Document:

mpg-ex1031a_17.htm

 

Exhibit 10.31A

METALDYNE PERFORMANCE GROUP INC.

EMPLOYMENT AGREEMENT

THIS AGREEMENT is entered into as of July 18, 2016 (the “Effective Date”) between Metaldyne Performance Group Inc., a Delaware corporation (the “Company”), and Thomas M. Dono, Jr. (“Executive).

WHEREAS, Company desires to engage the services of the Executive as Executive Vice President – General Counsel and Secretary of the Company and the Executive desires to be employed by the Company in such capacity pursuant to the terms and conditions of this Agreement;

WHEREAS, the Company desires to be assured that the confidential information and goodwill of the Company will be preserved for the exclusive benefit of the Company; and

WHEREAS, the Executive has represented to the Company that Executive is not a party to or bound by any confidentiality, noncompetition, non-solicitation, employment, consulting or other agreement or restriction which could conflict with, or be violated by, the performance of the Executive’s duties to the Company or obligations under this Agreement, nor is the Executive subject to any agreements with any other employer. 

NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.Employment.  The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the Effective Date and ending as provided in Section 4 (the “Employment Period”).  

Section 2.Position and Duties.

(a)Duties.  During the Employment Period, Executive shall serve as the Executive Vice President – General Counsel and Secretary of the Company and shall have the normal duties, responsibilities, functions and authority of an Executive Vice President – General Counsel and Secretary, subject to the customary oversight and direction of the Company’s board of directors (the “Board”) to expand or limit such duties, responsibilities, functions and authority and to overrule actions of officers and employees of the Company. During the Employment Period, Executive shall render such administrative, financial and other executive and managerial services to the Company and its Subsidiaries which are consistent with Executive’s position as the Board may from time to time direct.

(b)Full Time and Attention.  During the Employment Period, Executive shall report to the Chief Executive Officer of the Company and shall devote Executive’s best efforts and Executive’s full business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the Company and its Subsidiaries (the “Company Group”). Executive shall perform Executive’s duties, responsibilities and functions for the Company Group hereunder to the best of Executive’s abilities in a diligent, trustworthy, professional and efficient manner 

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and shall comply with the Company’s and its Subsidiaries’ policies and procedures in all material respects. During the Employment Period, Executive shall not serve as an officer or director of, or otherwise be employed by or perform services for, any other person or entity without the prior written consent of the Board; provided that Executive may serve as an officer or director of, or otherwise participate in, solely educational, welfare, social, religious and civic organizations.

For purposes of this Agreement, “Subsidiaries” or “Subsidiary” shall mean any corporation or other entity of which the securities or other ownership interests having the voting power to elect a majority of the board of directors or other governing body are, at the time of determination, owned by the Company, directly or through one of more Subsidiaries.

Section 3.Compensation and Benefits.

(a)Base Salary.  During the Employment Period, Executive’s base salary shall be $400,000 per annum (as may be adjusted up but not down by the Board from time to time, the “Base Salary”), which salary shall be payable by the Company in regular installments in accordance with the Company’s general payroll practices in effect from time to time. The Base Salary shall be prorated on an annualized basis for any partial year during the Employment Period.

(b)Employee Benefits.  During the Employment Period, Executive shall be entitled to receive employee benefits (other than severance) on the same basis as such benefits are generally made available to other senior executives.  Executive shall be entitled to four weeks of paid vacation each calendar year in accordance with the Company’s policies, which to the extent accrued but unused as of the end of any calendar year, may be carried over and used during the first six months of the following calendar year.

(c)Reimbursements.  During the Employment Period, the Company shall reimburse Executive for all reasonable business expenses incurred by Executive in the course of performing Executive’s duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses.

(d)Annual Bonus.  In addition to the Base Salary, during the Employment Period, Executive will be eligible to receive a target annual cash bonus of 60% of Base Salary (“Annual Bonus”). The achievement of a particular bonus amount shall be based on performance objectives established by the Board at the time the budget is approved for the applicable fiscal year. The Annual Bonus will be payable during the calendar year that begins immediately following the calendar year for which such Annual Bonus was earned, as soon as reasonably practicable following the completion of the Company’s audit for the calendar year for which the Annual Bonus was earned and shall be payable only if Executive is employed by the Company on the date of payment.  Executive will be eligible for a full-year bonus in 2016.

(e)Equity Plan.  During the Employment Period, Executive will be eligible to participate in one or more equity incentive plans as may be established and/or amended by the Company from time to time, pursuant to the terms and conditions of such plan or plans.

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(f)Withholding.  The Company or its Subsidiaries may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. In the event that the Company fails to withhold any taxes required to be withheld from Executive by applicable law or regulation, the Executive agrees to indemnify the Company for any amount paid with respect to any such taxes, together with any interest, penalty and/or expense related thereto to the extent such interest, penalty and/or expense is incurred as a result of Executive’s failure to promptly remit such taxes following written notice from the Company.

(g)Equity Grant.  On the date of the Company’s next award issuance following the date hereof (the “Award Grant Date”), provided that Executive is employed by the Company on such date, Executive will: (i) receive a grant of shares of the Company’s common stock, par value $0.001 per share (“Company Common Stock”), subject to certain restrictions and vesting requirements, with an aggregate fair market value equal to $40,000 at the time of grant (as determined by the Board of Directors of the Company), which will vest in three equal installments on an annual basis; (ii) receive a grant stock options to purchase a number of shares of Company Common Stock, subject to certain restrictions and vesting requirements, with an aggregate fair market value on the Award Grant Date equal to $90,000 and a per share exercise price equal to the fair market value of a share of Company Common Stock at the time of grant (as determined by the Board of Directors of the Company), which will vest in three equal installments on an annual basis; and (iii) be eligible for grants of shares of Company Common Stock and stock options to purchase a number of shares of Company Common Stock, in each case subject to certain restrictions and vesting requirements, with an aggregate fair market value equal to $120,000 at the time of grant (as determined by the Board of Directors of the Company), each of which will vest in three equal installments on an annual basis.

Section 4.Term.  The Employment Period shall begin on the date of this Agreement and terminate on the earliest to occur of (i) Executive's resignation (which may occur at any time with or without Good Reason, as defined below), (ii) Executive’s death or Disability, and (iii) the termination of Executive by the Company at any time for Cause (as defined below) or without Cause. Except as otherwise expressly and specifically provided herein, any termination of the Employment Period by Executive or the Board shall be effective as specified in a written notice from each to the other.

Section 5.Termination.

(a)Without Cause or with Good Reason.  If during the Employment Period the Executive’s employment is terminated by the Company without Cause or upon Executive’s resignation with Good Reason, Executive shall be entitled to receive Executive’s Base Salary, employee benefits and any unused vacation payable pursuant to the Company’s standard vacation practice through the date of termination and, subject to Section 5(d) and Section 13, the following payments and benefits:

	
 
	
(i)
	
an amount equal to the Executive’s monthly Base Salary rate (but not as an employee), paid monthly for a period of twelve (12) months following such termination in accordance with the Company’s general payroll practices in effect from time to time,

	
 
	
(ii)
	
subject to the Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended 

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(“COBRA”) continued participation in the Company’s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers the Executive (and the Executive’s eligible dependents), which, for a period of twelve (12) months following Executive’s termination of employment (the “Severance Period”), will be subsidized by the Company (such that the Executive’s cost of such COBRA coverage will be the same as the Executive would have paid had the Executive remained an employee and an active participant in the group health plan); provided, that the Executive is eligible and remains eligible for COBRA coverage; and provided, further, that in the event that the provision of such payment would result in adverse tax consequences to the Executive under Section 105(h) of the Code or otherwise, the amount of such payment shall be imputed to the Executive as taxable wages and reported on Form W-2.  Notwithstanding the foregoing, in the event the Executive obtains other employment that offers group health benefits, such continuation of coverage by the Company under this Section 5(a)(ii) shall immediately cease.  The Executive shall notify the Company upon becoming employed by a subsequent employer during the Severance Period, and

	
 
	
(iii)
	
a pro rata portion of the Annual Bonus Executive otherwise would have received in respect of the fiscal year in which Executive’s employment terminated had the Executive remained continuously employed through the applicable payment date, based on actual performance and calculated by the Board in good faith, payable at the time the Annual Bonus would have otherwise been paid pursuant to Section 3(d) (a “Pro Rata Bonus”).

Executive shall be entitled to the foregoing severance payments if and only if Executive has executed and delivered to the Company the general release substantially in form and substance as set forth in Exhibit A (the “General Release”) and such release has become effective and is no longer subject to revocation within sixty (60) days following the Executive’s termination of employment, and only so long as Executive has not breached the provisions of the General Release or breached the provisions of Section 7, Section 8, or Section 9 and only if Executive does not apply for unemployment compensation chargeable to the Company or any Subsidiary during the Severance Period. The Executive shall not be entitled to any other salary, compensation or benefits after termination of the Employment Period, except as otherwise specifically provided for under the Company’s employee benefit plans or as expressly required by applicable law. Notwithstanding any other provision of this Agreement, if following the termination of the Employment Period Executive is entitled to payments or other benefits under this Section 5 but the Company later determines Executive committed an act that constituted Cause (whether prior to or after such termination, which, for the avoidance of doubt, includes, without limitation, a breach of any the provisions of Section 7, Section 8, or Section 9 that occurs during the period during which any payments or other benefits under this Section 5 are being provided), then (i) Executive shall not be entitled to any payments or other benefits pursuant to this Section 5, (ii) any and all payments to be made by the Company or any Subsidiary and any and all benefits to be provided to Executive pursuant to this Section 5 shall cease and (iii) any such payments previously made to Executive shall be returned immediately to the Company by Executive.

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(b)Death, Disability.  If the Employment Period is terminated due to Executive’s death or Disability, Executive or Executive’s estate or beneficiaries, if applicable, shall be entitled to receive (i) Executive’s Base Salary, employee benefits and any unused vacation payable pursuant to the Company’s standard vacation practice through the date of termination and (ii) subject to the Executive’s (or Executive’s estate, as applicable) execution, delivery and nonrevocation of a Release in accordance with the requirements set forth in Section 5(a), (A) an amount equal to the Executive’s monthly Base Salary rate (but not as an employee), paid monthly for a period of six (6) months following such termination, and (B) a Pro Rata Bonus.  Executive shall not be entitled to any other salary, compensation or benefits from the Company or its Subsidiaries thereafter, except as otherwise specifically provided for under the Company’s employee benefit plans or as expressly required by applicable law.

(c)For Cause or without Good Reason.  If the Employment Period is terminated by the Company for Cause or if Executive resigns without Good Reason, Executive shall only be entitled to receive Executive’s Base Salary, employee benefits and any unused vacation payable pursuant to the Company’s standard vacation practice through the date of such termination or resignation and shall not be entitled to any other salary, compensation or benefits from the Company or its Subsidiaries thereafter, except as otherwise specifically provided for under the Company’s employee benefit plans or as expressly required by applicable law. The termination of the Employment Period for Cause shall preclude Executive’s resignation with Good Reason.

(d)Section 409A.  This Section 5(d) shall apply only to the extent that an applicable payment (or portion of a payment) under this Agreement constitutes “nonqualified deferred compensation” for purposes of Section 409A (as defined in Section 13 hereof) and not to payments (or the portion of any payment) that are exempt from Section 409A (due to, for example; application of the short term deferral rule or separation pay exceptions). To the extent payment of any amount under Section 5(a) or Section 5(b) constitutes “nonqualified deferred compensation” for purposes of Section 409A (as defined in Section 13 hereof), any such payment scheduled to occur during the first sixty (60) days following the termination of employment shall not be paid until the sixtieth (60th) day following such termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto.

(e)Exclusive Rights.  Except as otherwise expressly provided in this Agreement, all of Executive’s rights to salary, bonuses, employee benefits and other compensation hereunder which would have accrued or become payable after the termination of the Employment Period shall cease upon such termination or expiration, other than those expressly required under applicable law (such as COBRA). Nothing contained herein is intended to limit or otherwise restrict the availability of any COBRA benefits to Executive required to be provided pursuant to Section 601 of Title I of the Employee Retirement Income Security Act of 1974 and Section 4980B of the Internal Revenue Code of 1986, as amended and the regulations and guidance promulgated thereunder (the “Code”). Except as otherwise provided in Section 13 the Company may offset any amounts Executive owes it or its Subsidiaries against any amounts it or its Subsidiaries owes Executive hereunder.

(f) “Cause” shall mean that Executive has (i) continually failed to perform in a material manner, was materially negligent or committed willful misconduct in the performance of, Executive’s duties to the Company or its Subsidiaries for a period of thirty (30) days after written notice was delivered to Executive by or on behalf of the Board specifying the manner in which Executive failed to perform 

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(and which such failure or other performance default remains uncured after such time); (ii) materially breached any material provisions in any written agreement between Executive and the Company or one of its Subsidiaries for a period of thirty (30) days after written notice was delivered to Executive by or on behalf of the Board specifying the manner in which Executive breached (and which breach remains uncured after such time), (iii) developed or pursued interests materially adverse to the Company or any of its subsidiaries or willfully failed to observe any material written policies of the Company or any of its Subsidiaries applicable to Executive for a period of thirty (30) days after written notice was delivered to Executive by or on behalf of the Board specifying the manner in which Executive failed to observe (and which failure remains uncured after such time); (iv) materially breached any non-competition, non-solicitation, or confidentiality agreement or covenant with the Company or any applicable Subsidiary, (v) engaged in theft, embezzlement, fraud, or misappropriation of any of the Company’s or any of its Subsidiaries’ property; or (vi) been convicted of or entered a guilty or no contest plea with respect to a felony (other than a vehicular felony or through vicarious liability not related to the Company or any of its affiliates) or a misdemeanor involving moral turpitude or fraud.

(g) “Disability” shall mean Executive’s inability to perform the essential duties, responsibilities and functions of Executive’s position with the Company and its Subsidiaries for a total of one hundred eighty (180) days during any twelve (12) month period as a result of any mental or physical illness, disability or incapacity even with reasonable accommodations for such illness, disability or incapacity provided by the Company and its Subsidiaries or if providing such accommodations would be unreasonable and which condition is expected to last for a continuous period of not less than twelve (12) months, all as determined by the Board in its reasonable good faith judgment. Executive shall cooperate in all respects with the Company if a question arises as to whether Executive has become disabled (including, without limitation, submitting to reasonable examinations by one or more medical doctors and other health care specialists selected by the Company and authorizing such medical doctors and other health care specialists to discuss Executive’s condition with the Company).  Nothing herein shall be construed as a waiver or limitation with respect to the rights afforded to Executive under applicable law, including, without limitation of the foregoing, the Americans With Disabilities Act and the Family Medical Leave Act.

(h) “Good Reason” shall mean if Executive resigns from employment with the Company and its Subsidiaries prior to the end of the Employment Period as a result of one (1) or more of the following reasons: (i) the Company reduces the amount of the Executive’s Base Salary, (ii) the Company changes Executive’s titles or reduces Executive’s responsibilities materially inconsistent with the positions Executive then holds, (iii) the Company changes Executive’s place of work to a location more than thirty-five  (35) miles from Executive’s present place of work, or (iv) a successor to substantially all of the business and/or assets of the Company does not (A) expressly assume and agree to perform this Agreement, and (B) provide Executive with the same or comparable position, duties, Base Salary, target Annual Bonus and benefits under Sections 3(b) and 3(c) as provided in this Agreement; provided, in each case, that in order for Executive’s resignation with Good Reason to be effective pursuant to any event that Executive believes constitutes Good Reason (x) written notice of Executive’s resignation for Good Reason must be delivered to the Company within thirty (30) days after the occurrence of any such event, (y) the Company shall be given thirty (30) days from the receipt of such notice to cure any such event, and (z) Executive must actually terminate Executive’s employment citing 

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Good Reason within sixty (60) days following the expiration of such cure period if the Company does not cure such Good Reason default. 

Section 6.Section 280G Cutback.  Notwithstanding anything in this Agreement to the contrary, if any payments or benefits (including without limitation, any accelerated vesting of equity awards) Executive would receive pursuant to this Agreement or otherwise would constitute a “parachute payment” within the meaning of Section 280G of the Code (each, a “Payment” and collectively, the “Payments”), the Payments shall be reduced by the minimum possible amount necessary such that no amounts payable to you shall constitute a “parachute payment.”  All determinations required to be made under this Section 6, including whether any Payment is a “parachute payment” and whether and to what extent a reduction in any Payments is required and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized accounting firm designated by the Company (the “Accounting Firm”).  The Accounting Firm shall provide detailed supporting calculations both to the Company and you.  Any determination by the Accounting Firm shall be binding upon you and the Company.  If a reduction in any Payments is required under this Section 6, the reduction will occur in the following order: first, by reduction of cash payments; second, by cancellation of accelerated vesting of equity awards; and third, by reduction of other benefits payable to Executive, in each case, in reverse chronological order, beginning with payments or benefits that are to be paid latest.  If, at the time of a transaction giving rise to Payments that could constitute “parachute payments,” the stock of the Company is not readily tradable on an established securities market or otherwise and the Company determines that the exemption described in Section 280G(b)(5) of the Code would apply to the Payments if the requisite shareholder approval is obtained in accordance with the terms and conditions of Section 280G of the Code, the Company shall use commercially reasonable efforts to seek the requisite shareholder approval of the Payments such that no Payments would constitute “excess parachute payments.”

Section 7.Confidential Information.

(a)Obligation to Maintain Confidentiality. Executive acknowledges that the continued success of the Company Group depends upon the use and protection of a large body of such entities’ confidential and proprietary information. All of such confidential and proprietary information now existing or to be developed in the future is referred to in this Agreement as “Confidential Information.” Confidential Information shall be interpreted as broadly as possible to include all information of any sort (whether merely remembered or embodied in a tangible or intangible form) that is (i) related to any member of the Company Group’s current or potential business and (ii) is not generally or publicly known. Confidential Information includes, without specific limitation, the information, observations and data (including trade secrets) obtained by Executive before (including, without limitation, confidential and proprietary information of the Company Group obtained by Executive while employed by any member of the Company Group prior to this Agreement), during or after the course of Executive’s performance under this Agreement concerning the business and affairs of the Company Group, information concerning acquisition opportunities in or reasonably related to any member of the Company Group’s business or industry of which Executive becomes aware before or during the Employment Period, the persons or entities that are current, former or prospective suppliers or customers of the Company Group before, during or after Executive’s course of performance under this Agreement, as well as development, transition and transformation plans, strategic, marketing and expansion plans (including, without limitation plans regarding planned and potential sales), financial and business plans, employee lists and 

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telephone numbers, locations of sales representatives, new and existing programs and services, prices and terms, customer service, integration processes, requirements and costs of providing service, support and equipment of the Company Group.  During the Employment Period and at all times thereafter, Executive shall not disclose to any unauthorized person or use for Executive’s own benefit any Confidential Information without the Board’s prior written consent, unless and to the extent that any Confidential Information (i) becomes generally known to and available for use by the public other than as a result of Executive’s acts or omissions to act or (ii) is required to be disclosed pursuant to any applicable law or court order (in which case Executive shall give prior written notice of such disclosure to the Company). Executive shall deliver to the Company at the end of the Employment Period, or at any other time the Company may request in writing, all memoranda, notes, plans, records, reports and other documents (and copies thereof) relating to the business of the Company Group (including, without limitation, all Confidential Information) that Executive may then possess or have under Executive’s control.

(b)Third Party Information. Executive understands that the Company and its Subsidiaries will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s and its Subsidiaries’ part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the Employment Period and thereafter, and without in any way limiting the provisions of Section 7(a) above, Executive shall hold Third Party Information in the strictest confidence and shall not disclose to anyone (other than personnel of the Company or its Subsidiaries who need to know such information in connection with their work for the Company or such Subsidiaries) or use, except in connection with Executive’s work for the Company or its Subsidiaries, Third Party Information unless expressly authorized by the Board in writing.

(c)Use of Information of Prior Employers. During the Employment Period, Executive shall not use or disclose any confidential information or trade secrets, if any, of any former employers (other than any direct successors of the Company and its affiliates, to which Section 7(a) shall instead apply) or any other person to whom Executive has an obligation of confidentiality, and shall not bring onto the premises of any member of the Company Group any unpublished documents or any property belonging to any former employer or any other person to whom Executive has an obligation of confidentiality unless consented to in writing by the former employer or other person. Executive shall use in the performance of Executive’s duties under this Agreement only information that is (i) generally known and used by persons with training and experience comparable to Executive’s and common knowledge in the industry or is otherwise legally in the public domain, (ii) otherwise provided or developed by any member of the Company Group or (iii) in the case of materials, property or information belonging to any former employer or other person to whom Executive has an obligation of confidentiality, approved for such use in writing by such former employer or person.

Section 8.Intellectual Property, Inventions and Patents. Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any Confidential Information) and all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) which relate to any member of the Company Group’s actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Executive (whether alone or jointly with others) while employed by any member of the Company Group, whether 

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before or after the date of this Agreement (collectively referred to as “Work Product”), are the property of the Company or such Subsidiary. From and after the Effective Date, Executive shall disclose any Work Product which is or expected to be material to the business of any member of the Company Group to the Board promptly after Executive becomes actually aware of such Work Product and, at the Company’s expense, perform all actions reasonably requested by the Board (whether during or after the Employment Period) to establish and confirm such ownership (including, without limitation, executing and delivering assignments, consents, powers of attorney and other instruments). Executive acknowledges that all Work Product shall be deemed to constitute “works made for hire” under the U.S. Copyright Act of 1976, as amended.

Section 9.Non-Compete, Non-Solicitation.

(a)Non-competition.  As additional consideration for the compensation to be paid to Executive under this Agreement, Executive acknowledges that during the course of Executive’s employment with the Company and its Subsidiaries, Executive shall have access to and shall become familiar with, Executive has become familiar with, the Company’s and its Subsidiaries’ trade secrets and with other Confidential Information concerning the Company Group and that Executive’s services shall be of special, unique and extraordinary value to the Company and its Subsidiaries, and therefore, Executive agrees that, during the Employment Period and for six (6) months thereafter (the “Noncompete Period”), Executive shall not directly or indirectly own any interest in, manage, control, participate in, consult with, render services for, be employed by, or in any manner engage in, any person, business or entity competing with any member of the Company Group as such businesses exist or are in process during the Employment Period or on the date of the termination or expiration of the Employment Period, within any geographical area in which any member of the Company Group engage or plan to engage in such businesses (a “Competitive Business”). Nothing herein shall prohibit Executive from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as Executive has no active participation in the business of such corporation and Executive may, without violating this Section 9(a), serve as an employee, consultant or independent contractor to any person or business engaging in a Competitive Business through any division or subsidiary provided such Competitive Business generates less than 20% of the annual revenue of such person or business and provided that Executive does not participate in, work for, or provide any services to such person or business in connection with such Competitive Business. 

(b)Non-solicitation.  In addition, during the Noncompete Period, Executive shall not directly or indirectly through another person, business or entity (i) induce or attempt to induce any employee of any member of the Company Group to leave the employ of the Company Group, or in any way interfere with the relationship between the Company, its sister companies, their respective parent companies or any their respective Subsidiaries and any employee thereof, (ii) hire any person who was an employee of any member of the Company Group at any time during the Employment Period or (iii) induce or attempt to induce any customer, supplier, licensee, licensor, franchisee or other business relation of any member of the Company Group to cease doing business with any member of the Company Group, as applicable, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company, its sister companies, their respective parent companies or any of their respective Subsidiaries, as applicable (including, without limitation, making any negative or disparaging statements or communications regarding the Company, its sister companies’, their respective parent 

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companies’ and any of their respective Subsidiaries’ past and present investors, officers, directors or employees or its affiliates).

Section 10.Enforcement. If, at the time of enforcement of Section 7, Section 8, or Section 9, a court shall hold that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law. Because Executive’s services are unique and because Executive has access to Confidential Information and Work Product, the parties hereto agree that the Company and its Subsidiaries would suffer irreparable harm from a breach of Section 7, Section 8, or Section 9 by Executive and that money damages would not be an adequate remedy for any such breach of this Agreement. In the event a breach or threatened breach of this Agreement, the Company and its Subsidiaries in addition to other rights and remedies existing in their favor, shall be entitled to specific performance and/or injunctive or other equitable relief from a court of competent jurisdiction in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security). In addition, in the event of a breach or violation by Executive of Section 9, the Noncompete Period shall be extended automatically by the amount of time between the initial occurrence of the breach or violation and when such breach or violation has been duly cured. Executive acknowledges that the restrictions contained in Section 9 are reasonable and that Executive has reviewed the provisions of this Agreement with Executive’s legal counsel. 

Section 11.Additional Acknowledgments. Executive acknowledges that the provisions of Section 7, Section 8, or Section 9 are in consideration of employment with the Company and other good and valuable consideration as set forth in this Agreement. Executive also acknowledges that (i) the restrictions contained in Section 7, Section 8, or Section 9 do not preclude Executive from earning a livelihood, nor do they unreasonably impose limitations on Executive’s ability to earn a living, (ii) the business of the Company and its Subsidiaries will be international in scope and without geographical limitation and (iii) notwithstanding the jurisdiction of formation or principal office of the Company or residence of any of its executives or employees (including Executive), it is expected that the Company and its Subsidiaries will have business activities and have valuable business relationships within its industry throughout the world. Executive agrees and acknowledges that the potential harm to the Company and its Subsidiaries resulting from the non-enforcement of Section 7, Section 8, or Section 9 outweighs any potential harm to Executive of the enforcement of such provisions by injunction or otherwise. Executive acknowledges that Executive has carefully read this Agreement and has given careful consideration to the restraints imposed upon Executive by this Agreement and is in full agreement regarding their necessity for the reasonable and proper protection of the business goodwill, competitive positions and confidential and proprietary information of the Company and its Subsidiaries now existing or to be developed in the future and that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area.

Section 12.Executive’s Representations. Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which Executive is bound (including, without limitation, any prior or current employment, settlement, termination, severance or similar agreement), (ii) 

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Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person, business or entity or any agreement or contract requiring Executive to assign inventions to another party, and (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that (x) Executive has consulted with independent legal counsel regarding Executive’s rights and obligations under this Agreement and that Executive fully understands the terms and conditions contained herein, and (y) Executive is not subject to any pending, or to Executive’s knowledge any threatened, lawsuit, action, investigation or proceeding involving Executive’s prior employment or consulting work or the use of any information or techniques of any former employer or contracting party.

Section 13.Deferred Compensation Matters. 

(a)Interpretation.  It is the intent of the Company and Executive that the payments and benefits under this Agreement shall comply with or be exempt from Section 409A of the Code and the regulations promulgated thereunder (“Section 409A”), and accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance with or exempt from Section 409A, as applicable. In no event whatsoever shall the Company, its Subsidiaries and affiliates, and each of their respective employees or representatives, be liable for any additional tax, interest or penalty that may be imposed on Executive by Section 409A or for any damages for failing to comply with Section 409A.

(b)Specified Employee.  If Executive is deemed on the date of termination to be a “specified employee” within the meaning of Section 409A(a)(2)(B) of the Code, any amounts to which Executive is entitled under this Agreement that constitute “non-qualified deferred compensation” under Section 409A payable on account of a “separation from service” that otherwise would be payable prior to the six month anniversary of the Executive’s separation from service shall not be paid until the earlier of (i) the six (6) month anniversary of the Executive’s date of termination and (ii) the date of the Executive’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this paragraph (whether they otherwise would have been payable in a single lump sum or in installments absent such delay) shall be paid or reimbursed, as applicable, in a lump sum on the first business day following the expiration of the Delay Period, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

(c)Separation from Service.  A termination of the Employment Period shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A, and for purposes of any such provision of this Agreement, references to a “termination”, “termination of the Employment Period”, “termination of employment” or similar terms shall mean “separation from service.” 

(d)Reimbursements, In-Kind Benefits.  To the extent any reimbursements or in-kind benefits under this Agreement constitute “non-qualified deferred compensation” for purposes of Section 409A, (i) all such expenses or other reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive, (ii) any 

11

 

right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 

(e)Installment Payments.  For purposes of Section 409A, Executive’s right to receive any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the Company’s sole discretion. 

(f)Offset.  Notwithstanding any other provision of this Agreement to the contrary, in no even shall any payment under this Agreement that constitutes “non-qualified deferred compensation” for purposes of Section 409A be subject to offset, counterclaim or recoupment by any other amount unless otherwise permitted by Section 409A.

Section 14.Survival. All provisions of this Agreement having or contemplated as having continuing application from and after the expiration or termination of this Agreement shall survive and continue in full force in accordance with their terms notwithstanding the expiration or termination of the Employment Period. 

Section 15.Notices. Any notice to be given under or by reason of this Agreement shall be in writing and shall be either personally delivered, sent by reputable overnight courier service or mailed by first class mail, return receipt requested, to the recipient at the address below indicated:

Notices to Executive: 

At the most recent address set forth on the books and records of the Company.

Notices to the Company:

Metaldyne Performance Group Inc.
One Towne Square, Suite 550
Southfield, MI 48076
Fax: 248-281-1934
Attention: CEO and CFO

or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement shall be deemed to have been given when so delivered, sent or mailed. 

Section 16.Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed 

12

 

and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

Section 17.Complete Agreement. This Agreement, together with any other agreement expressly referred to herein as continuing in effect, embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

Section 18.No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. 

Section 19.Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

Section 20.Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive, the Company and their respective heirs, successors and assigns, except that Executive may not assign Executive’s rights or delegate Executive’s duties or obligations hereunder without the prior written consent of the Company.

Section 21.Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Michigan, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Michigan or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Michigan.

Section 22.Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Executive, and except as expressly provided herein, no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including, without limitation, the Company’s right to terminate the Employment Period for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.

Section 23.Insurance. The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or disability insurance on Executive in any amount or amounts considered advisable. Executive shall cooperate in any medical or other examination, supply any information and execute and deliver any applications or other instruments in writing as may be reasonably necessary to obtain and maintain such insurance.

Section 24.Indemnification and Reimbursement of Payments on Behalf of Executive. The Company and its Subsidiaries shall be entitled to deduct or withhold from any amounts owing from the Company or any of its Subsidiaries to Executive any federal, state, local or foreign withholding taxes, excise tax or employment taxes (“Taxes”) imposed with respect to Executive’s compensation or other payments from the Company or any of its Subsidiaries or Executive’s ownership interest in the Company 

13

 

(including, without limitation, wages, bonuses, dividends, the receipt or exercise of equity options and/or the receipt or vesting of restricted equity). In the event the Company or any of its Subsidiaries does not make such deductions or withholdings, Executive shall indemnify the Company and its Subsidiaries for any amounts paid with respect to any such Taxes, together with any interest, penalties and related expenses thereto.

Section 25.Consent to Jurisdiction. SUBJECT TO Section 29 HEREOF, EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF MICHIGAN LOCATED IN WAYNE COUNTY, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH IN THIS AGREEMENT SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN THE STATE OF MICHIGAN WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS Section 25. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF MICHIGAN IN WAYNE COUNTY, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

Section 26.Waiver of Jury Trial. As a specifically bargained for inducement for each of the parties hereto to enter into this Agreement (after having the opportunity to consult with legal counsel), each party hereto expressly waives the right to trial by jury in any lawsuit or proceeding relating to or arising in any way from this Agreement or the matters contemplated hereby.

Section 27.Corporate Opportunity. Executive shall submit to the Chairman of the Board (or, in the absence of a Chairman of the Board at any time, the Board) all business, commercial and investment opportunities, and all offers presented to Executive or of which Executive becomes aware at any time during the Employment Period, which relate to the business of automobile component manufacturing, production and design (“Corporate Opportunities”). Unless approved by the Board in writing, Executive shall not accept or pursue, directly or indirectly, any Corporate Opportunities on Executive’s own behalf.

Section 28.Executive’s Cooperation. During the Employment Period and thereafter, Executive shall cooperate with the Company and its Subsidiaries in any internal investigation, any administrative, regulatory or judicial investigation or proceeding or any dispute with a third party as reasonably requested by the Company (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to 

14

 

the Company all pertinent information and turning over to the Company all relevant documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s other permitted activities and commitments). In the event the Company requires Executive’s cooperation in accordance with this Section 28, the Company shall reimburse Executive solely for reasonable travel expenses (including lodging and meals) upon submission of receipts.

Section 29.Arbitration. Except with respect to disputes and claims under Section 7, Section 8, or Section 9 (which the parties hereto may pursue in any court of competent jurisdiction as provided in this Agreement and with respect to which each party shall bear the cost of its own attorneys’ fees and expenses, except to the extent otherwise required by applicable law), each party hereto agrees that arbitration pursuant to the procedures set forth in the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (the “AAA Rules”) shall be the sole and exclusive method for resolving any claim or dispute (“Claim”) arising out of or relating to the rights and obligations of the parties under this Agreement and the employment of Executive by the Company and its Subsidiaries (including, without limitation, claims and disputes regarding employment discrimination, sexual harassment and wrongful termination), whether such Claim arose or the facts on which such Claim is based occurred prior to or after the execution and delivery of this Agreement. The parties hereto agree that (i) one arbitrator shall be appointed pursuant to the AAA Rules to conduct any such arbitration, (ii) all meetings of the parties and all hearings with respect to any such arbitration shall take place in Michigan, (iii) each party to the arbitration shall bear its own costs and expenses (including, without limitation, all attorneys’ fees and expenses, except to the extent otherwise required by applicable law), and (iv) all costs and expenses of the arbitration proceeding (such as filing fees, the arbitrator’s fees, hearing expenses, etc.) shall be borne equally by the parties hereto. The parties agree that the judgment, award or other determination of any arbitration under the AAA Rules shall be final, conclusive and binding on all of the parties hereto. Nothing in this Section 29 shall prohibit any party hereto from instituting litigation to enforce any final judgment, award or determination of the arbitration. Each party hereto further agrees that each other party hereto may initiate litigation in any court of competent jurisdiction to execute any judicial judgment enforcing or not enforcing any award, judgment or determination of the arbitration.

Section 30.Indemnification. The Company shall indemnify the Executive to the full extent provided under the Company’s certificate of incorporation and by-laws, in both cases as in effect on the date hereof or as may be amended hereafter. The Executive shall be covered by any director’s and officer’s policy that the Company may provide for its active directors and officers from time to time during the Employment Period.

*        *        *        *        *

 

15

 

IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement on the date first written above.

 

		
	
 
	
METALDYNE PERFORMANCE GROUP INC.

	
 
	
 

	
 
	
 

___________________________

	
 
	
Name: George Thanopoulos

	
 
	
Title: Chief Executive Officer

Date: July 18, 2016

	
 
	
 

	
 
	
 

	
 
	
EXECUTIVE

	
 
	
 

	
 
	
 

___________________________

	
 
	
Thomas M. Dono, Jr.

	
 
	
Date: July 18, 2016

 

 

 

[Signature Page – Dono Employment Agreement]

 

Exhibit A

GENERAL RELEASE

I, Thomas M. Dono, Jr., in consideration of and subject to the performance by Metaldyne Performance Group Inc., a Delaware corporation (together with its subsidiaries, the “Company”), of its obligations under my employment agreement, dated as of July 18, 2016 (the “Employment Agreement”), do hereby release and forever discharge as of the date hereof the Company, its Subsidiaries and its affiliates and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Company, its Subsidiaries and its affiliates and the Company’s direct or indirect owners (collectively, the “Released Parties”) to the extent provided below.

1.I understand that any payments or benefits paid or granted to me under Section 5(a) or Section 5(b), as applicable, of the Employment Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I shall not receive the payments and benefits specified in Section 5(a) or Section 5(b), as applicable, of the Employment Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter or breach this General Release. Such payments and benefits shall not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates. I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of the date hereof) by virtue of any employment by the Company.

2.Except as provided in Paragraph 4 below and except for the provisions of the Employment Agreement that expressly survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company and its Subsidiaries (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”).

3.I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by Paragraph 2 above.

4.I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this 

 

 

General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Employment Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).  Furthermore, this General Release does not release any claim that relates to (i) my right to enforce this General Release; (ii) any rights I may have to indemnification from personal liability or to protection under any insurance policy maintained by the Company, including without limitation any general liability or directors and officers insurance policy and under any other document or agreement, including, without limitation, the Company’s Articles of Incorporation and By-Laws; (iii) my right, if any, to government-provided unemployment and worker’s compensation benefits; (iv) my rights to receive the amounts described in Section 1 of this General Release that have not yet been paid (subject to the conditions thereof); (v) my rights under any Company benefit plans (e.g., health, disability or retirement plans), which by their explicit terms survive the termination of my employment; or (vi) my rights under any plan, contract, agreement or arrangement relating in any way to ownership or the right to acquire equity in the Company or any of its affiliates.

5.I agree that I am waiving all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever (including, without limitation, reinstatement, back pay, front pay, attorneys’ fees and any form of injunctive relief). Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law (including, without limitation, the right to file an administrative charge or participate in an administrative investigation or proceeding); provided that I hereby disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding.

6.In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including, without limitation, those relating to unknown and unsuspected Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Employment Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company or any other Released Party, or in the event I should seek to recover against the Company or any other Released Party in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in Paragraph 2 above as of the execution of this General Release.

7.I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any other Released Party or myself of any improper or unlawful conduct.

8.I agree that I will forfeit all amounts payable by the Company and its Subsidiaries pursuant to the Employment Agreement if I challenge the validity of this General Release. I also agree that if I violate this General Release by suing the Company or any other Released Parties, I shall pay all costs and expenses of defending against the suit incurred by the Released Parties (including, without limitation, reasonable attorneys’ fees, and return all payments received by me pursuant to the Employment Agreement).

 

 

9.I agree that this General Release and the Employment Agreement are confidential and agree not to disclose any information regarding the terms of this General Release or the Employment Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I shall instruct each of the foregoing not to disclose the same to anyone. Notwithstanding anything herein to the contrary, each of the parties (and each affiliate and person acting on behalf of any such party) agree that each party (and each employee, representative, and other agent of such party) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of this transaction contemplated in the Employment Agreement and, all materials of any kind (including opinions or other tax analyses) that are provided to such party or such person relating to such tax treatment and tax structure, except to the extent necessary to comply with any applicable federal or state securities laws. This authorization is not intended to permit disclosure of any other information including (without limitation) (i) any portion of any materials to the extent not related to the tax treatment or tax structure of this transaction, (ii) the identities of participants or potential participants in the Agreement, (iii) any financial information (except to the extent such information is related to the tax treatment or tax structure of this transaction), or (iv) any other term or detail not relevant to the tax treatment or the tax structure of this transaction. 

10.The non-disclosure provisions in this General Release do not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission, the National Association of Securities Dealers, Inc., any other self-regulatory organization or governmental entity.

11.I agree that as of the date hereof, I have returned to the Company any and all property, tangible or intangible, relating to its Subsidiaries’ business, which I possessed or had control over at any time (including, but not limited to, company-provided credit cards, building or office access cards, keys, computer equipment, manuals, files, documents, records, software, customer data base and other data) and that I shall not retain any copies, compilations, extracts, excerpts, summaries or other notes of any such manuals, files, documents, records, software, customer data base or other data.

12.Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Employment Agreement after the date hereof.

13.Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

	
 
	
(a)
	
I HAVE READ IT CAREFULLY;

	
 
	
(b)
	
I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

 

 

	
 
	
(c)
	
I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

	
 
	
(d)
	
I HAVE BEEN ADVISED IN WRITING BY MEANS OF THIS GENERAL RELEASE AGREEMENT TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

	
 
	
(e)
	
I HAVE HAD AT LEAST [21]1/[45]2 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON TO CONSIDER IT AND THE CHANGES MADE SINCE THE VERSION OF THIS GENERAL RELEASE ARE NOT MATERIAL AND SHALL NOT RESTART THE REQUIRED [21]3/[45]4-DAY PERIOD OR I HAVE ELECTED TO SIGN THIS RELEASE PRIOR TO THE END OF SUCH [21]5/[45]6-DAY PERIOD;

	
 
	
(f)
	
I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

	
 
	
(g)
	
I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY ATTORNEY RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

	
 
	
(h)
	
I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

[SIGNATURE PAGE FOLLOWS]

 

 

	
	 

	
1 
	
 To be included if not part of a broad layoff.

	
2 
	
 To be included if part of a broad layoff.

	
3 
	
 To be included if not part of a broad layoff.

	
4 
	
 To be included if part of a broad layoff.

	
5 
	
 To be included if not part of a broad layoff.

	
6 
	
 To be included if part of a broad layoff.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this General Release on the date first written above.

 

	
	
METALDYNE PERFORMANCE GROUP INC.

	
 

	
 

___________________________

	
Name: [•]

	
Title: [•]

Date: [•]

	
 

	
 

	
EXECUTIVE

	
 

	
 

___________________________

	
Thomas M. Dono, Jr.

	
Date: 

 

 

[SIGNATURE PAGE TO GENERAL RELEASE]EX-4.18

 Exhibit 4.18 

EXECUTION VERSION 
 DATED
6 June 2016 
 GFI JOINT VENTURE HOLDINGS PROPRIETARY LIMITED 

GOLD FIELDS OPERATIONS LIMITED 

GOLD FIELDS OROGEN HOLDING (BVI) LIMITED 

GOLD FIELDS GHANA HOLDINGS (BVI) LIMITED 

Arranged by 
 THE FINANCIAL
INSTITUTIONS LISTED HEREIN 
 as Arrangers 

with 
 THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD. 
 Acting as Agent 
  

 
 CREDIT
FACILITIES AGREEMENT 
  
  

 
 

 
 Ref: L-247723 PS/IDC 

Linklaters LLP as counsel to the Parent 
  

 
 

 
 As counsel to the Lenders 

 CONTENTS 
  

							
	CLAUSE	  	 	  	PAGE	 
			
	 1.
	  	 Definitions and Interpretation
	  	 	4	 
	 2.
	  	 The Facilities
	  	 	27	 
	 3.
	  	 Purpose
	  	 	27	 
	 4.
	  	 Conditions of Utilisation
	  	 	28	 
	 5.
	  	 Utilisation
	  	 	29	 
	 6.
	  	 Repayment
	  	 	31	 
	 7.
	  	 Prepayment and Cancellation
	  	 	34	 
	 8.
	  	 Interest
	  	 	38	 
	 9.
	  	 Interest Periods
	  	 	40	 
	 10.
	  	 Changes to the Calculation of Interest
	  	 	41	 
	 11.
	  	 Fees
	  	 	42	 
	 12.
	  	 Tax Gross-up and Indemnities
	  	 	45	 
	 13.
	  	 Increased Costs
	  	 	50	 
	 14.
	  	 Other Indemnities
	  	 	52	 
	 15.
	  	 Mitigation by the Lenders
	  	 	53	 
	 16.
	  	 Costs and Expenses
	  	 	53	 
	 17.
	  	 Guarantee and Indemnity
	  	 	54	 
	 18.
	  	 Representations
	  	 	57	 
	 19.
	  	 Information Undertakings
	  	 	61	 
	 20.
	  	 Financial Covenants
	  	 	66	 
	 21.
	  	 General Undertakings
	  	 	68	 
	 22.
	  	 Events of Default
	  	 	74	 
	 23.
	  	 Changes to the Lenders
	  	 	79	 
	 24.
	  	 Changes to the Obligors
	  	 	83	 
	 25.
	  	 Role of the Agent, the Arranger and the Reference Banks
	  	 	86	 
	 26.
	  	 Conduct of Business by the Finance Parties
	  	 	95	 
	 27.
	  	 Sharing among the Finance Parties
	  	 	95	 
	 28.
	  	 Payment Mechanics
	  	 	97	 
	 29.
	  	 Set-off
	  	 	100	 
	 30.
	  	 Notices
	  	 	100	 
	 31.
	  	 Calculations and Certificates
	  	 	103	 
	 32.
	  	 Partial Invalidity
	  	 	103	 
	 33.
	  	 Remedies and Waivers
	  	 	103	 
	 34.
	  	 Amendments and Waivers
	  	 	104	 
	 35.
	  	 Confidential Information
	  	 	106	 
	 36.
	  	 Confidentiality of Funding Rates and Reference Bank Quotations
	  	 	110	 
	 37.
	  	 Counterparts
	  	 	111	 
	 38.
	  	 Governing Law
	  	 	112	 
	 39.
	  	 Enforcement
	  	 	112	 

  
 2 

 THE SCHEDULES 
  

							
	SCHEDULE	  	 	  	PAGE	 
			
	 SCHEDULE 1
	  	 The Original Parties
	  	 	113	 
	 SCHEDULE 2
	  	 Conditions Precedent
	  	 	117	 
	 SCHEDULE 3
	  	 Requests
	  	 	123	 
	 SCHEDULE 4
	  	 Form of Transfer Certificate
	  	 	125	 
	 SCHEDULE 5
	  	 Form of Assignment Agreement
	  	 	127	 
	 SCHEDULE 6
	  	 Form of Accession Letter
	  	 	130	 
	 SCHEDULE 7
	  	 Form of Resignation Letter
	  	 	131	 
	 SCHEDULE 8
	  	 Form of Compliance Certificate
	  	 	132	 
	 SCHEDULE 9
	  	 Timetable
	  	 	133	 
	 SCHEDULE 10
	  	LMA Form of Confidentiality Undertaking	  	 	134	 

  
 3 

 THIS AGREEMENT is dated 6 June 2016 and made between: 

 

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

  

	(2)	GFI JOINT VENTURE HOLDINGS PROPRIETARY LIMITED, GOLD FIELDS OPERATIONS LIMITED, GOLD FIELDS OROGEN HOLDING (BVI) LIMITED and GOLD FIELDS GHANA HOLDINGS (BVI) LIMITED (the “Original Borrowers”);

  

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

 

	(4)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties) as mandated lead arrangers (together the “Mandated Lead Arrangers” and individually a “Mandated Lead
Arranger”); 

  

	(5)	THE FINANCIAL INSTITUTIONS listed in Part III of Schedule 1 (The Original Parties) as lead arrangers (each a “Lead Arranger” and, together with the Mandated Lead Arrangers, and whether acting
individually or together, the “Arranger”); 

  

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

 

	(7)	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. as agent of the other Finance Parties (the “Agent”). 

IT IS AGREED as follows: 
 SECTION 1 

INTERPRETATION 
  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 In this Agreement: 

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

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

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

“Anti-Corruption Laws” means: 
  

	 	(a)	the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997 (the “OECD Convention”); 

  
 4 

	 	(b)	the US Foreign Corrupt Practices Act of 1977 (as amended by the Foreign Corrupt Practices Act Amendments of 1988 and 1998, and as may be further amended and supplemented from time to time) or the rules and regulations
thereunder (the “FCPA”); 

  

	 	(c)	the Bribery Act 2010; 

  

	 	(d)	the following South African laws: 

  

	 	(i)	the South African Prevention and Combating of Corrupt Activities Act, 2004; 

  

	 	(ii)	the South African Prevention of Organised Crime Act 1998; 

  

	 	(iii)	the South African Protection of Constitutional Democracy Against Terrorist Related Activities Act, 2004; 

  

	 	(e)	any other applicable law in any applicable jurisdiction (including any (i) statute, ordinance, rule or regulation; (ii) order of any court, tribunal or any other judicial body; and (iii) rule, regulation,
guideline or order of any public body, or any other administrative requirement) which: 

  

	 	(i)	prohibits the conferring of any gift, payment or other benefit on any person or any officer, employee, agent or adviser of such person; and/or 

 

	 	(ii)	is broadly equivalent to the FCPA and/or the Bribery Act 2010 or was intended to enact the provisions of the OECD Convention or which has as its objective the prevention of corruption. 

“Assignment Agreement” means an agreement substantially in the form set out in Schedule 5 (Form of Assignment
Agreement) or any other form agreed between the relevant assignor and assignee. 
 “Associate” has the meaning given to
such term in Clause 20.1 (Financial definitions) of this Agreement. 
 “Auditors” means, at any time, the auditors of
the Parent at that time, being as at the date of this Agreement KPMG and any replacement for those auditors appointed by the Parent. 

“Availability Period” means: 
  

	 	(a)	in relation to Facility A, the period from and including the date of this Agreement to and including the date which is 20 Business Days after the date of this Agreement; 

 

	 	(b)	in relation to Facility B, the period from and including the date of this Agreement to and including the date which is one Month prior to the Termination Date applicable to Facility B; and 

 

	 	(c)	in relation to Facility C the period from and including the date of this Agreement to and including the date which is one Month prior to the Termination Date applicable to Facility C. 

“Available Commitment” means, in relation to a Facility, a Lender’s Commitment under that Facility minus: 

 

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

  
 5 

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

other than in relation to any proposed Utilisation under a Revolving Facility only, that Lender ‘s participation in any Revolving Facility
Loans in relation to that Revolving Facility that are due to be repaid or prepaid on or before the proposed Utilisation Date. 

“Available Facility” means, in relation to a Facility, the aggregate for the time being of each Lender’s Available
Commitment in respect of that Facility. 
 “Basel III” has the meaning set out in paragraph (b) of Clause 13.1
(Increased costs). 
 “Borrower” means an Original Borrower or an Additional Borrower unless it has ceased to be a
Borrower in accordance with Clause 24 (Changes to the Obligors). 
 “Break Costs” means the amount (if any) by which:

  

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

exceeds: 
  

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

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York
and Johannesburg. 
 “Cerro Corona Project” means the development of the gold and copper deposits in Peru by the Cerro
Corona Subsidiary. 
 “Cerro Corona Subsidiary” means Gold Fields La Cima S.A. 

“Code” means the US Internal Revenue Code of 1986. 

“Commitment” means a Facility A Commitment, a Facility B Commitment or a Facility C Commitment. 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Compliance
Certificate). 
 “Confidential Information” means all information relating to the Parent, any Obligor, the Group, the
Finance Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under,
the Finance Documents or a Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  
 6 

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers, 

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes: 
  

	 	(a)	information that: 

  

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 35 (Confidential Information); or 

 

	 	(ii)	is identified in writing at the time of delivery as non-confidential by the Parent; or 

  

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with sub-paragraph (i) or (ii) above or is lawfully obtained by that Finance
Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to,
any obligation of confidentiality; and 

  

	 	(b)	any Funding Rate or Reference Bank Quotation. 

 “Confidentiality Undertaking”
means a confidentiality undertaking substantially in a recommended form of the LMA as set out in Schedule 10 (LMA Form of Confidentiality Undertaking) or in any other form agreed between the Parent and the Agent. 

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

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

“Constitutional Documents” means, in respect of any person at any time, the then current and up-to-date constitutional documents of such person at such time (including, without limitation, such person’s memorandum and articles of association, certificate of incorporation, articles of
incorporation or commercial registration certificate). 
 “Default” means an Event of Default or any event or circumstance
specified in Clause 22 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

 “Defaulting Lender” means any Lender: 
  

	 	(a)	which has failed to make its participation in a Loan available or has notified the Agent that it will not make its participation in a Loan available by the Utilisation Date of that Loan in accordance with Clause 5.4
(Lenders’ participation); 

  

	 	(b)	which has otherwise rescinded or repudiated a Finance Document; or 

  

	 	(c)	 with respect to which an Insolvency Event has occurred and is continuing,

  
 7 

 unless, in the case of paragraph (a) above: 

 

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event, and 

 payment is made within five (5) Business Days of its due date;
or: 
  

	 	(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in question. 

“Designated Website” has the meaning given to it in paragraph (a) of Clause 19.7 (Use of websites). 

“Disruption Event” means either or both of: 
  

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with a Facility (or otherwise in
order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or system-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: 

 

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

“Encumbrance” means: 
  

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

  

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

  

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

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

“Environmental Law” means any law applicable to the business conducted by a Material Group Company at the relevant time in any
jurisdiction in which that Material Group Company conducts 

  
 8 

 
business which relates to the pollution, degradation or protection of the environment or harm to or the protection of human health or the health of animals or plants. 

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

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

“Existing Facilities” means the facilities granted under the Existing Facility Agreement. 

“Existing Facility Agreement” means the US$1,510,000,000 credit facilities agreement dated 

28 November 2012 between, among others, the Parent and the financial institutions listed therein, as amended and restated pursuant to a
syndication and amendment agreement dated 28 November 2012, an amendment and restatement agreement dated 22 July 2013 and an amendment and restatement agreement dated 18 June 2014. 

“Existing Lender” has the meaning given to it in Clause 23.1 (Assignments and transfers by the Lenders). 

“Facility” means Facility A, Facility B or Facility C. 

“Facility A” means the term loan facility made available under this Agreement as described in paragraph (a) of Clause 2.1
(The Facilities). 
 “Facility A Commitment” means: 

 

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

  

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

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

“Facility A Loan” means a loan made or to be made under Facility A or the principal amount outstanding for the time being of
that loan. 
 “Facility B” means the revolving loan facility made available under this Agreement as described in paragraph
(b) of Clause 2.1 (The Facilities). 
 “Facility B Commitment” means: 

 

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

  

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

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

  
 9 

 “Facility B Loan” means a loan made or to be made under Facility B or the
principal amount outstanding for the time being of that loan. 
 “Facility C” means the revolving loan facility made
available under this Agreement as described in paragraph (c) of Clause 2.1 (The Facilities). 
 “Facility C
Commitment” means: 
  

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

  

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

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

“Facility C Loan” means a loan made or to be made under Facility C or the principal amount outstanding for the time being of
that loan.  
 “Facility Office” means the office(s) notified by a Lender to the Agent in writing on or before the
date it becomes a Lender (or, following that date, by not less than five (5) Business Days’ written notice) as the office(s) through which it will perform its obligations under this Agreement. 

“FATCA” means: 
  

	 	(a)	sections 1471 to 1474 of the Code and any associated regulations; 

  

	 	(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or
regulation referred to in paragraph (a) above; and 

  

	 	(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation
authority in any other jurisdiction. 

 “FATCA Application Date” means: 

 

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2019; or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2019, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA after the date of
this Agreement. 
 “FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by
FATCA. 

  
 10 

 “FATCA Exempt Party” means a Party that is entitled to receive payments free
from any FATCA Deduction. 
 “Fee Letter” means any letter or letters dated on or about the date of this Agreement between
the Arranger and the Original Borrowers or GF Orogen (or the Agent and GF Orogen) setting out any of the fees referred to in Clause 11 (Fees).  

“Fifth Anniversary” has the meaning given to it in clause 6.3 (Facility B extension option). 

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

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

 

	 	(a)	moneys borrowed; 

  

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

  

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

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire
purchase contract which would, in accordance with GAAP in force as at the date of this Agreement, have been treated as an operating lease); 

  

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

 

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

 

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

  

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

  

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

 

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

 

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

  

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

  
 11 

	 	(k)	any amount raised by the issue of redeemable shares to the extent such shares are redeemable prior to the Termination Date; and 

  

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

“Financial Year” means, at any time, the financial year of the Group ending on 31 December in each calendar year. 

“Fourth Anniversary” has the meaning given to it in clause 6.3 (Facility B extension option). 

“Funding Rate” means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 10.4
(Cost of funds). 
 “GAAP” means the generally accepted accounting principles set out in IFRS. 

“GF Orogen” means Gold Fields Orogen Holding (BVI) Limited. 

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

“Group” means the Parent and each of its Subsidiaries from time to time. 

“Group Company” means a member of the Group. 

“Guarantor” means an Original Guarantor or an Additional Guarantor unless, in the case of an Additional Guarantor, it has
ceased to be a Guarantor in accordance with Clause 24 (Changes to the Obligors). 
 “Holding Company” means, in
relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 
 “IFRS”
means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 

“Impaired Agent” means the Agent at any time when: 
  

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; 

 

	 	(b)	the Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition of “Defaulting Lender”; or 

 

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Agent; 

 unless, in the
case of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

 payment is made within five (5) Business Days of its due date;
or 
  

	 	(ii)	the Agent is disputing in good faith whether it is contractually obliged to make the payment in question. 

  
 12 

 “Income Tax Act” has the meaning given to it in Clause 12 (Tax Gross-up and Indemnities). 
 “Increased Costs” has the meaning given to it in
paragraph (b) of Clause 13.1 (Increased costs). 
 “Indebtedness for Borrowed Money” means Financial
Indebtedness save for any indebtedness for or in respect of paragraphs (i) and (j) of the definition of “Financial Indebtedness”. 

“Information” has the meaning given to such term in paragraph (a) of Clause 18.10 (No misleading information).

 “Information Package” means (i) the presentation dated April 2016 entitled Presentation to Bank Group;
(ii) Forecasts - base case, $1100/oz and $1000/oz; and (iii) mineral resources & reserves statement 2015, each prepared by the Parent and each in the form approved and identified as such by the Parent, and each of which, at the
Parent’s request and on its behalf, has been posted on Debtdomain by The Bank of Tokyo-Mitsubishi UFJ, LTD (in its capacity as coordinator) in connection with the syndication of the Facilities. 

“Insolvency Event” means, in relation to a Finance Party, that: 

 

	 	(a)	any receiver, administrative receiver, administrator, liquidator, compulsory manager or other similar officer is appointed in respect of that Finance Party or all or substantially all of its assets; 

 

	 	(b)	that Finance Party is subject to any event which has an analogous effect to any of the events specified in paragraph (a) above under the applicable laws of any jurisdiction; or 

 

	 	(c)	that Finance Party suspends making payments on all or substantially all of its debts or publicly announces an intention to do so. 

“Interest Period” means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods)
and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.5 (Default interest). 
 “Interpolated
Screen Rate” means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 

 

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and 

 

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, 

each as of the Specified Time on the Quotation Day for the currency of that Loan. 

“Lender” means: 
  

	 	(a)	any Original Lender; and 

  

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

  
 13 

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

 “LIBOR” means, in relation to any Loan: 
  

	 	(a)	the applicable Screen Rate as of the Specified Time on the Quotation Day for the currency of that Loan and for a period equal in length to the Interest Period of that Loan; or 

 

	 	(b)	as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate), 

 and if
any such rate is less than zero, LIBOR will be deemed to be zero. 
 “LMA” means the Loan Market Association. 

“Loan” means a Facility A Loan, a Facility B Loan or a Facility C Loan. 

“Low Rating Period” means any period during which: 
  

	 	(a)	the long term credit rating then published by Moody’s in respect of the Parent is Ba2 or lower; and 

  

	 	(b)	the long term credit rating then published by Standard & Poor’s in respect of the Parent is BB or lower. 

“Majority Lenders” means: 
  

	 	(a)	at any time there are only three Lenders, a Lender or Lenders whose Commitments aggregate 66 per cent. or more of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated
66 per cent. or more of the Total Commitments immediately prior to the reduction); and 

  

	 	(b)	at any other time a Lender or Lenders whose Commitments aggregate more than 66 2⁄3 per cent. of the Total Commitments (or,
if the Total Commitments have been reduced to zero, aggregated more than 66 2⁄3 per cent. of the Total Commitments immediately prior to the reduction).

 “Margin” means the percentage rate per annum determined in accordance with Clause 8.3 (Margin). 

“Market Capitalisation” means the product obtained as a result of multiplying (A) by (B), where (A) is the average
closing price for the issued shares of the Parent on the Johannesburg Stock Exchange during the 30 day period prior to the date the relevant Obligor or Material Group Company has entered into a legally binding commitment to make the relevant
acquisition or investment or the relevant sale, lease, transfer or other disposal (as applicable) and (B) is the total number of shares (including, without double counting those represented by American depository receipts) issued by the Parent.

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

 

	 	(a)	the business, operations, property or financial condition of the Group taken as a whole; 

  

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

  
 14 

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

 “Material
Group Company” means: 
  

	 	(a)	the Obligors; and 

  

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

 and
“Material Group Companies” means, as the context requires, all of them. 
 “Mining Charter” has the meaning
given to it in Clause 22.9 (Creditors’ process). 
 “Month” means a period starting on one day in a calendar
month and ending on the numerically corresponding day in the next calendar month, except that: 
  

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

  

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

 

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

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

“Moody’s” means Moody’s Investor Services Inc., or any successor to its rating agency function. 

“MPRDA” has the meaning given to it in Clause 22.9 (Creditors’ Process). 

“New Lender” has the meaning given to it in Clause 23.1 (Assignments and transfers by the Lenders). 

“Newshelf” means Newshelf 899 Proprietary Limited, a company incorporated under the laws of South Africa. 

“Non-Material Group Company” means, at any time, a member of the Group (other than an
Obligor) which had EBITDA (determined on the same basis as Consolidated EBITDA) and gross assets in its most recently ended Financial Year (on a consolidated basis taking into account it and its Subsidiaries only) less than 10 per cent. of
Consolidated EBITDA (but including, for these purposes only, the net income of any Project Finance Subsidiaries) and gross assets of the Group (calculated according to the most recent set of audited consolidated financial statements delivered
pursuant to Clause 18.11 (Financial Statements)). Compliance with the aforementioned condition shall be determined by reference to the latest audited financial statements of such member of the Group (consolidated in the case of a member of
the Group which itself has Subsidiaries), provided that: 
  

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

  
 15 

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

  

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

  

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

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

“Obligor” means a Borrower or a Guarantor. 

“Original Financial Statements” means the audited consolidated financial statements of the Parent for the Financial Year ended
31 December 2015. 
 “Paper Form Lender” has the meaning given to it in paragraph (a) of Clause 19.7 (Use of
websites). 
 “Party” means a party to this Agreement. 

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

 

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

 

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

  

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

  

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

  

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

  

	 	(f)	 by any member of the Group to any other person where the higher of the market value or consideration receivable
when aggregated with the higher of the market value or 

  
 16 

	 	
consideration receivable for any other sale, lease, transfer or other disposal by any Material Group Company (other than a sale, lease, transfer or other disposal referred to in paragraphs (a),
(b), (c), (d), (e), and (h)) does not exceed (at the time of the relevant disposal) 20 per cent. of Market Capitalisation in any Financial Year and does not exceed (at the time of the relevant disposal), in aggregate during the period from the
date of this Agreement to the Termination Date, either: 

  

	 	(i)	in respect of any such sale, lease, transfer or other disposal made during a Low Rating Period, 25 per cent. of Market Capitalisation; or 

 

	 	(ii)	in respect of any such sale, lease, transfer or other disposal made otherwise than in a Low Rating Period, 30 per cent. of Market Capitalisation; 

 

	 	(g)	by any member of the Group to any other person where: (i) the relevant sale, lease, transfer or other disposal is completed during a Low Rating Period; (ii) the relevant member of the Group became legally
committed to make the sale lease, transfer or other disposal prior to the commencement of that Low Rating Period; and (iii) the relevant sale lease, transfer or other disposal would have been permitted pursuant to paragraph (f) above if on
the date on which it was completed, a Low Rating Period was not then continuing; or 

  

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

“Permitted Encumbrance” means: 
  

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

  

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

  

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

  

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

 

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

  
 17 

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

  

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

 

	 	(iii)	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to paragraph (b), (c) or (d) above or, (f), (g), (i), or (j) below) removed or discharged
within six (6) months of the date of acquisition of such asset; 

  

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

  

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

	 	

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

	 	

	 	(iii)	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to paragraph (b), (c), (d) or (e) above or (g), (i), or (j) below) removed or discharged
within six (6) months of that company becoming a member of the Group; 

  

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

 

	 	(h)	any Encumbrance or Quasi-Encumbrance resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock exchange;

  

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

  

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

 

	 	(k)	 any Encumbrance or Quasi-Encumbrance granted in respect of Financial Indebtedness incurred in connection with the
Cerro Corona Project over the business or assets of the 

  
 18 

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

“Permitted Financial Indebtedness” means any Financial Indebtedness: 

 

	 	(a)	arising under the Finance Documents; 

  

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

  

	 	(c)	arising in connection with the Cerro Corona Project provided that, the aggregate amount of all such Financial Indebtedness does not at any time exceed two hundred million dollars ($200,000,000) (or its equivalent);

  

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

 

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

  

	 	(f)	between Group Companies to the extent incurred for the purposes of financing general corporate and working capital requirements; or 

  

	 	(g)	not falling within paragraphs (a), (b), (c), (d), (e) or (f) above provided that the aggregate amount of all Financial Indebtedness (excluding, for the avoidance of doubt, any Financial Indebtedness incurred by a
Guarantor or a Project Finance Subsidiary) permitted under this paragraph (g) does not at any time exceed three hundred million dollars ($300,000,000) (or its equivalent). 

“Permitted Guarantee” means: 
  

	 	(a)	any guarantees of any Financial Indebtedness of any member of the Group; 

  

	 	(b)	any guarantee given in respect of the netting or set-off arrangements permitted pursuant to paragraph (c) of the definition of “Permitted Encumbrance”;

  

	 	(c)	any guarantees or indemnities outstanding on the date of this Agreement; or 

  

	 	(d)	any guarantees not falling within paragraph (a), (b) or (c) above so long as the aggregate amount of such guarantees outstanding at any time when aggregated with the amount of any loans permitted pursuant to
paragraph (f) of “Permitted Loan” does not exceed $250,000,000 (or its equivalent) at any time. 

  
 19 

 “Permitted Loan” means: 

 

	 	(a)	any trade credit extended by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities; 

 

	 	(b)	Financial Indebtedness which is referred to in the definition of, or otherwise constitutes, Permitted Financial Indebtedness (except under paragraph (d) of that definition); 

 

	 	(c)	a loan made by an Obligor to another Obligor or made by a Material Group Company which is not an Obligor to another Material Group Company; 

 

	 	(d)	any loan between Group Companies to the extent made for the purposes of financing general corporate and working capital requirements; 

 

	 	(e)	any loan made by an Obligor or Material Group Company which is outstanding on the date of this Agreement; or 

  

	 	(f)	any loan (other than a loan permitted under paragraphs (a), (b), (c), (d) or (e) above) so long as the aggregate amount of the Financial Indebtedness under any such loans when aggregated with the amount of any
guarantees permitted pursuant to paragraph (d) of “Permitted Guarantee” does not exceed $250,000,000 (or its equivalent) at any time. 

“Project Finance Borrowings” means: 
  

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

  

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

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

 “Qualifying Lender” has the meaning given to it in Clause 12 (Tax Gross-up and
Indemnities). 
 “Quotation Day” means, in relation to any period for which an interest rate is to be determined, two
Business Days before the first day of that period (unless market practice for dollars differs in the London interbank market, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice for
dollars in the London interbank 

  
 20 

 
market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). 

“Recipient” has the meaning given to it in paragraph (b) of Clause 12.7 (Value added tax). 

“Recovered Amount” has the meaning given to it in Clause 27.1 (Payments to Finance Parties). 

“Recovering Finance Party” has the meaning given to it in Clause 27.1 (Payments to Finance Parties). 

“Redistributed Amount” has the meaning given to it in Clause 27.4 (Reversal of redistribution). 

“Reference Bank Quotation” means any quotation supplied to the Agent by a Reference Bank. 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent
at its request by the Reference Banks: 
  

	 	(a)	as the rate at which the relevant Reference Bank could borrow funds in the London interbank market, in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank
offers for deposits in reasonable market size in that currency and for that period; or 

  

	 	(b)	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant currency and period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator.

 “Reference Banks” means the principal London offices of such banks as may be appointed by the Agent in
consultation with the Parent at the relevant time. 
 “Refinancing Date” means the date on which each of the Existing
Facilities has been irrevocably repaid or prepaid and cancelled in full. 
 “Related Fund” in relation to a fund (the
“first fund”), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment
manager or investment adviser is an Affiliate of the investment manager or investment adviser o f the first fund. 
 “Relevant
Interbank Market” means the London interbank market. 
 “Relevant Provision” means any financial covenant or other
similar covenant or undertaking that requires the Parent, any member of the Group or the Group (as a whole) to achieve and maintain a stated level of financial condition or financial performance (or any event of default that has an equivalent
effect). 
 “Repeating Representations” means each of the representations set out in Clause 18.1 (Status) to Clause
18.23 (Sanctions) inclusive, other than Clause 18.3 (Binding Obligations), Clause 18.6 (Governing law and enforcement), Clause 18.7 (Deduction of Tax), Clause 18.8 (No filing or stamp taxes), paragraphs
(a) and (b) of Clause 18.10 (No misleading information), Clause 18.13 (No proceedings pending or threatened) and paragraph (b) of Clause 18.23 (Sanctions). 

  
 21 

 “Replacement Lender” has the meaning given to it in paragraph (a) of Clause
34.4 (Replacement of a Defaulting Lender). 
 “Representative” means any delegate, agent, manager, administrator,
nominee, attorney, trustee or custodian. 
 “Resignation Letter” means a letter substantially in the form set out in
Schedule 7 (Form of Resignation Letter). 
 “Retiring Guarantor” has the meaning given to it in Clause 17.8
(Release of Guarantors’ right of contribution). 
 “Revolving Facility” means Facility B or Facility C, as
applicable. 
 “Revolving Facility Loan” means a Facility B Loan or a Facility C Loan, as applicable. 

“Rollover Loan” means one or more Revolving Facility Loans under a Revolving Facility: 

 

	 	(a)	made or to be made on the same day that a maturing Revolving Facility Loan under that Revolving Facility is due to be repaid; 

  

	 	(b)	the aggregate amount of which is equal to or less than the amount of the maturing Revolving Facility Loan under that Revolving Facility; and 

 

	 	(c)	made or to be made to the same Borrower for the purpose of refinancing a maturing Revolving Facility Loan under that Revolving Facility. 

“Sanctions” means any economic, financial or trade sanctions laws, regulations, embargoes or restrictive measures
administered, enacted or enforced by the United States government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including, without limitation, the
designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, the government of Australia, the government of Canada, the government of
Japan, the government of the Republic of South Africa or any other relevant sanctions authority which replaces, or is a successor to, any of the foregoing. 

“Sanctioned Country” means a country, territory or region that is the target of Sanctions. 

“Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other
person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement
Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may
specify another page or service displaying the relevant rate after consultation with the Parent. 
 “Selection Notice” means
a notice substantially in the form set out in Part II of Schedule 3 (Requests) given in accordance with Clause 9 (Interest Periods) in relation to Facility A. 

“Sharing Finance Parties” has the meaning given to it in Clause 27.2 (Redistribution of payments). 

  
 22 

 “Sharing Payment” has the meaning given to it in Clause 27.1 (Payments to
Finance Parties). 
 “South African Obligor” means: 

 

	 	(a)	GFI Joint Venture Holdings Proprietary Limited; 

  

	 	(b)	Gold Fields Operations Limited; 

  

	 	(c)	Gold Fields Limited; or 

  

	 	(d)	any Additional Obligor incorporated in South Africa. 

 “Specified Time” means a
time determined in accordance with Schedule 9 (Timetable). 
 “Standard & Poor’s” means
Standard & Poor’s, a division of the McGraw-Hill Companies Inc., or any successor to its rating agency function. 

“Subject Party” has the meaning given to it in paragraph (b) of Clause 12.7 (Value added tax). 

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

 

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

  

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

 

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

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

“Supplier” has the meaning given to it in paragraph (b) of Clause 12.7 (Value added tax). 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including, without limitation, any
penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 
 “Tax Credit”
has the meaning given to it in Clause 12 (Tax Gross-up and Indemnities). 
 “Tax
Declaration” has the meaning given to it in Clause 12 (Tax Gross-up and Indemnities). 

“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than
a FATCA Deduction. 
 “Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under
Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax Indemnity). 

“Termination Date” means: 
  

	 	(a)	in relation to Facility A the third anniversary of the date of this Agreement; 

  

	 	(b)	in relation to Facility B, subject to clause 6.3 (Facility B extension option), the third anniversary of the date of this Agreement; and 

 

	 	(c)	in relation to Facility C the fifth anniversary of the date of this Agreement. 

  
 23 

 “Total Commitments” means the aggregate of the Commitments, being
US$1,290,000,000 at the date of this Agreement. 
 “Total Facility A Commitments” means the aggregate of the Facility A
Commitments, being US$380,000,000 at the date of this Agreement. 
 “Total Facility B Commitments” means the aggregate of
the Facility B Commitments, being US$360,000,000 at the date of this Agreement. 
 “Total Facility C Commitments” means the
aggregate of the Facility C Commitments, being US$550,000,000 at the date of this Agreement. 
 “Transfer Certificate” means
a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between the Agent and the Parent. 

“Transfer Date” means, in relation to an assignment or a transfer: 

 

	 	(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; or 

  

	 	(b)	in the event that no Transfer Date is specified in the relevant Assignment Agreement or Transfer Certificate, the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.

 “Treaty Lender” has the meaning given to it in Clause 12 (Tax
Gross-up and Indemnities). 
 “Treaty State” has the meaning given to it in
Clause 12 (Tax Gross-up and Indemnities). 
 “Unpaid Sum” means any sum due
and payable but unpaid by an Obligor under the Finance Documents. 
 “US” means the United States of America. 

“Utilisation” means a utilisation of a Facility. 

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

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

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

“Website Lenders” has the meaning given to it in paragraph (a) of Clause 19.7 (Use of websites). 

 

	1.2	Construction  

  

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

  

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

  
 24 

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

  

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

  

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

  

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

 

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

  

	 	(vii)	a “group of Lenders” includes all the Lenders; 

  

	 	(viii)	a “guarantee” means (other than in Clause 17 (Guarantee and Indemnity)), any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect,
actual or contingent to purchase or assume any indebtedness of any person or to make any investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the
ability of such person to meet its indebtedness; 

  

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

  

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

  

	 	(xi)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not
having separate legal personality); 

  
 25 

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

  

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

  

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

  

	(b)	The determination of the extent to which a rate is “ for a period equal in length” to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being
determined pursuant to the terms of this Agreement. 

  

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

  

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

  

	(e)	A Default is “continuing” if it has not been remedied or waived. 

  

	1.3	Currency Symbols and Definitions 

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

	1.4	Third party rights 

  

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

  

	(b)	Subject to paragraph (b) of Clause 34.2 (Exceptions), but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this
Agreement at any time. 

  
 26 

 SECTION 2 

THE FACILITIES 
  

	2.	The Facilities 

  

	2.1	The Facilities 

 Subject to the terms of this Agreement, the Lenders make available to
the Borrowers: 
  

	 	(a)	a dollar term loan facility in an aggregate amount equal to the Total Facility A Commitments; 

  

	 	(b)	a dollar revolving loan facility in an aggregate amount equal to the Total Facility B Commitments; and 

  

	 	(c)	a dollar revolving loan facility in an aggregate amount equal to the Total Facility C Commitments. 

  

	2.2	Finance Parties’ rights and obligations 

  

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

  

	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate
and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents
and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party’s participation in a Facility or its role under a Finance Document (including any such amount payable to the Agent on
its behalf) is a debt owing to that Finance Party by that Obligor. 

  

	(c)	A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents. 

 

	3.	Purpose 

  

	3.1	Purpose 

  

	(a)	The Original Borrowers shall apply all amounts borrowed by them under the Facilities towards, firstly, (i) repayment of the Existing Facility Agreement and thereafter (ii) their general corporate and working
capital purposes. 

  

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

 

	3.2	Monitoring 

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

  
 27 

	4.	Conditions of Utilisation 

  

	4.1	Initial conditions precedent 

  

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

  

	(b)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require)
the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  

	4.2	Further conditions precedent 

 Subject to Clause 4.1 (Initial Conditions
Precedent), the Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 

 

	 	(a)	in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Rollover Loan, and in the case of any other Loan, no Default is continuing or would result from the proposed Loan; and

  

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

  

	4.3	Maximum number of Loans 

  

	(a)	A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation: 

  

	 	(i)	more than 10 Facility A Loans would be outstanding; 

  

	 	(ii)	more than 10 Facility B Loans would be outstanding; or 

  

	 	(iii)	more than 10 Facility C Loans would be outstanding. 

 A Borrower may not request that a Facility
A Loan be divided if, as a result of the proposed division, 20 or more Facility A Loans would be outstanding. 

  
 28 

 SECTION 3 

UTILISATION 
  

	5.	Utilisation 

  

	5.1	Delivery of a Utilisation Request 

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

	5.2	Completion of a Utilisation Request 

  

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

  

	 	(i)	it identifies the Facility to be utilised; 

  

	 	(ii)	the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility; 

  

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

  

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

  

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

  

	5.3	Currency and amount  

  

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

  

	(b)	The amount of the proposed Loan must be an amount which is not more than the Available Facility and which is a minimum of ten million dollars ($10,000,000) or, if less, the Available Facility. 

 

	5.4	Lenders’ participation  

  

	(a)	If the conditions set out in this Agreement have been met and subject to Clause 6.2 (Repayment of Revolving Facility Loans), each Lender shall make its participation in each Loan available by the Utilisation Date
through its Facility Office. 

  

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

 

	(c)	The Agent shall notify each Lender of the amount of each Loan, the amount of its participation in that Loan and in the case of a Revolving Facility Loan and if different the amount of that participation to be made
available in accordance with Clause 28.1 (Payments to the Agent), in each case by the Specified Time. 

  

	5.5	Cancellation of Commitment 

  

	(a)	The Facility A Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for Facility A. 

 

	(b)	The Facility B Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for Facility B. 

  
 29 

	(c)	The Facility C Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the applicable Availability Period for Facility C. 

  
 30 

 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6.	Repayment  

  

	6.1	Repayment of Facility A Loans  

  

	(a)	Each Borrower which has drawn a Facility A Loan shall repay that Loan in full on the Termination Date applicable to Facility A. 

  

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

  

	6.2	Repayment of Revolving Facility Loans  

  

	(a)	Each Borrower which has drawn a Revolving Facility Loan under a Revolving Facility shall repay that Loan on the last day of its Interest Period. 

 

	(b)	Without prejudice to each Borrower’s obligation under paragraph (a) above, if: 

  

	 	(i)	one or more Revolving Facility Loans under a Revolving Facility are to be made available to a Borrower: 

  

	 	(A)	on the same day that a maturing Revolving Facility Loan under that Revolving Facility is due to be repaid by that Borrower; and 

  

	 	(B)	in whole or in part for the purpose of refinancing the maturing Revolving Facility Loan under that Revolving Facility; and 

  

	 	(ii)	the proportion borne by each Lender’s participation in the maturing Revolving Facility Loan under that Revolving Facility to the amount of that maturing Revolving Facility Loan under that Revolving Facility is the
same as the proportion borne by that Lender’s participation in the new Revolving Facility Loans under that Revolving Facility to the aggregate amount of those new Revolving Facility Loans under that Revolving Facility, 

the aggregate amount of the new Revolving Facility Loans under that Revolving Facility shall, unless the Parent notifies the Agent to the
contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Revolving Facility Loan under that Revolving Facility so that: 
  

	 	(A)	if the amount of the maturing Revolving Facility Loan under that Revolving Facility exceeds the aggregate amount of the new Revolving Facility Loans under that Revolving Facility: 

 

	 	(1)	the relevant Borrower will only be required to make a payment under Clause 28.1 (Payments to the Agent) in an amount in the relevant currency equal to that excess; and 

 

	 	(2)	 each Lender’s participation (if any) in the new Revolving Facility Loans under that Revolving Facility shall
be treated as having been made available and applied by the Borrower in or towards repayment of that Lender’s participation (if any) in the maturing Revolving Facility Loan under that Revolving Facility and that Lender will not be required to
make a payment under Clause 28.1 (Payments to the Agent) in respect of its 

  
 31 

	 	
participation in the new Revolving Facility Loans under that Revolving Facility; and 

  

	 	(B)	if the amount of the maturing Revolving Facility Loan under that Revolving Facility is equal to or less than the aggregate amount of the new Revolving Facility Loans under that Revolving Facility: 

 

	 	(1)	the relevant Borrower will not be required to make a payment under Clause 28.1 (Payments to the Agent) and 

  

	 	(2)	each Lender will be required to make a payment under Clause 28.1 (Payments to the Agent) in respect of its participation in the new Revolving Facility Loans under that Revolving Facility only to the extent that
its participation in the new Revolving Facility Loans under that Revolving Facility exceeds that Lender’s participation in the maturing Revolving Facility Loan under that Revolving Facility and the remainder of that Lender’s participation
in the new Revolving Facility Loans under that Revolving Facility shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender’s participation in the maturing Revolving Facility Loan under
that Revolving Facility. 

  

	6.3	Facility B extension option 

  

	(a)	The Parent may request that the Termination Date in relation to Facility B be extended subject to the terms of this Clause 6.3: 

  

	 	(i)	by giving notice to the Agent not less than 30 days (and not more than 60 days) before the date which is one year after the date of this Agreement with the effect that the Termination Date in relation to Facility B
shall be the fourth anniversary of the date of this Agreement (the “Fourth Anniversary”) with respect to the Facility B Commitment and participation in the Facility B Loans of each Lender which agrees to such extension; and/or

  

	 	(ii)	by giving notice to the Agent not less than 30 days (and not more than 60 days) before the date which is two years after the date of this Agreement: 

 

	 	(A)	if the Parent has requested an extension pursuant to paragraph (a)(i) of this Clause 6.3 above and such extension was agreed between the Parent and one or more Lenders (each an “Extending Lender”), with
the effect that the Termination Date in relation to Facility B shall be the fifth anniversary of the date of this Agreement (the “Fifth Anniversary”) with respect to the Facility B Commitment and participation in the Facility B
Loans of each Extending Lender which agrees to the extension referred to in this paragraph (a)(ii)(A); or 

  

	 	(B)	if (i) the Parent has not requested an extension pursuant to paragraph (a)(i) of this Clause 6.3 above or (ii) such a request was made but was not agreed to by one or more Lenders (each such Lender a “Non-Extending Lender”), with the effect that the Termination Date in relation to Facility B shall be the Fourth Anniversary with respect to the Facility B Commitment and participation in the

  
 32 

	 	Facility B Loans of each Lender or (as applicable) Non-Extending Lender which agrees to the extension in this paragraph (a)(ii)(B). 

 

	 	(b)	A notice served by the Parent pursuant to paragraph (a) of this Clause 6.3 above shall be irrevocable. 

  

	 	(c)	The Agent shall promptly notify each Lender of any such request. 

  

	 	(d)	Each Lender shall notify the Agent of its decision (which shall be in its sole discretion) whether or not to agree to the request by the date falling not later than 15 days after the date on which the relevant Lender
received the request (the “ Response Deadline”) and the Agent shall promptly notify the Parent whether or not each Lender has agreed to the request. If a Lender does not respond to a request by the Response Deadline, it will be
deemed to have refused that request. 

  

	 	(e)	In the event that one or more (but not all) of the Lenders agree to a request, the Parent may, promptly following receipt of notification from the Agent pursuant to paragraph (d) above, elect by notice to the Agent
to accept the extension offered by all the relevant Lender(s), in which case the Termination Date shall be extended in relation to the Facility B Commitments and participations of such Lender(s). 

 

	 	(f)	In the event that all of the Lenders agree to a request, the Termination Date shall be extended in relation to the Facility B Commitments and participations of all such Lenders. 

 

	 	(g)	Notwithstanding any other provision in this Agreement: 

  

	 	(i)	no request for a further extension under this Clause 6.3 shall extend the Termination Date in relation to Facility B beyond the Fifth Anniversary; and 

 

	 	(ii)	the Lenders will only be obliged to comply with the provisions of this Clause 6.3 if on the date of any extension request and the date falling on the third anniversary of the date of this Agreement or, in the case of an
extension request requesting a further extension in relation to Facility B to the Fifth Anniversary, the Fourth Anniversary: 

  

	 	(A)	no Default is continuing or would result from the proposed extension; and 

  

	 	(B)	the Repeating Representations to be made by each Obligor are true in all material respects. 

  

	 	(h)	If any Lender does not agree to any extension request, the Termination Date applicable to its Facility B Commitments shall remain that Termination Date which applied to it immediately prior to the service of the
relevant request and its participation in any outstanding Facility B Loan shall be repaid in accordance with Clause 6.2 (Repayment of Revolving Loans). 

  

	 	(i)	 If any extension is agreed in accordance with this Clause 6.3, GF Orogen shall pay to the Agent (for the account
of each Lender that is, at that time, agreeing to that extension) a fee (at a flat percentage rate to be agreed between GF Orogen and the relevant Extending Lenders at the time of the extension) on the amount of Commitment of each

  
 33 

	 	
Extending Lender whose Commitment is extended. Any such fee shall be payable on the third Business Day after (i) the Parent notifies the Agent of its decision to proceed with the relevant
extension in accordance with paragraph (e) above or (ii) the date on which the Agent notifies the Parent that all of the Lenders have agreed to a request (as applicable). 

 

	7.	Prepayment and Cancellation 

  

	7.1	Illegality 

 If it becomes unlawful in any applicable jurisdiction for a Lender to
perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan (or if it becomes unlawful for any Affiliate of a Lender for that Lender to do so): 

 

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

  

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

  

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

  

	7.2	Change of control 

  

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

  

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

  

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

 

	 	(iii)	if the Majority Lenders so require after a period of forty-five (45) days from receipt of the notice referred to in (i) above (provided, for the avoidance of doubt, failure of the Parent to provide such notice
shall not prevent the Lenders from taking the following actions), the Agent shall by notice to the Parent, (such notice to be delivered no later than sixty (60) days from receipt of the notice referred to in
sub-paragraph (i) above), cancel the Total Commitments and declare all outstanding Loans, together with accrued interest and all other amounts accrued under the Finance Documents immediately due and
payable, whereupon the Total Commitments will be cancelled and all such outstanding amounts will become immediately due and payable; 

  

	 	(iv)	 if the Agent does not serve the notice referred to in sub-paragraph
(iii) above, a Lender may by notice to the Agent which shall be delivered not earlier than forty -five (45) days nor later than sixty (60) days from receipt of the notice referred to in
sub-paragraph (i) above, whereupon the Agent shall by notice to the Parent (such notice to be delivered promptly after receipt of such Lender notification), cancel the Commitment of that Lender and
declare the participation of that Lender in all outstanding Loans, together with accrued interest thereon and all other amounts due to such Lender under the Finance 

  
 34 

	 	
Documents immediately due and payable, whereupon the Commitment of that Lender will be cancelled and all such outstanding amounts will become immediately due and payable. 

 

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

  

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

  

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

 

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

  

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

 

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

  

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

  

	7.3	Voluntary cancellation 

 During the Availability Period, the Parent may, if it gives the
Agent not less than five (5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of US$10,000,000 of an Available Facility. Any cancellation under
this Clause 7.3 shall reduce the Commitments of the Lenders rateably under that Facility. 
  

	7.4	Voluntary Prepayment of Facility A Loans 

  

	(a)	A Borrower to which a Facility A Loan has been made may, if it gives the Agent not less than five (5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or
any part of any Facility A Loan (but, if in part, being an amount that reduces the amount of the Facility A Loan by a minimum amount of US$10,000,000). 

  

	(b)	A Facility A Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day on which the applicable Available Facility is zero). 

 

	7.5	Voluntary Prepayment of Revolving Facility Loans 

 The Borrower to which a Revolving
Facility Loan has been made may, if it gives the Agent not less than five (5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Revolving Facility Loan (but if in
part, being an amount that reduces the amount of the Revolving Facility Loan by a minimum amount of US$10,000,000. 

  
 35 

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

  

	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up); or 

 

	 	(ii)	any Lender claims indemnification from the Parent under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), 

the Parent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of
cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with paragraph (d) below.

  

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

  

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

  

	(d)	The Parent may, in the circumstances set out in paragraph (a) above, on five (5) Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the
extent permitted by law, that Lender shall) transfer pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or
other entity selected by the Parent which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the Lenders) for a purchase price in cash or other cash
payment payable at the time of the transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under Clause 23.9
(Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents. 

  

	(e)	The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions: 

  

	 	(i)	the Parent shall have no right to replace the Agent; 

  

	 	(ii)	neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and 

  

	 	(iii)	in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents. 

 

	7.7	Restrictions 

  

	(a)	 Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless
a contrary indication appears in this Agreement, shall specify the date or 

  
 36 

	 	
dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

 

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

 

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

  

	(d)	Unless a contrary indication appears in this Agreement any part of a Revolving Facility which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement. 

 

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

 

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

  

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

 

	(h)	If all or part of any Lender’s participation in a Loan under a Facility is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)), an
amount of that Lender’s Commitment (equal to the amount of the participation which is repaid or prepaid) in respect of that Facility will be deemed to be cancelled on the date of repayment or prepayment. 

 

	7.8	Application of prepayments 

 Any prepayment of a Loan pursuant to paragraph (a)(iii) of
Clause 7.2 (Change of control), Clause 7.4 (Voluntary Prepayment of Facility A Loans) or Clause 7.5 (Voluntary Prepayment of Revolving Facility Loans) shall be applied pro rata to each Lender’s participation in that Loan.

  

	7.9	Right of cancellation in relation to a Defaulting Lender 

  

	(a)	If any Lender becomes a Defaulting Lender, the Parent may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent five (5) Business Days’ notice of cancellation of each Available
Commitment of that Lender. 

  

	(b)	On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero. 

 

	(c)	The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. 

  
 37 

 SECTION 5 

COSTS OF UTILISATION 
  

	8.	Interest 

  

	8.1	Calculation of interest 

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

	 	(a)	Margin; and 

  

	 	(b)	LIBOR. 

  

	8.2	Payment of interest 

 Each Borrower to which a Loan has been made shall pay accrued
interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer than six (6) months, on the dates falling at 6 (six) Monthly intervals after the first day of the relevant Interest Period). 

 

	8.3	Margin 

 Subject to Clause 8.4 (Margin Adjustments): 

 

	 	(a)	the Margin in relation to each Facility A Loan is 2.50 per cent. per annum; 

  

	 	(b)	the Margin in relation to each Facility B Loan is 2.20 per cent. per annum; and 

  

	 	(c)	the Margin in relation to each Facility C Loan is 2.45 per cent. per annum. 

  

	8.4	Margin Adjustments 

  

	 	(a)	The Margin for all Loans shall, on each date on which the Parent notifies the Agent that a revised long term credit rating assigned to the Parent by either Moody’s or Standard & Poor’s is published or
withdrawn, be adjusted to the percentage rate set out opposite the relevant long term credit rating assigned to the Parent in the table below. 

  

															
	 Rating

(Standard &

Poor’s)
	  	Rating
(Moody’s)	  	Facility A
Margin p.a.	 	 	Facility B
Margin p.a.	 	 	Facility C
Margin p.a.	 
	 BBB
	  	Baa2	  	 	1.75	% 	 	 	1.45	% 	 	 	1.70	% 
	 BBB-
	  	Baa3	  	 	2.00	% 	 	 	1.70	% 	 	 	1.95	% 
	 BB+
	  	Ba1	  	 	2.50	% 	 	 	2.20	% 	 	 	2.45	% 
	 BB
	  	Ba2	  	 	3.00	% 	 	 	2.70	% 	 	 	2.95	% 
	 BB-
	  	Ba3	  	 	3.50	% 	 	 	3.20	% 	 	 	3.45	% 

  

	 	(b)	Any adjustment to the Margin (whether upwards or downwards) will apply from the date on which the Parent notifies the Agent of the publication of the relevant change to, or to the extent applicable, the withdrawal of
the long term credit rating assigned to the Parent by Moody’s or Standard & Poor’s. 

  
 38 

	 	(c)	If at any time there is a difference in the long term credit ratings assigned to the Parent by each of Standard & Poor’s and Moody’s, the applicable Margin will be the average of the Margins
applicable to the relevant ratings. 

  

	 	(d)	If at any time only one of Standard & Poor’s or Moody’s assigns a long term credit rating to the Parent or if either Standard & Poor’s or Moody’s ceases to assign a long term credit
rating to the Parent: 

  

	 	(i)	the applicable Margin will be the average of (x) the Margin applicable to the rating assigned by the remaining rating agency or the rating agency that has issued a rating (as applicable) and (y) the applicable
Margin set out in the table above opposite the ratings BB- in the case of Standard & Poor’s and Ba3 in the case of Moody’s; or 

 

	 	(ii)	the Parent may obtain a substitute rating from another statistical rating agency acceptable to the Agent, acting reasonably, but until such time as a substitute rating agency is appointed by the Parent and has assigned
a long term credit rating to the Parent, the Margin shall be determined in accordance with sub-paragraph (i) above. 

  

	 	(e)	Following any substitution under paragraph (d)(ii) above, references in this Clause 8.4 to Moody’s or Standard & Poor’s as the case may be shall be to such substitute rating agency. 

 

	 	(f)	If none of Moody’s, Standard & Poor’s or any other statistical ratings agency appointed by the Parent under paragraph (d)(ii) above, assign a long term credit rating to the Parent, the Margin set out
in the table above opposite the ratings BB- in the case of Standard & Poor’s and Ba3 in the case of Moody’s will apply. 

 

	 	(g)	Notwithstanding any other provision, if at any time an Event of Default is continuing: 

  

	 	(i)	the Margin in relation to Facility A will be 3.50 per cent. per annum; 

  

	 	(ii)	the Margin in relation to Facility B will be 3.20 per cent. per annum; and 

  

	 	(iii)	the Margin in relation to Facility C will be 3.45 per cent. per annum. 

  

	 	(h)	If the relevant Event of Default ceases to be continuing, the Margin will be calculated in accordance with paragraph (a) above, and shall take effect in relation to each Loan from the next Business Day after the
date on which the relevant Event of Default ceases to be continuing. 

  

	 	(i)	The Parent shall notify the Agent promptly upon (and in any event within three (3) Business Days) becoming aware that Moody’s, and/or Standard & Poor’s and/or any other statistical ratings agency
as appointed by the Parent under paragraph (d)(ii) above has published or withdrawn a long term credit rating assigned to the Parent. 

  

	8.5	Default interest 

  

	(a)	 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall
accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is 1 per cent.

  
 39 

	 	
per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the
currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.5 shall be immediately payable by that Obligor on demand by the Agent.

  

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

 

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

 

	 	(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be 1 per cent. per annum higher than the rate which would have applied if the overdue amount had not become due.

  

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

  

	8.6	Notification of rates of interest 

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

	9.	Interest Periods 

  

	9.1	Selection of Interest Periods 

  

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

 

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

  

	(c)	Subject to this Clause 9, if a Borrower (or the Parent) fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the relevant Interest Period will be three Months. 

 

	(d)	Subject to this Clause 9, a Borrower may select an Interest Period of one (1), two (2), three (3) or six (6) months or any other period agreed between the Borrower (or the Parent) and the Agent (acting on the
instructions of all the Lenders) in relation to the relevant Loan. 

  

	(e)	An Interest Period for a Loan shall not extend beyond the Termination Date applicable to its Facility and, in the case of a Facility B Loan, shall not extend beyond the earliest Termination Date applicable to Facility B
which applies to a Lender participating in that Facility B Loan . 

  

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

 

	(g)	A Revolving Facility Loan has one Interest Period only. 

  
 40 

	9.2	Non-Business Days 

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

 

	9.3	Consolidation and division of Facility A Loans 

  

	(a)	Subject to paragraph (b) below, if two or more Interest Periods: 

  

	 	(i)	relate to Facility A Loans made to the same Borrower; and 

  

	 	(ii)	end on the same date, 

 those Facility A Loans will, unless that Borrower (or the Parent on its
behalf) specifies to the contrary in the Selection Notice for the next Interest Period, be consolidated into, and treated as, a single Facility A Loan on the last day of the Interest Period. 

 

	(b)	Subject to Clause 4.3 (Maximum number of Loans) and Clause 5.3 (Currency and amount), if a Borrower (or the Parent on its behalf) requests in a Selection Notice that a Facility A Loan be divided into two
or more Facility A Loans, that Facility A Loan will, on the last day of its Interest Period, be so divided into the amounts specified in that Selection Notice, being an aggregate amount equal to the amount of the Facility A Loan immediately before
its division. 

  

	10.	Changes to the Calculation of Interest 

  

	10.1	Unavailability of Screen Rate 

  

	(a)	Interpolated Screen Rate: If no Screen Rate is available for LIBOR for the Interest Period of a Loan, the applicable LIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period
of that Loan. 

  

	(b)	Reference Bank Rate: If no Screen Rate is available for LIBOR for: 

  

	 	(i)	the currency of a Loan; or 

  

	 	(ii)	the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, 

the applicable LIBOR shall be the Reference Bank Rate as of the Specified Time for the currency of that Loan and for a period equal in length
to the Interest Period of that Loan. 
  

	(c)	Cost of funds: If paragraph (b) above applies but no Reference Bank Rate is available for the relevant currency or Interest Period there shall be no LIBOR for that Loan and Clause 10.4 (Cost of funds)
shall apply to that Loan for that Interest Period. 

  

	10.2	Calculation of Reference Bank Rate 

  

	(a)	Subject to paragraph (b) below, if LIBOR is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated
on the basis of the quotations of the remaining Reference Banks. 

  

	(b)	If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest Period. 

  
 41 

	10.3	Market Disruption 

 If, before close of business in London on the Quotation Day for the
relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to it of funding its participation in that Loan from the wholesale market for
the relevant currency would be in excess of LIBOR then Clause 10.4 (Cost of funds) shall apply to that Loan for the relevant Interest Period. 
  

	10.4	Cost of funds 

  

	(a)	If this Clause 10.4 applies, the rate of interest on each Lender’s share of the relevant Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of: 

 

	 	(i)	the Margin; and 

  

	 	(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event not later than 5.00 p.m. (London time) on the Quotation Day for the relevant Interest Period (provided that if such Lender is unable
to notify the Agent of such rate not later than 5.00 p.m. (London time) on the Quotation Day for the relevant Interest Period, it shall do so before interest is due to be paid in respect of that Interest Period), to be that which expresses as a
percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select. 

  

	(b)	If this Clause 10.4 applies and the Agent or the Parent so requires, the Agent and the Parent shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing a substitute
basis for determining the rate of interest. 

  

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

 

	10.5	Break Costs 

  

	(a)	Each Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a
day other than the last day of an Interest Period for that Loan or Unpaid Sum. 

  

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

 

	11.	Fees 

  

	11.1	Commitment fee 

  

	(a)	GF Orogen (or a Borrower nominated by GF Orogen) shall pay to the Agent (for the account of each Lender) a fee (in dollars) computed at the rate of 35 per cent. of the applicable Margin per annum on that
Lender’s Available Commitment accruing from the earlier of: 

  

	 	(i)	the Refinancing Date; and 

  

	 	(ii)	20 Business Days after the date of this Agreement. 

  

	(b)	The accrued commitment fee in respect of each Facility is payable on: 

  

	 	(i)	the last day of each successive period of three (3) Months commencing from the earlier of: 

  
 42 

	 	(A)	the Refinancing Date; and 

  

	 	(B)	20 Business Days after the date of this Agreement; 

  

	 	(ii)	on the last day of the relevant Availability Period; and 

  

	 	(iii)	if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

  

	(c)	No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of that Lender for any day on which that Lender is a Defaulting Lender. 

 

	11.2	Arrangement fee 

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

	11.3	Agency fee 

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

	11.4	Utilisation fee 

  

	(a)	Where the principal amount outstanding of the drawn Loans under Facility B, expressed as a percentage of the Total Facility B Commitments, fall within a percentage range set out in the left hand column below, GF Orogen
(or a Borrower nominated by GF Orogen) shall pay to the Agent (for the account of each Lender in respect of its participation in the Facility B Loan(s)) a utilisation fee which shall be computed at a rate equal to the rate per annum set out opposite
such percentage range in the right hand column below on the total outstanding Facility B Loans. Utilisation fees are calculated on a day to day basis and accrued utilisation fees are payable quarterly in arrear until the Termination Date in respect
of Facility B and on the date a Lender ‘s Facility B Commitment is cancelled in full. 

  

					
	 Facility B Loans outstanding (as a percentage of the Total Facility B
Commitments)
	  	Utilisation Fee
(per annum)	 
	 Less than or equal to 33 1⁄3%
	  	 	0.10	% 
	 Greater than 33 1⁄3% and less than or equal to 66 2⁄3%
	  	 	0.20	% 
	 Greater than 66 2⁄3%
	  	 	0.40	% 

  

	(b)	Where the principal amount outstanding of the drawn Loans under Facility C, expressed as a percentage of the Total Facility C Commitments, fall within a percentage range set out in the left hand column below, GF Orogen
(or a Borrower nominated by GF Orogen) shall pay to the Agent (for the account of each Lender in respect of its participation in the Facility C Loan(s)) a utilisation fee which shall be computed at a rate equal to the rate per annum set out opposite
such percentage range in the right hand column below on the total outstanding Facility C Loans. Utilisation fees are calculated on a day to day basis and accrued utilisation fees are payable quarterly in arrear until the applicable Termination Date
in respect of Facility C and on the date a Lender’s Facility C Commitment is cancelled in full. 

  
 43 

					
	 Facility C Loans outstanding (as a percentage of the Total Facility C
Commitments)
	  	Utilisation Fee
(per annum)	 
	 Less than or equal to 33 1⁄3%
	  	 	0.20	% 
	 Greater than 33 1⁄3% and less than or equal to 66 2⁄3%
	  	 	0.35	% 
	 Greater than 66 2⁄3%
	  	 	0.50	% 

  
 44 

 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	12.	Tax Gross-up and Indemnities 

  

	12.1	Definitions 

  

	(a)	In this Clause 12: 

 “Income Tax Act” means the Income Tax Act no 58 of 1962,
as amended of South Africa. 
 “Qualifying Lender” means a Lender which is beneficially entitled to interest (as defined in
section 24J(1) of the Income Tax Act) payable to that Lender in respect of an advance under a Finance Document and is: 
  

	 	(a)	a Lender which is tax resident in South Africa; 

  

	 	(b)	a Lender which is not tax resident in South Africa if: 

  

	 	(i)	such advance in respect of which that interest is paid is effectively connected with or attributable to a permanent establishment of that Lender in South Africa; 

 

	 	(ii)	that Lender is registered as a taxpayer in terms of Chapter 3 of the Tax Administration Act, 2011 of South Africa; and 

  

	 	(iii)	that Lender has by the due date for payment of that interest submitted to the Borrower a Tax Declaration; or 

  

	 	(c)	a Treaty Lender that has by the due date for payment of that interest submitted to the relevant Borrower a Tax Declaration. 

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

“Tax Declaration” means, in respect of a Qualifying Lender and a payment of interest from a South African Obligor to that
Qualifying Lender: 
  

	 	(a)	in the case of a Qualifying Lender referred to in paragraph (b) of the definition of “Qualifying Lender”, a declaration in such form as may be prescribed by the Commissioner for the South African Revenue
Service pursuant to section 50E(2) of the Income Tax Act that that Lender is, in terms of section 50D(3) of the Income Tax Act, exempt from the withholding tax on interest in respect of that payment; and 

 

	 	(b)	in the case of a Qualifying Lender referred to in paragraph (c) of the definition of “Qualifying Lender”, a declaration in such form as may be prescribed by the Commissioner for the South African Revenue
Service pursuant to section 50E(3) of the Income Tax Act that that payment of interest is, in terms of section 50E(3) of the Income Tax Act, subject to a rate of withholding tax reduced to zero as a result of any applicable Treaty.

 “Treaty Lender” means a Lender which: 

 

	 	(a)	is treated as a resident of a Treaty State for the purposes of a Treaty; 

  
 45 

	 	(b)	does not carry on a business in South Africa through a permanent establishment, as defined in the Income Tax Act, with which that Lender’s participation in the Loan is effectively connected; and 

 

	 	(c)	otherwise qualifies under the terms of a Treaty for full exemption from tax imposed by South Africa on interest. 

“Treaty State” means a jurisdiction having an agreement for the avoidance of double taxation and the prevention of fiscal
evasion with respect to taxes on income (a “Treaty”) with South Africa which makes provision for full exemption from Tax imposed by South Africa on interest. 
  

	(b)	Unless this Clause expressly provides to the contrary a reference to “determines” or “determined” means a determination made in the absolute discretion of the person making the
determination. 

  

	12.2	Tax gross-up 

  

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

  

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

 

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

  

	(d)	A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by South Africa if, on the date on which the payment falls due the payment could have been made to
the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a “Qualifying Lender” other than as a result of any change after the date it became a Lender
under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published concession of any relevant taxing authority . 

 

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

  

	(f)	Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party
entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 

 

	(g)	 A Qualifying Lender (or a Lender who would be a Qualifying Lender but for the fact that it has not submitted a
Tax Declaration) and each Obligor which makes a payment to which that Qualifying 

  
 46 

	 	
Lender (or a Lender who would be a Qualifying Lender but for the fact that it has not submitted a Tax Declaration) is entitled shall co-operate in
completing any procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction (including the submission of any Tax Declaration to the relevant Borrower required to benefit from an exemption
from withholding tax on interest). 

  

	12.3	Tax indemnity 

  

	(a)	An Obligor shall (within three (3) Business Days of demand by the Agent) pay to a Finance Party an amount equal to the loss, liability or cost which that Finance Party determines will be or has been (directly or
indirectly) suffered for or on account of Tax by that Finance Party in respect of a Finance Document. 

  

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

  

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

  

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

  

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

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

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Clause 12.2 (Tax gross-up); 

  

	 	(B)	would have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated solely because the exclusion in paragraph (d) of
Clause 12.2 (Tax gross-up) applied; or 

  

	 	(C)	relates to a FATCA Deduction required to be made by a Party. 

  

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

  

	(d)	A Finance Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Agent. 

  

	12.4	Tax Credit 

 If an Obligor makes a Tax Payment and the relevant Finance Party determines
that: 
  

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

 

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

  
 47 

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

 

	12.5	Lender status confirmation 

  

	(a)	Each Lender which becomes a Party after the date of this Agreement shall indicate, in the Transfer Certificate or Assignment Agreement which it executes on becoming a Party, and for the benefit of the Agent and without
liability to any Obligor, which of the following categories it falls in: 

  

	 	(i)	not a Qualifying Lender; 

  

	 	(ii)	a Qualifying Lender (other than a Treaty Lender); or 

  

	 	(iii)	a Treaty Lender. 

  

	(b)	If a New Lender fails to indicate its status in accordance with this Clause 12.5 then such New Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender
until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Obligors) . For the avoidance of doubt, a Transfer Certificate or Assignment Agreement shall not be invalidated by
any failure of a Lender to comply with this Clause 12.5. 

  

	12.6	Stamp taxes 

 GF Orogen shall pay and, within three (3) Business Days of demand,
indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 

 

	12.7	Value added tax 

  

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

  

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

  
 48 

	(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such
cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. 

 

	(d)	Any reference in this Clause 12.7 to any Party shall, at any time when such Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context
otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the
relevant member state of the European Union) or any other similar provision in any jurisdiction which is not a member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group
or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant time (as the case may be). 

 

	12.8	FATCA Information 

  

	(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party: 

  

	 	(i)	confirm to that other Party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; 

  

	 	(ii)	supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA;
and 

  

	 	(iii)	supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party’s compliance with any other law,
regulation, or exchange of information regime. 

  

	(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify
that other Party reasonably promptly. 

  

	(c)	Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a
breach of: 

  

	 	(i)	any law or regulation; 

  

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality. 

  

	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other
information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such 

  
 49 

	 	
Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested
confirmation, forms, documentation or other information. 

  

	12.9	FATCA Deduction 

  

	(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in
addition, shall notify the Parent, the Agent and the other Finance Parties. 

  

	13.	Increased Costs 

  

	13.1	Increased costs 

  

	(a)	Subject to Clause 13.3 (Exceptions) GF Orogen (or a Borrower nominated by GF Orogen) shall, within twenty (20) Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any
Increased Costs incurred by that Finance Party or any of its Affiliates as a result of: 

  

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

 

	 	(ii)	compliance with any law or regulation made after the date of this Agreement; or 

  

	 	(iii)	the implementation or application of, or compliance with, Basel III or any law or regulation that implements or applies Basel III (except, in each case, to the extent that any such costs were reasonably capable of being
calculated by the relevant Finance Party as at the date of this Agreement or the date on which it became a party to this Agreement). 

  

	(b)	In this Agreement: 

  

	 	(i)	“Basel III” means 

  

	 	(A)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III:
International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision on
16 December 2010, each as amended, supplemented or restated; 

  

	 	(B)	 the rules for global systemically important banks contained in “Global systemically important banks;
assessment methodology and the additional loss absorbency requirement - Rules text” published by the Basel Committee on 

  
 50 

	 	
Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	 	(C)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”. 

  

	 	(ii)	“Increased Costs” means: 

  

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

  

	 	(B)	an additional or increased cost; or 

  

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

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

 

	13.2	Increased cost claims 

  

	(a)	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of the event giving rise to the claim (provided that the relevant Finance Party will not be obliged to
divulge any confidential or price-sensitive information), following which the Agent shall promptly notify GF Orogen. 

  

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

 

	13.3	Exceptions 

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

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

  

	 	(b)	attributable to a FATCA Deduction required to be made by a Party; 

  

	 	(c)	compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of
Clause 12.3 (Tax indemnity) applied); 

  

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

  

	 	(e)	attributable to the implementation or application of or compliance with the bank levy imposed by the United Kingdom government under the Finance Act 2011 in the form existing on the date of this Agreement (the
“UK Bank Levy”) or any other law or regulation which implements the UK Bank Levy (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). 

  
 51 

	14.	Other Indemnities 

  

	14.1	Currency indemnity 

  

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

  

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

  

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

that Obligor shall as an independent obligation, within five (5) Business Days of demand, indemnify each Finance Party to whom that Sum is
due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate
or rates of exchange available to that person at the time of its receipt of that Sum. 
  

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

 

	14.2	Other indemnities 

 GF Orogen (or a Borrower nominated by GF Orogen) shall, within five
(5) Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

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

  

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

  

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

  

	14.3	Indemnity to the Agent 

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

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

  

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

  
 52 

	 	(c)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement. 

 

	15.	Mitigation by the Lenders 

  

	15.1	Mitigation 

  

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

  

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

  

	15.2	Limitation of liability 

  

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

 

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

 

	16.	Costs and Expenses 

  

	16.1	Transaction expenses 

 GF Orogen (or a Borrower nominated by GF Orogen) shall, promptly
within five (5) Business Days of demand, pay the Agent and the Arranger the amount of all costs and expenses (including legal fees but subject to any separately agreed cap) reasonably incurred by any of them in connection with the negotiation,
preparation, printing and execution of: 
  

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

  

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

 subject to a cap of ten
thousand dollars ($10,000) (provided, however, that such cap shall not include the legal fees, which shall be subject to a separately agreed cap). 
  

	16.2	Amendment costs 

 If (a) an Obligor requests an amendment, waiver or consent or
(b) an amendment is required pursuant to Clause 28.10 (Change of currency), GF Orogen (or a Borrower nominated by GF Orogen) shall, within five (5) Business Days of demand, reimburse the Agent for the amount of all costs and
expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement. 
  

	16.3	Enforcement costs 

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

  
 53 

 SECTION 7 

GUARANTEE 
  

	17.	Guarantee and Indemnity 

  

	17.1	Guarantee and indemnity 

 Each Guarantor irrevocably and unconditionally jointly and
severally: 
  

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

 

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

  

	 	(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on
demand (and shall make the relevant payment within five (5) Business Days of demand) against any cost, loss or liability it incurs as a result of a Borrower or the Parent not paying any amount which would, but for such unenforceability,
invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 17 if
the amount claimed had been recoverable on the basis of a guarantee. 

  

	17.2	Continuing guarantee 

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

	17.3	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation,
administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	17.4	Waiver of defences 

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

 

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

  
 54 

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

 

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

  

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

 

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including without limitation any
change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security; 

 

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

 

	 	(g)	any insolvency or similar proceedings. 

  

	17.5	Immediate recourse 

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

	17.6	Appropriations 

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

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

  

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

 

	17.7	Deferral of Guarantors’ rights 

 Until all amounts which may be or become payable by
the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under
the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17: 

  
 55 

	 	(a)	to be indemnified by an Obligor; 

  

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

  

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

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1
(Guarantee and indemnity); 

  

	 	(e)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party. 

 If a
Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the
Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 28
(Payment Mechanics) 
  

	17.8	Release of Guarantors’ right of contribution 

 If any Guarantor (a “Retiring
Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: 

 

	 	(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the
performance by any other Guarantor of its obligations under the Finance Documents; and 

  

	 	(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of
any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

  

	17.9	Additional security 

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

  
 56 

 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	18.	Representations 

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

	18.1	Status 

  

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

  

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

  

	18.2	Power and authority 

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

	18.3	Binding obligations 

 The obligations expressed to be assumed by it in each Finance
Document to which it is a party are, subject to any general principles of law as at the date of this Agreement limiting its obligations, which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of
Utilisation) or Clause 24 (Changes to the Obligors), legal, valid, binding and enforceable obligations. 
  

	18.4	Non-conflict with other obligations 

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

	 	(a)	any applicable law of its jurisdiction of incorporation; 

  

	 	(b)	its Constitutional Documents; or 

  

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

  

	18.5	Validity and admissibility in evidence 

 All authorisations required: 

 

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

  

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

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

	18.6	Governing law and enforcement 

 Subject to any general principles of law as at the date
of this Agreement set out in any legal opinion delivered pursuant to the Finance Documents: 

  
 57 

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

 

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

 

	18.7	Deduction of Tax 

 It is not required under the law of its jurisdiction of incorporation
to make any Tax Deduction from any payment it may make under any Finance Document, other than, in the case of a South African Obligor, the withholding tax on interest required to be withheld in respect of payments of interest to Lenders that are not
Qualifying Lenders. 
  

	18.8	No filing or stamp taxes 

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

	18.9	No default 

  

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

  

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

  

	18.10	No misleading information 

  

	(a)	All written factual information supplied by it to the Finance Parties and the Agent in connection with the Finance Documents, (and the information contained in the Information Package, excluding any equity analysts
reports and the reports from the credit rating agencies) (the “Information”) was true and accurate in all material respects as at the date it was given or as at the date (if any) at which it was stated and was not misleading in any
material respect at such date. 

  

	(b)	The financial projections and forecasts contained in the Information have been prepared in good faith on the basis of recent historical information and on the basis of reasonable assumptions. 

 

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

  

	18.11	Financial statements 

  

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

  

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

  
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	18.12	Pari passu ranking 

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

 

	18.13	No proceedings pending or threatened 

 Other than as disclosed in the financial
statements most recently delivered to the Agent pursuant to paragraph (a) of Clause 19.1 (Financial statements), no litigation, arbitration or administrative proceedings of or before any court, arbitral body or government agency which,
if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any Material Group Company. 

 

	18.14	No winding-up 

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

 

	18.15	No encumbrances 

  

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

  

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

 

	18.16	Assets 

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

	18.17	Insurance 

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

 

	18.18	Environmental Compliance 

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

	18.19	Environmental Claims 

 No Environmental Claim (not of a frivolous or vexatious nature)
has been commenced or (to the best of its knowledge and belief) is threatened against any Material Group Company where that 

  
 59 

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

	18.20	Taxation 

  

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

  

	 	(i)	payment is being contested in good faith, it has maintained adequate reserves for those Taxes and payment can be lawfully withheld; or 

 

	 	(ii)	the aggregate amount of Taxes being withheld does not exceed US$30,000,000 (or its equivalent). 

  

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

  

	18.21	Ownership of Material Group Companies 

  

	(a)	Each existing Material Group Company on the date of this Agreement (other than the Cerro Corona Subsidiary, Newshelf and the Ghanaian Companies) is a wholly-owned Subsidiary of the Parent and any member of the Group
which becomes a Material Group Company after the date of this Agreement will be a wholly or partially owned subsidiary of the Parent and the members of the Group holding the shares in such Material Group Company have not reduced their shareholding
in such Subsidiary below the level of their shareholding at the time such Subsidiary became a Material Group Company. 

  

	(b)	The Parent holds at least 74 per cent. of the issued share capital of Newshelf. 

  

	(c)	Newshelf holds at least 74 per cent. of the issued share capital of each of Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited. 

 

	(d)	The Parent indirectly holds at least 90 per cent. of the issued share capital of each Ghanaian Company. 

  

	(e)	The Parent indirectly holds at least 99 per cent. of the common shares in the share capital of the Cerro Corona Subsidiary (which equates to 98.5 per cent. of the issued and outstanding shares in the share
capital of the Cerro Corona Subsidiary). 

  

	18.22	No Material Adverse Effect 

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

 

	18.23	Sanctions 

  

	(a)	Neither the Parent nor any Subsidiary of the Parent, nor any director, employee or officer of the Parent or any Subsidiary of the Parent, nor to the best of the Parent’s knowledge and belief, any agent, affiliate
or representative of the Parent or any Subsidiary is an individual or entity currently the subject or target of any Sanctions (in place as at the date of this Agreement) nor is the Parent or any Subsidiary of the Parent located, organised, resident
or operating in any Sanctioned Country (designated as such as at the date of this Agreement). 

  
 60 

	(b)	For the past five years, neither the Parent nor any Subsidiary has knowingly engaged in, nor is now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or
was the subject or the target of Sanctions or with any Sanctioned Country. 

  

	18.24	Anti-corruption 

 Each member of the Group has conducted its businesses in compliance
with applicable Anti-Corruption Laws and has instituted policies and procedures designed to promote and achieve compliance with such laws. 
  

	18.25	Times when representation made 

  

	(a)	All the representations and warranties in this Clause 18 are made by each Obligor on the date of this Agreement and, in the case of each Additional Obligor, on the date of accession of such Additional Obligor (by
reference to the facts and circumstances then existing) (other than the representations in (i) paragraph (a) of Clause 18.10 (No misleading information) which are deemed to be made on the date the Information is provided by the relevant
Obligor and in the case of the information contained in the Information Package, on the date on which the Information Package is posted on Debtdomain by The Bank of Tokyo-Mitsubishi UFJ, LTD (in its capacity as coordinator) in connection with the
syndication of the Facilities. 

  

	(b)	The Repeating Representations are deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on: 

  

	 	(i)	the date of each Utilisation Request; 

  

	 	(ii)	on each Utilisation Date; 

  

	 	(iii)	on the first day of each Interest Period; and 

  

	 	(iv)	in relation to any extension request made pursuant to Clause 6.3 (Facility B extension option) of this Agreement, the date of such extension request and the date falling on the third anniversary of the date of
this Agreement or, in the case of an extension request requesting a further extension to the Fifth Anniversary, the Fourth Anniversary, 

save that the references in Clause 18.11 (Financial statements) to “the Original Financial Statements” shall, for the purposes
of the Repeating Representations, be construed as references to the most recent audited consolidated financial statements of the Parent delivered to the Agent under Clause 18.11 (Financial statements). 

 

	19.	Information Undertakings 

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

	19.1	Financial statements 

 The Parent shall supply to the Agent: 

 

	 	(a)	as soon as the same become available, but in any event within one hundred and twenty (120) days after the end of each of its Financial Years the audited consolidated financial statements of the Parent for that
Financial Year; 

  
 61 

	 	(b)	as soon as the same become available, but in any event within one hundred and fifty (150) days after the end of each of its Financial Years: 

 

	 	(i)	the audited financial statements of each Obligor (other than Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited unless there is a legal
requirement to audit its financial statements and any other Obligor which is not legally required to audit its financial statements) for that Financial Year; and 

  

	 	(ii)	if the audited financial statements of Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen Holding (BVI) Limited and/or Gold Fields Ghana Holdings (BVI) Limited and/or any other Obligor which is not legally
required to audit its financial statements (as the case may be) are not delivered under (i) above, the unaudited financial statements of Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen Holding (BVI) and/or Gold Fields Ghana
Holdings (BVI) Limited and/or any other Obligor which is not legally required to audit its financial statements (as the case may be) for that Financial Year; 

  

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

 

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

  

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

  

	 	(d)	as soon as the same become available, but in any event within sixty (60) days after the end of each quarter of each Financial Year: 

 

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

  

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

  

	19.2	Compliance Certificate 

  

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

 

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

  

	19.3	Requirements as to financial statements 

  

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

  
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Clause 19.3 shall not apply to those financial statements delivered pursuant to paragraph (d) of Clause 19.1 (Financial statements). 

 

	(b)	The Parent shall procure that each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) is prepared in accordance with GAAP, the requirements of its jurisdiction of incorporation
and accounting practices and financial reference periods, in each case consistent with those applied in the preparation of the Original Financial Statements, unless the Parent notifies the Agent that in relation to any sets of financial statements,
there has been a change in GAAP or the accounting practices or reference periods and its Auditors (in the case of its annual audited financial statements) or the Parent (in the case of any of its other financial statements) delivers to the Agent:

  

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

 

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

  

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

 

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

 

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

  

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

  

	19.4	Access to records 

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

	19.5	Information: miscellaneous 

 Each Obligor shall supply to the Agent: 

 

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

  
 63 

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

  

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

  

	19.6	Notification of default 

  

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

  

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

  

	19.7	Use of websites 

  

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

  

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

 

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

  

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

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

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

 

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

  

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

  

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

  

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

  
 64 

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

  

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

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

Any Website Lender may request, through the Agent, one (1) paper copy of any information required to be provided under the Finance
Documents which is posted onto the Designated Website. The Parent shall comply with any such request within ten (10) Business Days. 
  

	19.8	“Know your customer” checks 

  

	(a)	If: 

  

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

 

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

  

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

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

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

 

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

  
 65 

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

 

	20.	Financial Covenants 

  

	20.1	Financial definitions: 

  

	(a)	In this Clause 20: 

 “Consolidated EBITDA” means, in respect of any Measurement
Period, the consolidated net income of the Group (less the net income of any Project Finance Subsidiaries but including any dividends received in cash by any member of the Group (other than a Project Finance Subsidiary) from a Project Finance
Subsidiary), before, without duplication and all as calculated in accordance with GAAP, the requirements of its jurisdiction of incorporation and accounting practices and financial reference periods, in each case consistent with those applied in
preparation of the Original Financial Statements: 
  

	 	(i)	any provision on account of normal, deferred and royalty taxation; 

  

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

 

	 	(iii)	any other interest received or receivable by any member of the Group on any deposit or bank account; 

  

	 	(iv)	any non-cash adjustments to the environment rehabilitation and/or reclamation expenses; 

  

	 	(v)	any amount attributable to the amortisation of intangible assets and depreciation of tangible assets; 

  

	 	(vi)	any non-cash gains or losses relating to and resulting from the marked to market valuation of derivative and/or financial instruments; 

 

	 	(vii)	any losses from (or gains on the reversal of previously recognised) write-downs or impairments of assets and/or investments; 

  

	 	(viii)	any gains or losses recognised on the attributable share of results of associates after tax, but including any dividends received in cash by any member of the Group from such an associate; 

 

	 	(ix)	any share-based payments; 

  

	 	(x)	any other extraordinary or exceptional items; and 

  
 66 

	 	(xi)	any other material non-cash gain or loss that needs to be accounted for under GAAP, the requirements of its jurisdiction of incorporation and accounting practices and financial
reference periods, in each case consistent with those applied in preparation of the Original Financial Statements. 

 For any
company that is not a Subsidiary of the Group but in which any member of the Group directly or indirectly owns an equity interest of more than 20 per cent. of the issued share capital (an “Associate”), the Parent may include in
the Consolidated EBITDA the percentage of the equity interest of the amount that would be the EBITDA of the Associate. 

“Consolidated Net Borrowings” means, at any time, the aggregate amount of all obligations of the members of the Group, other
than Project Finance Subsidiaries (but including, for the avoidance of doubt, any guaranteed obligations of any other member of the Group in respect of the obligations of a Project Finance Subsidiary), for or in respect of Indebtedness for Borrowed
Money but excluding any such obligation to any member of the Group, adjusted to take account of the aggregate amount of freely available cash and cash equivalents held by any member of the Group, other than Project Finance Subsidiaries, and so that
no amount shall be included or excluded more than once, provided that, if a percentage of the EBITDA of any Associate is included in the Consolidated EBITDA then the same percentage of such Associate’s Consolidated Net Borrowings (but as if
references in such definition to “Group” were references to the Associate and its Subsidiaries) will be included in the calculation of Consolidated Net Borrowings; 

“Consolidated Net Finance Charges” means, in respect of any Measurement Period, the aggregate amount of the interest
(including the interest element of leasing and hire purchase payments and capitalised interest), commission, fees, discounts and other finance payments payable by any member of the Group, other than Project Finance Subsidiaries, (including any
commission, fees, discounts and other finance payment payable by any member of the Group under any interest rate hedging arrangement but deducting any commission, fees, discounts and other finance payments receivable by any member of the Group under
any interest rate hedging instrument) but deducting any other interest receivable by any member of the Group, other than Project Finance Subsidiaries, on any deposit or bank account, provided that, if a percentage of the EBITDA of any Associate is
included in the Consolidated EBITDA then the same percentage of such Associate’s Consolidated Net Finance Charges (but as if references in such definition to “Group” were references to the Associate and its Subsidiaries) will be
included in the calculation of Consolidated Net Finance Charges; and 
 “Measurement Period” means each period of twelve
(12) months ending on the last day of the Parent’s Financial Year and each period of twelve (12) months ending on the last day of the first half of the Parent’s Financial Year. 

 

	(b)	For the purposes of this Clause 20, if at any time the Cerro Corona Subsidiary is (or is deemed to be) a Material Group Company it shall be deemed to not be a Project Finance Subsidiary. 

 

	20.2	Financial condition  

  

	(a)	The Parent shall ensure that: 

  
 67 

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

 

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

  

	(b)	The undertakings in paragraph (a) above remain in force from the date of this Agreement for so long as any amount is outstanding under a Finance Document or a Commitment is in force. 

 

	20.3	Financial testing 

 The financial covenants set out in Clause 20.2 (Financial
condition) shall be tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to Clause 18.11 (Financial statements) and Clause 19.2 (Compliance Certificate). 

 

	21.	General Undertakings 

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

	21.1	Authorisations 

 Each Obligor shall promptly: 

 

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

  

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

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

	21.2	Compliance with laws 

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

 

	21.3	Negative pledge 

  

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

 

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

  

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

  

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

  

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

 

	 	(iv)	 enter into any other preferential arrangement having a similar effect,

  
 68 

 
in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 

 

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

  

	21.4	Disposals and Mergers  

  

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

  

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

 

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

  

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

  

	 	(i)	Permitted Disposals; or 

  

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

  

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

  

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

  

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

  

	21.5	Change of business 

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

	21.6	Insurance 

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

	21.7	Environmental Compliance 

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

	21.8	Environmental Claims 

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

  
 69 

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

 

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

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

	21.9	Taxation 

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

	 	(a)	payment is being contested in good faith; 

  

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

  

	 	(c)	where such payment can be lawfully withheld. 

  

	21.10	Maintenance of Legal Status 

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

	21.11	Claims Pari Passu 

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

	21.12	Maintenance of Assets 

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

	21.13	Acquisitions 

  

	(a)	No Obligor shall (and the Parent shall ensure that no Material Group Company will), acquire any assets or business or make any investments. 

 

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

  

	 	(i)	any acquisition of assets or business or any investment made, in each case, on arms length terms where the aggregate amount of consideration for that acquisition or investment does not exceed 20 per cent. of Market
Capitalisation; 

  
 70 

	 	(ii)	any acquisition or investment made in the ordinary course of trading of the acquiring or investing entity; 

  

	 	(iii)	any investment in the ordinary course of trading of the Group of cash whose disposal is permitted under Clause 21.4 (Disposals and Mergers); 

 

	 	(iv)	an acquisition or investment by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in circumstances constituting a Permitted Disposal; or

  

	 	(v)	any acquisition or investment (not being an acquisition that is classed as a “Category 1” transaction under the Listing Requirements of the JSE Limited): 

 

	 	(A)	made on arms length terms; 

  

	 	(B)	where the amount of consideration for such acquisition or investment is funded directly, or out of the proceeds of, an issue of shares in the Parent; and 

 

	 	(C)	in respect of which the Parent has confirmed to the Agent that the LTM EBITDA of the entity or asset to be acquired or invested in is positive, and that the asset or entity will be immediately cash accretive to the
Group as certified by the Parent in a certificate signed by the chief financial officer of the Parent. 

  

	(c)	For the purposes of this Clause 21.13: 

 “LTM EBITDA” of an entity or asset
means, at any time, the last 12 Months’ earnings before interest, tax, depreciation and amortisation of that entity or attributable to that asset (determined by reference to the most recently available financial statements relevant to that
entity or asset). 
  

	21.14	Financial Indebtedness 

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

	21.15	Ownership of Material Group Companies 

 Subject to applicable law, the Parent shall
ensure that: 
  

	 	(a)	each existing Material Group Company on the date of this Agreement (other than the Cerro Corona Subsidiary, Newshelf, the Ghanaian Companies, Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary
Limited) is and continues to be a wholly-owned Subsidiary of the Parent and each member of the Group which becomes a Material Group Company after the date of this Agreement is a wholly or partially owned Subsidiary of the Parent and that members of
the Group will hold and continue to hold at least the same percentage of the issued share capital of such Material Group Company as was held by members of the Group at the time such Subsidiary became a Material Group Company; 

 

	 	(b)	the Parent holds and continues to hold at least 74 per cent. of the issued share capital of Newshelf; 

  
 71 

	 	(c)	Newshelf holds and continues to hold at least 74 per cent. of the issued share capital of each of Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited; 

 

	 	(d)	the Parent indirectly holds and continues to indirectly hold at least 90 per cent. of the issued share capital of each Ghanaian Company; and 

 

	 	(e)	the Parent indirectly holds and continues to indirectly hold at least 99 per cent. of the common shares in the share capital of the Cerro Corona Subsidiary (which equates to 98.5 per cent. of the issued and
outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  

	21.16	Loans or credit 

  

	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that no other Material Group Company will) be a creditor in respect of any Financial Indebtedness, or incur, grant or
allow to remain outstanding any guarantees (except as required under the Finance Documents) in respect of any Financial Indebtedness. 

  

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

  

	 	(i)	a Permitted Loan; 

  

	 	(ii)	a Permitted Guarantee; or 

  

	 	(iii)	for the avoidance of doubt, any performance or similar bond guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of trade, including any environmental bond which a
member of the Group is required to issue under any applicable law. 

  

	21.17	Most Favoured Lender Agreement 

  

	(a)	Subject to paragraph (b) below, the Parent shall not (and shall ensure that no Obligor or Material Group Company will): 

  

	 	(i)	enter into any credit facility, bond or note facility (each an “MFL Agreement”) that contains or benefits from a Relevant Provision which is either not included in this Agreement (and would be
beneficial to the Lenders) or would be more beneficial to the lenders, noteholders or bondholders under such MFL Agreement than any analogous provision of this Agreement is to the Lenders, or 

 

	 	(ii)	amend any MFL Agreement so that the lenders, noteholders or bondholders under such MFL Agreement benefit from a Relevant Provision which is either not included in this Agreement (and would be beneficial to the Lenders)
or would be more beneficial to the lenders, noteholders or bondholders under such MFL Agreement than any analogous provision of this Agreement is to the Lenders, 

unless in each case, the Parent promptly and in any event within ten (10) Business Days after such circumstance arises gives notice
accordingly to the Agent (the “MFL Notice”) and provides a copy of the Relevant Provision to the Agent. 
  

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

  
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	 	(i)	any credit facility, bond or note facility entered into by the Parent, an Obligor or a Material Group Company which is existing as at the date of this Agreement (an “Existing MFL Agreement”) save in
respect of amendments made to such Existing MFL Agreements; 

  

	 	(ii)	any credit facility, bond, or note facility entered into for the purpose of refinancing a facility made available under an Existing MFL Agreement (a “Refinancing MFL Agreement”) on substantially
the same terms as the Existing MFL Agreement it is refinancing; or 

  

	 	(iii)	any credit facility, bond or note facility, in relation to which the Financial Indebtedness to be incurred, or incurred thereunder constitutes Project Finance Borrowings (a “Project Finance Borrowing MFL
Agreement”). 

  

	(c)	Unless the Agent (acting on the instructions of the Majority Lenders) notifies the Parent within fifteen (15) Business Days after receipt of the MFL Notice that it does not wish to accept the Relevant Provision,
such Relevant Provision shall be deemed automatically incorporated by reference into this Agreement, mutatis mutandis, as if fully set out in this Agreement, without any further action required on the part of any Party, effective as of the date when
such Relevant Provision became effective under the MFL Agreement. Thereafter each Obligor will promptly enter into such documentation and take such other action as the Agent (acting on the instructions of the Majority Lenders) may reasonably request
in order to give effect to (and give evidence of authorisation of) any amendments or additions to this Agreement required to give effect to the Relevant Provision under this Agreement. 

 

	21.18	Most Favoured Lender Agreement: Guarantees and Security 

  

	(a)	Subject to paragraph (b) below the Parent shall ensure that no Relevant Group Company: 

  

	 	(i)	is or becomes a borrower under any credit facility, bond or note facility to which an Obligor or a Material Group Company is party (each a “Relevant MFL Agreement”); or 

 

	 	(ii)	grants or has granted a guarantee, indemnity or any other credit support or any Encumbrance in respect of the obligations of any member of the Group under a Relevant MFL Agreement, 

unless on or before the date of such accession or the date on which such guarantee, indemnity or other credit support or Encumbrance is
granted, that Relevant Group Company is or has become an Additional Borrower and/or Additional Guarantor (as appropriate) under this Agreement and (if that Relevant Group Company has granted an Encumbrance in respect of the obligations of any member
of the Group under the Relevant MFL Agreement) that Relevant Group Company shall grant or has granted an equivalent Encumbrance in favour of the Finance Parties in form and substance satisfactory to the Agent (acting on the instructions of the
Majority Lenders acting reasonably as appropriate) and corporate authorisations and opinions in relation to such Encumbrance in form and substance satisfactory to the Agent (acting reasonably) have been delivered to the Agent. 

 

	(b)	 Paragraph (a) above shall not apply to (i) any Existing MFL Agreements save in respect of Relevant
Group Companies that become new borrowers or grant new guarantees, indemnities, or other forms of credit support or Encumbrances in respect of such Existing MFL Agreements 

  
 73 

	 	
after the date of this Agreement, (ii) any Refinancing MFL Agreement which has equivalent borrowers and benefits from equivalent guarantees and Encumbrances as the MFL Agreement it is
refinancing or (iii) any Project Finance Borrowing MFL Agreement. 

  

	(c)	For the purposes of this Clause 21.18, a “Relevant Group Company” is a member of the Group which is neither an Obligor nor a Material Group Company. 

 

	21.19	Sanctions 

  

	(a)	The Parent shall not (and shall procure that no Subsidiary will) engage in any dealings or transactions occurring in a Sanctioned Country or with any person that at the time of the dealing or transaction is the subject
or the target of Sanctions or located in any Sanctioned Country. 

  

	(b)	The Parent shall not (and shall procure that no Subsidiary will): 

  

	 	(i)	knowingly use, contribute or otherwise make available the proceeds of any Facility for the purpose of financing or making funds available directly; or 

 

	 	(ii)	use, contribute or otherwise make available the proceeds of any Facility for the purpose of financing or making funds available indirectly, 

to any person which is the subject or target of any Sanctions or located in a Sanctioned Country, to the extent such financing or provision of
funds is prohibited by Sanctions . 
  

	21.20	Anti-corruption 

  

	(a)	No Obligor shall (and the Parent shall ensure that no Subsidiary will) directly or indirectly use the proceeds of the Facilities for any purpose which would breach any applicable Anti-Corruption Laws. 

 

	(b)	The Parent shall (and shall ensure that each of its Subsidiaries will) maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable Anti-Corruption Laws. 

 

	22.	Events of Default 

 Each of the events or circumstances set out in this Clause 22 is an
Event of Default (whether or not caused by any reason whatsoever outside the control of a Borrower or the Parent or any other person) save for Clause 22.16 (Acceleration) and Clause 22.17 (Remedy). 

 

	22.1	Non-payment 

 An Obligor does not pay on the due
date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless payment is made within three (3) Business Days of its due date. 

 

	22.2	Financial covenants 

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

	22.3	Other obligations 

  

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

  
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	(b)	No Event of Default will occur under paragraph (a) above in respect of Clause 21.9 (Taxation) unless the unpaid Taxes (which do not fall within paragraph (a), (b) or (c) of that Clause) exceed
$30,000,000 (or its equivalent). 

  

	22.4	Misrepresentation 

  

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

  

	(b)	No Event of Default will occur under paragraph (a) above in respect of the representation contained in paragraph (a) of Clause 18.20 (Taxation) unless the unpaid Taxes (which do not fall within
paragraphs (a)(i) and (a)(ii) of Clause 18.20 (Taxation)) exceed $30,000,000 (or its equivalent). 

  

	22.5	Cross-default 

  

	(a)	Any Financial Indebtedness of a Material Group Company is not paid when due, nor where there is an applicable grace period, within the originally applicable grace period. 

 

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

 

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

 

	(d)	Any creditor of a Material Group Company becomes entitled to declare any Financial Indebtedness of a Material Group Company due and payable prior to its specified maturity as a result of an event of default (however
described). 

  

	(e)	No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness, falling within paragraphs (a) to (d) of this Clause 22.5 above is
less than $30,000,000 (or its equivalent). 

  

	22.6	Insolvency 

  

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

  

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

  

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

  
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	22.7	Insolvency proceedings 

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

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

  

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

  

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

  

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

  

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

  

	22.8	Failure to comply with final judgment 

 Any Material Group Company fails within five
(5) Business Days of the due date to comply with or pay any sum due from it under any material final judgment or any final order made or given by any court that is located in England & Wales or the United States of America or is
otherwise located in, or whose judgement would be recognised or enforceable in, a jurisdiction in which a member of the Group is located, incorporated or carries on business. For the purposes of this Clause 22.8, a “material final
judgment” shall be any judgment for the payment of a sum of money in excess of thirty million dollars ($30,000,000) (or its equivalent). 
  

	22.9	Creditors’ process 

 Any expropriation (other than an expropriation where fair
compensation is received) or the operation of the attachment, sequestration, distress or execution affects any material asset of a Material Group Company and is not discharged within twenty-one (21) days.
For the purposes of this Clause 22.9 a “material asset” is any single income producing asset of the relevant Material Group Company which contributes not less than 5 per cent. towards the Consolidated EBITDA or gross assets of the
Group (calculated according to the most recent set of audited consolidated financial statements delivered pursuant to Clause 19.1 (Financial statements)) provided that any loss of mineral rights arising as a result of the operation of the
Mineral and Petroleum Resources Development Act, No. 28 of 2002 (the “MPRDA”) (including the broad-based socio-economic empowerment charter, as amended, revised and/or restated (the “Mining Charter”), the Code
of Good Practice for the Minerals Industry and the Housing and Living Condition Standard for the Mining Industry published in accordance with the MPRDA) substantially in its current form as at the date of this Agreement and/or the operation of the
Mineral and Petroleum Resources Royalty Act, No. 28 of 2008, substantially in its current form as at the date of this Agreement shall not constitute an expropriation for the purposes of this Clause 22.9. 

  
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	22.10	Unlawfulness 

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

	22.11	Repudiation and Unenforceability 

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

	22.12	Governmental Intervention 

 By or under the authority of any government: 

 

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

 

	 	(b)	all or a majority of the issued shares of any Material Group Company or material part of its revenues or assets is seized, nationalised, expropriated or compulsorily acquired. For the purposes of this Clause 22.12
“material part of its revenues or assets” shall in relation to the relevant Material Group Company be construed as revenues comprising not less than 5 per cent. of the Consolidated EBITDA or gross assets of the Group calculated
mutatis mutandis in accordance with the provisions of Clause 22.9 (Creditors’ process) or assets which contribute not less than 5 per cent. towards the Consolidated EBITDA or gross assets of the Group calculated mutatis
mutandis accordance with the provisions of Clause 22.9 (Creditors’ process), provided that neither the implementation of the MPRDA (including the Mining Charter, the Code of Good Practice for the Minerals Industry and the Housing and
Living Condition Standard for the Mining Industry published in accordance with the MPRDA) substantially in its current form as at the date of this Agreement nor the implementation of the Mineral and Petroleum Resources Royalty Act, No. 28 of
2008, in each case substantially in its current form as at the date of this Agreement, shall constitute a seizure, nationalisation, expropriation or compulsory acquisition as contemplated by this Clause 22.12. 

 

	22.13	Material Adverse Effect 

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

 

	22.14	Cessation of Business 

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

	22.15	Litigation 

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

  
 77 

	22.16	Acceleration 

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

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

  

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

  

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

 

	22.17	Remedy 

  

	(a)	No Event of Default under this Clause 22 (other than those referred to in Clauses 22.1 (Non-payment), 22.2 (Financial covenants), 22.3 (Other obligations) (in
respect of a failure by an Obligor to comply with Clause 21.19 (Sanctions) or Clause 21.20 (Anti-corruption)) and 22.4 (Misrepresentation) (in respect of a representation or statement made by an Obligor under Clause 18.23
(Sanctions) or Clause 18.24 (Anti-corruption))) will occur if the failure to comply or circumstance giving rise to the same is capable of remedy and is remedied by an Obligor within ten (10) days of the earlier of the Agent giving
notice to the Obligors or any Obligor becoming aware of the failure to comply. 

  

	(b)	For the purposes of paragraph (a) above, the events or circumstances referred to in Clause 22.5 (Cross-default), Clause 22.6 (Insolvency), Clause 22.7 (Insolvency proceedings), Clause 22.8
(Failure to comply with final judgment), Clause 22.9 (Creditors’ process), Clause 22.10 (Unlawfulness), Clause 22.11 (Repudiation and unenforceability), Clause 22.13 (Material Adverse Effect) and Clause 22.14
(Cessation of Business) shall be deemed to be incapable of remedy save to the extent set out therein unless the Agent determines otherwise. 

  
 78 

 SECTION 9 

CHANGES TO PARTIES 
  

	23.	Changes to the Lenders 

  

	23.1	Assignments and transfers by the Lenders 

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

	 	(a)	assign any of its rights; or 

  

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

 to another bank or financial
institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”). 

 

	23.2	Conditions of assignment or transfer 

  

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

  

	 	(i)	is to another Lender or an Affiliate of a Lender; or 

  

	 	(ii)	takes effect at a time when an Event of Default has occurred and is continuing. 

  

	(b)	The consent of the Parent to an assignment or transfer (if required) must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent five (5) Business Days after the Existing
Lender has requested it unless consent is expressly refused by the Parent within that time. 

  

	(c)	An assignment will only be effective on: 

  

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

  

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

  

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

  

	(e)	If: 

  

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

  

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

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

	(f)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been
approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to
the same extent as the Existing Lender would have been had it remained a Lender. 

  

	23.3	Assignment or transfer fee 

 The New Lender shall, on the date upon which an assignment
or transfer takes effect, pay to the Agent (for its own account) a fee of three thousand dollars ($3,000), unless the Agent, in its sole discretion, agrees to waive the payment of such fee. 

 

	23.4	Limitation of responsibility of Existing Lenders 

  

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

 

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

  

	 	(ii)	the financial condition of any Obligor; 

  

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

  

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

and any representations or warranties implied by law are excluded. 
  

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

  

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

  

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

  

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

  

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

  
 80 

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

  

	23.5	Procedure for transfer 

  

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

  

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

  

	(c)	Subject to Clause 23.9 (Pro rata interest settlement), on the Transfer Date: 

  

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

 

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

  

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

  

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

  

	23.6	Procedure for assignment 

  

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

  
 81 

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

  

	(c)	Subject to Clause 23.9 (Pro rata interest settlement), on the Transfer Date: 

  

	 	(i)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; 

 

	 	(ii)	the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the “Relevant Obligations”) and expressed to be the subject of the release in the
Assignment Agreement; and 

  

	 	(iii)	the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations. 

 

	(d)	Lenders may utilise procedures other than those set out in this Clause 23.6 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause
23.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in
Clause 23.2 (Conditions of assignment or transfer). 

  

	23.7	Copy of Transfer Certificate or Assignment Agreement to Parent 

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

	23.8	Security over Lenders’ rights 

  

	(a)	In addition to the other rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create an Encumbrance in
or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 

 

	 	(i)	any charge, assignment or other Encumbrance to secure obligations to a federal reserve or central bank; and 

  

	 	(ii)	in the case of any Lender which is a fund, any charge, assignment or other Encumbrance granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as
security for those obligations or securities, 

 except that no such charge, assignment or Encumbrance shall: 

 

	 	(A)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Encumbrance for the Lender as a party to any of the Finance Documents; or

  
 82 

	 	(B)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

  

	23.9	Pro rata interest settlement 

 If the Agent has notified the Lenders that it is able to
distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 23.5 (Procedure for transfer) or any assignment pursuant to Clause 23.6 (Procedure
for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period): 
  

	 	(i)	any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer
Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on
the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and 

  

	 	(ii)	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so that, for the avoidance of doubt: 

 

	 	(i)	when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and 

  

	 	(ii)	the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 23.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

 In this Clause 23.9, references to “Interest Period” shall be construed to include a reference to any other period
for the accrual of fees. 
  

	24.	Changes to the Obligors 

  

	24.1	Assignment and transfer by Obligors 

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

	24.2	Additional Borrowers 

  

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

  

	 	(i)	either: 

  

	 	(A)	that Subsidiary is a wholly-owned Subsidiary incorporated in the same jurisdiction as an existing Borrower; or 

  

	 	(B)	all the Lenders, acting reasonably, approve the addition of that Subsidiary; 

  

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

  
 83 

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

 

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

  

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

  

	(c)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (b) above, the Lenders authorise (but do not require)
the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  

	24.3	Resignation of an Additional Borrower 

  

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

 

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

  

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

 

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

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

 

	24.4	Additional Guarantors 

  

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

  

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

  

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

  

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

  

	(c)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (b) above, the Lenders authorise (but do not require)
the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  
 84 

	24.5	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation
by the relevant Subsidiary that the Repeating Representations and the representations in Clause 18.3 (Binding obligations), Clause 18.6 (Governing law and enforcement) and paragraph (b) of Clause 18.23 (Sanctions) are true
and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 
  

	24.6	Resignation of an Additional Guarantor 

  

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

 

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

  
 85 

 SECTION 10 

THE FINANCE PARTIES 
  

	25.	Role of the Agent, the Arranger and the Reference Banks 

  

	25.1	Appointment of the Agent 

  

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

  

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

  

	25.2	Instructions 

  

	(a)	The Agent shall: 

  

	 	(i)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

  

	 	(A)	all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and 

  

	 	(B)	in all other cases, the Majority Lenders; and 

  

	 	(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above. 

 

	(b)	The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group
of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion. The Agent may refrain from acting unless and until it receives any such
instructions or clarification that it has requested. 

  

	(c)	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given
to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties. 

  

	(d)	The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be
greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. 

 

	(e)	In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. 

  
 86 

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

 

	25.3	Duties of the Agent 

  

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

  

	(b)	Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

	(c)	Without prejudice to Clause 23.7 (Copy of Transfer Certificate or Assignment Agreement to Parent), paragraph (a) above shall not apply to any Transfer Certificate or to any Assignment Agreement.

  

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

 

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

  

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

  

	(g)	The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied). 

 

	(h)	The Agent shall provide to the Parent within five (5) Business Days of a request by the Parent (but no more frequently than once per calendar month), a list (which may be in electronic form) setting out the names
of the Lenders as at the date of that request, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or
document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by
each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.

  

	25.4	Role of the Arranger 

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

	25.5	No fiduciary duties 

  

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

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

 

	25.6	Business with the Group 

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

	25.7	Rights and discretions 

  

	(a)	The Agent may: 

  

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

  

	 	(ii)	assume that: 

  

	 	(A)	any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and 

 

	 	(B)	unless it has received notice of revocation, that those instructions have not been revoked; and 

  

	 	(iii)	rely on a certificate from any person: 

  

	 	(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or 

  

	 	(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing, 

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that
certificate. 
  

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

  

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

 

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

  

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

 

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

 

	(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so
separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary. 

  
 88 

	(e)	The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable
for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

  

	(f)	The Agent may act in relation to the Finance Documents through its officers, employees and agents. 

  

	(g)	Unless a Finance Document expressly provides otherwise, the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

 

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

  

	(i)	Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or
responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

  

	(j)	Without prejudice to the generality of paragraph (h) above, the Agent may disclose the identity of a Defaulting Lender to the other Finance Parties and the Parent and shall disclose the same upon the written
request of the Parent or the Majority Lenders. 

  

	25.8	Responsibility for documentation 

 Neither the Agent nor the Arranger is responsible or
liable for: 
  

	 	(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, an Obligor or any other person in or in connection with any Finance Document or the
transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; 

 

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

  

	 	(c)	any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by
applicable law or regulation relating to insider dealing or otherwise. 

  

	25.9	No duty to monitor 

 The Agent shall not be bound to enquire: 

 

	 	(a)	whether or not any Default has occurred; 

  

	 	(b)	as to the performance, default or any breach by any Party of its obligations under any Finance Document; or 

  

	 	(c)	whether any other event specified in any Finance Document has occurred. 

  
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	25.10	Exclusion of liability 

  

	(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent), the Agent will not be liable for: 

 

	 	(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly
caused by its gross negligence or wilful misconduct; 

  

	 	(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or 

  

	 	(iii)	without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence
or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of: 

  

	 	(A)	any act, event or circumstance not reasonably within its control; or 

  

	 	(B)	the general risks of investment in, or the holding of assets in, any jurisdiction, 

 including
(in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or
fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or
systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 
  

	(b)	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by
that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause 25.10 subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act.

  

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

 

	(d)	Nothing in this Agreement shall oblige the Agent or the Arranger to carry out: 

  

	 	(i)	any “know your customer” or other checks in relation to any person; or 

  

	 	(ii)	 any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,

  
 90 

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

	(e)	Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability, any liability of the Agent arising under or in connection with any Finance Document shall be limited to the
amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or
circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect
or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages. 

  

	25.11	Lenders’ indemnity to the Agent 

 Each Lender shall (in proportion to its share of
the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three (3) Business Days of demand, against any cost, loss or
liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or
liability pursuant to Clause 28.10 (Disruption to payment systems etc.), notwithstanding the Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent)
in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document). 
  

	25.12	Resignation of the Agent 

  

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

 

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

 

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

  

	(d)	If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under paragraph
(c) above, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent) agree with the proposed successor Agent amendments to
this Clause 25 consistent with then current market practice for the appointment and protection of corporate trustees (which shall be determined by reference to the then standard documents published by the Loan Market Association and, to the extent
practicable, following consultation by the Agent with the Lenders) and those amendments will bind the Parties. 

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

  

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

  

	(g)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain
entitled to the benefit of Clause 14.3 (Indemnity to the Agent) and this Clause 25 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other
Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

  

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

  

	(i)	The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the
date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

  

	 	(i)	the Agent fails to respond to a request under Clause 12.8 (FATCA Information) and the Parent or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after
that FATCA Application Date; 

  

	 	(ii)	the information supplied by the Agent pursuant to Clause 12.8 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

  

	 	(iii)	the Agent notifies the Parent and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

and (in each case) the Parent or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be
required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign. 
  

	25.13	Replacement of the Agent 

  

	(a)	At any time the Agent is an Impaired Agent, the Majority Lenders may, by giving notice to the Agent replace the Agent by appointing a successor Agent (acting through an office in the United Kingdom). 

 

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

  

	(c)	 The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority
Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain 

  
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entitled to the benefit of this Clause 25 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). 

 

	(d)	Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	25.14	Confidentiality 

  

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

  

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

 

	25.15	Relationship with the Lenders 

  

	(a)	Subject to Clause 23.9 (Pro rata interest settlement), the Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent’s principal office as notified to
the Finance Parties from time to time) as the Lender acting through its Facility Office: 

  

	 	(i)	entitled to or liable for any payment due under any Finance Document on that day; and 

  

	 	(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, 

unless it has received not less than five (5) Business Days’ prior notice from that Lender to the contrary in accordance with the
terms of this Agreement. 
  

	(b)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice
shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 30.6 (Electronic communication)) electronic mail address and/or any other information required to enable the
sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address,
department and officer by that Lender for the purposes of Clause 30.2 (Addresses) and paragraph (a)(iii) of Clause 30.6 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive
all such notices, communications, information and documents as though that person were that Lender. 

  

	25.16	Credit appraisal by the Lenders 

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

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

  
 93 

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

  

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

 

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

  

	25.17	Agent’s Management Time 

 Any amount payable to the Agent under Clause 14.3
(Indemnity to the Agent), Clause 16 (Costs and Expenses) and Clause 25.11 (Lenders’ indemnity to the Agent) shall include the cost of utilising the Agent’s management time or other resources and will be calculated on
the basis of such reasonable daily or hourly rates as the Agent may notify to the Parent and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 11 (Fees). 

 

	25.18	Deduction from amounts payable by the Agent 

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

 

	25.19	Role of Reference Banks 

  

	(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the Agent. 

  

	(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

  

	(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of
any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer, employee or agent of each Reference Bank may rely on this Clause 25.19 subject to Clause 1.4
(Third party rights) and the provisions of the Third Parties Act. 

  
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	25.20	Third party Reference Banks 

  

	(a)	A Reference Bank which is not a Party may rely on Clause 25.19 (Role of Reference Banks), Clause 34.2 (Exceptions) and Clause 36 (Confidentiality of Funding Rates and Reference Bank Quotations)
subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 

  

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

  

	25.21	Reliance and engagement letters 

 Each Finance Party confirms that the Arranger and the
Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Arranger or Agent) the terms of any reliance letter or engagement letters relating to any reports or letters
provided by accountants in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such letters on its behalf and further confirms that it
accepts the terms and qualifications set out in such letters. 
  

	26.	Conduct of Business by the Finance Parties 

 No provision of this Agreement will: 

 

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

  

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

 

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

 

	27.	Sharing among the Finance Parties 

  

	27.1	Payments to Finance Parties 

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

  

	 	(a)	the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery to the Agent; 

  

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

 

	 	(c)	 the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent
an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent determines may be retained by the 

  
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Recovering Finance Party as its share of any payment to be made, in accordance with Clause 28.6 (Partial payments). 

 

	27.2	Redistribution of payments 

 The Agent shall treat the Sharing Payment as if it had been
paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 28.6 (Partial payments) towards the obligations of
that Obligor to the Sharing Finance Parties. 
  

	27.3	Recovering Finance Party’s rights 

 On a distribution by the Agent under Clause 27.2
(Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated
as not having been paid by that Obligor. 
  

	27.4	Reversal of redistribution 

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

	 	(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with
an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and

  

	 	(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor. 

 

	27.5	Exceptions 

  

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

  

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

  

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

  

	 	(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
arbitration proceedings. 

  
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 SECTION 11 

ADMINISTRATION 
  

	28.	Payment Mechanics 

  

	28.1	Payments to the Agent 

  

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

 

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

 

	28.2	Distributions by the Agent 

 Each payment received by the Agent under the Finance
Documents for another Party shall, subject to Clause 28.3 (Distributions to an Obligor), Clause 28.4 (Clawback) and Clause 25.18 (Deduction from amounts payable by the Agent) be made available by the Agent as soon as practicable
after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five (5) Business
Days’ notice with a bank in the principal financial centre of the country of that currency. 
  

	28.3	Distributions to an Obligor 

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

	28.4	Clawback 

  

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

  

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

  

	(c)	If the Agent has notified the Lenders that it is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to
be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: 

  

	 	(i)	the Agent shall notify the Parent of that Lender’s identity and the Borrower to whom that sum was made available shall on demand refund it to the Agent; and 

  
 97 

	 	(ii)	the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent)
which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender. 

  

	28.5	Impaired Agent 

  

	(a)	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 28.1 (Payments to the Agent) may
instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A- or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or A3 or higher by Moody’s Investor Services Limited or a comparable rating from an internationally recognised credit rating
agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that
payment under the Finance Documents. In each case such payments must be made on the due date for payment under the Finance Documents. 

  

	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. 

 

	(c)	A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts
standing to the credit of the trust account. 

  

	(d)	Promptly upon the appointment of a successor Agent in accordance with Clause 25.13 (Replacement of the Agent), each Party which has made a payment to a trust account in accordance with this Clause 28.5 shall give
all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in accordance with Clause 28.2 (Distributions by the Agent).

  

	28.6	Partial payments 

  

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

  

	 	(i)	first, in or towards payment pro rata of any unpaid amount owing to the Agent and the Arranger under the Finance Documents; 

 

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

 

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

  

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

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

  

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

  

	28.7	No set-off by Obligors 

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

 

	28.8	Business Days 

  

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

  

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

 

	28.9	Currency of account 

  

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

 

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

 

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

  

	28.10	Change of currency 

  

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

 

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

  

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

  

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

  

	28.11	Disruption to payment systems etc. 

 If either the Agent determines (in its discretion)
that a Disruption Event has occurred or the Agent is notified by the Parent that a Disruption Event has occurred: 

  
 99 

	 	(a)	the Agent may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing with the Parent such changes to the operation or administration of the Facilities as the Agent may deem
necessary in the circumstances; 

  

	 	(b)	the Agent shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall
have no obligation to agree to such changes; 

  

	 	(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

  

	 	(d)	any such changes agreed upon by the Agent and the Parent shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be,
waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 34 (Amendments and Waivers); 

  

	 	(e)	the Agent shall not be liable for any damages, costs or losses to any person, any diminution of value or liability whatsoever (including, without limitation for negligence, gross negligence or any other category of
liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 28.10; and 

 

	 	(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

  

	29.	Set-off 

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

	30.	Notices 

  

	30.1	Communications in writing 

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

	30.2	Addresses 

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

	 	(a)	in the case of the Parent: 

  
  

			
	 Address:
	  	 150 Helen Road

		  	 Sandown Sandton 2196

		  	 South Africa

  
 100 

			
	 Fax No:
	  	 + 27 86 720 2704

		
	 Attn:
	  	 Executive Vice President, General Counsel

  

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

 

	 	(c)	in the case of the Agent: 

  

			
	 Address:
	  	 The Bank of Tokyo-Mitsubishi UFJ, Ltd. London Branch

		  	 Ropemaker Place, 25 Ropemaker Street

		  	 London, EC2Y 9AN

		  	 United Kingdom

		
	 Fax No:
	  	 +44 (0) 207 577 1557

		
	 Attn:
	  	 Admin Team

 or any substitute address or fax number or department or officer as the Party may notify to the Agent (or the
Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days’ notice. 
  

	30.3	Delivery 

  

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

 

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

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

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

	(b)	Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked for the attention of the department or officer
identified in paragraph (c) of Clause 30.2 (Addresses) (or any substitute department or officer as the Agent shall specify for this purpose). 

  

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

  

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

 

	30.4	Notification of address and fax number 

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

 

	30.5	Communication when Agent is Impaired Agent 

 If the Agent is an Impaired Agent the
Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made

  
 101 

 
or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a
replacement Agent has been appointed. 
  

	30.6	Electronic communication 

  

	(a)	Any communication to be made between the Agent and a Lender under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation, by way of posting to
a secure website) if the Agent and the relevant Lender: 

  

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

  

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

 

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

  

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

  

	(c)	In accordance with paragraph (a) above, each of the Agent and the Lender agree, for the purposes of the delivery by any Borrower of a Utilisation Request pursuant to Clause 5.1 (Deliver of a Utilisation
Request) (and without prejudice to any of the requirements of Clause 5.2 (Completion of a Utilisation Request)): 

  

	 	(i)	electronic mail is unless and until notified to the contrary, an accepted form of communication; and 

  

	 	(ii)	the electronic email address of the Agent for this purpose is loanagency@uk.mufg.jp. 

  

	30.7	English language 

  

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

  

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

  

	 	(i)	in English; or 

  

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

  

	30.8	Obligor agent 

  

	(a)	Each Obligor (other than the Parent) by its execution of this Agreement or an Accession Letter (as the case may be) irrevocably appoints the Parent to act on its behalf as its agent in relation to the Finance Documents
and irrevocably authorises: 

  

	 	(i)	 the Parent on its behalf to supply all information concerning itself contemplated by this Agreement to the
Finance Parties and to give all notices and instructions (including, in the case of a Borrower, Utilisation Requests), to execute on its behalf any documents 

  
 102 

	 	
required hereunder and to make such agreements capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the
consent of that Obligor; and 

  

	 	(ii)	each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Parent on its behalf, 

and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation,
any Utilisation Requests) or executed or made such agreements or received the relevant notice, demand or other communication. 
  

	(b)	Every act, agreement, undertaking, settlement, waiver, notice or other communication given or made by the Parent or given to the Parent under any Finance Document on behalf of another Obligor or in connection with any
Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly
made, given or concurred with it. In the event of any conflict between any notices or other communications of the Parent and any other Obligor, those of the Parent shall prevail. 

 

	31.	Calculations and Certificates 

  

	31.1	Accounts 

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

	31.2	Certificates and Determinations 

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

	31.3	Day count convention 

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

	32.	Partial Invalidity 

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

	33.	Remedies and Waivers 

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

  
 103 

 
right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. 

 

	34.	Amendments and Waivers 

  

	34.1	Required consents 

  

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

  

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

  

	34.2	Exceptions 

  

	(a)	Subject to Clause 34.5 (Replacement of Screen Rate), an amendment or waiver that has the effect of changing or which relates to: 

 

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

  

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

  

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

  

	 	(iv)	an increase in any Commitment or an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the commitments of the lenders rateably under the relevant Facility;

  

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

  

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

  

	 	(vii)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 7.8 (Application of prepayments), Clause 17 (Guarantee and Indemnity), Clause 23 (Changes to the Lenders) or this Clause 34,

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

 

	(b)	An amendment or waiver which relates to the rights or obligations of the Agent or the Arranger or a Reference Bank may not be effected without the consent of (as applicable) the Agent, the Arranger or the Reference
Bank. 

  

	34.3	Disenfranchisement of Defaulting Lenders 

  

	(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments has been
obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s Commitments will be reduced by the amount of its Available Commitments. 

 

	(b)	For the purposes of this Clause 34.3, the Agent may assume that the following Lenders are Defaulting Lenders: 

  
 104 

	 	(i)	any Lender which has notified the Agent that it has become a Defaulting Lender; 

  

	 	(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraph (a), (b), or (c) of the definition of “Defaulting Lender” has occurred, 

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the
Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 
  

	34.4	Replacement of a Defaulting Lender 

  

	(a)	The Parent may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five (5) Business Days’ prior written notice to the Agent and such Lender: 

 

	 	(i)	replace such Lender by requiring such Lender to (and such Lender shall) transfer pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement; or

  

	 	(ii)	require such Lender to (and such Lender shall) transfer pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of the undrawn Commitment of the Lender, 

to a Lender or other bank, financial institution, trust, fund or other entity (a “Replacement Lender”) selected by the Parent,
and which (unless the Agent is an Impaired Agent) is acceptable to the Agent (acting reasonably), which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender (including the
assumption of the transferring Lender’s participations or unfunded participations (as the case may be) on the same basis as the transferring Lender), for a purchase price in cash payable at the time of the transfer equal to the outstanding
principal amount of such Lender’s participation in the outstanding Utilisations and all accrued interest (subject to any notice having been given by the Agent under Clause 23.9 (Pro rata interest settlement)), Break Costs and other
amounts payable in relation thereto under the Finance Documents. 
  

	(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 34 shall be subject to the following conditions: 

 

	 	(i)	the Parent shall have no right to replace the Agent; 

  

	 	(ii)	neither the Agent nor the Defaulting Lender shall have any obligation to the Parent to find a Replacement Lender; 

  

	 	(iii)	the transfer must take place no later than five (5) days after the notice referred to in paragraph (a) above; and 

  

	 	(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents. 

 

	34.5	Replacement of Screen Rate 

  

	(a)	 Subject to Clause 34.2 (Exceptions), if any Screen Rate is not available for dollars, any amendment or
waiver which relates to providing for another benchmark rate to apply in relation to that currency in place of that Screen Rate (or which relates to aligning any provision of a 

  
 105 

	 	
Finance Document to the use of that other benchmark rate) may be made with the consent of the Majority Lenders and the Obligors. 

 

	(b)	If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above within 10 Business Days (unless the Parent and the Agent agree to a longer time period in relation to any request)
of that request being made: 

  

	 	(i)	its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant Facilities when ascertaining whether any relevant percentage of Total Commitments has been obtained to
approve that request; and 

  

	 	(ii)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request. 

 

	35.	Confidential Information 

  

	35.1	Confidentiality 

 Each Finance Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by Clause 35.2 (Disclosure of Confidential Information) and Clause 35.3 (Disclosure to numbering service providers), and to ensure that all Confidential
Information is protected with security measures and a degree of care that would apply to its own confidential information. 
  

	35.2	Disclosure of Confidential Information 

 Any Finance Party may disclose: 

 

	 	(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or may potentially succeed) it as
Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which
payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

  
 106 

	 	(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including, without limitation, any person appointed under paragraph (b) of Clause 25.15 (Relationship with the Lenders)); 

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; 

 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates any Encumbrance (or may do so) pursuant to Clause 23.8 (Security over Lenders’ rights); 

 

	 	(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Parent; 

 in each case, such Confidential Information as that Finance
Party shall consider appropriate if: 
  

	 	(A)	in relation to paragraphs (b)(i) or (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for
a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; 

  
 107 

	 	(c)	to any person appointed by that Finance Party or by a person to whom paragraphs (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred
to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Parent and the relevant Finance Party; 

  

	 	(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Obligors. 

  

	35.3	Disclosure to numbering service providers 

  

	(a)	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or
one or more Obligors the following information: 

  

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the names of the Agent and the Arranger; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	the amounts and names of the Facilities (and any tranches); 

  

	 	(viii)	amount of Total Commitments; 

  

	 	(ix)	currency of the Facilities; 

  

	 	(x)	type of Facilities; 

  

	 	(xi)	Clause 38 (Governing Law); 

  

	 	(xii)	ranking of Facilities; 

  

	 	(xiii)	Termination Date for Facilities; 

  

	 	(xiv)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and 

  

	 	(xv)	such other information agreed between such Finance Party and the Parent, 

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 

  
 108 

	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such
number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

	(c)	Each Obligor represents that none of the information set out in paragraphs (a)(i) to (a)(xv) above is, nor will at any time be, unpublished price-sensitive information. 

 

	(d)	The Agent shall notify the Parent and the other Finance Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities and/or one or more Obligors; and 

 

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors by such numbering service provider. 

 

	35.4	Entire agreement 

 This Clause 35.4 constitutes the entire agreement between the Parties
in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 

	35.5	Inside Information 

 Each of the Finance Parties acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	35.6	Notification of disclosure 

 Each of the Finance Parties agrees (to the extent permitted
by law and regulation) to inform the Parent: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 35.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the
persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 34.5. 

  

	35.7	Continuing obligations 

 The obligations in this Clause 35.7 are continuing and, in
particular, shall survive and remain binding on each Finance Party for a period of twelve (12) months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and 

 

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  
 109 

	36.	Confidentiality of Funding Rates and Reference Bank Quotations 

  

	36.1	Confidentiality and disclosure 

  

	(a)	The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b),
(c) and (d) below. 

  

	(b)	The Agent may disclose: 

  

	 	(i)	any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the relevant Borrower pursuant to Clause 8.6 (Notification of rates of interest); and 

 

	 	(ii)	any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service
provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be. 

 

	(c)	The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to: 

  

	 	(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be
given pursuant to this sub-paragraph (i) is informed in writing of its confidential nature and that it may be price -sensitive information except that there shall be no such requirement to so inform if
the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it; 

 

	 	(ii)	any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any
relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive
information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; 

 

	 	(iii)	any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom
that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or
the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and 

  
 110 

	 	(iv)	any person with the consent of the relevant Lender or Reference Bank, as the case may be 

  

	(d)	The Agent’s obligations in this Clause 36 relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 8.6 (Notification of rates of interest) provided
that (other than pursuant to paragraph (b)(i) above) the Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification. 

 

	36.2	Related obligations 

  

	(a)	The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) is or may be price-sensitive information and that its use may be regulated or prohibited by
applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose.

  

	(b)	The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be: 

 

	 	(i)	of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 36.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph
during the ordinary course of its supervisory or regulatory function; and 

  

	 	(ii)	upon becoming aware that any information has been disclosed in breach of this Clause 36. 

  

	36.3	No Event of Default 

 No Event of Default will occur under Clause 22.3 (Other
obligations) by reason only of an Obligor’s failure to comply with this Clause 36. 
  

	37.	Counterparts 

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

  
 111 

 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	38.	Governing Law 

 This Agreement and any
non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	39.	Enforcement 

  

	39.1	Jurisdiction 

  

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

  

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

 

	(c)	This Clause 39.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

	39.2	Service of process 

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

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

  

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

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

  
 112 

 SCHEDULE 1 

THE ORIGINAL PARTIES 

PART I 

THE OBLIGORS 
  

			
	 Name of Original Borrowers
	  	 Registration number

(or equivalent, if any)

	GFI Joint Venture Holdings Proprietary Limited, incorporated in South Africa	  	1998/023354/07
	Gold Fields Operations Limited, incorporated in South Africa	  	1959/003209/06
	Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands	  	184982
	Gold Fields Ghana Holdings (BVI) Limited, incorporated in the British Virgin Islands	  	651405

  

			
	 Name of Original Guarantors
	  	 Registration number

(or equivalent, if any)

	Gold Fields Limited, incorporated in South Africa	  	1968/004880/06
	Gold Fields Holdings Company (BVI) Limited, incorporated in the British Virgin Islands	  	651406
	Gold Fields Operations Limited, incorporated in South Africa	  	1959/003209/06
	Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands	  	184982
	GFI Joint Venture Holdings Proprietary Limited, incorporated in South Africa	  	1998/023354/07
	Gold Fields Ghana Holdings (BVI) Limited, incorporated in the British Virgin Islands	  	651405

  
 113 

 PART II 

THE MANDATED LEAD ARRANGERS 

Name of Mandated Lead Arranger 
 Absa Bank Limited (acting
through its Corporate and Investment Banking Division) 
 Bank of America Merrill Lynch International Limited 

CIBC World Markets Plc 
 Commonwealth Bank of Australia 

J.P. Morgan Limited 
 RBC Europe Limited 

Scotiabank Europe plc 
 The Bank of Tokyo-Mitsubishi UFJ, Ltd.

 Westpac Banking Corporation 

  
 114 

 PART III 

THE LEAD ARRANGERS 

Name of Lead Arranger 
 Australia and New Zealand Banking
Group Limited 
 Bank of Montreal 
 CITIBANK N.A., DIFC BRANCH

 Credit Suisse International 
 Investec Bank Limited, acting
through its Corporate and Institutional Banking division 
 Morgan Stanley Bank International Limited 

  
 115 

 PART IV 

THE ORIGINAL LENDERS 

 

													
	 Name of Original Lender
	  	Facility A
Commitment
(US$)	 	  	Facility B
Commitment
(US$)	 	  	Facility C
Commitment
(US$)	 
	 Absa Bank Limited (acting through its Corporate and Investment Banking division)
	  	 	37,500,000	 	  	 	37,500,000	 	  	 	25,000,000	 
	 Australia and New Zealand Banking Group Limited
	  	 	25,000,000	 	  	 	25,000,000	 	  	 	—  	 
	 Bank of America Merrill Lynch International Limited
	  	 	25,000,000	 	  	 	25,000,000	 	  	 	50,000,000	 
	 BMO Harris Financing, Inc.
	  	 	18,750,000	 	  	 	18,750,000	 	  	 	37,500,000	 
	 BTMU (Europe) Limited
	  	 	25,000,000	 	  	 	15,000,000	 	  	 	60,000,000	 
	 CIBC World Markets Plc
	  	 	30,000,000	 	  	 	30,000,000	 	  	 	60,000,000	 
	 CITIBANK N.A., DIFC BRANCH
	  	 	12,500,000	 	  	 	12,500,000	 	  	 	25,000,000	 
	 Commonwealth Bank of Australia
	  	 	25,000,000	 	  	 	25,000,000	 	  	 	50,000,000	 
	 Credit Suisse International
	  	 	13,750,000	 	  	 	13,750,000	 	  	 	27,500,000	 
	 Investec Bank Limited, acting through its Corporate and Institutional Banking division
	  	 	50,000,000	 	  	 	—  	 	  	 	—  	 
	 JPMorgan Chase Bank, N.A., London Branch
	  	 	25,000,000	 	  	 	65,000,000	 	  	 	30,000,000	 
	 Morgan Stanley Senior Funding, Inc.
	  	 	12,500,000	 	  	 	12,500,000	 	  	 	25,000,000	 
	 RBC Europe Limited
	  	 	25,000,000	 	  	 	25,000,000	 	  	 	50,000,000	 
	 Scotiabank Europe plc
	  	 	30,000,000	 	  	 	30,000,000	 	  	 	60,000,000	 
	 Westpac Banking Corporation
	  	 	25,000,000	 	  	 	25,000,000	 	  	 	50,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	380,000,000	 	  	 	360,000,000	 	  	 	550,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 116 

 SCHEDULE 2 

CONDITIONS PRECEDENT 

PART I 

CONDITIONS PRECEDENT TO INITIAL UTILISATION 

 

	1.	Obligors 

  

	(a)	A copy of the Constitutional Documents of each Obligor. 

  

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

  

	(c)	A copy of a resolution of the board of directors (and, if necessary under the laws of its jurisdiction of incorporation, the shareholders) of each Obligor: 

 

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

 

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

  

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

  

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

  

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

 

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

  

	(g)	A certificate of the Obligors (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments and any and all accrued interest would not cause any borrowing, guaranteeing or
similar limit binding on any Obligor to be exceeded and that in respect of each Obligor to whom the Companies Act 2008 of South Africa applies the requirements of section 45 of such Act has been complied with and each certificate shall have annexed
to it the copies of the relevant resolutions, notices and statements. 

  

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

  
 117 

	2.	Legal opinions 

  

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

 

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

  

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

 

	3.	Other documents and evidence 

  

	(a)	Evidence that any agent for service of process referred to in Clause 39.2 (Service of process) has accepted its appointment. 

  

	(b)	The Original Financial Statements for the Parent. 

  

	(c)	Evidence that the Refinancing Date has occurred or will occur on or before the first Utilisation Date (it being agreed that the Parent shall be able to satisfy this condition precedent by: (i) providing to the
Agent a copy of a notice of prepayment and cancellation of the Existing Facilities and (ii) specifying in the first Utilisation Request that part of the proceeds (in an amount equal to the amount outstanding under the Existing Facilities) are
to be paid to the relevant account of the agent under the Existing Facilities). 

  

	(d)	Evidence that the fees then due from GF Orogen (or from each Borrower nominated by GF Orogen) pursuant to Clause 11 (Fees) have been paid or will be paid by the first Utilisation Date (it being agreed that the
Parent shall be able to satisfy this condition precedent by authorising the Agent to deduct these from the proceeds of the first Utilisation). 

  

	(e)	A copy of the approval of the Financial Surveillance Department of the South African Reserve Bank confirming that the South African Obligors may enter into and provide the guarantee as contemplated by this Agreement and
that the South African Obligors in their capacity as Original Borrowers may enter into and implement the provisions of this Agreement (including the payment of any fees, costs or expenses which may be payable by them in relation to the Agreement).
If such approval is granted conditionally, this condition precedent shall not be considered to have been fulfilled, unless both the Lenders and the South African Obligors acknowledge in writing to each other that such conditions are acceptable.

  

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

  

	(g)	Completion by each Lender of all applicable “know your customer” checks. 

  
 118 

 PART II 

CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED
BY AN ADDITIONAL BORROWER 
  

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

  

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

  

	3.	A copy of the Constitutional Documents of the Additional Borrower. 

  

	4.	A copy of a resolution of the board of directors (and, if necessary under the laws of its jurisdiction of incorporation, the shareholders) of the Additional Borrower: 

 

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

 

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

  

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

  

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

  

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

  

	7.	If appropriate, a certificate of the Additional Borrower (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar
limit binding on it to be exceeded and that in respect of each Additional Borrower to whom the Companies Act 2008 of South Africa applies the requirements of Section 45 of such Act has been complied with and each certificate shall have annexed
to it the copies of the relevant resolutions, notices and statements. 

  

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

  

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

  

	10.	 If appropriate, a copy of the approval of the Financial Surveillance Department of the South African Reserve Bank
confirming that the Additional Borrower may enter into and provide the guarantee as contemplated by this Agreement and that the Additional Borrower may enter into and implement the provisions of this Agreement. If such approval is granted
conditionally, this condition precedent shall not be considered to have been fulfilled, unless both the Lenders and 

  
 119 

	 	
the Additional Borrower acknowledge in writing to each other that such conditions are acceptable. 

  

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

  

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

  

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

  

	14.	 If the proposed Additional Borrower is incorporated in a jurisdiction other than England and Wales, evidence that
the agent for service of process specified in Clause 39.2 (Service of process) has accepted its appointment in relation to the proposed Additional Borrower. 

  
 120 

 PART III 

CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED
BY AN ADDITIONAL GUARANTOR 
  

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

  

	2.	A copy of the Constitutional Documents of the Additional Guarantor. 

  

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

  

	4.	A copy of a resolution of the board of directors (and, if necessary under the laws of its jurisdiction of incorporation, the shareholders) of the Additional Guarantor: 

 

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

 

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

  

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

  

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

  

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

  

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

  

	8.	A certificate of the Additional Guarantor (signed by a director) confirming that guaranteeing the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded and that in
respect of each Additional Guarantor to whom the Companies Act 2008 of South Africa applies the requirements of section 45 of such Act has been complied with and each certificate shall have annexed to it the copies of the relevant resolutions,
notices and statements. 

  

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

  

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

  

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

  

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

  
 121 

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

  

	14.	If the Additional Guarantor is incorporated in a jurisdiction other than England and Wales, evidence that the agent for service of process specified in Clause 39.2 (Service of process) has accepted its
appointment in relation to the proposed Additional Guarantor. 

  

	15.	A copy of the approval of the Exchange Control Department of the South African Reserve Bank confirming that any Additional Guarantor incorporated in South Africa may enter into and provide the guarantees as contemplated
by this Agreement and that the Additional Guarantor may enter into and implement the provisions of this Agreement. If such approval is granted conditionally, this condition precedent shall not be considered to have been fulfilled, unless both the
Lenders and the Additional Guarantor acknowledge in writing to each other that such conditions are acceptable. 

  
 122 

 SCHEDULE 3 

REQUESTS 

PART I 

UTILISATION REQUEST 
  

			
	From:	  	[The Borrower]
		
	To:	  	[●] as Agent
		
	Dated:	  	

 Dear Sirs 

GFI Joint Venture Holdings Proprietary Limited, Gold Fields Orogen Holding (BVI) Limited, Gold 

Fields Operations Limited and Gold Fields Ghana Holdings (BVI) Limited – $1,290,000,000 Credit 

Facilities Agreement dated              2016 (the “Agreement”) 

 

	1.	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

 

	2.	We wish to borrow a Loan on the following terms: 

  

			
	Proposed Utilisation Date:	  	[●] (or, if that is not a Business Day, the next Business Day)
		
	Facility to be utilised:	  	[Facility A/Facility B/Facility C]
		
	Currency of Loan:	  	Dollars
		
	Amount:	  	[●], if less the Available Facility
		
	Interest Period:	  	[●]

  

	3.	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 

 

	4.	[This Loan is to be made in [whole]/[part] for the purpose of refinancing [ identify maturing Revolving Facility Loan]/[The proceeds of this Loan should be credited to [ account].] 

 

	5.	This Utilisation Request is irrevocable. 

  

	
	Yours faithfully
	
	  

	
	authorised signatory for
	
	[name of relevant Borrower]

  
 123 

 PART II 

SELECTION NOTICE APPLICABLE TO A FACILITY A
LOAN 
  

			
	From:	  	[Borrower]
		
	To:	  	[Agent]
		
	Dated:	  	

 Dear Sirs 

GFI Joint Venture Holdings Proprietary Limited, Gold Fields Orogen Holding (BVI) Limited, Gold 

Fields Operations Limited and Gold Fields Ghana Holdings (BVI) Limited – $1,290,000,000 Credit 

Facilities Agreement dated              2016 (the “Agreement”) 

 

	1.	We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice. 

 

	2.	We refer to the following Facility A Loan[s] with an Interest Period ending on [●]* 

  

	3.	[We request that the above Facility A Loan[s] be divided into [●] Facility A Loans with the following amounts and Interest Periods:]** 

or 
 [We request that the next
Interest Period for the above Facility A Loan[s] is [●]].*** 
  

	4.	This Selection Notice is irrevocable. 

  

	
	Yours faithfully
	
	  

	
	authorised signatory for
	
	[name of relevant Borrower]

  
 124 

 SCHEDULE 4 

FORM OF TRANSFER CERTIFICATE 

 

			
	To:	  	[●] as Agent
		
	From:	  	[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”)
		
	Dated:	  	

 GFI Joint Venture Holdings Proprietary Limited, Gold Fields Orogen Holding (BVI) Limited, Gold 

Fields Operations Limited and Gold Fields Ghana Holdings (BVI) Limited – $1,290,000,000 Credit 

Facilities Agreement dated              2016 (the “Agreement”) 

 

	1.	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

  

	2.	We refer to Clause 23.5 (Procedure for transfer): 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender‘s Commitment, rights and obligations referred to in the Schedule in
accordance with Clause 23.5 (Procedure for transfer). 

  

	 	(b)	The proposed Transfer Date is [●]. 

  

	 	(c)	The Facility Office and address, fax number, email address and attention details for notices of the New Lender for the purposes of Clause 30.2 (Addresses) are set out in the Schedule. 

 

	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 23.4 (Limitation of responsibility of Existing Lenders). 

 

	4.	The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is: 

  

	 	(a)	[a Qualifying Lender (other than a Treaty Lender);] 

  

	 	(b)	[a Treaty Lender;] 

  

	 	(c)	[not a Qualifying Lender]1. 

  

	5.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate . 

 

	6.	This Transfer Certificate, and any non-contractual obligations arising out of or in connection with it, is governed by English law. 

 

	1 	Delete as applicable – each New Lender is required to confirm which of these three categories it falls within. 

  
 125 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 

[Facility Office address, fax number, email address and attention details for notices and account details for payments,] 

 

									
	[Existing Lender]	 		 	[New Lender]
					
	By:	 		 		 	By:	 	
					
	Market Entity Identifier:	 	  
	 		 	Market Entity Identifier:	 	  

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [●]. 

[●] 
 By: 

  
 126 

 SCHEDULE 5 

FORM OF ASSIGNMENT AGREEMENT 

 

			
	To:	  	[●] as Agent and [●] as Parent, for and on behalf of each Obligor
		
	From:	  	[the Existing Lender] (the “Existing Lender”) and [the New Lender] (the “New Lender”)
		
	Dated:	  	

 GFI Joint Venture Holdings Proprietary Limited, Gold Fields Orogen Holding (BVI) Limited, Gold 

Fields Operations Limited and Gold Fields Ghana Holdings (BVI) Limited – $1,290,000,000 Credit 

Facilities Agreement dated              2016 (the “Agreement”) 

 

	1.	We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.

  

	2.	We refer to Clause 23.6 (Procedure for assignment): 

  

	 	(a)	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s Commitments
and participations in Loans under the Agreement as specified in the Schedule. 

  

	 	(b)	The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender’s Commitments and participations in Loans under the Agreement specified in the
Schedule. 

  

	 	(c)	The New Lender becomes a Party as a Lender and is bound by ob ligations equivalent to those from which the Existing Lender is released under paragraph (b) above. 

 

	3.	The proposed Transfer Date is [●]. 

  

	4.	On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender. 

  

	5.	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 30.2 (Addresses) are set out in the Schedule. 

 

	6.	The New Lender expressly acknowledges the limitations on the Existing Lender‘s obligations set out in paragraph (c) of Clause 23.4 (Limitation of responsibility of Existing Lenders). 

 

	7.	The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is: 

  

	 	(a)	[a Qualifying Lender (other than a Treaty Lender);] 

  

	 	(b)	[a Treaty Lender;] 

  

	 	(c)	[not a Qualifying Lender]2. 

 

	8.	This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 23.7 (Copy of Transfer Certificate or Assignment 

 

	2 	 Delete as applicable – each New Lender is required to confirm which of these three categories it falls
within. 

  
 127 

	 	
Agreement to Parent), to the Parent (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement. 

 

	9.	This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Assignment Agreement. 

 

	10.	This Assignment Agreement, and any non-contractual obligations arising out of or in connection with it, is governed by English law. 

 

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

  
 128 

 THE SCHEDULE 

Commitment/rights to be assigned 

[insert relevant details] 

[Facility Office address, fax number, email address and attention details for notices and account details for payments,] 

 

									
	[Existing Lender]	 		 	[New Lender]
					
	By:	 		 		 	By:	 	
					
	Market Entity Identifier:	 	  
	 		 	Market Entity Identifier:	 	  

 This Assignment Agreement is accepted by the Agent and the Transfer Date is confirmed as [●]. 

[●] 
 By: 

  
 129 

 SCHEDULE 6 

FORM OF ACCESSION LETTER 

 

			
	To:	  	[●] as Agent
		
	From:	  	[Subsidiary] and Gold Fields Limited
		
	Dated:	  	

 Dear Sirs 

GFI Joint Venture Holdings Proprietary Limited, Gold Fields Orogen Holding (BVI) Limited, Gold 

Fields Operations Limited and Gold Fields Ghana Holdings (BVI) Limited – $1,290,000,000 Credit 

Facilities Agreement dated              2016 (the “Agreement”) 

 

	1.	We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter. 

 

	2.	[Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to Clause [24.2 (Additional Borrowers)]/[24.4
(Additional Guarantors)] of the Agreement. [Subsidiary] is a wholly owned Subsidiary of the Parent duly incorporated under the laws of [name of relevant jurisdiction]. 

 

	3.	[Specify purpose of the Loan]. 

  

	4.	[Subsidiary’s] administrative details are as follows: 

 Address: 

Fax No: 
 Attention: 

 

	5.	This Accession Letter, and any non-contractual obligations arising out of or in connection with it, is governed by English law. 

[This Accession Letter has been executed as a deed by [Subsidiary] and is delivered on the date stated above.]3 
  

									
	Gold Fields Limited	 		 	[Subsidiary]
					
	By:	 		 		 	By:	 	

  

	3 	For any additional Guarantor, the Accession Letter is to be executed as a deed and the signature block shall be amended accordingly. 

  
 130 

 SCHEDULE 7 

FORM OF RESIGNATION LETTER 

 

			
	To:	  	[●] as Agent
		
	From:	  	[resigning Obligor] and Gold Fields Limited
		
	Dated:	  	

 Dear Sirs 

GFI Joint Venture Holdings Proprietary Limited, Gold Fields Orogen Holding (BVI) Limited, Gold 

Fields Operations Limited and Gold Fields Ghana Holdings (BVI) Limited – $1,290,000,000 Credit 

Facilities Agreement dated              2016 (the “Agreement”) 

 

	1.	We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Accession Letter. 

 

	2.	Pursuant to [Clause 24.3 (Resignation of an Additional Borrower)]/[Clause 24.6 (Resignation of an Additional Guarantor)], we request that [resigning Obligor] be released from its obligations as a
[Borrower]/[Guarantor] under the Agreement. 

  

	3.	We confirm that no Default is continuing or would result from the acceptance of this request. 

  

	4.	This Resignation Letter, and any non-contractual obligations arising out of or in connection with it, is governed by English law. 

 

									
	Gold Fields Limited	 		 	[Subsidiary]
					
	By:	 		 		 	By:	 	

  
 131 

 SCHEDULE 8 

FORM OF COMPLIANCE CERTIFICATE 

 

			
	To:	  	[●] as Agent
		
	From:	  	Gold Fields Limited
		
	Dated:	  	

 Dear Sirs 

GFI Joint Venture Holdings Proprietary Limited, Gold Fields Orogen Holding (BVI) Limited, Gold 

Fields Operations Limited and Gold Fields Ghana Holdings (BVI) Limited – $1,290,000,000 Credit 

Facilities Agreement dated              2016 (the “Agreement”) 

 

	1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

  

	2.	We confirm that as at [●]: 

  

	 	(a)	Consolidated EBITDA to Consolidated Net Finance Charges 

 the ratio of Consolidated EBITDA to
Consolidated Net Finance Charges in respect of the Measurement Period ending on [●] was: [●]:1; and 
  

	 	(b)	Consolidated Net Borrowings to Consolidated EBITDA 

 the ratio of Consolidated Net Borrowings
to Consolidated EBITDA in respect of the Measurement Period ending on [●] was: [●]:1, 
 and attach calculations showing how
these figures were calculated. 
  

	3.	We confirm that no Default is continuing. 

 Signed: 

 

					
	[Director]/[Executive Officer]	 		  	[Director]/[Executive Officer]
			
	of	 		  	of
			
	Gold Fields Limited	 		  	Gold Fields Limited
			
	[insert applicable certification language]	 		  	
			
	  
	 		  	
			
	[for and on behalf of	 		  	
			
	[name of auditors of the Parent]	 		  	

  
 132 

 SCHEDULE 9 

TIMETABLE 
  

					
	“U”	  	=	  	date of utilisation
			
	“U – X”	  	=	  	X Business Days prior to date of Utilisation

  

			
	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request), or a Selection Notice Clause 9.1 (Selection of Interest Periods))	  	 U-3

10.00 a.m.

		
	Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ participation)	  	 U-3

3.00 p.m.

		
	LIBOR is fixed	  	 U-2

11:00 a.m.

  
 133 

 SCHEDULE 10 

LMA FORM OF CONFIDENTIALITY UNDERTAKING 

[Letterhead of Seller] 

Date: [●] 
 To: 

 

			
	  
	 	 [insert name of Potential Purchaser]

  

	Re:	The Agreement 

  

			
	Parent:	  	(the “Parent”)
		
	Date:	  	
		
	Amount:	  	
		
	Agent:	  	

 Dear Sirs 
 We understand that
you are considering acquiring an interest in the Agreement which, subject to the Agreement, may be by way of novation, assignment, the entering into, whether directly or indirectly, of a sub-participation or
any other transaction under which payments are to be made or may be made by reference to one or more Finance Documents and/or one or more Obligors or by way of investing in or otherwise financing, directly or indirectly, any such novation,
assignment, sub-participation or other transaction (the “Acquisition”). In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter
you agree as follows: 
  

	1.	CONFIDENTIALITY UNDERTAKING 

 You undertake (a) to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 (Permitted Disclosure) below and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply
to your own confidential information, and (b) until the Acquisition is completed to use the Confidential Information only for the Permitted Purpose. 
  

	2.	PERMITTED DISCLOSURE 

 We agree that you may disclose: 

 

	2.1	 to any of your Affiliates and any of your or their officers, directors, employees, professional advisers and
auditors such Confidential Information as you shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph 2.1 is informed in writing of its confidential nature and that some or all of such
Confidential Information may be price-sensitive information, except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the

  
 134 

	 	
information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

 

	2.2	subject to the requirements of the Agreement, to any person: 

  

	(a)	to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any of your rights and/or obligations which you may acquire under the Agreement such Confidential Information as you shall
consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph 2.2(a) has delivered a letter to you in equivalent form to this letter; 

 

	(b)	with (or through) whom you enter into (or may potentially enter into) any sub -participation in relation to, or any other transaction under which payments are to be made or may be made by reference to the Agreement or
any Obligor such Confidential Information as you shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph 2.2(b) has delivered a letter to you
in equivalent form to this letter; 

  

	(c)	to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable
law or regulation such Confidential Information as you shall consider appropriate; and 

  

	2.3	notwithstanding paragraphs 2.1 and 2.2 above, Confidential Information to such persons to whom, and on the same terms as, a Finance Party is permitted to disclose Confidential Information under the Agreement, as if such
permissions were set out in full in this letter and as if references in those permissions to Finance Party were references to you. 

  

	3.	NOTIFICATION OF DISCLOSURE 

 You agree (to the extent permitted by law and regulation) to
inform us: 
  

	3.1	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph 2.2(c) above except where such disclosure is made to any of the persons referred
to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	3.2	upon becoming aware that Confidential Information has been disclosed in breach of this letter. 

  

	4.	RETURN OF COPIES 

 If you do not enter into the Acquisition and we so request in writing,
you shall return or destroy all Confidential Information supplied to you by us and destroy or permanently erase (to the extent technically practicable) all copies of Confidential Information made by you and use your reasonable endeavours to ensure
that anyone to whom you have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to the extent that you or the
recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential
Information has been disclosed under sub-paragraph 2.2(c) above. 
  

	5.	CONTINUING OBLIGATIONS 

  
 135 

 The obligations in this letter are continuing and, in particular, shall survive and remain
binding on you until (a) if you become a party to the Agreement as a lender of record, the date on which you become such a party to the Agreement; (b) if you enter into the Acquisition but it does not result in you becoming a party to the
Agreement as a lender of record, the date falling [twelve (12)] months after the date on which all of your rights and obligations contained in the documentation entered into to implement that Acquisition have terminated; or (c) in any other
case the date falling [twelve (12)] months after the date of your final receipt (in whatever manner) of any Confidential Information. 
  

	6.	NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC. 

 You acknowledge and agree that: 

 

	6.1	neither we, nor any member of the Group nor any of our or their respective officers, employees or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied, as to,
or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or the assumptions on which it is based or (ii) shall be under any obligation to update
or correct any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to you or any other person in respect of the Confidential Information or any such information; and 

 

	6.2	we or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for any
threatened or actual breach of the provisions of this letter by you. 

  

	7.	ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS, ETC 

  

	7.1	This letter constitutes the entire agreement between us in relation to your obligations regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential
Information. 

  

	7.2	No failure to exercise, nor any delay in exercising, any right or remedy under this letter will operate as a waiver of any such right or remedy or constitute an election to affirm this letter. No election to affirm this
letter will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other exercise or the exercise of any other right or remedy under this letter. 

 

	7.3	The terms of this letter and your obligations under this letter may only be amended or modified by written agreement between us. 

  

	8.	INSIDE INFORMATION 

 You acknowledge that some or all of the Confidential Information is
or may be price -sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and you undertake not to use any Confidential
Information for any unlawful purpose. 

  
 136 

	9.	NATURE OF UNDERTAKINGS 

 The undertakings given by you under this letter are given to us
and are also given for the benefit of the Parent and each other member of the Group. 
  

	10.	THIRD PARTY RIGHTS 

  

	10.1	Subject to this paragraph 10 and to paragraphs 6 (No Representation; Consequences of Breach, etc.) and 9 (Nature of Undertakings), a person who is not a party to this letter has no right under the
Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of any term of this letter. 

  

	10.2	The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 (No Representation; Consequences of Breach, etc.) and 9 (Nature of Undertakings), subject to and in accordance with this paragraph 10
and the provisions of the Third Parties Act. 

  

	10.3	Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person to rescind or vary this letter at any time. 

 

	11.	GOVERNING LAW AND JURISDICTION 

  

	11.1	This letter (including the agreement constituted by your acknowledgement of its terms) (the “Letter”) and any non-contractual obligations arising out of or in
connection with it (including any non-contractual obligations arising out of the negotiation of the transaction contemplated by this Letter) are governed by English law. 

 

	11.2	The courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this Letter (including a dispute relating to any non -contractual
obligation arising out of or in connection with either this Letter or the negotiation of the transaction contemplated by this Letter). 

  

	12.	DEFINITIONS 

 In this letter (including the acknowledgement set out below) terms defined
in the Agreement shall, unless the context otherwise requires, have the same meaning and: 
 “Confidential Information”
means all information relating to the Parent, any Obligor, the Group, the Finance Documents, the Facilities and/or the Acquisition which is provided to you in relation to the Finance Documents or the Facilities by us or any of our affiliates or
advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that:

  

	(a)	is or becomes public information other than as a direct or indirect result of any breach by you of this letter; or 

  

	(b)	is identified in writing at the time of delivery as non-confidential by us or our advisers; or 

  

	(c)	is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you after that date, from a source which is, as far as you are aware, unconnected
with the Group and which, in either case, as far as you are aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. 

  
 137 

 “Group” means the Parent and its subsidiaries for the time being (as such term
is defined in the Companies Act 2006). 
 “Permitted Purpose” means considering and evaluating whether to enter into the
Acquisition. 
 Please acknowledge your agreement to the above by signing and returning the enclosed copy. 

 

			
	Yours faithfully	  	
		
	  
	  	
		
	For and on behalf of	  	
		
	[Seller]	  	

			
		
	To:	  	[Seller]

			
		
	The Parent and each other member of the Group	  	
	
	We acknowledge and agree to the above:
		
	  
	  	
		
	For and on behalf of	  	
		
	[Potential Purchaser]	  	

  
 138 

 SIGNATURES 
  

			
	THE COMPANY	 	
	  
 For and on behalf of
	 
	GOLD FIELDS LIMITED	 

			
	  
 By:
	 	  
 /s/ Paul A. Schmidt

			
	THE ORIGINAL BORROWERS
	
	For and on behalf of
	
	GFI JOINT VENTURE HOLDINGS PROPRIETARY LIMITED
		
	By:	 	/s/ Nicholas J. Holland
		 	Nicholas J. Holland - Director

			
	THE ORIGINAL BORROWERS
	
	For and on behalf of
	
	GOLD FIELDS OPERATIONS LIMITED
		
	By:	 	/s/ Nicholas J. Holland
		 	Nicholas J. Holland - Director

			
	THE ORIGINAL BORROWERS
	
	For and on behalf of
	
	GOLD FIELDS OROGEN HOLDING (BVI) LIMITED
		
	By:	 	/s/ C. C. BIRD
		 	C. C. BIRD
		 	DIRECTOR

			
	THE ORIGINAL BORROWERS
	
	For and on behalf of
	
	GOLD FIELDS GHANA HOLDINGS (BVI) LIMITED
		
	By:	 	/s/ C. C. BIRD
		 	C. C. BIRD
		 	DIRECTOR

			
	THE ORIGINAL GUARANTORS	 	
	  
 For and on behalf of
	 
	GOLD FIELDS LIMITED	 

			
	By:	 	 Paul A. Schmidt

			
	THE ORIGINAL GUARANTORS	 	

	  
 For and on behalf of
	 
	  
 GOLD FIELDS HOLDINGS COMPANY (BVI) LIMITED
	 

			
		
	By:	 	/s/ Lee-Ann N. Samuel

			
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GOLD FIELDS OPERATIONS LIMITED
		
	By:	 	/s/ Nicholas J. Holland
		 	Nicholas J. Holland

			
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GOLD FIELDS OROGEN HOLDING (BVI) LIMITED
		
	By:	 	/s/ C. C. BIRD
		 	C. C. BIRD
		 	DIRECTOR

			
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GFI JOINT VENTURE HOLDINGS PROPRIETARY LIMITED
		
	By:	 	/s/ Nicholas J. Holland
		 	Nicholas J. Holland

			
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GOLD FIELDS GHANA HOLDINGS (BVI) LIMITED
		
	By:	 	/s/ C. C. BIRD
		 	C. C. Bird
		 	DIRECTOR

			
	THE MANDATED LEAD ARRANGERS
	
	For and on behalf of
	
	ABSA BANK LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANKING DIVISION)

							
		 		 	
				
	By:	 	/s/ Anthony Sam	 		 	

		 		 		 	

			
	THE MANDATED LEAD ARRANGERS
	
	For and on behalf of
	
	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED
		
	By	  	/s/ Nataliya Lee
		  	Nataliya Lee
		  	Director

					
	THE MANDATED LEAD ARRANGERS
	
	For and on behalf of
	
	CIBC WORLD MARKETS PLC
			
	By	 	/s/ Paul Weidemann	 	/s/ Roger Harvey
		 	Paul Weidemann	 	Roger Harvey
		 	Director	 	Managing Director

			
	THE MANDATED LEAD ARRANGERS
	
	For and on behalf of
	
	COMMONWEALTH BANK OF AUSTRALIA
		
	By	 	/s/ LAUREN MCGREGOR
		 	LAUREN MCGREGOR.
		 	ASSOCIATE DIRECTOR.

			
	THE MANDATED LEAD ARRANGERS
	
	For and on behalf of
	
	J.P. MORGAN LIMITED
		
	By	 	/s/ Regis Castro
		 	Regis Castro
		 	Vice President

			
	
	THE MANDATED LEAD ARRANGERS
	
	For and on behalf of
	
	RBC EUROPE LIMITED
		
	By	 	/s/ Edoardo Pinto
		 	Edoardo Pinto
		 	Vice President

					
	THE MANDATED LEAD ARRANGERS
	
	For and on behalf of
	
	SCOTIABANK EUROPE PLC
			
	By	 	/s/ PAVINDER KLAIR	 	/s/ MARK LEE
		 	PAVINDER KLAIR	 	MARK LEE

			
	THE MANDATED LEAD ARRANGERS
	
	For and on behalf of
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
		
	By:	  	/S/ RAOUF JUNDI
		  	RAOUF JUNDI

			
	THE MANDATED LEAD ARRANGERS
	
	For and on behalf of
	
	WESTPAC BANKING CORPORATION
		
	By	 	/s/ ANDREW STRONGMAN
		 	ANDREW STRONGMAN
		 	DIRECTOR, NATURAL RESOURCES

			
	THE LEAD ARRANGERS
	
	For and on behalf of
	
	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
		
	By:	  	/s/ J ASPLEY DAVIS
		  	J ASPLEY DAVIS

					
	THE LEAD ARRANGERS
	
	For and on behalf of
	
	BANK OF MONTREAL
			
	By:	 	/s/ TONY EBDON	 	/s/ ANDY MCCLINTON
		 	TONY EBDON	 	ANDY MCCLINTON
		 	MD	 	MD

			
	THE LEAD ARRANGERS
	
	For and on behalf of
	
	CITIBANK N.A., DIFC BRANCH
		
	By:	 	/s/ JITENDRA PAL
		 	JITENDRA PAL
		 	Asst. Vice President

					
	THE LEAD ARRANGERS	  	
		
	For and on behalf of	  	
	
	CREDIT SUISSE INTERNATIONAL
			
	By:	  	/s/ Garrett Lynskey	  	/s/ Brian Fitzgerald
		  	Garrett Lynskey	  	Brian Fitzgerald
		  	Authorised Signatory	  	Authorised Signatory

					
	THE LEAD ARRANGERS
	
	For and on behalf of
	
	INVESTEC BANK LIMITED, ACTING THROUGH ITS CORPORATE AND INSTITUTIONAL BANKING DIVISION
			
	By:	 	/s/ Andre Wepener	  	 /s/ Peter Ford

		 	Andre Wepener	  	 Peter Ford

		 	Authorized Signatories	  	

					
	THE LEAD ARRANGERS
	
	For and on behalf of
	
	MORGAN STANLEY BANK INTERNATIONAL LIMITED
		
	By:	  	/s/ MARK WALTON
		  	By:	  	MARK WALTON
		  	Title:	  	AUTHORIZED SIGNATORY

			
	THE LENDERS
	
	For and on behalf of
	
	ABSA BANK LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANKING DIVISION)

  

							
		 		 	
				
	By:	 	/s/ Anthony Sam	 		 	

		 		 		 	

			
	THE LENDERS
	
	For and on behalf of
	
	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
		
	By:	  	/s/ J ASPLEY DAVIS
		  	J ASPLEY DAVIS

			
	THE LENDERS
	
	For and on behalf of
	
	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED
		
	By:	  	/s/ Nataliya Lee
		  	Nataliya Lee
		  	Director

			
	THE LENDERS
	
	For and on behalf of
	
	BMO HARRIS FINANCING, INC.
		
	By:	 	/s/ Brian L. Banke
		 	Brian L. Banke
		 	Director

			
	THE LENDERS
	
	For and on behalf of
	
	BTMU (EUROPE) LIMITED
		
	By:	 	/s/ Tomoyuki Koike
		 	Tomoyuki Koike

					
	THE LENDERS
	
	For and on behalf of
	
	CIBC WORLD MARKETS PLC
			
	By:	 	/s/ Paul G. Weidemann	  	 /s/ Roger Harvey

		 	Paul Weidemann	  	 Roger Harvey

		 	Director	  	 Managing Director

			
	THE LENDERS
	
	For and on behalf of
	
	CITIBANK N.A., DIFC BRANCH
		
	By:	 	/s/ JITENDRA PAL
		 	JITENDRA PAL
		 	Asst. Vice President

			
	THE LENDERS
	
	For and on behalf of
	
	COMMONWEALTH BANK OF AUSTRALIA
		
	By:	 	/s/ LAUREN MCGREGOR
		 	LAUREN MCGREGOR.
		 	ASSOCIATE DIRECTOR.

					
	THE LENDERS
	
	For and on behalf of
	
	CREDIT SUISSE INTERNATIONAL
			
	By:	 	/s/ Garrett Lynskey	  	 /s/ Brian Fitzgerald

		 	Garrett Lynskey	  	 Brian Fitzgerald

		 	Authorised Signatory	  	 Authorised Signatory

			
	THE LENDERS
	
	For and on behalf of
	
	INVESTEC BANK LIMITED, ACTING THROUGH ITS CORPORATE AND INSTITUTIONAL BANKING DIVISION
		
	By:	  	

			
	THE LENDERS
	
	For and on behalf of
	
	JPMORGAN CHASE BANK, N.A., LONDON BRANCH
		
	By:	  	/s/ Regis Castro
		  	Regis Castro
		  	Vice President

			
	THE LENDERS
	
	For and on behalf of
	
	MORGAN STANLEY SENIOR FUNDING, INC.
		
	By:	 	/s/ MELISSA JAMES
		 	MELISSA JAMES

			
	THE LENDERS
	
	For and on behalf of
	
	RBC EUROPE LIMITED
		
	By:	 	/s/ Edoardo Pinto
		 	Edoardo Pinto
		 	Vice President

					
	THE LENDERS
	
	For and on behalf of
	
	SCOTIABANK EUROPE PLC
			
	By:	  	/s/ PAVINDER KLAIR	  	/s/ MARK LEE
		  	PAVINDER KLAIR	  	MARK LEE

			
	THE LENDERS
	
	For and on behalf of
	
	WESTPAC BANKING CORPORATION
		
	By:	 	/S/ ANDREW STRONGMAN
		 	ANDREW STRONGMAN
		 	DIRECTOR, NATURAL RESOURCES

			
	THE AGENT
	
	For and on behalf of
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
		
	By:	  	/s/ RAOUF JUNDI
		  	RAOUF JUNDI

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