

 

		

		
			place. The Trustee may accept such certificate as conclusive evidence of redemption, purchase, exchange or replacement pro tanto of the Bonds and of cancellation of the relative Bonds.
		

		
			 
		

		
			6.2       The Issuer shall procure (i) that the Principal Paying, Transfer and Conversion Agent shall keep a full and complete record of all Bonds and of their redemption, cancellation, payment or exchange (as the case may be) and of all replacement Bonds issued in substitution for lost, stolen, mutilated, defaced or destroyed Bonds and (ii) that such records shall be made available to the Trustee at all reasonable times.
		

		
			 
		

		
			7.         ENFORCEMENT
		

		
			 
		

		
			7.1       The Trustee may at any time, at its discretion and without notice, take such proceedings and/or other steps as it may think fit against each of the Issuer and each Guarantor to enforce its obligations under these presents.
		

		
			 
		

		
			7.2       Proof that as regards any specified Bond the Issuer or any of the Guarantors (as the case may be) has made default in paying any amount due in respect of such Bond shall (unless the contrary be proved) be sufficient evidence that the same default has been made as regards all other Bonds in respect of which the relevant amount is due and payable.
		

		
			 
		

		
			8.         ACTION, PROCEEDINGS AND INDEMNIFICATION
		

		
			 
		

		
			8.1       The Trustee shall not be bound to take any action in relation to these presents (including but not limited to the giving of any notice pursuant to Condition 10 or the taking of any proceedings and/or other steps mentioned in subclause 7.1) unless respectively directed or requested to do so (a) by an Extraordinary Resolution or (b) in writing by the holders of at least one-quarter in principal amount of the Bonds then outstanding and in either case then only if it shall be indemnified and/or pre-funded and/or secured to its satisfaction against all Liabilities to which it may render itself liable or which it may incur by so doing.
		

		
			 
		

		
			8.2       Only the Trustee may enforce the provisions of these presents. No Bondholder shall be entitled to proceed directly against the Issuer or the Guarantors to enforce the performance of any of the provisions of these presents unless the Trustee having become bound as aforesaid to take proceedings fails to do so within a reasonable period and such failure is continuing.
		

		
			 
		

		
			9.         APPLICATION OF MONEYS
		

		
			 
		

		
			All moneys received by the Trustee under these presents (including any moneys which represent principal, premium or other amounts payable in respect of Bonds which have become void under Condition 12) shall be held by the Trustee upon trust to apply them (subject to Clause 11):
		

		
			 
		

		
			(a)        First, in payment or satisfaction of all amounts then due and unpaid under Clause 15 to the Trustee and/or any Appointee;
		

		
			 
		

		
			(b)        Secondly, in or towards payment pari passu and rateably of all principal, premium (if any) and other amounts then due and unpaid in respect of the Bonds; and
		

		
			 
		

		
			
		

		
			

		 

		

			-  14  -

		

 

		

		
			(c)        Thirdly, in payment of the balance (if any) to the Issuer (without prejudice to, or liability in respect of, any question as to how such payment to the Issuer shall be dealt with as between the Issuer, the Guarantors and any other person).
		

		
			 
		

		
			Without prejudice to this Clause 9, if the Trustee holds any moneys which represent principal, premium (if any) or other amounts payable in respect of Bonds which have become void or in respect of which claims have been prescribed under Condition 12, the Trustee will hold such moneys on the above trusts.
		

		
			 
		

		
			10.       NOTICE OF PAYMENTS
		

		
			 
		

		
			The Trustee shall give notice to the Bondholders in accordance with Condition 17 of the day fixed for any payment to them under Clause 9. Such payment may be made in accordance with Condition 8 and any payment so made shall be a good discharge to the Trustee.
		

		
			 
		

		
			11.       INVESTMENT BY TRUSTEE
		

		
			 
		

		
			11.1     If the amount of the moneys at any time available for payment in respect of the Bonds under Clause 9 is less than 10 per cent. of the principal amount of the Bonds then outstanding, the Trustee may at its discretion and pending payment invest moneys at any time available for the payment of principal, premium (if any) and other amounts payable on the Bonds until the investments and the accumulations, together with any other funds for the time being under its control and available for such payment, amount to at least 10 per cent. of the principal amount of the Bonds then outstanding and then the accumulated investments shall be applied under Clause 9. All interest and other income deriving from such investments shall be applied first in payment or satisfaction of all amounts then due and unpaid under Clause 15 to the Trustee and/or any Appointee and otherwise held for the benefit of and paid to the Bondholders.
		

		
			 
		

		
			11.2     Any moneys which under the trusts of these presents ought to or may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments or other assets in any part of the world whether or not they produce income or by placing the same on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Trustee may at any time vary any such investments for or into other investments or convert any moneys so deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise.
		

		
			 
		

		
			12.       PARTIAL PAYMENTS
		

		
			 
		

		
			Upon any payment under Clause 9 (other than payment in full against surrender of a Bond) the Bond in respect of which such payment is made shall be produced to the Trustee or the Paying, Transfer and Conversion Agent by or through whom such payment is made and the Trustee shall or shall cause such Paying, Transfer and Conversion Agent to enface thereon a memorandum of the amount and the date of
		

		
			 
		

		
			
		

		
			

		 

		

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			payment but the Trustee may dispense with such production and enfacement upon such indemnity being given as it shall think sufficient.
		

		
			 
		

		
			13.       CONVERSION
		

		
			 
		

		
			13.1     Conversion Right
		

		
			 
		

		
			Subject as provided in the Conditions, the holder of each Bond will have the right (the "Conversion Right") to (i) convert such Bond into fully paid Ordinary Shares (subject to the Issuer's right to make a Cash Settlement Election in accordance with Condition 6.2) or (ii) (if the relevant Conversion Date falls prior to the Share Conversion Start Date) to require the Issuer to make payment to it in U.S. dollars of the relevant Cash Settlement Amount, in each case at any time (subject to any applicable fiscal or other laws or regulations and as provided in the Conditions) during the Conversion Period.
		

		
			 
		

		
			13.2     Undertaking in respect of Conversion Rights
		

		
			 
		

		
			The Issuer unconditionally and irrevocably undertakes to procure the due and punctual delivery/payment (as applicable) of the Cash Settlement Amount (if applicable) and Ordinary Shares (if applicable), in the manner and by the time required by the Conditions, required to be delivered/paid to Bondholders upon exercise of Conversion Rights.
		

		
			 
		

		
			13.3     Adjustment to the Conversion Price
		

		
			 
		

		
			The Issuer hereby undertakes to and covenants with the Trustee that, so long as any of the Bonds remains outstanding, it will whenever the Conversion Price falls to be adjusted pursuant to the Conditions:
		

		
			 
		

		
			(a)        as soon as practicable deliver to the Trustee a certificate signed by two Authorised Signatories (which the Trustee shall be entitled to accept without further enquiry as sufficient evidence of the correctness of the matters therein referred to) setting forth brief particulars of the event giving rise to the adjustment, the adjusted Conversion Price, the date on which the adjustment takes effect and such other particulars and information as the Trustee may reasonably require (provided that the Trustee shall have no duty to monitor or investigate the content of such certificate and shall be entitled to assume that all information contained in such certificate is true, accurate and complete, in all respects); and
		

		
			 
		

		
			(b)        within 14 days thereafter give notice to the Bondholders in accordance with Condition 17 of the adjustment to the Conversion Price.
		

		
			 
		

		
			14.       COVENANTS BY THE ISSUER
		

		
			 
		

		
			So long as any of the Bonds remains outstanding, each of the Issuer and each of the Guarantors severally covenants with the Trustee that it shall:
		

		
			 
		

		
			(a)        so far as permitted by applicable law, give or procure to be given to the Trustee such opinions, certificates, information and evidence as it shall reasonably require to perform its functions and in such form as it shall
		

		
			 
		

		
			
		

		
			

		 

		

			-  16  -

		

 

		

		
			reasonably require (including without limitation the procurement by the Issuer or any Guarantor (as the case may be) of all such certificates called for by the Trustee pursuant to subclause 16(c)) for the purpose of the discharge or exercise of the duties, trusts, powers, authorities and discretions vested in it under these presents or by operation of law;
		

		
			 
		

		
			(b)       at all times keep and procure its Material Subsidiaries to keep proper books of account and, so far as permitted by applicable law, allow and procure its Material Subsidiaries to allow the Trustee and any person appointed by the Trustee to whom the Issuer or the Guarantors has no reasonable objection access to such books of account at all reasonable times during normal business hours;
		

		
			 
		

		
			(c)       send to the Trustee (in addition to any copies to which it may be entitled as a holder of any securities of the Issuer or the Guarantors) two copies in English of every balance sheet, profit and loss account, report, circular and notice of general meeting and every other document issued or sent to its shareholders together with any of the foregoing, and every document issued or sent to holders of securities other than its shareholders (including the Bondholders) as soon as practicable after the issue or publication thereof;
		

		
			 
		

		
			(d)       immediately give notice in writing to the Trustee upon becoming aware of the occurrence of any Event of Default or any Potential Event of Default, De- listing Event or Change of Control;
		

		
			 
		

		
			(e)        give to the Trustee (a) within 14 days after demand by the Trustee therefor and (b) (without the necessity for any such demand) within 14 days from the publication of its annual audited consolidated accounts, a certificate in or substantially in the form set out in Schedule 4 signed by two Authorised Signatories of the Issuer and a certificate in or substantially in the form of the certificate set out in Schedule 4 signed by two Authorised Signatories of each Guarantor to the effect that, to the best of their knowledge, as at a date not more than seven days before the date of such certificate (the "certification date"), there did not exist and had not existed since the certification date of the previous certificate (or in the case of the first such certificate the date hereof) any Event of Default or any Potential Event of Default (or if such exists or existed specifying the same) and that during the period from and including the certification date of the last such certificate (or in the case of the first such certificate the date hereof) to and including the certification date of such certificate the Issuer or the relevant Guarantor (as the case may be) has complied with all its obligations contained in these presents or (if such is not the case) specifying the respects in which it has not complied;
		

		
			 
		

		
			(f)        so far as permitted by applicable law, at all times execute all such further documents, and do all such acts and things as may be necessary in the reasonable opinion of the Trustee to give effect to these presents;
		

		
			 
		

		
			(g)       procure the Principal, Transfer and Conversion Paying Agent to notify the Trustee forthwith in the event that the Principal Paying, Transfer and Conversion Agent does not, on or before the due date for any payment in respect of the Bonds or any of them, receive unconditionally pursuant to the
		

		
			 
		

		
			
		

		
			

		 

		

			-  17  -

		

 

		

		
			Agency Agreement payment of the full amount in the requisite currency of the moneys payable on such due date on all such Bonds;
		

		
			 
		

		
			(h)       in the event of the unconditional payment to the Principal Paying,  Transfer and Conversion Agent or the Trustee of any sum due in respect of the Bonds being made after the due date for payment thereof, forthwith give or procure to be given notice to the Bondholders in accordance with Condition 17 that such payment has been made;
		

		
			 
		

		
			(i)         use all reasonable endeavours to ensure that the Bonds are admitted to the Open Market (Freiverkehr) of the Frankfurt Stock Exchange by no later than the first Interest Payment Date and, once so admitted, to maintain such listing provided in each case that if (in the opinion of the Issuer) obtaining or maintaining such listing is not practicable, the Issuer shall use all reasonable endeavours to obtain and maintain a listing of the Bonds on an alternative stock exchange which would enable the Issuer to make payments of interest in respect of the Bonds free from withholding or deduction for or on account of taxation in South Africa and shall also upon obtaining a quotation or listing of the Bonds on such other stock exchange enter into a trust deed supplemental to this Trust Deed to effect such consequential amendments to these presents as the Trustee may require or as shall be requisite to comply with the requirements of any such stock exchange or securities market;
		

		
			 
		

		
			(j)        give notice or procure such notice is given in accordance with the Agency Agreement to the Bondholders in accordance with Condition 17 of any appointment, resignation or removal of any Paying, Transfer and Conversion Agent or Registrar (other than the appointment of the initial Paying, Transfer and Conversion Agents and Registrar) after having obtained the prior written approval of the Trustee thereto (such approval not to be unreasonably withheld or delayed) or any change of any Paying, Transfer and Conversion Agent's or Registrar's specified office and at least 14 days prior to such event taking effect;
		

		
			 
		

		
			(k)       send to the Trustee, not less than 5 London business days prior to publication, the form of every notice to be given to the Bondholders in accordance with Condition 17 and obtain the prior written approval of the Trustee (other than  in respect of the notice referred to in Clause 13.3(b), which shall not be required to be approved by the Trustee) to, and promptly give to the Trustee two copies of, the final form of every notice to be given to the Bondholders in accordance with Condition 17 (such approval, unless so expressed, not to constitute approval for the purposes of Section 21 of the Financial Services and Markets Act 2000 of the United Kingdom (the "FSMA") of a communication within the meaning of Section 21 of the FSMA));
		

		
			 
		

		
			(l)        if payments of principal, premium or interest in respect of the Bonds by the Issuer or any Guarantor shall become subject generally to the taxing jurisdiction of any territory or any political sub-division or any authority therein or thereof having power to tax other than or in addition to the Republic of South Africa or the United States of America or any such political sub- division or any such authority therein or thereof, immediately upon becoming aware  thereof  notify  the  Trustee  of  such  event  and  (unless  the  Trustee
		

		
			 
		

		
			
		

		
			

		 

		

			-  18  -

		

 

		

		
			otherwise agrees) enter forthwith into a trust deed supplemental to this Trust Deed, giving to the Trustee an undertaking or covenant in form and manner satisfactory to the Trustee in terms corresponding to the terms of Condition 9 with the substitution for (or, as the case may be, the addition to) the references therein to the Republic of South Africa or the United States of America or any political sub-division or any authority therein or thereof having power to tax of references to that other or additional territory or any political sub-division or any authority therein or thereof having power to tax to whose taxing jurisdiction such payments shall have become subject as aforesaid, such supplemental trust deed also (where applicable) to modify Condition 7.3 so that such Condition shall make reference to the other or additional territory, any political sub-division and any authority therein or thereof having power to tax;
		

		
			 
		

		
			(m)      in order to enable the Trustee to ascertain the principal amount of Bonds for the time being outstanding for any of the purposes referred to in the proviso to the definition of outstanding in Clause 1, deliver to the Trustee, as soon as practicable upon being so requested in writing by the Trustee, a certificate in writing signed by two Authorised Signatories setting out the total number of Bonds which are at the date of such certificate held by, for the benefit of, or on behalf of, Issuer, any Guarantor or any member of the Group;
		

		
			 
		

		
			(n)       in the case of the Issuer only, give to the Trustee at the same time as sending to it the certificates referred to in paragraph (e) above, a certificate by two Authorised Signatories listing those Subsidiaries of the Issuer which as at the certification date (as defined in paragraph (e) above) of the relevant certificate given under paragraph (e) above or, as the case may be, as at the first day on which the then latest audited consolidated accounts of the Issuer became available, were Material Subsidiaries for the purposes of the Conditions;
		

		
			 
		

		
			(o)       in the case of the Issuer only, give to the Trustee, as soon as reasonably practicable after the acquisition or disposal of any company which thereby becomes or ceases to be a Material Subsidiary or after any transfer is made to any Subsidiary of the Issuer which thereby becomes a Material Subsidiary, a certificate by two Authorised Signatories to such effect;
		

		
			 
		

		
			(p)       in the case of the Issuer only, give to the Trustee a certificate signed by two Authorised Signatories of the Issuer certifying that the designation of a Subsidiary as an Unrestricted Subsidiary by the Board of Directors of the Issuer complies with the conditions set out in the definition of "Unrestricted Subsidiary" in Condition 3, such certificate to be delivered as soon as reasonably practicable after such designation is made;
		

		
			 
		

		
			(q)       deliver or procure the delivery to the Trustee of an up-to-date copy of the Register in respect of the Bonds, certified as being a true, accurate and complete copy, at such times as the Trustee may reasonably require; and
		

		
			 
		

		
			(r)        comply with and perform all its obligations under the Agency Agreement and use all reasonable endeavours to procure that the Paying, Transfer and Conversion Agents comply with and perform all their respective obligations thereunder and any notice given by the Trustee pursuant to Clause 2.3(a)(i).
		

		
			 
		

		
			
		

		
			

		 

		

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			15.       REMUNERATION AND INDEMNIFICATION OF TRUSTEE
		

		
			 
		

		
			15.1     So long as any Bond is outstanding the Issuer (failing whom, the Guarantors) shall pay the Trustee as remuneration for its services as Trustee such sum on such dates in each case as they may from time to time agree. Such remuneration shall accrue from day to day from the date of this Trust Deed and be payable up to and including the date when, all the Bonds having become due for redemption, the redemption monies and other amounts payable thereon have been paid to the Principal Paying, Transfer and Conversion Agent or the Trustee. However, if any payment to a Bondholder of moneys due in respect of any Bond is improperly withheld or refused, such remuneration shall again accrue as from the date of such withholding or refusal until payment to such Bondholder is duly made.
		

		
			 
		

		
			15.2     In the event of the occurrence of an Event of Default, Potential Event of Default, a Change of Control or a De-Listing Event, the Issuer and the Guarantors hereby agree that the Trustee shall be entitled to be paid additional remuneration calculated at its normal hourly rates in force from time to time. In any other case, if the Trustee finds  it expedient or necessary or is requested by the Issuer or any Guarantor to undertake duties which they agree to be of an exceptional nature or otherwise outside the scope of the Trustee's normal duties under these presents, the Issuer (failing whom, the Guarantors) will pay such additional remuneration as they may agree (and which may be calculated by reference to the Trustee's normal hourly rates in force from time to time).
		

		
			 
		

		
			15.3     The Issuer (failing whom, the Guarantors) shall, subject to receiving supporting evidence, in addition pay to the Trustee an amount equal to the amount of any value added tax or similar tax properly chargeable in respect of its remuneration under these presents which the Trustee determines is not otherwise recoverable.
		

		
			 
		

		
			15.4     In the event of the Trustee and the Issuer or, as the case may be, the Guarantors failing to agree:
		

		
			 
		

		
			(a)        (in a case to which subclause 15.1 above applies) upon the amount of the remuneration; or
		

		
			 
		

		
			(b)        (in a case to which subclause 15.2 above applies) upon whether such duties shall be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under these presents, or upon such additional remuneration,
		

		
			 
		

		
			such matters shall be determined by an investment bank of international repute (acting as an expert and not as an arbitrator) selected by the Trustee and approved by the Issuer or, as the case may be, the Guarantors or, failing such approval, nominated (on the application of the Trustee) by the President for the time being of The Law Society of England and Wales (the expenses involved in such nomination and the fees of such investment bank being payable by the Issuer or, as the case may be, the Guarantors) and the determination of any such investment bank shall be final and binding upon the Trustee, the Issuer and the Guarantors.
		

		
			 
		

		
			15.5     Subject to Clause 17 and without prejudice to the right of indemnity by law given to trustees, each of the Issuer and the Guarantors shall severally indemnify the Trustee
		

		
			 
		

		
			
		

		
			

		 

		

			-  20  -

		

 

		

		
			and every Appointee and keep it or him indemnified against all Liabilities properly incurred by it or him in the preparation and execution or purported execution of any  of its or his trusts, powers, authorities and discretions under these presents or in respect of any other matter or thing done or omitted in any way relating to these presents (including all Liabilities incurred in disputing or defending any of the foregoing).
		

		
			 
		

		
			15.6     The Issuer (failing whom, the Guarantors) shall also pay or discharge all Liabilities properly incurred by the Trustee in relation to the preparation and execution of, the exercise of its powers and the performance of its duties under these presents, including but not limited to properly incurred legal and travelling expenses and any stamp, issue, registration, documentary and other taxes or duties properly paid or payable by the Trustee in connection with any legal proceedings properly brought or contemplated by the Trustee against the Issuer to enforce any provision of these presents.
		

		
			 
		

		
			15.7     All amounts payable pursuant to subclauses 15.5 and 15.6 above shall be payable by the Issuer (failing whom, the Guarantors) within 14 days of demand by the Trustee  and in the case of payments actually made by the Trustee prior to such demand shall (if not paid within seven days of such demand) carry interest at the rate of 1.5 per cent. per annum above the Base Rate (on the date on which payment was made by the Trustee) of National Westminster Bank Plc from the date such demand is made, and  in all other cases shall (if not paid within 30 days after the date of such demand) carry interest at such rate from such thirtieth day.
		

		
			 
		

		
			15.8     Each of Issuer and the Guarantors hereby further undertakes to the Trustee that all monies payable by the Issuer to the Trustee under Clauses 15.1, 15.5, 15.6 and 15.7 shall be made without set-off, counterclaim, deduction for, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or within any relevant jurisdiction or any authority therein or thereof having power to tax, or withholding unless such withholding or deduction is required by law in which event the Issuer (or, as the case may be, the relevant Guarantor) will pay such additional amounts as will result in the receipt by the Trustee of the amounts which would otherwise have been payable by the Issuer (or, as the case may be, the relevant Guarantor) to the Trustee under Clauses 15.1, 15.5, 15.6 and 15.7 in the absence of any such set-off, counterclaim, deduction or withholding.
		

		
			 
		

		
			15.9     If the Issuer pays to the Trustee any additional amount pursuant to Clause 15.8, the Trustee shall, as soon as reasonably practicable upon becoming aware of having received a credit for or a refund of tax, by reason of the relevant withholding or deduction in respect of which such additional amount pursuant to Clause 15.8 was paid, use its reasonable endeavours to reimburse the Issuer in an amount up to the amount of such credit or refund. The Issuer acknowledges that, to the extent the Trustee receives a partial credit or partial refund, the amount payable to the Issuer may be reduced to reflect such partial refund or partial credit.
		

		
			 
		

		
			15.10   Unless otherwise specifically stated in any discharge of these presents clauses 15.5, 15.6 and 15.7 shall continue in full force and effect notwithstanding such discharge.
		

		
			 
		

		
			16.       SUPPLEMENT TO TRUSTEE ACTS
		

		
			 
		

		
			
		

		
			

		 

		

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			Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by these presents. Where there are any inconsistencies between the Trustee Acts and the provisions of these presents, the provisions of these presents shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of these presents shall constitute a restriction or exclusion for the purposes of that Act. The Trustee shall have all the powers conferred upon trustees by the Trustee Acts and by way of supplement thereto it is expressly declared as follows:
		

		
			 
		

		
			(a)        The Trustee may in relation to these presents act on the advice or opinion of or any information (whether addressed to the Trustee or not) obtained from any lawyer, valuer, accountant, surveyor, banker, broker, auctioneer or other expert whether obtained by the Issuer, any Guarantor, the Trustee or otherwise and shall not be responsible for any Liability occasioned by so acting.
		

		
			 
		

		
			(b)        Any such advice, opinion or information may be sent or obtained by letter, facsimile transmission or email and the Trustee shall not be liable for acting in good faith on any advice, opinion or information purporting to be conveyed by any such letter, facsimile transmission or email although the same shall contain some error or shall not be authentic and regardless of any cap on liability (whether monetary or otherwise) contained in any terms of engagement or within such advice.
		

		
			 
		

		
			(c)        The Trustee may call for and shall be at liberty to accept as sufficient evidence of any fact or matter or the expediency of any transaction or thing a certificate signed by two Authorised Signatories of the Issuer and/or by two Authorised Signatories of any Guarantor and the Trustee shall not be bound in any such case to call for further evidence or be responsible for any Liability that may be occasioned by it or any other person acting on such certificate.
		

		
			 
		

		
			(d)        The Trustee shall be at liberty to hold these presents and any other documents relating thereto or to deposit them in any part of the world with any banker or banking company or company whose business includes undertaking the safe custody of documents or lawyer or firm of lawyers considered by the Trustee to be of good repute and the Trustee shall not be responsible for or required to insure against any Liability incurred in connection with any such holding or deposit and may pay all sums required to be paid on account of or in respect of any such deposit.
		

		
			 
		

		
			(e)        The Trustee shall not be responsible for the receipt or application of the proceeds of the issue of any of the Bonds by the Issuer, the exchange of the Global Certificate for Definitive Certificates or the delivery of the Global Certificate or Definitive Certificates to the person(s) entitled to it or them.
		

		
			 
		

		
			(f)        The Trustee shall not be bound to give notice to any person of the execution of any documents comprised or referred to in these presents or to take any steps to ascertain whether any Event of Default, Potential Event of Default, Change of Control or a De-Listing Event has happened and, until it shall have written notice pursuant to these presents to the contrary, the Trustee shall be entitled to assume that no Event of Default, Potential Event of Default, Change of Control or a De-Listing Event has happened and that the Issuer and the
		

		
			 
		

		
			
		

		
			

		 

		

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			Guarantors are observing and performing all their respective obligations under these presents.
		

		
			 
		

		
			(g)       Save as expressly otherwise provided in these presents, the Trustee shall have absolute and uncontrolled discretion as to the exercise or non-exercise of its trusts, powers, authorities and discretions under these presents (the exercise or non-exercise of which as between the Trustee and the Bondholders shall be conclusive and binding on the Bondholders) and shall not be responsible for any Liability which may result from their exercise or non-exercise and in particular the Trustee shall not be bound to act at the request or direction of  the Bondholders under any provision of these presents or to take at such request or direction or otherwise any other action under any provision of these presents, without prejudice to the generality of subclause 8.1, unless it shall first be indemnified and/or prefunded and/or secured to its satisfaction against all Liabilities to which it may render itself liable or which it may incur by so doing and the Trustee shall incur no liability for refraining to act in such circumstances.
		

		
			 
		

		
			(h)       The Trustee shall not be liable to any person by reason of having acted in good faith upon any Extraordinary Resolution in writing or any Extraordinary Resolution or other resolution purporting to have been passed at any meeting of Bondholders in respect whereof minutes have been made and signed or any direction or request of Bondholders even though subsequent to its acting it may be found that there was some defect in the constitution of the meeting or the passing of the resolution or (in the case of an Extraordinary Resolution in writing, a direction or request) it was not signed by the requisite number of Bondholders or (in the case of an Extraordinary Resolution passed by electronic consents received through the relevant Clearing System(s)) it was not approved by the requisite number of Bondholders or that for any reason the resolution, direction or request was not valid or binding upon such Bondholders.
		

		
			 
		

		
			(i)        The Trustee shall not be liable to any person by reason of having accepted as valid or not having rejected any Bond purporting to be such and subsequently found to be forged or not authentic.
		

		
			 
		

		
			(j)        Any consent or approval given by the Trustee for the purposes of these presents may be given on such terms and subject to such conditions (if any) as the Trustee thinks fit and notwithstanding anything to the contrary in these presents may be given retrospectively. The Trustee may give any consent or approval, exercise any power, authority or discretion or take any similar action (whether or not such consent, approval, power, authority, discretion or action is specifically referred to in these presents) if it is satisfied that the interests of the Bondholders will not be materially prejudiced thereby. For the avoidance of doubt, the Trustee shall not have any duty to the Bondholders in relation to such matters other than that which is contained in the preceding sentence.
		

		
			 
		

		
			(k)       The Trustee shall not (unless and to the extent ordered so to do by a court of competent jurisdiction) be required to disclose to any Bondholder any information (including, without limitation, information of a confidential, financial or price sensitive nature) made available to the Trustee by the Issuer,
		

		
			 
		

		
			
		

		
			

		 

		

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			any Guarantor or any other person in connection with these presents and no Bondholder shall be entitled to take any action to obtain from the Trustee any such information.
		

		
			 
		

		
			(l)        Where it is necessary or desirable for any purpose in connection with these presents to convert any sum from one currency to another it shall (unless otherwise provided by these presents or required by law) be converted at such rate or rates, in accordance with such method and as at such date for the determination of such rate of exchange, as may be determined by the Trustee and any rate, method and date so determined shall be binding on the Issuer, the Guarantors and the Bondholders.
		

		
			 
		

		
			(m)      The Trustee as between itself and the Bondholders may determine all questions and doubts arising in relation to any of the provisions of these presents. Every such determination, whether or not relating in whole or in part to the acts or proceedings of the Trustee, shall be conclusive and shall bind the Trustee and the Bondholders.
		

		
			 
		

		
			(n)       In connection with the exercise by it of any of its trusts, powers, authorities and discretions under these presents (including, without limitation, any modification, waiver, authorisation, determination or substitution), the Trustee shall have regard to the general interests of the Bondholders as a class and shall not have regard to any interests arising from circumstances particular to individual Bondholders (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of any such exercise for individual Bondholders (whatever their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political sub-division thereof and the Trustee shall not be entitled to require, nor shall any Bondholder be entitled to claim, from the Issuer, the Guarantors, the Trustee or any other person any indemnification or payment in respect of any tax consequence of any such exercise upon individual Bondholders except to the extent already provided for in Condition 9 and/or any undertaking given in addition thereto or in substitution therefor under these presents.
		

		
			 
		

		
			(o)       Any trustee of these presents being a lawyer, accountant, broker or other person engaged in any profession or business shall be entitled to charge and be paid all usual professional and other charges for business transacted and acts done by him or his firm in connection with the trusts of these presents and also his properly incurred charges in addition to disbursements for all other work and business done and all time spent by him or his firm in connection with matters arising in connection with these presents.
		

		
			 
		

		
			(p)       Whenever it considers it expedient in the interests of the Bondholders, the Trustee may delegate to any person on any terms (including power to sub- delegate with the consent of the Trustee) all or any of its functions, and within a reasonable time thereafter inform the Issuer and the Guarantors of such delegation.
		

		
			 
		

		
			(q)       Whenever it considers it expedient in the interests of the Bondholders, the Trustee may in the conduct of the trusts of these presents instead of acting
		

		
			 
		

		
			
		

		
			

		 

		

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			personally employ and pay an agent (whether being a lawyer or other professional person) to transact or conduct, or concur in transacting or conducting, any business and to do, or concur in doing, all acts required to be done in connection with these presents (including the receipt and payment of money).
		

		
			 
		

		
			(r)        The Trustee may appoint and pay any person to act as a custodian or nominee on any terms in relation to such assets of the trusts constituted by these presents as the Trustee may determine, including for the purpose of depositing with a custodian these presents or any document relating to the trusts constituted by these presents.
		

		
			 
		

		
			(s)        If the Trustee exercises reasonable care in selecting any custodian, agent, delegate or nominee (an "Appointee"), it will not have any obligation to supervise the Appointee or be responsible for any loss, liability, cost, claim, action, demand or expense incurred by reason of the Appointee's misconduct or default or the misconduct or default of any substitute appointed by the Appointee.
		

		
			 
		

		
			(t)        The Trustee shall not be responsible for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of these presents or any other document relating or expressed to be supplemental thereto and shall not be liable for any failure to obtain any licence, consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of these presents or any other document relating or expressed to be supplemental thereto.
		

		
			 
		

		
			(u)       The Trustee may call for any certificate or other document to be issued by Euroclear or Clearstream, Luxembourg as to the principal amount of Bonds represented by the Global Certificate standing to the account of any person. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear's EUCLID or Clearstream, Luxembourg's Cedcom system) in accordance with its usual procedures and in which the holder of a particular principal amount  of Bonds is clearly identified together with the amount of such holding. The Trustee shall not be liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by Euroclear or Clearstream, Luxembourg and subsequently found to be forged or not authentic.
		

		
			 
		

		
			(v)       The Trustee shall not be responsible to any person for failing to request, require or receive any legal opinion relating to the Bonds or for checking or commenting upon the content of any such legal opinion and shall not be responsible for any Liability incurred thereby.
		

		
			 
		

		
			(w)       Any corporation into which the Trustee shall be merged or with which it shall be consolidated or any company resulting from any such merger or consolidation shall be a party hereto and shall be the Trustee under these
		

		
			 
		

		
			
		

		
			

		 

		

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			presents without executing or filing any paper or document or any further act on the part of the parties thereto.
		

		
			 
		

		
			(x)       The Trustee shall not be bound to take any action in connection with these presents or any obligations arising pursuant thereto, including, without prejudice to the generality of the foregoing, forming any opinion or employing any financial adviser, where it is not reasonably satisfied that it will be indemnified against all Liabilities which may be incurred in connection with such action and may demand prior to taking any such action that there be paid to it in advance such sums as it reasonably considers (without prejudice to any further demand) shall be sufficient so to indemnify it.
		

		
			 
		

		
			(y)       No provision of these presents shall require the Trustee to do anything which (i)  would be illegal or contrary to applicable law or regulation or any internal policy or procedure relating to "know your customer" or anti-money laundering checks; or (ii) would cause it to expend or risk its own funds or otherwise incur any Liability in the performance of any of its duties or in the exercise of any of its rights, powers or discretions (including obtaining any advice which it might otherwise have thought appropriate or desirable to obtain), if it shall believe that repayment of such funds or adequate indemnity against such risk or Liability is not reasonably assured to it.
		

		
			 
		

		
			(z)       When determining whether an indemnity or any security or pre-funding is satisfactory to it, the Trustee shall be entitled to evaluate its risk in any given circumstance by considering the worst-case scenario and, for this purpose, it may take into account, without limitation, the potential costs of defending or commencing proceedings in England or elsewhere and the risk, however remote, of any award of damages against it in England or elsewhere.
		

		
			 
		

		
			(aa)     The Trustee shall be entitled to require that any indemnity or security given to it by the Bondholders or any of them be given on a joint and several basis and be supported by evidence satisfactory to it as to the financial standing and creditworthiness of each counterparty and/or as to the value of the security and an opinion as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security.
		

		
			 
		

		
			(bb)     Unless notified to the contrary, the Trustee shall be entitled to assume without enquiry (other than requesting a certificate pursuant to subclause 14(m)) that no Bonds are held by, for the benefit of, or on behalf of, the Issuer, any Guarantor or any member of the Group.
		

		
			 
		

		
			(cc)     The Trustee shall not be responsible for, or for investigating any matter which is the subject of, any recital, statement, representation, warranty or covenant of any person contained in these presents, or any other agreement or document relating to the transactions contemplated in these presents or under such other agreement or document.
		

		
			 
		

		
			(dd)      If the Issuer or any Guarantor requests the Trustee to act on instructions or directions delivered by fax, email or any other unsecured method of communication or any instructions or directions delivered through BNY
		

		
			 
		

		
			
		

		
			

		 

		

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			Mellon Connect CIDD, Neken or any alternative electronic platform used to submit instructions, the Trustee shall have:
		

		
			 
		

		
			(i)        no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorised to give instructions or directions on behalf of the Issuer or (as applicable) the relevant Guarantor, and
		

		
			 
		

		
			(ii)       no liability for any losses, liabilities, costs or expenses incurred or sustained by the Issuer or (as applicable) the relevant Guarantor as a result of such reliance upon or compliance with such instructions or directions.
		

		
			 
		

		
			(ee)      Subject as otherwise provided in these presents, the Trustee has: (i) no responsibility to (x) monitor compliance by any other party; or (y) take any steps to ascertain whether any relevant event under these presents or the Conditions has occurred, and (ii) no liability to any person for any loss arising from any breach by that party or any such event.
		

		
			 
		

		
			(ff)      The Trustee shall not at any time be under any duty or responsibility to any Bondholder to determine whether any facts exist which may require any adjustment of the Conversion Price or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed, or in this Trust Deed provided to be employed, in making the same and will not be responsible or liable to the Bondholders or any other person for any loss arising from any failure by it to do so. The Trustee shall not at any time be under any duty or responsibility in respect of the validity or value (or the kind of amount) of Ordinary Shares or of any other securities, property or cash, which may at any time be made available or delivered upon the conversion of any Bond; and it makes no representation with respect thereto. The Trustee shall not be responsible for any failure of the Issuer to make available or deliver any Ordinary Shares, share certificates or other securities or property or make any payment upon the exercise of the Conversion Right in respect of any Bond or of the Issuer to comply with any of the covenants contained in this Trust Deed.
		

		
			 
		

		
			(gg)     The Trustee assumes no responsibility for ascertaining whether or not (i) a  breach of any of the undertakings in Condition 11 shall have occurred or (ii) any such breach shall have been rectified or (iii) any adjustment falls to be made to the Conversion Price as a result thereof and shall have no liability to any person for not so doing. Unless and until the Trustee has actual knowledge of any of the above events it shall be entitled to assume that no such event has occurred. Subject as otherwise provided in these presents, the Trustee shall not be liable for any loss arising from any determination or calculation made pursuant to the Conditions or from any failure or delay in making any such determination or calculation.
		

		
			 
		

		
			(hh)     The Trustee has no responsibility for the accuracy or otherwise of any determination made by an Independent Adviser pursuant to the Conditions.
		

		
			 
		

		
			17.       TRUSTEE'S LIABILITY
		

		
			 
		

		
			
		

		
			

		 

		

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			Subject to Section 750 of the Companies Act 2006 (if applicable) and notwithstanding anything to the contrary in these presents, the Trustee shall not be liable to any person for any matter or thing done or omitted in any way in connection with these presents save in relation to its own negligence, wilful default or fraud.
		

		
			 
		

		
			Notwithstanding any provision of these present to the contrary, under no circumstances will the Trustee be liable for any consequential loss (being loss of business, goodwill, reputation, opportunity or profit) or any special or punitive damages of any kind whatsoever in each case however caused or arising and whether or not foreseeable, even if advised as to the possibility of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, breach of contract, duty or otherwise.
		

		
			 
		

		
			18.       TRUSTEE CONTRACTING WITH THE ISSUER AND THE GUARANTORS
		

		
			 
		

		
			Neither the Trustee nor any director or officer or holding company, subsidiary or associated company of a corporation acting as a trustee under these presents shall by reason of its or his fiduciary position be in any way precluded from:
		

		
			 
		

		
			(a)        entering into or being interested in any contract or financial or other transaction or arrangement with the Issuer or any Guarantor or any person or body corporate associated with the Issuer or any Guarantor (including without limitation any contract, transaction or arrangement of a banking or insurance nature or any contract, transaction or arrangement in relation to the making of loans or the provision of financial facilities or financial advice to, or the purchase, placing or underwriting of or the subscribing or procuring subscriptions for or otherwise acquiring, holding or dealing with, or acting as paying, transfer and conversion agent in respect of, the Bonds or any other bonds, notes, stocks, shares, debenture stock, debentures or other securities of, the Issuer or any Guarantor or any person or body corporate associated as aforesaid); or
		

		
			 
		

		
			(b)        accepting or holding the trusteeship of any other trust deed constituting or securing any other securities issued by or relating to the Issuer or any Guarantor or any such person or body corporate so associated or any other office of profit under the Issuer or any Guarantor or any such person or body corporate so associated,
		

		
			 
		

		
			and shall be entitled to exercise and enforce its rights, comply with its obligations and perform its duties under or in relation to any such contract, transaction or arrangement as is referred to in (a) above or, as the case may be, any such trusteeship or office of profit as is referred to in (b) above without regard to the interests of the Bondholders and notwithstanding that the same may be contrary or prejudicial to the interests of the Bondholders and shall not be responsible for any Liability occasioned to the Bondholders thereby and shall be entitled to retain and shall not be in any way liable to account for any profit made or share of brokerage or commission or remuneration or other amount or benefit received thereby or in connection therewith.
		

		
			 
		

		
			Where any holding company, subsidiary or associated company of the Trustee or any director or officer of the Trustee acting other than in his capacity as such a director or officer has any information, the Trustee shall not thereby be deemed also to have
		

		
			 
		

		
			
		

		
			

		 

		

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			knowledge of such information and, unless it shall have actual knowledge of such information, shall not be responsible for any loss suffered by Bondholders resulting from the Trustee's failing to take such information into account in acting or refraining from acting under or in relation to these presents.
		

		
			 
		

		
			19.       WAIVER, AUTHORISATION AND DETERMINATION
		

		
			 
		

		
			19.1    The Trustee may without the consent or sanction of the Bondholders and without prejudice to its rights in respect of any subsequent breach, Event of Default or Potential Event of Default from time to time and at any time but only if and in so far as in its opinion the interests of the Bondholders shall not be materially prejudiced thereby waive or authorise any breach or proposed breach by the Issuer or either Guarantor of any of the covenants or provisions contained in these presents, the Agency Agreement or any deed or agreement supplemental to these presents or the Agency Agreement or determine that any Event of Default or Potential Event of Default shall not be treated as such for the purposes of these presents PROVIDED ALWAYS THAT the Trustee shall not exercise any powers conferred on it by this clause in contravention of any express direction given by Extraordinary Resolution or by a request under Condition 15 but so that no such direction or request shall affect any waiver, authorisation or determination previously given or made. Any such waiver, authorisation or determination may be given or made on such terms and subject to such conditions (if any) as the Trustee may determine, shall be binding on the Bondholders and unless the Trustee agrees otherwise, shall be notified by the Issuer to the Bondholders in accordance with Condition 17 as soon as practicable thereafter.
		

		
			 
		

		
			MODIFICATION
		

		
			 
		

		
			19.2    The Trustee may without the consent or sanction of the Bondholders at any time and from time to time concur with the Issuer and the Guarantors in making any modification (i) to these presents, the Agency Agreement and any deed or agreement supplemental to these presents or the Agency Agreement (other than the proviso to paragraph 7 of Schedule 3 or any matters referred to in that proviso) PROVIDED THAT the Trustee is of the opinion that such modification will not be materially prejudicial to the interests of the Bondholders or (ii) to these presents, the Agency Agreement and any deed or agreement supplemental to these presents or the Agency Agreement if in the opinion of the Trustee such modification is of a formal, minor or technical nature or to correct a manifest error. Any such modification may be made on such terms and subject to such conditions (if any) as the Trustee may determine, shall be binding upon the Bondholders and, unless the Trustee agrees otherwise, shall be notified by the Issuer to the Bondholders in accordance with Condition 17 as soon as practicable thereafter.
		

		
			 
		

		
			20.     ENTITLEMENT TO TREAT HOLDER AS ABSOLUTE OWNER
		

		
			 
		

		
			The Issuer, the Guarantors, the Trustee, the Paying, Transfer and Conversion Agents and the Registrar may (to the fullest extent permitted by applicable laws) deem and treat the holder of any Bond or of a particular principal amount of the Bonds as the absolute owner of such Bond or principal amount for all purposes (whether or not such Bond or principal amount shall be overdue and notwithstanding any notice of ownership thereof or of trust or other interest with regard thereto, any notice of loss or
		

		
			 
		

		
			
		

		
			

		 

		

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			theft thereof or any writing thereon), and the Issuer, the Guarantors, the Trustee, the Paying, Transfer and Conversion Agents and the Registrar shall not be affected by any notice to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy and discharge the liability for the moneys payable in respect of such Bond or principal amount.
		

		
			 
		

		
			21.       SUBSTITUTION
		

		
			 
		

		
			21.1
		

		
			(a)       The Trustee may without the consent of the Bondholders at any time agree  with the Issuer and the Guarantors to the substitution in place of the Issuer (or of the previous substitute under this clause) as the principal debtor under these presents of any Subsidiary; or (ii) (in the case of a Newco Scheme) of Newco (such substituted company being hereinafter called the "Substituted Obligor") provided that a trust deed is executed or some other form of undertaking is given by the Substituted Obligor in form and manner satisfactory to the Trustee, agreeing to be bound by the provisions of these presents with any consequential amendments which the Trustee may deem appropriate as  fully  as if the Substituted Obligor had been named in these presents as the principal debtor in place of the Issuer (or of  the previous substitute under the clause)  and provided further that the Issuer and each Guarantor (save in the case of a Guarantor which is the Substituted Obligor), jointly and severally, unconditionally and irrevocably guarantees all amounts payable in respect of the Bonds under these presents and the Bonds continue to be convertible or exchangeable into Ordinary Shares or the ordinary shares in the Newco  mutatis mutandis as provided in these presents to the satisfaction of the  Trustee.
		

		
			 
		

		
			(b)       The following further conditions shall apply to (a) above:
		

		
			 
		

		
			(i)        the Issuer, the Guarantors and the Substituted Obligor shall comply with such other requirements as the Trustee may reasonably direct in the interests of the Bondholders;
		

		
			 
		

		
			(ii)       where the Substituted Obligor is incorporated, domiciled or resident in, or subject generally to the taxing jurisdiction of, a territory other than or in addition to the Republic of South Africa or the United States of America or any political sub-division or any authority therein or thereof having power to tax, undertakings or covenants shall be given by the Substituted Obligor in terms corresponding to the provisions of Condition 9 with the substitution for (or, as the case may be, the addition to) the references to the Republic of South Africa or the United States of America of references to that other or additional territory in which the Substituted Obligor is incorporated, domiciled or resident or to whose taxing jurisdiction it is subject and (where applicable) Condition 7.3 shall be modified accordingly;
		

		
			 
		

		
			(iii)      other than in the case of a Newco Scheme, without prejudice to the rights of reliance of the Trustee under the immediately following paragraph (iv), the Trustee is satisfied that the substitution is not materially prejudicial to the interests of the Bondholders; and
		

		
			 
		

		
			
		

		
			

		 

		

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			(iv)      other than in the case of a Newco Scheme, if two Authorised Signatories of the Substituted Obligor shall certify that the Substituted Obligor is solvent both at the time at which the relevant transaction is proposed to be effected and immediately thereafter (on which certificate the Trustee may rely upon absolutely) the Trustee shall not be under any duty to have regard to the financial condition, profits or prospects of the Substituted Obligor or to compare the same with those of the Issuer or the previous substitute under this clause as applicable.
		

		
			 
		

		
			21.2    Any such trust deed or undertaking shall, if so expressed, operate to release the Issuer  or the previous substitute as aforesaid from all of its obligations as principal debtor under these presents. Not later than 14 days after the execution of such documents and compliance with such requirements, the Substituted Obligor shall give notice thereof in a form previously approved by the Trustee to the Bondholders in the manner provided in Condition 17. Upon the execution of such documents and compliance with such requirements, the Substituted Obligor shall be deemed to be named in these presents as the principal debtor in place of the Issuer (or in place of the previous substitute under this clause) under these presents and these presents shall be deemed to be modified in such manner as shall be necessary to give effect to the above provisions and, without limitation, references in these presents to the Issuer shall, unless the context otherwise requires, be deemed to be or include references to the Substituted Obligor.
		

		
			 
		

		
			22.       CURRENCY INDEMNITY
		

		
			 
		

		
			Each of Issuer and the Guarantors shall severally indemnify the Trustee, every Appointee and the Bondholders and keep them indemnified against:
		

		
			 
		

		
			(a)       any Liability incurred by any of them arising from the non-payment by the Issuer or the Guarantors of any amount due to the Trustee or the Bondholders under these presents by reason of any variation in the rates of exchange between those used for the purposes of calculating the amount due under a judgment or order in respect thereof and those prevailing at the date of actual payment by the Issuer or the Guarantors; and
		

		
			 
		

		
			(b)       any deficiency arising or resulting from any variation in rates of exchange between (i) the date as of which the local currency equivalent of the amounts due or contingently due under these presents (other than this clause) is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Issuer or the Guarantors and (ii) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be reduced by any variation in rates of exchange occurring between the said final date and the date of any distribution of assets in connection with any such bankruptcy, insolvency or liquidation.
		

		
			 
		

		
			The above indemnities shall constitute obligations of the Issuer and the Guarantors separate and independent from their obligations under the other provisions of these presents and shall apply irrespective of any indulgence granted by the Trustee or the Bondholders from time to time and shall continue in full force and effect notwithstanding the judgment or filing of any proof or proofs in any bankruptcy, insolvency or liquidation of the Issuer or any Guarantor for a liquidated sum or sums
		

		
			 
		

		
			
		

		
			

		 

		

			-  31  -

		

 

		

		
			in respect of amounts due under these presents (other than this clause). Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Bondholders and no proof or evidence of any actual loss shall be required by the Issuer or the Guarantors or their liquidator or liquidators.
		

		
			 
		

		
			23.       NEW TRUSTEE
		

		
			 
		

		
			23.1     The power to appoint a new trustee of these presents shall, subject as hereinafter provided, be vested in the Issuer but no person shall be appointed who shall not previously have been approved by an Extraordinary Resolution. One or more persons may hold office as trustee or trustees of these presents but such trustee or trustees shall be or include a Trust Corporation. Whenever there shall be more than two trustees of these presents the majority of such trustees shall be competent to execute and exercise all the duties, powers, trusts, authorities and discretions vested in the Trustee by these presents provided that a Trust Corporation shall be included in such majority. Any appointment of a new trustee of these presents shall as soon as practicable thereafter be notified by the Issuer to the Principal Paying, Transfer and Conversion Agent, the Registrar and the Bondholders.
		

		
			 
		

		
			SEPARATE AND CO-TRUSTEES
		

		
			 
		

		
			23.2     Notwithstanding the provisions of subclause 23.1 above, the Trustee may, upon giving prior notice to the Issuer and the Guarantors (but without the consent of the Issuer, the Guarantors or the Bondholders), appoint any person established or resident in any jurisdiction (whether a Trust Corporation or not) to act either as a separate trustee or as a co-trustee jointly with the Trustee:
		

		
			 
		

		
			(a)       if the Trustee considers such appointment to be in the interests of the Bondholders;
		

		
			 
		

		
			(b)       for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act or acts is or are to be performed; or
		

		
			 
		

		
			(c)       for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction of either a judgment already obtained or any of the provisions of these presents against the Issuer and/or the Guarantors.
		

		
			 
		

		
			Each of the Issuer and the Guarantors irrevocably appoints the Trustee to be its attorney in its name and on its behalf to execute any such instrument of appointment. Such a person shall (subject always to the provisions of these presents) have such trusts, powers, authorities and discretions (not exceeding those conferred on the Trustee by these presents) and such duties and obligations as shall be conferred or imposed by the instrument of appointment. The Trustee shall have power in like manner to remove any such person. Such reasonable remuneration as the Trustee may pay to any such person, together with any attributable Liabilities incurred by it in performing its function as such separate trustee or co-trustee, shall for the purposes of these presents be treated as Liabilities incurred by the Trustee.
		

		
			 
		

		
			
		

		
			

		 

		

			-  32  -

		

 

		

		
			24.       TRUSTEE'S RETIREMENT AND REMOVAL
		

		
			 
		

		
			24.1     A trustee of these presents may retire at any time on giving not less than 90 days' prior written notice to the Issuer and the Guarantors without giving any reason and without being responsible for any Liabilities incurred by reason of such retirement. The Bondholders may by Extraordinary Resolution remove any trustee or trustees for the time being of these presents. Each of the Issuer and the Guarantors undertakes that in the event of the only trustee of these presents which is a Trust Corporation (for the avoidance of doubt, disregarding for this purpose any separate or co-trustee appointed under subclause 23.2) giving notice under this clause or being removed by Extraordinary Resolution it will use all reasonable endeavours to procure that a new trustee of these presents being a Trust Corporation is appointed as soon as reasonably practicable thereafter. The retirement or removal of any such trustee shall not become effective until a successor trustee being a Trust Corporation is appointed. If, in such circumstances, no appointment of such a new trustee has become effective prior to the expiry of such notice or within 90 days of the date of such Extraordinary Resolution, the Trustee shall be entitled to appoint a Trust Corporation as trustee of these presents.
		

		
			 
		

		
			24.2     The appointment of the Trustee will forthwith terminate if at any time it becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver, administrator or other similar official of all or any substantial part of its property or admits in writing its inability to pay or meet its debts as they mature or suspends payments thereof, or if a resolution is passed or an order made for the winding up or dissolution of the Trustee, or if a receiver, administrator  or other similar official of the Trustee or all or any substantial part of its property is appointed. Each of the Issuer and the Guarantor will use all reasonable endeavours to procure that a new trustee of these presents being a Trust Corporation is appointed as soon as reasonably practicable following such termination and such new Trustee must be approved by Extraordinary Resolution.
		

		
			 
		

		
			25.       TRUSTEE'S POWERS TO BE ADDITIONAL
		

		
			 
		

		
			The powers conferred upon the Trustee by these presents shall be in addition to any powers which may from time to time be vested in the Trustee by the general law or as a holder of any of the Bonds.
		

		
			 
		

		
			26.       NOTICES
		

		
			 
		

		
			Any communication between the Issuer, the Guarantors and/or the Trustee under these presents shall be in the English language and shall be delivered by letter, fax, electronic communication or by other electronic means as may be agreed between the parties to this Agreement:
		

		
			 
		

			
					
						to the Issuer or the

					
					
						 

				
	
					
						Guarantors:

					
					
						c/o Sibanye Gold Limited

				
	
					
						 

					
					
						Libanon Business Park

				
	
					
						 

					
					
						1 Hospital Street (off Cedar Avenue)

				
	
					
						 

					
					
						Libanon

				
	
					
						 

					
					
						Westonaria, 1780

				
	
					
						 

					
					
						South Africa

				

		
			 
		

		
			
		

		
			

		 

		

			-  33  -

		

 

		

		
			 
		

			
					
						    

					
					
						Fax:

					
					
						+27 11 278 9600

				
	
					
						 

					
					
						Email:

					
					
						Charl.Keyter@sibanyegold.co.za

				
	
					
						 

					
					
						Attention:

					
					
						Charl Keyter

				

		
			 
		

			
					
						 

					
					
						 

				
	
					
						to the Trustee:

					
					
						BNY Mellon Corporate Trustee Services Limited

				
	
					
						 

					
					
						One Canada Square

				
	
					
						 

					
					
						London E14 5AL

				
	
					
						 

					
					
						United Kingdom

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						    

					
					
						Fax:

					
					
						+44 207 964 2536

				
	
					
						 

					
					
						Email:

					
					
						corpsov1@bnymellon.com

				
	
					
						 

					
					
						Attention:

					
					
						Trustee Administration

				

		
			 
		

		
			or any other address, facsimile number or attention details as shall have been notified (of which written notice has been given to the parties in accordance with this Clause 26) to the other parties hereto. Such communications will take effect, in the case of a letter, when delivered, in the case of fax, when the relevant delivery receipt is received by the sender, or in the case of an electronic communication, when the relevant receipt of such communication being read is given, or where no read receipt is requested by the sender, at the time of sending, provided that no delivery failure notification is received by the sender within 24 hours of sending such communication; provided that any communication which is received (or deemed to take effect in accordance with the foregoing) outside business hours or on a non-business day in the place of receipt shall be deemed to take effect at the opening of business on the next following business day in such place. Any communication delivered to any party which is to be sent by fax or electronic communication will be written legal evidence.
		

		
			 
		

		
			27.       GOVERNING LAW
		

		
			 
		

		
			These presents and any non-contractual obligations arising out of or in connection therewith are governed by, and shall be construed in accordance with, English law.
		

		
			 
		

		
			28.       SUBMISSION TO JURISDICTION
		

		
			 
		

		
			28.1     Each of the Issuer and the Guarantors irrevocably agrees for the benefit of the Trustee and the Bondholders that the courts of England are to have non-exclusive jurisdiction to settle any dispute which may arise out of or in connection with these presents (including a dispute relating to any non-contractual obligations arising out of or in connection with these presents) and accordingly submits to the non-exclusive jurisdiction of the English courts. Each of the Issuer and the Guarantors waives any objection to the courts of England on the grounds that they are an inconvenient or inappropriate forum. To the extent allowed by law, the Trustee and the Bondholders may take any suit, action or proceeding arising out of or in connection with these presents (including any suit, action or proceedings relating to any non-contractual obligations arising out of or in connection with these presents) (together referred to as "Proceedings") against each of the Issuer and the Guarantors in any other court of competent jurisdiction and concurrent Proceedings in any number of jurisdictions.
		

		
			 
		

		
			
		

		
			

		 

		

			-  34  -

		

 

		

		
			28.2     Each of the Issuer and the Guarantors irrevocably and unconditionally appoints Hackwood Secretaries Limited at its registered office for the time being (and in the event of its ceasing so to act will appoint such other person as the Trustee may approve and as the Issuer and/or the Guarantors (as the case may be) may nominate in writing to the Trustee for the purpose) to accept service of process on its behalf in England in respect of any Proceedings. Each of the Issuer and the Guarantors:
		

		
			 
		

		
			(a)        agrees that failure by any such person to give notice of such service of process to the Issuer or the relevant Guarantor shall not impair the validity of such service or of any judgment based thereon; and
		

		
			 
		

		
			(b)       agrees that nothing in these presents shall affect the right to serve process in any other manner permitted by law.
		

		
			 
		

		
			29.       COUNTERPARTS
		

		
			 
		

		
			This Trust Deed and any trust deed supplemental hereto may be executed and delivered in any number of counterparts, all of which, taken together, shall constitute one and the same deed and any party to this Trust Deed or any trust deed supplemental hereto may enter into the same by executing and delivering a counterpart.
		

		
			 
		

		
			30.       CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
		

		
			 
		

		
			A person who is not a party to these presents has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of these presents, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.
		

		
			 
		

		
			IN WITNESS whereof this Trust Deed has been executed as a deed by the Issuer, the Guarantors and the Trustee and delivered on the date first stated on page 1.
		

		
			 
		

		
			
		

		
			

		 

		

			-  35  -

		

 

		

		
			SCHEDULE 1
		

		
			FORM OF GLOBAL CERTIFICATE
		

		
			 
		

		
			THIS GLOBAL CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. NEITHER THIS GLOBAL CERTIFICATE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
		

		
			 
		

		
			Common Code: 168972792
		

		
			ISIN: XS1689727920
		

		
			 
		

		
			Registered No.:              
		

		
			 
		

		
			SIBANYE GOLD LIMITED
		

		
			(incorporated as a public company with limited liability under the laws of
		

		
			the Republic of South Africa)
		

		
			 
		

		
			GLOBAL CERTIFICATE
		

		
			 
		

		
			representing
		

		
			 
		

		
			USD 450,000,000 1.875 PER CENT. GUARANTEED CONVERTIBLE BONDS DUE
		

		
			2023
		

		
			 
		

		
			Unconditionally and irrevocably guaranteed
		

		
			as to payment of principal, premium (if any) and interest by
		

		
			 
		

		
			STILLWATER MINING COMPANY
		

		
			(incorporated under the laws of
		

		
			the State of Delaware)
		

		
			 
		

		
			KROONDAL OPERATIONS PROPRIETARY LIMITED
		

		
			(incorporated as a private company with limited liability under the laws of
		

		
			the Republic of South Africa)
		

		
			 
		

		
			Sibanye Gold Limited (the "Issuer") hereby certifies that The Bank of New York Depository (Nominees) Limited is, at the date hereof, entered in the Register as the holder of the aggregate principal amount of USD 450,000,000 of a duly authorised issue of Bonds (the "Bonds") described above of the Issuer. References herein to the Conditions (or to any particular numbered Condition) shall be to the Conditions (or that particular one of them) set out in Schedule 2 to the Trust Deed referred to below. Words and expressions defined in the Conditions shall bear the same meanings when used in this Global Certificate. This Global
		

		
			 
		

		
			
		

		
			

		 

		

			-  36  -

		

 

		

		
			 
		

		
			Certificate is issued subject to, and with the benefit of, the Conditions and a Trust Deed dated 26 September 2017 and made between the Issuer, the Guarantors and BNY Mellon Corporate Trustee Services Limited (the "Trustee") as trustee for the Bondholders.
		

		
			 
		

		
			The Issuer, subject to and in accordance with the Conditions and the Trust Deed, promises to pay to the registered holder hereof on 26 September 2023 and/or on such earlier date(s) as all or any of the Bonds represented by this Global Certificate may become due and repayable in accordance with the Conditions and the Trust Deed, the amount payable under the Conditions in respect of such Bonds on each such date and to pay interest (if any) on the principal amount of the Bonds outstanding from time to time represented by this Global Certificate calculated and payable as provided in the Conditions and the Trust Deed together with any other sums payable under the Conditions and the Trust Deed. At maturity, and prior to the payment of any amount due, the registered holder hereof shall surrender this Global Certificate at the specified office of the Registrar at Vertigo Building – Polaris, 2-4 rue Eugène Ruppert, L-2453 Luxembourg or such other office as may be specified by the Issuer and approved by the Trustee. On any redemption, conversion or purchase and cancellation of any of the Bonds represented by this Global Certificate, details of such redemption, conversion or purchase and cancellation (as the case may be) shall be entered by or on behalf of the Issuer in the Register and the relevant space in the Schedule hereto recording any such redemption, conversion or purchase and cancellation (as the case may be) shall be signed by or on behalf of the Registrar. Upon any such redemption, conversion or purchase and cancellation the principal amount outstanding of this Global Certificate and the Bonds held by the registered holder hereof shall be reduced by the principal amount of such Bonds so redeemed, converted or purchased and cancelled. The principal amount outstanding of this Global Certificate and of the Bonds held by the registered holder hereof following any such redemption, conversion or purchase and cancellation as aforesaid or any exchange as referred to below shall be the outstanding principal amount most recently entered in the Register and in the fourth column in the Schedule hereto.
		

		
			 
		

		
			Bonds represented by this Global Certificate are exchangeable and transferable only in accordance with, and subject to, the provisions hereof and the rules and operating procedures of Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking S.A. ("Clearstream, Luxembourg").
		

		
			 
		

		
			Upon the exchange of the whole or a part of this Global Certificate for Definitive Certificates (only in the limited circumstances set forth herein), details of such exchange shall be entered by or on behalf of the Issuer in the third column of the Schedule hereto and the relevant space in Register and in the Schedule hereto recording such exchange shall be signed by or on behalf of the Registrar, whereupon the outstanding principal amount of this Global Certificate and the Bonds held by the registered holder hereof shall be increased or reduced (as the case may be) by the principal amount so exchanged.
		

		
			 
		

		
			This Global Certificate will be exchangeable in whole but not in part (free of charge to the holder) for Definitive Certificates only if (a) either Euroclear or Clearstream, Luxembourg is closed for business for a continuous period of 14 days (other than by reason of holiday, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so and no alternative clearing system satisfactory to the Trustee is available; or (b) any of the circumstances described in Condition 10(a) or Condition 10(b) occurs.
		

		
			 
		

		
			On or after the Exchange Date the holder of this Global Certificate may surrender this Global Certificate to or to the order of the Registrar. In exchange for this Global Certificate the
		

		
			 
		

		
			
		

		
			

		 

		

			-  37  -

		

 

		

		
			Issuer will deliver, or procure the delivery of Definitive Certificates in registered form, serially numbered, representing Bonds in the denomination of USD200,000.
		

		
			 
		

		
			"Exchange Date" means a day specified in the notice requiring exchange falling not less than 60 days after that on which such notice is given and on which banks are open for business in the city in which the specified office of the Registrar is located and (except in the case of (a) above) in the city in which the relevant clearing system is located.
		

		
			 
		

		
			Subject as provided in the following paragraph, until the exchange of the whole of this Global Certificate as aforesaid, the registered holder hereof shall in all respects be entitled to the same benefits as if he were the registered holder of Definitive Certificates in the form set out in Part 1 of Schedule 2 to the Trust Deed.
		

		
			 
		

		
			Subject as provided in the Trust Deed, each person who is for the time being shown in the records of Euroclear and/or Clearstream, Luxembourg as entitled to a particular principal amount of the Bonds represented by this Global Certificate (in which regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg as to the principal amount of such Bonds standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall be deemed to be the holder of such principal amount of such Bonds for all purposes other than with respect to payments of principal, premium (if any) and other amounts payable on the Bonds for which purpose the registered holder of this Global Certificate shall be deemed to be the holder of such principal amount of the Bonds in accordance with and subject to the terms of this Global Certificate and the Trust Deed.
		

		
			 
		

		
			For so long as all of the Bonds are represented by this Global Certificate and this Global Certificate is held on behalf of Euroclear and/or Clearstream, Luxembourg, notices to Bondholders may be given by delivery of the relevant notice to Euroclear and/or Clearstream, Luxembourg (as the case may be) for communication to the relative accountholders rather than by publication as required by Condition 17 provided that, the Issuer shall also ensure that notices are duly given or published in a manner which complies with the rules and regulations of any stock exchange or other relevant authority on which the Bonds are for the time being listed. Any such notice shall be deemed to have been given to the Bondholders on the day on which such notice is delivered to Euroclear and/or Clearstream, Luxembourg (as the case may be) as aforesaid.
		

		
			 
		

		
			Notwithstanding the provisions of Condition 8, so long as this Global Certificate is held by or on behalf of a common depositary for Euroclear or Clearstream, Luxembourg, each payment will be made to, or to the order of, the person whose name is entered on the Register at the close of business on the Clearing System Business Day immediately prior to the date for payment, where "Clearing System Business Day" means a day on which the Clearing Systems are open for business.
		

		
			 
		

		
			Subject to the requirements of Euroclear and Clearstream, Luxembourg, the Conversion Right attaching to Bonds represented by this Global Certificate may be exercised by the presentation of one or more Conversion Notices duly completed by or on behalf of a holder of a book-entry interest in such Bond together with this Global Certificate to the Principal Paying, Transfer and Conversion Agent or such other Agent as shall have been notified to the holder of this Global Certificate for such purpose for annotation. The provisions of Condition 6 of the Bonds will otherwise apply.
		

		
			 
		

		
			
		

		
			

		 

		

			-  38  -

		

 

		

		
			The options of the Issuer provided for in Conditions 7.2, 7.3 and 7.7 shall be exercised by the Issuer giving notice to the Bondholders within the time limits set out in, and containing the information required by, those Conditions.
		

		
			 
		

		
			For so long as all of the Bonds are represented by this Global Certificate and this Global Certificate is held on behalf of Euroclear and/or Clearstream, Luxembourg, the option of the Bondholders provided for in Conditions 7.5 and 7.6 may be exercised by an accountholder giving notice to the Principal Paying, Transfer and Conversion Agent in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on his instructions by Euroclear or Clearstream, Luxembourg or any common depositary for them to the Principal Paying, Transfer and Conversion Agent by electronic means) of the principal amount of the Bonds in respect of which such option is exercised and at the same time presenting or procuring the presentation of this Global Certificate to the Principal Paying, Transfer and Conversion Agent for notation accordingly within the time limits set forth in those Conditions.
		

		
			 
		

		
			References herein to Euroclear and/or Clearstream, Luxembourg shall be deemed to include references to any other clearing system approved by the Trustee.
		

		
			 
		

		
			No rights are conferred on any person under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Global Certificate but this does not affect any right or remedy of any person which exists or is available apart from that Act.
		

		
			 
		

		
			This Global Certificate and any non-contractual obligations arising out of or in connection with it are governed by, and shall be construed in accordance with, English law and the Issuer submits to the jurisdiction of the courts of England for all purposes in connection with this Global Certificate.
		

		
			 
		

		
			This Global Certificate shall not be valid unless authenticated by The Bank of New York Mellon SA/NV, Luxembourg Branch as Registrar.
		

		
			 
		

		
			IN WITNESS whereof the Issuer has caused this Global Certificate to be signed on its behalf.
		

		
			 
		

		
			SIBANYE GOLD LIMITED
		

		
			 
		

		
			By:       ...............................
		

		
			(Duly authorised)
		

		
			 
		

		
			Issued on 26 September 2017.
		

		
			 
		

		
			Certificate of authentication
		

		
			 
		

		
			This Global Certificate is duly authenticated
		

		
			without recourse, warranty or liability.
		

		
			 
		

		
			........................................
		

		
			Duly authorised
		

		
			for and on behalf of
		

		
			 
		

		
			
		

		
			

		 

		

			-  39  -

		

 

		

		
			THE BANK OF NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH
		

		
			 
		

		
			as Registrar
		

		
			 
		

		
			
		

		
			

		 

		

			-  40  -

		

 

		

		
			SCHEDULE
		

		
			 
		

		
			Outstanding Principal Amount
		

		
			 
		

		
			The following (i) exercise of Conversion Rights, (ii) exchanges of this Global Certificate for Definitive Certificates (only in the limited circumstances set forth in the Conditions), (iii) payments of any redemption amount in respect of this Global Certificate and/or (iv) cancellations of interests in this Global Certificate have been made, resulting in the principal amount outstanding hereof being the amount specified in the latest entry in the fourth column:
		

		
			 
		

			
					
						Date

					
					
						    

					
					
						Amount of increase/ decrease in outstanding principal amount of this Global Certificate

					
					
						    

					
					
						Reasons for increase/ decrease in outstanding principal amount of this Global Certificate (initial issue, cancellation, redemption or payment or exercise of Conversion Rights)

					
					
						    

					
					
						Outstanding principal amount of this Global Certificate following such increase/ decrease

					
					
						    

					
					
						Notation made by or on behalf of the Registrar

				

		
			 
		

		
			
		

		
			

		 

		

			-  41  -

		

 

		

		
			SCHEDULE 2
		

		
			FORM OF DEFINITIVE CERTIFICATE AND CONDITIONS OF THE BONDS
		

		
			 
		

		
			PART 1
		

		
			FORM OF DEFINITIVE CERTIFICATE
		

		
			 
		

			
					
						[0,000/00,000]

					
					
						XS1689727920

					
					
						[SERIES]

					
					
						[SERIAL NO.]

				

		
			 
		

		
			SIBANYE GOLD LIMITED
		

		
			(incorporated as a public company with limited liability under the laws of
		

		
			the Republic of South Africa)
		

		
			 
		

		
			USD 450,000,000 1.875 PER CENT. GUARANTEED CONVERTIBLE BONDS DUE
		

		
			2023
		

		
			 
		

		
			Unconditionally and irrevocably guaranteed
		

		
			as to payment of principal, premium (if any) and interest by
		

		
			 
		

		
			STILLWATER MINING COMPANY
		

		
			(incorporated under the laws of the State of Delaware)
		

		
			 
		

		
			KROONDAL OPERATIONS PROPRIETARY LIMITED
		

		
			(incorporated as a private company with limited liability under the laws of
		

		
			the Republic of South Africa)
		

		
			 
		

		
			The issue of the Bonds was authorised by a resolution of the board of directors of Sibanye Gold Limited (the "Issuer") passed on 18 September 2017 and the giving of the guarantee in respect of the Bonds was authorised by a resolution of the board of directors of each of Stillwater Mining Company and Kroondal Operations Proprietary Limited (together, the "Guarantors") passed on 18 September 2017.
		

		
			 
		

		
			This Bond forms one of a series of Bonds constituted by a Trust Deed (the "Trust Deed") dated 26 September 2017 made between the Issuer and BNY Mellon Corporate Trustee Services Limited as trustee for the holders of the Bonds and issued as Registered Bonds in the denomination of USD 200,000 each or integral multiple thereof, in an aggregate principal amount of USD 450,000,000.
		

		
			 
		

		
			THIS IS TO CERTIFY that ___________________________________
		

		
			 
		

		
			is/are the registered holder(s) of [one] of the above-mentioned registered bonds, such Bond being in the denomination of USD ( united states dollars) and is/are entitled on 26 September 2023 (or on such earlier date as the principal sum hereinafter mentioned may become repayable in accordance with the Conditions endorsed hereon) to the repayment of such principal sum of:
		

		
			 
		

		
			USD ( united states dollars)
		

		
			 
		

		
			
		

		
			

		 

		

			-  42  -

		

 

		

		
			together with such premium and other amounts (if any) as may be payable, all subject to and in accordance with the said Conditions and the provisions of the Trust Deed.
		

		
			 
		

		
			IN WITNESS whereof this Registered Bond has been executed on behalf of the Issuer.
		

		
			 
		

		
			SIBANYE GOLD LIMITED
		

		
			 
		

		
			By: .................................... (Duly Authorised)
		

		
			 
		

		
			Issued on [] 20[].
		

		
			 
		

		
			Certificate of authentication
		

		
			 
		

		
			This Bond is duly authenticated
		

		
			 
		

		
			without recourse, warranty or liability.
		

		
			 
		

		
			.......................................
		

		
			Duly authorised
		

		
			for and on behalf of
		

		
			THE BANK OF NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH
		

		
			as Registrar
		

		
			 
		

		
			
		

		
			

		 

		

			-  43  -

		

 

		

		
			FORM OF TRANSFER OF REGISTERED BOND
		

		
			 
		

		
			FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			(Please print or type name and address (including postal code) of transferee)
		

		
			 
		

		
			USD[ ] principal amount of this Bond and all rights hereunder, hereby irrevocably constituting and appointing as attorney to transfer such principal amount of this Bond in the register maintained by Sibanye Gold Limited with full power of substitution.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						    

					
					
						Signature(s)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						[20[]]

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			N.B.:
		

		
			 
		

		
			1.        This form of transfer must be accompanied by such documents, evidence and information as may be required pursuant to the Conditions and must be executed under the hand of the transferor or, if the transferor is a corporation, either under its common seal or under the hand of two of its officers duly authorised in writing and, in such latter case, the document so authorising such officers must be delivered with this form of transfer.
		

		
			 
		

		
			2.        The signature(s) on this form of transfer must correspond with the name(s) as it/they appear(s) on the face of this Bond in every particular, without alteration or enlargement or any change whatever.
		

		
			 
		

		
			
		

		
			

		 

		

			-  44  -

		

 

		

		
			PART 2
		

		
			CONDITIONS OF THE BONDS
		

		
			 
		

		
			The following, subject to completion and amendment, and save for the paragraphs in italics, is the text of the Terms and Conditions of the Bonds.
		

		
			 
		

		
			The issue of the USD 450,000,000 1.875 per cent. Guaranteed Unsecured Convertible Bonds due 2023 (the "Bonds", which expression shall, unless otherwise indicated, include any Further Bonds (as defined below)) was (save in respect of any such Further Bonds) authorised by a resolution of the Board of Directors of Sibanye Gold Limited (the "Issuer") passed on 18 September 2017. The giving of the guarantee by each of Stillwater Mining Company and Kroondal Operations Proprietary Limited (each a "Guarantor" and, together, the "Guarantors") in respect of the Bonds was authorised by resolutions of the Board of Directors of each Guarantor each passed on 18 September 2017. The Bonds are constituted by a trust deed dated 26 September 2017 (the "Trust Deed") between the Issuer, the Guarantors and BNY Mellon Corporate Trustee Services Limited (the "Trustee", which expression shall include all persons for the time being appointed as the trustee or trustees under the Trust Deed) as trustee for the holders (as defined below) of the Bonds. The statements set out in these Terms and Conditions (the "Conditions") are summaries of, and are subject to, the detailed provisions of the Trust Deed, which includes the form of the registered certificates (the "Certificates") representing the Bonds. The Bondholders (as defined below) are entitled to the benefit of, are bound by, and are deemed to have notice of, all the provisions of the Trust Deed and those provisions applicable to them which are contained in the Paying, Transfer and Conversion Agency Agreement dated 26 September 2017 (the "Agency Agreement") relating to the Bonds between the Issuer, the Guarantors, the Trustee, The Bank of New York Mellon, London Branch (the "Principal Paying, Transfer and Conversion Agent", which expression shall include any successor as Principal Paying, Transfer and Conversion Agent under the Agency Agreement), the other Paying, Transfer and Conversion Agents for the time being (such persons, together with the Principal Paying, Transfer and Conversion Agent, being referred to below as the "Paying, Transfer and Conversion Agents", which expression shall include their successors as Paying, Transfer and Conversion Agents under the Agency Agreement) and The Bank of New York Mellon SA/NV, Luxembourg Branch in its capacity as registrar (the "Registrar", which expression shall include any successor as registrar under the Agency Agreement). The Issuer and the Guarantors have also entered into a Calculation Agency Agreement dated 26 September 2017 (the "Calculation Agency Agreement") with Conv-Ex Advisors Limited (the "Calculation Agent" which expression shall include any successor as calculation agent under the Calculation Agency Agreement) whereby the Calculation Agent has  been appointed to make certain calculations in relation to the Bonds.
		

		
			 
		

		
			Copies of each of the Trust Deed, the Agency Agreement and the Calculation Agency Agreement are available for inspection by prior appointment during normal business hours at the specified offices of the Paying, Transfer and Conversion Agents and the Registrar.
		

		
			 
		

		
			The Bonds will, following satisfaction of the Share Settlement Condition referred to below, be convertible into fully paid ordinary shares in the capital of the Issuer ("Ordinary Shares") (subject to the Issuer's right to make a Cash Settlement Election in accordance with Condition 6.2).
		

		
			 
		

		
			
		

		
			

		 

		

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			Capitalised terms used but not defined in these Conditions shall have the meanings provided in the Trust Deed unless, in any case, the context otherwise requires or unless otherwise stated.
		

		
			 
		

		
			1.         FORM, DENOMINATION, TITLE, STATUS AND GUARANTEE
		

		
			 
		

		
			1.1       Form and Denomination
		

		
			 
		

		
			The Bonds are in registered form, serially numbered, in principal amounts of USD 200,000 each ("authorised denominations").
		

		
			 
		

		
			1.2       Title
		

		
			 
		

		
			Title to the Bonds will pass by transfer and registration as described in Condition 4. The holder (as defined below) of any Bond will (except as otherwise required by law or as ordered by a court of competent jurisdiction) be treated as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it or its theft or loss (or that of the related certificate, as applicable) or anything written on it or on the certificate representing it (other than a duly executed transfer thereof), and no Person will be liable for so treating the holder.
		

		
			 
		

		
			1.3      Status of the Bonds
		

		
			 
		

		
			The Bonds constitute direct, unconditional, unsubordinated and (subject to Condition 2) unsecured obligations of the Issuer and rank and will rank at all times pari passu and rateably, without any preference among themselves, and equally with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, save for such obligations that may be preferred by provisions of law that are mandatory and of general application.
		

		
			 
		

		
			1.4      Guarantee of the Bonds
		

		
			 
		

		
			The payment of all amounts payable in respect of the Bonds and all other moneys payable under or pursuant to the Trust Deed have been jointly and severally unconditionally and irrevocably guaranteed by the Guarantors in the Trust Deed (the "Bonds Guarantee"). The obligations of each Guarantor under the Bonds Guarantee are direct, unconditional, unsubordinated and (subject Condition 2) unsecured obligations of the relevant Guarantor and rank and will rank at all times equally with all other existing and future unsecured (subject to Condition 2) and unsubordinated indebtedness of the relevant Guarantor, save for such obligations that may be preferred by provisions of law that are mandatory and of general application.
		

		
			 
		

		
			2.        NEGATIVE PLEDGE
		

		
			 
		

		
			So long as any of the Bonds remain outstanding (as defined in the Trust Deed), the Issuer will not, and will not permit any of its Material Subsidiaries to, directly or indirectly, create or permit to subsist, any Security Interest upon the whole or any part of its present or future undertaking, assets or revenues (including uncalled capital) to secure any Relevant Indebtedness or Guarantee of Relevant Indebtedness without at the same time or prior thereto (a) securing the Bonds equally and rateably therewith to the satisfaction of the Trustee or (b) providing such other security for the Bonds as the Trustee may in its absolute discretion consider to be not materially less beneficial to
		

		
			 
		

		
			
		

		
			

		 

		

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			the interests of the Bondholders or as may be approved by an Extraordinary Resolution of the Bondholders.
		

		
			 
		

		
			3.         DEFINITIONS
		

		
			 
		

		
			In these Conditions, unless otherwise provided:
		

		
			 
		

		
			"Additional Ordinary Shares" has the meaning provided in Condition 6.4.
		

		
			 
		

		
			"Adjustment Reference Date" means, in relation to any adjustment to be made to the Conversion Price pursuant to Condition 6.3, the Ex-Date in relation to the event in respect of which such adjustment is made (or, in the case of Conditions 6.3(f), 6.3(g) and 6.3(h), the relevant date of first public announcement).
		

		
			 
		

		
			"Affiliate" of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with") when used with respect to any Person means possession, directly or indirectly, of the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing.
		

		
			 
		

		
			"Applicable Law" means in relation to a Person, all and any:
		

		
			 
		

		
			(a)        statutes and subordinate legislation;
		

		
			 
		

		
			(b)        treaties, regulations, ordinances, decrees and directives;
		

		
			 
		

		
			(c)        by-laws;
		

		
			 
		

		
			(d)       codes of practice, circulars, guidance notices, judgements and decisions of any competent authority;
		

		
			 
		

		
			(e)        any present or future common law; and
		

		
			 
		

		
			(f)        other similar provisions, from time to time.
		

		
			 
		

		
			"Asset Fair Market Value" means, with respect to any asset or liability, the fair market value of such asset or liability as determined by Senior Management of the Issuer in good faith; provided that if the fair market value exceeds U.S.$50.0 million, such determination shall be made by the Board of Directors of the Issuer or an authorised committee thereof in good faith (including as to the value of all non-cash assets and liabilities).
		

		
			 
		

		
			"Attributable Indebtedness" in respect of a Sale/Leaseback Transaction means, at the time of determination, the present value (discounted at the interest rate implicit in the transaction) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended), determined in accordance with IFRS; provided, however, that if such Sale/Leaseback Transaction results in a
		

		
			 
		

		
			
		

		
			

		 

		

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			Capitalised Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of "Capitalised Lease Obligations".
		

		
			 
		

		
			"authorised denominations" has the meaning provided in Condition 1.1.
		

		
			 
		

		
			"Authorised Signatories" has the meaning given to it in the Trust Deed.
		

		
			 
		

		
			"Bankruptcy Law" means Title 11, U.S. Code, as amended, or any similar federal, state or foreign law (whether of South Africa or any other jurisdiction) for the relief of debtors.
		

		
			 
		

		
			"Bondholder" and "holder" mean the Person in whose name a Bond is registered in the Register.
		

		
			 
		

		
			"business day" means, in relation to any place, a day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets are open for business in that place.
		

		
			 
		

		
			"Capital Stock" of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock and limited liability or partnership interests (whether general or limited), but excluding any debt securities convertible or exchangeable into such equity.
		

		
			 
		

		
			"Capitalised Lease Obligations" means an obligation that would have been required to be classified and accounted for as a capitalised lease for financial reporting purposes in accordance with IFRS as in effect on the Closing Date. The amount of Indebtedness represented by such obligation will be the capitalised amount of such obligation at the time any determination thereof is to be made as determined in accordance with IFRS as in effect on the Closing Date, and the stated maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty.
		

		
			 
		

		
			"Cash Dividend" means (i) any Dividend which is to be paid or made in cash (in whatever currency), but other than falling within paragraph (b) of the definition of "Spin-Off" and (ii) any Dividend determined to be a Cash Dividend pursuant to paragraph (a) of the definition of "Dividend", and for the avoidance of doubt, a Dividend falling within paragraphs (c) or (d) of the definition of "Dividend" shall be treated as being a Non-Cash Dividend.
		

		
			 
		

		
			"Cash Settlement Amount" means an amount in U.S. dollars (rounded to the nearest cent, with half a cent being rounded upwards) calculated by the Calculation Agent in accordance with the following formula:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 N

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CSA  =

					
					
						∑

					
					
						1

					
					
						x Sn x Pn

				
	
					
						N

				
	
					
						 

					
					
						 

					
					
						n = 1

					
					
						 

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			CSA      =       the Cash Settlement Amount;
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

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			Sn     =    (i)     where the Conversion Date falls prior to the Share Conversion     Start Date, the aggregate principal amount of Bonds the subject of the relevant exercise of Conversion Rights divided by the Conversion Price in effect on such dealing day; or
		

		
			 
		

		
			(ii)    where the Conversion Date  falls  on  or  after  the  Share Conversion Start Date, the Number of Cash Settled Shares in effect on such dealing day in respect of such exercise,
		

		
			 
		

		
			provided that if any such dealing day falls on or after an Adjustment Reference Date in relation to any adjustment which is required to be made to the Conversion Price pursuant to Condition 6.3 in circumstances where such adjustment is not yet in effect on such dealing day (or where, in the case of (ii) above, any such adjustment to the Conversion Price was disregarded pursuant to limb (B) of the definition of "Number of Reference Shares"), then (in the case of (i) above) the Conversion Price in effect on such dealing day shall for the purpose of this definition only be multiplied by, or (in the case of (ii) above) the Number of Cash Settled Shares in effect on such dealing day shall for the purpose of this definition only be divided by, (1) the adjustment factor determined in accordance with the Conditions by the Calculation Agent to be applicable in respect of the relevant Conversion Price adjustment or (2) (if such adjustment factor cannot be determined by the Calculation Agent in accordance with the Conditions on or prior to the third London business day prior to the CSA Settlement Date) such adjustment factor as is determined in good faith by an Independent Adviser to be appropriate;
		

		
			 
		

		
			Pn   =     the Volume Weighted Average Price of an  Ordinary Share on the nth   dealing day of the Cash Settlement Calculation Period, translated into US dollars at the Prevailing Rate on such dealing day; and
		

		
			 
		

		
			N    =     20, being the number of dealing  days  in  the  Cash  Settlement  Calculation Period.
		

		
			 
		

		
			"Cash Settlement Calculation Period" means a period of 20 consecutive dealing days commencing on the Cash Settlement Calculation Commencement Date.
		

		
			 
		

		
			"Cash Settlement Calculation Commencement Date" means (i) the first dealing  day following the relevant Conversion Date where the relevant Conversion Date falls before the Share Conversion Start Date, and (ii) the third dealing day following the Cash Settlement Election Date where the relevant Conversion Date falls on or after the Share Conversion Start Date.
		

		
			 
		

		
			"Cash Settlement Election" has the meaning provided in Condition 6.2.
		

		
			 
		

		
			"Cash Settlement Election Date" has the meaning provided in Condition 6.2
		

		
			 
		

		
			"Cash Settlement Election Notice" has the meaning provided in Condition 6.2.
		

		
			 
		

		
			"Change of Control" has the meaning provided in Condition 6.3(j).
		

		
			 
		

		
			
		

		
			

		 

		

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			"Change of Control Conversion Price" has the meaning provided in Condition 6.3(j).
		

		
			 
		

		
			"Change of Control Notice" has the meaning provided in Condition 6.8.
		

		
			 
		

		
			"Change of Control Period" means the period commencing on the occurrence of a Change of Control and ending 60 calendar days following the Change of Control or, if later, 60 calendar days following the date on which a Change of Control Notice is given to Bondholders as required by Condition 6.8.
		

		
			 
		

		
			"Change of Control Put Date" has the meaning provided in Condition 7.5.
		

		
			 
		

		
			"Change of Control Put Exercise Notice" has the meaning provided in Condition 7.5.
		

		
			 
		

		
			"Clearing Systems" has the meaning provided in Condition 8.9.
		

		
			 
		

		
			"Clearing System Business Day" has the meaning provided in Condition 8.9. "Closing Date" means 26 September 2017.
		

		
			"Closing Price" means, in respect of an Ordinary Share or any Security, Spin-Off Security, option, warrant or other right or asset on any dealing day, the closing price on the Relevant Stock Exchange on such dealing day of an Ordinary Share or, as the case may be, such Security, Spin-Off Security, option, warrant or other right or asset published by or derived from Bloomberg page HP (or any successor page) (setting Last Price, or any other successor setting and using values not adjusted for any event occurring after such dealing day; and for the avoidance of doubt, all values will be determined with all adjustment settings on the DPDF Page, or any successor or similar setting, switched off) in respect of the Relevant Stock Exchange in respect of such Ordinary Share, Security, Spin-Off Security, option, warrant or other right or asset (all as determined by the Calculation Agent) (and for the avoidance of doubt such Bloomberg page for the Ordinary Shares as at the Closing Date is SGL SJ Equity HP), if available or, in any such case, such other source (if any) as shall be determined in good faith to be appropriate by an Independent Adviser on such dealing day and translated, if not in the Relevant Currency, into the Relevant Currency by the Calculation Agent at the Prevailing Rate on such dealing day, provided that if on any such dealing day (for the purpose of this definition, the "Affected Day") such price is not available or cannot otherwise be determined as provided above, the Closing Price of an Ordinary Share, Security, Spin-Off Security, option, warrant, or other right or asset, as the case may be, in respect of such dealing day shall be the Closing Price, determined as provided above, on the immediately preceding dealing day on which the same can be so determined, and further provided that if such immediately preceding dealing day falls prior to the fifth day before the Affected Day, an Independent Adviser (acting reasonably) shall determine the Closing Price in good faith, all as determined in good faith by (where specifically provided above) an Independent Adviser or (in any other case) the Calculation Agent.
		

		
			 
		

		
			"Commodity Agreement" means any commodity futures contract, commodity swap, commodity option or other similar agreement or arrangement entered into by the Issuer or any of its Material Subsidiaries designed to protect the Issuer or any of its
		

		
			 
		

		
			
		

		
			

		 

		

			-  50  -

		

 

		

		
			Material Subsidiaries against fluctuations in the price of commodities actually used, produced or sold in the ordinary course of business of the Issuer and its Material Subsidiaries.
		

		
			 
		

		
			"Companies Act" means the Companies Act 2008 of South Africa.
		

		
			 
		

		
			"Conversion Date" has the meaning provided in Condition 6.9.
		

		
			 
		

		
			"Conversion Notice" has the meaning provided in Condition 6.9.
		

		
			 
		

		
			"Conversion Period" has the meaning provided in Condition 6.1.
		

		
			 
		

		
			"Conversion Period Commencement Date" has the meaning provided in Condition 6.1.
		

		
			 
		

		
			"Conversion Price" has the meaning provided in Condition 6.1.
		

		
			 
		

		
			"Conversion Right" has the meaning given to it in Condition 6.1.
		

		
			 
		

		
			"CSA Settlement Date" means the date falling five London business days following the last day of the relevant Cash Settlement Calculation Period in accordance with instructions contained in the relevant Conversion Notice.
		

		
			 
		

		
			"Currency Agreement" means, in respect of a Person, any foreign exchange contract, currency swap agreement, futures contract, option contract or other similar agreement as to which such Person is a party or a beneficiary, in each case designed to protect such Person against fluctuations in currency exchange rates.
		

		
			 
		

		
			"Current Market Price" means, in respect of an Ordinary Share at a particular date, the average of the daily Volume Weighted Average Price of an Ordinary Share on each of the five consecutive dealing days ending on the dealing day immediately preceding such date, as determined in good faith by the Calculation Agent, provided that:
		

		
			 
		

		
			(a)        for the purposes of determining the Current Market Price pursuant to Condition 6.3(d) or 6.3(f) in circumstances where the relevant event relates to an issue of Ordinary Shares, if at any time during the said five dealing-day period (which may be on each of such five dealing days) the Volume Weighted Average Price shall have been based on a price ex-Dividend (or ex- any other entitlement) and/or during some other part of that period (which may be on each of such five dealing days) the Volume Weighted Average Price shall have been based on a price cum-Dividend (or cum- any other entitlement), in any such case which has been declared or announced, then:
		

		
			 
		

		
			(i)        if the Ordinary Shares to be issued or transferred and delivered do not rank for the Dividend (or entitlement) in question, the Volume Weighted Average Price on the dates on which the Ordinary Shares shall have been based on a price cum-Dividend (or cum- any other entitlement) shall for the purpose of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such Dividend or entitlement per Ordinary Share as at the Ex-Date in respect of such Dividend or entitlement (or, where on each
		

		
			 
		

		
			
		

		
			

		 

		

			-  51  -

		

 

		

		
			of the said five dealing days the Volume Weighted Average Price shall have been based on a price cum-Dividend (or cum-any other entitlement), as at the date of first public announcement of such Dividend or entitlement), in any such case, determined by the Calculation Agent on a gross basis and disregarding any withholding or deduction required to be made for or on account of tax, and disregarding any associated tax credit; or
		

		
			 
		

		
			(ii)       if the Ordinary Shares to be issued or transferred and delivered (if applicable) do rank for the Dividend or entitlement in question, the Volume Weighted Average Price on the dates on which the Ordinary Shares shall have been based on a price ex-Dividend (or ex- any other entitlement) shall for the purpose of this definition be deemed to be the amount thereof increased by an amount equal to the Fair Market Value of any such Dividend or entitlement per Ordinary Share as at the Ex- Date in respect of such Dividend (or entitlement), in any such case, determined by the Calculation Agent on a gross basis and disregarding any withholding or deduction required to be made for or on account of tax, and disregarding any associated tax credit; and provided further that,
		

		
			 
		

		
			(b)        for the purpose of any calculation or determination required to be made pursuant to paragraphs (a)(i) or (a)(ii) of the definition of "Dividend", if on any of the said five dealing days the Volume Weighted Average Price shall have been based on a price cum the relevant Dividend or capitalisation giving rise to the requirement to make such calculation or determination, the Volume Weighted Average Price on any such dealing day shall for the purposes of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of the relevant Dividend as at the Ex-Date in respect of such Dividend, determined by the Calculation Agent on a gross basis and disregarding any withholding or deduction required to be made for or on account of tax, and disregarding any associated tax credit; and
		

		
			 
		

		
			(c)        for any other purpose, if any day during the said five dealing day period was the Ex-Date in relation to any Dividend (or any other entitlement) the Volume Weighted Average Prices that shall have been based on a price cum- such Dividend (or cum-such entitlement) shall for the purpose of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such Dividend or entitlement per Ordinary Share as at  the Ex-Date in respect of such Dividend or entitlement.
		

		
			 
		

		
			"dealing day" means a day on which the Relevant Stock Exchange is open for business and on which Ordinary Shares, Securities, Spin-Off Securities, options, warrants or other rights or assets (as the case may be) may be dealt in (other than a day on which the Relevant Stock Exchange is scheduled to or does close prior to its regular weekday closing time).
		

		
			 
		

		
			"Deferred Revenue Financing Arrangement" means any financing transaction, including any stream transaction or royalty agreement, (x) pursuant to which (a) the Issuer or any of its Material Subsidiaries receives cash advances or deposits in respect of future revenues from the sale of specified mineral assets to a Person other than an
		

		
			 
		

		
			
		

		
			

		 

		

			-  52  -

		

 

		

		
			Affiliate, (b) such liability in relation to such financial transaction is amortised upon the delivery or sale of such mineral assets and (c) there is no obligation to sell a minimum amount of the relevant mineral assets and (y) which financing transaction is customary in the mining business.
		

		
			 
		

		
			A "De-Listing Event" shall occur if:
		

		
			 
		

		
			(a)        (other than pursuant to an Exempt Newco Scheme) the Ordinary Shares at any time cease to be admitted to trading and listing on the JSE or the JSE announces that the Ordinary Shares will cease to be admitted to trading and listing on the JSE unless the Ordinary Shares are immediately admitted to trading and/or listing on another internationally recognised, regularly operating and regulated stock exchange; or
		

		
			 
		

		
			(b)        trading of the Ordinary Shares on the JSE (or, if the Ordinary Shares at any time cease to be admitted to trading and listing on the JSE and the Ordinary Shares at the relevant time are admitted to trading and/or listing on another internationally recognised, regularly operating and regulated stock exchange, trading of the Ordinary Shares on such exchange) is suspended for a period of ten consecutive dealing days or more, provided that trading of the Ordinary Shares shall not be considered to be suspended on any dealing day on which a general suspension of trading on the relevant stock exchange has occurred or where such suspension is in connection with a Scheme of Arrangement or merger, amalgamation or consolidation relating to the Issuer.
		

		
			 
		

		
			"De-Listing Event Notice" has the meaning provided in Condition 7.6;
		

		
			 
		

		
			"De-Listing Event Period" means the period commencing on the occurrence of the De-Listing Event and ending 60 days following the De-Listing Event or, if later, 60 days following the date on which a De-Listing Event Notice is given.
		

		
			 
		

		
			"De-Listing Event Put Date" has the meaning provided in Condition 7.6;
		

		
			 
		

		
			"De-Listing Event Put Exercise Notice" has the meaning provided in Condition 7.6;
		

		
			 
		

		
			"Disqualified Stock" means, with respect to any Person, any Capital Stock of such Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event:
		

		
			 
		

		
			(a)        matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;
		

		
			 
		

		
			(b)        is convertible into or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable solely at the option of the Issuer or its Material Subsidiaries (it being understood that upon such conversion or exchange it shall be an Incurrence of such Indebtedness or Disqualified Stock)); or
		

		
			 
		

		
			(c)        is redeemable at the option of the holder of the Capital Stock in whole or in part,
		

		
			 
		

		
			
		

		
			

		 

		

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			in each case on or prior to the date 91 days after the earlier of the final maturity date of the Bonds or the date the Bonds are no longer outstanding (as defined in the Trust Deed); provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; provided, further, that any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Issuer or its Material Subsidiaries to repurchase such Capital Stock upon the occurrence of a change of control (defined in a substantially identical manner to the corresponding definition in these Conditions) shall not constitute Disqualified Stock if the terms of such Capital Stock (and all such securities into which it is convertible or  exchangeable or for which it is redeemable) provide that the Issuer or its Material Subsidiaries, as applicable, are not required to repurchase or redeem any such Capital Stock (and all such securities into which it is convertible or exchangeable or for which it is redeemable) pursuant to such provision prior to compliance by the Issuer with the provisions described under Condition 7.5.
		

		
			 
		

		
			"Dividend" means any dividend or distribution to Shareholders (including a Spin Off) whether of cash, assets or other property, and however described and whether payable out of share premium account, profits, retained earnings or any other capital or revenue reserve or account, and including a distribution or payment to Shareholders upon or in connection with a reduction of capital (and for these purposes a distribution of assets includes without limitation an issue of Ordinary Shares or other Securities credited as fully or partly paid up by way of capitalisation of profits or reserves), provided that:
		

		
			 
		

		
			(a)        where:
		

		
			 
		

		
			(i)         a Dividend in cash is announced which may at the election of a Shareholder or Shareholders be satisfied by the issue or delivery of Ordinary Shares or other property or assets, or where an issue or delivery of Ordinary Shares or other property or assets by way of capitalisation of profits or reserves is announced which may at the election of a Shareholder or Shareholders be satisfied by the payment of cash, then the Dividend or capitalisation in question shall be treated as a Dividend of an amount equal to the greater of (i) the Fair Market Value of such cash amount and (ii) the Current Market Price of such Ordinary Shares or, as the case may be, Fair Market Value of such other property or assets, in any such case as at the Ex-Date in respect of the relevant Dividend or capitalisation or, if later, the date on which the number of Ordinary Shares (or amount of such other property or assets, as the case may be) which may be issued or delivered is determined; or
		

		
			 
		

		
			(ii)       (x) there shall be any issue or delivery of Ordinary Shares or other property or assets by way of capitalisation of profits or reserves (including any share premium account or capital redemption reserve) where such issue is or is expressed to be in lieu of a Dividend (whether or not a cash Dividend equivalent or amount is announced) or a Dividend in cash is announced that is to be satisfied by the issue or delivery of Ordinary Shares or other property or assets by way of
		

		
			 
		

		
			
		

		
			

		 

		

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			capitalisation of profits or reserves (including any share premium account or capital redemption reserve), or (y) any issue or delivery of Ordinary Shares or other property or assets by way of capitalisation of profits or reserves (including any share premium account or capital redemption reserve) that is to be satisfied by the payment of cash (in the case of each of (x) and (y) above other than in circumstances subject to proviso (i) above), then, in the case of (x) the capitalisation or Dividend in question shall be treated as a Cash Dividend of an amount equal to the Current Market Price of such Ordinary Shares or, as the case may be, the Fair Market Value of such other property or assets, as at the Ex-Date in respect of the relevant capitalisation or Dividend or, if later, the date on which the number of Ordinary Shares to be issued or transferred and delivered is determined, and, in the case of (y), the capitalisation in question shall be treated as a Dividend of an amount equal to the Fair Market Value of such cash amount as at such Ex-Date;
		

		
			 
		

		
			(b)       any issue of Ordinary Shares falling within Condition 6.3(a) or 6.3(b) shall be disregarded;
		

		
			 
		

		
			(c)       any purchase or redemption or buy back of share capital of the Issuer by or on behalf of the Issuer or any of its Subsidiaries shall not constitute a Dividend unless, in the case of a purchase or redemption or buy back of Ordinary Shares by or on behalf of the Issuer or any of its Subsidiaries, the weighted average price per Ordinary Share (before expenses) on any one day (a "Specified Share Day") in respect of such purchases or redemptions or buy backs (translated, if not in the Relevant Currency, into the Relevant Currency at the Prevailing Rate on such day) exceeds by more than 5% the Current Market Price of an Ordinary Share on the Specified Share Day or, where an announcement (excluding, for the avoidance of doubt for these purposes, any general authority for such purchases, redemptions or buy backs approved by a general meeting of Shareholders or any notice convening such a meeting of Shareholders) has been made of the intention to purchase, redeem or buy back Ordinary Shares at some future date at a specified price or where a tender offer is made, on the date of such announcement or the date of first public announcement of such tender offer (and regardless whether or not a price per Ordinary Share, a minimum price per Ordinary Share or a price range or a formula for the determination thereof is or is not announced at such time), in which case such purchase, redemption or buy back shall be deemed to constitute a Dividend in the Relevant Currency in the amount by which the aggregate price paid (before expenses) in respect of such Ordinary Shares purchased, redeemed or bought back by or on behalf of the Issuer or, as the case may be, any of its Subsidiaries (translated where appropriate into the Relevant Currency as provided above) exceeds the product of (i) 105% of such Current Market Price and (ii) the number of Ordinary Shares so purchased, redeemed or bought back, all as determined by the Calculation Agent;
		

		
			 
		

		
			(d)       if the Issuer or any of its Subsidiaries shall purchase, redeem or buy back any depositary or other receipts or certificates representing Ordinary Shares, the provisions of paragraph (c) above shall be applied in respect thereof in such
		

		
			 
		

		
			
		

		
			

		 

		

			-  55  -

		

 

		

		
			manner and with such modifications (if any) as shall be determined in good faith by an Independent Adviser;
		

		
			 
		

		
			(e)        where a dividend or distribution is paid or made to Shareholders pursuant to any plan implemented by the Issuer for the purpose of enabling Shareholders to elect, or which may require Shareholders, to receive dividends or distributions in respect of the Ordinary Shares held by them from a Person other than (or in addition to) the Issuer, such dividend or distribution shall for the purposes of these Conditions be treated as a dividend or distribution made or paid to Shareholders by the Issuer, and the foregoing provisions of this definition and the provisions of these Conditions shall be construed accordingly;
		

		
			 
		

		
			(f)        where a Dividend in cash is declared which provides for payment by the Issuer to Shareholders in the Relevant Currency or an amount in cash is or may be paid in the Relevant Currency, whether at the option of Shareholders or otherwise, it shall be treated as a Cash Dividend in the amount of such Relevant Currency or, as the case may be, an amount in such Relevant Currency, and in any other case it shall be treated as a Cash Dividend or, as the case may be, an amount in cash in the currency in which it is payable by the Issuer; and
		

		
			 
		

		
			(g)        a dividend or distribution that is a Spin-Off shall be deemed to be a Dividend paid or made by the Issuer,
		

		
			 
		

		
			and any such determination shall be made on a gross basis and disregarding any withholding or deduction required to be made on account of tax, and disregarding any associated tax credit.
		

		
			 
		

		
			"Equity Share Capital" means, in relation to any entity, its issued share capital excluding any part of that capital which, in respect of dividends and capital, does not carry any right to participate beyond a specific amount in a distribution.
		

		
			 
		

		
			"Eskom" means Eskom SOC Limited, the South African electricity public utility doing business under the name Eskom.
		

		
			 
		

		
			"Ex-Date" means (other than for the purpose of Condition 6.3(c)), in respect of any Dividend, capitalisation, Securities, rights, options and warrants or other entitlement, the first day on which the Ordinary Shares are traded ex- the relevant Dividend, capitalisation, Securities, rights, options and warrants or other entitlement on the Relevant Stock Exchange.
		

		
			 
		

		
			"Exempt Newco Scheme" means a Newco Scheme where, immediately after implementation of the relevant Scheme of Arrangement, the ordinary shares or units or equivalent of Newco (or depositary or other receipts or certificates representing ordinary shares or units or equivalent of Newco) are (1) admitted to trading on the Relevant Stock Exchange or (2) admitted to listing on such other regulated, regularly operating, recognised stock exchange or securities market as the Issuer or Newco may determine.
		

		
			 
		

		
			
		

		
			

		 

		

			-  56  -

		

 

		

		
			"Existing Shareholders" has the meaning provided in the definition of "Newco Scheme".
		

		
			 
		

		
			"Extraordinary Resolution" has the meaning provided in the Trust Deed.
		

		
			 
		

		
			"Fair Bond Value" means the price determined in good faith by an Independent Adviser as being the average of such mid-market prices per U.S.$200,000 in principal amount of the Bonds as displayed from such source or sources (if any) as such Independent Adviser shall consider appropriate as at the close of business on each dealing day during the Fair Bond Value Calculation Period, provided that where no such source is available in respect of any such dealing day as aforesaid, such mid- market price in respect of such dealing day shall be such price determined in such manner as is determined in good faith to be appropriate by such Independent Adviser.
		

		
			 
		

		
			"Fair Bond Value Calculation Period" means the period of 10 consecutive dealing days commencing on the dealing day following the date of the Fair Value Redemption Notice.
		

		
			 
		

		
			"Fair Market Value" means, with respect to any property on any date, (i) in the case of a Cash Dividend, the amount of such Cash Dividend, as determined by the Calculation Agent; (ii) in the case of any other cash amount, the amount of such cash, as determined by the Calculation Agent; (iii) in the case of Securities, Spin-Off Securities, options, warrants or other rights or assets that are publicly traded on a Relevant Stock Exchange of adequate liquidity (as determined by the Calculation Agent), (a) in the case of Securities or Spin-Off Securities (in each case to the extent constituting Equity Share Capital), the arithmetic mean of the daily Volume Weighted Average Prices of such Securities or Spin-Off Securities and (b) in the case of Securities or Spin-Off Securities (in each case other than to the extent constituting Equity Share Capital), options, warrants or other rights or assets, the arithmetic mean of the daily Closing Prices of such Securities, Spin-Off Securities, options, warrants or other rights or assets, in the case of both (a) and (b) during the period of five dealing days on the Relevant Stock Exchange commencing on such date (or, if later, the first such dealing day such Securities, Spin-Off Securities, options, warrants or other rights or assets are publicly traded) or such shorter period as such Securities, Spin-Off Securities, options, warrants or other rights or assets are publicly traded on the Relevant Stock Exchange, all as determined by the Calculation Agent; (iv) in the case of Securities, Spin-Off Securities, options, warrants or other rights or assets that are not publicly traded (as aforesaid), an amount equal to the fair market value thereof as determined in good faith by an Independent Adviser, on the basis of a commonly accepted market valuation method and taking account of such factors as it considers appropriate, including the market price per Ordinary Share, the dividend yield of an Ordinary Share, the volatility of such market price, prevailing interest rates and the terms of such Securities, Spin-Off Securities, options, warrants or other rights, including as to the expiry date and exercise price (if any) thereof. Such amounts shall be translated if necessary into the Relevant Currency (if not expressed in the Relevant Currency) at the Prevailing Rate on that date, as determined by the Calculation Agent. In addition, in the case of (i) and (ii), the Fair Market Value shall be determined by the Calculation Agent on a gross basis and disregarding any withholding or deduction required to be made on account of tax and any associated tax credit.
		

		
			 
		

		
			"Final Maturity Date" means 26 September 2023.
		

		
			 
		

		
			
		

		
			

		 

		

			-  57  -

		

 

		

		
			"Financial Markets Act" means the Financial Markets Act, 2012 of South Africa;
		

		
			 
		

		
			"Further Bonds" means any further Bonds issued pursuant to Condition 18 and consolidated and forming a single series with the then outstanding Bonds.
		

		
			 
		

		
			"Global Certificate" has the meaning provided in Condition 8.9.
		

		
			 
		

		
			"Group" means the Issuer and the Issuer's Subsidiaries taken as a whole and "member of the Group" shall be construed accordingly.
		

		
			 
		

		
			"Guarantee" means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or Relevant Indebtedness (as the case may be) of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person:
		

		
			 
		

		
			(a)        to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or Relevant Indebtedness (as the case may be) of such other Person (whether arising by virtue of partnership arrangements, or  by agreement to keep- well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or
		

		
			 
		

		
			(b)       entered into for purposes of assuring in any other manner the obligee of such Indebtedness or Relevant Indebtedness (as the case may be) of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided,  however, that the term "Guarantee" will not include endorsements for collection or deposit in the ordinary course of business.
		

		
			 
		

		
			"Hedging Obligations" of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Agreement.
		

		
			 
		

		
			"IFRS" means the international financial reporting standards as issued by the International Accounting Standards Board as in effect from time to time.
		

		
			 
		

		
			"Incur" means issue, create, assume, Guarantee, incur or otherwise become liable for; provided,  however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Material Subsidiary of the Issuer (whether by merger, amalgamation, consolidation, acquisition or otherwise) will be deemed to be Incurred by such Material Subsidiary at the time it becomes a Material Subsidiary of the Issuer; and the terms "Incurred" and "Incurrence" have meanings correlative to the foregoing.
		

		
			 
		

		
			"Indebtedness" means, with respect to any Person on any date of determination (without duplication):
		

		
			 
		

		
			(a)        the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money;
		

		
			 
		

		
			(b)        the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;
		

		
			 
		

		
			(c)        the principal component of all obligations of such Person in respect of letters of credit, bankers' acceptances or other similar instruments (including
		

		
			 
		

		
			
		

		
			

		 

		

			-  58  -

		

 

		

		
			reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates to a trade payable and such obligation is satisfied within 30 days of Incurrence);
		

		
			 
		

		
			(d)       the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property, which purchase price is due after the date of placing such property in service or taking delivery and title thereto, except (i) any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business and (ii) any earn out obligation until the amount of such obligation becomes a liability on the balance sheet of such Person in accordance with IFRS;
		

		
			 
		

		
			(e)        Capitalised Lease Obligations and Attributable Indebtedness of such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor);
		

		
			 
		

		
			(f)        the principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Material Subsidiary, any Preferred Stock (but excluding, in each case, any accrued dividends);
		

		
			 
		

		
			(g)        the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided,  however, that the amount of such Indebtedness will be the lesser of (a) the Asset Fair Market Value of such asset at such date of determination and (b) the amount of such Indebtedness of such other Persons;
		

		
			 
		

		
			(h)        the principal component of Indebtedness of other Persons to the extent Guaranteed by such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor); and
		

		
			 
		

		
			(i)        to the extent not otherwise included in this definition, net obligations of such Person under Hedging Obligations (the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such Obligation that would be payable by such Person at such time).
		

		
			 
		

		
			Notwithstanding the foregoing: (i) money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to pre-fund the payment of interest on such Indebtedness shall not be deemed to be "Indebtedness"; provided that such money is held to secure the payment of such interest; (ii) in connection with the purchase by the Issuer or any of its Material Subsidiaries of any business, the term "Indebtedness" will exclude post-closing payment adjustments or earn-out or similar obligations to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided, however, that at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 30 days thereafter; (iii) "Indebtedness" shall be calculated without giving effect to any increase or decrease in Indebtedness as a result of accounting for any embedded derivatives created by the
		

		
			 
		

		
			
		

		
			

		 

		

			-  59  -

		

 

		

		
			terms of such Indebtedness; (iv) Reclamation Obligations are not and will not be deemed to be Indebtedness; (v) any liabilities pursuant to any Deferred Revenue Financing Arrangement shall not be "Indebtedness"; (vi) for the avoidance of doubt, any liabilities of such Person in connection with letters of credit, banker's acceptances or other similar instruments (including reimbursement obligations with respect thereto provided it is satisfied within 30 days of Incurrence) issued to secure payment by the Issuer or any of its Material Subsidiaries of purchases of electricity from Eskom in the ordinary course of business shall not be "Indebtedness"; and (vii) any obligations under or in respect of Qualified Securitisation Financings shall not be "Indebtedness".
		

		
			 
		

		
			In addition, "Indebtedness" of the Issuer and its Material Subsidiaries shall include (without duplication) Indebtedness described in the second preceding paragraph that would not appear as a liability on the balance sheet of the Issuer and its Material Subsidiaries if:
		

		
			 
		

		
			(a)        such Indebtedness is the obligation of a partnership or joint venture that is not a Subsidiary of the Issuer (a "Joint Venture");
		

		
			 
		

		
			(b)       the Issuer or any of its Material Subsidiaries is a general partner of the Joint Venture (a "General Partner"); and
		

		
			 
		

		
			(c)       there is recourse, by contract or operation of law, with respect to the payment of such Indebtedness to property or assets of the Issuer or any of its Material Subsidiaries; and then such Indebtedness shall be included in an amount not to exceed:
		

		
			 
		

		
			(i)        the lesser of (x) the net assets of the General Partner and (y) the amount of such obligations to the extent that there is recourse, by contract or operation of law, to the property or assets of the Issuer or any of its Material Subsidiaries; or
		

		
			 
		

		
			(ii)       if less than the amount determined pursuant to clause (a) immediately above, the actual amount of such Indebtedness that is recourse to the Issuer or any of its Material Subsidiaries if the Indebtedness is evidenced in writing and is for a determinable amount.
		

		
			 
		

		
			"Independent Adviser" means an independent financial institution or adviser with appropriate expertise, which may include the Calculation Agent, appointed by the Issuer at its own expense.
		

		
			 
		

		
			"Interest Payment Date" has the meaning provided in Condition 5.1.
		

		
			 
		

		
			"Interest Rate Agreement" means, with respect to any Person, any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or a beneficiary.
		

		
			 
		

		
			"Investment" means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct or indirect advance, loan (other than advances or extensions of credit to customers, suppliers or vendors in the
		

		
			 
		

		
			
		

		
			

		 

		

			-  60  -

		

 

		

		
			ordinary course of business) or other extensions of credit (including by way of Guarantee or similar arrangement, but excluding any debt or extension of credit represented by a bank deposit (other than a time deposit)) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such Person and all other items that are or would be classified as investments on a balance sheet prepared in accordance with IFRS; provided that none of the following will be deemed to be an Investment:
		

		
			 
		

		
			(a)       Hedging Obligations entered into in the ordinary course of business;
		

		
			 
		

		
			(b)       endorsements of negotiable instruments and documents in the ordinary course of business; and
		

		
			 
		

		
			(c)        an acquisition of assets, Capital Stock or other securities by the Issuer or a Subsidiary of the Issuer for consideration to the extent such consideration consists of Ordinary Shares of the Issuer.
		

		
			 
		

		
			"Issuer" has the meaning given to it in the recitals to these Conditions.
		

		
			 
		

		
			"JSE" means the JSE Limited (Registration Number 2005/022939/06), licensed as an exchange in terms of the Financial Markets Act, or any exchange which operates as a successor exchange to the JSE in terms of the Financial Markets Act.
		

		
			 
		

		
			"Lien" means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, deed of trust, deemed trust, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes of any jurisdiction); provided that in no event shall an operating lease be deemed to constitute a Lien.
		

		
			 
		

		
			"Material Subsidiary" means, at any time, a direct or indirect Subsidiary of the Issuer other than an Unrestricted Subsidiary.
		

		
			 
		

		
			"Newco Scheme" means a Scheme of Arrangement which effects the interposition of a limited liability company ("Newco") between the Shareholders of the Issuer immediately prior to the Scheme of Arrangement (the "Existing Shareholders") and the Issuer; provided that immediately after implementation of the Scheme of Arrangement substantially all of the shareholders of Newco are the Existing Shareholders (or where depositary or other receipts or certificates representing ordinary shares of Newco are issued to the Existing Shareholders, substantially all of the holders of such depositary or other receipts or certificates are the Existing Shareholders) and that all Subsidiaries of the Issuer immediately prior to the Scheme of Arrangement (other than Newco, if Newco is then a Subsidiary of the Issuer) are Subsidiaries of the Issuer (or of Newco) immediately after the scheme of arrangement.
		

		
			 
		

		
			
		

		
			

		 

		

			-  61  -

		

 

		

		
			"Non-Cash Dividend" means any Dividend which is not a Cash Dividend, and shall include a Spin-Off;
		

		
			 
		

		
			"Non-Recourse Debt" means Indebtedness of a Person:
		

		
			 
		

		
			(a)        as to which neither the Issuer nor any of its Material Subsidiaries (a) provides any Guarantee or credit support of any kind (including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness), other than Indebtedness secured by Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the disposition of such assets or (b) is directly or indirectly liable (as a guarantor or otherwise), other than as a result of Indebtedness secured by Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the disposition of such assets;
		

		
			 
		

		
			(b)        no default with respect to which would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Issuer or any of its Material Subsidiaries, other than Indebtedness secured by Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the disposition of such assets, to declare a default under such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated maturity; and
		

		
			 
		

		
			(c)        the explicit terms of which provide there is no recourse against any of the assets of the Issuer or its Material Subsidiaries, other than in respect of Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the disposition of such assets.
		

		
			 
		

		
			"Number of Cash Settled Shares" has the meaning provided in Condition 6.2.
		

		
			 
		

		
			"Number of Physically Settled Shares" means, in respect of any exercise of Conversion Rights, such number of Ordinary Shares (which may be equal to zero) as is equal to the Number of Reference Shares minus the Initial Number of Cash Settled Shares (if any) as determined by the Calculation Agent.
		

		
			 
		

		
			"Number of Reference Shares" means, in respect of the exercise of Conversion Rights by a Bondholder, (A) the number of Ordinary Shares (rounded down, if necessary, to the nearest whole number) determined by the Calculation Agent by dividing the aggregate principal amount of Bonds which are the subject of the  relevant exercise of Conversion Rights by such Bondholder by the Conversion Price in effect on the relevant Conversion Date, or (B) (other than where the Issuer makes a Cash Settlement Election in respect of such exercise and the Initial Number of Cash Settled Shares is equal to the Number of Reference Shares determined as provided pursuant to limb (A) above) where the Conversion Date falls on or after the date an adjustment to the Conversion Price takes effect pursuant to Conditions 6.3(c), 6.3(d), 6.3(e) or 6.3(i) in circumstances where the Registration Date falls on or prior to the record date or other due date for establishment of entitlement in respect of the relevant Dividend or issue or grant (as the case may be) giving rise to such adjustment, then provided the Issuer does confer the benefit of the relevant Dividend, issue or grant (as the case may be) on the relevant Bondholder in respect of the relevant Ordinary
		

		
			 
		

		
			
		

		
			

		 

		

			-  62  -

		

 

		

		
			Shares to be issued or transferred and delivered to such Bondholder in respect of the relevant exercise of Conversion Rights, the Number of Reference Shares shall be determined as provided in limb (A) above except that the Conversion Price in respect of such exercise shall be such Conversion Price as would have been applicable to such exercise had no such adjustment been made.
		

		
			 
		

		
			"Obligations" means any principal, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganisation or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable law), other monetary obligations, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker's acceptances), damages and other liabilities, and Guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness.
		

		
			 
		

		
			"Optional Redemption Date" has the meaning provided in Condition 7.2.
		

		
			 
		

		
			"Optional Redemption Notice" has the meaning provided in Condition 7.2.
		

		
			 
		

		
			"Ordinary Shares" has the meaning provided in the recitals to these Conditions.
		

		
			 
		

		
			"Parity Value" means, in respect of any dealing day, the amount in U.S. dollars (rounded to the nearest cent, with half a cent being rounded upwards) calculated by the Calculation Agent as follows:
		

		
			 
		

		
			PV = CR x USD VWAP
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						where:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						PV

					
					
						=

					
					
						the Parity Value in respect of such dealing day

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						CR

					
					
						=

					
					
						USD200,000 divided by the Conversion Price in effect on such dealing day, provided that if on such dealing day the share price is quoted ex- any Dividend or other entitlement in respect of which an adjustment is required to be made to the Conversion Price pursuant to Condition 6.3 in circumstances where such adjustment is not yet in effect on such dealing day, the Conversion Price in effect on such dealing day shall for the purpose of this definition only be multiplied by the adjustment factor subsequently determined by the Calculation Agent to be applicable in respect of the relevant Conversion Price adjustment

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						USD VWAP

					
					
						=

					
					
						the Volume Weighted Average Price of an Ordinary Share on    such dealing day and translated, if not in USD, into USD at the Prevailing Rate on such dealing day, determined on a gross basis and disregarding any withholding or deduction required to be made for or on account of tax, and disregarding any associated tax credit.

				

		
			 
		

		
			
		

		
			

		 

		

			-  63  -

		

 

		

		
			"Person" includes any individual, company, corporation, firm, partnership, joint venture, undertaking, association, unincorporated association, limited liability entity, organisation, trust, state or agency of a state (in each case whether or not being a separate legal entity).
		

		
			 
		

		
			"Preferred Stock" as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) that is preferred as to the payment of dividends upon liquidation, dissolution or winding up.
		

		
			 
		

		
			"Prevailing Rate" means, in respect of any pair of currencies on any day, the spot mid rate of exchange between the relevant currencies prevailing as at 12 noon (London time) on that day as appearing on or derived from Bloomberg page "BFIX" (or any successor page) in respect of such pair of currencies. If such rate cannot be determined as aforesaid on such day (for the purpose of this definition, the "Affected Day"), the Prevailing Rate shall be determined mutatis mutandis but with respect to the immediately preceding day on which such rate can be so determined, all as determined in good faith by the Calculation Agent, provided that if such immediately preceding day falls prior to the fifth day before the Affected Day, or, if such rate cannot be so determined, the Prevailing Rate shall be determined in such other manner as an Independent Adviser (acting reasonably) shall prescribe in good faith.
		

		
			 
		

		
			"Qualified Securitisation Financing" means any financing pursuant to which the Issuer or any of its Material Subsidiaries may sell, convey or otherwise transfer to any other Person or grant a security interest in any accounts receivable (and related assets) or inventory in any aggregate principal amount equivalent to the Asset Fair Market Value of such accounts receivable (and related assets) or inventory of the Issuer or any of its Material Subsidiaries; provided that (a) the covenants, events of default and other provisions applicable to such financing shall be customary for such transactions and shall be on market terms (as determined in good faith by the Board of Directors or Senior Management of the Issuer) at the time such financing is entered into, (b) the interest rate applicable to such financing shall be a market interest rate (as determined in good faith by the Board of Directors or Senior Management of the Issuer) at the time such financing is entered into and (c) such financing shall be non-recourse to the Issuer or any of its Material Subsidiaries except to a limited extent customary for such transactions. For the purpose of this definition, for the avoidance of doubt assets related to accounts receivable include cash received on payment of the accounts receivable and accounts into which such cash is deposited.
		

		
			 
		

		
			"Record Date" means the seventh business day, in the place of the specified office of the Registrar, before the due date for the relevant payment.
		

		
			 
		

		
			"Reclamation Obligations" means statutory, contractual, constructive or legal obligations associated with decommissioning of mining operations and/or mineral processing facilities and reclamation and rehabilitation costs arising when environmental disturbance is caused by the exploration or development of mineral properties, plant and equipment (including any environmental bond, rehabilitation bond, guarantee of reclamation or rehabilitation obligations or similar arrangements which the Issuer or any of its Material Subsidiaries are required to provide under applicable environmental or mining law).
		

		
			 
		

		
			
		

		
			

		 

		

			-  64  -

		

 

		

		
			"Reference Date" means, in relation to a Retroactive Adjustment, the date as of which the relevant Retroactive Adjustment takes effect or, in any such case, if that is not a dealing day, the next following dealing day.
		

		
			 
		

		
			"Register" has the meaning provided in Condition 4.1.
		

		
			 
		

		
			"Registration Date" means the date on which the Ordinary Shares (or any Additional Ordinary Shares) to be issued or delivered to Bondholders pursuant to these Conditions are entered in the securities register of the Issuer and credited to the converting Bondholder as provided in Condition 6.9 (or Condition 6.4);
		

		
			 
		

		
			"Relevant Currency" means South African Rand or, if at the relevant time or for the purposes of the relevant calculation or determination, (a) the JSE is not the Relevant Stock Exchange in respect of the Ordinary Shares, or (b) the JSE is the Relevant Stock Exchange in respect of the Ordinary Shares but the currency in which the Ordinary Shares are quoted or dealt in on the JSE is no longer South African Rand, the currency in which the Ordinary Shares are quoted or dealt in on the Relevant Stock Exchange at such time.
		

		
			 
		

		
			"Relevant Date" means, in respect of any Bond, whichever is the later of (a) the date on which payment in respect of it first becomes due and (b) if any amount of the money payable is improperly withheld or refused the date on which payment in full of the amount outstanding is made or (if earlier) the date falling seven days after the date on which notice is duly given by the Issuer to the Bondholders in accordance with Condition 17 that, upon further presentation of the Bond, where required pursuant to these Conditions, being made, such payment will be made, provided that such payment is in fact made as provided in these Conditions.
		

		
			 
		

		
			"Relevant Indebtedness" means any indebtedness of any Person for money borrowed or raised which is in the form of or represented by any bond, note, debenture, debenture stock, loan stock, certificate or other instrument which is, or is capable of being, listed, quoted or traded on any stock exchange or in any securities market (including, without limitation, any over-the-counter market).
		

		
			 
		

		
			"Relevant Stock Exchange" means (i) in the case of Ordinary Shares, the JSE or if at the relevant time the Ordinary Shares are not at that time listed and admitted to trading on the JSE, the principal stock exchange or securities market on which the Ordinary Shares are then listed, admitted to trading or quoted or accepted for dealing and (ii) in the case of Securities (other than Ordinary Shares), Spin-Off Securities, options, warrants or other rights or assets, the principal stock exchange or securities market on which such Securities (other than Ordinary Shares), Spin-Off Securities, options, warrants or other rights or assets are then listed, admitted to trading or quoted or dealt in.
		

		
			 
		

		
			"Retroactive Adjustment" has the meaning provided in Condition 6.4.
		

		
			 
		

		
			"Sale/Leaseback Transaction" means an arrangement relating to property now owned or hereafter acquired whereby the Issuer or its Material Subsidiary transfers such property to a Person (other than the Issuer or any of its Material Subsidiaries) and the Issuer or its Material Subsidiary leases it from such Person.
		

		
			 
		

		
			
		

		
			

		 

		

			-  65  -

		

 

		

		
			"Scheme of Arrangement" means a scheme of arrangement or  analogous proceeding.
		

		
			 
		

		
			"Securities" means any securities as defined in the section 1 of the Companies Act including, without limitation, Ordinary Shares, or options, warrants or other rights to subscribe for or purchase or acquire Ordinary Shares.
		

		
			 
		

		
			"Securitisation Assets" means any accounts receivable or related assets and inventory subject to a Qualified Securitisation Financing. For the purpose of this definition, for the avoidance of doubt assets related to accounts receivable include cash received on payment of the accounts receivable and accounts into which such cash is deposited.
		

		
			 
		

		
			"Security Interest" means any mortgage, charge, pledge, lien or other security interest including, without limitation, anything analogous to any of the foregoing under the laws of any jurisdiction.
		

		
			 
		

		
			"Senior Management" means the chief executive officer and the chief financial officer of the Issuer.
		

		
			 
		

		
			"Shareholder Resolutions" has the meaning provided in Condition 6.1. "Shareholders" means the holders of Ordinary Shares.
		

		
			"Share Settlement Condition" means the passing of the Shareholder Resolutions.
		

		
			 
		

		
			"Significant Subsidiary" means any Material Subsidiary of the Issuer that would be a "Significant Subsidiary" of the Issuer within the meaning of Rule 1 02 under Regulation S X promulgated by the US Securities and Exchange Commission, determined as of the date of the most recently completed financial statements of the Issuer and its Material Subsidiaries.
		

		
			 
		

		
			"Spin-Off" means:
		

		
			 
		

		
			(a)        a distribution of Spin-Off Securities by the Issuer to Shareholders as a class; or
		

		
			 
		

		
			(b)        any issue, transfer or delivery of any property or assets (including cash or shares or other securities of or in or issued or allotted) by any entity (other than the Issuer) to Shareholders as a class or, in the case of or in connection with a Scheme of Arrangement, Existing Shareholders as a class (but excluding the issue and allotment of ordinary shares (or depositary or other receipts or certificates representing such ordinary shares) by Newco to Existing Shareholders as a class), pursuant in each case to any arrangements with the Issuer or any member of the Group.
		

		
			 
		

		
			"Spin-Off Securities" means Equity Share Capital of an entity other than the Issuer  or options, warrants or other rights to subscribe for or purchase Equity Share Capital of an entity other than the Issuer.
		

		
			 
		

		
			"Subsidiary" has the meaning given to it in the Companies Act.
		

		
			 
		

		
			
		

		
			

		 

		

			-  66  -

		

 

		

		
			"Taxes" means all present and future taxes, levies, imposts, duties, charges, fees, deductions and withholdings Imposed or levied by any governmental, financial or other competent authority (and including any penalty payable in connection with any failure to pay, or delay in paying, any of the same) and "Tax" and "Taxation" shall be construed accordingly;
		

		
			 
		

		
			"Tax Redemption Date" has the meaning provided in Condition 7.3.
		

		
			 
		

		
			"Tax Redemption Notice" has the meaning provided in Condition 7.3.
		

		
			 
		

		
			"Unrestricted Subsidiary" means (x) Sibanye Gold Eastern Operations Proprietary Limited (unless designated as a Material Subsidiary pursuant to the terms of the Trust Deed), (y) any other Subsidiary of the Issuer which at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Issuer in the manner provided below and (z) any Subsidiary of an Unrestricted Subsidiary.
		

		
			 
		

		
			The Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through merger, amalgamation, consolidation or Investment therein) to be an Unrestricted Subsidiary only if:
		

		
			 
		

		
			(a)        such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of or have any Investment in, or own or hold any Lien on any property of, any other Subsidiary of the Issuer that is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary;
		

		
			 
		

		
			(b)        such Subsidiary has no Indebtedness other than Non-Recourse Debt;
		

		
			 
		

		
			(c)        such Subsidiary, either alone or in the aggregate with all other Unrestricted Subsidiaries, does not operate, directly or indirectly, all or substantially all of the business of the Issuer and its Subsidiaries;
		

		
			 
		

		
			(d)        such Subsidiary is a Person with respect to which neither the Issuer nor any of its Material Subsidiaries has any direct or indirect obligation:
		

		
			 
		

		
			(i)         to subscribe for additional Capital Stock of such Person; or
		

		
			 
		

		
			(ii)        to maintain or preserve such Person's financial condition or to cause such Person to achieve any specified levels of operating results; and
		

		
			 
		

		
			(e)        on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract, arrangement or understanding with the Issuer or any of its Material Subsidiaries with terms substantially less favourable to the Issuer than those that might have been obtained from Persons who are not Affiliates of the Issuer.
		

		
			 
		

		
			Any such designation by the Board of Directors of the Issuer shall be evidenced to the Trustee by filing with the Trustee a resolution of the Board of Directors of the Issuer giving effect to such designation and a certificate signed by two Authorised Signatories of the Issuer certifying that such designation complies with the foregoing conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements, it shall thereafter cease to be an Unrestricted Subsidiary.
		

		
			 
		

		
			
		

		
			

		 

		

			-  67  -

		

 

		

		
			"USD" and "U.S.$" means the lawful currency for the time being of the United States of America.
		

		
			 
		

		
			"Volume Weighted Average Price" means, in respect of an Ordinary Share, Security or, as the case may be, a Spin-Off Security, option, warrant or other right or asset on any dealing day, the order book volume weighted average price on such dealing day on the Relevant Stock Exchange of an Ordinary Share, Security or, as the case may be, a Spin-Off Security, option, warrant or other right or asset as published by or derived from Bloomberg page HP (or any successor page) (setting Weighted Average Line or any other successor setting and using values not adjusted for any event occurring after such dealing day; and for the avoidance of doubt, all values will be determined with all adjustment settings on the DPDF Page, or any successor or similar setting, switched off) in respect of the Relevant Stock Exchange in respect of such Ordinary Share, Security, Spin-Off Security, option, warrant or other right or asset (and for the avoidance of doubt such Bloomberg page for the Ordinary Shares as at the Closing Date is SGL SJ Equity HP) if any or, in any such case, such other source (if any) as shall be determined in good faith to be appropriate by an Independent Adviser on such dealing day and translated, if not in the Relevant Currency, into the Relevant Currency by the Calculation Agent at the Prevailing Rate on such dealing day, provided that if on any such dealing day (for the purpose of this definition, the "Affected Day") such price is not available or cannot otherwise be determined as provided above, the Volume Weighted Average Price of an Ordinary Share, Security, Spin-Off Security, option, warrant or other right or asset, as the case may be, in respect of such dealing day shall be the Volume Weighted Average Price, determined as provided above, on the immediately preceding dealing day on which the same can be so determined and further provided that if such immediately preceding dealing day falls prior to the fifth day before the Affected Day, an Independent Adviser shall (acting reasonably) determine the Volume Weighted Average Price in good faith, all as determined in good faith by (where specifically provided above) an Independent Adviser or (in any other case) the Calculation Agent.
		

		
			 
		

		
			References to any act or statute or any provision of any act or statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re- enactment.
		

		
			 
		

		
			References to any issue or offer or grant to Shareholders or Existing Shareholders "as a class" or "by way of rights" shall be taken to be references to an issue or offer or grant to all or substantially all Shareholders or Existing Shareholders, as the case may be, other than Shareholders or Existing Shareholders, as the case may be, to whom, by reason of the laws of any territory or requirements of any recognised regulatory body or any other stock exchange or securities market in any territory or in connection with fractional entitlements, it is determined not to make such issue or offer or grant.
		

		
			 
		

		
			In making any calculation or determination of Closing Price, Current Market Price or Volume Weighted Average Price, such adjustments (if any) shall be made as an Independent Adviser or the Calculation Agent (as applicable) determines appropriate to reflect any consolidation or sub-division of the Ordinary Shares, or any issue of Ordinary Shares by way of capitalisation of profits or reserves, or the declaration, announcement, making or paying of any Dividend or other entitlement, or any like or similar event.
		

		
			 
		

		
			
		

		
			

		 

		

			-  68  -

		

 

		

		
			For the purposes of Conditions 6.1, 6.2, 6.3, 6.4, 6.9, 6.10 and 11 only, (a) references to the "issue" of Ordinary Shares or Ordinary Shares being "issued" shall, if not otherwise expressly specified in these Conditions, include the transfer and/or delivery of Ordinary Shares, whether newly issued and allotted or previously existing or held by or on behalf of the Issuer or any member of the Group, and (b) Ordinary Shares held by or on behalf of the Issuer or any member of the Group (and which, in the case of Condition 6.3(d), do not rank for the relevant right or other entitlement) shall not  be considered as or treated as "in issue" or "issued" or entitled to receive any Dividend, right or other entitlement.
		

		
			 
		

		
			References in these Conditions to principal in respect of the Bonds shall, unless the context otherwise requires, be deemed to include any premium and any other amount (other than interest) which may be payable by the Issuer in respect of the Bonds.
		

		
			 
		

		
			4.         REGISTRATION AND TRANSFER OF BONDS
		

		
			 
		

		
			4.1       Registration
		

		
			 
		

		
			The Issuer will cause a register (the "Register") to be kept at the specified office of the Registrar outside the United Kingdom on which will be entered the names and addresses of the holders of the Bonds and the particulars of the Bonds held by them and of all transfers, redemptions and conversions of Bonds.
		

		
			 
		

		
			4.2       Transfer
		

		
			 
		

		
			Bonds may, subject to the terms of the Agency Agreement and to Conditions 4.3 and 4.4, be transferred in authorised denominations by lodging the Certificate evidencing the relevant Bonds (with the form of application for transfer in respect thereof duly executed and duly stamped where applicable) at the specified office of the Registrar or any Paying, Transfer and Conversion Agent.
		

		
			 
		

		
			No transfer of a Bond will be valid unless and until entered on the Register. A Bond may be registered only in the name of, and transferred only to, a named Person (or Persons, not exceeding four in number).
		

		
			 
		

		
			The Registrar will within seven business days, in the place of the specified office of the Registrar, of any duly made application for the transfer of a Bond, register the relevant transfer and deliver a new Certificate to the transferee (and, in the case of a transfer of part only of the Bonds evidenced by a Certificate, deliver a Certificate for the untransferred balance to the transferor) at the specified office of the Registrar or (at the risk and, if mailed at the request of the transferee or, as the case may be, the transferor otherwise than by ordinary mail, at the expense of the transferee or, as the case may be, the transferor) mail the Certificate by uninsured mail to such address as the transferee or, as the case may be, the transferor may request.
		

		
			 
		

		
			4.3       Formalities Free of Charge
		

		
			 
		

		
			Such transfer will be effected without charge subject to (a) the Person making such application for transfer paying or procuring the payment of any taxes, duties and other governmental charges in connection therewith, (b) the Registrar being satisfied with the documents of title and/or identity of the Person making the application and (c)
		

		
			 
		

		
			
		

		
			

		 

		

			-  69  -

		

 

		

		
			such reasonable regulations as the Issuer may from time to time agree with the Registrar and the Trustee (and as initially set out in the Agency Agreement).
		

		
			 
		

		
			4.4       Closed Periods
		

		
			 
		

		
			Neither the Issuer nor the Registrar will be required to register the transfer of any Bond: (a) during the period of 15 days ending on and including the day immediately prior to the Final Maturity Date or any earlier date fixed for redemption of the Bonds pursuant to Condition 7.2, 7.3 or 7.7; (b) in respect of which a Conversion Notice has been delivered in accordance with Condition 6.1; (c) in respect of which a Bondholder has exercised its right to require redemption pursuant to Condition 7.5 or 7.6; or (d) during the period of 15 days ending on (and including) any Record Date in respect of any payment of interest on the Bonds.
		

		
			 
		

		
			5.         INTEREST
		

		
			 
		

		
			5.1       Interest Rate
		

		
			 
		

		
			The Bonds bear interest from (and including) the Closing Date at the rate of 1.875 per cent. per annum calculated by reference to the principal amount thereof and payable semi-annually in arrear in equal instalments on 26 March and 26 September in each year (each an "Interest Payment Date"), commencing with the Interest Payment  Date falling on 26 March 2018.
		

		
			 
		

		
			Where interest is required to be calculated for any period which is not an Interest Period, it will be calculated on the basis of a 360 day year consisting of 12 months of 30 days each, and in the case of an incomplete month, the number of days elapsed.
		

		
			 
		

		
			"Interest Period" means the period beginning on (and including) the Closing Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date.
		

		
			 
		

		
			5.2       Accrual of Interest
		

		
			 
		

		
			Each Bond will cease to bear interest (a) where the Conversion Right shall have been exercised by a Bondholder, from the Interest Payment Date immediately preceding the relevant Conversion Date or, if none, the Closing Date (subject in any such case as provided in Condition 6.11) or (b) where such Bond is redeemed or repaid pursuant to Condition 7 or Condition 10, from the due date for redemption or repayment thereof unless, upon due presentation thereof, payment of the principal in respect of the Bond is improperly withheld or refused, in which event interest will continue to accrue at the rate specified in Condition 5.1 (both before and after judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Bond up to that day are received by or on behalf of the relevant holder, and (ii) the day seven days after the Trustee or the Principal Paying, Transfer and Conversion Agent has notified Bondholders of receipt of all sums due in respect of all the Bonds up to that seventh day (except to the extent that there is failure in the subsequent payment to the relevant holders under these Conditions).
		

		
			 
		

		
			
		

		
			

		 

		

			-  70  -

		

 

		

		
			6.         CONVERSION OF BONDS
		

		
			 
		

		
			6.1       Conversion Right and Conversion Price
		

		
			 
		

		
			Subject as provided in these Conditions, each Bond shall as an inseparable term entitle the holder (a "Conversion Right") to:
		

		
			 
		

		
			(a)       if the relevant Conversion Date falls prior to the Share Conversion Start Date (as defined below), require the Issuer to make payment in U.S. dollars to the relevant Bondholder of the relevant Cash Settlement Amount, together with any other amount payable by the Issuer to such Bondholder pursuant to these Conditions in respect of or relating to an exercise of Conversion Rights. The Issuer will pay any Cash Settlement Amount not later than the CSA Settlement Date; or
		

		
			 
		

		
			(b)       if the relevant Conversion Date falls on or after the Share Conversion Start Date (as defined and subject to the Issuer's right to make a Cash Settlement Election in accordance with Condition 6.2 below), convert such Bond into  new and/or existing Ordinary Shares, as fully paid; such conversion shall constitute redemption of such Bond by the Issuer at its principal amount and application of the redemption monies in accordance with the directions of the relevant Bondholder contained in the relevant Conversion Notice against issuance or delivery of the Number of Reference Shares to such Bondholder. The number of new and/or existing Ordinary Shares (if any) to be delivered shall be the Number of Reference Shares.
		

		
			 
		

		
			The Issuer will use all reasonable endeavours to convene a meeting of its shareholders not later than 31 May 2018 for the purpose of considering, and if thought fit, passing such resolutions (the "Shareholder Resolutions") as are required to enable the issuance of, or transfer and delivery of, such number of Ordinary Shares as may be required to be issued or, as the case may be, transferred and delivered from time to time to satisfy the exercise in full of the Conversion Rights.
		

		
			 
		

		
			If the Share Settlement Condition is satisfied, the Issuer will within 5 Johannesburg business days following the date of satisfaction give a notice to the Trustee and Principal Paying, Transfer and Conversion Agent and to the holders in accordance with Condition 17 confirming the satisfaction of the Share Settlement Condition and specifying a date (the "Share Conversion Start Date") from which Conversion Rights may be settled in Ordinary Shares (subject to the Issuer's right to make a Cash Settlement Election in accordance with Condition 6.2), such Share Conversion Start Date being not earlier than 10 and not later than 20 Johannesburg business days after the date of such notice.
		

		
			 
		

		
			A Bondholder may exercise the Conversion Right in respect of a Bond by delivering the Certificate evidencing such Bond (together with a Conversion Notice (as defined below)) to the specified office of any Paying, Transfer and Conversion Agent in accordance with Condition 6.9 and making any payment required to be made as provided in Condition 6.9, whereupon the Issuer shall (subject as provided in these Conditions) procure the delivery to or as directed by the relevant Bondholder of Ordinary Shares credited as paid-up in full, as provided in this Condition 6.
		

		
			 
		

		
			
		

		
			

		 

		

			-  71  -

		

 

		

		
			Subject to and as provided in these Conditions, the Conversion Right in respect of a Bond may be exercised, at the option of the holder thereof, at any time (subject to any applicable fiscal or other laws or regulations and as hereinafter provided) from 6 November 2017 (the "Conversion Period Commencement Date") to the close of business (at the place where the relevant Bond is delivered for conversion) on the date falling 10 days prior to the Final Maturity Date (both days inclusive) or, if such Bond is to be redeemed pursuant to Condition 7.2, 7.3 or 7.7 prior to the Final Maturity Date, then up to the close of business (at the place aforesaid) on the date falling 10 days before the date fixed for redemption thereof pursuant to Condition 7.2, 7.3 or 7.7, unless there shall be a default in making payment in respect of such Bond on such date fixed for redemption, in which event the Conversion Right shall extend up to (and including) the close of business (at the place aforesaid) on the date on which the full amount of such payment becomes available for payment and notice of such availability has been duly given to the Bondholders in accordance with Condition 17 or, if earlier, the Final Maturity Date or, if the Final Maturity Date is not a London business day, the immediately preceding London business day; provided that, in each case, if such final date for the exercise of Conversion Rights is not a business day (at the place aforesaid), then the period for exercise of Conversion Rights by Bondholders shall end on the immediately preceding business day at the place aforesaid.
		

		
			 
		

		
			Conversion Rights may not be exercised (a) following the giving of notice by the Trustee pursuant to Condition 10 or (b) in respect of a Bond in respect of which the relevant Bondholder has exercised its right to require the Issuer to redeem that Bond pursuant to Condition 7.5 or Condition 7.6.
		

		
			 
		

		
			Save in the circumstances provided in Condition 6.11, Conversion Rights may not be exercised by a Bondholder in circumstances where the relevant Conversion Date would fall during the period commencing on the Record Date in respect of any payment of interest on the Bonds and ending on the relevant Interest Payment Date (both days inclusive).
		

		
			 
		

		
			The period during which Conversion Rights may (subject as provided below) be exercised by a Bondholder is referred to as the "Conversion Period".
		

		
			 
		

		
			Conversion Rights are not exercisable in respect of any specific Ordinary Shares and no Ordinary Shares have been or will be charged, placed in custody or otherwise set aside to secure or satisfy the obligations of the Issuer in respect of the Ordinary Shares.
		

		
			 
		

		
			Conversion Rights may only be exercised in respect of the whole of an authorised denomination.
		

		
			 
		

		
			Fractions of Ordinary Shares will not be issued or transferred and delivered on the exercise of Conversion Rights or pursuant to Condition 6.4 and no cash payment or other adjustment will be made in lieu thereof. If the Conversion Right in respect of more than one Bond is exercised at any one time such that Ordinary Shares to be issued or transferred and delivered on conversion or pursuant to Condition 6.4 are to be registered in the name of the same Person, the number of such Ordinary Shares to be issued or transferred and delivered in respect thereof shall be calculated by the Calculation Agent on the basis of the aggregate principal amount of such Bonds being
		

		
			 
		

		
			
		

		
			

		 

		

			-  72  -

		

 

		

		
			so converted (rounded down, if necessary, to the nearest whole number of Ordinary Shares).
		

		
			 
		

		
			The Issuer will procure that any Ordinary Shares to be issued or transferred and delivered on the exercise of the Conversion Rights as an inseparable term of the Bond will be issued or transferred and delivered to the holder of the Bonds completing the relevant Conversion Notice or his nominee.
		

		
			 
		

		
			The initial conversion price (the "Conversion Price") is USD 1.6580 per Ordinary Share. The Conversion Price is subject to adjustment in the circumstances described in Condition 6.3.
		

		
			 
		

		
			6.2       Cash Settlement Election
		

		
			 
		

		
			Upon exercise of Conversion Rights by a Bondholder where the Conversion Date falls on or after the Share Conversion Start Date, the Issuer may make an election (a "Cash Settlement Election") by giving notice (a "Cash Settlement Election Notice") to the relevant Bondholder (with a copy to the Principal Paying, Transfer and Conversion Agent and the Calculation Agent) by not later than the Cash Settlement Election Date to the address (or, if a fax number or email address is provided in the relevant Conversion Notice, that fax number or email address) specified for that purpose in the relevant Conversion Notice of its decision to satisfy the exercise of the Conversion Rights in respect of the relevant Bonds by (A) delivering to or to the order of the relevant Bondholder the Number of Physically Settled Shares in accordance with the subsequent provisions of this Condition 6 and (B) making payment, or procuring that payment is made, to the relevant Bondholder of the Cash Settlement Amount in respect of the Number of Cash Settled Shares, together with any other amount payable by the Issuer to such Bondholder pursuant to these Conditions in respect of or relating to the relevant exercise of Conversion Rights.
		

		
			 
		

		
			The Issuer will pay any Cash Settlement Amount not later than the CSA Settlement Date.
		

		
			 
		

		
			For these purposes:
		

		
			 
		

		
			"Number of Cash Settled Shares" means, in respect of any date and any Cash Settlement Election, such number of Ordinary Shares as is determined by the Issuer in its sole discretion (and shall be no greater than the Number of Reference Shares) and notified to the relevant Bondholder in the Cash Settlement Election Notice (the "Initial Number of Cash Settled Shares"), subject to adjustment (as determined by the Calculation Agent) inversely pro rata to any adjustment made to the Conversion Price which takes effect (assuming for this purpose Conversion Rights to be exercisable on such date in respect of which the Number of Cash Settled Shares is being determined) after the Conversion Date (and with effect on the same date on which such adjustment to the Conversion Price takes effect).
		

		
			 
		

		
			"Cash Settlement Election Date" means the date falling four dealing days following the relevant Conversion Date.
		

		
			 
		

		
			
		

		
			

		 

		

			-  73  -

		

 

		

		
			6.3       Adjustment of Conversion Price
		

		
			 
		

		
			Upon the happening of any of the events described below, the Conversion Price shall be adjusted by the Calculation Agent, on behalf of the Issuer, as follows:
		

		
			 
		

		
			(a)        If and whenever there shall be a consolidation, reclassification/redesignation or subdivision affecting the Ordinary Shares which alters the number of Ordinary Shares in issue, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately prior to such consolidation, reclassification/redesignation or subdivision by the following fraction:
		

		
			 
		

			
					
						A

					
					
						 

				
	
					
						B

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			A         is the aggregate number of Ordinary Shares in issue immediately before such consolidation, reclassification/redesignation or subdivision, as the case may be; and
		

		
			 
		

		
			B         is the aggregate number of Ordinary Shares in issue immediately after, and as a result of, such consolidation, reclassification/redesignation or subdivision, as the case may be.
		

		
			 
		

		
			Such adjustment shall become effective on the date the consolidation, reclassification/redesignation or subdivision, as the case may be, takes effect.
		

		
			 
		

		
			(b)       If and whenever the Issuer shall issue any Ordinary Shares credited as fully paid to the Shareholders by way of capitalisation of profits or reserves (including any share premium account or capital redemption reserve), other than an issue of Ordinary Shares constituting a Dividend pursuant to paragraph (a) of the definition thereof, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately prior to such issue by the following fraction:
		

		
			 
		

			
					
						A

					
					
						 

				
	
					
						B

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			A          is the aggregate number of Ordinary Shares in issue immediately before such issue; and
		

		
			 
		

		
			B          is the aggregate number of Ordinary Shares in issue immediately after such issue.
		

		
			 
		

		
			Such adjustment shall become effective on the date of issue of such Ordinary Shares.
		

		
			 
		

		
			(c)        If and whenever the Issuer shall declare, announce, make or pay any Dividend to the Shareholders, the Conversion Price shall be adjusted by multiplying the
		

		
			 
		

		
			
		

		
			

		 

		

			-  74  -

		

 

		

		
			Conversion Price in force immediately prior to the Effective Date by the following fraction:
		

		
			 
		

			
					
						A ─ B

					
					
						 

				
	
					
						B

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			A         is the Current Market Price of one Ordinary Share on the Ex-Date in respect of such Dividend; and
		

		
			 
		

		
			B          is the Fair Market Value (on the Ex- Date in respect of such Dividend) of the aggregate Dividend attributable to one Ordinary Share, with such portion being determined by dividing the Fair Market Value of the aggregate Dividend by the number of Ordinary Shares entitled to receive the relevant Dividend (or, in the case of a purchase, redemption or buy back of Ordinary Shares or any depositary or other receipts or certificates representing Ordinary Shares by or on behalf of the Issuer or any member of the Group, by the number of Ordinary Shares in issue immediately following such purchase, redemption or buy back, and treating as not being in issue any Ordinary Shares, or any Ordinary Shares represented by depositary or other receipts or certificates, purchased, redeemed or bought back).
		

		
			 
		

		
			Such adjustment shall become effective on the date (the "Effective Date") which, in respect of this Condition 6.3(c) is the later of (i) the Ex-Date of such Dividend and (ii) the first date upon which the Fair Market Value of the relevant Dividend is capable of being determined as provided herein.
		

		
			 
		

		
			"Ex-Date" means, in respect of this Condition 6.3(c), the first date on which the Ordinary Shares are traded ex-the relevant Dividend on the Relevant Stock Exchange or, in the case of a purchase, redemption or buy back of Ordinary Shares or any depositary or other receipts or certificates representing Ordinary Shares by or on behalf of the Issuer or any member of the Group, the date on which such purchase, redemption or buy back is made or in the case of a Spin- Off, the first date on which the Ordinary Shares are traded ex-the relevant Spin-Off on the Relevant Stock Exchange.
		

		
			 
		

		
			(d)        If and whenever the Issuer shall issue Ordinary Shares to Shareholders as a class by way of rights, or the Issuer or any member of the Group or (at the direction or request or pursuant to any arrangements with the Issuer or any member of the Group) any other company, Person or entity shall issue or grant to Shareholders as a class by way of rights, any options, warrants or other rights to subscribe for or  purchase or otherwise acquire any Ordinary Shares, or any Securities which by their terms of issue carry (directly or indirectly) rights of conversion into, or exchange or subscription for, or the right to acquire, any Ordinary Shares (or shall grant any such rights in respect of existing Securities so issued), in each case at a consideration receivable per Ordinary Share (based, where appropriate, on such number of Ordinary Shares as determined by reference to the proviso below) which is less than 95 per cent. of the Current Market Price per Ordinary Share on the Effective Date, the
		

		
			 
		

		
			
		

		
			

		 

		

			-  75  -

		

 

		

		
			Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately prior to the Effective Date by the following fraction:
		

		
			 
		

			
					
						A+B

					
					
						 

				
	
					
						A+C

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			A         is the number of Ordinary Shares in issue on the Effective Date;
		

		
			 
		

		
			B         is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the Ordinary Shares issued by way of rights, or for the Securities issued by way of rights, or for the options or warrants or other rights issued or granted by way of rights and for the total number of Ordinary Shares deliverable on the exercise thereof, would purchase at such Current Market Price per Ordinary Share; and
		

		
			 
		

		
			C         is the number of Ordinary Shares to be issued or, as the case may be, the maximum number of Ordinary Shares which may be issued upon exercise of such options, warrants or rights calculated as at the date of issue of such options, warrants or rights,
		

		
			 
		

		
			provided that if, on the Effective Date, such number of Ordinary Shares is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time, then for the purposes of this Condition 6.3(d), "C" shall be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Effective Date and as if such conversion, exchange, subscription, purchase or acquisition had taken place on the Effective Date.
		

		
			 
		

		
			Such adjustment shall become effective on the Effective Date.
		

		
			 
		

		
			"Effective Date" means, in respect of this Condition 6.3(d), the Ex-Date in respect of the relevant rights, options or warrants.
		

		
			 
		

		
			(e)        If and whenever the Issuer or any member of the Group or (at the direction or request or pursuant to any arrangements with the Issuer or any member of the Group) any other company, Person or entity shall issue any Securities (other than Ordinary Shares or options, warrants or other rights to subscribe for or purchase or otherwise acquire any Ordinary Shares or Securities which by their terms carry (directly or indirectly) rights of conversion into, or exchange or subscription for, or rights to otherwise acquire, Ordinary Shares) to Shareholders as a class by way of rights or grant to Shareholders as a class by way of rights any options, warrants or other rights to subscribe for or purchase or otherwise acquire any Securities (other than Ordinary Shares or options, warrants or other rights to subscribe for or purchase or otherwise acquire Ordinary Shares or Securities which by their term carry (directly or indirectly) rights of conversion into, or exchange or subscription for, or rights to otherwise acquire, Ordinary Shares), the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately prior to the Effective Date by the following fraction:
		

		
			 
		

		
			
		

		
			

		 

		

			-  76  -

		

 

		

		
			 
		

			
					
						A─B

					
					
						 

				
	
					
						A

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			A          is the Current Market Price of one Ordinary Share on the Effective Date; and
		

		
			 
		

		
			B          is the Fair Market Value on the Effective Date of the portion of the rights attributable to one Ordinary Share.
		

		
			 
		

		
			Such adjustment shall become effective on the Effective Date.
		

		
			 
		

		
			"Effective Date" means, in respect of this Condition 6.3(e), the Ex-Date in respect of the relevant Securities, rights, option or warrants.
		

		
			 
		

		
			(f)        If and whenever the Issuer shall issue (otherwise than as mentioned in Condition 6.3(d) above) wholly for cash or for no consideration any Ordinary Shares (other than Ordinary Shares issued on conversion of the Bonds (which term shall for this purpose include any Further Bonds) or on the exercise of any rights of conversion into, or exchange or subscription for or purchase of, or rights to otherwise acquire Ordinary Shares and other than where it is determined to constitute a Dividend pursuant to paragraph (a) of the definition "Dividend") or if and whenever the Issuer or any member of the Group or (at the direction or request or pursuant to any arrangements with the Issuer or any member of the Group) any other company, Person or entity shall issue or grant (otherwise than as mentioned in Condition 6.3(d) above) wholly for cash or  for no consideration any options, warrants or other rights to subscribe for or purchase or otherwise acquire any Ordinary Shares (other than the Bonds, which term shall for this purpose include any Further Bonds, and otherwise as mentioned in Condition 6.3(g) below), in each case at a consideration receivable per Ordinary Share (based, where appropriate, on such number of Ordinary Shares as determined by reference to the proviso below) which is less than 95 per cent. of the Current Market Price per Ordinary Share on the date of the first public announcement of the terms of such issue or grant, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately prior to the Effective Date by the following fraction:
		

		
			 
		

			
					
						A+B

					
					
						 

				
	
					
						A+C

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			A          is the number of Ordinary Shares in issue immediately before the issue of such Ordinary Shares or the grant of such options, warrants or rights;
		

		
			 
		

		
			B          is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the issue of such Ordinary Shares or, as the case may be, for the Ordinary Shares to be issued or otherwise made
		

		
			 
		

		
			
		

		
			

		 

		

			-  77  -

		

 

		

		
			available upon the exercise of any such options, warrants or rights, would purchase at such Current Market Price per Ordinary Share; and
		

		
			 
		

		
			C          is the number of Ordinary Shares to be issued pursuant to such issue of such Ordinary Shares or, as the case may be, the maximum number of Ordinary Shares which may be issued upon exercise of such options, warrants or rights calculated as at the date of issue of such options, warrants or rights,
		

		
			 
		

		
			provided that if, on the Effective Date, such number of Ordinary Shares is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time, then for the purposes of this Condition 6.3(f), "C" shall  be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Effective Date and as if such conversion, exchange, subscription, purchase or acquisition had taken place on the Effective Date.
		

		
			 
		

		
			Such adjustment shall become effective on the Effective Date.
		

		
			 
		

		
			"Effective Date" means, in respect of this Condition 6.3(f), the date of issue of such Ordinary Shares or, as the case may be, the issue or grant of such options, warrants or rights.
		

		
			 
		

		
			(g)       If and whenever the Issuer or any member of the Group or (at the direction or request of or pursuant to any arrangements with the Issuer or any member of the Group) any other company, Person or entity (otherwise than as mentioned in Conditions 6.3(d), 6.3(e) or 6.3(f) above) shall issue wholly for cash or for no consideration any Securities (other than the Bonds, which term for this purpose shall exclude any Further Bonds) which by their terms of issue carry (directly or indirectly) rights of conversion into, or exchange or subscription for, purchase of, or rights to otherwise acquire, Ordinary Shares (or shall grant any such rights in respect of existing Securities so issued) or Securities which by their terms might be reclassified/redesignated as Ordinary Shares, and the consideration per Ordinary Share receivable upon conversion, exchange, subscription, purchase, acquisition or redesignation (based, where appropriate, on such number of Ordinary Shares as determined by reference to the proviso below) is less than 95 per cent. of the Current Market Price per Ordinary Share on the date of the first public announcement of the terms of such issue of such Securities (or the terms of such grant), the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately prior to the Effective Date by the following fraction:
		

		
			 
		

			
					
						A─B

					
					
						 

				
	
					
						A+C

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			A         is the number of Ordinary Shares in issue immediately before such issue or grant (but where the relevant Securities carry rights of conversion into or rights of exchange or subscription for, purchase of, or rights to otherwise acquire Ordinary Shares which have been issued,
		

		
			 
		

		
			
		

		
			

		 

		

			-  78  -

		

 

		

		
			purchased or acquired by the Issuer or any member of the Group (or at the direction or request or pursuant to any arrangements with the Issuer or any member of the Group) for the purposes of or in connection with such issue, less the number of such Ordinary Shares so issued, purchased or acquired);
		

		
			 
		

		
			B         is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the Ordinary Shares to be issued or otherwise made available upon conversion or exchange or upon exercise of the right of subscription, purchase or acquisition attached to such Securities or, as the case may be, for the Ordinary Shares to be issued or to arise from any such reclassification/redesignation would purchase at such Current Market Price per Ordinary Share; and
		

		
			 
		

		
			C         is the maximum number of Ordinary Shares to be issued or otherwise made available upon conversion or exchange of such Securities or upon the exercise of such right of subscription attached thereto at the initial conversion, exchange, subscription, purchase or acquisition price or rate or, as the case may be, the maximum number of Ordinary Shares which may be issued or arise from any such reclassification/redesignation,
		

		
			 
		

		
			provided that if, on the Effective Date, such number of Ordinary Shares is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time (which may be when such Securities are converted or exchanged or rights of subscription, purchase or acquisition are exercised or, as the case may be, such Securities are reclassified/redesignated or at such other time as may be provided), then for the purposes of this Condition 6.3(g), "C" shall be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Effective Date and as if such conversion, exchange, subscription, purchase or acquisition or, as the case may be, reclassification/redesignation had taken place on the Effective Date.
		

		
			 
		

		
			Such adjustment shall become effective on the Effective Date.
		

		
			 
		

		
			"Effective Date" means, in respect of this Condition 6.3(g), the date of issue of such Securities or, as the case may be, the grant of such rights.
		

		
			 
		

		
			(h)        If and whenever there shall be any modification of the rights of conversion, exchange, subscription, purchase or acquisition attaching to any such Securities (other than the Bonds, which term shall for this purpose include any Further Bonds) as are mentioned in Condition 6.3(g) above (other than in accordance with the terms (including terms as to adjustment) applicable to such Securities upon issue) so that following such modification the consideration per Ordinary Share receivable has been reduced and is less than 95 per cent. of the Current Market Price per Ordinary Share on the date of the first public announcement of the proposal for such modification, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately prior to the Effective Date by the following fraction:
		

		
			 
		

		
			
		

		

		 

		

			-  79  -

		

 

	
					
						

					
						A+B

					
					
						 

				
	
					
						A+C

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			A         is the number of Ordinary Shares in issue immediately before such modification (but where the relevant Securities carry rights of conversion into or rights of exchange or subscription for, or purchase or acquisition of, Ordinary Shares which have been issued, purchased or acquired by the Issuer or any member of the Group (or at the direction or request or pursuant to any arrangements with the Issuer or any member of the Group) for the purposes of or in connection with such Securities, less the number of such Ordinary Shares so issued, purchased or acquired);
		

		
			 
		

		
			B         is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the Ordinary Shares to be issued or otherwise made available upon conversion or exchange or upon exercise of the right of subscription, purchase or acquisition attached to the Securities so modified would purchase at such Current Market Price per Ordinary Share or, if lower, the existing conversion, exchange, subscription, purchase or acquisition price or rate of such Securities; and
		

		
			 
		

		
			C         is the maximum number of Ordinary Shares which may be issued or otherwise made available upon conversion or exchange of such Securities or upon the exercise of such rights of subscription, purchase or acquisition attached thereto at the modified conversion, exchange, subscription, purchase or acquisition price or rate but giving credit in such manner as the Calculation Agent shall consider appropriate for any previous adjustment under this Condition 6.3(h) or Condition 6.3(g) above;
		

		
			 
		

		
			provided that if, on the Effective Date, such number of Ordinary Shares is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time (which may be when such Securities are converted or exchanged or rights of subscription, purchase or acquisition are exercised or at such other time as may be  provided) then for the purposes of this Condition 6.3(h), "C" shall be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Effective Date and as if such conversion, exchange, subscription, purchase or acquisition had taken place on the Effective Date.
		

		
			 
		

		
			Such adjustment shall become effective on the Effective Date.
		

		
			 
		

		
			"Effective Date" means, in respect of this Condition 6.3(h), the date of modification of the rights of conversion, exchange, subscription, purchase or acquisition attaching to such Securities.
		

		
			 
		

		
			(i)        If and whenever the Issuer or any member of the Group or (at the direction or request of or pursuant to any arrangements with the Issuer or any member of
		

		
			 
		

		
			
		

		
			

		 

		

			-  80  -

		

 

		

		
			the Group) any other company, Person or entity shall offer any Securities in connection with which Shareholders as a class are entitled to participate in arrangements whereby such Securities may be acquired by them (except where the Conversion Price falls to be adjusted under Conditions 6.3(b), 6.3(c), 6.3(d), 6.3(e), 6.3(f) or 6.3(g) above or Condition 6.3(j) below (or would fall to be so adjusted if the relevant issue or grant was at less than 95 per cent. of the Current Market Price per Ordinary Share on the relevant date)) the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before the Effective Date by the following fraction:
		

		
			 
		

			
					
						A─B

					
					
						 

				
	
					
						A

					
					
						 

				

		
			 
		

		
			where:
		

		
			 
		

		
			A         is the Current Market Price of one Ordinary Share on the Effective Date; and
		

		
			 
		

		
			B         is the Fair Market Value on the Effective Date of the portion of the relevant offer attributable to one Ordinary Share.
		

		
			 
		

		
			Such adjustment shall become effective on the Effective Date.
		

		
			 
		

		
			"Effective Date" means, in respect of this Condition 6.3(i), the Ex-Date in respect of the relevant rights.
		

		
			 
		

		
			(j)         If any of the events referred to in (i) or (ii) below occur (each such event being a "Change of Control"):
		

		
			 
		

		
			(i)         (x) an offer is made to all (or as nearly as may be practicable all) Shareholders (or all (or as nearly as may be practicable all) such Shareholders other than the offeror and/or any parties acting in concert (as defined in Section 117 of the Companies Act) with the offeror), to acquire all or a majority of the issued ordinary share capital of the Issuer or if any Person proposes a Scheme of Arrangement with regard to such acquisition (other than an Exempt Newco Scheme) and (y) (such offer or Scheme of Arrangement having become or been declared unconditional in all respects or having become effective) the right to cast more than 50 per cent of the votes which may ordinarily be cast on a poll at a general meeting of the Issuer has or will become unconditionally vested in the offeror and/or any such parties as aforesaid; or
		

		
			 
		

		
			(ii)       any Person and/or parties acting in concert (defined as aforesaid) shall own, acquire or control (or have the right to own, acquire or control) (other than pursuant to an Exempt Newco Scheme) more than 50 per cent of the issued ordinary share capital of the Issuer or the right to cast more than 50 per cent of the votes which may ordinarily be cast on a poll at a general meeting of the Issuer,
		

		
			 
		

		
			
		

		
			

		 

		

			-  81  -

		

 

		

		
			then upon any exercise of Conversion Rights where the Conversion Date falls (a) during the Change of Control Period or (b) on a date following the giving by the Issuer of an Optional Redemption Notice pursuant to Condition 7.2(a) in circumstances where the precondition specified in Condition 7.2(a) would not have been satisfied assuming (solely for the purpose of this proviso (b)) that the Parity Value in respect of the relevant dealing days had been determined only on the basis of the Conversion Price in effect (but not using the Change of Control Conversion Price where applicable), the Conversion Price (the "Change of Control Conversion Price") applicable solely in respect of such exercise of Conversion Rights shall be determined as set out below:
		

		
			 
		

		
			COCCP = OCP/(1+ (CP x c/t))
		

		
			 
		

		
			where:
		

		
			 
		

		
			COCCP      means the Change of Control Conversion Price;
		

		
			 
		

		
			OCP           means   the   Conversion    Price   in    effect   on   the relevant Conversion Date;
		

		
			 
		

		
			CP              means 35 per cent (expressed as fraction);
		

		
			 
		

		
			c                 means the number of days from and including the date the Change of Control occurs to but excluding the Final Maturity Date; and
		

		
			 
		

		
			t                  means the number of days from and including the Closing Date to but excluding the Final Maturity Date.
		

		
			 
		

		
			(k)        If, following consultation with the Calculation Agent, the Issuer determines that, or is uncertain as to whether, an adjustment should be made to the Conversion Price as a result of one or more circumstances not referred to above in this Condition 6.3 (even if the relevant circumstance is specifically excluded from the operation of Conditions 6.3(a) to 6.3(j) above), the Issuer shall, at its own expense and acting reasonably, request an Independent Adviser to determine as soon as practicable what adjustment (if any) to the Conversion Price is fair and reasonable to take account thereof and the date on which such adjustment (if any) should take effect and upon such determination such adjustment (if any) shall be made and shall take effect in accordance with such determination, provided that an adjustment shall only be made pursuant to this Condition 6.3(k) if such Independent Adviser is so requested to make such determination as soon as practicable after the date on which the relevant circumstance arises and the adjustment would result in a reduction to the Conversion Price.
		

		
			 
		

		
			Notwithstanding the foregoing provisions:
		

		
			 
		

		
			(a)        where the events or circumstances giving rise to any adjustment pursuant to this Condition 6.3 have already resulted or will result in an adjustment to the Conversion Price or where the events or circumstances giving rise to any
		

		
			 
		

		
			
		

		
			

		 

		

			-  82  -

		

 

		

		
			adjustment arise by virtue of any other events or circumstances which have already given or will give rise to an adjustment to the Conversion Price or where more than one event which gives rise to an adjustment to the Conversion Price occurs within such a short period of time that, in the opinion of the Issuer (following consultation with the Calculation Agent), a modification to the operation of the adjustment provisions is required to give the intended result, such modification shall be made to the operation of the adjustment provisions as may be determined by an Independent Adviser to be in its opinion appropriate to give the intended result; and
		

		
			 
		

		
			(b)        such modification shall be made to the operation of these Conditions as may be determined by an Independent Adviser to be in its opinion appropriate (i) to ensure that an adjustment to the Conversion Price or the economic effect thereof shall not be taken into account more than once and (ii) to ensure that the economic effect of a Dividend is not taken into account more than once; and
		

		
			 
		

		
			(c)        other than pursuant to Condition 6.3(a), no adjustment shall be made that would result in an increase to the Conversion Price.
		

		
			 
		

		
			For the purpose of any calculation of the consideration receivable or price pursuant to Conditions 6.3(d), 6.3(f), 6.3(g) and 6.3(h), the following provisions shall apply:
		

		
			 
		

		
			(i)        the aggregate consideration receivable or price for Ordinary Shares issued for cash shall be the amount of such cash;
		

		
			 
		

		
			(ii)        (A) the aggregate consideration receivable or price for Ordinary Shares to be issued or otherwise made available upon the conversion or exchange of any Securities shall be deemed to be the consideration or price received or receivable for any such Securities and (B) the aggregate consideration receivable or price for Ordinary Shares to be issued or otherwise made available upon the exercise of rights of subscription attached to any Securities or upon the exercise of any options, warrants or rights shall be deemed to be that part (which may be the whole) of the consideration or price received or receivable for such Securities or, as the case may be, for such options, warrants or rights which are attributed by the Issuer to such rights of subscription or, as the case may be, such options, warrants or rights or, if no part of such consideration or price is so attributed, the Fair Market Value of such rights of subscription or, as the case may be, such options, warrants or rights as at the relevant Effective Date as referred to in Condition 6.3(d), or the relevant date of first public announcement referred to in Conditions 6.3(f), 6.3(g) or 6.3(h), as the case may be, plus in the case of each of (A) and (B) above, the additional minimum consideration receivable or price (if any) upon the conversion or exchange of such Securities, or upon the exercise of such rights of subscription attached thereto or, as the case may be, upon exercise of such options, warrants or rights and (C) the consideration receivable or price per Ordinary Share upon the conversion or exchange of, or upon the exercise of such rights of subscription attached to, such Securities or, as the case may be, upon the exercise of such options, warrants or
		

		
			 
		

		
			
		

		
			

		 

		

			-  83  -

		

 

		

		
			rights shall be the aggregate consideration or price referred to in (A) or (B) above (as the case may be) divided by the number of Ordinary Shares to be issued upon such conversion or exchange or exercise at the initial conversion, exchange or subscription price or rate;
		

		
			 
		

		
			(iii)      if the consideration or price determined pursuant to (i) or (ii) above (or any component thereof) shall be expressed in a currency other than the Relevant Currency, it shall be converted by the Calculation Agent into the Relevant Currency at the Prevailing Rate on the relevant Effective Date (in the case of paragraph (i) above or for the purpose of Condition 6.3(d)) or the relevant date of first public announcement (for the purpose of Conditions 6.3(f), 6.3(g) or 6.3(h)); and
		

		
			 
		

		
			(iv)      in determining the consideration or price pursuant to the above, no deduction shall be made for any commissions or fees (howsoever described) or any expenses paid or incurred for any underwriting, placing or management of the issue of the relevant Ordinary Shares or Securities or options, warrants or rights, or otherwise in connection therewith.
		

		
			 
		

		
			6.4       Retroactive Adjustments
		

		
			 
		

		
			If the Registration Date in relation to the conversion of any Bond shall be:
		

		
			 
		

		
			(a)        after the record date in respect of any consolidation, reclassification/redesignation or sub-division as is mentioned in Condition 6.3(a) above, or after the record date or other due date for the establishment of entitlement for any such issue, distribution, grant or offer (as the case may be) as is mentioned in Conditions 6.3(b), 6.3(c), 6.3(d), 6.3(e) or 6.3(i) above, or after the date of the first public announcement of the terms of any such issue or grant as is mentioned in Conditions 6.3(f) and 6.3(g) above or of the terms of any such modification as is mentioned in Condition 6.3(h) above; but
		

		
			 
		

		
			(b)       in circumstances where the relevant Conversion Date falls on or after the Share Conversion Start Date and before the relevant adjustment to the Conversion Price becomes effective under Condition 6.3 above,
		

		
			 
		

		
			(such adjustment, a "Retroactive Adjustment"), then the Issuer shall (conditional upon the relevant adjustment becoming effective) procure that there shall be issued or transferred and delivered to the converting Bondholder, in accordance with the instructions contained in the relevant Conversion Notice, such additional number of Ordinary Shares (if any) as determined by the Calculation Agent or an Independent Adviser (the "Additional Ordinary Shares") as, together with the Number of Physically Settled Shares to be issued or transferred and delivered on conversion of the relevant Bond (together with any fraction of an Ordinary Share not so issued or transferred and delivered), is equal to the number of Number of Physically Settled Shares which would have been required to be issued or transferred and delivered on conversion of such Bond if the relevant adjustment to the Conversion Price had been made and become effective immediately prior to the relevant Conversion Date (assuming for this purpose only that the Initial Number of Cash Settled Shares (if any) used for the purpose of determining such adjusted Number of Physically Settled
		

		
			 
		

		
			
		

		
			

		 

		

			-  84  -

		

 

		

		
			Shares which would have been required to be issued or transferred and delivered (as aforesaid) had been adjusted as provided in the definition thereof in respect of such Retroactive Adjustment), as determined by the Calculation Agent or an Independent Adviser; provided that in the case of a Retroactive Adjustment arising in respect of a consolidation, the Number of Physically Settled Shares to be transferred and delivered to the relevant holder shall be reduced to that number of Ordinary Shares which would have been required to be issued or transferred and delivered on conversion of such Bond if the relevant adjustment to the Conversion Price had been made and become effective immediately prior to the relevant Conversion Date and provided further that, for the avoidance of doubt, if in the case of a Retroactive Adjustment arising in respect of Conditions 6.3(b), 6.3(c), 6.3(d), 6.3(e) or 6.3(i), the relevant Bondholder shall be entitled to receive the relevant Ordinary Shares, Dividends or Securities in respect of the Ordinary Shares to be issued or delivered to it, then the relevant Bondholder shall not be entitled to receive Additional Ordinary Shares in relation thereto.
		

		
			 
		

		
			6.5       Decision of an Independent Adviser or Calculation Agent
		

		
			 
		

		
			Adjustments to the Conversion Price shall be determined and calculated in good faith by the Calculation Agent upon request from the Issuer, and/or to the extent so specified in these Conditions, in good faith by an Independent Adviser. Adjustments to the Conversion Price calculated by the Calculation Agent and/or, where applicable, an Independent Adviser and any other determinations or calculations made by the Calculation Agent or an Independent Adviser or an opinion of an Independent Adviser pursuant to these Conditions shall in each case be made in good faith and shall be final and binding (in the absence of bad faith or manifest error) on the Issuer, the Trustee, the Bondholders, the Paying, Transfer and Conversion Agents and (in the case of a determination by an Independent Adviser) the Calculation Agent. The Calculation Agent may consult, at the expense of the Issuer, on any matter (including, but not limited to, any legal matter), any legal or other professional adviser and it  shall be able to rely on, and it shall not be liable and shall incur no liability as against the Trustee, the Paying, Transfer and Conversion Agents or the Bondholders in respect of anything done, or omitted to be done, relating to that matter in good faith, in accordance with that adviser's opinion.
		

		
			 
		

		
			The Calculation Agent is acting exclusively as an agent for, and upon request from, the Issuer. Neither the Calculation Agent (acting in such capacity) nor any Independent Adviser appointed in connection with the Bonds (acting in such capacity), shall have any relationship of agency or trust with, and neither the Calculation Agent (acting in such capacity) nor any Independent Adviser shall be liable nor incur any liability against, the Trustee, the Paying, Transfer and Conversion Agents or the Bondholders.
		

		
			 
		

		
			If, following consultation between the Issuer and the Calculation Agent, any doubt shall arise as to whether an adjustment falls to be made to the Conversion Price or as to the appropriate adjustment to the Conversion Price, and following consultation between the Issuer and an Independent Adviser, a written determination of such Independent Adviser in respect thereof shall be conclusive and binding on all parties, save in the case of manifest error.
		

		
			 
		

		
			
		

		
			

		 

		

			-  85  -

		

 

		

		
			6.6       Share or Option Schemes, Dividend Reinvestment Plans
		

		
			 
		

		
			No adjustment will be made to the Conversion Price where Ordinary Shares or other Securities (including rights, warrants and options) are issued, offered, exercised, allotted, purchased, appropriated, modified or granted (i) to, or for the benefit of, employees or former employees (including directors holding or formerly holding executive or non-executive office or the personal service company of any such Person) or their spouses or relatives, in each case, of the Issuer or any of member of the Group or any associated company or to a trustee or trustees to be held for the benefit of any such Person, in any such case pursuant to any share or option scheme  or (ii) pursuant to any dividend reinvestment plan or similar plan or scheme.
		

		
			 
		

		
			6.7       Rounding Down and Adjustment to the Conversion Price
		

		
			 
		

		
			On any adjustment, the resultant Conversion Price, if not an integral multiple of USD 0.0001, shall be rounded down to the nearest whole multiple of USD 0.0001. No adjustment shall be made to the Conversion Price where such adjustment (rounded down if applicable) would be less than one per cent. of the Conversion Price then in effect. Any adjustment not required to be made and/or any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment, and such subsequent adjustment shall be made on the basis that the adjustment not required to be made had been made at the relevant time and/or, as the case may be, that the relevant rounding down had not been made.
		

		
			 
		

		
			Notice of any adjustments to the Conversion Price shall be given by the Issuer to Bondholders in accordance with Condition 17 and to the Trustee promptly after the determination thereof.
		

		
			 
		

		
			6.8       Change of Control
		

		
			 
		

		
			Within 14 calendar days following the occurrence of a Change of Control, the Issuer shall give notice thereof to the Trustee and to the Bondholders in accordance with Condition 17 (a "Change of Control Notice"). Such notice shall contain a statement informing Bondholders of their entitlement to exercise their Conversion Rights as provided in these Conditions and their entitlement to exercise their rights to require redemption of their Bonds pursuant to Condition 7.5.
		

		
			 
		

		
			The Change of Control Notice shall also specify:
		

		
			 
		

		
			(a)        all information material to Bondholders concerning the Change of Control;
		

		
			 
		

		
			(b)        the Conversion Price immediately prior to the occurrence of the Change of Control and the Change of Control Conversion Price applicable in accordance with Condition 6.3(j) on the basis of the Conversion Price in effect immediately prior to the occurrence of the Change of Control;
		

		
			 
		

		
			(c)        the Closing Price of the Ordinary Shares as at the latest practicable date prior to the publication of the Change of Control Notice;
		

		
			 
		

		
			(d)        the last day of the Change of Control Period; and
		

		
			 
		

		
			(e)        the Change of Control Put Date.
		

		
			 
		

		
			
		

		
			

		 

		

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			The Trustee shall not be required to monitor or take any steps to monitor or ascertain whether a Change of Control or any event which could lead to a Change of Control has occurred or may occur and will not be responsible or liable to Bondholders or any other Person for any loss arising from any failure by it to do so.
		

		
			 
		

		
			6.9       Procedure for exercise of Conversion Rights
		

		
			 
		

		
			Conversion Rights may be exercised by a Bondholder during the Conversion Period by delivering the Certificate evidencing the relevant Bond to the specified office of any Paying, Transfer and Conversion Agent, during its usual business hours, accompanied by a duly completed and signed notice of conversion (a "Conversion Notice") in the form (for the time being current) obtainable from any Paying, Transfer and Conversion Agent. Conversion Rights shall be exercised subject in each case to any applicable fiscal or other laws or regulations applicable in the jurisdiction in which the specified office of the Paying, Transfer and Conversion Agent to whom the relevant Conversion Notice is delivered is located.
		

		
			 
		

		
			If the delivery of the relevant Certificate and Conversion Notice as described in the foregoing paragraph is made after the end of normal business hours or on a day which is not a business day in the place of the specified office of the relevant Paying, Transfer and Conversion Agent, such delivery shall be deemed for all purposes of these Conditions to have been made on the next following such business day.
		

		
			 
		

		
			Conversion Rights may only be exercised in respect of an authorised denomination. Where Conversion Rights are exercised in respect of part only of the Bonds evidenced by a Certificate, the old Certificate shall be cancelled and a new Certificate for the balance thereof shall be issued in lieu thereof without charge but upon payment by the holder of any taxes, duties and other governmental charges payable in connection therewith and the Registrar will within seven business days, in the place of the specified office of the Registrar, following the relevant Conversion Date deliver such new Certificate to the Bondholder at the specified office of the Registrar or (at the risk and, if mailed at the request of the Bondholder otherwise than by ordinary mail, at the expense of the Bondholder) mail the new Certificate by uninsured mail to such address as the Bondholder may request.
		

		
			 
		

		
			Any determination as to whether any Conversion Notice has been duly completed and properly delivered shall be made by the relevant Paying, Transfer and Conversion Agent and shall, save in the case of manifest error, be conclusive and binding on the Issuer, the Trustee and the Paying, Transfer and Conversion Agents and the relevant Bondholder. A Conversion Notice, once delivered, shall be irrevocable.
		

		
			 
		

		
			The conversion date in respect of a Bond (the "Conversion Date") shall be the business day in Johannesburg immediately following the later of (a) the date of the delivery of the relevant Certificate and the Conversion Notice as provided in this Condition 6.9 and (b) the date on which payment of any other amount payable by the relevant Bondholder pursuant to the following paragraph of this Condition 6.9 is made.
		

		
			 
		

		
			A Bondholder exercising a Conversion Right must pay directly to the relevant authorities any Taxes that may be payable arising on conversion and redemption of a Bond and capital, stamp, issue, registration and transfer Taxes and duties arising on
		

		
			 
		

		
			
		

		
			

		 

		

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			conversion of a Bond; provided that the Issuer shall be liable for any stamp duties, issue and registration and transfer Taxes and duties payable in South Africa in respect of the issue or transfer and delivery of any Ordinary Shares on such conversion (including any Additional Ordinary Shares). Such Bondholder must also pay all, if any, Taxes arising by reference to any disposal or deemed disposal of a Bond or interest therein in connection with such conversion. The Trustee shall not be responsible for determining whether such Taxes or capital, stamp, issue and registration and transfer Taxes and duties are payable or the amount thereof and it shall not be responsible or liable for any failure by the Issuer to pay such Taxes or capital, stamp, issue and registration and transfer Taxes and duties.
		

		
			 
		

		
			Ordinary Shares to be issued or delivered on exercise of Conversion Rights will be entered in the securities register of the Issuer in South Africa and issued or delivered in uncertificated form through the securities trading system operated by Strate Proprietary Limited ("Strate"), or any successor licensed clearance and settlement facility (applicable to the Ordinary Shares) of Strate. The Issuer will procure the delivery of such Ordinary Shares to the Strate account specified by the relevant Bondholder in the relevant Conversion Notice as soon as possible and in any event within 15 (fifteen) Johannesburg business days after the relevant Conversion Date (or, in the case of any Additional Ordinary Shares, not later than 15 (fifteen) Johannesburg business days following the Reference Date).
		

		
			 
		

		
			In addition, a Bondholder exercising Conversion Rights for delivery into Strate will be required to certify, represent and agree in the relevant Conversion Notice either:
		

		
			 
		

		
			(a)        that such Bondholder is not a resident of South Africa within the meaning of the Exchange Control Regulations 1961 (as may be amended from time to time) of South Africa promulgated under the Currency and Exchanges Act, 1933 (as amended) of South Africa and that all exchange control approvals required under Applicable Laws of South Africa in connection with the exercise of Conversion Rights by such Bondholder and the issue or transfer of Ordinary Shares to such Bondholder upon such exercise have been obtained and are in full force and effect; or
		

		
			 
		

		
			(b)        that no exchange control approvals are required under Applicable Laws of South Africa in connection with the exercise of such Conversion Rights by such Bondholder and the issue or transfer of Ordinary Shares to such Bondholder upon such exercise,
		

		
			 
		

		
			and shall be required to provide evidence reasonably satisfactory to the Issuer as to the applicability of (a) or (b), as the case may be. The Issuer will then (if applicable) procure that Ordinary Shares delivered through Strate are flagged "Non Resident' for the purposes of South African exchange control laws and regulations.
		

		
			 
		

		
			Notwithstanding any other provisions of these Conditions, a Bondholder exercising its Conversion Right following a Change of Control Conversion Right Amendment as described in Condition 11(b)(vii) will be deemed, for the purposes of these Conditions, to have received the Ordinary Shares arising on conversion of its Bonds in the manner provided in these Conditions, and have exchanged such Ordinary Shares for the consideration that it would have received therefor if it had exercised its
		

		
			 
		

		
			
		

		
			

		 

		

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			Conversion Right in respect such Ordinary Shares at the time of the occurrence of the relevant Change of Control.
		

		
			 
		

		
			6.10     Ordinary Shares
		

		
			 
		

		
			(a)       Ordinary Shares (or Additional Ordinary Shares) issued or transferred and delivered upon exercise of Conversion Rights will be fully paid and will in all respects rank pari passu with the fully paid Ordinary Shares in issue on the relevant Registration Date, except in any such case for any right excluded by mandatory provisions of applicable law and except that such Ordinary Shares will not rank for (or, as the case may be, the relevant holder shall not be entitled to receive) any rights, distributions or payments the record date or other due date for the establishment of entitlement for which falls prior to the relevant Registration Date.
		

		
			 
		

		
			(b)       If the record date or other due date for establishment or entitlement for the payment of any dividend or other distribution in respect of the Ordinary Shares (or, as the case may be, any Additional Ordinary Shares) to be issued on conversion of the Bonds is on or after the Conversion Date (where such Conversion Date falls after the Share Conversion Start Date) in respect of any Bond (or, as the case may be, the Reference Date in respect of any Additional Ordinary Shares) but before the Registration Date (other than and to the extent that it results in any adjustment (retroactive or otherwise) to the number of Ordinary Shares to which a converting Bondholder is entitled as provided in these Conditions), the Issuer will pay to the Bondholder who has exercised his Conversion Right in lieu of such dividend or distribution an amount in USD (the "Equivalent Amount") equal to any such dividend or other distribution  to which such Bondholder would have been entitled had it on that record date or other due date for establishment of entitlement been such a shareholder of record of such Ordinary Shares (or Additional Ordinary Shares) on that date and will make the relevant payment to the relevant Bondholder at the same time that it makes payment of the dividend or other distribution to Shareholders generally.
		

		
			 
		

		
			(c)       Save as provided in Condition 6.11, no payment or adjustment shall be made on exercise of Conversion Rights for any interest which otherwise would have accrued on the relevant Bonds since the last Interest Payment Date preceding the Conversion Date relating to such Bonds (or, if such Conversion Date falls before the first Interest Payment Date, since the Closing Date).
		

		
			 
		

		
			6.11     Interest on Conversion
		

		
			 
		

		
			If any notice requiring the redemption of the Bonds is given pursuant to Condition 7.2 on or after the fifteenth business day in London prior to a record date which has occurred since the last Interest Payment Date (or in the case of the first Interest Period, since the Closing Date) (whether such notice is given before, or on or after such record date) in respect of any Dividend or distribution payable in respect of the Ordinary Shares where such notice specifies a date for redemption falling on or prior to the date which is 14 days after the Record Date in respect of the Interest Payment Date next following such record date, interest shall accrue at the rate provided in Condition 5.1 on Bonds in respect of which Conversion Rights shall have been
		

		
			 
		

		
			
		

		
			

		 

		

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			exercised and in respect of which the Conversion Date falls after such record date and on or prior to the Record Date in respect of the Interest Payment Date next following such record date in respect of such Dividend or distribution, in each case from and including the preceding Interest Payment Date (or, if such Conversion Date falls before the first Interest Payment Date, from the Closing Date) to but excluding such Conversion Date. The Issuer shall pay any such interest by not later than 14 days after the relevant Conversion Date by transfer to a USD account of the payee in accordance with instructions given by the relevant Bondholder in the relevant Conversion Notice.
		

		
			 
		

		
			6.12     Purchase or Redemption of Ordinary Shares
		

		
			 
		

		
			The Issuer or any member of the Group may exercise such rights as it may from time to time enjoy to purchase or redeem or buy back any shares of the Issuer (including Ordinary Shares) or any depositary or other receipts or certificates representing the same without the consent of the Trustee or the Bondholders.
		

		
			 
		

		
			6.13     No Duty to Monitor
		

		
			 
		

		
			Neither the Trustee nor the Calculation Agent shall be under any duty to monitor whether any event or circumstance has happened or exists or may happen and which requires or may require an adjustment to be made to the Conversion Price, or be responsible or liable to the Bondholders or any other Person for any loss arising from any failure by it to do so. Neither the Trustee nor the Calculation Agent shall be responsible or liable to the Bondholders or any other Person (other than, in the case of the Calculation Agent, to the Issuer, strictly in accordance with the relevant provisions of the Calculation Agency Agreement) for any determination of whether or not an adjustment to the Conversion Price is required or should be made nor as to the determination or calculation of any such adjustment.
		

		
			 
		

		
			6.14     Notice of Conversion Price
		

		
			 
		

		
			Notice of any adjustments to the Conversion Price shall be given by the Issuer to Bondholders in accordance with Condition 17 and the Trustee promptly after the determination thereof.
		

		
			 
		

		
			7.         REDEMPTION AND PURCHASE
		

		
			 
		

		
			7.1       Final Redemption
		

		
			 
		

		
			Unless previously purchased and cancelled, redeemed or converted as herein provided, the Bonds will be redeemed on the Final Maturity Date at their principal amount together with accrued but unpaid interest up to (but excluding) such date. The Bonds may only be redeemed at the option of the Issuer prior to the Final Maturity Date in accordance with Conditions 7.2, 7.3 or 7.7.
		

		
			 
		

		
			7.2       Redemption at the Option of the Issuer
		

		
			 
		

		
			Subject as provided in Condition 7.4, on giving not less than 30 nor more than 60 days' notice (an "Optional Redemption Notice") to the Trustee and to the Bondholders in accordance with Condition 17, the Issuer may redeem all but not some only of the Bonds on the date (the "Optional Redemption Date") specified in the
		

		
			 
		

		
			
		

		
			

		 

		

			-  90  -

		

 

		

		
			Optional Redemption Notice at their principal amount, together with accrued but unpaid interest up to (but excluding) such date:
		

		
			 
		

		
			(a)        at any time on or after 17 October 2020, if the Parity Value on each of at least 20 dealing days in any period of 30 consecutive dealing days ending not earlier than 7 days prior to the giving of the relevant Optional Redemption Notice shall have equalled or exceeded USD260,000 (as verified by the Calculation Agent if so requested by the Issuer in its sole discretion); or
		

		
			 
		

		
			(b)       at any time if, prior to the date the relevant Optional Redemption Notice is given, Conversion Rights shall have been exercised and/or purchases (and corresponding cancellations) and/or redemptions effected in respect of 85 per cent. or more in principal amount of the Bonds originally issued (which shall for this purpose include any Further Bonds).
		

		
			 
		

		
			7.3       Redemption for Taxation Reasons
		

		
			 
		

		
			Subject as provided in Condition 7.4, the Issuer may at any time, having given not less than 30 nor more than 60 days' notice (a "Tax Redemption Notice") to the Bondholders redeem (subject to the provisions of this Condition 7.3) all but not some only of the Bonds for the time being outstanding on the date (the "Tax Redemption Date") specified in the Tax Redemption Notice at their principal amount, together with accrued but unpaid interest up to (but excluding) such date, if:
		

		
			 
		

		
			(a)        immediately prior to the giving of such notice the Issuer has or will become obliged (or a Guarantor, if a demand was made under the Bonds Guarantee, would be obliged) to pay additional amounts pursuant to Condition 9 as a result of any change in, or amendment to, the laws or regulations of South Africa (in the case of the Issuer or Kroondal Operations Proprietary Limited) or the United States of America (in the case of Stillwater Mining Company) or any political subdivision or any authority thereof or therein having power to tax, or any change in the general application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after 19 September 2017; and
		

		
			 
		

		
			(b)        such obligation cannot be avoided by the Issuer or (as the case may be) the relevant Guarantor taking reasonable measures available to it, provided that no such Tax Redemption Notice shall be given earlier than 90 days prior to the earliest date on which the Issuer or the relevant Guarantor would be obliged to pay such additional amounts if a payment in respect of the Bonds were then due or (as the case may be) a demand under the Bonds Guarantee was made.
		

		
			 
		

		
			Prior to the publication of any Tax Redemption Notice pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a certificate signed by two Authorised Signatories of the Issuer stating that the obligation referred to in (a) above (with respect to the Issuer) cannot be avoided by the Issuer taking reasonable measures available to it or a certificate signed by two Authorised Signatories of the relevant Guarantor stating that the obligation referred to in (a) above (with respect to the relevant Guarantor) cannot be avoided by the relevant Guarantor taking reasonable measures available to it and (ii) an opinion of independent legal or tax advisers of recognised standing to the effect that such change or amendment has occurred and
		

		
			 
		

		
			
		

		
			

		 

		

			-  91  -

		

 

		

		
			that the Issuer or (as the case may be) the relevant Guarantor has or will be obliged to pay such additional amounts as a result thereof (irrespective of whether such amendment or change is then effective or has only been announced) and the Trustee shall be entitled to accept without any liability for so doing such certificate and opinion as sufficient evidence of the matters set out in (a) and (b) above in which event it shall be conclusive and binding on the Bondholders.
		

		
			 
		

		
			On the Tax Redemption Date, the Issuer shall (subject to provisions of this Condition 7.3) redeem the Bonds at their principal amount, together with accrued interest to such date.
		

		
			 
		

		
			Notwithstanding the foregoing provisions of this Condition 7.3, if the Issuer gives a Tax Redemption Notice, each Bondholder will have the right to elect that his or her Bonds shall not be redeemed and that the provisions of Condition 9 shall not apply in respect of any payment of interest to be made on such Bonds which falls due after the relevant Tax Redemption Date, whereupon no additional amounts shall be payable in respect thereof pursuant to Condition 9 and payment of all amounts of such interest on such Bonds shall be made subject to the deduction or withholding of any South African or (as the case may be) United States taxation required to be withheld or deducted from time to time. To exercise such right, the holder of the relevant Bond must complete, sign and deposit at the specified office of any Paying, Transfer and Conversion Agent a duly completed and signed notice of election, in the form for the time being current, obtainable from the specified office of any Paying, Transfer and Conversion Agent on or before the day falling ten days prior to the Tax Redemption Date.
		

		
			 
		

		
			References in this Condition 7.3 to South Africa or the United States of America shall be deemed also to refer to any jurisdiction in respect of which any undertaking or covenant equivalent to that in Condition 9 is given pursuant to the Trust Deed, (except that as regards such jurisdiction the words "becomes effective on or after 19 September 2017" at paragraph 7.3(a) above shall be replaced with the words "becomes effective after, and has not been announced on or before, the date on which any undertaking or covenant equivalent to that in Condition 9 was given pursuant to the Trust Deed)" and references in this Condition 7.3 to additional amounts payable under Condition 9 shall be deemed also to refer to additional amounts payable under any such undertaking or covenant.
		

		
			 
		

		
			7.4       Optional Redemption and Tax Redemption Notices
		

		
			 
		

		
			The Issuer shall not give an Optional Redemption Notice pursuant to Condition 7.2(b) or a Tax Redemption Notice at any time during a Change of Control Period and any such notice purported to be given by the Issuer during such period shall be invalid and of no effect and the relevant redemption shall not be made. In addition, if the Issuer has, prior to the commencement of a Change of Control Period given an Optional Redemption Notice pursuant to Condition 7.2(b) or a Tax Redemption Notice which specifies a date for redemption which falls in a Change of Control Period or within  the period of 21 days following the end of a Change of Control Period, such notice shall be deemed to be immediately rescinded upon commencement of the relevant Change of Control Period (as the case may be) and shall have no effect and the relevant redemption shall not be made. Any Optional Redemption Notice or Tax Redemption Notice shall be irrevocable. Any such notice shall specify (a) the
		

		
			 
		

		
			
		

		
			

		 

		

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			Optional Redemption Date or, as the case may be, the Tax Redemption Date, which shall be a London business day (b) the Conversion Price, the aggregate principal amount of the Bonds outstanding and the Closing Price of the Ordinary Shares, in each case as at the latest practicable date prior to the publication of the Optional Redemption Notice or, as the case may be, the Tax Redemption Notice, (c) the last day on which Conversion Rights may be exercised by Bondholders, and (d) the amount of accrued interest payable in respect of each Bond on the Optional Redemption Date or Tax Redemption Date, as the case may be.
		

		
			 
		

		
			7.5       Redemption at the Option of Bondholders upon a Change of Control
		

		
			 
		

		
			Following the occurrence of a Change of Control, the holder of each Bond will have the right to require the Issuer to redeem that Bond on the Change of Control Put Date at its principal amount, together with accrued and unpaid interest up to (but excluding) such date. To exercise such right, the holder of the relevant Bond must deliver the Certificate evidencing such Bond to the specified office of any Paying, Transfer and Conversion Agent, together with a duly completed and signed notice of exercise in the form for the time being current obtainable from the specified office of any Paying, Transfer and Conversion Agent (a "Change of Control Put Exercise Notice"), at any time during the Change of Control Period. The "Change of Control Put Date" shall be the fourteenth London business day after the expiry of the Change of Control Period.
		

		
			 
		

		
			Payment in respect of any such Bond shall be made by transfer to a USD account of the payee as specified by the relevant Bondholder in the relevant Change of Control Put Exercise Notice.
		

		
			 
		

		
			A Change of Control Put Exercise Notice, once delivered, shall be irrevocable and the Issuer shall redeem all Bonds the subject of Change of Control Put Exercise Notices delivered as aforesaid on the Change of Control Put Date; provided however that if, prior to the Change of Control Put Date, any such Bond becomes immediately due and payable or, upon due presentation of the Certificate representing any such Bond on the Change of Control Put Date, payment of the redemption moneys is improperly withheld or refused, the relevant Paying, Transfer and Conversion Agent shall return such Certificate to the Holder by uninsured first class mail (airmail if overseas) at the address specified by such Holder in the relevant Change of Control Put Exercise Notice.
		

		
			 
		

		
			7.6       Redemption at the Option of Bondholders upon a De-listing Event
		

		
			 
		

		
			Within 14 days after the occurrence of a De-Listing Event, the Issuer shall give notice thereof to the Trustee and to the Bondholders in accordance with Condition 17 (a "De-listing Event Notice").
		

		
			 
		

		
			The De-Listing Event Notice shall specify:
		

		
			 
		

		
			(a)        the Conversion Price and the Volume Weighted Average Price of an Ordinary Share as at the latest practicable date prior to the publication of such notice;
		

		
			 
		

		
			(b)        the last day of the De-Listing Event Period;
		

		
			 
		

		
			
		

		
			

		 

		

			-  93  -

		

 

		

		
			(c)        the De-Listing Event Put Date; and
		

		
			 
		

		
			(d)        such other information relating to the De-Listing Event as the Trustee may require.
		

		
			 
		

		
			Following the occurrence of a De-Listing Event, the holder of each Bond will have the right to require the Issuer to redeem that Bond on the relevant De-Listing Event Put Date at its principal amount, together with accrued and unpaid interest to (but excluding) such date. To exercise such right, the holder of the relevant Bond must deliver the Certificate evidencing such Bond to the specified office of any Paying, Transfer and Conversion Agent, together with a duly completed and signed notice of exercise in the form for the time being current obtainable from the specified office of any Paying, Transfer and Conversion Agent (a "De-listing Event Put Exercise Notice"), at any time during the De-Listing Event Period. The "De-listing Event Put Date" shall be the fourteenth London business day after the expiry of the De-listing Event Period.
		

		
			 
		

		
			Payment in respect of any such Bond shall be made by transfer to a USD account of the payee as specified by the relevant Bondholder in the relevant De-listing Event Put Exercise Notice.
		

		
			 
		

		
			A De-listing Event Put Exercise Notice, once delivered, shall be irrevocable and the Issuer shall redeem all Bonds the subject of De-listing Event Put Exercise Notices delivered as aforesaid on the De-listing Event Put Date; provided however that if, prior to the De-listing Event Put Date, any such Bond becomes immediately due and payable or, upon due presentation of the Certificate representing any such Bond on the De-listing Event Put Date, payment of the redemption moneys is improperly withheld or refused, the relevant Paying, Transfer and Conversion Agent shall return such Certificate to the Holder by uninsured first class mail (airmail if overseas) at the address specified by such Holder in the relevant De-listing Event Put Exercise Notice.
		

		
			 
		

		
			7.7       Fair Market Call
		

		
			 
		

		
			For so long as the Shareholder Resolutions have not been approved, the Issuer may by giving notice (the "Fair Value Redemption Notice") to the Bondholders by not later than 10 dealing days prior to 31 May 2018 (the "Long Stop Date"), elect to redeem all, but not some only, of the Bonds on the date falling 15 dealing days after the end of the Fair Bond Value Calculation Period at the greater of (x) 102 per cent. of the principal amount of the Bonds, together with accrued but unpaid interest up to (but excluding) the relevant redemption date, and (y) 102 per cent. of the Fair Bond Value of the Bonds, together with accrued but unpaid interest up to (but excluding) the relevant redemption date. To exercise such right, the Issuer shall deliver the Fair Value Redemption Notice, which notice shall be irrevocable, to the Bondholders in accordance with Condition 17 and to the Trustee notifying them of the redemption of the Bonds.
		

		
			 
		

		
			7.8       Purchase
		

		
			 
		

		
			Subject to the requirements (if any) of any stock exchange on which the Bonds may be admitted to listing and trading at the relevant time and subject to compliance with applicable laws and regulations, the Issuer, any Guarantor or any member of the
		

		
			 
		

		
			
		

		
			

		 

		

			-  94  -

		

 

		

		
			Group may at any time purchase any Bonds in the open market or otherwise at any price. Such Bonds may be held, re-sold or reissued or, at the option of the relevant purchaser, surrendered to any Paying, Transfer and Conversion Agent for cancellation. The Bonds so purchased, while held by or on behalf of the Issuer, a Guarantor or any member of the Group, shall not entitle the holder to vote at any meetings of the Bondholders and shall not be deemed to be outstanding for the purposes of calculating quorums at meetings of Bondholders for the purpose of Condition 14.1.
		

		
			 
		

		
			7.9       Cancellation
		

		
			 
		

		
			All Bonds which are redeemed or in respect of which Conversion Rights are exercised will be cancelled and may not be reissued or resold. Bonds purchased by the Issuer, a Guarantor or any member of the Group may be held, re-sold or reissued or, at the option of the relevant purchaser, surrendered to the Principal Paying, Transfer and Conversion Agent for cancellation and, if so surrendered, may not be reissued or re- sold.
		

		
			 
		

		
			7.10     Multiple Notices
		

		
			 
		

		
			If more than one notice of redemption is given pursuant to this Condition 7, the first of such notices to be given shall prevail.
		

		
			 
		

		
			8.         PAYMENTS
		

		
			 
		

		
			8.1       Principal
		

		
			 
		

		
			Save as otherwise expressly provided, payment of principal in respect of the Bonds and payment of accrued interest payable on redemption of the Bonds (other than interest payable on an Interest Payment Date) will be made to the Persons shown in the Register at the close of business on the Record Date, subject to surrender (or in the case of partial payment only, endorsement) of the Certificate evidencing the relevant Bond, at the specified office of any Paying, Transfer and Conversion Agent.
		

		
			 
		

		
			8.2       Interest and Other Amounts
		

		
			 
		

		
			(a)        Payments of interest due on any Interest Payment Date will be made to the Persons shown in the Register at close of business on the Record Date.
		

		
			 
		

		
			(b)        Payments of all amounts other than as provided in Conditions 8.1 and 8.2(a) will be made as provided in these Conditions.
		

		
			 
		

		
			8.3       Payments
		

		
			 
		

		
			Each payment in respect of the Bonds pursuant to Condition 8.1 and Condition 8.2(a) will be made by transfer to a USD account maintained by the payee.
		

		
			 
		

		
			Payment instructions (for value on the due date or, if that is not a business day in London, for value the first following day which is a business day in London) will be initiated on the business day in London preceding the due date for payment or, in the case of payments referred to in Condition 8.1, if later, on the business day in the place of the specified office of the Paying, Transfer and Conversion Agent to which the
		

		
			 
		

		
			
		

		
			

		 

		

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			Certificate evidencing the relevant Bond is surrendered as specified in Condition 8.1 (for value the next following business day in London).
		

		
			 
		

		
			8.4       Payments subject to fiscal laws
		

		
			 
		

		
			All payments in respect of the Bonds are subject in all cases, but without prejudice to Condition 9, (i) to any applicable fiscal or other laws and regulations applicable thereto in the place of payment and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof or any law implementing an intergovernmental approach thereto (or any fiscal or regulatory legislation, rules or practice implementing such an intergovernmental agreement). No commissions or expenses shall be charged to Bondholders in respect of such payments.
		

		
			 
		

		
			8.5       Delay in payment
		

		
			 
		

		
			Bondholders will not be entitled to any interest or other payment for any delay after the due date in receiving the amount due (a) as a result of the due date not being a business day, (b) if the Bondholder is late in surrendering the Certificate evidencing the relevant Bond (where such surrender is required pursuant to these Conditions as a precondition to payment).
		

		
			 
		

		
			8.6       Business Days
		

		
			 
		

		
			In this Condition, "business day" means a day (other than a Saturday or Sunday) in London and (where surrender of the Certificate evidencing the relevant Bond is required pursuant to these Conditions as a precondition to payment) in the place of the specified office of the Paying, Transfer and Conversion Agent to whom the relevant Certificate is surrendered.
		

		
			 
		

		
			8.7       Paying, Transfer and Conversion Agents, etc.
		

		
			 
		

		
			The initial Paying, Transfer and Conversion Agents and Registrar and their initial specified offices are listed below. The Issuer and each Guarantor reserve the right under the Agency Agreement at any time, with the prior written approval of the Trustee, to vary or terminate the appointment of any Paying, Transfer and Conversion Agent and the Registrar and appoint additional or other Paying, Transfer and Conversion Agents or another Registrar, provided that the Issuer and the Guarantors will maintain:
		

		
			 
		

		
			(a)        a Principal Paying, Transfer and Conversion Agent; and
		

		
			 
		

		
			(b)        a Registrar with a specific office outside the United Kingdom.
		

		
			 
		

		
			Notice of any change in the Paying, Transfer and Conversion Agents or the Registrar or their specified offices will promptly be given by the Issuer to the Bondholders in accordance with Condition 17.
		

		
			 
		

		
			The Issuer and each Guarantor reserve the right under the Calculation Agency Agreement at any time to vary or terminate the appointment of the Calculation Agent
		

		
			 
		

		
			
		

		
			

		 

		

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			and appoint any additional or other Calculation Agent, provided that each of the Issuer and the Guarantors will use all commercially reasonable endeavours to maintain a Calculation Agent which is a financial institution of international repute or a financial adviser with appropriate expertise. If, notwithstanding such commercially reasonable endeavours, the Issuer and the Guarantors are unable to maintain such Calculation Agent, the Issuer or a Guarantor may itself act as Calculation Agent for the purposes of these Conditions.
		

		
			 
		

		
			8.8       No charges
		

		
			 
		

		
			Neither the Registrar nor the Paying, Transfer and Conversion Agents shall make or impose on a Bondholder any charge or commission in relation to any payment, exchange, transfer or conversion in respect of the Bonds.
		

		
			 
		

		
			8.9       Fractions
		

		
			 
		

		
			When making payments to Bondholders, if the relevant payment is not of an amount which is a whole multiple of the smallest unit of the relevant currency in which such payment is to be made, such payment will be rounded down to the nearest unit.
		

		
			 
		

		
			The Bonds on issue will be evidenced by a global Certificate (the "Global Certificate") registered in the name of, and held by a nominee on behalf of, a common depositary for Euroclear Bank SA/NV and/or Clearstream Banking S.A. (the "Clearing Systems"). All payments in respect of Bonds evidenced by the Global Certificate will be made in accordance with the standard procedures of the Clearing Systems to, or to the order of, the Person whose name is entered in the Register at the close of business on the Clearing System Business Day immediately prior to the date of payment, where "Clearing System Business Day" means Monday to Friday inclusive except 25 December and 1 January.
		

		
			 
		

		
			9.         TAXATION
		

		
			 
		

		
			All payments of principal, interest and any other amounts by or on behalf of the Issuer or a Guarantor in respect of the Bonds shall be made free and clear of, and without withholding or deduction for, or on account of, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or within South Africa or the United States of America or any authority therein or thereof having power to tax, unless such withholding or deduction is required by law. In that event, the Issuer or (as the case may be) the relevant Guarantor shall pay such additional amounts as will result in receipt by the Bondholders of such amounts, after such withholding or deduction, as would have been received by them had no such withholding or deduction been required, except that no such additional amounts shall be payable in respect of any Bond:
		

		
			 
		

		
			(a)       to a holder (or to a third party on behalf of a holder) who is subject to such taxes, duties, assessments or governmental charges in respect of such Bond by reason of its having some connection with the jurisdiction (including but not limited to having a permanent establishment or being a tax resident therein) by which such taxes, duties, assessments or charges have been imposed, levied, collected, withheld or assessed other than the mere holding of the Bond; or
		

		
			 
		

		
			
		

		
			

		 

		

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			(b)       where presentation and surrender of a Certificate evidencing a Bond is required pursuant to these Conditions, if the Certificate is surrendered more than 30 days after the Relevant Date except to the extent that the holder would have been entitled to such additional amount on surrendering the Certificate for payment on the last day of such period of 30 days; or
		

		
			 
		

		
			(c)       on account of any applicable taxes, duties, assessments or charges that would not have been imposed but for the failure of the holder or beneficial owner to provide a declaration of non-residence or other similar claim or certification concerning nationality, residency or identity or other similar form for exemption or to present any applicable form or certificate that is required or imposed by statute, treaty, regulation or administrative practice, in each case, within a reasonable period of time following a timely and reasonable written request from the Issuer; provided that the holder or beneficial owner is legally entitled to provide such declaration, claim form or certificate and that upon the making of such declaration or claim or presentation of such form or certificate, the holder or beneficial owner would have been able to avoid such deduction or withholding.
		

		
			 
		

		
			References in these Conditions to principal and/or interest and/or any other amounts payable in respect of the Bonds shall be deemed also to refer to any additional amounts which may be payable under this Condition or any undertaking or covenant given in addition thereto or in substitution therefor pursuant to the Trust Deed.
		

		
			 
		

		
			In accordance with Condition 7.3, the provisions of this Condition 9 shall not apply in respect of any payments of interest which fall due after the relevant Tax Redemption Date in respect of any Bonds which are the subject of a Bondholder election pursuant to Condition 7.3.
		

		
			 
		

		
			Notwithstanding any other provision of these Conditions, any amounts to be paid on the Bonds by or on behalf of the Issuer, will be paid net of any deduction or withholding imposed or required pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations thereunder or official interpretations thereof) or an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement) (any such withholding or deduction, a "FATCA Withholding"). Neither the Issuer nor any other person will be required to pay any additional amounts in respect of FATCA Withholding.
		

		
			 
		

		
			If the Issuer or a Guarantor becomes subject at any time to any taxing jurisdiction other than South Africa or the United States of America respectively, references in these Conditions to South Africa or the United States of America shall be construed as references to South Africa or (as the case may be) the United States of America  and/or such other jurisdiction.
		

		
			 
		

		
			10.       EVENTS OF DEFAULT
		

		
			 
		

		
			Each of the following is an "Event of Default":
		

		
			 
		

		
			(a)        default for 30 days in any payment of interest on any Bond when due;
		

		
			 
		

		
			
		

		
			

		 

		

			-  98  -

		

 

		

		
			(b)       default in the payment of principal of or premium, if any, on any Bond when due at its Final Maturity Date, upon optional redemption, upon required repurchase or redemption, upon declaration or otherwise;
		

		
			 
		

		
			(c)       failure by the Issuer or any Guarantor to comply with any of its other obligations under the Bonds and/or the Trust Deed for 60 days after the Trustee has given written notice thereof to the Issuer and the Guarantors;
		

		
			 
		

		
			(d)       default under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer, any Guarantor or any of its Material Subsidiaries (or the payment of which is Guaranteed by the Issuer, any Guarantor or any of its Material Subsidiaries), whether such Indebtedness or Guarantee exists on or is created after the Closing Date, which default:
		

		
			 
		

		
			(i)        is caused by a failure to pay principal of such Indebtedness at final maturity thereof after giving effect to any applicable grace periods provided in such Indebtedness and such failure to make any payment has not been waived or the maturity of such Indebtedness has not been extended (a "payment default"); or
		

		
			 
		

		
			(ii)       results in the acceleration of such Indebtedness prior to its maturity (the "cross acceleration provision");
		

		
			 
		

		
			and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates U.S.$50.0 million or more (or its foreign currency equivalent);
		

		
			 
		

		
			(e)        failure by the Issuer, any Guarantor or any Significant Subsidiary or any group of Material Subsidiaries that, taken together, would constitute a Significant Subsidiary, to pay final judgments aggregating in excess of U.S.$50.0 million (or its foreign currency equivalent) (net of any amounts with respect to which a reputable and solvent insurance company has acknowledged liability in writing), which judgments are not paid, discharged or stayed for a period of 60 days or more after such judgment becomes final and non-appealable (the "judgment default provision");
		

		
			 
		

		
			(f)        the Issuer, any Guarantor or a Significant Subsidiary or any group of Material Subsidiaries that, taken together, would constitute a Significant Subsidiary, other than in connection with solvent reconstructions or reorganisations pursuant to or within the meaning of any Bankruptcy Law:
		

		
			 
		

		
			(i)        commences proceedings to be adjudicated bankrupt or insolvent or unable to pay its debts;
		

		
			 
		

		
			(ii)       consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking an arrangement of debt, compromise, reorganisation, dissolution, winding up or relief under applicable Bankruptcy Law;
		

		
			 
		

		
			
		

		
			

		 

		

			-  99  -

		

 

		

		
			(iii)      consents to the appointment of a custodian, receiver, interim receiver, business rescue practitioner, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property;
		

		
			 
		

		
			(iv)       makes a general assignment or compromise for the benefit of its creditors; or
		

		
			 
		

		
			(v)        generally is not paying its debts as they become due;
		

		
			 
		

		
			(g)       a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
		

		
			 
		

		
			(i)         is for relief against the Issuer, any Significant Subsidiary or any group of Material Subsidiaries that, taken together, would constitute a Significant Subsidiary, in a proceeding in which the Issuer, any such Significant Subsidiary or any group of Material Subsidiaries that, taken together, would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent or unable to pay its debts;
		

		
			 
		

		
			(ii)        appoints a custodian, receiver, business rescue practitioner, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer, any Significant Subsidiary or any group of Material Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer, any Significant Subsidiary or any group of Material Subsidiaries that, taken together, would constitute a Significant Subsidiary; or
		

		
			 
		

		
			(iii)      orders the liquidation, business rescue, dissolution, readjustment or compromise of debt, reorganisation or winding up of the Issuer, or any Significant Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary;
		

		
			 
		

		
			and the order or decree remains unstayed and in effect for 60 consecutive days; or
		

		
			 
		

		
			(h)       the Bonds Guarantee ceases to be in full force and effect or is declared null and void in a judicial proceeding or any Guarantor denies or disaffirms its obligations under the Bonds Guarantee.
		

		
			 
		

		
			If an Event of Default occurs and is continuing, then the Trustee at its discretion may and, if so requested in writing by Holders of at least one quarter of the aggregate principal amount of the outstanding Bonds or if so directed by an Extraordinary Resolution, shall (subject, in all cases, to the Trustee having been indemnified and/or secured and/or pre-funded to its satisfaction) give written notice to the Issuer specifying the Event of Default and declaring the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Bonds to be due and payable. Upon such a declaration, such principal, premium, if any, and accrued and unpaid interest, if any, will be due and payable immediately. In the event of a declaration of acceleration of the Bonds because an Event of Default described in clause (d) above has occurred and
		

		
			 
		

		
			
		

		
			

		 

		

			-  100  -

		

 

		

		
			is continuing, the declaration of acceleration of the Bonds shall be automatically annulled if the default triggering such Event of Default pursuant to clause (d) shall be remedied or cured by the Issuer or any of its Material Subsidiaries or waived by the holders of the relevant Indebtedness within 20 days after the declaration of acceleration with respect thereto and if (1) the annulment of the acceleration of the Bonds would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, except non-payment of principal, premium, if any, or interest on the Bonds that became due solely because of the acceleration of the Bonds, have been cured or waived. The Holders may, (i) by notice in writing signed by a clear majority in principal amount of Bonds then outstanding to the Trustee or (ii) by an Extraordinary Resolution, direct the Trustee, on behalf of the holders of all of the Bonds, to waive any past or existing defaults or Events of Default except with respect to non-payment of principal, premium or interest and rescind any such acceleration with respect to the Bonds and its consequences if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the non-payment of the principal of, premium, if any, and interest on the Bonds that have become due solely by such declaration of acceleration, have been cured or waived.
		

		
			 
		

		
			11.       UNDERTAKINGS
		

		
			 
		

		
			Whilst any Conversion Right remains exercisable, the Issuer will, save with the approval of an Extraordinary Resolution or with the prior written approval of the Trustee where, in its opinion, it is not materially prejudicial to the interests of the Bondholders to give such approval:
		

		
			 
		

		
			(a)        not issue or pay up any Securities, in either case by way of capitalisation of profits or reserves, other than:
		

		
			 
		

		
			(i)        pursuant to a Scheme of Arrangement involving a reduction and cancellation of Ordinary Shares and the issue to Shareholders of an equal number of Ordinary Shares by way of capitalisation of profits or reserves; or
		

		
			 
		

		
			(ii)       pursuant to a Newco Scheme; or
		

		
			 
		

		
			(iii)      by the allotment and issue of fully paid Ordinary Shares or other Securities to the Shareholders and other holders of shares in the capital of the Issuer which by their terms entitle the holders thereof to receive Ordinary Shares or other Securities on a capitalisation of profits or reserves; or
		

		
			 
		

		
			(iv)      by the allotment and issue of Ordinary Shares paid up in full out of profits or reserves (in accordance with applicable law) and issued wholly, ignoring fractional entitlements, in lieu of the whole or part of a Dividend; or
		

		
			 
		

		
			(v)       by the allotment and issue of fully paid Equity Share Capital (other than Ordinary Shares) to the holders of Equity Share Capital of the same class and other holders of shares in the capital of the Issuer which
		

		
			 
		

		
			
		

		
			

		 

		

			-  101  -

		

 

		

		
			by their terms entitle the holders thereof to receive Equity Share Capital (other than Ordinary Shares); or
		

		
			 
		

		
			(vi)      by the allotment and issue of Ordinary Shares or any Equity Share Capital pursuant to any black economic empowerment transaction; or
		

		
			 
		

		
			(vii)     by the allotment and issue of Ordinary Shares or any Equity Share Capital to, or for the benefit of, any employee or former employee, director or executive holding or formerly holding executive office of the Issuer or any of its Subsidiaries or any associated Issuer or to trustees or nominees to be held for the benefit of any such Person, in any such case pursuant to an employee, director or executive share or option scheme whether for all employees, directors, or executives or any one or more of them,
		

		
			 
		

		
			unless, in any such case, the same constitutes a Dividend or otherwise gives (or, in the case of an issue or payment up of Securities in connection with a Change of Control, gives or will give, as the case may be) rise (or would, but for the provisions of Condition 6.7 relating to roundings or the carry forward of adjustments, give rise) to an adjustment to the Conversion Price;
		

		
			 
		

		
			(b)        not in any way modify the rights attaching to the Ordinary Shares with respect to voting, dividends or liquidation nor issue any other class of Equity Share Capital carrying any rights which are more favourable than such rights attaching to the Ordinary Shares but so that nothing in this Condition 11(b) shall prevent:
		

		
			 
		

		
			(i)        the issue of any Equity Share Capital to employees or former employees (including directors holding or formerly holding executive or non-executive office or the personal service Issuer of any such Person or the spouse or relative of any such Person) whether of the Issuer or any of the Issuer's subsidiaries or associated companies by virtue of their office or employment pursuant to any scheme or plan approved by the Issuer or which is established pursuant to such a scheme or plan which is or has been so approved; or
		

		
			 
		

		
			(ii)       any consolidation, reclassification/redesignation or subdivision of the Ordinary Shares or the conversion of any Ordinary Shares into stock or vice versa; or
		

		
			 
		

		
			(iii)      any modification of such rights which is not, in the determination of an Independent Adviser, materially prejudicial to the interests of the holders of the Bonds; or
		

		
			 
		

		
			(iv)      any alteration to the articles of association of the Issuer made in connection with the matters described in this Condition 11 or which is supplemental or incidental to any of the foregoing (including any amendment made to enable or facilitate procedures relating to such matters and any amendment dealing with the rights and obligations of holders of Securities, including Ordinary Shares, dealt with under such procedures); or
		

		
			 
		

		
			
		

		
			

		 

		

			-  102  -

		

 

		

		
			(v)       any issue of Equity Share Capital where the issue of such Equity Share Capital results or would, but for the provisions of Condition 6.7 relating to roundings or the carry forward of adjustments or, where comprising Ordinary Shares, the fact that the consideration per Ordinary Share receivable therefor is at least 95 per cent. of the Current Market Price per Ordinary Share on the relevant date, otherwise result, in an adjustment to the Conversion Price or is otherwise taken into account for the purposes of considering whether an adjustment should be made; or
		

		
			 
		

		
			(vi)      any issue of Equity Share Capital or modification of rights attaching to the Ordinary Shares, where prior thereto the Issuer shall have instructed an Independent Adviser to determine what (if any) adjustments should be made to the Conversion Price as being fair and reasonable to take account thereof and such Independent Adviser shall have determined either that no adjustment is required or that an adjustment to the Conversion Price is required and, if so, the new Conversion Price as a result thereof and the basis upon which such adjustment is to be made and, in any such case, the date on which the adjustment shall take effect (and so that the adjustment shall be made and shall take effect accordingly); or
		

		
			 
		

		
			(vii)     without prejudice to Condition 6.3(j) and Condition 7.5, the amendment of the articles of association of the Issuer following a Change of Control to ensure that any Bondholder exercising its Conversion Right after the occurrence of a Change of Control will receive the same consideration for the Ordinary Shares arising on conversion as it would have received had it exercised its Conversion Right at the time of the occurrence of the Change of Control (a "Change of Control Conversion Right Amendment");
		

		
			 
		

		
			(c)        procure that no Securities (whether issued by the Issuer or any member of the Group or procured by the Issuer or any member of the Group to be issued or issued by any other Person pursuant to any arrangement with the Issuer or any member of the Group) issued without rights to convert into, or exchange or subscribe for, Ordinary Shares shall subsequently be granted such rights exercisable at a consideration per Ordinary Share which is less than 95 per cent. of the Current Market Price per Ordinary Share at the close of business on the last dealing day preceding the date of the first public announcement of the proposed inclusion of such rights unless the same gives rise (or would, but for the provisions of Condition 6.7 relating to roundings or the carry forward of adjustments, give rise) to an adjustment to the Conversion Price and that at no time shall there be in issue Ordinary Shares of differing nominal values, save where such Ordinary Shares have the same economic rights;
		

		
			 
		

		
			(d)        not make any issue, grant or distribution or take or omit to take any other action if the effect thereof would be that, on conversion of the Bonds, Ordinary Shares could not, under any applicable law then in effect, be legally issued as fully paid;
		

		
			 
		

		
			
		

		
			

		 

		

			-  103  -

		

 

		

		
			(e)        not reduce its issued share capital, share premium account, or capital redemption reserve or any uncalled liability in respect thereof, or any non- distributable reserves, except:
		

		
			 
		

		
			(i)        pursuant to the terms of issue of the relevant share capital; or
		

		
			 
		

		
			(ii)       by means of a purchase or redemption of share capital of the Issuer to the extent, in any such case, permitted by applicable law; or
		

		
			 
		

		
			(iii)      where the reduction does not involve any distribution of assets; or
		

		
			 
		

		
			(iv)      solely in relation to a change in the currency in which the nominal value (if any) of the Ordinary Shares is expressed; or
		

		
			 
		

		
			(v)       to create distributable reserves; or
		

		
			 
		

		
			(vi)      pursuant to a Scheme of Arrangement involving a reduction and cancellation of Ordinary Shares and the issue to Shareholders of an equal number of Ordinary Shares by way of capitalisation of profits or reserves; or
		

		
			 
		

		
			(vii)     pursuant to a Newco Scheme; or
		

		
			 
		

		
			(viii)    by way of transfer to reserves as permitted under applicable law; or
		

		
			 
		

		
			(ix)      where the reduction is permitted by applicable law and the Trustee is advised by an Independent Adviser, acting as an expert and in good faith, that the interests of the Bondholders will not be materially prejudiced by such reduction; or
		

		
			 
		

		
			(x)       where the reduction is permitted by applicable law and results (or, in the case of a reduction in connection with a Change of Control, results or will result, as the case may be) in (or would, but for the provisions of Condition 6.7 relating to roundings or the carry forward of adjustments, result in) an adjustment to the Conversion Price or is (or, in the case of a reduction in connection with a Change of Control, is or will be, as the case may be) otherwise taken into account for the purposes of determining whether such an adjustment should be made,
		

		
			 
		

		
			provided that, without prejudice to the other provisions of these Conditions, the Issuer may exercise such rights as it may from time to time be entitled pursuant to applicable law to purchase, redeem or buy back its Ordinary Shares and any depositary or other receipts or certificates representing Ordinary Shares without the consent of Bondholders;
		

		
			 
		

		
			(f)        if any offer is made to all (or as nearly as may be practicable all) Shareholders (or all (or as nearly as may be practicable all) Shareholders other than the offeror and/or any parties acting in concert (as defined in the Companies Act or any modification or re-enactment thereof)) to acquire the whole or any part of the issued Ordinary Shares, or if any Person proposes a scheme with regard to such acquisition (other than a Newco Scheme), give notice of such offer or scheme to the Bondholders at the same time as any notice thereof is sent to the
		

		
			 
		

		
			
		

		
			

		 

		

			-  104  -

		

 

		

		
			Shareholders (or as soon as practicable thereafter) that details concerning such offer or scheme may be obtained from the specified offices of the Principal Paying, Transfer and Conversion Agent and, where such an offer or scheme has been recommended by the Board of Directors of the Issuer, or where such an offer has become or been declared unconditional in all respects or such scheme has become effective, use all reasonable endeavours to procure that a like offer or scheme is extended to the holders of any Ordinary Shares issued during the period of the offer or scheme arising out of the exercise of the Conversion Rights by the Bondholders and/or to the holders of the Bonds;
		

		
			 
		

		
			(g)        in the event of a Newco Scheme, take (or shall procure that there is taken) all necessary action to ensure that (to the satisfaction of the Trustee) immediately after implementation of the Scheme of Arrangement, at its option, either Newco is substituted under the Bonds and the Trust Deed as principal obligor in place of the Issuer (with the Issuer providing a guarantee) with a total novation of relevant obligations, subject to and as provided in the Trust Deed, or Newco becomes a guarantor under the Bonds and the Trust Deed and (i) such amendments are made to these Conditions and the Trust Deed as are necessary, in the opinion of the Trustee, to ensure that (A) the Bonds may be converted into or exchanged for ordinary shares or units or equivalent in Newco as direct obligor (or depositary or other receipts or certificates representing ordinary shares or units or equivalent of Newco) mutatis mutandis in accordance with and subject to these Conditions and the Trust Deed and (B) the Trust Deed and these Conditions (including, without limitation, the adjustment and related provisions (in Condition 6), the Events of Default (in Condition 10)) and the Undertakings (in this Condition 11)) provide at least the same protections and benefits to the Trustee and the Bondholders following the implementation of such Newco Scheme as they provided to the Trustee and the Bondholders prior to the implementation of the Newco Scheme, mutatis mutandis (and the Trustee shall (at the expense of the Issuer) be obliged to concur in effecting such substitution or grant of such guarantee and in either case making any such amendments, provided that the Trustee shall not be obliged so to concur if in the opinion of the Trustee doing so would impose new or more onerous duties or obligations upon it or expose it to further liabilities or reduce its protections) and (ii) the Ordinary Shares of Newco are admitted to listing and trading on the JSE or admitted to listing on another regulated, regularly operating, recognised stock exchange or securities market; and for so long as any Bond remains outstanding, Newco shall undertake to use its reasonable endeavours to ensure, at its own cost, that its issued and outstanding Ordinary Shares are (A) admitted to listing and trading on the JSE's Main Board or (B) admitted to listing on another internationally recognised and regulated stock exchange as Newco may determine;
		

		
			 
		

		
			(h)        use all reasonable endeavours to ensure, at its own cost, that the Ordinary Shares issued upon exercise of Conversion Rights will, as soon as is practicable, be admitted to listing and to trading on the Relevant Stock Exchange and will be listed, quoted or dealt in, as soon as is practicable, on any other stock exchange or securities market on which the Ordinary Shares may then be listed or quoted or dealt in (but so that this undertaking shall be considered as not being breached as a result of a Change of Control (whether
		

		
			 
		

		
			
		

		
			

		 

		

			-  105  -

		

 

		

		
			or not recommended or approved by the Board of Directors of the Issuer) that causes or gives rise to, whether following the operation of any applicable compulsory acquisition provision or otherwise, (including at the request of the Person or Persons controlling the Issuer as a result of the Change of Control) a de-listing of the Ordinary Shares);
		

		
			 
		

		
			(i)        for so long as any Bond remains outstanding, use all reasonable endeavours to ensure, at its own cost, that its issued and outstanding Ordinary Shares are (A) admitted to listing and trading on the JSE's Main Board or (B) admitted to listing on another internationally recognised and regulated stock exchange as the Issuer may determine (but so that this undertaking shall be considered as not being breached as a result of a Change of Control (whether or not recommended or approved by the Board of Directors of the Issuer) that causes or gives rise to, whether following the operation of any applicable compulsory acquisition provision or otherwise, (including at the request of the person or persons controlling the Issuer as a result of the Change of Control) a de-listing of the Ordinary Shares);
		

		
			 
		

		
			(j)        issue, allot, register and deliver Ordinary Shares on exercise of Conversion Rights in accordance with these Conditions and at all times following satisfaction of the Share Settlement Condition ensure that it has authority to issue free from pre-emptive rights or other similar rights out of its authorised but unissued share capital such number of Ordinary Shares as would enable the Conversion Rights that remain exercisable (subject to Condition 6.2), and all other rights of subscription and exchange for and conversion into Ordinary Shares, to be satisfied in full;
		

		
			 
		

		
			(k)       use all reasonable endeavours to convene a meeting of Shareholders by 31 May 2018 for the purpose of considering and if thought fit, passing such resolutions as are required to enable the issuance of such number of Ordinary Shares as may be required to be issued from time to time to satisfy  the exercise of Conversion Rights; and
		

		
			 
		

		
			(l)         use all reasonable endeavours to ensure that the Bonds are admitted to the Open Market (Freiverkehr) of the Frankfurt Stock Exchange by no later than the first Interest Payment Date and, once so admitted, to maintain such listing, provided in each case that if (in the opinion of the Issuer) obtaining or maintaining such listing is not practicable, the Issuer shall use all reasonable endeavours to obtain and maintain a listing of the Bonds on an alternative stock exchange which would enable the Issuer to make payments of interest in respect of the Bonds free from withholding or deduction for or on account of taxation in South Africa.
		

		
			 
		

		
			Each of the Issuer and the Guarantors has undertaken in the Trust Deed to deliver to the Trustee annually a certificate signed by two Authorised Signatories of the Issuer or (as the case may be) the relevant Guarantor, as to there not having occurred an Event of Default or Potential Event of Default (as defined in the Trust Deed) since the date of the last such certificate or if such event has occurred as to the details of such event. The Trustee will be entitled to rely without liability on such certificate and shall not be obliged to independently monitor whether an Event of Default or Potential Event of Default has occurred or monitor compliance by the Issuer with the
		

		
			 
		

		
			
		

		
			

		 

		

			-  106  -

		

 

		

		
			undertakings set forth in this Condition 11, nor be liable to any Person for not so doing.
		

		
			 
		

		
			12.       PRESCRIPTION
		

		
			 
		

		
			Claims against the Issuer or any Guarantor for payment in respect of the Bonds shall be prescribed and become void unless made within ten years (in the case of principal) or five years (in the case of interest) from the appropriate Relevant Date in respect of such payment and thereafter any principal, interest or other amounts payable in respect of such Bonds shall be forfeited and revert to the Issuer.
		

		
			 
		

		
			Claims in respect of any other amounts payable in respect of the Bonds shall be prescribed and become void unless made within ten years following the due date for payment thereof.
		

		
			 
		

		
			13.       REPLACEMENT OF CERTIFICATES
		

		
			 
		

		
			If any Certificate evidencing a Bond is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of any Paying, Transfer and Conversion Agent subject to all applicable laws and stock exchange requirements, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or defaced Certificates must be surrendered before replacements will be issued.
		

		
			 
		

		
			14.       MEETINGS     OF    BONDHOLDERS,    MODIFICATION     AND    WAIVER, SUBSTITUTION
		

		
			 
		

		
			14.1     Meetings of Bondholders
		

		
			 
		

		
			The Trust Deed contains provisions for convening meetings of Bondholders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of any of these Conditions or any provisions of the Trust Deed. Such a meeting may be convened by the Issuer, a Guarantor or the Trustee and shall be convened by the Issuer if requested in writing by Bondholders holding not less than 10 per cent. in principal amount of the Bonds for the time being outstanding. The quorum for any meeting convened to consider an Extraordinary Resolution will be one or more Persons holding or representing a clear majority in principal amount of the Bonds for the time being outstanding, or at any adjourned meeting one or more Persons being or representing Bondholders whatever the principal amount of the Bonds so held or represented, unless the business of such meeting includes consideration of proposals, inter alia, (a) to change the Final Maturity Date or the dates on which interest is payable in respect of the Bonds, (b) to modify the circumstances in which the Issuer or Bondholders are entitled to redeem the Bonds pursuant to Condition 7 (other than removing the right of the Issuer to redeem the Bonds pursuant to Condition 7.2 or 7.3), (c) to reduce or cancel the principal amount of, or interest on, the Bonds or to reduce the amount payable on redemption of the Bonds, (d) to modify the basis for calculating the interest payable in respect of the Bonds, (e) to modify the provisions relating to, or cancel, the Conversion Rights (other than pursuant to or as a result of any amendments to these Conditions and the Trust Deed made pursuant to and in accordance with the provisions of Condition 11(g) ("Newco Scheme Modification") and other than a
		

		
			 
		

		
			
		

		
			

		 

		

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			reduction to the Conversion Price or an increase in the number of Ordinary Shares), (f) to increase the Conversion Price (other than in accordance with these Conditions and the Trust Deed or pursuant to a Newco Scheme Modification), (g) to change the currency of Bonds or any payment in respect of the Bonds, (h) to change the governing law of the Bonds, the Trust Deed, the Agency Agreement or the Calculation Agency Agreement (other than in the case of a substitution of the Issuer (or any previous substitute or substitutes) under Condition 14.3 below), (i) to modify any provision of the Bonds Guarantee or (j) to modify the provisions concerning the quorum required at any meeting of Bondholders or the majority required to pass an Extraordinary Resolution, in which case the necessary quorum will be one or more Persons holding or representing not less than two-thirds, or at any adjourned meeting not less than one-third, in principal amount of the Bonds for the time being outstanding. Any Extraordinary Resolution duly passed shall be binding on all Bondholders (whether or not they were present at the meeting at which such resolution was passed).
		

		
			 
		

		
			The Trust Deed provides that (i) a resolution passed at a meeting duly convened and held by or on behalf of the holder(s) of not less than 75 per cent. of the Persons eligible to vote at such meeting, (ii) a resolution in writing (whether contained in one document or several documents in the same form) signed by or on behalf of the holders of not less than 75 per cent. in principal amount of the Bonds for the time being outstanding or (iii) consents given by way of electronic consents through the relevant clearing system(s) (in a form satisfactory to the Trustee) by or on behalf of the holder(s) of not less than 75 per cent. in principal amount of the Bonds for the time being outstanding, shall, in each case, be effective as an Extraordinary Resolution of the Bondholders.
		

		
			 
		

		
			No consent or approval of Bondholders shall be required in connection with any Newco Scheme Modification.
		

		
			 
		

		
			14.2     Modification and Waiver
		

		
			 
		

		
			The Trustee may agree, without the consent of the Bondholders, to (a) any modification of any of the provisions of the Trust Deed, any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency Agreement, the Bonds or these Conditions which, in the opinion of the Trustee, is of a formal, minor or technical nature or is made to correct a manifest error, and (b) any other modification (except such modifications set out in (a) to (i) in Condition 14.1 above) to the Trust Deed, any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency Agreement, the Bonds or these Conditions, and any waiver or authorisation of any breach or proposed breach, of any of the provisions of the Trust Deed, any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency  Agreement, the Bonds or these Conditions which is, in the opinion of the Trustee, not materially prejudicial to the interests of the Bondholders. The Trustee may, without the consent of the Bondholders, determine that any Event of Default or a Potential Event of Default (as defined in the Trust Deed) should not be treated as such, provided that in the opinion of the Trustee, the interests of Bondholders will not be materially prejudiced thereby. Any such modification, authorisation, waiver or determination shall be binding on the Bondholders and, unless the Trustee agrees
		

		
			 
		

		
			
		

		
			

		 

		

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			otherwise, shall be notified to the Bondholders promptly in accordance with Condition 17.
		

		
			 
		

		
			14.3     Substitution
		

		
			 
		

		
			The Trust Deed contains provisions permitting the Trustee to agree, without the consent of the Bondholders, to the substitution in place of the Issuer (or any previous substitute or substitutes under this Condition) as the principal debtor under the Bonds and the Trust Deed of any Subsidiary of the Issuer (the "substituted obligor"), in each case, as principal debtor under the Trust Deed and the Bonds (a "Substitution"). Such Substitution shall be subject to (i) the relevant provisions of the Trust Deed, (ii) the Bonds being unconditionally and irrevocably guaranteed by the Issuer and each Guarantor (save in the case of a Guarantor which is the substituted obligor), jointly and severally and (iii) the Bonds continuing to be convertible or exchangeable into Ordinary Shares mutatis mutandis as provided in these Conditions, provided that in any such case, (A) the Trustee being satisfied that the interests of the Bondholders will not be materially prejudiced by the substitution, and (B) certain other conditions set out in the Trust Deed are complied with. In the case of such a substitution the Trustee may agree, without the consent of the Bondholders, to a change of the law governing the Bonds and/or the Trust Deed provided that such change would not in the opinion of the Trustee be materially prejudicial to the interests of the Bondholders. Any such substitution shall be binding on the Bondholders and shall be notified promptly to the Bondholders.
		

		
			 
		

		
			In connection with a Newco Scheme, at the request of the Issuer the Trustee shall, without the requirement for any consent or approval of the Bondholders, concur with the Issuer in the substitution in place of the Issuer (or any previous substituted Issuer) as principal debtor under the Trust Deed and the Bonds of Newco pursuant to and subject to the provisions set out in Condition 11(g).
		

		
			 
		

		
			14.4     Consolidation, Amalgamation, Merger
		

		
			 
		

		
			In the case of any consolidation, amalgamation or merger of the Issuer with any other company (other than a consolidation, amalgamation or merger in which the Issuer is the continuing company), or in the case of any sale or transfer of all or, in the opinion of an Independent Adviser, substantially all of the assets of the Issuer, the Issuer will forthwith give notice thereof to the Trustee and to the Bondholders in accordance with Condition 17 of such event and take such steps as shall be necessary in the opinion of an Independent Adviser (including the execution of a deed supplemental to or amending the Trust Deed) to ensure that each Bond then outstanding will (during the period in which Conversion Rights may be exercised) be convertible into the class  and amount of shares and other securities and property receivable upon such consolidation, amalgamation, merger, sale or transfer by a holder of the number of Ordinary Shares which would have become liable to be issued or transferred and delivered upon exercise of Conversion Rights immediately prior to such consolidation, amalgamation, merger, sale or transfer. The above provisions of this Condition 14.4 will apply, mutatis mutandis to any subsequent consolidations, amalgamations, mergers, sales of transfers. The Trustee shall be obliged, following receipt of a certificate signed by two authorised signatories of the Independent Adviser to the effect that the same are necessary in connection with this Condition 14.4  and  provided  always  that  such  amendments,  variations  or  waivers  shall not
		

		
			 
		

		
			
		

		
			

		 

		

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			adversely alter the rights, power or duties of the Trustee in connection with the Bonds, to take such steps and execute such documents as may be necessary to give effect to such amendments, variations or waivers and shall not have regard to the interests of any Bondholder in so doing or have any liability to any person in respect thereof.
		

		
			 
		

		
			14.5     Entitlement of the Trustee
		

		
			 
		

		
			In connection with the exercise of its functions (including but not limited to those referred to in this Condition) and the exercise or performance of any right, power, trust, authority, duty or discretion under or in relation to these Conditions (including, without limitation, in relation to any modification, waiver, authorisation, determination or substitution as referred to above), the Trustee shall (save as  expressly provided otherwise) have regard to the interests of the Bondholders as a class but shall not have regard to any interests arising from circumstances particular to individual Bondholders (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of the exercise or performance of its trusts, powers or discretions for individual Bondholders (whatever their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political subdivision thereof, and the Trustee shall not be entitled to require, nor shall any Bondholder be entitled to claim, from the Issuer, the Guarantors, the Trustee or any other Person any indemnification or payment in respect of any tax consequences of any such exercise upon individual Bondholders.
		

		
			 
		

		
			15.       ENFORCEMENT
		

		
			 
		

		
			The Trustee may at any time, at its discretion and without notice, take such proceedings and/or other steps or action (including lodging an appeal in any proceedings) against the Issuer or any Guarantor as it may think fit to enforce the provisions of the Trust Deed and the Bonds, but it shall not be bound to take any such proceedings or any other action in relation to the Trust Deed or the Bonds unless (a) it shall have been so directed by an Extraordinary Resolution of the Bondholders or so requested in writing by the holders of at least one-quarter in principal amount of the Bonds then outstanding, and (b) it shall have been indemnified and/or secured and/or prefunded to its satisfaction. The Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction. Furthermore, the Trustee may also refrain from taking such action if it would otherwise render it liable to any Person in that jurisdiction or if, in its opinion based upon such legal advice, it would not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or if it is determined by any court or other competent authority in that jurisdiction that it does not have such power. No Bondholder shall be entitled to (i) take any steps or action against the Issuer or any Guarantor to enforce the performance of any of the provisions of the Trust Deed or the Bonds or (ii) take any other proceedings (including lodging an appeal in any proceedings) in respect of or concerning the Issuer or any Guarantor, in each case unless the Trustee, having become bound to take any such action, steps or proceedings, fails so to do within a reasonable period and the failure shall be continuing.
		

		
			 
		

		
			
		

		
			

		 

		

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			16.       THE TRUSTEE
		

		
			 
		

		
			The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility, including relieving it from taking proceedings unless indemnified and/or secured and/or prefunded to its satisfaction. The Trustee is entitled to enter into business transactions with the Issuer, any Guarantor and any entity related to the Issuer or any Guarantor without accounting for any profit and to act as trustee for the holders of any other securities issued or guaranteed by, or relating to, the Issuer, any Guarantor and/or any of the Issuer's Subsidiaries, to exercise and enforce its rights, comply with its obligations and perform its duties under or in relation to any such transactions or, as the case may be, any such trusteeship without regard to the interests of, or consequences for, the Bondholders and to retain and not be liable to account for any profit made or any other amount or benefit received thereby or in connection therewith. The Trustee may rely, without liability to Bondholders, on a report, confirmation or certificate or any advice of the Issuer, any Guarantor, any accountants, financial advisers or financial institution or other expert (including, without limitation, an Independent Adviser), whether or not addressed to it and whether their liability in relation thereto is limited (by its terms or by any engagement letter relating thereto entered into by the Trustee or in any other manner) by reference to a monetary cap, methodology or otherwise and, if so relied upon, such report, confirmation or certificate or advice shall be binding on the Issuer, the Guarantors, the Trustee and the Bondholders in the absence of manifest error.
		

		
			 
		

		
			17.       NOTICES
		

		
			 
		

		
			All notices to Bondholders will be valid if published through the electronic communication system of Bloomberg. The Issuer shall also ensure that all notices are duly published in a manner which complies with the rules and regulations of any stock exchange or other relevant authority on which the Bonds are for the time being listed and/or admitted to trading. Any such notice shall be deemed to have been given on the date of such publication, or if published more than once or on different dates, on the first date on which publication is made.
		

		
			 
		

		
			Notwithstanding the above, for so long as all the Bonds are represented by the Global Certificate and the Global Certificate is deposited with, and registered in the name of a nominee for, a common depositary for Euroclear Bank SA/NV ("Euroclear") and/or Clearstream Banking S.A ("Clearstream, Luxembourg"), notices to Bondholders may instead be given by delivery of the relevant notice to Euroclear and Clearstream, Luxembourg for transmission to relevant accountholders and such notices shall be deemed to have been given to Bondholders on the day of delivery to Euroclear and Clearstream, Luxembourg.
		

		
			 
		

		
			If publication as provided above is not practicable, notice will be given in such other manner, and shall be deemed to have been given on such date, as the Trustee may approve.
		

		
			 
		

		
			All notices to be given by Bondholders shall be in writing (with a copy to the Calculation Agent) and given by lodging the same, together with the Certificate representing the relevant Bonds, with the Principal Paying, Transfer and Conversion Agent or the Registrar.
		

		
			 
		

		
			
		

		
			

		 

		

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			Notwithstanding the foregoing, in respect of any of Bonds represented by the Global Certificate, such notice may be given by a Bondholder to the Principal Paying, Transfer and Conversion Agent or the Registrar through Euroclear and/or Clearstream, Luxembourg, as the case may be, in accordance with the operating procedures of such clearing system at the applicable time.
		

		
			 
		

		
			18.       FURTHER ISSUES
		

		
			 
		

		
			The Issuer may from time to time without the consent of the Bondholders create and issue further securities either having the same terms and conditions in all respects as the outstanding securities of any series (including the Bonds) or in all respects except for the first payment of interest on them and the first date on which Conversion Rights may be exercised and so that such further issue shall be consolidated and form a single series with the outstanding securities of any series (including the Bonds) (in either case, referred to herein as the "Further Bonds") or upon such terms as the Issuer may determine at the time of their issue. References in these Conditions to the Bonds include (unless the context requires otherwise or unless otherwise specified herein) any other securities issued pursuant to this Condition 18 and forming a single series with the Bonds, provided, if such Further Bonds are not fungible with the outstanding Bonds of the applicable series for U.S. federal income tax purposes, the further Bonds will have a separate ISIN or other identifying number from that of the outstanding Bonds. Any further securities forming a single series with the outstanding securities of any series (including the Bonds) constituted by the Trust Deed or any deed supplemental to it shall, and any other securities may (with the consent of the Trustee), be constituted by a deed supplemental to the Trust Deed. The Trust Deed contains provisions for convening a single meeting of the Bondholders and the holders of securities of other series where the Trustee so decides.
		

		
			 
		

		
			19.       CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
		

		
			 
		

		
			No Person shall have any right to enforce any term or condition of the Bonds under the Contracts (Rights of Third Parties) Act 1999.
		

		
			 
		

		
			20.       GOVERNING LAW
		

		
			 
		

		
			(a)       The Trust Deed, the Agency Agreement, the Calculation Agency Agreement and the Bonds and any non-contractual obligations arising out of or in connection therewith are governed by, and shall be construed in accordance with, English law.
		

		
			 
		

		
			(b)       The courts of England have non-exclusive jurisdiction to settle any dispute (a "Dispute") arising out of or in connection with the Bonds, the Trust Deed, the Agency Agreement or the Calculation Agency Agreement (including a dispute regarding any non-contractual obligation arising out of or in connection with any of the foregoing).
		

		
			 
		

		
			(c)        Each of the Issuer and the Guarantors agrees that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that it will not argue to the contrary.
		

		
			 
		

		
			
		

		
			

		 

		

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			(d)        Notwithstanding Condition 20(b), the Trustee and any Bondholder may take proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdiction. To the extent allowed by law, Bondholders may take concurrent Proceedings in any number of jurisdictions.
		

		
			 
		

		
			(e)        Each of the Issuer and the Guarantors agrees that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on it by being delivered to Hackwood Secretaries Limited at One Silk Street, London EC2Y 8HQ, United Kingdom, or to such other Person with an address in England or Wales and/or at such other address in England or Wales as the Issuer or the Guarantors may specify by notice in writing to the Bondholders. Nothing in this paragraph shall affect the right of any Bondholder to serve process in any other manner permitted by law. This Condition applies to Proceedings in England and to Proceedings elsewhere.
		

		
			 
		

		
			
		

		
			

		 

		

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			PRINCIPAL PAYING, TRANSFER AND CONVERSION AGENT
		

		
			The Bank of New York Mellon, London Branch
		

		
			One Canada Square
		

		
			London E14 5AL 
		

		
			United Kingdom
		

		
			 
		

		
			 
		

		
			REGISTRAR
		

		
			The Bank of New York Mellon SA/NV, Luxembourg Branch
		

		
			Vertigo Building – Polaris
		

		
			2-4 rue Eugène Ruppert
		

		
			L-2453 Luxembourg
		

		
			 
		

		
			 
		

		
			and/or such other or further Principal Paying, Transfer and Conversion Agent and other Paying, Transfer and Conversion Agents and Registrar and/or specified offices as may from time to time be appointed by the Issuer and the Guarantors with the approval of the Trustee and notice of which has been given to the Bondholders.
		

		
			 
		

		
			
		

		
			

		 

		

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			SCHEDULE 3
		

		
			PROVISIONS FOR MEETINGS OF BONDHOLDERS
		

		
			 
		

		
			DEFINITIONS
		

		
			 
		

		
			1.         As used in this Schedule the following expressions shall have the following meanings unless the context otherwise requires:
		

		
			 
		

		
			"Block Voting Instruction" means an English language document issued by a Paying, Transfer and Conversion Agent in which:
		

		
			 
		

		
			(a)        it is certified that on the date thereof Bonds represented by the Global Certificate or Definitive Certificates which are held in an account with any Clearing System (in each case not being Bonds in respect of which a Voting Certificate has been issued and is outstanding in respect of the meeting specified in such Block Voting Instruction) are blocked in an account with a Clearing System and that no such Bonds will cease to be so blocked until the first to occur of:
		

		
			 
		

		
			(1)        the conclusion of the meeting specified in such Block Voting Instruction; and
		

		
			 
		

		
			(2)        the Bonds ceasing with the agreement of the Paying, Transfer and Conversion Agent to be so blocked and the giving of notice by the Paying, Transfer and Conversion Agent to the Issuer in accordance with paragraph 3(E) of the necessary amendment to the Block Voting Instruction;
		

		
			 
		

		
			(b)        it is certified that each holder of such Bonds has instructed such Paying, Transfer and Conversion Agent that the vote(s) attributable to the Bonds so blocked should be cast in a particular way in relation to the resolution(s) to be put to such meeting and that all such instructions are, during the period commencing 48 Hours prior to the time for which such meeting is convened and ending at the conclusion or adjournment thereof, neither revocable nor capable of amendment;
		

		
			 
		

		
			(c)        the aggregate principal amount of the Bonds so blocked is listed distinguishing with regard to each such resolution between those in respect of which instructions have been given that the votes attributable thereto should be cast  in favour of the resolution and those in respect of which instructions have been so given that the votes attributable thereto should be cast against the resolution; and
		

		
			 
		

		
			(d)        one or more persons named in such Block Voting Instruction (each hereinafter called a "proxy") is or are authorised and instructed by such Paying, Transfer and Conversion Agent to cast the votes attributable to the Bonds so listed in accordance with the instructions referred to in (c) above as set out in such Block Voting Instruction;
		

		
			 
		

		
			"Clearing System" means Euroclear and/or Clearstream, Luxembourg and includes in respect of any Bond any clearing system on behalf of which such Bond is held or
		

		
			 
		

		
			
		

		
			

		 

		

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			which is the holder or (directly or through a nominee) registered owner of a Bond, in either case whether alone or jointly with any other Clearing System(s). For the avoidance of doubt, the provisions of subclause 1.2(g) shall apply to this definition;
		

		
			 
		

		
			"Eligible Person" means any one of the following persons who shall be entitled to attend and vote at a meeting:
		

		
			 
		

		
			(a)       a holder of a Bond in definitive form which is not held in an account with any Clearing System;
		

		
			 
		

		
			(b)       a bearer of any Voting Certificate;
		

		
			 
		

		
			(c)       a proxy specified in any Block Voting Instruction; and
		

		
			 
		

		
			(d)       a proxy appointed by a holder of a Bond in definitive form which is not held in an account with any Clearing System;
		

		
			 
		

		
			"Extraordinary Resolution" (i) a resolution passed at a meeting duly convened and held by or on behalf of the holder(s) of not less than 75 per cent. of the Eligible Persons voting thereat, (ii) a resolution in writing (whether contained in one document or several documents in the same form) signed by or on behalf of the holders of not less than 75 per cent. in principal amount of the Bonds for the time being outstanding or (iii) consents given by way of electronic consents through the relevant clearing system(s) (in a form satisfactory to the Trustee) by or on behalf of the holder(s) of not less than 75 per cent. in principal amount of the Bonds for the time being outstanding.
		

		
			 
		

		
			"Ordinary Resolution" means:
		

		
			 
		

		
			(a)        a resolution passed at a meeting duly convened and held in accordance with these presents by a clear majority of the Eligible Persons voting thereat on a show of hands or, if a poll is duly demanded, by a simple majority of the votes cast on such poll;
		

		
			 
		

		
			(b)        a resolution in writing signed by or on behalf of the holders of not less than a clear majority in principal amount of the Bonds outstanding, which resolution may be contained in one document or in several documents in like form each signed by or on behalf of one or more of the holders; or
		

		
			 
		

		
			(c)        consents given by way of electronic consents through the relevant clearing system(s) (in a form satisfactory to the Trustee) by or on behalf of the holder(s) of not less than a clear majority in principal amount of the Bonds for the time being outstanding.
		

		
			 
		

		
			"Voting Certificate" means an English language certificate issued by a Paying, Transfer and Conversion Agent in which it is stated:
		

		
			 
		

		
			(a)        that on the date thereof Bonds represented by the Global Certificate or Definitive Certificates which are held in an account with any Clearing System (in each case not being Bonds in respect of which a Block Voting Instruction has been issued and is outstanding in respect of the meeting specified in such Voting Certificate) are blocked in an account with a Clearing System and that no such Bonds will cease to be so blocked until the first to occur of:
		

		
			 
		

		
			
		

		
			

		 

		

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			(1)       the conclusion of the meeting specified in such Voting Certificate; and
		

		
			 
		

		
			(2)       the surrender of the Voting Certificate to the Paying, Transfer and Conversion Agent who issued the same; and
		

		
			 
		

		
			(b)        that the bearer thereof is entitled to attend and vote at such meeting in respect of the Bonds represented by such Voting Certificate;
		

		
			 
		

		
			"24 Hours" means a period of 24 hours including all or part of a day upon which banks are open for business in both the place where the relevant meeting is to be held and in each of the places where the Paying, Transfer and Conversion Agents have their specified offices (disregarding for this purpose the day upon which such meeting is to be held) and such period shall be extended by one period or, to the extent necessary, more periods of 24 hours until there is included as aforesaid all or part of a day upon which banks are open for business in all of the places as aforesaid; and
		

		
			 
		

		
			"48 Hours" means a period of 48 hours including all or part of two days upon which banks are open for business both in the place where the relevant meeting is to be held and in each of the places where the Paying, Transfer and Conversion Agents have their specified offices (disregarding for this purpose the day upon which such meeting is to be held) and such period shall be extended by one period or, to the extent necessary, more periods of 24 hours until there is included as aforesaid all or part of two days upon which banks are open for business in all of the places as aforesaid.
		

		
			 
		

		
			For the purposes of calculating a period of "Clear Days" in relation to a meeting, no account shall be taken of the day on which the notice of such meeting is given (or, in the case of an adjourned meeting, the day on which the meeting to be adjourned is held) or the day on which such meeting is held.
		

		
			 
		

		
			All references in this Schedule to a "meeting" shall, where the context so permits, include any relevant adjourned meeting.
		

		
			 
		

		
			EVIDENCE OF ENTITLEMENT TO ATTEND AND VOTE
		

		
			 
		

		
			2.         A holder of a Bond represented by the Global Certificate or a Definitive Certificate which is held in an account with any Clearing System may require the issue by a Paying, Transfer and Conversion Agent of Voting Certificates and Block Voting Instructions in accordance with the terms of paragraph 3.
		

		
			 
		

		
			For the purposes of paragraph 3, the Principal Paying, Transfer and Conversion Agent and each Paying, Transfer and Conversion Agent shall be entitled to rely, without further enquiry, on any information or instructions received from a Clearing System and shall have no liability to any holder or other person for any loss, damage, cost, claim or other liability occasioned by its acting in reliance thereon, nor for any failure by a Clearing System to deliver information or instructions to the Principal Paying, Transfer and Conversion Agent or any Paying, Transfer and Conversion Agent.
		

		
			 
		

		
			The holder of any Voting Certificate or the proxies named in any Block Voting Instruction shall for all purposes in connection with the relevant meeting be deemed  to be the holder of the Bonds to which such Voting Certificate or Block Voting Instruction relates.
		

		
			 
		

		
			
		

		
			

		 

		

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			PROCEDURE FOR ISSUE OF VOTING CERTIFICATES, BLOCK VOTING INSTRUCTIONS AND PROXIES
		

		
			 
		

		
			3.         (A)      Global Certificate and Definitive Certificates held in a Clearing System - Voting Certificate
		

		
			 
		

		
			A holder of a Bond (not being a Bond in respect of which instructions have been given to the Principal Paying, Transfer and Conversion Agent in accordance with paragraph 3(B)) represented by the Global Certificate or which is in definitive form and is held in an account with any Clearing System may procure the delivery of a Voting Certificate in respect of such Bond by giving notice to the Clearing System through which such holder's interest in the Bond is held specifying by name a person (an "Identified Person") (which need not be the holder himself) to collect the Voting Certificate and attend and vote at the meeting. The relevant Voting Certificate will be made available at or shortly prior to the commencement of the meeting by the Principal Paying, Transfer and Conversion Agent against presentation by such Identified Person of the form of identification previously notified by such holder to the Clearing System. The Clearing System may prescribe forms of identification  (including, without limitation, a passport or driving licence) which it deems appropriate for these purposes. Subject to receipt by the Principal Paying, Transfer and Conversion Agent from the Clearing System, no later than 24 Hours prior to the time for which such meeting is convened, of notification of the principal amount of the Bonds to be represented by any such Voting Certificate and the form of identification against presentation of which such Voting Certificate should be released, the Principal Paying, Transfer and Conversion Agent shall, without any obligation to make further enquiry, make available Voting Certificates against presentation of the form of identification corresponding to that notified.
		

		
			 
		

		
			(B)      Global Certificate and Definitive Certificates held in a Clearing System - Block Voting Instruction
		

		
			 
		

		
			A holder of a Bond (not being a Bond in respect of which a Voting Certificate has been issued) represented by the Global Certificate or which is in definitive form and is held in an account with any Clearing System may require the Principal Paying, Transfer and Conversion Agent to issue a Block Voting Instruction in respect of such Bond by first instructing the Clearing System through which such holder's interest in the Bond is held to procure that the votes attributable to such Bond should be cast at the meeting in a particular way in relation to the resolution or resolutions to be put to the meeting. Any such instruction shall be given in accordance with the rules of the Clearing System then in effect. Subject to receipt by the Principal Paying, Transfer and Conversion Agent of instructions from the Clearing System, no later than 24 Hours prior to the time for which such meeting is convened, of notification of the principal amount of the Bonds in respect of which instructions have been given and the manner in which the votes attributable to such Bonds should be cast, the Principal Paying, Transfer and Conversion Agent shall, without any obligation to make further enquiry, appoint a proxy to attend the meeting and cast votes in accordance with such instructions.
		

		
			 
		

		
			
		

		
			

		 

		

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			(C)       Definitive Certificates not held in a Clearing System - appointment of proxy
		

		
			 
		

		
			(i)        A holder of Bonds in definitive form and not held in an account with any Clearing System may, by an instrument in writing in the English language (a "form of proxy") signed by the holder or, in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to the specified office of the Registrar or any Transfer Agent not less than 48 Hours before the time fixed for the relevant meeting, appoint any person (a "proxy") to act on his or its behalf in connection with any meeting.
		

		
			 
		

		
			(ii)       Any proxy appointed pursuant to subparagraph (i) above shall so long as such appointment remains in force be deemed, for all purposes in connection with the relevant meeting, to be the holder of the Bonds to which such appointment relates and the holders of the Bonds shall be deemed for such purposes not to be the holder.
		

		
			 
		

		
			(D)       Each Block Voting Instruction, together (if so requested by the Trustee) with proof satisfactory to the Trustee of its due execution on behalf of the relevant Paying, Transfer and Conversion Agent, and each form of proxy shall be deposited by the relevant Paying, Transfer and Conversion Agent or (as the case may be) by the Registrar or the relevant Transfer Agent at such place as the Trustee shall approve not less than 24 Hours before the time appointed for holding the meeting at which the proxy or proxies named in the Block Voting Instruction or form of proxy proposes to vote, and in default the Block Voting Instruction or form of proxy shall not be treated as valid unless the Chairman of the meeting decides otherwise before such meeting proceeds to business. A copy of each Block Voting Instruction and form of proxy shall be deposited with the Trustee before the commencement of the meeting but the Trustee shall not thereby be obliged to investigate or be concerned with the validity of or the authority of the proxy or proxies named in any such Block Voting Instruction or form of proxy.
		

		
			 
		

		
			(E)       Any vote given in accordance with the terms of a Block Voting Instruction or form of proxy shall be valid notwithstanding the previous revocation or amendment of the Block Voting Instruction or form of proxy or of any of the instructions of the relevant holder or the relevant Clearing System (as the case may be) pursuant to which it was executed provided that no intimation in writing of such revocation or amendment has been received from the relevant Paying, Transfer and Conversion Agent (in the case of a Block Voting Instruction) or from the holder thereof (in the case of a proxy appointed pursuant to paragraph 3(C)) by the Issuer at its registered office (or such other place as may have been required or approved by the Trustee for the purpose) by the time being 24 Hours (in the case of a Block Voting Instruction) or 48 Hours (in the case of a proxy) before the time appointed for holding the meeting at which the Block Voting Instruction or form of proxy is to be used.
		

		
			 
		

		
			
		

		
			

		 

		

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			CONVENING OF MEETINGS, QUORUM AND ADJOURNED MEETINGS
		

		
			 
		

		
			4.         The Issuer, a Guarantor or the Trustee may at any time, and the Issuer shall upon a requisition in writing in the English language signed by the holders of not less than ten per cent. in principal amount of the Bonds for the time being outstanding, convene a meeting and if the Issuer makes default for a period of seven days in convening such a meeting the same may be convened by the Trustee or the requisitionists. Whenever the Issuer or a Guarantor is about to convene any such meeting the Issuer or the relevant Guarantor (as the case may be) shall forthwith give notice in writing to the Trustee of the day, time and place thereof and of the nature of the business to be transacted thereat. Every such meeting shall be held at such time and place as the Trustee may appoint or approve in writing.
		

		
			 
		

		
			5.         At least 21 Clear Days' notice specifying the place, day and hour of meeting shall be given to the holders prior to any meeting in the manner provided by Condition 17. Such notice, which shall be in the English language, shall state generally the nature of the business to be transacted at the meeting thereby convened and, in the case of an Extraordinary Resolution, shall either specify in such notice the terms of such resolution or state fully the effect on the holders of such resolution, if passed. Such notice shall include statements as to the manner in which holders may arrange for Voting Certificates or Block Voting Instructions to be issued and, if applicable, appoint proxies. A copy of the notice shall be sent by post to the Trustee (unless the meeting is convened by the Trustee), to the Issuer (unless the meeting is convened by the Issuer) and to each Guarantor (unless the meeting is convened by such Guarantor).
		

		
			 
		

		
			6.         A person (who may but need not be a holder) nominated in writing by the Trustee shall be entitled to take the chair at the relevant meeting, but if no such nomination is made or if at any meeting the person nominated shall not be present within 15 minutes after the time appointed for holding the meeting the holders present shall choose one of their number to be Chairman, failing which the Issuer may appoint a Chairman. The Chairman of an adjourned meeting need not be the same person as was Chairman of the meeting from which the adjournment took place.
		

		
			 
		

		
			7.         At any such meeting one or more Eligible Persons present and holding or representing in the aggregate not less than one-twentieth of the principal amount of the Bonds for the time being outstanding shall (except for the purpose of passing an Extraordinary Resolution) form a quorum for the transaction of business (including the passing of an Ordinary Resolution) and no business (other than the choosing of a Chairman) shall be transacted at any meeting unless the requisite quorum be present at the commencement of the relevant business. The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as provided below) be one or more Eligible Persons holding or representing a clear majority in principal amount of the Bonds for the time being outstanding PROVIDED THAT at any meeting the business of which includes any of the following matters (each of which shall only be capable of being effected after having been approved by Extraordinary Resolution) namely:
		

		
			 
		

		
			(i)        to change the Final Maturity Date or the dates on which interest is payable in respect of the Bonds;
		

		
			 
		

		
			(ii)       to modify the circumstances in which the Issuer or Bondholders are entitled to redeem the Bonds pursuant to Condition 7 (other than
		

		
			 
		

		
			
		

		
			

		 

		

			-  120  -

		

 

		

		
			removing the right of the Issuer to redeem the Bonds pursuant to Condition 7.2 or 7.3);
		

		
			 
		

		
			(iii)      to reduce or cancel the principal amount of, or interest on, the Bonds or to reduce the amount payable on redemption of the Bonds;
		

		
			 
		

		
			(iv)      to modify the basis for calculating the interest payable in respect of the Bonds;
		

		
			 
		

		
			(v)       to modify the provisions relating to, or cancel, the Conversion Rights (other than pursuant to or as a result of any amendments to the Conditions and this Trust Deed made pursuant to and in accordance with the provisions of Condition 11(g) ("Newco Scheme Modification") and other than a reduction to the Conversion Price or an increase in the number of Ordinary Shares);
		

		
			 
		

		
			(vi)       to increase the Conversion Price (other than in accordance with the Conditions and these presents or pursuant to a Newco Scheme Modification);
		

		
			 
		

		
			(vii)      to change the currency of Bonds or any payment in respect of the Bonds;
		

		
			 
		

		
			(viii)    to change the governing law of the Bonds, the Trust Deed, the Agency Agreement or the Calculation Agency Agreement (other than in the case of a substitution of the Issuer (or any previous substitute or substitutes) under Condition 14.3 and Clause 21);
		

		
			 
		

		
			(ix)       to modify any provision of the Bonds Guarantee;
		

		
			 
		

		
			(x)        to modify the provisions concerning the quorum required at any meeting of Bondholders or the majority required to pass an Extraordinary Resolution; or
		

		
			 
		

		
			(xi)       alteration of this proviso or the proviso to paragraph 9,
		

		
			 
		

		
			the quorum shall be one or more Eligible Persons present and holding or representing in the aggregate not less than two-thirds of the principal amount of the Bonds for the time being outstanding.
		

		
			 
		

		
			8.         If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may decide) after the time appointed for any such meeting a quorum is not present for the transaction of any particular business, then, subject and without prejudice to the transaction of the business (if any) for which a quorum is present, the meeting shall if convened upon the requisition of holders be dissolved. In any other case it shall stand adjourned to the same day in the next week (or if such day is a public holiday the next succeeding business day) at the same time and place (except in the case of a meeting at which an Extraordinary Resolution is to be proposed in which case it shall stand adjourned for such period, being not less than 13 Clear Days nor more than 42 Clear Days, and to such place as may be appointed by the Chairman either at or subsequent to such meeting and approved by the Trustee). If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may decide) after the time
		

		
			 
		

		
			
		

		
			

		 

		

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			appointed for any adjourned meeting a quorum is not present for the transaction of any particular business, then, subject and without prejudice to the transaction of the business (if any) for which a quorum is present, the Chairman may either (with the approval of the Trustee) dissolve such meeting or adjourn the same for such period, being not less than 13 Clear Days (but without any maximum number of Clear Days), and to such place as may be appointed by the Chairman either at or subsequent to such adjourned meeting and approved by the Trustee, and the provisions of this sentence shall apply to all further adjourned such meetings.
		

		
			 
		

		
			9.         At any adjourned meeting one or more Eligible Persons present (whatever the principal amount of the Bonds so held or represented by them) shall (subject as provided below) form a quorum and shall have power to pass any resolution and to decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took place had the requisite quorum been present PROVIDED THAT at any adjourned meeting the quorum for the transaction of business comprising any of the matters specified in the proviso to paragraph 7 shall be one or more Eligible Persons present and holding or representing in the aggregate not less than one-third of the principal amount of the Bonds for the time being outstanding.
		

		
			 
		

		
			10.       Notice of any adjourned meeting at which an Extraordinary Resolution is to be submitted shall be given in the same manner as notice of an original meeting but as if 10 were substituted for 21 in paragraph 5 and such notice shall state the required quorum. Subject as aforesaid it shall not be necessary to give any notice of an adjourned meeting.
		

		
			 
		

		
			CONDUCT OF BUSINESS AT MEETINGS
		

		
			 
		

		
			11.       Every question submitted to a meeting shall be decided in the first instance by a show of hands. A poll may be demanded (before or on the declaration of the result of the show of hands) by the Chairman, the Issuer, any Guarantor, the Trustee or any Eligible Person (whatever the amount of the Bonds so held or represented by him).
		

		
			 
		

		
			12.       At any meeting, unless a poll is duly demanded, a declaration by the Chairman that a resolution has been carried or carried by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.
		

		
			 
		

		
			13.       Subject to paragraph 15, if at any such meeting a poll is so demanded it shall be taken in such manner and, subject as hereinafter provided, either at once or after an adjournment as the Chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll shall not prevent the continuance of the meeting for the transaction of any business other than the motion on which the poll has been demanded.
		

		
			 
		

		
			14.       The Chairman may, with the consent of (and shall if directed by) any such meeting, adjourn the same from time to time and from place to place; but no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place.
		

		
			 
		

		
			
		

		
			

		 

		

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			15.       Any poll demanded at any such meeting on the election of a Chairman or on any question of adjournment shall be taken at the meeting without adjournment.
		

		
			 
		

		
			16.       Any director or officer of the Trustee, its lawyers and financial advisors, any director or officer of the Issuer or, as the case may be, a Guarantor, their lawyers and financial advisors, any director or officer of any of the Paying, Transfer and Conversion Agents and any other person authorised so to do by the Trustee may attend and speak at any meeting. Save as aforesaid, no person shall be entitled to attend and speak nor shall any person be entitled to vote at any meeting unless he is an Eligible Person. No person shall be entitled to vote at any meeting in respect of Bonds which are deemed to be not outstanding by virtue of the proviso to the definition of "outstanding" in Clause 1.
		

		
			 
		

		
			17.       At any meeting:
		

		
			 
		

		
			(a)       on a show of hands every Eligible Person present shall have one vote; and
		

		
			 
		

		
			(b)       on a poll every Eligible Person present shall have one vote in respect of each USD1 or such other amount as the Trustee may in its absolute discretion stipulate (or, in the case of meetings of holders of Bonds denominated in another currency, such amount in such other currency as the Trustee in its absolute discretion may stipulate), in principal amount of the Bonds held or represented by such Eligible Person.
		

		
			 
		

		
			Without prejudice to the obligations of the proxies named in any Block Voting Instruction or form of proxy, any Eligible Person entitled to more than one vote need not use all his votes or cast all the votes to which he is entitled in the same way.
		

		
			 
		

		
			18.       The proxies named in any Block Voting Instruction or form of proxy need not be holders. Nothing herein shall prevent any of the proxies named in any Block Voting Instruction or form of proxy from being a director, officer or representative of or otherwise connected with the Issuer or any Guarantor.
		

		
			 
		

		
			19.       A meeting shall in addition to the powers hereinbefore given have the following powers exercisable (without prejudice to any powers conferred on other persons by this Trust Deed) only by Extraordinary Resolution (subject, in the case of an Extraordinary Resolution to be proposed at a meeting, to the provisions relating to quorum contained in paragraphs 7 and 9) namely:
		

		
			 
		

		
			(a)        Power to sanction any compromise or arrangement proposed to be made between the Issuer, the Guarantors, the Trustee, any Appointee and the holders or any of them.
		

		
			 
		

		
			(b)        Power to sanction any abrogation, modification, compromise or arrangement in respect of the rights of the Trustee, any Appointee, the holders or the Issuer or the Guarantors against any other or others of them or against any of their property whether such rights arise under these presents or otherwise.
		

		
			 
		

		
			(c)        Power to assent to any modification of the provisions of these presents which is proposed by the Issuer, the Guarantors, the Trustee or any holder.
		

		
			 
		

		
			
		

		
			

		 

		

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			(d)        Power to give any authority or sanction which under the provisions of these presents is required to be given by Extraordinary Resolution.
		

		
			 
		

		
			(e)        Power to appoint any persons (whether holders or not) as a committee or committees to represent the interests of the holders and to confer upon such committee or committees any powers or discretions which the holders could themselves exercise by Extraordinary Resolution.
		

		
			 
		

		
			(f)        Power to approve of a person to be appointed a trustee and power to remove any trustee or trustees for the time being of these presents.
		

		
			 
		

		
			(g)        Power to discharge or exonerate the Trustee and/or any Appointee from all liability in respect of any act or omission for which the Trustee and/or such Appointee may have become responsible under these presents.
		

		
			 
		

		
			(h)        Power to authorise the Trustee and/or any Appointee to concur in and execute and do all such deeds, instruments, acts and things as may be necessary to carry out and give effect to any Extraordinary Resolution.
		

		
			 
		

		
			(i)         To waive any breach or authorise any proposed breach by the Issuer or any Guarantor of its obligations under or in respect of the Trust Deed or the Bonds or any act or omission which might otherwise constitute an Event of Default under the Bonds.
		

		
			 
		

		
			(j)         Power to sanction any scheme or proposal for the exchange or sale of the Bonds for or the conversion of the Bonds into or the cancellation of the Bonds in consideration of shares, stock, Bonds, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed, or for or into or in consideration of cash, or partly for or into or in consideration of such shares, stock, Bonds, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash and for the appointment of some person with power on behalf of the holders to execute an instrument  of transfer of the Bonds held by them in favour of the persons with or to whom the Bonds are to be exchanged or sold respectively.
		

		
			 
		

		
			(k)        Power to approve the substitution of any entity for the Issuer (or any previous substitute) as principal debtor under these presents.
		

		
			 
		

		
			20.       Any resolution passed (i) at a meeting of the holders duly convened and held in accordance with these presents, (ii) passed as an Extraordinary Resolution in writing in accordance with these presents or (iii) passed by way of electronic consents given by holders through the relevant Clearing System(s) in accordance with these presents shall be binding upon all the holders whether or not present or whether or not represented at such meeting and whether or not voting and each of them shall be bound to give effect thereto accordingly and the passing of any such resolution shall be conclusive evidence that the circumstances justify the passing thereof. Notice of the result of the voting on any resolution duly considered by the holders shall be published in accordance with Condition 17 by the Issuer within 14 days of such result being known, PROVIDED THAT the non-publication of such notice shall not invalidate such result.
		

		
			 
		

		
			
		

		
			

		 

		

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			21.       Minutes of all resolutions and proceedings at every meeting shall be made and entered in books to be from time to time provided for that purpose by the Issuer and any such minutes as aforesaid, if purporting to be signed by the Chairman of the meeting at which such resolutions were passed or proceedings transacted, shall be conclusive evidence of the matters therein contained and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes have been made shall be deemed to have been duly held and convened and all resolutions passed or proceedings transacted thereat to have been duly passed or transacted.
		

		
			 
		

		
			22.        (A)      If and whenever the Issuer has issued and has outstanding Bonds of more than one series the foregoing provisions of this Schedule shall have effect subject to the following modifications:
		

		
			 
		

		
			(i)        a resolution which in the opinion of the Trustee affects the Bonds of only one series shall be deemed to have been duly passed if passed at a separate meeting of the holders of the Bonds of that series;
		

		
			 
		

		
			(ii)       a resolution which in the opinion of the Trustee affects the Bonds of more than one series but does not give rise to a conflict of interest between the holders of Bonds of any of the series so affected shall be deemed to have been duly passed if passed at a single meeting of the holders of the Bonds of all the series so affected;
		

		
			 
		

		
			(iii)      a resolution which in the opinion of the Trustee affects the Bonds of more than one series and gives or may give rise to a conflict of interest between the holders of the Bonds of one series or group of series so affected and the holders of the Bonds of another series or group of series so affected shall be deemed to have been duly passed only if passed at separate meetings of the holders of the Bonds of each series or group of series so affected; and
		

		
			 
		

		
			(iv)      to all such meetings all the preceding provisions of this Schedule shall mutatis mutandis apply as though references therein to Bonds and holders were references to the Bonds of the series or group of series in question or to the holders of such Bonds, as the case may be.
		

		
			 
		

		
			(B)      If the Issuer has issued and has outstanding Bonds which are not denominated in USD, or in the case of any meeting of Bonds of more than one currency, the principal amount of such Bonds shall:
		

		
			 
		

		
			(i)        for the purposes of paragraph 4, be the equivalent in USD at the spot rate of a bank nominated by the Trustee for the conversion of the relevant currency or currencies into USD on the seventh dealing day prior to the day on which the requisition in writing is received by the Issuer; and
		

		
			 
		

		
			(ii)       for the purposes of paragraphs 7, 9 and 17 (whether in respect of the meeting or any adjourned such meeting or any poll resulting therefrom), be the equivalent at such spot rate on the seventh dealing day prior to the day of such meeting.
		

		
			 
		

		
			
		

		
			

		 

		

			-  125  -

		

 

		

		
			In such circumstances, on any poll each person present shall have one vote for each USD1 (or such other USD amount as the Trustee and the Issuer may agree) in principal amount of the Bonds (converted as above) which he holds or represents.
		

		
			 
		

		
			23.       Subject to all other provisions of these presents the Trustee may (after consultation with the Issuer and the Guarantors  where the Trustee considers such consultation to be practicable but without the consent of the Issuer, or the holders) prescribe such further or alternative regulations regarding the requisitioning and/or the holding of meetings and attendance and voting thereat as the Trustee may in its sole discretion reasonably think fit (including, without limitation, the substitution for periods of 24 Hours and 48 Hours referred to in this Schedule of shorter periods). Such regulations may, without prejudice to the generality of the foregoing, reflect the practices and facilities of any relevant Clearing System. Notice of any such further or alternative regulations may, at the sole discretion of the Trustee, be given to holders in accordance with Condition 17 at the time of service of any notice convening a meeting or at such other time as the Trustee may decide.
		

		
			 
		

		
			WRITTEN RESOLUTION AND ELECTRONIC CONSENT
		

		
			 
		

		
			24.       Subject to the following sentence, a Written Resolution may be contained in one document or in several documents in like form, each signed by or on behalf of one or more of the Bondholders.
		

		
			 
		

		
			For so long as the Bonds are in the form of a Global Certificate registered in the name of any nominee for, one or more of Euroclear, Clearstream, Luxembourg or an Alternative Clearing System, then, in respect of any resolution proposed by the Issuer, a Guarantor or the Trustee:
		

		
			 
		

		
			(A)       Electronic Consent: where the terms of the resolution proposed by the Issuer, the relevant Guarantor or the Trustee (as the case may be) have been notified to the Bondholders through the relevant clearing system(s) as provided in sub- paragraphs (i) and/or (ii) below, each of the Issuer, the relevant Guarantor and the Trustee shall be entitled to rely upon approval of such resolution given by way of electronic consents communicated through the electronic communications systems of the relevant clearing system(s) to the Principal Paying, Transfer or Conversion Agent or another specified agent and/or the Trustee in accordance with their operating rules and procedures by or on behalf of the holders of not less than (i) (in the case of an Extraordinary Resolution) 75 per cent. in principal amount of the Bonds outstanding or (ii) (in the case of an Ordinary Resolution) a clear majority in principal amount of the Bonds outstanding (together, the "Required Proportion") ("Electronic Consent") by close of business on the Relevant Date (as defined below). Any resolution passed in such manner shall be binding on all Bondholders, even if the relevant consent or instruction proves to be defective. None of the Issuer, the relevant Guarantor or the Trustee shall be liable or responsible to anyone for such reliance.
		

		
			 
		

		
			(i)        When a proposal for a resolution to be passed as an Electronic Consent has been made, at least 10 days' notice (exclusive of the day on which the notice is given and of the day on which affirmative consents will be
		

		
			 
		

		
			
		

		
			

		 

		

			-  126  -

		

 

		

		
			counted) shall be given to the Bondholders through the relevant clearing system(s). The notice shall specify, in sufficient detail to enable Bondholders to give their consents in relation to the proposed resolution, the method by which their consents may be given (including, where applicable, blocking of their accounts in the relevant clearing system(s)) and the time and date (the "Relevant Date") by which they must be received in order for such consents to be validly given, in each case subject to and in accordance with the operating rules and procedures of the relevant clearing system(s).
		

		
			 
		

		
			(ii)        If, on the Relevant Date on which the consents in respect of an Electronic Consent are first counted, such consents do not represent the Required Proportion, the resolution shall, if the party proposing such resolution (the "Proposer") so determines, be deemed to be defeated. Such determination shall be notified in writing to the other party or parties to the Trust Deed. Alternatively, the Proposer may give a further notice to Bondholders that the resolution will be proposed again on such date and for such period as shall be agreed with the Trustee (unless the Trustee is the Proposer). Such notice must inform Bondholders that insufficient consents were received in relation to the original resolution and the information specified in sub-paragraph (i) above. For the purpose of such further notice, references to "Relevant Date" shall be construed accordingly.
		

		
			 
		

		
			For the avoidance of doubt, an Electronic Consent may only be used in relation to a resolution proposed by the Issuer, a Guarantor or the Trustee which is not then the subject of a meeting that has been validly convened in accordance with paragraph 4 above, unless that meeting is or shall be cancelled or dissolved; and
		

		
			 
		

		
			(A)       Written Resolution: where Electronic Consent is not being sought, for the  purpose of determining whether a Written Resolution has been validly passed, the Issuer, the Guarantors and the Trustee shall be entitled to rely on consent or instructions given in writing directly to the Issuer, the Guarantors and/or the Trustee, as the case may be, (a) by accountholders in the clearing system(s) with entitlements to such Global Certificate and/or, (b) where the accountholders hold any such entitlement on behalf of another person, on written consent from or written instruction by the person identified by that accountholder or the person for whom such entitlement is held. For the purpose of establishing the entitlement to give any such consent or instruction, the Issuer, the Guarantors and the Trustee shall be entitled to rely on any certificate or other document issued by, in the case of (a) above, Euroclear, Clearstream, Luxembourg or any other relevant alternative clearing system (the "relevant clearing system") and, in the case of (b) above, the relevant clearing system and the person identified by the relevant clearing system for the purposes of (b) above. Any resolution passed in such manner shall be binding on all Bondholders, even if the relevant consent or instruction proves to be defective. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such  certificate or other document may comprise any form of statement or print out
		

		
			 
		

		
			
		

		
			

		 

		

			-  127  -

		

 

		

		
			of electronic records provided by the relevant clearing system (including Euroclear's EUCLID or Clearstream, Luxembourg's CreationOnline system) in accordance with its usual procedures and in which the accountholder of a particular principal or principal amount of the Bonds is clearly identified together with the amount of such holding. None of the Issuer, the Guarantors or the Trustee shall be liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by any such person and subsequently found to be forged or not authentic.
		

		
			 
		

		
			A Written Resolution and/or Electronic Consent shall take effect as an Extraordinary Resolution. A Written Resolution and/or Electronic Consent will be binding on all Bondholders, whether or not they participated in such Written Resolution and/or Electronic Consent.
		

		
			 
		

		
			
		

		
			

		 

		

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			SCHEDULE 4
		

		
			FORM OF AUTHORISED SIGNATORIES CERTIFICATE
		

		
			 
		

		
			[ON THE HEADED PAPER OF THE ISSUER/GUARANTOR]
		

		
			 
		

		
			To:       BNY Mellon Corporate Trustee Services Limited
		

		
			 
		

		
			[Date]
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			USD 450,000,000 1.875 per cent. Guaranteed Convertible Bonds due 2023
		

		
			 
		

		
			This certificate is delivered to you in accordance with Clause 14(e) of the Trust Deed dated 26 September 2017 (the "Trust Deed") and made between Sibanye Gold Limited (the "Issuer"), each of Stillwater Mining Company and Kroondal Operations Proprietary Limited (together, the "Guarantors") and BNY Mellon Corporate Trustee Services Limited (the "Trustee"). All words and expressions defined in the Trust Deed shall (save as otherwise provided herein or unless the context otherwise requires) have the same meanings herein.
		

		
			 
		

		
			We hereby certify that:
		

		
			 
		

		
			(a)        to the best of our knowledge, as at [ ]1, no Event of Default or Potential Event of Default existed [other than [ ]]2  and no Event of Default, Potential Event of Default had existed or happened at any time since [ ]3  [the certification date (as defined in the Trust Deed) of the last certificate delivered under Clause 14(e)]4  [other than [ ]]5; and
		

		
			 
		

		
			(b)        from and including [ ]3 [the certification date of the last certificate delivered under Clause 14(e)]4 to and including [ ]1, [each of] the Issuer and the Guarantor has complied in all respects with its obligations under these presents (as defined in the Trust Deed) [other than [ ]]6.
		

		
			 
		

		

		
			1        Specify a date not more than 7 days before the date of delivery of the certificate.
		

		
			2        If any Event of Default or Potential Event of Default did exist, give details; otherwise delete.
		

		
			3        Insert date of Trust Deed in respect of the first certificate delivered under Clause 14(f), otherwise delete.
		

		
			4        Include unless the certificate is the first certificate delivered under Clause 14(f), in which case delete.
		

		
			5        If any Event of Default or Potential Event of Default did exist or had happened, give details; otherwise delete.
		

		
			6        If the Issuer and/or any Guarantor has failed to comply with any obligation(s), give details; otherwise delete.
		

		
			 
		

		
			
		

		
			

		 

		

			-  129  -

		

 

		

		
			for and on behalf of
		

		
			 
		

		
			SIBANYE    GOLD   LIMITED/STILLWATER    MINING   COMPANY/KROONDAL OPERATIONS PROPRIETARY LIMITED
		

		
			 
		

			
					
						 

					
					
						    

					
					
						 

					
					
						 

				
	
					
						Authorised Signatory

					
					
						 

					
					
						Authorised Signatory

					
					
						 

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			-  130  -

		

 

		

		
			 
		

		
			SIGNATORIES
		

		
			 
		

			
					
						Issuer

					
					
						    

					
					
						 

				
	
					
						EXECUTED as a DEED by

					
					
						 

					
					
						/s/ Charl Keyter

				
	
					
						SIBANYE GOLD LIMITED

					
					
						 

				
	
					
						acting by: Charl Keyter

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Guarantors

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						EXECUTED as a DEED by

					
					
						 

					
					
						/s/ Richard Stewart

				
	
					
						STILLWATER MINING COMPANY

					
					
						 

				
	
					
						acting by: Richard Stewart

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						EXECUTED as a DEED by

					
					
						 

					
					
						/s/ Justin Froneman

				
	
					
						KROONDAL OPERATIONS PROPRIETARY LIMITED

					
					
						 

				
	
					
						acting by: Justin Froneman

					
					
						 

				

		
			 
		

		
			 
		

		
			Trustee
		

		
			 
		

		
			EXECUTED as a DEED by:
		

		
			BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED
		

		
			acting by:
		

		
			 
		

			
					
						Authorised Signatory

					
					
						/s/ Marilyn Chau
    Vice President

					
						    Authorised Signatory

				
	
					
						 

					
					
						 

				
	
					
						Authorised Signatory

					
					
						/s/ P. CATTERMOLE
    VP

				
	
					
						 

					
					
						 

				
	
					
						Witnessed by:

					
					
						/s/ Maria Bertolin

				
	
					
						 

					
					
						 

				
	
					
						Name:

					
					
						/s/ MARIA BERTOLIN

				

		
			 
		

		
			Address: One Canada Square, London E14 5AL, United Kingdom
		

		
			 
		

		
			 
		

		 

		

			-  131  -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}]]