Document:

Exhibit 4.33

	
  

  	
   

  	
  LIMITED LIABILITY PARTNERSHIP

  

  

  EXECUTION VERSION

  

 

 

US$1,800,000,000

FACILITY AGREEMENT

Dated November
2006

for

GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED

arranged
by

CITIBANK,
N.A. LONDON BRANCH

and

J.P. MORGAN PLC

with

J.P. MORGAN EUROPE LIMITED

acting as Agent

 

BRIDGE
LOAN FACILITY AGREEMENT

 

 

 

CONTENTS

 

	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Definitions
  And Interpretation

  	
   

  	
  1

  
	
  2.

  	
   

  	
  The Facility

  	
   

  	
  16

  
	
  3.

  	
   

  	
  Purpose

  	
   

  	
  16

  
	
  4.

  	
   

  	
  Conditions
  Of Utilisation

  	
   

  	
  17

  
	
  5.

  	
   

  	
  Utilisation

  	
   

  	
  18

  
	
  6.

  	
   

  	
  Repayment

  	
   

  	
  19

  
	
  7.

  	
   

  	
  Prepayment
  And Cancellation

  	
   

  	
  19

  
	
  8.

  	
   

  	
  Interest

  	
   

  	
  23

  
	
  9.

  	
   

  	
  Interest
  Periods

  	
   

  	
  24

  
	
  10.

  	
   

  	
  Changes To
  The Calculation Of Interest

  	
   

  	
  25

  
	
  11.

  	
   

  	
  Fees

  	
   

  	
  26

  
	
  12.

  	
   

  	
  Tax Gross Up
  And Indemnities

  	
   

  	
  27

  
	
  13.

  	
   

  	
  Increased
  Costs

  	
   

  	
  29

  
	
  14.

  	
   

  	
  Other
  Indemnities

  	
   

  	
  30

  
	
  15.

  	
   

  	
  Mitigation
  By The Lenders

  	
   

  	
  31

  
	
  16.

  	
   

  	
  Costs And
  Expenses

  	
   

  	
  32

  
	
  17.

  	
   

  	
  Guarantee
  And Indemnity

  	
   

  	
  33

  
	
  18.

  	
   

  	
  Representations

  	
   

  	
  36

  
	
  19.

  	
   

  	
  Information
  Undertakings

  	
   

  	
  40

  
	
  20.

  	
   

  	
  Financial
  Covenants

  	
   

  	
  45

  
	
  21.

  	
   

  	
  General
  Undertakings

  	
   

  	
  46

  
	
  22.

  	
   

  	
  Events Of
  Default

  	
   

  	
  50

  
	
  23.

  	
   

  	
  Changes To
  The Lenders

  	
   

  	
  56

  
	
  24.

  	
   

  	
  Changes To
  The Obligors

  	
   

  	
  59

  
	
  25.

  	
   

  	
  Role Of The
  Agent And The Arranger

  	
   

  	
  61

  
	
  26.

  	
   

  	
  Conduct Of
  Business By The Finance Parties

  	
   

  	
  66

  
	
  27.

  	
   

  	
  Sharing
  Among The Finance Parties

  	
   

  	
  66

  
	
  28.

  	
   

  	
  Payment
  Mechanics

  	
   

  	
  69

  
	
  29.

  	
   

  	
  Set-Off

  	
   

  	
  71

  
	
  30.

  	
   

  	
  Notices

  	
   

  	
  71

  
	
  31.

  	
   

  	
  Calculations
  And Certificates

  	
   

  	
  73

  

 

 

	
  32.

  	
   

  	
  Partial
  Invalidity

  	
   

  	
  73

  
	
  33.

  	
   

  	
  Remedies And
  Waivers

  	
   

  	
  73

  
	
  34.

  	
   

  	
  Amendments
  And Waivers

  	
   

  	
  74

  
	
  35.

  	
   

  	
  Counterparts

  	
   

  	
  74

  
	
  36.

  	
   

  	
  Governing
  Law

  	
   

  	
  75

  
	
  37.

  	
   

  	
  Enforcement

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule 1 THE ORIGINAL PARTIES

  	
   

  	
  76

  
	
  Part I The
  Obligors

  	
   

  	
  76

  
	
  Part Ii The
  Original Lenders

  	
   

  	
  77

  
	
   

  	
   

  	
   

  
	
  Schedule 2 CONDITIONS PRECEDENT

  	
   

  	
  78

  
	
  Part I
  Conditions Precedent To Initial Utilisation

  	
   

  	
  78

  
	
  Part II
  Conditions Precedent Required To Be Delivered By An Additional Borrower

  	
   

  	
  80

  
	
  Part III
  Conditions Precedent Required To Be Delivered By An Additional Guarantor

  	
   

  	
  82

  
	
   

  	
   

  	
   

  
	
  Schedule 3 REQUESTS

  	
   

  	
  84

  
	
  Part I
  Utilisation Request

  	
   

  	
  84

  
	
  Part II
  Selection Notice

  	
   

  	
  85

  
	
   

  	
   

  	
   

  
	
  Schedule 4 MANDATORY COST FORMULAE

  	
   

  	
  86

  
	
   

  	
   

  	
   

  
	
  Schedule 5 FORM OF TRANSFER CERTIFICATE

  	
   

  	
  88

  
	
   

  	
   

  	
   

  
	
  Schedule 6 FORM OF ACCESSION LETTER

  	
   

  	
  90

  
	
   

  	
   

  	
   

  
	
  Schedule 7 FORM OF RESIGNATION LETTER

  	
   

  	
  91

  
	
   

  	
   

  	
   

  
	
  Schedule
  8 FORM OF COMPLIANCE CERTIFICATE

  	
   

  	
  92

  
	
   

  	
   

  	
   

  
	
  Schedule 9 TIMETABLE

  	
   

  	
  93

  

 

 

THIS
AGREEMENT
is dated November 2006 and made between:

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

(2)                            GFI MINING
SOUTH AFRICA (PROPRIETARY) LIMITED (the “Original
Borrower”);

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

(4)                            CITIBANK,
N.A. LONDON BRANCH and J.P. MORGAN PLC as
mandated lead arranger(s) (whether acting individually or together the “Arranger”);

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

(6)                            J.P. MORGAN
EUROPE LIMITED as agent of the other Finance Parties (the “Agent”).

IT
IS AGREED
as follows:

SECTION
1

INTERPRETATION

1.                                 DEFINITIONS AND INTERPRETATION

1.1                           Definitions

In this
Agreement:

“Accession Letter” means a document
substantially in the form set out in Schedule 6 (Form of Accession Letter).

“Acquisition” means the acquisition by the
Parent (acting as agent for the Borrower) of all of the issued and outstanding
shares in the capital of Barrick Gold South Africa (Proprietary) Limited
pursuant to the Share Purchase Agreement.

“Additional Cost Rate” has the meaning given to it in
Schedule 4 (Mandatory Cost Formulae).

“Additional Borrower” means a company which
becomes an Additional Borrower in accordance with Clause 24 (Changes to the Obligors).

“Additional Guarantor” means a company which
becomes an Additional Guarantor in accordance with Clause 24 (Changes to the Obligors).

“Additional Obligor” means an Additional
Borrower or an Additional Guarantor.

“Affiliate” means, in relation to any person, a Subsidiary of
that person or a Holding Company of that person or any other Subsidiary of that
Holding Company.

 

1

 

“Auditors” means, at any time, the auditors
of the Parent at that time, being as at the date of this Agreement
PricewaterhouseCoopers Inc. and any replacement for those auditors appointed by
the Parent.

“Availability Period” means the
period from and including the date of this Agreement to and including the date
which is three hundred and thirty days (330) after the date of this Agreement.

“Available Commitment”
means a Lender’s Commitment minus:

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

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

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

“Borrower” means the Original Borrower or an
Additional Borrower.

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

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

exceeds:

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

“Business Day” means a day (other than a Saturday or Sunday)
on which banks are open for general business in London, New York and
Johannesburg.

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

“Cerro Corona Subsidiary” means Sociedad
Minera La Cima S.A.

“Commitment”
means:

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

 

2

 

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

to the
extent not cancelled, reduced or transferred by it under this Agreement.

“Compliance Certificate” means a certificate substantially in
the form set out in Schedule 8 (Form of Compliance
Certificate).

“Confidentiality Undertaking” means a confidentiality
undertaking substantially in a recommended form of the LMA or in any other form
agreed between the Parent and
the Agent.

“Consolidated EBITDA” has the meaning set
out in Clause 20.1 (Financial Definitions).

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

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

“Default” means an Event of Default or any event or
circumstance specified in Clause 22 (Events of Default)
which would (with the expiry of a grace period, the giving of notice, the
making of any determination under the Finance Documents or any combination of
any of the foregoing) be an Event of Default.

“Encumbrance”
means;

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

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

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

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

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

 

3

 

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

“Event of Default” means any event or circumstance specified
as such in Clause 22 (Events of Default).

“Facility” means the bridge loan facility made available
under this Agreement as described in Clause 2 (The Facility).

“Facility Office” means the office notified by a Lender to
the Agent in writing on or before the date it becomes a Lender (or, following
that date, by not less than five Business Days’ written notice) as the office
through which it will perform its obligations under this Agreement.

“Fee Letter” means any letter or letters dated on or about
the date of this Agreement between the Arranger and the Borrower or the Parent (or the Agent and the Parent) setting out any of the fees
referred to in Clause 11 (Fees).

“Finance Document” means this Agreement, the Mandate Letter,
any Fee Letter, any Accession Letter, any Resignation Letter and any other
document designated as such by the Agent and the Parent.

“Finance Party” means the Agent, the Arranger or a Lender.

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

(a)                                      moneys borrowed;

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

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

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

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

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

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

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

 

4

 

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

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

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

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

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

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

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

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

“Ghanaian Companies” means Gold Fields Ghana
Limited and Abosso Goldfields Limited.

“Group” means the Parent
and its Subsidiaries for the time being.

“Group Company” means a member of the Group.

“Guarantor” means an Original Guarantor or
an Additional Guarantor unless, in the case of an Additional Guarantor, it has
ceased to be a Guarantor in accordance with Clause 24 (Changes to the Obligors).

“Holding Company” means, in relation to a company or
corporation, any other company or corporation in respect of which it is a
Subsidiary.

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

“Indebtedness for Borrowed Money” means Financial
Indebtedness save for any indebtedness for or in respect of paragraphs (i) and
(j) of the definition of “Financial Indebtedness”.

“Interest Period” means, in relation to a Loan, each period
determined in accordance with Clause 9 (Interest
Periods) and, in relation to an Unpaid Sum, each period determined
in accordance with Clause 8.3 (Default interest).

“JCI Transaction” means an agreement dated
11 September 2006 among the Parent, JCI Limited and certain Subsidiaries of JCI
Limited, pursuant to which the Parent will acquire certain shares in Western
Areas Limited.

 

5

 

“Lender” means:

(a)                                      any Original Lender; and

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

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

“LIBOR” means,
in relation to any Loan:

(a)                                      the applicable Screen Rate; or

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

as of
the Specified Time on the Quotation Day for the offering of deposits in dollars
and for a period comparable to the Interest Period for that Loan.

“LMA” means the Loan Market Association.

“Loan” means a loan made or to be made under the Facility or
the principal amount outstanding for the time being of that loan.

“Majority Lenders”
means:

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

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

“Mandate Letter” means the letter dated 3
November 2006 between the Arranger and
the Borrower.

“Mandatory Cost” means the percentage rate per annum
calculated by the Agent in accordance with Schedule 4 (Mandatory Cost Formulae).

“Margin” means:

(a)                                      0.40 per cent. per annum from
and including the date of this Agreement, to but excluding the date falling
three Months after the date of this Agreement;

(b)                                     0.50 per cent. per annum from
and including the date falling three Months after the date of this Agreement,
to but excluding the date falling six Months after the date of this Agreement;
and

 

6

 

(c)                                      0.60 per cent. per annum
thereafter.

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

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

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

“Material Group Company” means:

(a)                                      the Obligors; and

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

and “Material Group
Companies” means, as the context requires, all of them.

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

(a)                                      (subject to paragraph (c)
below) if the numerically corresponding day is not a Business Day, that period
shall end on the next Business Day in that calendar month in which that period
is to end if there is one, or if there is not, on the immediately preceding Business
Day;

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

(c)                                      if an Interest Period begins
on the last Business Day of a calendar month, that Interest Period shall end on
the last Business Day in the calendar month in which that Interest Period is to
end.

Paragraphs
(a), (b) and (c) above will only apply to the last Month of any period.

“Non-Material Group Company” means, at any
time, a member of the Group (other than an Obligor) which had EBITDA
(determined on the same basis as Consolidated EBITDA) or gross assets in its
most recently ended Financial Year (on a consolidated basis) less than or equal
to 5% (five percent) of Consolidated EBITDA or gross assets of the Group
(calculated according to the most recent set of audited consolidated financial
statements delivered pursuant to Clause 19.1 (Financial
Statements)). Compliance with the aforementioned condition shall be
determined by reference to the latest audited financial statements of such
member of the Group (consolidated in the case of a member of the Group which
itself has Subsidiaries), provided that:

(a)                                      if, in the case of any member
of the Group which itself has Subsidiaries, no consolidated financial
statements are prepared and audited, its consolidated EBITDA and gross assets
shall be determined on the basis of pro
forma

 

7

consolidated financial statements of the relevant member of the Group and its
Subsidiaries, prepared for this purpose by the Parent;

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

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

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

“Obligor” means a Borrower or a Guarantor.

“Offer” means the offer made by the Parent
dated 30 October 2006 to acquire the entire issued share capital of Western
Areas Limited, other than such share capital already owned by the Parent and
its Subsidiaries or JCI Limited (or any Subsidiary of JCI Limited).

“Original Financial Statements” means the audited
consolidated financial statements of the Parent for the Financial Year ended 30 June 2006.

“Party” means a party to this Agreement.

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

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

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

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

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

(e)                                      by a member of the Group that
is not an Obligor to another member of the Group that is not an Obligor; or

 

8

 

(f)                                        by any member of the Group to
any other person where the higher of the market value or consideration
receivable when aggregated with the higher of the market value or consideration
receivable for any other sale, lease, transfer or other disposal by any member
of the Group (other than a sale, lease, transfer or other disposal referred to
in (a), (b), (c), (d), (e) and (g)) does not exceed 10% (ten percent) of the Consolidated
Tangible Net Worth in any Financial Year during the period from the date of
this Agreement to the Termination Date; or

(g)                                     for which the Agent has given
its prior written consent (acting on the instructions of the Majority Lenders).

“Permitted Encumbrance”
means:

(a)                                      any Encumbrance created prior
to the date of this Agreement which (i) is disclosed in the Original Financial
Statements and (ii) in all circumstances secures only indebtedness outstanding
or a facility available at the date of this Agreement if the principal amount
or original facility thereby secured is not increased after the date of this
Agreement;

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

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

(d)                                     any lien arising by operation
of law and in the ordinary course of trading and not by reason of any default
(whether in payments or otherwise), of any member of the Group;

(e)                                      any Encumbrance over or
affecting (or transaction described in paragraph (b) of Clause 21.3 (Negative Pledge) (“Quasi-Encumbrance”)
affecting) any asset acquired by a member of the Group after the date of this
Agreement if:

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

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

(iii)                  the Encumbrance or Quasi-Encumbrance is
(other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to
paragraphs (b), (c), (d), (f), (g), (h) or (i)) removed or discharged within
six months of the date of acquisition of such asset;

 

9

 

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

(i)                        the Encumbrance or
Quasi-Encumbrance was not created in contemplation of the acquisition of that
company;

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

(iii)                  the Encumbrance or Quasi-Encumbrance is
(other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to
paragraphs (b), (c), (d), (e), (g), (h) or (i)) removed or discharged within
six months of that company becoming a member of the Group;

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

(h)                                     in respect of Encumbrances or
Quasi-Encumbrances over or affecting any asset of any Material Group Company,
any Encumbrance or Quasi-Encumbrance securing indebtedness the principal amount
of which (when aggregated with the principal amount of any other indebtedness
which has the benefit of Encumbrance or Quasi-Encumbrance other than any
permitted under paragraphs (a) to (g) above and (i) and (j) below)) does not at
any time exceed 12% (twelve percent.) of Consolidated Tangible Net Worth (or
its equivalent in another currency) (but adjusted to include the net value of
new assets acquired since the last date of the latest set of consolidated
annual financial statements of the Group);

(i)                                         any other Encumbrance or
Quasi-Encumbrance as agreed by the Agent (acting on the instructions of the
Majority Lenders) in writing; or

(j)                                         any Encumbrance or
Quasi-Encumbrance granted in respect of Financial Indebtedness incurred in
connection with the Cerro Corona Project over the business or assets of the
Cerro Corona Subsidiary or over the Ownership Interests in the Cerro Corona
Subsidiary provided that the
amount of Financial Indebtedness secured by all such Encumbrances or
Quasi-Encumbrances permitted by this paragraph (j) does not at any time in
aggregate exceed $200,000,000 (or its equivalent). In this paragraph (j) “Ownership Interests” means (i) the shares
issued by the Cerro Corona Subsidiary; (ii) any shareholder loans made to the
Cerro Corona Subsidiary (iii) to the extent required by Peruvian law, the
shares in the Holding Company which directly owns the shares issued by the
Cerro Corona Subsidiary provided that such
Holding Company’s sole assets are shares issued by, and any loans made by it
to, the Cerro Corona Subsidiary and its sister company, Minera Gold Fields
S.A..

“Permitted Financial
Indebtedness” means any Financial Indebtedness:

(a)                                      arising under the Finance
Documents;

 

10

 

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

(c)                                      arising in connection with the
Cerro Corona Project;

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

(e)                                      of the Group existing and
available on the date of this Agreement (including, of any person that becomes
a member of the Group pursuant to the Acquisition, Offer and/or JCI
Transaction, provided that, such Financial Indebtedness existed at the time
such person became a member of the Group and was not created in anticipation
thereof);

(f)                                        between Group Companies to the
extent incurred for the purposes of financing (x) general working capital
requirements in connection with or arising from the Acquisition and/or the acquisition
by the Borrower of shares in Western Areas Limited (which together with Barrick
Gold South Africa (Proprietary) Limited own 100 per cent. of the participation
interest in the Barrick Gold-Western Areas Limited Joint Venture) pursuant to
the JCI Transaction and the Offer and (y) the operations and continued
development of the Barrick Gold-Western Areas Limited Joint Venture; or

(g)                                     not falling within paragraphs
(a), (b), (c), (d), (e) or (f) above provided
that the aggregate amount of all Financial Indebtedness (excluding,
for the avoidance of doubt, any Financial Indebtedness incurred by an Obligor
or a Project Finance Subsidiary) permitted under this paragraph (g) does not at
any time exceed $150,000,000 (or its equivalent).

“Project Finance
Borrowings” means:

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

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

 

11

 

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

“Quotation Day” means, in the case of a determination of
LIBOR, the date on which quotations would customarily be provided by leading
banks in the London Interbank Market for deposits or amounts in dollars for
delivery on the first day of such period or on any other relevant date.

“Reference Banks” means, the principal London offices of
Citibank, N.A. London Branch and JPMorgan Chase Bank, N.A. and/or, at any time
after either Original Lender has transferred all or any part of its Commitment,
such other banks as may be appointed by the Agent in consultation with the Parent.

“Relevant Interbank Market” means the London interbank
market.

“Repeating Representations” means each of the representations
set out in Clause 18.1 (Status), to
Clause 18.23 (No Material Adverse Effect)
other than Clause 18.3 (Binding Obligations),
Clause 18.6 (Governing law and enforcement),
Clause 18.7 (Deduction of Tax),
Clause 18.8 (No filing or stamp taxes),
paragraphs (a) and (b) of Clause 18.10 (No
misleading information), Clause 18.13 (No proceedings pending or threatened), and Clause 18.22 (No undisclosed unfunded liabilities).

“Resignation Letter” means a letter
substantially in the form set out in Schedule 7 (Form of Resignation Letter).

“Screen Rate” means the British Bankers’ Association Interest
Settlement Rate for dollars for the relevant period, displayed on the
appropriate page of the Telerate screen. If the agreed page is replaced or
service ceases to be available, the Agent may specify another page or service
displaying the appropriate rate after consultation with the Parent and the Lenders.

“Selection Notice” means a notice substantially in the form
set out in Part II of Schedule 3 (Requests) given
in accordance with Clause 9 (Interest Periods).

“Share Purchase Agreement” means the share
purchase agreement dated 11 September 2006, among PDG Aureate Limited, Barrick
Gold Corporation and the Parent.

“Specified Time” means a time determined in accordance with
Schedule 9 (Timetable).

“Subsidiary”
means, in relation to any company
or corporation, a company or
corporation:

(a)                                      which is controlled, directly
or indirectly, by the first mentioned company
or corporation;

(b)                                     more than half the issued
share capital of which is beneficially owned, directly or indirectly by the
first mentioned company or
corporation; or

 

12

 

(c)                                      which is a Subsidiary of
another Subsidiary of the first mentioned company or corporation,

and for
this purpose, a company or
corporation shall be treated as being controlled by another if that other company or corporation is able to
direct its affairs and/or to control the composition of its board of directors
or equivalent body.

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

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

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

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

“Termination Date” means the date which is the earlier of:

(a)                                      the date falling three hundred
and sixty four days (364) after the date of this Agreement; and

(b)                                     30 November 2007.

“Total Commitments” means the aggregate of the Commitments
being $1,800,000,000 at the date of this Agreement.

“Transfer Certificate” means a certificate substantially in
the form set out in Schedule 5 (Form of Transfer
Certificate) or any other form agreed between the Agent and the Parent.

“Transfer Date”
means, in relation to a transfer, the later of:

(a)                                      the proposed Transfer Date
specified in the Transfer Certificate; and

(b)                                     the date on which the Agent
executes the Transfer Certificate.

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

“Utilisation” means a utilisation of the Facility.

“Utilisation Date” means the date of a Utilisation, being the
date on which the relevant Loan is to be made.

“Utilisation Request” means a notice substantially in the
form set out in Part I of Schedule 3 (Requests).

“VAT” means value added tax as provided for in the Value
Added Tax Act 1994 and any other tax of a similar nature.

 

13

 

1.2                           Construction

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

(i)                        the “Agent”,
the “Arranger”, any “Finance
Party”, any “Lender”, any “Obligor” or any “Party” shall be
construed so as to include its successors in title, permitted assigns and
permitted transferees;

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

(iii)                  “assets”
includes present and future properties, revenues and rights of every
description;

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

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

(vi)                 a “Finance Document”
or any other agreement or instrument is a reference to that Finance Document or
other agreement or instrument as amended, novated, supplemented, extended,
replaced or restated;

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

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

 

14

 

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

(x)                      a “regulation”
includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law but complied with generally) of any
governmental, intergovernmental or supranational body, agency, department or
regulatory, self-regulatory or other authority or organisation;

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

(xii)                a time of day is a reference to London
time.

(b)                                     Section, Clause and Schedule
headings are for ease of reference only.

(c)                                      Unless a contrary indication
appears, a term used in any other Finance Document or in any notice given under
or in connection with any Finance Document has the same meaning in that Finance
Document or notice as in this Agreement.

(d)                                     A Default (other than an Event
of Default) is “continuing” if it
has not been remedied or waived and an Event of Default is “continuing” if it has not been remedied or
waived.

1.3                           Currency Symbols and
Definitions

“$” and “dollars” denote
lawful currency of the United States of America.

1.4                           Third party rights

(a)                                      Unless expressly provided to
the contrary in a Finance Document, a person who is not a Party has no right
under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of
any term of this Agreement.

(b)                                     Notwithstanding any term of
any Finance Document, the consent of any person who is not a Party is not
required to rescind or vary this Agreement at any time.

 

15

 

SECTION
2

THE FACILITY

2.                                 THE FACILITY

2.1                           The Facility

Subject
to the terms of this Agreement, the Lenders make available to the Borrower a
bridge loan facility in an aggregate amount equal to the Total Commitments.

2.2                           Finance Parties’ rights and
obligations

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

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

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

3.                                 PURPOSE

3.1                           Purpose

(a)                                      The Original Borrower shall
apply all amounts borrowed by it under the Facility towards financing (i)
amounts to be paid for or in connection with the Acquisition and (ii) general
working capital requirements in connection with or arising from the Acquisition
and/or the acquisition by the Borrower of shares in Western Areas Limited
(which together with Barrick Gold South Africa (Proprietary) Limited own 100
per cent. of the participation interest in the Barrick Gold-Western Areas
Limited Joint Venture) pursuant to the JCI Transaction and the Offer.

(b)                                     Each Additional Borrower shall
apply all amounts borrowed by it under the Facility towards the purposes
specified in the Accession Letter to which it is a party as Additional
Borrower.

3.2                           Monitoring

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

 

16

 

4.                                 CONDITIONS OF UTILISATION

4.1                           Initial conditions precedent

No
Borrower may deliver a Utilisation Request unless the Agent has received all of
the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent to Initial Utilisation) in form and
substance satisfactory to the Agent. The Agent shall notify the Parent and the Lenders promptly upon
being so satisfied.

4.2                           Further conditions precedent

The Lenders will only be obliged to comply with
Clause 5.4 (Lenders’ participation) if on the
date of the Utilisation Request and on the proposed Utilisation Date:

(a)                                      no Default is continuing or
would result from the proposed Loan; and

(b)                                     the representations in Clause
18 (Representations) to be made
by each Obligor are true in all material respects.

4.3                           Maximum number of Loans

A
Borrower may not deliver a Utilisation Request if as a result of the proposed
Utilisation more than seven Loans would be outstanding.

 

17

SECTION
3

UTILISATION

5.                                 UTILISATION

5.1                           Delivery of a Utilisation
Request

A
Borrower may utilise the Facility by delivery to the Agent of a duly completed
Utilisation Request not later than the Specified Time.

5.2                           Completion of a Utilisation
Request

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

(i)                        the proposed Utilisation Date
is a Business Day within the Availability Period;

(ii)                     the currency and amount of the Utilisation
comply with Clause 5.3 (Currency and amount);
and

(iii)                  the proposed Interest Period complies with
Clause 9 (Interest Periods).

(b)                                     Only one Loan may be requested
in each Utilisation Request.

5.3                           Currency and amount

(a)                                      The currency specified in a
Utilisation Request must be dollars.

(b)                                     The amount of the proposed
Loan must be an amount which is not more than the Available Facility and which
is a minimum of US$100,000,000 or, if less, the Available Facility.

5.4                           Lenders’ participation

(a)                                      If the conditions set out in
this Agreement have been met, each Lender shall make its participation in each
Loan available by the Utilisation Date through its Facility Office.

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

 

18

 

SECTION
4

REPAYMENT, PREPAYMENT AND CANCELLATION

6.                                 REPAYMENT

6.1                           Repayment of Loans

(a)                                      Each Borrower shall repay the
Loans made to it which are outstanding on the Termination Date, in full on the
Termination Date.

(b)                                     No Borrower may reborrow any
part of the Facility which is repaid.

7.                                 PREPAYMENT AND CANCELLATION

7.1                           Illegality

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

(a)                                      that Lender shall promptly
notify the Agent upon becoming aware of that event;

(b)                                     upon the Agent notifying the Parent, the Commitment of that Lender
will be immediately cancelled; and

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

7.2                           Change of control

(a)                                      If any person or group of
persons acting in concert gains control of the Parent:

(i)                        the Parent shall promptly
notify the Agent upon becoming aware of that event;

(ii)                     a Lender shall not be obliged to fund a
Utilisation and the Agent and the Parent shall consult about the change of
control;

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

(iv)                 if the Agent does not serve the notice
referred to in paragraph (iii) above, a Lender may by notice to the Agent which
shall be delivered not earlier than

 

19

 

45 (forty-five) days nor later than 60 (sixty) days from receipt of the notice
referred to in (i) above, whereupon the Agent shall by notice to the Parent
(such notice to be delivered promptly after receipt of such Lender notification),
cancel the Commitment of that Lender and declare the participation of that
Lender in all outstanding Loans, together with accrued interest thereon and all
other amounts due to such Lender under the Finance Documents immediately due
and payable, whereupon the Commitment of that Lender will be cancelled and all
such outstanding amounts will become immediately due and payable.

(b)                                     For the purpose of paragraph
(a) above “control” means:

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

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

(B)                  appoint or remove all, or the majority, of
the directors or other equivalent officers of the Parent; or

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

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

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

7.3                           Debt and Capital Market
Issuances

(a)                                      For the purposes of this
Clause 7.3, “Excluded Equity”
means any equity raised for the purposes of the Parent’s share incentive
schemes.

(b)                                     The Parent shall procure that
all proceeds of:

(i)                        any domestic or international
debt capital markets issue or loan markets financing by the Parent (excluding,
for the avoidance of doubt, any such issue or financing existing and available
prior to the date of this Agreement); or

(ii)                     any new equity issue by the Parent, other
than Excluded Equity,

are
applied promptly in prepayment of the Loans.

 

20

 

7.4                           Voluntary cancellation

The Parent
may, if it gives the Agent not less than 10 days’ (or such shorter period as
the Majority Lenders may agree) prior notice, cancel the whole or any part
(being a minimum amount of $25,000,000) of the Available Facility. Any
cancellation under this Clause 7.4 shall reduce the Commitments of the
Lenders rateably.

7.5                           Voluntary prepayment of Loans

A
Borrower may, if it gives the Agent not less than 10 days’ (or such shorter
period as the Majority Lenders may agree) prior notice, prepay the whole or any
part of any Loan (but, if in part, being a minimum amount of $100,000,000 and
integral multiples of $25,000,000 in excess thereof); provided that, a Loan may
be prepaid at the end of the Interest Period therefor.

7.6                           Right of repayment and
cancellation in relation to a single Lender

(a)                                      If:

(i)                        any sum payable to any Lender
by an Obligor is required to be increased under paragraph (c) of
Clause 12.1 (Tax gross-up); or

(ii)                     any Lender claims indemnification from the Parent under Clause 12.2 (Tax indemnity) or Clause 13.1 (Increased
costs); or

(iii)                  any Lender notifies the Agent of its
Additional Cost Rate under paragraph 3 of Schedule 4 (Mandatory Cost Formulae),

the Parent may, whilst (in the case of
paragraphs (i) and (ii) above) the circumstance giving rise to the
requirement or indemnification continues or (in the case of
paragraph (iii) above) that Additional Cost Rate is greater than zero,
give the Agent notice of cancellation of the Commitment of that Lender and its
intention to procure the repayment of that Lender’s participation in the Loans.

(b)                                     On receipt of a notice
referred to in paragraph (a) above, the Commitment of that Lender shall
immediately be reduced to zero whereupon the Total Commitments shall be reduced
by the same amount.

(c)                                      On the last day of each
Interest Period which ends after the Parent
has given notice under paragraph (a) above (or, if earlier, the date
specified by the Parent in that
notice), each Borrower to which a Loan is outstanding shall repay that Lender’s
participation in that Loan.

7.7                           Restrictions

(a)                                      Any notice of cancellation or
prepayment given by any Party under this Clause 7 shall be irrevocable
and, unless a contrary indication appears in this Agreement, shall specify the
date or dates upon which the relevant cancellation or prepayment is to be made
and the amount of that cancellation or prepayment.

 

21

 

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

(c)                                      No Borrower may reborrow any
part of the Facility which is prepaid.

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

(e)                                      No amount of the Total Commitments
cancelled under this Agreement may be subsequently reinstated.

(f)                                        At the end of the Availability
Period, the Total Commitments shall be reduced to zero.

(g)                                     If the Agent receives a notice
under this Clause 7 it shall promptly forward a copy of that notice to
either the Parent or the
affected Lender, as appropriate.

 

22

 

SECTION
5

COSTS OF UTILISATION

8.                                 INTEREST

8.1                           Calculation of interest

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

(a)                                      Margin;

(b)                                     LIBOR; and

(c)                                      Mandatory Cost, if any.

8.2                           Payment of interest

Each
Borrower to which a Loan has been made shall pay accrued interest on that Loan
on the last day of each Interest Period.

8.3                           Default interest

(a)                                      If an Obligor fails to pay any
amount payable by it under a Finance Document on its due date, interest shall
accrue on the overdue amount from the due date up to the date of actual payment
(both before and after judgment) at a rate which, subject to paragraph (b)
below, is one per cent higher than the rate which would have been payable if
the overdue amount had, during the period of non-payment, constituted a Loan in
the currency of the overdue amount for successive Interest Periods, each of a
duration selected by the Agent (acting reasonably). Any interest accruing under
this Clause 8.3 shall be immediately payable by the Obligor on demand by
the Agent.

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

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

(ii)                     the rate of interest applying to the
overdue amount during that first Interest Period shall be one per cent. higher
than the rate which would have applied if the overdue amount had not become
due.

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

8.4                           Notification of rates of
interest

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

 

23

 

9.                                 INTEREST PERIODS

9.1                           Selection of Interest Periods

(a)                                      A Borrower (or the Parent on behalf of a Borrower) may
select an Interest Period for a Loan in the Utilisation Request for that Loan
or (if the Loan has already been borrowed) in a Selection Notice.

(b)                                     Each Selection Notice for a
Loan is irrevocable and must be delivered to the Agent by a Borrower (or the Parent on behalf of a Borrower) to
which that Loan was made not later than the Specified Time.

(c)                                      If a Borrower (or the Parent on behalf of a Borrower) fails
to deliver a Selection Notice to the Agent in accordance with
paragraph (b) above, the relevant Interest Period will be one Month.

(d)                                     Subject to this Clause 9,
up to and including the date falling six Months after the date of this
Agreement, a Borrower (or the Parent on
behalf of a Borrower) may select an Interest Period of one or three
Months or any other period agreed between the Parent and the Agent (acting on the instructions of all the
Lenders). Thereafter, each Interest Period will be one Month.

(e)                                      An Interest Period for a Loan
shall not extend beyond the Termination Date.

(f)                                        Each Interest Period for a
Loan shall start on the Utilisation Date or (if already made) on the last day
of its preceding Interest Period.

9.2                           Non-Business Days

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

9.3                           Consolidation and division of
Loans

(a)                                      Subject to paragraph (b)
below, if two or more Interest Periods end on the same date, the Loans relating
thereto will, unless that Borrower (or the Parent on its behalf) specifies to
the contrary in the Selection Notice for the next Interest Period, be
consolidated into, and treated as, a single Loan on the last day of the
Interest Period.

(b)                                     Subject to Clause 4.3 (Maximum number of Loans), if a Borrower (or the Parent on its behalf) requests in a
Selection Notice that a Loan be divided into two or more Loans, that Loan will,
on the last day of its Interest Period, be so divided into the amounts specified
in that Selection Notice, being an aggregate amount equal to the amount of the
Loan immediately before its division.

 

24

 

10.                           CHANGES TO THE CALCULATION OF INTEREST

10.1                     Absence of quotations

Subject
to Clause 10.2 (Market disruption),
if LIBOR is to be determined by reference to the Reference Banks but a
Reference Bank does not supply a quotation by the Specified Time on the
Quotation Day, the applicable LIBOR shall be determined on the basis of the
quotations of the remaining Reference Banks.

10.2                     Market disruption

(a)                                      If a Market Disruption Event
occurs in relation to a Loan for any Interest Period, then the rate of interest
on each Lender’s share of that Loan for the Interest Period shall be the percentage
rate per annum which is the sum of:

(i)                        the Margin;

(ii)                     the rate notified to the Agent by that
Lender as soon as practicable and in any event not later than 5 (five) Business
Days before interest is due to be paid in respect of that Interest Period (provided that if such Lender is unable to
notify the Agent of such rate not later than 5 (five) Business Days before
interest is due to be paid in respect of that Interest Period, it shall do so
before interest is due to be paid in respect of that Interest Period), to be
that which expresses as a percentage rate per annum the cost to that Lender of
funding its participation in that Loan from whatever source it may reasonably
select; and

(iii)                  the Mandatory Cost, if any, applicable to
that Lender’s participation in the Loan.

(b)                                     In this Agreement “Market Disruption Event” means:

(i)                        at or about noon on the
Quotation Day for the relevant Interest Period the Screen Rate is not available
and none or only one of the Reference Banks supplies a rate to the Agent to
determine LIBOR for dollars and for the relevant Interest Period; or

(ii)                     before close of business in London on the
Quotation Day for the relevant Interest Period, the Agent receives
notifications from a Lender or Lenders (whose participations in a Loan exceed
35 per cent. of that Loan) that the cost to it of obtaining matching deposits
in the Relevant Interbank Market would be in excess of LIBOR.

10.3                     Alternative basis of interest
or funding

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

(b)                                     Any alternative basis agreed
pursuant to paragraph (a) above shall, with the prior consent of all the
Lenders and the Parent, be
binding on all Parties.

 

25

 

10.4                     Break Costs

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

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

11.                           FEES

11.1                     Commitment fee

(a)                                      The Borrower shall pay to the
Agent (for the account of each Lender) a fee in dollars on that Lender’s
Available Commitment for the Availability Period. Such fee shall be computed at
the following rates during the Availability Period:

(i)                        0.15 per cent. per annum on
that Lender’s Available Commitment from and including the date of this
Agreement, to but excluding the date falling three Months after the date of
this Agreement;

(iv)                 0.20 per cent. per annum on that Lender’s
Available Commitment from and including the date falling three Months after the
date of this Agreement to but excluding the date falling six Months after the
date of this Agreement; and

(v)                    0.25 per cent. per annum on that Lender’s
Available Commitment from and including the date falling six months after the
date of this Agreement to the Termination Date.

(b)                                     The accrued commitment fee is
payable on the last day of each successive period of three Months which ends
during the Availability Period, on the last day of the Availability Period, on
the Termination Date and, if cancelled in full, on the cancelled amount of the
relevant Lender’s Commitment at the time the cancellation is effective.

11.2                     Arrangement fee

The Borrower shall pay to the Agent (for
the account of the Arranger) an arrangement fee in the amount and at the times
agreed in a Fee Letter.

11.3                     Agency fee

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

 

26

 

SECTION
6

ADDITIONAL PAYMENT OBLIGATIONS

12.                           TAX GROSS UP AND INDEMNITIES

12.1                     Tax gross-up

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

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

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

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

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

12.2                     Tax indemnity

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

(b)                                     Paragraph (a) above shall
not apply:

(i)                        with respect to any Tax
assessed on a Finance Party:

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

 

27

 

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

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

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

(c)                                      A Finance Party making, or
intending to make a claim under paragraph (a) above shall promptly notify
the Agent of the event which will give, or has given, rise to the claim,
following which the Agent shall notify the Parent.

(d)                                     A Finance Party shall, on
receiving a payment from an Obligor under this Clause 12.2, notify the
Agent.

12.3                     Tax Credit

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

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

(b)                                     that Finance Party has
obtained, utilised and retained that Tax Credit,

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

12.4                     Stamp taxes

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

12.5                     Value added tax

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

(b)                                     If VAT is chargeable on any
supply made by any Finance Party (the “Supplier”)
to any other Finance Party (the “Recipient”)
under a Finance Document, and any

 

28

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

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

13.                           INCREASED COSTS

13.1                     Increased costs

(a)                                      Subject to Clause 13.3 (Exceptions) the Parent
shall, within five Business Days of a demand by the Agent, pay for the account
of a Finance Party the amount of any Increased Costs incurred by that Finance Party
or any of its Affiliates as a result of (i) the introduction of or any change
in (or in the interpretation, administration or application of) any law or
regulation or (ii) compliance with any law or regulation made after the date of
this Agreement.

(b)                                     In this Agreement “Increased Costs” means:

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

(ii)                     an additional or increased cost; or

(iii)                  a reduction of any amount due and payable
under any Finance Document,

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

13.2                     Increased cost claims

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

(b)                                     Each Finance Party shall, as
soon as practicable after a demand by the Agent, provide a certificate
confirming the amount of its Increased Costs.

 

29

 

13.3                     Exceptions

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

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

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

(c)                                      compensated for by the payment
of the Mandatory Cost; or

(d)                                     attributable to the wilful
breach by the relevant Finance Party or its Affiliates of any law or
regulation.

14.                           OTHER INDEMNITIES

14.1                     Currency indemnity

(a)                                      If any sum due from an Obligor
under the Finance Documents (a “Sum”), or any
order, judgment or award given or made in relation to a Sum, has to be
converted from the currency (the “First Currency”)
in which that Sum is payable into another currency (the “Second
Currency”) for the purpose of:

(i)                        making or filing a claim or
proof against that Obligor;

(ii)                     obtaining or enforcing an order, judgment
or award in relation to any litigation or arbitration proceedings,

that
Obligor shall as an independent obligation, within five Business Days of
demand, indemnify each Finance Party to whom that Sum is due against any cost,
loss or liability arising out of or as a result of the conversion including any
discrepancy between (A) the rate of exchange used to convert that Sum from the
First Currency into the Second Currency and (B) the rate or rates of exchange
available to that person at the time of its receipt of that Sum.

(b)                                     Each Obligor waives any right
it may have in any jurisdiction to pay any amount under the Finance Documents
in a currency or currency unit other than that in which it is expressed to be
payable.

14.2                     Other indemnities

The Parent
shall (or shall procure that an Obligor will), within five Business Days of
demand, indemnify each Finance Party against any cost, loss or liability
incurred by that Finance Party as a result of:

(a)                                      the occurrence of any Event of
Default;

(b)                                     a failure by an Obligor to pay
any amount due under a Finance Document on its due date, including without
limitation, any cost, loss or liability arising as a result of Clause 27 (Sharing Among the Finance Parties);

 

30

 

(c)                                      funding, or making
arrangements to fund, its participation in a Loan requested by a Borrower in a
Utilisation Request but not made by reason of the operation of any one or more
of the provisions of this Agreement (other than by reason of default or
negligence by that Finance Party alone); or

(d)                                     a Loan (or part of a Loan) not
being prepaid in accordance with a notice of prepayment given by a Borrower or
the Parent.

14.3                     Indemnity to the Agent

The Parent
shall promptly indemnify the Agent against any cost, loss or liability incurred
by the Agent (acting reasonably) as a result of:

(a)                                      investigating any event which
it reasonably believes is a Default; or

(b)                                     acting or relying on any
notice, request or instruction which it reasonably believes to be genuine,
correct and appropriately authorised.

15.                           MITIGATION BY THE LENDERS

15.1                     Mitigation

(a)                                      Each Finance Party shall, in
consultation with the Parent,
take all reasonable steps to mitigate any circumstances which arise and which
would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of Clause 7.1 (Illegality),
Clause 12 (Tax Gross-up and Indemnities),
Clause 13 (Increased Costs) or
paragraph 3 of Schedule 4 (Mandatory Cost Formulae)
including (but not limited to) transferring its rights and obligations under
the Finance Documents to another Affiliate or Facility Office.

(b)                                     Paragraph (a) above does
not in any way limit the obligations of any Obligor under the Finance
Documents.

15.2                     Limitation of liability

(a)                                      The Parent shall indemnify each Finance Party for all costs and expenses
reasonably incurred by that Finance Party as a result of steps taken by it
under Clause 15.1 (Mitigation).

(b)                                     A Finance Party is not obliged
to take any steps under Clause 15.1 (Mitigation) if,
in the opinion of that Finance Party (acting reasonably), to do so might be
prejudicial to it.

 

31

 

16.                           COSTS AND EXPENSES

16.1                     Transaction expenses

The Parent
shall, promptly within three Business Days of demand, pay the Agent and the
Arranger the amount of all costs and expenses (including legal fees but subject
to any agreed cap) reasonably incurred by any of them in connection with the
negotiation, preparation, printing, execution and syndication of:

(a)                                      this Agreement and any other
documents referred to in this Agreement; and

(b)                                     any other Finance Documents
executed after the date of this Agreement.

16.2                     Amendment costs

If (a)
an Obligor requests an amendment, waiver or consent or (b) an amendment is
required pursuant to Clause 28.9 (Change of currency),
the Parent shall, within five
Business Days of demand, reimburse the Agent for the amount of all costs and
expenses (including legal fees) reasonably incurred by the Agent in responding
to, evaluating, negotiating or complying with that request or requirement.

16.3                     Enforcement costs

The Parent shall, within five Business
Days of demand, pay to each Finance Party the amount of all costs and expenses
(including legal fees) incurred by that Finance Party in connection with the
enforcement of, or the preservation of any rights under, any Finance Document.

 

32

 

SECTION
7

GUARANTEE

17.                           GUARANTEE AND INDEMNITY

17.1                     Guarantee and indemnity

Each Guarantor irrevocably and unconditionally jointly
and severally:

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

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

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

17.2                     Continuing guarantee

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

17.3                     Reinstatement

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

(a)                                      the liability of each Obligor
shall continue as if the payment, discharge, avoidance or reduction had not
occurred; and

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

17.4                     Waiver of defences

The obligations of each Guarantor under this
Clause 17 will not be affected by an act, omission, matter or thing which,
but for this Clause, would reduce, release or prejudice any of its obligations
under this Clause 17 (without limitation and whether or not known to it or
any Finance Party) including:

 

33

 

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

(b)                                     the release of any other
Obligor or any other person under the terms of any composition or arrangement
with any creditor of any member of the Group;

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

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

(e)                                      any amendment, novation,
supplement, extension, restatement (however fundamental) or replacement of a
Finance Document or any other document or security;

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

(g)                                     any insolvency or similar
proceedings.

17.5                     Immediate recourse

Each
Guarantor waives any right it may have of first requiring any Finance Party (or
any trustee or agent on its behalf) to proceed against or enforce any other
rights or security or claim payment from any person before claiming from that
Guarantor under this Clause 17. This waiver applies irrespective of any
law or any provision of a Finance Document to the contrary.

17.6                     Appropriations

Until all amounts which may be or become payable by
the Obligors under or in connection with the Finance Documents have been
irrevocably paid in full, each Finance Party (or any trustee or agent on its
behalf) may:

(a)                                      refrain from applying or
enforcing any other moneys, security or rights held or received by that Finance
Party (or any trustee or agent on its behalf) in respect of those amounts, or
apply and enforce the same in such manner and order as it sees fit (whether
against those amounts or otherwise) and no Guarantor shall be entitled to the benefit
of the same; and

(b)                                     hold in an interest-bearing
suspense account any moneys received from any Guarantor or on account of any
Guarantor’s liability under this Clause 17.

17.7                     Deferral of Guarantors’ rights

Until all amounts which may be or become payable by
the Obligors under or in connection with the Finance Documents have been
irrevocably paid in full and unless the Agent

 

34

 

otherwise directs, no Guarantor will exercise any
rights which it may have by reason of performance by it of its obligations
under the Finance Documents:

(a)                                      to be indemnified by an
Obligor;

(b)                                     to claim any contribution from
any other guarantor of any Obligor’s obligations under the Finance Documents;
and/or

(c)                                      to take the benefit (in whole
or in part and whether by way of subrogation or otherwise) of any rights of the
Finance Parties under the Finance Documents or of any other guarantee or
security taken pursuant to, or in connection with, the Finance Documents by any
Finance Party.

17.8                     Additional security

This
guarantee is in addition to and is not in any way prejudiced by any other
guarantee or security now or subsequently held by any Finance Party.

 

35

 

SECTION
8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

18.                           REPRESENTATIONS

Each Obligor makes the representations and warranties
set out in this Clause 18 to each Finance Party.

18.1                     Status

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

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

18.2                     Power and authority

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

18.3                     Binding obligations

The
obligations expressed to be assumed by it in each Finance Document to which it
is a party are legal, valid, binding and enforceable obligations.

18.4                     Non-conflict with other
obligations

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

(a)                                      any law applicable to it;

(b)                                     its Constitutional Documents;
or

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

18.5                     Validity and admissibility in
evidence

All
authorisations required:

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

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

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

 

36

 

18.6                     Governing law and enforcement

Subject
to any general principles of law as at the date of this Agreement set out in
any legal opinion delivered pursuant to Clause 4.1 (Initial conditions precedent) or Clause 24 (Changes to the Obligors):

(a)                                      the choice of English law as
the governing law of the Finance Documents will be recognised and enforced in
its jurisdiction of incorporation; and

(b)                                     any judgment obtained in
England in relation to a Finance Document will be recognised and enforced in
its jurisdiction of incorporation.

18.7                     Deduction of Tax

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

18.8                     No filing or stamp taxes

Except
to the extent set out in any legal opinion provided pursuant to Clause 4.1 (Initial conditions precedent) or Clause 24
(Changes to the Obligors) in
relation to it, under the law of its jurisdiction of incorporation it is not
necessary that the Finance Documents be filed, recorded or enrolled with any
court or other authority in that jurisdiction or that any stamp, registration
or similar tax be paid on or in relation to the Finance Documents or the
transactions contemplated by the Finance Documents.

18.9                     No default

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

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

18.10               No misleading information

(a)                                      Any factual information
provided by an Obligor to the Arrangers in connection with the Acquisition, the
Offer or the JCI Transaction (the “Information”)
was true and accurate in all material respects as at the date it was provided
or as at the date (if any) at which it is stated.

(b)                                     Nothing has occurred or been
omitted from the Information and no information has been given or withheld that
results in the Information being untrue or misleading in any material respect.

(c)                                      All written information
supplied by it to the Finance Parties and the Agent was true and accurate in
all material respects as at the date it was given and was not misleading in any
material respect at such date.

 

37

 

(d)                                     It has not knowingly withheld
any information which, if disclosed, would reasonably be expected materially
and adversely to affect the decision of the Finance Parties in considering
whether or not to provide finance to the Borrower.

18.11               Financial statements

(a)                                      The Original Financial
Statements were prepared in accordance with GAAP.

(b)                                     The Original Financial
Statements fairly represent the Group’s financial condition and operations
during the relevant financial year.

18.12               Pari passu ranking

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

18.13               No proceedings pending or
threatened

No
litigation, arbitration or administrative proceedings of or before any court,
arbitral body or government agency which, if adversely determined, might
reasonably be expected to have a Material Adverse Effect have (to the best of
its knowledge and belief) been started or threatened against it or any Material
Group Company.

18.14               No winding-up

No
Material Group Company has taken any corporate action, nor have any other steps
been taken or legal proceedings started or (to the best of its knowledge and
belief, after due enquiry) threatened against any Material Group Company, for
its winding-up, dissolution, administration or re-organisation or for the
enforcement of any Encumbrance over all or any of its revenues or assets or for
the appointment of a receiver, administrator, administrative receiver,
conservator, custodian, trustee or similar officer of it or of all or any of
its assets which could reasonably be expected to have a Material Adverse
Effect.

18.15               No encumbrances

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

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

18.16               Assets

It and
each Material Group Company has good title to or validly leases or licenses all
of the assets necessary and has all consents and/or authorisations necessary to
carry on its business as conducted to the extent that failure to comply with this
Clause 18.16 could reasonably be expected to have a Material Adverse
Effect.

 

38

18.17               Insurance

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

18.18               Environmental Compliance

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

18.19               Environmental Claims

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

18.20               Taxation

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

(i)                        payment is being contested in
good faith;

(ii)                     it has maintained adequate reserves for
those Taxes; and

(iii)                  payment can be lawfully withheld.

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

18.21               Ownership of Material Group
Companies

(a)                                      Each Material Group Company
(other than the Cerro Corona Subsidiary, Promotora Minera de Guayana, S.A. and
the Ghanaian Companies) is a wholly-owned Subsidiary of the Parent.

(b)                                     The Parent holds at least
71.1% of the issued share capital of each Ghanaian Company.

(c)                                      The Parent holds at least 92%
of the voting shares in the share capital of the Cerro Corona Subsidiary (which
equates to 80.7% of the issued and outstanding shares in the share capital of
the Cerro Corona Subsidiary).

(d)                                     The Parent holds at least 95%
of the issued share capital of Promotora Minera de Guayana, S.A., which owns
and operates the Choco 10 mine in Venezuela.

 

39

 

18.22               No undisclosed unfunded
liabilities

No
material undisclosed unfunded liabilities have arisen or will arise as a result
of the Acquisition.

18.23               No Material Adverse Effect

There
has been no change in the business, condition (financial or otherwise),
operations, performance, properties or prospects of the Obligors or the Group
(taken as a whole) since 30 June 2006 which could reasonably be expected to
have a Material Adverse Effect.

18.24               Times when representation made

(a)                                      All the representations and
warranties in this Clause 18 are made by each Obligor on the date of this
Agreement  (other than paragraphs (a),
(b) and (c) of Clause 18.10 (No
misleading information) which are deemed to be made on the date the
Information is provided by the relevant Obligor).

(b)                                     All the representations and
warranties in this Clause 18 are deemed to be made by each Obligor (by
reference to the facts and circumstances then existing) on the date of each
Utilisation Request and Utilisation Date.

(c)                                      The Repeating Representations
are deemed to be made by each Obligor (by reference to the facts and
circumstances then existing) on the first day of each Interest Period (other
than on the first day of the first Interest Period for a Loan) save that the
references in Clause 18.11 (Financial
statements) to “the Original
Financial Statements” shall, for the purposes of the Repeating
Representations, be construed as references to the most recent audited
consolidated financial statements of the Parent delivered to the Agent under
Clause 19.1 (Financial statements).

19.                           INFORMATION UNDERTAKINGS

The
undertakings in this Clause 19 are given in favour of each Finance Party
and remain in force from the date of this Agreement for so long as any amount
is outstanding under the Finance Documents or any Commitment is in force.

19.1                     Financial statements

The
Parent shall supply to the Agent:

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

(i)                        the audited consolidated
financial statements of the Parent for that Financial Year;

(ii)                     the audited financial statements of each
Obligor (other than Gold Fields Holdings Company (BVI) Limited and Orogen
Holding (BVI) Limited, unless there is a legal requirement to audit its
financial statements) for that Financial Year; and

 

40

 

(iii)                  if the audited financial statements of Gold
Fields Holdings Company (BVI) Limited and/or Orogen Holding (BVI) Limited, as
the case may be, are not delivered under (ii) above, the unaudited financial
statements of Gold Fields Holdings Company (BVI) Limited and/or Orogen Holding
(BVI) Limited, as the case may be, for that Financial Year;

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

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

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

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

(i)                        the unaudited consolidated
financial statements of the Parent for that period; and

(ii)                     the unaudited financial statements of each
Obligor for that period.

19.2                     Compliance Certificate

(a)                                      The Parent shall supply to the
Agent, with each set of consolidated financial statements delivered pursuant to
paragraphs (a) and (b) of Clause 19.1, a Compliance Certificate setting
out (in reasonable detail) computations as to compliance with Clause 20 (Financial Covenants) as at the date as at
which those financial statements were drawn up.

(b)                                     Each Compliance Certificate
shall be signed by 2 (two) directors of the Parent and, if required to be
delivered with the audited consolidated financial statements delivered pursuant
to paragraph (a)(i) of Clause 19.1 (Financial
statements), by the Auditors.

19.3                     Requirements as to financial
statements

(a)                                      Each set of financial
statements delivered by the Parent pursuant to Clause 19.1 (Financial statements) shall be certified
by a director of the relevant company as fairly representing its financial
condition as at the date as at which those financial statements were drawn up.

(b)                                     The Parent shall procure that
each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) is prepared in
accordance with GAAP, the requirements of its jurisdiction of incorporation and
accounting practices and financial reference periods consistent with those
applied in the preparation of the Original Financial Statements.

 

41

 

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

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

(ii)                     sufficient information, in form and
substance as may be reasonably required by the Agent, to enable the Agent to
determine whether Clause 20 (Financial
Covenants) has been complied with and make an accurate comparison
between the financial position indicated in those financial statements and the
Original Financial Statements.

(d)                                     If the Parent notifies the
Agent of a change in accordance with paragraph (c) above, then the Parent
and the Agent shall enter into negotiations in good faith with a view to
agreeing:

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

(ii)                     if so, any amendments to this Agreement or
any other Finance Document which may be necessary to ensure that the change
does not result in any material alteration in the commercial effect of those
terms, and if any amendments are agreed they shall take effect and be binding
on each of the Parties in accordance with their terms.

(e)                                      Any reference in this
Agreement to “financial statements” shall be construed as a reference to those
financial statements as the same may be adjusted under this Clause 19.3 to
reflect the basis upon which the Original Financial Statements were prepared.

19.4                     Access to records

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

19.5                     Information: miscellaneous

Each
Obligor shall supply to the Agent, if the Agent so requests:

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

 

42

 

(b)                                     the details of any litigation,
arbitration or administrative proceedings which are current, threatened or
pending against any member of the Group which, if adversely determined against
it, would be reasonably likely to have a Material Adverse Effect; and

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

19.6                     Notification of default

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

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

19.7                     Use of websites

(a)                                      The Parent may satisfy its obligation under this Agreement to deliver
any information in relation to those Lenders (the “Website Lenders”) who accept this method of communication by
posting this information onto an electronic website designated by the Parent and the Agent (the “Designated Website”) if:

(i)                        the Agent expressly agrees
(after consultation with each of the Lenders) that it will accept communication
of the information by this method;

(ii)                     both the Parent and the Agent are aware of the address of and any relevant
password specifications for the Designated Website; and

(iii)                  the information is in a format previously
agreed between the Parent and
the Agent.

If any
Lender (a “Paper Form Lender”)
does not agree to the delivery of information electronically then the Agent shall
notify the Parent accordingly
and the Parent shall supply the
information to the Agent (in sufficient copies for each Paper Form Lender) in
paper form.  In any event the Parent shall supply the Agent with at
least one copy in paper form of any information required to be provided by it.

(b)                                     The Agent shall supply each
Website Lender with the address of and any relevant password specifications for
the Designated Website following designation of that website by the Parent and the Agent.

(c)                                      The Parent shall promptly upon becoming aware of its occurrence notify
the Agent if:

(i)                        the Designated Website cannot
be accessed due to technical failure;

 

43

 

(ii)                     the password specifications for the
Designated Website change;

(iii)                  any new information which is required to be
provided under this Agreement is posted onto the Designated Website;

(iv)                 any existing information which has been
provided under this Agreement and posted onto the Designated Website is
amended; or

(v)                    the Parent
becomes aware that the Designated Website or any information posted onto the
Designated Website is or has been infected by any electronic virus or similar
software.

If the Parent notifies the Agent under
paragraph (c)(i) or paragraph (c)(v) above, all information to be
provided by the Parent under
this Agreement after the date of that notice shall be supplied in paper form
unless and until the Agent and each Website Lender is satisfied that the
circumstances giving rise to the notification are no longer continuing.

Any
Website Lender may request, through the Agent, one paper copy of any
information required to be provided under this Agreement which is posted onto
the Designated Website.  The Parent shall comply with any such
request within ten Business Days.

19.8                     “Know your customer” checks

(a)                                      If:

(i)                        the introduction of or any
change in (or in the interpretation, administration or application of) any law
or regulation made after the date of this Agreement;

(ii)                     any change in the status of an Obligor or
the composition of the shareholders of an Obligor after the date of this
Agreement; or

(iii)                  a proposed assignment or transfer by a
Lender of any of its rights and obligations under this Agreement to a party
that is not a Lender prior to such assignment or transfer,

obliges
the Agent or any Lender (or, in the case of paragraph (iii) above, any
prospective new Lender) to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is
not already available to it, each Obligor shall promptly upon the request of
the Agent or any Lender supply, or procure the supply of, such documentation
and other evidence as is reasonably requested by the Agent (for itself or on
behalf of any Lender) or any Lender (for itself or, in the case of the event
described in paragraph (iii) above, on behalf of any prospective new
Lender) in order for the Agent, such Lender or, in the case of the event
described in paragraph (iii) above, any prospective new Lender to carry
out and be satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws

 

44

 

and
regulations pursuant to the transactions contemplated in the Finance Documents.

(b)                                     Each Lender shall promptly
upon the request of the Agent supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for
itself) in order for the Agent to carry out and be satisfied it has complied
with all necessary “know your customer” or other similar checks under all
applicable laws and regulations pursuant to the transactions contemplated in
the Finance Documents.

(c)                                      The Parent shall, by not less
than 10 Business Days’ prior written notice to the Agent, notify the Agent
(which shall promptly notify the Lenders) of its intention to request that one
of its Subsidiaries becomes an Additional Obligor pursuant to Clause 24 (Changes to the Obligors).

(d)                                     Following the giving of any
notice pursuant to paragraph (c) above, if the accession of such Additional
Obligor obliges the Agent or an Lender to comply with “know your customer” or
similar identification procedures in circumstances where the necessary
information is not readily available to it, the Parent shall promptly upon the
request of the Agent or any Lender supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for
itself or on behalf of any Lender) or any Lender (for itself or on behalf of
any prospective Lender) in order for the Agent or such Lender or any
prospective new Lender to carry out and be satisfied it has complied with all
necessary “know your customer” or other similar checks under all applicable
laws and regulations pursuant to the accession of such Subsidiary to this
Agreement as an Additional Obligor.

20.                           FINANCIAL COVENANTS

20.1                     Financial definitions

In this Clause 20:

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

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

“Consolidated Net Finance Charges” means, in
respect of any Measurement Period, the aggregate amount of the interest
(including the interest element of leasing and hire purchase payments and
capitalised interest), commission, fees, discounts and other finance payments

 

45

 

payable
by any member of the Group (including any commission, fees, discounts and other
finance payment payable by any member of the Group under any interest rate
hedging arrangement but deducting any commission, fees, discounts and other
finance payments receivable by any member of the Group under any interest rate
hedging instrument) but deducting any other interest receivable by any member
of the Group on any deposit or bank account;

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

(a)                                      any provision on account of
normal taxation; and

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

“Measurement Period” means each period of 12
(twelve) months ending on the last day of the Parent’s Financial Year and each
period of 12 (twelve) months ending on the last day of the first half of the
Parent’s Financial Year.

20.2                     Financial condition

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

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

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

20.3                     Financial testing

The
financial covenants set out in Clause 20.2 (Financial
condition) shall be tested by reference to each of the financial
statements and/or each Compliance Certificate delivered pursuant to
Clause 19.2 (Compliance Certificate).

20.4                     Breach of a Financial
Condition Undertaking

Any
Obligor shall, immediately upon becoming aware of a breach of either of the
financial covenants in Clause 20.2 (Financial
condition), notify the Agent and provide such details about the
breach as the Agent may request (unless that Obligor is aware that a
notification has already been provided by another Obligor).

21.                           GENERAL UNDERTAKINGS

The undertakings in this Clause 21 are given in
favour of each Finance Party and remain in force from the date of this
Agreement for so long as any amount is outstanding under the Finance Documents
or any Commitment is in force.

 

46

 

21.1                     Authorisations

Each Obligor shall promptly:

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

(b)                                     upon written request by the
Agent or a Finance Party, supply certified copies to the Agent and/or a Finance
Party, as the case may be, of,

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

21.2                     Compliance with laws

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

21.3                     Negative pledge

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

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

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

(ii)                     sell, transfer or otherwise dispose of any
of its receivables on recourse terms;

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

(iv)                 enter into any other preferential
arrangement having a similar effect, in circumstances where the arrangement or
transaction is entered into primarily as a method of raising Financial
Indebtedness or of financing the acquisition of an asset.

(c)                                      Paragraphs (a) and (b) above
do not apply to Permitted Encumbrances.

21.4                     Disposals and Mergers

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

 

47

 

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

(ii)                     enter into any amalgamation, demerger,
merger or corporate reconstruction.

(b)                                     Paragraph (a) above does
not apply to:

(i)                        Permitted Disposals; or

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

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

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

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

21.5                     Change of business

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

21.6                     Insurance

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

21.7                     Environmental Compliance

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

21.8                     Environmental Claims

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

 

48

 

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

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

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

21.9                     Taxation

Each
Material Group Company shall duly and punctually pay and discharge all Taxes
imposed upon it or its assets within the time period allowed without incurring
penalties save to the extent that:

(a)                                      payment is being contested in
good faith;

(b)                                     adequate reserves are being
maintained for those Taxes; and

(c)                                      where such payment can be
lawfully withheld.

21.10               Maintenance of Legal Status

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

21.11               Claims Pari Passu

Each
Obligor shall ensure that at all times the claims of the Finance Parties
against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and
unsubordinated creditors save those whose claims are preferred by any
bankruptcy, insolvency, liquidation or other similar laws of general
application in its jurisdiction of incorporation.

21.12               Maintenance of Assets

Each
Material Group Company shall ensure that it has good title to or validly leases
or licences all of the assets necessary and has all consents and/or
authorisations necessary to carry on its business as conducted to the extent
that failure to comply with this Clause 21.12 could reasonably be expected to
have a Material Adverse Effect.

21.13               Acquisitions

No
Obligor shall (and the Parent shall ensure that no Material Group Company
will), without the prior consent of the Majority Lenders, enter into any
transaction, acquire any company, business, assets or undertaking where such a
transaction or acquisition is classed as a “Category 1” transaction under the
Listing Requirements of the JSE Limited. 
For the

 

49

 

purpose
of this Clause 21.13 only, references to a transaction shall be construed
as not including any acquisition of the Parent by a third party.

21.14               Financial Indebtedness

No
member of the Group (other than an Obligor or a Project Finance Subsidiary)
shall incur, create or permit to subsist or have outstanding any Financial
Indebtedness or enter into any agreement or arrangement whereby it is entitled
to incur, create or permit to subsist any Financial Indebtedness other than
Permitted Financial Indebtedness.

21.15               Ownership of Material Group
Companies

The
Parent shall ensure that:

(a)                                      each Material Group Company
(other than the Parent, any Ghanaian Company, Promotora Minera de Guayana, S.A.
and the Cerro Corona Subsidiary) is and continues to be a wholly-owned
Subsidiary of the Parent;

(b)                                     the Parent holds and continues
to hold at least 71.1% of the issued share capital of each Ghanaian Company;

(c)                                      the Parent holds and continues
to hold at least 92% of the voting shares in the share capital of the Cerro
Corona Subsidiary (which equates to 80.7% of the issued and outstanding shares
in the share capital of the Cerro Corona Subsidiary); and

(d)                                     the Parent holds and continues
to hold at least 95% of the issued share capital of Promotora Minera de
Guayana, S.A., which owns and operates the Choco 10 mine in Venezuela.

22.                           EVENTS OF DEFAULT

Each of
the events or circumstances set out in Clause 22 is an Event of Default
(whether or not caused by any reason whatsoever outside the control of a
Borrower or the Parent or any other person).

22.1                     Non-payment

An
Obligor does not pay on the due date any amount payable pursuant to a Finance
Document at the place at and in the currency in which it is expressly payable
unless:

(a)                                      its failure to pay is caused
by administrative or technical error; and

(b)                                     payment is made within 3
(three) Business Days of its due date.

22.2                     Financial covenants

Any
requirement of Clause 20 (Financial
Covenants) is not satisfied.

 

50

 

22.3                     Other obligations

(a)                                      Subject to Clause 22.17 (Remedy), an Obligor does not comply with
any provision of the Finance Documents (other than those referred to in
Clause 22.1 (Non-Payment)
and Clause 20 (Financial Covenants)).

(b)                                     No Event of Default will occur
under paragraph (a) above if the Taxes not duly and punctually paid and
discharged and in respect of which the undertaking contained in
Clause 21.9 (Taxation) is
given do not exceed an amount of $10,000,000 (ten million dollars).

22.4                     Misrepresentation

(a)                                      Subject to Clause 22.17 (Remedy), any representation or statement
made or deemed to be made by any Obligor in the Finance Documents or any other
document delivered by or on behalf of any Obligor under or in connection with
any Finance Document is or proves to have been incorrect or misleading in any
material and adverse respect when made or deemed to be made.

(b)                                     No Event of Default will occur
under paragraph (a) above if the Taxes in respect of which the representation
contained in Clause 18.20 (Taxation)
was made does not exceed an amount of $10,000,000 (ten million dollars).

22.5                     Cross-default

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

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

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

(d)                                     Any creditor of a Material
Group Company becomes entitled to declare any Financial Indebtedness of a
Material Group Company due and payable prior to its specified maturity as a
result of an event of default (however described) except in respect of any
agreement for managing or hedging currency and/or interest and/or commodity risk
held by Western Areas Limited as at the date of this Agreement, where such
event of default is declared solely by or on behalf of the hedge
counterparties  (including their
respective successors in title, permitted assigns and permitted transferees) to
such agreements.  For the avoidance of
doubt, to the extent that such event of default results in any other creditor
of the Parent (or its Subsidiaries) declaring an event of default in respect of
their indebtedness, such declaration shall result in an event of default under
this paragraph (d).

 

51

 

(e)                                      No Event of Default will occur
under this Clause 22.5 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness, falling within paragraphs (a) to (d)
of this Clause 22.5 above is less than $20,000,000.

22.6                     Insolvency

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

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

(c)                                      A moratorium is declared in
respect of any Financial Indebtedness of any Material Group Company.

22.7                     Insolvency proceedings

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

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

(b)                                     a composition, compromise,
assignment or arrangement with any creditor or class of creditors of any
Material Group Company;

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

(d)                                     enforcement of any Encumbrance
over any assets of any Material Group Company,

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

22.8                     Failure to comply with final
judgement

Any
Material Group Company fails within 5 (five) Business Days of the due date to
comply with or pay any sum due from it under any material final judgement or
any final order made or given by any court of competent jurisdiction.  For the purposes of this Clause 22.8, a

 

52

 

“material final judgement” shall be any
judgement for the payment of a sum of money in excess of $10,000,000 (ten
million dollars).

22.9                     Creditors’ process

Any
expropriation (other than an expropriation where fair compensation is received)
or the operation of the attachment, sequestration, distress or execution
affects any material asset of a Material Group Company and is not discharged
within 21 (twenty-one) days.  For the
purposes of this Clause 22.9 a “material
asset” is any single income producing asset of the relevant Material
Group Company which contributes not less than 5% (five percent) towards the
Consolidated EBITDA or gross assets of the Group (calculated according to the
most recent set of audited consolidated financial statements delivered pursuant
to Clause 19.1 (Financial Statements))
provided that any loss of mineral
rights arising as a result of the operation of the Mineral and Petroleum
Resources Development Act, No. 28 of 2002 substantially in its current form as
at the date of this Agreement and/or the operation of the Minerals and
Petroleum Royalty Bill in substantially its current form once enacted shall not
constitute an expropriation for the purposes of this Clause 22.9.

22.10               Unlawfulness

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

22.11               Repudiation and Unenforceability

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

22.12               Governmental Intervention

By or under the authority of any government:

(a)                                      the management of any Material
Group Company is wholly or partially displaced or the authority of any Material
Group Company in the conduct of its business is wholly or partially taken over;
or

(b)                                     all or a majority of the
issued shares of any Material Group Company or material part of its revenues or
assets is seized, nationalised, expropriated or compulsorily acquired.  For the purposes of this Clause 22.12 “material part of its revenues or assets”
shall in relation to the relevant Material Group Company be construed as
revenues comprising not less than 5% (five percent) of the Consolidated EBITDA
or gross assets of the Group calculated mutatis mutandis in accordance with the
provisions of Clause 22.9 (Creditors’ process)
or assets which contribute not less than 5% (five percent) towards the
Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis accordance with the
provisions of Clause 22.9 (Creditors’
process), provided that neither the implementation of the Mineral
and Petroleum Resources Development Act, No. 28 of 2002 substantially in its
current form as at the date of this Agreement nor the implementation of the
Minerals and

 

53

Petroleum Royalty Bill in substantially its current form once enacted shall
constitute a seizure, nationalisation, expropriation or compulsory acquisition
as contemplated by this Clause 22.12.

22.13               Material Adverse Effect

Any
change occurs in the business, condition (financial or otherwise), operations,
performance, properties or prospects of the Obligors or the Group taken as a
whole since the date of the Original Financial Statements provided to the Agent
in accordance with this Agreement, which could be reasonably likely to have a
Material Adverse Effect.

22.14               Cessation of Business

Any
Material Group Company ceases to carry on the business which it undertakes at
the date of this Agreement.

22.15               Litigation

Any
litigation, arbitration, administrative proceedings or governmental or
regulatory investigations or proceedings against any Material Group Company or
its respective assets or revenues is reasonably expected to be adversely
determined, and if so determined, could reasonably be expected to have a
Material Adverse Effect.

22.16               Acceleration

On and at any time after the occurrence of an Event of
Default which is continuing the Agent may, and shall if so directed by the
Majority Lenders, by notice to the Borrower and the Parent:

(a)                                      cancel the Total Commitments
whereupon they shall immediately be cancelled;

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

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

22.17               Remedy

(a)                                      No Event of Default under this
Clause 22 (Events of Default)
(other than those referred to in Clause 22.1 (Non-payment)
and 22.2 (Financial covenants))
will occur if the failure to comply or circumstance giving rise to the same is
capable of remedy and is remedied by an Obligor within 10 (ten) days of the
earlier of the Agent giving notice to the Obligors or any Obligor becoming
aware of the failure to comply.

(b)                                     For the purposes of paragraph
(a) above, the events or circumstances referred to in Clause 22.5 (Cross-default), Clause 22.6 (Insolvency), Clause 22.7 (Insolvency Proceedings), Clause 22.8 (Failure to comply with final judgment),
Clause 22.9

 

54

 

(Creditors’ process), Clause
22.10 (Unlawfulness), Clause
22.11 (Repudiation and Unenforceability),
Clause 22.12 (Governmental Intervention),
Clause 22.13 (Material Adverse Effect)
and Clause 22.14 (Cessation of Business)
shall be deemed to be incapable of remedy save to the extent set out therein
unless the Agent determines otherwise.

 

55

 

SECTION
9

CHANGES TO PARTIES

23.                           CHANGES TO THE LENDERS

23.1                     Assignments and transfers by
the Lenders

Subject to this Clause 23, a Lender
(the “Existing Lender”) may:

(a)                                      assign any of its rights; or

(b)                                     transfer by novation any of
its rights and obligations,

to another bank or financial institution (the “New Lender”).

23.2                     Conditions of assignment or
transfer

(a)                                      The consent of the Parent is required for an assignment
or transfer by an Existing Lender, unless the assignment or transfer:

(i)                       takes effect after the
earliest of (x) five days after the initial Utilisation Date, (y) the date
falling six Months after the date of this Agreement or (z) the date on which an
Event of Default has occurred and is continuing; or

(ii)                     is to another Lender or an Affiliate of a
Lender.

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

(c)                                      The consent of the Parent to an assignment or transfer
must not be withheld solely because the assignment or transfer may result in an
increase to the Mandatory Cost.

(d)                                     An assignment will only be
effective on:

(i)                        receipt by the Agent of
written confirmation from the New Lender (in form and substance satisfactory to
the Agent) that the New Lender will assume the same obligations to the other
Finance Parties as it would have been under if it was an Original Lender; and

(ii)                     performance by the Agent of all necessary “know
your customer” or other similar checks under all applicable laws and
regulations in relation to such assignment to a New Lender, the completion of
which the Agent shall promptly notify to the Existing Lender and the New
Lender.

(e)                                      A transfer will only be
effective if the procedure set out in Clause 23.5 (Procedure
for transfer) is complied with.

 

56

 

(f)                                        If:

(i)                        a Lender assigns or transfers
any of its rights or obligations under the Finance Documents or changes its
Facility Office; and

(ii)                     as a result of circumstances existing at
the date the assignment, transfer or change occurs, an Obligor would be obliged
to make a payment to the New Lender or Lender acting through its new Facility
Office under Clause 12 (Tax gross-up and
indemnities) or Clause 13 (Increased costs),

then
the New Lender or Lender acting through its new Facility Office is only
entitled to receive payment under those Clauses to the same extent as the
Existing Lender or Lender acting through its previous Facility Office would
have been if the assignment, transfer or change had not occurred.

23.3                     Assignment or transfer fee

The New
Lender shall, on the date upon which an assignment or transfer takes effect,
pay to the Agent (for its own account) a fee of $1,500, unless the Agent, in
its sole discretion, agrees to waive the payment of such fee.

23.4                     Limitation of responsibility
of Existing Lenders

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

(i)                        the legality, validity,
effectiveness, adequacy or enforceability of the Finance Documents or any other
documents;

(ii)                     the financial condition of any Obligor;

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

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

and any
representations or warranties implied by law are excluded.

(b)                                     Each New Lender confirms to
the Existing Lender and the other Finance Parties that it:

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

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

 

57

 

(c)                                      Nothing in any Finance
Document obliges an Existing Lender to:

(i)                        accept a re-transfer from a
New Lender of any of the rights and obligations assigned or transferred under
this Clause 23; or

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

23.5                     Procedure for transfer

(a)                                      Subject to the conditions set
out in Clause 23.2 (Conditions of assignment
or transfer) a transfer is effected in accordance with
paragraph (c) below when the Agent executes an otherwise duly completed
Transfer Certificate delivered to it by the Existing Lender and the New
Lender.  The Agent shall, subject to
paragraph (b) below, as soon as reasonably practicable after receipt by it
of a duly completed Transfer Certificate appearing on its face to comply with
the terms of this Agreement and delivered in accordance with the terms of this
Agreement, execute that Transfer Certificate.

(b)                                     The Agent shall only be
obliged to execute a Transfer Certificate delivered to it by the Existing
Lender and the New Lender once it is satisfied it has complied with all
necessary “know your customer” or other similar checks under all applicable
laws and regulations in relation to the transfer to such New Lender.

(c)                                      On the Transfer Date:

(i)                        to the extent that in the
Transfer Certificate the Existing Lender seeks to transfer by novation its
rights and obligations under the Finance Documents each of the Obligors and the
Existing Lender shall be released from further obligations towards one another
under the Finance Documents and their respective rights against one another
under the Finance Documents shall be cancelled (being the “Discharged
Rights and Obligations”);

(ii)                     each of the Obligors and the New Lender
shall assume obligations towards one another and/or acquire rights against one
another which differ from the Discharged Rights and Obligations only insofar as
that Obligor and the New Lender have assumed and/or acquired the same in place
of that Obligor and the Existing Lender;

(iii)                  the Agent, the Arranger, the New Lender and
other Lenders shall acquire the same rights and assume the same obligations
between themselves as they would have acquired and assumed had the New Lender
been an Original Lender with the rights and/or obligations acquired or assumed
by it as a result of the transfer and to that extent the Agent, the Arranger
and the Existing Lender shall each be released from further obligations to each
other under the Finance Documents; and

(iv)                 the New Lender shall become a Party as a “Lender”.

 

58

 

23.6                     Copy of Transfer Certificate
to Parent

The
Agent shall, as soon as reasonably practicable after it has executed a Transfer
Certificate, send to the Parent
a copy of that Transfer Certificate.

23.7                     Disclosure of information

Any Lender may disclose to any of its Affiliates
and any other person:

(a)                                      to (or through) whom that
Lender assigns or transfers (or may potentially assign or transfer) all or any
of its rights and obligations under this Agreement;

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

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

any
information about any Obligor, the Group and the Finance Documents as that
Lender shall consider appropriate if, in relation to paragraphs (a) and
(b) above, the person to whom the information is to be given has entered into a
Confidentiality Undertaking.

24.                           CHANGES TO THE OBLIGORS

24.1                     Assignment and transfer by
Obligors

No
Obligor may assign any of its rights or transfer any of its rights or
obligations under the Finance Documents.

24.2                     Additional Borrowers

(a)                                      Subject to compliance with the
provisions of paragraphs (c) and (d) of Clause 19.8 (“Know your customer” checks), the Parent may request that
any of its wholly owned Subsidiaries become an Additional Borrower.  That Subsidiary shall become an Additional
Borrower if:

(i)                        all the Lenders approve the
addition of that Subsidiary;

(ii)                     the Parent delivers to the Agent a duly
completed and executed Accession Letter;

(iii)                  the Parent confirms that no Default is
continuing or would occur as a result of that Subsidiary becoming an Additional
Borrower; and

(iv)                 the Agent has received all of the documents
and other evidence listed in Part II of Schedule 2 (Conditions precedent) in relation to that Additional
Borrower, each in form and substance satisfactory to the Agent.

(b)                                     The Agent shall notify the
Parent and the Lenders promptly upon being satisfied that it has received (in
form and substance satisfactory to it) all the documents and other evidence
listed in Part II of Schedule 2 (Conditions
precedent).

 

59

 

24.3                     Resignation of an Additional
Borrower

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

(b)                                     The Agent shall accept a
Resignation Letter and notify the Parent and the Lenders of its acceptance if:

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

(ii)                     the Borrower is under no actual or
contingent obligations as a Borrower under any Finance Documents,

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

24.4                     Additional Guarantors

(a)                                      Subject to compliance with the
provisions of paragraphs (c) and (d) of Clause 19.8 (“Know your customer” checks), the Parent may request that
any of its wholly owned Subsidiaries become an Additional Guarantor.  That Subsidiary shall become an Additional
Guarantor if;

(i)                        the Parent delivers to the
Agent a duly completed and executed Accession Letter; and

(ii)                     the Agent has received all of the documents
and other evidence listed in Part III of Schedule 2 (Conditions precedent) in relation to that Additional
Guarantor, each in form and substance satisfactory to the Agent.

(b)                                     The Agent shall notify the
Parent and the Lenders promptly upon being satisfied that it has received (in
form and substance satisfactory to it) all the documents and other evidence
listed in Part III of Schedule 2 (Conditions
precedent).

24.5                     Repetition of Representations

Delivery
of an Accession Letter constitutes confirmation by the relevant Subsidiary that
the representations in Clause 18 (Representations)
are true and correct in relation to it as at the date of delivery as if made by
reference to the facts and circumstances then existing.

24.6                     Resignation of an Additional
Guarantor

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

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

 

60

 

SECTION
10

THE FINANCE PARTIES

25.                           ROLE OF THE AGENT AND THE ARRANGER

25.1                     Appointment of the Agent

(a)                                      Each other Finance Party
appoints the Agent to act as its agent under and in connection with the Finance
Documents.

(b)                                     Each other Finance Party
authorises the Agent to exercise the rights, powers, authorities and
discretions specifically given to the Agent under or in connection with the
Finance Documents together with any other incidental rights, powers,
authorities and discretions.

25.2                     Duties of the Agent

(a)                                      The Agent shall promptly
forward to a Party the original or a copy of any document which is delivered to
the Agent for that Party by any other Party.

(b)                                     Except where a Finance
Document specifically provides otherwise, the Agent is not obliged to review or
check the adequacy, accuracy or completeness of any document it forwards to
another Party.

(c)                                      If the Agent receives notice
from a Party referring to this Agreement, describing a Default and stating that
the circumstance described is a Default, it shall promptly notify the other
Finance Parties.

(d)                                     If the Agent is aware of the
non-payment of any principal, interest, commitment fee or other fee payable to
a Finance Party (other than the Agent or the Arranger) under this Agreement it
shall promptly notify the other Finance Parties.

(e)                                      The Agent’s duties under the
Finance Documents are solely mechanical and administrative in nature.

25.3                     Role of the Arranger

Except
as specifically provided in the Finance Documents, the Arranger has no
obligations of any kind to any other Party under or in connection with any
Finance Document.

25.4                     No fiduciary duties

(a)                                      Nothing in this Agreement
constitutes the Agent or the Arranger as a trustee or fiduciary of any other
person.

(b)                                     Neither the Agent nor the
Arranger shall be bound to account to any Lender for any sum or the profit
element of any sum received by it for its own account.

25.5                     Business with the Group

The
Agent and the Arranger may accept deposits from, lend money to and generally
engage in any kind of banking or other business with any member of the Group.

 

61

 

25.6                     Rights and discretions of the
Agent

(a)                                      The Agent may rely on:

(i)                        any representation, notice or
document believed by it to be genuine, correct and appropriately authorised;
and

(ii)                     any statement made by a director,
authorised signatory or employee of any person regarding any matters which may
reasonably be assumed to be within his knowledge or within his power to verify.

(b)                                     The Agent may assume (unless
it has received notice to the contrary in its capacity as agent for the
Lenders) that:

(i)                        no Default has occurred
(unless it has actual knowledge of a Default arising under Clause 22.1 (Non-payment));

(ii)                     any right, power, authority or discretion
vested in any Party or the Majority Lenders has not been exercised; and

(iii)                  any notice or request made by the Parent (other than a Utilisation
Request or Selection Notice) is made on behalf of and with the consent and
knowledge of all the Obligors.

(c)                                      The Agent may engage, pay for
and rely on the advice or services of any lawyers, accountants, surveyors or
other experts.

(d)                                     The Agent may act in relation
to the Finance Documents through its personnel and agents.

(e)                                      The Agent may disclose to any other
Party any information it reasonably believes it has received as agent under
this Agreement.

(f)                                        Notwithstanding any other
provision of any Finance Document to the contrary, neither the Agent nor the
Arranger is obliged to do or omit to do anything if it would or might in its
reasonable opinion constitute a breach of any law or regulation or a breach of
a fiduciary duty or duty of confidentiality.

25.7                     Majority Lenders’ instructions

(a)                                      Unless a contrary indication
appears in a Finance Document, the Agent shall (i) exercise any right, power,
authority or discretion vested in it as Agent in accordance with any
instructions given to it by the Majority Lenders (or, if so instructed by the
Majority Lenders, refrain from exercising any right, power, authority or
discretion vested in it as Agent) and (ii) not be liable for any act (or
omission) if it acts (or refrains from taking any action) in accordance with an
instruction of the Majority Lenders.

(b)                                     Unless a contrary indication
appears in a Finance Document, any instructions given by the Majority Lenders
will be binding on all the Finance Parties.

 

62

 

(c)                                      The Agent may refrain from
acting in accordance with the instructions of the Majority Lenders (or, if appropriate,
the Lenders) until it has received such security as it may require for any
cost, loss or liability (together with any associated VAT) which it may incur
in complying with the instructions.

(d)                                     In the absence of instructions
from the Majority Lenders, (or, if appropriate, the Lenders) the Agent may act
(or refrain from taking action) as it considers to be in the best interest of
the Lenders.

(e)                                      The Agent is not authorised to
act on behalf of a Lender (without first obtaining that Lender’s consent) in
any legal or arbitration proceedings relating to any Finance Document.

25.8                     Responsibility for
documentation

Neither the Agent nor the Arranger:

(a)                                      is responsible for the
adequacy, accuracy and/or completeness of any information (whether oral or
written) supplied by the Agent, the Arranger, an Obligor or any other person
given in or in connection with any Finance Document; or

(b)                                     is responsible for the
legality, validity, effectiveness, adequacy or enforceability of any Finance
Document or any other agreement, arrangement or document entered into, made or
executed in anticipation of or in connection with any Finance Document.

25.9                     Exclusion of liability

(a)                                      Without limiting
paragraph (b) below, the Agent will not be liable (including without
limitation, for negligence or any other category of liability whatsoever) for
any action taken by it under or in connection with any Finance Document, unless
directly caused by its gross negligence or wilful misconduct.

(b)                                     No Party (other than the
Agent) may take any proceedings against any officer, employee or agent of the
Agent in respect of any claim it might have against the Agent or in respect of
any act or omission of any kind by that officer, employee or agent in relation
to any Finance Document and any officer, employee or agent of the Agent may
rely on this Clause 25.9 subject to Clause 1.4 (Third Party
Rights) and the provisions of the Third Parties Act.

(c)                                      The Agent will not be liable
for any delay (or any related consequences) in crediting an account with an
amount required under the Finance Documents to be paid by the Agent if the
Agent has taken all necessary steps as soon as reasonably practicable to comply
with the regulations or operating procedures of any recognised clearing or
settlement system used by the Agent for that purpose.

(d)                                     Nothing in this Agreement
shall oblige the Agent or the Arranger to carry out any “know your customer” or
other checks in relation to any person on behalf of any Lender and each Lender
confirms to the Agent and the Arranger that it is solely

 

63

responsible for any such checks it is required to carry out and that it may not
rely on any statement in relation to such checks made by the Agent or the
Arranger.

25.10               Lenders’ indemnity to the
Agent

Each
Lender shall (in proportion to its share of the Total Commitments or, if the
Total Commitments are then zero, to its share of the Total Commitments
immediately prior to their reduction to zero) indemnify the Agent, within three
Business Days of demand, against any cost, loss or liability (including,
without limitation, for negligence or any other category of liability
whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s
gross negligence or wilful misconduct) in acting as Agent under the Finance
Documents (unless the Agent has been reimbursed by an Obligor pursuant to a
Finance Document).

25.11               Resignation of the Agent

(a)                                      The Agent may resign and
appoint one of its Affiliates acting through an office as successor by giving
notice to the other Finance Parties and the Parent.

(b)                                     Alternatively the Agent may
resign by giving notice to the other Finance Parties and the Parent, in which case the Majority
Lenders (after consultation with the Parent)
may appoint a successor Agent.

(c)                                      If the Majority Lenders have
not appointed a successor Agent in accordance with paragraph (b) above
within 30 days after notice of resignation was given, the Agent (after
consultation with the Parent)
may appoint a successor Agent.

(d)                                     The retiring Agent shall, at
its own cost, make available to the successor Agent such documents and records
and provide such assistance as the successor Agent may reasonably request for
the purposes of performing its functions as Agent under the Finance Documents.

(e)                                      The Agent’s resignation notice
shall only take effect upon the appointment of a successor.

(f)                                        Upon the appointment of a
successor, the retiring Agent shall be discharged from any further obligation
in respect of the Finance Documents but shall remain entitled to the benefit of
this Clause 25.  Its successor and
each of the other Parties shall have the same rights and obligations amongst
themselves as they would have had if such successor had been an original Party.

(g)                                     After consultation with the Parent, the Majority Lenders may, by
notice to the Agent, require it to resign in accordance with paragraph (b)
above.  In this event, the Agent shall
resign in accordance with paragraph (b) above.

25.12               Confidentiality

(a)                                      In acting as agent for the
Finance Parties, the Agent shall be regarded as acting through its agency
division which shall be treated as a separate entity from any other of its
divisions or departments.

 

64

 

(b)                                     If information is received by
another division or department of the Agent, it may be treated as confidential
to that division or department and the Agent shall not be deemed to have notice
of it.

25.13               Relationship with the Lenders

(a)                                      The Agent may treat each
Lender as a Lender, entitled to payments under this Agreement and acting
through its Facility Office unless it has received not less than five Business
Days prior notice from that Lender to the contrary in accordance with the terms
of this Agreement.

(b)                                     Each Lender shall supply the
Agent with any information required by the Agent in order to calculate the
Mandatory Cost in accordance with Schedule 4 (Mandatory
Cost Formulae).

25.14               Credit appraisal by the
Lenders

Without
affecting the responsibility of any Obligor for information supplied by it or
on its behalf in connection with any Finance Document, each Lender confirms to
the Agent and the Arranger that it has been, and will continue to be, solely
responsible for making its own independent appraisal and investigation of all risks
arising under or in connection with any Finance Document including but not
limited to:

(a)                                      the financial condition,
status and nature of each member of the Group;

(b)                                     the legality, validity,
effectiveness, adequacy or enforceability of any Finance Document and any other
agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document;

(c)                                      whether that Lender has
recourse, and the nature and extent of that recourse, against any Party or any
of its respective assets under or in connection with any Finance Document, the
transactions contemplated by the Finance Documents or any other agreement,
arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document; and

(d)                                     the adequacy, accuracy and/or
completeness of any information provided by the Agent, any Party or by any
other person under or in connection with any Finance Document, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or
document entered into, made or executed in anticipation of, under or in
connection with any Finance Document.

25.15               Reference Banks

If a
Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it
is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with
the Parent) appoint another
Lender or an Affiliate of a Lender to replace that Reference Bank.

 

65

 

25.16               Agent’s Management Time

Any
amount payable to the Agent under Clause 14.3 (Indemnity to
the Agent), Clause 16 (Costs and expenses)
and Clause 25.10 (Lenders’ indemnity to the
Agent) shall include the cost of utilising the Agent’s management
time or other resources and will be calculated on the basis of such reasonable
daily or hourly rates as the Agent may notify to the Parent and the Lenders, and is in addition to any fee paid or
payable to the Agent under Clause 11 (Fees).

25.17               Deduction from amounts payable
by the Agent

If any
Party owes an amount to the Agent under the Finance Documents the Agent may,
after giving notice to that Party, deduct an amount not exceeding that amount
from any payment to that Party which the Agent would otherwise be obliged to
make under the Finance Documents and apply the amount deducted in or towards
satisfaction of the amount owed.  For the
purposes of the Finance Documents that Party shall be regarded as having
received any amount so deducted.

26.                           CONDUCT OF BUSINESS BY THE FINANCE
PARTIES

No provision of this Agreement will:

(a)                                      interfere with the right of
any Finance Party to arrange its affairs (tax or otherwise) in whatever manner
it thinks fit;

(b)                                     oblige any Finance Party to
investigate or claim any credit, relief, remission or repayment available to it
or the extent, order and manner of any claim; or

(c)                                      oblige any Finance Party to
disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

27.                           SHARING AMONG THE FINANCE PARTIES

27.1                     Payments to Finance Parties

If a Finance Party (a “Recovering
Finance Party”) receives or recovers any amount from an Obligor
other than in accordance with Clause 28 (Payment
Mechanics) and applies that amount to a payment due under the
Finance Documents then:

(a)                                      the Recovering Finance Party
shall, within three Business Days, notify details of the receipt or recovery,
to the Agent;

(b)                                     the Agent shall determine
whether the receipt or recovery is in excess of the amount the Recovering
Finance Party would have been paid had the receipt or recovery been received or
made by the Agent and distributed in accordance with Clause 28 (Payment Mechanics), without taking account of any Tax which
would be imposed on the Agent in relation to the receipt, recovery or
distribution; and

(c)                                      the Recovering Finance Party
shall, within three Business Days of demand by the Agent, pay to the Agent an
amount (the “Sharing Payment”) equal to such
receipt or recovery less any amount which the Agent determines may be retained
by the

 

66

Recovering Finance Party as its share of any payment to be made, in accordance
with Clause 28.5 (Partial Payments).

27.2                     Redistribution of payments

The
Agent shall treat the Sharing Payment as if it had been paid by the relevant
Obligor and distribute it between the Finance Parties (other than the
Recovering Finance Party) in accordance with Clause 28.5 (Partial Payments).

27.3                     Recovering Finance Party’s
rights

(a)                                      On a distribution by the Agent
under Clause 27.2 (Redistribution of payments),
the Recovering Finance Party will be subrogated to the rights of the Finance
Parties which have shared in the redistribution.

(b)                                     If and to the extent that the
Recovering Finance Party is not able to rely on its rights under paragraph (a)
above, the relevant Obligor shall be liable to the Recovering Finance Party for
a debt equal to the Sharing Payment which is immediately due and payable.

27.4                     Reversal of redistribution

If any part of the Sharing Payment received
or recovered by a Recovering Finance Party becomes repayable and is repaid by
that Recovering Finance Party, then:

(a)                                      each Finance Party which has
received a share of the relevant Sharing Payment pursuant to Clause 27.2 (Redistribution of payments) shall, upon request of the
Agent, pay to the Agent for account of that Recovering Finance Party an amount
equal to the appropriate part of its share of the Sharing Payment (together
with an amount as is necessary to reimburse that Recovering Finance Party for
its proportion of any interest on the Sharing Payment which that Recovering
Finance Party is required to pay); and

(b)                                     that Recovering Finance Party’s
rights of subrogation in respect of any reimbursement shall be cancelled and
the relevant Obligor will be liable to the reimbursing Finance Party for the
amount so reimbursed.

27.5                     Exceptions

(a)                                      This Clause 27 shall not
apply to the extent that the Recovering Finance Party would not, after making
any payment pursuant to this Clause 27, have a valid and enforceable claim
against the relevant Obligor.

(b)                                     A Recovering Finance Party is
not obliged to share with any other Finance Party any amount which the
Recovering Finance Party has received or recovered as a result of taking legal
or arbitration proceedings, if:

(i)                        it notified that other Finance
Party of the legal or arbitration proceedings; and

(ii)                     that other Finance Party had an opportunity
to participate in those legal or arbitration proceedings but did not do so as
soon as reasonably practicable

 

67

having received notice and did not take separate legal or arbitration
proceedings.

 

68

 

SECTION
11

ADMINISTRATION

28.                           PAYMENT MECHANICS

28.1                     Payments to the Agent

(a)                                      On each date on which an
Obligor or a Lender is required to make a payment under a Finance Document,
that Obligor or Lender shall make the same available to the Agent (unless a
contrary indication appears in a Finance Document) for value on the due date at
the time and in such funds specified by the Agent as being customary at the
time for settlement of transactions in the relevant currency in the place of
payment.

(b)                                     Payment shall be made to such
account in the principal financial centre of the country of that currency with
such bank as the Agent specifies.

28.2                     Distributions by the Agent

Each
payment received by the Agent under the Finance Documents for another Party
shall, subject to Clause 28.3 (Distributions to an
Obligor), Clause 28.4 (Clawback) and
Clause 25.17 (Deduction from amounts
payable by the Agent) be made available by the Agent as soon as
practicable after receipt to the Party entitled to receive payment in
accordance with this Agreement (in the case of a Lender, for the account of its
Facility Office), to such account as that Party may notify to the Agent by not
less than five Business Days’ notice with a bank in the principal financial
centre of the country of that currency.

28.3                     Distributions to an Obligor

The
Agent may (with the consent of the Obligor or in accordance with Clause 29
(Set-off)) apply any amount received by
it for that Obligor in or towards payment (on the date and in the currency and
funds of receipt) of any amount due from that Obligor under the Finance
Documents or in or towards purchase of any amount of any currency to be so
applied.

28.4                     Clawback

(a)                                      Where a sum is to be paid to
the Agent under the Finance Documents for another Party, the Agent is not
obliged to pay that sum to that other Party (or to enter into or perform any
related exchange contract) until it has been able to establish to its
satisfaction that it has actually received that sum.

(b)                                     If the Agent pays an amount to
another Party and it proves to be the case that the Agent had not actually
received that amount, then the Party to whom that amount (or the proceeds of
any related exchange contract) was paid by the Agent shall on demand refund the
same to the Agent together with interest on that amount from the date of
payment to the date of receipt by the Agent, calculated by the Agent to reflect
its cost of funds.

 

69

 

28.5                     Partial payments

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

(i)                        first, in or towards payment pro
rata of any unpaid fees, costs and expenses of the Agent and the Arranger under
the Finance Documents;

(ii)                     secondly, in or towards payment pro
rata of any accrued interest, fee or commission due but unpaid under this
Agreement;

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

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

(b)                                     The Agent shall, if so
directed by the Majority Lenders, vary the order set out in
paragraphs (a)(ii) to (iv) above.

(c)                                      Paragraphs (a) and (b) above
will override any appropriation made by an Obligor.

28.6                     No set-off by Obligors

All
payments to be made by an Obligor under the Finance Documents shall be
calculated and be made without (and free and clear of any deduction for)
set-off or counterclaim.

28.7                     Business Days

(a)                                      Any payment which is due to be
made on a day that is not a Business Day shall be made on the next Business Day
in the same calendar month (if there is one) or the preceding Business Day (if
there is not).

(b)                                     During any extension of the
due date for payment of any principal or Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the
original due date.

28.8                     Currency of account

(a)                                      Subject to paragraphs (b)
and (c) below, dollars is the currency of account and payment for any sum due
from an Obligor under any Finance Document.

(b)                                     Each payment in respect of
costs, expenses or Taxes shall be made in the currency in which the costs,
expenses or Taxes are incurred.

(c)                                      Any amount expressed to be
payable in a currency other than dollars shall be paid in that other currency.

 

70

 

28.9                     Change of currency

(a)                                      Unless otherwise prohibited by
law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country,
then:

(i)                        any reference in the Finance
Documents to, and any obligations arising under the Finance Documents in, the
currency of that country shall be translated into, or paid in, the currency or
currency unit of that country designated by the Agent (after consultation with
the Parent); and

(ii)                     any translation from one currency or
currency unit to another shall be at the official rate of exchange recognised
by the central bank for the conversion of that currency or currency unit into
the other, rounded up or down by the Agent (acting reasonably).

(b)                                     If a change in any currency of
a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Parent) specifies to be necessary, be amended to comply with any
generally accepted conventions and market practice in the Relevant Interbank
Market and otherwise to reflect the change in currency.

29.                           SET-OFF

A
Finance Party may set off any matured obligation due from an Obligor under the
Finance Documents (to the extent beneficially owned by that Finance Party)
against any matured obligation owed by that Finance Party to that Obligor,
regardless of the place of payment, booking branch or currency of either
obligation.  If the obligations are in
different currencies, the Finance Party may convert either obligation at a
market rate of exchange in its usual course of business for the purpose of the
set-off.

30.                           NOTICES

30.1                     Communications in writing

Any
communication to be made under or in connection with the Finance Documents
shall be made in writing and, unless otherwise stated, may be made by fax or
letter.

30.2                     Addresses

The address and fax number (and the department or officer,
if any, for whose attention the communication is to be made) of each Party for
any communication or document to be made or delivered under or in connection
with the Finance Documents is:

(a)                                      in the case of the Parent, that identified with its name
below;

(b)                                     in the case of each Lender or
any other Obligor, that notified in writing to the Agent on or prior to the
date on which it becomes a Party; and

(c)                                      in the case of the Agent, that
identified with its name below,

 

71

 

or any
substitute address or fax number or department or officer as the Party may
notify to the Agent (or the Agent may notify to the other Parties, if a change
is made by the Agent) by not less than five Business Days’ notice.

30.3                     Delivery

(a)                                      Any communication or document
made or delivered by one person to another under or in connection with the
Finance Documents will only be effective:

(i)                        if by way of fax, when
received in legible form; or

(ii)                     if by way of letter, when it has been left
at the relevant address or five Business Days after being deposited in the post
postage prepaid in an envelope addressed to it at that address,

and, if
a particular department or officer is specified as part of its address details
provided under Clause 30.2 (Addresses), if
addressed to that department or officer.

(b)                                     Any communication or document
to be made or delivered to the Agent will be effective only when actually
received by the Agent and then only if it is expressly marked for the attention
of the department or officer identified with the Agent’s signature below (or
any substitute department or officer as the Agent shall specify for this
purpose).

(c)                                      All notices from or to an
Obligor shall be sent through the Agent.

(d)                                     Any communication or document
made or delivered to the Parent
in accordance with this Clause will be deemed to have been made or
delivered to each of the Obligors.

30.4                     Notification of address and
fax number

Promptly
upon receipt of notification of an address and fax number or change of address
or fax number pursuant to Clause 30.2 (Addresses) or
changing its own address or fax number, the Agent shall notify the other
Parties.

30.5                     Electronic communication

(a)                                      Any communication to be made
between the Agent and a Lender under or in connection with the Finance
Documents may be made by electronic mail or other electronic means, if the
Agent and the relevant Lender:

(i)                        agree that, unless and until
notified to the contrary, this is to be an accepted form of communication;

(ii)                     notify each other in writing of their
electronic mail address and/or any other information required to enable the
sending and receipt of information by that means; and

(iii)                  notify each other of any change to their
address or any other such information supplied by them.

 

72

 

(b)                                     Any electronic communication
made between the Agent and a Lender will be effective only when actually
received in readable form and in the case of any electronic communication made
by a Lender to the Agent only if it is addressed in such a manner as the Agent
shall specify for this purpose.

30.6                     English language

(a)                                      Any notice given under or in
connection with any Finance Document must be in English.

(b)                                     All other documents provided
under or in connection with any Finance Document must be:

(i)                        in English; or

(ii)                     if not in English, and if so required by
the Agent, accompanied by a certified English translation and, in this case,
the English translation will prevail unless the document is a constitutional,
statutory or other official document.

31.                           CALCULATIONS AND CERTIFICATES

31.1                     Accounts

In any
litigation or arbitration proceedings arising out of or in connection with a
Finance Document, the entries made in the accounts maintained by a Finance Party
are prima facie evidence of the matters to
which they relate.

31.2                     Certificates and
Determinations

Any
certification or determination by a Finance Party of a rate or amount under any
Finance Document is, in the absence of manifest error, conclusive evidence of
the matters to which it relates.

31.3                     Day count convention

Any
interest, commission or fee accruing under a Finance Document will accrue from
day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 days or, in any case where the practice in the Relevant
Interbank Market differs, in accordance with that market practice.

32.                           PARTIAL INVALIDITY

If, at
any time, any provision of the Finance Documents is or becomes illegal, invalid
or unenforceable in any respect under any law of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions nor the
legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired.

33.                           REMEDIES AND WAIVERS

No
failure to exercise, nor any delay in exercising, on the part of any Finance
Party, any right or remedy under the Finance Documents shall operate as a
waiver, nor shall any single

 

73

 

or
partial exercise of any right or remedy prevent any further or other exercise
or the exercise of any other right or remedy. 
The rights and remedies provided in this Agreement are cumulative and
not exclusive of any rights or remedies provided by law.

34.                           AMENDMENTS AND WAIVERS

34.1                     Required consents

(a)                                      Subject to Clause 34.2 (Exceptions) any term of the Finance Documents may be amended
or waived only with the consent of the Majority Lenders and the Parent and any
such amendment or waiver will be binding on all Parties.

(b)                                     The Agent may effect, on
behalf of any Finance Party, any amendment or waiver permitted by this
Clause 34.

34.2                     Exceptions

(a)                                      An amendment or waiver that
has the effect of changing or which relates to:

(i)                        the definition of “Majority
Lenders” in Clause 1.1 (Definitions);

(ii)                     an extension to the date of payment of any
amount under the Finance Documents;

(iii)                  a reduction in the Margin or a reduction in
the amount of any payment of principal, interest, fees or commission payable;

(iv)                 an increase in or an extension of any
Commitment;

(v)                    a change to the Borrowers or Guarantors
(other than in accordance with Clause 24 (Changes
to the Obligors));

(vi)                 any provision which expressly requires the
consent of all the Lenders;

(vii)              Clause 2.2 (Finance
Parties’ rights and obligations), Clause 23 (Changes to the Lenders) or this Clause 34.

shall
not be made without the prior consent of all the Lenders.

(b)                                     An amendment or waiver which
relates to the rights or obligations of the Agent or the Arranger may not be
effected without the consent of the Agent or the Arranger.

35.                           COUNTERPARTS

Each Finance Document may be executed in
any number of counterparts, and this has the same effect as if the signatures
on the counterparts were on a single copy of the Finance Document.

 

74

 

SECTION
12

GOVERNING LAW AND ENFORCEMENT

36.                           GOVERNING LAW

This
Agreement is governed by English law.

37.                           ENFORCEMENT

37.1                     Jurisdiction

(a)                                      The courts of England have
exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including a dispute regarding the existence, validity or
termination of this Agreement) (a “Dispute”).

(b)                                     The Parties agree that the
courts of England are the most appropriate and convenient courts to settle
Disputes and accordingly no Party will argue to the contrary.

(c)                                      This Clause 37.1 is for
the benefit of the Finance Parties only. 
As a result, no Finance Party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the Finance
Parties may take concurrent proceedings in any number of jurisdictions.

37.2                     Service of process

Without prejudice to any other mode of service allowed
under any relevant law, each Obligor (other than an Obligor incorporated in
England and Wales):

(a)                                      irrevocably appoints Law
Debenture Corporate Services Limited as its agent for service of process (in
the case of an Obligor incorporated in South Africa, domicilium citandi et executandi) in relation to any
proceedings before the English courts in connection with any Finance Document;
and

(b)                                     agrees that failure by an
agent for service of process to notify the relevant Obligor of the process will
not invalidate the proceedings concerned.

This Agreement has been entered into on the date stated at
the beginning of this Agreement.

 

75

 

SCHEDULE 1

THE ORIGINAL PARTIES

Part I

The Obligors

	
  Name of Original
  Borrower

  	
   

  	
  Registration number (or
  equivalent, if any)

  
	
   

  	
   

  	
   

  
	
  GFI Mining South Africa (Proprietary)
  Limited, incorporated in South Africa

  	
   

  	
  2002/031431/07

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of Original
  Guarantors

  	
   

  	
  Registration number (or
  equivalent, if any)

  
	
  Gold Fields Limited, incorporated in South
  Africa

  	
   

  	
  1968/004880/06

  
	
  Gold Fields Holdings Company (BVI)
  Limited, incorporated in the British Virgin Islands

  	
   

  	
  651406

  
	
  Orogen Holding (BVI) Limited,
  incorporated in the British Virgin Islands

  	
   

  	
  184982

  

 

 

76

 

Part II

The Original Lenders

	
  Name of Original Lender

  	
   

  	
  Commitment

  	
   

  
	
  Citibank, N.A. London Branch

  	
   

  	
  $

  	
  900,000,000

  	
   

  
	
  JPMorgan Chase Bank, N.A.

  	
   

  	
  $

  	
  900,000,000

  	
   

  
	
   

  	
   

  	
  $

  	
  1,800,000,000

  	
   

  

 

 

77

 

SCHEDULE 2

CONDITIONS PRECEDENT

Part I

Conditions precedent to initial utilisation

 

1.                                 Obligors

(a)                                      A copy of the constitutional
documents of each Obligor.

(b)                                     A copy of a good standing
certificate with respect to Gold Fields Holdings Company (BVI) Limited and
Orogen Holding (BVI) Limited, issued as of a recent date by the appropriate
official in the British Virgin Islands.

(c)                                      A copy of a resolution of the
board of directors of each Obligor:

(i)                        approving the terms of, and
the transactions contemplated by, the Finance Documents to which it is a party
and resolving that it execute the Finance Documents to which it is a party;

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

(iii)                  authorising a specified person or persons,
on its behalf, to sign and/or dispatch all documents and notices (including, if
relevant, any Utilisation Request and Selection Notice) to be signed and/or
dispatched by it under or in connection with the Finance Documents to which it
is a party.

(d)                                     A specimen of the signature of
each person authorised by the resolution referred to in paragraph (c)
above.

(e)                                      A certificate of incumbency
from the registered agent for Gold Fields Holdings Company (BVI) Limited and
Orogen Holding (BVI) Limited.

(f)                                        A copy of the resolution of
the shareholders of Gold Fields Holdings Company (BVI) Limited and Orogen
Holding (BVI) Limited approving the relevant resolutions of the board of
directors and the transactions contemplated thereby.

(g)                                     A certificate of the Obligors
(signed by a director) confirming that borrowing or guaranteeing, as
appropriate, the Total Commitments would not cause any borrowing, guaranteeing
or similar limit binding on any Obligor to be exceeded.

(h)                                     A certificate of an authorised
signatory of the relevant Obligor certifying that each copy document relating
to it specified in this Part 1 of Schedule 2 is correct, complete and in
full force and effect as at a date no earlier than the date of this Agreement.

 

78

 

2.                                 Legal
opinions

(a)                                      A legal opinion of Clifford
Chance LLP legal advisers to the Arranger and the Agent in England,
substantially in the form distributed to the Original Lenders prior to signing
this Agreement.

(b)                                     A legal opinion of Conyers
Dill & Pearman, legal advisers to the Arranger and Agent in the British
Virgin Islands, substantially in the form distributed to the Original Lenders
prior to signing this Agreement.

(c)                                      A legal opinion of Edward
Nathan (Proprietary Limited), legal advisers to the Arranger and Agent in South
Africa, substantially in the form distributed to the Original Lenders prior to
signing this Agreement.

3.                                 Other
documents and evidence

(a)                                      A certificate from the Parent
confirming that the conditions to the completion of the Acquisition as set out
in the Share Purchase Agreement have been satisfied or waived (other than the
payment of the purchase price).

(b)                                     Evidence that any agent for
service of process referred to in Clause 37.2 (Service of
process) has accepted its appointment.

(c)                                      The Original Financial
Statements together with the latest audited financial statements of each other
Obligor (other than Gold Fields Holdings Company (BVI) Limited and Orogen
Holding (BVI) Limited).

(d)                                     Evidence that the fees, costs
and expenses then due from the Parent
pursuant to Clause 11 (Fees) and
Clause 16 (Costs and expenses) have been
paid or will be paid by the initial Utilisation Date.

(e)                                      A copy of the approval of the
Exchange Control Department of the South African Reserve Bank confirming that
Gold Fields Limited may enter into and provide the guarantee as contemplated by
this Agreement and that the Original Borrower may enter into and implement the
provisions of this Agreement. If such approval is granted conditionally, this
condition precedent shall not be considered to have been fulfilled, unless both
the Lenders and the Original Borrower acknowledge in writing to each other that
such conditions are acceptable.

(f)                                        Competition Tribunal approval
for the Acquisition.

(g)                                     A copy of any authorisation or
consent (to include any relevant corporate, regulatory and shareholder consent)
which the Agent considers to be necessary or desirable in connection with the
entry into and performance of the transactions contemplated by this Agreement
or for the validity and enforceability of any Finance Document.

 

79

 

Part II

Conditions Precedent Required to be delivered by an Additional Borrower

1.                                 An Accession Letter, duly
executed by the Additional Borrower and the Parent.

2.                                 A copy of a good standing
certificate with respect to any Additional Borrower incorporated in the British
Virgin Islands, issued as of a recent date by the appropriate official in the
British Virgin Islands.

3.                                 A copy of the constitutional
documents of the Additional Borrower.

4.                                 A copy of a resolution of the
board of directors of the Additional Borrower:

(a)                                      approving the terms of, and
the transactions contemplated by, the Accession Letter and the Finance
Documents and resolving that it execute the Accession Letter;

(b)                                     authorising a specified person
or persons to execute the Accession Letter on its behalf; and

(c)                                      authorising a specified person
or persons, on its behalf, to sign and/or despatch all other documents and
notices (including, in relation to an Additional Borrower, any Utilisation
Request or Selection Notice) to be signed and/or despatched by it under or in
connection with the Finance Documents.

5.                                 A specimen of the signature of
each person authorised by the resolution referred to in paragraph 4 above.

6.                                 A certificate of incumbency
from the registered agent of each Additional Borrower incorporated in the
British Virgin Islands.

7.                                 A certificate of the
Additional Borrower (signed by a director) confirming that borrowing or
guaranteeing, as appropriate, the Total Commitments would not cause any
borrowing, guaranteeing or similar limit binding on it to be exceeded.

8.                                 A certificate of an authorised
signatory of the Additional Borrower certifying that each copy document listed
in this Part II of Schedule 2 is correct, complete and in full force and effect
as at a date no earlier than the date of the Accession Letter.

9.                                 A copy of any other
authorisation or other document, opinion or assurance which the Agent considers
to be necessary or desirable in connection with the entry into and performance
of the transactions contemplated by the Accession Letter or for the validity
and enforceability of any Finance Document.

10.                           If available, the latest
audited financial statements of the Additional Borrower.

11.                           A legal opinion from legal
advisers to the Agent in England.

 

80

 

12.                           If the Additional Borrower is
incorporated in a jurisdiction other than England and Wales, a legal opinion of
the legal advisers to the Arranger and the Agent in the jurisdiction in which
the Additional Borrower is incorporated.

13.                           If the proposed Additional
Borrower is incorporated in a jurisdiction other than England and Wales,
evidence that the agent for service of process specified in Clause 37.2 (Service of process) has accepted its appointment in relation
to the proposed Additional Borrower.

 

81

 

Part III

Conditions Precedent required to be delivered by an Additional Guarantor

1.                                 An Accession Letter, duly
executed by the Additional Guarantor and the Company.

2.                                 A copy of the constitutional
documents of the Additional Guarantor.

3.                                 A copy of a good standing
certificate with respect to any Additional Guarantor incorporated in the
British Virgin Islands, issued as of a recent date by the appropriate official
in the British Virgin Islands.

4.                                 A copy of a resolution of the
board of directors of the Additional Guarantor:

(a)                                      approving the terms of, and
the transactions contemplated by, the Accession Letter and the Finance
Documents and resolving that it execute the Accession Letter;

(b)                                     authorising a specified person
or persons to execute the Accession Letter on its behalf; and

(c)                                      authorising a specified person
or persons, on its behalf, to sign and/or dispatch all other documents and
notices to be signed and/or despatched by it under or in connection with the
Finance Documents.

5.                                 A specimen of the signature of
each person authorised by the resolution referred to in paragraph 4 above.

6.                                 A certificate of incumbency
from the registered agent of each Additional guarantor incorporated in the
British Virgin Islands.

7.                                 A copy of a resolution signed
by all the holders of the issued shares of the Additional Guarantor, approving
the terms of, and the transactions contemplated by, the Finance Documents to
which the Additional Guarantor is a party.

8.                                 A certificate of the
Additional Guarantor (signed by a director) confirming that guaranteeing the
Total Commitments would not cause any borrowing, guaranteeing or similar limit
binding on it to be exceeded.

9.                                 A certificate of an authorised
signatory of the Additional Guarantor certifying that each copy document listed
in this Part III of Schedule 2 is correct, complete and in full force and
effect as at a date no earlier than the date of the Accession Letter.

10.                           A copy of any other
Authorisation or other document, opinion or assurance which the Agent considers
to be necessary or desirable in connection with the entry into and performance
of the transactions contemplated by the Accession Letter or for the validity
and enforceability of any Finance Document.

11.                           If available, the latest
audited financial statements of the Additional Guarantor.

12.                           A legal opinion from legal
advisers to the Agent in England.

 

82

 

13.                           If the Additional Guarantor is
incorporated in a jurisdiction other than England and Wales, a legal opinion of
the legal advisers to the Agent in the jurisdiction in which the Additional
Guarantor is incorporated.

14.                           If the Additional Guarantor is
incorporated in a jurisdiction other than England and Wales, evidence that the
agent for service of process specified in Clause 37.2 (Service of process) has accepted its
appointment in relation to the proposed Additional Guarantor.

15.                           A copy of the approval of the
Exchange Control Department of the South African Reserve Bank confirming that
any Additional Guarantor incorporated in South Africa may enter into and
provide the guarantees as contemplated by this Agreement.

 

83

 

SCHEDULE 3

REQUESTS

 

Part I

Utilisation Request

 

From:      [Borrower]

To:          [J.P. Morgan Europe Limited]

Dated:

Dear
Sirs

GFI Mining South Africa
(Proprietary) Limited — US$1,800,000,000 Bridge Loan Facility Agreement dated
[•] 2006 (the “Agreement”)

1.                                 We refer to the Agreement. This
is a Utilisation Request. Terms defined in the Agreement have the same meaning
in this Utilisation Request unless given a different meaning in this
Utilisation Request.

2.                                 We wish to borrow a Loan on
the following terms:

	
  Proposed Utilisation Date:

  	
  [      ] (or, if that
  is not a Business Day, the next Business Day)

  
	
  Currency of Loan:

  	
  Dollars

  
	
  Amount:

  	
  [            ]
  

  
	
  Interest
  Period:

  	
  [            ]

  

 

3.                                 We confirm that each condition
specified in Clause 4.2 (Further conditions
precedent) is satisfied on the date of this Utilisation Request.

4.                                 The proceeds of this Loan
should be credited to [account].

5.                                 This Utilisation Request is
irrevocable.

Yours
faithfully

 

 

	
   

  
	
  authorised signatory for

  
	
  [name of relevant
  Borrower]

  

 

84

 

Part II

Selection Notice

From:      [Borrower]

To:          [J.P. Morgan Europe Limited]

Dated:

Dear
Sirs

GFI
Mining South Africa (Proprietary) Limited - US$1,800,000,000 Bridge Loan
Facility Agreement dated [•] 2006 (the “Agreement”)

1.                                 We refer to the Agreement. This
is a Selection Notice. Terms defined in the Agreement have the same meaning in
this Selection Notice unless given a different meaning in this Selection
Notice.

2.                                 We refer to the following
Loans with an Interest Period ending on
[         ]*.

3.                                 [We request that the above
Loans be divided into
[             ]
Loans of the following amounts and with the following Interest Periods:]**

or

[We
request that the next Interest Period for the above Loans is [               ]].***

4.                                 This Selection Notice is
irrevocable.

Yours faithfully

 

	
   

  
	
  authorised signatory for

  Gold Fields Limited on behalf of

  
	
  [name of relevant
  Borrower]

  

 

*              Insert
details of all Loans in the same currency which have an Interest Period ending
on the same date.

**           Use
this option if division of Loans is requested.

***         Use
this option if sub-division is not required.

 

85

 

SCHEDULE 4

MANDATORY COST FORMULAE

1.                                 The Mandatory Cost is an
addition to the interest rate to compensate Lenders for the cost of compliance
with (a) the requirements of the Bank of England and/or the Financial Services
Authority (or, in either case, any other authority which replaces all or any of
its functions) or (b) the requirements of the European Central Bank.

2.                                 On the first day of each
Interest Period (or as soon as possible thereafter) the Agent shall calculate,
as a percentage rate, a rate (the “Additional Cost Rate”)
for each Lender, in accordance with the paragraphs set out below. The Mandatory
Cost will be calculated by the Agent as a weighted average of the Lenders’
Additional Cost Rates (weighted in proportion to the percentage participation
of each Lender in the relevant Loan) and will be expressed as a percentage rate
per annum.

3.                                 The Additional Cost Rate for
any Lender lending from a Facility Office in a Participating Member State will be
the percentage notified by that Lender to the Agent. This percentage will be
certified by that Lender in its notice to the Agent to be its reasonable
determination of the cost (expressed as a percentage of that Lender’s
participation in all Loans made from that Facility Office) of complying with
the minimum reserve requirements of the European Central Bank in respect of
loans made from that Facility Office.

4.                                 The Additional Cost Rate for
any Lender lending from a Facility Office in the United Kingdom will be
calculated by the Agent as follows:

 per cent. per annum.

Where:

E                           is designed to compensate
Lenders for amounts payable under the Fees Rules and is calculated by the Agent
as being the average of the most recent rates of charge supplied by the Reference
Banks to the Agent pursuant to paragraph 7 below and expressed in pounds per
£1,000,000.

5.                                 For the purposes of this
Schedule:

(a)                                      “Fees Rules”
means the rules on periodic fees contained in the FSA Supervision Manual or
such other law or regulation as may be in force from time to time in respect of
the payment of fees for the acceptance of deposits;

(b)                                     “Fee Tariffs”
means the fee tariffs specified in the Fees Rules under the activity group A.1
Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant
to the Fees Rules but taking into account any applicable discount rate); and

(c)                                      “Tariff Base”
has the meaning given to it in, and will be calculated in accordance with, the
Fees Rules.

 

86

 

6.                                 If requested by the Agent,
each Reference Bank shall, as soon as practicable after publication by the
Financial Services Authority, supply to the Agent, the rate of charge payable
by that Reference Bank to the Financial Services Authority pursuant to the Fees
Rules in respect of the relevant financial year of the Financial Services
Authority (calculated for this purpose by that Reference Bank as being the
average of the Fee Tariffs applicable to that Reference Bank for that financial
year) and expressed in pounds per £1,000,000 of the Tariff Base of that
Reference Bank.

7.                                 Each Lender shall supply any
information required by the Agent for the purpose of calculating its Additional
Cost Rate. In particular, but without limitation, each Lender shall supply the
following information on or prior to the date on which it becomes a Lender:

(a)                                      the jurisdiction of its
Facility Office; and

(b)                                     any other information that the
Agent may reasonably require for such purpose.

Each
Lender shall promptly notify the Agent of any change to the information
provided by it pursuant to this paragraph.

8.                                 The percentages of each Lender
for the purpose of E above shall be determined by the Agent based upon the
information supplied to it pursuant to paragraphs 6 and 7 above and on the
assumption that, unless a Lender notifies the Agent to the contrary, each
Lender’s obligations in relation to cash ratio deposits are the same as those
of a typical bank from its jurisdiction of incorporation with a Facility Office
in the same jurisdiction as its Facility Office.

9.                                 The Agent shall have no
liability to any person if such determination results in an Additional Cost
Rate which over or under compensates any Lender and shall be entitled to assume
that the information provided by any Lender or Reference Bank pursuant to
paragraphs 3, 6 and 7 above is true and correct in all respects.

10.                           The Agent shall distribute the
additional amounts received as a result of the Mandatory Cost to the Lenders on
the basis of the Additional Cost Rate for each Lender based on the information
provided by each Lender and each Reference Bank pursuant to paragraphs 3, 6 and
7 above.

11.                           Any determination by the Agent
pursuant to this Schedule in relation to a formula, the Mandatory Cost, an
Additional Cost Rate or any amount payable to a Lender shall, in the absence of
manifest error, be conclusive and binding on all Parties.

12.                           The Agent may from time to
time, after consultation with the Parent and the Lenders, determine and notify
to all Parties any amendments which are required to be made to this Schedule in
order to comply with any change in law, regulation or any requirements from
time to time imposed by the Financial Services Authority or, the European
Central Bank (or, in any case, any other authority which replaces all or any of
its functions) and any such determination shall, in the absence of manifest
error, be conclusive and binding on all Parties.

 

87

 

SCHEDULE 5

FORM OF TRANSFER CERTIFICATE

To:          [J.P. Morgan Europe Limited] as Agent

From:      [The Existing Lender]
(the “Existing Lender”) and [The New Lender] (the “New Lender”)

Dated:

GFI Mining South Africa
(Proprietary) Limited — US$1,800,000,000 Bridge Loan Facility Agreement dated
[•] 2006 (the “Agreement”)

1.                                 We refer to the Agreement. This
is a Transfer Certificate. Terms defined in the Agreement have the same meaning
in this Transfer Certificate unless given a different meaning in this Transfer
Certificate.

2.                                 We refer to Clause 23.5 (Procedure for transfer):

(a)                                      The Existing Lender and the
New Lender agree to the Existing Lender transferring to the New Lender by
novation all or part of the Existing Lender’s Commitment, rights and
obligations referred to in the Schedule in accordance with Clause 23.5 (Procedure for transfer).

(b)                                     The proposed Transfer Date is
[      ].

(c)                                      The Facility Office and
address, fax number and attention details for notices of the New Lender for the
purposes of Clause 30.2 (Addresses) are
set out in the Schedule.

3.                                 The New Lender expressly
acknowledges the limitations on the Existing Lender’s obligations set out in
paragraph (c) of Clause 23.4 (Limitation of
responsibility of Existing Lenders).

4.                                 This Transfer Certificate may
be executed in any number of counterparts and this has the same effect as if
the signatures on the counterparts were on a single copy of this Transfer
Certificate.

5.                                 This Transfer Certificate is
governed by English law.

THE
SCHEDULE

COMMITMENT/RIGHTS AND OBLIGATIONS TO BE
TRANSFERRED

[insert relevant details]

[Facility Office address, fax number and attention
details for notices and account details for payments,]

	
  [Existing Lender]

  	
  [New Lender]

  
	
   

  	
   

  
	
  By:

  	
  By:

  

 

88

 

This
Transfer Certificate is accepted by the Agent and the Transfer Date is
confirmed as
[           ].

[•]

By:

 

89

 

SCHEDULE 6

FORM OF ACCESSION LETTER

To:          J.P.
Morgan Europe Limited as Agent

From:      [Subsidiary]
and Gold Fields Limited

Dated:

Dear Sirs

GFI Mining South Africa (Proprietary) Limited —
US$1,800,000,000 Facility Agreement dated [•] 2006 (the “Agreement”)

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

2.                                 [Subsidiary] agrees to become
an Additional [Borrower]/[Guarantor] and to be bound by the terms of the
Agreement as an Additional [Borrower]/[Guarantor] pursuant to Clause [24.2 (Additional Borrowers)]/[24.4 (Additional Guarantors)] of the Agreement. [Subsidiary]
is a wholly owned Subsidiary of the Parent duly incorporated under the laws of
[name of relevant jurisdiction].

3.                                 [Specify purpose of the Loan].

4.                                 [Subsidiary’s] administrative
details are as follows:

Address:

Fax No:

Attention:

5.                                 This Accession Letter is
governed by English law.

 

	
  Gold Fields Limited

  	
  [Subsidiary]

  
	
   

  	
   

  
	
  By:

  	
  By:

  

 

90

 

SCHEDULE 7

FORM OF RESIGNATION LETTER

To:          J.P.
Morgan Europe Limited as Agent

From:      [resigning
Obligor] and Gold Fields Limited

Dated:

Dear Sirs

GFI Mining South Africa (Proprietary) Limited —
US$1,800,000,000 Bridge Facility Agreement dated [•] 2006 (the “Agreement”)

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

2.                                 Pursuant to [Clause 24.3 (Resignation of an Additional Borrower)]/[Clause
24.6 (Resignation of an Additional Guarantor)],
we request that [resigning Obligor] be released from its obligations as a
[Borrower]/[Guarantor] under the Agreement.

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

4.                                 This Resignation Letter is
governed by English law.

 

	
  Gold Fields Limited

  	
  [Subsidiary]

  
	
   

  	
   

  
	
  By:

  	
  By:

  

 

 

91

 

SCHEDULE 8

FORM OF COMPLIANCE CERTIFICATE

To:          [J.P. Morgan Europe Limited]

From: Gold
Fields Limited

Dated:

Dear
Sirs

GFI
Mining South Africa (Proprietary) Limited — US$1,800,000,000 Facility Agreement

dated [•] 2006 (the “Agreement”)

1.                                 We refer to the Agreement. This
is a Compliance Certificate. Terms defined in the Agreement have the same
meaning when used in this Compliance Certificate unless given a different
meaning in this Compliance Certificate.

2.                                 We confirm that as at [ ]:

(a)                                      Consolidated EBITDA to
Consolidated Net Finance Charges

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

(b)                                     Consolidated Net
Borrowings to Consolidated EBITDA

the
ratio of Consolidated Net Borrowings to Consolidated EBITDA in respect of the
Measurement Period ending on [ ] was: [      ] :
1,

and
attach calculations showing how these figures were calculated.

3.                                 We confirm that no Default is
continuing.

 

	
  Signed:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Director

  	
  Director

  
	
   

  	
  of

  	
  Of

  
	
   

  	
  Gold Fields Limited

  	
  Gold Fields Limited

  

 

[insert applicable certification language]

 

	
   

  	
   

  
	
  [or and on behalf of

  
	
  [name of auditors of the
  Parent]

  

 

92

 

SCHEDULE 9

TIMETABLE

 

“U” =
date of utilisation

“U - X”
= X Business Days prior to date of Utilisation

 

	
  Delivery of a duly completed Utilisation
  Request (Clause 5.1 (Delivery of a
  Utilisation Request) or a Selection Notice (Clause 9.1 (Selection of Interest Periods))

  	
   

  	
  U-3*

  10.00 a.m.

  
	
  Agent notifies the Lenders of the Loan in
  accordance with Clause 5.4 (Lenders’ participation)

  	
   

  	
  U-3*

  3.00 p.m.

  
	
  LIBOR is fixed

  	
   

  	
  U-2**

  11:00 a.m.

  

 

*
provided that, in respect of the first Utilisation only, the Specified Time
shall be U-2

**
provided that, in respect of the first Utilisation only, the Specified Time
shall be U-1

 

93

 

SIGNATURES

The Parent

GOLD FIELDS LIMITED

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  24 St
  Andrews Road

  
	
   

  	
   

  	
  Parktown,
  2193

  
	
   

  	
   

  	
  Johannesburg

  
	
   

  	
   

  	
  South Africa

  
	
   

  	
   

  	
   

  
	
  Tel:

  	
   

  	
  +27 11 644
  2400

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +27 11 484 4882

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Executive Vice President - General Counsel

  

 

The Original Borrower

GFI MINING SOUTH AFRICA
(PROPRIETARY) LIMITED

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  24 St
  Andrews Road

  
	
   

  	
   

  	
  Parktown,
  2193

  
	
   

  	
   

  	
  Johannesburg

  
	
   

  	
   

  	
  South Africa

  
	
   

  	
   

  	
   

  
	
  Tel:

  	
   

  	
  +27 11 644
  2400

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +27 11 484 4882

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Executive Vice President - General Counsel

  

 

 

94

 

The Original Guarantors

GOLD FIELDS LIMITED

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  24 St
  Andrews Road

  
	
   

  	
   

  	
  Parktown,
  2193

  
	
   

  	
   

  	
  Johannesburg

  
	
   

  	
   

  	
  South Africa

  
	
   

  	
   

  	
   

  
	
  Tel:

  	
   

  	
  +27 11 644
  2400

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +27 11 484 4882

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Executive Vice President - General Counsel

  

 

GOLD FIELDS HOLDINGS COMPANY (BVI)
LIMITED

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  Falcon Cliff, Palace Road

  
	
   

  	
   

  	
  Douglas

  
	
   

  	
   

  	
  Isle of Man

  
	
   

  	
   

  	
  IM99 1EP

  
	
   

  	
   

  	
  British Isles

  
	
   

  	
   

  	
   

  
	
  Tel:

  	
   

  	
  +44 (0) 1624 63 00 00

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +44 (0) 1624 63 00 01

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Company Secretary

  

 

OROGEN HOLDING (BVI) LIMITED

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  Falcon Cliff, Palace Road

  
	
   

  	
   

  	
  Douglas

  
	
   

  	
   

  	
  Isle of Man

  
	
   

  	
   

  	
  IM99 1EP

  
	
   

  	
   

  	
  British Isles

  

 

95

 

	
  Tel:

  	
   

  	
  +44 (0) 1624 63 00 00

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +44 (0) 1624 63 00 01

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Company Secretary

  

 

96

 

The Arrangers

CITIBANK, N.A. LONDON BRANCH

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  Citigroup
  Centre

  
	
   

  	
   

  	
  Canada
  Square

  
	
   

  	
   

  	
  Canary Wharf

  
	
   

  	
   

  	
  London

  
	
   

  	
   

  	
  E14 5LB

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Tel:

  	
   

  	
  +44 (0) 20 7986 7085

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +44 (0) 20 7986 1912

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
   

  

 

J.P. MORGAN PLC

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  125 London
  Wall

  
	
   

  	
   

  	
  London

  
	
   

  	
   

  	
  EC2Y 5AJ

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +44 (0) 20 7777 4613

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
   

  

 

The Agent

J.P. MORGAN EUROPE LIMITED

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  125 London
  Wall

  
	
   

  	
   

  	
  London

  
	
   

  	
   

  	
  EC2Y 5AJ

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +44 (0) 20 7777 2360

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Ms Ching Loh

  

 

97

 

The Original Lenders

CITIBANK, N.A. LONDON BRANCH

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
   

  

 

JPMORGAN CHASE BANK, N.A.

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
   

  

 

 

98Exhibit 10.1

    
      

    

    

      EXHIBIT
        10.1

       

      SEPARATION
        AGREEMENT AND RELEASE

       

      This
        Separation Agreement and Release (“Agreement and Release”) is made by and
        between James T. Ryaby, Ph.D. (“Executive”) and OrthoLogic Corp., a Delaware
        corporation (the “Company”) as of November 17, 2006. Executive and the Company
        mutually desire to sever their employment relationship and, notwithstanding
        Section 6(b) of the Employment Agreement between Executive and the Company
        dated
        June 1, 2001, as amended (the “Employment Agreement”), agree as
        follows:

      

      1.    The
        Employment Agreement is terminated effective on the date hereof (the “Separation
        Date”) and, except as expressly provided herein, Executive shall not have any
        further rights thereunder. Executive hereby resigns as Senior Vice President
        and
        Chief Scientific Officer and from each other office and employment position
        with
        the Company effective on the Separation Date. 

      

      2.    In
        connection with this Agreement and Release, the Company and Executive are
        simultaneously entering into a Consulting Agreement effective upon the
        Separation Date, providing for compensation and other benefits to Executive
        for
        services to be provided thereunder (the “Consulting Agreement”). The Company
        shall have no obligation to pay further compensation or other amounts, or
        provide any benefits to Executive other than as expressly provided in the
        Consulting Agreement, except that the Company shall pay the following to
        Executive:

      

      a.    Accrued
        and unpaid base salary, including accrued and unpaid vacation pay, under
        the
        Employment Agreement through the Separation Date, which shall be paid, net
        of
        required withholding, in accordance with the Company’s normal payroll practices;
        and 

      

      b.    Within
        30
        days of the Separation Date, Executive's reasonable documented out-of-pocket
        business expenses properly incurred (including receipt of necessary
        pre-approvals) prior to the Separation date but not yet reimbursed.

      

      3.    a.    Except
        as
        expressly provided herein, Executive hereby releases the Company, its past
        and
        present parent, subsidiary and affiliated corporations or business entities
        and
        its and their past and present directors, officers, agents and employees,
        from
        any and all past and present causes of action, claims, rights and liabilities,
        known or unknown, statutory or at common law, arising out of Executive’s
        employment or termination of employment with the Company; provided, that
        the
        foregoing release shall not apply to the Company's obligations under this
        Agreement or the Consulting Agreement or to the Company's obligations to
        indemnify Executive in his capacity as an officer of the Company pursuant
        to the
        Certificate of Incorporation or Bylaws of the Company.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      b.    By
        way of
        example only and without limiting the immediately preceding paragraph, this
        release is applicable to any cause of action, right, claim or liability under
        any federal, state or local law, regulation, ordinance or order that regulates
        the employment relationship and/or employee benefits, including Title VII
        of the
        Civil Rights Act of 1964 as amended, The Age Discrimination in Employment
        Act,
        the Americans with Disabilities Act of 1990 as amended, the Civil Rights
        Act of
        1991, the Equal Pay Act of 1963, as amended, the Employee Retirement Income
        Security Act of 1974, as amended, the Family and Medical Leave Acts, the
        Arizona
        Employment Protection Act, any state or federal laws providing “whistleblower”
protection, and any other law relating to employment matters or prohibiting
        employment discrimination, claims for breach of express or implied contract,
        wrongful or unlawful discharge, breach of the covenant of good faith and
        fair
        dealing, intentional or negligent infliction of emotional distress, defamation
        and any other claim in contract or tort, and for attorneys fees.

      

      c.    EXECUTIVE
        ACKNOWLEDGES, AGREES AND UNDERSTANDS THAT (1) THIS IS A LEGALLY BINDING GENERAL
        RELEASE; (2) BY SIGNING THIS AGREEMENT AND RELEASE EXECUTIVE IS BARRED FROM
        INSTITUTING A LAWSUIT FOR AGE DISCRIMINATION AS WELL AS THE OTHER CAUSES
        OF
        ACTION SET FORTH ABOVE; (3) EXECUTIVE WAS INFORMED OF HIS RIGHT TO CONSULT
        WITH
        AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT AND RELEASE; (4) BEFORE SIGNING
        THIS
        AGREEMENT AND RELEASE, EXECUTIVE WAS GIVEN IN EXCESS OF TWENTY-ONE DAYS TO
        CONSIDER IF EXECUTIVE SHOULD SIGN THIS AGREEMENT AND RELEASE; AND (5) EXECUTIVE
        MAY REVOKE THIS AGREEMENT AND RELEASE WITHIN SEVEN DAYS AFTER SIGNING IT
        BY
        DELIVERING WRITTEN NOTICE THEREOF TO THE PRESIDENT OF THE COMPANY. This
        Agreement and Release and Executive’s rights hereunder shall be binding and
        effective upon the expiration of such seven day period if Executive does
        not
        revoke this Agreement. By signing this Agreement and Release, Executive hereby
        waives the foregoing 21-day period to consider signing this Agreement and
        Release.

      

      d.    The
        foregoing release shall be binding upon Executive, and Executive’s agents,
        attorneys, personal representatives, executors, administrators, heirs,
        beneficiaries, successors, and assigns.

      

      4.    Except
        as
        expressly provided herein, the Company hereby releases Executive from any
        and
        all past and present causes of action, claims, rights and liabilities actually
        known to John M. Holliman, III, the Company's Executive Chairman, or Les
        Taeger,
        the Company's Chief Financial Officer, and any causes of action, claims,
        rights
        and liabilities based on negligence, in each case whether statutory or at
        common
        law, arising out of Executive’s employment or termination of employment with the
        Company; provided, that the foregoing release shall not apply to Executive's
        obligations under this Agreement or the Consulting Agreement.

      

      5.    Executive
        hereby reaffirms his continuing obligation to abide by the terms of the
        Invention, Confidential Information and Non-Competition Agreement dated February
        9, 1999 between him and the Company (the “IP Assignment
        Agreement”).

      

      6.    The
        terms
        of this Agreement and Release supersede paragraph 6(b) of the Employment
        Agreement. The parties acknowledge that certain paragraphs of the Employment
        Agreement, by their terms, survive the termination of such agreement, including,
        but not limited to, paragraphs 7, 9 and 10. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      7.    The
        parties acknowledge and agree that for purposes of the vesting, exercisability
        and expiration provisions in Executive's stock options granted under the
        Company’s 1987 Stock Option Plan, 1997 Stock Option Plan and 2005 Equity
        Incentive Plan, Executive shall be deemed to be providing services to the
        Company and to be an employee during the term of the Consulting
        Agreement.

      

      8.    Executive
        and the Company agree not to disparage the other party, and Executive agrees
        not
        to disparage the Company’s officers, directors, employees, shareholders and
        agents, in any manner likely to be harmful to them or their business, business
        reputation or personal reputation; provided that nothing herein shall be
        deemed
        to limit or impair either Executive or the Company from pursuing any right
        or
        remedy alleging a breach by the other party and provided further that both
        Executive and the Company shall respond accurately and fully to any question,
        inquiry or request for information when required by legal process. 

      

      9.    Consultant
        shall immediately return any and all things in his possession or control
        belonging to the Company, including without limitation, computers, equipment,
        files, documents and information (whether in electronic or hard copy
        format).
        The
        Company shall clean out Executive’s office in the Company’s facility and return
        to Executive within 7 days after the Separation Date all items reasonably
        determined by the Company to be personal property of Executive.

      

      10.    Within
        30
        days after the Separation Date, Consultant shall provide to the Company,
        in
        writing, a complete and accurate schedule of all oral contracts or agreements
        entered into by Consultant on behalf of the Company which have not previously
        been disclosed to the Company, which schedule shall be certified by
        Consultant.

      

      11.    This
        Agreement and Release contains all the promises and understandings of the
        parties in respect of the subject matter hereof. There are no other agreements
        and understandings in respect of the subject matter hereof except as set
        forth
        herein and in the Consulting Agreement and the IP Assignment Agreement, and
        this
        Agreement and Release may be amended only by a written agreement signed by
        the
        parties.

       

      [SIGNATURE
        ON THE FOLLOWING PAGE]

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      The
        parties each acknowledge that they have read this Agreement and Release and
        understand and voluntarily agree to its terms.

      

      
        	
                Company

              	
                Executive

              
	 	 
	
                ORTHOLOGIC
                  CORP.

              	 
	 	 
	
                By:
                  /s/
                  John M. Holliman, III 

              	
                /s/
                  James T. Ryaby, Ph.D.

              
	
                Name:
                  John M. Holliman, III

              	
                James
                  T. Ryaby, Ph.D.

              
	
                Title:
                  Executive Chairman

              	 
	 	 
	
                Date:
                  November 21, 2006

              	
                Date:
                  November 21, 2006

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