Document:

Exhibit 10.7

 

NORTHSTAR HEALTHCARE INCOME, INC.

 

AMENDED AND RESTATED DISTRIBUTION SUPPORT AGREEMENT

 

AMENDED AND RESTATED DISTRIBUTION SUPPORT AGREEMENT (the “Agreement”) dated July 31, 2012 by and between NorthStar Realty Finance Corp. (“NRFC”) and NorthStar Healthcare Income, Inc. (the “Company”).

 

WHEREAS, the Company has registered for public sale (the “Offering”) a maximum of $1,100,000,000 in shares of its common stock, $0.01 par value per share (the “Shares”), of which amount: (a) up to $1,000,000,000 in Shares are being offered to the public pursuant to the Company’s primary offering; and (b) up to $100,000,000 in Shares are being offered to stockholders of the Company (the “Stockholders”) pursuant to the Company’s distribution reinvestment plan;

 

WHEREAS, the net proceeds of the Offering will be invested in a diversified portfolio of assets in the healthcare property sector, including a combination of debt and equity investments;

 

WHEREAS, to ensure that the Company has a sufficient amount of funds to pay cash distributions to Stockholders during the Offering, the Company and NRFC entered into a Distribution Support Agreement dated July 24, 2012 (the “Original Agreement”), pursuant to which NRFC agreed to purchase up to an aggregate of $10,000,000 in Shares in accordance with the terms set forth therein; and

 

WHEREAS,  the Company and NRFC desire to enter into this Agreement, which amends and restates the Original Agreement.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.             Definitions.  The following terms, when used herein, shall have the following meanings:

 

“Affiliate” means with respect to any Person: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person.

 

“Agreement” has the meaning set forth in the recitals.

 

“Business Day” means any day other a Saturday, a Sunday or a day on which banks are required or permitted to close in New York, New York.

 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

 

“Company” has the meaning set forth in the recitals.

 

“Distribution Shortfall” means, with respect to any calendar quarter during the Term, the amount by which Quarterly Distributions exceed AFFO for such quarter or, in the event AFFO is negative, the amount of the Quarterly Distributions for such quarter.

 

 

“Invested Capital” means the amount calculated by multiplying the total number of Shares purchased by Stockholders by the Issue Price, reduced by: (i) any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares; and (ii) the aggregate amount of net sale proceeds distributed to Stockholders as a result of the sale of one or more of the Company’s investments.

 

“Issue Date” has the meaning set forth in Section 3(b) hereof.

 

“Issue Price” means the gross price per Share the original purchasers of Shares paid to the Company for the Shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Shares).

 

“MFFO” means the Company’s modified funds from operations as disclosed in the Company’s Periodic Report filed with respect to the applicable period.

 

“NRFC” has the meaning set forth in the recitals.

 

“NorthStar Healthcare Income Advisor” means NorthStar Healthcare Income Advisor, LLC.

 

“Offering” has the meaning set forth in the recitals.

 

“Periodic Report” means the Company’s quarterly report on Form 10-Q or annual report on Form 10-K, as applicable.

 

“Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Internal Revenue Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 

“Prospectus” means the prospectus for the Offering, as amended or supplemented, filed with the SEC at or after the effective date of the Company’s registration statement on Form S-11 (including financial statements, exhibits and all other documents related thereto filed as a part thereof or incorporated therein), pursuant to the Securities Act of 1933, as amended, and the applicable rules and regulations of the SEC promulgated thereunder.

 

“Purchase Price” means, as of any given date, the per share price payable in the Offering, net of the per share selling commissions and dealer manager fees specified in the Prospectus.

 

“Quarterly Distributions” means the aggregate amount of cash distributions paid to Stockholders during a calendar quarter.

 

“SEC” means the United States Securities and Exchange Commission.

 

“Shares” has the meaning set forth in the recitals.

 

“Stockholders” has the meaning set forth in the recitals.

 

“Stockholders’ 6.75% Return” means, as of any date, an aggregate amount equal to a 6.75% cumulative, non-compounded, annual return on Invested Capital (calculated like simple interest on a daily

 

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basis based on a 365 day year).  For purposes of calculating the Stockholders’ 6.75% Return, Invested Capital shall be determined for each day during the period for which the Stockholders’ 6.75% Return is being calculated.

 

“Threshold Amount” means an amount equal to the Stockholders’ 6.75% Return, prorated for such quarter.

 

“Term” has the meaning set forth in Section 4 hereof.

 

2.             Share Purchase Commitment.  In the event of a Distribution Shortfall for any calendar quarter during the Term, NRFC shall purchase Shares from the Company in an amount equal to the Distribution Shortfall; provided, however, that NRFC shall not be obligated to purchase Shares for any quarter in which MFFO for such quarter exceeds the Threshold Amount and further provided, that NRFC’s obligation to purchase Shares pursuant to this Agreement shall be limited to an aggregate of $10,000,000 in purchase amount.  Any Shares purchased by NRFC pursuant to this Section 2 shall be purchased pursuant to the Offering and at the Purchase Price in effect as of the date of purchase of the Shares.

 

3.                                       Procedure for Purchase of Shares.

 

(a)                                  In the event of a Distribution Shortfall, the Company shall deliver to NRFC a written notice within ten (10) Business Days following the Company’s filing with the SEC of its Periodic Report for such calendar quarter specifying the number of Shares to be purchased by NRFC pursuant to Section 2 above and the Company’s calculation of the Distribution Shortfall.

 

(b)                                 On the fifth Business Day following the delivery of such notice (the “Issue Date”), the Company shall issue to NRFC the Shares being sold against NRFC’s delivery of an executed subscription for the Offering and payment of the purchase price for such Shares by wire transfer of immediately available funds.

 

4.             Term.  This Agreement shall be in effect until the earlier of (a) the second anniversary of the commencement of the Offering or (b) the date upon which neither NorthStar Healthcare Income Advisor nor another Affiliate of NRFC is serving as the Company’s Advisor (as such term is defined in the Company’s Articles of Incorporation, as amended from time to time) with responsibility for the Company’s day-to-day operations (the “Term”).

 

5.             Notices.  All notices shall be in writing and shall be given or made, by delivery in person or by guaranteed delivery overnight courier to NRFC at the address set forth below:

 

NorthStar Realty Finance Corp.

399 Park Avenue, 18th Floor

New York, NY 10022

Attention:  Daniel R. Gilbert, Co-President

 

or to such other address as NRFC may designate to the Company in writing.  Notices shall be effective upon receipt in the case of personal delivery or one Business Day after being sent in the case of delivery by overnight courier.

 

6.             Voting Agreement.  NRFC agrees, and shall cause any of its Affiliates to whom it may transfer Shares to agree on behalf of itself and to require any subsequent transferees that are Affiliates to

 

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agree that, with respect to any Shares purchased pursuant to this Agreement or otherwise acquired, it will not vote or consent on matters submitted to the Stockholders regarding any transaction between the Company and any Affiliate of NRFC, including without limitation, the removal of NorthStar Healthcare Income Advisor or any of its Affiliates as the Company’s Advisor (as such term is defined in the Company’s Articles of Incorporation, as amended from time to time).  This voting restriction shall survive until such time that NorthStar Healthcare Income Advisor or any of its Affiliates is no longer serving as the Company’s Advisor.

 

7.             Assignment; Third Party Beneficiaries.  This Agreement may not be assigned by either party; provided, however, that NRFC may assign its obligations under this Agreement to any one or more of its Affiliates, but no such assignments shall relieve NRFC of its obligations hereunder.  This Agreement shall inure to the benefit of and shall be binding upon the heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto.

 

8.             Governing Law.  This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without reference to conflict of laws provisions.

 

9.             Amendment.  No amendment, modification or waiver of this Agreement will be valid unless made in writing and duly executed by each party hereto.

 

10.           Entire Agreement.  This agreement constitutes the entire understanding between the parties with respect to the subject matter hereof.  This agreement may be executed in one or more counterparts.

 

[The remainder of this page is intentionally left blank.  Signature page follows.]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

 

 

	
 
    	
NorthStar   Healthcare Income, Inc.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Daniel R. Gilbert
    
	
 
    	
 
    	
Name:
    	
Daniel   R. Gilbert
    
	
 
    	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
NorthStar   Realty Finance Corp.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Albert Tylis
    
	
 
    	
 
    	
Name:
    	
Albert   Tylis
    
	
 
    	
 
    	
Title:
    	
Co-President   and Chief Operating OfficerSearch By Headlines.Com. Corp.: Exhibit 10.9 - Filed by newsfilecorp.com

SEARCH BY HEADLINES.COM CORP. 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT 
(SHARES)

INSTRUCTIONS TO PURCHASER 

	1. 	
      All purchasers must complete all the information in the
      boxes on page 2 and sign where indicated with an “X”.

	 	 
	2. 	
      If you are resident in Canada, you must complete and sign
      Exhibit A “Canadian Investor Questionnaire” that starts on page 15. The
      purpose of the form is to determine whether you meet the standards for
      participation in a private placement under applicable Canadian securities
      law (National Instrument 45-106).

	 	 
	3. 	
      If you are a “U.S. Purchaser”, as defined in Exhibit B,
      you must complete and sign BOTH (1) Exhibit A “Canadian Investor
      Questionnaire” that starts on page 14 AND (2) Exhibit B “United States
      Accredited Investor Questionnaire” that starts on page 21.

	 	 
	4. 	
      If you are paying for your subscription with funds drawn
      from a Canadian bank, you may pay by certified cheque or bank draft drawn
      on a Canadian chartered bank.

	 	 
	5. 	
      If you are paying for your subscription with funds
      drawn on any source other than a Canadian chartered bank, you may only pay
      by wire transfer to the legal counsel for the Issuer pursuant to the
      wiring instructions set out in Exhibit C that is on page
  25.

- 2 - 

SEARCH BY HEADLINES.COM CORP. 

PRIVATE PLACEMENT
SUBSCRIPTION AGREEMENT 

The undersigned (the “Subscriber”) hereby irrevocably
subscribes for and agrees to purchase from Search By Headlines.com Corp. (the
“Issuer”) that number of common shares of the Issuer (each, a
“Share”) set out below at a price of $0.05 per Share. The Subscriber
agrees to be bound by the terms and conditions set forth in the attached “Terms
and Conditions of Subscription for Shares”. 

	Subscriber
      Information 	 	Shares to be
      Purchased 	  
	  	  	 	  	  
	 	 	Number of Shares: 	X $0.05 
	(Name of Subscriber) 	 	  	  
	 	 	 	 
	 	 	  	  
	Account Reference (if
      applicable): 	 	  	  
	  	  	 	Aggregate Subscription Price:
    	  
	X 	 	                                                   
    	(the “Subscription
      Amount”, plus wire fees if applicable) 
	(Signature of Subscriber – if
      the Subscriber is an Individual) 	 	                                                     	
		 	  	  
	X
    	 	  	  
	(Signature of Authorized
      Signatory – if the Subscriber is not an Individual) 	 	
    Please complete if purchasing as agent or trustee for a principal
		 	 (beneficial purchaser)
    (a “Disclosed Principal”) and not purchasing  
	 	 	
    as trustee or agent
      for accounts fully managed by it. 
	(Name and Title of Authorized
      Signatory – if the Subscriber is not an Individual) 	 	
		 	(Name of Disclosed
      Principal) 
	 	 	
	(SIN, SSN, or other Tax
      Identification Number of the Subscriber) 	 	 
		 	(Address of
      Disclosed Principal) 
	 	 	
	(Subscriber’s Address,
      including city and Postal Code) 	 	 
	  	  	 	(Account Reference,
      if applicable) 
	 	 	
	 	 	
	(Telephone Number) 	(Email Address) 	 	(SIN, SSN, or other
      Tax Identification Number of Disclosed Principal) 
	  	  	 	
	Register the Shares as
      set forth below: 	 	
	  	  	 	Deliver the Shares
      as set forth below: 
	 	 	 
	(Name to Appear on Share Certificate) 	  	 	
	  	  	 	(Attention - Name) 
	 	 	 
	(Account Reference, if applicable) 	  	 	 
	 	 	(Account Reference, if
      applicable) 
	(Address, including Postal Code) 	  	 	 
	 	 	 	
	 	 	 	(Street Address,
      including Postal Code) (No PO Box) 
	 	 	 	 
	 	 	 	 
			 	(Telephone Number)
    

- 3 - 

ACCEPTANCE 

The Issuer hereby accepts the subscription as set forth above
on the terms and conditions contained in this Private Placement Subscription
Agreement (including the Terms and Conditions and Exhibits attached hereto) as
of the ____ day of _______________________, 2012. 

SEARCH BY HEADLINES.COM CORP. 

Per:                                                                              

Authorized Signatory 

	Address: 	   	 
	 	 
    	 
	 	 
    	 
	  	  	 
	Fax: 	 
    	 
	 	  	 
	Email: 	 
    	 
	 	  	 
	Attention:    	 
    	 

- 4 - 

TERMS AND CONDITIONS OF SUBSCRIPTION FOR SHARES

1.                 
Subscription 

1.1                
On the basis of the representations and warranties and subject to the terms and
conditions set forth herein, the Subscriber hereby irrevocably subscribes for
and agrees to purchase Shares of the Issuer at a price of $0.05 per Share (such
subscription and agreement to purchase being the “Subscription”), for the
Subscription Amount shown on page 2 of this subscription agreement (the
“Agreement”), which is tendered herewith, on the basis of the
representations and warranties and subject to the terms and conditions set forth
in this Agreement. 

1.2                
The Issuer hereby agrees to sell the Shares to the Subscriber on the basis of
the representations and warranties and subject to the terms and conditions set
forth in this Agreement. Subject to the terms of this Agreement, the Agreement
will be effective upon its acceptance by the Issuer. 

1.3                
The Subscriber acknowledges that the Shares have been offered as part of an
offer by the Issuer of such other number of Shares as may be determined by the
board of directors of the Issuer in its sole discretion (the “Offering”).

1.4                 The
Subscriber acknowledges that a finder’s fee or a broker’s commission may be paid
by the Issuer in connection with this Subscription. 

1.5                 Unless
otherwise provided, all dollar amounts referred to in this Agreement are in
lawful money of Canada. 

2.                 
Payment 

2.1                
The Subscription Amount must accompany this Subscription and shall be paid by:
(i) if the Subscriber is drawing funds from a Canadian bank to pay for this
Subscription, a certified cheque or bank draft drawn on a Canadian chartered
bank; or (ii) if the Subscriber is drawing funds from any source other than a
Canadian chartered bank to pay for this Subscription, then only by wire transfer
to the legal counsel for the Issuer pursuant to the wiring instructions set out
in Exhibit C on page 25. If the funds are wired to the Issuer’s lawyers, the
Subscriber irrevocably authorizes such lawyers to immediately deliver the funds
to the Issuer upon receipt of the funds from the Subscriber. The Subscriber
authorizes the Issuer to treat the Subscription Amount as an interest free loan
until the closing of the Offering and the Subscriber authorizes the Issuer and
its lawyers to release the Subscription Amount to the Issuer prior to the
Closing. 

3.                
 Documents Required from Subscriber 

3.1                 The
Subscriber must complete, sign and return to the Issuer the following documents:

	 	(a) 	
      an executed copy of this Agreement;

	 	 	 
	 	(b) 	
      if the Subscriber is resident in Canada, a Canadian
      Investor Questionnaire (the “Canadian Questionnaire”) attached as
      Exhibit A that starts on page 15;

	 	 	 
	 	(c) 	
      if the Subscriber is a U.S. Purchaser (as defined in
      Exhibit B), an Accredited Investor Questionnaire (the “U.S.
      Questionnaire” and, together with the Canadian Questionnaire, the
      “Questionnaires”) attached as Exhibit B that starts on page 21;
      and

	 	 	 
	 	(d) 	
      such other supporting documentation that the Issuer or
      its legal counsel may request to establish the Subscriber’s qualification
      as a qualified investor.

- 5 - 

3.2                 The
Subscriber shall complete, sign and return to the Issuer as soon as possible, on
request by the Issuer, any additional documents, questionnaires, notices and
undertakings as may be required by any regulatory authorities and applicable
law. 

3.3                
Both parties to this Agreement acknowledge and agree that Clark Wilson LLP has
acted as counsel only to the Issuer and is not protecting the rights and
interests of the Subscriber. The Subscriber acknowledges and agrees that the
Issuer and Clark Wilson LLP have given the Subscriber the opportunity to seek,
and are hereby recommending that the Subscriber obtain, independent legal advice
with respect to the subject matter of this Agreement and, further, the
Subscriber hereby represents and warrants to the Issuer and Clark Wilson LLP
that the Subscriber has sought independent legal advice or waives such
advice.

4.                
 Conditions and Closing 

4.1                 The
closing of the sale of the Shares to the Subscriber (the “Closing”) shall
occur on or before September 28, 2012,  or on such other date as may be
determined by the Issuer in its sole discretion (the “Closing Date”). The
Issuer may, at its discretion, elect to close the Offering in one or more
closings, in which event the Issuer may agree with one or more purchasers
(including the Subscriber to this Agreement) to complete delivery of the Shares
to such purchaser(s) against payment therefor at any time on or prior to the
Closing Date. 

4.2                 The
Closing is conditional upon and subject to: 

	 	(a) 	
      the Issuer having obtained all necessary approvals and
      consents, including regulatory approvals for the Offering;

	 	 	 
	 	(b) 	
      the issue and sale of the Shares being exempt from the
      requirement to file a prospectus and the requirement to deliver an
      offering memorandum under applicable securities legislation relating to
      the sale of the Shares, or the Issuer having received such orders,
      consents or approvals as may be required to permit such sale without the
      requirement to file a prospectus or deliver an offering memorandum;
    and

	 	 	 
	 	(c) 	
      the Issuer having entered into a definitive agreement
      regarding the acquisition of all of the shares of Naked Boxer Brief
      Clothing Inc. (the “Transaction”).

4.3                 On
the Closing Date, the Subscriber acknowledges that the certificates representing
the Shares will be available for delivery, provided that the Subscriber has
satisfied the requirements of Section 3 hereof and the Issuer has accepted this
Agreement. 

4.4                
If the Transaction does not close on or before September 28, 2012 or such other
date as may be mutually agreed to by the Issuer and the Subscriber, the
Subscription Amount shall be deemed to be an unsecured loan (the “Loan”)
from the Subscriber to the Issuer on the following terms: 

	 	(a) 	
      the Subscription Amount will be the principal amount of
      the Loan (the “Principal Amount”);

	 	 	 
	 	(b) 	
      the Principal Amount outstanding from time to time shall
      bear simple interest from the date the Subscription Amount is deemed to be
      a Loan (the “Loan Date”) to the date of repayment of the Loan in
      full at 8% per annum, payable on the Maturity Date (as defined
    below);

	 	 	 
	 	(c) 	
      the Principal Amount and interest thereon, as calculated
      in accordance with Section 4.4(b) hereof, shall be repayable on the date
      which is one year from the Loan Date (the “Maturity Date”);
    and

	 	 	 
	 	(d) 	
      the Principal Amount, with accrued interest thereon, may
      be prepaid in whole or in part at any time without notice, bonus or
      penalty.

- 6 - 

5.                
 Acknowledgements and Agreements of Subscriber 

5.1                
The Subscriber acknowledges and agrees that: 

	 	(a) 	
      none of the Shares have been or will be registered under
      the United States Securities Act of 1933, as amended, (the “1933
      Act”), or under any securities or “blue sky” laws of any state of the
      United States, and, unless so registered, may not be offered or sold in
      the United States or, directly or indirectly, to U.S. Persons, as that
      term is defined in Regulation S under the 1933 Act (“Regulation
      S”), except in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the 1933 Act and in each case only in
      accordance with applicable state, provincial and foreign securities
      laws;

	 	 	 
	 	(b) 	
      the Issuer has not undertaken, and will have no
      obligation, to register any of the Shares under the 1933 Act or any other
      securities legislation;

	 	 	 
	 	(c) 	
      the decision to execute this Agreement and acquire the
      Shares agreed to be purchased hereunder has not been based upon any oral
      or written representation as to fact or otherwise made by or on behalf of
      the Issuer and such decision is based entirely upon a review of any public
      information which has been filed by the Issuer with the United States
      Securities and Exchange Commission (the “SEC”) and any Canadian
      provincial securities commissions (collectively, the “Public
      Record”);

	 	 	 
	 	(d) 	
      the Subscriber understands and agrees that the Issuer and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations, warranties, covenants and agreements contained in this
      Agreement and the Questionnaires, as applicable, and agrees that if any of
      such acknowledgements, representations and agreements are no longer
      accurate or have been breached, the Subscriber shall promptly notify the
      Issuer;

	 	 	 
	 	(e) 	
      there are risks associated with the purchase of the
      Shares, as more fully described in the Issuer’s periodic disclosure
      forming part of the Public Record;

	 	 	 
	 	(f) 	
      the Subscriber and the Subscriber’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer in connection with the distribution of the Shares hereunder, and to
      obtain additional information, to the extent possessed or obtainable
      without unreasonable effort or expense, necessary to verify the accuracy
      of the information about the Issuer;

	 	 	 
	 	(g) 	
      a portion of this Offering may be sold pursuant to an
      agreement between the Issuer and one or more agents registered in
      accordance with applicable securities laws, in which case the Issuer will
      pay a fee and/or compensation securities on terms as set out in such
      agency agreement;

	 	 	 
	 	(h) 	
      finder’s fees or broker’s commissions may be payable by
      the Issuer to finders who introduce purchasers to the Issuer;

	 	 	 
	 	(i) 	
      the books and records of the Issuer were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Shares hereunder have been made
      available for inspection by the Subscriber, the Subscriber’s lawyer and/or
      advisor(s);

	 	 	 
	 	(j) 	
      all of the information which the Subscriber has provided
      to the Issuer is correct and complete as of the date this Agreement is
      signed, and if there should be any change in such information prior to the
      Closing, the Subscriber will immediately provide the Issuer with such
      information;

- 7 - 

	 	(k) 	
      the Issuer is entitled to rely on the representations and
      warranties of the Subscriber contained in this Agreement and the
      Questionnaires, as applicable, and the Subscriber will hold harmless the
      Issuer from any loss or damage it or they may suffer as a result of the
      Subscriber’s failure to correctly complete this Agreement or the
      Questionnaires, as applicable;

	 	 	 	 
	 	(l) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Shares and with respect to applicable
      resale restrictions, and it is solely responsible (and the Issuer is not
      in any way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the Shares
      hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(m) 	
      the Subscriber understands and agrees that there may be
      material tax consequences to the Subscriber of an acquisition or
      disposition of the Shares. The Issuer gives no opinion and makes no
      representation with respect to the tax consequences to the Subscriber
      under federal, state, provincial, local or foreign tax law of the
      Subscriber’s acquisition or disposition of the Shares;

	 	 	 	 
	 	(n) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Subscriber’s
      ability to resell any of the Shares in Canada under the Securities Act
      (British Columbia) (the “BC Act”) and British Columbia
      Instrument 51-509 (“BCI 51-509”) as adopted by the BCSC;

	 	 	 	 
	 	(o) 	
      the Issuer has advised the Subscriber that the Issuer is
      relying on an exemption from the requirements to provide the Subscriber
      with a prospectus and to sell the Shares through a person registered to
      sell securities under provincial securities legislation and other
      applicable securities laws, as a consequence of acquiring the Shares
      pursuant to such exemption, certain protections, rights and remedies
      provided by the applicable securities legislation including the various
      provincial securities acts, including statutory rights of rescission or
      damages, will not be available to the Subscriber;

	 	 	 	 
	 	(p) 	
      neither the SEC nor any securities commission or similar
      regulatory authority has reviewed or passed on the merits of any of the
      Shares;

	 	 	 	 
	 	(q) 	
      there is no government or other insurance covering any of
      the Shares;

	 	 	 	 
	 	(r) 	
      there are restrictions on the Subscriber’s ability to
      resell the Shares and it is the responsibility of the Subscriber to find
      out what those restrictions are and to comply with such restrictions
      before selling any of the Shares;

	 	 	 	 
	 	(s) 	
      the Issuer will refuse to register the transfer of any of
      the Shares to a U.S. Person not made pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from
      the registration requirements of the 1933 Act and in each case in
      accordance with applicable laws; and

	 	 	 	 
	 	(t) 	
      this Agreement is not enforceable by the Subscriber
      unless it has been accepted by the Issuer, and the Subscriber acknowledges
      and agrees that the Issuer reserves the right to reject any Subscription
      for any reason whatsoever.

6.                 
Representations, Warranties and Covenants of the Subscriber

6.1                 The
Subscriber hereby represents and warrants to and covenants with the Issuer
(which representations, warranties and covenants shall survive the Closing)
that: 

- 8 - 

	 	(a) 	
      unless the Subscriber is a U.S. Purchaser (as defined in
      Exhibit B), the Subscriber is not a U.S. Person;

	 	 	 	 	 
	 	(b) 	
      if the Subscriber is resident outside of
Canada:

	 	 	 	 	 
	 		(i) 	
      the Subscriber is knowledgeable of, or has been
      independently advised as to, the applicable laws of the securities
      regulators having application in the jurisdiction in which the Subscriber
      is resident (the “International Jurisdiction”) which would apply to
      the offer and sale of the Shares,

	 	 	 	 	 
	 		(ii) 	
      the Subscriber is purchasing the Shares pursuant to
      exemptions from prospectus or equivalent requirements under applicable
      laws or, if such is not applicable, the Subscriber is permitted to
      purchase the Shares under the applicable laws of the securities regulators
      in the International Jurisdiction without the need to rely on any
      exemptions,

	 	 	 	 	 
	 		(iii) 	
      the applicable laws of the authorities in the
      International Jurisdiction do not require the Issuer to make any filings
      or seek any approvals of any kind whatsoever from any securities regulator
      of any kind whatsoever in the International Jurisdiction in connection
      with the offer, issue, sale or resale of any of the Shares,

	 	 	 	 	 
	 		(iv) 	
      the purchase of the Shares by the Subscriber does not
      trigger:

	 	 	 	 	 
	 			A. 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction, or

	 	 	 	 	 
	 			B. 	
      any continuous disclosure reporting obligation of the
      Issuer in the International Jurisdiction, and

	 	 	 	 	 
	 		(v) 	
      the Subscriber will, if requested by the Issuer, deliver
      to the Issuer a certificate or opinion of local counsel from the
      International Jurisdiction which will confirm the matters referred to in
      subparagraphs (ii), (iii) and (iv) above to the satisfaction of the
      Issuer, acting reasonably;

	 	 	 	 	 
	 	(c) 	
      the Subscriber has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto and, if the Subscriber is a corporate entity, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Agreement on behalf of the Subscriber;

	 	 	 	 	 
	 	(d) 	
      the entering into of this Agreement and the transactions
      contemplated hereby do not result in the violation of any of the terms and
      provisions of any law applicable to, or, if applicable, the constating
      documents of, the Subscriber or of any agreement, written or oral, to
      which the Subscriber may be a party or by which the Subscriber is or may
      be bound;

	 	 	 	 	 
	 	(e) 	
      the Subscriber has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the
      Subscriber enforceable against the Subscriber;

	 	 	 	 	 
	 	(f) 	
      the Subscriber has received and carefully read this
      Agreement;

	 	 	 	 	 
	 	(g) 	
      the Subscriber is aware that an investment in the Issuer
      is speculative and involves certain risks (including those risks disclosed
      in the Public Record), including the possible loss of the entire
      investment;

- 9 - 

	 	(h) 	
      the Subscriber has made an independent examination and
      investigation of an investment in the Shares and the Issuer and agrees
      that the Issuer will not be responsible in any way whatsoever for the
      Subscriber’s decision to invest in the Shares and the Issuer;

	 	 	 	 
	 	(i) 	
      all information contained in the Questionnaires, as
      applicable, is complete and accurate and may be relied upon by the Issuer,
      and the Subscriber will notify the Issuer immediately of any material
      change in any such information occurring prior to the closing of the
      purchase of the Shares;

	 	 	 	 
	 	(j) 	
      the Subscriber is purchasing the Shares for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such Shares,
      and the Subscriber has not subdivided his interest in the Shares with any
      other person;

	 	 	 	 
	 	(k) 	
      the Subscriber (i) is able to fend for itself in the
      Subscription; (ii) has such knowledge and experience in business matters
      as to be capable of evaluating the merits and risks of its prospective
      investment in the Shares; and (iii) has the ability to bear the economic
      risks of its prospective investment and can afford the complete loss of
      such investment;

	 	 	 	 
	 	(l) 	
      the Subscriber is not an underwriter of, or dealer in,
      any of the Shares, nor is the Subscriber participating, pursuant to a
      contractual agreement or otherwise, in the distribution of the Shares or
      any of them;

	 	 	 	 
	 	(m) 	
      the Subscriber is not aware of any advertisement of any
      of the Shares and is not acquiring the Shares as a result of any form of
      general solicitation or general advertising, including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media, or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising;

	 	 	 	 
	 	(n) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Shares,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Shares, or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the
    Shares;

	 	 	 	 
	 	(o) 	
      the Subscriber understands and agrees that none of the
      Shares have been registered under the 1933 Act, or under any state
      securities or “blue sky” laws of any state of the United States, and,
      unless so registered, may not be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons except in accordance with the
      provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the 1933 Act
      and in each case only in accordance with applicable state, provincial and
      foreign securities laws;

	 	 	 	 
	 	(p) 	
      the Subscriber understands and agrees that offers and
      sales of any of the Shares prior to the expiration of the period specified
      in Regulation S (such period hereinafter referred to as the
      “Distribution Compliance Period”) shall only be made in compliance
      with the safe harbor provisions set forth in Regulation S, pursuant to the
      registration provisions of the 1933 Act or an exemption therefrom, and
      that all offers and sales after the Distribution Compliance Period shall
      be made only in compliance with the registration provisions of the 1933
      Act or an exemption therefrom and in each case only in accordance with
      applicable state and provincial securities laws;

	 	 	 	 
	 	(q) 	
      the Subscriber acknowledges that it has not acquired the
      Shares as a result of, and will not itself engage in, any “directed
      selling efforts” (as defined in Regulation S under the 1933 Act) in the
      United States in respect of any of the Shares which would include any
      activities undertaken for the purpose of, or that could reasonably be expected to have
      the effect of, conditioning the market in the United States for the resale
      of any of the Shares; provided, however, that the Subscriber may sell or
      otherwise dispose of any of the Shares pursuant to registration of any of
      the Shares pursuant to the 1933 Act and any applicable securities laws or
      under an exemption from such registration requirements and as otherwise
      provided herein;

- 10 - 

	 	(r) 	
      hedging transactions involving the Securities may not be
      conducted unless such transactions are in compliance with the provisions
      of the 1933 Act and in each case only in accordance with applicable
      Securities Laws; and

	 	 	 	 
	 	(s) 	
      the Subscriber acknowledges and agrees that the Issuer
      shall not consider the Subscriber’s Subscription for acceptance unless the
      undersigned provides to the Issuer, along with an executed copy of this
      Agreement:

	 	 	 	 
	 		(i) 	
      fully completed and executed Questionnaires in the form
      attached hereto as Exhibit A and, if applicable, Exhibit B,

	 	 	 	 
	 		(ii) 	
      by completing the Canadian Questionnaire, the Subscriber
      is representing and warranting that the Subscriber satisfies one of the
      categories of registration and prospectus exemptions provided in National
      Instrument 45-106 – Prospectus and Registration Exemptions (“NI
      45-106”) adopted by the Canadian Securities Administrators;
  and

	 	 	 	 
	 		(iii) 	
      such other supporting documentation that the Issuer or
      its legal counsel may request to establish the Subscriber’s qualification
      as a qualified investor.

6.2                
In this Agreement, the term “U.S. Person” shall have the meaning ascribed
thereto in Regulation S promulgated under the 1933 Act and for the purpose of
the Agreement includes any person in the United States. 

7.                 
Representations and Warranties will be Relied Upon by the Issuer

7.1                 The
Subscriber acknowledges that the representations and warranties contained herein
are made by it with the intention that such representations and warranties may
be relied upon by the Issuer and its legal counsel in determining the
Subscriber’s eligibility to purchase the Shares under applicable legislation, or
(if applicable) the eligibility of others on whose behalf it is contracting
hereunder to purchase the Shares under applicable legislation. The Subscriber
further agrees that by accepting delivery of the certificates representing the
Shares on the Closing Date, it will be representing and warranting that the
representations and warranties contained herein are true and correct as at the
Closing Date with the same force and effect as if they had been made by the
Subscriber on the Closing Date and that they will survive the purchase by the
Subscriber of the Shares and will continue in full force and effect
notwithstanding any subsequent disposition by the Subscriber of such Shares.

8.                 
Acknowledgement and Waiver 

8.1                 The
Subscriber has acknowledged that the decision to acquire the Shares was solely
made on the basis of publicly available information. The Subscriber hereby
waives, to the fullest extent permitted by law, any rights of withdrawal,
rescission or compensation for damages to which the Subscriber might be entitled
in connection with the distribution of any of the Shares. 

9.                 
Legending and Registration of Shares 

9.1                
If the Subscriber is a resident of Canada, the Subscriber hereby acknowledges
that upon the issuance thereof, and until such time as the same is no longer
required under the applicable securities laws and regulations, the certificates
or other document representing any of the Shares will bear a legend in
substantially the following form: 

- 11 - 

“THE SECURITIES REPRESENTED HEREBY
HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS
(AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES REPRESENTED
HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
SECURITIES LAWS. 

UNLESS OTHERWISE PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THESE SECURITIES MUST NOT TRADE THE
SECURITIES IN OR FROM BRITISH COLUMBIA UNLESS THE CONDITIONS IN SECTION 12(2) OF
BC INSTRUMENT 51-509 ISSUERS QUOTED IN THE U.S. OVER-THE-COUNTER MARKET ARE MET.

UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED HEREBY MUST NOT TRADE THE
SECURITIES BEFORE [DATE THAT IS FOUR MONTHS AND ONE DAY FROM CLOSING DATE].”

9.2                
If the Subscriber is not a resident of Canada, the Subscriber hereby
acknowledges that that upon the issuance thereof, and until such time as the
same is no longer required under the applicable securities laws and regulations,
the certificates or other document representing any of the Shares will bear a
legend in substantially the following form: 

“THE SECURITIES REPRESENTED HEREBY
HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS
(AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES REPRESENTED
HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
SECURITIES LAWS. 

UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED HEREBY MUST NOT TRADE THE
SECURITIES BEFORE [DATE THAT IS FOUR MONTHS AND ONE DAY FROM CLOSING DATE].”

- 12 - 

9.3                
The Subscriber hereby acknowledges and agrees to the Issuer making a notation on
its records or giving instructions to the registrar and transfer agent of the
Issuer in order to implement the restrictions on transfer set forth and
described in this Agreement. 

10.       
          Resale
Restrictions 

10.1               
The Subscriber acknowledges that any resale of any of the Shares will be subject
to resale restrictions contained in the securities legislation applicable to the
Subscriber or proposed transferee.

10.2               
The Subscriber acknowledges that the Shares are subject to resale restrictions
in Canada and may not be traded in Canada except as permitted by the applicable
provincial securities laws and the rules made thereunder. 

10.3                If
the Subscriber is not a resident of British Columbia, the Subscriber represents,
warrants and acknowledges that: 

	 	(a) 	
      pursuant to BCI 51-509, a subsequent trade in the Shares
      in or from Canada will be a distribution subject to the prospectus and
      registration requirements of applicable Canadian securities legislation
      (including the BC Act) unless certain conditions are met, which conditions
      include, among others, a requirement that any certificate representing the
      Shares (or ownership statement issued under a direct registration system
      or other book entry system) bear the restrictive legend (the “BC
      Legend”) specified in BCI 51-509;

	 	 	 
	 	(b) 	
      the Subscriber is not a resident of British Columbia and
      undertakes not to trade or resell any of the Shares in or from British
      Columbia unless the trade or resale is made in accordance with BCI 51-509.
      The Subscriber understands and agrees that the Issuer and others will rely
      upon the truth and accuracy of these representations and warranties made
      in this Section 10.3 and agrees that if such representations and
      warranties are no longer accurate or have been breached, the Subscriber
      shall immediately notify the Issuer;

	 	 	 
	 	(c) 	
      by executing and delivering this Agreement and as a
      consequence of the representations and warranties made by the Subscriber
      in this Section 10.3, the Subscriber will have directed the Issuer not to
      include the BC Legend on any certificates representing the Shares to be
      issued to the Subscriber. As a consequence, the Subscriber will not be
      able to rely on the resale provisions of BCI 51-509, and any subsequent
      trade in any of the Shares in or from British Columbia will be a
      distribution subject to the prospectus and registration requirements of
      the BC Act; and

	 	 	 
	 	(d) 	
      if the Subscriber wishes to trade or resell any of the
      Shares in or from British Columbia, the Subscriber agrees and undertakes
      to return, prior to any such trade or resale, any certificate representing
      the Shares to the Issuer’s transfer agent to have the BC Legend imprinted
      on such certificate or to instruct the Issuer’s transfer agent to include
      the BC Legend on any ownership statement issued under a direct
      registration system or other book entry system.

11.                
Collection of Personal Information 

11.1               
The Subscriber acknowledges and consents to the fact that the Issuer is
collecting the Subscriber’s personal information for the purpose of fulfilling
this Agreement and completing the Offering. The Subscriber's personal
information (and, if applicable, the personal information of those on whose
behalf the Subscriber is contracting hereunder) may be disclosed by the Issuer
to (a) stock exchanges or securities regulatory authorities, (b) the Issuer's
registrar and transfer agent, (c) Canadian tax authorities, (d) authorities
pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing
Act (Canada) and (e) any of the other parties involved in the Offering,
including legal counsel, and may be included in record books in connection with
the Offering. By executing this Agreement, the Subscriber is deemed to be
consenting to the foregoing collection, use and disclosure of the Subscriber's
personal information (and, if applicable, the personal information of those on
whose behalf the Subscriber is contracting hereunder) for the foregoing purposes
and to the retention of such personal information for as long as permitted or required by law or business practice.
Notwithstanding that the Subscriber may be purchasing Shares as agent on behalf
of an undisclosed principal, the Subscriber agrees to provide, on request,
particulars as to the nature and identity of such undisclosed principal, and any
interest that such undisclosed principal has in the Issuer, all as may be
required by the Issuer in order to comply with the foregoing. 

- 13 - 

Furthermore, the Subscriber is hereby notified that: 

	 	(a) 	
      the Issuer may deliver to any securities commission
      having jurisdiction over the Issuer, the Subscriber or this subscription,
      including any Canadian provincial securities commissions and/or the SEC
      (collectively, the “Commissions”) certain personal information
      pertaining to the Subscriber, including such Subscriber’s full name,
      residential address and telephone number, the number of shares or other
      securities of the Issuer owned by the Subscriber, the number of Shares
      purchased by the Subscriber and the total purchase price paid for such
      Shares, the prospectus exemption relied on by the Issuer and the date of
      distribution of the Shares,

	 	 	 
	 	(b) 	
      such information is being collected indirectly by the
      Commissions under the authority granted to them in securities
      legislation,

	 	 	 
	 	(c) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities laws, and

	 	 	 
	 	(d) 	
      the Subscriber may contact the following public official
      in Ontario with respect to questions about the Ontario Securities
      Commission’s indirect collection of such information at the following
      address and telephone number:

Administrative Assistant to the
Director of Corporate Finance 
Ontario Securities Commission 
Suite 1903,
Box 55 
20 Queen Street West 
Toronto, ON M5H 3S8 
Telephone: (416)
593-8086 

12.                 Costs

12.1               
The Subscriber acknowledges and agrees that all costs and expenses incurred by
the Subscriber (including any fees and disbursements of any special counsel
retained by the Subscriber) relating to the purchase of the Shares shall be
borne by the Subscriber. 

13.                
Governing Law 

13.1               
This Agreement is governed by the laws of the Province of British Columbia and
the federal laws of Canada applicable therein. The Subscriber, in its personal
or corporate capacity and, if applicable, on behalf of each beneficial purchaser
for whom it is acting, irrevocably attorns to the jurisdiction of the courts of
the Province of British Columbia. 

14.                 Currency

14.1               
Any reference to currency in this Agreement is to the currency of the United
States unless otherwise indicated. 

15.                 Survival

15.1                This
Agreement, including, without limitation, the representations, warranties and
covenants contained herein, shall survive and continue in full force and effect
and be binding upon the parties hereto notwithstanding the completion of the
purchase of the Shares by the Subscriber pursuant hereto. 

- 14 - 

16.                 Assignment

16.1                This
Agreement is not transferable or assignable. 

17.                
Severability 

17.1               
The invalidity or unenforceability of any particular provision of this Agreement
shall not affect or limit the validity or enforceability of the remaining
provisions of this Agreement. 

18.                 Entire
Agreement 

18.1                Except
as expressly provided in this Agreement and in the exhibits, agreements,
instruments and other documents attached hereto or contemplated or provided for
herein, this Agreement contains the entire agreement between the parties with
respect to the sale of the Shares and there are no other terms, conditions,
representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the Issuer or by anyone else. 

19.                 Notices

19.1               
All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication, including facsimile, electronic mail or other means of
electronic communication capable of producing a printed copy. Notices to the
Subscriber shall be directed to the address of the Subscriber set forth on page
2 of this Agreement and notices to the Issuer shall be directed to it at the
address of the Issuer set forth on page 3 of this Agreement. 

20.                 Counterparts
and Electronic Means 

20.1                This
Agreement may be executed in any number of counterparts, each of which, when so
executed and delivered, shall constitute an original and all of which together
shall constitute one instrument. Delivery of an executed copy of this Agreement
by electronic facsimile transmission or other means of electronic communication
capable of producing a printed copy will be deemed to be execution and delivery
of this Agreement as of the date hereinafter set forth. 

21.                
Exhibits 

21.1                The
exhibits attached hereto form part of this Agreement. 

22.                
Indemnity 

22.1                The
Subscriber will indemnify and hold harmless the Issuer and, where applicable,
its directors, officers, employees, agents, advisors and shareholders, from and
against any and all loss, liability, claim, damage and expense whatsoever
(including, but not limited to, any and all fees, costs and expenses whatsoever
reasonably incurred in investigating, preparing or defending against any claim,
lawsuit, administrative proceeding or investigation whether commenced or
threatened) arising out of or based upon any representation or warranty of the
Subscriber contained in this Agreement, the Questionnaires, as applicable, or in
any document furnished by the Subscriber to the Issuer in connection herewith
being untrue in any material respect or any breach or failure by the Subscriber
to comply with any covenant or agreement made by the Subscriber to the Issuer in
connection therewith. 

- 15 - 

[EXHIBITS INTENTIONALLY REMOVED]

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