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  Exhibit 10.47    
    

Free Translation

 Journal No. 16.100-2010  

 
 

  COMMERCIAL PLEDGE ON EQUITY INTERESTS IN
  
    ROYAL GOLD CHILE LIMITADA
  
    BY
  
    ROYAL GOLD, INC. ET AL.
  
    TO
  
    HSBC BANK USA, NATIONAL ASSOCIATION    

        In Santiago, Republic of Chile, on 7 May, 2010, before me,  RENÉ BENAVENTE CASH,
attorney, Notary Public, Regular Notary of the Forty-Fifth Notary Office of Santiago, domiciled in this city at
Huérfanos 979, 7th floor, there appear: Mr. ANTONIO JOSÉ CUSSEN
MACKENNA, Chilean, married, commercial engineer, Chilean national tax identity number 5,071,481-0, on behalf of, as shall be evidenced,  ROYAL GOLD, INC., a company
incorporated and existing under the laws of the State of Delaware, United States of America, taxpayer identification
number 59,127,280-2, and HIGH DESERT MINERAL RESOURCES, INC., a company incorporated and existing under the laws of the State
of Delaware, United States of America, taxpayer identification number 59,127,290-K, for these purposes all of them domiciled in this city at Avenida Andrés Bello
2711, 16th floor, borough of Las Condes, Santiago, on the one hand, and on the other, JOSÉ FRANCISCO SANCHEZ
DROUILLY, Chilean, married, attorney, national identity card number 6,866,519-1, and HUGO SEBASTIÁN PRIETO
ROJAS, Chilean, single, attorney, national identity card number 11,947,423-K, both on behalf of, as shall be evidenced, HSBC BANK
USA, NATIONAL ASSOCIATION, a bank incorporated and existing according to the laws of the United States of America, hereinafter indistinctly also called the
"Agent", acting pro se and on behalf of the "Lenders" defined in Section One below, all domiciled for
these purposes at Magdalena 140, 20th floor, borough of Las Condes, Santiago; the parties of legal age, whom I know because they have evidenced their identities to me by the
aforesaid identity cards, and who state: 

FIRST:    BACKGROUND INFORMATION AND SECURED OBLIGATIONS  

	1.1
	On
January 20, 2010, a Term Loan Facility Agreement, hereinafter the "Loan Agreement", was signed in
the English language among ROYAL GOLD, INC., a United States of America company, as borrower, hereinafter the "Main Borrower", ROYAL GOLD CHILE
LIMITADA, a Chilean company, and RGLD GOLD CANADA, INC, and HIGH DESERT MINERAL RESOURCES, INC., foreign companies, as guarantors, hereinafter indistinctly the
"Guarantors" or, together with the Main Borrower, the "Credit Parties"; HSBC BANK USA, NATIONAL
ASSOCIATION and THE BANK OF NOVA SCOTIA, as lenders and together with the other lenders that eventually acquire that status under the Loan Agreement, together referred to as the
"Lenders", and also as administrative agent on behalf of all Lenders, and HSBC SECURITIES (USA) INC., as sole lead arranger
(Sole Lead Arranger), hereinafter referred to as the "Sole Lead Arranger". Pursuant to the Loan
Agreement, both this instrument as well as the notes and several other instruments relating to the Loan Agreement are included in the definition of Credit Documents, hereinafter the
"Credit Documents". The Loan Agreement was subsequently amended on March 26th 2010, by way of an instrument granted in English language
named "Amended and Restated Term Loan Facility Agreement". Hereinafter and for all purposes of this instrument the term "Loan Agreement" shall refer to the "Amended and Restated Term Loan Facility
Agreement" and shall also include all the amendments, additions and/or restated texts that have been granted in the past or that in the future may be executed with respect to such instrument. 

	1.2
	Under
the Loan Agreement, the Lenders, granted a loan to the Main Borrower for one hundred thirty million United States dollars, hereinafter the
"Loan", which shall be used by the Main Borrower and RG Exchangeco, Inc., its subsidiary, to acquire all shares in INTERNATIONAL ROYALTY
CORPORATION, a Canadian company. The funds from the Loan must be made available to the Main Borrower after all conditions established in Article V of the Loan Agreement have been met.

	1.3
	The
Credit Documents contain several obligations owed to each of the Lenders and the Agent, all included in the definition of Obligations as defined in the
Loan Agreement, enforceable against the Main Borrower and the other Credit Parties. Such obligations will be called the "Obligations" hereinafter and
they include, for example, the payment of principal, interest, expenses, expenditures, reimbursements and indemnity obligations as well as all other amounts and fulfillment of all other obligations
assumed, such as, merely by way of example and not limitation: (i) The "Affirmative Covenants" set down in Article VI of the Loan Agreement
whereby the Credit Parties promised to complete several actions during the term of the Obligations, including those indicated in Section 6.16 of the same Article VI, consisting of
executing several collateral agreements defined in the Loan Agreement as the Chilean Security Documents, hereinafter the "Chilean Security", which
include: (a) this pledge on equity interest in ROYAL GOLD CHILE LIMITADA by the partners therein; (b) the pledge on royalty rights or royalties held by ROYAL GOLD CHILE LIMITADA
regarding the mining projects known as Pascua-Lama, El Toqui and Andacollo, all included in the concept of "Material Royalties" as defined in the Loan Agreement; (c) a public deed
of surety and joint and several co-debt to be granted, regarding all Obligations arising from the "Credit Documents" for ROYAL
GOLD, INC., RGLD GOLD CANADA, INC. and HIGH DESERT MINERAL RESOURCES, INC.; and (d) any other security associated or related to the foregoing. The Chilean Security must be
executed in terms formally and substantively acceptable to the Agent no later than May 28, 2010, and any notice in regard thereto must also be delivered no later than June 28, 2010. A
legal opinion of the counsel to ROYAL GOLD CHILE LIMITADA must also be delivered in this latter period of time on the signature and perfecting of the aforesaid "Material Royalties" pledges;  (ii) The
"Negative Covenants" assumed by the Credit Parties in Article VII of the Loan Agreement;  (iii) The Guaranty granted according to Article XI of the Loan Agreement by which each Guarantor
undertook unconditionally and irrevocably to be
the surety and joint and several co-debtor of full and timely payment of any and all of the Obligations, either at original maturity or upon acceleration.

	1.4
	The
Loan Agreement is subject to the laws of the State of New York, United States of America, and the parties thereto have submitted the resolution of any
dispute, claim, action or procedure that may arise in relation to the Loan Agreement to the jurisdiction of the State or Federal Courts sitting in New York City, State of New York, United States of
America. 

SECOND:    EQUITY INTERESTS IN ROYAL GOLD CHILE LIMITADA  

	2.1
	ROYAL
GOLD, INC. and HIGH DESERT MINERAL RESOURCES, INC., hereinafter jointly and indistinctly referred to as the
"Grantors", hereby declare that on this date they are the only partners in ROYAL GOLD CHILE LIMITADA, a limited liability company duly incorporated and
in good standing according to the laws of the Republic of Chile, taxpayer identification number 76,763,240-1, hereinafter indistinctly referred to as the  Company. ROYAL GOLD, INC. holds 99% of
the capital in the Company and HIGH DESERT MINERAL RESOURCES, INC. the remaining 1%, hereinafter
together the Equity Interests.

	2.2
	ROYAL
GOLD CHILE LIMITADA was incorporated by public deed executed on January 11, 2007, in the Santiago Notary Office of
Mr. Raúl Undurraga Laso. An abstract of such deed was published in the Official Gazette on February 9, 2007 and was registered on page 5752, number 4347, of
the 2007 Commercial Registry of Santiago. Thus far the by-laws of ROYAL GOLD CHILE LIMITADA have not been amended, notwithstanding the amendment that the partners will execute subsequent
to this deed. 

THIRD:    COMMERCIAL PLEDGE  

	3.1
	In
order to guarantee the full, effective and timely payment of any and all of the Obligations assumed now or in the future by ROYAL GOLD, INC., RGLD
GOLD CANADA, INC. and HIGH DESERT MINERAL RESOURCES, INC. under the Loan Agreement and/or any other Credit Document, as well as any other obligation of the Credit Parties, including the
Main Borrower and the Guarantors (hereinafter all collectively and indistinctly called the "Borrowers") owed to the Lenders under the Loan Agreement,
any other Credit Document and/or all such contracts and instruments that are signed and delivered to the Lenders under the Loan Agreement and/or any other Credit Document, the Grantors hereby grants a
commercial pledge in favor of the Lenders, represented by the Agent, on their respective Equity Interests in ROYAL GOLD CHILE LIMITADA identified in Section 2.1 above according to
Articles 813 et seq. of the Commercial Code and the terms and conditions set out below (the Pledge). The Agent shall enjoy the privileges and
preferences recognized by law regarding this type of security in relation to the Company and any third party. Notwithstanding the other rights that correspond to the Lenders pursuant to the law in
regard to the content and scope of this Pledge, it is agreed: (i) that this Pledge shall be governed by the stipulations agreed below and otherwise by
the provisions on pledge and common law contained in the Commercial Code of Chile; (ii) by this Pledge, the Grantors secure payment to the Lenders of
all Obligations referred to in the First Clause, whether performance can be required on the agreed dates or earlier; (iii) the Grantors also secure
performance of obligations by set-off, i.e. the corresponding damage indemnity decreed by any court in the country and/or abroad, as the case may be; and payment of all accessories
to the Obligations, such as interest, commissions, taxes, remunerations, charges, costs, judicial or extrajudicial collection expenses, including attorneys' fees, insurance premiums, any other
disbursements that the Lenders have made that originate in the Loan Agreement, any other Credit Document and/or all such contracts and instruments that are signed and delivered to the Lenders under
the Loan Agreement or this Pledge; (iv) the Grantors also secure fulfillment of conditional, term and future obligations originating in the Loan Agreement, any other Credit Documents and/or all
such contracts and instruments that are signed and delivered to the Lenders under the Loan Agreement; (v) the Grantors also secure fulfillment of all obligations owed by the Borrowers to the
Lenders because of extensions, renewals, amplifications or other amendments made to the Loan Agreement and/or any other Credit Document. For these purposes, the Grantors irrevocably and
unconditionally accept any amplification, extension, renewal, acceleration or amendment to the Loan Agreement, any other Credit Document and/or any of the obligations arising therefrom such as, for
example, in relation to amount, place of payment, conditions assessable thereon, modes determining them, amplification or renewal of periods and establishment of new periods agreed upon by the
Borrowers; and a waiver in favor of the Lenders of any right, motion, allegation or defense relating to this matter; and (vi) the Grantors further secure payment of any marketable securities
documented now or in the future, in Chile or abroad, the Obligations originating in the Loan Agreement, any other Credit Document and/or all such contracts and instruments that are signed and
delivered to the Lenders under the Loan Agreement; and the payment of marketable securities that might be signed, accepted or endorsed in renewal, replacement or addition to other previous ones
because of the amplifications, extensions, renewals or amendments mentioned in clause (v) above. Furthermore, to the extent not contrary to the laws of the Republic of Chile and notwithstanding
the foregoing, the Grantors further undertake to indemnify the Lenders, the Agent and/or the Structurer for any cost, loss or damage suffered by any thereof should any of the obligations be declared
illegal, void or otherwise ineffective, unenforceable or non-binding now or in the future. Such indemnity must redress the equivalent to what the indemnitee could have obtained by
fulfillment of the secured obligation.

	3.2
	The
Lenders are empowered, without any need to notify or obtain the acceptance of the Grantors nor affecting the validity or enforceability of this Pledge
nor establishing any extinguishment, limitation, impairment or release of the obligations of the Grantors: (i) to agree at any time with the Borrowers to renewals, extensions or other
amendments of the Obligations, whether they have been stipulated originally in the Loan Agreement or introduced thereafter, such as, for example, 

the
place of payment, conditions, terms, modes or other conditions that may be assessed thereon, acceleration or other circumstances of payment; (ii) to settle, submit to arbitration, waive or
pardon the Obligations, accept or reject any offer of fulfillment thereof, agree to novations or substitutions of the Obligations or subordinate the payment thereof to any other obligation;
(iii) to agree to other sureties or other collateral or security in guarantee of the Obligations; (iv) to waive, exchange, submit to arbitration, subordinate or modify, with or without
reason, any collateral or security of the Borrowers or third parties securing fulfillment of the Obligations arising from the Loan Agreement and all such contracts and instruments that are signed and
delivered to the Lenders under the Loan Agreement; (v) to determine, at their discretion, the order in which they will enforce the collateral or security securing performance of the Obligations
arising from the Loan Agreement, the other Credit Documents and all such contracts and instruments that are signed and delivered to the Lenders under the Loan Agreement and the exercise of the rights
available thereto as a result; and (vi) to allocate, at their discretion, the proceeds of the liquidation of any collateral or security, including of third parties, to payment of any of the
Obligations due now or in the future under the Loan Agreement and all such contracts and instruments that are signed and delivered to Lenders under the Loan Agreement.  

	3.3
	The
Grantors, duly represented as indicated in the preamble, hereby accept and agree to the benefit of the Lenders that the occurrence of any Event of
Default, as defined in Article VIII of the Loan Agreement and hereinafter called an Event of Default, may cause the immediate, irrevocable
acceleration of the Obligations or of the instruments that might document such Obligations and, therefore, of the Pledge, as if due, as well as of any interest and expenses arising therefrom. Each and
every one of the collection and/or other actions resulting from the Loan Agreement and all such contracts and instruments that are signed and delivered to the Lenders under the Loan Agreement might be
pursued according to the general rules of law.

	3.4
	For
purposes of that established in number 2 of Article 815 of the Commercial Code, the parties expressly stipulate that the principal under
the Loan that is part of the secured Obligations totals one hundred thirty million United States dollars of the United States of America.

	3.5
	The
Pledge and prohibitions set down in Section 5 below will include and extend to (i) all increases in value that the Equity Interests
experiment, (ii) any equity interests, shares or other equity interests that the Grantors have in the Company by way of any title or that substitute or replace the Equity Interests, either
because of merger, division, transformation, any other form of restructuring or winding up of the Company or otherwise, except regarding payments of distributions allowed under the Loan Agreement. 

FOURTH:    DELIVERY  

        For purposes of article 2389 of the Civil Code, the parties represent that the Grantors hereby deliver the title to the Equity
Interests to the Agent, consisting of a counterpart of the public deed containing the By-Laws of the Company. This delivery perfects the Pledge among the parties and is the way in which
the real right of pledge is transferred to the Lenders. The Agent declares receipt thereof to its full satisfaction. 

FIFTH:    PROHIBITIONS  

	5.1
	The
Grantors further undertake not to encumber, convey, dispose of or enter into any act or contract in regard to the Equity Interests as long as the Pledge
set out herein is in effect, unless they have prior written authorization of the Agent. The Parties declare that encumber shall mean any collateral or any lien, prohibition, third-party right,
attachment, impediment or restriction that may affect or hinder the free use, enjoyment or disposal of the Equity Interests.

	5.2
	The
Grantors also further undertake to observe and fully comply with all and each one of the positive and negative covenants established in
Articles VI and VII of the Loan Agreement. The foregoing is notwithstanding the amendment to the bylaws that shall be executed on even date herewith in order to facilitate the execution of this
Pledge. 

  SIXTH:    ACCEPTANCE  

        The Agent hereby accepts the commercial pledge on Equity Interests and prohibition to encumber and convey set down in this deed and
acquires the real right of pledge for the Lenders. 

SEVENTH:    REPRESENTATIONS  

	7.1
	Each
of the Grantors, represented as indicated in the preamble, hereby represents and warrants to the Agent that it is the sole and exclusive owner of the
Equity Interests that are pledged herein, that such Interests are free of any other liens, litigation, prohibition to encumber and convey and any other restriction, attachment, precautionary measure,
resolutory actions or third-party priority rights; and they are not assessed by options, sale promises, conditional or term sales nor any other act or contract that seeks or is intended to transfer
ownership of the Equity Interests or give them in guarantee of other obligations; and there is no impediment that might affect the free disposal, or the constitution or the enforcement of the Pledge
and prohibitions to encumber and convey set down herein.

	7.2
	Royal
Gold Chile Limitada has been duly incorporated and its capital has been fully paid and there is no pending balance of payment. The equity interests in
said company are not subject to any charges, taxes or additional liabilities.

	7.3
	There
are no restrictions to the transfer of the Equity Interests that impede the constitution of the Pledge and prohibition that is evidenced in this act
and this does not imply violation of any restrictions that may currently exist.

	7.4
	Each
Grantor has full power and lawful authority to enter into this Pledge Agreement and to pledge the Equity Interests in favor of the Agent and to grant
to the Agent a first ranking pledge as herein provided, all which has been duly authorized by the relevant corporate organs of each Grantor.

	7.5
	The
execution and delivery and the performance hereof are not in contravention of any charter, articles of incorporation or bylaw provision, or of any
instrument or undertaking to which any Grantor is a party or by which any Grantor or its property is bound.

	7.6
	This
agreement constitutes the valid and legally binding obligation of each Grantor enforceable in accordance with its terms.

	7.7
	Each
Grantor will defend the Equity Interests against all claims and demands of all persons that at any time seek to claim any right over such Equity
Interests. Any officer or representative acting for or on behalf of any Grantor in connection with this Agreement or any aspect hereof, or that enters into this Agreement on behalf of any Grantor, has
been duly authorized to do so, and is fully empowered to act for and represent such Grantor in connection with this Agreement and all matters related thereto or in connection therewith.

	7.8
	The
Grantors represent and warrant to the Agent that a true, notarized copy of this deed is sufficient, valid title to file and pursue all actions available
by law in relation to the Obligations secured by the collateral established herein. 

EIGHTH:    RULES ON DISTRIBUTIONS  

	8.1
	The
Parties agree that the Lenders or the Agent, on behalf thereof, shall exercise the rights available thereto in respect of the Equity Interests only if
an Event of Default occurs that has not been waived or otherwise remedied in the period established in the Loan Agreement, as determined by the Lenders and/or the Agent at their exclusive discretion.
Therefore, the Grantors are hereby expressly empowered to collect and receive any profit distribution made by the Company as long as no Event of Default has occurred. The funds thus received and
allocated shall be released from the Pledge established herein. 

	8.2
	Should
an Event of Default occur that has not been waived or otherwise remedied in the period established in the Loan Agreement, at the exclusive discretion
of the Lenders and/or the Agent, the Agent, on behalf of the Lenders, shall send a notice to the Grantors through a Notary Public and as of the date of delivery thereof, the Agent shall be expressly
and exclusively empowered to collect and receive any distribution or payment in relation to the Equity Interests pledged hereunder, including any dividends, cash, securities, instruments, options or
other rights, profits and distributions received at any time, paid or otherwise distributed with respect to the Equity Interests. The foregoing is understood to be notwithstanding other consequences
foreseen in the Loan Agreement should any Event of Default occur. Present in this act, Mr. ANTONIO JOSÉ CUSSEN MACKENNA, already individualized, acting on behalf of, as shall be
evidenced, ROYAL GOLD CHILE LIMITADA, Chilean tax identification number 76.763.240-1, both domiciled in this city, Avenida Andrés Bello N° 2,711,
16th floor, borough of Las Condes, Santiago, the appearing party of legal age, who evidences his identity with the referred identity card and states that, in the representation
inferred, he acknowledges being notified of the pledge over equity interests as referred to in this deed, undertaking, in the case of being notified in an Event of Default, in the form provided in
this numeral, to pay directly to the Lenders any dividends, cash, securities, instruments, options or other rights, profits and distributions that accrue with respect to the Equity Interests. 

NINTH:    POWER OF ATTORNEY  

	9.1
	In
order to facilitate collection by the Agent if the notice indicated in Section 8.2 above has been sent, the Grantors, in particular consideration
of their position as the only partners in the Company, hereby grant the Agent an irrevocable power of attorney in accordance with Article 241 of the Commercial Code to the Agent, waiving the
latter of the obligation of rendering account of its actions, in order for the Agent to collect, in the name and on behalf thereof, all sums they are entitled to receive because of the Equity
Interests and, in general, to exercise the rights available to the Grantors as partners in the Company, provided their acts do not imply disposing of, appropriating or liquidating the pledged assets
in a manner other than as established in Decree Law 776 of December 19, 1925. The sums received by the Agent from the Company on behalf of the Grantors shall be applied by the Agent
immediately, without any formality, toward payment of the Obligations secured by this Pledge. The Agent may, on behalf of the Lenders, decide on the distribution of profits and ask the Company to make
any payments or distributions directly in its name, which the Company must do, including if for such purpose it is necessary to replace a payment document originally issued in the name or to the order
of any of the Grantors with an equivalent issued in the name of the Agent. Furthermore, notwithstanding the foregoing, the Agent will be authorized to withdraw checks in payment and any other document
extended to that end by the Company to the order or name of each of the Grantors and in this latter case, it may endorse such checks and any other document in ownership or in collection commission and
disposal thereof, cash them and exercise any and all of the other rights inherent to the account holder in order to effectively receive the amount of such checks and any other document. The Agent, on
behalf of the Lenders, may also issue the receipts requested for the amounts collected and received thereby and it may sign the public or private documents required by the Company in relation to the
foregoing.

	9.2
	A
written notice by the Agent to the Company shall suffice to exercise the power of attorney established in Section 9.1 and as of the date of
delivery of such notice, the Company shall pay the corresponding amounts directly to the Agent. In order to comply with this commission, the attorney-in-fact shall be empowered
to submit and sign all documents that are necessary to this end, without any conventional limitation, and to collect all payments made. This power of attorney also includes the power of the Agent to
represent the Grantors judicially and extrajudicially in order to collect any sums arising from the pledged Equity Interests and/or any dispute relative to performance, existence and/or validity
thereof, using the powers indicated in both subparagraphs of Article Seventh of the Code of Civil Procedure, particularly the power to discontinue an action filed in the first instance, accept the
counterclaim, reply to interrogatories, waive legal remedies or 

terms,
settle, submit to arbitration, grant arbitrators their powers of conciliators, approve compositions and receive. The Agent accepts such power of attorney and the Grantor expressly represents
that it accepts and assumes that because of the nature of this commission, the Agent shall have no liability of any type if all or part thereof cannot be completed by the attorney-in fact
for any cause or reason, and it hereby releases the Agent from any such liability. It is further stipulated that any default by the Grantor on the obligations assumed herein at any time whatsoever
shall entitle the Agent to waive, ipso facto and immediately, all or part of the instructions given, as the Agent deems pertinent, without any type of
liability, which the Grantor hereby accepts, notwithstanding giving written notice to the Grantor about the resignation.  

	9.3
	The
Agent shall never be under any obligation to collect, attempt to collect, protect or enforce the Equity Interests or any security therefor, which the
Grantors agree and undertake to do at the Grantor's expense, but the Agent may do so in its discretion at any time after the occurrence of an Event of Default. The Grantors shall adopt any measure
that they deem convenient by judicial process or otherwise to protect or to enforce the Equity Interests or any right related to them. All expenses (including, without limitation, reasonable
attorneys' fees and expenses) incurred or paid by the Agent in connection with or incident such measure to protect the Equity Interests or any or any right related to them shall be borne by the
Grantors or reimbursed by the Grantors to the Agent upon demand.

	9.4
	In
the event the Agent, after having lapsed a period of five (5) days as from notification to the Grantors, during which they should have made the
payment, shall pay any taxes, assessments, interests, costs, penalties or expenses incident to or in connection with the collection, the protection or the exercise of the Equity Interests or any right
related thereto. The Grantors shall pay the Agent (for its own benefit and for the benefit of the Lenders) the full amount thereof with interest at a rate per annum equivalent to the "Default Rate" as
defined in the Loan Agreement, for the number of days that have lapsed as from the date that the expense was incurred by the Agent until the date of effective payment, calculated on a
360-day year. So long as the Agent shall be entitled to any such payment, The Pledge constituted in accordance with this Agreement shall also operate as a guarantee with respect to such
payment, in the same way that it guarantees the payment of the Obligations, and the Agent shall have the totality of the rights provided hereunder for purposes of collection and fulfillment of the
Obligations.

	9.5
	The
Grantors undertake to provide the Agent with all documentation and/or calculations necessary to proceed with timely collection of the sums to which they
are entitled because of the credits in any event in which the Agent proceeds with collection as stipulated above.

	9.6
	The
Agent is hereby empowered to notify the corresponding person through a notary of the pledges and power of attorney established herein. 

TENTH:    CONTINUED OWNERSHIP  

        Each of the Grantors shall take the judicial and extrajudicial actions that are necessary, at their exclusive expense, to maintain
ownership and free disposition of the Equity Interests and to defend them against third-party actions. 

ELEVENTH:    SUFFICIENT TITLE  

        Each of the Grantors recognizes the Obligations that are described in the first clause of this deed and represents that it shall
recognize this deed as sufficient title for collection thereof in any collection action regarding the Obligation taken after an Event of Default. It is stipulated that any Obligations for which
payment is agreed in a foreign currency shall be deemed extinguished only up to the amount that the pledgee has received in such freely convertible and available currency or if the payment is made in
another currency, only up to the amount with which the foreign currency in which payment should have been made can be acquired with such currency, in the terms set down in the Loan Agreement. 

TWELFTH:    PROCESS AGENT  

        Each of the Grantors grants a special, irrevocable power of attorney to Mr. Sergio Orrego
Flory, Chilean married, attorney, national identification card number 7.051.727-2 and Ms. María Elena
Dörr Bulnes, Chilean, single, attorney, national identification card number 8.459.196-3, in order for any one thereof, acting indistinctly and
separately, to receive on their behalf judicial and/or extrajudicial notifications and requests in any action, procedure or lawsuit relating to the contract set down in this deed and the guaranteed
Obligations, regardless of the procedure applicable or the court or authority entrusted with the hearing thereof. Therefore, upon notification or request to the
attorney-in-fact, the Grantor shall be deemed validly served in such action, procedure or lawsuit. In exercising this irrevocable power of attorney, the
attorneys-in-fact shall be amply empowered to represent each of the Grantors judicially, which includes receiving any type of notification, answering claims and acting with the
judicial powers contained in both subparagraphs of Article Seventh of the Code of Civil Procedure, which are deemed expressly set out. Each of the Grantors expressly represents that the power of
attorney set down in this clause is irrevocable in the terms of Article 241 of the Commercial Code because the execution thereof is of interest to the Lenders. Present in this act are
Mr. Sergio Orrego Flory and Ms. María Elena Dörr Bulnes,
both domiciled, for these purposes, in this city at Avenida Andrés Bello N° 2,711, 16th floor, borough of Las Condes, who are of legal age, evidence
their identity by the aforesaid identity cards and declare that they accept the power of attorney granted thereto in this section and promise not to resign it without written consent of the Agent. 

THIRTEENTH:    NO LIMITATION  

        The pledge and prohibition set down herein shall not be considered under any circumstances to be an amendment, substitution or
limitation of the rights granted to the Lenders under the Loan Agreement. It is further expressly stipulated that the pledge and prohibition established herein are notwithstanding any other collateral
and prohibition that have been granted by the Grantors and/or by third parties, whether real or personal, to secure the obligations identified in this deed. 

FOURTEENTH:    FURTHER COMMITMENTS  

        Each of the Grantors undertakes to make the representations and take all such actions in time and form at the expense thereof that the
Agent may reasonably request or consider necessary to allow the Agent to perfect, preserve or protect this Pledge and prohibition or to exercise any of the rights conferred upon the Agent or the
Lenders under this Agreement or the law. To such end, each Grantor undertakes to execute all such instruments, documents and contracts, obtain all consents, approvals and other authorizations
necessary to create the pledge and prohibition granted herein legally and validly, without committing a contractual or legal default, and it undertakes to give all notices and instructions that the
Agent may consider necessary. 

FIFTEENTH:    VOID PAYMENTS  

        If a judicial action is filed for the declaration that any sum paid to any of the Lenders under the Loan Agreement be cancelled or
otherwise voided in a proceeding of any type, including for example bankruptcy, winding up or receivership procedure of the person who made such payment, then such payment shall not be considered to
have been made irrevocably for purposes of this pledge and prohibition. 

SIXTEENTH:    DOMICILE  

        For all legal purposes derived from this deed, each of the Grantors elects its domicile as Santiago and submits to the jurisdiction of
the ordinary courts of justice sitting and with
venue in the borough of Santiago, Chile. This pledge is governed by the laws and other regulations and other provisions in effect in the Republic of Chile. 

SEVENTEENTH:    EXPENSES; SUPPLEMENTAL DEEDS  

        The expenses, taxes, notarial and registration fees relating to the execution or registration of this deed as well as those resulting
from supplemental public deeds that might have to be executed in order to clarify, rectify or amend this deed and all those corresponding to the enforcement of this Pledge, the release of this Pledge
and prohibition at the pertinent time, will be paid by the Grantors and each thereof grants a special and irrevocable power of attorney to Mr. Sergio Orrego Flory and
Ms. María Elena Dörr Bulnes in order for any one thereof, acting with a representative of the Agent on behalf thereof, to be able to draft any text necessary to
correct this public deed and attain full registration of the pledge and prohibition, as relevant. In use of their attributions, the representatives may correct and rectify the contents of this deed,
the identification of the parties and the Equity Interests or complete the data necessary for perfection of the agreements stipulated by the parties. Similarly, the representatives are empowered to
execute those texts to public deed and register them in the respective registries together with this deed. 

EIGHTEENTH:    SUCCESSORS AND ASSIGNS  

        This pledge and prohibition shall benefit, and the rights granted may be exercised by, the Lenders or their successors or assigns or
legal or conventional subrogates in the rights thereof. Such successors or assigns or legal or conventional subrogates shall have the same rights and benefits in respect of the Grantors that this deed
grants to the Lenders and they shall be considered Lenders for all pertinent legal and contractual purposes. 

NINETEENTH:    HEADINGS  

        The headings and titles contained in this deed have been placed for convenience and reference only and do not amend or interpret the
intention of the parties in any way nor affect any of the stipulations herein. 

        AUTHORITIES.    The authority of Mr. Antonio José Cussen Mackenna to represent  ROYAL GOLD, INC. is stated in the power of attorney
dated March 31, 2010, granted in the city of Denver, Colorado, United States of
America, formalized in the Notary of Santiago of Mr. Andrés Rubio Flores on 9 April 2010. The authority of Mr. Antonio José
Cussen Mackenna to represent HIGH DESERT MINERAL RESOURCES, INC. is stated in the power of attorney dated
March 31, 2010, granted in the city of Denver, Colorado, United States of America, formalized in the Notary of Santiago of Mr. Andrés Rubio Flores on 9 April 2010.  The authority of José Francisco
Sanchez Drouilly and Hugo Sebastián Prieto Rojas to represent HSBC BANK USA, NATIONAL
ASSOCIATION is stated in the power of attorney granted in the State of New York, United States of America on April 8, 2010, which, duly legalized, was formalized in the
Notary of Santiago of Mr. René Benavente Cash. The authority of Mr. Antonio José Cussen Mackenna to
represent ROYAL CHILE LIMITADA is stated in the power of attorney dated March 31, 2010, granted in the city of Denver, Colorado, United States of
America, formalized in the Notary of Santiago of Mr. Andrés Rubio Flores on 9 April 2010. The authorities are not inserted, at the request of the parties, as they are
known to the parties and to the attesting Notary. In witness whereof, the parties sign after reading, together with the attesting Notary. I issued a copy. I attest. 

 

  

			
	 	 	 /s/ Antonio José Cussen MacKenna

  ANTONIO JOSÉ CUSSEN MACKENNA

for ROYAL GOLD, INC.
	

 	
 	
 /s/ Antonio José Cussen MacKenna

  ANTONIO JOSÉ CUSSEN MACKENNA

for HIGH DESERT MINERAL RESOURCES, INC.
	

 	
 	
 /s/ Jose Francisco Sanchez Drouilly

  JOSE FRANCISCO SANCHEZ DROUILLY

for HSBC BANK USA, NATIONAL ASSOCIATION
	

 	
 	
 /s/ Hugo Sebastian Prieto Rojas

  HUGO SEBASTIAN PRIETO ROJAS

for HSBC BANK USA, NATIONAL ASSOCIATION
	

 	
 	
 /s/ Antonio José Cussen MacKenna

  ANTONIO JOSÉ CUSSEN MACKENNA

for ROYAL GOLD CHILE LIMITADA
	

 	
 	
 /s/ Sergio Orrego Flory

  SERGIO ORREGO FLORY
	

 	
 	
 /s/ María Elena Dörr Bulnes

  MARÍA ELENA DÖRR BULNES

 

 

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Exhibit 10.47

COMMERCIAL PLEDGE ON EQUITY INTERESTS IN ROYAL GOLD CHILE LIMITADA BY ROYAL GOLD, INC. ET AL. TO HSBC BANK USA, NATIONAL ASSOCIATIONQuickLinks
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  Exhibit 10.48    
    

Free Translation

 Journal N°16,102-2010  

 
 

  IRREVOCABLE COMMERCIAL COMMISSION
  
    AMONG
  
    ROYAL GOLD, INC. ET AL.
  
    AND
  
    HSBC BANK USA, NATIONAL ASSOCIATION    
    

        In Santiago, Republic of Chile, on May 7, 2010, before me,  RENÉ BENAVENTE CASH,
attorney, Notary Public, Regular Notary of the Forty-Fifth Notarial Office of Santiago, domiciled in this city at
Huérfanos 979, 7th floor, there appear: Mr. ANTONIO JOSE CUSSEN MACKENNA, Chilean, married, commercial
engineer, national identity card number 5,071,481-0, on behalf of, as shall be evidenced, ROYAL GOLD, INC., a company
incorporated and existing under the laws of the State of Delaware, United States of America, taxpayer identification number 59,127,280-2, and HIGH DESERT
MINERAL RESOURCES, INC., a company incorporated and existing under the laws of the State of Delaware, United States of America, taxpayer identification
number 59,127,290-K, for these purposes all of them domiciled at Avda. Andrés Bello N° 2711, 16th Floor, borough of Las Condes,
Santiago, on the one hand; and as the other, JOSE FRANCISCO SANCHEZ DROUILLY, Chilean, married, attorney, national identity card
number 6.866.519-1, and HUGO SEBASTIAN PRIETO ROJAS, Chilean, single, attorney, national identity card
number 11.947.423-K, both on behalf, as shall be evidenced, "HSBC BANK USA, NATIONAL ASSOCIATION", a bank incorporated and existing
according to the laws of the United States of America, hereinafter indistinctively also called the "Agent", acting pro se and on behalf of the
"Lenders" defined in Section One below, all domiciled, for these purposes, at Magdalena 140, 20th floor, borough of Las Condes,
Santiago, the appearing parties of legal age, who I know for having evidenced their identities with the aforesaid identity cards, state: 

FIRST:    BACKGROUND  

         One. One.    On January 20, 2010, a Term Loan Facility Agreement (the "Term Loan Facility
Agreement") was signed in the English language among ROYAL GOLD, INC., a United States company, as borrower, hereinafter indistinctively the
"Main Borrower", ROYAL GOLD CHILE LIMITADA, a Chilean company, and RGLD GOLD CANADA, INC, and HIGH DESERT MINERAL RESOURCES, INC., foreign
companies, as guarantors (hereinafter indistinctively the "Guarantors") or together with the Main Borrower, the "Credit
Parties"; HSBC BANK USA, NATIONAL ASSOCIATION and THE BANK OF NOVA SCOTIA, as lenders and together with other lenders that eventually acquire that status under the Term Loan
Facility Agreement, indistinctively called the "Lenders", and also as an administrative agent on behalf of all Lenders ("Administrative Agent"), and
HSBC SECURITIES (USA) INC., as sole lead arranger (Sole Lead Arranger), hereinafter indistinctively the "Sole Lead Arranger". Pursuant to the Term Loan Facility Agreement, both this instrument
as well as the notes and several other instruments relating to the Term Loan Facility Agreement are included in the definition of Credit Documents, hereinafter the "Credit Documents". The Term Loan
Facility Agreement was subsequently amended on March 26, 2010, by way of an instrument executed in the English language named "Amended and Restated Term Loan Facility Agreement". For the
purposes of this instrument, the term "Term Loan Facility Agreement" shall hereinafter refer to the "Amended and Restated Term Loan Facility Agreement",
and also include all amendments, supplements and/or restated texts that have been executed in the past or that may be executed in the future with respect to such instrument. 

         One. Two.    Under the Term Loan Facility Agreement, the Lenders granted a loan to the Main Borrower for one hundred thirty million United
States
dollars, hereinafter the "Loan", which should be 

used
by the Main Borrower and RG Exchangeco, Inc., its subsidiary, to acquire all shares in INTERNATIONAL ROYALTY CORPORATION, a Canadian company. The funds from the Loan must be made available
to the Main Borrower after all conditions established in Article V of the Term Loan Facility Agreement have been met. 

         One. Three.    The Credit Documents contain several obligations owed to each of the Lenders and the Agent, all included in the definition
of
"Obligations" as defined in the Term Loan Facility Agreement, enforceable against the Main Borrower and the other Credit Parties. Such obligations will be hereinafter called the
"Obligations" and they include, for example, the payment of principal, interest, expenses, expenditures, reimbursements and indemnity obligations as
well as all other amounts and fulfillment of all other obligations assumed, such as, merely by way of example and not limitation: (i) The "Affirmative
Covenants" set down in Article VI of the Term Loan Facility Agreement, whereby the Credit Parties promised to complete several actions during the terms of the Obligations, including those
indicated in Section 6.16, consisting of executing a series of collateral agreements defined in the Term Loan Facility Agreement as the "Chilean Security Documents", hereinafter the
"Chilean Security", which include: (a) the pledge on equity interests in ROYAL GOLD CHILE LIMITADA by the partners therein, as executed in the
public deed signed on the date herewith before the attesting notary; (b) the pledge on royalty rights or royalties held by ROYAL GOLD CHILE LIMITADA regarding the mining projects known as
Pascua-Lama, El Toqui and Andacollo, all included in the definition of "Material Royalties" as defined in the Term Loan Facility Agreement; (c) a public deed of surety and joint and
several co-debt; and (d) any other security associated or related to the foregoing. The Chilean Security must be executed in terms formally and substantively acceptable to the Agent
no later than May 28, 2010, and any notice in regard thereto must also be delivered no later than June 28, 2010. A legal opinion of the counsel to ROYAL GOLD CHILE LIMITADA must also be
delivered in this latter period of time on the signature and perfecting of the aforesaid Material Royalties pledges; (ii) The "Negative Covenants"
assumed by the Credit Parties in Article VII of the Term Loan Facility Agreement; (iii) The "Guaranty" granted according to Article XI of
the Term Loan Facility Agreement by which each Guarantor undertook unconditionally and irrevocably to be the surety and joint and several co-debtor of full and timely payment of any and
all of the Obligations, either at original maturity or upon acceleration. 

         One. Four.    The Term Loan Facility Agreement is subject to the laws of the State of New York, United States of America, and the parties
thereto have
submitted the resolution of any dispute, claim, action or procedure that may arise in relation to the Term Loan Facility Agreement to the jurisdiction of the State or Federal Courts sitting in New
York City, State of New York, United States of America. 

SECOND:    COMMISSION AND SPECIAL POWER OF ATTORNEY FROM PRINCIPALS  

         Two. One.    As stated in the preceding clause, in order to guarantee the full, complete and timely compliance of the Obligations, ROYAL
GOLD, INC. and HIGH DESERT MINERAL RESOURCES, INC. established in favor of the Agent a commercial pledge (hereinafter the Pledge) on their respective equity interests in ROYAL GOLD CHILE
LIMITADA, a limited liability company duly incorporated and in good standing in accordance with the laws of the Republic of Chile, taxpayer identification number 76.763.240-1,
incorporated by public deed executed on January 11, 2007 in the Santiago Notarial Office of Mr. Raúl Undurraga Lazo. An abstract of such deed was published in the Official
Gazette on February 9, 2007 and registered on page 5752, number 4347, of the 2007 Commercial Registry of Santiago. It is hereinafter called the Company. Furthermore, a second
transitory article was added to the by-laws of the Company by deed executed on the date herewith before the attesting notary which stipulated that if, as a consequence of an Event of
Default as defined in the Term Loan Facility Agreement, the Lenders or Agent foreclose the pledge or file any other procedure, the outcome of which signifies that the equity interests in the Company
will be auctioned publicly, ROYAL GOLD, INC. and HIGH DESERT MINERAL RESOURCES, INC. hereby grant their unconditional and irrevocable prior authorization pursuant to Article 404.3
of the Commercial Code or whatever article succeeds or replaces it and, therefore, their consent to the foreclosure of the Pledge according to the applicable legal procedures; and that the awardees of
the respective equity 

interests
in the Company will become partners therein and substitute for them in the performance of the functions corresponding thereto in the management of the Company. Both ROYAL GOLD, INC.
as well as HIGH DESERT MINERAL RESOURCES, INC. undertook to sign the corresponding deeds of assignment of equity interests and amendment of by-laws. 

        Two. Two.    The parties, on behalf of ROYAL GOLD, INC. and HIGH DESERT MINERAL RESOURCES, INC., hereinafter called the
"Principals", under due authorization hereby confer an irrevocable commercial commission or power of attorney in order to facilitate execution of the
deeds of assignments of interests indicated in Section Two. One above, and they grant a special power of attorney, but as broad as necessary by law, to the Agent in order for the Agent, acting through
its duly empowered attorneys or representatives or through the persons it designates to such end, and in the name and on behalf thereof, to be able to sign the public deeds of assignment of interests
and amendment of by-laws of the Company in order to reflect the assignment and transfer of the equity interests in the Company owned by each of the Principals because of the foreclosure of
the Pledge, according to the procedure in Decree Law 776 of December 19, 1925 or the applicable rules of law. The exact text of the deeds of by-law amendment will be determined by
the court intervening in the involuntary sale of the corporate interests or, in absence thereof, by the Agent, in which case it may not extend to other aspects except those strictly necessary to
perfect the valid transfer of the corporate interests to the awardees thereof. This commercial commission will include and extend to any corporate interests, actions or other equity rights
substituting or replacing the equity interests in the Company, either by merger, division, transformation or any other form of restructuring of the Company or for another reason. 

        Two. Three    Each Principal expressly declares that given the nature of this commission, it hereby releases the attorney from the
obligation to render
an account and further accepts and assumes that the Agent shall have no liability of any type if all or part thereof cannot be completed thereby for any cause or reason, and it hereby releases the
Agent from any such liability. It is further stipulated that any default by a Principal on the obligations assumed herein at any time whatsoever shall entitle the Agent to resign, ipso facto and
immediately, all or part of the requested commissions, as the agent deems pertinent, without any type of liability, which each Principal hereby accepts, notwithstanding giving written notice to the
Principals about the resignation. 

THIRD:    IRREVOCABLE NATURE OF THE COMMISSION  

        The commission granted herein by each Principal is entirely irrevocable according to Article 241 of the Commercial Code until
the obligations secured by the Pledge have been completely fulfilled because it has been agreed to be to the benefit of the mutual interests of the Principals and the Agent, as the representative of
the Lenders. The commission may only terminate by resignation of the attorney having notified by certified letter to each Principal 30 days in advance of the date when the resignation is to
take effect or by extinguishment of the Pledge and by the extinguishment of the guaranteed Obligations. 

FOURTH:    NO FEE  

        The commission agent shall not receive any fee from the Principals for fulfilling the commissions established in this deed and it shall
be liable for ordinary negligence. All expenses, notarial fees, taxes and disbursements accruing or arising out of performance of these commissions shall be the exclusive expense of the Principals, in
proportion to their equity interests in the Company. 

FIFTH:    ACCEPTANCE OF THE COMMISSION  

        The Agent hereby expressly accepts the commission and special power of attorney set down herein in the terms indicated above, in the
name and on behalf of each of the Principals, and promises to fulfill it faithfully. 

SIXTH:    PROCESS AGENT  

        Each of the Principals grants a special, irrevocable power of attorney to Sergio Orrego Flory, Chilean, married, lawyer, national
identity card number 7,051,727-2 and to María Elena Dörr Bulnes Chilean, single, lawyer, national identity card number 8,459,196-3,
in order for any one thereof, acting indistinctively and separately, to receive on their behalf judicial and/or extrajudicial notifications and requests in any action, procedure or lawsuit relating to
the contract set down in this deed and the secured obligations, regardless of the procedure applicable or the court or authority entrusted with the hearing thereof. Therefore, upon notification or
request to the attorney-in-fact, the Principal shall be deemed validly served in such action, procedure or lawsuit. In exercising this irrevocable power of attorney, the
attorneys-in-fact shall be amply empowered to represent each of the Principals judicially, which includes receiving any type of notification, answering claims and acting with
the judicial powers contained in both subparagraphs of Article Seventh of the Code of Civil Procedure, which are deemed expressly stated. Each of the Principals expressly represents that the power of
attorney set down in this clause is irrevocable in the terms of Article 241 of the Commercial Code because the execution thereof is of interest to the Lenders. Present in this act are Sergio
Orrego Flory and Maria Elena Dörr Bulnes, both domiciled, for these purposes, in this city at Avda. Andrés Bello 2711, 16th floor, borough of Las
Condes, of legal age, who evidenced their identity by the aforesaid identity cards and declare that they accept the power of attorney granted thereto in this Section and promise not to resign it
without written consent of the Agent. 

SEVENTH:    NO LIMITATION  

        The agreement set down herein shall not be considered under any circumstances to be an amendment, substitution or limitation of the
rights granted to the Lenders under the Term Loan Facility Agreement. 

EIGHTH:    FURTHER COMMITMENTS  

        Each of the Principals undertakes to make the representations and carry out all such actions in time and form at the expense thereof
that the Agent may reasonably request or consider it necessary to allow the Agent to exercise this power of attorney adequately. To such end, each Principal undertakes to execute all such instruments,
documents and contracts, obtain all consents, approvals and other authorizations necessary to create the power of attorney granted herein legally and validly, without committing a contractual or legal
default, and undertakes to give all notices and instructions that the Agent may consider necessary. 

NINTH:    DOMICILE  

        For all legal purposes derived from this deed, each of the Principals elects its domicile as Santiago and submits to the jurisdiction
of the ordinary courts of justice sitting and with venue in the borough of Santiago, Chile. This power of attorney is governed by the laws and other regulations and provisions in effect in the
Republic of Chile. 

TENTH:    EXPENSES; SUPPLEMENTAL DEEDS  

        The expenses, taxes, notarial and registration fees relating to the execution or registration of this deed as well as those resulting
from supplemental public deeds that might have to be executed in order to clarify, rectify or amend this deed, will be paid by the Principals and each thereof grants a special and irrevocable power of
attorney to Sergio Orrego Flory and María Elena Dörr Bulnes in order for any one thereof, acting with a representative of the Agent on behalf thereof, to be able to draft
any text necessary to correct this public deed and attain the full effectiveness hereof. In use of their attributions, the representatives may correct and rectify the
contents of this deed, the identification of the parties and/or the Company, or complete the data necessary for perfection of the agreements stipulated by the parties. Similarly, the representatives
are empowered to execute those texts to public deed and register them in the respective registries together with this deed. 

ELEVENTH:    HEADINGS  

        The headings and titles contained in this deed have been placed for convenience and reference only and do not amend or interpret the
intention of the parties in any way nor affect any of the stipulations herein. 

        AUTHORITIES.    The authority of Antonio José Cussen Mackenna to represent ROYAL GOLD, INC. is set down in
the power of attorney granted in Denver, Colorado, United States of America, on March 31, 2010 which, after due legalization, was filed on April 9, 2010 with the Notary of Santiago of
Mr. Andrés Rubio Flores. The authority of Antonio Cussen Mackenna to represent HIGH DESERT MINERAL RESOURCES, INC. is set
down in the power of attorney granted in Denver, Colorado, United States of America, on March 31, 2010 which, after due legalization, was filed on April 9, 2010 with the Notary of
Santiago of Mr. Andrés Rubio Flores. The authority of José Francisco Sanchez Drouilly and Hugo Sebastián Prieto Rojas to
represent HSBC BANK USA, NATIONAL ASSOCIATION, is set down in the power of attorney granted in New York on April 8, 2010 which, after due legalization, was filed on
April 19, 2010 in the Santiago Notary of Mr. René Benavente Cash. The authorities are not inserted, at the request of the parties, as they are known to the parties and to
the attesting Notary. In witness whereof, the parties sign after reading, together with the attesting Notary. I issued a copy. I attest. 

 

 

			
	 	 	/s/ Antonio Jose Cussen MacKenna

  ANTONIO JOSÉ CUSSEN MACKENNA

for ROYAL GOLD, INC.
	

 	
 	
/s/ Antonio Jose Cussen MacKenna

  ANTONIO JOSÉ CUSSEN MACKENNA]

for HIGH DESERT MINERAL RESOURCES, INC.
	

 	
 	
/s/ Jose Francisco Sanchez Drouilly

  JOSE FRANCISCO SANCHEZ DROUILLY

for HSBC BANK USA, NATIONAL ASSOCIATION
	

 	
 	
/s/ Hugo Sebastian Prieto Rojas

  HUGO SEBASTIAN PRIETO ROJAS

for HSBC BANK USA, NATIONAL ASSOCIATION

 

 

QuickLinks

Exhibit 10.48

IRREVOCABLE COMMERCIAL COMMISSION AMONG ROYAL GOLD, INC. ET AL. AND HSBC BANK USA, NATIONAL ASSOCIATION

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