Document:

CA Filed by Filing Services Canada Inc. 403-717-3898

 

 

Joint Venture Agreement

 

Energizer Resources Inc.

Energizer

 

Malagasy Minerals Limited

ACN 121 700 105

Malagasy

 

Madagascar-ERG Joint Venture (Mauritius) Ltd

Company Number: 106367

JV Company

 

 

 

	 	 	 	 	 
	
Jackson McDonald

	t:	
0+61 8 9426 6611

	
Contact:

	Will Moncrieff
	
Lawyers

	f:	
+61 8 9481 8649

	
Reference:

	7141864
	
140 St Georges Terrace

	w:	
www.jacmac.com.au

	 	 
	Perth Western Australia 6000	 	 	 	 

 

  

  

  

 

Joint Venture Agreement

 

Table of contents

 

	
1

	
Interpretation

	
1

	  	
1.1

	
Definitions

	
1

	  	
1.2

	
Interpretation

	
11

	
2

	
Commencement

	
13

	
3

	
Consideration

	
13

	  	
3.1

	
Deposit paid

	
13

	  	
3.2

	
Cash and Share Consideration

	
13

	  	
3.3

	
Payment and issue

	
13

	
4

	
Provision of Mining Information

	
14

	
5

	
Acknowledgements by Parties

	
14

	
6

	
Establishment of JV Company and its Board

	
15

	  	
6.1

	
Establishment

	
15

	  	
6.2

	
Initial Shareholding Interests

	
15

	  	
6.3

	
Adoption of constituent document

	
15

	  	
6.4

	
Board members

	
15

	  	
6.5

	
Appointment and removal of Directors

	
15

	  	
6.6

	
Role and powers of the Board

	
16

	  	
6.7

	
Meetings of the Board

	
16

	  	
6.8

	
Notice of Board meetings

	
17

	  	
6.9

	
Quorum

	
17

	  	
6.1

	
Decisions of the Boards

	
17

	  	
6.11

	
Voting

	
17

	  	
6.12

	
Experts and advisers

	
17

	  	
6.13

	
Minutes of meetings and records

	
18

	
7

	
Establishment of MadagascarCo

	
18

	  	
7.1

	
Establishment

	
18

	  	
7.2

	
Management of MadagascarCo

	
18

	  	
7.3

	
Appointment and removal

	
18

	  	
7.4

	
Role of Company Manager

	
19

	  	
7.5

	
Adoption of constituent document

	
19

	
8

	
Business of the JV Company and MadagascarCo

	
19

	
9

	
Co-operation of Shareholders

	
19

 

  

 Page i

  

 

Joint Venture Agreement

 

	
10

	
Right to explore and sublease

	
20

	  	
10.1

	
Grant of Subleases

	
20

	  	
10.2

	
Covenants of Permit Holders in respect of the Exploration Permits

	
21

	  	
10.3

	
Covenants in respect of the Exploration Permits

	
21

	  	
10.4

	
Remedies of Energizer

	
22

	  	
10.5

	
Exercise of Industrial Mineral Rights

	
22

	  	
10.6

	
Notice of activities

	
23

	  	
10.7

	
Mutual indemnities

	
23

	
11

	
Surrender of Exploration Permits

	
24

	
12

	
Transfer of Permits

	
24

	
13

	
Bankable Feasibility Study and Decision to Mine

	
25

	  	
13.1

	
Bankable Feasibility Study

	
25

	  	
13.2

	
Decision to Mine

	
25

	  	
13.3

	
Election to participate and formation of mining joint venture

	
26

	  	
13.4

	
Establishment of Mining Area

	
26

	  	
13.5

	
Holding of Mining Area

	
26

	  	
13.6

	
Mining Area ceases to be Joint Venture Property

	
27

	  	
13.7

	
Transfer of Mining Area

	
27

	  	
13.8

	
Terms of Mining Joint Venture

	
27

	  	
13.9

	
Agreement

	
28

	
14

	
Conversion to Exploitation Permits

	
28

	  	
14.1

	
Conversion

	
28

	  	
14.2

	
Transfer of Exploitation Permits

	
28

	  	
14.3

	
Holding of Exploitation Permits

	
29

	  	
14.4

	
Approval of Mining Department

	
29

	  	
14.5

	
Option of Permit Holders to transfer Exploration Permits prior to conversion

	
29

	
15

	
Environment and Mining Operations

	
29

	
16

	
Other Mineral Rights

	
30

	  	
16.1

	
Holder of Permits and Other Mineral Rights

	
30

	  	
16.2

	
Priority of exercise of Industrial Mineral Rights by JV Company

	
30

	  	
16.3

	
Exercise of Other Mineral Rights by the Permit Holders

	
30

	  	
16.4

	
Suspension of Other Mineral Rights for duration of Mining Operations

	
30

	  	
16.5

	
Transfer of Other Mineral Rights

	
31

	  	
16.6

	
Transfer of Industrial Mineral Rights

	
31

	  	
16.7

	
Co-mingling

	
31

 

  

 Page ii

  

 

Joint Venture Agreement

 

	
17

	
Operator

	
32

	  	
17.1

	
First Operator

	
32

	  	
17.2

	
Functions of the Operator

	
32

	  	
17.3

	
Operator to prepare Programs and Budgets

	
32

	  	
17.4

	
Liability of Operator

	
33

	  	
17.5

	
Indemnity of Operator

	
33

	  	
17.6

	
Preserve Permits

	
33

	  	
17.7

	
Reporting

	
33

	  	
17.8

	
Change of Operator

	
33

	
18

	
Contributions to Joint Venture Costs

	
33

	
19

	
Right to dilute

	
34

	  	
19.1

	
Election not to fund

	
34

	  	
19.2

	
Contributions where election not to fund

	
34

	  	
19.3

	
Dilution

	
35

	
20

	
Disposal of Shares and pre-emption rights

	
38

	
21

	
Drag along

	
38

	
22

	
Tag along

	
38

	
23

	
Interest below 10%

	
39

	
24

	
Representations and warranties

	
39

	  	
24.1

	
Representations and warranties by Energizer

	
39

	  	
24.2

	
Representations and warranties by Malagasy

	
40

	  	
24.3

	
Disclaimer of liability by Malagasy

	
41

	
25

	
Guarantee by Malagasy

	
42

	
26

	
Guarantee by Energizer

	
42

	
27

	
Assignment

	
42

	
28

	
Termination

	
42

	  	
28.1

	
Termination events

	
42

	  	
28.2

	
Event of Default

	
43

	  	
28.3

	
Effect of termination

	
43

	  	
28.4

	
Continuing remedies

	
43

	
29

	
Force Majeure

	
44

	  	
29.1

	
Force Majeure

	
44

	  	
29.2

	
Relief

	
44

	  	
29.3

	
Labour disputes

	
44

	  	
29.4

	
Resumption

	
45

	
30

	
Dispute resolution

	
45

	  	
30.1

	
Application

	
45

	  	
30.2

	
Dispute negotiation

	
45

	  	
30.3

	
Arbitration

	
46

	  	
30.4

	
Urgent relief

	
46

	  	
30.5

	
Continued performance

	
46

 

  

 Page iii

  

 

Joint Venture Agreement

 

	
31

	
Disputes as to Technical or Financial Matters

	
46

	  	
31.1

	
Definitions

	
46

	  	
31.2

	
Application

	
46

	  	
31.3

	
Dispute negotiation

	
46

	  	
31.4

	
Independent Expert

	
47

	
32

	
Expert Determination

	
47

	  	
32.1

	
Referral to Independent Expert

	
47

	  	
32.2

	
Appointment of Independent Expert

	
47

	  	
32.3

	
Requirements of Independent Expert

	
47

	  	
32.4

	
Rights of the Parties

	
48

	  	
32.5

	
Confidentiality

	
48

	  	
32.6

	
Determination

	
48

	  	
32.7

	
Costs of Independent Expert

	
48

	
33

	
Status of Agreement and further acts

	
49

	
34

	
Relationship between Parties

	
49

	
35

	
Confidentiality and public announcements

	
50

	  	
35.1

	
Confidentiality

	
50

	  	
35.2

	
Conditions

	
51

	  	
35.3

	
Notice to other Shareholders

	
52

	  	
35.4

	
Indemnities

	
52

	  	
35.5

	
Survival of confidentiality obligations

	
52

	  	
35.6

	
Use of Mining Information in respect to Other Mineral Rights

	
52

	
36

	
Notices

	
52

	
37

	
Miscellaneous

	
53

	  	
37.1

	
Governing law

	
53

	  	
37.2

	
Amendments

	
54

	  	
37.3

	
Primacy of this Agreement

	
54

	  	
37.4

	
Language

	
54

	  	
37.5

	
Waiver

	
54

	  	
37.6

	
Consents

	
54

	  	
37.7

	
Counterparts

	
54

	  	
37.8

	
No representation or reliance

	
54

	  	
37.9

	
Expenses

	
55

	  	
37.1

	
Entire agreement

	
55

	  	
37.11

	
Indemnities

	
55

	  	
37.12

	
Severance and enforceability

	
55

	  	
37.13

	
No merger

	
55

	  	
37.14

	
Power of attorney

	
55

	  	
37.15

	
Taxes

	
56

 

  

 Page iv

  

 

Joint Venture Agreement

 

	
Schedule 1 – Exploration Permits and Area of Interest

	
57

	
Schedule 2 – Industrial Minerals

	
58

	
Schedule 3 – Map of Area of Interest

	
59

	
Schedule 4 – Net Smelter Return Royalty

	
60

	
Executed as an agreement

	
64

	
Annexure A – Area of Interest

	
65

	
Annexure B – Form of Mazoto Sublease Agreement

	
66

	
Annexure C – Form of MDA Sublease Agreement

	
67

 

  

 Page v

  

 

Joint Venture Agreement

 

Date:                                                                            2013

 

Parties

 

	
Energizer Resources Inc.

Energizer

 

	
141 Adelaide Street, West Suite 520, Toronto, Ontario, Canada

	
Malagasy Minerals Limited

ACN 121 700 105

Malagasy

 

	
Unit 7, 11 Colin Grove, West Perth, Western Australia

	
Madagascar-ERG Joint Venture (Mauritius) Ltd

Company Number: 106367

JV Company

	
6th Floor, Newton Tower, Sir William Newton Street, Port Louis, Republic of Mauritius

 

Background

 

	
A.  

	
The Permit Holders are the sole registered holders and beneficial owners of the Exploration Permits.

 

	
B.  

	
By the Heads of Agreement Energizer and Malagasy agreed to participate in a joint venture in relation to the Industrial Mineral Rights subject to Energizer being satisfied with the outcome of due diligence enquiries in relation to the Permit Holders and the Permits.

 

	
C.  

	
Energizer has completed its due diligence enquiries and is satisfied with the outcome of these enquiries.

 

	
D.  

	
This Agreement supersedes and replaces the Heads of Agreement.

 

Agreement

 

	
1.  

	
Interpretation

 

	
1.1  

	
Definitions

 

In this Deed, unless the context requires otherwise, the following expressions will have the following meanings:

 

	
Accession Deed

	
a deed between the Parties to this Agreement and a third party pursuant to which the third party assumes the obligations of the assigning Party to the extent of the interest being assigned to the third party as if the third party was an original party to this Agreement and is otherwise in a form satisfactory to the non-assigning Party, acting reasonably.

	 	 
	
Agreement

	
this agreement.

	 	 

 

  

 Page 1

  

 

Joint Venture Agreement

 

	
Area of Interest

	
the areas of the Exploration Permits described in Annexure A and identified by the area within the green line of the map at Schedule 3.

	 	 
	
Bankable Feasibility Study

	
a detailed report or reports prepared by or on behalf of Energizer and/or JV Company evaluating the feasibility of placing mineral deposits within the Area of Interest, or any part thereof, into production and operation as a mine, which detailed report or reports must include, without limitation, a reasonable assessment of the mineable mineral reserves and their amenability to metallurgical treatment, a complete description of the work, equipment and supplies required to bring the mineral deposits within the Area of Interest into mineral production and the estimated cost thereof, a description of the mining methods to be employed and a financial appraisal of possible mining operations.  Such detailed report or reports must be, in the opinion of the person or firm commissioning such report or reports, or, in the event of a dispute between the Parties, in the opinion of such qualified independent firm of consultants as Energizer and/or JV Company selects in good faith, in such form and of such substance which is normally accepted by substantial, recognised financial institutions for the purpose of determining whether to lend funds for the development of mineral deposits, and must include and be supported by at least the following:

 

(a)   a description of the mining claims within the Area of Interest and that part of the mining claims within the Area of Interest proposed to be the subject of a mine;

 

(b)   the estimated recoverable reserves of minerals and the estimated composition and content thereof;

 

(c)   the procedure for the development, mining and production of Industrial Minerals from the mining claims within the Area of Interest;

 

(d)   results of mineral processing tests and ore amenability tests;

 

(e)   the nature and extent of the facilities which might be necessary to acquire or construct, which may include ore processing facilities if the nature, volume and location of the ore makes such ore processing facilities necessary and feasible, in which event the study must also include a design for such ore processing facilities;

 

(f)    a detailed cost and timing analysis, including a capital cost budget, of the total estimated costs and expenses required to develop a mine on the mining claims within the Area of Interest and to purchase, construct and install all structures, machinery, equipment, and electricity connection or generation equipment required for such mine including an ore processing facility, if so included in accordance with the terms hereof;

 

  

 Page 2

  

 

Joint Venture Agreement

 

	 	
(g)   detailed operating cost estimates, including working capital requirements for the initial three months of operation of the mine or such longer period as may be reasonably justified;

 

(h)   all description of necessary environmental impact and mitigation studies and costs, including planned rehabilitation of the mining claims within the Area of Interest with estimated costs thereof;

 

(i)    a critical path time schedule for bringing the mining claims within the Area of Interest or any part thereof to commercial production;

 

(j)    such other data and information as are reasonably necessary to substantiate the existence of a mineral deposit of sufficient size and grade to justify development of a mine on the  mining claims within the Area of Interest, taking into account all relevant business, tax and other economic considerations;

 

(k)   disclosure of all price assumptions;

 

(l)    a transportation cost analysis;

 

(m)  a proposed procedure or method of disposing of tailings as required under the environmental and mining laws of all Governmental Agencies having jurisdiction;

 

(n)   a detailed discussion and analysis of governmental requirements with respect to the development of a mine on the mining claims within the Area of Interest including time schedules;

 

(o)  details regarding any proposed financing of the project;

 

(p)  a discounted cash flow (net of income taxes) and return on investment analysis, including an economic forecast for the life of the proposed mine; and

 

(q) appropriate sensitivity analyses.

 

	
Board

	
the board of Directors of JV Company or MadagascarCo (as the context requires).

 

	
Business

	
the business of JV Company and MadagascarCo as described in clause 8(a) and such other business as the Shareholders may agree.

 

	
Business Day

	
a day which is not a Saturday, a Sunday or a public holiday in Ontario, Canada or Perth, Western Australia.

 

  

 Page 3

  

 

Joint Venture Agreement

 

	
Claim

	
in relation to a Party, any demand, claim, action or proceeding made or brought by or against the Party, howsoever arising and whether present, unascertained, immediate, future or contingent.

 

	
Confidential Information

	
all information, documents, maps, reports, records, studies, forms, specifications, processes, statements, formulae, trade secrets, drawings and other data (and copies and extracts made of or from any such data) in written or electronic form and whether reduced to writing or not, and at any time in the possession or under the control of or readily accessible to any Party, including the Mining Information, concerning:

 

(a)   the existence or contents of this Agreement;

 

(b)   Joint Venture Property;

 

(c)   Joint Venture Operations;

 

(d)   JV Company;

 

(e)   MadagascarCo;

 

(f)    the operations and transactions of a Party;

 

(g)   the organisation, finance, customers, markets, suppliers, intellectual property and know-how of a Party or a Related Body Corporate of a Party; and

 

(h)   any other information obtained during the Term or in the course of the Joint Venture, that is not in the public domain (except by failure of a Party to perform and observe its covenants and obligations under this Agreement) and that has been obtained by a Party during the negotiations preceding the making of this Agreement or the Heads of Agreement by or through or by being a Party to this Agreement or the Heads of Agreement.

 

	
Country Manager

	
has the meaning in clause 7.2.

 

	
Decision to Mine

	
has the meaning given to that term in clause 13.2(a).

 

	
Director

	
a director of JV Company.

 

  

 Page 4

  

 

Joint Venture Agreement

 

	
Dispose

	
in relation to a person and any property, means to sell, transfer, assign, surrender, create an Encumbrance over, declare oneself a trustee of or part with the benefit or otherwise dispose of that property (or any interest in it or any party of it) whether done before, on or after the person obtains any interest in the property, including without limitation in relation to a share, to enter into a transaction in relation to the share (or any interest in the share) which results in a person other than the registered holder of the share:

 

(a)   acquiring or having an equitable or beneficial interest in the share, including, without limitation, an equitable interest arising under a declaration of trust, an agreement for sale and purchase or an option agreement or an agreement creating a charge or other Encumbrance over the share; or

 

(b)   acquiring or having any right to receive (directly or indirectly) any dividends or other distribution or proceeds of disposal payable in respect of the share or any right to receive an amount calculated by reference to any of them; or

 

(c)   acquiring or having any rights of pre-emption, first refusal or other direct or indirect control over the disposal of the share; or

 

(d)   acquiring or having any rights of (direct or indirect) control over the exercise of any voting rights or rights to appoint Directors attaching to the share; or

 

(e)   otherwise acquiring or having equitable rights against the registered holder of the share (or against a person who directly or indirectly controls the affairs of the registered holder of the shares) which have the effect of placing the other person in substantially the same position as if the person had acquired a legal or equitable interest in the share itself,

 

but excludes:

 

(f)   a transaction expressly permitted by this Agreement; or

 

(g)   a transaction conditional on each Shareholder consenting to it.

 

	
Encumbrance

	
any mortgage, bill of sale, lien, charge, pledge, writ, warrant, production royalty, caveat (and all claims stated in the caveat), assignment by way of security, security interest, title retention, preferential right or trust arrangement, Claim, covenant, profit a pendre, easement, or any other security arrangement or other right or interest of any third party and includes any other arrangement having the same effect.

 

	
Energex

	
Energex SARL, a company incorporated under the laws of Madagascar and a wholly owned subsidiary of Malagasy.

 

	
Energizer

	
Energizer Resources Inc., a company incorporated under the laws Minnesota, United States of Amercia.

 

	
Energizer Share

	
a fully paid ordinary share in the capital of Energizer.

 

 

  

 Page 5

  

 

Joint Venture Agreement

 

	
Environmental Law

	
any law concerning environmental matters which regulates or affects the Permits, and includes, but is not limited to, laws concerning land use, development, pollution, waste disposal, toxic and hazardous substances, conservation of natural or cultural resources and resource allocation including any law relating to exploration for or development of any natural resource.

 

	
Environmental Liability

	
any obligation, expense, penalty or fine under Environmental Law, including rehabilitation and rectification work of whatsoever nature or kind.

 

	
Execution Date

	
the date of execution of this Agreement by the last of the Parties.

 

	
Exploitation Permit

	
a permit granted under the Mining Code in relation to the Area of Interest which gives the holder an exclusive right to exploit authorised minerals, continue exploration and research of such minerals and to build any permanent or temporary structures.

 

	
Exploration

	
all activities and operations that have as their purpose the discovery, location, delineation and further investigation of any Industrial Minerals, Industrial Mineral deposits and ore, including drilling and trenching, the testing or proving of those bodies, the conducting of pre-feasibility, viability and amenability studies and the establishment and the administration of field offices for the performance of any of these functions.

 

	
Exploration Operations

	
all Exploration activities conducted by JV Company and MadagascarCo in accordance with this Agreement.

 

	
Exploration Permits

	
the exploration permits granted under the Mining Code listed in Schedule 1.

 

	
Good Mining Practices

	
in relation to Exploration and Mining, those practices, methods and acts engaged in or approved by a firm or body corporate which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised by skilled and experienced operators engaged in the mining industry in Ontario, Canada.

 

	
Good Standing

	
in relation to a Permit, that the Permit is and remains in full force and effect and is and remains not liable to cancellation, forfeiture or non-renewal, for any reason other than compulsory partial surrenders under the Mining Code and the non-renewal of a Permit other than by reason of default by the holder of the Permit but does not include anything that occurs as a result of the current political situation in Madagascar including as a result of the current moratorium on renewal or transfer of Permits.

 

 

  

 Page 6

  

 

Joint Venture Agreement

 

	
Governmental Agency

	
any government or any governmental, semi-governmental, administrative, fiscal or judicial body, responsible minister, department, office, commission, delegate, authority, instrumentality, tribunal, board, agency, entity or organ of government, whether federal, state, territorial or local, statutory or otherwise, in respect of a sovereign state and includes any of them purporting to exercise any jurisdiction or power outside that sovereign state.

 

	
Heads of Agreement

	
the document entitled “Joint Venture Heads of Agreement” dated 5 October 2011 between Energizer and Malagasy.

 

	
Independent Expert

	
an expert independent of the Parties appointed under and for the purposes of clause 32.

 

	
Industrial Minerals

	
the minerals listed in Schedule 2 of this Agreement.

 

	
Industrial Mineral Rights

	
all Mineral Rights with respect to Industrial Minerals.

 

	
Joint Venture

	
the joint venture constituted by this Agreement for the Exploration of, and if warranted, the Mining of the Area of Interest, to be conducted by JV Company and MadagascarCo pursuant to this Agreement.

 

	
Joint Venture Costs

	
all costs, expenses and liabilities incurred in connection with Joint Venture Operations including:

 

(a) all costs of establishing and maintaining JV Company and MadagascarCo;

 

(b) the costs of conducting Exploration Operations (including any Minimum Expenditure Obligations);

 

(c) the costs of conducting Mining Operations;

 

(d) all rents, fees and taxes applicable to the Permits;

 

(e) all Outgoings in relation to Permits;

 

(f) the cost of all personnel engaged in the conduct of Joint Venture Operations;

 

(g) the cost of all items of plant, equipment, machinery and vehicles used in connection with Joint Venture Operations;

 

(h) a charge (not including any element of profit) for administrative and overhead expenses incurred by the Operator, at a rate not exceeding 10% of items of expense referred to in this definition;

 

(i) any costs of procuring and maintaining any insurance required for the conduct of Joint Venture Operations in accordance with good industry practice;

 

(j) administrative, overhead, office and employment costs and expenses incurred in connection with the conduct of Joint Venture Operations; and

 

(k) domestic and international travel expenses incurred in connection with the conduct of Joint Venture Operations.

 

 

  

 Page 7

  

 

Joint Venture Agreement

 

	
Joint Venture Operations

	
all activities of the Joint Venture under this Agreement including Exploration Operations and if applicable, Mining Operations.

 

	
Joint Venture Property

	
all property of whatsoever kind held or hereafter acquired or created by or on behalf of JV Company or MadagascarCo for the purposes of the Joint Venture including (without limitation):

 

(a) the Industrial Mineral Rights;

 

(b) rights under any Sublease;

 

(c) any Permits held by JV Company or MadagascarCo; and

 

(d) Mining Information.

 

	
Labradorite Subleases

	
the following subleases entered into by MDA for the purposes of exploring for and exploiting labradorite:

 

(a) sublease agreement between MDA and Magrama SA dated 17 November 2005;

 

(b) sublease agreement between MDA and SQNY International SARL dated 3 November 2006 as amended by agreement dated 3 December 2010; and

 

(c) sublease agreement between MDA and Euromad Minière SARL dated 17 November 2005.

 

	
Law

	
any statute, ordinance, code, regulation, law, by-law, local law, plan, planning scheme, local structure plan, official directive, order, instrument, undertaking, judicial, administrative or regulatory decree, judgement, ruling or order.

 

	
Madagascar

	
the Republic of Madagascar.

 

	
Madagascar Development JV Company

	
has the meaning in clause 13.5(b).

 

	
MadagascarCo

	
the company incorporated or to be incorporated under the laws of Madagascar as described in clause 7 and known as ERG (Madagascar) Ltd.

 

	
Madagascan Government

	
the government of Madagascar.

 

	
Malagasy

	
Malagasy Minerals Limited ACN 121 700 105, a company incorporated under the laws of Australia.

 

  

 Page 8

  

 

Joint Venture Agreement

 

	
Material Adverse Effect

	
an unfavourable or adverse event, occurrence or circumstance, or the result thereof, that causes the actual value of Area of Interest or the Industrial Mineral Rights to be materially impaired or devalued but does not include anything that occurs as a result of the current political situation in Madagascar including as a result of the current moratorium on renewal or transfer of Permits.

 

	
Mauritian Development JV Company

	
has the meaning in clause 13.5(b).

 

	
Mauritius

	
the Republic of Mauritius.

 

	
Mazoto

	
Mazoto Minerals SARL, a company incorporated under the laws of Madagascar and a wholly owned subsidiary of Malagasy.

 

	
Mazoto Sublease Agreements

	
sublease agreements to be entered into by Mazoto and MadagascarCo in relation to the relevant area / squares of each Exploration Permit held by Mazoto within the Area of Interest, in the form set out at Annexure B.

 

	
MDA

	
means Mada-Aust SARL, a company incorporated under the laws of Madagascar and a wholly owned subsidiary of Malagasy.

 

	
MDA Sublease Agreements

	
sublease agreements to be entered into by MDA and MadagascarCo in relation to the relevant area / squares of each Exploration Permit held by MDA within the Area of Interest, in the form set out at Annexure C.

 

	
Mineral Rights

	
the right to explore for and mine minerals within the Area of Interest in accordance with the Permits.

 

	
Minimum Expenditure Obligations

	
the minimum expenditure which the holder of a Permit is required under the Mining Code to incur in respect of that Permit in any given year.

 

	
Mining

	
all work of or associated with extraction of Industrial Mineral deposits by way of commercial exploitation, including all preparatory development and incidental work (other than Exploration) and to the extent agreed between the Parties may include extraction, beneficiation, transportation, refining, processing and marketing of minerals, including ore concentrates, matte and metals produced.

 

	
Mining Area

	
the area of the Area of Interest determined under clause 13.4.

 

  

 Page 9

  

 

Joint Venture Agreement

 

	
Mining Code

	
the body of legal provisions in force in Madagascar contained in the Law no 99-022 of 19/08/1999 containing the Mining Code as amended by Law no 2005-021 of 17/10/2005 as well as Decree no 2006-910 of 19/12/2006 setting out the conditions of application of the Law no 99-022 of 19/08/1999 as amended by Law no 2005-021 of 17/10/2005, as amended from time to time.

 

	
Mining Department

	
Bureau du Cadastre Minier de Madagascar (the Madagascar Mining Registry Office), also known as the BCMM.

 

	
Mining Information

	
all technical information including (without limitation) geological, geochemical and geophysical reports, surveys, mosaics, aerial photographs, samples, drill cores, drill logs, drill pulp, assay results, maps and plans relating to the Industrial Minerals in the Area of Interest or to Joint Venture Operations, whether in physical, written or electronic form.

 

	
Mining Operations

	
all Mining activities conducted by JV Company and MadagascarCo under this Agreement.

 

	
NewCo Madagascar

	
has the meaning in clause 13.3(b).

 

	
NewCo Mauritius

	
has the meaning in clause 13.3(b).

 

	
Operator

	
the person appointed as operator in accordance with clause 17 for the purposes of managing, directing and controlling any and all Joint Venture Operations on behalf of and as agent for JV Company, MadagascarCo and the Shareholders.

 

	
Other Mineral Rights

	
all Mineral Rights other than the Industrial Mineral Rights.

 

	
Other Minerals

	
all other minerals other than the Industrial Minerals.

 

	
Outgoings

	
all rents, rates, survey fees and other fees and charges under the applicable legislation or otherwise in connection with a Permit.

 

	
Parties

	
the parties to this Agreement and Party means any one of them.

 

  

 Page 10

  

 

Joint Venture Agreement

 

	
Permit Holders

	
MDA, Mazoto and Energex.

	
Permits

	
 

(a) Exploration Permits;

 

(b) Exploitation Permits;

 

(c) any licence, concession, permit or tenement which may hereafter be in force or issued in lieu of or in relation to the same ground as the permits referred to in paragraphs (a) or (b) of this definition;

 

(d) any permit, concession, licence or tenement that is a successor, renewal, modification, extension or substitute for the permits referred to in paragraphs (a), (b) or (c) of this definition; and

 

(e) all rights to mine and other privileges appurtenant to the mining tenements and all ore and mineral-bearing material, sand, slimes, tailings and residues of whatsoever nature located on and under the land the subject of a licence, concession, permit or tenement referred to in paragraphs (a), (b), (c) or (d) of this definition.

 

	
Programs and Budgets

	
a program and budget for the conduct of Joint Venture Operations.

 

	
Related Body Corporate

	
in relation to a Party, a corporation that is:

 

(a) a holding company of the Party;

 

(b) a subsidiary of the Party; or

 

(c) a subsidiary of a holding company of the Party.

 

	
Respective Proportion

	
in respect of a Shareholder, a proportion equal to the proportion (by value) of the issued capital of JV Company or NewCo Mauritius (as the context requires) held by that Shareholder from time to time.

 

	
Share

	
a share in the capital of JV Company or NewCo Mauritius (as the context requires).

 

	
Shareholder

	
a holder of Shares.

 

	
Shareholding Interest

	
a direct interest in Shares.

 

	
SIAC

	
the Singapore International Arbitration Centre.

	
Simple Majority

	
 

(a) in relation to a resolution of Directors, a resolution that is passed by an affirmative vote of more than 50% of the votes cast by Directors entitled to vote on the resolution; and

 

(b) in relation to a resolution of Shareholders, a resolution that is passed by an affirmative vote of more than 50% of the votes cast by Shareholders entitled to vote on the resolution.

 

	
Sublease

	
has the meaning given to that term in clause 10.1.

 

	
Sublease Agreements

	
means either or both of the MDA Sublease Agreements and the Mazoto Sublease Agreements (as the context requires).

 

	
Term

	
the period from the Execution Date to the termination of this Agreement in accordance with its provisions.

 

	
1.2  

	
Interpretation

 

	
(a)  

	
headings are for convenience; and

 

  

 Page 11

  

 

Joint Venture Agreement

 

unless the context indicates otherwise:

 

	
(b)  

	
an obligation or a liability assumed by, or a right conferred on, 2 or more persons binds or benefits them jointly and severally;

 

	
(c)  

	
a word or phrase in the singular number includes the plural, a word or phrase in the plural number includes the singular, and a word indicating a gender includes every other gender;

 

	
(d)  

	
if a word or phrase is given a defined meaning, any other part of speech or grammatical form of that word or phrase has a corresponding meaning;

 

	
(e)  

	
a reference to:

 

	
(i)  

	
a party, clause, schedule, exhibit, attachment or annexure is a reference to a party, clause, schedule, exhibit, attachment or annexure to or of this Agreement;

 

	
(ii)  

	
a party includes that party’s executors, administrators, successors, permitted assigns, including persons taking by way of novation and, in the case of a trustee, includes a substituted or an additional trustee;

 

	
(iii)  

	
an agreement includes any undertaking, deed, agreement and legally enforceable arrangement whether in writing or not, and is to that agreement as varied, novated, ratified or replaced from time to time;

 

	
(iv)  

	
a document includes an agreement in writing and any deed, certificate, notice, instrument or document of any kind;

 

	
(v)  

	
a document in writing includes a document recorded by any electronic, magnetic, photographic or other medium by which information may be stored or reproduced;

 

	
(vi)  

	
a document (including this Agreement) includes a reference to all schedules, exhibits, attachments and annexures to it, and is to that document as varied, novated, ratified or replaced from time to time;

 

	
(vii)  

	
legislation or to a provision of legislation includes any consolidation, amendment, re-enactment, substitute or replacement of or for it, and refers also to any regulation or statutory instrument issued or delegated legislation made under it;

 

	
(viii)  

	
a person includes an individual, the estate of an individual, a corporation, an authority, an unincorporated body, an association or joint venture (whether incorporated or unincorporated), a partnership and a trust;

 

	
(ix)  

	
a right includes a power, remedy, authority, discretion or benefit;

 

	
(x)  

	
conduct includes an omission, statement or undertaking, whether in writing or not;

 

	
(xi)  

	
an agreement, representation or warranty in favour of two or more persons is for the benefit of them jointly and severally; and

 

	
(xii)  

	
an agreement, representation or warranty on the part of two or more persons binds them jointly and severally;

 

  

 Page 12

  

 

Joint Venture Agreement

 

	
(f)  

	
the word “includes” in any form is not a word of limitation;

 

	
(g)  

	
the words “for example” or “such as” when introducing an example do not limit the meaning of the words to which the example relates to that example or to examples of a similar kind;

 

	
(h)  

	
a reference to a day is to a period of time commencing at midnight and ending 24 hours later;

 

	
(i)  

	
if a period of time dates from a given day or the day of an act or event, it is to be calculated exclusive of that day; and

 

	
(j)  

	
a reference to “$” or “dollar” is to US currency.

 

	
2.  

	
Commencement

 

	
(a)  

	
The Parties acknowledge and agree that this Agreement commences with effect on and from the Execution Date.

 

	
(b)  

	
With effect on and from the Execution Date, this Agreement replaces and supersedes the Heads of Agreement, which is of no further force and effect.

 

	
3.  

	
Consideration

 

	
3.1  

	
Deposit paid

 

Malagasy acknowledges receipt of US$250,000 (being AUD$271,296.80), paid by Energizer to Malagasy in accordance with the Heads of Agreement as a non-refundable deposit for Malagasy’s entry into the Heads of Agreement and this Agreement.

 

	
3.2  

	
Cash and Share Consideration

 

In consideration for Malagasy entering into this Agreement and for performing its obligations under this Agreement, Energizer agrees to:

 

	
(a)  

	
pay Malagasy the sum of US$2,000,000 (Cash Consideration) in accordance with clause 3.3; and

 

	
(b)  

	
issue to Malagasy (or its nominee) 7,500,000 Energizer Shares in accordance with clause 3.3 (Share Consideration).

 

	
3.3  

	
Payment and issue

 

	
(a)  

	
The Cash Consideration is to be paid by Energizer to Malagasy within three (3) Business Days of the Execution Date, being the date on which this Agreement is executed by the Parties.

 

	
(b)  

	
The Share Consideration is to be issued by Energizer to Malagasy within five (5) Business Days of Energizer receiving the approval of the Toronto Stock Exchange (TSX) for the issue of the Share Consideration to Malagasy.

 

  

 Page 13

  

 

Joint Venture Agreement

 

	
(c)  

	
The Parties acknowledge that TSX approval for the issue of the Share Consideration can only be sought by Energizer on the Execution Date, once the Agreement has been executed.  Energizer agrees to use all reasonable endeavours to ensure TSX’s prompt approval and that the Share Consideration is issued as soon as practicable after the Execution Date.

 

	
(d)  

	
The Cash Consideration will be paid by Energizer (or its nominee) into a bank account nominated by Malagasy.

 

	
4.  

	
Provision of Mining Information

 

Subject to Malagasy’s receipt of the Cash Consideration and Share Consideration in accordance with clause 3, Malagasy must promptly provide to Energizer copies of all Mining Information held by Malagasy and the Permit Holders in respect of the Permits.

 

	
5.  

	
Acknowledgements by Parties

 

	
(a)  

	
The Parties acknowledge and agree that the Exploration Permits will remain registered in the name of the Permit Holders other than any portion of an Exploration Permit which is converted to an Exploitation Permit which will be dealt with in accordance with clause 14.

 

	
(b)  

	
Malagasy must procure that the Permit Holders:

 

	
(i)  

	
perform all obligations expressed by this Agreement to be imposed on the Permit Holders by this Agreement; and

 

	
(ii)  

	
execute all such documents as are necessary for those entities to be bound by the obligations imposed on them, and to be entitled to exercise the rights contemplated by this Agreement.

 

	
(c)  

	
the Shareholders must procure that the JV Company and MadagascarCo:

 

	
(i)  

	
perform all obligations expressed by this Agreement to be imposed on the JV Company and MadagascarCo; and

 

	
(ii)  

	
execute all such documents as are necessary for those entities to be bound by the obligations imposed on them, and to be entitled to exercise the rights contemplated by this Agreement.

 

	
(d)  

	
The Parties acknowledge that they will use their respective best endeavours to execute the MDA Sublease Agreements and Mazoto Sublease Agreements contemporaneously with the signing of this Agreement.

 

	
(e)  

	
The Parties acknowledge that the relevant Permits held by Energex are currently in the process of being transferred to MDA; however, they remain subject to the current moratorium on transfer of Permits.

 

	
(f)  

	
The Parties acknowledge that Exploration Operations may only be conducted in respect of those Industrial Minerals noted on the Permits or for which an authorisation of the Mining Department has been received by the Permit Holders acknowledging that those Industrial Minerals are the subject of the Permits.  Malagasy will procure that the Permit Holders comply with their obligations under clause 10.2(d).

 

  

 Page 14

  

 

Joint Venture Agreement

 

	
6.  

	
Establishment of JV Company and its Board

 

	
6.1  

	
Establishment

 

The Parties have established Madagascar-ERG Joint Venture (Mauritius) Ltd (Company Number: 106367) as the JV Company, being a company incorporated under the laws of Mauritius.

 

	
6.2  

	
Initial Shareholding Interests

 

	
(a)  

	
On establishment of JV Company, the initial Shareholders and their Shareholding Interests in JV Company are as follows:

 

	
Shareholder

	
Number of Shares

	
Shareholding Interest

	
Energizer

	
3

	
75%

	
Malagasy

	
1

	
25%

 

	
(b)  

	
If required, each Shareholder must subscribe for, for nominal consideration, the number of Shares specified in clause 6.2(a) next to its name.

 

	
6.3  

	
Adoption of constituent document

 

JV Company has adopted articles of association as its constituent document in accordance with the laws of Mauritius and in a form that is consistent with the terms of this Agreement.

 

	
6.4  

	
Board members

 

The Board will comprise the following individuals, being representatives of Energizer:

 

	
(a)  

	
Mr Kirk McKinnon (Chairman);

 

	
(b)  

	
Mr Richard Schler;

 

	
(c)  

	
Mr Peter Liabotis;

 

	
(d)  

	
Mr Craig Scherba; and

 

	
(e)  

	
Mr Roland Fok-Seung.

 

	
6.5  

	
Appointment and removal of Directors

 

	
(a)  

	
Energizer shall have the right to appoint further Directors to the Board provided the total number of Directors does not exceed that number permitted under the articles of association of JV Company or by law.

 

	
(b)  

	
Following the completion of a Bankable Feasibility Study and its delivery to Shareholders in accordance with clause 13.1, and provided Malagasy remains a Shareholder, Malagasy will be entitled to nominate one (1) Director to the Board.

 

  

 Page 15

  

 

Joint Venture Agreement

 

	
(c)  

	
In circumstances where the office of Chairman of the Board becomes free, a new Chairman shall be nominated by the Shareholder holding the majority of Shares at that time.

 

	
(d)  

	
A person will be automatically removed as a Director without the need for any other actions by the Shareholders or the Director if:

 

	
(i)  

	
the Shareholder who nominated the person as a Director ceases to be a Shareholder.

 

	
(ii)  

	
the Shareholder that nominated the person as a Director gives written notice to JV Company that the person ceases to be a Director; or

 

	
(iii)  

	
in such other circumstances as provided for in the articles of association of JV Company.

 

	
(e)  

	
If a Shareholder that nominated a person as a Director gives written notice to the other Shareholders that the person has ceased to be a Director pursuant to clause 6.5(d)(ii), the Shareholder may (without the need for any other actions by JV Company or the Directors) appoint another person as a Director to replace the person who has ceased to be a Director.

 

	
6.6  

	
Role and powers of the Board

 

	
(a)  

	
The business and affairs of the Joint Venture are to be under the control and direction of the Board.  All decisions of the Board must not breach the terms of this Agreement or any Law.  Except as otherwise provided in this Agreement, the Board is to decide all matters in relation to the business and affairs of the Joint Venture including:

 

	
(i)  

	
adoption of an accounting procedures manual for the Joint Venture and the Operator;

 

	
(ii)  

	
appointment of independent auditors (if any);

 

	
(iii)  

	
delegation of matters to any sub-committees and the Operator;

 

	
(iv)  

	
giving directions to, and setting spending limits and other control mechanisms for any sub-committees and the Operator;

 

	
(v)  

	
the surrender of the Joint Venture Property;

 

	
(vi)  

	
approval and revision of Programs and Budgets; and

 

	
(vii)  

	
other matters to be decided by the Board as specified in this Agreement.

 

	
(b)  

	
All decisions of the Board bind the Shareholders unless such decision is in breach of this Agreement or any Law.  Each Shareholder agrees to give effect to those decisions provided such decision not a breach of this Agreement or any Law.

 

	
6.7  

	
Meetings of the Board

 

	
(a)  

	
The Board will meet:

 

  

 Page 16

  

 

Joint Venture Agreement

 

	
(i)  

	
at least once each calendar year; and

 

	
(ii)  

	
at such other times as the Board may decide.

 

	
(b)  

	
Meetings of the Board may take place where the Directors are physically present together, by telephone link-up or by audio-visual transmission.

 

	
(c)  

	
A Director may at any time, and the company secretary will on the request of a Director, convene a meeting of the Directors.

 

	
6.8  

	
Notice of Board meetings

 

Notice of each meeting of the Board:

 

	
(a)  

	
must specify the time and the place of the meeting, but need not state the nature of the business to be transacted;

 

	
(b)  

	
must be given to each Director not less than 5 days before the meeting; and

 

	
(c)  

	
may be given by telephone, facsimile transmission or electronic mail message,

 

but the non-receipt by a Director of any notice of a Board meeting will not affect the validity of the convening of the meeting.

 

	
6.9  

	
Quorum

 

The quorum for a Board meeting is a majority of the Directors entitled to attend and vote at a meeting of Directors.  If Malagasy has a right to appoint a Director under clause 6.5(b), then a quorum for a Board meeting must include the representative of Malagasy, unless Malagasy agrees otherwise.  If a quorum is not present, then the Board meeting will be adjourned for at least 7 days until such time as a quorum of Directors can be present.

 

	
6.10  

	
Decisions of the Boards

 

All resolutions of the Board may be passed by a Simple Majority vote of the Directors.

 

	
6.11  

	
Voting

 

	
(a)  

	
Each Director may vote at a meeting of the Board.

 

	
(b)  

	
Each Director is entitled to one vote for each Share held by his nominating Shareholder in JV Company, provided that the total number of votes cast by the Directors appointed by his nominating Shareholder who vote on the matter shall not exceed the number of Shares held by the nominating Shareholder in JV Company.  For example, if a Shareholder holds 3 Shares, the total number of votes cast by all Directors nominated by that Shareholder shall be 3.

 

	
(c)  

	
In the case of equality of votes, the Chairman of the meeting will have a casting vote.

 

	
6.12  

	
Experts and advisers

 

The Board may invite experts and advisers to attend any meeting of the Board.

 

  

 Page 17

  

 

Joint Venture Agreement

 

	
6.13  

	
Minutes of meetings and records

 

	
(a)  

	
Minutes of Board meetings will be kept.

 

	
(b)  

	
On request, JV Company will provide copies of the agenda of Board meetings, minutes of Board meetings and Board papers supporting such minutes to the Shareholder who requests such information.

 

	
(c)  

	
On reasonable notice, any Shareholder and its advisers shall have access to review and will be provided with copies of such of the records of JV Company and MadagascarCo as reasonably requested from time to time.

 

	
(d)  

	
Malagasy and its advisers will, at the cost of Malagasy, have the right to conduct an audit review of the records of JV Company and MadagascarCo.

 

	
7.  

	
Establishment of MadagascarCo

 

	
7.1  

	
Establishment

 

	
(a)  

	
The Parties have established, or will as soon as practicable after the Execution Date establish, ERG (Madagascar) Ltd as MadagascarCo, being a company incorporated under the laws of Madagascar for the purposes of holding the Subleases and eventually the Exploitation Permits.

 

	
(b)  

	
All shares in MadagascarCo are or will be owned by JV Company.

 

	
(c)  

	
MadagascarCo has or will be incorporated for the time being as a Société á Responsabilité Limitée.

 

	
7.2  

	
Management of MadagascarCo

 

	
(a)  

	
Energizer has, or will as soon as practicable after the Execution Date, appoint Mr Roland Fok-Seung as the Gérant résident (Country Manager) of MadagascarCo, who will act in accordance with the instructions provided to him by JV Company.

 

	
(b)  

	
Energizer has, or will as soon as practicable after the Execution Date, appoint Mr Kirk McKinnon, Mr Richard Schler and Mr Roland Fok-Seung as Gérants of MadagascarCo.

 

	
(c)  

	
Decisions of MadagascarCo will only be made in accordance with an instruction from JV Company and will require the approval of at least two (2) of the three (3) managers (Gérants) of MadagascarCo.

 

	
7.3  

	
Appointment and removal

 

	
(a)  

	
Energizer shall have the ability to appoint additional Country Managers or remove and replace existing Country Managers of MadagascarCo subject to the total number of Country Managers so appointed not exceeding that number provided for in the constituent document of MadagascarCo or by law.

 

	
(b)  

	
If it hasn’t already done so, following the completion of a Bankable Feasibility Study and its delivery to Shareholders in accordance with clause 13.1, Energizer will consider whether it is appropriate to remain incorporated as a Société á Responsabilité Limitée company or whether it is more appropriate to convert to a Société Anonyme company.  If MadagascarCo is converted to a Société Anonyme company following completion of a Bankable Feasibility Study (or at anytime following completion of a Bankable Feasibility Study), and provided Malagasy remains a Shareholder of JV Company, Malagasy will be entitled to nominate one (1) director to the Board of MadagascarCo.

 

  

 Page 18

  

 

Joint Venture Agreement

 

	
7.4  

	
Role of Company Manager

 

The role of the Company Manager is to carry out and implement the directions received from JV Company in respect of the Business and to carry out the day to day management of Joint Venture Operations.

 

	
7.5  

	
Adoption of constituent document

 

MadagascarCo has adopted “statuts” as its constituent document in accordance with the laws of Madagascar.

 

	
8.  

	
Business of the JV Company and MadagascarCo

 

	
(a)  

	
The business of JV Company will be to, through MadagascarCo:

 

	
(i)  

	
conduct Joint Venture Operations;

 

	
(ii)  

	
hold and administer the Industrial Mineral Rights;

 

	
(iii)  

	
hold and administer the Sublease Agreements and Sublease;

 

	
(iv)  

	
upon the grant of Exploitation Permits over any part of the Area of Interest in accordance with clause 14.1, hold and administer the Exploitation Permits; and

 

	
(v)  

	
conduct any Exploration Operations and or Mining Operations.

 

	
(b)  

	
The Shareholders agree and acknowledge that JV Company and/or MadagascarCo may enter into agreements with third parties with respect to the use, operation or other exploitation of any mining infrastructure which is located within the Area of Interest or any in relation to any other Joint Venture Property, but any agreement of this type must be entered into on arm’s length commercial terms.

 

	
9.  

	
Co-operation of Shareholders

 

Each Shareholder must:

 

	
(a)  

	
cooperate to:

 

	
(i)  

	
foster the development of the Business; and

 

	
(ii)  

	
ensure that JV Company and MadagascarCo can successfully carry on the Business in accordance with all applicable laws and regulations;

 

  

 Page 19

  

 

Joint Venture Agreement

 

	
(b)  

	
not use Confidential Information in a way which damages or is reasonably likely to damage JV Company or MadagascarCo or any Shareholder, which obligation will continue after a Shareholder has ceased being a Shareholder in JV Company and survive termination of this Agreement.  Nothing in this clause prevents Malagasy from using the Mining Information in relation to the exploration and development of the Other Minerals;

 

	
(c)  

	
not unreasonably delay an action, approval, direction, determination or decision required of the Shareholder;

 

	
(d)  

	
make approvals or decisions that are required of the Shareholder in accordance with the terms and conditions of this Agreement; and

 

	
(e)  

	
provide such assistance as required by this Agreement, at the cost of JV Company, as may from time to time reasonably be requested of it by JV Company or MadagascarCo or which the Shareholders agree would assist in the development of the Business, provided any costs incurred are reasonable out-of-pocket expenses and do not relate to minor ad-hoc assistance which will be provided in good faith.

 

	
10.  

	
Right to explore and sublease

 

	
10.1  

	
Grant of Subleases

 

	
(a)  

	
Malagasy will procure that during the Term, the Permit Holders grant to MadagascarCo the Industrial Mineral Rights and the exclusive right to carry out Exploration and Mining within the Area of Interest, in accordance with the laws of Madagascar, for the purposes of identifying and exploiting any Industrial Minerals within that area.

 

	
(b)  

	
Subject to Malagasy’s receipt of the Cash Consideration and Share Consideration in accordance with clause 3.3, Malagasy will procure that during the Term, the Permit Holders grant to MadagascarCo subleases over the Area of Interest on terms whereby, for consideration which includes the benefit of Exploration Operations undertaken at the cost of MadagascarCo:

 

	
(i)  

	
MadagascarCo will, in accordance with the Mining Code, be the sole holder of the Industrial Mineral Rights and have the exclusive right to conduct Exploration and Mining within the Area of Interest; and

 

	
(ii)  

	
the Permit Holders will, in accordance with and as permitted under the Mining Code, retain the exclusive right to Other Mineral Rights,

 

(each a Sublease).

 

	
(c)  

	
Subject to the Mining Code, the Subleases will be for the term of the Permits, including for the term of any renewal of the Permits.

 

	
(d)  

	
Subject to clause 10.1(e), the Permit Holders must enter into the Sublease Agreements and any other agreement(s) with MadagascarCo required by the Mining Code to give effect to the exclusive right to carry out Exploration as described in clause 10.1(a) and the Subleases as contemplated under clause 10.1(b).

 

	
(e)  

	
The Parties must use all reasonable endeavours to ensure the Sublease Agreements and any other agreement contemplated by clause 10.1(d) are entered into by the Permit Holders and MadagascarCo on, or as soon as possible after, the Execution Date.

 

	
(f)  

	
If Energizer requires, Malagasy will procure that Energex enters into sublease agreements with MadagascarCo in respect of the Permits currently in the name of Energex but which are the subject of the current moratorium on transfer, with such sublease agreements being on the same terms and conditions as the Sublease Agreements.

 

  

 Page 20

  

 

Joint Venture Agreement

 

	
10.2  

	
Covenants of Permit Holders in respect of the Exploration Permits

 

The Permit Holders, at the cost of JV Company, must:

 

	
(a)  

	
use all reasonable endeavours permitted under the laws of Madagascar to ensure the Permits are renewed in the usual course for such periods as permitted by the Mining Code, as requested by JV Company;

 

	
(b)  

	
do all such acts as are reasonably necessary to keep the Permits in Good Standing which can only be done or performed by the registered holder of the Permits, provided that the Permit Holder must give to JV Company adequate prior notice of all such acts;

 

	
(c)  

	
use all reasonable endeavours to have the Sublease Agreements registered with the Mining Department as soon as possible (provided in this case, the costs associated with registration of the Sublease Agreements with the Mining Department will be met 50% by the Permit Holders and 50% by JV Company); and

 

	
(d)  

	
apply to the Mining Department to add such of the Industrial Minerals to the Permits as may be requested by JV Company from time to time to the extent those Industrial Minerals are not already noted on the Permits.

 

	
10.3  

	
Covenants in respect of the Exploration Permits

 

Subject to clauses 10.2 and 16.3, during the Term, the JV Company and MadagascarCo must:

 

	
(a)  

	
do all such acts and make all such payments as are reasonably necessary to keep the Permits in Good Standing;

 

	
(b)  

	
comply with all Minimum Expenditure Obligations in respect of the Permits (if any); and

 

	
(c)  

	
contribute as sole contributors to all Outgoings.

 

For the purposes of ensuring compliance with the obligations under this clause 10.3, Malagasy may provide to JV Company or MadagascarCo (as the case may be) a cash call (together with a copy of the supporting documentation (including any invoice to the extent an invoice exists) to which the cash call relates) for the amount required to be paid by JV Company or MadagascarCo pursuant to this clause 10.3 no more than 30 days prior to the due date for payment of such amount and JV Company or MadagascarCo (as the case may be) has the option to satisfy the cash call by:

 

	
(a)  

	
paying the amount referred to in the cash call to Malagasy within 20 days of receipt of the cash call; or

 

	
(b)  

	
paying the amount referred to in the cash call direct to the third party to which the relevant invoice or other supporting documentation relates on or before the due date for payment noted in the cash call provided that the third party will accept payment direct from JV Company or MadagascarCo (as the case may be).

 

  

 Page 21

  

 

Joint Venture Agreement

 

	
10.4  

	
Remedies of Energizer

 

	
(a)  

	
If any Permit Holder does, permits or suffers to be done anything, or omits to do anything required under the Mining Code or other laws of Madagascar, which constitutes a breach of any of its covenants under this Agreement and which may, in the JV Company’s reasonable opinion, result in:

 

	
(i)  

	
the termination or non-renewal of a Permit;

 

	
(ii)  

	
a revocation of any permit, authority or approval necessary to maintain the Good Standing of a Permit; or

 

	
(iii)  

	
loss of access to any part of the Area of Interest,

 

JV Company or MadagascarCo has the right, on each occurrence, to be appointed the Permit Holder’s attorney for the purpose of taking whatever remedial steps it considers necessary to remedy the breach.

 

	
(b)  

	
Any costs incurred by JV Company in exercising its rights pursuant to clause 10.4(a) will be a debt due from the Permit Holders to JV Company payable upon demand.

 

	
(c)  

	
The rights created by clause 10.4(a) are the sole remedy in respect to a breach to which clause 10.4(a) applies.

 

	
(d)  

	
JV Company and MadagascarCo will not be liable to the Permit Holders for any loss or damage suffered by the Permit Holders as a result of actions taken or omissions made by JV Company in the course of exercising or purporting to exercise its rights under clause 10.4(a) so long as JV Company has acted in good faith.

 

	
10.5  

	
Exercise of Industrial Mineral Rights

 

JV Company and MadagascarCo must, in the exercise of the Industrial Mineral Rights:

 

	
(a)  

	
comply with the conditions of the Permits (to the extent that those conditions relate to the Area of Interest) as if MadagascarCo were the permit holder;

 

	
(b)  

	
comply with the requirements of the Mining Department, the Mining Code, Environmental Laws and any other laws dealing with miners and the exploration for and mining of minerals;

 

	
(c)  

	
be responsible for approvals required for activities on the Area of Interest;

 

	
(d)  

	
be responsible for the preparation and lodgement of any reporting obligations on any work done on, and money expended in connection with the Area of Interest;

 

	
(e)  

	
comply with, adopt and exercise Good Mining Practices including rehabilitating any ground disturbance;

 

  

 Page 22

  

 

Joint Venture Agreement

 

	
(f)  

	
without prejudice to clause 16, use its reasonable endeavours to minimise interference with the Permit Holders’ activities in planning, programming and executing any exploration activity on the Exploration Permits;

 

	
(g)  

	
keep all drill holes, costeans, trenches, excavations, shafts and other workings secure and safe and properly maintained and, where necessary, fenced; and

 

	
(h)  

	
not do or suffer to be done anything which will or may place in jeopardy the Permits or render any of them liable to forfeiture.

 

	
10.6  

	
Notice of activities

 

	
(a)  

	
MadagascarCo must, at least 20 Business Days prior to commencing any program of activity on the Area of Interest (Proposed Activity), give a notice to Malagasy (Notice of Proposed Activity) containing particulars of:

 

	
(i)  

	
the general nature of the Proposed Activity; and

 

	
(ii)  

	
the areas of the Area of Interest which MadagascarCo proposes to enter upon to conduct the Proposed Activity and or to construct, operate and maintain infrastructure in relation to the Proposed Activity.

 

	
(b)  

	
MadagascarCo will, at the cost of Malagasy, assay any exploration results for any Other Minerals requested by Malagasy provided that such request is received in sufficient time for MadagascarCo to make such request of the laboratory conducting the assay.

 

	
(c)  

	
Malagasy will or will procure the Permit Holders to, at the cost of Energizer, assay any exploration results for any Industrial Minerals within the Area of Interest requested by Energizer provided that such request is received in sufficient time for Malagasy or the Permit Holders (as the case may be) to make such request of the laboratory conducting the assay.

 

	
(d)  

	
MadagascarCo must provide to Malagasy the results of MadagascarCo’s activities on the Area of Interest by way of:

 

	
(i)  

	
quarterly reports; and

 

	
(ii)  

	
reports at such other times as is required by Malagasy to enable the Permit Holders to comply with statutory and Mining Departmental reporting obligations as the holders of the Exploration Permits.

 

	
10.7  

	
Mutual indemnities

 

	
(a)  

	
JV Company and MadagascarCo each jointly and severally agree to indemnify, and keep indemnified, and hold harmless the Permit Holders and their Related Bodies Corporate, directors, employees and consultants from and against all Claims that may be made, brought against, suffered, sustained or incurred by the Permit Holders, arising out of any act or omission (including any negligent act or omission) of JV Company or MadagascarCo and in the course of the exercise of activities undertaken by JV Company or MadagascarCo on the Area of Interest.

 

  

 Page 23

  

 

Joint Venture Agreement

 

	
(b)  

	
The Permit Holders each jointly and severally agree to indemnify, and keep indemnified, and hold harmless the Shareholders and JV Company and their Related Bodies Corporate, directors, employees and consultants from and against all Claims that may be made, brought against, suffered, sustained or incurred by the Shareholders or JV Company, arising out of any act or omission (including any negligent act or omission) of the Permit Holders and in the course of the exercise of activities undertaken by the Permit Holders on the Area of Interest.

 

	
11.  

	
Surrender of Exploration Permits

 

	
(a)  

	
Subject to clause 11(d), the Board of JV Company may resolve by Simple Majority to surrender any of the Joint Venture Property (Surrendered Property).

 

	
(b)  

	
Subject to clause 11(c), if the Board resolves to surrender any Joint Venture Property in accordance with clause 11(a):

 

	
(i)  

	
the Surrendered Property will, from the date of the resolution to surrender that property, cease to be Joint Venture Property for any purpose under this Agreement; and

 

	
(ii)  

	
except as expressly provided elsewhere in this Agreement, the Shareholders, JV Company and MadagascarCo will cease to have any rights or liabilities in respect of the Surrendered Property, other than any rights or liabilities which have accrued prior to the date of the resolution to surrender the Surrenders Property.

 

	
(c)  

	
If the Board resolves to surrender the whole or any part of, the Joint Venture Property (other than pursuant to any compulsory relinquishment obligations under the Mining Code) and one of the Shareholders (acting through a Director) votes against that resolution (Dissenting Party), the Operator must not give effect to that decision until the Operator has first offered in writing to transfer the relevant Joint Venture Property or part thereof to the Dissenting Party for no consideration other than the cost of transfer and the Dissenting Party has not accepted that offer within 14 days after it is made.

 

	
(d)  

	
Where the Board resolves to surrender any of the Joint Venture Property, it must:

 

	
(i)  

	
provide two (2) months written notice of the surrender to each Shareholder, which identifies the specific Joint Venture Property which is to be surrendered; and

 

	
(ii)  

	
ensure that, to the extent the surrender of Joint Venture Property applies or relates to a Permit or Permits, that all Outgoings, Minimum Expenditure Obligations (if any) and any payments reasonably necessary to keep the relevant Permit(s) in Good Standing are paid to date and for one (1) year following the date on which notice is given in accordance with clause 11(d)(i) above.

 

	
12.  

	
Transfer of Permits

 

	
(a)  

	
Subject to clause 12(b), should the Permit Holders decide to Dispose of their interest in any of the Permits, they may only sell, transfer or otherwise dispose of that interest to any person (Permit Transferee):

 

  

 Page 24

  

 

Joint Venture Agreement

 

	
(i)  

	
provided the JV Company and MadagascarCo are given the opportunity to match any bona fide third party offer as a right of first refusal for a period of 30 days from the time of notice of the offer from the Permit Holders; and

 

	
(ii)  

	
the Permit Transferee enters into an Accession Deed.

 

	
(b)  

	
The Permit Holders may transfer the Permits to each other or another wholly owned subsidiary of Malagasy provided that the transferee first enters into an Accession Deed.

 

	
13.  

	
Bankable Feasibility Study and Decision to Mine

 

	
13.1  

	
Bankable Feasibility Study

 

	
(a)  

	
At any time during the Term, the Board may direct the Operator to carry out a Bankable Feasibility Study in respect of the Area of Interest, the costs of which will form part of the Joint Venture Costs in accordance with clause 18(a).

 

	
(b)  

	
Throughout the completion of the Bankable Feasibility Study, the Operator will provide the Shareholders with quarterly reports on the progress of the Bankable Feasibility Study and such other information as a Shareholder may reasonably request from time to time in order that such Shareholder can be kept informed of the progress of the Bankable Feasibility Study in order that it will be in a position to arrange finances to make a Decision to Mine in the time period required by clause 13.2(a).

 

	
(c)  

	
Upon completion of a Bankable Feasibility Study referred to in clause 13.1(a) , the Operator must provide the Shareholders with a copy thereof.

 

	
(d)  

	
Upon the completion and delivery of a Bankable Feasibility Study in accordance with this clause 13.1, the Shareholders will fund Joint Venture Costs in respect to the Mining Area in their Respective Proportions until such time as external funding for the development and commencement of Mining Operations has been procured.

 

	
13.2  

	
Decision to Mine

 

	
(a)  

	
Following delivery of a Bankable Feasibility Study to the Shareholders in accordance with clause 13.1, the Shareholders may, by a Simple Majority, decide to commence Mining Operations in respect of all or part of the Area of Interest the subject of the Bankable Feasibility Study (Decision to Mine).  A Decision to Mine can not be made earlier than the date which is 90 days after the date on which the final Bankable Feasibility Study is delivered to the Shareholders in accordance with clause 13.1(c), unless otherwise agreed in writing by all Shareholders.

 

	
(b)  

	
If the Shareholders make a Decision to Mine in accordance with clause 13.2(a), JV Company must:

 

	
(i)  

	
instruct the Permit Holders to apply for, as the case may be, any authorisation or permission required under the Mining Code or other laws of Madagascar, including the conversion of Exploration Permits into Exploitation Permits and relevant environmental authorisations, the granting of which by the Mining Department or other Governmental Agency of Madagascar is a condition to the implementation of the Decision to Mine; and

 

	
(ii)  

	
be responsible for arranging project finance for the development and commencement of the Mining Operations.

 

  

 Page 25

  

 

Joint Venture Agreement

 

	
13.3  

	
Election to participate and formation of mining joint venture

 

	
(a)  

	
A Shareholder which did not vote in favour of the Decision to Mine may elect, within 40 Business Days of the Decision to Mine, not to participate in the Mining Operation the subject of the Decision to Mine.  The Shareholders who do not make such an election or who voted in favour of the Decision to Mine are referred to as Mining Parties.

 

	
(b)  

	
Upon the expiration of the 40 Business Day election period provided for in clause 13.3(a) (Mining JV Commencement Date), the Mining Parties will incorporate a joint venture company under the laws of Mauritius (NewCo Mauritius), the shareholders of which will be the Mining Parties, in the same proportion as their respective Shareholding Interest in JV Company bear to each other at the time a Decision to Mine is made, which will in turn will hold 100% of the shares in a newly formed company in Madagascar (NewCo Madagascar).

 

	
13.4  

	
Establishment of Mining Area

 

	
(a)  

	
Within 30 Business Days after the Mining JV Commencement Date, the Parties will meet to establish the boundaries of the Mining Area which is appropriate to encompass all deposits of Industrial Minerals the subject of the Bankable Feasibility Study, which deposits may be mined as a single mining enterprise, together with any milling or concentrating plant and other appropriate infrastructure and facilities necessary for the efficient conduct of Mining Operations.

 

	
(b)  

	
In the event of disagreement, the boundaries established for the Mining Area will be determined in accordance with clause 31 and will be the area reasonably required for the Mining Operations the subject of a Decision to Mine and accords with the Mining Code, Good Mining Practices and the Bankable Feasibility Study.

 

	
13.5  

	
Holding of Mining Area

 

	
(a)  

	
Upon the incorporation of NewCo Mauritius and NewCo Madagascar and the establishment of the Mining Area in accordance with clause 13.4, the Mining Parties will consult with each other in good faith and make a determination as to whether the Mining Area will be transferred into NewCo Madagascar or whether the Joint Venture Property (excluding the Mining Area) (Exploration Assets) will be transferred into NewCo Madagascar, leaving the Mining Area as the sole property of JV Company.

 

	
(b)  

	
After a determination is made under clause 13.5(a), the Mauritian company (being NewCo Mauritius or JV Company) which through its Madagascan subsidiary (being NewCo Madagascar or MadagascarCo), holds the Mining Area from time to time will be known as the Mauritian Development JV Company, the purpose of which will be to conduct Mining Operations in respect of the Mining Area.  The subsidiary in Madagascar of the Mauritian Development JV Company which holds the Mining Area will be known as the Madagascar Development JV Company.

 

	
(c)  

	
If the Exploration Assets are transferred into NewCo Madagascar then this Agreement will apply in relation to the Exploration Assets as if NewCo Mauritius and NewCo Madagascar were named herein in place of JV Company and MadagascarCo respectively.

 

  

 Page 26

  

 

Joint Venture Agreement

 

	
13.6  

	
Mining Area ceases to be Joint Venture Property

 

	
(a)  

	
On the Mining JV Commencement Date:

 

	
(i)  

	
the Mining Area will be segregated from the Area of Interest;

 

	
(ii)  

	
the Mining Area will cease to be Joint Venture Property;

 

	
(iii)  

	
the Mining Area will be owned by the Madagascar Development JV Company; and

 

	
(iv)  

	
those Shareholders who are not Mining Parties must, at the cost of the Mining Parties, transfer to Madagascar Development JV Company all of their interest in the Mining Area for consideration equal to 75% of the market value of that interest as agreed between the Parties or, in the absence of agreement, as determined by an independent expert  appointed in accordance with clause 32.2.

 

	
(b)  

	
For the avoidance of doubt, a Shareholder who transfers all of their interest in the Mining Area under clause 13.6(a)(iv) will not be entitled to receive a royalty under clause 23 in respect of the relevant Mining Area which is transferred to the remaining Mining Parties.

 

	
13.7  

	
Transfer of Mining Area

 

As soon as practicable after determination of the Mining Area:

 

	
(a)  

	
the Permit Holders, Shareholders and Mining Parties must co-operate to prepare, execute and procure registration of such conditional surrenders, applications, transfers, new sub-leases and other documents as may be necessary to segregate the Mining Area and to vest the Mining Area in Madagascar Development JV Company; but

 

	
(b)  

	
if the Mining Parties decide to delay segregation, or segregation cannot immediately occur due to matters outside of the control of the Permit Holders, Shareholders or Mining Parties, the Permit Holders, Shareholders and Mining Parties will implement such alternative arrangements in order for Madagascar Development JV Company to have the sole benefit and control of the Mining Area.

 

	
13.8  

	
Terms of Mining Joint Venture

 

	
(a)  

	
Following the determination of the Mining Area and the conversion of the Permits into exploitation permits, the Development JV Company may proceed to implement Mining Operations within the Mining Area.

 

	
(b)  

	
The interest of each Mining Party in the Mauritian Development JV Company will be in proportion to their relative Shareholding Interests in JV Company (Mining Venture Interest) at the time a Decision to Mine is made or as they may otherwise agree between themselves.

 

  

 Page 27

  

 

Joint Venture Agreement

 

	
(c)  

	
If the then Operator is a Mining Party, then the Operator will be the operator of the Mining Operations conducted by the Mauritian Development JV Company through Madagascar Development JV Company (Mining Operator).  Otherwise, the Mining Parties will elect a Mining Operator by majority vote in proportion to their respective Mining Venture Interests.

 

	
(d)  

	
The Mining Parties will contribute to the costs incurred by the Mauritian Development JV Company in proportion to their respective Mining Venture Interests to the extent additional funds are required by Mauritian Development JV Company.

 

	
13.9  

	
Agreement

 

As soon as possible following the Mining JV Commencement Date, the shareholders of the Mauritian Development JV Company (being the Mining Parties) will in good faith enter into negotiations for and execute an appropriate agreement in place of this Agreement in respect of the Mining Area.  The agreement will:

 

	
(a)  

	
provide for all matters necessary for the planning, financing, construction, commissioning and conduct of Mining Operations;

 

	
(b)  

	
otherwise reflect the terms of this Agreement where relevant; and

 

	
(c)  

	
provide for the execution of cross charges which encumber each Mining Party’s Mining Venture Interest, and its interest in any contracts for, and the proceeds of, sale of Industrial Minerals in favour of each other Mining Party and the Mining Operator as security for its performance of its duties and obligations arising under the agreement.

 

Until that agreement is executed, this Agreement will continue to bind the Mining Parties.

 

	
14.  

	
Conversion to Exploitation Permits

 

	
14.1  

	
Conversion

 

The Parties acknowledge and agree that:

 

	
(a)  

	
in order to commence Mining Operations in respect of all or a part of the Area of Interest, the Exploration Permits, to the extent they cover the Mining Area (Current Permits) will be converted into Exploitation Permits; and

 

	
(b)  

	
if the Shareholders make a Decision to Mine, the Parties must do all things necessary to, as promptly as possible, have the Current Permits converted into Exploitation Permits and to apply for all relevant environmental authorisations.

 

	
14.2  

	
Transfer of Exploitation Permits

 

	
(a)  

	
Any Exploitation Permit issued by the Mining Department to the Permit Holders must be immediately transferred or, if for whatever reason the Exploitation Permit cannot immediately be transferred, sub-leased (as applicable) by the Permit Holders to Madagascar Development JV Company as soon as possible after the grant of the Exploitation Permit.

 

  

 Page 28

  

 

Joint Venture Agreement

 

	
(b)  

	
The Parties acknowledge and agree that, in relation to this clause 14, it is the preference of the Parties to have any Exploitation Permit issued by the Mining Department to a Permit Holder immediately transferred to Madagascar Development JV Company.  However if such a transfer is not possible for whatever reason, then the Parties will implement such alternative arrangements in order for Madagascar Development JV Company to have the sole benefit and control of the Exploitation Permit including entering into new sub-leases in respect of the Exploitation Permits on terms and conditions which are consistent with this Agreement.

 

	
(c)  

	
The Parties acknowledge and agree that on transfer of the Exploitation Permits to Madagascar Development JV Company, Madagascar Development JV Company will grant a sub-lease to Malagasy or its nominee in respect to the Other Mineral Rights within the Exploitation Permit on terms and conditions which are consistent with this Agreement, including clause 16.

 

	
14.3  

	
Holding of Exploitation Permits

 

During the time between the granting of an Exploitation Permit and the formal transfer or sub-lease of the Exploitation Permit to Madagascar Development JV Company, the Permit Holders shall hold the Exploitation Permits for Madagascar Development JV Company’s sole benefit and agree:

 

	
(a)  

	
not to act in any manner which is detrimental to Madagascar Development JV Company or the Exploitation Permit; and

 

	
(b)  

	
to act in accordance with Madagascar Development JV Company’s reasonable instructions in relation to the Exploitation Permit provided these instructions are not contrary to or breach of the laws of Madagascar.

 

	
14.4  

	
Approval of Mining Department

 

The Permit Holders must promptly apply for the approval of the Mining Department or other relevant body for the transfer or sub-lease (as applicable) of any Exploitation Permit issued to the Permit Holders in accordance with clause 14.1 and to do all other things reasonably necessary to effect the transfer or sub-lease of the granted Exploitation Permits to Madagascar Development JV Company as soon as possible after the grant of the Exploitation Permit.

 

	
14.5  

	
Option of Permit Holders to transfer Exploration Permits prior to conversion

 

The Permit Holders may fulfil their obligations under this clause 14 by transferring the Current Permits or the Exploration Permits of which the Current Permits form part, to Madagascar Development JV Company before any Exploitation Permit is issued, subject to compliance with all applicable laws and conditions of grant of the relevant Permits.

 

	
15.  

	
Environment and Mining Operations

 

Prior to undertaking any Mining Operations within the Area of Interest, the Parties must use all reasonable endeavours to ensure Madagascar Development JV Company obtains all relevant environmental approvals necessary under Madagascan law, including the approval of the environmental commitment plan (plan d’engagement environnemental) and of the environmental impact study (Etude d’impact environmental) and the issuance of an environmental authorisation related to the proposed Mining Operations.

 

  

 Page 29

  

 

Joint Venture Agreement

 

	
16.  

	
Other Mineral Rights

 

	
16.1  

	
Holder of Permits and Other Mineral Rights

 

The Parties agree and acknowledge that the Permit Holders are:

 

	
(a)  

	
subject to clause 14, the registered holders of the Permits; and

 

	
(b)  

	
the sole holder of the Other Mineral Rights,

 

and no other party has any rights in the Permits or the Other Mineral Rights other than as contemplated by this Agreement.

 

	
16.2  

	
Priority of exercise of Industrial Mineral Rights by JV Company

 

Subject to clause 16.4, the Permit Holders, as the holder of the Other Mineral Rights, and JV Company must consult, co-operate and otherwise use all reasonable endeavours not to interfere with:

 

	
(a)  

	
the exercise of the Industrial Mineral Rights by JV Company; and

 

	
(b)  

	
the exercise of the Other Mineral Rights by the Permit Holders,

 

but to the extent such interference cannot reasonably be avoided, the exercise of the Industrial Mineral Rights by JV Company will have priority.  Without limiting the foregoing, the Permit Holders, as the holder of the Other Mineral Rights, and JV Company must, prior to the commencement of their respective seasonal exploration programmes on the Area of Interest, consult with each other as to the contents of those programs and use reasonable endeavours to ensure those programs are not incompatible.

 

	
16.3  

	
Exercise of Other Mineral Rights by the Permit Holders

 

In the exercise of the Other Mineral Rights, the Permit Holders must:

 

	
(a)  

	
comply with all applicable laws and conditions of grant of the Permits; and

 

	
(b)  

	
not do or suffer to be done anything which will or may render a Permit liable to cancellation or forfeiture.

 

	
16.4  

	
Suspension of Other Mineral Rights for duration of Mining Operations

 

Subject to clause 16.7, upon JV Company making a Decision to Mine, the Other Mineral Rights of the Permit Holders will be suspended over the Mining Area for the duration of the Mining Operations the subject of that Decision to Mine.

 

  

 Page 30

  

 

Joint Venture Agreement

 

	
16.5  

	
Transfer of Other Mineral Rights

 

The Permit Holders may transfer, assign or otherwise dispose of the whole or any part of the Other Mineral Rights to any person (OMR Transferee) subject to:

 

	
(a)  

	
the Permit Holders giving the JV Company the opportunity to match any bona fide third party offer for the Other Mineral Rights as a right of first refusal for a period of 30 days from the time of notice of the offer from the Permit Holders;

 

	
(b)  

	
the OMR Transferee being technically and financially able to perform the obligations of the Permit Holders as the holder of the Other Mineral Rights under this Agreement to the extent of the interest disposed of; and

 

	
(c)  

	
the OMR Transferee entering into a deed with JV Company and Shareholders whereby the OMR Transferee agrees to be bound by, and assumes the obligations of the Permit Holders as the holder of the Other Mineral Rights under this Agreement (including the obligations under this clause) to the extent of the interest to be disposed of.

 

	
16.6  

	
Transfer of Industrial Mineral Rights

 

JV Company or MadagascarCo may transfer, assign or otherwise dispose of the whole or any part of the Industrial Mineral Rights to any person (IMR Transferee) subject to:

 

	
(a)  

	
JV Company giving the relevant Permit Holders the opportunity to match any bona fide third party offer for the Industrial Mineral Rights as a right of first refusal for a period of 30 days from the time of notice of the offer from JV Company;

 

	
(b)  

	
the IMR Transferee being technically and financially able to perform the obligations of JV Company and MadagascarCo as the holder of the Industrial Mineral Rights under this Agreement to the extent of the interest disposed of; and

 

	
(c)  

	
the IMR Transferee entering into a deed with the relevant Permit Holders whereby the IMR Transferee agrees to be bound by, and assumes the obligations of the Shareholders, JV Company and MadagascarCo as the holder of the Industrial Mineral Rights under this Agreement (including the obligations under this clause) to the extent of the interest to be disposed of.

 

	
16.7  

	
Co-mingling

 

	
(a)  

	
If a deposit of Industrial Minerals is co-mingled or co-incident to a deposit of Other Minerals then the Permit Holders and JV Company will negotiate in good faith the terms on which they will jointly develop the Industrial Minerals and Other Minerals, provided that, subject to clause 16.7(b), in no circumstances will the exploration or development of a deposit of Other Minerals impede the exploration or development of a deposit of Industrial Minerals.

 

	
(b)  

	
The development of a deposit of Other Minerals that is co-mingled or co-incident to a deposit of Industrial Minerals will prevail over the exploration or development of the deposit of Industrial Minerals only in following circumstances:

 

  

 Page 31

  

 

Joint Venture Agreement

 

	
(i)  

	
the deposit of Other Minerals has been determined by a competent person to be an orebody comprising a resource or reserve with a greater net present value than the deposit of Industrial Minerals; and

 

	
(ii)  

	
the Permit Holders can demonstrate to the satisfaction of the JV Company, acting reasonably, that the deposit of Other Minerals can and will be developed and mined within the same timeframe as JV Company proposes to develop and mine the deposit of Industrial Minerals.

 

In this clause 16.7(b), “reserve”, “resource” and “competent person” have the meanings ascribed to those terms in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia and known as the JORC Code.

 

	
(c)  

	
Subject to clause 16.7(d), if the Permit Holders and JV Company are unable to negotiate the joint development of the Industrial Minerals and Other Minerals, then as part of the development of the Industrial Minerals JV Company will, on receiving a written notification from Malagasy, stockpile the Other Minerals so that the Permit Holders may have the benefit of the development of the Other Minerals once JV Company has ceased Mining.

 

	
(d)  

	
Any stockpiling costs associated with the development of Industrial Minerals (including overburden and waste) will be at the expense of JV Company. Any costs associated with the stockpiling of Other Minerals undertaken at the request of Malagasy which are not activities which would have been incurred by JV Company in the course of Mining Operations in any event, including (but not limited to) any ongoing environmental compliance costs, will be funded 100% by Malagasy.

 

	
17.  

	
Operator

 

	
17.1  

	
First Operator

 

Energizer (or its nominee) will be the initial Operator and remain as Operator until it is removed or resigns in accordance with the terms of this Agreement.

 

	
17.2  

	
Functions of the Operator

 

The Operator will:

 

	
(a)  

	
(by itself or through its employees, agents or contractors) manage, direct and control any and all Joint Venture Operations on behalf of and as agent for JV Company, MadagascarCo and the Parties, subject to the applicable laws of the jurisdictions in which the abovementioned entities are incorporated;

 

	
(b)  

	
implement the Programs and Budgets approved by the Board; and

 

	
(c)  

	
implement the decisions of the Board and shall make all expenditures necessary to comply with those instructions and directions.

 

	
17.3  

	
Operator to prepare Programs and Budgets

 

The Operator shall prepare and submit Programs and Budgets for consideration and approval by the Board, which shall be prepared for periods each of 12 months duration commencing on 1 July.

 

  

 Page 32

  

 

Joint Venture Agreement

 

	
17.4  

	
Liability of Operator

 

The Operator shall not have any liability to the Shareholders for losses sustained or liabilities incurred if, in the circumstances of the particular case, it has acted or refrained from acting in the course of performing in good faith its obligations under this Agreement and has not been wilfully or grossly negligent.

 

	
17.5  

	
Indemnity of Operator

 

Each Shareholder severally, to the extent of its Shareholding Interest must indemnify and hold harmless the Operator (acting in that capacity), its directors, employees, agents and contractors (Indemnified Persons) from and against all damage, loss, expense or liability of any nature suffered or incurred by the Indemnified Persons (including any claims made by third parties) in connection with Joint Venture Operations, including any personal injury, disease, illness or death, or physical loss of or damage to property, of the Indemnified Persons or any third party, except, in respect of an Indemnified Person, where that Indemnified Person has committed fraud or has been wilfully or grossly negligent.

 

	
17.6  

	
Preserve Permits

 

The Operator must use all reasonable endeavours and comply with the directions of JV Company to maintain the Permits in Good Standing, subject to receiving sufficient funds to do so in accordance with the provisions of this Agreement.

 

	
17.7  

	
Reporting

 

The Operator will keep the Parties advised of all Joint Venture Operations and will provide any information required to complete reports required to be submitted by any Party under this Agreement, including under clause 10.6, the Mining Code as well as any information required by the Parties to comply with their respective obligations under the listing rules of any securities exchange.

 

	
17.8  

	
Change of Operator

 

	
(a)  

	
Energizer will continue as Operator until:

 

	
(i)  

	
it ceases to hold a majority Shareholding Interest in JV Company; or

 

	
(ii)  

	
it resigns as Operator by giving 30 days' written notice to the other Shareholders of JV Company of its intention to do so.

 

	
(b)  

	
On the resignation or removal of the Operator in accordance with clause 17.8(a), JV Company shall, by way of a Shareholders’ resolution, appoint a new Operator.

 

	
(c)  

	
The resolution referred to in clause 17.8(b) above shall be passed by a Simple Majority.

 

	
18.  

	
Contributions to Joint Venture Costs

 

	
(a)  

	
Subject to clause 18(b), all Joint Venture Costs will be funded 100% by Energizer, including JV Company’s and MadagascarCo’s obligations under clause 10.3.

 

  

 Page 33

  

 

Joint Venture Agreement

 

	
(b)  

	
Subject to clause 19, upon delivery of the Bankable Feasibility Study in accordance with clause 13.1, all Joint Venture Costs in respect to the Mining Area will be funded by the Mining Parties in their Respective Proportions.

 

	
(c)  

	
From the time Malagasy is required to contribute to the funding under clause 18(b) (Contribution Date), Malagasy and its representatives will, at Malagasy’s expense and on reasonable notice, have the right to access, review and audit the expenditure of Mauritian Development JV Company and Madagascar Development JV Company.

 

	
(d)  

	
From the Contribution Date, Mauritian Development JV Company may, from time to time by giving notice simultaneously to all Shareholders in Mauritian Development JV Company, request those Shareholders to fund the Joint Venture Costs in their Respective Proportions (Contribution Notice) and subject to clause 19.1, within one month after notice is given, all Shareholders must fund the amount specified in the notice.

 

	
(e)  

	
Subject to clause 19.3(c), payment of amounts which a Shareholder is required to fund under this clause 18 and clause 19.2(d) shall be deemed to be the subscription by that Shareholder for additional Shares in Mauritian Development JV Company unless otherwise agreed by the Shareholders.

 

	
19.  

	
Right to dilute

 

	
19.1  

	
Election not to fund

 

A Shareholder may, by giving notice to Mauritian Development JV Company within 10 Business Days of receiving notice from Mauritian Development JV Company under clause 18(d), elect not to fund part or all of the amount the subject of that notice.  For the avoidance of any doubt, a Shareholder may exercise its rights under this clause in respect of any Contribution Notice and may elect to contribute to future Contribution Notices after it has elected to dilute in respect of a Contribution Notice.

 

	
19.2  

	
Contributions where election not to fund

 

If Mauritian Development JV Company receives notice of an election by a Shareholder under clause 19.1 (Non-Contributing Shareholder), then:

 

	
(a)  

	
the Non-Contributing Shareholder will not be obliged to contribute the contribution specified in the notice, and:

 

	
(b)  

	
Mauritian Development JV Company may give notice to the other Shareholders of the total amount of Joint Venture Costs not funded by Non-Contributing Shareholders (Shortfall);

 

	
(c)  

	
each other Shareholder (Contributing Shareholder) may, within 10 Business Days after receiving a notice from Mauritian Development JV Company under clause 19.2(b), give notice to Mauritian Development JV Company that it wishes to fund an additional amount of Joint Venture Costs up to the Shortfall (or, if there is more than one Contributing Shareholder and if the total additional amount that Contributing Shareholders wish to fund is greater than the Shortfall, Mauritian Development JV Company will allocate to each Contributing Shareholder that gives notice the proportion of the Shortfall that the amount of additional Joint Venture Costs that the Contributing Shareholder wishes to fund bears to the total additional Joint Venture Costs that all Contributing Shareholders wish to fund); and

 

	
(d)  

	
each Contributing Shareholder must fund the amount of Joint Venture Costs requested from the Contributing Shareholder under clause 19.2(c) and the additional amount of Joint Venture Costs of which it gives notice to Mauritian Development JV Company or which Mauritian Development JV Company allocates to it under clause 19.2(c).

 

  

 Page 34

  

 

Joint Venture Agreement

 

	
19.3  

	
Dilution

 

	
(a)  

	
The Non-Contributing Shareholder’s percentage ownership of Mauritian Development JV Company will be diluted according to the following formula:

 

	
  

	
I      =

	
   A        x  100

	
 

	
   B

 

	
  

	
where:

	 

 

	
  

	
I      =

	
the Non-Contributing Shareholder’s reduced percentage shareholding;

 

	
  

	
A    =

	
the total amount contributed to the funding of Mauritian Development JV Company by the Non-Contributing Shareholder at the date of the calculation plus the deemed contribution of the Non-Contributing Shareholder; and

 

	
  

	
B    =

	
total amount of all funding of Mauritian Development JV Company at the date of the calculation plus the deemed contributions of all Parties,

 

and the percentage ownership in Mauritian Development JV Company of the contributing Shareholder will increase by an amount equal to the reduction of the percentage shareholding of the Non-Contributing Shareholder.

 

	
(b) 

	
For the purposes of the above calculation, the deemed contribution of the Shareholders will be as follows:

 

Malagasy: one third of the actual funding provided by Energizer to JV Mauritian Development JV Company up until Malagasy becomes liable to contribute to funding pursuant to clause 18(b).

 

Energizer: nil.

 

By way of examples, if Energizer has expended $30 million prior to the date on which Malagasy becomes liable to contribute to funding pursuant to clause 18(b) (Contribution Date), then:

 

	
  

	
(a)  

	
As at the Contribution Date:

 

	
  

	
(i)

	
the actual total funding contribution of the Shareholders will be:

 

	
  

	
Malagasy:

	
nil

	
  

	
Energizer:

	
$30 million

 

  

 Page 35

  

 

Joint Venture Agreement

 

	
  

	
(ii)

	
the deemed contribution of the Shareholders will be:

 

	
  

	
Malagasy:

	
one third of $30 million = $10 million

	
  

	
Energizer:

	
nil

 

	
  

	
(iii)

	
Malagasy’s percentage ownership of Mauritian Development JV Company will be:

 

	
  

	
I

	
=

	
A

	
x  100

	
  

	
B  

 

	
  

	
=

	
10 million        x  100

	
  

	
40 million

 

	
  

	
=

	
25%

 

	
  

	
(iv)

	
Energizer’s percentage ownership of Mauritian Development JV Company will be:

 

	
  

	
I

	
=

	
A

	
x  100

	
  

	
B 

 

	
  

	
=

	
30 million

	
x  100

	
  

	
40 million

 

	
  

	
=

	
75%

 

	
  

	
(b)

	
If there is then a $10 million programme to which each of Malagasy and Energizer contribute i.e. $2.5 million and $7.5 million respectively, then:

 

	
  

	
(i)

	
the actual total funding contribution of the Shareholders will be:

 

	
  

	
Malagasy:

	
$2.5 million

	
  

	
Energizer:

	
$37.5 million

 

	
  

	
(ii)

	
the deemed contribution of the Shareholders will be:

 

	
  

	
Malagasy:

	
one third of $30 million = $10 million

	
  

	
Energizer:

	
nil

 

	
  

	
(iii)

	
Malagasy’s percentage ownership of Mauritian Development JV Company will be:

 

	
  

	
I

	
=

	
A

	
x  100

	
  

	
B

 

	
  

	
=

	
12.5 million        x  100

	
  

	
50 million

 

	
  

	
=

	
25%

 

  

 Page 36

  

 

Joint Venture Agreement

 

	
  

	
(iv)

	
Energizer’s percentage ownership of Mauritian Development JV Company will be:

 

	
  

	
I

	
=

	
A

	
x  100

	
  

	
B

 

	
  

	
=

	
37.5 million

	
x  100

	
  

	
50 million

 

	
  

	
=

	
75%

 

	
  

	
(c)

	
If there is then a $20 million programme to which Malagasy elects NOT to contribute but Energizer does contribute 100% of the $20 million programme cost:

 

	
  

	
(i)

	
the actual total funding contribution of the Shareholders will be:

 

	
  

	
Malagasy:

	
$2.5 million

	
  

	
Energizer:

	
$57.5 million

 

	
  

	
(ii)

	
the deemed contribution of the Shareholders will be:

 

	
  

	
Malagasy:

	
one third of $30 million = $10 million

	
  

	
Energizer:

	
nil

 

	
  

	
(iii)

	
Malagasy’s percentage ownership of Mauritian Development JV Company will be:

 

	
  

	
I

	
=

	
A

	
x  100

	
  

	
B

 

	
  

	
=

	
12.5 million

	
x  100

	
  

	
70 million

 

	
  

	
=

	
17.86%

 

	
  

	
(iv)

	
Energizer’s percentage ownership of Mauritian Development JV Company will be:

 

	
  

	
I

	
=

	
A

	
x  100

	
  

	
B

 

	
  

	
=

	
57.5 million

	
x   100

	
  

	
70 million

 

	
  

	
=

	
82.14%

 

	
(c)  

	
A reduction to a Shareholder’s Shareholding Interest shall be effected in such manner as may be agreed between the Shareholders, or failing such agreement within 30 Business Days after the dilution occurs, in the manner determined by the Contributing Shareholders, including by means of:

 

	
(i)  

	
a transfer of Shares as between Shareholders;

 

	
(ii)  

	
the forfeiture or cancellation of some or all of the Non-Contributing Shareholder’s Shares; or

 

	
(iii)  

	
the issue of new Shares to the Contributing Parties.

 

  

 Page 37

  

 

Joint Venture Agreement

 

	
20.  

	
Disposal of Shares and pre-emption rights

 

A Shareholder of JV Company or NewCo Mauritius may transfer, assign or otherwise dispose of the whole or any part of their Shares to any person (Share Transferee) subject to:

 

	
(a)  

	
the transferring Shareholder giving the other non-transferring Shareholder the opportunity to match any bona fide third party offer for the Shares as a right of first refusal for a period of 30 days from the time of notice of the offer from the transferring Shareholder;

 

	
(b)  

	
the Share Transferee being technically and financially able to perform the obligations of the transferring Shareholder under this Agreement to the extent of the interest disposed of (for avoidance of doubt if Energizer is proposing to sell its Shares then the purchaser must have the necessary skills to ensure JV Company or NewCo Mauritius (as applicable) can manage the matters contemplated by this Agreement); and

 

	
(c)  

	
the Share Transferee entering into a deed with the non-transferring Shareholder whereby the Transferee agrees to be bound by, and assumes the obligations of the transferring Shareholder under this Agreement (including the obligations under this clause) to the extent of the interest to be disposed of.

 

	
21.  

	
Drag along

 

	
(a)  

	
Subject to clauses 20 and 21(b), if any third person (Offeror) provides to a Shareholder or Shareholders who hold Shares representing not less than 50% of the Shares on issue in the capital of the JV Company or NewCo Mauritius (as applicable) (Majority Shareholder) a bona fide arm’s length offer to purchase all of the Shares in JV Company or NewCo Mauritius (as applicable), and each Share of the same class is proposed to be purchased for equal consideration and on the same terms and conditions, then the Majority Shareholder may require each other Shareholder (Minority Shareholder) by providing notice in writing to transfer its Shares to the Offeror free from all Encumbrances on those same terms and conditions.

 

	
(b)  

	
Clause 21(a) only applies where the Offeror has made a full cash offer to purchase all of the Shares on issue in the capital of the JV Company or NewCo Mauritius (as applicable).

 

	
22.  

	
Tag along

 

	
(a)  

	
Subject to clauses 20 and 22(b), if the Majority Shareholder wishes to accept a bona fide arm’s length offer for all of its Shares from an Offeror and does not serve a notice in accordance with clause 21, then the Minority Shareholder may require the Majority Shareholder to cause the Offeror to purchase all of the Shares of the Minority Shareholder at a price per Share and on such other terms and conditions as are no less favourable to those offered to the Majority Shareholder by the Offeror for the Shares of the Majority Shareholder.

 

	
(b)  

	
Clause 22(a) only applies where the Offeror has made a full cash offer to purchase all of the Shares on issue in the capital of the JV Company or NewCo Mauritius (as applicable).

 

  

 Page 38

  

 

Joint Venture Agreement

 

	
23.  

	
Interest below 10%

 

	
(a)  

	
If at any time a Shareholder’s Shareholding Interest in JV Company or NewCo Mauritius is reduced to 10% or less, then that Shareholder will be deemed to have assigned and transferred its remaining Shareholding Interest to the other Shareholder in consideration for the other Shareholder procuring that JV Company or NewCo Mauritius pay a royalty of an amount equal to two percent (2%) of net smelter returns of all Industrial Minerals produced from the Area of Interest calculated in accordance with Schedule 4.

 

	
(b)  

	
In circumstances where a royalty becomes payable in accordance with clause 23(a), the payee of the royalty may transfer, assign or otherwise dispose of its interest in the royalty to any person (Royalty Transferee) subject to:

 

	
(i)  

	
the payee of the royalty giving the payer of the royalty the opportunity to match any bona fide third party offer for the royalty as a right of first refusal for a period of 30 days from the time of notice of the offer from the payee; and

 

	
(ii)  

	
the Royalty Transferee entering into a deed with the payer of the royalty whereby the Royalty Transferee agrees to be bound by, and assumes the obligations of the payee under this Agreement (including the obligations under this clause) to the extent of the interest to be disposed of.

 

	
24.  

	
Representations and warranties

 

	
24.1  

	
Representations and warranties by Energizer

 

Energizer represents and warrants to Malagasy as at the Execution Date that:

 

	
(a)  

	
it is validly incorporated and subsisting under the laws of Minnesota, USA;

 

	
(b)  

	
the execution and delivery of this Agreement has been duly and validly authorised by all necessary corporate action;

 

	
(c)  

	
it has corporate power and lawful authority to execute and deliver this Agreement and to observe and perform or cause to be observed and performed all of its obligations in and under this Agreement;

 

	
(d)  

	
this Agreement does not conflict with or constitute or result in a material breach of or default under any agreement, deed, writ, order, injunction, judgment, law, rule or regulation to which it is a party or is subject or by which it is bound in a manner which may materially and adversely affect the rights and interests of a Party under this Agreement; and

 

	
(e)  

	
it is solvent and is capable of performing its obligations under this Agreement.

 

  

 Page 39

  

 

Joint Venture Agreement

 

	
24.2  

	
Representations and warranties by Malagasy

 

	
(a)  

	
Malagasy represents and warrants to Energizer as at the Execution Date that:

 

	
(i)  

	
it is validly incorporated and subsisting under the laws of Australia;

 

	
(ii)  

	
the execution and delivery of this Agreement has been duly and validly authorised by all necessary corporate action;

 

	
(iii)  

	
it has corporate power and lawful authority to execute and deliver this Agreement and to observe and perform or cause to be observed and performed all of its obligations in and under this Agreement;

 

	
(iv)  

	
this Agreement does not conflict with or constitute or result in a material breach of or default under any agreement, deed, writ, order, injunction, judgment, law, rule or regulation to which it is a party or is subject or by which it is bound in a manner which may materially and adversely affect the rights and interests of a Party under this Agreement; and

 

	
(v)  

	
it is solvent and is capable of performing its obligations under this Agreement.

 

	
(b)  

	
Subject to clause 24.3, Malagasy represents and warrants to Energizer as at the Execution Date, and to Energizer, JV Company and MadagascarCo as at the date of execution of the Subleases that:

 

	
(i)  

	
it has full right, power and authority to grant the Subleases to MadagascarCo in accordance with this Agreement;

 

	
(ii)  

	
its subsidiaries, Mazoto, MDA and Energex are the registered and beneficial holders of the Exploration Permits; provided that, the Parties acknowledge that the relevant Permits held by Energex are currently in the process of being transferred to MDA; however, they remain subject to the current moratorium on transfer of Permits and therefore are technically still in the name of Energex.

 

	
(iii)  

	
other than under the terms of the Labradorite Subleases, no person other than Malagasy and or its Related Bodies Corporate has any proprietary rights of any nature in respect of the Exploration Permits and they have not granted to any person any rights to own or possess any interest or any rights to explore or prospect for minerals or to mine the same in any part of the land comprising the Exploration Permits;

 

	
(iv)  

	
the Exploration Permits are free of any Encumbrances except to the extent of any conditions imposed under the Mining Code on the Exploration Permits;

 

	
(v)  

	
there is no litigation or proceeding of any nature concerning the Exploration Permits, pending or threatened against them or any other person which may defeat, impair, detrimentally affect or reduce the right, title and interest of JV Company or MadagascarCo in the Exploration Permits or the interest therein, including any plaint seeking forfeiture of the Exploration Permits;

 

	
(vi)  

	
to the best of its knowledge, the Exploration Permits have been duly marked off, granted and applied for in accordance with the Mining Code;

 

  

 Page 40

  

 

Joint Venture Agreement

 

	
(vii)  

	
the Exploration Permits are in full force and effect and in Good Standing and not liable to cancellation or forfeiture for any known reasons and they are not in breach or contravention of any of the terms and conditions upon which the Exploration Permits were granted or of any other rule, regulation or provision of the Mining Code or any other statute concerning, affecting or relating to the Exploration Permits;

 

	
(viii)  

	
there are no facts or circumstances that could, under the currently applicable laws of Madagascar, give rise to the cancellation, forfeiture or suspension or grant of the Exploration Permits when renewed, that could have a Material Adverse Effect;

 

	
(ix)  

	
except as disclosed to Energizer before the Execution Date, there are no agreements or dealings in respect of the Exploration Permits;

 

	
(x)  

	
there is not in existence any current compensation agreement with the owner or occupier of any land which is subject to the Exploration Permits;

 

	
(xi)  

	
there are no Environmental Liabilities relating to or affecting the Exploration Permits, nor are there any circumstances relating to the Exploration Permits which may reasonably be expected to give rise to future Environmental Liabilities, except to the extent of any report, study or assessment required to be lodged pursuant to the Mining Code or other regulation in relation to the Exploration Permits;

 

	
(xii)  

	
the Mining Information is complete and accurate in all material respects; and

 

	
(xiii)  

	
the Exploration Permits have been granted in respect of all of the ground described in the Exploration Permits.

 

	
24.3  

	
Disclaimer of liability by Malagasy

 

Malagasy is not liable for any loss arising from a breach of the warranties and representations in clause 24.2(b) to the extent such loss is:

 

	
(a)  

	
a result of the political situation in Madagascar including as a result of:

 

	
(i)  

	
the current moratorium on renewal or transfer of Permits; or

 

	
(ii)  

	
processing of applications to add any Industrial Minerals to Permits by the Mining Department;

 

	
(b)  

	
disclosed by Malagasy to Energizer or is known by Energizer prior to payment of the Cash Consideration;

 

	
(c)  

	
in excess of the total amount of the consideration in clause 3.1 and 3.2; or

 

	
(d)  

	
caused or contributed to by a breach by Energizer, JV Company or MadagascarCo or their respective obligations under this Agreement.

 

  

 Page 41

  

 

Joint Venture Agreement

 

	
25.  

	
Guarantee by Malagasy

 

	
(a)  

	
Malagasy agrees to guarantee to Energizer the due performance and observance by each of MDA, Mazoto and Energex of each and every obligation of MDA, Mazoto and Energex under:

 

	
(i)  

	
this Agreement; and

 

	
(ii)  

	
any Sublease Agreement entered into by the Parties in accordance with this Agreement.

 

	
(b)  

	
Malagasy agrees to indemnify Energizer in relation to any loss suffered as a result of MDA, Mazoto or Energex failing to perform or observe any of their obligations under:

 

	
(i)  

	
this Agreement; and

 

	
(ii)  

	
any Sublease Agreement entered into by the Parties in accordance with this Agreement.

 

	
26.  

	
Guarantee by Energizer

 

By executing this Agreement, Energizer guarantees to Malagasy and the Permit Holders the due performance and observance by each of JV Company and MadagascarCo of each and every obligation of JV Company and MadagascarCo under this Agreement other than those obligations of JV Company and MadagascarCo under this Agreement that relate to a Mining Area.

 

	
27.  

	
Assignment

 

	
(a)  

	
No Party may assign, sublet, licence or otherwise transfer or part with, mortgage, encumber or in any way deal with its interest under this Agreement otherwise than in accordance with the provisions of this Agreement.

 

	
(b)  

	
At any time during the Term, Energizer may assign all or any of its rights or obligations under this Agreement as a matter of right to any Related Body Corporate of Energizer without Malagasy’s consent, provided that the assignee enters into an Accession Deed.

 

	
28.  

	
Termination

 

	
28.1  

	
Termination events

 

This Agreement terminates immediately upon the occurrence of:

 

	
(a)  

	
any unanimous agreement by the Shareholders to that effect;

 

	
(b)  

	
in relation to any Party, that Party ceasing to hold any Shares in JV Company; and

 

	
(c)  

	
MadagascarCo ceasing to have any rights to any of the Industrial Mineral Rights.

 

  

 Page 42

  

 

Joint Venture Agreement

 

	
28.2  

	
Event of Default

 

	
(a)  

	
Should a Party fail to do, execute or perform any material act or thing which such Party is obliged to do, execute or perform pursuant to this Agreement (Event of Default), the aggrieved Party may give the defaulting Party a notice requiring the defaulting Party to remedy such Event of Default within a period of 30 days following service of the notice or if such default is not capable of being remedied within such period of 30 days then within such further period as the aggrieved Party or Parties shall deem reasonable.

 

	
(b)  

	
If a Party serves a notice of default under clause 28.2(a) and such default remains un-remedied upon expiry of the period specified in such notice for rectification, the aggrieved Party may terminate this Agreement forthwith upon the service of a further notice in writing to that effect and upon the service of such further notice this Agreement shall terminate forthwith without prejudice to the rights and remedies of the aggrieved Party at law or otherwise howsoever arising.

 

	
(c)  

	
Clause 28.2(a) does not apply to any Event of Default for which another remedy is provided in this Agreement.  By way of example, clause 28.2(a) does not apply to a failure to contribute to a Contribution Notice but instead clause 19 would apply to such failure to contribute.

 

	
28.3  

	
Effect of termination

 

	
(a)  

	
Termination of this Agreement releases each Party from any further performance of any liability under this Agreement but does not:

 

	
(i)  

	
affect any provision of this Agreement expressed to operate or have effect after termination; or

 

	
(ii)  

	
have any prejudicial effect on any accrued right of any Party in relation to any breach or default under this Agreement by any other Party occurring before termination.

 

	
(b)  

	
If this Agreement is terminated in accordance with clause 28.2, the aggrieved Party has an option to acquire the defaulting Party’s rights and interests under this Agreement at:

 

	
(i)  

	
a value determined by the Parties negotiating in good faith; or

 

	
(ii)  

	
in the absence of agreement under clause 28.3(b)(i) above, a discount of 10% to market value as determined by an independent expert appointed in accordance with clause 32.2.

 

	
28.4  

	
Continuing remedies

 

Each Party, following termination of this Agreement under this clause 28, retains any right against any other Party under this Agreement in relation to any breach or default by that other Party that accrued before termination, in addition to any other right provided by law, except to the extent that the liability of that other Party is excluded or limited under any provision of this Agreement.

 

  

 Page 43

  

 

Joint Venture Agreement

 

	
29.  

	
Force Majeure

 

	
29.1  

	
Force Majeure

 

In this clause 29 Force Majeure means any act, event or cause which is beyond the reasonable control of the Party concerned (other than lack of or inability to use funds), including:

 

	
(a)  

	
act of God, accident of navigation, war (whether declared or not), sabotage, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, lightning, flood, earthquake, landslide, storm or other severe adverse weather conditions, explosion, power shortage, strike or other labour difficulty (whether or not involving employees of a Party concerned), epidemic, quarantine, radiation or radioactive contamination;

 

	
(b)  

	
action or inaction of any government or governmental or other competent Governmental Agency (including any court) including expropriation, restraint, prohibition, intervention, requisition, requirement, direction or embargo by legislation, regulation or other legally enforceable order;

 

	
(c)  

	
delay in the grant of access to a Permit;

 

	
(d)  

	
inability to secure, on commercially acceptable terms, rights of access to a Permit from the owners, occupiers, lessees, custodians, trustees, native title claimants or holders of any land to which the Permit relates;

 

	
(e)  

	
breakdown of plant, machinery or equipment or shortages of labour, transportation, fuel, power, plant, machinery, equipment or material; and

 

	
(f)  

	
any other cause which by the exercise of foresight or due diligence, a Party is unable to prevent or overcome.

 

	
29.2  

	
Relief

 

If, as a direct result of Force Majeure, a Party becomes unable, wholly or in part, to perform any of its obligations or to exercise a right under this Agreement:

 

	
(a)  

	
that Party is to give the other Party prompt notice of the Force Majeure with reasonably full particulars and, insofar as known to it, the probable extent to which it will be unable to perform, or be delayed in performing its obligation or exercising its right;

 

	
(b)  

	
that obligation, other than an obligation to pay money, is suspended and the time for performing that obligation or for exercising that right is extended but only so far as and for so long as it is affected by the Force Majeure; and

 

	
(c)  

	
the affected Party is to use all possible diligence to overcome or remove the Force Majeure as quickly as possible.

 

	
29.3  

	
Labour disputes

 

Clause 29.2(c) does not require the affected Party to:

 

	
(a)  

	
settle any strike or other labour dispute on terms contrary to its wishes; or

 

  

 Page 44

  

 

Joint Venture Agreement

 

	
(b)  

	
contest the validity or enforceability of any law, regulation or legally enforceable order by way of legal proceedings.

 

	
29.4  

	
Resumption

 

The obligation of the affected Party to perform its obligations, resumes as soon as it is no longer affected by the Force Majeure.

 

	
30.  

	
Dispute resolution

 

	
30.1  

	
Application

 

This clause 30 applies to any dispute or difference (dispute) (other than a dispute to which clause 31 applies) arising between the Parties in relation to:

 

	
(a)  

	
this Agreement or its interpretation;

 

	
(b)  

	
any right or liability of any Party under this Agreement; or

 

	
(c)  

	
the performance of any action by any Party under or arising out of this Agreement, whether before or after its termination.

 

	
30.2  

	
Dispute negotiation

 

	
(a)  

	
A Party must not commence legal proceedings in relation to a dispute or refer a dispute to arbitration under this Agreement, unless that Party has complied with this clause 30.

 

	
(b)  

	
A Party claiming that a dispute has arisen must notify the other Party specifying details of the dispute.

 

	
(c)  

	
Each Party must refer a dispute to an authorised officer of that Party for consideration and use its best efforts to resolve the dispute through negotiation within seven (7) Business Days following the dispute notification or longer period agreed between the Parties.

 

	
(d)  

	
Each Party must refer the dispute to its chief executive officer, in the event that the authorised officers of the Parties fail to resolve the dispute within the specified period.

 

	
(e)  

	
Each Party must following reference to its chief executive officer use its best efforts to resolve the dispute by agreement or through an agreed mediation procedure.

 

	
(f)  

	
A Party in compliance with this clause 30.2 may terminate the dispute resolution process by notice to the other Party at any time after seven (7) Business Days following reference of the dispute to its chief executive officer.

 

	
(g)  

	
A Party is not required to comply with this clause 30.2 in relation to any dispute where the other Party is in breach of or default under this clause 30.2 in relation to that dispute.

 

  

 Page 45

  

 

Joint Venture Agreement

 

	
30.3  

	
Arbitration

 

Each Party must submit any dispute which remains unresolved following the negotiation process specified in clause 30.2 to arbitration under the Arbitration Rules of SIAC in accordance with the following procedures:

 

	
(a)  

	
the arbitration will be conducted by three arbitrators, who will be appointed as agreed by the Parties or, failing such agreement, by the Deputy President of SIAC or his or her nominee;

 

	
(b)  

	
the arbitration will be conducted in English;

 

	
(c)  

	
each Party is entitled to legal representation at any arbitration; and

 

	
(d)  

	
any arbitration will be conducted in Singapore, or at such other place as the Parties may agree.

 

	
30.4  

	
Urgent relief

 

A Party may at any time apply to a court of competent jurisdiction for any equitable or other remedy for reasons of urgency, despite anything contained in this clause 30.

 

	
30.5  

	
Continued performance

 

A Party must continue to perform any obligation or liability of that Party in compliance with this Agreement relating to any issue in dispute, despite and during any dispute negotiation or arbitration being conducted under this clause 30.

 

	
31.  

	
Disputes as to Technical or Financial Matters

 

	
31.1  

	
Definitions

 

In this clause 31:

 

	
(a)  

	
Technical Matter means a matter which is capable of determination by reference to Mining knowledge or practice; and

 

	
(b)  

	
Financial Matter means a matter which is capable of determination by audit or reference to financial or accounting records, knowledge or practice.

 

	
31.2  

	
Application

 

	
(a)  

	
This clause 31 applies to any dispute arising between the Parties in relation to a Financial Matter or a Technical Matter.

 

	
(b)  

	
This clause 31 does not prevent any Party from seeking urgent interlocutory or declaratory relief from a court of competent jurisdiction where, in that Party's reasonable opinion, that action is necessary to protect that Party's rights.

 

	
31.3  

	
Dispute negotiation

 

A Party claiming that a dispute in relation to Financial Matters or Technical Matters has arisen must notify the other Party specifying details of the dispute and convene a meeting of the senior management of the Parties within 10 Business Days of the notice of dispute to discuss the dispute with the aim of resolving it.

 

  

 Page 46

  

 

Joint Venture Agreement

 

	
31.4  

	
Independent Expert

 

If the dispute is not resolved by negotiations between the senior management of the Parties within 20 Business Days of the first meeting between senior management under clause 31.3 and the Dispute relates to a Financial Matter or a Technical Matter, either Party may submit the dispute to an Independent Expert for determination in accordance with clause 32.

 

	
32.  

	
Expert Determination

 

	
32.1  

	
Referral to Independent Expert

 

Wherever under this Agreement:

 

	
(a)  

	
a Party submits a dispute in accordance with clause 31; or

 

	
(b)  

	
the Parties agree that a dispute between them will be resolved by an Independent Expert; or

 

	
(c)  

	
a dispute is required by this Agreement to be determined by an Independent Expert,

 

then the dispute may be referred by either Party to an Independent Expert under this clause 32.

 

	
32.2  

	
Appointment of Independent Expert

 

The procedure for the appointment of an Independent Expert will be as follows:

 

	
(a)  

	
the Parties must endeavour to agree upon the identity of a single Independent Expert to whom the dispute will be referred for determination as soon as is reasonably practicable;

 

	
(b)  

	
if the Parties are unable to agree upon the identity of a single Independent Expert within 20 Business Days, the Parties will, as soon as practicable thereafter:

 

	
(i)  

	
in the case of a Financial Matter, request the President of the Institute of Chartered Accountants in Australia to appoint the Independent Expert; and

 

	
(ii)  

	
in the case of a Technical Matter, request the President of the Australasian Institute of Mining and Metallurgy to appoint the Independent Expert; and

 

	
(c)  

	
within 10 Business Days of appointment, the Independent Expert must set a time and place for receiving the Parties’ submissions.

 

	
32.3  

	
Requirements of Independent Expert

 

	
(a)  

	
The Independent Expert will be required to have appropriate commercial and practical experience and expertise in the area of the dispute.

 

	
(b)  

	
Any person nominated to act as an Independent Expert will be required to fully disclose any interest or duty prior to that person’s appointment. If that person has or may have any interest or duty which conflicts with their appointment as Independent Expert, then that person may not be appointed except with the agreement of all parties to the dispute.

 

  

 Page 47

  

 

Joint Venture Agreement

 

	
(c)  

	
Any person nominated to act as an Independent Expert must, before they are appointed, confirm in writing that they are able to resolve the dispute within a reasonable time.

 

	
(d)  

	
The Independent Expert appointed under clause 32.2 will act as an expert and not as an arbitrator.

 

	
32.4  

	
Rights of the Parties

 

Each Party:

 

	
(a)  

	
may be legally represented at any hearing before the Independent Expert;

 

	
(b)  

	
is entitled to produce to the Independent Expert any materials or evidence which that Party believes is relevant to the dispute; and

 

	
(c)  

	
must make available to the Independent Expert all materials requested by the Independent Expert and all other materials which are relevant to the Independent Expert’s determination.

 

	
32.5  

	
Confidentiality

 

Unless otherwise agreed by the Parties involved in the determination by the Independent Expert, all material and evidence made available for the purposes of the determination must be kept private and confidential.

 

	
32.6  

	
Determination

 

	
(a)  

	
The Independent Expert must make a determination on the dispute within 70 Business Days of appointment and must determine what, if any, adjustments may be necessary between the Parties. The determination of the Independent Expert:

 

	
(i)  

	
must be in the form of a written report;

 

	
(ii)  

	
will be final and binding upon the Parties except in the case of bias, fraud, manifest mistake or error; and

 

	
(iii)  

	
will be kept private and confidential unless otherwise agreed to by all Parties involved in the determination.

 

	
(b)  

	
If the Independent Expert does not determine the dispute within 70 Business Days of appointment, either Party may terminate the appointment by written notice and a new Independent Expert will be appointed within 10 Business Days in accordance with the procedure set out in clause 32.2.

 

	
32.7  

	
Costs of Independent Expert

 

The costs in relation to a determination by the Independent Expert will be dealt with as follows:

 

  

 Page 48

  

 

Joint Venture Agreement

 

	
(a)  

	
the costs of the Independent Expert will be apportioned between the Parties in such proportions as the Independent Expert thinks fit, otherwise the Parties will each bear their own costs; and

 

	
(b)  

	
the Parties will each bear their own costs incurred in the preparation and presentation of any submissions or evidence to the Independent Expert.

 

	
33.  

	
Status of Agreement and further acts

 

	
(a)  

	
The Parties agree that this Agreement is binding upon them and intend that this Agreement is legally enforceable in accordance with its terms.

 

	
(b)  

	
Each Party must promptly do all further acts and execute and deliver all further documents (in form and content reasonably satisfactory to that Party) required by law or reasonably requested by any other party to give effect to this Agreement and the transactions contemplated by this Agreement.

 

	
34.  

	
Relationship between Parties

 

	
(a)  

	
Nothing in this Agreement is to be construed so to constitute a Party a partner, agent or representative of any other Party or to create any partnerships or trust for any purpose howsoever except to the extent to which the operator is the agent of the Parties.  No Party will be under any fiduciary or other duty to the other which will prevent it from engaging in or enjoying the benefits of any competing endeavours subject to the express provisions of this Agreement.

 

	
(b)  

	
No Party will have any authority to act on behalf of any other Party, except as expressly provided in this Agreement. Where a Party acts on behalf of another without authority, such Party must indemnify the other from any losses, claims, damages and liabilities arising out of any such act.

 

	
(c)  

	
Each Party has the unrestricted right to engage in and receive the full benefit of any competing activities outside the area the subject of the Joint Venture Operations.

 

	
(d)  

	
Any agreement which is entered into by JV Company, MadagascarCo or the Operator on behalf of JV Company or MadagascarCo in the performance of its functions and obligations under this Agreement with a Shareholder, a Related Body Corporate of a Shareholder or an officer or director of a Shareholder or a Related Body Corporate of the Shareholder must:

 

	
(i)  

	
be on terms no less commercially reasonable in the particular circumstances of the agreement than would have been the case had the agreement been entered into on normal arm’s length commercial terms with a third party who is not a Shareholder, a Related Body Corporate of a Shareholder or an officer or director of a Shareholder or a Related Body Corporate of a Shareholder; and

 

	
(ii)  

	
be entered into in good faith in the best interests of the Joint Venture.

 

  

 Page 49

  

 

Joint Venture Agreement

 

	
35.  

	
Confidentiality and public announcements

 

	
35.1  

	
Confidentiality

 

Subject to clause 35.6, each Party (for this clause Recipient) who is in possession or control of or has access to Confidential Information of another Party or a Related Body Corporate of another Party (Owner) must use that Confidential Information only for the purposes of acts contemplated by this Agreement, and keep that Confidential Information confidential and not disclose it or allow it to be disclosed to any third party except:

 

	
(a)  

	
if the information is at the time generally and publicly available other than as a result of breach of confidence by the Recipient;

 

	
(b)  

	
if the information is at the time lawfully in the possession of the proposed recipient of the information through sources other than the Recipient;

 

	
(c)  

	
by the Recipient to legal and other professional advisers and other consultants and officers and employees of:

 

	
(i)  

	
the Recipient; or

 

	
(ii)  

	
the Recipient's Related Bodies Corporate,

 

in any case requiring the information for the purposes of this Agreement or any transaction contemplated by it, or for the purpose of advising that Party in relation thereto;

 

	
(d)  

	
with the prior written consent of the Owner;

 

	
(e)  

	
to the extent required by law or by a lawful requirement of any Governmental Agency having jurisdiction over the Recipient or any of its Related Bodies Corporate;

 

	
(f)  

	
if required in connection with legal proceedings or arbitration relating to this Agreement or for the purpose of advising the Recipient in relation thereto;

 

	
(g)  

	
if and to the extent that it may be necessary or desirable to disclose to any Governmental Agency in connection with applications for consents, approvals, authorities or licenses in relation to this Agreement;

 

	
(h)  

	
to the extent required by a lawful requirement of any stock exchange having jurisdiction over the Recipient or any of its Related Bodies Corporate;

 

	
(i)  

	
if necessary or commercially desirable to be disclosed in any prospectus or information memorandum to investors or proposed or prospective investors:

 

	
(i)  

	
for an issue or disposal of any shares or options in the Recipient or any of its Related Bodies Corporate;

 

	
(ii)  

	
for an issue of debt instruments of the Recipient or any of its Related Bodies Corporate; or

 

	
(iii)  

	
for the purposes of the Recipient obtaining a listing on any stock exchange of any shares, options or debt instruments;

 

  

 Page 50

  

 

Joint Venture Agreement

 

	
(j)  

	
if necessary or commercially desirable to be disclosed to a professional investor or investment adviser for the purposes of enabling an assessment to be made about the merits or otherwise of an investment in the Recipient or any of its Related Bodies Corporate;

 

	
(k)  

	
if necessary or commercially desirable to be disclosed to an existing or bona fide proposed or prospective:

 

	
(i)  

	
financier of the Recipient or of any of its Related Bodies Corporate; or

 

	
(ii)  

	
rating agency in respect of the Recipient or of any of its Related Bodies Corporate;

 

	
(l)  

	
if necessary or commercially desirable to be disclosed to any bona fide proposed or prospective:

 

	
(i)  

	
transferee of any property to which the information relates or of any shares in the Recipient or any Related Body Corporate of the Recipient;

 

	
(ii)  

	
financier of such transferee providing or proposing or considering whether to provide financial accommodation; or

 

	
(iii)  

	
assignee of rights under the Recipient's financing documents; or

 

	
(m)  

	
if necessary or commercially desirable to be disclosed to legal and other professional advisers and other consultants and officers or employees of any of the persons referred to in clause 35.1(j), 35.1(k), or 35.1(l).

 

	
35.2  

	
Conditions

 

	
(a)  

	
In the case of a disclosure under clause 35.1(c) or 35.1(d) and, where appropriate, under clause 35.1(e), 35.1(f), 35.1(h) and 35.1(i), the Party wishing to make the disclosure must inform the proposed recipient of the confidentiality of the information and the Party must take such precautions as are reasonable in the circumstances to ensure that the proposed recipient keeps the information confidential.

 

	
(b)  

	
In the case of a disclosure under clause 35.1(j), 35.1(k) or 35.1(l) or (in the case of legal and other professional advisers and other consultants only) 35.1(m) the Party wishing to make the disclosure must not make any disclosure unless:

 

	
(i)  

	
in the case of a disclosure under clause 35.1(j), 35.1(k) or 35.1(l) the proposed recipient has first entered into and delivered to the Shareholders a confidentiality undertaking in a form acceptable to the other Shareholders; or

 

	
(ii)  

	
in the case of a disclosure under clause 35.1(m) the principal or employer of the proposed recipient has first entered into and delivered to the Shareholders a confidentiality undertaking in a form acceptable to the other Shareholders which will incorporate a warranty by the principal or employer of the proposed recipient that the proposed recipient is under an obligation of confidentiality to the principal or employer and that the principal or employer will enforce that obligation to the fullest extent that the law or equity allows upon being called upon to do so by any of the Shareholders.

 

  

 Page 51

  

 

Joint Venture Agreement

 

	
35.3  

	
Notice to other Shareholders

 

Each Party must:

 

	
(a)  

	
promptly inform each other Party of any request received by that Party from any person described in clause 35.1(e) to disclose information under that clause;

 

	
(b)  

	
inform all other Shareholders as soon as reasonably practicable after information is disclosed by the Party under clause 35.1(e) and

 

	
(c)  

	
not disclose any information under clause 35.1 unless all other Shareholders have been informed of the proposed disclosure.

 

	
35.4  

	
Indemnities

 

Each Party indemnifies each other Party against any costs, losses, damages and liabilities suffered or incurred by that other Party arising out of or in connection with any disclosure by the first-mentioned Party of information in contravention of this clause 35.

 

	
35.5  

	
Survival of confidentiality obligations

 

The obligations of confidentiality imposed by this clause 35 survive the termination of this Agreement and any person who ceases to be a Party continues to be bound by those obligations.

 

	
35.6  

	
Use of Mining Information in respect to Other Mineral Rights

 

Nothing in this clause 35 prevents Malagasy from using the Mining Information in relation to the exploration and development of the Other Minerals.

 

	
36.  

	
Notices

 

Each communication (including each notice, consent, approval, request and demand) under or in connection with this Agreement:

 

	
(a)  

	
must be in writing;

 

	
(b)  

	
must be addressed as follows (or otherwise notified by that Party to the other Party from time to time):

 

  

 Page 52

  

 

Joint Venture Agreement

	
To Energizer

	
Energizer Resources Inc

	
 

	 	 	 
	 	Attention:	 
Chief Executive Officer

	 	 	 
	 	 
Address:

	 
Energizer Resources Inc.

141 Adelaide Street 
West Suite 520

Toronto, Ontario

CANADA

	 	 	 
	 	Facsimile:	+1 416.364.2753
	 	 	 
	
To Malagasy or the Permit Holders

	
Malagasy Minerals Limited 

	 
	 	 	 
	 	Attention: 	Managing Director
	 	 	 
	 	Address:  	Malagasy Minerals Limited 
Unit 7, 11 Colin Grove

West Perth

Western Australia 6005

AUSTRALIA

	 	 	 
	 	Facsimile: 	+61 8 9463 6657

 

	
(c)  

	
must be signed by the Party making it or (on that party’s behalf) by the solicitor for or any attorney, director, secretary or authorised agent of that Party;

 

	
(d)  

	
must be delivered by hand or posted by prepaid post to the address, or sent by fax to the number, of the addressee; and

 

	
(e)  

	
is taken to be received by the addressee:

 

	
(i)  

	
(in the case of prepaid post sent to an address in the same country) on the third day after the date of posting;

 

	
(ii)  

	
(in the case of prepaid post sent to an address in another country) on the fifth day after the date of posting;

 

	
(iii)  

	
(in the case of fax) at the time in the place to which it is sent equivalent to the time shown on the transmission confirmation report produced by the fax machine from which it was sent; and

 

	
(iv)  

	
(in the case of delivery by hand) on delivery;

 

but if the communication is taken to be received on a day that is not a working day or after 5.00 pm, it is taken to be received at 9.00 am on the next working day (“working day” meaning a day that is not a Saturday, Sunday or public holiday, and is a day on which banks are open for business generally, in the place to which the communication is posted, sent or delivered).

 

	
37.  

	
Miscellaneous

 

	
37.1  

	
Governing law

 

This Agreement is governed by and must be construed according to the law applying in Ontario, Canada.

 

  

 Page 53

  

 

Joint Venture Agreement

 

	
37.2  

	
Amendments

 

This Agreement may only be varied by a document signed by or on behalf of each of the Parties.

 

	
37.3  

	
Primacy of this Agreement

 

The Parties agree that this Agreement has primacy over any ancillary agreement contemplated by this Agreement, including the Sublease Agreements and, in the case of inconsistency, the terms and conditions of this Agreement will prevail.  Each Party agrees that it will procure that any subsidiary of it will comply with the terms of this Agreement notwithstanding any inconsistency between this Agreement any ancillary agreement contemplated by this Agreement which a subsidiary of a Party is a party to.

 

	
37.4  

	
Language

 

Where this Agreement or any ancillary agreement to this Agreement, including the Sublease Agreements, is written and signed in any other language other than English (including French), both versions are equally valid.  However, in the case of inconsistency, the Parties agree that the English version of the relevant agreement shall prevail.

 

	
37.5  

	
Waiver

 

	
(a)  

	
Failure to exercise or enforce, or a delay in exercising or enforcing, or the partial exercise or enforcement, of a right provided by law or under this Agreement by a Party does not preclude, or operate as a waiver of, the exercise or enforcement, or further exercise or enforcement, of that or any other right provided by law or under this Agreement.

 

	
(b)  

	
A waiver or consent given by a Party under this Agreement is only effective and binding on that Party if it is given or confirmed in writing by that Party.

 

	
(c)  

	
No waiver of a breach of a term of this Agreement operates as a waiver of another breach of that term or of a breach of any other term of this Agreement.

 

	
37.6  

	
Consents

 

A consent required under this Agreement from a Party may be given or withheld, or may be given subject to any conditions, as that Party in its absolute discretion thinks fit, unless this Agreement expressly provides otherwise.

 

	
37.7  

	
Counterparts

 

This Agreement may be executed in any number of counterparts and by the Parties on separate counterparts. Each counterpart constitutes an original of this Agreement and all together constitute one agreement.

 

	
37.8  

	
No representation or reliance

 

	
(a)  

	
Each Party acknowledges that neither Party (nor any person acting on a Party’s behalf) has made any representation or other inducement to it to enter into this Agreement except for representations or inducements expressly set out in this Agreement.

 

  

 Page 54

  

 

Joint Venture Agreement

 

	
(b)  

	
Each Party acknowledges and confirms that it does not enter into this Agreement in reliance on any representation or other inducement by or on behalf of the other Party, except for representations or inducements expressly set out in this Agreement.

 

	
37.9  

	
Expenses

 

Except as otherwise provided in this Agreement, each Party must pay its own costs and expenses in connection with negotiating, preparing, executing and performing this Agreement.

 

	
37.10  

	
Entire agreement

 

To the extent permitted by law, in relation to its subject matter this Agreement:

 

	
(a)  

	
embodies the entire understanding of the Parties, and constitutes the entire terms agreed by the Parties; and

 

	
(b)  

	
supersedes any prior written or other agreement of the Parties.

 

	
37.11  

	
Indemnities

 

	
(a)  

	
Each indemnity in this Agreement is a continuing obligation, separate and independent from the other obligations of the Parties, and survives termination, completion or expiration of this Agreement.

 

	
(b)  

	
It is not necessary for a Party to incur expense or to make any payment before enforcing a right of indemnity conferred by this Agreement.

 

	
(c)  

	
A Party must pay on demand any amount it must pay under an indemnity in this Agreement.

 

	
37.12  

	
Severance and enforceability

 

Any provision, or the application of any provision, of this Agreement that is void, illegal or unenforceable in any jurisdiction does not affect the validity, legality or enforceability of that provision in any other jurisdiction or of the remaining provisions of this Agreement in that or any other jurisdiction.

 

	
37.13  

	
No merger

 

The rights and obligations of the Parties under this Agreement do not merge on completion of any transaction under this Agreement, and survive the execution and delivery of any assignment or other document entered into for the purpose of implementing any transaction under this Agreement.

 

	
37.14  

	
Power of attorney

 

	
(a)  

	
Each attorney who signs this Agreement on behalf of a Party declares that the attorney has no notice from the Party who appointed him that the power of attorney granted to him, under which the attorney signs this Agreement, has been revoked or suspended in any way.

 

	
(b)  

	
Each Party represents and warrants to each other that its respective attorney or authorised officer who signs this Agreement on behalf of that Party has been duly authorised by that Party to sign this Agreement on its behalf and that authorisation has not been revoked.

 

  

 Page 55

  

 

Joint Venture Agreement

 

	
37.15  

	
Taxes

 

Any value added or goods and services taxes (including TVA) that may be imposed by any authorities in connection with the grant of the exploration rights or the subleases pursuant to this Agreement and any registration taxes, imposts, fees and costs in relation to the registration of this Agreement or the Sublease Agreements or the rights created thereunder, will be for the account of and the liability of JV Company and JV Company will indemnify and hold the Permit Holders harmless against any liability for the same, provided that under no circumstances may JV Company be liable or accountable for any capital gains tax or income tax liability of any Permit Holder.

 

  

 Page 56

  

 

Joint Venture Agreement

 

Schedule 1 – Exploration Permits and Area of Interest

 

The Area of Interest within the Exploration Permits described below is set out using graticular block references in Annexure A to this Agreement.

 

	
Item

	
Exploration Permit

	  	
Item

	
Exploration Permit

	
1.

	
3432

	  	
21.

	
21064

	
2.

	
5394

	  	
22.

	
24864

	
3.

	
13064

	  	
23.

	
25605

	
4.

	
13811

	  	
24.

	
25606

	
5.

	
14619

	  	
25.

	
28340

	
6.

	
14620

	  	
26.

	
28346

	
7.

	
14622

	  	
27.

	
28347

	
8.

	
14623

	  	
28.

	
28348

	
9.

	
16747

	  	
29.

	
28349

	
10.

	
16753

	  	
30.

	
28352

	
11.

	
19003

	  	
31.

	
28353

	
12.

	
19851

	  	
32.

	
29020

	
13.

	
19932

	  	
33.

	
31734

	
14.

	
19934

	  	
34.

	
31735

	
15.

	
19935

	  	
35.

	
38323

	
16.

	
21059

	  	
36.

	
38324

	
17.

	
21060

	  	
37.

	
38325

	
18.

	
21061

	  	
38.

	
38392

	
19.

	
21062

	  	
39.

	
38469

	
20.

	
21063

	  	  	  

  

 Page 57

  

 

Joint Venture Agreement

 

Schedule 2– Industrial Minerals

 

 

Vanadium

 

Lithium

 

Aggregates

 

Alunite

 

Barite

 

Bentonite

 

Vermiculite

 

Carbonatites

 

Corundum

 

Dimension stone, other than labradorite

 

Feldspar, other than labradorite

 

Fluorspar

 

Granite

 

Graphite

 

Gypsum

 

Kaolin

 

Kyanite

 

Limestone / Dolomite

 

Marble

 

Mica

 

Olivine

 

Perlite

 

Phosphate

 

Potash – Potassium minerals

 

Pumice

 

Quartz

 

Staurolite

 

Zeolites

 

  

 Page 58

  

 

Joint Venture Agreement

 

 

Schedule
3- Map of
Area of Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 Page 59

  

 

Joint Venture Agreement

 

Schedule 4– Net Smelter Return Royalty

 

The royalty referred to in clause 23(a) of the Agreement is to be calculated and paid by the Payer to a Payee in accordance with this Schedule 4.

 

	
S4.1  

	
Definitions

 

In this Schedule, unless otherwise defined below or the context requires otherwise, expressions defined in the Agreement of which this Schedule forms part have the same meaning as in the Agreement and the following expressions will have the following meanings:

 

Carried Forward Deduction means the amount of Deductions that exceeds the Gross Revenue in a Quarter, which may then be carried forward and deducted from Gross Revenue in subsequent Quarters.

 

Deductions means all costs paid or incurred by the Payer, in US dollars or in US Dollar Equivalent, in relation to the sale of Product extracted and recovered from the Mining Area after mining and milling or other initial processing within or adjacent to the Mining Area, and include:

 

	
(a)  

	
all costs of smelting and refining and retorting the ore and minerals extracted from the Mining Area, including Penalties for impurities and all umpire charges and other processor deductions;

 

	
(b)  

	
all road, sea and rail freight, transportation, security and incidental costs and expenses, including forwarding, shipping, demurrage, delay and insurance costs, incurred between the outer boundary of, or adjacent to, the Mining Area and the point of delivery of the Products into a Refinery, including the cost of transport to and between any Refinery or other places of treatment;

 

	
(c)  

	
handling and incidental costs and expenses including agency, banking, assaying, sampling, weighing, loading, unloading, stockpiling and storage;

 

	
(d)  

	
actual sales, marketing, representation, agency and brokerage costs in respect of the Product subject to the Royalty;

 

	
(e)  

	
administrative and other general overhead costs that are directly attributable and reasonably allocable to the costs set out in paragraphs (a) to (d) above;

 

	
(f)  

	
Carried Forward Deductions;

 

	
(g)  

	
shipping agency fees;

 

	
(h)  

	
bank charges on sales receipts and payments;

 

	
(i)  

	
government charges on banking transactions;

 

	
(j)  

	
all taxes (excluding taxes based on income) which the Payer may be required to pay or incur as a result of the sale of the Product (but not including any value added or goods and services taxes (including TVA) if subject to an input for credit);

 

  

 Page 60

  

 

Joint Venture Agreement

 

	
(k)  

	
all royalties, duties, levies and charges imposed by a Governmental Agency in respect of the Product, including carbon emission licence fees, charges, fuel excise (net of any fuel tax credits), carbon trading taxes and imposts, value added taxes or energy consumption taxes, in any way connected with the transportation or sale of the Products from the Mining Area; and

 

	
(l)  

	
any other incidental charge or expense incurred between the outer boundary of, or adjacent to, the Mining Area up to the point of delivery of the Products into a Refinery, including on-site transport and storage,

 

but does not include any exploration, development, construction, mining, crushing, treatment or concentrating costs incurred by the Payer within or adjacent to the Mining Area.

 

Exchange Rate means the average of the spot rate of exchange during the relevant period for the purchase of one currency against another currency as set by the usual bank for the Payer or another recognised and reputable banking institution chosen by the Payer, acting reasonably.

 

Gross Revenue in respect of an expired Quarter means the aggregate of:

 

	
(a)  

	
the total amounts actually received by the Payer from the sale of Product to the owner or operator of a Refinery, in US dollars, or in US Dollar Equivalent, (Sales) including the proceeds received from an insurer in the case of loss of, or damage to, the Products (net of any excess paid in respect of that loss),during the expired Quarter, less any refunds, claims or discount, where Sales are effected on an arms-length basis on normal commercial terms; and

 

	
(b)  

	
if Sales are effected on any other basis than on an arms-length basis on normal commercial terms, or if Product is disposed of otherwise than by sale (whether immediate or for future delivery) during the expired Quarter, the fair market value of the Product so sold or otherwise disposed of during the expired Quarter in US dollars, or in US Dollar Equivalent, as determined in accordance with paragraph S4.8.

 

Month means calendar month.

 

Net Smelter Return means Gross Revenue for the relevant Quarter minus Deductions for that Quarter.

 

Payee means the party entitled in accordance this Agreement to receive payment of the Royalty.

 

Payer means Madagascar Development JV Company.

 

Penalty means a charge made by a Refinery, in addition to normal refining costs, for removing from the Product minerals or other substances where the cost of the removal exceeds the value of those minerals or other substances.

 

Refinery means a smelter, refinery or other processing facility.

 

Product means the Payer’s share of any product derived from the processing of Industrial Minerals mined from the Mining Area.

 

Quarter means the period of three consecutive Months commencing 1 January, 1 April, 1 July or 1 October in any year, other than the first Quarter which commences on the date the Payee become entitled to the Royalty under clause 23(a) of the Agreement and expires on the date immediately preceding the next to occur of 1 January, 1 April, 1 July or 1 October, and Quarterly has the corresponding meaning.

 

  

 Page 61

  

 

Joint Venture Agreement

 

Royalty means 2% of the Net Smelter Return.

 

US Dollar Equivalent means, where sum to which this deed relates is not stated in US dollars, the amount determined by converting the amount in foreign currency into US dollars at the Exchange Rate existing when the relevant revenue was earned or receivable, or the relevant expenditure was incurred, by the Payer.

 

	
S4.2  

	
Calculation of Net Smelter Return

 

The Payer will calculate the Net Smelter Return Quarterly from the date on which Product is first produced from the Mining Area.

 

	
S4.3  

	
Reporting

 

Within 30 days of the end of each Quarter, the Payer will provide the Payee with a statement setting out in reasonable detail the calculation of the Royalty due to the Payee from the Payer for the previous Quarter and any adjustments occasioned by errors in any previous accounting.

 

	
S4.4  

	
Time for payment of Royalty

 

Within 30 days of the end of each Quarter, the Payer must pay to the Payee the Royalty plus or minus any adjustments in accordance with paragraph S4.3.

 

	
S4.5  

	
Audits and adjustments

 

	
(a)  

	
The Payer’s records that relate to the calculation of the Net Smelter Return and the Royalty for a Quarter shall be open to inspection and review by the Payee’s external auditors for a period of 6 Months after the end of such Quarter, at the Payee’s cost. If not reviewed in that 6 Month period the Royalty payment for that Quarter will be taken to be in full and final satisfaction of the Payer’s obligations in respect of that payment.

 

	
(b)  

	
If an audit carried out pursuant to paragraph S4.5(a) (Audit) discloses that the Payer has made an overpayment of the Royalty or has made an underpayment of the Royalty of 5% or less, then the Payee will be responsible for payment of the costs of the Audit and the Payer will (as the case may be):

 

	
(i)  

	
deduct the amount of any such overpayment from its next Royalty payment to the Payee; or

 

	
(ii)  

	
add the amount of any such underpayment to the next Royalty payment it makes to the Payee.

 

	
(c)  

	
If an Audit discloses an underpayment by the Payer of more than 5%, then the costs of the Audit shall be borne by the Payer and the amount of the underpayment will be paid by the Payer to the Payee within 14 days after delivery of the Audit report to the Payer.

 

  

 Page 62

  

 

Joint Venture Agreement

 

	
S4.6  

	
Assignment

 

	
(a)  

	
The Payer must not sell, assign or otherwise dispose of or encumber the whole or part of its interest in the Mining Area without first requiring the assignee or other such party to enter into a covenant with the Payee on terms to the satisfaction of the Payee (acting reasonably) binding it to observe and perform all the terms and conditions of these procedures as from the effective date of assignment or encumbrance.

 

	
(b)  

	
Subject to the Payer not exercising the Royalty Option in accordance with clause 23(b), the Payee may only assign, sell or otherwise dispose of the whole (but not a part) of its rights and interest in or under the Royalty (Relevant Interest) if it first offers to the Payer the opportunity to acquire the Relevant Interest for consideration equal to that offered by the proposed assignee. If the Payer does not accept the offer within 15 days, the Payee may proceed with the assignment, sale or disposal to the proposed assignee within 90 days and on terms no more favourable to the proposed assignee than those offered to the Payer. If the Payer accepts the offer then settlement of the assignment of the Relevant Interest to the Payer shall occur within 60 days thereafter.

 

	
S4.7  

	
Hedging and Disposal of Intermediate Product

 

 

	
(a)  

	
All profits and losses resulting from the Payer engaging in any commodity futures trading, option trading, metals trading, gold loans or any combination thereof, or other hedging or price protection arrangements or mechanisms are excluded from calculations of the Net Smelter Return.

 

	
(b)  

	
The Payer must not dispose of, or allow for commingling of, any ore from the Mining Area or any intermediate product unless it has ensured that it has access to all information necessary in order to calculate the Royalty.

 

	
S4.8  

	
Reference to expert

 

	
(a)  

	
If any dispute or difference arises between the Parties in connection with, the calculation of the Net Smelter Return or the Royalty, the Parties undertake with each other to use all reasonable endeavours, in good faith, to settle the dispute or difference by negotiation.

 

	
(b)  

	
If any dispute referred to in paragraph S4.8(a) has not been resolved within a reasonable time of not less than 14 days, either Party may refer the matter in issue to an Independent Expert for determination and clause 32 of the Agreement applies.

 

  

 Page 63

  

 

Joint Venture Agreement

 

Executed as an agreement

 

	
Executed by Energizer Resources Inc. by its duly authorised representative:

	  	  
	 	 	 
	
/s/ Kirk McKinnon

	  	
/s/ Richard Schler

	 	 	 
	
Signature of Kirk McKinnon

Chairman and CEO

	  	
Signature of Richard Schler

Vice President and CFO

 

	
Executed by Malagasy Minerals Limited

ACN 121 700 105 in accordance with section

127 of the Corporations Act 2001 (Cth) by or in

the presence of:

	  	  
	 	 	 
	
/s/ Peter Woods

	  	
/s/ Max Cozijn

	 	 	 
	
Signature of Director

	  	
Signature of Director or Secretary

	 	 	 
	 	 	 
	
Name of Director in full

	  	
Name of Director or Secretary in full

 

	
Executed by Madagascar-ERG Joint

Venture (Mauritius) Ltd by its duly authorised

representative:

 

/s/ Kirk McKinnon

	  	
/s/ Richard Schler

	  	  	  
	
Signature of Kirk McKinnon

Chairman

	  	
Signature of Richard Schler

Director

 

  

 Page 64

  

		 	 

    

	
    

Annexure
A- Area of
Interest

 

	Rech result ID	Carte	Numero	P01 Type2	np	Set1 ID	Permit Number	CM_X	CM_Y
	139	G61	21062	R	MADA-AUST	17378	21062	225312.5	162812.5
	139	G61	21062	R	MADA-AUST	17393	21062	225312.5	163437.5
	139	G61	21062	R	MADA-AUST	17394	21062	225312.5	164062.5
	139	G61	21062	R	MADA-AUST	17395	21062	225312.5	164687.5
	139	G61	21062	R	MADA-AUST	17398	21062	225312.5	165312.5
	139	G61	21062	R	MADA-AUST	17382	21062	225312.5	165937.5
	139	G61	21062	R	MADA-AUST	17377	21062	225312.5	166562.5
	139	G61	21062	R	MADA-AUST	17407	21062	225937.5	162812.5
	139	G61	21062	R	MADA-AUST	17397	21062	225937.5	163437.5
	139	G61	21062	R	MADA-AUST	17392	21062	225937.5	164062.5
	139	G61	21062	R	MADA-AUST	17399	21062	225937.5	164687.5
	139	G61	21062	R	MADA-AUST	17379	21062	225937.5	165312.5
	139	G61	21062	R	MADA-AUST	17396	21062	225937.5	165937.5
	139	G61	21062	R	MADA-AUST	17380	21062	225937.5	166562.5
	139	G61	21062	R	MADA-AUST	17400	21062	226562.5	162812.5
	139	G61	21062	R	MADA-AUST	17406	21062	226562.5	163437.5
	139	G61	21062	R	MADA-AUST	17401	21062	226562.5	164062.5
	139	G61	21062	R	MADA-AUST	17402	21062	226562.5	164687.5
	139	G61	21062	R	MADA-AUST	17391	21062	226562.5	165312.5
	139	G61	21062	R	MADA-AUST	17383	21062	226562.5	165937.5
	139	G61	21062	R	MADA-AUST	17376	21062	226562.5	166562.5
	139	G61	21062	R	MADA-AUST	17403	21062	227187.5	162812.5
	139	G61	21062	R	MADA-AUST	17405	21062	227187.5	163437.5
	139	G61	21062	R	MADA-AUST	17404	21062	227187.5	164062.5
	139	G61	21062	R	MADA-AUST	17390	21062	227187.5	164687.5
	139	G61	21062	R	MADA-AUST	17386	21062	227187.5	165312.5
	139	G61	21062	R	MADA-AUST	17387	21062	227187.5	165937.5
	139	G61	21062	R	MADA-AUST	17388	21062	227187.5	166562.5
	460	G61	38323	R	MADA-AUST	28568	38323	227812.5	162812.5
	460	G61	38323	R	MADA-AUST	28558	38323	227812.5	163437.5
	460	G61	38323	R	MADA-AUST	28559	38323	227812.5	164062.5
	460	G61	38323	R	MADA-AUST	28560	38323	227812.5	164687.5
	461	G61	38324	R	MADA-AUST	28577	38324	227812.5	165312.5
	461	G61	38324	R	MADA-AUST	28572	38324	227812.5	165937.5
	461	G61	38324	R	MADA-AUST	28573	38324	227812.5	166562.5
	124	G61	19003	R	MADA-AUST	14233	19003	227812.5	170312.5
	124	G61	19003	R	MADA-AUST	14238	19003	227812.5	170937.5
	124	G61	19003	R	MADA-AUST	14237	19003	227812.5	171562.5
	124	G61	19003	R	MADA-AUST	14236	19003	227812.5	172187.5
	460	G61	38323	R	MADA-AUST	28570	38323	228437.5	162812.5
	460	G61	38323	R	MADA-AUST	28562	38323	228437.5	163437.5
	460	G61	38323	R	MADA-AUST	28563	38323	228437.5	164062.5
	460	G61	38323	R	MADA-AUST	28569	38323	228437.5	164687.5
	461	G61	38324	R	MADA-AUST	28575	38324	228437.5	165312.5
	461	G61	38324	R	MADA-AUST	28576	38324	228437.5	165937.5
	461	G61	38324	R	MADA-AUST	28578	38324	228437.5	166562.5
	124	G61	19003	R	MADA-AUST	14225	19003	228437.5	170312.5
	124	G61	19003	R	MADA-AUST	14234	19003	228437.5	170937.5
	124	G61	19003	R	MADA-AUST	14235	19003	228437.5	171562.5

    	 	 	 

    	 	 	 

    

	124	G61	19003	R	MADA-AUST	14232	19003	228437.5	172187.5
	460	G61	38323	R	MADA-AUST	28555	38323	229062.5	162812.5
	460	G61	38323	R	MADA-AUST	28557	38323	229062.5	163437.5
	460	G61	38323	R	MADA-AUST	28564	38323	229062.5	164062.5
	460	G61	38323	R	MADA-AUST	28565	38323	229062.5	164687.5
	461	G61	38324	R	MADA-AUST	28580	38324	229062.5	165312.5
	461	G61	38324	R	MADA-AUST	28583	38324	229062.5	165937.5
	461	G61	38324	R	MADA-AUST	28581	38324	229062.5	166562.5
	124	G61	19003	R	MADA-AUST	14239	19003	229062.5	170312.5
	124	G61	19003	R	MADA-AUST	14224	19003	229062.5	170937.5
	124	G61	19003	R	MADA-AUST	14231	19003	229062.5	171562.5
	124	G61	19003	R	MADA-AUST	14230	19003	229062.5	172187.5
	460	G61	38323	R	MADA-AUST	28566	38323	229687.5	162812.5
	460	G61	38323	R	MADA-AUST	28567	38323	229687.5	163437.5
	460	G61	38323	R	MADA-AUST	28556	38323	229687.5	164062.5
	460	G61	38323	R	MADA-AUST	28561	38323	229687.5	164687.5
	461	G61	38324	R	MADA-AUST	28582	38324	229687.5	165312.5
	461	G61	38324	R	MADA-AUST	28571	38324	229687.5	165937.5
	461	G61	38324	R	MADA-AUST	28584	38324	229687.5	166562.5
	124	G61	19003	R	MADA-AUST	14229	19003	229687.5	170312.5
	124	G61	19003	R	MADA-AUST	14228	19003	229687.5	170937.5
	124	G61	19003	R	MADA-AUST	14227	19003	229687.5	171562.5
	124	G61	19003	R	MADA-AUST	14226	19003	229687.5	172187.5
	136	G61	21059	R	MADA-AUST	17341	21059	230312.5	157812.5
	136	G61	21059	R	MADA-AUST	17340	21059	230312.5	158437.5
	136	G61	21059	R	MADA-AUST	17339	21059	230312.5	159062.5
	136	G61	21059	R	MADA-AUST	17338	21059	230312.5	159687.5
	112	G61	16753	R	MADA-AUST	13508	16753	230312.5	160312.5
	112	G61	16753	R	MADA-AUST	13497	16753	230312.5	160937.5
	112	G61	16753	R	MADA-AUST	13498	16753	230312.5	161562.5
	112	G61	16753	R	MADA-AUST	13499	16753	230312.5	162187.5
	112	G61	16753	R	MADA-AUST	13512	16753	230312.5	162812.5
	112	G61	16753	R	MADA-AUST	13480	16753	230312.5	163437.5
	112	G61	16753	R	MADA-AUST	13481	16753	230312.5	164062.5
	112	G61	16753	R	MADA-AUST	13495	16753	230312.5	164687.5
	112	G61	16753	R	MADA-AUST	13513	16753	230312.5	165312.5
	112	G61	16753	R	MADA-AUST	13514	16753	230312.5	165937.5
	112	G61	16753	R	MADA-AUST	13515	16753	230312.5	166562.5
	138	G61	21061	R	MADA-AUST	17373	21061	230312.5	175312.5
	138	G61	21061	R	MADA-AUST	17372	21061	230312.5	175937.5
	138	G61	21061	R	MADA-AUST	17375	21061	230312.5	176562.5
	138	G61	21061	R	MADA-AUST	17371	21061	230312.5	177187.5
	99	G61	14619	R	MADA-AUST	11975	14619	230312.5	180312.5
	99	G61	14619	R	MADA-AUST	11981	14619	230312.5	180937.5
	99	G61	14619	R	MADA-AUST	11980	14619	230312.5	181562.5
	99	G61	14619	R	MADA-AUST	11979	14619	230312.5	182187.5
	136	G61	21059	R	MADA-AUST	17337	21059	230937.5	157812.5
	136	G61	21059	R	MADA-AUST	17336	21059	230937.5	158437.5
	136	G61	21059	R	MADA-AUST	17342	21059	230937.5	159062.5
	136	G61	21059	R	MADA-AUST	17335	21059	230937.5	159687.5
	112	G61	16753	R	MADA-AUST	13500	16753	230937.5	160312.5
	112	G61	16753	R	MADA-AUST	13501	16753	230937.5	160937.5
	112	G61	16753	R	MADA-AUST	13502	16753	230937.5	161562.5
	112	G61	16753	R	MADA-AUST	13503	16753	230937.5	162187.5

    	 	 	 

    	 	 	 

    

	112	G61	16753	R	MADA-AUST	13483	16753	230937.5	162812.5
	112	G61	16753	R	MADA-AUST	13472	16753	230937.5	163437.5
	112	G61	16753	R	MADA-AUST	13485	16753	230937.5	164062.5
	112	G61	16753	R	MADA-AUST	13486	16753	230937.5	164687.5
	112	G61	16753	R	MADA-AUST	13517	16753	230937.5	165312.5
	112	G61	16753	R	MADA-AUST	13518	16753	230937.5	165937.5
	112	G61	16753	R	MADA-AUST	13484	16753	230937.5	166562.5
	138	G61	21061	R	MADA-AUST	17368	21061	230937.5	175312.5
	138	G61	21061	R	MADA-AUST	17370	21061	230937.5	175937.5
	138	G61	21061	R	MADA-AUST	17369	21061	230937.5	176562.5
	138	G61	21061	R	MADA-AUST	17360	21061	230937.5	177187.5
	99	G61	14619	R	MADA-AUST	11978	14619	230937.5	180312.5
	99	G61	14619	R	MADA-AUST	11977	14619	230937.5	180937.5
	99	G61	14619	R	MADA-AUST	11976	14619	230937.5	181562.5
	99	G61	14619	R	MADA-AUST	11973	14619	230937.5	182187.5
	136	G61	21059	R	MADA-AUST	17334	21059	231562.5	157812.5
	136	G61	21059	R	MADA-AUST	17333	21059	231562.5	158437.5
	136	G61	21059	R	MADA-AUST	17332	21059	231562.5	159062.5
	136	G61	21059	R	MADA-AUST	17331	21059	231562.5	159687.5
	112	G61	16753	R	MADA-AUST	13504	16753	231562.5	160312.5
	112	G61	16753	R	MADA-AUST	13505	16753	231562.5	160937.5
	112	G61	16753	R	MADA-AUST	13519	16753	231562.5	161562.5
	112	G61	16753	R	MADA-AUST	13507	16753	231562.5	162187.5
	112	G61	16753	R	MADA-AUST	13487	16753	231562.5	162812.5
	112	G61	16753	R	MADA-AUST	13488	16753	231562.5	163437.5
	112	G61	16753	R	MADA-AUST	13489	16753	231562.5	164062.5
	112	G61	16753	R	MADA-AUST	13490	16753	231562.5	164687.5
	112	G61	16753	R	MADA-AUST	13506	16753	231562.5	165312.5
	112	G61	16753	R	MADA-AUST	13473	16753	231562.5	165937.5
	112	G61	16753	R	MADA-AUST	13474	16753	231562.5	166562.5
	138	G61	21061	R	MADA-AUST	17367	21061	231562.5	175312.5
	138	G61	21061	R	MADA-AUST	17374	21061	231562.5	175937.5
	138	G61	21061	R	MADA-AUST	17365	21061	231562.5	176562.5
	138	G61	21061	R	MADA-AUST	17364	21061	231562.5	177187.5
	99	G61	14619	R	MADA-AUST	11983	14619	231562.5	180312.5
	99	G61	14619	R	MADA-AUST	11982	14619	231562.5	180937.5
	99	G61	14619	R	MADA-AUST	11968	14619	231562.5	181562.5
	99	G61	14619	R	MADA-AUST	11969	14619	231562.5	182187.5
	136	G61	21059	R	MADA-AUST	17330	21059	232187.5	157812.5
	136	G61	21059	R	MADA-AUST	17328	21059	232187.5	158437.5
	136	G61	21059	R	MADA-AUST	17329	21059	232187.5	159062.5
	136	G61	21059	R	MADA-AUST	17343	21059	232187.5	159687.5
	112	G61	16753	R	MADA-AUST	13496	16753	232187.5	160312.5
	112	G61	16753	R	MADA-AUST	13509	16753	232187.5	160937.5
	112	G61	16753	R	MADA-AUST	13510	16753	232187.5	161562.5
	112	G61	16753	R	MADA-AUST	13511	16753	232187.5	162187.5
	112	G61	16753	R	MADA-AUST	13491	16753	232187.5	162812.5
	112	G61	16753	R	MADA-AUST	13492	16753	232187.5	163437.5
	112	G61	16753	R	MADA-AUST	13493	16753	232187.5	164062.5
	112	G61	16753	R	MADA-AUST	13494	16753	232187.5	164687.5
	112	G61	16753	R	MADA-AUST	13476	16753	232187.5	165312.5
	112	G61	16753	R	MADA-AUST	13477	16753	232187.5	165937.5
	112	G61	16753	R	MADA-AUST	13478	16753	232187.5	166562.5
	138	G61	21061	R	MADA-AUST	17363	21061	232187.5	175312.5

    	 	 	 

    	 	 	 

    

	138	G61	21061	R	MADA-AUST	17362	21061	232187.5	175937.5
	138	G61	21061	R	MADA-AUST	17361	21061	232187.5	176562.5
	138	G61	21061	R	MADA-AUST	17366	21061	232187.5	177187.5
	99	G61	14619	R	MADA-AUST	11970	14619	232187.5	180312.5
	99	G61	14619	R	MADA-AUST	11971	14619	232187.5	180937.5
	99	G61	14619	R	MADA-AUST	11974	14619	232187.5	181562.5
	99	G61	14619	R	MADA-AUST	11972	14619	232187.5	182187.5
	141	G61	21064	R	MADA-AUST	17451	21064	232812.5	160312.5
	141	G61	21064	R	MADA-AUST	17449	21064	232812.5	160937.5
	141	G61	21064	R	MADA-AUST	17442	21064	232812.5	161562.5
	109	G61	16747	R	MADA-AUST	13397	16747	232812.5	165312.5
	109	G61	16747	R	MADA-AUST	13396	16747	232812.5	165937.5
	109	G61	16747	R	MADA-AUST	13395	16747	232812.5	166562.5
	109	G61	16747	R	MADA-AUST	13393	16747	232812.5	167187.5
	109	G61	16747	R	MADA-AUST	13382	16747	232812.5	167812.5
	109	G61	16747	R	MADA-AUST	13381	16747	232812.5	168437.5
	109	G61	16747	R	MADA-AUST	13380	16747	232812.5	169062.5
	109	G61	16747	R	MADA-AUST	13379	16747	232812.5	169687.5
	109	G61	16747	R	MADA-AUST	13420	16747	232812.5	170312.5
	109	G61	16747	R	MADA-AUST	13421	16747	232812.5	170937.5
	109	G61	16747	R	MADA-AUST	13422	16747	232812.5	171562.5
	109	G61	16747	R	MADA-AUST	13414	16747	232812.5	172187.5
	478	G61	38469	R	MADA-AUST	29160	38469	232812.5	175312.5
	478	G61	38469	R	MADA-AUST	29180	38469	232812.5	175937.5
	478	G61	38469	R	MADA-AUST	29175	38469	232812.5	176562.5
	478	G61	38469	R	MADA-AUST	29174	38469	232812.5	177187.5
	478	G61	38469	R	MADA-AUST	29176	38469	232812.5	177812.5
	478	G61	38469	R	MADA-AUST	29155	38469	232812.5	178437.5
	478	G61	38469	R	MADA-AUST	29156	38469	232812.5	179062.5
	478	G61	38469	R	MADA-AUST	29157	38469	232812.5	179687.5
	478	G61	38469	R	MADA-AUST	29150	38469	232812.5	180312.5
	478	G61	38469	R	MADA-AUST	29151	38469	232812.5	180937.5
	478	G61	38469	R	MADA-AUST	29146	38469	232812.5	181562.5
	478	G61	38469	R	MADA-AUST	29177	38469	232812.5	182187.5
	474	G61	38392	R	MADA-AUST	28958	38392	232812.5	182812.5
	474	G61	38392	R	MADA-AUST	28968	38392	232812.5	183437.5
	474	G61	38392	R	MADA-AUST	28969	38392	232812.5	184062.5
	474	G61	38392	R	MADA-AUST	28960	38392	232812.5	184687.5
	141	G61	21064	R	MADA-AUST	17444	21064	233437.5	160312.5
	141	G61	21064	R	MADA-AUST	17446	21064	233437.5	160937.5
	141	G61	21064	R	MADA-AUST	17447	21064	233437.5	161562.5
	141	G61	21064	R	MADA-AUST	17448	21064	233437.5	162187.5
	109	G61	16747	R	MADA-AUST	13391	16747	233437.5	165312.5
	109	G61	16747	R	MADA-AUST	13390	16747	233437.5	165937.5
	109	G61	16747	R	MADA-AUST	13389	16747	233437.5	166562.5
	109	G61	16747	R	MADA-AUST	13388	16747	233437.5	167187.5
	109	G61	16747	R	MADA-AUST	13378	16747	233437.5	167812.5
	109	G61	16747	R	MADA-AUST	13377	16747	233437.5	168437.5
	109	G61	16747	R	MADA-AUST	13403	16747	233437.5	169062.5
	109	G61	16747	R	MADA-AUST	13405	16747	233437.5	169687.5
	109	G61	16747	R	MADA-AUST	13411	16747	233437.5	170312.5
	109	G61	16747	R	MADA-AUST	13410	16747	233437.5	170937.5
	109	G61	16747	R	MADA-AUST	13409	16747	233437.5	171562.5
	109	G61	16747	R	MADA-AUST	13408	16747	233437.5	172187.5

    	 	 	 

    	 	 	 

    

	478	G61	38469	R	MADA-AUST	29173	38469	233437.5	175312.5
	478	G61	38469	R	MADA-AUST	29172	38469	233437.5	175937.5
	478	G61	38469	R	MADA-AUST	29171	38469	233437.5	176562.5
	478	G61	38469	R	MADA-AUST	29170	38469	233437.5	177187.5
	478	G61	38469	R	MADA-AUST	29158	38469	233437.5	177812.5
	478	G61	38469	R	MADA-AUST	29159	38469	233437.5	178437.5
	478	G61	38469	R	MADA-AUST	29133	38469	233437.5	179062.5
	478	G61	38469	R	MADA-AUST	29152	38469	233437.5	179687.5
	478	G61	38469	R	MADA-AUST	29144	38469	233437.5	180312.5
	478	G61	38469	R	MADA-AUST	29178	38469	233437.5	180937.5
	478	G61	38469	R	MADA-AUST	29143	38469	233437.5	181562.5
	478	G61	38469	R	MADA-AUST	29153	38469	233437.5	182187.5
	474	G61	38392	R	MADA-AUST	28956	38392	233437.5	182812.5
	474	G61	38392	R	MADA-AUST	28957	38392	233437.5	183437.5
	474	G61	38392	R	MADA-AUST	28966	38392	233437.5	184062.5
	474	G61	38392	R	MADA-AUST	28970	38392	233437.5	184687.5
	141	G61	21064	R	MADA-AUST	17455	21064	234062.5	160312.5
	141	G61	21064	R	MADA-AUST	17445	21064	234062.5	160937.5
	141	G61	21064	R	MADA-AUST	17440	21064	234062.5	161562.5
	141	G61	21064	R	MADA-AUST	17441	21064	234062.5	162187.5
	109	G61	16747	R	MADA-AUST	13376	16747	234062.5	165312.5
	109	G61	16747	R	MADA-AUST	13387	16747	234062.5	165937.5
	109	G61	16747	R	MADA-AUST	13398	16747	234062.5	166562.5
	109	G61	16747	R	MADA-AUST	13386	16747	234062.5	167187.5
	109	G61	16747	R	MADA-AUST	13394	16747	234062.5	167812.5
	109	G61	16747	R	MADA-AUST	13423	16747	234062.5	168437.5
	109	G61	16747	R	MADA-AUST	13415	16747	234062.5	169062.5
	109	G61	16747	R	MADA-AUST	13412	16747	234062.5	169687.5
	109	G61	16747	R	MADA-AUST	13407	16747	234062.5	170312.5
	109	G61	16747	R	MADA-AUST	13406	16747	234062.5	170937.5
	109	G61	16747	R	MADA-AUST	13399	16747	234062.5	171562.5
	109	G61	16747	R	MADA-AUST	13404	16747	234062.5	172187.5
	478	G61	38469	R	MADA-AUST	29169	38469	234062.5	175312.5
	478	G61	38469	R	MADA-AUST	29168	38469	234062.5	175937.5
	478	G61	38469	R	MADA-AUST	29167	38469	234062.5	176562.5
	478	G61	38469	R	MADA-AUST	29161	38469	234062.5	177187.5
	478	G61	38469	R	MADA-AUST	29164	38469	234062.5	177812.5
	478	G61	38469	R	MADA-AUST	29179	38469	234062.5	178437.5
	478	G61	38469	R	MADA-AUST	29154	38469	234062.5	179062.5
	478	G61	38469	R	MADA-AUST	29141	38469	234062.5	179687.5
	478	G61	38469	R	MADA-AUST	29140	38469	234062.5	180312.5
	478	G61	38469	R	MADA-AUST	29139	38469	234062.5	180937.5
	478	G61	38469	R	MADA-AUST	29138	38469	234062.5	181562.5
	478	G61	38469	R	MADA-AUST	29137	38469	234062.5	182187.5
	474	G61	38392	R	MADA-AUST	28967	38392	234062.5	182812.5
	474	G61	38392	R	MADA-AUST	28955	38392	234062.5	183437.5
	474	G61	38392	R	MADA-AUST	28961	38392	234062.5	184062.5
	474	G61	38392	R	MADA-AUST	28962	38392	234062.5	184687.5
	141	G61	21064	R	MADA-AUST	17450	21064	234687.5	160312.5
	141	G61	21064	R	MADA-AUST	17454	21064	234687.5	160937.5
	141	G61	21064	R	MADA-AUST	17453	21064	234687.5	161562.5
	141	G61	21064	R	MADA-AUST	17452	21064	234687.5	162187.5
	109	G61	16747	R	MADA-AUST	13384	16747	234687.5	165312.5
	109	G61	16747	R	MADA-AUST	13392	16747	234687.5	165937.5

    	 	 	 

    	 	 	 

    

	109	G61	16747	R	MADA-AUST	13385	16747	234687.5	166562.5
	109	G61	16747	R	MADA-AUST	13383	16747	234687.5	167187.5
	109	G61	16747	R	MADA-AUST	13416	16747	234687.5	167812.5
	109	G61	16747	R	MADA-AUST	13417	16747	234687.5	168437.5
	109	G61	16747	R	MADA-AUST	13418	16747	234687.5	169062.5
	109	G61	16747	R	MADA-AUST	13419	16747	234687.5	169687.5
	109	G61	16747	R	MADA-AUST	13413	16747	234687.5	170312.5
	109	G61	16747	R	MADA-AUST	13402	16747	234687.5	170937.5
	109	G61	16747	R	MADA-AUST	13401	16747	234687.5	171562.5
	109	G61	16747	R	MADA-AUST	13400	16747	234687.5	172187.5
	478	G61	38469	R	MADA-AUST	29165	38469	234687.5	175312.5
	478	G61	38469	R	MADA-AUST	29166	38469	234687.5	175937.5
	478	G61	38469	R	MADA-AUST	29163	38469	234687.5	176562.5
	478	G61	38469	R	MADA-AUST	29162	38469	234687.5	177187.5
	478	G61	38469	R	MADA-AUST	29142	38469	234687.5	177812.5
	478	G61	38469	R	MADA-AUST	29147	38469	234687.5	178437.5
	478	G61	38469	R	MADA-AUST	29148	38469	234687.5	179062.5
	478	G61	38469	R	MADA-AUST	29149	38469	234687.5	179687.5
	478	G61	38469	R	MADA-AUST	29136	38469	234687.5	180312.5
	478	G61	38469	R	MADA-AUST	29135	38469	234687.5	180937.5
	478	G61	38469	R	MADA-AUST	29134	38469	234687.5	181562.5
	478	G61	38469	R	MADA-AUST	29145	38469	234687.5	182187.5
	474	G61	38392	R	MADA-AUST	28963	38392	234687.5	182812.5
	474	G61	38392	R	MADA-AUST	28964	38392	234687.5	183437.5
	474	G61	38392	R	MADA-AUST	28965	38392	234687.5	184062.5
	474	G61	38392	R	MADA-AUST	28959	38392	234687.5	184687.5
	140	G61	21063	R	MADA-AUST	17436	21063	235312.5	165312.5
	140	G61	21063	R	MADA-AUST	17431	21063	235312.5	165937.5
	140	G61	21063	R	MADA-AUST	17430	21063	235312.5	166562.5
	140	G61	21063	R	MADA-AUST	17429	21063	235312.5	167187.5
	315	G61	28346	R	MAZOTO MINERALS	19431	28346	235312.5	167812.5
	315	G61	28346	R	MAZOTO MINERALS	19425	28346	235312.5	168437.5
	315	G61	28346	R	MAZOTO MINERALS	19430	28346	235312.5	169062.5
	177	G61	25605	R	MADA-AUST	21118	25605	235312.5	180312.5
	177	G61	25605	R	MADA-AUST	21104	25605	235312.5	180937.5
	177	G61	25605	R	MADA-AUST	21109	25605	235312.5	181562.5
	177	G61	25605	R	MADA-AUST	21111	25605	235312.5	182187.5
	137	G61	21060	R	MADA-AUST	17355	21060	235312.5	187812.5
	137	G61	21060	R	MADA-AUST	17344	21060	235312.5	188437.5
	137	G61	21060	R	MADA-AUST	17354	21060	235312.5	189062.5
	137	G61	21060	R	MADA-AUST	17358	21060	235312.5	189687.5
	140	G61	21063	R	MADA-AUST	17428	21063	235937.5	165312.5
	140	G61	21063	R	MADA-AUST	17427	21063	235937.5	165937.5
	140	G61	21063	R	MADA-AUST	17426	21063	235937.5	166562.5
	140	G61	21063	R	MADA-AUST	17417	21063	235937.5	167187.5
	315	G61	28346	R	MAZOTO MINERALS	19428	28346	235937.5	167812.5
	315	G61	28346	R	MAZOTO MINERALS	19427	28346	235937.5	168437.5
	315	G61	28346	R	MAZOTO MINERALS	19426	28346	235937.5	169062.5
	177	G61	25605	R	MADA-AUST	21107	25605	235937.5	180312.5
	177	G61	25605	R	MADA-AUST	21106	25605	235937.5	180937.5
	177	G61	25605	R	MADA-AUST	21105	25605	235937.5	181562.5
	177	G61	25605	R	MADA-AUST	21108	25605	235937.5	182187.5
	137	G61	21060	R	MADA-AUST	17353	21060	235937.5	187812.5
	137	G61	21060	R	MADA-AUST	17352	21060	235937.5	188437.5

    	 	 	 

    	 	 	 

    

	137	G61	21060	R	MADA-AUST	17351	21060	235937.5	189062.5
	140	G61	21063	R	MADA-AUST	17424	21063	236562.5	165312.5
	140	G61	21063	R	MADA-AUST	17432	21063	236562.5	165937.5
	140	G61	21063	R	MADA-AUST	17422	21063	236562.5	166562.5
	140	G61	21063	R	MADA-AUST	17421	21063	236562.5	167187.5
	315	G61	28346	R	MAZOTO MINERALS	19424	28346	236562.5	167812.5
	315	G61	28346	R	MAZOTO MINERALS	19423	28346	236562.5	168437.5
	315	G61	28346	R	MAZOTO MINERALS	19422	28346	236562.5	169062.5
	177	G61	25605	R	MADA-AUST	21112	25605	236562.5	180312.5
	177	G61	25605	R	MADA-AUST	21113	25605	236562.5	180937.5
	177	G61	25605	R	MADA-AUST	21119	25605	236562.5	181562.5
	177	G61	25605	R	MADA-AUST	21114	25605	236562.5	182187.5
	137	G61	21060	R	MADA-AUST	17349	21060	236562.5	187812.5
	137	G61	21060	R	MADA-AUST	17359	21060	236562.5	188437.5
	137	G61	21060	R	MADA-AUST	17348	21060	236562.5	189062.5
	140	G61	21063	R	MADA-AUST	17420	21063	237187.5	165312.5
	140	G61	21063	R	MADA-AUST	17418	21063	237187.5	165937.5
	140	G61	21063	R	MADA-AUST	17425	21063	237187.5	166562.5
	140	G61	21063	R	MADA-AUST	17433	21063	237187.5	167187.5
	315	G61	28346	R	MAZOTO MINERALS	19420	28346	237187.5	167812.5
	315	G61	28346	R	MAZOTO MINERALS	19419	28346	237187.5	168437.5
	315	G61	28346	R	MAZOTO MINERALS	19417	28346	237187.5	169062.5
	177	G61	25605	R	MADA-AUST	21110	25605	237187.5	180312.5
	177	G61	25605	R	MADA-AUST	21115	25605	237187.5	180937.5
	177	G61	25605	R	MADA-AUST	21116	25605	237187.5	181562.5
	177	G61	25605	R	MADA-AUST	21117	25605	237187.5	182187.5
	137	G61	21060	R	MADA-AUST	17347	21060	237187.5	187812.5
	137	G61	21060	R	MADA-AUST	17346	21060	237187.5	188437.5
	137	G61	21060	R	MADA-AUST	17345	21060	237187.5	189062.5
	140	G61	21063	R	MADA-AUST	17439	21063	237812.5	165312.5
	140	G61	21063	R	MADA-AUST	17434	21063	237812.5	165937.5
	140	G61	21063	R	MADA-AUST	17435	21063	237812.5	166562.5
	140	G61	21063	R	MADA-AUST	17415	21063	237812.5	167187.5
	177	G61	25605	R	MADA-AUST	21143	25605	237812.5	175312.5
	177	G61	25605	R	MADA-AUST	21142	25605	237812.5	175937.5
	177	G61	25605	R	MADA-AUST	21144	25605	237812.5	176562.5
	177	G61	25605	R	MADA-AUST	21145	25605	237812.5	177187.5
	177	G61	25605	R	MADA-AUST	21156	25605	237812.5	177812.5
	177	G61	25605	R	MADA-AUST	21157	25605	237812.5	178437.5
	177	G61	25605	R	MADA-AUST	21158	25605	237812.5	179062.5
	177	G61	25605	R	MADA-AUST	21159	25605	237812.5	179687.5
	177	G61	25605	R	MADA-AUST	21130	25605	237812.5	180312.5
	177	G61	25605	R	MADA-AUST	21131	25605	237812.5	180937.5
	177	G61	25605	R	MADA-AUST	21132	25605	237812.5	181562.5
	177	G61	25605	R	MADA-AUST	21133	25605	237812.5	182187.5
	177	G61	25605	R	MADA-AUST	21181	25605	237812.5	182812.5
	177	G61	25605	R	MADA-AUST	21182	25605	237812.5	183437.5
	177	G61	25605	R	MADA-AUST	21183	25605	237812.5	184062.5
	177	G61	25605	R	MADA-AUST	21177	25605	237812.5	184687.5
	93	G61	13811	R	MADA-AUST	11641	13811	237812.5	190312.5
	93	G61	13811	R	MADA-AUST	11640	13811	237812.5	190937.5
	93	G61	13811	R	MADA-AUST	11639	13811	237812.5	191562.5
	93	G61	13811	R	MADA-AUST	11638	13811	237812.5	192187.5
	140	G61	21063	R	MADA-AUST	17437	21063	238437.5	165312.5

    	 	 	 

    	 	 	 

    

	140	G61	21063	R	MADA-AUST	17419	21063	238437.5	165937.5
	140	G61	21063	R	MADA-AUST	17438	21063	238437.5	166562.5
	140	G61	21063	R	MADA-AUST	17423	21063	238437.5	167187.5
	177	G61	25605	R	MADA-AUST	21146	25605	238437.5	175312.5
	177	G61	25605	R	MADA-AUST	21147	25605	238437.5	175937.5
	177	G61	25605	R	MADA-AUST	21160	25605	238437.5	176562.5
	177	G61	25605	R	MADA-AUST	21149	25605	238437.5	177187.5
	177	G61	25605	R	MADA-AUST	21150	25605	238437.5	177812.5
	177	G61	25605	R	MADA-AUST	21134	25605	238437.5	178437.5
	177	G61	25605	R	MADA-AUST	21125	25605	238437.5	179062.5
	177	G61	25605	R	MADA-AUST	21126	25605	238437.5	179687.5
	177	G61	25605	R	MADA-AUST	21138	25605	238437.5	180312.5
	177	G61	25605	R	MADA-AUST	21135	25605	238437.5	180937.5
	177	G61	25605	R	MADA-AUST	21137	25605	238437.5	181562.5
	177	G61	25605	R	MADA-AUST	21141	25605	238437.5	182187.5
	177	G61	25605	R	MADA-AUST	21171	25605	238437.5	182812.5
	177	G61	25605	R	MADA-AUST	21170	25605	238437.5	183437.5
	177	G61	25605	R	MADA-AUST	21161	25605	238437.5	184062.5
	177	G61	25605	R	MADA-AUST	21169	25605	238437.5	184687.5
	93	G61	13811	R	MADA-AUST	11637	13811	238437.5	190312.5
	93	G61	13811	R	MADA-AUST	11636	13811	238437.5	190937.5
	93	G61	13811	R	MADA-AUST	11635	13811	238437.5	191562.5
	93	G61	13811	R	MADA-AUST	11634	13811	238437.5	192187.5
	140	G61	21063	R	MADA-AUST	17414	21063	239062.5	165312.5
	140	G61	21063	R	MADA-AUST	17409	21063	239062.5	165937.5
	140	G61	21063	R	MADA-AUST	17410	21063	239062.5	166562.5
	140	G61	21063	R	MADA-AUST	17411	21063	239062.5	167187.5
	177	G61	25605	R	MADA-AUST	21136	25605	239062.5	175312.5
	177	G61	25605	R	MADA-AUST	21139	25605	239062.5	175937.5
	177	G61	25605	R	MADA-AUST	21148	25605	239062.5	176562.5
	177	G61	25605	R	MADA-AUST	21151	25605	239062.5	177187.5
	177	G61	25605	R	MADA-AUST	21124	25605	239062.5	177812.5
	177	G61	25605	R	MADA-AUST	21123	25605	239062.5	178437.5
	177	G61	25605	R	MADA-AUST	21122	25605	239062.5	179062.5
	177	G61	25605	R	MADA-AUST	21121	25605	239062.5	179687.5
	177	G61	25605	R	MADA-AUST	21163	25605	239062.5	180312.5
	177	G61	25605	R	MADA-AUST	21173	25605	239062.5	180937.5
	177	G61	25605	R	MADA-AUST	21174	25605	239062.5	181562.5
	177	G61	25605	R	MADA-AUST	21176	25605	239062.5	182187.5
	177	G61	25605	R	MADA-AUST	21175	25605	239062.5	182812.5
	177	G61	25605	R	MADA-AUST	21162	25605	239062.5	183437.5
	177	G61	25605	R	MADA-AUST	21168	25605	239062.5	184062.5
	177	G61	25605	R	MADA-AUST	21140	25605	239062.5	184687.5
	93	G61	13811	R	MADA-AUST	11633	13811	239062.5	190312.5
	93	G61	13811	R	MADA-AUST	11632	13811	239062.5	190937.5
	93	G61	13811	R	MADA-AUST	11631	13811	239062.5	191562.5
	93	G61	13811	R	MADA-AUST	11617	13811	239062.5	192187.5
	140	G61	21063	R	MADA-AUST	17412	21063	239687.5	165312.5
	140	G61	21063	R	MADA-AUST	17416	21063	239687.5	165937.5
	140	G61	21063	R	MADA-AUST	17413	21063	239687.5	166562.5
	140	G61	21063	R	MADA-AUST	17408	21063	239687.5	167187.5
	177	G61	25605	R	MADA-AUST	21152	25605	239687.5	175312.5
	177	G61	25605	R	MADA-AUST	21153	25605	239687.5	175937.5
	177	G61	25605	R	MADA-AUST	21154	25605	239687.5	176562.5

    	 	 	 

    	 	 	 

    

	177	G61	25605	R	MADA-AUST	21155	25605	239687.5	177187.5
	177	G61	25605	R	MADA-AUST	21120	25605	239687.5	177812.5
	177	G61	25605	R	MADA-AUST	21127	25605	239687.5	178437.5
	177	G61	25605	R	MADA-AUST	21128	25605	239687.5	179062.5
	177	G61	25605	R	MADA-AUST	21129	25605	239687.5	179687.5
	177	G61	25605	R	MADA-AUST	21172	25605	239687.5	180312.5
	177	G61	25605	R	MADA-AUST	21178	25605	239687.5	180937.5
	177	G61	25605	R	MADA-AUST	21179	25605	239687.5	181562.5
	177	G61	25605	R	MADA-AUST	21180	25605	239687.5	182187.5
	177	G61	25605	R	MADA-AUST	21167	25605	239687.5	182812.5
	177	G61	25605	R	MADA-AUST	21166	25605	239687.5	183437.5
	177	G61	25605	R	MADA-AUST	21165	25605	239687.5	184062.5
	177	G61	25605	R	MADA-AUST	21164	25605	239687.5	184687.5
	93	G61	13811	R	MADA-AUST	11629	13811	239687.5	190312.5
	93	G61	13811	R	MADA-AUST	11642	13811	239687.5	190937.5
	93	G61	13811	R	MADA-AUST	11627	13811	239687.5	191562.5
	93	G61	13811	R	MADA-AUST	11626	13811	239687.5	192187.5
	32	G61	5394	E	MADA-AUST	4554	5394	240312.5	175312.5
	32	G61	5394	E	MADA-AUST	4550	5394	240312.5	175937.5
	32	G61	5394	E	MADA-AUST	4543	5394	240312.5	176562.5
	32	G61	5394	E	MADA-AUST	4548	5394	240312.5	177187.5
	32	G61	5394	E	MADA-AUST	4535	5394	240312.5	177812.5
	32	G61	5394	E	MADA-AUST	4534	5394	240312.5	178437.5
	32	G61	5394	E	MADA-AUST	4531	5394	240312.5	179062.5
	32	G61	5394	E	MADA-AUST	4541	5394	240312.5	179687.5
	129	G61	19932	E	MADA-AUST	14445	19932	240312.5	180312.5
	129	G61	19932	E	MADA-AUST	14447	19932	240312.5	180937.5
	129	G61	19932	E	MADA-AUST	14448	19932	240312.5	181562.5
	129	G61	19932	E	MADA-AUST	14449	19932	240312.5	182187.5
	129	G61	19932	E	MADA-AUST	14433	19932	240312.5	182812.5
	129	G61	19932	E	MADA-AUST	14432	19932	240312.5	183437.5
	129	G61	19932	E	MADA-AUST	14431	19932	240312.5	184062.5
	129	G61	19932	E	MADA-AUST	14430	19932	240312.5	184687.5
	178	G61	25606	R	MADA-AUST	21197	25606	240312.5	185312.5
	178	G61	25606	R	MADA-AUST	21196	25606	240312.5	185937.5
	178	G61	25606	R	MADA-AUST	21195	25606	240312.5	186562.5
	178	G61	25606	R	MADA-AUST	21194	25606	240312.5	187187.5
	93	G61	13811	R	MADA-AUST	11655	13811	240312.5	187812.5
	93	G61	13811	R	MADA-AUST	11661	13811	240312.5	188437.5
	93	G61	13811	R	MADA-AUST	11654	13811	240312.5	189062.5
	93	G61	13811	R	MADA-AUST	11643	13811	240312.5	189687.5
	93	G61	13811	R	MADA-AUST	11625	13811	240312.5	190312.5
	93	G61	13811	R	MADA-AUST	11624	13811	240312.5	190937.5
	93	G61	13811	R	MADA-AUST	11623	13811	240312.5	191562.5
	93	G61	13811	R	MADA-AUST	11622	13811	240312.5	192187.5
	316	G60	28347	R	MAZOTO MINERALS	19464	28347	240312.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19463	28347	240312.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19452	28347	240312.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19526	28347	240312.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19495	28347	240312.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19488	28347	240312.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19487	28347	240312.5	199062.5
	178	G61	25606	R	MADA-AUST	21192	25606	240937.5	187187.5
	93	G61	13811	R	MADA-AUST	11652	13811	240937.5	187812.5

    	 	 	 

    	 	 	 

    

	93	G61	13811	R	MADA-AUST	11662	13811	240937.5	188437.5
	93	G61	13811	R	MADA-AUST	11650	13811	240937.5	189062.5
	93	G61	13811	R	MADA-AUST	11649	13811	240937.5	189687.5
	93	G61	13811	R	MADA-AUST	11621	13811	240937.5	190312.5
	93	G61	13811	R	MADA-AUST	11651	13811	240937.5	190937.5
	93	G61	13811	R	MADA-AUST	11619	13811	240937.5	191562.5
	93	G61	13811	R	MADA-AUST	11630	13811	240937.5	192187.5
	316	G60	28347	R	MAZOTO MINERALS	19461	28347	240937.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19490	28347	240937.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19471	28347	240937.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19459	28347	240937.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19485	28347	240937.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19483	28347	240937.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19472	28347	240937.5	199062.5
	178	G61	25606	R	MADA-AUST	21189	25606	241562.5	187187.5
	93	G61	13811	R	MADA-AUST	11648	13811	241562.5	187812.5
	93	G61	13811	R	MADA-AUST	11647	13811	241562.5	188437.5
	93	G61	13811	R	MADA-AUST	11646	13811	241562.5	189062.5
	93	G61	13811	R	MADA-AUST	11645	13811	241562.5	189687.5
	93	G61	13811	R	MADA-AUST	11628	13811	241562.5	190312.5
	93	G61	13811	R	MADA-AUST	11653	13811	241562.5	190937.5
	93	G61	13811	R	MADA-AUST	11663	13811	241562.5	191562.5
	93	G61	13811	R	MADA-AUST	11660	13811	241562.5	192187.5
	316	G60	28347	R	MAZOTO MINERALS	19458	28347	241562.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19457	28347	241562.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19456	28347	241562.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19455	28347	241562.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19491	28347	241562.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19479	28347	241562.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19478	28347	241562.5	199062.5
	178	G61	25606	R	MADA-AUST	21191	25606	242187.5	187187.5
	93	G61	13811	R	MADA-AUST	11616	13811	242187.5	187812.5
	93	G61	13811	R	MADA-AUST	11644	13811	242187.5	188437.5
	93	G61	13811	R	MADA-AUST	11620	13811	242187.5	189062.5
	93	G61	13811	R	MADA-AUST	11618	13811	242187.5	189687.5
	93	G61	13811	R	MADA-AUST	11659	13811	242187.5	190312.5
	93	G61	13811	R	MADA-AUST	11658	13811	242187.5	190937.5
	93	G61	13811	R	MADA-AUST	11657	13811	242187.5	191562.5
	93	G61	13811	R	MADA-AUST	11656	13811	242187.5	192187.5
	316	G60	28347	R	MAZOTO MINERALS	19454	28347	242187.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19453	28347	242187.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19489	28347	242187.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19484	28347	242187.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19476	28347	242187.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19475	28347	242187.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19474	28347	242187.5	199062.5
	129	G61	19932	E	MADA-AUST	14457	19932	242812.5	187187.5
	17	H60	3432	R	MADA-AUST	2512	3432	242812.5	187812.5
	17	H60	3432	R	MADA-AUST	2513	3432	242812.5	188437.5
	17	H60	3432	R	MADA-AUST	2514	3432	242812.5	189062.5
	316	G60	28347	R	MAZOTO MINERALS	19528	28347	242812.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19531	28347	242812.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19532	28347	242812.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19533	28347	242812.5	197187.5

    	 	 	 

    	 	 	 

    

	316	G60	28347	R	MAZOTO MINERALS	19480	28347	242812.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19482	28347	242812.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19510	28347	242812.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19509	28347	242812.5	199687.5
	164	G60	24864	R	MADA-AUST	19817	24864	242812.5	200312.5
	164	G60	24864	R	MADA-AUST	19815	24864	242812.5	200937.5
	164	G60	24864	R	MADA-AUST	19819	24864	242812.5	201562.5
	164	G60	24864	R	MADA-AUST	19820	24864	242812.5	202187.5
	164	G60	24864	R	MADA-AUST	19787	24864	242812.5	202812.5
	164	G60	24864	R	MADA-AUST	19786	24864	242812.5	203437.5
	164	G60	24864	R	MADA-AUST	19785	24864	242812.5	204062.5
	164	G60	24864	R	MADA-AUST	19777	24864	242812.5	204687.5
	164	G60	24864	R	MADA-AUST	19811	24864	242812.5	205312.5
	164	G60	24864	R	MADA-AUST	19810	24864	242812.5	205937.5
	164	G60	24864	R	MADA-AUST	19809	24864	242812.5	206562.5
	164	G60	24864	R	MADA-AUST	19808	24864	242812.5	207187.5
	129	G61	19932	E	MADA-AUST	14444	19932	243437.5	187187.5
	17	H60	3432	R	MADA-AUST	2516	3432	243437.5	187812.5
	17	H60	3432	R	MADA-AUST	2517	3432	243437.5	188437.5
	17	H60	3432	R	MADA-AUST	2518	3432	243437.5	189062.5
	316	G60	28347	R	MAZOTO MINERALS	19534	28347	243437.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19535	28347	243437.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19536	28347	243437.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19542	28347	243437.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19508	28347	243437.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19507	28347	243437.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19506	28347	243437.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19505	28347	243437.5	199687.5
	164	G60	24864	R	MADA-AUST	19821	24864	243437.5	200312.5
	164	G60	24864	R	MADA-AUST	19822	24864	243437.5	200937.5
	164	G60	24864	R	MADA-AUST	19823	24864	243437.5	201562.5
	164	G60	24864	R	MADA-AUST	19818	24864	243437.5	202187.5
	164	G60	24864	R	MADA-AUST	19783	24864	243437.5	202812.5
	164	G60	24864	R	MADA-AUST	19782	24864	243437.5	203437.5
	164	G60	24864	R	MADA-AUST	19781	24864	243437.5	204062.5
	164	G60	24864	R	MADA-AUST	19780	24864	243437.5	204687.5
	164	G60	24864	R	MADA-AUST	19807	24864	243437.5	205312.5
	164	G60	24864	R	MADA-AUST	19806	24864	243437.5	205937.5
	164	G60	24864	R	MADA-AUST	19795	24864	243437.5	206562.5
	164	G60	24864	R	MADA-AUST	19803	24864	243437.5	207187.5
	17	H60	3432	R	MADA-AUST	2520	3432	244062.5	187812.5
	17	H60	3432	R	MADA-AUST	2532	3432	244062.5	188437.5
	17	H60	3432	R	MADA-AUST	2522	3432	244062.5	189062.5
	316	G60	28347	R	MAZOTO MINERALS	19538	28347	244062.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19539	28347	244062.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19540	28347	244062.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19541	28347	244062.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19504	28347	244062.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19503	28347	244062.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19492	28347	244062.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19501	28347	244062.5	199687.5
	164	G60	24864	R	MADA-AUST	19804	24864	244062.5	200312.5
	164	G60	24864	R	MADA-AUST	19791	24864	244062.5	200937.5
	164	G60	24864	R	MADA-AUST	19790	24864	244062.5	201562.5

    	 	 	 

    	 	 	 

    

	164	G60	24864	R	MADA-AUST	19802	24864	244062.5	202187.5
	164	G60	24864	R	MADA-AUST	19779	24864	244062.5	202812.5
	164	G60	24864	R	MADA-AUST	19778	24864	244062.5	203437.5
	164	G60	24864	R	MADA-AUST	19784	24864	244062.5	204062.5
	164	G60	24864	R	MADA-AUST	19776	24864	244062.5	204687.5
	164	G60	24864	R	MADA-AUST	19814	24864	244062.5	205312.5
	164	G60	24864	R	MADA-AUST	19793	24864	244062.5	205937.5
	164	G60	24864	R	MADA-AUST	19801	24864	244062.5	206562.5
	164	G60	24864	R	MADA-AUST	19800	24864	244062.5	207187.5
	17	H60	3432	R	MADA-AUST	2526	3432	244687.5	189062.5
	316	G60	28347	R	MAZOTO MINERALS	19537	28347	244687.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19544	28347	244687.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19543	28347	244687.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19530	28347	244687.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19511	28347	244687.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19499	28347	244687.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19498	28347	244687.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19497	28347	244687.5	199687.5
	164	G60	24864	R	MADA-AUST	19789	24864	244687.5	200312.5
	164	G60	24864	R	MADA-AUST	19816	24864	244687.5	200937.5
	164	G60	24864	R	MADA-AUST	19794	24864	244687.5	201562.5
	164	G60	24864	R	MADA-AUST	19788	24864	244687.5	202187.5
	164	G60	24864	R	MADA-AUST	19792	24864	244687.5	202812.5
	164	G60	24864	R	MADA-AUST	19805	24864	244687.5	203437.5
	164	G60	24864	R	MADA-AUST	19813	24864	244687.5	204062.5
	164	G60	24864	R	MADA-AUST	19812	24864	244687.5	204687.5
	164	G60	24864	R	MADA-AUST	19799	24864	244687.5	205312.5
	164	G60	24864	R	MADA-AUST	19798	24864	244687.5	205937.5
	164	G60	24864	R	MADA-AUST	19797	24864	244687.5	206562.5
	164	G60	24864	R	MADA-AUST	19796	24864	244687.5	207187.5
	17	H60	3432	R	MADA-AUST	2563	3432	245312.5	189687.5
	17	H60	3432	R	MADA-AUST	2559	3432	245312.5	190312.5
	17	H60	3432	R	MADA-AUST	2576	3432	245312.5	190937.5
	17	H60	3432	R	MADA-AUST	2535	3432	245312.5	191562.5
	17	H60	3432	R	MADA-AUST	2577	3432	245312.5	192187.5
	316	G60	28347	R	MAZOTO MINERALS	19518	28347	245312.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19513	28347	245312.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19514	28347	245312.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19515	28347	245312.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19467	28347	245312.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19496	28347	245312.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19473	28347	245312.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19494	28347	245312.5	199687.5
	100	G60	14620	R	MADA-AUST	11997	14620	245312.5	200312.5
	100	G60	14620	R	MADA-AUST	11996	14620	245312.5	200937.5
	100	G60	14620	R	MADA-AUST	11995	14620	245312.5	201562.5
	100	G60	14620	R	MADA-AUST	11989	14620	245312.5	202187.5
	100	G60	14620	R	MADA-AUST	12021	14620	245312.5	202812.5
	100	G60	14620	R	MADA-AUST	12013	14620	245312.5	203437.5
	100	G60	14620	R	MADA-AUST	12019	14620	245312.5	204062.5
	100	G60	14620	R	MADA-AUST	11990	14620	245312.5	204687.5
	100	G60	14620	R	MADA-AUST	12018	14620	245312.5	205312.5
	100	G60	14620	R	MADA-AUST	12005	14620	245312.5	205937.5
	100	G60	14620	R	MADA-AUST	12000	14620	245312.5	206562.5

    	 	 	 

    	 	 	 

    

	100	G60	14620	R	MADA-AUST	12001	14620	245312.5	207187.5
	332	G60	29020	R	MADA-AUST	22204	29020	245312.5	207812.5
	17	H60	3432	R	MADA-AUST	2580	3432	245937.5	190312.5
	17	H60	3432	R	MADA-AUST	2581	3432	245937.5	190937.5
	17	H60	3432	R	MADA-AUST	2635	3432	245937.5	191562.5
	17	H60	3432	R	MADA-AUST	3957	3432	245937.5	192187.5
	316	G60	28347	R	MAZOTO MINERALS	19516	28347	245937.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19517	28347	245937.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19527	28347	245937.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19519	28347	245937.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19493	28347	245937.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19502	28347	245937.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19469	28347	245937.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19450	28347	245937.5	199687.5
	100	G60	14620	R	MADA-AUST	11994	14620	245937.5	200312.5
	100	G60	14620	R	MADA-AUST	11998	14620	245937.5	200937.5
	100	G60	14620	R	MADA-AUST	11993	14620	245937.5	201562.5
	100	G60	14620	R	MADA-AUST	11992	14620	245937.5	202187.5
	100	G60	14620	R	MADA-AUST	12030	14620	245937.5	202812.5
	100	G60	14620	R	MADA-AUST	12020	14620	245937.5	203437.5
	100	G60	14620	R	MADA-AUST	12015	14620	245937.5	204062.5
	100	G60	14620	R	MADA-AUST	12022	14620	245937.5	204687.5
	100	G60	14620	R	MADA-AUST	12002	14620	245937.5	205312.5
	100	G60	14620	R	MADA-AUST	12003	14620	245937.5	205937.5
	100	G60	14620	R	MADA-AUST	12004	14620	245937.5	206562.5
	100	G60	14620	R	MADA-AUST	12014	14620	245937.5	207187.5
	332	G60	29020	R	MADA-AUST	22191	29020	245937.5	207812.5
	332	G60	29020	R	MADA-AUST	22192	29020	245937.5	208437.5
	332	G60	29020	R	MADA-AUST	22193	29020	245937.5	209062.5
	17	H60	3432	R	MADA-AUST	3703	3432	246562.5	190937.5
	17	H60	3432	R	MADA-AUST	3704	3432	246562.5	191562.5
	17	H60	3432	R	MADA-AUST	3705	3432	246562.5	192187.5
	316	G60	28347	R	MAZOTO MINERALS	19512	28347	246562.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19521	28347	246562.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19520	28347	246562.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19522	28347	246562.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19449	28347	246562.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19448	28347	246562.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19447	28347	246562.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19439	28347	246562.5	199687.5
	100	G60	14620	R	MADA-AUST	11991	14620	246562.5	200312.5
	100	G60	14620	R	MADA-AUST	11987	14620	246562.5	200937.5
	100	G60	14620	R	MADA-AUST	11984	14620	246562.5	201562.5
	100	G60	14620	R	MADA-AUST	11986	14620	246562.5	202187.5
	100	G60	14620	R	MADA-AUST	12028	14620	246562.5	202812.5
	100	G60	14620	R	MADA-AUST	12024	14620	246562.5	203437.5
	100	G60	14620	R	MADA-AUST	12025	14620	246562.5	204062.5
	100	G60	14620	R	MADA-AUST	12026	14620	246562.5	204687.5
	100	G60	14620	R	MADA-AUST	12006	14620	246562.5	205312.5
	100	G60	14620	R	MADA-AUST	12007	14620	246562.5	205937.5
	100	G60	14620	R	MADA-AUST	11999	14620	246562.5	206562.5
	100	G60	14620	R	MADA-AUST	12017	14620	246562.5	207187.5
	332	G60	29020	R	MADA-AUST	22190	29020	246562.5	207812.5
	332	G60	29020	R	MADA-AUST	22180	29020	246562.5	208437.5

    	 	 	 

    	 	 	 

    

	332	G60	29020	R	MADA-AUST	22188	29020	246562.5	209062.5
	332	G60	29020	R	MADA-AUST	22182	29020	246562.5	209687.5
	17	H60	3432	R	MADA-AUST	3681	3432	247187.5	191562.5
	17	H60	3432	R	MADA-AUST	3679	3432	247187.5	192187.5
	316	G60	28347	R	MAZOTO MINERALS	19529	28347	247187.5	195312.5
	316	G60	28347	R	MAZOTO MINERALS	19523	28347	247187.5	195937.5
	316	G60	28347	R	MAZOTO MINERALS	19524	28347	247187.5	196562.5
	316	G60	28347	R	MAZOTO MINERALS	19525	28347	247187.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19445	28347	247187.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19451	28347	247187.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19443	28347	247187.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19442	28347	247187.5	199687.5
	100	G60	14620	R	MADA-AUST	11988	14620	247187.5	200312.5
	100	G60	14620	R	MADA-AUST	11985	14620	247187.5	200937.5
	100	G60	14620	R	MADA-AUST	12012	14620	247187.5	201562.5
	100	G60	14620	R	MADA-AUST	12016	14620	247187.5	202187.5
	100	G60	14620	R	MADA-AUST	12027	14620	247187.5	202812.5
	100	G60	14620	R	MADA-AUST	12023	14620	247187.5	203437.5
	100	G60	14620	R	MADA-AUST	12031	14620	247187.5	204062.5
	100	G60	14620	R	MADA-AUST	12029	14620	247187.5	204687.5
	100	G60	14620	R	MADA-AUST	12008	14620	247187.5	205312.5
	100	G60	14620	R	MADA-AUST	12009	14620	247187.5	205937.5
	100	G60	14620	R	MADA-AUST	12010	14620	247187.5	206562.5
	100	G60	14620	R	MADA-AUST	12011	14620	247187.5	207187.5
	332	G60	29020	R	MADA-AUST	22187	29020	247187.5	207812.5
	332	G60	29020	R	MADA-AUST	22194	29020	247187.5	208437.5
	332	G60	29020	R	MADA-AUST	22186	29020	247187.5	209062.5
	332	G60	29020	R	MADA-AUST	22178	29020	247187.5	209687.5
	312	G60	28340	R	MAZOTO MINERALS	19274	28340	247187.5	210312.5
	312	G60	28340	R	MAZOTO MINERALS	19300	28340	247187.5	210937.5
	17	H60	3432	R	MADA-AUST	3720	3432	247812.5	192187.5
	17	H60	3432	R	MADA-AUST	3770	3432	247812.5	192812.5
	17	H60	3432	R	MADA-AUST	3771	3432	247812.5	193437.5
	17	H60	3432	R	MADA-AUST	3782	3432	247812.5	194062.5
	17	H60	3432	R	MADA-AUST	3773	3432	247812.5	194687.5
	17	H60	3432	R	MADA-AUST	3651	3432	247812.5	195312.5
	17	H60	3432	R	MADA-AUST	3642	3432	247812.5	195937.5
	17	H60	3432	R	MADA-AUST	3634	3432	247812.5	196562.5
	17	H60	3432	R	MADA-AUST	3644	3432	247812.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19437	28347	247812.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19433	28347	247812.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19434	28347	247812.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19435	28347	247812.5	199687.5
	318	G60	28349	R	MAZOTO MINERALS	19576	28349	247812.5	205312.5
	318	G60	28349	R	MAZOTO MINERALS	19575	28349	247812.5	205937.5
	318	G60	28349	R	MAZOTO MINERALS	19574	28349	247812.5	206562.5
	318	G60	28349	R	MAZOTO MINERALS	19573	28349	247812.5	207187.5
	132	G60	19935	R	MADA-AUST	14520	19935	247812.5	207812.5
	132	G60	19935	R	MADA-AUST	14526	19935	247812.5	208437.5
	132	G60	19935	R	MADA-AUST	14525	19935	247812.5	209062.5
	132	G60	19935	R	MADA-AUST	14524	19935	247812.5	209687.5
	312	G60	28340	R	MAZOTO MINERALS	19310	28340	247812.5	210312.5
	312	G60	28340	R	MAZOTO MINERALS	19309	28340	247812.5	210937.5
	312	G60	28340	R	MAZOTO MINERALS	19308	28340	247812.5	211562.5

    	 	 	 

    	 	 	 

    

	312	G60	28340	R	MAZOTO MINERALS	19307	28340	247812.5	212187.5
	17	H60	3432	R	MADA-AUST	3764	3432	248437.5	192812.5
	17	H60	3432	R	MADA-AUST	3775	3432	248437.5	193437.5
	17	H60	3432	R	MADA-AUST	3701	3432	248437.5	194062.5
	17	H60	3432	R	MADA-AUST	3643	3432	248437.5	194687.5
	17	H60	3432	R	MADA-AUST	3645	3432	248437.5	195312.5
	17	H60	3432	R	MADA-AUST	3646	3432	248437.5	195937.5
	17	H60	3432	R	MADA-AUST	3647	3432	248437.5	196562.5
	17	H60	3432	R	MADA-AUST	3648	3432	248437.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19436	28347	248437.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19441	28347	248437.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19438	28347	248437.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19440	28347	248437.5	199687.5
	318	G60	28349	R	MAZOTO MINERALS	19572	28349	248437.5	205312.5
	318	G60	28349	R	MAZOTO MINERALS	19571	28349	248437.5	205937.5
	318	G60	28349	R	MAZOTO MINERALS	19570	28349	248437.5	206562.5
	318	G60	28349	R	MAZOTO MINERALS	19569	28349	248437.5	207187.5
	132	G60	19935	R	MADA-AUST	14523	19935	248437.5	207812.5
	132	G60	19935	R	MADA-AUST	14522	19935	248437.5	208437.5
	132	G60	19935	R	MADA-AUST	14521	19935	248437.5	209062.5
	132	G60	19935	R	MADA-AUST	14513	19935	248437.5	209687.5
	312	G60	28340	R	MAZOTO MINERALS	19306	28340	248437.5	210312.5
	312	G60	28340	R	MAZOTO MINERALS	19305	28340	248437.5	210937.5
	312	G60	28340	R	MAZOTO MINERALS	19304	28340	248437.5	211562.5
	312	G60	28340	R	MAZOTO MINERALS	19303	28340	248437.5	212187.5
	312	G60	28340	R	MAZOTO MINERALS	19336	28340	248437.5	212812.5
	17	H60	3432	R	MADA-AUST	3660	3432	249062.5	193437.5
	17	H60	3432	R	MADA-AUST	3635	3432	249062.5	194062.5
	17	H60	3432	R	MADA-AUST	3636	3432	249062.5	194687.5
	17	H60	3432	R	MADA-AUST	3649	3432	249062.5	195312.5
	17	H60	3432	R	MADA-AUST	3650	3432	249062.5	195937.5
	17	H60	3432	R	MADA-AUST	3672	3432	249062.5	196562.5
	17	H60	3432	R	MADA-AUST	3700	3432	249062.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19444	28347	249062.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19462	28347	249062.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19470	28347	249062.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19460	28347	249062.5	199687.5
	318	G60	28349	R	MAZOTO MINERALS	19561	28349	249062.5	205312.5
	318	G60	28349	R	MAZOTO MINERALS	19562	28349	249062.5	205937.5
	318	G60	28349	R	MAZOTO MINERALS	19563	28349	249062.5	206562.5
	318	G60	28349	R	MAZOTO MINERALS	19564	28349	249062.5	207187.5
	132	G60	19935	R	MADA-AUST	14519	19935	249062.5	207812.5
	132	G60	19935	R	MADA-AUST	14527	19935	249062.5	208437.5
	132	G60	19935	R	MADA-AUST	14517	19935	249062.5	209062.5
	132	G60	19935	R	MADA-AUST	14516	19935	249062.5	209687.5
	312	G60	28340	R	MAZOTO MINERALS	19292	28340	249062.5	210312.5
	312	G60	28340	R	MAZOTO MINERALS	19301	28340	249062.5	210937.5
	312	G60	28340	R	MAZOTO MINERALS	19311	28340	249062.5	211562.5
	312	G60	28340	R	MAZOTO MINERALS	19299	28340	249062.5	212187.5
	312	G60	28340	R	MAZOTO MINERALS	19302	28340	249062.5	212812.5
	312	G60	28340	R	MAZOTO MINERALS	19273	28340	249062.5	213437.5
	312	G60	28340	R	MAZOTO MINERALS	19313	28340	249062.5	214062.5
	17	H60	3432	R	MADA-AUST	3639	3432	249687.5	194062.5
	17	H60	3432	R	MADA-AUST	3640	3432	249687.5	194687.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	3669	3432	249687.5	195312.5
	17	H60	3432	R	MADA-AUST	3692	3432	249687.5	195937.5
	17	H60	3432	R	MADA-AUST	3693	3432	249687.5	196562.5
	17	H60	3432	R	MADA-AUST	3694	3432	249687.5	197187.5
	316	G60	28347	R	MAZOTO MINERALS	19468	28347	249687.5	197812.5
	316	G60	28347	R	MAZOTO MINERALS	19446	28347	249687.5	198437.5
	316	G60	28347	R	MAZOTO MINERALS	19466	28347	249687.5	199062.5
	316	G60	28347	R	MAZOTO MINERALS	19465	28347	249687.5	199687.5
	318	G60	28349	R	MAZOTO MINERALS	19565	28349	249687.5	205312.5
	318	G60	28349	R	MAZOTO MINERALS	19566	28349	249687.5	205937.5
	318	G60	28349	R	MAZOTO MINERALS	19567	28349	249687.5	206562.5
	318	G60	28349	R	MAZOTO MINERALS	19568	28349	249687.5	207187.5
	132	G60	19935	R	MADA-AUST	14515	19935	249687.5	207812.5
	132	G60	19935	R	MADA-AUST	14518	19935	249687.5	208437.5
	132	G60	19935	R	MADA-AUST	14514	19935	249687.5	209062.5
	132	G60	19935	R	MADA-AUST	14512	19935	249687.5	209687.5
	312	G60	28340	R	MAZOTO MINERALS	19298	28340	249687.5	210312.5
	312	G60	28340	R	MAZOTO MINERALS	19297	28340	249687.5	210937.5
	312	G60	28340	R	MAZOTO MINERALS	19296	28340	249687.5	211562.5
	312	G60	28340	R	MAZOTO MINERALS	19295	28340	249687.5	212187.5
	312	G60	28340	R	MAZOTO MINERALS	19288	28340	249687.5	212812.5
	17	H60	3432	R	MADA-AUST	3750	3432	250312.5	194687.5
	17	H60	3432	R	MADA-AUST	3609	3432	250312.5	195312.5
	17	H60	3432	R	MADA-AUST	3608	3432	250312.5	195937.5
	17	H60	3432	R	MADA-AUST	3607	3432	250312.5	196562.5
	17	H60	3432	R	MADA-AUST	3597	3432	250312.5	197187.5
	17	H60	3432	R	MADA-AUST	3667	3432	250312.5	197812.5
	17	H60	3432	R	MADA-AUST	3666	3432	250312.5	198437.5
	17	H60	3432	R	MADA-AUST	3665	3432	250312.5	199062.5
	17	H60	3432	R	MADA-AUST	3664	3432	250312.5	199687.5
	17	H60	3432	R	MADA-AUST	3613	3432	250312.5	200312.5
	17	H60	3432	R	MADA-AUST	4050	3432	250312.5	200937.5
	17	H60	3432	R	MADA-AUST	4066	3432	250312.5	201562.5
	17	H60	3432	R	MADA-AUST	4065	3432	250312.5	202187.5
	86	G60	13064	R	MADA-AUST	8930	13064	250312.5	202812.5
	86	G60	13064	R	MADA-AUST	8943	13064	250312.5	203437.5
	86	G60	13064	R	MADA-AUST	8942	13064	250312.5	204062.5
	86	G60	13064	R	MADA-AUST	8941	13064	250312.5	204687.5
	86	G60	13064	R	MADA-AUST	8951	13064	250312.5	205312.5
	86	G60	13064	R	MADA-AUST	8935	13064	250312.5	205937.5
	86	G60	13064	R	MADA-AUST	8937	13064	250312.5	206562.5
	86	G60	13064	R	MADA-AUST	8959	13064	250312.5	207187.5
	86	G60	13064	R	MADA-AUST	8952	13064	250312.5	207812.5
	86	G60	13064	R	MADA-AUST	8962	13064	250312.5	208437.5
	86	G60	13064	R	MADA-AUST	8963	13064	250312.5	209062.5
	86	G60	13064	R	MADA-AUST	8964	13064	250312.5	209687.5
	131	G60	19934	R	MADA-AUST	14497	19934	250312.5	210312.5
	131	G60	19934	R	MADA-AUST	14498	19934	250312.5	210937.5
	131	G60	19934	R	MADA-AUST	14499	19934	250312.5	211562.5
	131	G60	19934	R	MADA-AUST	14500	19934	250312.5	212187.5
	320	G60	28353	R	MAZOTO MINERALS	19728	28353	250312.5	217812.5
	320	G60	28353	R	MAZOTO MINERALS	19729	28353	250312.5	218437.5
	17	H60	3432	R	MADA-AUST	3605	3432	250937.5	195312.5
	17	H60	3432	R	MADA-AUST	3614	3432	250937.5	195937.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	3603	3432	250937.5	196562.5
	17	H60	3432	R	MADA-AUST	3602	3432	250937.5	197187.5
	17	H60	3432	R	MADA-AUST	3663	3432	250937.5	197812.5
	17	H60	3432	R	MADA-AUST	3652	3432	250937.5	198437.5
	17	H60	3432	R	MADA-AUST	3661	3432	250937.5	199062.5
	17	H60	3432	R	MADA-AUST	3915	3432	250937.5	199687.5
	17	H60	3432	R	MADA-AUST	4064	3432	250937.5	200312.5
	17	H60	3432	R	MADA-AUST	4063	3432	250937.5	200937.5
	17	H60	3432	R	MADA-AUST	4062	3432	250937.5	201562.5
	17	H60	3432	R	MADA-AUST	4061	3432	250937.5	202187.5
	86	G60	13064	R	MADA-AUST	8940	13064	250937.5	202812.5
	86	G60	13064	R	MADA-AUST	8939	13064	250937.5	203437.5
	86	G60	13064	R	MADA-AUST	8938	13064	250937.5	204062.5
	86	G60	13064	R	MADA-AUST	8929	13064	250937.5	204687.5
	86	G60	13064	R	MADA-AUST	8958	13064	250937.5	205312.5
	86	G60	13064	R	MADA-AUST	8957	13064	250937.5	205937.5
	86	G60	13064	R	MADA-AUST	8946	13064	250937.5	206562.5
	86	G60	13064	R	MADA-AUST	8947	13064	250937.5	207187.5
	86	G60	13064	R	MADA-AUST	8965	13064	250937.5	207812.5
	86	G60	13064	R	MADA-AUST	8966	13064	250937.5	208437.5
	86	G60	13064	R	MADA-AUST	8950	13064	250937.5	209062.5
	86	G60	13064	R	MADA-AUST	8968	13064	250937.5	209687.5
	131	G60	19934	R	MADA-AUST	14501	19934	250937.5	210312.5
	131	G60	19934	R	MADA-AUST	14511	19934	250937.5	210937.5
	131	G60	19934	R	MADA-AUST	14502	19934	250937.5	211562.5
	131	G60	19934	R	MADA-AUST	14496	19934	250937.5	212187.5
	320	G60	28353	R	MAZOTO MINERALS	19732	28353	250937.5	217812.5
	320	G60	28353	R	MAZOTO MINERALS	19721	28353	250937.5	218437.5
	320	G60	28353	R	MAZOTO MINERALS	19734	28353	250937.5	219062.5
	320	G60	28353	R	MAZOTO MINERALS	19735	28353	250937.5	219687.5
	320	G60	28353	R	MAZOTO MINERALS	19762	28353	250937.5	220312.5
	17	H60	3432	R	MADA-AUST	3600	3432	251562.5	195937.5
	17	H60	3432	R	MADA-AUST	3599	3432	251562.5	196562.5
	17	H60	3432	R	MADA-AUST	3598	3432	251562.5	197187.5
	17	H60	3432	R	MADA-AUST	3659	3432	251562.5	197812.5
	17	H60	3432	R	MADA-AUST	3837	3432	251562.5	198437.5
	17	H60	3432	R	MADA-AUST	3658	3432	251562.5	199062.5
	17	H60	3432	R	MADA-AUST	3657	3432	251562.5	199687.5
	17	H60	3432	R	MADA-AUST	4051	3432	251562.5	200312.5
	17	H60	3432	R	MADA-AUST	4059	3432	251562.5	200937.5
	17	H60	3432	R	MADA-AUST	4067	3432	251562.5	201562.5
	17	H60	3432	R	MADA-AUST	4057	3432	251562.5	202187.5
	86	G60	13064	R	MADA-AUST	8953	13064	251562.5	202812.5
	86	G60	13064	R	MADA-AUST	8936	13064	251562.5	203437.5
	86	G60	13064	R	MADA-AUST	8961	13064	251562.5	204062.5
	86	G60	13064	R	MADA-AUST	8944	13064	251562.5	204687.5
	86	G60	13064	R	MADA-AUST	8948	13064	251562.5	205312.5
	86	G60	13064	R	MADA-AUST	8949	13064	251562.5	205937.5
	86	G60	13064	R	MADA-AUST	8960	13064	251562.5	206562.5
	86	G60	13064	R	MADA-AUST	8945	13064	251562.5	207187.5
	86	G60	13064	R	MADA-AUST	8928	13064	251562.5	207812.5
	86	G60	13064	R	MADA-AUST	8969	13064	251562.5	208437.5
	86	G60	13064	R	MADA-AUST	8970	13064	251562.5	209062.5
	86	G60	13064	R	MADA-AUST	8971	13064	251562.5	209687.5

    	 	 	 

    	 	 	 

    

	131	G60	19934	R	MADA-AUST	14503	19934	251562.5	210312.5
	131	G60	19934	R	MADA-AUST	14504	19934	251562.5	210937.5
	131	G60	19934	R	MADA-AUST	14505	19934	251562.5	211562.5
	131	G60	19934	R	MADA-AUST	14506	19934	251562.5	212187.5
	320	G60	28353	R	MAZOTO MINERALS	19736	28353	251562.5	217812.5
	320	G60	28353	R	MAZOTO MINERALS	19737	28353	251562.5	218437.5
	320	G60	28353	R	MAZOTO MINERALS	19738	28353	251562.5	219062.5
	320	G60	28353	R	MAZOTO MINERALS	19739	28353	251562.5	219687.5
	320	G60	28353	R	MAZOTO MINERALS	19752	28353	251562.5	220312.5
	320	G60	28353	R	MAZOTO MINERALS	19731	28353	251562.5	220937.5
	320	G60	28353	R	MAZOTO MINERALS	19722	28353	251562.5	221562.5
	320	G60	28353	R	MAZOTO MINERALS	19723	28353	251562.5	222187.5
	17	H60	3432	R	MADA-AUST	3668	3432	252187.5	197187.5
	17	H60	3432	R	MADA-AUST	3656	3432	252187.5	197812.5
	17	H60	3432	R	MADA-AUST	3655	3432	252187.5	198437.5
	17	H60	3432	R	MADA-AUST	3654	3432	252187.5	199062.5
	17	H60	3432	R	MADA-AUST	3653	3432	252187.5	199687.5
	17	H60	3432	R	MADA-AUST	4056	3432	252187.5	200312.5
	17	H60	3432	R	MADA-AUST	4055	3432	252187.5	200937.5
	17	H60	3432	R	MADA-AUST	4054	3432	252187.5	201562.5
	17	H60	3432	R	MADA-AUST	4053	3432	252187.5	202187.5
	86	G60	13064	R	MADA-AUST	8934	13064	252187.5	202812.5
	86	G60	13064	R	MADA-AUST	8933	13064	252187.5	203437.5
	86	G60	13064	R	MADA-AUST	8932	13064	252187.5	204062.5
	86	G60	13064	R	MADA-AUST	8931	13064	252187.5	204687.5
	86	G60	13064	R	MADA-AUST	8954	13064	252187.5	205312.5
	86	G60	13064	R	MADA-AUST	8955	13064	252187.5	205937.5
	86	G60	13064	R	MADA-AUST	8956	13064	252187.5	206562.5
	86	G60	13064	R	MADA-AUST	8967	13064	252187.5	207187.5
	86	G60	13064	R	MADA-AUST	8972	13064	252187.5	207812.5
	86	G60	13064	R	MADA-AUST	8973	13064	252187.5	208437.5
	86	G60	13064	R	MADA-AUST	8974	13064	252187.5	209062.5
	86	G60	13064	R	MADA-AUST	8975	13064	252187.5	209687.5
	131	G60	19934	R	MADA-AUST	14507	19934	252187.5	210312.5
	131	G60	19934	R	MADA-AUST	14508	19934	252187.5	210937.5
	131	G60	19934	R	MADA-AUST	14509	19934	252187.5	211562.5
	131	G60	19934	R	MADA-AUST	14510	19934	252187.5	212187.5
	320	G60	28353	R	MAZOTO MINERALS	19733	28353	252187.5	217812.5
	320	G60	28353	R	MAZOTO MINERALS	19740	28353	252187.5	218437.5
	320	G60	28353	R	MAZOTO MINERALS	19746	28353	252187.5	219062.5
	320	G60	28353	R	MAZOTO MINERALS	19741	28353	252187.5	219687.5
	320	G60	28353	R	MAZOTO MINERALS	19724	28353	252187.5	220312.5
	320	G60	28353	R	MAZOTO MINERALS	19725	28353	252187.5	220937.5
	320	G60	28353	R	MAZOTO MINERALS	19726	28353	252187.5	221562.5
	320	G60	28353	R	MAZOTO MINERALS	19727	28353	252187.5	222187.5
	320	G60	28353	R	MAZOTO MINERALS	19756	28353	252187.5	222812.5
	320	G60	28353	R	MAZOTO MINERALS	19761	28353	252187.5	223437.5
	320	G60	28353	R	MAZOTO MINERALS	19768	28353	252187.5	224062.5
	17	H60	3432	R	MADA-AUST	4019	3432	252812.5	198437.5
	17	H60	3432	R	MADA-AUST	4018	3432	252812.5	199062.5
	17	H60	3432	R	MADA-AUST	4017	3432	252812.5	199687.5
	17	H60	3432	R	MADA-AUST	4039	3432	252812.5	200312.5
	17	H60	3432	R	MADA-AUST	4038	3432	252812.5	200937.5
	17	H60	3432	R	MADA-AUST	4037	3432	252812.5	201562.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	4036	3432	252812.5	202187.5
	17	H60	3432	R	MADA-AUST	4130	3432	252812.5	202812.5
	17	H60	3432	R	MADA-AUST	4139	3432	252812.5	203437.5
	17	H60	3432	R	MADA-AUST	4128	3432	252812.5	204062.5
	17	H60	3432	R	MADA-AUST	4127	3432	252812.5	204687.5
	17	H60	3432	R	MADA-AUST	4149	3432	252812.5	205312.5
	17	H60	3432	R	MADA-AUST	4140	3432	252812.5	205937.5
	17	H60	3432	R	MADA-AUST	4148	3432	252812.5	206562.5
	17	H60	3432	R	MADA-AUST	4156	3432	252812.5	207187.5
	317	G60	28348	R	MAZOTO MINERALS	19558	28348	252812.5	207812.5
	317	G60	28348	R	MAZOTO MINERALS	19557	28348	252812.5	208437.5
	317	G60	28348	R	MAZOTO MINERALS	19551	28348	252812.5	209062.5
	317	G60	28348	R	MAZOTO MINERALS	19556	28348	252812.5	209687.5
	127	G60	19851	R	MADA-AUST	14345	19851	252812.5	210312.5
	127	G60	19851	R	MADA-AUST	14337	19851	252812.5	210937.5
	127	G60	19851	R	MADA-AUST	14338	19851	252812.5	211562.5
	127	G60	19851	R	MADA-AUST	14339	19851	252812.5	212187.5
	127	G60	19851	R	MADA-AUST	14335	19851	252812.5	212812.5
	127	G60	19851	R	MADA-AUST	14343	19851	252812.5	213437.5
	127	G60	19851	R	MADA-AUST	14333	19851	252812.5	214062.5
	127	G60	19851	R	MADA-AUST	14332	19851	252812.5	214687.5
	101	G60	14622	R	MADA-AUST	12053	14622	252812.5	215312.5
	101	G60	14622	R	MADA-AUST	12054	14622	252812.5	215937.5
	101	G60	14622	R	MADA-AUST	12055	14622	252812.5	216562.5
	101	G60	14622	R	MADA-AUST	12050	14622	252812.5	217187.5
	101	G60	14622	R	MADA-AUST	12069	14622	252812.5	217812.5
	101	G60	14622	R	MADA-AUST	12070	14622	252812.5	218437.5
	101	G60	14622	R	MADA-AUST	12062	14622	252812.5	219062.5
	101	G60	14622	R	MADA-AUST	12049	14622	252812.5	219687.5
	101	G60	14622	R	MADA-AUST	12042	14622	252812.5	220312.5
	101	G60	14622	R	MADA-AUST	12043	14622	252812.5	220937.5
	101	G60	14622	R	MADA-AUST	12044	14622	252812.5	221562.5
	101	G60	14622	R	MADA-AUST	12045	14622	252812.5	222187.5
	101	G60	14622	R	MADA-AUST	12095	14622	252812.5	222812.5
	101	G60	14622	R	MADA-AUST	12093	14622	252812.5	223437.5
	101	G60	14622	R	MADA-AUST	12094	14622	252812.5	224062.5
	101	G60	14622	R	MADA-AUST	12090	14622	252812.5	224687.5
	320	G60	28353	R	MAZOTO MINERALS	19676	28353	252812.5	225312.5
	320	G60	28353	R	MAZOTO MINERALS	19675	28353	252812.5	225937.5
	17	H60	3432	R	MADA-AUST	4035	3432	253437.5	200312.5
	17	H60	3432	R	MADA-AUST	4034	3432	253437.5	200937.5
	17	H60	3432	R	MADA-AUST	4031	3432	253437.5	201562.5
	17	H60	3432	R	MADA-AUST	4096	3432	253437.5	202187.5
	17	H60	3432	R	MADA-AUST	4126	3432	253437.5	202812.5
	17	H60	3432	R	MADA-AUST	4125	3432	253437.5	203437.5
	17	H60	3432	R	MADA-AUST	4124	3432	253437.5	204062.5
	17	H60	3432	R	MADA-AUST	4147	3432	253437.5	204687.5
	17	H60	3432	R	MADA-AUST	4146	3432	253437.5	205312.5
	17	H60	3432	R	MADA-AUST	4145	3432	253437.5	205937.5
	17	H60	3432	R	MADA-AUST	4144	3432	253437.5	206562.5
	17	H60	3432	R	MADA-AUST	4143	3432	253437.5	207187.5
	317	G60	28348	R	MAZOTO MINERALS	19560	28348	253437.5	207812.5
	317	G60	28348	R	MAZOTO MINERALS	19555	28348	253437.5	208437.5
	317	G60	28348	R	MAZOTO MINERALS	19554	28348	253437.5	209062.5

    	 	 	 

    	 	 	 

    

	317	G60	28348	R	MAZOTO MINERALS	19553	28348	253437.5	209687.5
	127	G60	19851	R	MADA-AUST	14340	19851	253437.5	210312.5
	127	G60	19851	R	MADA-AUST	14341	19851	253437.5	210937.5
	127	G60	19851	R	MADA-AUST	14342	19851	253437.5	211562.5
	127	G60	19851	R	MADA-AUST	14344	19851	253437.5	212187.5
	127	G60	19851	R	MADA-AUST	14331	19851	253437.5	212812.5
	127	G60	19851	R	MADA-AUST	14330	19851	253437.5	213437.5
	127	G60	19851	R	MADA-AUST	14334	19851	253437.5	214062.5
	127	G60	19851	R	MADA-AUST	14329	19851	253437.5	214687.5
	101	G60	14622	R	MADA-AUST	12056	14622	253437.5	215312.5
	101	G60	14622	R	MADA-AUST	12060	14622	253437.5	215937.5
	101	G60	14622	R	MADA-AUST	12057	14622	253437.5	216562.5
	101	G60	14622	R	MADA-AUST	12058	14622	253437.5	217187.5
	101	G60	14622	R	MADA-AUST	12039	14622	253437.5	217812.5
	101	G60	14622	R	MADA-AUST	12038	14622	253437.5	218437.5
	101	G60	14622	R	MADA-AUST	12073	14622	253437.5	219062.5
	101	G60	14622	R	MADA-AUST	12036	14622	253437.5	219687.5
	101	G60	14622	R	MADA-AUST	12046	14622	253437.5	220312.5
	101	G60	14622	R	MADA-AUST	12051	14622	253437.5	220937.5
	101	G60	14622	R	MADA-AUST	12047	14622	253437.5	221562.5
	101	G60	14622	R	MADA-AUST	12048	14622	253437.5	222187.5
	101	G60	14622	R	MADA-AUST	12084	14622	253437.5	222812.5
	101	G60	14622	R	MADA-AUST	12083	14622	253437.5	223437.5
	101	G60	14622	R	MADA-AUST	12082	14622	253437.5	224062.5
	101	G60	14622	R	MADA-AUST	12081	14622	253437.5	224687.5
	320	G60	28353	R	MAZOTO MINERALS	19680	28353	253437.5	225312.5
	320	G60	28353	R	MAZOTO MINERALS	19684	28353	253437.5	225937.5
	320	G60	28353	R	MAZOTO MINERALS	19685	28353	253437.5	226562.5
	320	G60	28353	R	MAZOTO MINERALS	19686	28353	253437.5	227187.5
	320	G60	28353	R	MAZOTO MINERALS	19702	28353	253437.5	227812.5
	17	H60	3432	R	MADA-AUST	4136	3432	254062.5	201562.5
	17	H60	3432	R	MADA-AUST	4135	3432	254062.5	202187.5
	17	H60	3432	R	MADA-AUST	4129	3432	254062.5	202812.5
	17	H60	3432	R	MADA-AUST	4131	3432	254062.5	203437.5
	17	H60	3432	R	MADA-AUST	4155	3432	254062.5	204062.5
	17	H60	3432	R	MADA-AUST	4154	3432	254062.5	204687.5
	17	H60	3432	R	MADA-AUST	4142	3432	254062.5	205312.5
	17	H60	3432	R	MADA-AUST	4141	3432	254062.5	205937.5
	17	H60	3432	R	MADA-AUST	4113	3432	254062.5	206562.5
	17	H60	3432	R	MADA-AUST	4087	3432	254062.5	207187.5
	317	G60	28348	R	MAZOTO MINERALS	19559	28348	254062.5	207812.5
	317	G60	28348	R	MAZOTO MINERALS	19550	28348	254062.5	208437.5
	317	G60	28348	R	MAZOTO MINERALS	19545	28348	254062.5	209062.5
	317	G60	28348	R	MAZOTO MINERALS	19546	28348	254062.5	209687.5
	127	G60	19851	R	MADA-AUST	14336	19851	254062.5	210312.5
	127	G60	19851	R	MADA-AUST	14346	19851	254062.5	210937.5
	127	G60	19851	R	MADA-AUST	14347	19851	254062.5	211562.5
	127	G60	19851	R	MADA-AUST	14348	19851	254062.5	212187.5
	127	G60	19851	R	MADA-AUST	14320	19851	254062.5	212812.5
	127	G60	19851	R	MADA-AUST	14328	19851	254062.5	213437.5
	127	G60	19851	R	MADA-AUST	14327	19851	254062.5	214062.5
	127	G60	19851	R	MADA-AUST	14326	19851	254062.5	214687.5
	101	G60	14622	R	MADA-AUST	12059	14622	254062.5	215312.5
	101	G60	14622	R	MADA-AUST	12071	14622	254062.5	215937.5

    	 	 	 

    	 	 	 

    

	101	G60	14622	R	MADA-AUST	12061	14622	254062.5	216562.5
	101	G60	14622	R	MADA-AUST	12052	14622	254062.5	217187.5
	101	G60	14622	R	MADA-AUST	12037	14622	254062.5	217812.5
	101	G60	14622	R	MADA-AUST	12040	14622	254062.5	218437.5
	101	G60	14622	R	MADA-AUST	12035	14622	254062.5	219062.5
	101	G60	14622	R	MADA-AUST	12034	14622	254062.5	219687.5
	101	G60	14622	R	MADA-AUST	12032	14622	254062.5	220312.5
	101	G60	14622	R	MADA-AUST	12074	14622	254062.5	220937.5
	101	G60	14622	R	MADA-AUST	12086	14622	254062.5	221562.5
	101	G60	14622	R	MADA-AUST	12087	14622	254062.5	222187.5
	101	G60	14622	R	MADA-AUST	12072	14622	254062.5	222812.5
	101	G60	14622	R	MADA-AUST	12080	14622	254062.5	223437.5
	101	G60	14622	R	MADA-AUST	12088	14622	254062.5	224062.5
	101	G60	14622	R	MADA-AUST	12079	14622	254062.5	224687.5
	320	G60	28353	R	MAZOTO MINERALS	19687	28353	254062.5	225312.5
	320	G60	28353	R	MAZOTO MINERALS	19688	28353	254062.5	225937.5
	320	G60	28353	R	MAZOTO MINERALS	19696	28353	254062.5	226562.5
	320	G60	28353	R	MAZOTO MINERALS	19689	28353	254062.5	227187.5
	320	G60	28353	R	MAZOTO MINERALS	19693	28353	254062.5	227812.5
	320	G60	28353	R	MAZOTO MINERALS	19705	28353	254062.5	228437.5
	320	G60	28353	R	MAZOTO MINERALS	19707	28353	254062.5	229062.5
	320	G60	28353	R	MAZOTO MINERALS	19720	28353	254062.5	229687.5
	17	H60	3432	R	MADA-AUST	4153	3432	254687.5	202812.5
	17	H60	3432	R	MADA-AUST	4152	3432	254687.5	203437.5
	17	H60	3432	R	MADA-AUST	4151	3432	254687.5	204062.5
	17	H60	3432	R	MADA-AUST	4150	3432	254687.5	204687.5
	17	H60	3432	R	MADA-AUST	4093	3432	254687.5	205312.5
	17	H60	3432	R	MADA-AUST	4095	3432	254687.5	205937.5
	17	H60	3432	R	MADA-AUST	4120	3432	254687.5	206562.5
	17	H60	3432	R	MADA-AUST	4119	3432	254687.5	207187.5
	317	G60	28348	R	MAZOTO MINERALS	19547	28348	254687.5	207812.5
	317	G60	28348	R	MAZOTO MINERALS	19552	28348	254687.5	208437.5
	317	G60	28348	R	MAZOTO MINERALS	19549	28348	254687.5	209062.5
	317	G60	28348	R	MAZOTO MINERALS	19548	28348	254687.5	209687.5
	127	G60	19851	R	MADA-AUST	14349	19851	254687.5	210312.5
	127	G60	19851	R	MADA-AUST	14350	19851	254687.5	210937.5
	127	G60	19851	R	MADA-AUST	14351	19851	254687.5	211562.5
	127	G60	19851	R	MADA-AUST	14321	19851	254687.5	212187.5
	127	G60	19851	R	MADA-AUST	14325	19851	254687.5	212812.5
	127	G60	19851	R	MADA-AUST	14324	19851	254687.5	213437.5
	127	G60	19851	R	MADA-AUST	14323	19851	254687.5	214062.5
	127	G60	19851	R	MADA-AUST	14322	19851	254687.5	214687.5
	101	G60	14622	R	MADA-AUST	12063	14622	254687.5	215312.5
	101	G60	14622	R	MADA-AUST	12064	14622	254687.5	215937.5
	101	G60	14622	R	MADA-AUST	12066	14622	254687.5	216562.5
	101	G60	14622	R	MADA-AUST	12068	14622	254687.5	217187.5
	101	G60	14622	R	MADA-AUST	12033	14622	254687.5	217812.5
	101	G60	14622	R	MADA-AUST	12067	14622	254687.5	218437.5
	101	G60	14622	R	MADA-AUST	12065	14622	254687.5	219062.5
	101	G60	14622	R	MADA-AUST	12041	14622	254687.5	219687.5
	101	G60	14622	R	MADA-AUST	12089	14622	254687.5	220312.5
	101	G60	14622	R	MADA-AUST	12085	14622	254687.5	220937.5
	101	G60	14622	R	MADA-AUST	12091	14622	254687.5	221562.5
	101	G60	14622	R	MADA-AUST	12092	14622	254687.5	222187.5

    	 	 	 

    	 	 	 

    

	101	G60	14622	R	MADA-AUST	12078	14622	254687.5	222812.5
	101	G60	14622	R	MADA-AUST	12077	14622	254687.5	223437.5
	101	G60	14622	R	MADA-AUST	12076	14622	254687.5	224062.5
	101	G60	14622	R	MADA-AUST	12075	14622	254687.5	224687.5
	320	G60	28353	R	MAZOTO MINERALS	19690	28353	254687.5	225312.5
	320	G60	28353	R	MAZOTO MINERALS	19691	28353	254687.5	225937.5
	320	G60	28353	R	MAZOTO MINERALS	19694	28353	254687.5	226562.5
	320	G60	28353	R	MAZOTO MINERALS	19695	28353	254687.5	227187.5
	320	G60	28353	R	MAZOTO MINERALS	19708	28353	254687.5	227812.5
	320	G60	28353	R	MAZOTO MINERALS	19697	28353	254687.5	228437.5
	320	G60	28353	R	MAZOTO MINERALS	19710	28353	254687.5	229062.5
	320	G60	28353	R	MAZOTO MINERALS	19711	28353	254687.5	229687.5
	17	H60	3432	R	MADA-AUST	4091	3432	255312.5	204687.5
	17	H60	3432	R	MADA-AUST	3914	3432	255312.5	205312.5
	17	H60	3432	R	MADA-AUST	3913	3432	255312.5	205937.5
	17	H60	3432	R	MADA-AUST	3912	3432	255312.5	206562.5
	17	H60	3432	R	MADA-AUST	3911	3432	255312.5	207187.5
	17	H60	3432	R	MADA-AUST	3925	3432	255312.5	207812.5
	17	H60	3432	R	MADA-AUST	3905	3432	255312.5	208437.5
	17	H60	3432	R	MADA-AUST	3907	3432	255312.5	209062.5
	17	H60	3432	R	MADA-AUST	3935	3432	255312.5	209687.5
	17	H60	3432	R	MADA-AUST	3922	3432	255312.5	210312.5
	17	H60	3432	R	MADA-AUST	3921	3432	255312.5	210937.5
	17	H60	3432	R	MADA-AUST	3920	3432	255312.5	211562.5
	17	H60	3432	R	MADA-AUST	3919	3432	255312.5	212187.5
	319	H60	28352	R	MAZOTO MINERALS	19647	28352	255312.5	212812.5
	319	H60	28352	R	MAZOTO MINERALS	19642	28352	255312.5	213437.5
	319	H60	28352	R	MAZOTO MINERALS	19643	28352	255312.5	214062.5
	319	H60	28352	R	MAZOTO MINERALS	19644	28352	255312.5	214687.5
	319	H60	28352	R	MAZOTO MINERALS	19655	28352	255312.5	215312.5
	319	H60	28352	R	MAZOTO MINERALS	19658	28352	255312.5	215937.5
	319	H60	28352	R	MAZOTO MINERALS	19664	28352	255312.5	216562.5
	319	H60	28352	R	MAZOTO MINERALS	19661	28352	255312.5	217187.5
	319	H60	28352	R	MAZOTO MINERALS	19606	28352	255312.5	217812.5
	319	H60	28352	R	MAZOTO MINERALS	19590	28352	255312.5	218437.5
	319	H60	28352	R	MAZOTO MINERALS	19589	28352	255312.5	219062.5
	319	H60	28352	R	MAZOTO MINERALS	19588	28352	255312.5	219687.5
	319	H60	28352	R	MAZOTO MINERALS	19627	28352	255312.5	220312.5
	319	H60	28352	R	MAZOTO MINERALS	19621	28352	255312.5	220937.5
	319	H60	28352	R	MAZOTO MINERALS	19620	28352	255312.5	221562.5
	319	H60	28352	R	MAZOTO MINERALS	19619	28352	255312.5	222187.5
	17	H60	3432	R	MADA-AUST	3909	3432	255937.5	205937.5
	17	H60	3432	R	MADA-AUST	3908	3432	255937.5	206562.5
	17	H60	3432	R	MADA-AUST	3897	3432	255937.5	207187.5
	17	H60	3432	R	MADA-AUST	3934	3432	255937.5	207812.5
	17	H60	3432	R	MADA-AUST	3933	3432	255937.5	208437.5
	17	H60	3432	R	MADA-AUST	3932	3432	255937.5	209062.5
	17	H60	3432	R	MADA-AUST	3931	3432	255937.5	209687.5
	17	H60	3432	R	MADA-AUST	3895	3432	255937.5	210312.5
	17	H60	3432	R	MADA-AUST	3927	3432	255937.5	210937.5
	17	H60	3432	R	MADA-AUST	3898	3432	255937.5	211562.5
	17	H60	3432	R	MADA-AUST	3875	3432	255937.5	212187.5
	319	H60	28352	R	MAZOTO MINERALS	19645	28352	255937.5	212812.5
	319	H60	28352	R	MAZOTO MINERALS	19646	28352	255937.5	213437.5

    	 	 	 

    	 	 	 

    

	319	H60	28352	R	MAZOTO MINERALS	19656	28352	255937.5	214062.5
	319	H60	28352	R	MAZOTO MINERALS	19648	28352	255937.5	214687.5
	319	H60	28352	R	MAZOTO MINERALS	19662	28352	255937.5	215312.5
	319	H60	28352	R	MAZOTO MINERALS	19663	28352	255937.5	215937.5
	319	H60	28352	R	MAZOTO MINERALS	19657	28352	255937.5	216562.5
	319	H60	28352	R	MAZOTO MINERALS	19665	28352	255937.5	217187.5
	319	H60	28352	R	MAZOTO MINERALS	19586	28352	255937.5	217812.5
	319	H60	28352	R	MAZOTO MINERALS	19591	28352	255937.5	218437.5
	319	H60	28352	R	MAZOTO MINERALS	19584	28352	255937.5	219062.5
	319	H60	28352	R	MAZOTO MINERALS	19583	28352	255937.5	219687.5
	319	H60	28352	R	MAZOTO MINERALS	19618	28352	255937.5	220312.5
	319	H60	28352	R	MAZOTO MINERALS	19654	28352	255937.5	220937.5
	319	H60	28352	R	MAZOTO MINERALS	19609	28352	255937.5	221562.5
	319	H60	28352	R	MAZOTO MINERALS	19623	28352	255937.5	222187.5
	17	H60	3432	R	MADA-AUST	3903	3432	256562.5	207187.5
	17	H60	3432	R	MADA-AUST	3930	3432	256562.5	207812.5
	17	H60	3432	R	MADA-AUST	3929	3432	256562.5	208437.5
	17	H60	3432	R	MADA-AUST	3928	3432	256562.5	209062.5
	17	H60	3432	R	MADA-AUST	3917	3432	256562.5	209687.5
	17	H60	3432	R	MADA-AUST	3874	3432	256562.5	210312.5
	17	H60	3432	R	MADA-AUST	3873	3432	256562.5	210937.5
	17	H60	3432	R	MADA-AUST	3872	3432	256562.5	211562.5
	17	H60	3432	R	MADA-AUST	3871	3432	256562.5	212187.5
	319	H60	28352	R	MAZOTO MINERALS	19641	28352	256562.5	212812.5
	319	H60	28352	R	MAZOTO MINERALS	19649	28352	256562.5	213437.5
	319	H60	28352	R	MAZOTO MINERALS	19650	28352	256562.5	214062.5
	319	H60	28352	R	MAZOTO MINERALS	19659	28352	256562.5	214687.5
	319	H60	28352	R	MAZOTO MINERALS	19671	28352	256562.5	215312.5
	319	H60	28352	R	MAZOTO MINERALS	19667	28352	256562.5	215937.5
	319	H60	28352	R	MAZOTO MINERALS	19668	28352	256562.5	216562.5
	319	H60	28352	R	MAZOTO MINERALS	19670	28352	256562.5	217187.5
	319	H60	28352	R	MAZOTO MINERALS	19582	28352	256562.5	217812.5
	319	H60	28352	R	MAZOTO MINERALS	19581	28352	256562.5	218437.5
	319	H60	28352	R	MAZOTO MINERALS	19580	28352	256562.5	219062.5
	319	H60	28352	R	MAZOTO MINERALS	19579	28352	256562.5	219687.5
	319	H60	28352	R	MAZOTO MINERALS	19624	28352	256562.5	220312.5
	319	H60	28352	R	MAZOTO MINERALS	19614	28352	256562.5	220937.5
	319	H60	28352	R	MAZOTO MINERALS	19613	28352	256562.5	221562.5
	319	H60	28352	R	MAZOTO MINERALS	19612	28352	256562.5	222187.5
	17	H60	3432	R	MADA-AUST	3936	3432	257187.5	208437.5
	17	H60	3432	R	MADA-AUST	3924	3432	257187.5	209062.5
	17	H60	3432	R	MADA-AUST	3923	3432	257187.5	209687.5
	17	H60	3432	R	MADA-AUST	3870	3432	257187.5	210312.5
	17	H60	3432	R	MADA-AUST	3869	3432	257187.5	210937.5
	17	H60	3432	R	MADA-AUST	3858	3432	257187.5	211562.5
	17	H60	3432	R	MADA-AUST	3867	3432	257187.5	212187.5
	319	H60	28352	R	MAZOTO MINERALS	19651	28352	257187.5	212812.5
	319	H60	28352	R	MAZOTO MINERALS	19652	28352	257187.5	213437.5
	319	H60	28352	R	MAZOTO MINERALS	19653	28352	257187.5	214062.5
	319	H60	28352	R	MAZOTO MINERALS	19616	28352	257187.5	214687.5
	319	H60	28352	R	MAZOTO MINERALS	19666	28352	257187.5	215312.5
	319	H60	28352	R	MAZOTO MINERALS	19672	28352	257187.5	215937.5
	319	H60	28352	R	MAZOTO MINERALS	19669	28352	257187.5	216562.5
	319	H60	28352	R	MAZOTO MINERALS	19660	28352	257187.5	217187.5

    	 	 	 

    	 	 	 

    

	319	H60	28352	R	MAZOTO MINERALS	19578	28352	257187.5	217812.5
	319	H60	28352	R	MAZOTO MINERALS	19577	28352	257187.5	218437.5
	319	H60	28352	R	MAZOTO MINERALS	19585	28352	257187.5	219062.5
	319	H60	28352	R	MAZOTO MINERALS	19601	28352	257187.5	219687.5
	319	H60	28352	R	MAZOTO MINERALS	19611	28352	257187.5	220312.5
	319	H60	28352	R	MAZOTO MINERALS	19631	28352	257187.5	220937.5
	319	H60	28352	R	MAZOTO MINERALS	19615	28352	257187.5	221562.5
	319	H60	28352	R	MAZOTO MINERALS	19617	28352	257187.5	222187.5
	17	H60	3432	R	MADA-AUST	3876	3432	257812.5	210312.5
	17	H60	3432	R	MADA-AUST	3865	3432	257812.5	210937.5
	17	H60	3432	R	MADA-AUST	3864	3432	257812.5	211562.5
	17	H60	3432	R	MADA-AUST	3863	3432	257812.5	212187.5
	17	H60	3432	R	MADA-AUST	3890	3432	257812.5	212812.5
	17	H60	3432	R	MADA-AUST	3889	3432	257812.5	213437.5
	17	H60	3432	R	MADA-AUST	3888	3432	257812.5	214062.5
	17	H60	3432	R	MADA-AUST	3877	3432	257812.5	214687.5
	17	H60	3432	R	MADA-AUST	3993	3432	257812.5	215312.5
	17	H60	3432	R	MADA-AUST	3992	3432	257812.5	215937.5
	17	H60	3432	R	MADA-AUST	3991	3432	257812.5	216562.5
	17	H60	3432	R	MADA-AUST	3990	3432	257812.5	217187.5
	319	H60	28352	R	MAZOTO MINERALS	19607	28352	257812.5	217812.5
	319	H60	28352	R	MAZOTO MINERALS	19599	28352	257812.5	218437.5
	319	H60	28352	R	MAZOTO MINERALS	19605	28352	257812.5	219062.5
	319	H60	28352	R	MAZOTO MINERALS	19587	28352	257812.5	219687.5
	319	H60	28352	R	MAZOTO MINERALS	19639	28352	257812.5	220312.5
	319	H60	28352	R	MAZOTO MINERALS	19638	28352	257812.5	220937.5
	319	H60	28352	R	MAZOTO MINERALS	19637	28352	257812.5	221562.5
	319	H60	28352	R	MAZOTO MINERALS	19636	28352	257812.5	222187.5
	17	H60	3432	R	MADA-AUST	3860	3432	258437.5	211562.5
	17	H60	3432	R	MADA-AUST	3859	3432	258437.5	212187.5
	17	H60	3432	R	MADA-AUST	3886	3432	258437.5	212812.5
	17	H60	3432	R	MADA-AUST	3896	3432	258437.5	213437.5
	17	H60	3432	R	MADA-AUST	3884	3432	258437.5	214062.5
	17	H60	3432	R	MADA-AUST	3883	3432	258437.5	214687.5
	17	H60	3432	R	MADA-AUST	3989	3432	258437.5	215312.5
	17	H60	3432	R	MADA-AUST	3988	3432	258437.5	215937.5
	17	H60	3432	R	MADA-AUST	3987	3432	258437.5	216562.5
	17	H60	3432	R	MADA-AUST	3976	3432	258437.5	217187.5
	319	H60	28352	R	MAZOTO MINERALS	19603	28352	258437.5	217812.5
	319	H60	28352	R	MAZOTO MINERALS	19602	28352	258437.5	218437.5
	319	H60	28352	R	MAZOTO MINERALS	19592	28352	258437.5	219062.5
	319	H60	28352	R	MAZOTO MINERALS	19600	28352	258437.5	219687.5
	319	H60	28352	R	MAZOTO MINERALS	19635	28352	258437.5	220312.5
	319	H60	28352	R	MAZOTO MINERALS	19634	28352	258437.5	220937.5
	319	H60	28352	R	MAZOTO MINERALS	19625	28352	258437.5	221562.5
	319	H60	28352	R	MAZOTO MINERALS	19632	28352	258437.5	222187.5
	17	H60	3432	R	MADA-AUST	3882	3432	259062.5	212812.5
	17	H60	3432	R	MADA-AUST	3881	3432	259062.5	213437.5
	17	H60	3432	R	MADA-AUST	3880	3432	259062.5	214062.5
	17	H60	3432	R	MADA-AUST	3879	3432	259062.5	214687.5
	17	H60	3432	R	MADA-AUST	3985	3432	259062.5	215312.5
	17	H60	3432	R	MADA-AUST	3995	3432	259062.5	215937.5
	17	H60	3432	R	MADA-AUST	3983	3432	259062.5	216562.5
	17	H60	3432	R	MADA-AUST	3982	3432	259062.5	217187.5

    	 	 	 

    	 	 	 

    

	319	H60	28352	R	MAZOTO MINERALS	19608	28352	259062.5	217812.5
	319	H60	28352	R	MAZOTO MINERALS	19598	28352	259062.5	218437.5
	319	H60	28352	R	MAZOTO MINERALS	19597	28352	259062.5	219062.5
	319	H60	28352	R	MAZOTO MINERALS	19596	28352	259062.5	219687.5
	319	H60	28352	R	MAZOTO MINERALS	19640	28352	259062.5	220312.5
	319	H60	28352	R	MAZOTO MINERALS	19630	28352	259062.5	220937.5
	319	H60	28352	R	MAZOTO MINERALS	19629	28352	259062.5	221562.5
	319	H60	28352	R	MAZOTO MINERALS	19604	28352	259062.5	222187.5
	17	H60	3432	R	MADA-AUST	3994	3432	259687.5	214687.5
	17	H60	3432	R	MADA-AUST	3981	3432	259687.5	215312.5
	17	H60	3432	R	MADA-AUST	3980	3432	259687.5	215937.5
	17	H60	3432	R	MADA-AUST	3979	3432	259687.5	216562.5
	17	H60	3432	R	MADA-AUST	3978	3432	259687.5	217187.5
	319	H60	28352	R	MAZOTO MINERALS	19595	28352	259687.5	217812.5
	319	H60	28352	R	MAZOTO MINERALS	19594	28352	259687.5	218437.5
	319	H60	28352	R	MAZOTO MINERALS	19593	28352	259687.5	219062.5
	319	H60	28352	R	MAZOTO MINERALS	19622	28352	259687.5	219687.5
	319	H60	28352	R	MAZOTO MINERALS	19628	28352	259687.5	220312.5
	319	H60	28352	R	MAZOTO MINERALS	19610	28352	259687.5	220937.5
	319	H60	28352	R	MAZOTO MINERALS	19626	28352	259687.5	221562.5
	319	H60	28352	R	MAZOTO MINERALS	19633	28352	259687.5	222187.5
	17	H60	3432	R	MADA-AUST	3984	3432	260312.5	215937.5
	17	H60	3432	R	MADA-AUST	3986	3432	260312.5	216562.5
	17	H60	3432	R	MADA-AUST	4014	3432	260312.5	217187.5
	17	H60	3432	R	MADA-AUST	4001	3432	260312.5	217812.5
	17	H60	3432	R	MADA-AUST	4000	3432	260312.5	218437.5
	17	H60	3432	R	MADA-AUST	3999	3432	260312.5	219062.5
	17	H60	3432	R	MADA-AUST	3998	3432	260312.5	219687.5
	17	H60	3432	R	MADA-AUST	3955	3432	260312.5	220312.5
	17	H60	3432	R	MADA-AUST	3944	3432	260312.5	220937.5
	17	H60	3432	R	MADA-AUST	3943	3432	260312.5	221562.5
	17	H60	3432	R	MADA-AUST	3942	3432	260312.5	222187.5
	17	H60	3432	R	MADA-AUST	4010	3432	260937.5	217187.5
	17	H60	3432	R	MADA-AUST	3974	3432	260937.5	217812.5
	17	H60	3432	R	MADA-AUST	4006	3432	260937.5	218437.5
	17	H60	3432	R	MADA-AUST	3977	3432	260937.5	219062.5
	17	H60	3432	R	MADA-AUST	3954	3432	260937.5	219687.5
	17	H60	3432	R	MADA-AUST	3941	3432	260937.5	220312.5
	17	H60	3432	R	MADA-AUST	3940	3432	260937.5	220937.5
	17	H60	3432	R	MADA-AUST	3939	3432	260937.5	221562.5
	17	H60	3432	R	MADA-AUST	3938	3432	260937.5	222187.5
	17	H60	3432	R	MADA-AUST	3953	3432	261562.5	217812.5
	17	H60	3432	R	MADA-AUST	3952	3432	261562.5	218437.5
	17	H60	3432	R	MADA-AUST	3951	3432	261562.5	219062.5
	17	H60	3432	R	MADA-AUST	3950	3432	261562.5	219687.5
	17	H60	3432	R	MADA-AUST	3964	3432	261562.5	220312.5
	17	H60	3432	R	MADA-AUST	3966	3432	261562.5	220937.5
	17	H60	3432	R	MADA-AUST	3947	3432	261562.5	221562.5
	17	H60	3432	R	MADA-AUST	3973	3432	261562.5	222187.5
	17	H60	3432	R	MADA-AUST	3948	3432	262187.5	218437.5
	17	H60	3432	R	MADA-AUST	3937	3432	262187.5	219062.5
	17	H60	3432	R	MADA-AUST	3946	3432	262187.5	219687.5
	17	H60	3432	R	MADA-AUST	3972	3432	262187.5	220312.5
	17	H60	3432	R	MADA-AUST	3971	3432	262187.5	220937.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	3970	3432	262187.5	221562.5
	17	H60	3432	R	MADA-AUST	3969	3432	262187.5	222187.5
	17	H60	3432	R	MADA-AUST	3967	3432	262812.5	218437.5
	17	H60	3432	R	MADA-AUST	3956	3432	262812.5	219062.5
	17	H60	3432	R	MADA-AUST	3965	3432	262812.5	219687.5
	17	H60	3432	R	MADA-AUST	2996	3432	262812.5	220312.5
	17	H60	3432	R	MADA-AUST	2995	3432	262812.5	220937.5
	17	H60	3432	R	MADA-AUST	2994	3432	262812.5	221562.5
	17	H60	3432	R	MADA-AUST	2993	3432	262812.5	222187.5
	17	H60	3432	R	MADA-AUST	2980	3432	262812.5	230312.5
	17	H60	3432	R	MADA-AUST	2979	3432	262812.5	230937.5
	17	H60	3432	R	MADA-AUST	2978	3432	262812.5	231562.5
	17	H60	3432	R	MADA-AUST	2977	3432	262812.5	232187.5
	17	H60	3432	R	MADA-AUST	3017	3432	262812.5	232812.5
	17	H60	3432	R	MADA-AUST	3016	3432	262812.5	233437.5
	17	H60	3432	R	MADA-AUST	3015	3432	262812.5	234062.5
	17	H60	3432	R	MADA-AUST	3000	3432	262812.5	234687.5
	17	H60	3432	R	MADA-AUST	3001	3432	262812.5	235312.5
	17	H60	3432	R	MADA-AUST	2972	3432	262812.5	235937.5
	17	H60	3432	R	MADA-AUST	2932	3432	262812.5	236562.5
	17	H60	3432	R	MADA-AUST	2985	3432	262812.5	237187.5
	17	H60	3432	R	MADA-AUST	2946	3432	262812.5	237812.5
	17	H60	3432	R	MADA-AUST	2931	3432	262812.5	238437.5
	17	H60	3432	R	MADA-AUST	2930	3432	262812.5	239062.5
	17	H60	3432	R	MADA-AUST	2929	3432	262812.5	239687.5
	17	H60	3432	R	MADA-AUST	2969	3432	262812.5	240312.5
	17	H60	3432	R	MADA-AUST	2968	3432	262812.5	240937.5
	17	H60	3432	R	MADA-AUST	2967	3432	262812.5	241562.5
	17	H60	3432	R	MADA-AUST	2966	3432	262812.5	242187.5
	17	H60	3432	R	MADA-AUST	2953	3432	262812.5	242812.5
	17	H60	3432	R	MADA-AUST	2952	3432	262812.5	243437.5
	17	H60	3432	R	MADA-AUST	2951	3432	262812.5	244062.5
	17	H60	3432	R	MADA-AUST	2950	3432	262812.5	244687.5
	17	H60	3432	R	MADA-AUST	3097	3432	262812.5	245312.5
	17	H60	3432	R	MADA-AUST	3096	3432	262812.5	245937.5
	17	H60	3432	R	MADA-AUST	3095	3432	262812.5	246562.5
	17	H60	3432	R	MADA-AUST	3080	3432	262812.5	247187.5
	17	H60	3432	R	MADA-AUST	3119	3432	262812.5	247812.5
	17	H60	3432	R	MADA-AUST	3092	3432	262812.5	248437.5
	17	H60	3432	R	MADA-AUST	3094	3432	262812.5	249062.5
	17	H60	3432	R	MADA-AUST	3132	3432	262812.5	249687.5
	17	H60	3432	R	MADA-AUST	3133	3432	262812.5	250312.5
	17	H60	3432	R	MADA-AUST	3118	3432	262812.5	250937.5
	17	H60	3432	R	MADA-AUST	3117	3432	262812.5	251562.5
	17	H60	3432	R	MADA-AUST	3116	3432	262812.5	252187.5
	17	H60	3432	R	MADA-AUST	3049	3432	262812.5	252812.5
	17	H60	3432	R	MADA-AUST	3048	3432	262812.5	253437.5
	17	H60	3432	R	MADA-AUST	3047	3432	262812.5	254062.5
	17	H60	3432	R	MADA-AUST	3046	3432	262812.5	254687.5
	17	H60	3432	R	MADA-AUST	3033	3432	262812.5	255312.5
	17	H60	3432	R	MADA-AUST	3032	3432	262812.5	255937.5
	17	H60	3432	R	MADA-AUST	3031	3432	262812.5	256562.5
	17	H60	3432	R	MADA-AUST	3030	3432	262812.5	257187.5
	17	H60	3432	R	MADA-AUST	3962	3432	263437.5	219062.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	3961	3432	263437.5	219687.5
	17	H60	3432	R	MADA-AUST	2992	3432	263437.5	220312.5
	17	H60	3432	R	MADA-AUST	2991	3432	263437.5	220937.5
	17	H60	3432	R	MADA-AUST	2990	3432	263437.5	221562.5
	17	H60	3432	R	MADA-AUST	2989	3432	263437.5	222187.5
	17	H60	3432	R	MADA-AUST	2976	3432	263437.5	230312.5
	17	H60	3432	R	MADA-AUST	2975	3432	263437.5	230937.5
	17	H60	3432	R	MADA-AUST	3012	3432	263437.5	231562.5
	17	H60	3432	R	MADA-AUST	3014	3432	263437.5	232187.5
	17	H60	3432	R	MADA-AUST	3013	3432	263437.5	232812.5
	17	H60	3432	R	MADA-AUST	3026	3432	263437.5	233437.5
	17	H60	3432	R	MADA-AUST	3011	3432	263437.5	234062.5
	17	H60	3432	R	MADA-AUST	3010	3432	263437.5	234687.5
	17	H60	3432	R	MADA-AUST	2944	3432	263437.5	235312.5
	17	H60	3432	R	MADA-AUST	2943	3432	263437.5	235937.5
	17	H60	3432	R	MADA-AUST	2942	3432	263437.5	236562.5
	17	H60	3432	R	MADA-AUST	2941	3432	263437.5	237187.5
	17	H60	3432	R	MADA-AUST	2928	3432	263437.5	237812.5
	17	H60	3432	R	MADA-AUST	2927	3432	263437.5	238437.5
	17	H60	3432	R	MADA-AUST	2926	3432	263437.5	239062.5
	17	H60	3432	R	MADA-AUST	2925	3432	263437.5	239687.5
	17	H60	3432	R	MADA-AUST	2965	3432	263437.5	240312.5
	17	H60	3432	R	MADA-AUST	2964	3432	263437.5	240937.5
	17	H60	3432	R	MADA-AUST	2963	3432	263437.5	241562.5
	17	H60	3432	R	MADA-AUST	2962	3432	263437.5	242187.5
	17	H60	3432	R	MADA-AUST	2949	3432	263437.5	242812.5
	17	H60	3432	R	MADA-AUST	2948	3432	263437.5	243437.5
	17	H60	3432	R	MADA-AUST	3038	3432	263437.5	244062.5
	17	H60	3432	R	MADA-AUST	3108	3432	263437.5	244687.5
	17	H60	3432	R	MADA-AUST	3093	3432	263437.5	245312.5
	17	H60	3432	R	MADA-AUST	3106	3432	263437.5	245937.5
	17	H60	3432	R	MADA-AUST	3091	3432	263437.5	246562.5
	17	H60	3432	R	MADA-AUST	3090	3432	263437.5	247187.5
	17	H60	3432	R	MADA-AUST	3131	3432	263437.5	247812.5
	17	H60	3432	R	MADA-AUST	3130	3432	263437.5	248437.5
	17	H60	3432	R	MADA-AUST	3129	3432	263437.5	249062.5
	17	H60	3432	R	MADA-AUST	3128	3432	263437.5	249687.5
	17	H60	3432	R	MADA-AUST	3115	3432	263437.5	250312.5
	17	H60	3432	R	MADA-AUST	3114	3432	263437.5	250937.5
	17	H60	3432	R	MADA-AUST	3113	3432	263437.5	251562.5
	17	H60	3432	R	MADA-AUST	3112	3432	263437.5	252187.5
	17	H60	3432	R	MADA-AUST	3045	3432	263437.5	252812.5
	17	H60	3432	R	MADA-AUST	3044	3432	263437.5	253437.5
	17	H60	3432	R	MADA-AUST	3043	3432	263437.5	254062.5
	17	H60	3432	R	MADA-AUST	3042	3432	263437.5	254687.5
	17	H60	3432	R	MADA-AUST	3029	3432	263437.5	255312.5
	17	H60	3432	R	MADA-AUST	3028	3432	263437.5	255937.5
	17	H60	3432	R	MADA-AUST	3065	3432	263437.5	256562.5
	17	H60	3432	R	MADA-AUST	3067	3432	263437.5	257187.5
	17	H60	3432	R	MADA-AUST	3531	3432	264062.5	219687.5
	17	H60	3432	R	MADA-AUST	2988	3432	264062.5	220312.5
	17	H60	3432	R	MADA-AUST	2974	3432	264062.5	220937.5
	17	H60	3432	R	MADA-AUST	2986	3432	264062.5	221562.5
	17	H60	3432	R	MADA-AUST	2999	3432	264062.5	222187.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	2987	3432	264062.5	230312.5
	17	H60	3432	R	MADA-AUST	3024	3432	264062.5	230937.5
	17	H60	3432	R	MADA-AUST	3023	3432	264062.5	231562.5
	17	H60	3432	R	MADA-AUST	3022	3432	264062.5	232187.5
	17	H60	3432	R	MADA-AUST	3009	3432	264062.5	232812.5
	17	H60	3432	R	MADA-AUST	3008	3432	264062.5	233437.5
	17	H60	3432	R	MADA-AUST	3007	3432	264062.5	234062.5
	17	H60	3432	R	MADA-AUST	3006	3432	264062.5	234687.5
	17	H60	3432	R	MADA-AUST	2940	3432	264062.5	235312.5
	17	H60	3432	R	MADA-AUST	2939	3432	264062.5	235937.5
	17	H60	3432	R	MADA-AUST	2938	3432	264062.5	236562.5
	17	H60	3432	R	MADA-AUST	2937	3432	264062.5	237187.5
	17	H60	3432	R	MADA-AUST	2924	3432	264062.5	237812.5
	17	H60	3432	R	MADA-AUST	2923	3432	264062.5	238437.5
	17	H60	3432	R	MADA-AUST	2922	3432	264062.5	239062.5
	17	H60	3432	R	MADA-AUST	2959	3432	264062.5	239687.5
	17	H60	3432	R	MADA-AUST	2947	3432	264062.5	240312.5
	17	H60	3432	R	MADA-AUST	2960	3432	264062.5	240937.5
	17	H60	3432	R	MADA-AUST	2973	3432	264062.5	241562.5
	17	H60	3432	R	MADA-AUST	2958	3432	264062.5	242187.5
	17	H60	3432	R	MADA-AUST	3025	3432	264062.5	242812.5
	17	H60	3432	R	MADA-AUST	3104	3432	264062.5	243437.5
	17	H60	3432	R	MADA-AUST	3103	3432	264062.5	244062.5
	17	H60	3432	R	MADA-AUST	3102	3432	264062.5	244687.5
	17	H60	3432	R	MADA-AUST	3089	3432	264062.5	245312.5
	17	H60	3432	R	MADA-AUST	3088	3432	264062.5	245937.5
	17	H60	3432	R	MADA-AUST	3087	3432	264062.5	246562.5
	17	H60	3432	R	MADA-AUST	3086	3432	264062.5	247187.5
	17	H60	3432	R	MADA-AUST	3127	3432	264062.5	247812.5
	17	H60	3432	R	MADA-AUST	3126	3432	264062.5	248437.5
	17	H60	3432	R	MADA-AUST	3125	3432	264062.5	249062.5
	17	H60	3432	R	MADA-AUST	3124	3432	264062.5	249687.5
	17	H60	3432	R	MADA-AUST	3111	3432	264062.5	250312.5
	17	H60	3432	R	MADA-AUST	3110	3432	264062.5	250937.5
	17	H60	3432	R	MADA-AUST	3109	3432	264062.5	251562.5
	17	H60	3432	R	MADA-AUST	3078	3432	264062.5	252187.5
	17	H60	3432	R	MADA-AUST	3041	3432	264062.5	252812.5
	17	H60	3432	R	MADA-AUST	3027	3432	264062.5	253437.5
	17	H60	3432	R	MADA-AUST	3039	3432	264062.5	254062.5
	17	H60	3432	R	MADA-AUST	3052	3432	264062.5	254687.5
	17	H60	3432	R	MADA-AUST	3040	3432	264062.5	255312.5
	17	H60	3432	R	MADA-AUST	3077	3432	264062.5	255937.5
	17	H60	3432	R	MADA-AUST	3076	3432	264062.5	256562.5
	17	H60	3432	R	MADA-AUST	3075	3432	264062.5	257187.5
	17	H60	3432	R	MADA-AUST	2984	3432	264687.5	220312.5
	17	H60	3432	R	MADA-AUST	2983	3432	264687.5	220937.5
	17	H60	3432	R	MADA-AUST	2982	3432	264687.5	221562.5
	17	H60	3432	R	MADA-AUST	2981	3432	264687.5	222187.5
	17	H60	3432	R	MADA-AUST	3021	3432	264687.5	230312.5
	17	H60	3432	R	MADA-AUST	3020	3432	264687.5	230937.5
	17	H60	3432	R	MADA-AUST	3019	3432	264687.5	231562.5
	17	H60	3432	R	MADA-AUST	3018	3432	264687.5	232187.5
	17	H60	3432	R	MADA-AUST	3005	3432	264687.5	232812.5
	17	H60	3432	R	MADA-AUST	3004	3432	264687.5	233437.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	3003	3432	264687.5	234062.5
	17	H60	3432	R	MADA-AUST	3002	3432	264687.5	234687.5
	17	H60	3432	R	MADA-AUST	2936	3432	264687.5	235312.5
	17	H60	3432	R	MADA-AUST	2935	3432	264687.5	235937.5
	17	H60	3432	R	MADA-AUST	2921	3432	264687.5	236562.5
	17	H60	3432	R	MADA-AUST	2933	3432	264687.5	237187.5
	17	H60	3432	R	MADA-AUST	2961	3432	264687.5	237812.5
	17	H60	3432	R	MADA-AUST	2934	3432	264687.5	238437.5
	17	H60	3432	R	MADA-AUST	2971	3432	264687.5	239062.5
	17	H60	3432	R	MADA-AUST	2970	3432	264687.5	239687.5
	17	H60	3432	R	MADA-AUST	2957	3432	264687.5	240312.5
	17	H60	3432	R	MADA-AUST	2956	3432	264687.5	240937.5
	17	H60	3432	R	MADA-AUST	2955	3432	264687.5	241562.5
	17	H60	3432	R	MADA-AUST	2954	3432	264687.5	242187.5
	17	H60	3432	R	MADA-AUST	3101	3432	264687.5	242812.5
	17	H60	3432	R	MADA-AUST	3100	3432	264687.5	243437.5
	17	H60	3432	R	MADA-AUST	3099	3432	264687.5	244062.5
	17	H60	3432	R	MADA-AUST	3098	3432	264687.5	244687.5
	17	H60	3432	R	MADA-AUST	3085	3432	264687.5	245312.5
	17	H60	3432	R	MADA-AUST	3084	3432	264687.5	245937.5
	17	H60	3432	R	MADA-AUST	3083	3432	264687.5	246562.5
	17	H60	3432	R	MADA-AUST	3082	3432	264687.5	247187.5
	17	H60	3432	R	MADA-AUST	3123	3432	264687.5	247812.5
	17	H60	3432	R	MADA-AUST	3122	3432	264687.5	248437.5
	17	H60	3432	R	MADA-AUST	3107	3432	264687.5	249062.5
	17	H60	3432	R	MADA-AUST	3120	3432	264687.5	249687.5
	17	H60	3432	R	MADA-AUST	3121	3432	264687.5	250312.5
	17	H60	3432	R	MADA-AUST	3081	3432	264687.5	250937.5
	17	H60	3432	R	MADA-AUST	3051	3432	264687.5	251562.5
	17	H60	3432	R	MADA-AUST	3050	3432	264687.5	252187.5
	17	H60	3432	R	MADA-AUST	3037	3432	264687.5	252812.5
	17	H60	3432	R	MADA-AUST	3036	3432	264687.5	253437.5
	17	H60	3432	R	MADA-AUST	3035	3432	264687.5	254062.5
	17	H60	3432	R	MADA-AUST	3034	3432	264687.5	254687.5
	17	H60	3432	R	MADA-AUST	3074	3432	264687.5	255312.5
	17	H60	3432	R	MADA-AUST	3073	3432	264687.5	255937.5
	17	H60	3432	R	MADA-AUST	3072	3432	264687.5	256562.5
	17	H60	3432	R	MADA-AUST	3071	3432	264687.5	257187.5
	17	H60	3432	R	MADA-AUST	2892	3432	265312.5	220937.5
	17	H60	3432	R	MADA-AUST	2732	3432	265312.5	221562.5
	17	H60	3432	R	MADA-AUST	2945	3432	265312.5	222187.5
	17	H60	3432	R	MADA-AUST	2786	3432	265312.5	222812.5
	17	H60	3432	R	MADA-AUST	2771	3432	265312.5	223437.5
	17	H60	3432	R	MADA-AUST	2770	3432	265312.5	224062.5
	17	H60	3432	R	MADA-AUST	2769	3432	265312.5	224687.5
	17	H60	3432	R	MADA-AUST	2809	3432	265312.5	225312.5
	17	H60	3432	R	MADA-AUST	2808	3432	265312.5	225937.5
	17	H60	3432	R	MADA-AUST	2807	3432	265312.5	226562.5
	17	H60	3432	R	MADA-AUST	2806	3432	265312.5	227187.5
	17	H60	3432	R	MADA-AUST	2793	3432	265312.5	227812.5
	17	H60	3432	R	MADA-AUST	2792	3432	265312.5	228437.5
	17	H60	3432	R	MADA-AUST	2791	3432	265312.5	229062.5
	17	H60	3432	R	MADA-AUST	2790	3432	265312.5	229687.5
	17	H60	3432	R	MADA-AUST	2724	3432	265312.5	230312.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	2723	3432	265312.5	230937.5
	17	H60	3432	R	MADA-AUST	2722	3432	265312.5	231562.5
	17	H60	3432	R	MADA-AUST	2708	3432	265312.5	232187.5
	17	H60	3432	R	MADA-AUST	2746	3432	265312.5	232812.5
	17	H60	3432	R	MADA-AUST	2748	3432	265312.5	233437.5
	17	H60	3432	R	MADA-AUST	2721	3432	265312.5	234062.5
	17	H60	3432	R	MADA-AUST	2758	3432	265312.5	234687.5
	17	H60	3432	R	MADA-AUST	2745	3432	265312.5	235312.5
	17	H60	3432	R	MADA-AUST	2744	3432	265312.5	235937.5
	17	H60	3432	R	MADA-AUST	2743	3432	265312.5	236562.5
	17	H60	3432	R	MADA-AUST	2742	3432	265312.5	237187.5
	17	H60	3432	R	MADA-AUST	3282	3432	265312.5	237812.5
	17	H60	3432	R	MADA-AUST	3281	3432	265312.5	238437.5
	17	H60	3432	R	MADA-AUST	3266	3432	265312.5	239062.5
	17	H60	3432	R	MADA-AUST	3279	3432	265312.5	239687.5
	17	H60	3432	R	MADA-AUST	2889	3432	265312.5	255312.5
	17	H60	3432	R	MADA-AUST	2888	3432	265312.5	255937.5
	17	H60	3432	R	MADA-AUST	2887	3432	265312.5	256562.5
	17	H60	3432	R	MADA-AUST	2886	3432	265312.5	257187.5
	17	H60	3432	R	MADA-AUST	2873	3432	265312.5	257812.5
	17	H60	3432	R	MADA-AUST	2872	3432	265312.5	258437.5
	17	H60	3432	R	MADA-AUST	2871	3432	265312.5	259062.5
	17	H60	3432	R	MADA-AUST	2870	3432	265312.5	259687.5
	17	H60	3432	R	MADA-AUST	2911	3432	265312.5	260312.5
	17	H60	3432	R	MADA-AUST	2910	3432	265312.5	260937.5
	17	H60	3432	R	MADA-AUST	2909	3432	265312.5	261562.5
	17	H60	3432	R	MADA-AUST	2894	3432	265312.5	262187.5
	17	H60	3432	R	MADA-AUST	2783	3432	265937.5	220937.5
	17	H60	3432	R	MADA-AUST	2782	3432	265937.5	221562.5
	17	H60	3432	R	MADA-AUST	2781	3432	265937.5	222187.5
	17	H60	3432	R	MADA-AUST	2768	3432	265937.5	222812.5
	17	H60	3432	R	MADA-AUST	2767	3432	265937.5	223437.5
	17	H60	3432	R	MADA-AUST	2766	3432	265937.5	224062.5
	17	H60	3432	R	MADA-AUST	2765	3432	265937.5	224687.5
	17	H60	3432	R	MADA-AUST	2805	3432	265937.5	225312.5
	17	H60	3432	R	MADA-AUST	2804	3432	265937.5	225937.5
	17	H60	3432	R	MADA-AUST	2803	3432	265937.5	226562.5
	17	H60	3432	R	MADA-AUST	2802	3432	265937.5	227187.5
	17	H60	3432	R	MADA-AUST	2789	3432	265937.5	227812.5
	17	H60	3432	R	MADA-AUST	2788	3432	265937.5	228437.5
	17	H60	3432	R	MADA-AUST	2759	3432	265937.5	229062.5
	17	H60	3432	R	MADA-AUST	2719	3432	265937.5	229687.5
	17	H60	3432	R	MADA-AUST	2720	3432	265937.5	230312.5
	17	H60	3432	R	MADA-AUST	2733	3432	265937.5	230937.5
	17	H60	3432	R	MADA-AUST	2718	3432	265937.5	231562.5
	17	H60	3432	R	MADA-AUST	2717	3432	265937.5	232187.5
	17	H60	3432	R	MADA-AUST	2757	3432	265937.5	232812.5
	17	H60	3432	R	MADA-AUST	2756	3432	265937.5	233437.5
	17	H60	3432	R	MADA-AUST	2755	3432	265937.5	234062.5
	17	H60	3432	R	MADA-AUST	2754	3432	265937.5	234687.5
	17	H60	3432	R	MADA-AUST	2741	3432	265937.5	235312.5
	17	H60	3432	R	MADA-AUST	2740	3432	265937.5	235937.5
	17	H60	3432	R	MADA-AUST	2739	3432	265937.5	236562.5
	17	H60	3432	R	MADA-AUST	2738	3432	265937.5	237187.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	3292	3432	265937.5	237812.5
	17	H60	3432	R	MADA-AUST	3277	3432	265937.5	238437.5
	17	H60	3432	R	MADA-AUST	3276	3432	265937.5	239062.5
	17	H60	3432	R	MADA-AUST	3275	3432	265937.5	239687.5
	17	H60	3432	R	MADA-AUST	2885	3432	265937.5	255312.5
	17	H60	3432	R	MADA-AUST	2884	3432	265937.5	255937.5
	17	H60	3432	R	MADA-AUST	2883	3432	265937.5	256562.5
	17	H60	3432	R	MADA-AUST	2882	3432	265937.5	257187.5
	17	H60	3432	R	MADA-AUST	2869	3432	265937.5	257812.5
	17	H60	3432	R	MADA-AUST	2906	3432	265937.5	258437.5
	17	H60	3432	R	MADA-AUST	2879	3432	265937.5	259062.5
	17	H60	3432	R	MADA-AUST	2881	3432	265937.5	259687.5
	17	H60	3432	R	MADA-AUST	2907	3432	265937.5	260312.5
	17	H60	3432	R	MADA-AUST	2920	3432	265937.5	260937.5
	17	H60	3432	R	MADA-AUST	2905	3432	265937.5	261562.5
	17	H60	3432	R	MADA-AUST	2904	3432	265937.5	262187.5
	17	H60	3432	R	MADA-AUST	2778	3432	266562.5	221562.5
	17	H60	3432	R	MADA-AUST	2777	3432	266562.5	222187.5
	17	H60	3432	R	MADA-AUST	2764	3432	266562.5	222812.5
	17	H60	3432	R	MADA-AUST	2763	3432	266562.5	223437.5
	17	H60	3432	R	MADA-AUST	2762	3432	266562.5	224062.5
	17	H60	3432	R	MADA-AUST	2799	3432	266562.5	224687.5
	17	H60	3432	R	MADA-AUST	2787	3432	266562.5	225312.5
	17	H60	3432	R	MADA-AUST	2800	3432	266562.5	225937.5
	17	H60	3432	R	MADA-AUST	2813	3432	266562.5	226562.5
	17	H60	3432	R	MADA-AUST	2798	3432	266562.5	227187.5
	17	H60	3432	R	MADA-AUST	2772	3432	266562.5	227812.5
	17	H60	3432	R	MADA-AUST	2731	3432	266562.5	228437.5
	17	H60	3432	R	MADA-AUST	2730	3432	266562.5	229062.5
	17	H60	3432	R	MADA-AUST	2729	3432	266562.5	229687.5
	17	H60	3432	R	MADA-AUST	2716	3432	266562.5	230312.5
	17	H60	3432	R	MADA-AUST	2715	3432	266562.5	230937.5
	17	H60	3432	R	MADA-AUST	2714	3432	266562.5	231562.5
	17	H60	3432	R	MADA-AUST	2713	3432	266562.5	232187.5
	17	H60	3432	R	MADA-AUST	2753	3432	266562.5	232812.5
	17	H60	3432	R	MADA-AUST	2752	3432	266562.5	233437.5
	17	H60	3432	R	MADA-AUST	2751	3432	266562.5	234062.5
	17	H60	3432	R	MADA-AUST	2750	3432	266562.5	234687.5
	17	H60	3432	R	MADA-AUST	2737	3432	266562.5	235312.5
	17	H60	3432	R	MADA-AUST	2736	3432	266562.5	235937.5
	17	H60	3432	R	MADA-AUST	2735	3432	266562.5	236562.5
	17	H60	3432	R	MADA-AUST	2825	3432	266562.5	237187.5
	17	H60	3432	R	MADA-AUST	3274	3432	266562.5	237812.5
	17	H60	3432	R	MADA-AUST	3273	3432	266562.5	238437.5
	17	H60	3432	R	MADA-AUST	3272	3432	266562.5	239062.5
	17	H60	3432	R	MADA-AUST	3271	3432	266562.5	239687.5
	17	H60	3432	R	MADA-AUST	2867	3432	266562.5	255312.5
	17	H60	3432	R	MADA-AUST	2880	3432	266562.5	255937.5
	17	H60	3432	R	MADA-AUST	2893	3432	266562.5	256562.5
	17	H60	3432	R	MADA-AUST	2878	3432	266562.5	257187.5
	17	H60	3432	R	MADA-AUST	2919	3432	266562.5	257812.5
	17	H60	3432	R	MADA-AUST	2918	3432	266562.5	258437.5
	17	H60	3432	R	MADA-AUST	2917	3432	266562.5	259062.5
	17	H60	3432	R	MADA-AUST	2916	3432	266562.5	259687.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	2903	3432	266562.5	260312.5
	17	H60	3432	R	MADA-AUST	2902	3432	266562.5	260937.5
	17	H60	3432	R	MADA-AUST	2901	3432	266562.5	261562.5
	17	H60	3432	R	MADA-AUST	2900	3432	266562.5	262187.5
	17	H60	3432	R	MADA-AUST	2773	3432	267187.5	222187.5
	17	H60	3432	R	MADA-AUST	2801	3432	267187.5	222812.5
	17	H60	3432	R	MADA-AUST	2774	3432	267187.5	223437.5
	17	H60	3432	R	MADA-AUST	2811	3432	267187.5	224062.5
	17	H60	3432	R	MADA-AUST	2810	3432	267187.5	224687.5
	17	H60	3432	R	MADA-AUST	2797	3432	267187.5	225312.5
	17	H60	3432	R	MADA-AUST	2796	3432	267187.5	225937.5
	17	H60	3432	R	MADA-AUST	2795	3432	267187.5	226562.5
	17	H60	3432	R	MADA-AUST	2794	3432	267187.5	227187.5
	17	H60	3432	R	MADA-AUST	2728	3432	267187.5	227812.5
	17	H60	3432	R	MADA-AUST	2727	3432	267187.5	228437.5
	17	H60	3432	R	MADA-AUST	2726	3432	267187.5	229062.5
	17	H60	3432	R	MADA-AUST	2725	3432	267187.5	229687.5
	17	H60	3432	R	MADA-AUST	2712	3432	267187.5	230312.5
	17	H60	3432	R	MADA-AUST	2711	3432	267187.5	230937.5
	17	H60	3432	R	MADA-AUST	2710	3432	267187.5	231562.5
	17	H60	3432	R	MADA-AUST	2709	3432	267187.5	232187.5
	17	H60	3432	R	MADA-AUST	2749	3432	267187.5	232812.5
	17	H60	3432	R	MADA-AUST	2734	3432	267187.5	233437.5
	17	H60	3432	R	MADA-AUST	2747	3432	267187.5	234062.5
	17	H60	3432	R	MADA-AUST	2760	3432	267187.5	234687.5
	17	H60	3432	R	MADA-AUST	2895	3432	267187.5	235312.5
	17	H60	3432	R	MADA-AUST	2812	3432	267187.5	235937.5
	17	H60	3432	R	MADA-AUST	2891	3432	267187.5	236562.5
	17	H60	3432	R	MADA-AUST	2890	3432	267187.5	237187.5
	17	H60	3432	R	MADA-AUST	3270	3432	267187.5	237812.5
	17	H60	3432	R	MADA-AUST	3269	3432	267187.5	238437.5
	17	H60	3432	R	MADA-AUST	3268	3432	267187.5	239062.5
	17	H60	3432	R	MADA-AUST	3267	3432	267187.5	239687.5
	17	H60	3432	R	MADA-AUST	2877	3432	267187.5	255312.5
	17	H60	3432	R	MADA-AUST	2876	3432	267187.5	255937.5
	17	H60	3432	R	MADA-AUST	2875	3432	267187.5	256562.5
	17	H60	3432	R	MADA-AUST	2874	3432	267187.5	257187.5
	17	H60	3432	R	MADA-AUST	2915	3432	267187.5	257812.5
	17	H60	3432	R	MADA-AUST	2914	3432	267187.5	258437.5
	17	H60	3432	R	MADA-AUST	2913	3432	267187.5	259062.5
	17	H60	3432	R	MADA-AUST	2912	3432	267187.5	259687.5
	17	H60	3432	R	MADA-AUST	2899	3432	267187.5	260312.5
	17	H60	3432	R	MADA-AUST	2898	3432	267187.5	260937.5
	17	H60	3432	R	MADA-AUST	2897	3432	267187.5	261562.5
	17	H60	3432	R	MADA-AUST	2896	3432	267187.5	262187.5
	17	H60	3432	R	MADA-AUST	2865	3432	267812.5	222812.5
	17	H60	3432	R	MADA-AUST	2908	3432	267812.5	223437.5
	17	H60	3432	R	MADA-AUST	2868	3432	267812.5	224062.5
	17	H60	3432	R	MADA-AUST	2838	3432	267812.5	224687.5
	17	H60	3432	R	MADA-AUST	2839	3432	267812.5	225312.5
	17	H60	3432	R	MADA-AUST	2824	3432	267812.5	225937.5
	17	H60	3432	R	MADA-AUST	2823	3432	267812.5	226562.5
	17	H60	3432	R	MADA-AUST	2822	3432	267812.5	227187.5
	17	H60	3432	R	MADA-AUST	2862	3432	267812.5	227812.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	2861	3432	267812.5	228437.5
	17	H60	3432	R	MADA-AUST	2860	3432	267812.5	229062.5
	17	H60	3432	R	MADA-AUST	2859	3432	267812.5	229687.5
	17	H60	3432	R	MADA-AUST	2846	3432	267812.5	230312.5
	17	H60	3432	R	MADA-AUST	2845	3432	267812.5	230937.5
	17	H60	3432	R	MADA-AUST	2844	3432	267812.5	231562.5
	17	H60	3432	R	MADA-AUST	2843	3432	267812.5	232187.5
	17	H60	3432	R	MADA-AUST	3416	3432	267812.5	232812.5
	17	H60	3432	R	MADA-AUST	3415	3432	267812.5	233437.5
	17	H60	3432	R	MADA-AUST	3414	3432	267812.5	234062.5
	17	H60	3432	R	MADA-AUST	3400	3432	267812.5	234687.5
	17	H60	3432	R	MADA-AUST	3438	3432	267812.5	235312.5
	17	H60	3432	R	MADA-AUST	3440	3432	267812.5	235937.5
	17	H60	3432	R	MADA-AUST	3413	3432	267812.5	236562.5
	17	H60	3432	R	MADA-AUST	3450	3432	267812.5	237187.5
	17	H60	3432	R	MADA-AUST	3437	3432	267812.5	237812.5
	17	H60	3432	R	MADA-AUST	3436	3432	267812.5	238437.5
	17	H60	3432	R	MADA-AUST	3435	3432	267812.5	239062.5
	17	H60	3432	R	MADA-AUST	3434	3432	267812.5	239687.5
	17	H60	3432	R	MADA-AUST	3352	3432	267812.5	260312.5
	17	H60	3432	R	MADA-AUST	3351	3432	267812.5	260937.5
	17	H60	3432	R	MADA-AUST	3350	3432	267812.5	261562.5
	17	H60	3432	R	MADA-AUST	3349	3432	267812.5	262187.5
	17	H60	3432	R	MADA-AUST	3389	3432	267812.5	262812.5
	17	H60	3432	R	MADA-AUST	3388	3432	267812.5	263437.5
	17	H60	3432	R	MADA-AUST	3373	3432	267812.5	264062.5
	17	H60	3432	R	MADA-AUST	3386	3432	267812.5	264687.5
	17	H60	3432	R	MADA-AUST	3464	3432	267812.5	265312.5
	17	H60	3432	R	MADA-AUST	3534	3432	267812.5	265937.5
	17	H60	3432	R	MADA-AUST	3451	3432	267812.5	266562.5
	17	H60	3432	R	MADA-AUST	3530	3432	267812.5	267187.5
	17	H60	3432	R	MADA-AUST	3348	3432	268437.5	260312.5
	17	H60	3432	R	MADA-AUST	3385	3432	268437.5	260937.5
	17	H60	3432	R	MADA-AUST	3387	3432	268437.5	261562.5
	17	H60	3432	R	MADA-AUST	3360	3432	268437.5	262187.5
	17	H60	3432	R	MADA-AUST	3399	3432	268437.5	262812.5
	17	H60	3432	R	MADA-AUST	3384	3432	268437.5	263437.5
	17	H60	3432	R	MADA-AUST	3383	3432	268437.5	264062.5
	17	H60	3432	R	MADA-AUST	3382	3432	268437.5	264687.5
	17	H60	3432	R	MADA-AUST	3529	3432	268437.5	265312.5
	17	H60	3432	R	MADA-AUST	3528	3432	268437.5	265937.5
	17	H60	3432	R	MADA-AUST	3527	3432	268437.5	266562.5
	17	H60	3432	R	MADA-AUST	3526	3432	268437.5	267187.5
	17	H60	3432	R	MADA-AUST	3397	3432	269062.5	260312.5
	17	H60	3432	R	MADA-AUST	3396	3432	269062.5	260937.5
	17	H60	3432	R	MADA-AUST	3395	3432	269062.5	261562.5
	17	H60	3432	R	MADA-AUST	3394	3432	269062.5	262187.5
	17	H60	3432	R	MADA-AUST	3381	3432	269062.5	262812.5
	17	H60	3432	R	MADA-AUST	3380	3432	269062.5	263437.5
	17	H60	3432	R	MADA-AUST	3379	3432	269062.5	264062.5
	17	H60	3432	R	MADA-AUST	3378	3432	269062.5	264687.5
	17	H60	3432	R	MADA-AUST	3525	3432	269062.5	265312.5
	17	H60	3432	R	MADA-AUST	3524	3432	269062.5	265937.5
	17	H60	3432	R	MADA-AUST	3523	3432	269062.5	266562.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	3522	3432	269062.5	267187.5
	17	H60	3432	R	MADA-AUST	3393	3432	269687.5	260312.5
	17	H60	3432	R	MADA-AUST	3392	3432	269687.5	260937.5
	17	H60	3432	R	MADA-AUST	3391	3432	269687.5	261562.5
	17	H60	3432	R	MADA-AUST	3390	3432	269687.5	262187.5
	17	H60	3432	R	MADA-AUST	3377	3432	269687.5	262812.5
	17	H60	3432	R	MADA-AUST	3376	3432	269687.5	263437.5
	17	H60	3432	R	MADA-AUST	3375	3432	269687.5	264062.5
	17	H60	3432	R	MADA-AUST	3374	3432	269687.5	264687.5
	17	H60	3432	R	MADA-AUST	3521	3432	269687.5	265312.5
	17	H60	3432	R	MADA-AUST	3506	3432	269687.5	265937.5
	17	H60	3432	R	MADA-AUST	3519	3432	269687.5	266562.5
	17	H60	3432	R	MADA-AUST	3532	3432	269687.5	267187.5
	17	H60	3432	R	MADA-AUST	3192	3432	270312.5	255312.5
	17	H60	3432	R	MADA-AUST	3191	3432	270312.5	255937.5
	17	H60	3432	R	MADA-AUST	3190	3432	270312.5	256562.5
	17	H60	3432	R	MADA-AUST	3189	3432	270312.5	257187.5
	17	H60	3432	R	MADA-AUST	3229	3432	270312.5	257812.5
	17	H60	3432	R	MADA-AUST	3228	3432	270312.5	258437.5
	17	H60	3432	R	MADA-AUST	3213	3432	270312.5	259062.5
	17	H60	3432	R	MADA-AUST	3226	3432	270312.5	259687.5
	17	H60	3432	R	MADA-AUST	3185	3432	270312.5	260312.5
	17	H60	3432	R	MADA-AUST	3145	3432	270312.5	260937.5
	17	H60	3432	R	MADA-AUST	3198	3432	270312.5	261562.5
	17	H60	3432	R	MADA-AUST	3157	3432	270312.5	262187.5
	17	H60	3432	R	MADA-AUST	3144	3432	270312.5	262812.5
	17	H60	3432	R	MADA-AUST	3143	3432	270312.5	263437.5
	17	H60	3432	R	MADA-AUST	3142	3432	270312.5	264062.5
	17	H60	3432	R	MADA-AUST	3141	3432	270312.5	264687.5
	17	H60	3432	R	MADA-AUST	3181	3432	270312.5	265312.5
	17	H60	3432	R	MADA-AUST	3180	3432	270312.5	265937.5
	17	H60	3432	R	MADA-AUST	3179	3432	270312.5	266562.5
	17	H60	3432	R	MADA-AUST	3178	3432	270312.5	267187.5
	17	H60	3432	R	MADA-AUST	3165	3432	270312.5	267812.5
	17	H60	3432	R	MADA-AUST	3164	3432	270312.5	268437.5
	17	H60	3432	R	MADA-AUST	3163	3432	270312.5	269062.5
	17	H60	3432	R	MADA-AUST	3162	3432	270312.5	269687.5
	17	H60	3432	R	MADA-AUST	3188	3432	270937.5	255312.5
	17	H60	3432	R	MADA-AUST	3225	3432	270937.5	255937.5
	17	H60	3432	R	MADA-AUST	3227	3432	270937.5	256562.5
	17	H60	3432	R	MADA-AUST	3200	3432	270937.5	257187.5
	17	H60	3432	R	MADA-AUST	3239	3432	270937.5	257812.5
	17	H60	3432	R	MADA-AUST	3224	3432	270937.5	258437.5
	17	H60	3432	R	MADA-AUST	3223	3432	270937.5	259062.5
	17	H60	3432	R	MADA-AUST	3222	3432	270937.5	259687.5
	17	H60	3432	R	MADA-AUST	3156	3432	270937.5	260312.5
	17	H60	3432	R	MADA-AUST	3155	3432	270937.5	260937.5
	17	H60	3432	R	MADA-AUST	3154	3432	270937.5	261562.5
	17	H60	3432	R	MADA-AUST	3153	3432	270937.5	262187.5
	17	H60	3432	R	MADA-AUST	3140	3432	270937.5	262812.5
	17	H60	3432	R	MADA-AUST	3139	3432	270937.5	263437.5
	17	H60	3432	R	MADA-AUST	3138	3432	270937.5	264062.5
	17	H60	3432	R	MADA-AUST	3137	3432	270937.5	264687.5
	17	H60	3432	R	MADA-AUST	3177	3432	270937.5	265312.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	3176	3432	270937.5	265937.5
	17	H60	3432	R	MADA-AUST	3175	3432	270937.5	266562.5
	17	H60	3432	R	MADA-AUST	3160	3432	270937.5	267187.5
	17	H60	3432	R	MADA-AUST	3161	3432	270937.5	267812.5
	17	H60	3432	R	MADA-AUST	3251	3432	270937.5	268437.5
	17	H60	3432	R	MADA-AUST	3321	3432	270937.5	269062.5
	17	H60	3432	R	MADA-AUST	3238	3432	270937.5	269687.5
	17	H60	3432	R	MADA-AUST	3237	3432	271562.5	255312.5
	17	H60	3432	R	MADA-AUST	3236	3432	271562.5	255937.5
	17	H60	3432	R	MADA-AUST	3235	3432	271562.5	256562.5
	17	H60	3432	R	MADA-AUST	3234	3432	271562.5	257187.5
	17	H60	3432	R	MADA-AUST	3221	3432	271562.5	257812.5
	17	H60	3432	R	MADA-AUST	3220	3432	271562.5	258437.5
	17	H60	3432	R	MADA-AUST	3219	3432	271562.5	259062.5
	17	H60	3432	R	MADA-AUST	3218	3432	271562.5	259687.5
	17	H60	3432	R	MADA-AUST	3152	3432	271562.5	260312.5
	17	H60	3432	R	MADA-AUST	3151	3432	271562.5	260937.5
	17	H60	3432	R	MADA-AUST	3150	3432	271562.5	261562.5
	17	H60	3432	R	MADA-AUST	3149	3432	271562.5	262187.5
	17	H60	3432	R	MADA-AUST	3136	3432	271562.5	262812.5
	17	H60	3432	R	MADA-AUST	3135	3432	271562.5	263437.5
	17	H60	3432	R	MADA-AUST	3172	3432	271562.5	264062.5
	17	H60	3432	R	MADA-AUST	3174	3432	271562.5	264687.5
	17	H60	3432	R	MADA-AUST	3173	3432	271562.5	265312.5
	17	H60	3432	R	MADA-AUST	3186	3432	271562.5	265937.5
	17	H60	3432	R	MADA-AUST	3171	3432	271562.5	266562.5
	17	H60	3432	R	MADA-AUST	3170	3432	271562.5	267187.5
	17	H60	3432	R	MADA-AUST	3317	3432	271562.5	267812.5
	17	H60	3432	R	MADA-AUST	3316	3432	271562.5	268437.5
	17	H60	3432	R	MADA-AUST	3315	3432	271562.5	269062.5
	17	H60	3432	R	MADA-AUST	3314	3432	271562.5	269687.5
	17	H60	3432	R	MADA-AUST	3233	3432	272187.5	255312.5
	17	H60	3432	R	MADA-AUST	3232	3432	272187.5	255937.5
	17	H60	3432	R	MADA-AUST	3231	3432	272187.5	256562.5
	17	H60	3432	R	MADA-AUST	3230	3432	272187.5	257187.5
	17	H60	3432	R	MADA-AUST	3217	3432	272187.5	257812.5
	17	H60	3432	R	MADA-AUST	3216	3432	272187.5	258437.5
	17	H60	3432	R	MADA-AUST	3215	3432	272187.5	259062.5
	17	H60	3432	R	MADA-AUST	3214	3432	272187.5	259687.5
	17	H60	3432	R	MADA-AUST	3148	3432	272187.5	260312.5
	17	H60	3432	R	MADA-AUST	3134	3432	272187.5	260937.5
	17	H60	3432	R	MADA-AUST	3146	3432	272187.5	261562.5
	17	H60	3432	R	MADA-AUST	3159	3432	272187.5	262187.5
	17	H60	3432	R	MADA-AUST	3147	3432	272187.5	262812.5
	17	H60	3432	R	MADA-AUST	3184	3432	272187.5	263437.5
	17	H60	3432	R	MADA-AUST	3183	3432	272187.5	264062.5
	17	H60	3432	R	MADA-AUST	3182	3432	272187.5	264687.5
	17	H60	3432	R	MADA-AUST	3169	3432	272187.5	265312.5
	17	H60	3432	R	MADA-AUST	3168	3432	272187.5	265937.5
	17	H60	3432	R	MADA-AUST	3167	3432	272187.5	266562.5
	17	H60	3432	R	MADA-AUST	3166	3432	272187.5	267187.5
	17	H60	3432	R	MADA-AUST	3313	3432	272187.5	267812.5
	17	H60	3432	R	MADA-AUST	3312	3432	272187.5	268437.5
	17	H60	3432	R	MADA-AUST	3311	3432	272187.5	269062.5

    	 	 	 

    	 	 	 

    

	17	H60	3432	R	MADA-AUST	3176	3432	270937.5	265937.5
	17	H60	3432	R	MADA-AUST	3175	3432	270937.5	266562.5
	17	H60	3432	R	MADA-AUST	3160	3432	270937.5	267187.5
	17	H60	3432	R	MADA-AUST	3161	3432	270937.5	267812.5
	17	H60	3432	R	MADA-AUST	3251	3432	270937.5	268437.5
	17	H60	3432	R	MADA-AUST	3321	3432	270937.5	269062.5
	17	H60	3432	R	MADA-AUST	3238	3432	270937.5	269687.5
	17	H60	3432	R	MADA-AUST	3237	3432	271562.5	255312.5
	17	H60	3432	R	MADA-AUST	3236	3432	271562.5	255937.5
	17	H60	3432	R	MADA-AUST	3235	3432	271562.5	256562.5
	17	H60	3432	R	MADA-AUST	3234	3432	271562.5	257187.5
	17	H60	3432	R	MADA-AUST	3221	3432	271562.5	257812.5
	17	H60	3432	R	MADA-AUST	3220	3432	271562.5	258437.5
	17	H60	3432	R	MADA-AUST	3219	3432	271562.5	259062.5
	17	H60	3432	R	MADA-AUST	3218	3432	271562.5	259687.5
	17	H60	3432	R	MADA-AUST	3152	3432	271562.5	260312.5
	17	H60	3432	R	MADA-AUST	3151	3432	271562.5	260937.5
	17	H60	3432	R	MADA-AUST	3150	3432	271562.5	261562.5
	17	H60	3432	R	MADA-AUST	3149	3432	271562.5	262187.5
	17	H60	3432	R	MADA-AUST	3136	3432	271562.5	262812.5
	17	H60	3432	R	MADA-AUST	3135	3432	271562.5	263437.5
	17	H60	3432	R	MADA-AUST	3172	3432	271562.5	264062.5
	17	H60	3432	R	MADA-AUST	3174	3432	271562.5	264687.5
	17	H60	3432	R	MADA-AUST	3173	3432	271562.5	265312.5
	17	H60	3432	R	MADA-AUST	3186	3432	271562.5	265937.5
	17	H60	3432	R	MADA-AUST	3171	3432	271562.5	266562.5
	17	H60	3432	R	MADA-AUST	3170	3432	271562.5	267187.5
	17	H60	3432	R	MADA-AUST	3317	3432	271562.5	267812.5
	17	H60	3432	R	MADA-AUST	3316	3432	271562.5	268437.5
	17	H60	3432	R	MADA-AUST	3315	3432	271562.5	269062.5
	17	H60	3432	R	MADA-AUST	3314	3432	271562.5	269687.5
	17	H60	3432	R	MADA-AUST	3233	3432	272187.5	255312.5
	17	H60	3432	R	MADA-AUST	3232	3432	272187.5	255937.5
	17	H60	3432	R	MADA-AUST	3231	3432	272187.5	256562.5
	17	H60	3432	R	MADA-AUST	3230	3432	272187.5	257187.5
	17	H60	3432	R	MADA-AUST	3217	3432	272187.5	257812.5
	17	H60	3432	R	MADA-AUST	3216	3432	272187.5	258437.5
	17	H60	3432	R	MADA-AUST	3215	3432	272187.5	259062.5
	17	H60	3432	R	MADA-AUST	3214	3432	272187.5	259687.5
	17	H60	3432	R	MADA-AUST	3148	3432	272187.5	260312.5
	17	H60	3432	R	MADA-AUST	3134	3432	272187.5	260937.5
	17	H60	3432	R	MADA-AUST	3146	3432	272187.5	261562.5
	17	H60	3432	R	MADA-AUST	3159	3432	272187.5	262187.5
	17	H60	3432	R	MADA-AUST	3147	3432	272187.5	262812.5
	17	H60	3432	R	MADA-AUST	3184	3432	272187.5	263437.5
	17	H60	3432	R	MADA-AUST	3183	3432	272187.5	264062.5
	17	H60	3432	R	MADA-AUST	3182	3432	272187.5	264687.5
	17	H60	3432	R	MADA-AUST	3169	3432	272187.5	265312.5
	17	H60	3432	R	MADA-AUST	3168	3432	272187.5	265937.5
	17	H60	3432	R	MADA-AUST	3167	3432	272187.5	266562.5
	17	H60	3432	R	MADA-AUST	3166	3432	272187.5	267187.5
	17	H60	3432	R	MADA-AUST	3313	3432	272187.5	267812.5
	17	H60	3432	R	MADA-AUST	3312	3432	272187.5	268437.5
	17	H60	3432	R	MADA-AUST	3311	3432	272187.5	269062.5

     

    

  

      

    

 

	17	H60	3432	R	MADA-AUST	3310	3432	272187.5	269687.5
	462	H59	38325	R	MADA-AUST	28645	38325	272812.5	255312.5
	462	H59	38325	R	MADA-AUST	28661	38325	272812.5	255937.5
	462	H59	38325	R	MADA-AUST	28666	38325	272812.5	256562.5
	462	H59	38325	R	MADA-AUST	28665	38325	272812.5	257187.5
	102	H59	14623	R	MADA-AUST	12191	14623	272812.5	257812.5
	102	H59	14623	R	MADA-AUST	12195	14623	272812.5	258437.5
	102	H59	14623	R	MADA-AUST	12196	14623	272812.5	259062.5
	102	H59	14623	R	MADA-AUST	12197	14623	272812.5	259687.5
	102	H59	14623	R	MADA-AUST	12175	14623	272812.5	260312.5
	102	H59	14623	R	MADA-AUST	12182	14623	272812.5	260937.5
	102	H59	14623	R	MADA-AUST	12190	14623	272812.5	261562.5
	102	H59	14623	R	MADA-AUST	12180	14623	272812.5	262187.5
	17	H60	3432	R	MADA-AUST	3331	3432	272812.5	262812.5
	17	H60	3432	R	MADA-AUST	3330	3432	272812.5	263437.5
	17	H60	3432	R	MADA-AUST	3329	3432	272812.5	264062.5
	17	H60	3432	R	MADA-AUST	3328	3432	272812.5	264687.5
	17	H60	3432	R	MADA-AUST	3261	3432	272812.5	265312.5
	17	H60	3432	R	MADA-AUST	3260	3432	272812.5	265937.5
	17	H60	3432	R	MADA-AUST	3259	3432	272812.5	266562.5
	17	H60	3432	R	MADA-AUST	3258	3432	272812.5	267187.5
	17	H60	3432	R	MADA-AUST	3245	3432	272812.5	267812.5
	17	H60	3432	R	MADA-AUST	3244	3432	272812.5	268437.5
	17	H60	3432	R	MADA-AUST	3243	3432	272812.5	269062.5
	17	H60	3432	R	MADA-AUST	3242	3432	272812.5	269687.5
	462	H59	38325	R	MADA-AUST	28650	38325	273437.5	255312.5
	462	H59	38325	R	MADA-AUST	28626	38325	273437.5	255937.5
	462	H59	38325	R	MADA-AUST	28628	38325	273437.5	256562.5
	462	H59	38325	R	MADA-AUST	28629	38325	273437.5	257187.5
	102	H59	14623	R	MADA-AUST	12198	14623	273437.5	257812.5
	102	H59	14623	R	MADA-AUST	12199	14623	273437.5	258437.5
	102	H59	14623	R	MADA-AUST	12206	14623	273437.5	259062.5
	102	H59	14623	R	MADA-AUST	12202	14623	273437.5	259687.5
	102	H59	14623	R	MADA-AUST	12179	14623	273437.5	260312.5
	102	H59	14623	R	MADA-AUST	12176	14623	273437.5	260937.5
	102	H59	14623	R	MADA-AUST	12177	14623	273437.5	261562.5
	102	H59	14623	R	MADA-AUST	12184	14623	273437.5	262187.5
	17	H60	3432	R	MADA-AUST	3327	3432	273437.5	262812.5
	17	H60	3432	R	MADA-AUST	3326	3432	273437.5	263437.5
	17	H60	3432	R	MADA-AUST	3325	3432	273437.5	264062.5
	17	H60	3432	R	MADA-AUST	3324	3432	273437.5	264687.5
	17	H60	3432	R	MADA-AUST	3257	3432	273437.5	265312.5
	17	H60	3432	R	MADA-AUST	3256	3432	273437.5	265937.5
	17	H60	3432	R	MADA-AUST	3255	3432	273437.5	266562.5
	17	H60	3432	R	MADA-AUST	3254	3432	273437.5	267187.5
	17	H60	3432	R	MADA-AUST	3241	3432	273437.5	267812.5
	17	H60	3432	R	MADA-AUST	3278	3432	273437.5	268437.5
	17	H60	3432	R	MADA-AUST	3280	3432	273437.5	269062.5
	17	H60	3432	R	MADA-AUST	3253	3432	273437.5	269687.5
	462	H59	38325	R	MADA-AUST	28615	38325	274062.5	255312.5
	462	H59	38325	R	MADA-AUST	28644	38325	274062.5	255937.5
	462	H59	38325	R	MADA-AUST	28656	38325	274062.5	256562.5
	462	H59	38325	R	MADA-AUST	28649	38325	274062.5	257187.5
	102	H59	14623	R	MADA-AUST	12203	14623	274062.5	257812.5

     

    

 

  

      

    

 

	102	H59	14623	R	MADA-AUST	12204	14623	274062.5	258437.5
	102	H59	14623	R	MADA-AUST	12205	14623	274062.5	259062.5
	102	H59	14623	R	MADA-AUST	12200	14623	274062.5	259687.5
	102	H59	14623	R	MADA-AUST	12185	14623	274062.5	260312.5
	102	H59	14623	R	MADA-AUST	12186	14623	274062.5	260937.5
	102	H59	14623	R	MADA-AUST	12187	14623	274062.5	261562.5
	102	H59	14623	R	MADA-AUST	12188	14623	274062.5	262187.5
	17	H60	3432	R	MADA-AUST	3323	3432	274062.5	262812.5
	17	H60	3432	R	MADA-AUST	3322	3432	274062.5	263437.5
	17	H60	3432	R	MADA-AUST	3291	3432	274062.5	264062.5
	17	H60	3432	R	MADA-AUST	3334	3432	274062.5	264687.5
	17	H60	3432	R	MADA-AUST	3240	3432	274062.5	265312.5
	17	H60	3432	R	MADA-AUST	3252	3432	274062.5	265937.5
	17	H60	3432	R	MADA-AUST	3265	3432	274062.5	266562.5
	17	H60	3432	R	MADA-AUST	3250	3432	274062.5	267187.5
	17	H60	3432	R	MADA-AUST	3290	3432	274062.5	267812.5
	17	H60	3432	R	MADA-AUST	3289	3432	274062.5	268437.5
	17	H60	3432	R	MADA-AUST	3288	3432	274062.5	269062.5
	17	H60	3432	R	MADA-AUST	3287	3432	274062.5	269687.5
	462	H59	38325	R	MADA-AUST	28648	38325	274687.5	255312.5
	462	H59	38325	R	MADA-AUST	28647	38325	274687.5	255937.5
	462	H59	38325	R	MADA-AUST	28646	38325	274687.5	256562.5
	462	H59	38325	R	MADA-AUST	28606	38325	274687.5	257187.5
	102	H59	14623	R	MADA-AUST	12201	14623	274687.5	257812.5
	102	H59	14623	R	MADA-AUST	12207	14623	274687.5	258437.5
	102	H59	14623	R	MADA-AUST	12193	14623	274687.5	259062.5
	102	H59	14623	R	MADA-AUST	12160	14623	274687.5	259687.5
	102	H59	14623	R	MADA-AUST	12189	14623	274687.5	260312.5
	102	H59	14623	R	MADA-AUST	12167	14623	274687.5	260937.5
	102	H59	14623	R	MADA-AUST	12165	14623	274687.5	261562.5
	102	H59	14623	R	MADA-AUST	12181	14623	274687.5	262187.5
	17	H60	3432	R	MADA-AUST	3294	3432	274687.5	262812.5
	17	H60	3432	R	MADA-AUST	3264	3432	274687.5	263437.5
	17	H60	3432	R	MADA-AUST	3263	3432	274687.5	264062.5
	17	H60	3432	R	MADA-AUST	3262	3432	274687.5	264687.5
	17	H60	3432	R	MADA-AUST	3249	3432	274687.5	265312.5
	17	H60	3432	R	MADA-AUST	3248	3432	274687.5	265937.5
	17	H60	3432	R	MADA-AUST	3247	3432	274687.5	266562.5
	17	H60	3432	R	MADA-AUST	3246	3432	274687.5	267187.5
	17	H60	3432	R	MADA-AUST	3286	3432	274687.5	267812.5
	17	H60	3432	R	MADA-AUST	3285	3432	274687.5	268437.5
	17	H60	3432	R	MADA-AUST	3284	3432	274687.5	269062.5
	17	H60	3432	R	MADA-AUST	3283	3432	274687.5	269687.5
	462	H59	38325	R	MADA-AUST	28608	38325	275312.5	247812.5
	462	H59	38325	R	MADA-AUST	28617	38325	275312.5	248437.5
	462	H59	38325	R	MADA-AUST	28616	38325	275312.5	249062.5
	462	H59	38325	R	MADA-AUST	28618	38325	275312.5	249687.5
	462	H59	38325	R	MADA-AUST	28593	38325	275312.5	250312.5
	462	H59	38325	R	MADA-AUST	28594	38325	275312.5	250937.5
	462	H59	38325	R	MADA-AUST	28595	38325	275312.5	251562.5
	462	H59	38325	R	MADA-AUST	28587	38325	275312.5	252187.5
	462	H59	38325	R	MADA-AUST	28635	38325	275312.5	252812.5
	462	H59	38325	R	MADA-AUST	28659	38325	275312.5	253437.5
	462	H59	38325	R	MADA-AUST	28637	38325	275312.5	254062.5

     

    

  

      

    

 

	462	H59	38325	R	MADA-AUST	28651	38325	275312.5	254687.5
	462	H59	38325	R	MADA-AUST	28603	38325	275312.5	255312.5
	462	H59	38325	R	MADA-AUST	28602	38325	275312.5	255937.5
	462	H59	38325	R	MADA-AUST	28601	38325	275312.5	256562.5
	462	H59	38325	R	MADA-AUST	28600	38325	275312.5	257187.5
	102	H59	14623	R	MADA-AUST	12161	14623	275312.5	257812.5
	102	H59	14623	R	MADA-AUST	12162	14623	275312.5	258437.5
	102	H59	14623	R	MADA-AUST	12163	14623	275312.5	259062.5
	102	H59	14623	R	MADA-AUST	12164	14623	275312.5	259687.5
	102	H59	14623	R	MADA-AUST	12111	14623	275312.5	260312.5
	102	H59	14623	R	MADA-AUST	12112	14623	275312.5	260937.5
	102	H59	14623	R	MADA-AUST	12113	14623	275312.5	261562.5
	102	H59	14623	R	MADA-AUST	12107	14623	275312.5	262187.5
	462	H59	38325	R	MADA-AUST	28627	38325	275937.5	247812.5
	462	H59	38325	R	MADA-AUST	28630	38325	275937.5	248437.5
	462	H59	38325	R	MADA-AUST	28596	38325	275937.5	249062.5
	462	H59	38325	R	MADA-AUST	28609	38325	275937.5	249687.5
	462	H59	38325	R	MADA-AUST	28652	38325	275937.5	250312.5
	462	H59	38325	R	MADA-AUST	28653	38325	275937.5	250937.5
	462	H59	38325	R	MADA-AUST	28619	38325	275937.5	251562.5
	462	H59	38325	R	MADA-AUST	28607	38325	275937.5	252187.5
	462	H59	38325	R	MADA-AUST	28631	38325	275937.5	252812.5
	462	H59	38325	R	MADA-AUST	28621	38325	275937.5	253437.5
	462	H59	38325	R	MADA-AUST	28622	38325	275937.5	254062.5
	462	H59	38325	R	MADA-AUST	28623	38325	275937.5	254687.5
	462	H59	38325	R	MADA-AUST	28638	38325	275937.5	255312.5
	462	H59	38325	R	MADA-AUST	28598	38325	275937.5	255937.5
	462	H59	38325	R	MADA-AUST	28614	38325	275937.5	256562.5
	462	H59	38325	R	MADA-AUST	28632	38325	275937.5	257187.5
	102	H59	14623	R	MADA-AUST	12192	14623	275937.5	257812.5
	102	H59	14623	R	MADA-AUST	12174	14623	275937.5	258437.5
	102	H59	14623	R	MADA-AUST	12183	14623	275937.5	259062.5
	102	H59	14623	R	MADA-AUST	12166	14623	275937.5	259687.5
	102	H59	14623	R	MADA-AUST	12115	14623	275937.5	260312.5
	102	H59	14623	R	MADA-AUST	12117	14623	275937.5	260937.5
	102	H59	14623	R	MADA-AUST	12126	14623	275937.5	261562.5
	102	H59	14623	R	MADA-AUST	12118	14623	275937.5	262187.5
	462	H59	38325	R	MADA-AUST	28610	38325	276562.5	247812.5
	462	H59	38325	R	MADA-AUST	28611	38325	276562.5	248437.5
	462	H59	38325	R	MADA-AUST	28612	38325	276562.5	249062.5
	462	H59	38325	R	MADA-AUST	28613	38325	276562.5	249687.5
	462	H59	38325	R	MADA-AUST	28654	38325	276562.5	250312.5
	462	H59	38325	R	MADA-AUST	28636	38325	276562.5	250937.5
	462	H59	38325	R	MADA-AUST	28589	38325	276562.5	251562.5
	462	H59	38325	R	MADA-AUST	28590	38325	276562.5	252187.5
	462	H59	38325	R	MADA-AUST	28633	38325	276562.5	252812.5
	462	H59	38325	R	MADA-AUST	28624	38325	276562.5	253437.5
	462	H59	38325	R	MADA-AUST	28634	38325	276562.5	254062.5
	462	H59	38325	R	MADA-AUST	28597	38325	276562.5	254687.5
	462	H59	38325	R	MADA-AUST	28620	38325	276562.5	255312.5
	462	H59	38325	R	MADA-AUST	28625	38325	276562.5	255937.5
	462	H59	38325	R	MADA-AUST	28643	38325	276562.5	256562.5
	462	H59	38325	R	MADA-AUST	28642	38325	276562.5	257187.5
	102	H59	14623	R	MADA-AUST	12159	14623	276562.5	257812.5

     

    

 

  

      

    

 

	102	H59	14623	R	MADA-AUST	12168	14623	276562.5	258437.5
	102	H59	14623	R	MADA-AUST	12169	14623	276562.5	259062.5
	102	H59	14623	R	MADA-AUST	12170	14623	276562.5	259687.5
	102	H59	14623	R	MADA-AUST	12110	14623	276562.5	260312.5
	102	H59	14623	R	MADA-AUST	12154	14623	276562.5	260937.5
	102	H59	14623	R	MADA-AUST	12120	14623	276562.5	261562.5
	102	H59	14623	R	MADA-AUST	12178	14623	276562.5	262187.5
	462	H59	38325	R	MADA-AUST	28655	38325	277187.5	247812.5
	462	H59	38325	R	MADA-AUST	28591	38325	277187.5	248437.5
	462	H59	38325	R	MADA-AUST	28588	38325	277187.5	249062.5
	462	H59	38325	R	MADA-AUST	28592	38325	277187.5	249687.5
	462	H59	38325	R	MADA-AUST	28664	38325	277187.5	250312.5
	462	H59	38325	R	MADA-AUST	28663	38325	277187.5	250937.5
	462	H59	38325	R	MADA-AUST	28662	38325	277187.5	251562.5
	462	H59	38325	R	MADA-AUST	28657	38325	277187.5	252187.5
	462	H59	38325	R	MADA-AUST	28599	38325	277187.5	252812.5
	462	H59	38325	R	MADA-AUST	28660	38325	277187.5	253437.5
	462	H59	38325	R	MADA-AUST	28605	38325	277187.5	254062.5
	462	H59	38325	R	MADA-AUST	28604	38325	277187.5	254687.5
	462	H59	38325	R	MADA-AUST	28641	38325	277187.5	255312.5
	462	H59	38325	R	MADA-AUST	28640	38325	277187.5	255937.5
	462	H59	38325	R	MADA-AUST	28639	38325	277187.5	256562.5
	462	H59	38325	R	MADA-AUST	28658	38325	277187.5	257187.5
	102	H59	14623	R	MADA-AUST	12171	14623	277187.5	257812.5
	102	H59	14623	R	MADA-AUST	12172	14623	277187.5	258437.5
	102	H59	14623	R	MADA-AUST	12173	14623	277187.5	259062.5
	102	H59	14623	R	MADA-AUST	12152	14623	277187.5	259687.5
	102	H59	14623	R	MADA-AUST	12121	14623	277187.5	260312.5
	102	H59	14623	R	MADA-AUST	12122	14623	277187.5	260937.5
	102	H59	14623	R	MADA-AUST	12123	14623	277187.5	261562.5
	102	H59	14623	R	MADA-AUST	12124	14623	277187.5	262187.5
	102	H59	14623	R	MADA-AUST	12097	14623	277812.5	257187.5
	102	H59	14623	R	MADA-AUST	12151	14623	277812.5	257812.5
	102	H59	14623	R	MADA-AUST	12144	14623	277812.5	258437.5
	102	H59	14623	R	MADA-AUST	12145	14623	277812.5	259062.5
	102	H59	14623	R	MADA-AUST	12146	14623	277812.5	259687.5
	102	H59	14623	R	MADA-AUST	12133	14623	277812.5	260312.5
	102	H59	14623	R	MADA-AUST	12149	14623	277812.5	260937.5
	102	H59	14623	R	MADA-AUST	12129	14623	277812.5	261562.5
	102	H59	14623	R	MADA-AUST	12130	14623	277812.5	262187.5
	379	G61	31735	R	ENERGEX	24774	31735	232812.5	172812.5
	379	G61	31735	R	ENERGEX	24775	31735	232812.5	173437.5
	379	G61	31735	R	ENERGEX	24776	31735	232812.5	174062.5
	379	G61	31735	R	ENERGEX	24783	31735	232812.5	174687.5
	379	G61	31735	R	ENERGEX	24771	31735	233437.5	172812.5
	379	G61	31735	R	ENERGEX	24769	31735	233437.5	173437.5
	379	G61	31735	R	ENERGEX	24784	31735	233437.5	174062.5
	379	G61	31735	R	ENERGEX	24779	31735	233437.5	174687.5
	379	G61	31735	R	ENERGEX	24780	31735	234062.5	172812.5
	379	G61	31735	R	ENERGEX	24782	31735	234062.5	173437.5
	379	G61	31735	R	ENERGEX	24773	31735	234062.5	174062.5
	379	G61	31735	R	ENERGEX	24781	31735	234062.5	174687.5
	379	G61	31735	R	ENERGEX	24778	31735	234687.5	172812.5
	379	G61	31735	R	ENERGEX	24777	31735	234687.5	173437.5

     

    

 

  

      

    

 

	379	G61	31735	R	ENERGEX	24770	31735	234687.5	174062.5
	379	G61	31735	R	ENERGEX	24772	31735	234687.5	174687.5
	378	G61	31734	R	ENERGEX	24765	31734	237812.5	185312.5
	378	G61	31734	R	ENERGEX	24764	31734	237812.5	185937.5
	378	G61	31734	R	ENERGEX	24763	31734	237812.5	186562.5
	378	G61	31734	R	ENERGEX	24767	31734	237812.5	187187.5
	378	G61	31734	R	ENERGEX	24762	31734	238437.5	185312.5
	378	G61	31734	R	ENERGEX	24761	31734	238437.5	185937.5
	378	G61	31734	R	ENERGEX	24753	31734	238437.5	186562.5
	378	G61	31734	R	ENERGEX	24760	31734	238437.5	187187.5
	378	G61	31734	R	ENERGEX	24768	31734	239062.5	185312.5
	378	G61	31734	R	ENERGEX	24759	31734	239062.5	185937.5
	378	G61	31734	R	ENERGEX	24755	31734	239062.5	186562.5
	378	G61	31734	R	ENERGEX	24754	31734	239062.5	187187.5
	378	G61	31734	R	ENERGEX	24766	31734	239687.5	185312.5
	378	G61	31734	R	ENERGEX	24756	31734	239687.5	185937.5
	378	G61	31734	R	ENERGEX	24757	31734	239687.5	186562.5
	378	G61	31734	R	ENERGEX	24758	31734	239687.5	187187.5

 

 

 

     

    

 

  

      

    

 

Joint
Venture Agreement

 

 

 

 

Annexure
B- Form of
Mazoto Sublease Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

  

      

     

    

 

 

 

 

MINING SUBLEASE
AGREEMENT

 

 

 

Between
:

 

 

 

Mazoto
Minerals SARL,
a limited
liability
company
with
share
capital of
2.000.000,00
Ariary,
the head office
of which is
located at 135
Bis,
Route
circulaire,
Ankorahotra,
101 Antananarivo,
Madagascar,
registered
at the Trade
and Company
Register
of Antananarivo
under number

2006B01026,
holding
the Statistical
Number 14398
11 2006 0 10926
and the
Tax
Registration Number 3000007377,
represented by Mr Jean
Luc Marquetoux
in his quality
as Manager
of the Company,
having all
powers in
that respect,

 

(Herein after
called «Mazoto»)
on the
one hand,
And,

ERG
(Madagascar)
Ltd,
a limited liability
company  with
a capital
of 2.000.000,00
Ariary,
the head
office
of which
is located
at Pres
lot 001
A Bis, Andranomena-Antehiroka,
Antananarivo
101, Madagascar,
registered
at the
Trade
and
Company
Register
under
Number  
, holding the Statistical Number
   and
the Tax
Registration
Number
  , represented by Mr
Roland
Fok-Seung
in his
quality
as Manager
of the
Company, having all
powers in
that respect,

 

 

 

(Herein
after called
« ERG») 
on the
other hand

 

 

 

 

PREAMBLE

 

 

 

(A)
Mazoto
is the
holder
of mining
permit
number <insert>
(herein after
“the Permit”)

relating on
a total
of  squares.

 

		(B)	Mazoto
envisages
conceding
to the
benefit of
ERG, the rights
for exploring Minerals
as defined in
Article
one below.

 

		(C)	Therefore,
Mazoto
and ERG
decided
to set
the terms
and of
their respective
agreement
and commitment as
follows.

     

     

    

 

Article
1. DEFINITIONS
AND INTERPRETATION

 

1.1
Definitions

 

In
the present
Agreement, unless
the context
otherwise
requires:

 

-« Ar
» refers to
Ariary, a
currency
of the
Republic of Madagascar;

 

		-	« Claim
» refers to
a mineral
claim such
as defined
by the mining
legislation in
Madagascar, and
as being part of
the area demarcated
by a permit;

 

-« Industrial
Mineral Rights
» means
all Mineral
Rights with
respect
to the
Minerals.

 

		-	« Minerals
»  or  «
Industrial  Minerals
»  refers
 to  the 
minerals  listed  in 
Annex  A 
and  the research
and/or exploitation
of which is
authorized
within the
Permit Area from
time to time;

 

		-	« Mineral
Rights »
means
the right to
explore for
and mine minerals
within the
Permit Area
in accordance
with
the Permit.

 

-« Other
Minerals
» means
all other
minerals other
than Minerals.

 

		-	« Other
Mineral Rights
» means all
Mineral
Rights
other than
the Industrial
Mineral
Rights
in respect
of the
Permit.

 

-« Permit
» means mining
permit
number <insert>;

 

-« Permit
Area» means
the area
of the
Permit described
in Annex
B;

 

-« Party
» refers to
any of the
parties
to the present
Agreement;
and

 

-« Term
» has
the meaning
given
to that term
in Article
11 of this
Sublease
Agreement.

 

 

 

The
word
forms
issued
from
a word
or an
expression
as defined
in the present
clause shall
have the same
meaning as the
above mentioned
ones.

 

1.2.
Interpretation

 

In the
interpretation of
the present
Agreement,
except for
contradiction
with the
subject matter
or the
context,

     

     

    

 

  

 

 

(a)
Titles
are
given in the
present
Agreement only
for convenience
and they
in no
case must be used
for interpreting
the latter;

 

(b)
Any  reference  to 
the preamble,  to the clauses,
 indentation,
 paragraphs,
 annexes
 are references
to the
preamble, the
clauses, the
indentations, the
paragraphs and annexes
of the present
Agreement;

 

(c)
« including
» and similar
expressions are
not restrictive
words.

 

The Parties
acknowledge and
agree that
this Sublease
Agreement shall
be signed
in both the French
and English
language. 
In the
event of any
discrepancy in
translation or
difference in interpretation
between the
two versions, the
English language version
shall prevail.

 

Article
2.  PURPOSE
OF THE AGREEMENT

 

Through
the presents,
Mazoto, in
its
capacity
as holder
of the
Permit,
under the
herein
after terms
and conditions,
concedes
to ERG,
who accepts,
the rights of exploring
the Minerals on the Permit
Area.

 

Under
the present
Sublease
Agreement,
the research/exploration
rights belonging
to Mazoto
by virtue of
the Permit
and relating
to the Minerals
shall be
granted to
ERG in respect
of the Permit
Area. In that
respect, the latter
has
the exclusive
right of undertaking the prospecting and
the search for the Minerals
to the extent they are
included in the Permit.
The obligations,
which are both administrative,
fiscal
and environmental
relating to the Permits,
in accordance to
the provisions
of Article
140 of Decree
n°2006-910 of 19 December
2006 which sets the modalities for applying
the Mining Law, as
well as the ownership
of such
Permit however remain with Mazoto.

 

 

 

Article
3 : RIGHTS
AND OBLIGATIONS

 

3.1.
Rights and obligations
of Mazoto

 

3.1.1
- Obligations
of Mazoto

 

Mazoto
acknowledges
and agrees
that once
this Sublease
Agreement is executed
and for
the duration of
the Term, access
to the
Permit must
be granted to
ERG along
with copies of
all material
documents
related
to or
associated
with the Permit
Area.

 

Mazoto
grants to ERG the
exclusive
rights to undertake the
prospecting
and the mining
research in order
to identify
Minerals,
and to
collect all necessary data
with a view
to exploiting
one such Mineral
or several
of them.
Any and
all data collected
as part of
undertaking prospecting
and mining research
is the property
of ERG
but ERG
will provide
Mazoto
copies on
the reasonable
request
of Mazoto at
ERG’s
cost.

     

     

    

  

 

 

 

Mazoto
shall manage
the Permit
in conformity
with the legal
and regulatory
provisions
in force and
shall provide
to ERG
all current and coming
information relating to the
Permit.

 

Mazoto commits,
upon
a simple
request
by ERG
and to the
expense of
the latter, to: (i) 
attend to
the renewal
of the Permit
before their
expiration;
and

(ii)
on completion
of a bankable
feasibility
study and
decision
to mine
being
made in
respect
of all or
a portion
of the
Permit Area, apply
to the Bureau
du Cadastre Minier
de Madagascar
(« BCMM ») for the transformation
of one part or the total
of the Permit
Area which will be
the mining
area into exploitation
permits.

 

All
fees
paid
and costs
engendered
by Mazoto
under
the last
paragraph
will
be cross-charged
to

ERG.

 

This Sublease
Agreement continues
to operate
in respect
of that part
of the
Permit
Area that
is not transformed into
an exploitation
permit(s).

 

3.2. Obligations
of ERG

 

For the
duration of
the Agreement, ERG
shall:

 

(a)
Conduct
its
research/exploration
activities
under the
Permit
by respecting
the conditions
and obligations imposed
on the holder
of mining
permits,
in accordance
with the
legislation
and regulation in force on
the territory
of the Republic
of Madagascar,
more particularly
the Madagascan
legal
and regulatory
provisions in mining
and environmental
matters and in accordance
with the international
standards and practices
in terms of
safety and ethics;

 

(b)
Take
in the
course
of its
research/exploration
activities
all
reasonable
actions
which prove necessary
to maintain the validity
of the Permit that
are the objects
of the present
Sublease Agreement
and to avoid its
forfeiture;

 

(c)
Repair
any damage
that Mazoto
might
suffer
and reimburse
any
expense
that
the latter
might incur
as a result
of an activity
undertaken
by ERG, its
authorized officials,
its employees,
subcontractors
or agents,
within
the Permit
Area under
the Permit that is the object of the
present Sublease
Agreement;

 

(d) Proceed
to, and fund
the feasibility
study of
the exploitation
of the
Permit
in relation
to

Minerals
that are
the objects
to the
present
Sublease
Agreement.

     

     

    

 

  

 

 

Article 4
: SUBLEASE

 

4.1 :
Grant of subleases

 

(a)
Mazoto agrees
to grant
to ERG
the Industrial
Mineral
Rights
and the
exclusive
right
to carry
out prospecting
and mining operations
within the
Permit Area, in accordance
with the laws of
Madagascar, for
the purposes
of identifying
and exploiting
any Minerals
within that area.

 

(b)
Mazoto hereby
grants
to ERG a sublease
over the Permit
Area to have
the exclusive
right
to carry out
prospecting
and mining
within the
Permit
Area,
in accordance with
the laws
of Madagascar, for
the purposes
of identifying
and exploiting
any Minerals
within that area.

 

4.2 Covenants
of Mazoto
in respect
of the Permit

 

Mazoto,
at the
cost of ERG,
must:

 

(a)
use all reasonable
endeavours
permitted
under
the laws
of Madagascar
to ensure
the Permit
is renewed
in the
usual
course
for such
periods
as permitted
by the Mining
Code, as requested by ERG;

 

(b)
do all such
acts as are
reasonably
necessary
to keep
the Permit
in good
standing
which can
only be
done or
performed
by the registered
holder of the Permit,
provided that Mazoto
must give to ERG adequate prior notice
of all such acts; and

 

(c)
use all reasonable
endeavours
to have
this Sublease
Agreement registered
with
the BCMM
as soon as possible.

 

4.3 Covenants
of ERG in
respect of
the Permit

 

Subject
to Article
4.2, ERG
must:

 

(a)
do all
such
acts
and make
all
such
payments
as are reasonably
necessary
to keep the
Permit in good
standing;

 

(b) comply
with all
minimum
expenditure
obligations
in respect
of the Permit
(if any);
and

 

(c)
contribute
as sole contributors
to all
outgoings
(being rents,
rates,
survey
fees and other
fees and charges
under applicable legislation
or otherwise in connection
with
the Permit).

 

4.4 Remedies
of ERG

 

(a)
If Mazoto
does,
permits
or suffers to
be done
anything, or
omits to
do anything
required under the Mining
Code or other
laws of Madagascar,
which constitutes
a breach of any of its covenants
under this
Sublease Agreement
and which may, in ERG’s reasonable
opinion, result in:

     

     

  

      

      

    

 

(i)
the termination
or non-renewal
of the
Permit;

 

(ii)
a revocation  of any 
permit,  authority
 or  approval
 necessary
 to
maintain 
the  good standing
of the
Permit;
or

 

(iii)
loss of
access
to any
part of
the Permit
Area,

 

ERG
has the
right, on each
occurrence, to
be appointed
Mazoto’s
attorney
for the
purpose of
taking
whatever
remedial steps
it considers
necessary
to remedy the
breach.

 

(b)
Any costs incurred
by ERG
in exercising
its
rights
pursuant to
Article 4.4(a)
will be a
debt due from
Mazoto to ERG
payable upon
demand.

 

(c)
The rights
created by Article
4.4(a)
are the
sole remedy
in respect
to a
breach
to which

Article
4.4(a)
applies.

 

(d)
ERG
will
not be liable
to Mazoto
for any
loss or damage
suffered
by Mazoto
as a result
of actions 
taken or
omissions 
made  by
ERG  in
the course
 of exercising
 or purporting 
to exercise
its rights
under Article
4.4(a)
so long as
ERG has acted
in good faith.

 

4.5 Exercise
of Industrial
Mineral Rights

 

ERG must,
in the
exercise of its
Industrial Mineral
Rights:

 

(a) comply
with
the conditions
of the
Permit
(to the
extent that
those conditions
relate to
the

Permit Area)
as if ERG
were
the permit
holder;

 

(b)
comply with
the requirements of
the BCMM,
the Mining
Code,
environmental
laws
and any
other laws
dealing with
miners and the
research/exploration
for and mining
of minerals;

 

(c)
be responsible
for approvals required
for activities
on the
Permit
Area;

 

(d)
be responsible
for the preparation
and lodgement
of any
reporting
obligations
on any work done
on, and
money expended
in connection
with
the Permit
Area;

 

(e)
comply
with,
adopt and
exercise good
mining practices
including
rehabilitating
any ground disturbance;

 

(f) 
without prejudice
to Article
8, use
its reasonable
endeavours to minimise
interference
with Mazoto’s activities in
planning, programming
and executing
any
exploration
activity
on the Permit;

 

(g)
keep
all drill
holes, costeans,
trenches,
excavations,
shafts and other
workings secure
and safe and properly
maintained
and, where
necessary,
fenced;
and

     

     

    

 

  

 

 

 

 

 

(h)
not do
or suffer
to be
done
anything
which
will
or may
place
in jeopardy
the Permit
or render
it liable
to forfeiture.

 

4.6 Notice
of activities

 

(a)
ERG
must, at least
20 working
days prior to
commencing
any
program of
activity
on the Permit Area (Proposed
Activity), give
a notice to Mazoto
(Notice of Proposed
Activity) containing
particulars
of:

 

(i)
the general
nature
of the
Proposed
Activity; and

 

(ii)
 the areas
of the Permit
Area
which ERG
proposes to enter
upon to conduct
 the Proposed
Activity
and or
to construct,
operate
and maintain infrastructure
in relation to
the Proposed
Activity.

 

(b)
ERG 
will, 
at the
cost of Mazoto,
 assay  any
exploration 
results 
for any
Other  Minerals
requested
by Mazoto
provided
that such
request is received
in sufficient
time for
ERG to make
such request of the
laboratory conducting
the assay.

 

(c)
Mazoto will, at
the cost
of ERG,
assay any
exploration
results for any
Industrial Minerals within
the Permit
Area requested
by ERG provided
that such
request is received
in sufficient time
for Mazoto
to make
such request
of the laboratory conducting the
assay.

 

(d)
ERG
must provide to
Mazoto the results
of ERG’s
activities on
the Permit
Area by
way of: (i)

quarterly
reports;
and

(ii)
 reports
at such other
times as
is required
by Mazoto
to enable it
to comply
with statutory
and mining
departmental
(BCMM) reporting obligations
as the holder
of the Permit.

 

4.7 Mutual
indemnities

 

(a)
ERG
agrees to indemnify,
and keep
indemnified,
and hold harmless
Mazoto
and
its directors, employees
and consultants
from and against
all claims
that may be
made, brought against,
suffered, sustained
or incurred
by Mazoto,
arising out
of any
act
or omission
(including
any negligent act or omission)
of ERG and in the
course of the exercise
of activities
undertaken
by ERG on
the Permit
Area.

 

(b)
Mazoto agrees
to indemnify,
and keep
indemnified,
and hold
harmless
ERG and
its directors,
employees and
consultants
from and against
all claims
that may be
made, brought against,
suffered, sustained
or incurred
by ERG, arising
out of any
act or omission
(including
any negligent  act 
or  omission) 
of Mazoto  and 
in  the  course 
of  the 
exercise  of 
activities
undertaken
by Mazoto
on the
Permit
Area.

 

 

     

    

  

      
      

    

 

 

4.8 
Acknowledgement

 

The Parties
acknowledge
that Exploration
Operations
may only
be conducted
in respect of
those Industrial Minerals
noted on
the Permits or
for which
an authorisation
of the
BCMM has
been received by Mazoto
acknowledging
that those
Industrial
Minerals are the
subject of the
Permit. Mazoto
must apply to
the BCMM
to add such
of the
Minerals to the
Permit as
may be
requested by ERG
from time to
time to
the extent
those Minerals
are
not already
noted
on the
Permit.

 

 

 

Article
5: PERMIT TRANSFORMATION

 

Mazoto
commits, upon a simple
written
request
by ERG
and
at the
expense of the
latter, on
completion
of a bankable
feasibility
study and
decision
to mine being
made
in respect
of the Permit
Area, to
apply to the
BCMM
to secure the transformation
of the mining
area portion
of the Permit
Area into exploitation
permits.

 

All
the fees paid
and costs engendered
by Mazoto,
under the
present
Article,
shall
be cross- charged
to ERG.

 

If,
under the
relevant
Mining
Law,
this Agreement
can not
continue in
respect
to the
portion
of the Permit converted
into a exploitation
permit,
then Mazoto
undertakes and
agrees to
enter
into a further
sublease
agreement
with
ERG in
respect
of the exploitation
permit
on the
same terms
and conditions
as this
current Sublease
Agreement.

 

 

 

Article
6 : COUNTERPART
OF THE
MINING EXPLORATION
RIGHTS OF
ERG

 

The
mining
research
work
undertaken
by ERG
by virtue
of the
present
Sublease Agreement,
enables
Mazoto to spare
some expenses
that they
would have
had to
pay if they
themselves had
undertaken such
research
work on the
Permit
Area.

 

In
addition
to the
costs related
to the
above
mentioned
costs,
ERG shall
pay: (a) the
costs
generated
by the
exploration of
the Minerals;

(b)
the mining
administration
fees payable
to BCMM
in relation
to the
Permit, as well
as all

related
expenses;

 

(c)
the  mining 
royalties 
and  rebates  payable
 in  relation
 to 
Minerals  to 
BCMM  in  case
 of exploitation
of the
Minerals;

 

(d)
the local
and/or national
taxes
applied
to the
Minerals;

     

     

    

 

  

 

 

 

(e)
the costs
related
to the
environmental
impact assessments
that are
required in respect
of

ERG
exercising its
rights under
the present
Sublease Agreement;

 

(f) 
the costs
related
to the
feasibility
study
of the exploitation
of the
Minerals;

 

(g)
the costs
of rehabilitation
that
is necessary
and consecutive
to its
activities
on the
land the
subject of
the Permit
Area and required
under the observance of the regulation
in force; and

 

(h)
the dues
and fees
to maintain
the validity of
the Permit.

 

ERG
commits
to reimburse
without
delay
to Mazoto
all the
expenses
that are
incurred
by the
latter
with regard
to the above mentioned
costs
or otherwise attend to pay the above costs
directly to the
relevant
authority.

 

 

 

Article
7 : PERMIT
TRANSFER AND
EXCLUSION

 

The research/exploration
rights of
ERG
which result
from the
present Sublease
Agreement do not confer
upon ERG
any ownership
rights to the
Permit.
Nevertheless,
the rights
resulting from
the present
Agreement
follow the
Permit
in whatever
hand it passes.
In that respect,
Mazoto might
assign the
Permit,
subject to the
fact that
the transferee
signs an
agreement deed to the present
Sublease
Agreement that
recognizes
the rights of
ERG such
as defined
in the present
Sublease Agreement.

 

However,
ERG benefits
from a preemptive
right on
any proposal
to transfer
the Permit
other than to
Mazoto or to
Mazoto or
to any other company,
the shares of
which
are
in majority
held by Mazoto,
subject to the fact
that the acquirer signs an
agreement
deed to
the present
Sublease Agreement
that recognizes the
 rights
of ERG  such 
as defined in  the 
present Sublease Agreement.

 

For
the exercising
of such
preemptive
right, any
proposal to
transfer
the Permit shall
be notified
in advance
to ERG
within
a period
of 30 days
at least
prior
to its
achievement
so that
ERG can
provide a bid.

 

If ERG
wishes
to exercise
such preemptive
right,
ERG
shall give
notice
to Mazoto
within
the 30 day
period referred to
above to
acquire the
Permit at the
price and
otherwise on the
same terms and conditions
offered
to Mazoto
by the third
party.

 

If, within
a period of 30
days as
of the notification
date,
ERG does
not exercise
its preemptive right,
Mazoto
may transfer
the Permit
to a third
party on condition
that the
transferee signs
an agreement
deed to
the present
Sublease
Agreement that recognizes
the rights of ERG
such as defined
in the
present
Sublease
Agreement.

 

Therefore,
the transferee
shall
substitute Mazoto
under the
obligations and
conditions
resulting from
the present
Sublease Agreement.

 

     

     

  

      

      

      

    

 

 

 

ERG
may, by
providing
written
notice
to Mazoto,
exclude
the Permit
from
the operation
of this

Sublease
Agreement,
provided:

 

(a)
ERG 
gives  two  months 
written 
notice  of its
intention  to
exclude 
the Permit
 from 
the operation
of this
Sublease
Agreement;
and

 

(b)
the costs
referred
to in
Article 6 are
up-to-date
and ERG
has paid
all rent and
taxes
applying
to the
Permit for 1
year, commencing
on the date
ERG gives written notice
of exclusion
of the Permit
under this
Article 7.

 

 

 

Article
8 : OTHER
MINERAL RIGHTS

 

8.1 
Holder
of the Permit
and Other
Mineral
Rights

 

The
parties agree and
acknowledge
that Mazoto
is:

 

(a)
subject to
the Permit
being transformed
in to an
exploitation
permit, the
registered
holder of the
Permit;
and

 

(b)
the sole holder
of the
Other Mineral
Rights,

 

and no
other party
has any
rights
in the
Permit or
the Other
Mineral
Rights
other
than as
contemplated
by this
Sublease
Agreement.

 

8.2 
Priority of exercise
of Industrial
Mineral
Rights by ERG

 

Subject
to clause 8.4,
Mazoto, as
the holder
of the
Other
Mineral
Rights,
and
ERG must
consult, co-operate
and otherwise
use all
reasonable
endeavours
not to
interfere
with:

 

(a)
the exercise
of the Industrial
Mineral
Rights
by ERG;
and

 

(b)
the exercise
of the Other
Mineral
Rights
by Mazoto,

 

but
to the extent
such interference
cannot reasonably
be avoided,
the exercise
of the
Industrial Mineral
Rights
by ERG
will have
priority.
 Without
limiting
the foregoing,
Mazoto,
as the holder
of the
Other Mineral
Rights, and
ERG must, prior
to the commencement
of their
respective seasonal
exploration
programmes on the Permit Area, consult
with each other as
to the contents
of those programs and
use reasonable endeavours
to ensure those programs
are not
incompatible.

 

8.3 
Exercise of Other
Mineral Rights by
Mazoto

 

In
the exercise
of the
Other
Mineral
Rights,
Mazoto must:

 

 

     

    

  

      

    

 

 

 

(a)
comply with
all applicable laws
and conditions
of grant of
the Permit;
and

 

(b)
not  do  or 
suffer  to 
be done  anything
 which
 will
 or  may 
render 
the Permit
 liable
 to cancellation
or forfeiture.

 

8.4 
Suspension
of Other
Mineral
Rights for
duration
of mining operations

 

Subject
to Article
8.7, upon
ERG making
a decision
to mine
in respect
of the
whole
or any
part of the Permit
Area, the
Other Mineral
Rights of Mazoto
will be
suspended
over the
relevant mining area for
the duration
of the
mining operations the
subject of
that decision
to mine.

 

8.5
 Transfer
of Other
Mineral
Rights

 

Mazoto
may transfer, assign
or otherwise dispose
of the whole
or any
part
of the
Other Mineral

Rights
to any person
(OMR Transferee)
subject
to:

 

(a)
Mazoto giving
ERG
the opportunity
to match
any bona
fide third
party offer
for the Other Mineral
Rights
as a right
of first
refusal for
a period
of 30 days
from the
time of notice
of the offer
from
Mazoto;

 

(b)
the OMR
Transferee
being
technically
and financially
able to
perform the obligations
of Mazoto as the
holder of
the Other Mineral Rights under
this Sublease Agreement
to the extent of the interest
disposed of; and

 

(c)
the OMR
Transferee
entering
into
an agreement
deed
to the
present
Sublease Agreement that
recognize the rights of
ERG such as defined
under the present
Sublease
Agreement.

 

8.6
 Transfer
of Industrial
Mineral Rights

 

ERG
may transfer,
assign
or otherwise
dispose
of the
whole
or any
part
of the
Industrial
Mineral

Rights
to any person
(IMR Transferee)
subject to:

 

(a)
ERG 
giving  Mazoto 
the  opportunity 
to  match
 any
 bona  fide 
third  party
 offer 
for  the
Industrial Mineral
Rights
as a right of
first refusal for
a period of 30
days
from the
time of notice
of the offer
from ERG;

 

(b)
the IMR
Transferee being
technically and
financially
able to perform
the obligations
of ERG as the
holder of the
Industrial
Mineral
Rights under this Sublease
Agreement to
the extent of the interest
disposed of; and

 

(c)
the OMR
Transferee
entering
into
an agreement
deed
to the
present
Sublease Agreement that
recognize
the rights
of ERG such
as defined
under the present
Sublease
Agreement.

     

     

    

  

 

 

 

 

8.7 Co-mingling

 

(a)
If a deposit
of Industrial
Minerals
is co-mingled
or co-incident
to a
deposit
of Other
Minerals
then Mazoto
and ERG
will negotiate
in good faith
the terms on which
they will jointly
develop the Industrial
Minerals and Other Minerals,
provided
that,
subject to
Article
8.7(b),
in no circumstances
will the exploration
or development
of a deposit
of Other
Minerals
impede the exploration
or development
of a deposit
of Industrial
Minerals.

 

(b)
The development
of a deposit
of Other Minerals
that is
co-mingled or
co-incident
to a deposit
of Industrial Minerals
will prevail over
the exploration or development
of the
deposit of Industrial
Minerals
only in following circumstances:

 

(i)
 the
deposit
of Other
Minerals
has
been
determined
by a
competent
person to
be an
orebody
comprising
a resource or reserve
with a
greater net present value
than the deposit of
Industrial Minerals;
and

 

(ii)
 Mazoto
can demonstrate
to the
satisfaction
of the ERG,
acting reasonably,
that the deposit of
Other Minerals
can and will be developed
and mined within
the same timeframe
as ERG
proposes to
develop and mine
the deposit
of Industrial Minerals.

 

In this
Article 8.7(b),
“reserve”,
“resource” and
“competent
person”
have
the meanings
ascribed 
to those
terms
in the
Australasian
 Code for
Reporting
 of Exploration
 Results, Mineral
Resources and
Ore Reserves
prepared
by the Joint
Ore Reserves
Committee
of the Australasian
Institute of Mining and
Metallurgy,
Australian
Institute of Geoscientists
and Minerals Council
of Australia
and known
as the JORC
Code.

 

(c)
Subject to
Article 8.7(d),
if Mazoto
and ERG are
unable
to negotiate
the joint
development
of the
Industrial Minerals
and Other
Minerals,
then as
part of the development
of the Industrial
Minerals
ERG will, on
receiving
a written
notification
from Mazoto,
stockpile
the Other Minerals
so that Mazoto may
have the benefit
of the development
of the Other Minerals once
ERG has ceased
mining.

 

(d)
Any  stockpiling 
costs  associated 
with 
the development
 of 
Industrial 
Minerals  (including overburden
and waste)
will be at the expense
of ERG. Any
costs associated
with the
stockpiling
of Other Minerals
undertaken
at the request
of Mazoto which are
not activities
which would have been
incurred by ERG in the course
of mining operations
in any event, including
(but not limited to) any ongoing
environmental
compliance
costs, will be funded

100%
by Mazoto.

 

 

 

Article 9
: RESPONSIBILITIES

 

ERG
only is responsible
for its
activities
resulting
from the present
Sublease Agreement.
In no way
is ERG responsible
for the activities
of Mazoto,
including with
respect to the
exercise of
the Other
Mineral
Rights.

 

 

     

    

  

      
      

    

 

 

 

In addition,
in case of non observance
by ERG
of its obligations
towards the mining administration
and at the
environmental level
as set
out in the
present
Sublease
Agreement, it commits
to indemnify Mazoto
with regard to any prejudice, damage,
loss and costs resulting from the non observance
of such obligations.

 

 

 

Article
10 : SUSPENSION
OF RIGHTS AND
TERMINATION

 

In
case of
termination
of the present
Sublease Agreement,
whether in
case of
failure
by either

Party
or upon expiration
of the
Sublease
Agreement:

 

(a)
the rights of
ERG resulting
from
the present
Sublease Agreement
shall cease
as a right;

 

(b)
similarly,
ERG shall
not be responsible
for any obligation
resulting from
the present
Sublease Agreement
except
for its
obligations
that are normally
due originating
from
facts prior
to the effectiveness
date of the
termination but
that the
latter could
not have
accomplished
on the termination
date; and

 

(c)
ERG
to the satisfaction
of the
government
departments
or authorities
involved
commits
itself to
discharge
any obligation and
responsibility
that would be imposed
on it by the legislation
and regulations
in force, with
regard
to the environmental
rehabilitation
of the areas covered
by the Permit Area
but only
to the extent
that those obligations
and responsibilities
are the result of operations
undertaken by
ERG, its authorized
officials, its
employees,
subcontractors
or agents.

 

 

 

Article
11: DURATION
AND RENEWAL

 

The
present
Sublease Agreement
becomes effective
on the date
it is signed and
remains
valid
and in
force
for the
duration of the
term of
the Permit,
including the
term
of any
renewal
of the Permit
(“Term”).

 

Notwithstanding
what precedes,
the duration
of the
present Sublease
Agreement in so
far as it relates
to the Permit
will
expire where
the Permit
is excluded from
this Sublease
Agreement in accordance
with Article 7
of this Sublease Agreement.

 

If,
under the
relevant Mining
Law, the
Term is
unable to extend
to any
renewal
of the
Permit, Mazoto
undertakes and
agrees to
enter into a further
sublease
agreement
with
ERG for
the period of the renewal
of the Permit on the same terms and conditions
as the current
Sublease Agreement.

 

This Sublease
Agreement terminates
immediately
upon the
occurrence of: (a)
any unanimous
agreement by Mazoto
and ERG
to that effect;

 

 

     

    

  

      

    

 

 

(b) ERG
ceasing to have
any rights to
any of the
Industrial Mineral
Rights;
and

 

(c)
Termination
under Article
12(b).

 

Article 12
: EVENT
OF DEFAULT

 

(a)
Should a
Party fail
to do,
execute or
perform any
material act
or thing
which such Party
is obliged to do,
execute or
perform pursuant
to this
Sublease
Agreement
(Event of Default),
the aggrieved
Party may give the defaulting
Party a notice
requiring the
defaulting Party to
remedy
such Event
of Default
within a period
of 30 days
following service
of the notice
or if such default
is not capable of
being remedied within
such period
of 30 days then
within such further
period
as the aggrieved
Party
or Parties shall deem
reasonable.

 

(b)
If a Party
serves
a notice of
default
under
Article 12(a)
and such
default
remains un-remedied
upon expiry of the
period specified
in such
notice for
rectification,
the aggrieved
Party may
terminate
this Sublease
Agreement forthwith
upon the service
of a further notice in writing to
that
effect
and upon
the service
of such
further
notice
this Sublease
Agreement shall
terminate
forthwith
without
prejudice
to the rights
and remedies
of the aggrieved
Party at law
or otherwise
howsoever arising.

 

(c)
Article
12(a) does
not apply
to any
Event
of Default
for which
another
remedy
is provided
in this
Agreement.

 

 

 

Article
13 : INSURANCE

 

If
necessary,
ERG,
at its expense,
shall contract
and maintain
in force
insurance
policies
with insurance
companies
of international
renown which
are represented
in Madagascar
to cover the risks
against damages,
losses
or injuries
and damages
on the
environment.

 

In
addition,
ERG commits to
transfer to
Mazoto any
proceeds that
it may
receive
under
such insurance
policies, up
to the
amount
payable for damages
potentially suffered
by Mazoto. One
copy 
of each
 insurance
 policy
 and 
its rider,
 as well as of the  delegation
contract shall be
transmitted
to Mazoto each year.

 

Article
14 : FORMALITIES
– REGISTRATION
FEES

 

The Parties
expressly agree
that the
registration fees of
the present
Sublease Agreement
and the related
administrative formalities
shall be taken care of 50%
by ERG and 50%
by Mazoto.

 

     

     

  

      

    

 

 

Article
15 : LAW
IN FORCE - DISPUTES

 

The
present Agreement
is governed
by the
law in Madagascar.

 

Any
dispute
arising
under the
execution
of the
present Sublease
Agreement
and that may
not be resolved
by agreement
by the Parties
will be submitted
in a first
time to a
conciliation.
In the case
when no agreement
has been
able to
be reached
within a period
of 3 months,
the dispute
will be referred
to an
arbitration
court.

 

The arbitration
court
is made up
of three
arbitrators,
each party
designating
an arbitrator and
the two arbitrators
thus designated
designate
the third.
However,
the Parties
may agree between
them to designate
one single arbitrator. The
arbitrators are compulsorily natural
people.

 

Conciliation
and arbitration
shall be
conducted
in accordance
with the
Rule of conciliation
and arbitration of
the International
Chamber
of Commerce.

 

The 
arbitration  will  take
 place 
in  the  English
 language 
and  the 
arbitration 
place  will  be

Antananarivo.

 

 

 

Article
16 : CHOICE
OF RESIDENCE

 

For the
execution of the
present Sublease
Agreement,
the Parties
declare
that they
elect domicile at
the respective
head offices
of their companies.

 

Drawn up
in (5)
copies in Antananarivo,
on this
 .

 

For Mazoto
For ERG

 

 

 

 

 

Jean Luc
Marquetoux
Roland Fok-Seung

Manager
Manager

 

 

 

 

Kirk
McKinnon

Manager

 

 

 

 

Richard
Schler

Manager

     

     

    

 

  

 

 

 

 

ANNEX
A

 

List
of the minerals
that are the
objects of the
present Sublease
Agreement

 

Vanadium Lithium
Aggregates
Alunite
Barite Bentonite
Vermiculite Carbonatites
Corundum

Dimension
stone, other
than labradorite
Feldspar, other
than labradorite
Fluorspar

Granite
Graphite
Gypsum Kaolin Kyanite

Limestone
/ Dolomite

Marble Mica
Olivine
Perlite
Phosphate

Potash
– Potassium
minerals

Pumice Quartz
Staurolite Zeolites

     

     

    

 

  

 

 

 

ANNEX
B

 

Permit
Area

 

 

 

[To
be inserted
at the time the sublease is entered into]

     

     

    

 

Joint
Venture Agreement

 

 

 

 

Annexure
C- Form of
MDA Sublease Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

 

 

MINING SUBLEASE
AGREEMENT

 

 

 

Between
:

 

 

 

Mada-Aust
SARL, a limited
liability
company
with share
capital of
2.000.000,00
Ariary, the
head office of which is located
at 135 Bis,
 Route
circulaire,
Ankorahotra,
101  Antananarivo,
Madagascar,
 registered
 at the
Trade
and Company
 Register
of  Antananarivo
 under 
number

2004B00494,
holding the
Statistical Number
742141 2004 1 10261
and
the Tax Registration
Number 3000018087,
represented by Mr Jean
Luc Marquetoux
in his quality
as Manager
of the Company,
having all powers
in that
respect,

 

(Herein after
called «Mada-Aust»)
on the
one hand,
And,

ERG
(Madagascar)
Ltd,
a limited liability
company  with
a capital
of 2.000.000,00
Ariary,
the head

office
of which
is located
at Pres
lot 001
A Bis, Andranomena-Antehiroka,
Antananarivo
101, Madagascar,
registered
at the
Trade
and
Company
Register
under
Number  
, holding
the Statistical
Number
    and
the Tax
Registration
Number  
, represented
by Mr Roland
Fok-Seung
in his
quality
as Manager
of the
Company, having
all
powers in
that respect,

 

 

 

(Herein
after called
« ERG») 
on the
other hand

 

 

 

 

PREAMBLE

 

 

 

(A)
Mada-Aust is
the holder of
mining permit
number <insert>
(herein
after “the
Permit”)

relating on
a total
of  squares.

 

		(B)	Mada-Aust envisages
conceding
to the
benefit
of ERG,
the rights
for exploring
Minerals as
defined
in Article one
below.

 

		(C)	Therefore,  Mada-Aust
 and  ERG
 decided
 to  set
 the  terms 
and  of  their 
respective agreement and commitment
as follows.

     

     

    

 

 

Article
1. DEFINITIONS
AND INTERPRETATION

 

1.1
Definitions

 

In
the present
Agreement, unless
the context
otherwise
requires:

 

-« Ar
» refers to
Ariary, a
currency
of the
Republic of Madagascar;

 

		-	« Claim
» refers to
a mineral
claim such
as defined
by the mining
legislation in
Madagascar, and
as being part of
the area demarcated
by a permit;

 

-« Industrial
Mineral Rights
» means
all Mineral
Rights with
respect
to the
Minerals.

 

		-	« Minerals
»  or  «
Industrial  Minerals
»  refers
 to  the 
minerals  listed  in 
Annex  A 
and  the research
and/or exploitation
of which is
authorized
within the
Permit Area from
time to time;

 

		-	« Mineral
Rights »
means
the right to
explore for
and mine minerals
within the
Permit Area
in accordance
with
the Permit.

 

-« Other
Minerals
» means
all other
minerals other
than Minerals.

 

		-	« Other
Mineral Rights
» means all
Mineral
Rights
other than
the Industrial
Mineral
Rights
in respect
of the
Permit.

 

-« Permit
» means mining
permit
number <insert>;

 

-« Permit
Area» means
the area
of the
Permit described
in Annex
B;

 

-« Party
» refers to
any of the
parties
to the present
Agreement;
and

 

-« Term
» has
the meaning
given
to that term
in Article
11 of this
Sublease
Agreement.

 

 

 

The
word
forms
issued
from
a word
or an
expression
as defined
in the present
clause shall
have the same
meaning as the
above mentioned
ones.

 

1.2.
Interpretation

 

In the
interpretation of
the present
Agreement,
except for
contradiction
with the
subject matter
or the
context,

     

     

    

 

 

 

(a) 
Titles are given in the present Agreement only for convenience and they in no
case be used for interpreting the latter;

 

(b)
Any  reference  to 
the preamble,  to the clauses,
 indentation,
 paragraphs,
 annexes
 are references
to the
preamble, the
clauses, the
indentations, the
paragraphs and annexes
of the present
Agreement;

 

(c)
« including
» and similar
expressions are
not restrictive
words.

 

The Parties
acknowledge and
agree that
this Sublease
Agreement shall
be signed
in both the French
and English
language. 
In the
event of any
discrepancy in
translation or
difference in interpretation
between the
two versions, the
English language version
shall prevail.

 

Article
2.  PURPOSE
OF THE AGREEMENT

 

Through
the presents,
Mada-Aust, in
its capacity
as holder
of the Permit,
under the
herein after terms
and conditions,
concedes
to ERG,
who accepts,
the rights of exploring
the Minerals on the
Permit Area.

 

Under
the present
Sublease Agreement,
the research/exploration
rights
belonging to Mada-Aust
by virtue
of the Permit
and relating to the Minerals shall
be granted
to ERG in
respect of the Permit
Area. In that respect,
the latter
has the
exclusive
right
of undertaking
the prospecting and the
search for the
Minerals
to the extent
they are
included in
the Permit.
The obligations,
which
are both administrative,
fiscal
and environmental
relating to the
Permits, in accordance
to the provisions
of Article
140 of Decree n°2006-910
of 19 December
2006 which sets the modalities for applying the Mining Law,
as well as the ownership
of such Permit however remain with Mada-Aust.

 

 

 

Article
3 : RIGHTS
AND OBLIGATIONS

 

3.1.
Rights and obligations
of Mada-Aust

 

3.1.1
- Obligations
of Mada-Aust

 

Mada-Aust
acknowledges
and agrees
that once
this Sublease
Agreement
is executed
and for
the duration of
the Term, access
to the
Permit must
be granted to
ERG along
with copies of
all material
documents
related
to or
associated
with the Permit
Area.

 

Mada-Aust
grants to ERG
the exclusive
rights
to undertake the prospecting
and the mining research
in order
to identify
Minerals,
and to collect
all necessary data
with a view
to exploiting one 
such  Mineral 
or several
 of them.
Any  and 
all data 
collected 
as part  of  undertaking
prospecting  and mining research is the
property of ERG but ERG will
provide
Mada-Aust copies
on the reasonable request
of Mada-Aust at
ERG’s
cost.

     
      

  

      

     

    

 

Mazoto
shall manage the Permit in conformity with legal and regualtory provisions in force and
shall provide
to ERG
all current and
coming information
relating to the
Permit. Mada-Aust
commits,
upon a simple
request by ERG
and to
the expense
of the
latter, to: (i) attend
to the renewal
of the Permit
before their
expiration;
and

 

(ii)
on completion
of a bankable
feasibility
study and
decision
to mine
being
made in
respect
of all or
a portion
of the
Permit Area, apply
to the Bureau
du Cadastre Minier
de Madagascar
(« BCMM ») for the transformation
of one part or the total
of the Permit
Area which will be
the mining
area into exploitation
permits.

 

All fees
paid
and costs engendered
by Mada-Aust
under the
last paragraph
will be cross-charged
to ERG.

 

This Sublease
Agreement continues
to operate
in respect
of that part
of the
Permit
Area that
is not transformed into
an exploitation
permit(s).

 

3.2. Rights
and obligations
of ERG

 

3.2.1-
 Rights
of existing
subleases

 

[Note
for template:
This
Article 3.2.1
only applies
to the
Sublease
Agreements
dealing
with Permit
numbers: 3432, 5394,
19932, 25605 and
25606. This
Article will be deleted
from the remainder
of the
Sublease Agreements]

 

In respect
 of  the 
areas  covered
 by 
existing
 sublease
 agreements 
relating 
to  the research/exploration
and exploitation of Labradorite,
being those sublease
agreements
between Mada-Aust
and Magrama SA, Mada-Aust and SQNY
International
SARL and Mada-Aust and Euromad
Minière SARL,
the rights
of ERG under
this
Agreement are subject
to the rights of the existing
sub-leasees.

 

3.2.2-
 Obligations
of ERG

 

For
the duration of
the Agreement, ERG
shall:

 

(a)
Conduct
its
research/exploration
activities
under the
Permit
by respecting
the conditions
and obligations imposed
on the holder
of mining
permits,
in accordance
with the
legislation
and regulation in force
on the
territory
of the Republic
of Madagascar,
more particularly
the Madagascan legal
and regulatory
provisions in mining
and environmental
matters and
in accordance
with the international
standards and
practices in
terms of safety and ethics;

     

     

    

  

 

 

 

 

(b)
Take
in the
course
of its
research/exploration
activities
all
reasonable
actions
which prove necessary
to maintain the validity
of the Permit that
are the objects
of the present
Sublease Agreement
and to avoid its
forfeiture;

 

(c)
Repair any
damage that
Mada-Aust
might suffer
and reimburse
any expense
that the
latter might  incur  as 
a result  of 
an  activity 
undertaken by
 ERG,  its
authorized officials, its
employees,
subcontractors
or agents,
within the
Permit Area under
the Permit that is
the object of the
present Sublease
Agreement;

 

(d) Proceed
to, and fund
the feasibility
study of
the exploitation
of the
Permit
in relation
to

Minerals
that are
the objects
to the
present
Sublease
Agreement.

 

 

 

Article 4
: SUBLEASE

 

4.1 :
Grant of subleases

 

(a)
Mada-Aust
agrees
to grant
to ERG
the Industrial
Mineral
Rights
and the
exclusive
right
to carry
out prospecting
and mining
operations within
the Permit
Area,
in accordance
with
the laws of Madagascar,
for the purposes
of identifying and exploiting
any Minerals
within that
area.

 

(b)
Mada-Aust
hereby grants
to ERG a
sublease
over the
Permit
Area
to have
the exclusive
right
to carry out
prospecting
and mining
within the
Permit Area, in
accordance
with
the laws of
Madagascar, for
the purposes
of identifying
and exploiting
any Minerals
within that area.

 

4.2 Covenants
of Mada-Aust
in respect
of the
Permit

 

Mada-Aust, at
the cost
of ERG,
must:

 

(a)
use all reasonable
endeavours
permitted
under
the laws
of Madagascar
to ensure
the Permit
is renewed
in the
usual
course
for such
periods
as permitted
by the Mining
Code, as requested by ERG;

 

(b)
do all such
acts as are
reasonably
necessary
to keep
the Permit
in good
standing
which can
only be
done or
performed
by the
registered
holder
of the
Permit,
provided
that Mada-Aust
must give to ERG
adequate prior
notice of
all such acts; and

 

(c)
use all reasonable
endeavours
to have
this Sublease
Agreement registered
with
the BCMM
as soon as possible.

 

4.3 Covenants
of ERG in
respect of
the Permit

 

Subject
to Article
4.2, ERG
must:

     

     

    

  

 

 

 

 

(a)
do all
such
acts
and make
all
such
payments
as are reasonably
necessary
to keep the
Permit in good
standing;

 

(b) comply
with all
minimum
expenditure
obligations
in respect
of the Permit
(if any);
and

 

(c)
contribute
as sole contributors
to all
outgoings
(being rents,
rates,
survey
fees and other
fees and charges
under applicable legislation
or otherwise in connection
with
the Permit).

 

4.4 Remedies
of ERG

 

(a)
If Mada-Aust does,
permits or
suffers
to be done
anything, or omits
to do anything
required under the Mining
Code or other
laws of Madagascar,
which constitutes
a breach of any of its covenants
under this
Sublease Agreement
and which may, in ERG’s reasonable
opinion, result in:

 

(i)
the termination
or non-renewal
of the
Permit;

 

(ii)
a revocation 
of any  permit, 
authority 
or  approval
 necessary
 to
maintain 
the good
standing
of the
Permit;
or

 

(iii)
loss of
access
to any
part of
the Permit
Area,

 

ERG
has the
right, on each
occurrence, to
be appointed
Mada-Aust’s attorney
for the purpose
of taking
whatever
remedial
steps it considers
necessary
to remedy the
breach.

 

(b)
Any costs incurred
by ERG
in exercising
its
rights
pursuant to
Article 4.4(a)
will be a
debt due
from Mada-Aust
to ERG
payable
upon demand.

 

(c)
The rights
created by Article
4.4(a)
are the
sole remedy
in respect
to a
breach to
which

Article
4.4(a)
applies.

 

(d)
ERG will
not be liable
to Mada-Aust
for any
loss or
damage
suffered
by Mada-Aust
as a result
of actions
taken or omissions
made by ERG in
the course
of exercising
or purporting
to exercise
its rights under Article
4.4(a) so long as ERG has acted
in good faith.

 

4.5 Exercise
of Industrial
Mineral Rights

 

ERG must,
in the
exercise of its
Industrial Mineral
Rights:

 

(a) comply
with
the conditions
of the
Permit
(to the
extent that
those conditions
relate to
the

Permit Area)
as if ERG
were
the permit
holder;

 

(b)
comply with
the requirements of
the BCMM,
the Mining
Code,
environmental
laws
and any
other laws
dealing with
miners and the
research/exploration
for and mining
of minerals;

     

     

    

  

 

 

 

 

(c)
be responsible
for approvals required
for activities
on the
Permit
Area;

 

(d)
be responsible
for the preparation
and lodgement
of any
reporting
obligations
on any work done
on, and
money expended
in connection
with
the Permit
Area;

 

(e)
comply
with,
adopt and
exercise good
mining practices
including
rehabilitating
any ground disturbance;

 

(f) 
without prejudice
to Article
8, use
its reasonable
endeavours to minimise
interference
with Mada-Aust’s activities
in planning, programming
and executing any
exploration activity on the Permit;

 

(g)
keep
all drill
holes, costeans,
trenches,
excavations,
shafts and other
workings secure
and safe and properly
maintained
and, where
necessary,
fenced;
and

 

(h)
not do
or suffer
to be
done
anything
which
will
or may
place
in jeopardy
the Permit
or render
it liable
to forfeiture.

 

4.6 Notice
of activities

 

(a)
ERG
must, at least
20 working
days prior to
commencing
any
program of
activity
on the Permit  Area (Proposed
Activity), 
give a notice to  Mada-Aust (Notice
of  Proposed Activity)
containing particulars
of:

 

(i)
the general
nature of
the Proposed
Activity; and

 

(ii)
 the areas
of the Permit
Area
which ERG
proposes to enter
upon to conduct
 the Proposed
Activity
and or
to construct,
operate
and maintain infrastructure
in relation to
the Proposed
Activity.

 

(b)
ERG
will, at
the cost of
Mada-Aust,
assay any
exploration results
for any
Other Minerals
requested
by Mada-Aust
provided that such request
is received in
sufficient time for
ERG to make such request of the laboratory
conducting the assay.

 

(c)
Mada-Aust
will, at the
cost of
ERG, assay
any exploration results
for any Industrial
Minerals within
the Permit
Area requested
by ERG provided
that such
request is received
in sufficient time
for Mada-Aust to
make such
request
of the
laboratory
conducting
the assay.

 

(d)
ERG
must provide
to Mada-Aust
the results
of ERG’s activities
on the Permit
Area by
way of:

 

(i)
quarterly
reports;
and

     

     

  

      

    

 

 

(ii)
 reports
at such other
times
as is required
by Mada-Aust to
enable
it to comply
with statutory
and mining
departmental
(BCMM) reporting
obligations
as the holder
of the Permit.

 

4.7 
Mutual indemnities

 

(a) ERG
agrees to
indemnify, and keep
indemnified,
and hold
harmless
Mada-Aust and its directors,
employees and
consultants
from and
against all claims that
may be made,
brought against, suffered,
sustained or incurred
by Mada-Aust,
arising out of
any act
or omission
(including  any
negligent  act
or omission)  of ERG and in the course
 of the exercise
 of activities
undertaken
by ERG
on the
Permit
Area.

 

(b)
Mada-Aust 
agrees to indemnify,
 and
keep
indemnified,
 and
hold harmless 
ERG and its directors,
employees and
consultants
from and
against all claims that
may be made,
brought against, suffered,
sustained
or incurred
by ERG,
arising
out of
any act
or omission
(including
any negligent
act or omission) of Mada-Aust and in the course
of the exercise
of activities
undertaken
by Mada-Aust
on the Permit
Area.

 

4.8 
Acknowledgement

 

The Parties
acknowledge
that Exploration
Operations
may only
be conducted
in respect of
those Industrial Minerals
noted on
the Permits or
for which
an authorisation
of the
BCMM has
been received by Mada-Aust
acknowledging that
those Industrial
Minerals are the
subject of
the Permit.
Mada-Aust
must apply
to the
BCMM to add
such of the
Minerals to
the Permit
as may
be requested
by ERG from
time
to time to
the extent
those Minerals
are not already
noted on the
Permit.

 

 

 

Article
5: PERMIT TRANSFORMATION

 

Mada-Aust
commits, upon
a simple
written
request
by ERG
and at
the expense
of the
latter, on
completion
of a bankable
feasibility
study and
decision
to mine being
made in
respect of
the Permit
Area, to
apply to the
BCMM
to secure the transformation
of the mining
area portion
of the Permit
Area into exploitation
permits.

 

All the
fees paid
and costs
engendered
by Mada-Aust,
under the
present Article,
shall
be cross- charged
to ERG.

 

If,
under the
relevant
Mining
Law,
this Agreement
can not
continue in
respect
to the
portion
of the Permit
converted into
a exploitation
permit, then
Mada-Aust
undertakes and
agrees to enter
into
a further
sublease
agreement
with
ERG in respect
of the exploitation
permit
on the same
terms
and conditions as this
current Sublease
Agreement.

     

     

  

      

    

 

 

Article
6 : COUNTERPART
OF THE
MINING EXPLORATION
RIGHTS OF
ERG

 

The
mining
research
work
undertaken
by ERG
by virtue
of the
present
Sublease Agreement,
enables
Mada-Aust to
spare
some expenses
that they
would
have had to pay
if they themselves
had undertaken
such research
work on
the Permit
Area.

 

In
addition
to the
costs related
to the
above
mentioned
costs,
ERG shall
pay: (a) the
costs
generated
by the
exploration of
the Minerals;

(b)
the mining
administration
fees payable
to BCMM
in relation
to the
Permit, as well
as all

related
expenses;

 

(c)
the  mining 
royalties 
and  rebates  payable
 in  relation
 to 
Minerals  to 
BCMM  in  case
 of exploitation
of the
Minerals;

 

(d)
the local
and/or national
taxes
applied
to the
Minerals;

 

(e)
the costs
related
to the
environmental
impact assessments
that are
required in respect
of

ERG
exercising its
rights under
the present
Sublease Agreement;

 

(f) 
the costs
related
to the
feasibility
study
of the exploitation
of the
Minerals;

 

(g)
the costs
of rehabilitation
that
is necessary
and consecutive
to its
activities
on the
land the
subject of
the Permit
Area and required
under the observance of the regulation
in force; and

 

(h)
the dues
and fees to
maintain the
validity
of the
Permit.

 

ERG
commits to reimburse
without delay
to Mada-Aust
all the
expenses
that are
incurred
by the latter
with regard
to the above
mentioned costs
or otherwise attend
to pay the
above costs directly
to the relevant
authority.

 

 

 

Article
7 : PERMIT
TRANSFER AND
EXCLUSION

 

The research/exploration
rights of
ERG
which result
from the
present Sublease
Agreement do not confer
upon ERG
any ownership
rights to the
Permit.
Nevertheless,
the rights
resulting

from the
present
Agreement follow the
Permit
in whatever
hand it passes.
In that
respect,
Mada-

Aust might
assign the Permit,
subject to
the fact that
the transferee
signs
an agreement
deed to
the present
Sublease
Agreement that
recognizes
the rights
of ERG
such as
defined
in the
present
Sublease
Agreement.

 

However,
ERG benefits
from a preemptive
right on
any proposal
to transfer
the Permit
other than to
Mada-Aust  or to
Mada-Aust  or
to any
other company,
 the shares
of which are in

     

     

  

      

      

    

 

 

majority
held
by Mada-Aust,
subject to
the fact
that the acquirer
signs
an agreement
deed to
the present
Sublease
Agreement
that recognizes
the rights
of ERG such as defined
in the present
Sublease
Agreement.

 

For
the exercising
of such
preemptive
right, any
proposal to
transfer
the Permit shall
be notified
in advance
to ERG
within
a period
of 30 days
at least
prior
to its
achievement
so that
ERG can
provide a bid.

 

If
ERG wishes
to exercise
such
preemptive
right,
ERG shall
give notice
to Mada-Aust
within
the

30
day period
referred
to above
to acquire
the Permit at
the price and
otherwise
on the
same terms
and conditions
offered to
Mada-Aust by the third
party.

 

If, within
a period of 30
days as
of the notification
date,
ERG does
not exercise
its preemptive right,
Mada-Aust may
transfer the Permit
to a third
party
on condition
that the
transferee signs an
agreement
deed to
the
present Sublease
Agreement that
recognizes the
rights of ERG
such as defined
in the
present
Sublease
Agreement.

 

Therefore, 
the  transferee 
shall  substitute
 Mada-Aust
 under 
the obligations  and
 conditions resulting
from the
present
Sublease
Agreement.

 

ERG
may,
by providing written
notice to Mada-Aust,
exclude
the Permit
from
the operation
of this Sublease
Agreement, provided:

 

(a)
ERG 
gives  two  months 
written 
notice  of its
intention  to
exclude 
the Permit
 from 
the operation
of this
Sublease
Agreement;
and

 

(b)
the costs
referred
to in
Article 6 are
up-to-date
and ERG
has paid
all rent and
taxes
applying
to the
Permit for 1
year, commencing
on the date
ERG gives written notice
of exclusion
of the Permit
under this
Article 7.

 

 

 

Article
8 : OTHER
MINERAL RIGHTS

 

8.1 
Holder
of the Permit
and Other
Mineral
Rights

 

The
parties agree and
acknowledge that
Mada-Aust
is:

 

(a)
subject to
the Permit
being transformed
in to an
exploitation
permit, the
registered
holder of the
Permit;
and

 

(b)
the sole holder
of the
Other Mineral
Rights,

 

and
no other
party has
any rights
in the
Permit or the
Other Mineral
Rights
other
than as
contemplated
by this
Sublease
Agreement.

     

     

    

 

  

 

 

 

8.2 
Priority of exercise
of Industrial
Mineral
Rights by ERG

 

Subject
to clause
8.4, Mada-Aust,
as the
holder of the
Other Mineral
Rights, and
ERG must consult,
co-operate
and otherwise
use all
reasonable
endeavours
not to interfere
with:

 

(a)
the exercise
of the Industrial
Mineral
Rights
by ERG;
and

 

(b)
the exercise
of the Other
Mineral
Rights
by Mada-Aust,

 

but
to the extent
such interference
cannot reasonably
be avoided,
the exercise
of the
Industrial Mineral
Rights by
ERG will have
priority.
 Without
limiting
the foregoing,
Mada-Aust,
as the holder
of the
Other Mineral Rights,
and ERG
must, prior
to the
commencement
of their respective
seasonal exploration
programmes
on the
Permit Area,
consult
with
each other as
to the contents
of those
programs and use reasonable
endeavours to ensure those
programs
are not incompatible.

 

8.3 
Exercise of
Other Mineral Rights
by Mada-Aust

 

In
the exercise
of the
Other
Mineral
Rights, Mada-Aust
must:

 

(a)
comply with
all applicable laws
and conditions
of grant of
the Permit;
and

 

(b)
not  do  or 
suffer  to 
be done  anything
 which
 will
 or  may 
render 
the Permit
 liable
 to cancellation
or forfeiture.

 

8.4 
Suspension
of Other
Mineral
Rights for
duration
of mining operations

 

Subject
to Article
8.7, upon
ERG making
a decision
to mine
in respect
of the
whole
or any
part of the Permit
Area, the
Other
Mineral
Rights of
Mada-Aust
will
be suspended
over the
relevant
mining area for the
duration of
the mining
operations the
subject of
that decision
to mine.

 

8.5
 Transfer
of Other
Mineral
Rights

 

Mada-Aust
may
transfer, assign or
otherwise
dispose of
the whole
or any part
of the Other

Mineral
Rights
to any
person
(OMR
Transferee)
subject to:

 

(a)
Mada-Aust
giving ERG
the opportunity to
match any bona
fide
third
party offer
for the Other
Mineral
Rights as
a right of first refusal
for a period
of 30 days from the
time of notice of the offer
from Mada-Aust;

 

(b)
the OMR
Transferee
being
technically
and financially
able to
perform the obligations
of Mada-Aust
as the holder
of the Other
Mineral Rights
under this Sublease
Agreement to the extent
of the interest disposed
of; and

     

     

  

      

      

    

 

(c)
the OMR
Transferee
entering
into an
agreement
deed
to the
present
Sublease Agreement that
recognize
the rights
of ERG such
as defined
under the present
Sublease
Agreement.

 

8.6
Transfer of
Industrial Mineral
Rights

 

ERG
may transfer,
assign
or otherwise
dispose
of the
whole
or any
part
of the
Industrial
Mineral

Rights to
any person
(IMR Transferee)
subject to:

 

(a)
ERG
giving
Mada-Aust
the opportunity to
match any bona fide
third
party offer
for the Industrial
Mineral Rights
as a right of
first refusal for
a period of 30
days
from the
time of notice
of the offer
from ERG;

 

(b)
the IMR
Transferee being
technically and
financially
able to perform
the obligations
of ERG as the
holder of the
Industrial
Mineral
Rights under this Sublease
Agreement to
the extent of the
interest disposed
of; and

 

(c)
the OMR
Transferee
entering
into
an agreement
deed
to the
present
Sublease Agreement that
recognize
the rights
of ERG such
as defined
under the present
Sublease
Agreement.

 

8.7 Co-mingling

 

(a)
If a deposit
of Industrial
Minerals
is co-mingled
or co-incident
to a
deposit
of Other
Minerals
then Mada-Aust
and ERG
will negotiate
in good faith
the terms on
which they
will jointly
develop the Industrial
Minerals and Other
Minerals,
provided
that,
subject to
Article
8.7(b),
in no circumstances will
the exploration
or development
of a deposit
of Other
Minerals
impede the exploration
or development
of a deposit
of Industrial
Minerals.

 

(b)
The development
of a deposit
of Other Minerals
that is
co-mingled or
co-incident
to a deposit
of Industrial Minerals
will prevail over
the exploration or development
of the deposit
of Industrial
Minerals
only in following circumstances:

 

(i)
 the
deposit
of Other
Minerals
has
been
determined
by a
competent
person to
be an
orebody
comprising
a resource or reserve
with a greater
net present value than
the deposit of Industrial
Minerals; and

 

(ii)
Mada-Aust
can demonstrate
to the satisfaction
of the ERG,
acting reasonably,
that the
deposit of Other
Minerals
can and
will be developed
and mined
within the
same timeframe
as ERG
proposes to
develop
and mine the
deposit of
Industrial Minerals.

 

In this
Article 8.7(b),
“reserve”,
“resource” and
“competent
person” have
the meanings ascribed
 to
those terms
in the
Australasian
 Code for
Reporting
 of Exploration
Results, Mineral Resources and Ore Reserves
prepared by the
Joint Ore Reserves
Committee
of the

     

     

    

 

  

 

 

Australasian
Institute of
Mining and Metallurgy,
Australian
Institute of Geoscientists
and

Minerals
Council of Australia
and known
as the JORC
Code.

 

(c)
Subject  to
 Article  8.7(d),
 if  Mada-Aust
 and  ERG 
are  unable  to 
negotiate
 the  joint development
of the
Industrial Minerals
and Other
Minerals,
then as part of
the development of
the Industrial Minerals ERG
will, on receiving
a written notification
from Mada-Aust,
stockpile the
Other Minerals
so that Mada-Aust may
have the benefit
of the development of the
Other Minerals
once ERG has ceased mining.

 

(d)
Any  stockpiling 
costs  associated 
with 
the development 
of  Industrial 
Minerals  (including overburden
and waste)
will be at the expense
of ERG. Any
costs associated
with the
stockpiling 
of Other  Minerals 
undertaken 
at  the 
request
 of Mada-Aust
 which  are 
not activities which
would have
been incurred
by ERG in
the course
of mining operations
in any event,
including
(but not
limited
to) any ongoing
environmental
compliance
costs, will be
funded 100% by
Mada-Aust.

 

 

 

Article 9
: RESPONSIBILITIES

 

ERG
only is responsible
for its
activities
resulting
from the
present Sublease
Agreement.
In no way
is ERG responsible
for the
activities of
Mada-Aust,
including with
respect
to the exercise
of the Other Mineral
Rights.

 

In addition,
in case of non observance
by ERG
of its obligations
towards the mining
administration
and at the
environmental level
as set
out in the
present
Sublease
Agreement, it commits
to indemnify Mada-Aust with regard
to any prejudice,
damage, loss and
costs resulting
from the non observance
of such obligations.

 

 

 

Article
10 : SUSPENSION
OF RIGHTS AND
TERMINATION

 

In
case of
termination
of the present
Sublease Agreement,
whether in
case of
failure
by either

Party
or upon expiration
of the
Sublease
Agreement:

 

(a)
the rights of
ERG resulting
from
the present
Sublease Agreement
shall cease
as a right;

 

(b)
similarly,
ERG shall
not be responsible
for any obligation
resulting from
the present
Sublease Agreement
except
for its
obligations
that are normally
due originating
from
facts prior
to the effectiveness
date of the
termination but
that the
latter could
not have
accomplished
on the termination
date; and

 

(c)
ERG
to the satisfaction
of the
government
departments
or authorities
involved
commits
itself to
discharge
any obligation and
responsibility
that would be imposed
on it by the legislation
and regulations
in force,
with
regard
to the environmental
rehabilitation
of the

     

     

  

      

      

    

 

areas
covered by the
Permit Area but
only to the
extent
that those obligations
and responsibilities
are the
result of operations
undertaken
by ERG,
its
authorized
officials, its
employees,
subcontractors
or agents.

 

 

 

Article 11:
DURATION
AND RENEWAL

 

The
present
Sublease Agreement
becomes effective
on the date
it is signed
and remains
valid
and in
force
for the
duration of the
term of
the Permit, including
the term
of any renewal
of the Permit
(“Term”).

 

Notwithstanding
what precedes,
the duration
of the
present Sublease
Agreement in so
far as it relates
to the Permit
will
expire where
the Permit
is excluded from
this Sublease
Agreement in accordance
with Article 7
of this Sublease Agreement.

 

If,
under the
relevant Mining
Law, the
Term is
unable to extend
to any
renewal
of the
Permit, Mada-Aust
undertakes
and agrees to
enter into a
further
sublease
agreement with
ERG for the
period of the renewal
of the Permit on
the same terms and
conditions
as the
current Sublease
Agreement.

 

This Sublease
Agreement terminates
immediately
upon the
occurrence of: (a)
any unanimous
agreement by Mada-Aust
and ERG
to that
effect;

(b)
ERG
ceasing to have
any rights to
any of the
Industrial Mineral
Rights;
and

 

(c)
Termination
under Article
12(b).

 

Article
12 : EVENT
OF DEFAULT

 

(a)
Should a
Party fail
to do,
execute or
perform any
material act
or thing
which such Party
is obliged to do,
execute or
perform pursuant
to this
Sublease
Agreement
(Event of Default),
the aggrieved
Party may give the defaulting
Party a notice
requiring the
defaulting Party to
remedy
such Event
of Default
within
a period of 30
days following
service
of the notice
or if such default
is not capable of
being remedied within
such period
of 30 days then
within such further
period
as the aggrieved
Party
or Parties shall deem
reasonable.

 

(b)
If a Party
serves
a notice of
default
under
Article 12(a)
and such
default
remains un-remedied
upon expiry of the
period specified
in such
notice for
rectification,
the aggrieved
Party may
terminate
this Sublease
Agreement forthwith
upon the service
of a further notice in writing to
that
effect
and upon
the service
of such
further
notice
this Sublease
Agreement shall
terminate
forthwith
without
prejudice
to the rights
and
remedies of the aggrieved
Party at law
or otherwise
howsoever arising.

     

     

  

      

      

    

 

(c)
Article
12(a) does
not apply
to any
Event
of Default
for which
another
remedy
is provided
in this
Agreement.

 

 

 

Article
13 : INSURANCE

 

If
necessary,
ERG,
at its expense,
shall contract
and maintain
in force
insurance
policies
with insurance
companies
of international
renown which
are represented
in Madagascar
to cover the risks
against damages,
losses
or injuries
and damages
on the
environment.

 

In addition,
ERG commits
to transfer
to Mada-Aust
any proceeds
that it
may receive
under such insurance
policies,
up to
the amount
payable for damages
potentially
suffered by Mada-Aust. One
copy of
each insurance
policy
and its rider, as well as of the delegation
contract
shall be
transmitted
to Mada-Aust each
year.

 

Article
14 : FORMALITIES
– REGISTRATION
FEES

 

The
Parties
expressly agree
that the
registration fees of the
present Sublease
Agreement and
the related administrative
formalities
shall be
taken care
of 50%
by ERG
and 50%
by Mada-Aust.

 

 

 

Article
15 : LAW
IN FORCE - DISPUTES

 

The
present Agreement
is governed
by the
law in Madagascar.

 

Any
dispute
arising under
the execution
of the present
Sublease Agreement
and that may
not be resolved
by agreement
by the Parties
will be submitted
in a first
time to a
conciliation.
In the case
when no agreement
has been
able to
be reached
within a period
of 3 months,
the dispute
will be referred
to an
arbitration
court.

 

The arbitration
court
is made up
of three
arbitrators,
each party
designating
an arbitrator and
the two arbitrators
thus designated
designate
the third.
However,
the Parties
may agree between
them to designate
one single arbitrator. The
arbitrators are compulsorily natural
people.

 

Conciliation
and arbitration
shall be
conducted
in accordance
with the
Rule
of conciliation
and arbitration
of the International
Chamber
of Commerce.

 

The 
arbitration
 will  take
 place 
in  the  English
 language  and 
the  arbitration
 place  will 
be

Antananarivo.

     

     

  

      

      

    

 

Article 16
: CHOICE OF
RESIDENCE

 

For the
execution of the
present Sublease
Agreement,
the Parties
declare
that they
elect domicile at
the respective
head offices
of their companies.

 

Drawn up
in (5)
copies in Antananarivo,
on this
 .

 

For Mada-Aust
For ERG

 

 

 

 

 

Jean Luc
Marquetoux
Roland Fok-Seung

Manager
Manager

 

 

 

 

Kirk
McKinnon

Manager

 

 

 

 

Richard
Schler

Manager

     

     

  

      

      

    

 

ANNEX
A

 

List
of the minerals
that are the
objects of the
present Sublease
Agreement

 

Vanadium Lithium
Aggregates
Alunite
Barite Bentonite
Vermiculite Carbonatites
Corundum

Dimension
stone, other
than labradorite
Feldspar, other
than labradorite
Fluorspar

Granite

Graphite
Gypsum Kaolin Kyanite

Limestone
/ Dolomite

Marble Mica
Olivine
Perlite
Phosphate

Potash
– Potassium
minerals

Pumice Quartz
Staurolite Zeolites

     

     

  

      

      

    

 

 

ANNEX
B

 

Permit
Area

 

 

 

[To
be inserted
at the time the sublease is entered into]ex4_3.htm

Exhibit 4.3

 

 

Essex Portfolio, L.P., as Issuer

 

Essex Property Trust, Inc., as Guarantor

 

U.S. Bank National Association, as Trustee

 

____________________

 

INDENTURE

 

Dated as of

 

●, 2013

 

____________________

 

●% Senior Notes due ●

 

  

  

  

 

TABLE OF CONTENTS

 

	  	  	
Page

	
ARTICLE 1

Definitions

	
Section 1.01.

	
Definitions

	
1

	
ARTICLE 2

Issue, Description, Execution, Registration and Exchange of Notes

	
Section 2.01.

	
Designation Amount and Issue of Notes

	
9

	
Section 2.02.

	
Form of Notes

	
9

	
Section 2.03.

	
Date and Denomination of Notes; Payments of exchange

	
10

	
Section 2.04.

	
Execution of Notes

	
12

	
Section 2.05.

	
Note Registrar and Paying Agent

	
12

	
Section 2.06.

	
Exchange and Registration of Transfer of Notes

	
13

	
Section 2.07.

	
Mutilated, Destroyed, Lost or Stolen Notes

	
18

	
Section 2.08.

	
Temporary Notes

	
19

	
Section 2.09.

	
Cancellation of Notes

	
19

	
Section 2.10.

	
CUSIP Numbers

	
19

	
Section 2.11.

	
Issuance of Additional Notes

	
20

	
ARTICLE 3

Redemption of Notes

	
Section 3.01.

	
Optional Redemption of Notes

	
20

	
Section 3.02.

	
Notice of Optional Redemption; Selection of Notes

	
21

	
Section 3.03.

	
Payment of Notes Called for Redemption by the Issuer

	
22

	
Section 3.04.

	
Sinking Fund

	
22

	
ARTICLE 4

Particular Covenants of the Issuer

	
Section 4.01.

	
Payment of Principal, Premium and Interest

	
23

	
Section 4.02.

	
Maintenance of Office or Agency

	
23

	
Section 4.03.

	
Appointments to Fill Vacancies in Trustee’s Office

	
24

	
Section 4.04.

	
Provisions as to Paying Agent

	
24

	
Section 4.05.

	
Existence

	
25

	
Section 4.06.

	
Reports

	
25

	
Section 4.07.

	
Stay, Extension and Usury Laws

	
25

	
Section 4.08.

	
Compliance Certificate

	
26

	
Section 4.09.

	
Limitations on Incurrence of Debt

	
26

	
Section 4.10.

	
Insurance

	
27

	  	  	  
	
ARTICLE 5

Noteholders’ Lists and Reports by the Issuer and the Trustee

	
Section 5.01.

	
Noteholders’ Lists

	
28

	
Section 5.02.

	
Preservation and Disclosure of Lists

	
28

	
Section 5.03.

	
Reports by Trustee

	
28

  

i

  

 

	
ARTICLE 6

Remedies of the Trustee and Noteholders on an Event of Default

	
Section 6.01.

	
Events of Default

	
29

	
Section 6.02.

	
Payments of Notes on Default; Suit Therefor

	
31

	
Section 6.03.

	
Application of Monies Collected by Trustee

	
32

	
Section 6.04.

	
Proceedings by Noteholders

	
33

	
Section 6.05.

	
Proceedings by Trustee

	
34

	
Section 6.06.

	
Remedies Cumulative and Continuing

	
34

	
Section 6.07.

	
Direction of Proceedings and Waiver of Defaults by Majority of Noteholders

	
34

	
Section 6.08.

	
Notice of Defaults

	
35

	
Section 6.09.

	
Undertaking to Pay Costs

	
35

	
ARTICLE 7

The Trustee

	
Section 7.01.

	
Duties and Responsibilities of Trustee

	
35

	
Section 7.02.

	
Reliance on Documents, Opinions, etc.

	
37

	
Section 7.03.

	
No Responsibility for Recitals, etc

	
38

	
Section 7.04.

	
Trustee, Paying Agents or Registrar May Own Notes

	
38

	
Section 7.05.

	
Monies to Be Held in Trust

	
38

	
Section 7.06.

	
Compensation and Expenses of Trustee

	
39

	
Section 7.07.

	
Officers’ Certificate as Evidence

	
39

	
Section 7.08.

	
Conflicting Interests of Trustee

	
39

	
Section 7.09.

	
Eligibility of Trustee

	
40

	
Section 7.10.

	
Resignation or Removal of Trustee

	
40

	
Section 7.11.

	
Acceptance by Successor Trustee

	
41

	
Section 7.12.

	
Succession by Merger

	
42

	
Section 7.13.

	
Preferential Collection of Claims

	
42

	
ARTICLE 8

The Noteholders

	
Section 8.01.

	
Action by Noteholders

	
43

	
Section 8.02.

	
Proof of Execution by Noteholders

	
43

	
Section 8.03.

	
Absolute Owners

	
43

	
Section 8.04.

	
Issuer-owned Notes Disregarded

	
43

	
Section 8.05.

	
Revocation of Consents; Future Holders Bound

	
44

	
ARTICLE 9

Supplemental Indentures

	
Section 9.01.

	
Supplemental Indentures Without Consent of Noteholders

	
44

	
Section 9.02.

	
Supplemental Indenture With Consent of Noteholders

	
45

	
Section 9.03.

	
Effect of Supplemental Indenture

	
46

	
Section 9.04.

	
Notation on Notes

	
46

	
Section 9.05.

	
Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee

	
47

  

ii

  

 

	
ARTICLE 10

Consolidation, Merger, Sale, Conveyance and Lease

	
Section 10.01.

	
Issuer May Consolidate on Certain Terms

	
47

	
Section 10.02.

	
Issuer Successor to Be Substituted

	
47

	
Section 10.03.

	
Guarantor May Consolidate on Certain Terms

	
48

	
Section 10.04.

	
Guarantor Successor to Be Substituted

	
48

	
ARTICLE 11

Satisfaction and Discharge of Indenture

	
Section 11.01.

	
Discharge of Indenture

	
49

	
Section 11.02.

	
Deposited Monies to Be Held in Trust by Trustee

	
49

	
Section 11.03.

	
Paying Agent Application of Monies Held

	
50

	
Section 11.04.

	
Return of Unclaimed Monies

	
50

	
Section 11.05.

	
Reinstatement

	
50

	
ARTICLE 12

Legal Defeasance and Covenant Defeasance

	
Section 12.01.

	
Option to Effect Legal Defeasance or Covenant Defeasance

	
50

	
Section 12.02.

	
Legal Defeasance and Discharge

	
50

	
Section 12.03.

	
Covenant Defeasance

	
51

	
Section 12.04.

	
Conditions to Legal or Covenant Defeasance

	
52

	
Section 12.05.

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

	
53

	
Section 12.06.

	
Repayment to Issuer

	
54

	
Section 12.07.

	
Reinstatement

	
54

	
ARTICLE 13

Immunity of Incorporators, Stockholders, Officers and Directors

	
Section 13.01.

	
Indenture and Notes Solely Corporate Obligations

	
54

	
ARTICLE 14

Meetings of Holders of Notes

	
Section 14.01.

	
Purposes for Which Meetings May Be Called

	
55

	
Section 14.02.

	
Call, Notice and Place of Meetings

	
55

	
Section 14.03.

	
Persons Entitled to Vote at Meetings

	
55

	
Section 14.04.

	
Quorum; Action

	
56

	
Section 14.05.

	
Determination of Voting Rights; Conduct and Adjournment of Meetings

	
56

	
Section 14.06.

	
Counting Votes and Recording Action of Meetings

	
57

	
ARTICLE 15

Guarantee

	
Section 15.01.

	
Guarantee

	
57

	
Section 15.02.

	
Execution and Delivery of Guarantee

	
59

	
Section 15.03.

	
Limitation of Guarantor’s Liability; Certain Bankruptcy Events

	
59

	
Section 15.04.

	
Application of Certain Terms and Provisions to the Guarantor

	
59

  

iii

  

 

	
ARTICLE 16

Miscellaneous Provisions

	
Section 16.01.

	
Provisions Binding on Issuer’s and Guarantor’s Successors

	
60

	
Section 16.02.

	
Official Acts by Successor Corporation

	
60

	
Section 16.03.

	
Addresses for Notices, etc.

	
60

	
Section 16.04.

	
Governing Law

	
61

	
Section 16.05.

	
Evidence of Compliance with Conditions Precedent, Certificates to Trustee

	
61

	
Section 16.06.

	
Legal Holidays

	
61

	
Section 16.07.

	
Trust Indenture Act

	
62

	
Section 16.08.

	
No Security Interest Created

	
62

	
Section 16.09.

	
Benefits of Indenture

	
62

	
Section 16.10.

	
Table of Contents, Headings, etc.

	
62

	
Section 16.11.

	
Authenticating Agent

	
62

	
Section 16.12.

	
Execution in Counterparts

	
63

	
Section 16.13.

	
Severability

	
63

	
Section 16.14.

	
USA Patriot Act

	
63

	  	  	  
	
Exhibit A Form of Note

	
A-1

	
Exhibit B Form of Guarantee

	
D-1

  

iv

  

 

CROSS REFERENCE TABLE*

 

	

Trust Indenture Act Section

	

Indenture Section

	
310(a)(1)

	
7.09

	
(a)(2)

	
7.09

	
(a)(3)

	
N.A.

	
(a)(4)

	
N.A.

	
(a)(5)

	
N.A.

	
(b)

	
7.08, 7.10

	
311(a)

	
7.13

	
(b)

	
7.13

	
312(a)

	
5.01, 5.02

	
(b)

	
5.02

	
(c)

	
5.02

	
313(a)

	
5.03

	
(b)

	
5.03

	
(c)

	
5.03

	
(d)

	
5.03

	
314(a)

	
4.06, 4.08

	
(b)

	
N.A.

	
(c)(1)

	
16.05

	
(c)(2)

	
16.05

	
(c)(3)

	
N.A.

	
(d)

	
N.A.

	
(e)

	
16.05

	
(f)

	
N.A.

	
315(a)

	
7.01

	
(b)

	
6.08

	
(c)

	
7.01

	
(d)

	
7.01

	
(e)

	
6.09

	
316(a)(1)(A)

	
6.07

	
(a)(1)(B)

	
6.07

	
(a)(2)

	
N.A.

	
(b)

	
N.A.

	
(c)

	
N.A.

	
317(a)(1)

	
6.02

	
(a)(2)

	
6.02

	
(b)

	
11.03

	
318(a)

	
N.A.

 

____________

N.A. means not applicable.

 

* This Cross-Reference Table is not part of the Indenture.

  

  

  

 

INDENTURE

 

INDENTURE dated as of ●, 2013 among Essex Portfolio, L.P., a California limited partnership (hereinafter called the “Issuer”), Essex Property Trust, Inc., a Maryland corporation (hereinafter called the “Guarantor” or, in its capacity as the sole general partner of the Issuer, the “General Partner”), each having its principal office at Essex Portfolio, L.P., 925 East Meadow Drive, Palo Alto, California 94303, and U.S. Bank National Association, as trustee hereunder (hereinafter called the “Trustee”). Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of the Issuer’s ●% Senior Notes due ● (hereinafter called the “Notes”) guaranteed by the Guarantor.

ARTICLE 1

Definitions

 

Section 1.01.  Definitions.  The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01.  All other terms used in this Indenture that are defined in the Trust Indenture Act (as defined below) or which are by reference therein defined in the Securities Act (as defined below) (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the respective meanings assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date of the execution of this Indenture.

 

Except as otherwise expressly provided in or pursuant to this Indenture or unless the context otherwise requires, for all purposes of this Indenture and any indenture supplemental hereto:

 

(1)           the terms defined in this Article include the plural as well as the singular;

 

(2)           all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

(3)           the words “herein”, “hereof”, “hereto” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;

 

(4)           references herein to the Articles, Sections and other subdivisions shall be to the Articles, Sections and other subdivisions of this Indenture;

 

(5)           the word “or” is used inclusively (for example, the phrase “A or B” means “A or B or both”, not “either A or B but not both”);

 

(6)           provisions apply to successive events and transactions;

 

(7)           the term “merger” includes a statutory share exchange and the terms “merge” and “merged” have correlative meanings;

 

(8)           the masculine gender includes the feminine and the neuter; and

 

  

1

  

 

(9)           references to agreements and other instruments include subsequent amendments and supplements thereto.

 

 “Acquired Debt” means Debt of a Person (i) existing at the time such Person becomes a Subsidiary of the Issuer or (ii) assumed in connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming such a Subsidiary or such acquisition.  Acquired Debt shall be deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes such a Subsidiary.

 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.04, 2.11 and 4.09 hereof, as part of the same series as the Initial Notes.

 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.  For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Agent” means any Note Registrar, co-registrar, Paying Agent, additional paying agent or authentication agent.

 

“Annual Debt Service Charge” for any period means the maximum amount which is payable during such period for interest on, and original issue discount of, Debt of the Issuer and its Subsidiaries and the amount of any dividends which are payable during such period in respect of any Disqualified Stock.

 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Authentication Order” has the meaning specified in Section 2.01.

 

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

 

“Benefited Party” has the meaning specified in Section 15.01.

 

“Board of Directors” means the board of directors of the General Partner or a committee of such board duly authorized to act for it hereunder.

 

  

2

  

 

“Business Day” means, with respect to any Note, any day, other than a Saturday, Sunday or any other day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close.

 

“Capital Stock” means any capital stock (including preferred stock), shares, interests, participations or other ownership interests (however designated) of the Issuer or any of its Subsidiaries and any rights (other than debt securities convertible into or exchangeable for corporate stock), warrants or options to purchase any thereof.

 

“Clearstream” means Clearstream Banking, S.A.

 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Issuer and its Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication):  (i) interest on Debt of the Issuer and its Subsidiaries, (ii) provision for taxes of the Issuer and its Subsidiaries based on income, (iii) amortization of debt discount and other deferred financing costs, (iv) provisions for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from Operations for such period and (vi) amortization of deferred charges.

 

“Corporate Trust Office” or other similar term, means the designated office of the Trustee at which, at any particular time, its corporate trust business as it relates to this Indenture shall be administered, which office is, at the date as of which this Indenture is dated, located at the address set forth in Section 16.03.

 

“Covenant Defeasance” has the meaning specified in Section 12.03.

 

“CUSIP” means the Committee on Uniform Securities Identification Procedures.

 

“Custodian” means U.S. Bank National Association, as custodian with respect to the Notes in global form, or any successor entity thereto.

  

3

  

 

“Debt” means, without duplication, any indebtedness of the Issuer and its Subsidiaries, whether or not contingent, in respect of (i) borrowed money or evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness for borrowed money secured by any Encumbrance existing on property owned by the Issuer or any of its Subsidiaries, (iii) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued to provide credit enhancement or support with respect to other indebtedness of the Issuer or any of its Subsidiaries otherwise reflected as Debt hereunder) or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement, (iv) the principal amount of all obligations of the Issuer or any of its Subsidiaries with respect to redemption, repayment or other repurchase of any Disqualified Stock, (v) any lease of property by the Issuer or any of its Subsidiaries as lessee which is reflected on the consolidated balance sheet of the Issuer and its Subsidiaries as a capitalized lease in accordance with U.S. generally accepted accounting principles, or (vi) interest rate swaps, caps or similar agreements and foreign exchange contracts, currency swaps or similar agreements, to the extent, in the case of items of indebtedness under (i) through (iii) above, that any such items (other than letters of credit) would appear as a liability on the consolidated balance sheet of the Issuer and its Subsidiaries in accordance with U.S. generally accepted accounting principles, and also includes, to the extent not otherwise included, any obligation by the Issuer or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of another Person (other than the Issuer or any of its Subsidiaries) (it being understood that Debt shall be deemed to be incurred by the Issuer or any of its Subsidiaries whenever the Issuer or any of its Subsidiaries shall create, assume, guarantee or otherwise become liable in respect thereof).

 

“Default” means any event which, after notice or the lapse of time, or both, would become, an Event of Default.

 

“Defaulted Interest” has the meaning specified in Section 2.03.

 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Depositary” means the clearing agency registered under the Exchange Act that is designated to act as the Depositary for the Global Notes.  DTC shall be the initial Depositary, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

 “Disqualified Stock” means any Capital Stock of the Issuer or any of its Subsidiaries which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for common stock), (ii) is convertible into or exchangeable or exercisable for Debt or Disqualified Stock or (iii) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock), in each case on or prior to the maturity of the Notes.

  

4

  

 

“DTC” means The Depository Trust Company.

 

“Earnings from Operations” for any period means net earnings excluding gains and losses on sales of investments, extraordinary items, and property valuation gains and losses, as reflected in the financial statements of the Issuer and its Subsidiaries for such period determined on a consolidated basis in accordance with U.S. generally accepted accounting principles.

 

“Encumbrance” means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.

 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Event of Default” means any event specified in Section 6.01 as an Event of Default.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

 

“GAAP” means generally accepted accounting principles, as in effect from time to time, as used in the United States of America applied on a consistent basis.

 

“General Partner” means the corporation named as the “General Partner” in the first paragraph of this Indenture, and, subject to the provisions of Article 10, shall include its successors and assigns.

 

“Global Note Legend” means the legend set forth in Section 2.06(f) hereof, which is required to be placed on all Global Notes issued under this Indenture.

 

“Global Notes” means, individually and collectively, each of the Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with this Indenture.

 

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit.

 

“Guarantee” means the full and unconditional guarantee provided by the Guarantor in respect of the Notes as made applicable to the Notes in accordance with the provisions of Section 15.01 hereof.

 

“Guarantee Obligations” has the meaning specified in Section 15.01.

 

  

5

  

 

“Guarantor” means the corporation named as the “Guarantor” in the first paragraph of this Indenture, and, subject to the provisions of Article 10, shall include its successors and assigns.

 

“Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

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

 

“Initial Notes” means the first $● aggregate principal amount of Notes issued under this Indenture on the date hereof.

 

“interest” means, when used with reference to the Notes, any interest payable under the terms of the Notes.

 

“Issuer” means the limited partnership named as the “Issuer” in the first paragraph of this Indenture, and, subject to the provisions of Article 10, shall include its successors and assigns.

 

“Legal Defeasance” has the meaning specified in Section 12.02.

 

“Maturity Date” means ●.

 

“Note” or “Notes” means any Note or Notes, as the case may be, authenticated and delivered under this Indenture, including the Initial Notes, any Additional Notes and any Global Note.

 

“Note Register” has the meaning specified in Section 2.05.

 

“Note Registrar” has the meaning specified in Section 2.05.

 

“Noteholder” or “Holder” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular Note is registered on the Note Registrar’s books.

 

“Officer” means any person holding any of the following positions with the General Partner or the Issuer:  the Chairman of the Board, the Chief Executive Officer, the President, any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”), the Chief Financial Officer, the Treasurer and the Secretary.

 

“Officers’ Certificate,” when used with respect to the Issuer, means a certificate signed by any two Officers or by one such Officer and any Assistant Treasurer or Assistant Secretary of the General Partner or the Issuer.

 

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Issuer, or other counsel reasonably acceptable to the Trustee.

 

  

6

  

 

“outstanding,” when used with reference to Notes and subject to the provisions of Section 8.04, means, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except:

 

(1)           Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

(2)           Notes, or portions thereof, (i) for the redemption of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Issuer or the Guarantor) or (ii) which shall have been otherwise discharged in accordance with Article 11;

 

(3)           Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.07; and

 

(4)           Notes paid or redeemed pursuant to Article 3.

 

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

 

“Paying Agent” has the meaning specified in Section 2.05.

 

“Person” means a corporation, an association, a partnership, a limited liability company, an individual, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof.

 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note, and, for the purposes of this definition, any Note authenticated and delivered under Section 2.07 in lieu of a lost, mutilated, destroyed or stolen Note shall be deemed to evidence the same debt as the lost, mutilated, destroyed or stolen Note that it replaces.

 

“premium” means any premium payable under the terms of the Notes.

 

"Prospectus" means [identify prospectus for Notes].

 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Record Date” has the meaning specified in Section 2.03.

 

“Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 3.01 hereof, the date fixed for such redemption in accordance with the provisions of Section 3.01 hereof.

 

“Redemption Price” has the meaning provided in Section 3.01 hereof.

 

  

7

  

 

“Reference Treasury Dealer” means each of (1) Citigroup Global Markets Inc. and J.P. Morgan Securities LLC and their respective successors or their respective affiliates who are Primary Treasury Dealers (as defined below), (2) a Primary Treasury Dealer selected by Wells Fargo Securities, LLC and its successors and (3) any one other Primary Treasury Dealer selected by the Issuer; provided, however, that if any of the Reference Treasury Dealers ceases to be a primary U.S. Government securities dealer (“Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person’s knowledge of or familiarity with the particular subject.

 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

 

“Significant Subsidiary” has the meaning specified in Section 6.01(d).

 

“Stated Maturity,” with respect to any Note or any installment of principal thereof or interest thereon, means the date established by or pursuant to this Indenture or such Note as the fixed date on which the principal of such Note or such installment of principal or interest is due and payable.

 

“Subsidiary” means, with respect to any Person, (i) any corporation, association or other business entity of which more than 50% of the total voting power of shares of capital stock or other equity interest entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person (or a combination thereof) and (ii) any partnership (a) the sole general partner or managing general partner of which is such Person or a subsidiary of such Person or (b) the only general partners of which are such Person or of one or more subsidiaries of such Person (or any combination thereof).

 

“Total Assets” as of any date means the sum of (without duplication) (i) Undepreciated Real Estate Assets and (ii) all other assets (excluding accounts receivable and intangibles) of the Issuer and its Subsidiaries, all determined on a consolidated basis in accordance with U.S. generally accepted accounting principles.

 

“Total Unencumbered Assets” means the sum of (without duplication) (i) those Undepreciated Real Estate Assets which are not subject to an Encumbrance securing Debt and (ii) all other assets (excluding accounts receivable, intangibles and unconsolidated equity interests in funds and joint ventures) of the Issuer and its Subsidiaries not subject to an Encumbrance securing Debt, all determined on a consolidated basis in accordance with U.S. generally accepted accounting principles.

 

  

8

  

 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of this Indenture; provided that if the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939 as so amended.

 

“Trustee” means U.S. Bank National Association, and its successors and any corporation resulting from or surviving any consolidation or merger to which it or its successors may be a party and any successor trustee at the time serving as successor trustee hereunder.

 

“Undepreciated Real Estate Assets” means, as of any date, the cost (original cost plus capital improvements) of real estate assets of the Issuer and its Subsidiaries on such date, before depreciation and amortization, all determined on a consolidated basis in accordance with U.S. generally accepted accounting principles.

 

“Unsecured Debt” means Debt of the Issuer or any of its Subsidiaries which is not secured by an Encumbrance on any property or assets of the Issuer or any of its Subsidiaries.

 

“USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Patriot Act), Pub. L. 107-56 and all other United States laws and regulations relating to money-laundering and terrorist activities.

 

ARTICLE 2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01.  Designation Amount and Issue of Notes.  The Notes shall be designated as “●% Senior Notes due ●.”  Upon the execution of this Indenture, and from time to time thereafter, Notes may be executed by the Issuer and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver Notes upon a written order of the Issuer (an “Authentication Order”), such order signed by two Officers or by an Officer and either an Assistant Treasurer of the General Partner or the Issuer or any Assistant Secretary of the General Partner or the Issuer, without any further action by the Issuer hereunder.

 

The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited; provided that upon initial issuance, the aggregate principal amount of Notes outstanding shall not exceed $●, except as provided in Sections 2.07 and 2.08.  The Issuer may, without the consent of the Holders of Notes, issue Additional Notes from time to time in the future in an unlimited principal amount, subject to compliance with the terms of this Indenture, including Section 2.11.

 

Section 2.02.  Form of Notes.  Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto).  Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto).  Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.  Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee.  The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

  

9

  

Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends, endorsements or changes as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required by the Custodian, the Depositary or as may be required for the Notes to be tradable on any market existing or developed for trading of securities or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed, or to conform to usage, or to indicate any special limitations or restrictions to which any particular Notes are subject.

 

So long as the Notes are eligible for book-entry settlement with the Depositary, or unless otherwise required by law, or otherwise contemplated by Section 2.06(b), all of the Notes will be represented by one or more Global Notes.  The transfer and exchange of beneficial interests in any such Global Note shall be effected through the Depositary in accordance with this Indenture and the Applicable Procedures of the Depositary.  Except as provided in Section 2.06(c), beneficial owners of a Global Note shall not be entitled to have certificates registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and will not be considered Holders of such Global Note.

 

Section 2.03.  Date and Denomination of Notes; Payments of Interest

 

.  The Notes shall be issuable in registered form without coupons in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof.  Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto.  Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at 5:00 p.m., New York City time, on any Record Date with respect to any interest payment date shall be entitled to receive the interest payable on such interest payment date. Interest shall be payable at the office of the Issuer maintained by the Issuer for such purposes in The City of New York, which shall initially be an office or agency of the Trustee.  The Issuer shall pay interest (i) on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Note Register; provided, however, that a Holder of any Notes in certificated form may specify by written notice to the Issuer that it pay interest by wire transfer of immediately available funds to the account specified by the Noteholder in such notice, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.  If a payment date is not a Business Day, payment shall be made on the next succeeding Business Day, and no additional interest shall accrue thereon.  The term “Record Date” with respect to any interest payment date shall mean the ● or ● preceding the applicable ● or ● interest payment date, respectively.

 

  

10

  

 

No other payment or adjustment will be made for accrued interest on an exchanged Note.

 

Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any interest payment date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Noteholder registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the Issuer, at its election in each case, as provided in clause (1) or (2) below:

 

(1)           The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at 5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner.  The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than twenty-five (25) calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Issuer shall deposit with the Trustee an amount of monies equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such monies when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.  Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar days prior to the date of the proposed payment, and not less than ten (10) calendar days after the receipt by the Trustee of the notice of the proposed payment (unless, the Trustee shall consent to an earlier date).  The Trustee shall promptly notify the Issuer of such special record date and, in the name and at the expense of the Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed (or sent by electronic transmission), first-class postage prepaid, to each Holder at its address as it appears in the Note Register, not less than ten (10) calendar days prior to such special record date (unless, the Trustee shall consent to an earlier date).  Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at 5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to the following clause (b) of this Section 2.03.

 

(2)           The Issuer may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

  

11

  

 

Section 2.04.  Execution of Notes.  The Notes shall be signed in the name and on behalf of the Issuer by the General Partner by the manual or facsimile signature of an Officer.  The Trustee will, upon receipt of an Authentication Order, authenticate Notes for issue under this Indenture, including any Additional Notes.  The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in Sections 2.07 and 2.08 hereof.

 

Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed manually by the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 16.11), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose.  Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Issuer shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

In case any Officer who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Issuer, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who signed such Notes had not ceased to be such Officer, and any Note may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Note, shall be the proper Officers, although at the date of the execution of this Indenture any such person was not such an Officer.

 

Section 2.05.  Note Registrar and Paying Agent.

 

The Issuer will maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Note Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Note Registrar will keep a register of the Notes and of their transfer and exchange (the “Note Register”).  The Issuer may appoint one or more co-registrars and one or more additional paying agents.  The term “Note Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent.  The Issuer may change any Paying Agent or Note Registrar without notice to any Holder.  The Issuer will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture.  If the Issuer fails to appoint or maintain another entity as Note Registrar or Paying Agent, the Trustee shall act as such.  The Issuer or any of its Subsidiaries may act as Paying Agent or Note Registrar.

 

The Issuer initially appoints DTC to act as Depositary with respect to the Global Notes.

 

The Issuer initially appoints the Trustee to act as the Note Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

  

12

  

 

The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuer (or any other obligor upon the Notes) in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Issuer, Guarantor or a Subsidiary of the Issuer) will have no further liability for the money.  If the Issuer, Guarantor or a Subsidiary of the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money held by it as Paying Agent and shall promptly notify the Trustee of any failure to take such action and of any failure by the Issuer (or any other obligor under the Notes) to make any payment of the principal of or interest on the Notes when the same shall become due and payable.  Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes.

 

Section 2.06.  Exchange and Registration of Transfer of Notes.

 

(a)           Transfer and Exchange of Global Notes.  A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.  All Global Notes will be exchanged by the Issuer for Definitive Notes if:

 

(1)           the Issuer delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the Depositary;

 

(2)           the Issuer in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or

 

(3)           the Depositary so requests and there has occurred and is continuing a Default or Event of Default with respect to the Notes.

 

Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary in accordance with the Applicable Procedures shall instruct the Note Registrar.  Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.08 hereof.  Except as provided this Section 2.06(a), every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.08 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note.  Any Note that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Note.  A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a).  However, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof.

  

13

  

 

(b)           Transfer and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.  Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable:

 

(1)           Transfer of Beneficial Interests in the Same Global Note.  Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note.  No written orders or instructions shall be required to be delivered to the Note Registrar to effect the transfers described in this Section 2.06(b)(1).

 

(2)           All Other Transfers and Exchanges of Beneficial Interests in Global Notes.  Except as may otherwise be required by the Applicable Procedures, in connection with all transfers and exchanges of beneficial interests in the Global Notes that are not subject to Section 2.06(b)(1) above, any such transfer or exchange must comply with Section 2.06(c) below if applicable and the transferor of such beneficial interest must deliver to the Note Registrar either:

 

	
  

	
(A)

	
both:

 

(i)           a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and

 

(ii)          instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or

 

	
  

	
(B)

	
both:

 

(i)           a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and

 

(ii)          instructions given by the Depositary to the Note Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (i) above.

 

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof.

 

  

14

  

 

(c)           Transfer or Exchange of Beneficial Interests for Definitive Notes. If any holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2)(B) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute and the Trustee will authenticate and deliver to the Persons as specified below a Definitive Note in the appropriate principal amount.  Any Definitive Note issued in exchange for or upon transfer of a beneficial interest in a Global Note pursuant to this Section 2.06(c) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Note Registrar from the Depositary or Participant or Indirect Participant through the Depositary.  The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered.

 

(d)           Transfer and Exchange of Definitive Notes for Beneficial Interests.  Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(d), the Note Registrar will register the transfer or exchange of Definitive Notes for a beneficial interest in a Global Note as provided herein.  Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Note Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Note Registrar duly executed by such Holder or by its attorney, duly authorized in writing.  A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note in accordance with the Applicable Procedures or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note in accordance with the Applicable Procedures at any time.  Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of a Global Note.

 

(e)           Transfer of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Note Registrar will register the transfer of Definitive Notes to a Person who takes delivery thereof in the form of Definitive Notes as provided herein.  Prior to such registration of transfer, the requesting Holder must present or surrender to the Note Registrar the Definitive Notes to be transferred duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Note Registrar duly executed by such Holder or by its attorney, duly authorized in writing.  Upon receipt of such a request to register such a transfer and such other documents, the Note Registrar shall register the Definitive Notes being transferred pursuant to the instructions from the Holder thereof.

 

  

15

  

 

(f)           Legends.  Each Global Note will bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

(g)           Cancellation and/or Adjustment of Global Notes.  At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.09 hereof.  At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

 

(h)           General Provisions Relating to Transfers and Exchanges.

 

(1)           To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.04 hereof or at the Note Registrar’s request.

 

  

16

  

 

(2)           No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.08, 3.03 and 9.04 hereof).

 

(3)           The Note Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

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

 

(5)           Neither the Note Registrar nor the Issuer will be required:

 

(A)           to issue, register the transfer of or to exchange any Note during a period beginning at the opening of business 15 days before any selection of Notes for redemption under Article 3 hereof and ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to have been given to all Holders of Notes to be so redeemed; or

 

(B)           to register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

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

 

(7)           The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.04 hereof.

 

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

 

(9)           The Trustee shall have no responsibility or obligation to any Participants, Indirect Participants or any other Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any Participants, Indirect Participants or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes.  All notices and communications to be given to the Noteholders and all payments to be made to Noteholders under the Notes shall be given or made only to or upon the order of the registered Noteholders (which shall be the Depositary or its nominee in the case of a Global Note).  The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the customary procedures of the Depositary.  The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its Participants.

 

  

17

  

 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

Section 2.07.  Mutilated, Destroyed, Lost or Stolen Notes.  In case any Note shall become mutilated or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and make available for delivery, a new Note, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen.  In every case, the applicant for a substituted Note shall furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

Following receipt by the Trustee or such authenticating agent, as the case may be, of satisfactory security or indemnity and evidence, as described in the preceding paragraph, the Trustee or such authenticating agent may authenticate any such substituted Note and make available for delivery such Note.  Upon the issuance of any substituted Note, the Issuer may require the payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith.  In case any Note which has matured or is about to mature or has been called for redemption, as the case may be, shall become mutilated or be destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Note, pay or authorize the payment of such Note, as the case may be, if the applicant for such payment shall furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or in connection with such payment, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer, the Trustee and, if applicable, any Paying Agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

  

18

  

 

Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder.  To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment or exchange or redemption of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment or redemption of negotiable instruments or other securities without their surrender.

 

Section 2.08.  Temporary Notes.  Pending the preparation of Notes in certificated form, the Issuer may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon the written request of the Issuer, authenticate and deliver temporary Notes (printed or lithographed).  Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Notes in certificated form, but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Issuer.  Every such temporary Note shall be executed by the Issuer and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Notes in certificated form.  Without unreasonable delay, the Issuer will execute and deliver to the Trustee or such authenticating agent Notes in certificated form and thereupon any or all temporary Notes may be surrendered in exchange therefor, at each office or agency maintained by the Issuer pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and make available for delivery in exchange for such temporary Notes an equal aggregate principal amount of Notes in certificated form.  Such exchange shall be made by the Issuer at its own expense and without any charge therefor.  Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Notes in certificated form authenticated and delivered hereunder.

 

Section 2.09.  Cancellation of Notes.  All Notes surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Issuer or any Paying Agent, which shall initially be the Trustee, or any Note Registrar, be surrendered to the Trustee and promptly canceled by it or, if surrendered to the Trustee, shall be promptly canceled by it and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture.  The Trustee shall dispose of such canceled Notes in accordance with its customary procedures, with copies of such cancelled Notes and related documentation provided to the Issuer.  If the Issuer shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation.

 

Section 2.10.  CUSIP Numbers.  The Issuer in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers.  The Issuer will promptly notify the Trustee of any change in the “CUSIP” numbers.

 

  

19

  

 

Section 2.11.  Issuance of Additional Notes.  The Issuer will be entitled, upon delivery of an Officers’ Certificate, Opinion of Counsel and Authentication Order, subject to its compliance with Section 4.09, to issue Additional Notes under the Indenture that will have identical terms to and the same CUSIP number as the Initial Notes issued on the date of this Indenture other than with respect to the date of issuance, issue price and interest accrued prior to the issue date of the Additional Notes; provided that such Additional Notes must be part of the same issue as and fungible with the Initial Notes for United States federal income tax purposes and provided further that no such Additional Notes may be issued if the Issuer has effected satisfaction and discharge with respect to the Notes pursuant to Article 11 or effected legal defeasance or covenant defeasance with respect to the Notes pursuant to Article 12.  The Initial Notes and any such Additional Notes will constitute a single series of debt securities, and in circumstances in which this Indenture provides for the Holders of Notes to vote or take any action, the Holders of Initial Notes and the Holders of any such Additional Notes will vote or take the action as a single class.

 

With respect to any Additional Notes, the Issuer will set forth in a resolution of its Board of Directors and an Officers’ Certificate, a copy of each of which will be delivered to the Trustee, the following information:

 

(1)           the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and

 

(2)           the issue price, the issue date and the CUSIP number of such Additional Notes.

 

ARTICLE 3

Redemption of Notes

 

Section 3.01.  Optional Redemption of Notes.

 

(a)           The Issuer shall have the right to redeem the Notes at its option and in its sole discretion, at any time in whole or from time to time in part, for cash, at a redemption price with respect to the Notes to be redeemed on any Redemption Date (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of such Notes to be redeemed and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the principal amount of the Notes to be redeemed (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus ● basis points (0.●% or ● one-hundredths of one percent), plus, in each case accrued and unpaid interest on the principal amount of such Notes to be redeemed to the Redemption Date; provided, however, that if the Redemption Date falls after the Record Date immediately preceding an interest payment date and on or prior to such interest payment date, the Issuer will pay the full amount of such accrued and unpaid interest, if any, on such interest payment date to the Holder of record at the close of business on such Record Date (instead of the Holder surrendering its Notes for redemption).  Notwithstanding the foregoing, if the Notes are redeemed on or after ·, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount of such Notes to be redeemed to the Redemption Date for such redemption.

 

  

20

  

 

(b)           The Issuer shall not redeem the Notes pursuant to Section 3.01(a) on any date if the principal amount of the Notes has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date (except in the case of an acceleration resulting from a default by the Issuer in the payment of the Redemption Price with respect to the Notes to be redeemed).

 

Section 3.02.  Notice of Optional Redemption; Selection of Notes.  In case the Issuer shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes pursuant to Section 3.01, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of redemption is to be mailed (or sent by electronic transmission), the Trustee in the name of and at the expense of the Issuer, shall mail (or send by electronic transmission) or cause to be mailed (or sent by electronic transmission) a notice of such redemption not fewer than thirty (30) calendar days nor more than sixty (60) calendar days prior to the Redemption Date to each Holder of Notes so to be redeemed in whole or in part at its last address as the same appears on the Note Register; provided that if the Issuer makes such request of the Trustee, it shall, together with such request, also give written notice of the Redemption Date to the Trustee; provided further that the text of the notice shall be prepared by the Issuer.  Such mailing shall be by first class mail (unless sent by electronic transmission).  The notice, if mailed in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice.  In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note.

 

Each such notice of redemption shall specify:  (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number or numbers, if any, of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of payment and that payment will be made upon presentation and surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest thereon or on the portion thereof to be redeemed will cease to accrue.  If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any).  In case any Note is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof will be issued.

 

  

21

  

 

Whenever any Notes are to be redeemed, the Issuer will give the Trustee written notice of the Redemption Date, together with an Officers’ Certificate as to the aggregate principal amount of Notes to be redeemed not fewer than forty-five (45) calendar days (or such shorter period of time as may be acceptable to the Trustee) prior to the Redemption Date.

 

On or prior to the Redemption Date specified in the notice of redemption given as provided in this Section 3.02, the Issuer will deposit with the Paying Agent (or, if the Issuer or the Guarantor is acting as Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) an amount of monies in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or portions thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on the Redemption Date, it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date.  The Issuer shall be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 3.02 in excess of amounts required hereunder to pay the Redemption Price.

 

If less than all of the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of the Global Note or the Notes in certificated form to be redeemed on a pro rata basis or such other method the Trustee deems fair and appropriate or is required by the Depositary, provided that the unredeemed portion of any Note to be redeemed in part shall remain in a denomination authorized hereunder.  The Notes (or portions thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof.

 

Section 3.03.  Payment of Notes Called for Redemption by the Issuer.  If notice of redemption has been given as provided in Section 3.02, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and unless the Issuer shall default in the payment of such Notes at the Redemption Price, so long as the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then (a) such Notes will cease to be outstanding on and after the Redemption Date, (b) interest on the Notes or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date, (c) after 5:00 p.m., New York City time, on the second Business Day immediately preceding the Redemption Date (unless the Issuer shall default in the payment of the Redemption Price) and, except as provided in Section 7.05 and Section 11.02, such Notes will cease to be entitled to any benefit or security under this Indenture, and (d) the Holders of the Notes shall have no right in respect of such Notes except the right to receive the Redemption Price thereof.  On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Issuer at the Redemption Price.

 

Upon presentation of any Note redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Issuer, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented.

 

Section 3.04.  Sinking Fund.  There shall be no sinking fund provided for the Notes.

 

  

22

  

ARTICLE 4

Particular Covenants of the Issuer

 

Section 4.01.  Payment of Principal, Premium and Interest.  The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid when due the principal of (including the Redemption Price upon redemption pursuant to Article 3), and premium, if any, and interest on each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes; provided that, the Issuer or Paying Agent may withhold from payments of interest and upon redemption pursuant to Article 3, maturity or otherwise any amounts the Issuer or Paying Agent is required to withhold by law, including amounts required to be withheld in accordance with applicable tax laws.  If any withholding tax is required to be imposed on any payment by the Issuer to a Holder under the Notes, such tax shall reduce the amount otherwise payable to such Holder, and any amounts so withheld shall be treated as having been paid to such Holder for all purposes of this Indenture.  Failure of a Holder or a beneficial owner of a Note to provide the Issuer or Paying Agent or Depositary with appropriate tax certificates (including on an Internal Revenue Service Form W-9 or an applicable Internal Revenue Service Form W-8) may result in amounts being withheld from a payment to such Holder or for the account of such a beneficial owner.  Notwithstanding anything to the contrary herein, in no event shall the consent of the Holders or any beneficial owner be required for any required withholding.

 

Section 4.02.  Maintenance of Office or Agency.  The Issuer will maintain an office or agency, where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or redemption and where notices and demands to or upon the Issuer and the Guarantor in respect of the Notes, the Guarantees and this Indenture may be served.  As of the date of this Indenture, such office shall be the Corporate Trust Office and, at any other time, at such other address as the Trustee may designate from time to time by notice to the Issuer.  The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee.  If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office.

 

The Issuer may also from time to time designate co-registrars and one or more offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency for such purposes.  The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

The Issuer hereby initially designates the Trustee as Paying Agent, Note Registrar and Custodian, and the Corporate Trust Office shall be considered as one such office or agency of the Issuer for each of the aforesaid purposes.

 

So long as the Trustee is the Note Registrar, the Trustee agrees to mail (or send by electronic transmission), or cause to be mailed, the notices set forth in Section 7.10 and the third paragraph of Section 7.11.  If co-registrars have been appointed in accordance with this Section, the Trustee shall mail such notices only to the Issuer and the Holders of Notes it can identify from its records.

 

  

23

  

 

Section 4.03.  Appointments to Fill Vacancies in Trustee’s Office.  The Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, upon the terms and conditions and otherwise as provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section 4.04.  Provisions as to Paying Agent.

 

(a)           If the Issuer shall appoint a Paying Agent other than the Trustee, or if the Trustee shall appoint such a Paying Agent, the Issuer will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04:

 

(1)           that it will hold all sums held by it as such agent for the payment of the principal of and premium, if any, or interest on the Notes (whether such sums have been paid to it by the Issuer, the Guarantor or by any other obligor on the Notes) in trust for the benefit of the Holders of the Notes;

 

(2)           that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Notes) to make any payment of the principal of and premium, if any, or interest on the Notes when the same shall be due and payable; and

 

(3)           that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust.

 

The Issuer shall, on or before each due date of the principal of, premium, if any, or interest on the Notes, deposit with the Paying Agent a sum (in funds which are immediately available on the due date for such payment) sufficient to pay such principal, premium, if any, or interest and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the due date, such deposit shall be received by the Paying Agent by 11:00 a.m. New York City time, on such date.

 

(b)           If the Issuer or the Guarantor shall act as Paying Agent, it will, on or before each due date of the principal of, premium, if any, or interest on the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal, premium, if any, and interest so becoming due and will promptly notify the Trustee of any failure to take such action and of any failure by the Issuer (or any other obligor under the Notes) to make any payment of the principal of, premium, if any, or interest on the Notes when the same shall become due and payable.

 

(c)           Anything in this Section 4.04 to the contrary notwithstanding, the Issuer may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Issuer or the Guarantor or any Paying Agent hereunder as required by this Section 4.04, such sums to be held by the Trustee upon the trusts herein contained and upon such payment by the Issuer, the Guarantor or any Paying Agent to the Trustee, the Issuer, the Guarantor or such Paying Agent shall be released from all further liability with respect to such sums.

 

  

24

  

 

(d)           Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 4.04 is subject to Section 11.02 and Section 11.03.

 

The Trustee shall not be responsible for the actions of any other Paying Agents (including the Issuer or Guarantor if acting as Paying Agent) and shall have no control of any funds held by such other Paying Agents.

 

Section 4.05.  Existence.  Subject to Article 10, each of the Issuer and the Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and rights (charter and statutory); provided that neither the Issuer nor the Guarantor shall be required to preserve any such right if the Issuer or the Guarantor, as applicable, shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer or the Guarantor, as applicable, and that the loss thereof is not disadvantageous in any material respect to the Noteholders.

 

Section 4.06.  Reports.  Whether or not the Issuer is subject to Section 13 or 15(d) of the Exchange Act and for so long as any Notes are outstanding, within fifteen (15) days of the date on which such filing is made with the Commission (or would have been required to have been made with the Commission), each of the Issuer and the Guarantor will furnish to the Trustee:

 

(1)           all quarterly and annual reports that are or would be required to be filed by them with the Commission on Forms 10-Q and 10-K; and

 

(2)           all current reports that are or would be required to be filed by them with the Commission on Form 8-K.

 

Notwithstanding the foregoing, during any period in which the Issuer is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Issuer may satisfy its obligation to furnish the reports described above by furnishing reports for the Guarantor.

 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s or Guarantor's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

Section 4.07.  Stay, Extension and Usury Laws.  The Issuer and the Guarantor each covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Issuer from paying all or any portion of the principal, premium, if any, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, the Notes or the Guarantees endorsed on the Notes and the Issuer and the Guarantor each (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

  

25

  

 

Section 4.08.  Compliance Certificate.  Within one hundred twenty (120) calendar days after the end of each fiscal year of the Issuer, the Issuer and the Guarantor shall deliver to the Trustee a certificate signed by any of the principal executive officer, principal financial officer or principal accounting officer of the Issuer (or its General Partner) and the Guarantor, as the case may be, stating whether or not the signer has knowledge of any Default under this Indenture that has occurred and is continuing, and, if so, specifying each Default under this Indenture that has occurred and is continuing and the nature and the status thereof.  The certificate shall state if the determination as to whether any Default has occurred and is continuing for purposes of such certificate has been made with regard to any period of grace or requirement of notice under this Indenture.

 

The Issuer will deliver to the Trustee, promptly upon becoming aware of (i) any default in the performance or observance of any covenant, agreement or condition contained in this Indenture, or (ii) any Event of Default, an Officers’ Certificate specifying with particularity such default or Event of Default and further stating what action the Issuer has taken, is taking or proposes to take with respect thereto.

 

Any notice required to be given under this Section 4.08 shall be delivered to a Responsible Officer of the Trustee at its Corporate Trust Office.

 

Section 4.09.  Limitations on Incurrence of Debt.

 

(a)           Limitation on Total Outstanding Debt. The Issuer will not, and will not cause or permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount of all outstanding Debt of the Issuer and its Subsidiaries (determined on a consolidated basis in accordance with U.S. generally accepted accounting principles) is greater than sixty five percent (65%) of the sum of (without duplication) (i) Total Assets as of the last day of the then most recently ended fiscal quarter and (ii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt, determined on a consolidated basis in accordance with U.S. generally accepted accounting principles.

 

(b)           Limitation on Secured Debt.  The Issuer will not, and will not cause or permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) secured by any Encumbrance on any property or assets of the Issuer or any of its Subsidiaries, whether owned on the date of this Indenture or thereafter acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with U.S. generally accepted accounting principles) of all outstanding Debt of the Issuer and its Subsidiaries which is secured by any Encumbrance on any property or assets of the Issuer or any of its Subsidiaries is greater than forty percent (40%) of  the sum of (without duplication) (i)  Total Assets as of the last day of the then most recently ended fiscal quarter and (ii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt, determined on a consolidated basis in accordance with U.S. generally accepted accounting principles.

 

  

26

  

 

(c)           Ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge.  The Issuer will not, and will not cause or permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred shall have been less than 1.5:1.0  on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds therefrom, and calculated on the assumption that (i) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Issuer or any of its Subsidiaries since the first day of such four quarter period had been incurred, and the application of the proceeds therefrom (including to repay or retire other Debt) had occurred, on the first day of such period, (ii) the repayment or retirement of any other Debt of the Issuer or any of its Subsidiaries since the first day of such four quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt during such period), and (iii) in the case of any acquisition or disposition by the Issuer or any of its Subsidiaries of any asset or group of assets, in any such case with a fair market value (determined in good faith by the Guarantor’s Board of Directors) in excess of $1,000,000, since the first day of such four quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition or disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation.  If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average rate which would have been in effect during the entire such four quarter period had been the applicable rate for the entire such period.

 

(d)           Maintenance of Unencumbered Total Asset Value.  The Issuer, together with its Subsidiaries, will have at all times Total Unencumbered Assets of not less than one hundred and fifty percent (150%) of the aggregate principal amount of all of their outstanding Unsecured Debt, determined on a consolidated basis in accordance with U.S. generally accepted accounting principles.

 

Section 4.10.  Insurance.  The Issuer will, and will cause of each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by applicable law.

  

27

  

 

ARTICLE 5

Noteholders’ Lists and Reports by the Issuer and the Trustee

 

Section 5.01.  Noteholders’ Lists.  The Issuer covenants and agrees that it will furnish or cause to be furnished to the Trustee, semiannually, not more than fifteen (15) calendar days after each ● and ● of each year beginning with ●, 2013, and at such other times as the Trustee may reasonably request in writing, within thirty (30) calendar days after receipt by the Issuer of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of Notes as of a date not more than fifteen (15) calendar days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished by the Issuer to the Trustee so long as the Trustee is acting as the sole Note Registrar.

 

Section 5.02.  Preservation and Disclosure of Lists.

 

(a)           The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders of Notes contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar or co-registrar in respect of the Notes, if so acting.  The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(b)           The rights of Noteholders to communicate with other Holders of Notes with respect to their rights under this Indenture or under the Notes, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.

 

(c)           Every Noteholder agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders of Notes made pursuant to the Trust Indenture Act.

 

Section 5.03.  Reports by Trustee.

 

(a)           On or before · of each year beginning with ·, 2013, the Trustee shall transmit to Holders of Notes such reports dated as of · of the year in which such reports are made concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.  In the event that no events have occurred under the applicable sections of the Trust Indenture Act, the Trustee shall be under no duty or obligation to provide such reports.

 

(b)           A copy of such report shall, at the time of such transmission to Holders of Notes, be filed by the Trustee with each stock exchange and automated quotation system, if any, upon which the Notes are listed and with the Issuer.  The Issuer will promptly notify the Trustee in writing if the Notes are listed on any stock exchange or automated quotation system or delisted therefrom.

 

  

28

  

 

ARTICLE 6

Remedies of the Trustee and Noteholders on an Event of Default

 

Section 6.01.  Events of Default.  In case one or more of the following (each an “Event of Default”) (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall have occurred and be continuing:

 

(a)           default for thirty (30) days in the payment of any installment of interest under the Notes; or

 

(b)           default in the payment of the principal amount or Redemption Price due with respect to the Notes, when the same becomes due and payable; or

 

(c)           the Issuer or the Guarantor fails to comply with any of its respective agreements contained in the Notes or this Indenture upon receipt by the Issuer or the Guarantor of notice of such default by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes then outstanding and the Issuer or the Guarantor fails to cure (or obtain a waiver of) such default within sixty (60) days after receiving such notice; or

 

(d)           failure to pay any indebtedness for monies borrowed by the Issuer, the Guarantor or any Subsidiary of the Issuer in which the Issuer has invested at least $50,000,000 in capital (a “Significant Subsidiary”) in an outstanding principal amount in excess of $50,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within thirty (30) days after written notice to the Issuer from the Trustee (or to the Issuer and the Trustee from Holders of at least 25% in principal amount of the outstanding Notes); or

 

(e)           the Issuer, the Guarantor or any Significant Subsidiary pursuant to or under or within meaning of any Bankruptcy Law:

 

(i)             commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Issuer, the Guarantor or a Significant Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantor or a Significant Subsidiary; or

 

(ii)           consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the Issuer, the Guarantor or a Significant Subsidiary; or

 

(iii)           consents to the appointment of a custodian of it or for all or substantially all of its property; or

 

(iv)           makes a general assignment for the benefit of creditors; or

 

  

29

  

 

(f)            an involuntary case or other proceeding shall be commenced against the Issuer, the Guarantor or any of the Issuer’s Significant Subsidiaries seeking liquidation, reorganization or other relief with respect to the Issuer, the Guarantor or a Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantor or a Significant Subsidiary, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of sixty (60) calendar days; or

 

(g)            a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)             is for relief against the Issuer, the Guarantor or any of the Issuer’s Significant Subsidiaries in an involuntary case or proceeding; or

 

(ii)            appoints a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantor or a Significant Subsidiary; or

 

(iii)           orders the liquidation of the Issuer, the Guarantor or a Significant Subsidiary; and, in each case in this clause (g), the order or decree remains unstayed and in effect for sixty (60) calendar days;

 

then, and in each and every such case (other than an Event of Default specified in Section 6.01(e), 6.01(f) and 6.01(g) with respect to the Issuer), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding, by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by Noteholders), may declare the principal amount of and premium, if any, and interest accrued and unpaid on all the Notes to be immediately due and payable, and upon any such declaration the same shall be immediately due and payable.

 

If an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) occurs with respect to the Issuer, the principal amount of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action.

 

If, at any time after the principal amount of and premium, if any, and interest on the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders of all of the Notes then outstanding, by written notice to the Issuer and to the Trustee, may waive all defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all respects to Section 6.07, if:  (a) all Events of Default, other than the nonpayment of the principal amount and any accrued and unpaid interest that have become due solely because of such acceleration, have been cured or waived and (b) the Issuer or the Guarantor has deposited with the Trustee all required payments of the principal of and interest on the Notes and paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances pursuant to Section 7.06.  No such rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon.  The Issuer shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in Section 4.08.

 

  

30

  

 

In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such waiver or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Issuer, the Guarantor, the Holders of Notes, and the Trustee shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Guarantor, the Holders of Notes, and the Trustee shall continue as though no such proceeding had been taken.

 

Section 6.02.  Payments of Notes on Default; Suit Therefor.  The Issuer covenants that in the case of an Event of Default pursuant to Section 6.01(a) or 6.01(b), upon demand of the Trustee, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, (i) the whole amount that then shall be due and payable on all such Notes for principal and premium, if any, or interest, as the case may be, with interest upon the overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) upon the overdue installments of accrued and unpaid interest at the rate borne by the Notes from the required payment date and, (ii) in addition thereto, any amounts due the Trustee under Section 7.06.  Until such demand by the Trustee, the Issuer may pay the principal of and premium, if any, and interest on the Notes to the registered Holders, whether or not the Notes are overdue.

 

In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Issuer, the Guarantor or any other obligor on the Notes and collect in the manner provided by law out of the property of the Issuer or any other obligor on the Notes wherever situated the monies adjudged or decreed to be payable.

  

31

  

 

In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Issuer, Guarantor or any other obligor on the Notes under any Bankruptcy Law, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer, Guarantor or such other obligor, the property of the Issuer, Guarantor or such other obligor, or in the case of any other judicial proceedings relative to the Issuer, Guarantor or such other obligor upon the Notes, or to the creditors or property of the Issuer, Guarantor or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal, premium, if any, accrued and unpaid interest in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and of the Noteholders allowed in such judicial proceedings relative to the Issuer, Guarantor or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due the Trustee under Section 7.06, and to take any other action with respect to such claims, including participating as a member of any official committee of creditors, as it reasonably deems necessary or advisable, unless prohibited by law or applicable regulations, and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Noteholders to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to the Noteholders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including counsel fees and expenses incurred by it up to the date of such distribution.  To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property which the Holders of the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Note any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the Guarantees or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of Notes in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders of Notes, vote for the election of a trustee in bankruptcy or similar official and may be a member of the creditors’ committee.

 

All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes.

 

In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings.

 

Section 6.03.  Application of Monies Collected by Trustee.  Any monies or property collected by the Trustee pursuant to this Article 6, shall be applied, in the following order, at the date or dates fixed by the Trustee for the distribution of such monies or property, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:

 

FIRST:  To the payment of all amounts due the Trustee under Section 7.06;

 

  

32

  

 

SECOND:  In case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of accrued and unpaid interest, if any, on the Notes in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) as provided in Section 6.02 upon the overdue installments of interest, such payments to be made ratably to the Persons entitled thereto;

 

THIRD:  In case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount then owing and unpaid upon the Notes for principal and premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of accrued and unpaid interest, as provided in Section 6.02, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal and premium, if any, and interest without preference or priority of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal and premium, if any, and accrued and unpaid interest; and

 

FOURTH:  To the payment of the remainder, if any, to the Issuer or any other Person lawfully entitled thereto.

 

Section 6.04.  Proceedings by Noteholders.  No Holder of any Note shall have any right by virtue of or by reference to any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, except in the case of a default in the payment of principal, premium, if any, or interest on the Notes, unless (a) such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, (b) the Holders of at least twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable security or indemnity as it may require against the costs, liabilities or expenses to be incurred therein or thereby, (c) the Trustee for sixty (60) calendar days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding and (d) no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.07; it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee, that no one or more Holders of Notes shall have any right in any manner whatever by virtue of or by reference to any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of Notes, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Notes (except as otherwise provided herein).  For the protection and enforcement of this Section 6.04, each and every Noteholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

  

33

  

 

Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder of any Note to receive payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) and premium, if any, and accrued interest on such Note, on or after the respective due dates expressed in such Note or in the event of redemption, or to institute suit for the enforcement of any such payment on or after such respective dates against the Issuer or the Guarantor shall not be impaired or affected without the consent of such Holder.

 

Section 6.05.  Proceedings by Trustee.  In case of an Event of Default, the Trustee may, in its discretion, proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Section 6.06.  Remedies Cumulative and Continuing.  All powers and remedies given by this Article 6 to the Trustee or to the Noteholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such Default or any acquiescence therein, and, subject to the provisions of Section 6.04, every power and remedy given by this Article 6 or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Noteholders.

 

Section 6.07.  Direction of Proceedings and Waiver of Defaults by Majority of Noteholders.  The Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided that (a) such direction shall not be in conflict with any rule of law or with this Indenture, (b) the Trustee may take any other action which is not inconsistent with such direction, (c) the Trustee may decline to take any action that would benefit some Noteholders to the detriment of other Noteholders or otherwise be unduly prejudicial to the Noteholders not joining therein and (d) the Trustee may decline to take any action that would involve the Trustee in personal liability.  Prior to taking any such action hereunder, the Trustee shall be entitled to indemnification reasonably satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

 

The Holders of a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past Default or Event of Default hereunder and its consequences except (i) a default in the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3), premium, if any, or interest on the Notes, (ii) a default in the payment of the Redemption Price on the Redemption Date pursuant to Article 3 or (iii) a default in respect of a covenant or provisions hereof which under Article 9 cannot be modified or amended without the consent of the Holders of all Notes then outstanding or each Note affected thereby.

 

  

34

  

 

Upon any such waiver, the Issuer, the Guarantor, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.  Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.07, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

Section 6.08. Notice of Defaults.  The Trustee shall, within ninety (90) calendar days after a Responsible Officer of the Trustee has knowledge of the occurrence of a Default, mail (or send by electronic transmission) to all Noteholders, as the names and addresses of such Holders appear upon the Note Register, notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that except in the case of default in the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3), or interest on any of the Notes, the Trustee shall be protected in withholding such notice if and so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Noteholders.

 

Section 6.09.  Undertaking to Pay Costs.  All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.09 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than ten percent in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3), or interest on any Note on or after the due date expressed in such Note.

 

ARTICLE 7

The Trustee

 

Section 7.01.  Duties and Responsibilities of Trustee.  The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.  In case an Event of Default has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of its own affairs.

 

  

35

  

 

No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

 

(a)           prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default which may have occurred:

 

(i)           the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and the Trust Indenture Act, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture and the Trust Indenture Act against the Trustee; and

 

(ii)           in the absence of bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

 

(b)           (b)           the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless the Trustee was negligent in ascertaining the pertinent facts;

 

(c)           the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the written direction of the Holders of not less than a majority in principal amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

 

(d)           whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section;

 

(e)           except for (i) a default under Sections 6.01(a) or 6.01(b) hereof, or (ii) any other event of which a Responsible Officer of the Trustee has “actual knowledge” and which event constitutes or, with the giving of notice or the passage of time or both, would constitute an Event of Default under this Indenture, the Trustee shall not be deemed to have notice of any Default or Event of Default unless specifically notified in writing of such event by the Issuer or a Holder; as used herein, the term “actual knowledge” means the actual fact or statement of knowing, without any duty to make any investigation with regard thereto

 

  

36

  

 

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

Except as explicitly specified otherwise herein, the Issuer will be responsible for making all calculations required under this Indenture and the Notes.  The Issuer will make such calculations in good faith and, absent manifest error, the Issuer’s calculations will be final and binding on Holders of the Notes.  The Issuer will provide a schedule of its calculations to the Trustee, and the Trustee is entitled to rely upon the accuracy of the Issuer’s calculations without independent verification.  The Trustee will forward the Issuer’s calculations to any Holder of the Notes upon request.

 

Section 7.02. Reliance on Documents, Opinions, etc. Except as otherwise provided in Section 7.01:

 

(a)           the Trustee may conclusively rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, Note, coupon or other paper or document (whether in its original or facsimile form) believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

 

(b)           any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Issuer or the General Partner;

 

(c)           the Trustee may consult with counsel of its own selection and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance on and in accordance with such advice or Opinion of Counsel;

 

(d)           the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Noteholders pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby;

 

(e)           the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the outstanding Notes; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such examination shall be paid by the Holders or, if paid by the Trustee, shall be repaid by the Holders upon demand. The Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer and the Guarantor, personally or by agent or attorney;

 

  

37

  

 

(f)            the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed by it with due care hereunder;

 

(g)           the Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(h)           the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder;

 

(i)           the Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; and

 

(j)           any permissive right or authority granted to the Trustee shall not be construed as a mandatory duty.

 

Section 7.03.  No Responsibility for Recitals, etc.  The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same.  The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes.  The Trustee shall not be accountable for the use or application by the Issuer of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

 

Section 7.04.  Trustee, Paying Agents or Registrar May Own Notes.  The Trustee, any Paying Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Issuer and the Guarantor with the same rights it would have if it were not Trustee, Paying Agent or Note Registrar.

 

Section 7.05.  Monies to Be Held in Trust.  Subject to the provisions of Section 11.02, all monies received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received.  Monies held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law.  Except as otherwise provided herein, the Trustee shall be under no liability for interest on any monies received by it hereunder except as may be agreed in writing from time to time by the Issuer and the Trustee.

 

  

38

  

 

Section 7.06.  Compensation and Expenses of Trustee.  The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to from time to time in writing between the Issuer and the Trustee, and the Issuer will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence, willful misconduct, recklessness or bad faith.  The Issuer also covenants to indemnify the Trustee and any predecessor Trustee (or any officer, director or employee of the Trustee), in any capacity under this Indenture and any authenticating agent for, and to hold them harmless against, any and all loss, liability, damage, claim or reasonable expense including taxes (other than taxes based on the income of the Trustee) incurred without negligence, willful misconduct, recklessness or bad faith on the part of the Trustee or such officers, directors, employees or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this trust or in any other capacity hereunder, including the reasonable costs and expenses of defending themselves against any claim (whether asserted by the Issuer, any Holder or any other Person) of liability in the premises.  The obligations of the Issuer under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall be secured by a lien prior to that of the Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Notes.  The obligation of the Issuer under this Section shall survive the satisfaction and discharge of this Indenture and any resignation or removal of the Trustee.

 

When the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) with respect to the Issuer, the expenses and the compensation for the services are intended to constitute reasonable expenses of administration under any bankruptcy, insolvency or similar laws.

 

Section 7.07.  Officers’ Certificate as Evidence.  Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence, bad faith, recklessness or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee.

 

Section 7.08.  Conflicting Interests of Trustee.  If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

  

39

  

 

Section 7.09.  Eligibility of Trustee.  There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000 (or if such Person is a member of a bank holding company system, its bank holding company shall have a combined capital and surplus of at least $50,000,000).  If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.09, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 7.10.  Resignation or Removal of Trustee.

 

(a)           The Trustee may at any time resign by giving written notice of such resignation to the Issuer and to the Holders of Notes.  Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee.  If no successor trustee shall have been so appointed and have accepted appointment thirty (30) calendar days after the mailing of such notice of resignation to the Noteholders, the resigning Trustee may, upon ten (10) Business Days’ notice to the Issuer and the Noteholders, appoint a successor identified in such notice or may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor trustee or any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, subject to the provisions of Section 6.09, on behalf of itself and all others similarly situated, petition any such court for the appointment of a successor trustee.  Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b)           In case at any time any of the following shall occur:

 

(i)           the Trustee shall fail to comply with Section 7.08 after written request therefor by the Issuer or by any Noteholder who has been a bona fide holder of a Note or Notes for at least six months; or

 

(ii)           the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Issuer or by any such Noteholder; or

 

(iii)           the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case, the Issuer may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.09, any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been appointed and have accepted appointment thirty (30) calendar days after the Issuer has removed the Trustee, the Trustee so removed may petition, at the expense of the Issuer, any court of competent jurisdiction for an appointment of a successor trustee and such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

  

40

  

 

(c)           The Trustee may be removed at any time by the Holders of a majority in principal amount of the outstanding Notes provided that such Holders have prior to such removal provided (i) to the Trustee an undertaking satisfactory to the Trustee to reimburse the Trustee for and hold the Trustee harmless from the costs of any proceedings arising from any petition by the Trustee pursuant to the penultimate sentence of this Section 7.10(c) and (ii) to the Issuer an undertaking satisfactory to the Issuer to reimburse the Issuer for and hold the Issuer harmless from any amount payable by the Issuer under Section 7.06 hereof in connection with such removal or proceedings to replace the Trustee following such removal.  Upon such removal, the Issuer shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the removed Trustee and one copy to the successor trustee.  If no successor trustee shall have been so appointed and have accepted appointment thirty (30) calendar days after the removal of the Trustee by the Holders as provided in this Section 7.10(c), any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, subject to the provisions of Section 6.09, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor trustee.  If no successor Trustee shall have been appointed and have accepted appointment thirty (30) calendar days after the removal of the Trustee by the Holders as provided in this Section 7.10(c), the Trustee so removed may petition, at the expense of the Holders providing the undertaking to the Trustee referred to above in this Section 7.10(c), any court of competent jurisdiction for the appointment of a successor trustee.  Such court may upon any such above-referenced petition, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(d)           Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 7.10 shall not become effective until acceptance of appointment by the successor trustee as provided in Section 7.11.

 

(e)           Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee.

 

Section 7.11.  Acceptance by Successor Trustee.  Any successor trustee appointed as provided in Section 7.10 shall execute, acknowledge and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written request of the Issuer or of the successor trustee, the trustee ceasing to act shall, upon payment of any amount then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act.  Upon request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers.  Any trustee ceasing to act shall, nevertheless, retain a lien upon all property and funds held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06.

 

  

41

  

 

No successor trustee shall accept appointment as provided in this Section 7.11 unless, at the time of such acceptance, such successor trustee shall be qualified under the provisions of Section 7.08 and be eligible under the provisions of Section 7.09.

 

Upon acceptance of appointment by a successor trustee as provided in this Section 7.11, the Issuer (or the former trustee, at the written direction of the Issuer) shall mail (or send by electronic transmission) or cause to be mailed (or sent by electronic transmission) notice of the succession of such trustee hereunder to the Holders of Notes at their addresses as they shall appear on the Note Register.  If the Issuer fails to mail such notice within ten (10) calendar days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Issuer.

 

Section 7.12.  Succession by Merger.  Any corporation into which the Trustee may be merged or exchanged or with which it may be consolidated, or any corporation resulting from any merger, exchange or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee (including any trust created by this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that in the case of any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09.

 

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or any authenticating agent appointed by such successor trustee may authenticate such Notes in the name of the successor trustee; and in all such cases such certificates shall have the full force that is provided in the Notes or in this Indenture; provided that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger, exchange or consolidation.

 

Section 7.13.  Preferential Collection of Claims.  If and when the Trustee shall be or become a creditor of the Issuer, Guarantor (or any other obligor upon the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of the claims against the Issuer, Guarantor (or any such other obligor).

 

  

42

  

 

ARTICLE 8

The Noteholders

 

Section 8.01.  Action by Noteholders.  Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Noteholders in person or by agent or proxy appointed in writing, or (b) by the record of the Holders of Notes voting in favor thereof at any meeting of Noteholders, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Noteholders.  Whenever the Issuer or the Trustee solicits the taking of any action by the Holders of the Notes, the Issuer or the Trustee may fix in advance of such solicitation a date as the Record Date for determining Holders entitled to take such action.  The Record Date, if any, shall be not more than fifteen (15) calendar days prior to the date of commencement of solicitation of such action.

 

Section 8.02.  Proof of Execution by Noteholders.  Subject to the provisions of Sections 7.01 and 7.02, proof of the execution of any instrument by a Noteholder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.  The holding of Notes shall be proved by the registry of such Notes or by a certificate of the Note Registrar.

 

Section 8.03.  Absolute Owners.  The Issuer, the Guarantor, the Trustee, any Paying Agent and any Note Registrar may deem the Person in whose name such Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Issuer or any Note Registrar) for the purpose of receiving payment of or on account of the principal of (including the Redemption Price upon redemption pursuant to Article 3), premium, if any, and interest on such Note and for all other purposes; and neither the Issuer nor the Trustee nor any Paying Agent nor any Note Registrar shall be affected by any notice to the contrary.  All such payments so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Note.

 

Section 8.04.  Issuer-owned Notes Disregarded.  In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture or whether a quorum is present at a meeting of the Holders of the Notes, Notes which are owned by the Issuer or any other obligor on the Notes or any Affiliate of the Issuer or any other obligor on the Notes shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action, only Notes which a Responsible Officer knows are so owned shall be so disregarded.  Notes so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Notes and that the pledgee is not the Issuer, any other obligor on the Notes or any Affiliate of the Issuer or any such other obligor.  In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.  Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Issuer to be owned or held by or for the account of any of the above described Persons, and, subject to Section 7.01, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

 

  

43

  

 

Section 8.05.  Revocation of Consents; Future Holders Bound.  At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note which is shown by the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as it concerns such Note.  Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor.

 

ARTICLE 9

Supplemental Indentures

 

Section 9.01.  Supplemental Indentures Without Consent of Noteholders.  The Issuer, when authorized by the resolutions of the Board of Directors, the Guarantor and the Trustee may, from time to time, and at any time enter into an indenture or indentures supplemental without the consent of the Holders of the Notes hereto for one or more of the following purposes:

 

(a)            to evidence a successor to the Issuer as obligor or to the Guarantor as guarantor under this Indenture;

 

(b)            to add to the covenants of the Issuer or the Guarantor for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Issuer or the Guarantor in this Indenture or in the Notes;

 

(c)            to add Events of Default for the benefit of the Holders of the Notes;

 

(d)            to amend or supplement any provisions of this Indenture; provided that no amendment or supplement shall adversely affect the interests of the Holders of any Notes then outstanding in any material respect;

 

(e)            to secure the Notes;

 

(f)            to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under this Indenture by more than one Trustee;

 

  

44

  

 

(g)           to provide for rights of Holders of Notes if any consolidation, merger or sale of all or substantially all of property or assets of the Issuer and the Guarantor occurs;

 

(h)           to cure any ambiguity, defect or inconsistency in this Indenture; provided that this action shall not adversely affect the interests of the Holders of the Notes in any material respect;

 

(i)            to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture;

 

(j)            to supplement any of the provisions of this Indenture to the extent necessary to permit or facilitate defeasance and discharge of any of the Notes; provided that the action shall not adversely affect the interests of the Holders of the Notes in any material respect; or

 

(k)           to conform the text of this Indenture, any Guarantee or the Notes to any provision of the description thereof set forth in the Prospectus.

 

Upon the written request of the Issuer, accompanied by a copy of the resolutions of the Board of Directors certified by the Issuer’s or the General Partner’s Secretary or Assistant Secretary authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Issuer and the Guarantor in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized by the provisions of this Section 9.01 may be executed by the Issuer, the Guarantor and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 9.02.

 

Section 9.02.  Supplemental Indenture With Consent of Noteholders.  With the consent (evidenced as provided in Article 8) of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, the Issuer, when authorized by the resolutions of the Board of Directors, the Guarantor and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided that no such supplemental indenture shall, without the consent of the Holder of each Note so affected:

 

(a)           change the Stated Maturity of the principal of or any installment of interest on the Notes, reduce the principal amount of, or the rate or amount of interest on, or any premium payable on redemption of, the Notes, or adversely affect any right of repayment of the Holders of the Notes, change the place of payment, or the coin or currency, for payment of principal of or interest on any Note or impair the right to institute suit for the enforcement of any payment on or with respect to the Notes;

 

  

45

  

 

(b)           reduce the percentage in principal amount of the outstanding Notes necessary to modify or amend this Indenture, to waive compliance with certain provisions of this Indenture or certain defaults and their consequences provided in this Indenture, or to reduce the requirements of quorum or change voting requirements set forth in this Indenture;

 

(c)           modify or affect in any manner adverse to the Holders the terms and conditions of the obligations of the Issuer or the Guarantor in respect of the due and punctual payments of principal and interest; or

 

(d)           modify any of this Section 9.02 or Section 6.07 or any of the requirements thereof for waiver of certain past Defaults or certain covenants, except to increase the required percentage to effect the action or to provide that certain other provisions may not be modified or waived without the consent of the Holders of the Notes.

 

Upon the written request of the Issuer, accompanied by a copy of the resolutions of the Board of Directors certified by the Issuer’s or the General Partner’s Secretary or Assistant Secretary authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Noteholders as aforesaid, the Trustee shall join with the Issuer and the Guarantor in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

It shall not be necessary for the consent of the Noteholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section 9.03.  Effect of Supplemental Indenture.  Any supplemental indenture executed pursuant to the provisions of this Article 9 shall comply with the Trust Indenture Act, as then in effect, provided that this Section 9.03 shall not require such supplemental indenture or the Trustee to be qualified under the Trust Indenture Act prior to the time, if ever, such qualification is in fact required under the terms of the Trust Indenture Act or the Indenture has been qualified under the Trust Indenture Act, nor shall it constitute any admission or acknowledgment by any party to such supplemental indenture that any such qualification is required prior to the time, if ever, such qualification is in fact required under the terms of the Trust Indenture Act or the Indenture has been qualified under the Trust Indenture Act.  Upon the execution of any supplemental indenture pursuant to the provisions of this Article 9, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer, the Guarantor and the Holders of Notes shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section 9.04.  Notation on Notes.  Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 9 may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.  If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any modification of this Indenture contained in any such supplemental indenture may, at the Issuer’s expense, be prepared and executed by the Issuer, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 16.11) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.

 

  

46

  

 

Section 9.05.  Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee.  Prior to entering into any supplemental indenture pursuant to this Article 9, the Trustee shall be provided with an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 9 and is otherwise authorized or permitted by this Indenture.

 

ARTICLE 10

Consolidation, Merger, Sale, Conveyance and Lease

 

Section 10.01.  Issuer May Consolidate on Certain Terms.  Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger of the Issuer with or into any other Person or Persons (whether or not affiliated with the Issuer), or successive consolidations or mergers in which either the Issuer will be the continuing entity or the Issuer or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the Issuer, to any other Person (whether or not affiliated with the Issuer); provided, however, that the following conditions are met:

 

(a)           the Issuer shall be the continuing entity, or the successor entity (if other than the Issuer) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume payment of the principal of and interest on all of the Notes and the due and punctual performance and observance of all of the covenants and conditions in this Indenture;

 

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

 

(c)           either the Issuer or the successor Person, in either case, shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article 10 and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

No such consolidation, merger, sale, conveyance, transfer or lease shall be permitted by this Section 10.01 unless prior thereto the Issuer shall have delivered to the Trustee an Issuer’s Officers’ Certificate and an Opinion of Counsel, each stating that the Issuer’s obligations hereunder shall remain in full force and effect thereafter.

 

Section 10.02.  Issuer Successor to Be Substituted.  Upon any consolidation by the Issuer with or merger of the Issuer into any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Issuer to any Person in accordance with Section 10.01, the successor Person formed by such consolidation or into which the Issuer is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such successor Person had been named as the Issuer herein, and thereafter, except in the case of a lease, the predecessor Person shall be released and discharged from all obligations and covenants under this Indenture and the Notes.

 

  

47

  

 

In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.

 

Section 10.03.  Guarantor May Consolidate on Certain Terms.  Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger of the Guarantor with or into any other Person or Persons (whether or not affiliated with the Guarantor), or successive consolidations or mergers in which either the Guarantor will be the continuing entity or the Guarantor or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the Guarantor, to any other Person (whether or not affiliated with the Guarantor); provided, however, that the following conditions are met:

 

(a)           the Guarantor shall be the continuing entity, or the successor entity (if other than the Guarantor) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume the obligations of the Guarantor under the Guarantee and the due and punctual performance and observance of all of the covenants and conditions in this Indenture;

 

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

 

(c)           either the Guarantor or the successor Person, in either case, shall have delivered to the Trustee an Officers’ Certificate of the Guarantor and an Opinion of Counsel, each stating that such consolidation, sale, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article 10 and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

No such consolidation, merger, sale, conveyance, transfer or lease shall be permitted by this Section 10.03 unless prior thereto the Guarantor shall have delivered to the Trustee a Guarantor’s Officers’ Certificate and an Opinion of Counsel, each stating that the Guarantor’s obligations hereunder shall remain in full force and effect thereafter.

 

Section 10.04.  Guarantor Successor to Be Substituted.  Upon any consolidation or merger with or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Guarantor to any Person in accordance with Section 10.03, the successor Person formed by such consolidation or into which the Guarantor is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Guarantor under this Indenture with the same effect as if such successor Person had been named as the Guarantor herein, and thereafter, except in the case of a lease, the predecessor Person shall be released and discharged from all obligations and covenants under this Indenture and the Guarantee.

 

  

48

  

 

In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.

 

ARTICLE 11

Satisfaction and Discharge of Indenture

 

Section 11.01.  Discharge of Indenture.  This Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for and except as further provided below), and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (a) either:  (1) all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 11.04 and (ii) Notes for whose payment monies have theretofore been deposited in trust and thereafter repaid to the Issuer as provided in Section 11.04) have been delivered to the Trustee for cancellation; or (2) all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable, whether at the Maturity Date, or otherwise, (ii) will become due and payable at their Stated Maturity within one year or (iii) are to be called for redemption on a Redemption Date within one year under irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clause (2) above, has irrevocably deposited or caused to be irrevocably deposited with the Trustee or a Paying Agent (other than the Issuer or any of its Affiliates), as applicable, as trust funds in trust cash in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Maturity Date or Redemption Date, as the case may be; (b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and (c) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer to the Trustee under Section 7.06 shall survive and, if monies shall have been deposited with the Trustee pursuant to subclause (2) of clause (a) of this Section, the provisions of Sections 2.06, 2.07, 2.08, 2.09, 4.02, 4.03, 4.04, 4.07, 4.11, 5.01, 5.03, this Article 11, and, if the Notes will be paid on a Redemption Date, Article 3, shall survive and remain in full force and effect.

 

Section 11.02.  Deposited Monies to Be Held in Trust by Trustee.  Subject to Section 11.04, all monies deposited with the Trustee pursuant to Section 4.04, Section 11.01 and in accordance with Section 7.05 shall be held in trust for the sole benefit of the Noteholders, and such monies shall be applied by the Trustee to the payment, either directly or through any Paying Agent (including the Issuer if acting as its own Paying Agent), to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Trustee, of all sums due and to become due thereon for principal, premium, if any, and interest.  The Trustee is not responsible to anyone for interest on any deposited funds except as agreed in writing.

 

  

49

  

 

Section 11.03.  Paying Agent Application of Monies Held. Subject to the provisions of Section 11.04, a Paying Agent shall hold in trust, for the benefit of the Noteholders, all monies deposited with it pursuant to Section 4.04 or Section 11.01 and shall apply the deposited monies in accordance with this Indenture and the Notes to the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) and interest on the Notes.

 

Section 11.04.  Return of Unclaimed Monies.  The Trustee and each Paying Agent shall pay to the Issuer upon request any monies held by them for the payment of principal, premium or interest that remains unclaimed for two years after a right to such monies have matured; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may, at the expense of the Issuer, either publish in a newspaper of general circulation in The City of New York, or cause to be mailed (or sent by electronic transmission) to each Holder entitled to such monies, notice that such monies remain unclaimed and that after a date specified therein, which shall be at least thirty (30) calendar days from the date of such mailing or publication, any unclaimed balance of such monies then remaining will be repaid to the Issuer.  After payment to the Issuer, Holders entitled to monies must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another person, and the Trustee and each Paying Agent shall be relieved of all liability with respect to such monies.

 

Section 11.05.  Reinstatement.  If the Trustee or a Paying Agent is unable to apply any monies in accordance with Section 11.02 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 until such time as the Trustee or the Paying Agent is permitted to apply all such monies in accordance with Section 11.02; provided that if the Issuer makes any payment of principal of or interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the monies held by the Trustee or Paying Agent.

 

ARTICLE 12

Legal Defeasance and Covenant Defeasance

 

Section 12.01.  Option to Effect Legal Defeasance or Covenant Defeasance.  The Issuer may at any time, at the option of the Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 12.02 or 12.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 12.

 

Section 12.02.  Legal Defeasance and Discharge.  Upon the Issuer’s exercise under Section 12.01 hereof of the option applicable to this Section 12.02, the Issuer and the Guarantor will, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes and Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantor will be deemed to have paid and discharged the entire Debt represented by the outstanding Notes and Guarantees, which will thereafter be deemed to be “outstanding” only for the purposes of Section 12.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder:

  

50

  

 

(a)           the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on, such Notes when such payments are due from the trust referred to in Section 12.04 hereof;

 

(b)           the Issuer’s obligations with respect to such Notes under Sections 2.06, 2.07, 2.08, 2.09, 4.02, 4.03, 4.04, 4.07, 4.11, 5.01, 5.03 and, if the Notes will be paid on a Redemption Date, Article 3;

 

(c)           the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantor’s obligations in connection therewith; and

 

(d)           this Article 12.

 

Subject to compliance with this Article 12, the Issuer may exercise its option under this Section 12.02 notwithstanding the prior exercise of its option under Section 12.03 hereof.

 

Section 12.03.  Covenant Defeasance.

 

Upon the Issuer’s exercise under Section 12.01 hereof of the option applicable to this Section 12.03, the Issuer and the Guarantor will, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, be released from each of their obligations under the covenants contained in Section 4.05 to keep in full force and effect their respective rights (charter and statutory) (but, for the avoidance of doubt, they will not be released from their respective obligations to do or cause to be done all things necessary to preserve and keep in full force and effect their respective existences (except as provided under Article 10)) and contained in Sections 4.06 and 4.08 through 4.10 with respect to the outstanding Notes on and after the date the conditions set forth in Section 12.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes).  For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Guarantee, the Issuer and the Guarantor may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Guarantee will be unaffected thereby.  In addition, upon the Issuer’s exercise under Section 12.01 hereof of the option applicable to this Section 12.03, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, the occurrence or continuance of any of the events described in Section 6.01(c) or 6.01(d) hereof will not constitute Events of Default.

 

  

51

  

 

Section 12.04.  Conditions to Legal or Covenant Defeasance.

 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 12.02 or 12.03 hereof:

 

(a)           the Issuer must irrevocably deposit with the Trustee, in trust, for the sole benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated date for payment or to a particular Redemption Date;

 

(b)           in the case of an election under Section 12.02 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that:

 

(1)           the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(2)           since the date of this Indenture, there has been a change in the applicable federal income tax law,

 

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(c)           in the case of an election under Section 12.03 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(d)           No Default or Event of Default (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other indebtedness being defeased, discharged or replaced), and the granting of liens to secure such borrowings) shall have occurred and be continuing on the date of such deposit and no Event of Default or event which with notice or lapse of time or both would become an Event of Default under Sections 6.01(e), 6.01(f) or 6.01(g) shall have occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit (it being understood that this condition to defeasance shall not be deemed satisfied until the expiration of such period);

  

52

  

 

(e)           such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture and the agreements governing any other indebtedness being defeased, discharged or replaced) to which the Issuer or the Guarantor is a party or by which the Issuer or the Guarantor is bound;

 

(f)           the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuer with both (i) the intent of preferring the Holders of Notes over the other creditors of the Issuer and (ii) the intent of hindering, delaying or defrauding any creditors of the Issuer or others;

 

(g)           the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with;

 

(h)           if the cash or Government Securities or combination thereof, as the case may be, deposited under Section 12.04(a) above are sufficient to pay the principal of and interest on the Notes provided the Notes are redeemed on a particular Redemption Date, the Issuer shall have given the Trustee irrevocable instructions to redeem the Notes on such date and to provide notice of such redemption to Holders as provided in or pursuant to this Indenture; and

 

(i)           the Issuer must pay or cause to paid all amounts due to the Trustee and any Agent appointed hereunder.

 

Section 12.05.  Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 12.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 12.05, the “Trustee”) pursuant to Section 12.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 12.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

  

53

  

 

Notwithstanding anything in this Article 12 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable Government Securities held by it as provided in Section 12.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 12.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 12.06.  Repayment to Issuer.

 

Any money and Government Securities deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on, any Note under this Article 12 and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money or Government Securities, and all liability of the Issuer as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in a newspaper of general circulation in The City of New York, notice that payment from such money or Government Securities remains unclaimed and that, after a date specified therein, which will not be less than thirty (30) days from the date of such notification or publication, any unclaimed balance of such money or Government Securities then remaining will be repaid to the Issuer.

 

Section 12.07.  Reinstatement.

 

If the Trustee or Paying Agent is unable to apply any cash or non-callable Government Securities in accordance with Section 12.02 or 12.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and the Guarantor’s obligations under this Indenture and the Notes and the Guarantee will be revived and reinstated as though no deposit had occurred pursuant to Section 12.02 or 12.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 12.02 or 12.03 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium, if any, or interest on, any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or non-callable Government Securities held by the Trustee or Paying Agent.

 

ARTICLE 13

Immunity of Incorporators, Stockholders, Officers and Directors

 

Section 13.01.  Indenture and Notes Solely Corporate Obligations.  Except as otherwise expressly provided in Article 15, no recourse for the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) or, premium, if any, or interest on any Note, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer or the Guarantor in this Indenture or in any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, limited partner, member, manager, employee, agent, officer, director or Subsidiary, as such, past, present or future, of the General Partner, the Issuer, the Guarantor or any of the Issuer’s or Guarantor’s Subsidiaries or of any successor thereto, either directly or through the Issuer or Guarantor any of the Issuer’s or Guarantor’s Subsidiaries or any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes.

 

  

54

  

ARTICLE 14

Meetings of Holders of Notes

 

Section 14.01.  Purposes for Which Meetings May Be Called.  A meeting of Holders of Notes may be called at any time and from time to time pursuant to this Article 14 to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other act provided by this Indenture to be made, given or taken by Holders of Notes.

 

Section 14.02.  Call, Notice and Place of Meetings.

 

(a)           The Trustee may at any time call a meeting of Holders of Notes for any purpose specified in Section 14.01, to be held at such time and at such place in The City of New York, New York as the Trustee shall determine.  Notice of every meeting of Holders of Notes, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 16.03, not less than twenty-one (21) nor more than 180 days prior to the date fixed for the meeting.

 

(b)           In case at any time the Issuer, the Guarantor or the Holders of at least 10% in principal amount of the outstanding Notes shall have requested the Trustee to call a meeting of the Holders of Notes for any purpose specified in Section 14.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within twenty-one (21) days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Issuer, the Guarantor, if applicable, or the Holders of Notes in the amount above specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section.

 

Section 14.03.  Persons Entitled to Vote at Meetings.  To be entitled to vote at any meeting of Holders of Notes, a Person shall be (a) a Holder of one or more outstanding Notes, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such Holder or Holders.  The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Notes shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, any representatives of the Guarantor and its counsel and any representatives of the Issuer and its counsel.

 

  

55

  

 

Section 14.04.  Quorum; Action.  The Persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders of Notes; provided, however, that if any action is to be taken at the meeting with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which may be made, given or taken by the Holders of not less than a specified percentage in principal amount of the outstanding Notes, the Persons holding or representing the specified percentage in principal amount of the outstanding Notes will constitute a quorum.  In the absence of a quorum within thirty (30) minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Notes, be dissolved.  In any other case the meeting may be adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior to the adjournment of such meeting.  In the absence of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior to the adjournment of such reconvened meeting.  Notice of the reconvening of any adjourned meeting shall be given as provided in Section 14.02, except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened.  Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the outstanding Notes which shall constitute a quorum.

 

Except as limited by the proviso to Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the outstanding Notes; provided, however, that, except as limited by the proviso to Section 9.02, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes.

 

Any resolution passed or decision taken at any meeting of Holders of Notes duly held in accordance with this Section 14.04 shall be binding on all the Holders of Notes, whether or not such Holders were present or represented at the meeting.

 

Section 14.05.  Determination of Voting Rights; Conduct and Adjournment of Meetings.  Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Notes in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.  Except as otherwise permitted or required by any such regulations, the holding of Notes shall be proved in the manner specified in Section 8.03 and the appointment of any proxy shall be proved in the manner specified in Section 8.01.

 

(a)           The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Issuer or Guarantor or by Holders of Notes as provided in Section 14.02(b), in which case the Issuer, the Guarantor or the Holders of Notes calling the meeting, as the case may be, shall in like manner appoint a temporary chairman.  A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting.

 

  

56

  

 

(b)           At any meeting, each Holder of a Note or proxy shall be entitled to one vote for each $1,000 principal amount of outstanding Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding.  The chairman of the meeting shall have no right to vote, except as a Holder of a Note or proxy.

 

(c)           Any meeting of Holders of Notes duly called pursuant to Section 14.02 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and the meeting may be held as so adjourned without further notice.

 

Section 14.06.  Counting Votes and Recording Action of Meetings.  The vote upon any resolution submitted to any meeting of Holders of Notes shall be by written ballots on which shall be subscribed the signatures of the Holders of Notes or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Notes held or represented by them.  The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting.  A record, at least in triplicate, of the proceedings of each meeting of Holders of Notes shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 14.02 and, if applicable, Section 14.04.  Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Issuer and the Guarantor, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.  Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 

ARTICLE 15

Guarantee

 

Section 15.01.  Guarantee.  By its execution hereof, the Guarantor acknowledges and agrees that it receives substantial benefits from the Issuer and that the Guarantor is providing its Guarantee for good and valuable consideration, including, without limitation, such substantial benefits.  Accordingly, subject to the provisions of this Article 15, the Guarantor hereby fully and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and its successors and assigns that:  (i) the principal of (including the Redemption Price upon redemption pursuant to Article 3), premium, if any, and interest on the Notes shall be duly and punctually paid in full when due, whether at the Maturity Date, upon acceleration, upon redemption or otherwise, and interest on overdue principal, premium, if any, and (to the extent permitted by law) interest on any overdue interest, if any, on the Notes and all other obligations of the Issuer to the Holders or the Trustee hereunder or under the Notes (including fees, expenses or other) shall be promptly paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at the Maturity Date, by acceleration, call for redemption or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 15.03 hereof (collectively, the “Guarantee Obligations”).

 

  

57

  

 

Subject to the provisions of this Article 15, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any thereof, the entry of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor.  The Guarantor hereby waives and relinquishes:  (a) any right to require the Trustee, the Holders or the Issuer (each, a “Benefited Party”) to proceed against the Issuer or any other Person or to proceed against or exhaust any security held by a Benefited Party at any time or to pursue any other remedy in any Benefited Party’s power before proceeding against the Guarantor; (b) any defense that may arise by reason of the incapacity, lack of authority, death or disability of any other Person or Persons or the failure of a Benefited Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other Person or Persons; (c) demand, protest and notice of any kind (except as expressly required by this Indenture), including but not limited to notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of the Guarantor, the Issuer, any Benefited Party, any creditor of the Guarantor or the Issuer or on the part of any other Person whomsoever in connection with any obligations the performance of which are hereby guaranteed; (d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed against the Guarantor for reimbursement; (e) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (f) any defense arising because of a Benefited Party’s election, in any proceeding instituted under the Bankruptcy Law, of the application of Section 1111(b)(2) of the Bankruptcy Code; and (g) any defense based on any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code.  The Guarantor hereby covenants that, except as otherwise provided therein, the Guarantee shall not be discharged except by payment in full of all Guarantee Obligations, including the principal, premium, if any, and interest on the Notes and all other costs provided for under this Indenture or as provided in Article 7.

 

If any Holder or the Trustee is required by any court or otherwise to return to either the Issuer or the Guarantor, or any trustee or similar official acting in relation to either the Issuer or the Guarantor, any amount paid by the Issuer or the Guarantor to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.  The Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby until payment in full of all such obligations guaranteed hereby.  The Guarantor agrees that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes hereof, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Article 6 hereof, such Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purpose of the Guarantee.

  

58

  

 

Section 15.02.  Execution and Delivery of Guarantee.  To evidence the Guarantee set forth in Section 15.01 hereof, the Guarantor agrees that a notation of the Guarantee substantially in the form included in Exhibit B hereto shall be endorsed on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of the Guarantor by an officer of the Guarantor.

 

The Guarantor agrees that the Guarantee set forth in this Article 15 shall remain in full force and effect and apply to all the Notes notwithstanding any failure to endorse on each Note a notation of the Guarantee.

 

If an officer whose facsimile signature is on a Note or a notation of Guarantee no longer holds that office at the time the Trustee authenticates the Note on which the Guarantee is endorsed, the Guarantee shall be valid nevertheless.

 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture and endorsed on such Note on behalf of the Guarantor.

 

Section 15.03.  Limitation of Guarantor’s Liability; Certain Bankruptcy Events.

 

(a)           The Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the Guarantee Obligations of the Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law.  To effectuate the foregoing intention, the Holders and the Guarantor hereby irrevocably agree that the Guarantee Obligations of the Guarantor under this Article 15 shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of the Guarantor, result in the Guarantee Obligations of the Guarantor under the Guarantee not constituting a fraudulent transfer or conveyance.

 

(b)           The Guarantor hereby covenants and agrees, to the fullest extent that it may do so under applicable law, that in the event of the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Issuer, the Guarantor shall not file (or join in any filing of), or otherwise seek to participate in the filing of, any motion or request seeking to stay or to prohibit (even temporarily) execution on the Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution, whether under Section 362 or 105 of the Bankruptcy Law or otherwise.

 

Section 15.04.  Application of Certain Terms and Provisions to the Guarantor.  For purposes of any provision of this Indenture which provides for the delivery by the Guarantor of an Officers’ Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.01 hereof shall apply to the Guarantor as if references therein to the Issuer or the General Partner, as applicable, were references to the Guarantor.  Upon any demand, request or application by the Guarantor to the Trustee to take any action under this Indenture, the Guarantor shall furnish to the Trustee such certificates and opinions as are required in Section 16.05 hereof as if all references therein to the Issuer were references to the Guarantor.

  

59

  

 

ARTICLE 16

Miscellaneous Provisions

 

Section 16.01.  Provisions Binding on Issuer’s and Guarantor’s Successors.  All the covenants, stipulations, promises and agreements by the Issuer or Guarantor contained in this Indenture shall bind their respective successors and assigns whether so expressed or not.

 

Section 16.02.  Official Acts by Successor Corporation.  Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Issuer or the Guarantor shall and may be done and performed with like force and effect by the like board, committee or officer of any Person that shall at the time be the lawful sole successor of the Issuer or Guarantor.

 

Section 16.03.  Addresses for Notices, etc. Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Notes on the Issuer or Guarantor shall be in writing and shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box, or sent by overnight courier, or sent by telecopier transmission addressed as follows:

 

To Issuer:

 

Essex Portfolio, L.P.

925 East Meadow Drive

Palo Alto, California 94303

Fax: (650) 320-9833

Attention: Michael Dance, Chief Financial Officer

To Guarantor:

 

Essex Property Trust, Inc.

925 East Meadow Drive

Palo Alto, California 94303

Fax: (650) 320-9833

Attention: Michael Dance, Chief Financial Officer

 

Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited, postage prepaid, by registered or certified mail in a post office letter box, or sent by overnight courier, or sent by telecopier transmission addressed as follows:

 

U.S. Bank National Association

Global Corporate Trust Services

One California Street, Suite 1000

San Francisco, California 94111

Fax: (415) 677-3769

Attention:  Andrew Fung (Essex Portfolio)

 

  

60

  

The Trustee, by notice to the Issuer, may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication mailed to a Noteholder shall be mailed by first class mail, postage prepaid, at such Noteholder’s address as it appears on the Note Register and shall be sufficiently given to such Noteholder if so mailed within the time prescribed.

 

Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders.  If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 

Section 16.04.  Governing Law.  This Indenture shall be governed by, and construed in accordance with, the laws of the State of New York without regard to conflict of law principles that would result in the application of any laws other than the laws of the State of New York.

 

Section 16.05.  Evidence of Compliance with Conditions Precedent, Certificates to Trustee.  Upon any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, and, if requested by the Trustee, an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include:  (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate or opinion is based; (3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials.

 

Section 16.06.  Legal Holidays.  In any case in which any interest payment date, Redemption Date, Stated Maturity or Maturity of any Note or any installment of principal or interest thereon will not be a Business Day, then payment of such interest on or principal of the Notes need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such interest payment date, Redemption Date, Stated Maturity or Maturity Date, and no interest shall accrue on the amount so payable for the period from and after such interest payment date, Redemption Date, Stated Maturity or Maturity Date, to such next succeeding Business Day.

 

  

61

  

 

Section 16.07.  Trust Indenture Act.  This Indenture is hereby made subject to, and shall be governed by, the provisions of the Trust Indenture Act required to be part of and to govern indentures qualified under the Trust Indenture Act; provided that this Section 16.07 shall not require this Indenture or the Trustee to be qualified under the Trust Indenture Act prior to the time such qualification is in fact required under the terms of the Trust Indenture Act, nor shall it constitute any admission or acknowledgment by any party to the Indenture that any such qualification is required prior to the time such qualification is in fact required under the terms of the Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in an indenture qualified under the Trust Indenture Act, such required provision shall control.

 

Section 16.08.  No Security Interest Created.  Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction in which property of the Issuer or its Subsidiaries is located.

 

Section 16.09.  Benefits of Indenture.  Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Note Registrar and their successors hereunder and the Holders of Notes any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 16.10.  Table of Contents, Headings, etc. The table of contents and the titles and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section 16.11.  Authenticating Agent.  The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf, and subject to its direction, in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Sections 2.04, 2.06, 2.07, 2.08 and 3.03, as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes.  For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication.  Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.09.

 

Any corporation into which any authenticating agent may be merged or exchanged or with which it may be consolidated, or any corporation resulting from any merger, consolidation or exchange to which any authenticating agent shall be a party, or any corporation succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation is otherwise eligible under this Section 16.11, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation.

  

62

  

 

Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer.  The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Issuer.  Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee shall either promptly appoint a successor authenticating agent or itself assume the duties and obligations of the former authenticating agent under this Indenture and, upon such appointment of a successor authenticating agent, if made, shall give written notice of such appointment of a successor authenticating agent to the Issuer and shall mail notice of such appointment of a successor authenticating agent to all Holders of Notes as the names and addresses of such Holders appear on the Note Register.

 

The Issuer agrees to pay to the authenticating agent from time to time such reasonable compensation for its services as shall be agreed upon in writing between the Issuer and the authenticating agent.

 

The provisions of Sections 7.02, 7.03, 7.04 and 8.03 and this Section 16.11 shall be applicable to any authenticating agent.

 

Section 16.12.  Execution in Counterparts.  This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

 

Section 16.13.  Severability.  In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 16.14.  USA Patriot Act.  The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.  The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

 

U.S. Bank National Association hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions herein above set forth.

 

  

63

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed.

 

	  	
ESSEX PORTFOLIO, L.P.

	  	  	  
	  	
By:

	
Essex Property Trust, Inc.

	  	  	
Its Sole General Partner

	  	  	  
	  	  	  
	  	
By:

	  
	  	  	
Name:

	  	  	
Title:

	  	  	  
	  	  	  
	  	
ESSEX PROPERTY TRUST, INC.,

	  	  	
as Guarantor

	  	  	  
	  	  	  
	  	
By:

	  
	  	  	
Name:

	  	  	
Title:

	 	 	 
	 	 	 
	  	
U.S. BANK NATIONAL ASSOCIATION,

	  	  	
as Trustee

	  	  	  
	  	  	  
	  	
By:

	  
	  	  	
Name:

	  	  	
Title:

 

 

Signature Page to Indenture

  

 

  

EXHIBIT A

 

FORM OF NOTE

 

[Include only for Global Notes]

 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

  

A-1

  

ESSEX PORTFOLIO, L.P.

·% SENIOR NOTES DUE ·

 

No.  [ ]

 

CUSIP No.:

 

ISIN:

 

$[    ]

 

Essex Portfolio, L.P., a California limited partnership (herein called the “Issuer,” which term includes any successor entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [Cede & Co.][holder of note in definitive form], or its registered assigns, the principal sum of [   ] ($[   ]), [or such other amount as is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,*] on ·, · at the office or agency of the Issuer maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually on · and · of each year, commencing ·, 2013 on said principal sum at said office or agency, in like coin or currency, at the rate per annum of ·%, from the · or ·, as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for, unless no interest has been paid or duly provided for on the Notes, in which case from ·, 2013 until payment of said principal sum has been made or duly provided for.  The Issuer shall pay interest on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Note Register; provided, however, that a Holder of any Notes in certificated form may specify by written notice to the Issuer that it pay interest by wire transfer of immediately available funds to the account specified by the Noteholder in such notice, or on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.

 

The Issuer promises to pay interest on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) interest at the rate per annum borne by the Notes.

 

Reference is made to the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually or by facsimile by the Trustee or a duly authorized authenticating agent under the Indenture.

 

________________________________

* This language should be included only if the Note is issued in global form.

 

  

A-2

  

IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

 

Dated:

 

	  	
ESSEX PORTFOLIO, L.P.

	 	 	 
	  	
By:

	
Essex Property Trust, Inc.

	  	  	
Its Sole General Partner

	  	  	  
	  	  	  
	  	
By:

	  
	  	  	
Name:

	  	  	
Title:

  

A-3

  

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes described in the within-named Indenture.

 

Dated:

 

	  	
U.S. Bank National Association, as Trustee

	  	  	  
	  	  	  
	  	
By:

	  
	  	  	
Authorized Signatory

  

A-4

  

[FORM OF REVERSE SIDE OF NOTE]

 

ESSEX PORTFOLIO, L.P.

·% SENIOR NOTES DUE ·

 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its ·% Senior Notes due · (herein called the “Notes”), issued under and pursuant to an Indenture dated as of ·, 2013 (herein called the “Indenture”), among the Issuer, the Guarantor and U.S. Bank National Association, as trustee (herein called the “Trustee”), to which Indenture and any indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer, the Guarantor and the Holders of the Notes.  Defined terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.

 

If an Event of Default (other than an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) with respect to the Issuer) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall be immediately due and payable.  If an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) of the Indenture occurs with respect to the Issuer, the principal of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action.

 

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 9.02 of the Indenture.  Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past Default or Event of Default, subject to exceptions set forth in the Indenture.

 

No reference herein to the Indenture and no provision of this Note, the Guarantee endorsed on this Note or of the Indenture shall impair, as among the Issuer and the Holder of the Notes, the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, on and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein and in the Indenture prescribed.

 

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

 

The Notes are issuable in fully registered form, without coupons, in minimum denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof.  At the office or agency of the Issuer referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations.

  

A-5

  

 

The Issuer shall have the right to redeem the Notes under certain circumstances as set forth in Section 3.01, Section 3.02 and Section 3.03 of the Indenture.

 

The Notes are not subject to redemption through the operation of any sinking fund.

 

Except as expressly provided in Article 15 of the Indenture, no recourse for the payment of the principal of or any premium or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, limited partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Issuer or any of the Issuer’s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the Issuer or any of the Issuer’s Subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note.

 

  

A-6

  

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	
(I) or (we) assign and transfer this Note to: ____________________________________________

	
                                                                                                (Insert assignee’s legal name)

	  
	  
	
(Insert assignee’s soc. sec. or tax I.D. no.)

	  
	  
	  
	  
	  
	  
	  
	  
	
(Print or type assignee’s name, address and zip code)

	  
	  
	
and irrevocably appoint _______________________________________________________

	
to transfer this Note on the books of the Issuer.  The agent may substitute another to act for him.

	  
	
Date:  ________________________

	  
	  
	
Your Signature: ________________________________________

	
(Sign exactly as your name appears on the face of this Note)

	  
	
Signature Guarantee*:   _______________________________________________________

	  

	
*

	
Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

  

A-7

  

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE *

 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:

 

	

Date of Exchange

	 	

Amount of decrease in Principal Amount at maturity of this Global Note

	 	

Amount of increase in Principal Amount at maturity of this Global Note

	 	

Principal Amount at maturity of this Global Note following such decrease (or increase)

	 	

Signature of authorized officer of Trustee or Custodian

	  	 	  	 	  	 	  	 	  

	
  

	
* This schedule should be included only if the Note is issued in global form.

 

  

A-8

  

 

EXHIBIT B

 

FORM OF GUARANTEE

 

The Guarantor listed below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under the Indenture, dated the date hereof, among the Guarantor, the Issuer (defined below) and U.S. Bank National Association, as trustee (the “Indenture”)), has irrevocably and unconditionally guaranteed on a senior basis the Guarantee Obligations (as defined in Section 15.01 of the Indenture), which include (i) the due and punctual payment of the principal of, premium, if any, and interest on the ·% Senior Notes due · (the “Notes”) of Essex Portfolio, L.P., a California limited partnership (the “Issuer”), whether at maturity, by acceleration, call for redemption or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent permitted by law) interest on any overdue interest on the Notes, and the due and punctual performance of all other obligations of the Issuer, to the Holders of the Notes or the Trustee all in accordance with the terms set forth in Article 15 of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at maturity, by acceleration, call for redemption or otherwise.

 

The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article 15 of the Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee.

 

No past, present or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such successor entity), as such, shall have any liability for any obligations of the Guarantor under this Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.

 

The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, the benefit of discussion, protest or notice with respect to the Notes and all demands whatsoever.

 

This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final payment of all of the Issuer’s obligations under the Notes and Indenture or until legally discharged in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and, in the event of any transfer or assignment of rights by any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof.  This is a Guarantee of payment and performance and not of collectability.

 

This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been executed by the Trustee or a duly authorized authenticating agent under the Indenture by the manual signature of one of its authorized officers.

  

B-1

  

 

The obligations of the Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law.

 

THE TERMS OF ARTICLE 15 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated.

 

  

B-2

  

IN WITNESS WHEREOF, the Guarantor has caused this instrument to be duly executed.

 

Dated:

 

	  	
ESSEX PROPERTY TRUST, INC.

	  	  	  
	  	  	  
	  	
By:

	  
	  	  	
Name:

	  	  	
Title:

 

 

B-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]