Document:

Exhibit 4.42

 

	CLIFFORD	CLIFFORD CHANCE LLP
	 	 
	CHANCE	 

 

EXECUTION VERSION

 

USD200,000,000

 

FACILITY AGREEMENT

 

DATED 17 MAY 2013

 

FOR

 

RANDGOLD RESOURCES LIMITED

AS BORROWER

 

WITH

 

HSBC SECURITIES (USA) INC.

ACTING AS ARRANGER

 

with

 

HSBC BANK PLC

ACTING AS FACILITY AGENT

 

    	 

    	 

    

  

CONTENTS

 

	Clause	Page
	 	 	 
	1.	Definitions and Interpretation	1
	 	 	 
	2.	The Facility	18
	 	 	 
	3.	Purpose	20
	 	 	 
	4.	Conditions of Utilisation	20
	 	 	 
	5.	Utilisation	22
	 	 	 
	6.	Repayment	23
	 	 	 
	7.	Prepayment and Cancellation	24
	 	 	 
	8.	Interest	29
	 	 	 
	9.	Interest Periods	30
	 	 	 
	10.	Changes to the Calculation of Interest	30
	 	 	 
	11.	Fees	31
	 	 	 
	12.	Tax Gross Up and Indemnities	33
	 	 	 
	13.	Increased Costs	36
	 	 	 
	14.	Other Indemnities	38
	 	 	 
	15.	Mitigation by the Lenders	40
	 	 	 
	16.	Costs and Expenses	40
	 	 	 
	17.	Representations	42
	 	 	 
	18.	Information Undertakings	46
	 	 	 
	19.	Financial Covenants	49
	 	 	 
	20.	General Undertakings	53
	 	 	 
	21.	Events of Default	59
	 	 	 
	22.	Changes to the Lenders	64
	 	 	 
	23.	Changes to the Borrower	69
	 	 	 
	24.	Role of the Facility Agent and the Arranger	70
	 	 	 
	25.	Conduct of business by the Finance Parties	78
	 	 	 
	26.	Sharing among the Finance Parties	79
	 	 	 
	27.	Payment Mechanics	81
	 	 	 
	28.	Set-Off	85
	 	 	 
	29.	Notices	85
	 	 	 
	30.	Calculations and Certificates	88
	 	 	 
	31.	Partial Invalidity	88
	 	 	 
	32.	Remedies and Waivers	88
	 	 	 
	33.	Amendments and Waivers	88
	 	 	 
	34.	Confidentiality	92

 

    	 

    	 

    

  

	35. 	Counterparts	96
	 	 	 
	36. 	Governing Law	97
	 	 	 
	37. 	Enforcement	97
	 	 	 
	Schedule 1  The Original Lenders	98
	 	 
	Schedule 2  Conditions Precedent	99
	 	 
	Schedule 3  Requests	101
	 	 
	Schedule 4  Form of Transfer Certificate	102
	 	 
	Schedule 5  Form Of Assignment Agreement	104
	 	 
	Schedule 6  Form of Compliance Certificate	107
	 	 
	Schedule 7  Timetables	108
	 	 
	Schedule 8  Form of Increase Confirmation	109

 

    	 

    	 

    

  

THIS AGREEMENT is dated 17 May 2013
and made between:

 

		(1)	RANDGOLD RESOURCES LIMITED
                                         (the “Borrower”);

 

		(2)	HSBC SECURITIES (USA) INC. as mandated lead arranger (the
                                         “Arranger”);

 

		(3)	HSBC BANK PLC as agent of the
                                         other Finance Parties (the “Facility Agent”); and

 

		(4)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders
                                         (the “Original Lenders”).

 

IT IS AGREED as follows:

 

SECTION 1

 

INTERPRETATION

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement:

 

“Acceptable Bank” means:

 

		(a)	a bank or financial institution which has a rating for its short-term unsecured and non credit-enhanced
debt obligations of A1 or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or F1 or higher by Moody’s
Investors Service Limited or a comparable rating from an internationally recognised credit rating agency; or

 

		(b)	any other bank or financial institution approved by the Facility Agent.

 

“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.

 

“Annual Financial Statements”
has the meaning given to that term in Clause 18 (Information Undertakings).

 

“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.

 

“Authorisation”
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

 

“Availability Period”
means the period from and including the date of this Agreement to and including the date falling one month prior to the Termination
Date.

 

    	- 1 -

    	 

    

  

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

 

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

 

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

 

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

 

“Bank Levy” means
any amount payable by a Lender (or any of its Affiliates) on the basis of, or in relation to, its balance sheet or capital base
or any part of it or its liabilities or minimum regulatory capital or any combination thereof (including the UK Bank levy as set
out in the Finance Act 2011, the French taxe bancaire de risqué systématique as set out in the Finance Bill 2011, the German
bank levy as set out in the German Restructuring Fund Act 2010 (as amended)) and, in relation to a Lender, any Tax in any jurisdiction
on a similar basis or for a similar purpose (and imposed by reference to assets and/or liabilities) and which has been publicly
announced prior to the date of this Agreement.

 

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

 

		(a)	the interest (excluding the Margin) 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 and Jersey.

 

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

 

“Commitment” means:

 

		(a)	in relation to an Original Lender,
                                         the amount set opposite its name under the heading “Commitment” in Schedule
                                         1 (The Original Lenders) and the amount of any other Commitment transferred to
                                         it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase);
                                         and

 

		(b)	in relation to any other Lender,
                                         the amount of any Commitment transferred to it under this Agreement or assumed by it
                                         in accordance with Clause 2.2 (Increase),

 

    	- 2 -

    	 

    

  

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

 

“Compliance Certificate”
means a certificate substantially in the form set out in Schedule 6 (Form of Compliance Certificate) in form and substance
satisfactory to the Facility Agent (acting reasonably).

 

“Confidential Information”
means all information relating to the Borrower, the Group, any Non-Group Entity, the Finance Documents or the 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 the Facility from either:

 

		(a)	any member of the Group, any Non-Group Entity or any of its advisers; or

 

		(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly
from any member of the Group, any Non-Group Entity 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 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
                                         34 (Confidentiality); or

 

		(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group,
any Non-Group Entity or any of its advisers; or

 

		(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance
with paragraphs (a) or (b) 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 to the Group, any Non-Group
Entity or otherwise.

 

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

 

“Debt Cover”
shall have the meaning set out in Clause 19.1 (Financial definitions).

 

“Default” means
an Event of Default or any event or circumstance specified in Clause 21 (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:

 

    	- 3 -

    	 

    

  

		(a)	which has failed to make its participation
                                         in a Loan available (or has notified the Facility Agent or the Borrower (which has notified
                                         the Facility 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,

 

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 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.

 

“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 the 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 systems-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.

 

“Environment” means humans, animals,
plants and all other living organisms including the ecological systems of which they form part and the following media:

 

		(a)	air (including, without limitation, air within natural
or man-made structures, whether above or below ground);

 

		(b)	water (including, without limitation, territorial, coastal
and inland waters, water under or within land and water in drains and sewers); and

 

    	- 4 -

    	 

    

  

		(c)	land (including, without limitation, land under water).

 

“Environmental Claim”
means any claim, proceeding or formal notice or investigation by any person in respect of a breach of any Environmental Law
which is not frivolous or vexatious and is not discharged or dismissed within 21 consecutive days of commencement.

 

“Environmental Law”
means any applicable law or regulation which relates to:

 

		(a)	the pollution or protection of the Environment;

 

		(b)	the conditions of the workplace;

 

		(c)	the generation, handling, storage, use, release or
spillage of any substance which, alone or in combination with any other, is capable of causing harm to the Environment, including,
without limitation, any waste; or

 

		(d)	the reporting, licensing, permitting, transportation, storage, management, disposal, investigation
or remediation of releases, or threatened release of Hazardous Materials into the air, surface water, groundwater, or land, or
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation or handling of Hazardous
Materials.

 

“Environmental Permits”
means any permit 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 member of the Group conducted on or from the properties owned or used by any member
of the Group.

 

“Event of Default”
means any event or circumstance specified as such in Clause 21 (Events of Default).

 

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

 

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

 

“FATCA” means:

 

		(a)	sections 1471 to 1474 of the Code or any associated regulations or other official guidance;

 

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

 

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

 

    	- 5 -

    	 

    

  

“FATCA Deduction”
means a deduction or withholding from a payment under a Finance Document required by FATCA.

 

“Fee Letter” means:

 

		(a)	any letter or letters dated on
                                         or about the date of this Agreement between the Arranger and the Borrower (or the Facility
                                         Agent and the Borrower or any of the Lenders and the Borrower) setting out any of the
                                         fees referred to in Clause 11 (Fees); and

 

		(b)	to the extent agreed between the
                                         Borrower and the Increase Lender, any agreement setting out fees payable to a Finance
                                         Party referred to in paragraph (f) of Clause 2.2 (Increase).

 

“Finance Document”
means this Agreement, any Fee Letter, any Utilisation Request, any Transfer Certificate to which the Borrower is a party, any
Assignment Agreement to which the Borrower is a party and any other document designated as such by the Facility Agent and the Borrower.

 

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

 

“Financial
Indebtedness” means 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 excluding Trade Instruments;

 

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

 

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

 

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

 

		(g)	for the purpose of Clause 21.5
                                         (Cross default) only, 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);

 

		(h)	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 other than Trade Instruments; and

 

    	- 6 -

    	 

    

  

		(i)	(without double counting) the amount of any liability in respect of any guarantee or indemnity
for any of the items referred to in paragraphs (a) to (h) above.

 

“Financial Quarter”
means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

 

“Financial Year”
means the annual accounting period of the Group ending on or about 31 December in each year or, subject to compliance with
Clause 18.3 (Requirements as to financial statements), such other date as selected by the Borrower.

 

“GAAP” means
generally accepted accounting principles in Jersey and IFRS.

 

“Group” means
the Borrower and its Subsidiaries from time to time.

 

“Group Structure Chart”
means the group structure chart in the form provided to the Facility Agent pursuant to Clause 20.18 (Conditions subsequent).

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants,
including petroleum, petroleum distillates or petroleum by-products, asbestos or asbestos containing materials, polychlorinated
biphenyls, radon gas, cyanide, infectious or medical wastes and all other hazardous or toxic substances or wastes of any nature,
including mine-tailings, regulated pursuant to any Environmental Law.

 

“Holding Company”
means, in relation to a person, any other person 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 Facility 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 Facility Agent otherwise rescinds or repudiates a Finance Document;

 

		(c)	(if the Facility 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 Facility 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

 

    	- 7 -

    	 

    

  

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

 

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

 

“Increase Confirmation”
means a confirmation substantially in the form set out in Schedule 8 (Form of Increase Confirmation).

 

“Increase Lender”
has the meaning given to that term in Clause 2.2 (Increase).

 

“Information Memorandum”
means the document in the form approved by the Borrower concerning the Group which, at the Borrower’s request and on
its behalf, was prepared in relation to this transaction and distributed by the Arranger to selected financial institutions before
the date of this Agreement.

 

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

 

		(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger);

 

		(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally
to pay its debts as they become due;

 

		(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors;

 

		(d)	institutes or has instituted against it by a regulator, supervisor or any similar official with
primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation
or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation by it or such regulator, supervisor or similar official;

 

		(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented
for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such
proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:

 

		(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making
of an order for its winding-up or liquidation; or

 

		(ii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution
or presentation thereof;

 

		(f)	has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the
Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a
bank administration proceeding pursuant to Part 3 of the Banking Act 2009;

 

    	- 8 -

    	 

    

  

		(g)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant
to a consolidation, amalgamation or merger);

 

		(h)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long
as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a
person or entity described in paragraph (d) above);

 

		(i)	has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within
30 days thereafter;

 

		(j)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in paragraphs (a) to (i) above; or

 

		(k)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in, any of the foregoing acts.

 

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

 

“Lender” means:

 

		(a)	any Original Lender; and

 

		(b)	any bank, financial institution,
                                         trust, fund or other entity which has become a Party in accordance with Clause 2.2 (Increase)
                                         or Clause 22 (Changes to the Lenders), 

 

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

 

“LIBOR” means,
in relation to any Loan:

 

		(a)	the applicable Screen Rate; or

 

		(b)	(if no Screen Rate is available for the currency or Interest Period of that Loan) the Reference
Bank Rate,

 

as of the Specified Time on the
Quotation Day for the currency of that Loan and for a period comparable to the Interest Period of that Loan and, if any such rate
is below zero, LIBOR will be deemed to be zero.

 

“Life of Mine Plan”
means, in respect of each Material Property, the mine plan prepared relating to the period from the current time until the
time when the last block of ore is mined.

 

    	- 9 -

    	 

    

  

“Limitation Acts”
means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.

 

“LMA” means
the Loan Market Association.

 

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

 

“Majority Lenders”
means a Lender or Lenders whose Commitments aggregate more than 662⁄3% of the Total Commitments (or, if the Total Commitments
have been reduced to zero, aggregated more than 662⁄3% of the Total Commitments immediately prior to the reduction).

 

“Margin” means

 

		(a)	prior to the first reset date (as defined below), 1.5 per cent. per annum; and

 

		(b)	thereafter, subject to the other provisions of this definition, the margin calculated in accordance with the table below:

 

	Debt
    Cover	 	Margin % p.a.
	 	 	 
	Less than or equal to 1.00:1	 	1.50
	 	 	 
	Greater than 1.00:1 but less than or equal to 2.00:1	 	1.75
	 	 	 
	Greater than 2.00:1	 	2.00

 

However:

 

		(i)	any increase or decrease in the Margin
                                         for a Loan shall take effect on the date (the “reset date”) which
                                         is five Business Days after receipt by the Facility Agent of the Compliance Certificate
                                         for that Relevant Period pursuant to Clause 18.2 (Compliance Certificate);

 

		(ii)	if, following receipt by the Facility
                                         Agent of the Compliance Certificate related to the relevant Annual Financial Statements,
                                         that Compliance Certificate does not confirm the basis for a reduced or increased Margin,
                                         then paragraph (b) of Clause 8.2 (Payment of interest) shall apply and the Margin
                                         for that Loan shall be the percentage per annum determined using the table above and
                                         the revised ratio of Debt Cover calculated using the figures in that Compliance Certificate;

 

		(iii)	while an Event
                                         of Default under Clause 21.1 (Non-payment), Clause 21.2 (Financial covenants),
                                         Clause 21.6 (Insolvency) or Clause 21.7 (Insolvency proceedings) is continuing,
                                         the Margin for each Loan shall be the highest percentage per annum set out above for
                                         a Loan; and

 

    	- 10 -

    	 

    

  

		(iv)	for the purpose of determining the
                                         Margin, “Debt Cover” shall be determined in accordance with Clause 19.1 (Financial
                                         definitions).

 

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

 

		(a)	the business or financial condition of the Group taken as a whole resulting from the closure of,
or stoppage of production at, and the inability to sell the output of production from, 3 or more of the Material Properties for
a period of more than 21 consecutive days, and the Parties acknowledge (for the avoidance of doubt) that no processing takes place
at Gounkoto Gold Mine (Mali) and therefore no output of production is sold from Gounkoto Gold Mine (Mali) but any closure of, or
stoppage of production at, Gounkoto Gold Mine (Mali) will be taken into account for the purposes of this definition;

 

		(b)	the ability of the Borrower to perform its payment obligations under this Agreement; or

 

		(c)	the validity or enforceability of any Finance Document.

 

“Material Properties”
means the following properties:

 

		(a)	Loulo Gold Mine located in Mali;

 

		(b)	Gounkoto Gold Mine located in Mali;

 

		(c)	Tongon Gold Mine located in Ivory Coast; and

 

		(d)	Kibali Gold Mine located in the Democratic Republic of the Congo.

 

“Material Subsidiary” means, at
any time:

 

		(a)	a Subsidiary that owns a Material Property at any time;
or

 

		(b)	a Subsidiary of the Borrower which has:

 

		(i)	operating profit calculated on the
                                         same basis as Consolidated EBIT as defined in Clause 19.1 (Financial definitions)
                                         representing 15 per cent. or more of Consolidated EBIT as defined in Clause 19.1 (Financial
                                         definitions); or

 

		(ii)	gross assets (excluding intra-group items) representing 15 per cent. or more of the gross assets
of the Group, calculated on a consolidated basis.

 

Compliance with the conditions
set out in paragraph (b)(i) and (b)(ii) above shall be determined by reference to the most recent Compliance Certificate supplied
by the Borrower and/or the latest audited financial statements of that Subsidiary (consolidated in the case of a Subsidiary which
itself has Subsidiaries) and the latest audited consolidated financial statements of the Group.

 

    	- 11 -

    	 

    

  

“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.

 

The above rules will only apply
to the last Month of any period.

 

“New Lender”
has the meaning given to that term in Clause 22 (Changes to the Lenders).

 

“Non-Group Entity”
has the meaning given to that term in Clause 19.1 (Financial definitions).

 

“Original Financial
Statements” means the audited consolidated financial statements of the Group for the financial year ended 31 December
2012.

 

“Party” means
a party to this Agreement.

 

“Permitted Acquisitions”
means acquisitions made by the Borrower in a manner which is not, or will not be, materially adverse to the interests of the
Lenders under the Finance Documents and which do not, or will not, affect the Borrower’s pro forma compliance with each
of the financial covenants set out in Clause 19 (Financial Covenants).

 

“Qualifying Lender”
has the meaning given to it in Clause 12 (Tax gross-up and indemnities).

 

“Quarter Date”
means each of 31 March, 30 June, 30 September and 31 December.

 

“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 differs in the Relevant Interbank Market for the relevant currency, in which case the Quotation
Day for that currency will be determined by the Facility Agent in accordance with market practice in the Relevant Interbank Market
(and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation
Day will be the last of those days).

 

“Reference Bank Rate”
means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent at its request
by the Reference Banks in relation to LIBOR, as the rate at which the relevant Reference Bank could borrow funds in the London
interbank market in the relevant currency and for the

 

    	- 12 -

    	 

    

  

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.

 

“Reference Banks”
means, in relation to LIBOR, the principal London offices of HSBC Bank plc, Citibank, N.A. London Branch, Standard Chartered
Bank and Barclays Bank plc, or such other banks as may be appointed by the Facility Agent in consultation with the Borrower.

 

“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 of the first fund.

 

“Relevant Interbank
Market” means the London interbank market.

 

“Relevant Period”
means each period of twelve months ending on the last day of the Financial Year and each period of twelve months ending on
each Quarter Date.

 

“Repeating Representations”
means each of the representations set out in Clauses 17.1 (Status) to 17.6 (Governing law and enforcement) (inclusive),
paragraph (a) of Clause 17.12 (Financial statements) and Clause 17.13 (Pari passu ranking).

 

“Representative”
means any delegate, Facility Agent, manager, administrator, nominee, attorney, trustee or custodian.

 

“Reservations”
means

 

		(a)	the principle that equitable remedies are remedies which may be granted or refused at the discretion
of the court;

 

		(b)	the limitation of validity and/or enforcement by laws relating to bankruptcy, insolvency, liquidation,
reorganisation, court schemes, moratoria, administration and other laws generally affecting the rights of creditors;

 

		(c)	the time barring of claims under the Limitation Acts;

 

		(d)	defences of set off or counterclaim and similar principles;

 

		(e)	where a party to a Finance Document is vested with a discretion or may determine a matter in its
opinion, that party may be required by a court to exercise its discretion reasonably or be required to hold that opinion on reasonable
grounds;

 

		(f)	that any provision in any Finance Document providing that any calculation or certification is to
be conclusive and binding will not be effective if such calculation or certification is fraudulent and will not necessarily prevent
judicial enquiry into the merits of any claim by any party thereto; and

 

		(g)	any other matters which are set
                                         out as qualifications as to matters of law in any legal opinion delivered pursuant to
                                         Clause 4 (Conditions of Utilisation).

 

    	- 13 -

    	 

    

  

“Rollover Loan”
means one or more Loans:

 

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

 

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

 

		(c)	in the same currency as the maturing Loan.

 

“Sanctioned Country”
means a country or territory which is subject to:

 

		(a)	trade, economic or financial sanctions embargoes imposed, administered or enforced by (i) the US
government and administered by OFAC, (ii) the United Nations Security Council, (iii) the European Union or (iv) Her Majesty’s
Treasury of the United Kingdom; or

 

		(b)	economic or financial sanctions embargoes imposed by the US government and administered by the
US State Department, the US Department of Commerce or the US Department of the Treasury.

 

“Sanctions” means:

 

		(a)	economic or financial sanctions or trade embargoes imposed, administered or enforced from time
to time by (i) the US government and administered by OFAC, (ii) the United Nations Security Council, (iii) the European Union or
(iv) Her Majesty’s Treasury of the United Kingdom; and

 

		(b)	economic or financial sanctions imposed, administered or enforced from time to time by the US State
Department, the US Department of Commerce or the US Department of the Treasury.

 

“Sanctions List”
means any of the lists of specifically designated nationals or designated persons or entities (or equivalent) held by (a) the
US government and administered by OFAC, the US State Department, the US Department of Commerce or the US Department of the Treasury
(b) the United Nations Security Council (c) the European Union or (d) Her Majesty’s Treasury of the United Kingdom, each
as amended, supplemented or substituted from time to time.

 

“Screen Rate”
means, in relation to LIBOR, the London interbank offered rate administered by the British Bankers Association (or any other
person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR1 or LIBOR2
of the Reuters screen (or any replacement page which displays that rate).

 

“Security” means
a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement
having a similar effect.

 

“Separate Loan”
has the meaning given to that term in Clause 6.1 (Repayment of Loans).

 

    	- 14 -

    	 

    

 

“Specified Time”
means a time determined in accordance with Schedule 7 (Timetables).

 

“Subsidiary” means
a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006.

 

“Tax” means
any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection
with any failure to pay or any delay in paying any of the same).

 

“Termination Date”
means the date falling on the third anniversary of the date of this Agreement.

 

“Total Commitments”
means the aggregate of the Commitments, being USD200,000,000 at the date of this Agreement.

 

“Trade Instrument”
means any performance bonds, advance payment bonds or documentary letters of credit issued in respect of the obligations of
any member of the Group or Non-Group Entity arising in the ordinary course of trading of that member of the Group or Non-Group
Entity.

 

“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 Facility Agent and the Borrower.

 

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

 

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

 

		(b)	the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.

 

“Treasury Transaction”
means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate
or price.

 

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

 

“Utilisation”
means a utilisation of the Facility.

 

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

 

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

 

“VAT” means:

 

		(a)	any tax imposed in compliance with the European Union Council Directive of 28 November 2006 on
the common system of value added tax (EC Directive 2006/112); and

 

    	- 15 -

    	 

    

  

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

		1.2	Construction

 

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

 

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

 

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

 

		(iii)	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 or restated;

 

		(iv)	“indebtedness” includes any obligation (whether incurred as principal or as
surety) for the payment or repayment of money, whether present or future, actual or contingent;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	- 16 -

    	 

    

  

		1.3	Currency symbols and definitions

 

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

 

		1.4	Third Party Rights

 

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

 

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

 

    	- 17 -

    	 

    

  

SECTION 2

THE FACILITY

 

		2.	THE FACILITY

 

		2.1	The Facility

 

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

 

		2.2	Increase

 

		(a)	The Borrower may by giving prior notice to the Facility Agent by no later than the date falling 20 Business Days after the
effective date of a cancellation of:

 

		(i)	the Available Commitments of a Defaulting Lender in accordance with Clause 7.7 (Right of cancellation
in relation to a Defaulting Lender); or

 

		(ii)	the Commitments of a Lender in accordance with:

 

		(A)	Clause 7.1 (Illegality);
                                         or

 

		(B)	paragraph (a) of Clause 7.6 (Right of replacement
                                         or repayment and cancellation in relation to a single Lender),

 

request that the Total Commitments
be increased (and the Commitments shall be so increased) in an aggregate amount so cancelled as follows (and such that
the Total Commitments after such increase will not exceed the Total Commitments at the date of this Agreement):

 

		(iii)	the increased Commitments will
                                         be assumed by one or more Lenders or other banks, financial institutions, trusts, funds
                                         or other entities (each an “Increase Lender”)
                                         selected by the Borrower (each of which shall not be a member of the Group or
                                         any Affiliate of the members of the Group) and each of which confirms in writing (in
                                         the relevant Increase Confirmation) its willingness to assume and does assume all the
                                         obligations of a Lender corresponding to that part of the increased Commitments which
                                         it is to assume, as if it had been an Original Lender;

 

		(iv)	the Borrower and any Increase Lender shall assume obligations towards one another and/or acquire
rights against one another as the Borrower and the Increase Lender would have assumed and/or acquired had the Increase Lender been
an Original Lender;

 

		(v)	each Increase Lender shall become a Party as a “Lender” and any Increase Lender and
each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase
Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender;

 

    	- 18 -

    	 

    

  

		(vi)	the Commitments of the other Lenders shall continue in full force and effect; and

 

		(vii)	any increase in the Commitments shall take effect on the date specified by the Borrower in the
notice referred to above or any later date on which the conditions set out in paragraph (b) below are satisfied.

 

		(b)	An increase in the Commitments relating to a Facility will only be effective on:

 

		(i)	the execution by the Facility Agent of an Increase Confirmation from the relevant Increase Lender;
and

 

		(ii)	in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase,
the Facility Agent being satisfied that the Increase Lender has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that
Increase Lender. The Facility Agent shall promptly notify the Borrower and the Increase Lender upon being so satisfied.

 

		(c)	Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt)
that the Facility 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 increase becomes effective.

 

		(d)	The Borrower shall promptly on demand pay the Facility Agent the amount of all costs and expenses
properly incurred by it and reasonable expenses (including legal fees) in connection with any increase in Commitments under this
Clause 2.2.

 

		(e)	The Increase Lender shall, on the
                                         date upon which the increase takes effect, pay to the Facility Agent (for its own account)
                                         a fee in an amount equal to the fee which would be payable under Clause 22.3 (Assignment
                                         or transfer fee) if the increase was a transfer pursuant to Clause 22.5 (Procedure
                                         for transfer) and if the Increase Lender was a New Lender.

 

		(f)	The Borrower may pay to the Increase Lender a fee in the amount and at the times agreed between
the Borrower and the Increase Lender in a Fee Letter.

 

		(g)	In no event shall a Lender replaced under paragraph (a) above be required to pay or surrender to
such Increase Lender any of the fees received by such Lender pursuant to the Finance Documents.

 

		(h)	Clause 22.4 (Limitation of responsibility
                                         of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation
                                         to an Increase Lender as if references in that Clause to:

 

		(i)	an “Existing Lender” were references to all the Lenders immediately prior to
the relevant increase;

 

    	- 19 -

    	 

    

  

		(ii)	the “New Lender”
                                         were references to that “Increase Lender”; and

 

		(iii)	a “re-transfer” and “re-assignment”
                                         were references to respectively a “transfer” and “assignment”.

 

		2.3	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 the Borrower shall be a separate
and independent debt.

 

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

 

		3.	PURPOSE

 

		3.1	Purpose

 

The Borrower shall apply all
amounts borrowed by it under the Facility towards its general corporate purposes including, without limitation, capital expenditure
and Permitted Acquisitions.

 

		3.2	Monitoring

 

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

 

		4.	CONDITIONS OF UTILISATION

 

		4.1	Initial conditions precedent

 

		(a)	The Borrower may not deliver a
                                         Utilisation Request unless the Facility Agent has received all of the documents and other
                                         evidence listed in Schedule 2 (Conditions precedent) in form and substance satisfactory
                                         to the Facility Agent (acting reasonably). The Facility Agent shall notify the Borrower
                                         and the Lenders promptly upon being so satisfied.

 

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

 

    	- 20 -

    	 

    

  

		4.2	Further conditions precedent

 

		(a)	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:

 

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

 

		(ii)	the Repeating Representations to be made by the Borrower are true in all material respects.

 

		4.3	Maximum number of Loans

 

		(a)	The Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation 11
or more Loans would be outstanding.

 

		(b)	Any Separate Loan shall not be taken into account in this Clause 4.3.

 

    	- 21 -

    	 

    

  

SECTION 3

UTILISATION

 

		5.	UTILISATION

 

		5.1	Delivery of a Utilisation Request

 

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

 

		5.2	Completion of a Utilisation Request

 

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

 

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

 

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

 

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

 

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

 

		5.3	Currency and amount

 

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

 

		(b)	The amount of the proposed Loan must be an amount which is less than or equal to the Available
Facility and which is a minimum of USD1,000,000 or, if less, the Available Facility.

 

		5.4	Lenders’ participation

 

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

 

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

 

		(c)	The Facility Agent shall determine the amount of each Loan and shall notify each Lender of the
amount of each Loan and the amount of its participation in that Loan, in each case by the Specified Time.

 

		5.5	Cancellation of Commitment

 

The Commitments which, at that
time, are unutilised shall be immediately cancelled at the end of the Availability Period.

 

    	- 22 -

    	 

    

  

SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

 

		6.	REPAYMENT

 

		6.1	Repayment of Loans

 

		(a)	Subject to paragraph (c) below the Borrower shall repay each Loan on the last day of its Interest
Period. No Loan may be outstanding after the Termination Date.

 

		(b)	Without prejudice to the Borrower’s obligation under paragraph (a) above, if one or more
Loans are to be made available to the Borrower:

 

		(i)	on the same day that a maturing Loan is due to be repaid; and

 

		(ii)	in whole or in part for the purpose of refinancing the maturing Loan,

 

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

 

		(A)	if the amount of the maturing Loan exceeds the aggregate amount of the new Loans:

 

		(1)	the Borrower will only be required
                                         to pay an amount in cash in accordance with Clause 27.1 (Payments to the Facility
                                         Agent) in the relevant currency equal to that excess; and

 

		(2)	each Lender’s participation
                                         (if any) in the new Loans 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 Loan and that Lender will not be required to make its participation in
                                         the new Loans available in cash in accordance with Clause 27.1 (Payments to the Facility
                                         Agent); and

 

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

 

		(1)	the Borrower will not be required
                                         to make any payment in accordance with Clause 27.1 (Payments to the Facility Agent);
                                         and

 

		(2)	each Lender will be required to make
                                         its participation in the new Loans available in cash in accordance with Clause 27.1 (Payments
                                         to the Facility Agent only to the extent that its participation (if any) in the
                                         new Loans exceeds that Lender’s participation (if any) in the maturing Loan and
                                         the remainder of that Lender’s

 

    	- 23 -

    	 

    

  

participation in the new Loans
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 Loan.

 

		(c)	At any time when a Lender becomes
                                         a Defaulting Lender, the maturity date of each of the participations of that Lender in
                                         the Loans then outstanding will be automatically extended to the Termination Date and
                                         will be treated as separate Loans (the “Separate Loans”).

 

		(d)	If the Borrower makes a prepayment
                                         of a Loan pursuant to Clause 7.4 (Voluntary prepayment of Loans), the Borrower
                                         may prepay the Separate Loan by giving not less than five Business Days’ prior
                                         notice to the Facility Agent. The Facility Agent will forward a copy of a prepayment
                                         notice received in accordance with this paragraph (d) to the Defaulting Lender concerned
                                         as soon as practicable on receipt.

 

		(e)	Interest in respect of a Separate Loan will accrue for successive Interest Periods selected by
the Borrower by the time and date specified by the Facility Agent (acting reasonably) and will be payable by the Borrower to the
Facility Agent (for the account of that Defaulting Lender) on the last day of each Interest Period of that Loan.

 

		(f)	The terms of this Agreement relating to Loans generally shall continue to apply to Separate Loans
other than to the extent inconsistent with paragraphs (c) to (e) above, in which case those paragraphs shall prevail in respect
of any Separate Loan.

 

		7.	PREPAYMENT AND CANCELLATION

 

		7.1	Illegality

 

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

 

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

 

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

 

		(c)	(if the Lender so requires) the 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 Facility Agent has notified the
Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than
the last day of any applicable grace period permitted by law).

 

    	- 24 -

    	 

    

  

		7.2	Sanctions

 

If any representation or statement
made or deemed to be made pursuant to Clause 17.16 (Sanctions) is or proves to have been incorrect or misleading in any
material respect when made or deemed to be made, or the Borrower does not comply with Clause 20.17 (Sanctions):

 

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

 

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

 

		(c)	(if the Lender so requires) the 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 Facility Agent has notified the
Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than
the last day of any applicable grace period permitted by law).

 

		7.3	Change of control

 

		(a)	If a Change of Control occurs:

 

		(i)	subject to applicable laws and regulations and the requirements or practice of any applicable stock
exchange, the Borrower shall promptly notify the Facility Agent upon becoming aware of that event;

 

		(ii)	a Lender shall not be obliged to fund a Utilisation;

 

		(iii)	if a Lender so requires and notifies the Facility Agent within five Business Days of the Borrower
notifying the Facility Agent of the event, the Facility Agent shall, by not less than five Business Days notice to the Borrower,
cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued
interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of that
Lender will be cancelled and all such outstanding amounts will become immediately due and payable.

 

		(b)	For the purpose of paragraph (a) above:

 

		(i)	“Change of Control” means any person or group of persons acting in concert gains
the right to hold more than 50% of the issued share capital of the Borrower, gains the right to cast more than 50% of the voting
rights of shareholders of the Borrower or gains the right to determine the composition of the board of directors of the Borrower;
and

 

		(ii)	“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

 

    	- 25 -

    	 

    

  

indirectly, of shares in the
Borrower, to obtain or consolidate control of the Borrower.

 

		7.4	Voluntary cancellation

 

The Borrower may, if it gives
the Facility Agent not less than five 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 USD10,000,000 and integral multiples of USD1,000,000) of the Available
Facility. Any cancellation under this Clause 7.4 shall reduce the Commitments of the Lenders rateably.

 

		7.5	Voluntary prepayment of Loans

 

The Borrower may, if it gives
the Facility Agent not less than five Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice,
prepay the whole or any part of a Loan (but if in part, an amount that reduces the amount of the Loan by a minimum amount of USD10,000,000
and integral multiples of USD1,000,000).

 

		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 the Borrower is required to
                                         be increased under paragraph (c) of Clause 12.2 (Tax gross-up); or

 

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

 

the Borrower may, whilst the circumstance
giving rise to the requirement for that increase or indemnification continues, give the Facility 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 Facility 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.

 

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

 

		(d)	The Borrower may, in the circumstances
                                         set out in paragraph (a) above, on not less than five Business Days’ prior notice
                                         to the Facility 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
                                         22 (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 Borrower which confirms its willingness to assume and does
                                         assume all the obligations of the transferring Lender in accordance with

 

    	- 26 -

    	 

    

  

Clause 22 (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 Facility Agent
has not given a notification under Clause 22.9 (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 Borrower shall have no right to replace the Facility Agent;

 

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

 

		(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; and

 

		(iv)	the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (d)
above once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under
all applicable laws and regulations in relation to that transfer.

 

		(f)	A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (d) above and shall notify the Facility Agent and the Borrower when it
is satisfied that it has complied with those checks.

 

		7.7	Right of cancellation in relation to a Defaulting Lender

 

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

 

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

 

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

 

		7.8	Restrictions

 

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

 

    	- 27 -

    	 

    

  

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

 

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

 

		(e)	Subject to Clause 2.2 (Increase),
                                         no amount of the Total Commitments cancelled under this Agreement may be subsequently
                                         reinstated.

 

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

 

		(g)	If all or part of a Loan is repaid
                                         or prepaid and is not available for redrawing (other than by operation of Clause 4.2
                                         (Further conditions precedent)), an amount of the Commitments (equal to the amount
                                         of the Loan which is repaid or prepaid) will be deemed to be cancelled on the date of
                                         repayment or prepayment. Any cancellation under this paragraph (g) shall reduce the Commitments
                                         of the Lenders rateably.

 

    	- 28 -

    	 

    

  

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

 

		(a)	The Borrower shall pay accrued interest on each Loan on the last day of each Interest Period (and,
if the Interest Period is longer than six Months, on the dates falling at six monthly intervals after the first day of the Interest
Period).

 

		(b)	If the Compliance Certificate received by the Facility Agent which relates to the relevant Annual
Financial Statements shows that a higher or lower Margin should have applied during a certain period, then the interest payment
to be made on the last day of the then current Interest Period shall be increased or reduced by any amounts necessary to put the
Facility Agent and the Lenders or the Borrower (as the case may be) in the position which they should have been in had the correct
Margin been applied during the relevant Interest Period.

 

		8.3	Default interest

 

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

 

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

 

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

 

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

 

    	- 29 -

    	 

    

  

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

 

		8.4	Notification of rates of interest

 

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

 

		9.	INTEREST PERIODS

 

		9.1	Selection of Interest Periods

 

The Borrower may select an Interest
Period for a Loan in the Utilisation Request for that Loan.

 

		(a)	Subject to this Clause 9, the Borrower may select an Interest Period of one, three or six Months
or any other period agreed between the Borrower and the Facility Agent (acting on the instructions of all the Lenders).

 

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

 

		(c)	Each Interest Period for a Loan shall start on the Utilisation Date for that Loan.

 

		(d)	A Loan has one Interest Period only.

 

		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).

 

		10.	CHANGES TO THE CALCULATION OF INTEREST

 

		10.1	Absence of quotations

 

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

 

		10.2	Market disruption

 

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

 

		(i)	the Margin; and

 

		(ii)	the rate notified to the Facility Agent by that Lender as soon as practicable and in any event
before interest is due to be paid in respect

 

    	- 30 -

    	 

    

  

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)	In this Agreement “Market Disruption Event” means:

 

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

 

		(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Facility
Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 50 per cent. of that Loan) that the
cost to it of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR.

 

		10.3	Alternative basis of interest or funding

 

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

 

		(b)	Any alternative basis agreed pursuant
                                         to paragraph (a) above shall, with the prior consent of all the Lenders and the Borrower,
                                         be binding on all Parties, provided, however, that if no alternative basis is agreed
                                         pursuant to paragraph (a) above, the rate of interest notified pursuant to Clause 10.2(a)(ii)
                                         (Market disruption) shall continue to apply.

 

		10.4	Break Costs

 

		(a)	The Borrower shall, within five 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 the 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 Facility Agent, provide
a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.

 

		11.	FEES

 

		11.1	Commitment fee

 

		(a)	The Borrower shall pay to the Facility Agent (for the account of each Lender) a fee in dollars
on that Lender’s Available Commitment for the Availability Period, such fee to be calculated:

 

		(i)	prior to the first reset date (as defined below), at the rate of 0.375 per cent.; and

 

    	- 31 -

    	 

    

  

		(ii)	thereafter, in accordance with the table below:

 

	Debt
    Cover	 	Commitment
        Fee

        (%)

	Less than or equal to 1.00:1.	 	0.375
	 	 	 
	Greater than 1.00:1 but less than or equal to 2.00:1	 	0.4375
	 	 	 
	Greater than 2.00:1	 	0.50

 

		(b)	The accrued commitment fee is payable on the last day of each successive period of three Months
which ends during the Availability Period, on the last day of the Availability Period and, 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 Facility 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.

 

		(d)	For the purposes of this Clause
                                         11.1, the “reset date” means the date which is five Business Days
                                         after receipt by the Facility Agent of the Compliance Certificate for that Relevant Period
                                         pursuant to Clause 18.2 (Compliance Certificate).

 

		11.2	Arrangement fee

 

The Borrower shall pay to the
Arranger an arrangement fee and such other fees for the account of the Lenders in the amount and at the times agreed in a Fee Letter.

 

		11.3	Agency fee

 

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

 

    	- 32 -

    	 

    

  

SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

 

		12.	TAX GROSS UP AND INDEMNITIES

 

		12.1	Definitions

 

		(a)	In this Agreement:

 

“Protected Party”
means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax
in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance
Document.

 

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

 

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

 

“Tax Payment” means
either the increase in a payment made by the Borrower to a Finance Party under Clause 12.2 (Tax gross-up) or a payment
under Clause 12.3 (Tax indemnity).

 

		(b)	Unless a contrary indication appears, in this Clause 12 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)	The Borrower shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by law.

 

		(b)	The Borrower 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 Facility Agent accordingly. Similarly, a Lender shall notify
the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification
from a Lender it shall notify the Borrower.

 

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

 

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

 

		(e)	Within thirty days of making either a Tax Deduction or any payment required in connection with
that Tax Deduction, the Borrower making that Tax

 

    	- 33 -

    	 

    

  

Deduction shall deliver to the
Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax
Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

 

		12.3	Tax indemnity

 

		(a)	The Borrower shall (within five Business Days of demand by the Facility Agent) pay to a Protected
Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly)
suffered for or on account of Tax by that Protected 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); or

 

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

 

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

 

		(d)	A Protected Party shall, on receiving a payment from the Borrower under this Clause 12.3, notify
the Facility Agent.

 

		12.4	Tax Credit

 

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

 

		(a)	a Tax Credit is attributable 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

 

    	- 34 -

    	 

    

  

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

 

the Finance Party shall pay an
amount to the Borrower 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 the Borrower.

 

		12.5	Stamp taxes

 

The Borrower shall pay and, within
five 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, provided that this Clause 12.5
shall not apply in respect of any stamp duty registration and other similar Taxes which are payable in respect of an assignment,
transfer or other alienation of any kind by a Lender of any of its rights and/or obligations under a Finance Document.

 

		12.6	VAT

 

		(a)	All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which
(in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which
is chargeable on that supply 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 and such Finance Party is required to account to the relevant tax authority
for the VAT, that Party must pay to such 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 the VAT (and such Finance Party must promptly provide an appropriate VAT invoice
to that 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 “Relevant Party”) is
                                         required by the terms of any Finance Document to pay an amount equal to the consideration
                                         for that supply to the Supplier (rather than being required to reimburse or indemnify
                                         the Recipient in respect of that consideration):

 

		(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount
of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit
or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT
chargeable on that supply; and

 

		(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable
on that supply but only to the extent that

 

    	- 35 -

    	 

    

  

the Recipient reasonably determines
that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.

 

		(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 12.6 to any Party shall, at any time when such Party is treated as
a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the
representative member of such group at such time (the term “representative member” to have the same meaning as in the
Value Added Tax Act 1994).

 

		(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party’s VAT registration
and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements
in relation to such supply.

 

		12.7	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 Borrower, the Facility Agent and the other Finance Parties.

 

		13.	INCREASED COSTS

 

		13.1	Increased costs

 

		(a)	Subject to Clause 13.3 (Exceptions) the Borrower shall, within five Business Days of a demand
by the Facility 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; (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.

 

		(b)	In this Agreement

 

    	- 36 -

    	 

    

  

		(i)	“Increased Costs” means:

 

		(A)	a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s)
overall capital including, without limitation, as a result of any reduction in the rate of return on capital brought about by more
capital being required to be allocated by such Finance Party in respect of the Facility;

 

		(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.

 

		(ii)	“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 in 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 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”.

 

		13.2	Increased cost claims

 

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

 

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

 

		13.3	Exceptions

 

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

 

    	- 37 -

    	 

    

  

		(i)	attributable to a Tax Deduction required by law to be made by the Borrower;

 

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

 

		(iii)	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);

 

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

 

		(v)	attributable to the implementation or application of or compliance with the “International
Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking
Supervision in June 2004 in the form existing at the date of this Agreement (“Basel II”) or any other law or
regulation which implements Basel II (whether such implementation, application or compliance is by a government, a regulator, the
Lender or any of its Affiliates); or

 

		(vi)	attributable to any Bank Levy (or any payment attributable to, or liability arising as a consequence
of, a Bank Levy).

 

		(b)	In this Clause 13.3, a reference to a “Tax Deduction” has the same meaning given
to the term in Clause 12.1 (Definitions).

 

		14.	OTHER INDEMNITIES

 

		14.1	Currency indemnity

 

		(a)	Without prejudice to Clause 27.9
                                         (Currency of Account), if any sum due from the Borrower 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 the Borrower; or

 

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

 

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

 

    	- 38 -

    	 

    

  

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

 

		14.2	Other indemnities

 

The Borrower shall, within five
Business Days of demand (which demand must be accompanied by reasonable details and calculations of the amount demanded), indemnify
each Finance Party against any cost, loss or liability incurred by that Finance Party acting reasonably as a result of:

 

		(a)	the occurrence of any Event of Default;

 

		(b)	a failure by the Borrower 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 26 (Sharing among the Finance
                                         Parties);

 

		(c)	funding, or making arrangements to fund, its participation in a Loan requested by the 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
the Borrower.

 

		14.3	Indemnity to the Facility Agent

 

		(a)	The Borrower shall promptly indemnify the Facility Agent against:

 

		(i)	any cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of:

 

		(A)	investigating any event which it reasonably believes is a Default provided that if that investigation
shows that no Event of Default had occurred, then such costs, loss and liability shall be for the account of the Lenders;

 

		(B)	entering into or performing any
                                         foreign exchange contract for the purposes of paragraph (b) of Clause 27.10 (Change
                                         of currency);

 

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

 

		(D)	instructing lawyers, accountants tax advisers, surveyors or other professional advisers or experts
as permitted under this Agreement; and

 

		(ii)	any cost, loss or liability incurred by the Facility Agent acting reasonably (otherwise than by
reason of the Facility Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or

 

    	- 39 -

    	 

    

  

liability pursuant to Clause
27.11 (Disruption to Payment Systems etc.) notwithstanding the Facility Agent’s negligence, gross negligence
or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) in acting
as Facility Agent under the Finance Documents.

 

		(b)	The indemnity given by the Borrower under or in connection with this Clause is a continuing obligation,
independent of the Borrower’s other obligations under or in connection with this Agreement or any other document and survives
after this Agreement is terminated. It is not necessary for a person to pay an amount or incur any expense before enforcing an
indemnity under or in connection with this Agreement or any other document.

 

		15.	MITIGATION BY THE LENDERS

 

		15.1	Mitigation

 

		(a)	Each Finance Party shall, in consultation
                                         with the Borrower, 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 the Borrower under the Finance
Documents.

 

		15.2	Limitation of liability

 

		(a)	The Borrower shall promptly 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

 

The Borrower shall promptly on
demand pay the Facility Agent and the Arranger the amount of all third party costs and expenses (including legal fees which shall
be subject to the arrangements, parameters and assumptions set out in the agreed proposal) reasonably incurred by any of them in
connection with the negotiation, preparation, printing, execution and syndication of:

 

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

 

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

 

    	- 40 -

    	 

    

  

		16.2	Amendment costs

 

If (a) the Borrower requests
an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 27.10 (Change of currency), the Borrower
shall, within five Business Days of demand, reimburse the Facility Agent for the amount of all costs and expenses (including legal
fees) reasonably and properly incurred by the Facility Agent in responding to, evaluating, negotiating or complying with that
request or requirement.

 

		16.3	Enforcement costs

 

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

 

    	- 41 -

    	 

    

  

SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS
OF DEFAULT

 

		17.	REPRESENTATIONS

 

The Borrower makes the representations
and warranties set out in this Clause 17 to each Finance Party on the date of this Agreement.

 

		17.1	Status

 

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

 

		(b)	It and each of the Material Subsidiaries have the power to own its assets and carry on its business
as it is being conducted.

 

		17.2	Binding obligations

 

The obligations expressed to
be assumed by it in each Finance Document are, subject to the Reservations and any general principles of law limiting its obligations
which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation), legal,
valid, binding and enforceable obligations.

 

		17.3	Non-conflict with other obligations

 

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

 

		(a)	any law or regulation applicable to it in any material respect;

 

		(b)	its or any of its Material Subsidiaries’ constitutional documents; or

 

		(c)	any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of
its Subsidiaries’ assets in a manner which has, or could be reasonably likely to have, a Material Adverse Effect.

 

		17.4	Power and authority

 

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

 

		17.5	Validity and admissibility in evidence

 

All Authorisations required or
desirable:

 

		(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the
Finance Documents to which it is a party; and

 

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

 

    	- 42 -

    	 

    

  

have been obtained or effected
and are (subject to the Reservations) in full force and effect.

 

		17.6	Governing law and enforcement

 

		(a)	The choice of English law as the governing law of the Finance Documents will (subject to the Reservations)
be recognised and enforced in its jurisdiction of incorporation.

 

		(b)	Any judgment obtained in England in relation to a Finance Document will (subject to the Reservations
and to compliance with any rules for the recognition and enforcement of judgments in the relevant jurisdiction) be recognised and
enforced in its jurisdiction of incorporation.

 

		17.7	Insolvency

 

No:

 

		(a)	corporate action, legal proceeding
                                         or other procedure or step described in Clause 21.7 (Insolvency proceedings);
                                         or

 

		(b)	creditors’ process described
                                         in Clause 21.8 (Creditors’ process),

 

has been taken or, to the knowledge
of the Borrower having made due and careful enquiry, threatened in relation to the Borrower or a Material Subsidiary; and none
of the circumstances described in Clause 21.6 (Insolvency) applies to the Borrower or a Material Subsidiary.

 

		17.8	Deduction of Tax

 

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

 

		17.9	No filing or stamp taxes

 

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.

 

		17.10	No default

 

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

 

		(b)	No other event or circumstance
                                         is outstanding which constitutes a default under any other agreement or instrument which
                                         is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries’)
                                         assets are subject which has, or could be reasonably likely to have, a Material Adverse
                                         Effect.

 

    	- 43 -

    	 

    

  

		17.11	No misleading information

 

		(a)	Any factual information provided by the Borrower for the purposes of the Information Memorandum
was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

 

		(b)	The financial projections contained in the Information Memorandum have been prepared on the basis
of recent historical information and on the basis of reasonable assumptions (it being acknowledged by the Finance Parties that
financial projections and forecasts are subject to uncertainties and contingencies and no representation or warranty is given that
such financial projections or forecasts will be realised).

 

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

 

		17.12	Financial statements

 

		(a)	Its audited financial statements most recently delivered to the Facility Agent:

 

		(i)	were prepared in accordance with GAAP consistently applied; and

 

		(ii)	fairly represent its financial condition and operations (consolidated in the case of the Borrower) during the relevant financial
year.

 

		(b)	There has been no material adverse change in its business or financial condition (or the business
or consolidated financial condition of the Group, in the case of the Borrower) in the period from the date of the Original Financial
Statements to the date of this Agreement.

 

		17.13	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.

 

		17.14	No proceedings pending or threatened

 

No litigation,
arbitration or administrative proceedings of or before any court, arbitral body or agency which, is reasonably likely to be adversely
determined and if adversely determined, has, or could be reasonably likely to have, a Material Adverse Effect have (to the best
of its knowledge and belief having made due and careful enquiry) been started or threatened against it or any of its Subsidiaries.

 

		17.15	No breach of laws

 

		(a)	It has not (and none of its Subsidiaries has) breached any law or regulation which breach has or
is reasonably likely to have a Material Adverse Effect.

 

    	- 44 -

    	 

    

  

		(b)	No labour disputes (other than any labour disputes disclosed in writing to the Facility Agent prior
to the date of this Agreement) are current or, to the best of its knowledge and belief (having made due and careful requiry), threatened
against any member of the Group which have or are reasonably likely to have a Material Adverse Effect.

 

		17.16	Sanctions

 

Neither the Borrower nor any
member of the Group:

 

		(a)	is using or will use the proceeds of the Facility for the purpose of financing or making funds
available directly or indirectly to any person or entity (whether or not related to any member of the Group) which, at the time
of such financing or provision of funds, is listed on a Sanctions List (or is owned or controlled by a person or entity listed
on a Sanctions List) or located in a Sanctioned Country, in each case to the extent such financing or provision of funds would,
to the knowledge (having made due and careful inquiry) of the Borrower or such other member of the Group, be prohibited by Sanctions
or would otherwise cause any person to be in breach of Sanctions;

 

		(b)	is knowingly (having made due and careful inquiry) contributing or will contribute or otherwise
make available the proceeds of the Facility to any other person or entity (whether or not related to any member of the Group) for
the purpose of financing the activities or business of or with any person or entity which, at the time of such financing, is listed
on a Sanctions List (or is owned or controlled by a person or entity listed on a Sanctions List) or located in a Sanctioned Country
(to the extent such contribution or provision of proceeds would be prohibited by Sanctions to the knowledge (having made due and
careful inquiry) of the Borrower or such other member of the Group, or would otherwise cause any person to be in breach of Sanctions);
and

 

		(c)	to the best of the knowledge and belief of the Borrower (having made due and careful enquiry),
no member of the Group:

 

		(i)	has been or is targeted under any Sanctions; or

 

		(ii)	has violated or is violating any applicable Sanctions.

 

		17.17	Taxation

 

		(a)	It is not (and none of its Subsidiaries is) overdue in the filing of any Tax returns and it is
not (and none of its Subsidiaries is) overdue in the payment of any amount in respect of Tax where such overdue filing or payment
has, or could be reasonably likely to have, a Material Adverse Effect.

 

		(b)	It is resident for Tax purposes only in its jurisdiction of incorporation.

 

		17.18	Group Structure Chart

 

On the date of delivery of the
Group Structure Chart pursuant to the terms of Clause 20.18 (Conditions subsequent), the Group Structure Chart is true,
complete and accurate in all material respects.

 

    	- 45 -

    	 

    

  

		17.19	Repetition

 

The Repeating Representations
are deemed to be made by the Borrower by reference to the facts and circumstances then existing on the date of each Utilisation
Request and the first day of each Interest Period.

 

		18.	INFORMATION UNDERTAKINGS

 

The undertakings in this Clause
18 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.

 

In this Clause 18:

 

“Annual Financial Statements”
means the financial statements for a Financial Year delivered pursuant to paragraph (a) of Clause 18.1 (Financial statements).

 

		18.1	Financial statements

 

The Borrower shall supply or
make available to the Facility Agent one copy for each Lender of the following:

 

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

 

		(b)	as soon as the same become available, but in any event within 60 days after the end of each Financial
Quarter of each of its Financial Years, its consolidated unaudited financial statements for that Financial Quarter; and

 

		(c)	as soon as reasonably practicable, but in any event within 60 days after they have been approved
by the board of directors of the Borrower, the annual budget of the Group and (if available) the Life of Mine Plan in respect of
each Material Property.

 

		18.2	Compliance Certificate

 

		(a)	The Borrower shall supply to the
                                         Facility Agent, with each set of financial statements delivered pursuant to paragraph
                                         (a) or (b) of Clause 18.1 (Financial statements), a Compliance Certificate setting
                                         out (in reasonable detail) computations as to compliance with Clause 19 (Financial
                                         covenants) as at the date as at which those financial statements were drawn up.

 

		(b)	Each Compliance Certificate shall be signed by one director of the Borrower.

 

		18.3	Requirements as to financial statements

 

		(a)	The Borrower shall procure that
                                         each set of financial statements of the Borrower delivered pursuant to Clause 18.1 (Financial
                                         statements) is prepared using GAAP, accounting practices and financial reference
                                         periods consistent with those applied in the preparation of the Original Financial Statements
                                         for the Borrower unless, in relation to any set of financial statements, it notifies

 

    	- 46 -

    	 

    

  

the Facility Agent that there has
been a change in GAAP, the accounting practices or reference periods (including a change to the Financial Year) and its auditors
deliver to the Facility Agent:

 

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

 

		(ii)	sufficient information, in form
                                         and substance as may be reasonably required by the Facility Agent, to enable the Lenders
                                         to determine whether Clause 19 (Financial covenants) has been complied with and
                                         make an accurate comparison between the financial position indicated in those financial
                                         statements and that Borrower’s Original Financial Statements.

 

Any reference in this Agreement
to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis
upon which the Original Financial Statements were prepared.

 

		18.4	Information: miscellaneous

 

Subject to Clause 18.6 (Use
of websites), the Borrower shall supply or make available to the Facility Agent (with one copy of each document for each Lender,
if the Facility Agent so requests):

 

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

 

		(b)	promptly upon becoming aware of them, the details of any material litigation, arbitration or administrative
proceedings which are current, threatened or pending against any member of the Group which is not frivolous or vexatious and is
discharged, stayed or dismissed within 21 days of commencement;

 

		(c)	promptly upon becoming aware of them, the details of the circumstances relating to, and the potential
impact on the Group of, the closure of, or stoppage of production at, or inability to sell the output of production from, any Material
Property for a period of more than 60 days; and

 

		(d)	promptly, such further information as any Finance Party reasonably believes is material to the
financial condition, business and operations of the Company as any Finance Party (through the Facility Agent) may reasonably request.

 

		18.5	Notification of default

 

		(a)	The Borrower shall notify the Facility Agent of any Default (and the steps, if any, being taken
to remedy it) promptly upon becoming aware of its occurrence.

 

		(b)	Promptly upon a request by the Facility Agent, the Borrower shall supply to the Facility Agent
a certificate signed by one director or a duly authorised senior manager on its behalf certifying that no Default is continuing
(or if a

 

    	- 47 -

    	 

    

  

Default is continuing, specifying
the Default and the steps, if any, being taken to remedy it).

 

		18.6	Use of websites

 

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

 

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

 

		(ii)	both the Borrower and the Facility 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 Borrower and the Facility Agent.

 

If any Lender does not agree to
the delivery of information electronically then the Facility Agent shall notify the Borrower accordingly and the Borrower shall
supply or make available the information to the Facility Agent with at least one copy in paper form of any information required
to be provided by it.

 

		(b)	The Facility 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 Borrower and the Facility Agent.

 

		(c)	The Borrower shall promptly upon becoming aware of its occurrence notify the Facility 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 this Agreement is posted onto the Designated
Website;

 

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

 

		(v)	the Borrower 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 Borrower notifies the Facility
Agent under paragraph (c)(i) or paragraph (c) (v) above, all information to be provided by the Borrower under this Agreement after
the date of that notice shall be supplied in paper form unless

 

    	- 48 -

    	 

    

  

and until the Facility Agent and
each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

 

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

 

		18.7	“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 the Borrower after the date of this Agreement; or

 

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

 

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

 

		(b)	Each Lender shall promptly upon the request of the Facility Agent supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself) in order for the Facility
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.

 

		19.	FINANCIAL COVENANTS

 

		19.1	Financial definitions

 

In this Clause 19:

 

    	- 49 -

    	 

    

  

“Consolidated EBIT”
means, in respect of any Relevant Period, the consolidated operating profit of the Group before taxation (excluding the results
from discontinued operations):

 

		(a)	before deducting any Finance Charges;

 

		(b)	not including any accrued interest owing to any member of the Group;

 

		(c)	before taking into account any Exceptional Items;

 

		(d)	after deducting the amount of any profit (or adding back the amount of any loss) of any member
of the Group which is attributable to minority interests;

 

		(e)	plus or minus the Group’s share of the profits or losses (after finance costs and tax) of
Non-Group Entities;

 

		(f)	before taking into account any gain or loss arising from an upward or downward revaluation of any
other asset at any time after 31 December 2012;

 

		(g)	excluding any costs or provisions relating to any share option or similar scheme,

 

in each case, to the extent added,
deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before taxation.

 

“Consolidated EBITDA”
means, in respect of any Relevant Period, Consolidated EBIT for that Relevant Period after adding back amounts charged in that
Relevant Period in respect of the amortisation of intangible fixed assets and the depreciation of tangible fixed assets:

 

		(a)	including the Group’s share of the operating profit (and any loss) before taxation (calculated
on the same basis as Consolidated EBIT) of (i) a member of the Group (including for this purpose any Non-Group Entity) or (ii)
attributable to a business or assets acquired during the Relevant Period for that part of the Relevant Period prior to its (A)
becoming a member of the Group or a Non-Group Entity (as applicable) or (B) prior to the acquisition of the business or assets;

 

		(b)	excluding the Group’s share of the operating profit (and any loss) before taxation (calculated
on the same basis as Consolidated EBIT) of (i) a member of the Group (including for this purpose any Non-Group Entity) or (ii)
attributable to any business or assets disposed of during the Relevant Period for that part of the Relevant Period after (A) the
member of the Group or Non-Group Entity (as applicable) or (B) the relevant business assets were sold,

 

provided that, for the
purposes of paragraphs (a) and (b) above such adjustments to the calculation of Consolidated EBITDA are properly reflected in
the financial statements to be delivered pursuant to Clause 18.1 (Financial Statements) and provided that paragraphs
(a) and (b) above are to be incorporated into Consolidated EBITA only in respect of the Leverage Ratio set out in Clause 19.2(a)
(Financial condition).

 

    	- 50 -

    	 

    

  

“Consolidated Net Finance
Charges” means, in respect of any Relevant Period, consolidated Finance Charges (including any capitalised interest)
and similar items as shown in the financial statements of the Group then most recently delivered under paragraphs (a) or (b) of
Clause 18.1 (Financial statements) (as the case may be) in respect of Indebtedness for Borrowed Money less interest income.

 

“Consolidated Tangible
Net Worth” means at any time the aggregate of the amounts paid up or credited as paid up on the issued ordinary share
capital of the Borrower and the aggregate amount of the reserves of the Group,

 

including:

 

		(a)	any amount credited to the share premium account;

 

		(b)	any capital redemption reserve fund; and

 

		(c)	any balance standing to the credit of the consolidated income statement of the Group including
the Group’s share of profits (or losses) from Non-Group Entities,

 

but deducting:

 

		(d)	any debit balance on the consolidated income statement of the Group;

 

		(e)	(to the extent included) any amount shown in respect of goodwill (including goodwill arising only
on consolidation) or other intangible assets of the Group;

 

		(f)	any amount which is attributable to minority interests;

 

		(g)	(to the extent included) any amount set aside for taxation, deferred taxation or bad debts;

 

		(h)	(to the extent included) any amounts arising from an upward revaluation of assets made at any time
after 31 December 2012; and

 

		(i)	any amount in respect of any dividend or distribution declared, recommended or made by any member
of the Group to the extent payable to a person who is not a member of the Group and to the extent such distribution is not provided
for in the most recent financial statements,

 

and so that no amount shall be
included or excluded more than once.

 

“Consolidated Total
Debt” means, in respect of each Relevant Period, the aggregate principal amount (excluding interest) of all obligations
of the Group for or in respect of Indebtedness for Borrowed Money as determined from the financial statements of the Group then
most recently delivered under paragraphs (a) or (b) of Clause 18.1 (Financial statements).

 

“Debt Cover” means,
in respect of any Relevant Period, the ratio of Consolidated Total Debt on the last day of that Relevant Period to Consolidated
EBITDA for that Relevant Period.

 

    	- 51 -

    	 

    

  

“Exceptional Items”
means any exceptional, one off, non-recurring or extraordinary items.

 

“Finance Charges”
means any interest, commission, fees, discounts, prepayment fees, premiums or charges and other periodic finance payments in
respect of Indebtedness for Borrowed Money whether paid, payable or capitalised by any member of the Group (calculated on a consolidated
basis) in respect of that Relevant Period:

 

		(a)	excluding any upfront fees or costs;

 

		(b)	including the interest (but not the capital) element of payments in respect of Finance Leases;

 

		(c)	including any periodic finance payments payable by (and deducting any such amounts payable to)
any member of the Group under any interest rate hedging arrangement;

 

		(d)	taking no account of any unrealised gains or losses on any derivative instruments.

 

“Finance Lease”
means any lease or hire purchase contract which would, in accordance with IFRS, be treated as a finance or capital lease.

 

“Indebtedness for Borrowed
Money” means Financial Indebtedness save for any indebtedness for or in respect of paragraph (g) of the definition of
“Financial Indebtedness”.

 

“Interest Cover”
means, in respect of any Relevant Period, the ratio of Consolidated EBITDA for that Relevant Period to Consolidated Net Finance
Charges for that Relevant Period.

 

“Non-Group Entity”
means any investment or entity (which is not itself a member of the Group (including associates and joint ventures)) in which
any member of the Group has an ownership interest.

 

		19.2	Financial condition

 

The Borrower shall ensure that:

 

		(a)	Leverage Ratio: Debt Cover in respect of any Relevant Period shall not be more than 3.00:1.

 

		(b)	Interest Cover Ratio: Interest Cover for each Relevant Period shall be not less than 4.00:1

 

		(c)	Tangible Net Worth: Consolidated Tangible Net Worth shall not at any time during the Relevant
Period be less than USD 2,000,000,000.

 

    	- 52 -

    	 

    

  

		19.3	Financial testing

 

The financial covenants set
out in Clause 19.2 (Financial condition) shall be tested by reference to each of the financial statements and each Compliance
Certificate delivered pursuant to Clause 18.2 (Compliance Certificate).

 

		20.	GENERAL UNDERTAKINGS

 

The undertakings in this Clause
20 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.

 

		20.1	Authorisations

 

The Borrower shall promptly:

 

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

 

		(b)	supply certified copies to the Facility Agent of,

 

any Authorisation required under
any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents
and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance
Document.

 

		20.2	Compliance with laws

 

The Borrower shall comply in
all respects with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform its
obligations under the Finance Documents.

 

		20.3	Anti-corruption law

 

		(a)	The Borrower shall not, and shall ensure that no other member of the Group will, directly or indirectly
use the proceeds of any Loan for any purpose which would breach the Corruption (Jersey) Law 2006, the United States Foreign Corrupt
Practices Act of 1977 or other similar legislation in other applicable jurisdictions in which the Borrower or other member of the
Group operates from time to time.

 

		(b)	The Borrower shall, and shall ensure that each other member of the Group will:

 

		(i)	conduct its businesses in compliance with applicable anti-corruption laws; and

 

		(ii)	maintain policies and procedures designed to promote and achieve compliance with such laws.

 

    	- 53 -

    	 

    

  

		20.4	Taxation

 

		(a)	The Borrower shall, and shall ensure
                                         that each member of the Group will, pay and discharge all Taxes imposed upon it or its
                                         assets within the time period allowed without incurring penalties unless and only
                                         to the extent that failure to pay such Taxes would not have, or could not be reasonably
                                         likely to have, a Material Adverse Effect.

 

		(b)	The Borrower shall not change its residence for Tax purposes.

 

		20.5	Negative pledge

 

In this Clause 20.5, “Quasi-Security”
means an arrangement or transaction described in paragraph (b) below.

 

		(a)	The Borrower shall not (and shall ensure that no other member of the Group will) create or permit
to subsist any Security over any of its assets.

 

		(b)	The Borrower shall not (and shall ensure that no other member of the Group 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 the Borrower or any other member of the Group;

 

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

 

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

 

		(iv)	enter into any other preferential arrangement having a similar effect,

 

in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

 

		(c)	Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security,
listed below:

 

		(i)	any netting or set-off arrangement entered into by any member of the Group in the ordinary course
of its banking arrangements for the purpose of netting debit and credit balances;

 

		(ii)	any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered
into by a member of the Group for the purpose of:

 

		(A)	hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or

 

    	- 54 -

    	 

    

  

		(B)	its interest rate or currency management operations which are carried out in the ordinary course
of business and for non-speculative purposes only,

 

excluding, in each case, any
Security or Quasi-Security under a credit support arrangement in relation to a hedging transaction;

 

		(iii)	any lien arising by operation of law and in the ordinary course of trading and not as a result
of any default or omission of the Borrower or any member of the Group;

 

		(iv)	any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after
the date of this Agreement if:

 

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

 

		(B)	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

 

		(C)	the Security or Quasi-Security is removed or discharged within 6 months of the date of acquisition
of such asset;

 

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

 

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

 

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

 

		(C)	the Security or Quasi-Security is removed or discharged within 6 months of that company becoming
a member of the Group;

 

		(vi)	any Security or Quasi-Security entered into pursuant to any Finance Document;

 

		(vii)	any Security or Quasi-Security arising under any retention of title, hire purchase or conditional
sale arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course
of trading and on the supplier’s standard or usual terms and not arising as a result of any default or omission by any member
of the Group;

 

		(viii)	any Security or Quasi-Security imposed by a court or tribunal or created pursuant to an order of
attachment, distraint, payment order or injunction restraining disposal of assets or similar legal process arising in connection
with court proceedings, provided that such attachment,

 

    	- 55 -

    	 

    

  

distraint, order or injunction
does not have or could not reasonably be expected to have a Material Adverse Effect;

 

		(ix)	any lien or rights of set-off (i) with respect to demand or time deposits arising in the ordinary
course of business with financial institutions or (ii) arising in the normal course of business or (iii) arising by operation of
law;

 

		(x)	any Security or Quasi-Security over goods and/or documents of title to goods arising in the ordinary
course of day-to-day business entered into in the ordinary course of day-to-day business; or

 

		(xi)	any Security or Quasi-Security securing
                                         indebtedness the principal amount of which (when aggregated with the principal amount
                                         of any other indebtedness which has the benefit of Security or Quasi-Security given by
                                         any member of the Group other than any permitted under paragraphs (i) to (x) above and
                                         with the amount of any Financial Indebtedness incurred, created or outstanding pursuant
                                         to Clause 20.11(b)(ii) (Financial Indebtedness)) does not exceed USD 100,000,000
                                         (or its equivalent in another currency or currencies).

 

		20.6	Disposals

 

		(a)	The Borrower shall not (and shall ensure that no other member of the Group will), enter into a
single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer
or otherwise dispose of any asset.

 

		(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal:

 

		(i)	made in the ordinary course of business of the disposing entity;

 

		(ii)	of assets in exchange for other assets comparable or superior as to type, value and quality;

 

		(iii)	to another member of the Group; or

 

		(iv)	where the higher of the market value or consideration receivable (when aggregated with the higher
of the market value or consideration receivable for any other sale, lease, transfer or other disposal, other than any permitted
under paragraphs (i) to (iii) above) does not exceed an amount equal to gross assets representing 7.5 per cent. of the gross assets
of the Group, calculated on a consolidated basis, in any financial year.

 

		20.7	Merger

 

The Borrower shall not (and shall
ensure that no Material Subsidiary shall) enter into any amalgamation, demerger, merger or corporate reconstruction (excluding
any solvent intra-group mergers) without the prior written consent of the Majority Lenders.

 

    	- 56 -

    	 

    

  

		20.8	Change of business

 

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

 

		20.9	Loans or credit

 

		(a)	Except as permitted under paragraph (b) below, the Borrower shall not (and shall ensure that no
other member of the Group will) be a creditor in respect of any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply to any loan or credit granted:

 

		(i)	by the Borrower or a member of the Group in favour of the Borrower or other member of the Group,
an Affiliate of the Borrower or any entity which owns a Material Property; and

 

		(ii)	in the ordinary course of business of the Group.

 

		20.10	No Guarantees or indemnities

 

		(a)	Except as permitted under paragraph (b) below, the Borrower shall not (and shall ensure that no
other member of the Group will) incur or allow to remain outstanding any guarantee or indemnity in respect of any obligation of
any person.

 

		(b)	Paragraph (a) does not apply to any guarantee or indemnity incurred:

 

		(i)	by the Borrower or a member of the Group in respect of an obligation of the Borrower, an Affiliate
of the Borrower or any entity which owns a Material Property; and

 

		(ii)	in the ordinary course of business of the Group.

 

		20.11	Financial Indebtedness

 

		(a)	Except as permitted under paragraph (b) below, the Borrower shall not (and shall ensure that no
other member of the Group will) incur, create or allow to remain outstanding any Financial Indebtedness.

 

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

 

		(i)	Financial Indebtedness incurred pursuant
                                         to Clause 20.9(b) (Loans or credit); or

 

		(ii)	Financial Indebtedness:

 

		(A)	in an amount of not more than USD100,000,000 (or its equivalent) which ranks ahead of, and in priority
to, the Financial Indebtedness arising under this Agreement;

 

    	- 57 -

    	 

    

  

		(B)	in an amount of not more than USD200,000,000 (or its equivalent) which ranks pari passu
with the Financial Indebtedness arising under this Agreement; and

 

		(C)	not permitted by the preceding paragraphs but which is incurred by the Borrower on terms which
are subordinated to the Finance Parties in a manner satisfactory to the Majority Lenders.

 

		20.12	Insurance

 

The Borrower shall ensure that
it and each other member of the Group will maintain insurances on and in relation to the Group’s business and assets against
those risks and to the extent as is usual for companies carrying on the same or substantially similar business.

 

		20.13	Access

 

If an Event of Default is continuing
or the Facility Agent reasonably suspects that an Event of Default is continuing or may occur, the Borrower shall, and shall ensure
that each member of the Group will, (not more than once in any Financial Year unless the Facility Agent reasonably suspects an
Event of Default is continuing or may occur) permit the Facility Agent and/or accountants or other professional advisers and contractors
of the Facility Agent free access at all reasonable times and on reasonable notice at the risk and cost of the Borrower and, if
the Borrower so requires, in the presence of a representative of the Borrower, to (a) the premises, assets, books, accounts and
records of each member of the Group and (b) meet and discuss matters with such members of the senior management of the Group as
the Facility Agent may reasonably request in each case to the extent necessary for the purpose of investigating the Event of Default
concerned (provided that, for the avoidance of doubt, all information obtained as a result of such access shall be subject to
the confidentiality restrictions set out in Clause 24.13 (Confidentiality) and Clause 34 (Confidentiality) and provided
further that, in the event that such investigations as are carried out under this Clause 20.13 do not reveal that an Event of
Default referred to above has occurred, all costs incurred by the Facility Agent and the Lenders in connection with the foregoing
shall be for the account of the Facility Agent and the Lenders only).

 

		20.14	Treasury Transactions

 

The Borrower shall not (and shall
procure that no other member of the Group will) enter into any Treasury Transaction, other than any interest rate, foreign exchange
rate or gold price hedging entered into in the ordinary course of business and not for speculative purposes.

 

		20.15	Environmental compliance

 

The Borrower shall, and shall
ensure that each other member of the Group will:

 

		(a)	comply in all material respects with all Environmental Law;

 

    	- 58 -

    	 

    

  

		(b)	obtain, maintain and ensure compliance with all requisite Environmental Permits;

 

		(c)	implement procedures to monitor compliance with and to prevent liability under any Environmental
Law,

 

where failure to do so has or
is reasonably likely to have a material and adverse affect on the interests of the Lenders under the Finance Documents.

 

		20.16	Environmental claims

 

The Borrower shall, promptly
upon becoming aware of the same, inform the Facility Agent in writing of:

 

		(a)	any Environmental Claim against any member of the Group which is current, pending or threatened;
and

 

		(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being
commenced or threatened against any member of the Group,

 

where failure to do so has or
is reasonably likely to have a material and adverse affect on the interests of the Lenders under the Finance Documents.

 

		20.17	Sanctions

 

The Borrower shall (and shall
procure that each member of the Group shall):

 

		(a)	not knowingly (having made due and careful inquiry) contribute or otherwise make available the
proceeds of the Facility, directly or indirectly, to any person or entity (whether or not related to any member of the Group) for
the purpose of financing the activities or business of or with any person or entity which, at the time of such financing, is listed
on a Sanctions List (or is owned or controlled by a person or entity listed on a Sanctions List) or located in a Sanctioned Country
(to the extent such contribution or provision of proceeds would be prohibited by Sanctions or would otherwise cause any person
to be in breach of Sanctions); and

 

		(b)	ensure that appropriate controls and safeguards are in place to prevent any proceeds of the Facility
from being used in any manner contrary to paragraph (a) above.

 

		20.18	Conditions subsequent

 

The Borrower shall ensure that
the Group Structure Chart is delivered to the Facility Agent within 60 days of the date of this Agreement.

 

		21.	EVENTS OF DEFAULT

 

Each of the events or circumstances
set out in Clause 21 is an Event of Default (save for Clause 21.16 (Acceleration)).

 

    	- 59 -

    	 

    

  

		21.1	Non-payment

 

The Borrower 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:

 

		(a)	its failure to pay is caused by:

 

		(i)	administrative or technical error; or

 

		(ii)	a Disruption Event; and

 

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

 

		21.2	Financial covenants

 

Any requirement of Clause 19
(Financial covenants) is not satisfied.

 

		21.3	Other obligations

 

		(a)	The Borrower does not comply with
                                         any provision of the Finance Documents (other than those referred to in Clause 21.1 (Non-payment)
                                         and Clause 21.2 (Financial covenants)).

 

		(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of
remedy and is remedied within 15 Business Days of the earlier of:

 

		(i)	the Facility Agent giving notice to the Borrower; and

 

		(ii)	the Borrower becoming aware of the failure to comply.

 

		21.4	Misrepresentation

 

		(a)	Any representation or statement made or deemed to be made by the Borrower in the Finance Documents
or any other document delivered by or on behalf of the Borrower under or in connection with any Finance Document is or proves to
have been incorrect or misleading in any material respect when made or deemed to be made.

 

		(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of
remedy and is remedied within 15 Business Days of the earlier of:

 

		(i)	the Facility Agent giving notice to the Borrower; and

 

		(ii)	the Borrower becoming aware of the failure to comply.

 

		21.5	Cross default

 

		(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally
applicable grace period.

 

    	- 60 -

    	 

    

  

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

 

		(c)	Any creditor of any member of the Group becomes entitled to declare or declares any Financial Indebtedness
of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described).

 

		(d)	No Event of Default will occur under this Clause 21.5 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within paragraphs (a) to (c) above is less than USD25,000,000 (or its equivalent
in any other currency or currencies).

 

		21.6	Insolvency

 

		(a)	The Borrower or any Material Subsidiary 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 creditors with a view to rescheduling any of its indebtedness.

 

		(b)	A moratorium is declared in respect of any indebtedness
of the Borrower or any Material Subsidiary.

 

		(c)	The Borrower or any Material Subsidiary becomes “bankrupt”
within the meaning of Article 8 of the Interpretation (Jersey) Law 1954, as amended.

 

		21.7	Insolvency proceedings

 

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

 

		(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Borrower or any Material Subsidiary
other than a solvent liquidation or reorganisation of any Material Subsidiary;

 

		(b)	a composition, compromise, assignment or arrangement with any creditor of the Borrower or any Material
Subsidiary;

 

		(c)	the appointment of a liquidator, the Viscount of the Royal Court of Jersey (other than in respect
of a solvent liquidation of a Material Subsidiary), receiver, administrative receiver, administrator, compulsory manager or other
similar officer in respect of the Borrower or any Material Subsidiary or any of the assets of the Borrower or any Material Subsidiary;
or

 

		(d)	enforcement of any Security over any assets of the Borrower or any Material Subsidiary having an
aggregate value in excess of USD25,000,000,

 

or any analogous procedure or
step is taken in any jurisdiction.

 

    	- 61 -

    	 

    

  

This Clause 21.7 shall not apply
to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 21 days of commencement.

 

		21.8	Creditors’ process

 

Any expropriation, attachment,
sequestration, distress or execution affects any asset or assets of a member of the Group having an aggregate value of USD25,000,000
and is not discharged within 21 days.

 

		21.9	Unlawfulness and invalidity

 

		(a)	It is or becomes unlawful for the Borrower to perform any of its obligations under the Finance Documents.

 

		(b)	Any obligation or obligations of the Borrower under any Finance Documents are not or cease to be legal, valid, binding or enforceable.

 

		(c)	Any Finance Document ceases to be in full force and effect or is alleged by a party to it (other than a Finance Party) to be
ineffective.

 

		21.10	Repudiation

 

The Borrower repudiates a Finance
Document or evidences an intention to repudiate a Finance Document.

 

		21.11	Cessation of Business

 

The Group (taken as a whole)
suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business except as
otherwise permitted by this Agreement.

 

		21.12	Litigation

 

Any litigation, arbitration,
administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation
to the Finance Documents or the transactions contemplated in the Finance Documents or against any member of the Group or its assets
which are reasonably likely to be adversely determined and which if so adversely determined have or are reasonably likely to have
a Material Adverse Effect.

 

		21.13	Expropriation

 

The authority or ability of any
Material Subsidiary which conducts all or substantially all of its business in Mali to conduct its business is limited by any seizure,
expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other
authority having jurisdiction in Mali in a way which has or is reasonably likely to have a material adverse effect on the ability
of the Borrower to meet is payment obligations under any of the Finance Documents taking into account the freely available resources
of other members of the Group.

 

    	- 62 -

    	 

    

  

		21.14	Convertibility/Transferability

 

Any foreign exchange law is amended,
enacted or introduced in Mali that has or is reasonably likely to have the effect of prohibiting, or restricting or delaying in
any material respect any payment that the Borrower is required to make pursuant to the terms of any of the Finance Documents taking
into account the freely available resources of other members of the Group.

 

		21.15	Material adverse change

 

Any event or circumstance occurs
which has or is reasonably likely to have a Material Adverse Effect.

 

		21.16	Acceleration

 

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

 

		(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 Facility Agent on the instructions of the Majority Lenders.

 

    	- 63 -

    	 

    

  

SECTION 9

CHANGES TO PARTIES

 

		22.	CHANGES TO THE LENDERS

 

		22.1	Assignments and transfers by the Lenders

 

Subject to this Clause 22, a
Lender (the “Existing Lender”) may:

 

		(a)	assign any of its rights; or

 

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

 

under any Finance Document 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”).

 

		22.2	Conditions of assignment or transfer

 

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

 

		(i)	to another Lender or an Affiliate of a Lender; or

 

		(ii)	made at a time when an Event of Default is continuing.

 

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

 

		(c)	An assignment will only be effective on:

 

		(i)	receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation
from the New Lender (in form and substance satisfactory to the Facility 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 Facility 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 Facility
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 22.5 (Procedure for transfer) is complied
                                         with.

 

		(e)	If:

 

    	- 64 -

    	 

    

  

		(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, the Borrower would be obliged
                                         to make a payment to the New Lender or Lender acting through its new Facility Office
                                         under Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased Costs),

 

then the New Lender or Lender acting
through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender
or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This
paragraph (f) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of
the Facility.

 

		(f)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms,
for the avoidance of doubt, that the Facility 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.

 

		22.3	Assignment or transfer fee

 

The New Lender shall, on the
date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of USD3,000.

 

		22.4	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 the Borrower;

 

		(iii)	the performance and observance by the Borrower 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:

 

    	- 65 -

    	 

    

  

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of the Borrower 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 the Borrower 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 22; or

 

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

 

		22.5	Procedure for transfer

 

		(a)	Subject to the conditions set out
                                         in Clause 22.2 (Conditions of assignment or transfer) a transfer is effected in
                                         accordance with paragraph (c) below when the Facility Agent executes an otherwise duly
                                         completed Transfer Certificate delivered to it by the Existing Lender and the New Lender.
                                         The Facility 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 Facility 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 22.9 (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 the Borrower 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)	the Borrower 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 the Borrower

 

    	- 66 -

    	 

    

  

and the New Lender have assumed
and/or acquired the same in place of the Borrower and the Existing Lender;

 

		(iii)	the Facility 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 Facility
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”.

 

		22.6	Procedure for assignment

 

		(a)	Subject to the conditions set out
                                         in Clause 22.2 (Conditions of assignment or transfer) an assignment may be effected
                                         in accordance with paragraph (c) below when the Facility Agent executes an otherwise
                                         duly completed Assignment Agreement delivered to it by the Existing Lender and the New
                                         Lender. The Facility 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.

 

		(b)	The Facility 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 22.9 (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 the Borrower 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 22.6 to assign their rights under the Finance
                                         Documents (but not, without the consent of the Borrower or unless in accordance with
                                         Clause 22.5 (Procedure for transfer), to obtain a release by the Borrower from
                                         the obligations owed to the Borrower by the Lenders nor the assumption of equivalent
                                         obligations by a

 

    	- 67 -

    	 

    

  

New Lender) provided that they
comply with the conditions set out in Clause 22.2 (Conditions of assignment or transfer).

 

		22.7	Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Borrower

 

The Facility Agent shall, as
soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or Increase Confirmation,
send to the Borrower a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation.

 

		22.8	Security over Lenders’ rights

 

In addition to the other rights
provided to Lenders under this Clause 22, each Lender may without consulting with or obtaining consent from the Borrower, at any
time charge, assign or otherwise create Security 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:

 

		(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central
bank; and

 

		(b)	in the case of any Lender which is a fund, any charge, assignment or other Security 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 Security shall:

 

		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

 

		(ii)	require any payments to be made by the Borrower 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.

 

		22.9	Pro rata interest settlement

 

If the Facility 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 22.5 (Procedure for transfer) or any assignment pursuant to Clause
22.6 (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):

 

		(a)	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

 

    	- 68 -

    	 

    

  

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

 

		(b)	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 to 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 22.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

 

		23.	CHANGES TO THE BORROWER

 

The Borrower may not assign any
of its rights or transfer any of its rights or obligations under the Finance Documents.

 

    	- 69 -

    	 

    

  

SECTION 10

THE FINANCE PARTIES

 

		24.	ROLE OF THE FACILITY AGENT AND THE ARRANGER

 

		24.1	Appointment of the Facility Agent

 

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

 

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

 

		24.2	Duties of the Facility Agent

 

		(a)	Subject to paragraph (b) below, the Facility Agent shall promptly forward to a Party the original
or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.

 

		(b)	Without prejudice to Clause 22.7
                                         (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Borrower),
                                         paragraph (a) above shall not apply to any Transfer Certificate, any Assignment Agreement
                                         or any Increase Confirmation.

 

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

 

		(d)	If the Facility 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 Finance Parties.

 

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

 

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

 

		24.3	Role of the Arranger

 

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

 

    	- 70 -

    	 

    

  

		24.4	No fiduciary duties

 

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

 

		(b)	Neither the Facility 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.

 

		24.5	Business with the Group

 

		(a)	The Facility 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.

 

		(b)	The Facility Agent shall be entitled to deal with any amount paid to it by any person for the purposes
of this Agreement in the same manner as any other amount paid to a bank by its customers except that it shall not be liable to
account to any person for any interest or other amounts in respect of such amount.

 

		24.6	Rights and discretions of the Facility Agent

 

		(a)	The Facility Agent may rely on:

 

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

 

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

 

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

 

		(i)	no Default has occurred (unless it
                                         has actual knowledge of a Default arising under Clause 21.1 (Non-payment));

 

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

 

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

 

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

 

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

 

    	- 71 -

    	 

    

  

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

 

		(f)	Without prejudice to the generality of paragraph (e) above, the Facility Agent;

 

		(i)	may disclose; and

 

		(ii)	on the written request of the Borrower or the Majority Lenders shall, as soon as reasonably practicable,
disclose,

 

the identity of a Defaulting Lender
to the Borrower and to the other Finance Parties.

 

		(g)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility
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.

 

		(h)	The Facility Agent is authorised
                                         by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
                                         and the Prudential Regulation Authority. Nothing in this Agreement shall require the
                                         Facility Agent to carry on an activity of the kind specified by any provision of Part
                                         II (other than article 5 (Accepting deposits)) of the Financial Services and Markets
                                         Act 2000 (Regulated Activities) Order 2001 or to lend money to the Borrower in its capacity
                                         as Facility Agent.

 

		(i)	The fees, commission and expenses payable to the Facility Agent for services rendered and the performance
of its obligations under this Agreement shall not be abated by any remuneration or other amount received or to be received by the
Facility Agent (or any of its Affiliates) in connection with any transaction entered into by the Facility Agent with or for the
Lenders or the Borrower.

 

		24.7	Majority Lenders’ instructions

 

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

 

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

 

		(c)	The Facility Agent may refrain from acting in accordance with the instructions of the Majority
Lenders (or, if appropriate, the Lenders) until it has received any indemnification and/or security as 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 (together

 

    	- 72 -

    	 

    

 

with any
associated VAT) which it may incur in complying with the instructions.

 

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

 

		(e)	The Facility 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.

 

		24.8	Responsibility for documentation

 

Neither the Facility
Agent nor the Arranger:

 

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

 

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

 

		(c)	is responsible for 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.

 

		24.9	Exclusion of liability

 

		(a)	Without limiting paragraph (b)
                                         below (and without prejudice to the provisions of paragraph (e) of Clause 27.11 (Disruption
                                         to Payment Systems etc.), the Facility Agent will not be liable (including, without
                                         limitation, for negligence or any other category of liability whatsoever) for:

 

		(i)	any action taken by it under or in connection with any Finance Document, or for 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; or

 

    	- 73 -

    	 

    

 

		(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 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 Facility
                                         Agent) may take any proceedings against any officer, employee or agent of the Facility
                                         Agent in respect of any claim it might have against the Facility 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 Facility Agent may rely
                                         on this Clause subject to Clause 1.4 (Third Party Rights) and the provisions of
                                         the Third Parties Act.

 

		(c)	The Facility 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 Facility Agent if the Facility 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 Facility Agent for that purpose.

 

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

 

		(e)	Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent’s
liability, any liability of the Facility Agent arising under or in connection with any Finance Document shall be limited to the
amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date
of default of the Facility 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 Facility Agent at any time which increase the amount of that loss. In no
event shall the Facility Agent be liable for any loss of profits, goodwill, reputation,

 

    	- 74 -

    	 

    

 

			business opportunity or anticipated saving, or for special, punitive, indirect or consequential
damages, whether or not the Facility Agent has been advised of the possibility of such loss or damages

 

		24.10	Lenders’ indemnity to the Facility Agent

 

		(a)	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 Facility Agent, within three Business Days of demand, against any cost, loss or liability
                                         (including, without limitation, for negligence or any other category of liability whatsoever)
                                         incurred by the Facility Agent (otherwise than by reason of the Facility Agent’s
                                         gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability
                                         pursuant to Clause 27.11 (Disruption to Payment Systems etc.) notwithstanding
                                         the Facility Agent’s negligence, gross negligence or any other category of liability
                                         whatsoever but not including any claim based on the fraud of the Facility Agent) in acting
                                         as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed
                                         by the Borrower pursuant to a Finance Document).

 

		(b)	Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for
any payment that Lender makes to the Facility Agent pursuant to paragraph (a) above.

 

		(c)	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which
the Lender claims reimbursement relates to a liability of the Facility Agent to the Borrower.

 

		(d)	Th indemnity given by each Lender under or in connection with this Clause is a continuing obligation,
independent of the other obligations of the Lenders under or in connection with this Agreement or any other document and survives
after this Agreement is terminated. It is not necessary for a person to pay an amount or incur any expense before enforcing an
indemnity under or in connection with this Agreement or any other document.

 

		24.11	Resignation of the Facility Agent

 

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

 

		(b)	Alternatively the Facility Agent may resign by giving 30 days’ notice to the other Finance
Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Facility
Agent.

 

		(c)	If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph
(b) above within 20 days after notice of resignation was given, the retiring Facility Agent (after consultation with the Borrower)
may appoint a successor Facility Agent (acting through an office in the United Kingdom).

 

    	- 75 -

    	 

    

 

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

 

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

 

		(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 24. 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.

 

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

 

		24.12	Replacement of the Facility Agent

 

		(a)	After consultation with the Borrower, the Majority Lenders may, by giving 30 days’ notice
to the Facility Agent (or, at any time the Facility Agent is an Impaired Agent, by giving any shorter notice determined by the
Majority Lenders) replace the Facility Agent by appointing a successor Facility Agent (acting through an office in the United Kingdom).

 

		(b)	The retiring Facility Agent shall (at its own cost if it is an Impaired Agent and otherwise at
the expense of the Lenders) make available to the successor Facility Agent such documents and records and provide such assistance
as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the
Finance Documents.

 

		(c)	The appointment of the successor
                                         Facility Agent shall take effect on the date specified in the notice from the Majority
                                         Lenders to the retiring Facility Agent. As from this date, the retiring Facility Agent
                                         shall be discharged from any further obligation in respect of the Finance Documents (other
                                         than its obligations under paragraph (b) above) but shall remain entitled to the benefit
                                         of Clause 14.3 (Indemnity to the Facility Agent) and this Clause 24 (and any agency
                                         fees for the account of the retiring Facility Agent shall cease to accrue from (and shall
                                         be payable on) that date).

 

		(d)	Any successor Facility 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.

 

    	- 76 -

    	 

    

 

		24.13	Confidentiality

 

		(a)	In acting as Facility Agent for the Finance Parties, the Facility 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 Facility Agent, it may be treated
as confidential to that division or department and the Facility Agent shall not be deemed to have notice of it.

 

		24.14	Relationship with the Lenders

 

		(a)	Subject to Clause 22.9 (Pro
                                         rata Interest Settlement), the Facility Agent may treat the person shown in its records
                                         as Lender at the opening of business (in the place of the Facility 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 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
                                         Facility 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 29.5 (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 29.2 (Addresses) and paragraph (a)(ii)
                                         of Clause 29.5 (Electronic communication) and the Facility 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.

 

		24.15	Credit appraisal by the Lenders

 

			Without affecting the responsibility of
                                         the Borrower for information supplied by it or on its behalf in connection with any Finance
                                         Document, each Lender confirms to the Facility 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:

 

    	- 77 -

    	 

    

 

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

 

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

 

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

 

		(d)	the adequacy, accuracy and/or completeness of the Information Memorandum and any other information
provided by the Facility 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.

 

		24.16	Reference Banks

 

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

 

		24.17	Facility Agent’s Management Time

 

			Any amount payable to the Facility Agent
                                         under Clause 14.3 (Indemnity to the Facility Agent), Clause 16
                                         (Costs and expenses) and Clause 24.10 (Lenders’ indemnity
                                         to the Facility Agent) shall include the cost of utilising the Facility Agent’s
                                         management time or other resources and will be calculated on the basis of such reasonable
                                         daily or hourly rates as the Facility Agent may notify to the Borrower and the Lenders,
                                         and is in addition to any fee paid or payable to the Facility Agent under Clause 11 (Fees).

 

		24.18	Deduction from amounts payable by the Facility Agent

 

			If any Party owes an amount to the Facility Agent under the Finance Documents the Facility Agent
may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility
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.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES

 

			No provision of this Agreement will:

 

    	- 78 -

    	 

    

 

		(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.

 

		26.	SHARING AMONG THE FINANCE PARTIES

 

		26.1	Payments to Finance Parties

 

			If a Finance Party (a “Recovering
                                         Finance Party”) receives or recovers any amount from the Borrower other
                                         than in accordance with Clause 27 (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 Business Days, notify details of the receipt or
recovery to the Facility Agent;

 

		(b)	the Facility 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 Facility Agent and distributed
in accordance with Clause 27 (Payment mechanics), without taking account of any Tax which would be imposed on the Facility
Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Finance Party shall,
                                         within three Business Days of demand by the Facility Agent, pay to the Facility Agent
                                         an amount (the “Sharing Payment”) equal to such receipt or
                                         recovery less any amount which the Facility Agent determines may be retained by the Recovering
                                         Finance Party as its share of any payment to be made, in accordance with Clause 27.6
                                         (Partial payments).

 

		26.2	Redistribution of payments

 

			The Facility Agent shall treat the Sharing
                                         Payment as if it had been paid by the Borrower and distribute it between the Finance
                                         Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”)
                                         in accordance with Clause 27.6 (Partial payments) towards the obligations of the
                                         Borrower to the Sharing Finance Parties.

 

		26.3	Recovering Finance Party’s rights

 

			On a distribution by the Facility Agent
                                         under Clause 26.2 (Redistribution of payments) of a payment received by a Recovering
                                         Finance Party from the Borrower, as between the v 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 the Borrower.

 

    	- 79 -

    	 

    

 

		26.4	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 Facility Agent, pay to the Facility 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 Borrower and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by the Borrower.

 

		26.5	Exceptions

 

		(a)	This Clause 26 shall not apply to the extent that the Recovering Finance Party would not, after
making any payment pursuant to this Clause, have a valid and enforceable claim against the Borrower.

 

		(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.

 

    	- 80 -

    	 

    

 

SECTION 11

ADMINISTRATION

 

		27.	PAYMENT MECHANICS

 

		27.1	Payments to the Facility Agent

 

		(a)	On each date on which the Borrower or a Lender is required to make a payment under a Finance Document,
the Borrower or Lender shall make the same available to the Facility 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 Facility 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 Facility Agent specifies.

 

		27.2	Distributions by the Facility Agent

 

			Each payment received by the Facility
                                         Agent under the Finance Documents for another Party shall, subject to Clause 27.3
                                         (Distributions to the Borrower) and Clause 27.4 (Clawback) be
                                         made available by the Facility 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 Facility Agent by not less than five Business Days’ notice with a bank in the
                                         principal financial centre of the country of that currency.

 

		27.3	Distributions to the Borrower

 

			The Facility Agent may (with the consent
                                         of the Borrower or in accordance with Clause 28 (Set-off))
                                         apply any amount received by it for the Borrower in or towards payment (on the
                                         date and in the currency and funds of receipt) of any amount due from the Borrower under
                                         the Finance Documents or in or towards purchase of any amount of any currency to be so
                                         applied.

 

		27.4	Clawback

 

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

 

    	- 81 -

    	 

    

 

		(c)	If the Facility Agent has notified the Lenders that it is willing to make available amounts for
the account of the Borrower before receiving funds from the Lenders then if and to the extent that the Facility 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 the Borrower:

 

		(i)	the Facility Agent shall notify the Borrower of that Lender’s identity and the Borrower shall
on demand refund it to the Facility Agent; and

 

		(ii)	the Lender by whom those funds should have been made available or, if that Lender fails to do so,
the Borrower, shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the
Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that
Lender.

 

		27.5	Impaired Agent

 

		(a)	If, at any time, the Facility Agent
                                         becomes an Impaired Agent, the Borrower or a Lender which is required to make a payment
                                         under the Finance Documents to the Facility Agent in accordance with Clause 27.1 (Payments
                                         to the Facility Agent) may instead either:

 

		(i)	pay that amount direct to the required recipient(s); or

 

		(ii)	if in its absolute discretion it
                                         considers that it is not reasonably practicable to pay that amount direct to the required
                                         recipient(s), pay that amount or the relevant part of that amount to an interest-bearing
                                         account held with an Acceptable Bank within the meaning of paragraph (a) of the definition
                                         of “Acceptable Bank” and in relation to which no Insolvency Event has occurred
                                         and is continuing, in the name of the Borrower or the Lender making the payment (the
                                         “Paying Party”) and designated as a trust account for the benefit
                                         of the Party or Parties beneficially entitled to that payment under the Finance Documents
                                         (the “Recipient Party” or “Recipient Parties”).

 

			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 Recipient Party or the Recipient Parties pro rata to their respective entitlements.

 

		(c)	A Party which has made a payment in accordance with this Clause 27.5 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 Facility Agent in accordance with Clause 24.12 (Replacement of the Facility
                                         Agent), each Paying Party shall (other than to the extent that that Party has given
                                         an instruction pursuant

 

    	- 82 -

    	 

    

 

			to paragraph (e) below) 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 Facility Agent for distribution to the relevant
                                         Recipient Party or Recipient Parties in accordance with Clause 27.2 (Distributions
                                         by the Facility Agent).

 

		(e)	A Paying Party shall, promptly upon request by a Recipient Party and to the extent:

 

		(i)	that it has not given an instruction pursuant to paragraph (d) above; and

 

		(ii)	that it has been provided with the necessary information by that Recipient Party, 

 

give all requisite
instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest)
to that Recipient Party.

 

		27.6	Partial payments

 

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

 

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

 

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

 

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

 

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

 

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

 

		(c)	Paragraphs (a) and (b) above will override any appropriation made by the Borrower.

 

		27.7	No set-off by the Borrower

 

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

 

    	- 83 -

    	 

    

 

		27.8	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.

 

		27.9	Currency of account

 

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

 

		(b)	A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency
in which that Loan or Unpaid Sum is denominated on its due date.

 

		(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the
interest is payable was denominated when that interest accrued.

 

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

 

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

 

		27.10	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 Facility Agent (after consultation with the Borrower); 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 Facility Agent (acting reasonably).

 

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility
Agent (acting reasonably and after consultation with the Borrower) 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.

 

    	- 84 -

    	 

    

 

		27.11	Disruption to Payment Systems etc.

 

			If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred
or the Facility Agent is notified by the Borrower that a Disruption Event has occurred:

 

		(a)	the Facility Agent may, and shall if requested to do so by the Borrower, consult with the Borrower
with a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the Facility Agent
may deem necessary in the circumstances;

 

		(b)	the Facility Agent shall not be obliged to consult with the Borrower in relation to any changes
mentioned in paragraph (a) 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 Facility Agent may consult with the Finance Parties in relation to any changes mentioned in
paragraph (a) 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 Facility Agent and the Borrower 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 33 (Amendments and Waivers);

 

		(e)	the Facility Agent shall not be
                                         liable for any damages, costs or losses 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 Facility Agent) arising as a result of its taking,
                                         or failing to take, any actions pursuant to or in connection with this Clause 27.11;
                                         and

 

		(f)	the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph
(d) above.

 

		28.	SET-OFF

 

			A Finance Party may set off any matured obligation due from the Borrower under the Finance Documents
(to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to the Borrower,
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.

 

		29.	NOTICES

 

		29.1	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.

 

    	- 85 -

    	 

    

 

		29.2	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 Borrower, that identified with its name below;

 

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

 

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

 

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

 

		29.3	Delivery

 

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

 

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

 

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

 

			and, if a particular department or officer is specified as part of its address details provided
under Clause 29.2 (Addresses), if addressed to that department or officer.

 

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

 

		(c)	All notices from or to the Borrower shall be sent through the Facility Agent.

 

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

 

		(e)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d)
above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

    	- 86 -

    	 

    

 

		29.4	Notification of address and fax number

 

			Promptly upon receipt of notification
                                         of an address or fax number or change of address or fax number pursuant to Clause 29.2
                                         (Addresses) or changing its own address or fax number, the Facility Agent shall
                                         notify the other Parties.

 

		29.5	Communication when Facility Agent is Impaired Agent

 

			If the Facility Agent is an Impaired Agent the Parties may, instead of communicating with each
other through the Facility Agent, communicate with each other directly and (while the Facility Agent is an Impaired Agent) all
the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Facility 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 Facility Agent has been appointed.

 

		29.6	Electronic communication

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication and if those two Parties:

 

		(i)	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

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days’ notice.

 

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

 

		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after
5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		29.7	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

 

    	- 87 -

    	 

    

 

		(ii)	if not in English, and if so required by the Facility 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.	CALCULATIONS AND CERTIFICATES

 

		30.1	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.

 

		30.2	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.

 

		30.3	Day count convention

 

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

 

		31.	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.

 

		32.	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 of any such right or remedy or constitute an election to affirm
any of the Finance Documents. No election to affirm any of the Finance Documents on the part of any Finance Party shall be effective
unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the
exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any
rights or remedies provided by law.

 

		33.	AMENDMENTS AND WAIVERS

 

		33.1	Required consents

 

		(a)	Subject to Clause 33.2 (Exceptions)
                                         any term of the Finance Documents may be amended or waived only with the consent of the
                                         Majority Lenders and the Borrower and any such amendment or waiver will be binding on
                                         all Parties.

 

    	- 88 -

    	 

    

 

		(b)	The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted
by this Clause 33.

 

		33.2	Exceptions

 

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

 

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

 

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

 

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

 

		(iv)	an increase in or an extension of any Commitment or any requirement that a cancellation of Commitments
reduces the Commitments of the Lenders rateably under the Facility;

 

		(v)	Clause 23 (Changes to the
                                         Borrower);

 

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

 

		(vii)	a “material modification” (in the opinion of a Lender) for the purposes of FATCA that
may result (directly or indirectly) in a Party being required to make a FATCA Deduction; or

 

		(viii)	Clause 2.2 (Finance
                                         Parties’ rights and obligations), Clause 3.1 (Purpose),
                                         Clause 13 (Increased Cost), Clause 22 (Changes to the Lenders),
                                         Clause 36 (Governing Law), Clause 37 (Enforcement) or this Clause
                                         33, 

 

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 Facility Agent or the
Arranger (each in their capacity as such) may not be effected without the consent of the Facility Agent or, as the case may be,
the Arranger.

 

		33.3	Excluded Commitments

 

		(a)	If any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in
relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within ten Business
Days of that request being made, (unless, the Borrower and the Facility Agent agree to a longer time period in relation to any
request):

 

		(i)	its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under
the Facility when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments
has been obtained to approve that request; and

 

    	- 89 -

    	 

    

 

		(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.

 

		33.4	Disenfranchisement of Defaulting Lenders

 

		(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining:

 

		(i)	the Majority Lenders; or

 

		(ii)	whether:

 

		(A)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments
under the relevant Facility; or

 

		(B)	the agreement of any specified group of Lenders, 

 

has been obtained to approve any request for a
consent, waiver, amendment or other vote of Lenders under the Finance Documents,

 

that Defaulting Lender’s Commitments under
the Facility will be reduced by the amount of its Available Commitments under the Facility and, to the extent that that reduction
results in that Defaulting Lender’s Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender
for the purposes of paragraphs (i) and (ii) above.

 

		(b)	For the purposes of this Clause 33.4, the Facility Agent may assume that the following Lenders
are Defaulting Lenders:

 

		(i)	any Lender which has notified the Facility 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 paragraphs (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 Facility Agent) or
the Facility Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

 

		33.5	Replacement of a Defaulting Lender

 

		(a)	The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving
ten Business Days’ prior written notice to the Facility Agent and such Lender:

 

		(i)	replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender
shall) transfer pursuant to Clause 22

 

    	- 90 -

    	 

    

 

			(Changes to the Lenders) all
                                         (and not part only) of its rights and obligations under this Agreement;

 

		(ii)	require such Lender to (and, to
                                         the extent permitted by law, such Lender shall) transfer pursuant to Clause 22 (Changes
                                         to the Lenders) all (and not part only) of the undrawn Facility Commitment
                                         of the Lender; or

 

		(iii)	require such Lender to (and, to
                                         the extent permitted by law, such Lender shall) transfer pursuant to Clause 22 (Changes
                                         to the Lenders) all (and not part only) of its rights and obligations in respect
                                         of the Facility,

 

			to a Lender or other bank, financial
                                         institution, trust, fund or other entity (a “Replacement Lender”)
                                         selected by the Borrower and which confirms its willingness to assume and does assume
                                         all the obligations, or all the relevant obligations, of the transferring Lender in accordance
                                         with Clause 22 (Changes to the Lenders) for a purchase price in cash payable at
                                         the time of transfer which is either:

 

		(i)	in an amount equal to the outstanding
                                         principal amount of such Lender’s participation in the outstanding Utilisations
                                         and all accrued interest (to the extent that the Facility Agent has not given a notification
                                         under Clause 22.9 (Pro rata interest settlement)), Break Costs and other
                                         amounts payable in relation thereto under the Finance Documents; or

 

		(ii)	in an amount agreed between that Defaulting Lender, the Replacement Lender and the Borrower and
which does not exceed the amount described in paragraph (i) above.

 

		(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 33.5 shall
be subject to the following conditions:

 

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

 

		(ii)	neither the Facility Agent nor the Defaulting Lender shall have any obligation to the Borrower
to find a Replacement Lender;

 

		(iii)	the transfer must take place no later than five Business Days after the notice referred to in paragraph
(a) above;

 

		(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; and

 

		(v)	the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to
paragraph (a) above once it is satisfied that it has complied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender.

 

    	- 91 -

    	 

    

 

		(c)	The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Facility Agent and the Borrower
when it is satisfied that it has complied with those checks.

 

		34.	CONFIDENTIALITY

 

		34.1	Confidential Information

 

			Each Finance Party agrees to keep all
                                         Confidential Information confidential and not to disclose it to anyone, save to the extent
                                         permitted by Clause 34.2 (Disclosure of Confidential Information) and Clause 34.3
                                         (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.

 

		34.2	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 or to any insurers or insurance brokers and service
                                         providers 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 and 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 the Borrower and to any of that person’s Affiliates, Related Funds, Representatives
and professional advisers;

 

		(iii)	appointed by
                                         any Finance Party or by a person to whom paragraph (b)(i) or (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 (c)
                                         of Clause 24.14 (Relationship with the Lenders));

 

    	- 92 -

    	 

    

 

		(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 information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes;

 

		(vii)	to whom or for whose benefit that
                                         Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant
                                         to Clause 22.8 (Security over Lenders’ rights);

 

		(viii)	who is a Party; or

 

		(ix)	with the consent of the Borrower;

 

			in each case, such Confidential Information as that Finance Party shall consider appropriate if:

 

		(A)	in relation to paragraphs (b)(i), (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;

 

		(c)	to any person appointed by that Finance Party or by a person to whom paragraph (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

 

    	- 93 -

    	 

    

 

			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 Borrower and the relevant Finance Party;

 

		(d)	to any rating agency (including its professional advisers) or any direct or indirect provider of
credit protection to a Finance Party or any of its Affiliates 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 Borrower.

 

		34.3	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 Facility and/or the Borrower
the following information:

 

		(i)	names of Borrower;

 

		(ii)	country of domicile of Borrower;

 

		(iii)	place of incorporation of Borrower;

 

		(iv)	date of this Agreement;

 

		(v)	the names of the Facility Agent and the Arranger;

 

		(vi)	date of each amendment and restatement of this Agreement;

 

		(vii)	amount of Total Commitments;

 

		(viii)	currencies of the Facility;

 

		(ix)	type of Facility;

 

		(x)	ranking of Facility;

 

		(xi)	Termination Date for Facility;

 

		(xii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xi) above;
and

 

		(xiii)	such other information agreed between such Finance Party and the Borrower,

 

    	- 94 -

    	 

    

 

			to enable such numbering service provider to provide its usual syndicated loan numbering identification
services.

 

		(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the
Facility and/or the Borrower 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)	The Borrower represents that none of the information set out in paragraphs (i) to (xiii) of paragraph
(a) above is, nor will at any time be, unpublished price-sensitive information.

 

		(d)	The Facility Agent shall notify the Borrower and the other Finance Parties of:

 

		(i)	the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement,
the Facility and/or the Borrower; and

 

		(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or the
Borrower by such numbering service provider.

 

		34.4	Entire agreement

 

			This Clause 34 (Confidentiality) 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.

 

		34.5	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.

 

		34.6	Notification of disclosure

 

			Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the
Borrower:

 

		(a)	of the circumstances of any disclosure
                                         of Confidential Information made pursuant to paragraph (b)(v) of Clause 34.2 (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 (Confidentiality).

 

    	- 95 -

    	 

    

 

		34.7	Continuing obligations

 

			The obligations in this Clause 34 (Confidentiality)
                                         are continuing and, in particular, shall survive and remain binding on each Finance Party
                                         for a period of twelve months from the earlier of:

 

		(a)	the date on which all amounts payable by the Borrower 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.

 

		35.	COUNTERPARTS

 

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

 

    	- 96 -

    	 

    

 

SECTION 12

GOVERNING LAW AND ENFORCEMENT

 

		36.	GOVERNING LAW

 

			This Agreement and any non-contractual obligations arising out of or in connection with it are
governed by English law.

 

		37.	ENFORCEMENT

 

		37.1	Jurisdiction

 

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

 

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

 

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

 

		37.2	Service of process

 

Without prejudice to
any other mode of service allowed under any relevant law, the Borrower:

 

		(a)	irrevocably appoints Randgold Resources UK Limited of 1st Floor, 2 Savoy Court, Strand,
London WC2R 0EZ as its agent for service of process in relation to any proceedings before the English courts in connection with
any Finance Document; and

 

		(b)	agrees that failure by a process agent to notify the Borrower 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.

 

    	- 97 -

    	 

    

 

SCHEDULE 1

THE ORIGINAL LENDERS

 

	Name of Original Lender	 	Commitment	 
	 	 	 	 	 
	HSBC Bank USA, National Association	 	USD	80,000,000	 
	 	 	 	 	 
	Citibank, NA. London Branch	 	USD	40,000,000	 
	 	 	 	 	 
	Standard Chartered Bank	 	USD	40,000,000	 
	 	 	 	 	 
	Absa Bank Limited, London Branch	 	USD	40,000,000	 

 

    	- 98 -

    	 

    

 

SCHEDULE 2

CONDITIONS PRECEDENT

 

		1.	The Borrower

 

		(a)	A copy of the constitutional documents of the Borrower.

 

		(b)	A copy of a resolution of the board of directors of the Borrower (or an extract thereof):

 

		(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 despatch all documents
and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with
the Finance Documents to which it is a party,

 

substantially in the form agreed prior to the date of this Agreement.

 

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

 

		(d)	A certificate of the Borrower (signed by a director or a duly authorised company secretary) confirming
that borrowing the Total Commitments would not cause any borrowing or similar limit binding on the Borrower to be exceeded.

 

		(e)	A certificate signed by a director or a duly authorised company secretary of the Borrower certifying
that each copy document relating to it specified in this Schedule 2 is correct, complete and in full force and effect as at a date
no earlier than the date of this Agreement.

 

		2.	Finance Documents

 

			Each of the following documents executed by each party to it:

 

		(a)	this Agreement; and

 

		(b)	any Fee Letter.

 

		3.	Legal opinions

 

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

 

    	- 99 -

    	 

    

 

		(b)	A legal opinion of Bedell Cristin London Partnership, legal advisers to the Arranger and the Facility
Agent in Jersey, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

 

		4.	Other documents and evidence

 

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

 

		(b)	Confirmation from the Facility Agent that all documents required by the Finance Parties from the
Borrower or such other person for completion by the Finance Parties of all necessary “know your customer” compliance
requirements have been provided.

 

		(c)	A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent
reasonably specifies (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions
contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

 

		(d)	The Original Financial Statements of the Borrower.

 

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

 

    	- 100 -

    	 

    

 

SCHEDULE 3

REQUESTS

 

Utilisation Request

 

		From:	Randgold Resources Limited

 

		To:	HSBC Bank plc

 

Dated:

 

Dear Sirs

 

Randgold Resources Limited – USD 200,000,000
facility agreement

dated 17 May 2013 (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.

 

		(1)	We wish to borrow a Loan on the following terms:

 

	 	Proposed Utilisation Date:	[             ] (or, if that is not a Business Day, the next Business Day)
	 	Currency of Loan:	Dollars
	 	Amount:	[             ] or, if less, the Available Facility
	 	Interest Period:	[                  ] months

 

		2.	We confirm that each condition specified
                                         in Clause 4.2 (Further conditions precedent) is satisfied on the date of this
                                         Utilisation Request.

 

		3.	The proceeds of this Loan should be
                                         credited to [account].

 

		4.	This Utilisation Request is irrevocable.

 

	Yours faithfully
	 
	 
	 
	authorised signatory for
	Randgold Resources Limited

 

    	- 101 -

    	 

    

 

SCHEDULE 4

FORM OF TRANSFER CERTIFICATE

 

		To:	HSBC Bank plc as Facility Agent

 

From:   [The Existing Lender]
(the “Existing Lender”) and [The New Lender] (the “New Lender”)

 

Dated:

 

Randgold Resources Limited –
USD 200,000,000 facility agreement

dated 17 May 2013 (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 22.5 (Procedure
                                         for transfer):

 

		(a)	The Existing Lender and the New
                                         Lender agree to the Existing Lender transferring to the New Lender by novation, and in
                                         accordance with Clause 22.5 (Procedure for transfer), all of the Existing
                                         Lender’s rights and obligations under the Agreement and the other Finance Documents
                                         which relate to that portion of the Existing Lender’s Commitment and participations
                                         in Loans under the Agreement as specified in the Schedule.

 

		(b)	The proposed Transfer Date is [•].

 

		(c)	The Facility Office and address,
                                         fax number and attention details for notices of the New Lender for the purposes of Clause
                                         29.2 (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 22.4 (Limitation of responsibility of Existing Lenders).

 

		4.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect
as if the signatures on the counterparts were on a single copy of this Transfer Certificate.

 

		5.	This Transfer Certificate and any non-contractual obligations arising out of or in connection with
it are governed by English law.

 

		6.	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
Certificate.

 

    	- 102 -

    	 

    

 

THE SCHEDULE

 

Commitment/rights and obligations to
be transferred

 

[insert relevant details]

[Facility Office address, fax number
and attention details for notices and account details for

payments,]

 

	[Existing Lender]	[New Lender]
	 	 
	By:	By:

 

This Transfer Certificate is accepted by the Facility Agent
and the Transfer Date is confirmed as [        ].

 

[Facility Agent]

 

By:

 

    	- 103 -

    	 

    

 

SCHEDULE 5

FORM OF ASSIGNMENT AGREEMENT

 

		To:	HSBC Bank plc as Facility Agent and Randgold Resources
Limited as Borrower

 

From:    [the Existing
Lender] (the “Existing Lender”) and [the New Lender] (the “New Lender”)

 

Dated:

 

Randgold Resources Limited –
USD 200,000,000 facility agreement

dated 17 May 2013 (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 22.6 (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 Commitment
                                         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 Commitment 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 obligations 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
                                         29.2 (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 22.4 (Limitation of responsibility of Existing Lenders).

 

		7.	This Assignment Agreement acts as notice
                                         to the Facility Agent (on behalf of each Finance Party) and, upon delivery in accordance
                                         with Clause 22.7 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation
                                         to Borrower), to the Borrower of the assignment referred to in this Assignment Agreement.

 

    	- 104 -

    	 

    

 

		8.	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.

 

		9.	This Assignment Agreement and any non-contractual obligations arising out of or in connection with
it are governed by English law.

 

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

 

    	- 105 -

    	 

    

 

THE SCHEDULE

 

Rights to be assigned and obligations
to be released and undertaken

 

[insert relevant details]

 

[Facility office address, fax number
and attention details for notices and account details for

payments]

 

	[Existing Lender]	[New Lender]
	 	 
	By:	By:

 

This Assignment Agreement is accepted by
the Facility Agent and the Transfer Date is confirmed as [·].

 

Signature of this Assignment Agreement
by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein,
which notice the Facility Agent receives on behalf of each Finance Party.

 

[Facility Agent]

 

By:

 

    	- 106 -

    	 

    

 

SCHEDULE 6

FORM OF COMPLIANCE CERTIFICATE

 

		To:	HSBC Bank plc as Facility Agent

 

		From:	Randgold Resources Limited as the Borrower

 

Dated:

 

Dear Sirs

 

Randgold Resources Limited –
USD 200,000,000 facility agreement

dated 17 May 2013 (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:

 

		(a)	[insert details of covenants
                                         to be certified];

 

		(b)	[·].1

 

		3.	[We confirm that no Default is continuing.]*

 

	Signed:  	 
	 	Authorised signatory for
	 	Randgold Resources Limited

 

 

		1	Confirmation details to be confirmed by Facility Agent.

 

		*	If this statement cannot be made, the certificate should identify any Default that is continuing
and the steps, if any, being taken to remedy it.

 

    	- 107 -

    	 

    

 

SCHEDULE 7

TIMETABLES

 

	 	 	Loans in dollars
	 	 	 
	Delivery of a duly completed Utilisation
    Request (Clause 5.1 (Delivery of a Utilisation Request)))	 	U-3, 9.30 a.m.
	 	 	 
	Facility Agent notifies the Lenders of the Loan in accordance with
    Clause 5.4 (Lender’s participation)	 	U-3, 5.00 p.m.
	 	 	 
	LIBOR is fixed	 	Quotation Day as of 11:00 a.m.

  

    	- 108 -

    	 

    

 

SCHEDULE 8

FORM OF INCREASE CONFIRMATION

 

		To:	[·] as Facility Agent and Randgold Resources Limited
as the Borrower

 

		From:	[the Increase
                                         Lender] (the “Increase Lender”)

 

Dated:

 

Randgold Resources Limited – USD 200,000,000
facility agreement

dated 17 May 2013 (the “Facility
Agreement”)

 

		1.	We refer to the Facility Agreement.
                                         This agreement (the “Agreement”) shall take effect as an Increase
                                         Confirmation for the purpose of the Facility Agreement. Terms defined in the Facility
                                         Agreement have the same meaning in this Agreement unless given a different meaning in
                                         this Agreement.

 

		2.	We refer to clause 2.2 (Increase)
                                         of the Facility Agreement.

 

		3.	The Increase Lender agrees to assume
                                         and will assume all of the obligations corresponding to the Commitment specified in the
                                         Schedule (the “Relevant Commitment”) as if it was an Original
                                         Lender under the Facility Agreement.

 

		4.	The proposed date on which the increase
                                         in relation to the Increase Lender and the Relevant Commitment is to take effect (the
                                         “Increase Date”) is [•].

 

		5.	On the Increase Date, the Increase Lender becomes party to the relevant Finance Documents as a
Lender.

 

		6.	The Facility Office and address, fax
                                         number and attention details for notices to the Increase Lender for the purposes of Clause
                                         29.2 (Addresses) are set out in the Schedule.

 

		7.	The Increase Lender expressly acknowledges
                                         the limitations on the Lenders’ obligations referred to in paragraph (g) of Clause
                                         2.2 (Increase).

 

		8.	This 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 Agreement.

 

		9.	This Agreement and any non-contractual obligations arising out of or in connection with it are
governed by English law.

 

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

 

    	- 109 -

    	 

    

 

THE SCHEDULE

 

Relevant Commitment/rights and obligations
to be assumed by the Increase Lender

 

[insert relevant details]

 

[Facility office address, fax number
and attention details for notices and account details for

payments]

 

[Increase Lender]

 

By:

 

This Agreement is accepted as an Increase Confirmation for the
purposes of the Facility Agreement by the Facility Agent and the Increase Date is confirmed as [·].

 

Facility Agent

 

By:

 

    	- 110 -

    	 

    

 

SIGNATURES

 

THE BORROWER

 

RANDGOLD RESOURCES LIMITED

 

	By:	/s/ G. P. Shuttleworth
	 	G. P. Shuttleworth
	 	 
	Address:	
        Randgold Resources Limited

        3rd Floor, Unity Chambers

        28 Halkett Street

        St Helier

        Jersey JE2 4WJ

	 	 
	Fax:	01534 735 444
	 	 
	Tel:	01534 735 333
	 	 
	Email:	legal@randgoldresources.com
	 	 
	Attention:	Martin Welsh

 

    	- 111 -

    	 

    

 

THE ARRANGER

 

HSBC SECURITIES (USA) INC.

 

	By:  	

 

	Address:	
        452 Fifth Avenue T-8

        10018 New York, NY

        United States of America

	 	 
	Fax:	+1 212 525 6581
	 	 
	Email:	Adam.hendley@us.hsbc.com / Bill.edge@us.hsbc.com
	 	 
	Attention:	Adam Hendley / Bill Edge

 

    	- 112 -

    	 

    

 

THE FACILITY AGENT

 

HSBC BANK PLC

 

	By:	
	 	 
	Address:	
        Corporate Trust & Loan Agency, Level 27

        8 Canada Square

        London E14 5HQ

	 	 
	Fax:	+44 (0) 20 7991 4347
	 	 
	Attention:	Loan Agency Operations

 

    	- 113 -

    	 

    

 

	THE ORIGINAL LENDERS
	 
	HSBC Bank USA, National Association
	 
	By:  	

 

For credit matters:

 

	Address:	452 Fifth Avenue T-8
	 	10018 New York, NY
	 	United States of America
	 	 
	Fax:	+1 212 525 6581
	 	 
	Email:	Adam.hendley@us.hsbc.com / Bill.edge@us.hsbc.com
	 	 
	Attention:	Adam Hendley / Bill Edge

 

For operational matters:

 

	Fax:	+1 917 229 0978
	Attention:	Gale Boyd / Adrienne Smith

 

    	- 114 -

    	 

    

 

Citibank, N.A. London Branch

 

	By:	/s/ Georgi Yordanov
	 	Georgi Yordanov
	 	Director, EMEA Natural Resources

 

	Address:	Citigroup Centre
	 	Canada Square 
	 	Canary Wharf
	 	London E14 5LB
	 	 
	Fax:	+44 (0) 20 3367 9427 / +44 (0) 20 3364 2127
	 	 
	Email:	jan.klima@citi.com / lorenzo.ravelli@citi.com
	 	 
	Attention:	Jan Klima / Lorenzo Ravelli

 

    	- 115 -

    	 

    

 

	Standard Chartered Bank
	 
	By:  	/s/ Doug Strong
	 	Doug Strong

 

For credit matters:

 

	Address:	1 Basinghall Avenue 
	 	London EC2V 5DD
	 	 
	Fax:	+44 (0)20 7885 0129 / +44 (0)20 7885 9438
	 	 
	Email:	Jonathan.Hubbard@sc.com / Ling.Lu@sc.com
	 	 
	Attention:	Jonathan Hubbard / Ling Lu

 

For operational matters:

 

	Address:	Client Service Group / UK Loans Processing 
	 	Wholesale Bank Europe, 6th Floor 
	 	1 Basinghall Avenue 
	 	London EC2V 5DD
	 	 
	Fax:	+44 (0)20 7885 8071 / +44 (0)20 7885 6504
	 	 
	Email:	UK.LPUInstructions@sc.com / Rajesh.Atholi@sc.com
	 	 
	Attention:	Prathap A V / Rajesh Atholi

 

    	- 116 -

    	 

    

 

	Absa Bank Limited, London Branch
	 
	By:  	

 

	Address:	Murray House
	 	1 Royal Mint Court
	 	London EC3N 4HH
	 	 
	Fax:	+44 (0)20 7516 9464
	 	 
	Email:	Rav.Parker@absa.co.uk / David.Kerr@absa.co.uk
	 	 
	Attention:	Ray Parker / David Kerr
	 	 
	and	 
	 	 
	Address:	8 Rivonia Road
	 	Illovo
	 	Johannesburg, 2001
	 	 
	Fax:	+27 (0) 11 895 7847
	 	 
	Tel:	+27 (0) 11 895 6972 / 082 821 3127
	 	 
	Email:	arlene.roelofse@absacapital.com
	 	 
	Attention:	Arlene Roelofse

 

    	- 117 -ex109llcagreementofnorcraft

Exhibit 10.9

NORCRAFT COMPANIES LLC
A Delaware Limited Liability Company
 
LIMITED LIABILITY COMPANY AGREEMENT
Dated as of November 13, 2013
THE LIMITED LIABILITY COMPANY INTERESTS IN NORCRAFT COMPANIES LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS.  SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER.  THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS LIMITED LIABILITY COMPANY AGREEMENT, AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER.  THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

TABLE OF CONTENTS
	
			
	 
	 
	Page

	ARTICLE I DEFINITIONS
	1

	Section 1.1.
	Definitions.
	1

	Section 1.2.
	Terms Generally.
	6

	ARTICLE II GENERAL PROVISIONS
	7

	Section 2.1.
	Formation.
	7

	Section 2.2.
	Name.
	7

	Section 2.3.
	Section Term.
	7

	Section 2.4.
	Purpose; Powers.
	7

	Section 2.5.
	Existence and Good Standing; Foreign Qualification.
	7

	Section 2.6.
	Registered Office; Registered Agent; Principal Office; Other Offices.
	8

	Section 2.7.
	Admission.
	8

	ARTICLE III CAPITALIZATION
	8

	Section 3.1.
	Units; Initial Capitalization; Schedules.
	8

	Section 3.2.
	Authorization and Issuance of Additional Units.
	8

	Section 3.3.
	Vesting of Unvested Common Units.
	10

	Section 3.4.
	Capital Accounts.
	11

	Section 3.5.
	No Withdrawal.
	12

	Section 3.6.
	Loans From Members.
	12

	Section 3.7.
	No Right of Partition.
	12

	Section 3.8.
	Non-Certification of Units; Legend; Units are Securities.
	12

	ARTICLE IV DISTRIBUTIONS
	13

	Section 4.1.
	Distributions.
	13

	Section 4.2.
	Unvested Common Units.
	13

	Section 4.4.
	Tax Distributions.
	14

	Section 4.5.
	Withholding; Indemnification.
	15

	Section 4.7.
	Limitation.
	15

	ARTICLE V ALLOCATIONS
	15

	Section 5.1.
	Allocations for Capital Account Purposes.
	15

	Section 5.2.
	Allocations for Tax Purposes.
	16

	Section 5.3.
	Members’ Tax Reporting.
	17

	ARTICLE VI MANAGEMENT
	17

	Section 6.1.
	Managing Member; Delegation of Authority and Duties.
	17

	Section 6.2.
	Officers.
	18

	Section 6.3.
	Liability of Members.
	18

	Section 6.4.
	Indemnification by the Company.
	19

	Section 6.5.
	Investment Representations of Members.
	20

i

	
			
	ARTICLE VII WITHDRAWAL; DISSOLUTION; TRANSFER OF MEMBERSHIP INTERESTS; ADMISSION OF NEW members
	20

	Section 7.1.
	Member Withdrawal.
	20

	Section 7.2.
	Dissolution.
	20

	Section 7.3.
	Transfer by Members.
	21

	Section 7.4.
	Admission or Substitution of New Members.
	21

	Section 7.5.
	Additional Requirements.
	23

	Section 7.7.
	Bankruptcy.
	23

	ARTICLE VIII BOOKS AND RECORDS; FINANCIAL STATEMENTS AND OTHER INFORMATION; TAX MATTERS
	23

	Section 8.1.
	Books and Records.
	23

	Section 8.2.
	Information.
	23

	Section 8.3.
	Fiscal Year.
	23

	Section 8.4.
	Certain Tax Matters.
	23

	ARTICLE IX MISCELLANEOUS
	25

	Section 9.1.
	Schedules.
	25

	Section 9.2.
	Governing Law.
	25

	Section 9.2.
	Consent to Jurisdiction.
	25

	Section 9.4.
	Successors and Assigns.
	25

	Section 9.5.
	Amendments and Waivers.
	25

	Section 9.6.
	Notices.
	26

	Section 9.7.
	Counterparts.
	27

	Section 9.8.
	Power of Attorney.
	27

	Section 9.9.
	Entire Agreement.
	27

	Section 9.10.
	Remedies.
	27

	Section 9.11.
	Severability.
	27

	Section 9.12.
	Creditors.
	27

	Section 9.13.
	Waiver.
	27

	Section 9.14.
	Further Action.
	28

	Section 9.15.
	Delivery by Facsimile or Email.
	0

ii

LIMITED LIABILITY COMPANY AGREEMENT 
OF 
NORCRAFT COMPAIES LLC 
A Delaware Limited Liability Company
This LIMITED LIABILITY COMPANY AGREEMENT of Norcraft Companies LLC (the “Company”), dated and effective as of November 13, 2013 (this “Agreement”), is adopted, executed and agreed to, for good and valuable consideration, by and among the Members (as defined herein). 
WHEREAS, the Company was formed as a limited liability company pursuant to the Delaware Limited Liability Company Act by the filing of a Certificate of Formation of a limited liability company with the Secretary of State of the State of Delaware on November 12, 2013 (the “Certificate”); 
WHEREAS, the parties hereto desire to enter into this Limited Liability Company Agreement.
NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto, each intending to be legally bound, agree that the Existing Agreement is hereby amended and restated in its entirety as follows:
ARTICLE 1
DEFINITIONS
Section 1.1.    Definitions.
Unless the context otherwise requires, the following terms shall have the following meanings for purposes of this Agreement:
“Act” means the Delaware Limited Liability Company Act, 6 Del. C. Sections 18-101 et seq., as it may be amended from time to time, and any successor to the Act.
“Additional Member” means any Person that has been admitted to the Company as a Member pursuant to Section 7.4 by virtue of having received its Company Interest from the Company and not from any other Member or Assignee.
“Affiliate” when used with reference to another Person means any Person (other than the Company), directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with, such other Person.  In addition, Affiliates of the Members shall include all their directors, managers, officers and employees in their capacities as such.
“Asset Value” of any tangible or intangible property of the Company (including goodwill) means its adjusted basis for federal income tax purposes unless:
(a)    the property was accepted by the Company as a contribution to capital at a value different than its adjusted basis, in which event the initial Asset Value for such property means the Fair Market Value of such asset, as determined by the Managing Member; or
(b)    as a consequence of the issuance of additional Units or the redemption of all or part of the Company Interest of a Member, the property of the Company is revalued in accordance with Section 3.4(b) (“Revaluations of Assets and Capital Account Adjustments”).
As of any date, references to the “then prevailing Asset Value” of any property means the Asset Value last determined for such property less the depreciation, amortization and cost recovery deductions taken into account in computing Net Income or Net Loss in fiscal periods subsequent to such prior determination date. 
“Assignee” means any Transferee to which a Member or another Assignee has Transferred all or a portion of its interest in the Company in accordance with the terms of this Agreement, but that is not admitted to the 

Company as a Member.
“Bankruptcy” means, with respect to any Person, (A) if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (B) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90 days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is not vacated.  The foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1) and 18-304 of the Act.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required to close.
“Capital Account” means the capital account maintained for a Member pursuant to Section 3.3.
“Certificate” has the meaning set forth in the recitals hereto.
A “Change in Control” shall be deemed to have occurred if or upon:
(a) the stockholders of Norcraft approve the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of Norcraft’s assets (determined on a consolidated basis) to any person or group (as such term is used in Section 13(d)(3) of the Exchange Act) other than to any subsidiary of Norcraft; provided, that, for clarity and notwithstanding anything to the contrary, neither the approval of nor consummation of a transaction treated for U.S. federal income tax purposes as a liquidation into Norcraft of its wholly-owned Subsidiaries or merger of such entities into one another or Norcraft will constitute a “Change in Control”;
(b) the stockholders of Norcraft approve a merger or consolidation of Norcraft with any other person, other than a merger or consolidation which would result in the Voting Securities of Norcraft outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 50.1% of the total voting power represented by the Voting Securities of Norcraft or such surviving entity outstanding immediately after such merger or consolidation;
(c) the stockholders of Norcraft approve the adoption of a plan the consummation of which would result in the liquidation or dissolution of Norcraft;
(d) the acquisition, directly or indirectly, by any person or group (as such term is used in Section 13(d)(3) of the Exchange Act) (other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of Norcraft; (b) a corporation or other entity owned, directly or indirectly, by the stockholders of Norcraft in substantially the same proportions as their ownership of stock of Norcraft; (c) SKM Equity Fund III, L.P. and its Affiliates ((a) through (c) collectively are referred to herein as “Exempt Persons”)) of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of more than 50.01% of the aggregate voting power of the Voting Securities of Norcraft; or
(e) during any 12 month period, individuals who at the beginning of such period composed the Board of Directors of Norcraft (together with any new directors whose election by such Board of Directors or whose nomination for election by the stockholders of Norcraft was approved by a vote of 66 2/3% of the directors of Norcraft then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of 

2

Directors of the Corporation then in office.
“Code” means the United States Internal Revenue Code of 1986, as amended from time to time.
“Common Stock” means common stock, par value $0.01 per share, of Norcraft.
“Common Units” has the meaning set forth in Section 3.1(a).
“Company Interest” means, with respect to each Member, such Member’s economic interest and rights as a Member.
“Control” means, when used with reference to any Person, the power to direct the management or policies of such Person, directly or indirectly, by or through stock or other equity ownership, agency or otherwise, or pursuant to or in connection with an agreement, arrangement or other understanding (written or oral); and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing.
“Equity Securities” means, as applicable, (i) any capital stock, limited liability company or membership interests, partnership interests,  or other equity interest, (ii) any securities directly or indirectly convertible into or exchangeable for any capital stock, limited liability company or membership interests, partnership interests,  or other equity interest or containing any profit participation features, (iii) any rights or options directly or indirectly to subscribe for or to purchase any capital stock, limited liability company or membership interests, partnership interest,  other equity interest or securities containing any profit participation features or to subscribe for or to purchase any securities directly or indirectly convertible into or exchangeable for any capital stock, limited liability company or membership interests, partnership interest, other equity interests or securities containing any profit participation features, (iv) any equity appreciation rights, phantom equity rights or other similar rights, or (v) any Equity Securities issued or issuable with respect to the securities referred to in clauses (i) through (iv) above in connection with a combination, recapitalization, merger, consolidation or other reorganization.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Exchange Agreement” means the Exchange Agreement, dated on or about the date hereof among the Norcraft and Members from time to time party thereto, as it may be amended or supplemented from time to time.
“Existing Agreement” means the Third Amended and Restated Company Agreement of Norcraft Holdings, L.P., dated June 25, 2007.
“Fair Market Value” means (i) in reference to a particular Unit or other Equity Security issued by the Company or, as the case may be, all of the outstanding Units or other Equity Securities issued by the Company, the hypothetical amount that would be distributed with respect to such Unit(s) or Equity Security(ies), as determined pursuant to an appraisal, which appraisal shall be subject to the approval of the Managing Member, performed at the expense of the Company by (A) the Company or any of its Subsidiaries or (B) an investment bank, accounting firm or other Person of national standing having particular expertise in the valuation of businesses comparable to that of the Company selected by the Managing Member, and where such appraisal (1) determines the net equity value of the Company, and (2) assumes the distribution to the Members pursuant to Section 4.1 and ARTICLE VII of the proceeds that would hypothetically be received with respect to such Unit(s) or other Equity Security(ies) issued by the Company based on such net equity value, and (ii) in reference to assets or securities other than Units or other Equity Securities issued by the Company, the fair market value for such assets or securities as between a willing buyer and a willing seller in an arm’s length transaction occurring on the date of valuation, taking into account all relevant factors determinative of value, as is determined by the Managing Member in its sole discretion.
“Fiscal Year” means the taxable year of the Company. 
“GAAP” means accounting principles generally accepted in the United States of America, consistently applied and maintained throughout the applicable periods.

3

“Good Faith” shall mean a Person having acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to a criminal proceeding, having had no reasonable cause to believe such Person’s conduct was unlawful.
“Governmental Entity” means the United States of America or any other nation, any state or other political subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including any court, in each case, having jurisdiction over the Company or any of its Subsidiaries or any of the property or other assets of the Company or any of its Subsidiaries.
“HSR Act” has the meaning set forth in Section 7.2(f).
“Incentive Plan” means the Management Incentive Plan of Norcraft Holdings, L.P., dated as of October 21, 2003. 
“IPO” means the initial public offering and sale of Common Stock of Norcraft (as contemplated by Norcraft’s Registration Statement on Form S-1 (File No. 333-131607)).
“Managing Member” means Norcraft, and any assignee to which the managing member of the Company Transfers all Units and other Equity Securities of the Company that is admitted to the Company as the managing member of the Company, in its capacity as the managing member of the Company.
“Member” means each Person listed on the Schedule of Members on the date hereof (including the Managing Member) and each other Person who is hereafter admitted as a Member in accordance with the terms of this Agreement and the Act.  The Members shall constitute the “members” (as such term is defined in the Act) of the Company.  Any reference in this Agreement to any Member shall include such Member’s Successors in Interest to the extent such Successors in Interest have become Substituted Members in accordance with the provisions of this Agreement.  Except as otherwise set forth herein or in the Act, the Members shall constitute a single class or group of members of the Company for all purposes of the Act and this Agreement.
“Net Income” or “Net Loss” means, for any taxable year or relevant part thereof, the Company’s taxable income or loss for federal income tax purposes for such period (including all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code), with the following adjustments:
(a)    Gain or loss attributable to the disposition of property of the Company with an Asset Value different from the adjusted basis of such property for federal income tax purposes shall be computed with respect to the Asset Value of such property, and any tax gain or loss not included in Net Income or Net Loss shall be taken into account and allocated for federal income tax purposes among the Members pursuant to Section 5.2.  
(b)    In lieu of the depreciation, amortization or other cost recovery deductions taken into account in computing such taxable income or loss, depreciation, amortization or cost recovery deductions allowable with respect to any property the Asset Value of which differs from its adjusted tax basis for federal income tax purposes shall be equal to an amount that bears the same ratio to such beginning Asset Value as the federal income tax depreciation, amortization or other cost recovery deductions for such period bear to such beginning adjusted tax basis; provided, however, that if the adjusted tax basis of the property at the beginning of such period is zero, depreciation shall be determined with respect to such asset using any reasonable method selected by the Managing Member.
(c)    Any items that are required to be specially allocated pursuant to Section 5.1(b) shall not be taken into account in determining Net Income or Net Loss.
“Norcraft” means Norcraft Companies, Inc., a Delaware corporation.
“Norcraft Group” means Norcraft and/or any Subsidiary of Norcraft.

4

“Officer” means each Person designated as an officer of the Company pursuant to and in accordance with the provisions of Section 6.2, subject to any resolution of the Managing Member appointing such Person as an officer of the Company or relating to such appointment.
“Person” means an individual, a partnership (including a limited partnership), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity.
“Pledge” means pledge, grant a security interest in, create a lien on, assign the right to receive distributions or proceeds from, or otherwise encumber, directly or indirectly, or any act of the foregoing.
“Proceeding” has the meaning set forth in Section 6.4.
“Registration Rights Agreement” means the Registration Rights Agreement, dated November 13, 2013, by and among Norcraft and the parties named therein.
 “Securities Act” means the Securities Act of 1933, as amended.
“Schedule of Members” has the meaning set forth in Section 3.1(b).
“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof.  For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall control the management of any such limited liability company, partnership, association or other business entity.  For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company.
“Substituted Member” means any Person that has been admitted to the Company as a Member pursuant to Section 7.4 by virtue of such Person receiving all or a portion of a Company Interest from a Member or an Assignee and not from the Company.
“Successor in Interest” means any (i) trustee, custodian, receiver or other Person acting in any Bankruptcy or reorganization proceeding with respect to, (ii) assignee for the benefit of the creditors of, (iii) trustee or receiver, or current or former officer, director or partner, or other fiduciary acting for or with respect to the dissolution, liquidation or termination of, or (iv) other executor, administrator, committee, legal representative or other successor or assign of, any Member, whether by operation of law or otherwise.
“Tax Distribution” has the meaning set forth in Section 4.4.
“Tax Matters Member” has the meaning set forth in Section 8.4(d).
“Tax Receivable Agreements” means, collectively, (i) the Tax Receivable Agreement (Exchanges), dated on or about the date hereof, among the Managing Member, the Company and the other parties thereto; (ii) the Tax Receivable Agreement (SKM Norcraft Corp.), dated on or about the date hereof, among Norcraft and the other parties thereto; and (iii) the Tax Receivable Agreement (Trimaran Cabinet Corp.), dated on or about the date hereof, among Norcraft and the other parties thereto, in each case as such agreements may be amended or supplemented from time to time.

5

“Transfer” means sell, assign, convey, contribute, give, or otherwise transfer, whether directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise (including a transfer by way of entering into a financial instrument or contract the value of which was determined in whole or part by reference to the Company (including the amount of Company distributions, the value of Company assets or the results of Company operations)), or any act of the foregoing, but excludes Pledge or any act of Pledging.  The terms “Transferee,” “Transferor,” “Transferred,” “Transferring Member,” “Transferor Member” and other forms of the word “Transfer” shall have the correlative meanings.
“Treasury Regulations” means the regulations, including temporary regulations, promulgated by the United States Treasury Department under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).
“Units” means the Common Units (vested or unvested) and any other Class of membership interests in the Company denominated as “Units” that is established in accordance with this Agreement, which shall constitute partnership interests in the Company as provided in this Agreement and under the Act, entitling the holders thereof to the relative rights, title and interests in the profits, losses, deductions and credits of the Company at any particular time as set forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Member as provided in this Agreement, together with the obligations of such Member to comply with all terms and provisions of this Agreement.
“Unvested Common Units” has the meaning set forth in Section 3.3(b).
“Voting Securities” shall mean any securities of Norcraft which are entitled to vote generally in matters submitted for a vote of Norcraft’s stockholders or generally in the election of Norcraft’s Board of Directors.
Section 1.2.    Terms Generally.  In this Agreement, unless otherwise specified or where the context otherwise requires:
(a)    the headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement;
(b)    words importing any gender shall include other genders;
(c)    words importing the singular only shall include the plural and vice versa;
(d)    the words “include,” “includes” or “including” shall be deemed to be followed by the words “without limitation”;
(e)    the words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement;
(f)    references to “Articles,” “Exhibits,” “Sections” or “Schedules” shall be to Articles, Exhibits, Sections or Schedules of or to this Agreement;
(g)    references to any Person include the successors and permitted assigns of such Person;
(h)    the use of the words “or,” “either” and “any” shall not be exclusive;
(i)    wherever a conflict exists between this Agreement and any other agreement among parties hereto, this Agreement shall control but solely to the extent of such conflict;
(j)    references to “$” or “dollars” means the lawful currency of the United States of America;

6

(k)    references to any agreement, contract or schedule, unless otherwise stated, are to such agreement, contract or schedule as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; and
(l)    the parties hereto have participated collectively in the negotiation and drafting of this Agreement; accordingly, in the event an ambiguity or question of intent or interpretation arises, it is the intention of the parties that this Agreement shall be construed as if drafted collectively by the parties hereto, and that no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provisions of this Agreement.
ARTICLE II
GENERAL PROVISIONS
Section 2.1.    Formation.  The Company was formed as a Delaware limited liability company on November 12, 2013 pursuant to the Delaware Limited Liability Company Act by the execution and filing of a Certificate of Formation of a limited liability company with the Delaware Secretary of State on November 12, 2013. The Members agree to continue the Company as a limited liability company under the Act, upon the terms and subject to the conditions set forth in this Agreement.  The rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant to the Act and this Agreement. To the extent that the rights, powers, duties, obligations and liabilities of any Member are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Act, control.
Section 2.2.    Name.  The name of the Company is “Norcraft Companies LLC,” and all Company business shall be conducted in that name or in such other names that comply with applicable law as the Managing Member may select from time to time.  Subject to the Act, the Managing Member may change the name of the Company (and amend this Agreement to reflect such change) at any time and from time to time without the consent of any other Person.  Prompt notification of any such change shall be given to all Members.
Section 2.3.    Section Term.   The term of the Company commenced on the date the Certificate was filed with the office of the Secretary of State of the State of Delaware and shall continue in existence perpetually until termination in accordance with the provisions of Section 7.2(d) and the Act.
Section 2.4.    Purpose; Powers.
(a)    Managing Powers.  The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act or activity for which limited liability companies may be formed under the Act.  The Company may engage in any and all activities necessary, desirable or incidental to the accomplishment of the foregoing.  Notwithstanding anything herein to the contrary, nothing set forth herein shall be construed as authorizing the Company to possess any purpose or power, or to do any act or thing, forbidden by law to a limited liability company formed under the laws of the State of Delaware.
(b)    Company Action.  Subject to the provisions of this Agreement and except as prohibited by the Act, (i) the Company may, with the approval of the Managing Member, enter into and perform any and all documents, agreements and instruments, all without any further act, vote or approval of any Member and (ii) the Managing Member may authorize any Person (including any Member or Officer) to enter into and perform any document on behalf of the Company.
Section 2.5.    Existence and Good Standing; Foreign Qualification.   The Managing Member may take all action which may be necessary or appropriate (i) for the continuation of the Company’s valid existence as a limited liability company under the laws of the State of Delaware (and of each other jurisdiction in which such existence is necessary to enable the Company to conduct the business in which it is engaged) and (ii) for the maintenance, preservation and operation of the business of the Company in accordance with the provisions of this Agreement and applicable laws and regulations.  The Managing Member may file or cause to be filed for recordation in the office of the appropriate authorities of the State of Delaware, and in the proper office or offices in each other jurisdiction in which the Company is formed or qualified, such certificates (including certificates of 

7

limited liability companies and fictitious name certificates) and other documents as are required by the applicable statutes, rules or regulations of any such jurisdiction or as are required to reflect the identity of the Members and the amounts of their respective capital contributions.  The Managing Member may cause the Company to comply, to the extent procedures are available and those matters are reasonably within the control of the Officers, with all requirements necessary to qualify the Company as a foreign limited liability company in any jurisdiction other than the State of Delaware.
Section 2.6.    Registered Office; Registered Agent; Principal Office; Other Offices.   The registered office of the Company required by the Act to be maintained in the State of Delaware shall be the office of the initial registered agent named in the Certificate or such other office (which need not be a place of business of the Company) as the Managing Member may designate from time to time in the manner provided by law.  The registered agent of the Company in the State of Delaware shall be the initial registered agent named in the Certificate or such other Person or Persons as the Managing Member may designate from time to time in the manner provided by law.  The principal office of the Company shall be at such place as the Managing Member may designate from time to time, which need not be in the State of Delaware, and the Company shall maintain records at such place.  The Company may have such other offices as the Managing Member may designate from time to time.
Section 2.7.    Admission.  The Managing Member is hereby admitted as a member of the company upon its execution of a counterpart signature page to this Agreement and each member of the Company immediately prior to the effectiveness of this Agreement shall continue as a Member hereunder.
ARTICLE IIICAPITALIZATION
Section 3.1.    Units; Initial Capitalization; Schedules.
(a)    Limited Liability Company Interests.  Interests in the Company shall be represented by Units, or such other Equity Securities in the Company, or such other Company securities, in each case as the Managing Member may establish in its sole discretion in accordance with the terms hereof. As of the date hereof, the Units are comprised of one Class: “Common Units.”
(b)    Schedule of Members.  The Company shall maintain a schedule, from time to time amended and supplemented, in the form of Exhibit A hereto setting forth the name and address of each Member, and the number of Units and/or Equity Securities owned by such Member (such schedule, the “Schedule of Members”).  The Schedule of Members, as amended and supplemented from time to time, shall be the definitive record of ownership of each Unit or other Equity Security in the Company.  The Company shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of Units or other Equity Securities in the Company for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units or other Equity Securities in the Company on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Act.
(c)    As of the date hereof, each Member owns the number of Common Units set forth opposite the name of such Member in the Schedule of Members set forth in Exhibit A hereto.
Section 3.2.    Authorization and Issuance of Additional Units.
(a)    The Managing Member may issue additional Common Units and/or establish and issue other Classes of Units, other Equity Securities in the Company or other Company securities from time to time with such rights, obligations, powers, designations, preferences and other terms, which may be different from, including senior to, any then existing or future Classes of Units, other Equity Securities in the Company or other Company securities, as the Managing Member shall determine from time to time, in its sole discretion, without the vote or consent of any other Member or any other Person, including (i) the right of such Units, other Equity Securities in the Company or other Company securities to share in Net Income and Net Loss or items thereof; (ii) the right of such Units, other Equity Securities in the Company or other Company securities to share in Company distributions; (iii) the rights of such Units, other Equity Securities or other Company securities upon dissolution and liquidation of 

8

the Company; (iv) whether, and the terms and conditions upon which, the Company may or shall be required to redeem such Units, other Equity Securities in the Company or other Company securities (including sinking fund provisions); (v) whether such Units, other Equity Securities in the Company or other Company securities are issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which such Units, other Equity Securities in the Company or other Company securities will be issued, evidenced by certificates or assigned or transferred; (vii)  the terms and conditions of the issuance of such Units, other Equity Securities in the Company or other Company securities (including the amount and form of consideration, if any, to be received by the Company in respect thereof, the Managing Member being expressly authorized, in its sole discretion,  to cause the Company to issue Units, other Equity Securities in the Company or other Company securities for less than Fair Market Value); and (viii) the right, if any, of the holder of such Units, other Equity Securities in the Company or other Company securities to vote on Company matters, including matters relating to the relative designations, preferences, rights, powers and duties of such Units, other Equity Securities in the Company or other Company securities. The Managing Member, without the vote or consent of any other Member or any other Person, is authorized (i) to issue any Units, other Equity Securities in the Company or other Company securities of any such newly established Class or any existing Class and (ii) to amend this Agreement to reflect the creation of any such new Class, the issuance of Units, other Equity Securities in the Company or other Company securities of such Class, and the admission of any Person as a Member which has received Units or other Equity Securities of any such Class, in accordance with Sections 3.2, 7.4 and 9.4.  Except as expressly provided in this Agreement to the contrary, any reference to “Units” shall include the Common Units and any other Classes of Units that may be established in accordance with this Agreement.
(b)    Notwithstanding the foregoing or anything else to the contrary in this Agreement, if at any time Norcraft issues a share of its Common Stock (including in the IPO) or any other Equity Security of Norcraft, (i) the Company shall issue to Norcraft (or one or more Subsidiaries of Norcraft) one Common Unit (if Norcraft issues a share of Common Stock), or such other Equity Security of the Company (if Norcraft issues Equity Securities other than Common Stock) corresponding to the Equity Securities issued by Norcraft, and with the rights to dividends and distributions (including distributions upon liquidation) and other economic rights as are determined in Good Faith to correspond to those of such Equity Securities of Norcraft and (ii) the net proceeds received by Norcraft with respect to the corresponding share of Common Stock or other Equity Security, if any, shall be concurrently transferred (directly or indirectly through one or more Subsidiaries of Norcraft) to the Company; provided, however, that if Norcraft issues any shares of Common Stock (including in the IPO) or other Equity Securities some or all of the net proceeds of which are to be used to fund expenses or other obligations of Norcraft for which Norcraft (or one or more Subsidiaries of Norcraft) would be permitted a cash distribution pursuant to clause (ii) of Section 4.3, then, Norcraft shall not be required to transfer such net proceeds to the Company which are used or will be used to fund such expenses or obligations; provided, further, that if Norcraft issues any shares of Common Stock in order to acquire for stock or fund the acquisition for cash from a Member of a number of Units equal to the number of shares of Common Stock so issued, then the Company shall not issue any new Units in connection therewith and Norcraft shall not be required to transfer (directly or indirectly) such net proceeds to the Company (it being understood that such net proceeds shall instead be transferred to such Member as consideration for such purchase). Notwithstanding the foregoing, this Section 3.2(b) and Section 3.2(c) shall not apply to the issuance and distribution to holders of shares of Norcraft Common Stock of rights to purchase Equity Securities of the Norcraft under a “poison pill” or similar shareholders rights plan (it being understood that upon exchange of Units for Common Stock, such Common Stock will be issued together with a corresponding right), or to the issuance under Norcraft’s employee benefit plans of any warrants, options, other rights to acquire Equity Securities of Norcraft or rights or property that may be converted into or settled in Equity Securities of Norcraft, but shall in each of the foregoing cases apply to the issuance of Equity Securities of Norcraft in connection with the exercise or settlement of such rights, warrants, options or other rights or property (for cash or other consideration in accordance with their terms or otherwise). Except for transactions pursuant to the Exchange Agreement, (x) the Company may not issue any additional Common Units to any member of the Norcraft Group unless substantially simultaneously Norcraft issues or sells an equal number of shares of Norcraft’s Common Stock to another Person, and (y) the Company may not issue any other Equity Securities of the Company to any member of the Norcraft Group unless substantially simultaneously Norcraft issues or sells, to another Person, an equal number of shares of a new class or series of Equity Securities of Norcraft with the rights to dividends and distributions (including distributions upon liquidation) and other economic rights as are determined in Good Faith to correspond to those of such Equity 

9

Securities of the Company. 
(c)    Norcraft may not redeem, repurchase or otherwise acquire any shares of Common Stock (including upon forfeiture of any unvested shares of Common Stock) unless Norcraft causes the Company to substantially simultaneously redeem, repurchase or otherwise acquire from a member of the Norcraft Group an equal number of Common Units for the same price per security, and Norcraft may not redeem, repurchase or otherwise acquire any other Equity Securities of Norcraft unless Norcraft causes the Company to substantially simultaneously redeem, repurchase or otherwise acquire from a member of the Norcraft Group an equal number of Equity Securities of the Company of a corresponding class or series for the same price per security. The Company may not redeem, repurchase or otherwise acquire any Common Units from a member of the Norcraft Group unless substantially simultaneously Norcraft redeems, repurchases or otherwise acquires an equal number of shares of Common Stock for the same price per security from holders thereof, and the Company may not redeem, repurchase or otherwise acquire any other Equity Securities of the Company from a member of the Norcraft Group unless substantially simultaneously Norcraft redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of Norcraft of a corresponding class or series. Notwithstanding the foregoing, to the extent that any consideration payable to Norcraft in connection with the redemption or repurchase of any shares of Common Stock or other Equity Securities of Norcraft consists (in whole or in part) of shares of Common Stock or such other Equity Securities (including in connection with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be effectuated in an equivalent manner.   
(d)    The Company shall not in any manner effect any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the outstanding Units unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Common Stock with corresponding changes made with respect to any other exchangeable or convertible securities. Norcraft shall not in any manner effect any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the outstanding Common Stock unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units, with corresponding changes made with respect to any other exchangeable or convertible securities. 
(e)    It is the intention of the Members that the Norcraft Group collectively owns an aggregate number of Common Units of the Company that is equal to the aggregate number of outstanding shares of Common Stock of Norcraft (subject to the second sentence of Section 3.2(b)), and this Section 3.2 shall be interpreted consistent with such intent.  In the event that a member of the Norcraft Group acquires from other Members any Common Units and such acquisition results in the Norcraft Group collectively owning an aggregate number of Common Units of the Company that exceeds the aggregate number of outstanding shares of Common Stock of Norcraft (subject to the second sentence of Section 3.2(b)), the Managing Member may cause a recapitalization or other similar adjustment regarding the Company such that (x) the Norcraft Group collectively owns an aggregate number of Common Units of the Company that is equal to the aggregate number of outstanding shares of Common Stock of Norcraft (subject to the second sentence of Section 3.2(b)) and (y) the Members maintain to the maximum extent possible the economic sharing arrangement among the Members as in place immediately prior to such recapitalization or other adjustment.
Section 3.3.    Vesting of Unvested Common Units.  Unvested Common Units shall vest according to the following:  
(c)    Time Based Vesting. One-third of the aggregate amount of Unvested Common Units shall vest on each of the one-year, two-year and three-year anniversaries of the original grant of such award under the Incentive Plan and Existing Agreement (the “Unvested Common Units”); provided, that in the case of each of clause (a) and (b) of this Section 3.3, the participant is employed by the Norcraft or any of its Subsidiaries on such anniversary. In the event of the termination of employment of a participant for any reason, no Unvested Common Unit which is not vested at such time shall vest at or after the date of such termination.

10

(d)    Acceleration of Vesting. Notwithstanding the terms of any particular award, the Managing Member may at any time accelerate the time at which all or any part of such award may vest in its discretion and without the requirement of equivalent treatment among the Common Units the subject of an award. Any Unvested Common Units shall vest immediately prior to and conditioned upon the consummation of a Change in Control (it being understood that in the event of a Change in Control enumerated in (a), (b) or (c) of the definition of Change in Control set forth in Section 1.1 of this Agreement, upon the consummation of the transaction approved thereby). Each Unvested Common Unit held by an employee of, or one who provides services to or on behalf of, Norcraft or an Affiliate thereof, upon the termination of employment or the performance of services of such holder of Unvested Common Units for any reason shall be automatically cancelled.  
Section 3.4.    Capital Accounts.
(a)    Capital Accounts.  A separate account (each a “Capital Account”) shall be established and maintained for each Member which:
(i)    shall be increased by (i) the amount of cash and the Fair Market Value of any other property contributed (or deemed contributed) by such Member to the Company as a capital contribution (net of liabilities secured by such property or that the Company assumes or takes the property subject to) and (ii) such Member’s share of the Net Income (and other items of income and gain) of the Company; and
(ii)    shall be reduced by (i) the amount of cash and the Fair Market Value of any other property distributed to such Member (net of liabilities secured by such property or that the Member assumes or takes the property subject to) and (ii) such Member’s share of the Net Loss (and other items of loss and deduction) of the Company.
The Capital Accounts as of the date hereof, as adjusted for the revaluation that will occur under Section 3.4(b) in connection with the direct or indirect investment in the Company by Norcraft that is expected to occur as of the date hereof, are set forth on Schedule 3.4.  It is the intention of the Members that the Capital Accounts of the Company be maintained in accordance with the provisions of Section 704(b) of the Code and the Regulations thereunder and that this Agreement be interpreted consistently therewith.  Notwithstanding anything expressed or implied to the contrary in this Agreement, in the event the Managing Member shall determine, in its sole and absolute discretion, that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to effectuate the intended economic sharing arrangement of the Members or comply with the principles of Section 704(b) of the Code and the Regulations thereunder, the Managing Member may make such modification, notwithstanding any other provision hereof, without the consent of any other Person.
(b)    Revaluations of Assets and Capital Account Adjustments.  Unless otherwise determined by the Managing Member, immediately preceding the issuance of additional Units in exchange for cash, property or services to a new or existing Member and upon the redemption of any portion of an interest in the Company of any Member (or such other times as may be determined by the Managing Member), the then prevailing Asset Values of the Company shall be adjusted to equal their respective gross Fair Market Values and any increase in the net equity value of the Company (Asset Values less liabilities) shall be credited to the Capital Accounts of the Members in the same manner as Net Income is credited under Section 5.1 (or any decrease in the net equity value of the Company shall be debited in the same manner as Net Loss is debited under Section 5.1). The Capital Accounts of the Company shall be revalued immediately prior to the (direct or indirect) investment by Norcraft in the Company that is expected to occur as of the date hereof.
(c)    Additional Capital Account Adjustments.  Any income of the Company that is exempt from federal income tax shall be credited to the Capital Accounts of the Members in the same manner as Net Income is credited under Section 5.1 when such income is realized.  Any expenses or expenditures of the Company which may neither be deducted nor capitalized for tax purposes (or are so treated for tax purposes) shall be debited to the Capital Accounts of the Members in the same manner as Net Loss is debited under Section 5.1.  If any special adjustments are made to or with respect to Company property pursuant to Code Sections 734(b) or 743(b), Capital 

11

Accounts shall be adjusted to the extent required by the Regulations under Section 704 of the Code.  The amount by which the Fair Market Value of any property to be distributed in kind to the Members exceeds or is less than the then prevailing Asset Value of such property shall, to the extent not otherwise recognized by the Company, be taken into account in determining Net Income and Net Loss and determining the Capital Accounts of the Members as if such property had been sold at its Fair Market Value immediately prior to such distribution.
(d)    Additional Capital Account Provisions.  No Member shall have the right to demand a return of all or any part of such Member’s capital contributions to the Company.  Any return of the capital contributions of any Member shall be made solely from the assets of the Company and only in accordance with the terms of this Agreement.  Except to the extent otherwise expressly provided for in this Agreement, no interest shall be paid to any Member with respect to such Member’s capital contributions or Capital Account.  In the event that all or a portion of the Units of a Member are transferred in accordance with this Agreement, the transferee of such Units shall also succeed to all or the relevant portion of the Capital Account of the transferor.  Units held by a Member may not be transferred independently of the Company Interest to which the Units relate.
Section 3.5.    No Withdrawal.  No Person shall be entitled to withdraw any part of such Member’s capital contributions to the Company or Capital Account or to receive any distribution from the Company, except as expressly provided herein.
Section 3.6.    Loans From Members.  Loans by Members to the Company shall not be considered capital contributions to the Company.  If any Member shall loan funds to the Company, then the making of such loans shall not result in any increase in the Capital Account balance of such Member.  The amount of any such loans shall be a debt of the Company to such Member and shall be payable or collectible in accordance with the terms and conditions upon which such loans are made.
Section 3.7.    No Right of Partition.  To the fullest extent permitted by law, no Member shall have the right to seek or obtain partition by court decree or operation of law of any property of the Company or any of its Subsidiaries or the right to own or use particular or individual assets of the Company or any of its Subsidiaries, or, except as expressly contemplated by this Agreement, be entitled to distributions of specific assets of the Company or any of its Subsidiaries.
Section 3.8.    Non-Certification of Units; Legend; Units are Securities.
(a)    Units shall be issued in non-certificated form; provided that the Managing Member may cause the Company to issue certificates to a Member representing the Units held by such Member.
(b)    If the Managing Member determines that the Company shall issue certificates representing Units to any Member, the following provisions of this Section 3.8 shall apply:
(i)    The Company shall issue one or more certificates in the name of such Person in such form as it may approve, subject to Section 3.8(b)(ii) (a “Company Interest Certificate”), which shall evidence the ownership of the Units represented thereby.  Each such Company Interest Certificate shall be denominated in terms of the number of Units evidenced by such Company Interest Certificate and shall be signed by the Managing Member or an Officer on behalf of the Company.
(ii)    Each Company Interest Certificate shall bear a legend substantially in the following form:
This certificate evidences a Common Unit representing an interest in Norcraft Companies LLC and shall constitute a “security” within the meaning of, and shall be governed by, (i) Article 8 of the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) the corresponding provisions of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar 

12

Association on February 14, 1995.
The interests in Norcraft Companies LLC represented by this certificate are subject to restrictions on transfer set forth in the Limited Liability Company of Norcraft Companies LLC, dated as of November 13, 2013, by and among each of the members from time to time party thereto, as the same may be amended from time to time.
(iii)    Each Unit shall constitute a “security” within the meaning of, and shall be governed by, (i) Article 8 of the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) the corresponding provisions of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995.
(iv)    The Company shall issue a new Company Interest Certificate in place of any Company Interest Certificate previously issued if the holder of the Units represented by such Company Interest Certificate, as reflected on the books and records of the Company:
(A)    makes proof by affidavit, in form and substance satisfactory to the Company, that such previously issued Company Interest Certificate has been lost, stolen or destroyed;
(B)    requests the issuance of a new Company Interest Certificate before the Company has notice that such previously issued Company Interest Certificate has been acquired by a purchaser for value in Good Faith and without notice of an adverse claim;
(C)    if requested by the Company, delivers to the Company such security, in form and substance satisfactory to the Company, as the Managing Member may direct, to indemnify the Company against any claim that may be made on account of the alleged loss, destruction or theft of the previously issued Company Interest Certificate; and
(D)    satisfies any other reasonable requirements imposed by the Company.
(v)    Upon a Member’s Transfer in accordance with the provisions of this Agreement of any or all Units represented by a Company Interest Certificate, the Transferee of such Units shall deliver such Company Interest Certificate, duly endorsed for Transfer by the Transferee, to the Company for cancellation, and the Company shall thereupon issue a new Company Interest Certificate to such Transferee for the number of Units being Transferred and, if applicable, cause to be issued to such Transferring Member a new Company Interest Certificate for the number of Units that were represented by the canceled Company Interest Certificate and that are not being Transferred.
ARTICLE IV 
DISTRIBUTIONS
Section 4.1.    Distributions.   Except as described in this Article IV or Section 7.2, distributions (other than Tax Distributions) shall be made to the Members as and when determined by the Managing Member, ratably among the Members in accordance with their respective number of Common Units.
Section 4.2.    Unvested Common Units.   To the extent that any distributable amount, other than a Tax Distribution, is to be made to a Member in respect of any Unvested Common Unit, such distribution shall be set aside for such Member to be distributed to such Member at the time that such Unit vests in accordance with Section 3.3 of this Agreement.  To the extent that such Unvested Common Unit shall be forfeited by or repurchased from such Member without having ceased to be an Unvested Common Unit, such distributable amount shall revert to the Company.

13

Section 4.3.    Distributions to Norcraft. The Managing Member, in its sole discretion, may authorize that (i) cash be distributed to members of the Norcraft Group (which distribution shall be made without pro rata distributions to the other Members) in exchange for the redemption, repurchase or other acquisition of Common Units (or other Equity Securities) held by such person, where the redemption proceeds are to be used by Norcraft to acquire its outstanding Common Stock (or other Equity Securities) in accordance with Section 3.2, and (ii) cash be distributed to members of the Norcraft Group (which distributions shall be made without pro rata distributions to the other Members) as required for members of the Norcraft Group to pay (A) operating, administrative and other similar costs and expenses incurred by the Managing Member or its Affiliates, and other costs and expenses relating to the investment in or activities of the Company and its Subsidiaries, including payments in respect of indebtedness and preferred stock, to the extent used or to be used to pay expenses or other obligations described in this clause (ii) (in either case only to the extent economically equivalent indebtedness or Equity Securities of the Company were not issued to the Managing Member or the applicable Affiliates), fees and disbursements of all investment bankers, financial advisers, legal counsel, independent certified public accountants, consultants and other Persons retained by the board of directors of any member of the Norcraft Group, and fees associated with any filings by a member of the Norcraft Group with any Governmental Entity, (B) any judgments, settlements, penalties, fines or other costs and expenses in respect of any claims against, or any litigation or proceedings involving, any member of the Norcraft Group, (C) fees and expenses related to any securities offering, investment or acquisition transaction (whether or not successful) authorized by the board of directors of any member of the Norcraft Group, or to any redemptions or acquisitions of Common Units or other Equity Securities and (D) other fees and expenses in connection with the maintenance of the existence of each member of the Norcraft Group (including any franchise taxes and any costs or expenses associated with being a public company listed on a national securities exchange). For the avoidance of doubt, distributions under this Section 4.3 may not be used to pay or facilitate dividends or distributions on the Common Stock (other than distributions in redemption of Common Stock (or other Equity Securities) in accordance with Section 3.2).  Further, and without limiting the foregoing, the Managing Member, in its sole discretion, may authorize that cash be distributed to members of the Norcraft Group to make any payments to be made under the Tax Receivable Agreements or the Exchange Agreement, including, without limitation, losses, claims damages, liabilities and expenses due by the Norcraft Group under the Registration Rights Agreement, so long as such distributions are made pro rata in accordance with Common Units. 
Section 4.4.    Tax Distributions.  
(a)    The Company shall distribute ratably among the Members in accordance with their respective number of Common Units on a quarterly basis by the 10th (or next succeeding Business Day) of each of March , June, September and December of each taxable year, or such other dates as may be appropriate in light of tax payment requirements  (each a “Tax Distribution Date”), an aggregate amount (the “Tax Distribution”) in cash equal to the excess, if any, of (A) the Company’s Tax Liability (as defined in clause (b) below) with respect to such taxable year over (B) the amounts previously distributed pursuant to this Section 4.4 with respect to such taxable year. Notwithstanding the foregoing, Tax Distributions shall only be made for periods (or portions thereof) beginning on or after the date hereof For purposes of computing a Tax Distribution under this Section 4.4, salaries, bonuses, and any other payments in the nature of compensation shall not be taken into account, other than as an expense of the Company.
(b)    For purposes of this Section 4.4, the “Company’s Tax Liability”  means, with respect to a taxable year (or portion thereof) beginning as of the first day of such taxable year (or portion thereof) and ending on the last day of the most recent relevant determination date, the product of (x) the cumulative excess of taxable income over taxable losses of the Company for such taxable year (or portion thereof), calculated without regard to (A) any gain or loss attributable to or realized in connection with a sale of all or substantially all of the assets of the Company, and (B) for clarity, any tax deductions or basis adjustments of any Member arising under Code Section 743, and (y) the highest combined marginal federal, state and local tax rate then applicable (including any Medicare Contribution tax on net investment income) to an individual (or, if higher, to a corporation) resident in New York, NY (assuming the maximum limitations on the use of deductions for state and local taxes).  A final accounting for Tax Distributions shall be made for each taxable year after the taxable income or loss of the Company has been determined for such taxable year, and the Company shall promptly thereafter make  supplemental Tax Distributions (or future Tax Distributions will be reduced) to reflect any difference between estimates previously used in 

14

calculating the Company’s Tax Liability and the relevant actual amounts recognized.  
(c)    Notwithstanding Section 4.4(a) or (d), if on a Tax Distribution Date there are not sufficient funds in the Company (or any of its U.S. Subsidiaries that are disregarded entities for U.S. federal income tax purposes) to distribute the full amount of the relevant Tax Distribution otherwise to be made or any credit agreements or other debt documents to which the Company (or any of its Subsidiaries) is a party do not permit the Company to receive from its Subsidiaries or distribute to each Member the full amount of the Tax Distributions otherwise to be made to each such Member, distributions pursuant to this Section 4.4 shall be made ratably among the Members in accordance with their respective number of Common Units to the extent of the available funds.
(d)    If, following an audit or examination, there is an adjustment that would affect the calculation of the Company’s taxable income or taxable loss for a given period or portion thereof after the date of this Agreement, or in the event that the Company files an amended tax return which has such effect, then, subject to the availability of cash and any restrictions set forth in any credit agreements or other debt documents to which the Company (or any of its Subsidiaries that are disregarded entities for U.S. federal income tax purposes) is a party, the Company shall promptly recalculate the Company’s Tax Liability for the applicable period and make additional Tax Distributions ratably among the Members in accordance with their respective number of Common Units (increased by an additional amount estimated to be sufficient to cover any interest or penalties that would be imposed on the Company if it were an individual (or, if higher, a corporation) resident in New York, NY) to give effect to such adjustment or amended tax return.  
Section 4.5.    Withholding; Indemnification.   Each Member shall, to the fullest extent permitted by law, indemnify and hold harmless the Managing Member and each other Person who is or who is deemed to be the responsible withholding agent for United States federal, state or local or foreign income tax purposes against all claims, liabilities and expenses of whatever nature relating to the Company’s, the Managing Member’s or such other Person’s obligation to withhold and to pay over, or otherwise to pay, any withholding or other taxes payable by the Company or any of its Affiliates with respect to such Member or as a result of such Member’s ownership of Units or participation in the Company.  Each Member hereby authorizes the Company and the Managing Member on behalf of the Company to withhold and to pay over, or otherwise to pay, any withholding or other taxes determined by the Managing Member to be payable by the Company (pursuant to any provision of United States federal, state or local or foreign law) with respect to such Member or such Member’s Units or as a result of such Member’s participation in the Company; if and to the extent that the Company withholds or pays any such withholding or other taxes with respect to a Member, such Member shall be deemed for all purposes of this Agreement to have received a distribution from the Company as of the time such withholding or other tax is paid (or, if earlier, required to be paid) with respect to such Member’s Company Interest,  and, to the extent such taxes exceed the amount that would otherwise be distributable to such Member, as a demand loan payable by the Member to the Company with interest at a 10% rate, compounded annually. The Managing Member may, in its discretion, either demand payment of the principal and accrued interest on such demand loan at any time, and enforce payment thereof by legal process, or may withhold from one or more distributions to a Member amounts sufficient to satisfy such Member’s obligations under any such demand loan.  In the event that the Company receives a refund of taxes previously withheld, the economic benefit of such refund shall be apportioned among the Members in a manner reasonably determined by the Managing Member to offset the prior operation of this Section 4.5 in respect of such withheld taxes.
Section 4.6.    Limitation.   Notwithstanding any other provision of this Agreement, the Company, and the Managing Member on behalf of the Company, shall not be required to make a distribution if such distribution to any Member or Assignee would violate the Act or other applicable law.
ARTICLE V
ALLOCATIONS
Section 5.1.    Allocations for Capital Account Purposes.   
(e)    Allocations of Net Income and Net Losses.  Except as otherwise provided in this 

15

Agreement, Net Income and Net Losses (and, to the extent necessary, and if determined appropriate by the Managing Member in its sole discretion individual items of income, gain or loss or deduction of the Company) shall be allocated in a manner such that the Capital Account of each Member after adjustment by the Member’s share of “minimum gain” and “partner minimum gain” (as such terms are used in Treasury Regulation Section 1.704-2) not otherwise required to be taken into account in such period is, as nearly as possible, equal (proportionately) to the distributions that would be made pursuant to Section 7.2(c) if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Asset Values, all Company liabilities were satisfied (limited with respect to each non-recourse liability to the Asset Values of the assets securing such liability) and the net assets of the Company were distributed to the Members pursuant to this Agreement. 
(f)    Regulatory Allocations. Although the Members do not anticipate that events will arise that will require application of this Section 5.1, provisions are included in this Agreement governing the allocation of income, gain, loss, deduction and credit (and items thereof) as may be necessary to provide that the Company’s allocation provisions contain a so-called “qualified income offset” and comply with all provisions relating to the allocation of so-called “non-recourse deductions” and “partner non-recourse deductions” and the chargeback thereof as set forth in the Regulations under Section 704(b) of the Code (such regulatory allocations, “Regulatory Allocations”); provided, however, that the Members intend that all Regulatory Allocations that may be required shall be offset by other Regulatory Allocations or special allocations of items so that the share of the Net Income and Net Loss of the Company of each Member will be the same as it would have been had the events requiring the Regulatory Allocations not occurred.  For this purpose the Managing Member, based on the advice of the Company’s auditors or tax counsel, is hereby authorized to make such special curative allocations as may be appropriate.
(g)    Deficit Capital Accounts.  No Member shall be required to pay to the Company, to any other Member or to any third party any deficit balance which may exist from time to time in the Member’s Capital Account.
The allocations made pursuant to this Section 5.1 are intended to comply with the provisions of Section 704(b) of the Code and the Regulations thereunder and, in particular, to reflect the Members’ economic interests in the Company, as set forth herein, and the Managing Member shall interpret this Section 5.1 in a manner consistent with such intention and shall make such adjustments to these allocations as the Managing Member determines to be necessary or appropriate.
Section 5.2.    Allocations for Tax Purposes.
(e)    Tax Allocations. Except as set forth below or as otherwise required by the Code or other applicable law, the income, gains, losses and deductions of the Company shall be allocated for federal, state and local income tax purposes among the Members in accordance with the allocation of such income, gains, losses and deductions among the Members for purposes of computing their Capital Accounts.
(f)    Contributed Assets. In accordance with Section 704(c) of the Code, income, gain, loss and deduction with respect to any property contributed (or deemed contributed for income tax purposes) to the Company with an adjusted basis for federal income tax purposes different from the initial Asset Value at which such property was accepted by the Company shall, solely for tax purposes, be allocated among the Members so as to take into account such difference in the manner required by Section 704(c) of the Code and the applicable Regulations.
(g)    Revalued Assets. If the Asset Value of any asset of the Company is adjusted pursuant to Section 3.4(b), subsequent allocations of income, gain, loss and deduction with respect to such asset shall, solely for tax purposes, be allocated among the Members so as to take into account such adjustment in the same manner as under Section 704(c) of the Code and the applicable Regulations.
(h)    Elections and Limitations. The allocations required by this Section 5.2(d) are solely for purposes of federal, state and local income taxes and shall not affect either the allocation of Net Income or Net Loss as between Members or any Member’s Capital Account.  All tax allocations required by this Section 5.2(d) shall be 

16

made using any method determined appropriate by the Managing Member. 
(i)    Section 754 Election. The Members intend that an election under Section 754 of the Code be made for the Company for the taxable year that includes the date hereof.  The Company intends to cause such election to be in effect for subsequent taxable years of the Company for so long as it is treated as a partnership for U.S. federal income tax purposes (and intends to make additional elections under Section 754 of the Code in the event there is a termination (within the meaning of Section 708 of the Code) of the Company).
(j)    Section 706 Determination.  For purposes of determining the items of Company income, gain, loss, deduction, or credit allocable to any Member with respect to any period, such items shall be determined on a daily, monthly, or other basis, as determined by the Managing Member using any permissible method under Code Section 706 and the Treasury Regulations promulgated thereunder.
Allocations pursuant to this Section 5.2 are solely for the purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Income, Loss, distributions or other Company items pursuant to any provision of this Agreement.
Section 5.3.    Members’ Tax Reporting.  The Members acknowledge and are aware of the income tax consequences of the allocations made pursuant to this ARTICLE V and, except as may otherwise be required by applicable law or regulatory requirements, hereby agree to be bound by the provisions of this ARTICLE V in reporting their shares of Company income, gain, loss, deduction and credit for federal, state and local income tax purposes.
ARTICLE VIMANAGEMENT
Section 6.1.    Managing Member; Delegation of Authority and Duties.
(k)    Authority of Managing Member.  The business, property and affairs of the Company shall be managed under the sole, absolute and exclusive direction of the Managing Member, which may from time to time delegate authority to Officers or to others to act on behalf of the Company.  Without limiting the foregoing provisions of this Section 6.1(a), the Managing Member shall have the sole power to manage or cause the management of the Company, including the power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the Company) or the merger, consolidation, reorganization or other combination of the Company with or into another entity.
(l)    Members.  No Member who is not also a Managing Member, in his or her or its capacity as such, shall participate in or have any control over the business of the Company. Except as expressly provided herein, the Units, other Equity Securities in the Company, or the fact of a Member’s admission as a member of the Company do not confer any rights upon the Members to participate in the management of the affairs of the Company.  Except as expressly provided herein, no Member who is not also a Managing Member shall have any right to vote on any matter involving the Company, including with respect to any merger, consolidation, combination or conversion of the Company, or any other matter that a Member might otherwise have the ability to vote or consent with respect to under the Act, at law, in equity or otherwise.  The conduct, control and management of the Company shall be vested exclusively in the Managing Member. In all matters relating to or arising out of the conduct of the operation of the Company, the decision of the Managing Member shall be the decision of the Company. Except as required law, or expressly provided in Section 6.1(c) or by separate agreement with the Company, no Member who is not also a Managing Member (and acting in such capacity) shall take any part in the management or control of the operation or business of the Company in its capacity as a Member, nor shall any Member who is not also a Managing Member (and acting in such capacity) have any right, authority or power to act for or on behalf of or bind the Company in his or her or its capacity as a Member in any respect or assume any obligation or responsibility of the Company or of any other Member.

17

(m)    Delegation by Managing Member.  The Company may employ one or more Members from time to time, and such Members, in their capacity as employees or agents of the Company (and not, for clarity, in their capacity as Members of the Company), may take part in the control and management of the business of the Company to the extent such authority and power to act for or on behalf of the Company has been delegated to them by the Managing Member.  To the fullest extent permitted by law, the Managing Member shall have the power and authority to delegate to one or more other Persons the Managing Member’s rights and powers to manage and control the business and affairs of the Company, including to delegate to agents and employees of a Member or the Company (including Officers), and to delegate by a management agreement or another agreement with, or otherwise to, other Persons.  The Managing Member may authorize any Person (including any Member or Officer) to enter into and perform any document on behalf of the Company.
Section 6.2.    Officers.
(e)    Designation and Appointment.  The Managing Member may, from time to time, employ and retain Persons as may be necessary or appropriate for the conduct of the Company’s business, including employees, agents and other Persons (any of whom may be a Member) who may be designated as Officers of the Company, with such titles as and to the extent authorized by the Managing Member.  Any number of offices may be held by the same Person.  In its discretion, the Managing Member may choose not to fill any office for any period as it may deem advisable.  Officers need not be residents of the State of Delaware or Members.  Any Officers so designated shall have such authority and perform such duties as the Managing Member may from time to time delegate to them.  The Managing Member may assign titles to particular Officers.  Each Officer shall hold office until his successor shall be duly designated and shall qualify or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.  The salaries or other compensation, if any, of the Officers of the Company shall be fixed from time to time by the Managing Member.  Designation of an Officer shall not of itself create any employment or, except as provided in Section 6.4, contractual rights.
(f)    Resignation and Removal.  Any Officer may resign as such at any time.  Such resignation shall be made in writing and shall take effect at the time specified therein, or if no time is specified, at the time of its receipt by the Managing Member.  The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation.  All employees, agents and Officers shall be subject to the supervision and direction of the Managing Member and may be removed, with or without cause, from such office by the Managing Member and the authority, duties or responsibilities of any employee, agent or Officer of the Company may be suspended by or altered the Managing Member from time to time, in each case in the sole discretion of the Managing Member.
(g)    Duties of Officers.  The Officers, in the performance of their duties as such, shall owe to the Company duties of loyalty and due care of the type owed by officers of a Delaware corporation pursuant to the laws of the state of Delaware.
Section 6.3.    Liability of Members.
(a)    No Personal Liability.  Except as otherwise required by applicable law and as expressly set forth in this Agreement, no Member shall have any personal liability whatsoever in such Person’s capacity as a Member, whether to the Company, to any of the other Members, to the creditors of the Company or to any other third party, for the debts, liabilities, commitments or any other obligations of the Company or for any losses of the Company.  Except as otherwise required by the Act, each Member shall be liable only to make payments to the Company as provided for expressly herein.
(b)    Return of Distributions.  In accordance with the Act and the laws of the State of Delaware, a Member may, under certain circumstances, be required to return amounts previously distributed to such Member.  It is the intent of the Members that no distribution to any Member pursuant to ARTICLE IV shall be deemed a return of money or other property paid or distributed in violation of the Act.  The payment of any such money or distribution of any such property to a Member shall be deemed to be a compromise within the meaning of Section 18-502(b) of the Act, and, to the fullest extent permitted by law, any Member receiving any such money or 

18

property shall not be required to return any such money or property to the Company or any other Person.  However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any other Member.
(c)    No Duties. Notwithstanding any other provision of this Agreement or any duty otherwise existing at law, in equity or otherwise, the parties hereby agree that the Members (including the Managing Member), shall, to the maximum extent permitted by law, including Section 18-1101(c) of the Act, owe no duties (including fiduciary duties) to the Company, the other Members or any other Person who is a party to or otherwise bound by this Agreement; provided, however, that nothing contained in this Section 6.3(c) shall eliminate the implied contractual covenant of good faith and fair dealing.  To the extent that, at law or in equity, any Member (including the Managing Member) has duties (including fiduciary duties) and liabilities relating thereto to the Company, to another Member or to another Person who is a party to or otherwise bound by this Agreement, the Members (including the Managing Member) acting under this Agreement will not be liable to the Company,  to any such other Member or to any such other Person who is a party to or otherwise bound by this Agreement, for their good faith reliance on the provisions of this Agreement.  The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities relating thereto of any Member (including the Managing Member) otherwise existing at law, in equity or otherwise, are agreed by the parties hereto to replace to that extent such other duties and liabilities of the Members (including the Managing Member) relating thereto.  The Managing Member may consult with legal counsel, accountants and financial or other advisors and any act or omission suffered or taken by the Managing Member on behalf of the Company or in furtherance of the interests of the Company in good faith in reliance upon and in accordance with the advice of such counsel, accountants or financial or other advisors will be full justification for any such act or omission, and the Managing Member will be fully protected in so acting or omitting to act so long as such counsel or accountants or financial or other advisors were selected with reasonable care.  Notwithstanding any other provision of this Agreement or otherwise applicable provision of law or equity, whenever in this Agreement the Managing Member is permitted or required to make a decision (i) in its “sole discretion” or “discretion” or under a grant of similar authority or latitude, the Managing Member shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by applicable law, have no duty or obligation to give any consideration to any interest of or factors affecting the Company or the other Members, or (ii) in its “good faith” or under another expressed standard, the Managing Member shall act under such express standard and shall not be subject to any other or different standards.
Section 6.4.    Indemnification by the Company.   Subject to the limitations and conditions provided in this Section 6.4, each Person who was or is made a party or is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or arbitrative (each, a “Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact that he, she or it, or a Person of which he, she or it is the legal representative, is or was a Member or an Officer or a Tax Matters Member (each, an “Indemnified Person”), in each case, shall be indemnified by the Company to the fullest extent permitted by applicable law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than such law permitted the Company to provide prior to such amendment) against all judgments, penalties (including excise and similar taxes and punitive damages), fines, settlements and reasonable expenses (including reasonable attorneys’ fees and expenses) actually incurred by such Indemnified Person in connection with such Proceeding, appeal, inquiry or investigation, if such Indemnified Person acted in Good Faith.  Reasonable expenses incurred by an Indemnified Person who was, is or is threatened to be made a named defendant or respondent in a Proceeding shall be paid by the Company in advance of the final disposition of the Proceeding upon receipt of an undertaking by or on behalf of such Person to repay such amount if it shall ultimately be determined that he, she or it is not entitled to be indemnified by the Company.  Indemnification under this Section 6.4 shall continue as to a Person who has ceased to serve in the capacity which initially entitled such Person to indemnity hereunder.  The rights granted pursuant to this Section 6.4 shall be deemed contract rights, and no amendment, modification or repeal of this Section 6.4 shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings, appeals, inquiries or investigations arising prior to any amendment, modification or repeal.  It is expressly acknowledged that the indemnification provided in this Section 6.4 could involve indemnification for negligence or under theories of strict liability. Notwithstanding the 

19

foregoing, no Indemnified Person shall be entitled to any indemnity or advancement of expenses in connection with any Proceeding brought (i) by such Indemnified Person against the Company (other than to enforce the rights of such Indemnified Person pursuant to this Section 6.4), any Member or any Officer, or (ii) by or in the right of the Company, without the prior written consent of the Managing Member.
Section 6.5.    Investment Representations of Members.  Each Member hereby represents, warrants and acknowledges to the Company that: 
(c)    such Member has such knowledge and experience in financial and business matters and is capable of evaluating the merits and risks of an investment in the Company and is making an informed investment decision with respect thereto; 
(d)    such Member is acquiring interests in the Company for investment only and not with a view to, or for resale in connection with, any distribution to the public or public offering thereof; 
(e)    the execution, delivery and performance of this Agreement have been duly authorized by such Member;
(f)    such Member has executed and provided the Company properly completed copies of IRS Form W-8 or W-9, as applicable, which are valid as of the date hereof, and will promptly provide any additional information or documentation requested by the Managing Member relating to tax matters (including any information reasonably requested in connection with ensuring compliance under Sections 1471-1474 of the Code); if any such information or documentation previously provided becomes incorrect or obsolete, such Member will promptly notify the Managing Member and provide applicable updated information and documentation;
(g)    such Member is not a disregarded entity for U.S. federal income tax purposes and is acquiring its Company Interest for its own account and is the sole beneficial owner thereof for U.S. federal income tax purposes;
(h)    either (1) such Member is not, for U.S. federal income tax purposes, a partnership, trust, estate or “S Corporation” as defined in the Code (in each case a “Pass-Through Entity”) or (2) such Member is, for U.S. federal income tax purposes, a Pass-Through Entity, and within the meaning of Treasury Regulations Section 1.7704-1 (A) it is not a principal purpose of the use of the tiered arrangement involving such Member to permit the Company to satisfy the 100-partner limitation described in Treasury Regulations Section 1.7704-1(h)(1)(ii) or (B) at no time during the term of the Company will substantially all of the value of a beneficial owner’s interest in such Member (directly or indirectly) be attributable to such Member’s ownership of its Company Interest, and such Member has not transferred and will not transfer its Company Interest on or through (x) an established securities market or (y) a secondary market or the substantial equivalent thereof, all within the meaning of Code Section 7704(b); and
(i)    such Member’s taxable year-end is December 31 or has been otherwise indicated to the Managing Member in writing.
ARTICLE VIIWITHDRAWAL; DISSOLUTION; TRANSFER OF MEMBERSHIP INTERESTS; 
ADMISSION OF NEW MEMBERS
Section 7.1.     Member Withdrawal.  No Member shall have the power or right to withdraw or otherwise resign or be expelled from the Company prior to the dissolution and winding up of the Company except pursuant to a Transfer permitted under this Agreement.
Section 7.2.    Dissolution.
(d)    Events.  The Company shall be dissolved and its affairs shall be wound up on the first to occur of (i) the determination of the Managing Member, (ii) the entry of a decree of judicial dissolution of the 

20

Company under Section 18-802 of the Act or (iii) the termination of the legal existence of the last remaining Member or the occurrence of any other event which terminates the continued membership of the last remaining Member in the Company unless the Company is continued without dissolution in a manner permitted by the Act.  
(e)    Actions Upon Dissolution.  When the Company is dissolved, the business and property of the Company shall be wound up and liquidated by the Managing Member or, in the event of the unavailability of the Managing Member or if the Managing Member shall so determine, such Member or other liquidating trustee as shall be named by the Managing Member.
(f)    Priority.  A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to this Section 7.2 to minimize any losses otherwise attendant upon such winding up.  Upon dissolution of the Company, the assets of the Company shall be applied in the following manner and order of priority: (i) to creditors, including Members who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Company (including all contingent, conditional or unmatured claims), whether by payment or the making of reasonable provision for payment thereof; and (ii) the balance shall be distributed in accordance with Article 4 hereof.
(g)    Cancellation of Certificate.  The Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts liabilities and obligations of the Company, shall have been distributed to the Members in the manner provided for in this Agreement and (ii) the Certificate shall have been canceled in the manner required by the Act.
(h)    Return of Capital.  The liquidators of the Company shall not be personally liable for the return of capital contributions to the Company or any portion thereof to the Members (it being understood that any such return shall be made solely from Company assets).
(i)    Hart Scott Rodino.  Notwithstanding any other provision in this Agreement, in the event the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), is applicable to any Member by reason of the fact that any assets of the Company will be distributed to such Member in connection with the dissolution of the Company, the distribution of any assets of the Company shall not be consummated until such time as the applicable waiting periods (and extensions thereof) under the HSR Act have expired or otherwise been terminated with respect to each such Member.
Section 7.3.    Transfer by Members.   Members may only Transfer or Pledge their Units or other interests or rights in the Company, in whole or in part, pursuant to and in accordance with Section 7.4(c) and the Exchange Agreement. Any purported Transfer or Pledge of all or a portion of a Member’s Units or other interests in the Company not complying with this Section 7.3 shall be void and shall not create any obligation on the part of the Company or the other Members to recognize that Transfer or Pledge or to deal with the Person to which the Transfer or Pledge purportedly was made. 
Section 7.4.    Admission or Substitution of New Members.
(j)    Admission.  Without the consent of any other Person, the Managing Member shall have the right to admit as a Substituted Member or an Additional Member, any Person who acquires an interest in the Company, or any part thereof, from a Member or from the Company.  Concurrently with the admission of a Substituted Member or an Additional Member after the date hereof, the Managing Member shall forthwith (i) amend the Schedule of Members to reflect the name and address of such Substituted Member or Additional Member and to eliminate or modify, as applicable, the name and address of the Transferring Member with regard to the Transferred Units and (ii) cause any necessary papers to be filed and recorded and notice to be given wherever and to the extent required showing the substitution of a Transferee as a Substituted Member in place of the Transferring Member, or the admission of an Additional Member, in each case, at the expense, including payment of any professional and filing fees incurred, of such Transferor. In addition, The Transferring Member hereby indemnifies the Managing Member and the Company against any losses, claims, damages or liabilities to which the Managing Member, the Company, or any of their Affiliates may become subject arising out of or based upon any false representation or 

21

warranty made by, or breach or failure to comply with any covenant or agreement of, such Transferring Member or such Substituted Member in connection with such Transfer.
(k)    Conditions and Limitations.  The admission of any Person as a Substituted Member or an Additional Member shall be conditioned upon (i) such Person’s written acceptance and adoption of all the terms and provisions of this Agreement, either by (A) execution and delivery of a counterpart signature page to this Agreement countersigned by the Managing Member on behalf of the Company or (B) any other writing evidencing the intent of such Person to become a Substituted Member or an Additional Member and such writing is accepted by the Managing Member on behalf of the Company.
(l)    Prohibited Transfers.  Notwithstanding any contrary provision in this Agreement, in no event may any Transfer of a Unit or other interest in the Company be made by any Member or Assignee:
(i)    within one (1) year of the date of the closing of the IPO, except as described in the Exchange Agreement or in the case of Transfers by Norcraft to one or more of its Subsidiaries; 
(ii)    if such Transfer is made to any Person who lacks the legal right, power or capacity to own such Unit or other interest in the Company;
(iii)    if such Transfer (together with prior Transfers) would pose a material risk that the Company would be a “publicly traded partnership” as defined in Section 7704 of the Code;
(iv)    if such Transfer would require the registration of such transferred Unit or other interest in the Company or of any Class of Unit or other interest in the Company pursuant to any applicable United States federal or state securities laws (including the Securities Act or the Exchange Act) or other non-U.S. securities laws (including Canadian provincial or territorial securities laws) or would constitute a non-exempt distribution pursuant to applicable provincial or state securities laws;
(v)    if such Transfer would cause any portion of the assets of the Company to become “plan assets” of any “benefit plan investor” within the meaning of regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations as modified by Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended from time to time; or
(vi)    to the extent requested by the Managing Member, if the Company does not receive such legal and/or tax opinions and written instruments (including copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the Managing Member, as determined in the Managing Member’s sole discretion.
In addition, notwithstanding any contrary provision in this Agreement, to the extent the Managing Member shall determine that the Company (and interests in the Company) do not (or are not reasonably expected to) meet the requirements of Treasury Regulation Section 1.7704-1(h), the Managing Member may impose such restrictions on the Transfer of Units or other interests in the Company as the Managing Member may determine to be necessary or advisable to avoid any material risk that the Company could be treated as a publicly traded partnership under Section 7704 of the Code.
Any Transfer in violation of Section 7.3 or this Section 7.4(c) shall be null and void ab initio and of no effect. For purposes of this Section 7.4(c) only, the term “Transfer” includes any Pledge.  
(m)    Effect of Transfer to Substituted Member.  Following the Transfer of any Unit or other interest in the Company that is permitted under Sections 7.3 and 7.4, the Transferee of such Unit or other interest in the Company shall be treated as having made all of the capital contributions in respect of, as having been allocated all the items of income and loss allocated in respect of, and received all of the distributions received in respect of, such Unit or other interest in the Company, shall succeed to the Capital Account balance associated with such Unit or other interest in the Company, shall receive allocations and distributions under ARTICLE IV, ARTICLE V and 

22

Section 7.2 in respect of such Unit or other interest in the Company and otherwise shall become a Substituted Member entitled to all the rights of a Member with respect to such Unit or other interest in the Company.
Section 7.5.    Additional Requirements.  Notwithstanding any contrary provision in this Agreement, for the avoidance of doubt, the Managing Member may impose such vesting requirements, forfeiture provisions, Transfer restrictions, minimum retained ownership requirements or other similar provisions with respect to any interests in the Company that are outstanding as of the date of this Agreement or are created hereafter, with the written consent of the holder of such interests in the Company.  Such requirements, provisions and restrictions need not be uniform among holders of interests in the Company and may be waived or released by the Managing Member in its sole discretion with respect to all or a portion of the interests in the Company owned by any one or more Members or Assignees at any time and from time to time, and such actions or omissions by the Managing Member shall not constitute the breach of this Agreement or of any duty hereunder or otherwise existing at law, in equity or otherwise.
Section 7.6.    Bankruptcy.  Notwithstanding any other provision of this Agreement, the Bankruptcy of a Member shall not cause such Member to cease to be a partner of the Company and upon the occurrence of such an event, the Company shall continue without dissolution.
ARTICLE VIIIBOOKS AND RECORDS; FINANCIAL STATEMENTS AND OTHER INFORMATION; 
TAX MATTERS
Section 8.1.    Books and Records.   The Company shall keep at its principal executive office (i) correct and complete books and records of account (which, in the case of financial records, shall be kept in accordance with GAAP), (ii) minutes of the proceedings of meetings of the Members, (iii) a current list of the directors and officers of the Company and its Subsidiaries and their respective residence addresses, and (iv) a record containing the names and addresses of all Members, the total number of Units held by each Member, and the dates when they respectively became the owners of record thereof.  Any of the foregoing books, minutes or records may be in written form or in any other form capable of being converted into written form within a reasonable time. Except as expressly set forth in this Agreement, notwithstanding the rights set forth in Section 18-305 of the Act, no Member shall have the right to obtain information from the Company.
Section 8.2.    Information. 
(a)    All determinations, valuations and other matters of judgment required to be made for ordinary course accounting purposes under this Agreement shall be made by the Managing Member and shall be conclusive and binding on all Members, their Successors in Interest and any other Person who is a party to or otherwise bound by this Agreement, and to the fullest extent permitted by law or as otherwise provided in this Agreement, no such Person shall have the right to an accounting or an appraisal of the assets of the Company or any successor thereto.
Section 8.3.    Fiscal Year.   The Fiscal Year of the Company shall end on December 31 except as otherwise determined by the Managing Member in its sole discretion or required under Section 706 of the Code.
Section 8.4.    Certain Tax Matters.
(a)    Preparation of Returns.  The Managing Member shall use commercially reasonable efforts to cause to be prepared all federal, state and local tax returns of the Company for each year for which such returns are required to be filed and shall use commercially reasonable efforts to cause such returns to be timely filed.  The Managing Member shall determine the appropriate treatment of each item of income, gain, loss, deduction and credit of the Company and the accounting methods and conventions under the tax laws of the United States of America, the several states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure related to the preparation of such tax returns.  Except as specifically provided otherwise in this Agreement, the Managing Member may cause the Company to make or refrain from making any and all elections permitted by such tax laws. The Managing Member shall cause the Company to provide to each Member a Schedule K-1 for such Fiscal Year.  Additionally, the Managing Member shall cause the Company to provide to each Member, 

23

to the extent commercially reasonable and available to the Company without undue cost, any information reasonably required by the Member to prepare, or in connection with an audit of, such Member’s income tax returns.
(b)    Consistent Treatment. Each Member agrees that it shall not, except as otherwise required by applicable law or regulatory requirement (i) treat, on its tax returns, any item of income, gain, loss, deduction or credit relating to its interest in the Company in a manner inconsistent with the treatment of such item by the Company as reflected on the Form K-1 or other information statement furnished by the Company to such Member for use in preparing its tax returns or (ii) file any claim for refund relating to any such item based on, or which would result in, such inconsistent treatment. Each Member that determines it is required by applicable law or regulatory requirement to take any of the actions described in clause (i) or (ii) of the preceding sentence shall provide thirty (30) day’s advance written notice to the Managing Member.  Further, each Member agrees to treat the Company as a “continuation” of Norcraft Holdings, L.P. for U.S federal income tax purposes, and the Managing Member shall be authorized to interpret references herein to the “Company” to include references to Norcraft Holdings, L.P. and otherwise to interpret the provisions of this Agreement to effectuate such treatment.
(c)    Tax Reporting on Unvested Common Units.  The Company shall treat a Member holding an Unvested Common Unit as the owner of such Unit, and the Company shall file its IRS Form 1065, and the Company shall issue appropriate Schedule K-1s, if any, to such Member, allocating to such Member its distributive share of all items of income, gain, loss, deduction and credit associated with such Unvested Common Unit as if it were fully vested. Each Member agrees to take into account such distributive share in computing its U.S. federal income tax liability for the entire period during which it holds any Unvested Common Unit. The Company and each Member agree not to claim a deduction (as wages, compensation or otherwise) for U.S. federal, state and local income tax purposes the fair market value of any Unvested Common Unit issued to a Member, whether at the time of grant of the Unit or at the time the Unit becomes a vested Unit. Each recipient of a Common Unit that is subject to vesting conditions at the time of issuance agrees to timely and properly file an election under Section 83(b) of the Code with respect to such Common Unit and shall promptly provide the Company with a copy of such election.
(d)    Duties of the Tax Matters Member. The Company and each Member hereby designate the Managing Member (or such other Person as the Managing Member may designate) as the “tax matters partner” for purposes of Code Section 6231(a)(7) and any analogous provisions of state land and in such capacity is referred to as the “Tax Matters Member”.   The Tax Matters Member, on behalf of the Company and its Members, shall (subject to the terms of the Reorganization Agreement, the Exchange Agreement and the Tax Receivable Agreements) be permitted to make any filing, election, settlement or determination under the Code, the Regulations, or any other law or regulation permitted by law.  Any actions of the Tax Matters Member shall be final and binding upon the Company and all Members. All expenses incurred by the Tax Matters Member in connection therewith (including attorneys’, accountants’ and other experts’ fees and disbursements) shall be expenses of, and payable by, the Company.  No Member shall have the right, without the consent of the Tax Matters Member (but subject to the terms of the Reorganization Agreement, the Exchange Agreement and the Tax Receivable Agreements), to (1) participate in the audit of any Company tax return, (2) file any amended return or claim for refund in connection with any item of income, gain, loss, deduction or credit (other than items which are not partnership items within the meaning of Code Section 6231(a)(4) or which cease to be partnership items under Code Section 6231(b)) reflected on any tax return of the Company, (3) participate in any administrative or judicial proceedings conducted by the Company or the Tax Matters Member arising out of or in connection with any such audit, amended return, claim for refund or denial of such claim, or (4) appeal, challenge or otherwise protest any adverse findings in any such audit conducted by the Company or the Tax Matters Member or with respect to any such amended return or claim for refund filed by the Company or the Tax Matters Member or in any such administrative or judicial proceedings conducted by the Company or the Tax Matters Member.
(e)    Certain Filings.  Upon the Transfer of an interest in the Company (within the meaning of the Code), a sale of Company assets or a liquidation of the Company, the Members shall provide the Managing Member with information and shall make tax filings as reasonably requested by the Managing Member and required under applicable law.
(f)    FATCA.  Notwithstanding anything in this Agreement to the contrary, the Managing 

24

Member may take such actions as it determines necessary or appropriate (including causing a Member to withdraw from the Company under such terms and conditions established by the Managing Member) to comply with FATCA.  “FATCA” means Sections 1471 through 1474 of the Code or any successor provision that is substantively the equivalent thereof (and, in each case, any Regulations promulgated thereunder or official interpretations thereof, and any agreements entered into pursuant thereto (including any intergovernmental agreements)).
ARTICLE IX
MISCELLANEOUS
Section 9.1.    Schedules.   The Managing Member may from time to time execute and deliver to the Members schedules which set forth information contained in the books and records of the Company and any other matters deemed appropriate by the Managing Member.  Such schedules shall be for information purposes only and shall not be deemed to be part of this Agreement for any purpose whatsoever.
Section 9.2.    Governing Law.  THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE, EXCLUDING ANY CONFLICT OF LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION.
Section 9.3.    Consent to Jurisdiction.  Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the Delaware Court of Chancery, for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its Subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named court, that its property is exempt or immune from attachment or execution, that any such proceeding brought in the above-named court is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain an action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before the above-named court nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than the above-named court whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce judgment of the above-named court in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 9.6 hereof is reasonably calculated to give actual notice.
Section 9.4.    Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective Successors in Interest; provided that no Person claiming by, through or under a Member (whether as such Member’s Successor in Interest or otherwise), as distinct from such Member itself, shall have any rights as, or in respect to, a Member (including the right to approve or vote on any matter or to notice thereof).
Section 9.5.    Amendments and Waivers.  This Agreement may be amended, supplemented, waived or modified by the written consent of the Managing Member in its sole discretion without the approval of any other Member or other Person; provided that except as otherwise provided herein (including  in Section 3.2(a)), no amendment may materially and adversely affect the rights of a holder of Units, as such, other than on a pro rata basis with other holders of Units of the same Class without the consent of such holder (or, if there is more than one such holder that is so affected, without the consent of a majority of such affected holders in accordance with their holdings of Units), provided further, however, that notwithstanding the foregoing, the Managing Member may, 

25

without the written consent of any other Member or any other Person, amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: (1) any amendment, supplement, waiver or modification that the Managing Member determines to be necessary or appropriate in connection with the creation, authorization or issuance of any Class of Units or other Equity Securities in the Company or other Company securities in accordance with this Agreement; (2) the admission, substitution, withdrawal or removal of Members in accordance with this Agreement; (3) a change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or the registered office of the Company; (4) any amendment, supplement, waiver or modification that the Managing Member determines in its sole discretion to be necessary or appropriate to address changes in U.S. federal income tax regulations, legislation or interpretation; or (5) a change in the Fiscal Year of the Company and any other changes that the Managing Member determines to be necessary or appropriate as a result of a change in the Fiscal Year of the Company, including a change in the dates on which distributions are to be made by the Company; provided further, that the books and records of the Company shall be deemed amended from time to time to reflect the admission of a new Member, the withdrawal or resignation of a Member, the adjustment of the Units or other interests in the Company resulting from any issuance, Transfer or other disposition of Units or other interests in the Company, in each case that is made in accordance with the provisions hereof.  If an amendment has been approved in accordance with this agreement, such amendment shall be adopted and effective with respect to all Members. Upon obtaining such approvals as may be required by this Agreement, and without further action or execution on the part of any other Member or other Person, any amendment to this Agreement may be implemented and reflected in a writing executed solely by the Managing Member and the other Members shall be deemed a party to and bound by such amendment.
Notwithstanding the foregoing, in addition to any other consent that may be required, any amendment of this Agreement that requires a holder of Common Units on the date hereof to make a capital contribution to the Company (including as a condition to maintaining any rights necessary to permit such holders to exercise their rights under the Exchange Agreement) shall require the consent of such holder of Common Units.
No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.
Section 9.6.    Notices.  Whenever notice is required or permitted by this Agreement to be given, such notice shall be in writing and shall be given to any Member at such Member’s address or facsimile number shown in the Company’s books and records, or, if given to the Company, at the following address:
Norcraft Companies LLC 
3020 Denmark Avenue, Suite 100
Eagan, Minnesota 55121 
Attention: Leigh Ginter
Email: leigh.ginter@norcraftcompanies.com 
Facsimile: (651) 234-3315
with a copy (which shall not constitute notice to the Company) to:
Ropes & Gray 
1211 Avenue of the Americas
New York, New York 10036
Attention:     Dan Evans, Esq. 
Carl Marcellino, Esq.
Email:         daniel.evans@ropesgray.com 
carl.marcellino@ropesgray.com 
		
	Facsimile: 
	(617) 235-0028 
(646) 728-1523

26

Each proper notice shall be effective upon any of the following: (a) personal delivery to the recipient, (b) when sent by facsimile to the recipient (with confirmation of receipt), (c) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid) or (d) three Business Days after being deposited in the mails (first class or airmail postage prepaid).
Section 9.7.    Counterparts.  This Agreement may be executed simultaneously in two or more separate counterparts, any one of which need not contain the signatures of more than one party, but each of which shall be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto.
Section 9.8.    Power of Attorney.  Each Member hereby irrevocably appoints the Managing Member as such Member’s true and lawful representative and attorney in fact, each acting alone, in such Member’s name, place and stead, (a) to make, execute, sign and file all instruments, documents and certificates which, from time to time, may be required to set forth any amendment to this Agreement or which may be required by this Agreement or by the laws of the United States of America, the State of Delaware or any other state in which the Company shall determine to do business, or any political subdivision or agency thereof and (b) to execute, implement and continue the valid and subsisting existence of the Company or to qualify and continue the Company as a foreign limited liability company in all jurisdictions in which the Company may conduct business.  Such power of attorney is coupled with an interest and shall survive and continue in full force and effect notwithstanding the subsequent withdrawal from the Company of any Member for any reason and shall survive and shall not be affected by the disability, incapacity, bankruptcy or dissolution of such Member.  No power of attorney granted in this Agreement shall revoke any previously granted power of attorney.
Section 9.9.    Entire Agreement.  Immediately prior to the IPO, the Managing Member shall enter into the Tax Receivable Agreements and the Exchange Agreement. This Agreement, the Exchange Agreement, the Tax Receivable Agreement and the other documents and agreements referred to herein or entered into concurrently herewith embody the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein; provided that such other agreements and documents shall not be deemed to be a part of, a modification of or an amendment to this Agreement.  There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein.  
Section 9.10.    Remedies.  Each Member shall have all rights and remedies set forth in this Agreement and all rights and remedies that such Person has been granted at any time under any other agreement or contract and all of the rights that such Person has under any applicable law.  Any Person having any rights under any provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security) to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by applicable law.
Section 9.11.    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 or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
Section 9.12.    Creditors.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in Company profits, losses, distributions, capital or property other than as a secured creditor.
Section 9.13.    Waiver.  No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition.

27

Section 9.14.    Further Action.  The parties agree to execute and deliver all documents, provide all information and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement.
Section 9.15.    Delivery by Facsimile or Email.  This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or email with scan or facsimile attachment, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.  At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re execute original forms thereof and deliver them to all other parties.  No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or email as a defense to the formation or enforceability of a contract, and each such party forever waives any such defense.

28

1

IN WITNESS WHEREOF, the parties have executed this Limited Liability Company Agreement.
	
			
	 
	MANAGING MEMBER

	 
	 

	 
	NORCRAFT COMPANIES, INC.

	 
	 

	 
	 

	 
	By:
	/s/ Mark Buller

	 
	 
	Name:  Mark Buller

	 
	 
	Title:    Chief Executive Officer

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

8113_16

	
			
	MEMBERS:
	 
	 

	 
	SKM Norcraft Corp.

	 
	 

	 
	 

	 
	By:
	/s/ Chris Reilly

	 
	 
	Name:  Chris Reilly

	 
	 
	Title:

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

8113_16

	
			
	MEMBERS:
	Trimaran Cabinet Corp.

	 
	 

	 
	 

	 
	By:
	/s/ Jay Bloom

	 
	 
	Name:  Jay Bloom

	 
	 
	Title:

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

8113_16

MEMBERS:
/s/ Herb Buller_____________
Herb Buller        
        
/s/ Erna Buller______________
Erna Buller        
/s/ Philip Buller_____________
Philip Buller        
/s/ David Buller_____________
David Buller

/s/ James Buller_____________
James Buller

/s/ Mark Buller______________
Mark Buller

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

8113_16

MEMBERS:        /s/ Albert Loewen__________
Albert Loewen
        
/s/ Cathie Austen__________
Cathie Austen        
/s/ Chris Reynolds _________
Chris Reynolds        
/s/ Clement Michaud      ____
Clement Michaud        
/s/ Clyde Clement             ____
Clyde Clement        
/s/ Daren Drewlo ___________
Daren Drewlo        
/s/ David Wylie____________
David Wylie        
/s/ Doug Broberg___________
Doug Broberg        
/s/ Eric Tanquist____________
Eric Tanquist        
/s/ Grant Fisher_____________
Grant Fisher        

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

/s/ Jack Laninga____________
Jack Laninga
        
/s/ Jason Flagstad___________
Jason Flagstad    
/s/ John Coady_____________
John Coady        
/s/ John Loucks_____________
John Loucks    
/s/ John Swedeen____________
John Swedeen    
/s/ Justin Wanninger_________
Justin Wanninger 

/s/ Kevin Andersen__________
Kevin Andersen        
/s/ Kurt Wanninger__________
Kurt Wanninger        
/s/ Larry Pingston___________
Larry Pingston        
/s/ Leigh Ginter_____________
Leigh Ginter    

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

        
/s/ Mark Clements__________
Mark Clements    
/s/ Mark Pyle______________
Mark Pyle        
/s/ Monte Young___________
Monte Young        
/s/ Norman Krogh__________
Norman Krogh        
/s/ Paul Maassen____________
Paul Maassen        
/s/ Pete Bendix______________
Pete Bendix        
/s/ Robert Kerr______________
Robert Kerr        
/s/ Rodney Brewer___________
Rodney Brewer        
/s/ Ron Carr_________________
Ron Carr        
/s/ Tim Jordan________________
Tim Jordan        

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

/s/ Wayne Steinhauer_______
Wayne Steinhauer
        
/s/ William Darragh________
William Darragh    

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

Andrew Quacinella, IRA:

/s/ Andrew Quacinella______
Andrew Quacinella
        
/s/ Equity Trust Company____
Equity Trust Company     

Anthony Zellars, IRA:

/s/ Anthony Zellars_________
Anthony Zellars        
/s/ Equity Trust Company____
Equity Trust Company     
 
Brian Robinson, IRA:        
/s/ Brian Robinson__________
Brian Robinson        
/s/ Equity Trust Company____
Equity Trust Company     
 
Chuck Schleifer, IRA:        
/s/ Chuck Schleifer__________
Chuck Schleifer        
/s/ Equity Trust Company____
Equity Trust Company    

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

David Littlefield, IRA:    
/s/ David Littlefield_________
David Littlefield        
/s/ Equity Trust Company____
Equity Trust Company     

Eric Tanquist, IRA:    
/s/ Eric Tanquist____________
Eric Tanquist        
/s/ Equity Trust Company____
Equity Trust Company     

James A. Mullen, IRA:    
/s/ James A. Mullen_________
James A. Mullen        
/s/ Equity Trust Company____
Equity Trust Company     

Jeff Lukes, IRA:    
/s/ Jeff Lukes_______________
Jeff Lukes        
/s/ Equity Trust Company____
Equity Trust Company     

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

Jerry Riley, IRA:    
/s/ Jerry Riley______________
Jerry Riley        
/s/ Equity Trust Company____
Equity Trust Company     

John Loucks, IRA:    
/s/ John Loucks_____________
John Loucks        
/s/ Equity Trust Company____
Equity Trust Company     

John Swedeen, IRA:    
/s/ John Swedeen___________
John Swedeen        
/s/ Equity Trust Company____
Equity Trust Company     

Kevin Andersen, IRA:    
/s/ Kevin Andersen_________
Kevin Andersen        

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

/s/ Equity Trust Company____
Equity Trust Company     

Kurt Wanninger, IRA:    
/s/ Kurt Wanninger_________
Kurt Wanninger        
/s/ Equity Trust Company____
Equity Trust Company     

Larry Pingston, IRA:    
/s/ Larry Pingston___________
Larry Pingston        
/s/ Equity Trust Company____
Equity Trust Company     

Monte Young, IRA:    
/s/ Monte Young___________
Monte Young        
/s/ Equity Trust Company____
Equity Trust Company     

Norman Krogh, IRA:    
/s/ Norman Krogh__________
Norman Krogh        

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

/s/ Equity Trust Company____
Equity Trust Company     

Paul Maassen, IRA:    
/s/ Paul Maassen___________
Paul Maassen        
/s/ Equity Trust Company____
Equity Trust Company     

Pete Bendix, IRA:    
/s/ Pete Bendix_____________
Pete Bendix        
/s/ Equity Trust Company____
Equity Trust Company     

Raymond E. Waite, IRA:    
/s/ Raymond E. Waite________
Raymond E. Waite        
/s/ Equity Trust Company____
Equity Trust Company     

Reggie Graham, IRA:    
/s/ Reggie Graham_________

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

Reggie Graham        
/s/ Equity Trust Company____
Equity Trust Company     

Robert Kerr, IRA:    
/s/ Robert Kerr_____________
Robert Kerr        
/s/ Equity Trust Company____
Equity Trust Company     

Rodney Brewer, IRA:    
/s/ Rodney Brewer__________
Rodney Brewer        
/s/ Equity Trust Company____
Equity Trust Company     

Rodney Heibult, IRA:    
/s/ Rodney Heibult___________
Rodney Heibult        
/s/ Equity Trust Company____
Equity Trust Company     

Ron Carr, IRA:    
/s/ Ron Carr________________

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

Ron Carr        
/s/ Equity Trust Company____
Equity Trust Company     

Ronald J. Adams, IRA:    
/s/ Ronald J. Adams_________
Ronald J. Adams        
/s/ Equity Trust Company____
Equity Trust Company     

Simon Solomon, IRA:    
/s/ Simon Solomon__________
Simon Solomon        
/s/ Equity Trust Company____
Equity Trust Company     

Steve Woolard, IRA:    
/s/ Steve Woolard__________
Steve Woolard        
/s/ Equity Trust Company____
Equity Trust Company     

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

Carl Bohn Family Trust

By: /s/ Carl F. Bohn Jr.______
Name: Carl F. Bohn Jr.
Title:   Co-Trustee

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

Exhibit A
SCHEDULE OF MEMBERS
	
			
	Member
	Common Units
	Unvested Common Units

	Norcraft Companies, Inc.
	625
	0

	SKM Norcraft Corp.
	11,540,632
	0

	Trimaran Cabinet Corp.
	5,770,316
	0

	Mark Buller
	525,629
	0

	Herb Buller
	153,045
	0

	Erna Buller
	153,045
	0

	Dave Buller
	270,709
	0

	James Buller
	271,807
	0

	Phillip Buller
	262,076
	0

	Andrew Quacinella IRA
	3,495
	0

	Chris Reynolds
	5,616
	623

	Chuck Schleifer IRA
	7,139
	0

	Darren Drewlo
	946
	0

	David Littlefield IRA
	1,933
	0

	David Wylie
	831
	416

	Eric Tanquist
	9,455
	537

	Eric Tanquist IRA
	3,460
	0

	Jack Laninga
	14,995
	0

	James A. Mullen IRA
	6,276
	0

	Jerry Riley IRA
	18,640
	0

	John Coady
	14,973
	4,447

	John Loucks
	1,837
	1,728

	John Loucks IRA
	5,749
	0

	John Swedeen
	42,867
	0

	John Swedeen IRA
	41,244
	0

	Justin Wanninger
	12,242
	519

	Kevin Andersen
	6,487
	0

	Kevin Andersen IRA
	22,995
	0

	Kurt Wanninger
	74,667
	0

	Kurt Wanninger IRA
	7,474
	0

	Larry Pingston
	3,244
	0

	Larry Pingston IRA
	1,186
	0

	Leigh Ginter
	79,157
	0

	Mark Pyle
	713
	0

	Monte Young
	9,455
	537

	Monte Young IRA
	5,916
	0

	Norman Krogh
	9,455
	537

	Norman Krogh IRA
	3,478
	0

	Pete Bendix
	7,294
	0

	Pete Bendix IRA
	11,455
	0

	Robert Kerr
	8,537
	1,067

37238113_16

	
			
	Robert Kerr IRA
	7,040
	0

	Ron Carr
	2,621
	0

	Ron Carr IRA
	9,132
	0

	Ronald J. Adams IRA
	31,614
	0

	Simon Solomon
	2,499
	0

	Simon Solomon IRA
	113,467
	0

	William Darragh
	500
	0

	Cathie Austen
	6,868
	0

	Steve Woolard IRA
	8,738
	0

	Tim Jordan
	1,933
	0

	Rodney Brewer
	2,913
	0

	Rodney Brewer IRA
	7,909
	0

	Rodney Heibult IRA
	11,678
	0

	Paul Maassen
	1,823
	0

	Paul Maassen IRA
	165
	0

	Grant Fischer
	633
	0

	Clement Michaud
	603
	0

	Albert Loewen
	2,788
	0

	Anthony Zellars IRA
	2,801
	0

	Brian Robinson IRA
	3,044
	0

	Carl Bohn Family Trust
	50,954
	0

	Clyde Clement
	3,495
	0

	Doug Broberg
	6,990
	0

	Jason Flagstad
	1,739
	0

	Jeff Lukes IRA
	3,449
	0

	Mark Clements
	13,190
	0

	Raymond E. Waite IRA
	30,827
	0

	Reggie Graham IRA
	1,895
	0

	Wayne Steinhauer
	6,171
	0

[Signature Page to Norcraft Companies LLC Limited Liability Company Agreement]

8113_16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]