Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
 RETAIL
PROPERTIES OF AMERICA, INC. 
 $100,000,000 4.82% Senior Notes due June 28,
2029 
  
  

NOTE PURCHASE AGREEMENT 

 
  

Dated as of April 5, 2019 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
	 SECTION 1.
	 	AUTHORIZATION OF NOTES	  	 	1	 
			
	 SECTION 2.
	 	SALE AND PURCHASE OF NOTES	  	 	1	 
			
	 SECTION 3.
	 	CLOSING	  	 	2	 
			
	 SECTION 4.
	 	CONDITIONS TO THE CLOSING	  	 	2	 
			
	 Section 4.1.
	 	Representations and Warranties	  	 	2	 
	 Section 4.2.
	 	Performance; No Default	  	 	2	 
	 Section 4.3.
	 	Compliance Certificates	  	 	2	 
	 Section 4.4.
	 	Opinions of Counsel	  	 	3	 
	 Section 4.5.
	 	Purchase Permitted By Applicable Law, Etc.	  	 	3	 
	 Section 4.6.
	 	Sale of Other Notes	  	 	3	 
	 Section 4.7.
	 	Payment of Special Counsel Fees	  	 	3	 
	 Section 4.8.
	 	Private Placement Number	  	 	3	 
	 Section 4.9.
	 	Changes in Corporate Structure	  	 	3	 
	 Section 4.10.
	 	Funding Instructions	  	 	4	 
	 Section 4.11.
	 	Proceedings and Documents	  	 	4	 
	 Section 4.12.
	 	Most Favored Lender Notice	  	 	4	 
			
	 SECTION 5.
	 	REPRESENTATIONS AND WARRANTIES OF THE ISSUER	  	 	4	 
			
	 Section 5.1.
	 	Organization; Power and Authority	  	 	4	 
	 Section 5.2.
	 	Authorization, Etc.	  	 	4	 
	 Section 5.3.
	 	Disclosure	  	 	4	 
	 Section 5.4.
	 	Organization and Ownership of Shares of Subsidiaries; Affiliates	  	 	5	 
	 Section 5.5.
	 	Financial Statements; Material Liabilities	  	 	6	 
	 Section 5.6.
	 	Compliance with Laws, Other Instruments, Etc.	  	 	6	 
	 Section 5.7.
	 	Governmental Authorizations, Etc.	  	 	6	 
	 Section 5.8.
	 	Litigation; Observance of Agreements, Statutes and Orders	  	 	6	 
	 Section 5.9.
	 	Taxes	  	 	7	 
	 Section 5.10.
	 	Title to Property; Leases	  	 	7	 
	 Section 5.11.
	 	Licenses, Permits, Etc.	  	 	7	 
	 Section 5.12.
	 	Compliance with ERISA	  	 	8	 
	 Section 5.13.
	 	Private Offering by the Issuer	  	 	9	 
	 Section 5.14.
	 	Use of Proceeds; Margin Regulations	  	 	9	 
	 Section 5.15.
	 	Existing Indebtedness; Future Liens	  	 	9	 
	 Section 5.16.
	 	Foreign Assets Control Regulations, Etc.	  	 	10	 
	 Section 5.17.
	 	Status under Certain Statutes	  	 	10	 
	 Section 5.18.
	 	Environmental Matters	  	 	11	 

  
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	 Section 5.19.
	 	REIT Status	  	 	11	 
	 Section 5.20.
	 	Senior Debt Status	  	 	11	 
			
	 SECTION 6.
	 	REPRESENTATIONS OF THE PURCHASERS	  	 	11	 
			
	 Section 6.1.
	 	Purchase for Investment	  	 	11	 
	 Section 6.2.
	 	Source of Funds	  	 	12	 
			
	 SECTION 7.
	 	INFORMATION AS TO ISSUER	  	 	13	 
			
	 Section 7.1.
	 	Financial and Business Information	  	 	13	 
	 Section 7.2.
	 	Officer’s Certificate	  	 	16	 
	 Section 7.3.
	 	Visitation	  	 	17	 
	 Section 7.4.
	 	Electronic Delivery	  	 	17	 
			
	 SECTION 8.
	 	PAYMENT AND PREPAYMENT OF THE NOTES	  	 	18	 
			
	 Section 8.1.
	 	Maturity	  	 	18	 
	 Section 8.2.
	 	Optional Prepayments	  	 	18	 
	 Section 8.3.
	 	Allocation of Partial Prepayments	  	 	19	 
	 Section 8.4.
	 	Maturity; Surrender, Etc.	  	 	19	 
	 Section 8.5.
	 	Purchase of Notes	  	 	19	 
	 Section 8.6.
	 	Make-Whole Amount	  	 	19	 
	 Section 8.7.
	 	Payments Due on Non-Business Days	  	 	21	 
	 Section 8.8.
	 	Change in Control	  	 	21	 
			
	 SECTION 9.
	 	AFFIRMATIVE COVENANTS	  	 	22	 
			
	 Section 9.1.
	 	Compliance with Law	  	 	22	 
	 Section 9.2.
	 	Insurance	  	 	22	 
	 Section 9.3.
	 	Maintenance of Properties	  	 	23	 
	 Section 9.4.
	 	Payment of Taxes and Claims	  	 	23	 
	 Section 9.5.
	 	Corporate Existence, Etc.	  	 	23	 
	 Section 9.6.
	 	Books and Records	  	 	23	 
	 Section 9.7
	 	Subsidiary Guarantors	  	 	23	 
	 Section 9.8
	 	Priority of Obligations	  	 	25	 
	 Section 9.9.
	 	Maintenance of Status	  	 	25	 
	 Section 9.10.
	 	Most Favored Lender Status	  	 	25	 
			
	 SECTION 10.
	 	NEGATIVE COVENANTS	  	 	26	 
			
	 Section 10.1.
	 	Transactions with Affiliates	  	 	26	 
	 Section 10.2.
	 	Merger, Consolidation, Etc.	  	 	27	 
	 Section 10.3.
	 	Line of Business	  	 	27	 
	 Section 10.4.
	 	Economic Sanctions, Etc.	  	 	27	 
	 Section 10.5.
	 	Liens	  	 	28	 
	 Section 10.6.
	 	Financial Covenants	  	 	28	 
			
	 SECTION 11.
	 	EVENTS OF DEFAULT	  	 	28	 

  
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	 SECTION 12.
	 	REMEDIES ON DEFAULT, ETC.	  	 	31	 
			
	 Section 12.1.
	 	Acceleration	  	 	31	 
	 Section 12.2.
	 	Other Remedies	  	 	32	 
	 Section 12.3.
	 	Rescission	  	 	32	 
	 Section 12.4.
	 	No Waivers or Election of Remedies, Expenses, Etc.	  	 	32	 
			
	 SECTION 13.
	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	 	32	 
			
	 Section 13.1.
	 	Registration of Notes	  	 	32	 
	 Section 13.2.
	 	Transfer and Exchange of Notes	  	 	33	 
	 Section 13.3.
	 	Replacement of Notes	  	 	33	 
			
	 SECTION 14.
	 	PAYMENTS ON NOTES	  	 	34	 
			
	 Section 14.1.
	 	Place of Payment	  	 	34	 
	 Section 14.2.
	 	Home Office Payment	  	 	34	 
	 Section 14.3.
	 	FATCA Information	  	 	34	 
			
	 SECTION 15.
	 	EXPENSES, ETC.	  	 	35	 
			
	 Section 15.1.
	 	Transaction Expenses	  	 	35	 
	 Section 15.2.
	 	Survival	  	 	35	 
			
	 SECTION 16.
	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	 	35	 
			
	 SECTION 17.
	 	AMENDMENT AND WAIVER	  	 	36	 
			
	 Section 17.1.
	 	Requirements	  	 	36	 
	 Section 17.2.
	 	Solicitation of Holders of Notes	  	 	36	 
	 Section 17.3.
	 	Binding Effect, Etc.	  	 	37	 
	 Section 17.4.
	 	Notes Held by Issuer, Etc.	  	 	37	 
			
	 SECTION 18.
	 	NOTICES	  	 	37	 
			
	 SECTION 19.
	 	REPRODUCTION OF DOCUMENTS	  	 	38	 
			
	 SECTION 20.
	 	CONFIDENTIAL INFORMATION	  	 	38	 
			
	 SECTION 21.
	 	SUBSTITUTION OF PURCHASER	  	 	39	 
			
	 SECTION 22.
	 	MISCELLANEOUS	  	 	40	 
			
	 Section 22.1.
	 	Successors and Assigns	  	 	40	 
	 Section 22.2.
	 	Accounting Terms	  	 	40	 
	 Section 22.3.
	 	Severability	  	 	40	 

  
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	 Section 22.4.
	 	Construction, Etc.	  	 	40	 
	 Section 22.5.
	 	Counterparts	  	 	41	 
	 Section 22.6.
	 	Governing Law	  	 	41	 
	 Section 22.7.
	 	Jurisdiction and Process; Waiver of Jury Trial	  	 	41	 
			
	 Signature
	 		  	 	43	 

  
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	SCHEDULE A	 	—	  	DEFINED TERMS
			
	SCHEDULE 1	 	—	  	FORM OF 4.82% SENIOR NOTE DUE JUNE 28, 2029
			
	SCHEDULE 4.4(a)	 	—	  	FORM OF OPINION OF SPECIAL COUNSEL FOR THE ISSUER
			
	SCHEDULE 4.4(b)	 	—	  	FORM OF OPINION OF SPECIAL COUNSEL FOR THE PURCHASERS
			
	SCHEDULE 5.3	 	—	  	DISCLOSURE MATERIALS
			
	SCHEDULE 5.4	 	—	  	SUBSIDIARIES OF THE ISSUER AND OWNERSHIP OF SUBSIDIARY STOCK
			
	SCHEDULE 5.5	 	—	  	FINANCIAL STATEMENTS
			
	SCHEDULE 5.15	 	—	  	EXISTING INDEBTEDNESS
			
	SCHEDULE B	 	—	  	INFORMATION RELATING TO PURCHASERS
			
	SCHEDULE S-1	 	—	  	IMMATERIAL SUBSIDIARIES

  
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 RETAIL PROPERTIES OF AMERICA,
INC. 
 2021 SPRING ROAD, SUITE 200 

OAK BROOK, IL 60523 

$100,000,000 4.82% SENIOR NOTES DUE JUNE 28, 2029 

April 5, 2019 
 TO
EACH OF THE PURCHASERS LISTED IN 

SCHEDULE B HERETO: 

Ladies and Gentlemen: 
 RETAIL
PROPERTIES OF AMERICA, INC., a Maryland corporation (together with any successor thereto that becomes a party hereto pursuant to Section 10.2, the “Issuer”) agrees
with each of the Purchasers as follows: 
 SECTION 1. AUTHORIZATION OF NOTES. 

Authorization of Notes. The Issuer will authorize the issue and sale of $100,000,000 aggregate principal amount of its 4.82% Senior
Notes due June 28, 2029 (the “Notes,” such term to include any amendments, restatements or other modifications from time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant
to Section 13). The Notes shall be substantially in the form set out in Schedule 1. Certain capitalized and other terms used in this Agreement are defined in Schedule A. References to a “Schedule” are references to a Schedule
attached to this Agreement unless otherwise specified. References to a “Section” are references to a Section of this Agreement unless otherwise specified. 

SECTION 2. SALE AND PURCHASE OF NOTES. 

Subject to the terms and conditions of this Agreement, the Issuer will issue and sell to each Purchaser and each Purchaser will purchase from
the Issuer, at the Closing as provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in Schedule B at the purchase price of 100% of the principal amount thereof. The Purchasers’
obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder.

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  

SECTION 3. CLOSING. 

The execution and delivery of this Agreement shall occur on April 5, 2019. The sale and purchase of the Notes to be purchased by each
Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603, at 10:00 a.m., central time, at a closing on June 28, 2019 (the “Closing”). At the Closing the Issuer
will deliver to each Purchaser the Notes to be purchased by such Purchaser at the Closing in the form of a single Note (or such greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the
Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Issuer or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of
immediately available funds for the account of the Issuer to account number 858000051968 at Bank of America, NA, 101 South Tryon Street, Charlotte, NC 28255, ABA #: 026009593, Beneficiary: Retail Properties of America, Inc. If at the
Closing the Issuer shall fail to tender the applicable Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such
Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of any of the conditions specified in Section 4 not having been fulfilled to
such Purchaser’s satisfaction or such failure by the Issuer to tender such Notes. 
 SECTION 4. CONDITIONS
TO THE CLOSING. 
 Each Purchaser’s obligation to purchase and pay for the Notes to be sold
to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the time of the Closing, of the following conditions: 

Section 4.1. Representations and Warranties. The representations and warranties of the Issuer in this Agreement
shall be correct when made and at the Closing. 
 Section 4.2. Performance; No Default. The Issuer shall have
performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing and from the date of this Agreement to the Closing. From the date of this Agreement
until the Closing, before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing and no
Change in Control shall have occurred. Neither the Issuer nor any Subsidiary shall have entered into any transaction since March 7, 2019 that would have been prohibited by Section 10 had such Section applied since such date. 

Section 4.3. Compliance Certificates. 

(a) Officer’s Certificate. The Issuer shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the
Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  

(b) Secretary’s Certificate. The Issuer shall have delivered to such Purchaser a certificate of its Secretary or Assistant
Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement and (ii) the
Issuer’s organizational documents as then in effect. 
 Section 4.4. Opinions of Counsel. Such Purchaser
shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from Goodwin Procter LLP, counsel for the Issuer, covering the matters set forth in Schedule 4.4(a) and covering such
other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Issuer hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from Chapman and Cutler LLP,
the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request. 

Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase of
Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments
by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve
System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser
shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

Section 4.6. Sale of Other Notes. Contemporaneously with the Closing the Issuer shall sell to each other Purchaser
and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule B. 

Section 4.7. Payment of Special Counsel Fees. Without limiting Section 15.1, the Issuer shall have paid on or
before the Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the Issuer at least one Business Day prior to the
Closing. 
 Section 4.8. Private Placement Number. A Private Placement Number issued by Standard &
Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes. 
 Section 4.9.
Changes in Corporate Structure. The Issuer shall not have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of
any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5. 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  

Section 4.10. Funding Instructions. At least three Business Days prior to the date of the Closing, each Purchaser
shall have received written instructions signed by a Responsible Officer on letterhead of the Issuer confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee
bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited. 

Section 4.11. Proceedings and Documents. All corporate and other proceedings in connection with the transactions
contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart
originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 

Section 4.12. Most Favored Lender Notice. To the extent that at the Closing there are any financial covenants that
would be included as a result of Section 9.10, a description of such financial covenants in the form of a Most Favored Lender Notice. 

SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE
ISSUER. 
 The Issuer represents and warrants to each Purchaser that: 

Section 5.1. Organization; Power and Authority. The Issuer is a corporation duly organized, validly existing and in
good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which
the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Issuer has the corporate power and authority to own or hold under lease the properties it
purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. 

Section 5.2. Authorization, Etc. This Agreement and the Notes have been duly authorized by all necessary corporate
action on the part of the Issuer and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Issuer, enforceable against the Issuer, in accordance with its terms,
except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 5.3.
Disclosure. The Issuer, through its agents, KeyBanc Capital Markets and Deutsche Bank Securities Inc, has delivered to each Purchaser a copy of a Private Placement Memorandum dated March 7, 2019 (the “Memorandum”), relating
to the transactions contemplated hereby. The Memorandum fairly describes, in all material respects, the general nature of the business and principal properties of the Issuer and its Subsidiaries. This Agreement, the Memorandum, the financial
statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Issuer or any of the Issuer’s Officers prior to March 22, 2019 in connection with the transactions
contemplated hereby and identified in Schedule 5.3 (this Agreement and such documents, 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 
certificates or other writings and such financial statements delivered to each Purchaser being referred to, collectively, as the “Disclosure Documents”), to the Issuer’s
knowledge, taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made; provided,
that, with respect to any projected financial information, the Issuer represents only that such information was prepared in good faith based upon assumptions that Issuer believed to be reasonable at the time. Except as disclosed in the
Disclosure Documents, since December 31, 2018, there has been no change in the financial condition, operations, business, properties or prospects of the Issuer or any Subsidiary except changes that could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. There is no fact known to the Issuer that could reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 

Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains
(except as noted therein) complete and correct lists of the Issuer’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, and, with respect to each
non-Wholly-Owned Subsidiary, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Issuer and each other Subsidiary. The Issuer shall be permitted to
make additions and deletions to Schedule 5.4 for purposes of this representation in respect of the Closing after April 5, 2019 but prior to the Closing, so long as (a) the Issuer shall have provided an updated copy of
Schedule 5.4 to the Purchasers not less than 5 Business Days prior to the date of the Closing, (b) any such additions or deletions are in all respects reasonably satisfactory to the Purchasers as a condition to the Closing and
(c) such updated Schedule 5.4 does not affect the representation given in connection with the execution of this Agreement. 
 (b) All of
the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Issuer and its Subsidiaries have been validly issued, are fully paid and
non-assessable and are owned by the Issuer or another Subsidiary free and clear of any Lien that is prohibited by this Agreement, except where the failure or
non-compliance of the same would not result in a Material Adverse Effect. 
 (c) Each Subsidiary is a
corporation or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where
applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts
and proposes to transact, except where the failure or non-compliance of the same would not result in a Material Adverse Effect. 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  

(d) No Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4,
customary limitations imposed by corporate law or similar statutes or any Non-Recourse Indebtedness) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar
distributions of profits to the Issuer or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 

Section 5.5. Financial Statements; Material Liabilities. The Issuer has delivered to each Purchaser copies of the
financial statements of the Issuer and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial
position of the Issuer and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP
consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Issuer and its
Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents. 
 Section 5.6.
Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by the Issuer of this Agreement and the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation
of any Lien in respect of any property of the Issuer or any of its Subsidiaries under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws,
shareholders agreement or any other agreement or instrument to which the Issuer or any of its Subsidiaries is bound or by which the Issuer or any of its Subsidiaries or any of their respective properties may be bound or affected, (ii) conflict
with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Issuer or any of its Subsidiaries or (iii) violate any
provision of any statute or other rule or regulation of any Governmental Authority applicable to the Issuer or any of its Subsidiaries, in each case, except, in the case of each of clauses (i), (ii) and (iii) where the failure or non-compliance of the same would not result in a Material Adverse Effect. 

Section 5.7. Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or
declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Issuer of this Agreement and the Notes. 

Section 5.8. Litigation; Observance of Agreements, Statutes and Orders. (a) There are no actions, suits,
investigations or proceedings pending or, to the best knowledge of the Issuer, threatened against or affecting the Issuer or any of its Subsidiaries or any property of the Issuer or any of its Subsidiaries in any court or before any arbitrator of
any kind or before or by any Governmental Authority that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  

(b) Neither the Issuer nor any of its Subsidiaries is (i) in default under any agreement or instrument to which it is a party or by which
it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including,
without limitation, Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), in the case of each of clauses (i), (ii) and (iii), which default or violation could, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 5.9. Taxes. Except as set
forth on Schedule 5.9, the Issuer and its Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments
levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which,
individually or in the aggregate, is not Material or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Issuer or its Subsidiaries, as the case
may be, has established adequate reserves in accordance with GAAP. The Issuer knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges,
accruals and reserves on the books of the Issuer and its Subsidiaries in respect of U.S. federal, state or other taxes for all fiscal periods are adequate. Except as set forth on Schedule 5.9, the U.S. federal income tax liabilities of the
Issuer and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2014. 

Section 5.10. Title to Property; Leases. The Issuer and its Subsidiaries have good and sufficient title to their
respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Issuer or any
Subsidiary after such date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are Material are valid and
subsisting and are in full force and effect in all material respects. 
 Section 5.11. Licenses, Permits, Etc.
(a) The Issuer and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto without known conflict with the rights
of others, except where the failure to own or possess could not reasonably be expected to have a Material Adverse Effect. 
 (b) To the best
knowledge of the Issuer, no product or service of the Issuer or any of its Subsidiaries infringes in any respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other
right owned by any other Person, except where such infringement could not reasonably be expected to have a Material Adverse Effect. 

  
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(c) To the best knowledge of the Issuer, there is no violation by any Person of any right of the Issuer or any of its Subsidiaries with respect
to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Issuer or any of its Subsidiaries, except where such violation could not reasonably be expected to have a Material Adverse
Effect. 
 Section 5.12. Compliance with ERISA. (a) The Issuer and each ERISA Affiliate have operated and
administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Neither
the Issuer nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event,
transaction or condition has occurred or exists that could, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Issuer or any ERISA Affiliate, or in the imposition of any Lien on any of
the rights, properties or assets of the Issuer or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or
section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. 

(b) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end
of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such
Plan allocable to such benefit liabilities. The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning
specified in section 3 of ERISA. 
 (c) The Issuer and its ERISA Affiliates have not incurred withdrawal liabilities (and are not
subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 

(d) The expected postretirement benefit obligation (determined as of the last day of the Issuer’s most recently ended fiscal year in
accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of
the Code) of the Issuer and its Subsidiaries is not Material. 
 (e) The execution and delivery of this Agreement and the issuance and sale
of the Notes hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to
section 4975(c)(1)(A)-(D) of the Code. The representation by the Issuer to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such
Purchaser’s representation in Section 6.2 as to the sources of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser. 

  
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(f) The Issuer and its Subsidiaries do not have any Non-U.S. Plans. 

Section 5.13. Private Offering by the Issuer. Neither the Issuer nor anyone acting on its behalf has offered the
Notes or any similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than not more than 80 Institutional Investors
(including the Purchasers), each of which has been offered the Notes at a private sale for investment. Neither the Issuer nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the
registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction. 

Section 5.14. Use of Proceeds; Margin Regulations. The Issuer will apply the proceeds of the sale of the Notes
hereunder to repay or refinance outstanding indebtedness of the Issuer and for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any
margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the
Issuer in a violation of Regulation X of said Board (12 CFR 24) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of
the consolidated assets of the Issuer and its Subsidiaries and the Issuer does not have any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms “margin
stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 

Section 5.15. Existing Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.15 sets
forth a complete and correct list of all outstanding Indebtedness of the Issuer and its Subsidiaries as of February 28, 2019 (including descriptions of the obligors and obligees (or any agent, trustee or other entity acting in a similar
capacity, principal amounts outstanding, whether or not secured and any Guaranties thereof), since which date there has been no change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the
Issuer or its Subsidiaries, which change could reasonably be expected to have a Material Adverse Effect. Neither the Issuer nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest
on any Recourse Indebtedness of the Issuer or such Subsidiary and no event or condition exists with respect to any Recourse Indebtedness of the Issuer or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would
permit) one or more Persons to cause such Recourse Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b) Except as disclosed in Schedule 5.15, as of the date of this representation, neither the Issuer nor any Subsidiary is a party to any
Indebtedness pursuant to which it has agreed or consented to cause or permit any of its property, whether now owned or hereafter acquired, to be subject to a Lien after the date of this representation that secures such Indebtedness or to cause or
permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures such Indebtedness. 

  
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(c) Neither the Issuer nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
Indebtedness of the Issuer or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on
the incurring of, Indebtedness of the Issuer except as disclosed in Schedule 5.15. 
 Section 5.16. Foreign
Assets Control Regulations, Etc. (a) Neither the Issuer nor any Controlled Entity (i) is a Blocked Person or (ii) has been notified that its name appears or may in the future appear on a State Sanctions List. 

(b) Neither the Issuer nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any
applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Issuer’s knowledge, is under investigation by any
Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws. 

(c) No part of the proceeds from the sale of the Notes hereunder: 

(i) constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Issuer or
any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic
Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws; 
 (ii) will be used, directly or
indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws; or 

(iii) will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any
Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws. 
 (d) The Issuer has established procedures and controls which it reasonably
believes are adequate (and otherwise comply with applicable law) to ensure that the Issuer and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws,
Anti-Money Laundering Laws and Anti-Corruption Laws. 

Section 5.17. Status under Certain Statutes. Neither the Issuer nor any Subsidiary is subject to regulation under
the Investment Company Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. 

  
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Section 5.18. Environmental Matters. (a) Neither the Issuer nor any Subsidiary has knowledge of any claim or has
received any notice of any claim and no proceeding has been instituted asserting any claim against the Issuer or any of its Subsidiaries or any of their respective real properties or other assets now or formerly owned, leased or operated by any of
them, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

(b) Neither the Issuer nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of
Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (c) Neither the Issuer nor any Subsidiary
has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect. 
 (d) Neither the Issuer nor any Subsidiary has disposed of any Hazardous Materials in a manner which is contrary
to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (e)
All buildings on all real properties now owned, leased or operated by the Issuer or any Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply could not, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect. 
 Section 5.19. REIT Status. The Issuer has taken all
actions necessary to qualify as a real estate investment trust under the Code for the taxable years ended December 31, 2018, 2017, 2016 and 2015, and has not taken any action which would prevent it from maintaining such qualification in the
future. Each Subsidiary of the Issuer that is treated as a corporation for U.S. federal income tax purposes is either (i) a “qualified REIT subsidiary” within the meaning of Section 856(i)(2) of the Code or (ii) a
“taxable REIT subsidiary” within the meaning of Section 856(1) of the Code. 
 Section 5.20. Senior
Debt Status. The Issuer’s obligations under the Notes rank pari passu in priority of payment with all other senior unsecured Indebtedness of the Issuer. 

SECTION 6. REPRESENTATIONS OF THE PURCHASERS. 

Section 6.1. Purchase for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own
account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or
their property shall at all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the
Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Issuer is not required to register the Notes. 

  
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Section 6.2. Source of Funds. Each Purchaser severally represents that at least one of the following statements is an
accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 

(a) the Source is an “insurance company general account” (as the term is defined in the United States Department of
Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the
NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on
behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the
total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual
obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not
affected in any manner by the investment performance of the separate account; or 
 (c) the Source is either (i) an
insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except
as disclosed by such Purchaser to the Issuer in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such
pooled separate account or collective investment fund; or 
 (d) the Source constitutes assets of an “investment
fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of
Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an
affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part
I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Issuer that would cause the QPAM and the Issuer to be “related” within the
meaning of Part VI(h) of the QPAM Exemption and (i) 

  
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the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established
or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed
to the Issuer in writing pursuant to this clause (d);or 
 (e) the Source constitutes assets of a “plan(s)” (within
the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the
meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of
“control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Issuer and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been
disclosed to the Issuer in writing pursuant to this clause (e); or 
 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee
benefit plans, each of which has been identified to the Issuer in writing pursuant to this clause (g); or 
 (h) the Source
does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.2, the terms
“employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 

SECTION 7. INFORMATION AS TO ISSUER. 

Section 7.1. Financial and Business Information. The Issuer shall deliver to each Purchaser and each holder of a Note
that is an Institutional Investor: 
 (a) Quarterly Statements — within 60 days (or such shorter period as is the
earlier of (x) 15 days greater than the period applicable to the filing of the Issuer’s Quarterly Report on Form 10-Q (the
“Form 10-Q”) with the SEC regardless of whether the Issuer is subject to the filing requirements thereof and (y) the date by which such financial statements are
required to be delivered under the Primary Credit Facility or the date on which such corresponding financial statements are delivered under the Primary Credit Facility if such delivery occurs earlier than such required delivery date) after the end
of each quarterly fiscal period in each fiscal year of the Issuer (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 

  
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(i) a consolidated balance sheet of the Issuer and its Subsidiaries as at the end of such quarter, and 

(ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the Issuer and its Subsidiaries
for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 
 setting
forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a
Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from
year-end adjustments, provided that delivery within the time period specified above of copies of the Issuer’s Form 10-Q prepared in compliance with the
requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a); 
 (b)
Annual Statements — within 105 days (or such shorter period as is the earlier of (x) 15 days greater than the period applicable to the filing of the Issuer’s Annual Report on
Form 10-K (the “Form 10-K”) with the SEC regardless of whether the Issuer is subject to the filing requirements thereof
and (y) the date by which such financial statements are required to be delivered under the Primary Credit Facility or the date on which such corresponding financial statements are delivered under the Primary Credit Facility if such delivery
occurs earlier than such required delivery date) after the end of each fiscal year of the Issuer, duplicate copies of 
 (i)
a consolidated balance sheet of the Issuer and its Subsidiaries as at the end of such year, and 
 (ii) consolidated
statements of income, changes in shareholders’ equity and cash flows of the Issuer and its Subsidiaries for such year, 
 setting forth
in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a “going concern” or similar qualification or exception
and without any qualification or exception as to the scope of the audit on which such opinion is based) of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in
all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such
financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified
above of the Issuer’s Form 10-K for such fiscal year (together with the Issuer’s annual report to shareholders, if any, prepared pursuant to
Rule 14a-3 under the Securities Exchange Act of 1934) prepared in accordance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section 7.1(b);

  
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(c) SEC and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement,
report, notice or proxy statement sent by the Issuer or any Subsidiary to the administrative agent under the Primary Credit Facility (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as
information relating to pricing and borrowing availability) or to its public Securities holders generally, and (ii) each regular or periodic report, each registration statement (without exhibits except as expressly requested by such Purchaser
or holder), and each prospectus and all amendments thereto filed by the Issuer or any Subsidiary with the SEC and of all press releases concerning developments that are Material; 

(d) Notice of Default or Event of Default — promptly, and in any event within five Business Days after a
Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any
action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Issuer is taking or proposes to take with respect thereto; 

(e) ERISA Matters — promptly, and in any event within five days after a Responsible Officer becoming aware of any
of the following, a written notice setting forth the nature thereof and the action, if any, that the Issuer or an ERISA Affiliate proposes to take with respect thereto: 

(i) with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder,
for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 
 (ii) the
taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the
Issuer or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or 

(iii) any event, transaction or condition that could result in the incurrence of any liability by the Issuer or any ERISA
Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Issuer or any ERISA Affiliate
pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, could reasonably be expected to have a Material Adverse Effect; 

  
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(f) Notices from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of
any notice to the Issuer or any Subsidiary from any federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect; 

(g) Resignation or Replacement of Auditors — within ten days following the date on which the Issuer’s auditors
resign or the Issuer elects to change auditors, as the case may be, notification thereof, together with such supporting information as the Required Holders may request; and 

(h) Requested Information — with reasonable promptness, such other data and information relating to the business,
operations, affairs, financial condition, assets or properties of the Issuer or any of its Subsidiaries (including, but without limitation, actual copies of the Issuer’s Form 10-Q and Form 10-K) or relating to the ability of (i) the Issuer to perform its obligations hereunder and, under the Notes or (ii) the ability of any Subsidiary Guarantor to perform its obligations under the
Subsidiary Guaranty, as from time to time may be reasonably requested by any such Purchaser or holder of a Note. 

Section 7.2. Officer’s Certificate. Each set of financial statements delivered to a Purchaser or
a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer: 

(a) Covenant Compliance — setting forth the information from such financial statements that is required in order to
establish whether the Issuer was in compliance with the requirements of Section 10 (including any financial covenants added pursuant to Section 9.10) during the quarterly or annual period covered by the statements then being furnished,
(including with respect to each such provision that involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount, ratio
or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence. In the event that the Issuer or any Subsidiary has made an election to measure any financial
liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer’s
certificate as to such period shall include a reconciliation from GAAP with respect to such election; 
 (b) Event of
Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Issuer and its Subsidiaries
from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that
constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Issuer or any Subsidiary to comply with any Environmental
Law), specifying the nature and period of existence thereof and what action the Issuer shall have taken or proposes to take with respect thereto; and 

  
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(c) Subsidiary Guarantors – certifying that each Subsidiary that is required to be a Subsidiary Guarantor
pursuant to Section 9.7 is a Subsidiary Guarantor, in each case, as of the date of such certificate of Senior Financial Officer. 

Section 7.3. Visitation. The Issuer shall permit the representatives of each Purchaser and each holder of a Note
that is an Institutional Investor: 
 (a) No Default — if no Default or Event of Default then exists, at the
expense of such Purchaser and such holder and upon reasonable prior notice to the Issuer, to visit the principal executive office of the Issuer, to discuss the affairs, finances and accounts of the Issuer and its Subsidiaries with the Issuer’s
officers, and (with the consent of the Issuer, which consent will not be unreasonably withheld) its independent public accountants (it being understood and agreed that only one such request for a discussion with the Issuer’s independent public
accountants shall be made per fiscal year by all Purchasers and such discussion shall be held on or around the end of the SAS 100 review period), and (with the consent of the Issuer, which consent will not be unreasonably withheld) to visit the
other offices and properties of the Issuer and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; provided that such Purchaser shall only be permitted to make one such visit or have one such
discussion per fiscal year and shall use reasonable efforts to coordinate any such visit with the representatives of the other Purchasers, if applicable, and, provided, further, that no such request by any Purchaser may be made within the six
(6) month period following the date of any all Purchasers’ visiting date wherein all Purchasers are invited by Issuer to its principal executive office; and 

(b) Default — if a Default or Event of Default then exists, at the expense of the Issuer to visit and inspect any
of the offices or properties of the Issuer or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts
with their respective officers and independent public accountants (and by this provision the Issuer authorizes said accountants to discuss the affairs, finances and accounts of the Issuer and its Subsidiaries, all at such times and as often as may
be requested). 
 Section 7.4. Electronic Delivery. Financial statements, opinions of independent certified public
accountants, other information and Officer’s Certificates that are required to be delivered by the Issuer pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed to have been delivered if the Issuer satisfies any
of the following requirements with respect thereto: 
 (i) such financial statements satisfying the requirements of
Section 7.1(a) or (b) and related Officer’s Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each Purchaser or holder of a Note by e-mail at the e-mail address set forth in Schedule B for such Purchaser or holder or as communicated from time to time in a separate writing delivered to the Issuer; 

  
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(ii) the Issuer shall have timely filed such Form 10-Q or Form 10-K, satisfying the requirements of Section 7.1(a) or Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and the related Officer’s Certificate
satisfying the requirements of Section 7.2 available on the Company’s website, which is located at http://www.rpai.com as of the date of this Agreement; 

(iii) such financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related
Officer’s Certificate(s) satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf of the Issuer, on IntraLinks or on any other similar website to which each
holder of Notes has free access; or 
 (iv) the Issuer shall have filed any of the items referred to in Section 7.1(c)
with the SEC on EDGAR and shall have made such items available on the Company’s website, which is located at http://www.rpai.com as of the date of this Agreement or on IntraLinks or on any other similar website to which each holder of
Notes has free access; 
 provided however, that in no case shall access to such financial statements, other information and
Officer’s Certificates be conditioned upon any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 20 of this Agreement); provided further, that in the case of any of clauses (ii),
(iii) or (iv), the Issuer shall have given each holder of a Note prior written notice, which may be by e-mail or in accordance with Section 18, of such posting or filing in connection with each delivery;
provided further, that upon request of any holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates or to receive them by e-mail, the Issuer
will promptly e-mail them or deliver such paper copies, as the case may be, to such holder. 

SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES.

 Section 8.1. Maturity. As provided therein, the entire unpaid principal balance of each Note shall be due and
payable on the Maturity Date thereof. 
 Section 8.2. Optional Prepayments. 

Optional Prepayments with Make-Whole Amount. The Issuer may, at its option, upon notice
as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of such Notes then outstanding in the case of a partial prepayment, at 100% of the principal
amount so prepaid, and the Make-Whole Amount, if any, determined for the prepayment date with respect to such principal amount. The Issuer will give each holder of Notes written notice of each optional
prepayment under this Section 8.2 not less than ten days and not more than 60 days prior to the date fixed for such prepayment unless the Issuer and the Required Holders agree to another time period

  
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pursuant to Section 17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of such Notes to be prepaid on such date, the principal
amount of Notes held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of
a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of
such computation. Two Business Days prior to such prepayment, the Issuer shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount
as of the specified prepayment date. 
 Section 8.3. Allocation of Partial Prepayments. In the case of each
partial prepayment of Notes pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal
amounts thereof not theretofore called for prepayment. Any prepayments pursuant to Section 8.8 shall be applied only to the Notes of the holders electing to participate in such prepayment. 

Section 8.4. Maturity; Surrender, Etc. In the case of each optional prepayment of Notes pursuant to this
Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Issuer shall fail to pay such principal amount when so due and payable, together with the interest and
Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Issuer and cancelled and shall not be reissued,
and no Note shall be issued in lieu of any prepaid principal amount of any Note. 
 Section 8.5. Purchase of
Notes. The Issuer will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with
this Agreement and the Notes or (b) pursuant to an offer to purchase made by the Issuer or any of their Affiliates pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide
each holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 10 Business Days. The Issuer will promptly cancel all Notes acquired by it or any Affiliate pursuant to
any payment or prepayment of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.6. Make-Whole Amount. 

“Make-Whole Amount” means, with respect to any Note, an amount equal to the
excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole
Amount may in no event be less than zero; provided further that the Make-Whole Amount shall equal zero with respect to the Notes if such prepayment occurs on or after the date which is ninety (90) days prior to the Maturity Date of the
Notes, as the case may be. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings: 

  
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“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to
Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the
same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (a) .50% plus (b) the
yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as
“Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury
securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining
Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the
“Ask Yield(s)” reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and
greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (x) .50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which
such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant
maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity
will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the
term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

  
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“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such
Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the
scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to the Called
Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date,
provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such
Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. 
 “Settlement
Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to
Section 12.1, as the context requires. 
 Section 8.7. Payments Due on
Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (x) subject to clause (y), any payment of interest on any Note that is due on a date that is not
a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the
additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
 Section 8.8.
Change in Control. 
 (a) Notice of Change in Control. The Issuer will, within ten (10) Business Days after the occurrence of
any Change in Control, give written notice (the “Change in Control Notice”) of such Change in Control to each holder of Notes. Such Change in Control Notice shall contain and constitute an offer to prepay the Notes as described in
Section 8.8(b) hereof and shall be accompanied by the certificate described in Section 8.8(e). 
 (b) Offer to Prepay Notes.
The offer to prepay Notes contemplated by Section 8.8(a) shall be an offer to prepay, in accordance with and subject to this Section 8.8, all, but not less than all, the Notes held by each holder (in this case only, “holder” in
respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such Change in Control Notice (the “Proposed Prepayment Date”). Such date shall be not
fewer than 30 days and not more than 60 days after the date of delivery of the Change in Control Notice. 

  
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(c) Acceptance. Any holder of Notes may accept the offer to prepay made pursuant to this Section 8.8 by causing a notice of such
acceptance to be delivered to the Issuer not fewer than 10 days prior to the Proposed Prepayment Date. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.8 shall be deemed to constitute a
rejection of such offer by such holder. 
 (d) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.8
shall be at 100% of the principal amount of the Notes together with accrued and unpaid interest thereon but without any Make-Whole Amount or other premium. The prepayment shall be made on the Proposed
Prepayment Date. 
 (e) Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.8 shall be
accompanied by a certificate, executed by a Senior Financial Officer and dated the date of delivery of the Change in Control Notice, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this
Section 8.8; (iii) the principal amount of each Note offered to be prepaid (which shall be 100% of the outstanding principal balance of each such Note); (iv) the interest that would be due on each Note offered to be prepaid, accrued
to the Proposed Prepayment Date; (v) that the conditions of this Section 8.8 required to be fulfilled prior to the giving of notice have been fulfilled and (vi) in reasonable detail, the general nature and date of the Change in
Control. 
 SECTION 9. AFFIRMATIVE COVENANTS. 

From the date of this Agreement until the Closing and thereafter, the Issuer covenants that so long as any of the Notes are outstanding: 

Section 9.1. Compliance with Laws. Without limiting Section 10.4, the Issuer will, and will cause each of its
Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are
referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their
respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such
licenses, certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.2. Insurance. The Issuer will, and will cause each of its Subsidiaries to, maintain, with financially
sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles,
co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in
the same or a similar business and similarly situated, except where failure to maintain such insurance could not reasonably be expected to cause a Material Adverse Effect. 

  
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Section 9.3. Maintenance of Properties. The Issuer will, and will cause each of its Subsidiaries to, maintain and
keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times,
provided that this Section shall not prevent the Issuer or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Issuer has
concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.4. Payment of Taxes and Claims. The Issuer will, and will cause each of its Subsidiaries to, file all tax
returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets,
income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Issuer or any
Subsidiary, provided that neither the Issuer nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested by the Issuer or such Subsidiary on a timely basis
in good faith and in appropriate proceedings, and the Issuer or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Issuer or such Subsidiary or (ii) the nonpayment of all such taxes, assessments,
charges, levies and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.5. Corporate Existence, Etc. Subject to Section 10.2, the Issuer will at all times preserve and keep
its corporate existence in full force and effect. Subject to Section 10.2, the Issuer will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries (unless merged into the Issuer or a Wholly-Owned Subsidiary) and all rights and franchises of the Issuer and its Subsidiaries unless, in the good faith judgment of the Issuer, the termination of or failure to preserve and keep in full force and effect
such corporate existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect. 

Section 9.6. Books and Records. The Issuer will, and will cause each of its Subsidiaries to, maintain proper books
of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Issuer or such Subsidiary, as the case may be. The Issuer will, and will cause each of its
Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. The Issuer has devised a system of internal accounting controls for the Consolidated Group sufficient to
provide reasonable assurances that its books, records, and accounts accurately reflect all transactions and dispositions of assets and the Issuer will continue to maintain such system. 

Section 9.7 Subsidiary Guarantors. (a) The Issuer will cause each of its Subsidiaries that (x) guarantees
or otherwise becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any Primary Credit Facility, the 2014 Note Purchase
Agreement or the 2016 Note Purchase Agreement 

  
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(collectively, the “Material Credit Facilities”), or (y) (i) owns an Unencumbered Pool Property or other asset the value of which is included in the determination of
Unencumbered Pool Value and (ii) such Subsidiary, or any other Subsidiary that directly or indirectly owns any Capital Stock in such Subsidiary, incurs, acquires or suffers to exist (whether as borrower,
co-borrower, guarantor or other obligor) any Recourse Indebtedness, to concurrently therewith: 

(1) enter into an agreement in form and substance reasonably satisfactory to the Required Holders (it being understood and
agreed that any agreement substantially similar to the subsidiary guarantee required by the Material Credit Facilities shall be deemed satisfactory to the Required Holders) providing for the guaranty by such Subsidiary, on a joint and several basis
with all other such Subsidiaries, of (i) the prompt payment in full when due of all amounts payable by the Issuer pursuant to the Notes (whether for principal, interest, Make-Whole Amount or otherwise)
and this Agreement, including, without limitation, all indemnities, fees and expenses payable by the Issuer thereunder and (ii) the prompt, full and faithful performance, observance and discharge by the Issuer of each and every covenant,
agreement, undertaking and provision required pursuant to the Notes or this Agreement to be performed, observed or discharged by it (a “Subsidiary Guaranty”); and 

(2) deliver the following to each holder of a Note: 

(i) an executed counterpart of such Subsidiary Guaranty; 

(ii) to the extent required under any Material Credit Facility, a certificate signed by an authorized responsible officer of
such Subsidiary containing representations and warranties on behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained in Section 5 of this Agreement (but with respect to such Subsidiary and such Subsidiary Guaranty
rather than the Issuer); 
 (iii) to the extent required under any Material Credit Facility, documents to evidence the due
organization, continuing existence and good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of the execution and delivery of such Subsidiary Guaranty and the performance by such Subsidiary
of its obligations thereunder; and 
 (iv) to the extent required under any Material Credit Facility, an opinion of counsel
reasonably satisfactory to the Required Holders covering such matters relating to such Subsidiary and such Subsidiary Guaranty as the Required Holders may reasonably request. 

(b) Release of Guarantors. The Issuer may request in writing that the holders of the Notes release a Subsidiary Guarantor, if:
(i) such Subsidiary does not have any liability as a guarantor, borrower, co-borrower or otherwise with respect to any Indebtedness under any Material Credit Facility, (ii) such Subsidiary does not
have any liability under any other 

  
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Recourse Indebtedness (other than a Subsidiary of the Issuer which (A) owns a single project encumbered by Liens securing Secured Indebtedness permitted to exist hereunder or (B) is not
a Wholly-Owned Subsidiary of the Issuer); (iii) no Default or Event of Default shall then be in existence or would occur as a result of such release; and (iv) if any fee or other form of
consideration is given to any holder of Indebtedness under any Material Credit Facility directly related to releasing such Subsidiary Guarantor, the holders of the Notes shall receive equivalent consideration (or other form of consideration
reasonably acceptable to the Required Holders). Together with any such request, the Issuer shall deliver to the holders of the Notes an Officer’s Certificate certifying that the conditions set forth in immediately preceding clauses (i),
(ii), (iii) and (iv) will be true and correct upon the release of such Subsidiary Guarantor. No later than 10 Business Days following the receipt by the holders of the Notes of such written request and the related Officer’s Certificate and
so long as the conditions set forth in immediately preceding clauses (i), (ii), (iii) and (iv) will be true and correct, the release shall be effective automatically and each holder of Notes shall execute and deliver, at the sole cost and
expense of the Issuer, such documents as Issuer may reasonably request to evidence such release. 
 Section 9.8
Priority of Obligations. The Issuer’s obligations under the Notes and each Subsidiary Guarantor’s obligations under the Subsidiary Guaranty, if any, will at all times rank pari passu in priority of payment with all other senior
unsecured Indebtedness of the Issuer and the Subsidiary Guarantors, as the case may be. 
 Section 9.9.
Maintenance of Status. The Issuer shall at all times maintain its status as a real estate investment trust in compliance with all applicable provisions of the Code relating to such status. 

Section 9.10. Most Favored Lender Status. (a) If on the date of this Agreement or at any time after the date of
this Agreement any Material Credit Facility contains a financial covenant (regardless of whether such provision is labeled or otherwise characterized as a covenant, a definition or a default) by the Issuer that is not contained herein (other than
the covenant contained in Section 6.11 of the Primary Credit Facility as of the date hereof) or is more favorable to the lenders under such Material Credit Facility than the financial covenants (including related definitions) contained in this
Agreement (any such provision (including any necessary definition), a “More Favorable Covenant”), then the Issuer shall provide a Most Favored Lender Notice in respect of such More Favorable Covenant. Unless waived in writing by the
Required Holders within 15 days after each holder’s receipt of such notice, such More Favorable Covenant shall be deemed automatically incorporated by reference into Section 10 of this Agreement, mutatis mutandis, as if set
forth in full herein, effective as of the date when such More Favorable Covenant shall have become effective under such Material Credit Facility. 

(b) Any More Favorable Covenant incorporated into this Agreement (herein referred to as an “Incorporated Covenant”) pursuant
to this Section 9.10(a) shall be deemed automatically amended herein to reflect any subsequent amendments made to such More Favorable Covenant under the applicable Material Credit Facility; provided that, if a Default or an Event of
Default then exists and the amendment of such More Favorable Covenant would make such covenant less restrictive on the Issuer, such Incorporated Covenant shall only be deemed automatically amended at such time, if it should occur, when such Default
or Event of Default no longer exists 

  
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and (ii) shall be deemed automatically deleted from this Agreement at such time as such More Favorable Covenant is deleted or otherwise removed from the applicable Material Credit Facility
or such applicable Material Credit Facility ceases to be a Material Credit Facility or shall be terminated; provided that, if a Default or an Event of Default then exists, such Incorporated Covenant shall only be deemed automatically deleted
from this Agreement at such time, if it should occur, when such Default or Event of Default no longer exists; provided further, however, that if any fee or other consideration shall be given to the lenders under such Material Credit Facility
for such amendment or deletion, the equivalent of such fee or other consideration shall be given, pro rata, to the holders of the Notes. 

(c) “Most Favored Lender Notice” means, in respect of any More Favorable Covenant, a written notice to each of the holders of
the Notes delivered promptly, and in any event within twenty (20) Business Days after the inclusion of such More Favorable Covenant in any Material Credit Facility (including by way of amendment or other modification of any existing provision
thereof) from a Responsible Officer referring to the provisions of this Section 9.10 and setting forth a reasonably detailed description of such More Favorable Covenant (including any defined terms used therein) and related explanatory
calculations, as applicable. 
 (d) Notwithstanding the foregoing, the covenants in Section 10.6 as of the date of this Agreement shall
never be made less restrictive on the Issuer than each such covenant is as of the date of this Agreement (and as amended from time to time, other than by operation of this Section 9.10). 

If the Issuer fails to comply with any provision of Section 9 on or after the date of this Agreement and prior to the Closing, then a
Purchaser may elect not to purchase the Notes on the date of the Closing that is specified in Section 3. 
 SECTION 10.
NEGATIVE COVENANTS. 
 From the date of this Agreement until the Closing and thereafter, the Issuer covenants
that so long as any of the Notes are outstanding: 
 Section 10.1. Transactions with Affiliates. The Issuer will
not and will not permit any Subsidiary to enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any
service) with any Affiliate, (other than the Issuer or another Subsidiary), except in the ordinary course of business and pursuant to the reasonable requirements of the Issuer’s and such Subsidiary’s business or upon fair and reasonable
terms no less favorable to the Issuer or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate. 

  
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Section 10.2. Merger, Consolidation, Etc. The Issuer will not consolidate with or merge with any other Person or
convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: 

(a) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance,
transfer or lease all or substantially all of the assets of the Issuer as an entirety, as the case may be, shall be a solvent corporation or limited liability company, or limited partnership organized and existing under the laws of the United States
or any state thereof (including the District of Columbia), and if the Issuer is not such corporation or limited liability company, (i) such corporation or limited liability company shall have executed and delivered to each holder of any Notes
its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes and (ii) such corporation or limited liability company shall have caused to be delivered to each holder of any
Notes a customary opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in
accordance with their terms and comply with the terms hereof; 
 (b) each Subsidiary Guarantor under any Subsidiary Guaranty
that is outstanding at the time such transaction or each transaction in such a series of transactions occurs reaffirms its obligations under such Subsidiary Guaranty in writing at such time pursuant to documentation that is reasonably acceptable to
the Required Holders; and 
 (c) immediately before and immediately after giving effect to such transaction or each
transaction in any such series of transactions, no Default or Event of Default shall have occurred and be continuing. 

Section 10.3. Line of Business. The Issuer will not and will not permit any Subsidiary to, engage in any business
if, as a result, the general nature of the business in which the Issuer and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Issuer and its Subsidiaries,
taken as a whole, are engaged on the date of this Agreement. 
 Section 10.4. Economic Sanctions, Etc. The Issuer
will not and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person, or (b) directly or indirectly have any investment in or engage in any
dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause any Purchaser or holder or any
affiliate of any such Purchaser or holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such Purchaser or such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic
Sanctions Laws. 

  
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Section 10.5. Liens. The Issuer will not nor will it permit any of its respective Subsidiaries to, secure any
Indebtedness outstanding under or pursuant to any Material Credit Facility unless and until the Notes (and any guarantee delivered in connection therewith) shall concurrently be secured equally and ratably with such Indebtedness pursuant to
documentation reasonably acceptable to the Required Holders in substance and in form, including, without limitation, an intercreditor agreement and opinions of counsel to the Issuer and/or any such Subsidiary, as the case may be, from counsel
reasonably acceptable to the Required Holders. 
 Section 10.6. Financial Covenants. Issuer, on a consolidated
basis with its Subsidiaries, shall not, directly or indirectly, permit: 
 (a) Maximum Consolidated Leverage Ratio.
The Leverage Ratio to exceed sixty percent (60.0%), provided, that if such ratio is greater than 60.0%, then the Issuer shall be deemed to be in compliance with this Section 10.6(a) so long as (i) the Issuer completed a Material
Acquisition during the quarter in which such ratio first exceeded 60.0%, (ii) such ratio does not exceed 60.0% for a period of more than one fiscal quarter immediately following the fiscal quarter in which such Material Acquisition was
completed, (iii) the Issuer has not maintained compliance with this Section 10.6(a) in reliance on this proviso more than two times during the term of this Agreement and (iv) such ratio is not greater than 65.0% at any time; 

(b) Maximum Secured Leverage Ratio. Secured Indebtedness to be more than forty-five percent (45%) of Total Asset Value;

 (c) Maximum Unencumbered Leverage Ratio. The Unencumbered Leverage Ratio to exceed 66 2/3%; and 

(d) Minimum Interest Coverage Ratio. As of the last day of any fiscal quarter, the Interest Coverage Ratio for the
Issuer, on a consolidated basis, for the fiscal quarter then ended, to be less than 1.5 to 1.0. 
 If the Issuer fails to comply with any
provision of Section 10 on or after the date of this Agreement and prior to the Closing, then a Purchaser may elect not to purchase the Notes on the date of the Closing that is specified in Section 3. 

SECTION 11. EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a) the Issuer defaults in the payment of any principal or Make-Whole Amount, if any,
on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

(b) the Issuer defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due
and payable; or 

  
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(c) the Issuer defaults in the performance of or compliance with any term contained in Section 7.1(d) or Section 10.6
and any other financial covenants included in this Agreement pursuant to Section 9.10; or 
 (d) the Issuer or any
Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein (other than those referred to in Sections 11(a), 11(b) and 11(c)) or in any Subsidiary Guaranty and such default is not remedied within 30
days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Issuer receiving written notice of such default from any holder of a Note (any such written notice to be identified as a
“notice of default” and to refer specifically to this Section 11(d)); or 
 (e) (i) any representation or
warranty made in writing by or on behalf of the Issuer or any other member of the Consolidated Group or by any officer of the Issuer or any other member of the Consolidated Group in this Agreement or any writing furnished in connection with the
transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made, or (ii) any representation or warranty made in writing by or on behalf of any Subsidiary Guarantor or by any officer
of such Subsidiary Guarantor in any Subsidiary Guaranty or any writing furnished in connection with such Subsidiary Guaranty proves to have been false or incorrect in any material respect on the date as of which made; or 

(f) (i) the Issuer or any member of the Consolidated Group is in default (as principal or as guarantor or other surety) in
the payment of any principal of or premium or make-whole amount or interest on any Recourse Indebtedness that is outstanding in an aggregate principal amount of at least $50,000,000 beyond any period of grace
provided with respect thereto, or (ii) the Issuer or any member of the Consolidated Group is in default in the performance of or compliance with any term of any evidence of any Recourse Indebtedness in an aggregate outstanding principal amount
of at least $50,000,000 or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are
entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the
passage of time or the right of the holder of Recourse Indebtedness to convert such Recourse Indebtedness into equity interests), (x) the Issuer or any Subsidiary has become obligated to purchase or repay Recourse Indebtedness before its
regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $50,000,000, or (y) one or more Persons have the right to require the Issuer or any Subsidiary so to purchase or repay
such Recourse Indebtedness in an aggregate outstanding principal amount of at least $50,000,000; or 

  
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(g) the Issuer or any member of the Consolidated Group (other than (1) any such other member of the Consolidated Group
that, together with all other members of the Consolidated Group (other than Issuer) then subject to any proceeding or condition described in this Section or the immediately following Section 11(h) does not account for more than 5.0% of the
Total Asset Value at such time) or (2) an Immaterial Subsidiary) (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing
against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction,
(iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property,
(v) is adjudicated as insolvent or to be liquidated or (vi) takes corporate action for the purpose of any of the foregoing; 

(h) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the
Issuer, or any member of the Consolidated Group (other than (i) any such other member of the Consolidated Group that, together with all other members of the Consolidated Group (other than Issuer) then subject to any proceeding or condition
described in this Section or the immediately preceding Section 11(g) does not account for more than 5.0% of the Total Asset Value at such time or (ii) an Immaterial Subsidiary), a custodian, receiver, trustee or other officer with similar
powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage
of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Issuer, or any member of the Consolidated Group, or any such petition shall be filed
against the Issuer, or any member of the Consolidated Group and such petition shall not be dismissed within 90 days; or 

(i) one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000, including, without
limitation, any such final order enforcing a binding arbitration decision (other than with respect to a default under any Non-Recourse Indebtedness), are rendered against one or more of the Issuer and its
Subsidiaries (other than an Immaterial Subsidiary) and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; 

(j) if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part
thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with
the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Issuer or any ERISA Affiliate that a Plan may become a subject of any
such proceedings, (iii) there is any “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under one or more Plans, determined in accordance with Title IV of ERISA shall exceed an
amount that could reasonably be expected to have a Material Adverse Effect, (iv) the Issuer or any ERISA Affiliate shall 

  
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have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans,
(v) the Issuer or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Issuer or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment
welfare benefits in a manner that would increase the liability of the Issuer or any Subsidiary thereunder; and any such event or events described in clauses (i) through (vi) above, either individually or together with any other such event
or events, could reasonably be expected to have a Material Adverse Effect. As used in this Section 11(j), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings
assigned to such terms in section 3 of ERISA; or 
 (k) the Subsidiary Guaranty, this Agreement or the Notes shall be
declared null and void, or the validity or enforceability thereof shall be contested by the Issuer or its Subsidiaries party thereto or the Issuer or its Subsidiary Guarantors party thereto shall deny it has any further liability or obligation
thereunder. 
 SECTION 12. REMEDIES ON DEFAULT, ETC. 

Section 12.1. Acceleration. (a) If an Event of Default with respect to the Issuer described in
Section 11(g) or (h) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses clause (i) of
Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If any other
Event of Default has occurred and is continuing, any holder or holders of more than 50% in principal amount of the Notes at the time outstanding may at any time at its or their option, by notice or notices to the Issuer, declare all the Notes then
outstanding to be immediately due and payable. 
 (c) If any Event of Default described in Section 11(a) or (b) has occurred and is
continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Issuer, declare all the Notes held by it or them to be immediately due and
payable. 
 Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will
forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived. The Issuer acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Issuer (except as herein
specifically provided for) and that the provision for payment of a Make-Whole Amount by the Issuer in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to
provide compensation for the deprivation of such right under such circumstances. 

  
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Section 12.2. Other Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of
whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity
or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or Subsidiary Guaranty, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise
of any power granted hereby or thereby or by law or otherwise. 
 Section 12.3. Rescission. At any time after any
Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the holders of more than 50% in principal amount of the Notes then outstanding, by written notice to the Issuer, may rescind and annul any such declaration and its
consequences if (a) the Issuer has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such
declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate,
(b) neither the Issuer nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of
amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the
Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of
any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement, any Subsidiary Guaranty or
any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Issuer under
Section 15, the Issuer will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including,
without limitation, reasonable attorneys’ fees, expenses and disbursements. 
 SECTION 13. REGISTRATION;
EXCHANGE; SUBSTITUTION OF NOTES. 
 Section 13.1.
Registration of Notes. The Issuer shall keep at its principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name
and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in
such register as an owner and holder thereof and (b) at any such 

  
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beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of
transfer, the Person(s) in whose name any Note(s) shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Issuer shall not be affected by any notice or knowledge to the contrary. The Issuer
shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 

Section 13.2. Transfer and Exchange of Notes. Upon surrender of any Note to the Issuer at the address and to the
attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by
the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days
thereafter, the Issuer shall execute and deliver, at the Issuer’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid
principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1. Each such new Note shall be dated and bear interest from the date to
which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Issuer may require payment of a sum sufficient to cover any stamp tax or governmental charge
imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note
may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2. 

Section 13.3. Replacement of Notes. Upon receipt by the Issuer at the address and to the attention of the designated
officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice
from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 
 (a) in the case
of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $100,000,000 or a
Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 

(b) in the case of mutilation, upon surrender and cancellation thereof, 

within ten Business Days thereafter, the Issuer at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the
date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

  
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SECTION 14. PAYMENTS ON NOTES. 

Section 14.1. Place of Payment. Subject to Section 14.2 and the sentence immediately following, payments of
principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Bank of America, N.A. in such jurisdiction. The
Issuer may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Issuer in such jurisdiction or the principal office of a bank or trust
company in such jurisdiction. 
 Section 14.2. Home Office Payment. So long as any Purchaser or its nominee shall
be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Issuer will pay all sums becoming due on such Note for principal, Make-Whole Amount,
if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser’s name in Schedule B, or by such other method or at such other address as such Purchaser shall
have from time to time specified to the Issuer in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Issuer made concurrently with or reasonably
promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Issuer at its principal executive office or at the place of payment most recently
designated by the Issuer pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the
last date to which interest has been paid thereon or surrender such Note to the Issuer in exchange for a new Note or Notes pursuant to Section 13.2. The Issuer will afford the benefits of this Section 14.2 to any Institutional Investor
that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2. 

Section 14.3. FATCA Information. By acceptance of any Note, the holder of such Note agrees that such holder will
with reasonable promptness duly complete and deliver to the Issuer, or to such other Person as may be reasonably requested by the Issuer, from time to time (a) in the case of any such holder that is a United States Person, such holder’s
United States tax identification number or other Forms reasonably requested by the Issuer necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Issuer to comply with its
obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional
documentation as may be necessary for the Issuer to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold
from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Issuer is required to obtain such information under FATCA and,
in such event, the Issuer shall treat any such information it receives as confidential. 

  
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SECTION 15. EXPENSES, ETC. 

Section 15.1. Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the Issuer
will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection
with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guaranty or the Notes (whether or not such amendment, waiver or consent becomes effective), including, without
limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guaranty or the Notes or in responding to any subpoena or other legal
process or informal investigative demand issued in connection with this Agreement, any Subsidiary Guaranty or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses, including financial advisors’ fees, incurred
in connection with the insolvency or bankruptcy of the Issuer or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary
Guaranty and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO, provided, that such costs and expenses under this clause (c)
shall not exceed $3,500. If required by the NAIC, the Issuer shall obtain and maintain at its own cost and expense a Legal Entity Identifier. 

The Issuer will pay, and will save each Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees,
costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes) and (ii) any and all wire transfer fees that any bank deducts from any payment
under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note. 

Section 15.2. Survival. The obligations of the Issuer under this Section 15 will survive the payment or
transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement. 

SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES;
ENTIRE AGREEMENT. 
 All representations and warranties contained herein shall survive the execution and
delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any
investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Issuer pursuant to this Agreement shall be deemed
representations and warranties of the Issuer under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Subsidiary Guaranties embody the entire agreement and understanding between each Purchaser and the Issuer and
supersede all prior agreements and understandings relating to the subject matter hereof. 

  
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SECTION 17. AMENDMENT AND WAIVER. 

Section 17.1. Requirements. This Agreement and the Notes may be amended, and the observance of any term hereof or of
the Notes may be waived (either retroactively or prospectively), only with the written consent of the Issuer and the Required Holders, except that: 

(a) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein),
will be effective as to any Purchaser or holder unless consented to by such Purchaser or holder in writing; and 
 (b) no
amendment or waiver may, without the written consent of (A) prior to the Closing, each Purchaser and (B) at any time on or after the Closing, each holder of a Note at the time outstanding, (i) subject to Section 12 relating to
acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or waiver or the principal amount of the Notes that the
Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to the Closing that appear in Section 4, or (iii) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2),
11(a), 11(b), 12, 17 or 20. 
 Section 17.2. Solicitation of Holders of Notes. 

(a) Solicitation. The Issuer will provide each Purchaser and each holder of a Note with sufficient information, sufficiently far in
advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or
any Subsidiary Guaranty. The Issuer will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any Subsidiary Guaranty to each Purchaser and each holder of a Note promptly
following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes. 

(b) Payment. The Issuer will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or
additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of a Note as consideration for or as an inducement to the entering into by such Purchaser or holder of any waiver or amendment
of any of the terms and provisions hereof or of any Subsidiary Guaranty or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each
Purchaser and each holder of a Note even if such Purchaser or holder did not consent to such waiver or amendment. 

  
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(c) Consent in Contemplation of Transfer. Any consent given pursuant to this Section 17 or any Subsidiary Guaranty by a holder of a
Note that has transferred or has agreed to transfer its Note to (i) the Issuer or (ii) any Subsidiary or any other Affiliate in connection with such consent shall be void and of no force or effect except solely as to such holder, and any
amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar
conditions) shall be void and of no force or effect except solely as to such holder. 
 Section 17.3. Binding Effect,
Etc. Any amendment or waiver consented to as provided in this Section 17 or any Subsidiary Guaranty applies equally to all Purchaser and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Issuer
without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair
any right consequent thereon. No course of dealing between the Issuer and any Purchaser or holder of a Note and no delay in exercising any rights hereunder or under any Note or Subsidiary Guaranty shall operate as a waiver of any rights of any
Purchaser or holder of such Note. 
 Section 17.4. Notes Held by Issuer, Etc. Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Subsidiary Guaranty or the Notes,
or have directed the taking of any action provided herein or in any Subsidiary Guaranty or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly
or indirectly owned by the Issuer or any of its Affiliates shall be deemed not to be outstanding. 
 SECTION 18. NOTICES.

 Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and
sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested
(postage prepaid), or (c) by an internationally recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

(i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in
Schedule B, or at such other address as such Purchaser or nominee shall have specified to the Issuer in writing, 
 (ii)
if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Issuer in writing, or 

(iii) if to the Issuer, to the Issuer at its address set forth at the beginning hereof to the attention of Julie M. Swinehart,
or at such other address as the Issuer shall have specified to the holder of each Note in writing. 

  
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 Notices under
this Section 18 will be deemed given only when actually received. 
 SECTION 19. REPRODUCTION OF
DOCUMENTS. 
 This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and
modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any
Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Issuer agrees and stipulates that, to the extent
permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such
Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Issuer or any other holder of Notes from
contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

SECTION 20. CONFIDENTIAL INFORMATION. 

For the purposes of this Section 20, “Confidential Information” means information delivered to any Purchaser by or on
behalf of the Issuer or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received
by such Purchaser as being confidential information of the Issuer or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure,
(b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Issuer or any
Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with
procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers,
employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its auditors, financial advisors and other professional advisors who
agree to hold confidential the Confidential Information substantially in accordance with this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part
thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (v) any Person from which it offers to purchase any Security of the Issuer
(if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the
SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 
access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect
compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of
Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s
Notes, this Agreement or any Subsidiary Guaranty. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this
Agreement. On reasonable request by the Issuer in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to
this Agreement or its nominee), such holder will enter into an agreement with the Issuer embodying this Section 20. 
 In the event
that as a condition to receiving access to information relating to the Issuer or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to
a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such
Purchaser or such holder and the Issuer, this Section 20 shall supersede any such other confidentiality undertaking. 
 SECTION 21.
SUBSTITUTION OF PURCHASER. 
 Each Purchaser shall have the right to substitute any one of its
Affiliates or another Purchaser or any one of such other Purchaser’s Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Issuer, which notice
shall be signed by both such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect
to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu of such
original Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon
receipt by the Issuer of notice of such transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but
shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  

SECTION 22. MISCELLANEOUS. 

Section 22.1. Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf
of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not. 

Section 22.2. Accounting Terms. All accounting terms used herein which are not expressly defined in this Agreement
have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial
statements shall be prepared in accordance with GAAP. Notwithstanding the foregoing, for purposes of determining compliance with this Agreement (including, without limitation, Section 5, Section 9, Section 10, Section 11 and the
definitions related thereto, including, without limitation, the definition of “Indebtedness”) and, for the avoidance of doubt, for all purposes relating to covenant calculation under this Agreement, (i) any election by the Issuer to
measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 –
Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not
been made and (ii) Accounting Standards Update 2016-02, Leases and all related amendments shall not be given any effect unless and until such accounting standard and all related amendments are
consistently applied in determining compliance with, and covenant calculations under, the Material Credit Facilities. 
 In the event of any
other change in GAAP after the date hereof which would affect the computation of any financial covenant, ratio or other requirements set forth herein, then upon the request of the Issuer or the Required Holders, the Issuer and the holders of Notes
shall negotiate promptly, diligently and in good faith in order to amend the provisions of this Agreement such that such financial covenant, ratio or other requirement shall continue to provide substantially the same financial tests or restrictions
of the Issuer as in effect prior to such accounting change as determined by the Required Holders in their good faith judgment. Until such time as such amendment shall have been executed and delivered by the Issuer and the Required Holders,
(i) such financial covenants, ratio and other requirements, and all financial statements and other documents required to be delivered under this Agreement, shall be calculated and reported as if such change had not occurred and (ii) the
Issuer shall provide to each holder of a Note that is an Institutional Investor financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. 
 Section 22.3. Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 22.4. Construction, Etc. Each covenant contained herein shall be construed (absent express provision to the
contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein
refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  

Section 22.5. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

Section 22.6. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of
the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of
the laws of a jurisdiction other than such State. 
 Section 22.7. Jurisdiction and Process; Waiver of Jury Trial.
(a) The Issuer irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action
or proceeding arising out of or relating to this Agreement, the Subsidiary Guaranty or the Notes. To the fullest extent permitted by applicable law, the Issuer irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise,
any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum. 
 (b) The Issuer agrees, to the fullest extent
permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in Section 22.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case
may be, and may be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

(c) The Issuer consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred
to in Section 22.7(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 18 or at such other address
of which such holder shall then have been notified pursuant to said Section. The Issuer agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and
(ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt
furnished by the United States Postal Service or any reputable commercial delivery service. 
 (d) Nothing in this Section 22.7 shall
affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Issuer in the courts of any appropriate jurisdiction or to
enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  

(e) THE PARTIES HERETO HEREBY WAIVE TRIAL
BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS
AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH
OR THEREWITH. 
 *   *   *   *   * 

  
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	Retail Properties of America, Inc.	  	Note Purchase Agreement

  

If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Issuer,
whereupon this Agreement shall become a binding agreement between you and the Issuer. 
  

			
	Very truly yours,
	
	 RETAIL PROPERTIES OF AMERICA, INC.,

      a Maryland corporation

		
	By	 	 /s/ Julie M. Swinehart

		 	Name: Julie M. Swinehart
		 	 Title: Executive Vice President, Chief

Financial Officer and Treasurer

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 This Agreement
is hereby 
 accepted and agreed to as 
 of the date hereof.

  

					
	GENWORTH LIFE INSURANCE COMPANY
		
	By	 	 /s/ Stuart Shepetin

		 	Name:	 	Stuart Shepetin
		 	Title:	 	Investment Officer

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 This Agreement
is hereby 
 accepted and agreed to as 
 of the date hereof.

  

					
	THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
		
	By	 	 /s/ Amy Carroll

		 	Name:	 	Amy Carroll
		 	Title:	 	Senior Director
	
	THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.
		
	By	 	 /s/ Amy Carroll

		 	Name:	 	Amy Carroll
		 	Title:	 	Senior Director
	
	BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA
		
	By	 	 /s/ Amy Carroll

		 	Name:	 	Amy Carroll
		 	Title:	 	Senior Director

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 This Agreement
is hereby 
 accepted and agreed to as 
 of the date hereof.

  

					
	CONTINENTAL CASUALTY COMPANY
		
	By	 	 /s/ Amy C. Adams

		 	Name:	 	Amy C. Adams
		 	Title:	 	Senior Vice President and Treasurer

 Approved by 
 Law Dept.

 By: /s/ LG                 

Date: 4-2-19 

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 This Agreement
is hereby 
 accepted and agreed to as 
 of the date hereof.

  

					
	MODERN WOODMEN OF AMERICA
		
	By	 	 /s/ Douglas A. Pannier

		 	Name:	 	Douglas A. Pannier
		 	Title:	 	Group Head—Private Placements
		
	By	 	 /s/ Brett M. Van

		 	Name:	 	Brett M. Van
		 	Title:	 	Treasurer & Chief Investment Officer

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 This Agreement
is hereby 
 accepted and agreed to as 
 of the date hereof.

  

					
	PENN MUTUAL LIFE INSURANCE COMPANY
		
	By:	 	Penn Mutual Asset Management, LLC
		
	By	 	 /s/ Greg Zappin

		 	Name:	 	Greg Zappin
		 	Title:	 	Managing Director

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 This Agreement
is hereby 
 accepted and agreed to as 
 of the date hereof.

  

					
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By	 	 /s/ David Quackenbush

		 	    	 	Vice President
	
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
		
	By:	 	PGIM, Inc. (as Investment Manager)
		
	By	 	 /s/ David Quackenbush

		 	    	 	Vice President
	
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
		
	By:	 	Prudential Investment Management Japan Co., Ltd. (as Investment Manager)
		
	By:	 	PGIM, Inc. (as Sub-Adviser)
		
	By	 	 /s/ David Quackenbush

		 	    	 	Vice President
	
	BCBSM, INC. DBA BLUE CROSS AND BLUE SHIELD OF MINNESOTA
		
	By:	 	Prudential Private Placement Investors, L.P. (as Investment Advisor)
		
	By:	 	Prudential Private Placement Investors, Inc. (as its General Partner)
		
	By	 	 /s/ David Quackenbush

		 	    	 	Vice President

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 This Agreement
is hereby 
 accepted and agreed to as 
 of the date hereof.

  

					
	 ALLIANCE UNITED INSURANCE COMPANY

CATHOLIC UNITED FINANCIAL

DELTA DENTAL OF MINNESOTA

MINNESOTA LIFE INSURANCE COMPANY

SECURIAN LIFE INSURANCE COMPANY

UNITEDHEALTHCARE INSURANCE COMPANY

		
	By:	 	Securian Asset Management, Inc.
		
	By	 	 /s/ Merlin L. Erickson

		 	Name:	 	Merlin L. Erickson
		 	Title:	 	Vice President

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 This Agreement
is hereby 
 accepted and agreed to as 
 of the date hereof.

  

					
	SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY
		
	By	 	 /s/ David Divine

		 	Name:	 	David Divine
		 	Title:	 	Senior Portfolio Manager

  

			
	Retail Properties of America, Inc.	  	Note Purchase Agreement

  
 This Agreement
is hereby 
 accepted and agreed to as 
 of the date hereof.

  

					
	STATE OF WISCONSIN INVESTMENT BOARD
		
	By	 	 /s/ Christopher P. Prestigiacomo

		 	Name:	 	Christopher P. Prestigiacomo
		 	Title:	 	Portfolio Manager

  

 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Adjusted EBITDA” means, as of any date, the Consolidated Net Income for the most recent four (4) full
fiscal quarters of the Issuer for which financial results have been reported, as adjusted, without duplication, by (i) deducting therefrom any income attributable to Excluded Tenants; (ii) adding or deducting for, as appropriate, any
adjustment made under GAAP for straight lining of rents, gains or losses from sales of assets, extraordinary items, impairment and other non-cash charges, depreciation, amortization, interest expenses, taxes
and the Consolidated Group Pro Rata Share of interest, taxes, depreciation and amortization in Investment Affiliates; (iii) deducting therefrom the Capital Expenditure Reserve Deduction for such period and (iv) adding back all master lease
income (not to exceed 5% of Consolidated Net Income). 
 “Adjusted Unencumbered Pool NOI” means, as of any date, the then-current Unencumbered Pool Property NOI less the Capital Expenditure Reserve Deduction for the then-current Unencumbered Pool Properties. 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Issuer, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of
any class of voting equity interests of the Issuer or any Subsidiary or any Person of which the Issuer and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting equity interests. As
used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Issuer. 

“Agreement” means this Agreement, including all Schedules attached to this Agreement, as it may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Anti-Corruption
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act
2010. 
 “Anti-Money Laundering Laws” means any law or regulation in a U.S.
or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the
Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. 

SCHEDULE A 
 (to
Note Purchase Agreement) 

 “Blocked Person” means (a) a Person whose name appears on the list of
Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person
that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b). 

“Business Day” means (a) for the purposes of Section 8.6 only, any day other than a Saturday, a Sunday or a day on
which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in
New York, New York are required or authorized to be closed. 
 “Capital Expenditure Reserve Deduction” means,
with respect to any group of Projects as of any date, the sum of (a) $0.15 per annum per gross leaseable square foot of such Projects, times either (A) in the case of calculation of Adjusted EBITDA, as to each such type of Project, the
weighted average square footage of such Projects owned by the Consolidated Group at any time during the most recent four (4) fiscal quarters of Issuer for which financial results have been reported or (B) in the case of the calculation of
Adjusted Unencumbered Pool NOI, as to each such Project, the square footage of such type of Projects included in the Unencumbered Pool as of such date. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants or options to purchase any of the foregoing. 

“Capitalization Rate” shall have the meaning ascribed to such term in the Primary Credit Facility from time to time,
and, if for any reason no Primary Credit Facility then exists or such term is no longer used therein, the Capitalization Rate most recently in effect. Notwithstanding the foregoing, in no event shall the “Capitalization Rate” at
any time be less than 6.25%. 
 “Capitalized Lease” of a Person means any lease of property imposing obligations on such
Person, as lessee thereunder, which are required in accordance with GAAP to be capitalized on a balance sheet of such Person. 

“Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which
would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 
 “Cash Equivalents”
means (a) securities issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentally thereof (provided that the full faith and credit of the United States of America is pledged in support
thereof) having maturities of not more than twelve months from the date of acquisition, (b) Dollar denominated time and demand deposits and certificates of deposit of (i) any holder of Notes or any of its Affiliates; (ii) any domestic
commercial bank having capital and surplus in excess of $500,000,000 or (iii) any bank whose short-term commercial paper rating from S&P is at least A-2 or the equivalent thereof or from Moody’s
is at least P-2 or the equivalent thereof (any such 

  
 A-2 

 bank being an “Approved Bank”), in each case with maturities of not more than two (2) years
from the date of acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody’s and maturing within one (1) year of the date of
acquisition, (d) repurchase agreements with a bank or trust company or securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States of America in which an
Issuer or its Subsidiaries shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations and
(e) Investments, classified in accordance with GAAP as current assets, in money market investment programs registered under the Investment Company Act of 1940, as amended, which are administered by financial institutions having capital of at
least $500,000,000 and the portfolios of which are limited to investments of the character described in the foregoing subdivisions (a) through (d). 

“Change in Control” means the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of Capital Stock representing more than 50% of the aggregate ordinary voting power
represented by the issued and outstanding Capital Stock of the Issuer. 
 “Change in Control Notice” is defined in
Section 8.8.  
 “CISADA” means the Comprehensive Iran Sanctions, Accountability and Divestment Act. 

“Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. 
 “Confidential Information” is defined in Section 20. 

“Consolidated Group” means the Issuer and all Subsidiaries which are consolidated with it for financial reporting purposes
under GAAP. 
 “Consolidated Group Pro Rata Share” means, with respect to any Investment Affiliate, the percentage of the
total equity ownership interests held by the Consolidated Group in the aggregate, in such Investment Affiliate determined by calculating the greater of (i) the percentage of the issued and outstanding stock, partnership interests or membership
interests in such Investment Affiliate held by the Consolidated Group in the aggregate and (ii) the percentage of the total book value of such Investment Affiliate that would be received by the Consolidated Group in the aggregate, upon
liquidation of such Investment Affiliate, after repayment in full of all Indebtedness of such Investment Affiliate. 

  
 A-3 

 “Consolidated Interest Expense” means, for any period without duplication,
the sum of (a) the amount of interest expense, determined in accordance with GAAP, of the Consolidated Group for such period attributable to Consolidated Outstanding Indebtedness during such period (excluding prepayment penalties and costs
associated with early extinguishment of debt, to the extent constituting interest expense in accordance with GAAP) plus (b) the applicable Consolidated Group Pro Rata Share of any interest expense, determined in accordance with GAAP, of each
Investment Affiliate, for such period, whether recourse or non-recourse. 
 “Consolidated
Net Income” means, for any period, consolidated net income (or loss) of the Consolidated Group for such period determined on a consolidated basis in accordance with GAAP. 

“Consolidated NOI” means, as of any date, for any entity or group of entities without duplication, the aggregate Net
Operating Income for the most recent four (4) fiscal quarters for which financial results have been reported from all Projects owned by such entity or group of entities as of the end of such period of four (4) fiscal quarters. 

“Consolidated Outstanding Indebtedness” means, as of any date of determination, without duplication, the sum of (a) all
Indebtedness of the Consolidated Group outstanding at such date, determined on a consolidated basis in accordance with GAAP (whether recourse or non-recourse), plus, without duplication, (b) the
applicable Consolidated Group Pro Rata Share of any Indebtedness of each Investment Affiliate other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group. 

“Construction in Progress” means, as of any date, the book value of any Projects then under development, provided that a
Project shall no longer be included in Construction in Progress and shall be valued based on its Net Operating Income upon the earlier of (i) the first anniversary after substantial completion (which shall mean the receipt of a temporary
certificate of occupancy or a final certificate of occupancy) of such Project and (ii) the last day of the first full fiscal quarter in which the Net Operating Income attributable to such Project for such fiscal quarter multiplied by four
(4) and then divided by the Capitalization Rate exceeds the book value of such Project. 
 “Controlled Entity” means
(i) any of the Subsidiaries of the Issuer and any of their or the Issuer’s respective Controlled Affiliates and (ii) if the Issuer has a parent company, such parent company and its Controlled Affiliates. As used in this definition,
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Customary Recourse Exceptions” means, with respect to any Indebtedness, personal recourse that is limited to fraud,
misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purposes entity covenants, and other circumstances customarily excluded by institutional lenders from exculpation
provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing of Real Property. 

  
 A-4 

 “Default” means an event or condition the occurrence or existence of which
would, with the lapse of time or the giving of notice or both, become an Event of Default. 
 “Default Rate” means that
rate of interest that is the greater of (i) 2.00% per annum above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2.00% over the rate of interest publicly announced by Bank of America, N.A. in
New York, New York as its “base” or “prime” rate. 
 “Disclosure Documents” is defined in
Section 5.3. 
 “EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor
SEC electronic filing system for such purposes. 
 “Environmental Laws” means any and all federal, state, local, and
foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the
release of any materials into the environment, including but not limited to those related to Hazardous Materials. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” means any trade or business (whether
or not incorporated) that is treated as a single employer together with the Issuer under section 414 of the Code. 
 “Event of
Default” is defined in Section 11. 
 “Excluded Tenants” means, as of any date, any tenant leasing more than
15,000 square feet of gross leaseable area at one of the Projects pursuant to a lease that has more than twelve (12) months remaining on its then applicable term, that, either (a) is subject to a voluntary or involuntary petition for
relief under any federal or state bankruptcy codes or insolvency law unless either (x) such lease is assumed in bankruptcy by or on behalf of such tenant or (y) all or a material portion of the gross leasable area that is the subject of
such lease, is then also the subject of a new or replacement lease with a tenant that intends to take occupancy of the applicable space when available or (b) is not operating its business in its demised premises at such Project unless such non-operating tenant is, or such non-operating tenant’s lease obligations are guaranteed by an entity whose then current long-term, unsecured debt obligations are rated BBB-or above by S&P and Baa3 or above by Moody’s. 
 “FATCA” means
(a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations
or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates
the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the Code. 

  
 A-5 

 “Financeable Ground Lease” means, a ground lease reasonably satisfactory to
the administrative agent on behalf of the lenders under the Primary Credit Facility, which must provide customary protections for a potential leasehold mortgagee (“Mortgagee”) such as (i) a remaining term, including any
optional extension terms exercisable unilaterally by the tenant, of no less than 25 years, (ii) a provision that the ground lease will not be terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity to
cure and has failed to do so, (iii) provision for a new lease to the Mortgagee as tenant on the same terms if the ground lease is terminated for any reason, (iv) transferability of the tenant’s interest under the ground lease by the
Mortgagee without any requirement for consent of the ground lessor unless based on delivery of customary assignment and assumption agreements from the transferor and transferee, (v) the ability of the tenant to mortgage tenant’s interest
under the ground lease without any requirement for consent of the ground lessor and (vi) provisions that the tenant under the ground lease (or the leasehold mortgagee) has customary protections with respect to the application of insurance
proceeds or condemnation awards attributable to the tenant’s interest under the ground lease and related improvements. 

“Financial Contract” of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics, or (ii) any Rate Management Transaction. 

“First Mortgage Receivable” means any Indebtedness owing to a member of the Consolidated Group which is secured by a
first-priority mortgage, deed to secure debt or deed of trust on commercial real estate and which has been designated by the Issuer as a “First Mortgage Receivable” in its most recent compliance certificate delivered pursuant to
Section 7.2. 
 “Form 10-K” is defined in Section 7.1(b). 

“Form 10-Q” is defined in Section 7.1(a). 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time
to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 7.1. 

“Governmental Authority” means 

(a) the government of 

(i) the United States of America or any state or other political subdivision thereof, or 

(ii) any other jurisdiction in which the Issuer or any Subsidiary conducts all or any part of its business, or which asserts
jurisdiction over any properties of the Issuer or any Subsidiary, or 

  
 A-6 

 (b) any entity exercising executive, legislative, judicial, regulatory or administrative
functions of, or pertaining to, any such government. 
 “Governmental Official” means any governmental official or
employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official
of any public international organization or anyone else acting in an official capacity. 
 “Guarantee Obligation” means, as
to any Person (the “guaranteeing person”), any obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any Letter of Credit) to induce the
creation of which the guaranteeing person has issued a reimbursement, counter-indemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary
obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase
any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business or guarantees by the Issuer of liabilities under any interest rate lock agreement utilized to facilitate Secured Indebtedness of
another member of the Consolidated Group or an Investment Affiliate. The amount of any Guarantee Obligation of any guaranteeing Person shall be deemed to be the maximum stated amount of the primary obligation relating to such Guarantee Obligation
(or, if less, the maximum stated liability set forth in the instrument embodying such Guarantee Obligation), provided, that in the absence of any such stated amount or stated liability, or if such liability is conditioned upon the taking of certain
actions or the occurrence of certain conditions beyond non-payment or non-performance by the primary obligor, such as liability under
non-recourse carveout guaranties, the amount of such Guarantee Obligation shall be such guaranteeing Person’s reasonably anticipated liability in respect thereof as determined by the Issuer in good faith
with respect to any such Guarantee Obligations of the Consolidated Group. 
 “Hazardous Materials” means any and all
pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling,
transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam
insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 

  
 A-7 

 “holder” means, with respect to any Note, the Person in whose name such
Note is registered in the register maintained by the Issuer pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and any related definitions in this
Schedule B, “holder” shall mean the beneficial owner of such Note whose name and address appears in such register. 

“Immaterial Subsidiary” means the Subsidiaries listed on Schedule S-1 hereto. 

“Indebtedness” of any Person at any date means without duplication, (a) all indebtedness of such Person for borrowed
money including without limitation any repurchase obligation or liability of such Person with respect to securities, accounts or notes receivable sold by such Person, (b) all obligations of such Person for the deferred purchase price of
property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), in each case evidenced by a binding agreement (excluding premiums or discounts on debt
required to be recognized under GAAP), (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (d) all Capitalized Lease Obligations, (e) all obligations of such Person in respect of
acceptances issued or created for the account of such Person, (f) all Guarantee Obligations of such Person (excluding in any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of any member of the
Consolidated Group in respect of primary obligations of any other member of the Consolidated Group), (g) all reimbursement obligations of such Person for letters of credit and other contingent liabilities, (h) any Net Mark-to-Market Exposure, (i) all liabilities secured by a Lien (other than Liens for taxes not yet due and payable) on any property owned by such Person even though such
Person has not assumed or otherwise become liable for the payment thereof and (j) all obligations of such Person in respect of any transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a
liability on the consolidated balance sheet of such Person. 
 “INHAM Exemption” is defined in Section 6.2(e). 

“Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or
more of its affiliates) more than 10% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Interest Coverage Ratio” means, as of the last day of any fiscal quarter, the quotient (expressed as a percentage) of
(a) Adjusted EBITDA, divided by (b) Consolidated Interest Expense for the most recent four (4) fiscal quarters for which financial results of the Issuer have been reported. 

“Investment” of a Person means any property owned by such Person, including without limitation, any loan, advance (other than
commission, travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade), deposit
account or contribution of capital by such Person to any other Person or any investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made by such Person. 

  
 A-8 

 “Investment Affiliate” means any Person in which the Consolidated Group,
directly or indirectly, has made an Investment and whose financial results are not consolidated under GAAP with the financial results of the Consolidated Group. 

“Issuer” means Retail Properties of America, Inc., a Maryland corporation or any successor that becomes such as prescribed in
Section 10.2. 
 “Leverage Ratio” means Consolidated Outstanding Indebtedness divided by Total Asset Value, expressed
as a percentage. 
 “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized
Lease or other title retention agreement). 
 “Make-Whole Amount” is defined
in Section 8.6. 
 “Management Fees” means, with respect to each Project for any period, an amount equal to the
greater of (i) actual management fees payable with respect thereto and (ii) three percent (3%) per annum on the aggregate base rent and percentage rent due and payable under leases at such Project. 

“Marketable Securities” means Investments in Capital Stock or debt securities issued by any Person (other than an Investment
Affiliate) which are publicly traded on a national exchange, excluding Cash Equivalents. 
 “Material” means material in
relation to the business, operations, affairs, financial condition, assets, properties, or prospects of the Issuer and its Subsidiaries taken as a whole. 

“Material Acquisition” means any acquisition by the Issuer or any Subsidiary in which the assets acquired exceed 10.0% of the
consolidated total assets of the Issuer and its Subsidiaries determined under GAAP as of the last day of the most recently ending fiscal quarter of the Issuer for which financial statements are publicly available. 

“Material Adverse Effect” means a material adverse effect on (a) the business, financial condition or properties of the
Issuer and its Subsidiaries taken as a whole, (b) the ability of the Issuer and the Subsidiary Guarantors, taken as a whole, to perform their obligations under this Agreement, the Subsidiary Guaranty and the Notes, or (c) the validity or
enforceability of this Agreement, the Subsidiary Guaranty or the Notes. A material adverse effect on the validity or enforceability of the Subsidiary Guaranty solely with respect to one or more Subsidiary Guarantors that do not, individually or
collectively, constitute Material Subsidiaries shall not be a Material Adverse Effect hereunder, except to the extent the same would result in a Material Adverse Effect pursuant to either clause (b) or (c) above. 

  
 A-9 

 “Material Credit Facility” is defined in Section 9.7. 

“Material Subsidiary” means, at any time of determination, (a) any individual Subsidiary to which more than $150,000,000
of then-current Total Asset Value is directly or indirectly attributable and (b) each Subsidiary in a group of Subsidiaries (the “Group”) to which more than $150,000,000 of then-current
Total Asset Value is directly attributable on a collective basis to such Group, but only as and to the extent that there is a material adverse effect on the validity or enforceability of the Subsidiary Guaranty with respect to all Subsidiaries in
such Group. 
 “Maturity Date” is defined in the first paragraph of each Note. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Most Favored Lender Notice” is defined in Section 9.10(c). 

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3)
of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto. 

“Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than as
provided in the Primary Credit Facility, this Agreement, the Notes or any Subsidiary Guaranty (each as amended or modified from time to time)) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security
for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such
Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. 

“Net Mark-to-Market Exposure” of a Person
means, as of any date of determination, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from Rate Management Transactions or any other Financial Contract. “Unrealized losses” means the fair
market value of the cost to such Person of replacing such Rate Management Transaction or other Financial Contract as of the date of determination (assuming the Rate Management Transaction or other Financial Contract were to be terminated as of that
date), and “unrealized profits” means the fair market value of the gain to such Person of replacing such Rate Management Transaction or other Financial Contract as of the date of determination (assuming such Rate Management Transaction or
other Financial Contract were to be terminated as of that date). 

  
 A-10 

 “Net Operating Income” means, with respect to any Project for any period,
“property rental and other income” (as determined by GAAP) attributable to such Project accruing for such period, without regard for straight-lining of rents or any amortization related to
above-market or below-market leases, plus all master lease income (not to exceed to 5% of Net Operating Income), minus the amount of all expenses (as determined in accordance with GAAP) incurred
in connection with and directly attributable to the ownership and operation of such Project for such period, including, without limitation, Management Fees and amounts accrued for the payment of real estate taxes and insurance premiums, but
excluding any general and administrative expenses related to the operation of the Issuer, any interest expense, or other debt service charges, impairment charges, the effects of straight-lining of ground lease rent, bad debt expenses related to the
straight-lining of rents and any other non-cash charges such as depreciation or amortization of financing costs. 

“Non-Recourse Indebtedness” means, for any Person, any Indebtedness of such
Person for the repayment of which the Issuer does not have any personal liability (other than for Customary Recourse Exceptions) or, if such Person is the Issuer, in which recourse of the applicable holder of such Indebtedness for non-payment is limited to such holder’s Liens on a particular asset or group of assets (other than for Customary Recourse Exceptions). For the avoidance of doubt, if any Indebtedness is partially guaranteed by
the Issuer, then the portion of such Indebtedness that is not so guaranteed shall still be Non-Recourse Indebtedness if it otherwise satisfies the requirements in this definition. 

“Non-U.S. Plan” means any plan, fund or other similar program that (a) is
established or maintained outside the United States of America by the Issuer or any Subsidiary primarily for the benefit of employees of the Issuer or one or more Subsidiaries residing outside the United States of America, which plan, fund or other
similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code. 

“Notes” is defined in Section 1. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A
list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Issuer whose
responsibilities extend to the subject matter of such certificate. 
 “PBGC” means the Pension Benefit Guaranty Corporation
referred to and defined in ERISA or any successor thereto. 

  
 A-11 

 “Permitted Liens” means: 

(i) Liens for taxes, assessments or governmental charges or levies on its property if the same shall not at the time be
delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves shall have been set aside on its books, or which are on a Project whose contribution to Total
Asset Value is either less than the outstanding principal balance of Secured Indebtedness encumbering such Project or does not exceed such principal balance by more than five percent (5%); 

(ii) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and other similar liens
arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on their
books; 
 (iii) Liens arising out of pledges or deposits under workers’ compensation laws, unemployment insurance, old
age pensions, or other social security or retirement benefits, or similar legislation; 
 (iv) Easements, restrictions and
such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a similar character and which do not in any material way adversely affect the marketability of the same or adversely
interfere with the use thereof in the business of the Issuer or its Subsidiaries; 
 (v) Liens other than Liens described in
subsections (i) through (iv) above arising in connection with any Indebtedness permitted hereunder to the extent such Liens will not result in a Default or Event of Default in any of Issuer’s covenants herein; and 

(vi) Liens permitted by Section 10.5. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Plan” means an “employee benefit plan” (as defined
in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by
the Issuer or any ERISA Affiliate or with respect to which the Issuer or any ERISA Affiliate may have any liability. 
 “Primary
Credit Facility” means the Fifth Amended and Restated Credit Agreement dated as of April 23, 2018 among the Issuer and KeyBank National Association as administrative agent and the other lenders party thereto, including any renewals,
extensions, amendments, restatements, replacements or refinancing thereof (whether such renewal, extension, amendment, restatement, replacement or refinancing of such agreement is entered into substantially concurrently with the termination of the
existing agreement or at any time before or after if no new agreement is then substantially concurrently entered into). 

  
 A-12 

 “Project” means any real estate asset located in the United States owned by
the Issuer or any of its Subsidiaries or any Investment Affiliate, and operated or intended to be operated primarily as a retail property, an office property, an industrial property or a mixed use property. For purposes of this Agreement, if only a
portion of such a real estate asset is then the subject of a material redevelopment, the Issuer may, subject to the reasonable approval of the Required Holders, elect to treat such portion as a Project separate and distinct from the remaining
portion of such real estate asset. 
 “property” or “properties” of a Person means, unless otherwise
specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 
 “PTE” is
defined in Section 6.2(a). 
 “Purchaser” or “Purchasers” means each of the purchasers that has
executed and delivered this Agreement to the Issuer and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the
registered holder or a beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this
Agreement upon such transfer. 
 “QPAM Exemption” is defined in Section 6.2(d). 

“Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of
such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Qualifying Unencumbered Pool Property” means
any Project which, as of any date of determination, (a) is located in the United States; (b) is wholly owned by the Issuer or a Wholly-Owned Subsidiary in fee simple or leased, as lessee, by the
Issuer or a Wholly-Owned Subsidiaries under the terms of a Financeable Ground Lease; (c) is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects,
deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Project; and (d) is not, nor is any direct or indirect interest of the Issuer or any Subsidiary therein, subject
to any Lien other than Permitted Liens set forth in clauses (i) through (iv) of the definition thereof or to any Negative Pledge (other than Negative Pledges permitted under clause (ii) of Section 6.25 of the Primary Credit
Facility). No asset shall be deemed to be unencumbered unless both such asset and all Capital Stock of the Subsidiary owning such asset is unencumbered. Nothing in this Agreement shall prohibit a Subsidiary from having other Unsecured Indebtedness
or unsecured Guarantee Obligations and the existence of such Unsecured Indebtedness or unsecured Guarantee Obligations shall not prevent any Project owned by such Subsidiary from qualifying as a Qualifying Unencumbered Pool Property 

  
 A-13 

 “Rate Management Transaction” means any transaction (including an agreement
with respect thereto) now existing or hereafter entered into by the Issuer which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction
(including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Real Property” of any Person means all of the right, title, and interest of such Person in and to land, improvements, and
fixtures. 
 “Recourse Indebtedness” means any Indebtedness of the Issuer or any other member of the Consolidated Group
with respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness, other than with respect to customary limited exceptions for certain acts or types of liability such as
environmental liability, fraud and other customary nonrecourse carveouts unless they are judicially determined to be triggered and then only to the extent of such determination. 

“Related Fund” means, with respect to any holder of any Note, any fund or entity that (i) invests in Securities or bank
loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 

“Required Holders” means at any time (a) prior to the Closing, the Purchasers and (b) on or after the Closing, the
holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Issuer or any of its Affiliates). 

“Responsible Officer” means any Senior Financial Officer and any other officer of the Issuer, as the case may be, with
responsibility for the administration of the relevant portion of this Agreement. 
 “S&P” means Standard &
Poor’s Ratings Group and its successors. 
 “SEC” means the Securities and Exchange Commission of the United States,
or any successor thereto. 
 “Secured Indebtedness” means any Indebtedness of the Issuer or any other member of the
Consolidated Group which is secured by a Lien (other than Permitted Liens set forth in clauses (i) through (iv) of the definition thereof) on a Project, any ownership interests in any Person or any other assets which had, in the aggregate,
a value in excess of the amount of such Indebtedness at the time such Indebtedness was incurred. Notwithstanding the foregoing, Secured Indebtedness shall exclude Recourse Indebtedness that is secured solely by ownership interests in another Person
that owns a Project which is encumbered by a mortgage securing Indebtedness. 
 “Securities” or “Security”
shall have the meaning specified in section 2(1) of the Securities Act. 

  
 A-14 

 “Securities Act” means the Securities Act of 1933, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Senior Financial Officer” means
the chief financial officer, principal accounting officer or treasurer of the Issuer. 
 “Single Tenant Project” means any
Project that is leased (or is being constructed to be leased) to a single tenant. 
 “Source” is defined in
Section 6.2. 
 “State Sanctions List” means a list that is adopted by any state Governmental Authority within the
United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. 

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting
power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company,
joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a
“Subsidiary” shall mean a Subsidiary of the Issuer. 
 “Subsidiary Guarantor” means each Subsidiary that has
executed and delivered a Subsidiary Guaranty, unless released pursuant to the terms of Section 9.7. 
 “Subsidiary
Guaranty” is defined in Section 9.7(a). 
 “Substitute Purchaser” is defined in Section 21. 

“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 

“Total Asset Value” means, as of any date, (i) (A) the Consolidated NOI attributable to Projects owned by the Issuer or
a member of the Consolidated Group (excluding 100% of the Consolidated NOI attributable to Projects not owned for at least four (4) full fiscal quarters as of the end of the fiscal quarter for which Consolidated NOI is calculated, and provided
that the contribution to Consolidated NOI on account of any Project shall not in any event be a negative number) divided by (B) the Capitalization Rate, plus (ii) 100% of the price paid for any such Projects first acquired by the Issuer or a
member of the Consolidated Group during such four (4) full fiscal quarter period, plus (iii) cash, Cash Equivalents and Marketable Securities owned by the Consolidated Group as of the end of such fiscal quarter, plus (iv) the
Consolidated Group Pro Rata Share of (A) Consolidated NOI attributable to Projects owned by Investment Affiliates (excluding Consolidated NOI attributable to Projects not owned for the entire four (4) full fiscal quarters on which
Consolidated NOI is calculated, and provided that the contribution to 

  
 A-15 

 
Consolidated NOI on account of any Project shall not in any event be a negative number) divided by (B) the Capitalization Rate, plus (v) the Consolidated Group Pro Rata Share of the
price paid for such Projects first acquired by an Investment Affiliate during such four (4) full fiscal quarters, plus (vi) Construction in Progress at book value, plus (vii) First Mortgage Receivables owned by the Consolidated Group
(at the lower of book value or market value), plus (viii) Unimproved Land at book value. To the extent the amount of Total Asset Value attributable to Unimproved Land, Investments in Investment Affiliates, Construction in Progress, First
Mortgage Receivables and Marketable Securities would exceed 25% of Total Asset Value, such excess shall be excluded from Total Asset Value; provided, however that to the extent the amount of Total Asset Value attributable to
(v) Unimproved Land exceeds 5% of the Total Asset Value, (w) Investment Affiliates exceeds 15% of the Total Asset Value, (x) Construction in Progress exceeds 10% of the Total Asset Value, (y) First Mortgage Receivables exceeds 5%
of the Total Asset Value or (z) Marketable Securities exceed 5% of Total Asset Value, such excess shall be excluded from Total Asset Value. 

“2014 Note Purchase Agreement” means that certain Note Purchase Agreement dated as of May 16, 2014 between the Issuer
and the Purchaser (as defined therein), including any renewals, extensions, amendments, restatements, replacements or refinancings thereof (whether such renewal, extension, amendment, restatement, replacement or refinancing of such agreement is
entered into substantially concurrently with the termination of the existing agreement or at any time before or after if no new agreement is then substantially concurrently entered into). 

“2016 Note Purchase Agreement” means that certain Note Purchase Agreement dated as of September 30, 2016 between the
Issuer and the Purchaser (as defined therein), including any renewals, extensions, amendments, restatements, replacements or refinancings thereof (whether such renewal, extension, amendment, restatement, replacement or refinancing of such agreement
is entered into substantially concurrently with the termination of the existing agreement or at any time before or after if no new agreement is then substantially concurrently entered into). 

“Unencumbered Leverage Ratio” means, as of any date, the then-current Unsecured Indebtedness of the Consolidated Group
(excluding in any calculation of Unsecured Indebtedness, Guarantee Obligations of any member of the Consolidated Group in respect of primary obligations of any other member of the Consolidated Group) divided by the then current Unencumbered Pool
Value. 
 “Unencumbered Pool” means as of any date, all then-current Unencumbered Pool Properties. 

“Unencumbered Pool Property” means, as of any date, any Project which is a Qualifying Unencumbered Pool Property as of such
date. 
 “Unencumbered Pool Property NOI” means, as of any date, the aggregate Net Operating Income for the most recent
four (4) fiscal quarters for which financial results have been reported attributable to Unencumbered Pool Properties as of such date. 

  
 A-16 

 “Unencumbered Pool Value” means, as of any date, the sum of (a)(i) the
aggregate Adjusted Unencumbered Pool NOI attributable to all Unencumbered Pool Properties which have been owned by the Issuer or a Subsidiary for the most recent four (4) full fiscal quarters for which financial results of Issuer have been
reported (provided that the contribution to Adjusted Unencumbered Pool NOI on account of any Unencumbered Pool Property shall not in any event be a negative number) divided by (ii) the Capitalization Rate plus (b) the
aggregate acquisition cost of all Unencumbered Pool Properties which have not been so owned by a Subsidiary for such period of four (4) consecutive entire fiscal quarters, plus (c) unencumbered Unimproved Land and Construction in
Progress, both at book value. For purposes of this definition, to the extent (i) the value attributable to Unimproved Land and any other land not included in Unimproved Land and Construction in Progress, would exceed 10% of the Unencumbered
Pool Value, (ii) the value attributable to any one (1) Unencumbered Pool Property would exceed 15% of the Unencumbered Pool Value, (iii) the aggregate value attributable to those Single Tenant Projects which are leased to the same
tenant (or Affiliates of the same tenant), would exceed 15% of the Unencumbered Pool Value; (iv) the aggregate value attributable to all Single Tenant Projects where the remaining unexpired term of the lease of such Single Tenant Project to the
tenant of such Single Tenant Project (without giving effect to any unexercised options of such tenant to extend the term of such lease) is less than five (5) years, would exceed 15% of the Unencumbered Pool Value, or (v) the aggregate
value attributable to Unencumbered Pool Properties which are occupied pursuant to Financeable Ground Leases would exceed 20% of Unencumbered Pool Value, each such excess amount, without duplication, shall be excluded from Unencumbered Pool Value.

 “Unimproved Land” means, as of any date, any land which (i) is not appropriately zoned for retail development,
(ii) does not have access to all necessary utilities or (iii) does not have access to publicly dedicated streets, unless such land has been designated in writing by the Issuer in a certificate delivered to the holders as land that is
reasonably expected to satisfy all such criteria within twelve (12) months after such date. For purposes of clarification, if any, such land shall be deemed to be included in Construction in Progress as of such date of designation and from and
after such date shall not be considered Unimproved Land. 
 “United States Person” has the meaning set forth in
Section 7701(a)(30) of the Code. 
 “Unsecured Indebtedness” means, with respect to any Person, all Indebtedness of
such Person for borrowed money that does not constitute Secured Indebtedness. 
 “Unsecured Interest Expense” means, for
any period, all Consolidated Interest Expense for such period attributable to Unsecured Indebtedness. 
 “USA PATRIOT Act”
means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time,
and the rules and regulations promulgated thereunder from time to time in effect. 

  
 A-17 

 “U.S. Economic Sanctions Laws” means those laws, executive orders, enabling
legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International
Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 

“Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the beneficial ownership of which shall at the
time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, limited liability
company, association, joint venture or similar business organization 100% of the beneficial ownership of which shall at the time be so owned or controlled. 
  

  
 A-18 

 [FORM OF NOTE] 

RETAIL PROPERTIES OF AMERICA, INC. 

4.82% SENIOR NOTE DUE JUNE 28, 2029 

 

			
	No. [        ]	  	[Date]
	$[            ]	  	PPN 76131V B@1

 FOR VALUE RECEIVED, the undersigned, RETAIL
PROPERTIES OF AMERICA, INC. (herein called the “Issuer”), a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                            ] DOLLARS (or so much thereof as shall not have been prepaid) on
June 28, 2029 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance
hereof at the rate of 4.82% per annum from the date hereof, payable semiannually, on the 28th day of June and December in each year, commencing with the June 28th or December 28th next succeeding the date hereof, and on the Maturity Date, until the
principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue
payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.82% or (ii) 2.00% over the rate of interest publicly announced by Bank of America, N.A. from time
to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be
made in lawful money of the United States of America at Bank of America, N.A. in New York, New York or at such other place as the Issuer shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below. 
 This Note is issued pursuant to the Note Purchase Agreement, dated as of April 5, 2019 (as from time to time
amended, the “Note Purchase Agreement”), between the Issuer and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have
(i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized
terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 
 SCHEDULE
1 
 (to Note Purchase Agreement) 

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon
surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will
be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Issuer may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Issuer will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment,
in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an
Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the
effect provided in the Note Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the
Issuer and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would
permit the application of the laws of a jurisdiction other than such State. 
  

			
	RETAIL PROPERTIES OF AMERICA, INC. 
		
	By	 	  

		 	[Title]

  
 Schedule 1-2 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE ISSUER 

Matters To Be Covered in 

Opinion of Special Counsel to the Issuer 

1. Each of the Issuer and its Subsidiary Guarantors validly existing and having requisite corporate power and authority to issue and sell the
Notes and to execute and deliver the documents. 
 2. Due authorization and execution of the documents and such documents being legal, valid,
binding and enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general application affecting the rights and remedies of creditors and to
general principles of equity. 
 3. Execution, delivery and performance of documents not conflicting with charter documents, New York or
federal laws or certain other specified material agreements. 
 4. All New York and federal governmental consents required to issue and
sell the Notes and to execute and deliver the documents having been obtained. 
 5. Counsel is not representing the Issuer in any litigation
questioning validity of documents. 
 6. The Notes not requiring registration under the Securities Act of 1933, as amended; no need to
qualify an indenture under the Trust Indenture Act of 1939, as amended. 
 7. No violation of Regulations T, U or X of the Federal Reserve
Board. 
 8. Issuer not an “investment company”, or a company “controlled” by an “investment company”, under
the Investment Company Act of 1940, as amended. 
 SCHEDULE 4.4(a) 

(to Note Purchase Agreement) 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE PURCHASERS 

[To Be Provided on a Case by Case Basis] 

SCHEDULE 4.4(b) 

(to Note Purchase Agreement) 

 DISCLOSURE MATERIALS 

None. 
 SCHEDULE 5.3 

(to Note Purchase Agreement) 

 SUBSIDIARIES OF THE ISSUER
AND OWNERSHIP OF SUBSIDIARY STOCK 
 RETAIL
PROPERTIES OF AMERICA, INC. OWNERSHIP PERCENTAGE – 100% 
  

			
	ENTITY	  	FORMATION
	3503 RP Acworth Stilesboro, L.L.C.	  	Delaware
	3503 RP Ashburn Loudoun Apartments, L.L.C.	  	Delaware
	3503 RP Ashburn Loudoun Uptown, L.L.C.	  	Delaware
	3503 RP Avondale McDowell, L.L.C.	  	Delaware
	3503 RP Bethlehem Saucon Valley Beneficiary, L.L.C.	  	Delaware
	3503 RP Cedar Hill Pleasant Run GP, L.L.C.	  	Delaware
	3503 RP Cedar Hill Pleasant Run LP, L.L.C.	  	Delaware
	3503 RP Charleston North Rivers, L.L.C.	  	Delaware
	3503 RP Columbia Broad River, L.L.C.	  	Delaware
	3503 RP Coppell Town GP, L.L.C.	  	Delaware
	3503 RP Coppell Town LP, L.L.C.	  	Delaware
	3503 RP Coram Plaza, L.L.C.	  	Delaware
	3503 RP Covington Newton Crossroads, L.L.C.	  	Delaware
	3503 RP Cranberry Beneficiary, L.L.C.	  	Delaware
	3503 RP Crossville Main, L.L.C.	  	Delaware
	3503 RP Cumming Green’s Corner, L.L.C.	  	Delaware
	3503 RP Cuyahoga Falls, L.L.C.	  	Delaware
	3503 RP Dallas Paradise, L.L.C.	  	Delaware
	3503 RP Denton Crossing GP, L.L.C.	  	Delaware
	3503 RP Denton Crossing LP, L.L.C.	  	Delaware
	3503 RP Duncansville Holliday Beneficiary, L.L.C.	  	Delaware
	3503 RP Evans, L.L.C.	  	Delaware
	3503 RP Fresno Blackstone Avenue, L.L.C.	  	Delaware
	3503 RP Fullerton Metrocenter, L.L.C.	  	Delaware
	3503 RP Gurnee, L.L.C.	  	Delaware
	3503 RP Hickory-Catawba, L.L.C.	  	Delaware
	3503 RP High Ridge, L.L.C.	  	Delaware
	3503 RP Irmo Station, L.L.C.	  	Delaware
	3503 RP Lake Mary, L.L.C.	  	Delaware
	3503 RP Lawrenceville Simonton, L.L.C.	  	Delaware
	3503 RP Longmont Fox Creek, L.L.C.	  	Delaware
	3503 RP Marysville, L.L.C.	  	Delaware
	3503 RP Memphis Winchester, L.L.C.	  	Delaware
	3503 RP Miami 19th Street, L.L.C.	  	Delaware
	3503 RP Middletown Brown’s Lane, L.L.C.	  	Delaware
	3503 RP New Hyde Park Marcus, L.L.C.	  	Delaware
	3503 RP Ontario 4th Street, L.L.C.	  	Delaware
	3503 RP Panama City, L.L.C.	  	Delaware

  
 SCHEDULE
5.4 
 (to Note Purchase Agreement) 

 RETAIL PROPERTIES OF AMERICA,
INC. OWNERSHIP PERCENTAGE – 100% 
  

			
	ENTITY	  	FORMATION
	3503 RP Pawtucket Boulevard, L.L.C.	  	Delaware
	3503 RP Pawtucket Cottage, L.L.C.	  	Delaware
	3503 RP Phoenix, L.L.C.	  	Delaware
	3503 RP Placentia, L.L.C.	  	Delaware
	3503 RP Plano Acquisitions, L.L.C.	  	Delaware
	3503 RP Plano Investments, L.L.C.	  	Delaware
	3503 RP Renton North Benson, L.L.C.	  	Delaware
	3503 RP Spokane Northpointe, L.L.C.	  	Delaware
	3503 RP Stony Creek, L.L.C.	  	Delaware
	3503 RP Summerville Azalea Square, L.L.C.	  	Delaware
	3503 RP Temecula Commons, L.L.C.	  	Delaware
	3503 RP Waco Central GP, L.L.C.	  	Delaware
	3503 RP Waco Central LP, L.L.C.	  	Delaware
	3503 RP Wesley Chapel Northwoods, L.L.C.	  	Delaware
	3503 RP Wilmette Plaza Del Lago, L.L.C.	  	Delaware
	3503 RP Woodridge Seven Bridges, L.L.C.	  	Delaware
	Bel Air Square LLC	  	Maryland
	Capital Centre LLC	  	Maryland
	Centre at Laurel, LLC	  	Maryland
	Colesville One, LLC	  	Maryland
	Denville Union Hill, L.L.C.	  	Delaware
	Gateway Village LLC	  	Maryland
	Inland Southeast New Britain, L.L.C.	  	Delaware
	Inland Western Birmingham Edgemont, L.L.C.	  	Delaware
	Inland Western Chicago Ashland I, L.L.C.	  	Delaware
	Inland Western Chicago Ashland, L.L.C.	  	Delaware
	Inland Western Easton Forks Town DST	  	Delaware
	Inland Western Gainesville Village, L.L.C.	  	Delaware
	Inland Western Glendale Outlot D, L.L.C.	  	Delaware
	Inland Western Glendale Peoria II, L.L.C.	  	Delaware
	Inland Western Glendale, L.L.C.	  	Delaware
	Inland Western Greensburg Commons, L.L.C.	  	Delaware
	Inland Western Greer Wade Hampton, L.L.C.	  	Delaware
	Inland Western Kill Devil Hills Croatan, L.L.C.	  	Delaware
	Inland Western Lansing Eastwood (Tenant), L.L.C.	  	Delaware
	Inland Western Orange 440 Boston, L.L.C.	  	Delaware
	Inland Western Mt. Pleasant Park West, L.L.C.	  	Delaware
	Inland Western Phenix City, L.L.C.	  	Delaware
	Inland Western Pottstown GP, L.L.C.	  	Delaware
	Inland Western Pottstown LP DST	  	Delaware

  
 5.4-2 

 RETAIL PROPERTIES OF AMERICA,
INC. OWNERSHIP PERCENTAGE – 100% 
  

			
	ENTITY	  	FORMATION
	Inland Western Salt Lake City Gateway, L.L.C.	  	Delaware
	Inland Western Seattle Northgate North, L.L.C.	  	Delaware
	Inland Western Spartanburg SPE, L.L.C.	  	Delaware
	Inland Western Tuscaloosa University, L.L.C.	  	Delaware
	IWR Protective Corporation	  	Delaware
	MS Inland Fund, LLC	  	Delaware
	Reisterstown Plaza Associates, LLC	  	Maryland
	RPAI Acquisitions, Inc.	  	Illinois
	RPAI Altamonte Springs State Road, L.L.C.	  	Delaware
	RPAI Ashburn Loudoun, L.L.C.	  	Delaware
	RPAI Austin Mopac GP, L.L.C.	  	Delaware
	RPAI Austin Mopac LP, L.L.C.	  	Delaware
	RPAI Bangor Broadway, L.L.C.	  	Delaware
	RPAI Bangor Parkade, L.L.C.	  	Delaware
	RPAI Bradenton Beachway, L.L.C.	  	Delaware
	RPAI Brooklyn Park 93rd Avenue, L.L.C.	  	Delaware
	RPAI Butler Kinnelon, L.L.C.	  	Delaware
	RPAI Canton Paradise Outlot, L.L.C.	  	Delaware
	RPAI Canton Paradise, L.L.C.	  	Delaware
	RPAI Capital Centre II, L.L.C.	  	Delaware
	RPAI Cedar Park Town Center, L.L.C.	  	Delaware
	RPAI Chantilly Crossing, L.L.C.	  	Delaware
	RPAI Chicago Ashland Land, L.L.C.	  	Delaware
	RPAI Chicago Brickyard, L.L.C.	  	Delaware
	RPAI Clear Lake Clear Shores GP, L.L.C.	  	Delaware
	RPAI Clear Lake Clear Shores LP, L.L.C.	  	Delaware
	RPAI College Station Gateway GP, L.L.C.	  	Delaware
	RPAI College Station Gateway II GP, L.L.C.	  	Delaware
	RPAI College Station Gateway II LP, L.L.C.	  	Delaware
	RPAI College Station Gateway III, L.L.C.	  	Delaware
	RPAI College Station Gateway LP, L.L.C.	  	Delaware
	RPAI Continental Rave Houston, L.L.C.	  	Delaware
	RPAI Cypress Mill, L.L.C.	  	Delaware
	RPAI Darien SPE, L.L.C.	  	Delaware
	RPAI Euless GP, L.L.C.	  	Delaware
	RPAI Euless LP, L.L.C.	  	Delaware
	RPAI Falls Church Merrifield II, L.L.C.	  	Delaware
	RPAI Falls Church Merrifield, L.L.C.	  	Delaware
	RPAI Fordham Place Office, L.L.C.	  	Delaware
	RPAI Fordham Place Retail, L.L.C.	  	Delaware

  
 5.4-3 

 RETAIL PROPERTIES OF AMERICA,
INC. OWNERSHIP PERCENTAGE – 100% 
  

			
	ENTITY	  	FORMATION
	RPAI Fort Myers Page Field, L.L.C.	  	Delaware
	RPAI Frisco Parkway GP, L.L.C.	  	Delaware
	RPAI Frisco Parkway LP, L.L.C.	  	Delaware
	RPAI Gaithersburg Downtown Crown, L.L.C.	  	Delaware
	RPAI Galveston Galvez GP, L.L.C.	  	Delaware
	RPAI Galveston Galvez LP, L.L.C	  	Delaware
	RPAI Georgetown Rivery GP, L.L.C.	  	Delaware
	RPAI Georgetown Rivery LP, L.L.C.	  	Delaware
	RPAI Grapevine GP, L.L.C.	  	Delaware
	RPAI Grapevine LP, L.L.C.	  	Delaware
	RPAI Hagerstown, L.L.C.	  	Delaware
	RPAI Hartford New Park, L.L.C	  	Delaware
	RPAI Houston New Forest, L.L.C.	  	Delaware
	RPAI Houston Royal Oaks Village II GP, L.L.C.	  	Delaware
	RPAI Houston Royal Oaks Village II LP, L.L.C.	  	Delaware
	RPAI Houston Royal Oaks Village III, L.L.C.	  	Delaware
	RPAI Houston Sawyer Heights, L.L.C.	  	Delaware
	RPAI Humble Humblewood GP, L.L.C.	  	Delaware
	RPAI Humble Humblewood LP, LLC	  	Delaware
	RPAI I DST	  	Delaware
	RPAI II DST	  	Delaware
	RPAI Irving GP, L.L.C.	  	Delaware
	RPAI Irving LP, L.L.C.	  	Delaware
	RPAI Issaquah Heritage, L.L.C.	  	Delaware
	RPAI Jacksonville Southpoint, L.L.C.	  	Delaware
	RPAI Kingsport East Stone, L.L.C.	  	Delaware
	RPAI Lake Worth Towne Crossing GP, L.L.C.	  	Delaware
	RPAI Lake Worth Towne Crossing LP, L.L.C.	  	Delaware
	RPAI Lakewood II, L.L.C.	  	Delaware
	RPAI Lakewood, L.L.C.	  	Delaware
	RPAI Lansing Eastwood, L.L.C.	  	Delaware
	RPAI Las Vegas Montecito Outlot, L.L.C.	  	Delaware
	RPAI Las Vegas Montecito, L.L.C.	  	Delaware
	RPAI Lawton Lee Blvd., L.L.C.	  	Delaware
	RPAI Leesburg Fort Evans, L.L.C.	  	Delaware
	RPAI Lewisville Lakepointe GP, L.L.C.	  	Delaware
	RPAI Lewisville Lakepointe LP, L.L.C.	  	Delaware
	RPAI Mansfield GP, L.L.C.	  	Delaware
	RPAI Mansfield LP, L.L.C.	  	Delaware
	RPAI Maple Grove Wedgwood, L.L.C.	  	Delaware

  
 5.4-4 

 RETAIL PROPERTIES OF AMERICA,
INC. OWNERSHIP PERCENTAGE – 100% 
  

			
	ENTITY	  	FORMATION
	RPAI McDonough Henry Town, L.L.C.	  	Delaware
	RPAI McKinney Stonebridge GP, L.L.C.	  	Delaware
	RPAI McKinney Stonebridge LP, L.L.C.	  	Delaware
	RPAI Miami 19th Street II, L.L.C.	  	Delaware
	RPAI Middletown Fairgrounds Plaza, L.L.C.	  	Delaware
	RPAI Naperville Main North, L.L.C.	  	Delaware
	RPAI Naperville Main, L.L.C.	  	Delaware
	RPAI New Hartford Orchard, L.L.C.	  	Delaware
	RPAI New Port Richey Mitchell, L.L.C.	  	Delaware
	RPAI New York Portfolio, L.L.C.	  	Delaware
	RPAI Newcastle Coal Creek, L.L.C.	  	Delaware
	RPAI Newnan Crossing II, L.L.C.	  	Delaware
	RPAI Newnan Crossing, L.L.C.	  	Delaware
	RPAI Newport News Jefferson, L.L.C.	  	Delaware
	RPAI North Carolina Sales, Inc.	  	Illinois
	RPAI North Richland Hills Davis GP, L.L.C.	  	Delaware
	RPAI North Richland Hills Davis LP, L.L.C.	  	Delaware
	RPAI Northwest Management Corp.	  	Delaware
	RPAI Northwoods Natural Bridge, L.L.C.	  	Delaware
	RPAI Oak Brook Promenade I, L.L.C.	  	Delaware
	RPAI Orange 53 Boston, L.L.C.	  	Delaware
	RPAI Oswego Gerry Centennial, L.L.C.	  	Delaware
	RPAI Pelham Manor, L.L.C.	  	Delaware
	RPAI Pittsburgh William Penn Member II DST	  	Delaware
	RPAI Poughkeepsie Mid-Hudson, L.L.C.	  	Delaware
	RPAI Quakertown GP, L.L.C.	  	Delaware
	RPAI Quakertown LP DST	  	Delaware
	RPAI Redmond Avondale, L.L.C.	  	Delaware
	RPAI Richardson Eastside, L.L.C.	  	Delaware
	RPAI Round Rock Forest Commons GP, L.L.C.	  	Delaware
	RPAI Round Rock Forest Commons LP, L.L.C.	  	Delaware
	RPAI San Antonio GP, L.L.C.	  	Delaware
	RPAI San Antonio HQ GP, L.L.C.	  	Delaware
	RPAI San Antonio HQ LP, L.L.C.	  	Delaware
	RPAI San Antonio LP, L.L.C.	  	Delaware
	RPAI San Antonio Mission GP, L.L.C.	  	Delaware
	RPAI San Antonio Mission LP. L.L.C.	  	Delaware
	RPAI Santa Fe, L.L.C.	  	Delaware
	RPAI Saratoga Springs Wilton, L.L.C.	  	Delaware
	RPAI Schaumburg American Lane, L.L.C.	  	Delaware

  
 5.4-5 

 RETAIL PROPERTIES OF AMERICA,
INC. OWNERSHIP PERCENTAGE – 100% 
  

			
	ENTITY	  	FORMATION
	RPAI Seekonk Power Center, L.L.C.	  	Delaware
	RPAI Severn, L.L.C.	  	Delaware
	RPAI Southlake Corners Kimball, L.L.C.	  	Delaware
	RPAI Southlake GP, L.L.C.	  	Delaware
	RPAI Southlake LP, L.L.C.	  	Delaware
	RPAI Southwest Management Corp.	  	Delaware
	RPAI Stony Creek II, L.L.C.	  	Delaware
	RPAI Stroud Commons DST	  	Delaware
	RPAI Sugar Land Colony GP, L.L.C.	  	Delaware
	RPAI Sugar Land Colony LP, L.L.C.	  	Delaware
	RPAI Summerville Azalea Square III GP, L.L.C.	  	Delaware
	RPAI Summerville Azalea Square III LP, L.L.C.	  	Delaware
	RPAI Tacoma South I, L.L.C.	  	Delaware
	RPAI Tallahassee Governor’s One, L.L.C.	  	Delaware
	RPAI Tampa Walters, L.L.C.	  	Delaware
	RPAI Towson Square, L.L.C.	  	Delaware
	RPAI Vienna Tysons, L.L.C.	  	Delaware
	RPAI Watauga GP, L.L.C.	  	Delaware
	RPAI Watauga LP, L.L.C.	  	Delaware
	RPAI West Mifflin Century III Member II DST	  	Delaware
	RPAI Westbury Merchants Plaza, L.L.C.	  	Delaware
	RPAI Western Management Corp.	  	Delaware
	RPAI Williston Maple Tree, L.L.C.	  	Delaware
	RPAI Winter Springs Red Bug, L.L.C.	  	Delaware
	RPAI Woodinville Plaza, L.L.C.	  	Delaware
	RPAI Worcester Lincoln Plaza, L.L.C.	  	Delaware
	RRP Hecht, LLC	  	Maryland
	The Shops at Legacy (RPAI) Mezz, L.L.C.	  	Delaware
	Town Square Ventures III GP, L.L.C.	  	Delaware
	Town Square Ventures III LP, L.L.C.	  	Delaware
	Town Square Ventures IV GP, L.L.C.	  	Delaware
	Town Square Ventures IV LP, L.L.C.	  	Delaware
	Town Square Ventures V GP, L.L.C.	  	Delaware
	Town Square Ventures V LP, L.L.C.	  	Delaware
	Towson Circle LLC	  	Maryland
	Western Town Square Ventures GP, L.L.C.	  	Delaware
	Western Town Square Ventures I GP, L.L.C.	  	Delaware
	Western Town Square Ventures LP, L.L.C.	  	Delaware

  
 5.4-6 

 IWR PROTECTIVE CORPORATION OWNERSHIP PERCENTAGE – 100% 

 

			
	ENTITY	  	FORMATION
	Birch Property & Casualty, LLC	  	Vermont
	Dallas Metro Maintenance, L.L.C.	  	Delaware
	IWR Gateway Central Plant, L.L.C.	  	Delaware
	RPAI Towson Square Parking, L.L.C.	  	Delaware
	South Billings Center, LLC	  	Delaware

 RETAIL PROPERTIES OF AMERICA, INC. – 90% 

KETTLER ASHBURN LOUDOUN LLC – 10% 
  

			
	ENTITY	  	FORMATION
	3503 RPK Ashburn Loudoun, L.L.C.	  	Delaware

  
 5.4-7 

 FINANCIAL STATEMENTS 

 

	 	•	 	 2015 Annual Report 

  

	 	•	 	 2016 Annual Report 

  

	 	•	 	 2017 Annual Report 

  

	 	•	 	 2018 Annual Report 

  

  
 SCHEDULE
5.5 
 (to Note Purchase Agreement) 

 TAXATION 

None. 
  

  
 SCHEDULE
5.9 
 (to Note Purchase Agreement) 

 EXISTING INDEBTEDNESS 

RETAIL PROPERTIES OF AMERICA, INC. 

INDEBTEDNESS AS OF FEBRUARY 28, 2019 

 

																									
	DEBT DESCRIPTION 	  	PROPERTY NAME	  	BORROWER 	  	 MATURITY

DATE
(SORT) 
	 	  	INTEREST
RATE 	 	 	PRINCIPAL
BALANCE AT
2/28/2019
(DOLLARS IN
000’S) 	 	 	 LENDER -

PRIMARY/
ORIGINATING
	 	  	SERVICER 	 
	 Sawyer Heights Village
	  	Sawyer Heights Village	  	Inland Western Houston Sawyer Heights Limited Partnership	  	 	01-Jul-2021	 	  	 	5.00	% 	 	 	(18,700	) 	 	 	JPMorgan Chase	 	  	 	Midland Loan Services	 
	 Ashland and Roosevelt Phase II (Bank of America Pad)
	  	Ashland and Roosevelt (Bank Pad)	  	Inland Western Chicago Ashland I, L.L.C.	  	 	25-Feb-2022	 	  	 	7.48	% 	 	 	(612	) 	 	 
	Deseret Trust
Company	 
 	  	 
	Grandbridge Real
Estate Capital	 
 
	 Gardiner Manor Mall
	  	Gardiner Manor Mall	  	Inland Western Bay Shore Gardiner, L.L.C.	  	 	01-Mar-2022	 	  	 	4.95	% 	 	 	(33,366	) 	 	 
	Northwestern
Mutual	 
 	  	 	Northwestern Mutual	 
	 Peoria Crossings
	  	Peoria Crossings	  	Inland Western Glendale, L.L.C.; Inland Western Glendale Peoria II, L.L.C.; and Inland Western Glendale Outlot D, L.L.C.	  	 	01-Apr-2022	 	  	 	4.82	% 	 	 	(24,131	) 	 	 	JPMorgan Chase	 	  	 	Wells Fargo CMS	 
	 Southlake Corners
	  	Southlake Corners	  	Inland Western Southlake Corners Kimball Limited Partnership	  	 	01-Apr-2022	 	  	 	4.89	% 	 	 	(20,945	) 	 	 	JPMorgan Chase	 	  	 	Wells Fargo CMS	 
	 Tollgate Marketplace
	  	Tollgate Marketplace	  	Inland Bel Air SPE, L.L.C.	  	 	01-Apr-2022	 	  	 	4.84	% 	 	 	(35,000	) 	 	 	Keybank	 	  	 
	Berkadia Commercial
Mortgage	 
 
	 Gateway Village
	  	Gateway Village	  	Gateway Village LLC	  	 	01-Jan-2023	 	  	 	4.14	% 	 	 	(33,370	) 	 	 	PNC	 	  	 	Midland Loan Services	 
	 Northgate North
	  	Northgate North	  	Inland Western Seattle Northgate North, L.L.C.	  	 	01-Jun-2027	 	  	 	4.50	% 	 	 	(25,248	) 	 	 	ING	 	  	 	HFF, L.P.	 
	 The Shoppes at Union Hill
	  	The Shoppes at Union Hill	  	Denville Union Hill, L.L.C.	  	 	01-Jun-2031	 	  	 	3.75	% 	 	 	(13,577	) 	 	 

	Voya
Retirement
Insurance and
Annuity
Company	 
 
 
 
 	  	 
	Bellwether Real Estate
Capital	 
 
		  		  		  				  				 	  
	  
	 	 				  			
		  	Total Unsecured Debt - Consolidated Portfolio	  
	  				 	 	(204,949	) 	 				  			
		  		  		  				  				 	  
	  
	 	 				  			

  
 SCHEDULE
5.15 
 (to Note Purchase Agreement) 

																							
	DEBT DESCRIPTION 	  	PROPERTY NAME
	  	BORROWER 	  	MATURITY
DATE
(SORT) 	 	  	INTEREST
RATE 	 	 	PRINCIPAL
BALANCE AT
2/28/2019
(DOLLARS IN
000’S) 	 	 	 LENDER -

PRIMARY/
ORIGINATING
	  	SERVICER 	 
	 Unsecured Debt
	  

	 Term Loan due 20211 
	  		  	Retail Properties of America, Inc.	  	 	5-Jan-2021	 	  	 	3.20	% 	 	 	(250,000	) 	 	Keybank/Wells Fargo	  	 
	Keybank
(Agent)	 
 
	 Revolving Line of Credit ($850 mm)2

	  		  	Retail Properties of America, Inc.	  	 	22-Apr-2022	 	  	 	3.54	% 	 	 	(311,000	) 	 	Keybank/Wells Fargo	  	 
	Keybank
(Agent)	 
 
	 Term Loan due 2023 3 
	  		  	Retail Properties of America, Inc.	  	 	22-Nov-2023	 	  	 	4.05	% 	 	 	(200,000	) 	 	Capital One, NA/ TD Bank, NA/ PNC Bank, NA/ Regions Bank/ Branch Banking & Trust	  	 

	Capital
One
(Agent)	 
 
 
	 Senior Notes – 4.12% due 2021
	  		  	Retail Properties of America, Inc.	  	 	30-Jun-2021	 	  	 	4.12	% 	 	 	(100,000	) 	 		  			
	 Senior Notes – 4.58% due 2024
	  		  	Retail Properties of America, Inc.	  	 	30-Jun-2024	 	  	 	4.58	% 	 	 	(150,000	) 	 		  			
	 Senior Notes – 4.00% due 2025
	  		  	Retail Properties of America, Inc.	  	 	15-Mar-2025	 	  	 	4.00	% 	 	 	(250,000	) 	 		  			
	 Senior Notes – 4.08% due 2026
	  		  	Retail Properties of America, Inc.	  	 	30-Sep-2026	 	  	 	4.08	% 	 	 	(100,000	) 	 		  			
	 Senior Notes – 4.24% due 2028
	  		  	Retail Properties of America, Inc.	  	 	28-Dec-2028	 	  	 	4.24	% 	 	 	(100,000	) 	 		  			
		  		  		  				  				 	  
	  
	 	 		  			
		  	 Total Unsecured Debt - Consolidated Portfolio
	  
	 	 	(1,461,000	) 	 		  			
		  		  		  				  				 	  
	  
	 	 		  			
		  	 Total Debt – Consolidated Portfolio
	  
	 	 	(1,665,949	) 	 		  			
		  		  				  				 	  
	  
	 	 		  			

  

	1	 The term loan is priced on a leverage grid at a rate of LIBOR plus 1.20%. Retail Properties of America, Inc.
entered into three interest rate swap agreements to convert the variable rate portion of the $250 mm LIBOR-based debt to a fixed rate through January 5, 2021. The swaps effectively convert one-month
floating rate LIBOR to a fixed rate of 2.00375% over the term of the swaps.2 The revolver is priced on leverage grid at a rate of LIBOR plus 1.05%. 

  

	3	 The term loan is priced on a leverage grid at a rate of LIBOR plus 1.20%. Retail Properties of America, Inc.
entered into two interest rate swap agreements to convert the variable rate LIBOR-based debt to a fixed rate through November 23, 2023. The swaps effectively convert one-month floating rate LIBOR to a
fixed rate of 2.852% on $100 mm and 2.8475% on the remaining $100 mm over the term of the swaps. 

  
 5.15-2 

 SCHEDULE B 

RETAIL PROPERTIES OF AMERICA, INC. 

2021 SPRING ROAD, SUITE 200 

OAK BROOK, IL 60523 

INFORMATION RELATING TO PURCHASERS 

 

			
	 NAME AND ADDRESS
OF PURCHASER
	  	
PRINCIPAL AMOUNT
OF NOTES TO 
BE PURCHASED

	 GENWORTH LIFE INSURANCE
COMPANY
	  	$5,000,000
	 c/o Genworth Financial, Inc.
	  	$5,000,000
	 3001 Summer Street, 4th Floor
	  	$5,000,000
	 Stamford, CT 06905
	  	
	 Attn: Private Placements
	  	

 Notes to be registered in nominee name: HARE & CO., LLC 

[See Attached] 

  
 SCHEDULE B

 (to Note Purchase Agreement) 

 

 
 PRIVATE PLACEMENT INSTRUCTIONS 

Name of Purchaser:              Genworth Life Insurance Company 

Tax ID Number:                   91-6027719 

Register In Nominee Name: HARE & CO., LLC 

Notices: 
 All notices and communications including
original note agreement, conformed copy of the note agreement, amendment requests, financial statements and other general information to be addressed as follows: 

Genworth Financial, Inc. 

Account:                 Genworth Life Insurance Company 

3001 Summer Street, 4thFloor 

Stamford, CT 06905 
 Attn: Private
Placements 
 Telephone No: (203)708-3300 

Fax No: (203)708-3308 
 If available, an
electronic copy is additionally requested. Please send to the following e-mail address’: 
 GNWInvestmentsOperations@genworth.com;
ppservicing@BNYmellon.com 
 All corporate actions, including payments and prepayments, should be sent to the above address with copies to: 

Genworth Financial, Inc. 

Account:                 Genworth Life Insurance Company 

3001 Summer Street 
 Stamford, CT
06905 
 Attn: Trade Operations 

Telephone No: (203)708-3300 
 Fax
No: (203)708-3308 
 If available, an electronic copy is additionally requested. Please send to the following e-mail address: 

GNWInvestmentsOperations@genworth.com; ppservicing@BNYmellon.com 

Notices with respect to payments and written confirmation of each such payment, including interest payments, redemptions, premiums, make wholes, and fees
should also be addressed as above with additional copies addressed to the following: 
 The Bank Of New York 

Income Collection Department 
 P.O. Box 392002 

Pittsburgh, PA 15251 

			
	Attn:	 	Income Collection Department
	Ref:	 	GLIC / LILTCNEW / 364781 / CUSIP/PPN & Security Description

 P&I Contact: Jason Miller - (412) 234-1680 

Payments: 
 All payments on or in respect of the
Notes to be by bank wire transfer of Federal or other immediately available funds to: 
 Bank of New York 

			
	ABA #:	  	021000018
	Account #:	  	GLA111566
	Acct Name:	  	Income Collection Dept
	Attn:	  	Income Collection Department
	Reference:	  	GLIC / LILTCNEW
	Account #:	  	 364781
 CUSIP/PPN & Security Description,
and Identify Principal & Interest Amounts

			
	And By Email:	  	treasppbkoffice@genworth.com; ppservicing@BNYmellon.com
	Fax:	  	(804) 662-7777

 Physical Delivery of the Notes: 

The Bank of New York 570 Washington Blvd 

BNY Mellon /Branch Deposit Dept 5th FLR 

Jersey City, NJ 07310 
 Ref: GLIC
/ LILTCNEW 364781 
 DTC Securities: 

DTC #:                     901 

Agent ID #:             26500 

Institutional ID:       26662 

Account Name:       GLIC / LILTCNEW 

Account#:               364781 

Euroclear: 
 Euroclear #:
          78009 

  
 B-2 

			
	 NAME AND ADDRESS
OF PURCHASER
	  	
PRINCIPAL AMOUNT
OF NOTES TO BE 
PURCHASED

	 THE GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA
	  	$7,000,000
	 7 Hanover Square
	  	
	 New York, NY 10004-2616
	  	

 Note to be registered in the name of: 

The Guardian Life Insurance Company of America 
 TAX ID NO. 13-5123390 
 And delivered to: 

JP Morgan Chase Bank, N.A. 
 4 Chase Metrotech Center – 3rd Floor 
 Brooklyn, NY 11245-0001 

Reference A/C #G05978, Guardian Life PRIF-W 

Payment by wire to: 
 JP Morgan Chase 

FED ABA #021000021 
 Chase/NYC/CTR/BNF 

A/C 900-9-000200 

Reference A/C #G05978, Guardian Life PRIF-W, CUSIP # 76131V B@1, Retail Properties of America, Inc. 

Address for all communications and notices: 
 The Guardian Life
Insurance Company of America 
 7 Hanover Square 
 New York, NY
10004-2616 
 Attn: Amy Carroll 
 Investment Department 9-A 
 FAX #: (212) 919-2658 

Email address: amy_carroll@glic.com 

  
 B-3 

			
	 NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 THE GUARDIAN INSURANCE & ANNUITY COMPANY,
INC.
 c/o The Guardian Life Insurance Company of America

7 Hanover Square
 New York, NY 10004-2616
	  	$1,000,000

 Note to be registered in the name of: 

The Guardian Insurance & Annuity Company, Inc. 
 TAX ID
NO. 13-2656036 
 And delivered to: 

JP Morgan Chase Bank, N.A. 
 4 Chase Metrotech Center – 3rd Floor 
 Brooklyn, NY 11245-0001 

Reference A/C # G01713, GIAC Fixed Payout 
 Payment by wire to:

 JP Morgan Chase 
 FED ABA #021000021 

Chase/NYC/CTR/BNF 
 A/C 900-9-000200 
 Reference A/C # G01713, GIAC Fixed Payout, CUSIP # 76131V B@1, Retail Properties of America, Inc.

 Address for all communications and notices: 
 The Guardian
Insurance & Annuity Company, Inc. 
 c/o The Guardian Life Insurance Company of America 

7 Hanover Square 
 New York, NY 10004-2616 

Attn: Amy Carroll 
 Investment Department 9-A 
 FAX #: (212) 919-2658 

Email address: amy_carroll@glic.com 

  
 B-4 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 BERKSHIRE LIFE INSURANCE COMPANY OF
AMERICA
 c/o The Guardian Life Insurance Company of America

7 Hanover Square
 New York, NY 10004-2616
	  	$1,000,000

 Note to be registered in the name of: 

Berkshire Life Insurance Company of America 
 TAX ID NO. 75-1277524 
 And delivered to: 

JP Morgan Chase Bank, N.A. 
 4 Chase Metrotech Center – 3rd Floor 
 Brooklyn, NY 11245-0001 

Reference A/C #G07064, Berkshire Life Insurance 
 Payment by
wire to: 
 JP Morgan Chase 
 FED ABA #021000021 

Chase/NYC/CTR/BNF 
 A/C 900-9-000200 
 Reference A/C #G07064, Berkshire Life, CUSIP # 76131V B@1, Retail Properties of America, Inc. 

Address for all communications and notices: 
 Berkshire Life
Insurance Company of America 
 c/o The Guardian Life Insurance Company of America 

7 Hanover Square 
 New York, NY 10004-2616 

Attn: Amy Carroll 
 Investment Department 9-A 
 FAX #: (212) 919-2658 

Email address: amy_carroll@glic.com 

  
 B-5 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 CONTINENTAL CASUALTY COMPANY

151 N. Franklin Street
 Chicago, IL 60606
	  	$13,000,000

  

					
	(1)	  	Legal Name of Purchaser:
		
		  	CONTINENTAL CASUALTY COMPANY
		
	(2)	  	 All payments by wire transfer of immediately available funds to:

 

		  	Bank Name:	  	JPMorgan Chase Bank, N.A.
		  	Bank Address:	  	1 Chase Manhattan Plaza
		  		  	New York, NY 10005
		  	ABA #:	  	021000021
		  	Account Name:	  	Continental Casualty Company
		  	Account Number:	  	G07400
		  	Reference:	  	Retail Properties of America
		
	(3)	  	All notices of fundings, payments and written confirmations of wire transfers:
		
		  	Continental Casualty Company
		  	151 N. Franklin Street, 10th Floor
		  	Attention: Private Placements – Anthony Pelafas
		  	Chicago, IL 60606
		
		  	E-mail addresses for Electronic Delivery:
		
		  	PrivatePlacements@cna.com
		  	investmentoperations@cna.com
		  	treasurycashoperations@cna.com
		  	cauferio@loews.com

  
 B-6 

	(4)	 All other communications: 

Method of Communication for below persons: E-mail only; fax if electronic copy not available 

Continental Casualty Company 
 151
N. Franklin Street 
 Chicago, IL 60606 

Attn: Anthony Pelafas, 10th Floor 

Email:    anthony.pelafas@cna.com 

Phone:   (312) 822-2479 

Fax:       (312) 894-3742 

Group e-mail address: PrivatePlacements@cna.com 

With a copy to:    cauferio@loews.com 

With a copy to: 
 Loews Corporation 

667 Madison Avenue 
 New York, NY
10065 
 Attn: Matthew Meyer, 7th Floor 

E-mail: mmeyer@loews.com 

Phone: (212) 521-2454 

Loews Corporation 
 667 Madison
Avenue 
 New York, NY 10065 

Attn: Diana Jin, 7th Floor 
 E-mail: djin@loews.com 
 Phone: (212) 521-2325 

Loews Corporation 
 667 Madison
Avenue 
 New York, NY 10065 

Attn: Lygia Campbell, 7th Floor 
 E-mail: lygiacampbell@loews.com 
 Phone: (212) 521-2889

  

	(5)	 U.S. Tax Identification Number: 36-2114545 

 

	(6)	 Address for delivery of original note: 

Continental Casualty Company 
 151
N. Franklin Street, 10th Floor 
 Attention: Lynne Gugenheim 

Chicago, IL 60606 

  
 B-7 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 MODERN WOODMEN OF AMERICA

Attn: Investment Department
 1701 First Avenue

Rock Island, IL 61201
	  	$9,000,000

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately
available funds for credit to: 

 The Northern Trust Company 

50 South LaSalle Street 

Chicago, IL 60675 
 SWIFT
CNORUS44 
 ABA No. 071-000-152 

Account Name: Modern Woodmen of America 

Account No. 84352 
 Each
such wire transfer shall set forth the name of the Company, the full title (including the applicable coupon rate and final maturity date) of the Notes, a reference to PPN No. 76131V B@1 and the due date and application (as among principal,
premium and interest) of the payment being made. 
  

	(2)	 Address for all notices relating to payments: 

Modern Woodmen of America 

Attn: Investment Accounting Department 

1701 First Avenue 
 Rock Island,
IL 61201 
 Fax: (309) 793-5688 

 

	(3)	 Address for all other communications and notices: 

Modern Woodmen of America 

Attn: Investment Department 

1701 First Avenue 
 Rock Island,
IL 61201 
 PrivatePlacementGroup@modern-woodmen.org 

Fax: (309) 793-5574 

  
 B-8 

	(4)	 Tax Identification Number: 

36-1493430 
  

	(5)	 DTTP Number: (Double Taxation Treaty Passport—U.K.) 

13/A/30024/DTTP 
 (Passport
valid until June 22, 2020) 
  

	(6)	 Address for physical delivery of note(s): 

Modern Woodmen of America 

Attn: Investment Department 

1701 First Avenue 
 Rock Island,
IL 61201 

  
 B-9 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 PENN MUTUAL LIFE INSURANCE COMPANY

600 Dresher Rd
 Horsham, PA 19044
	  	$2,000,000

 NOTES ARE TO BE REGISTERED IN THE NAME OF: HARE and CO 

All payments on account of the Notes to be made by 12:00 noon (New York City time) by wire transfer of immediately available funds to: 

Hare& Co 
 The Bank of New York
Mellon 
 ABA 021-000-018 

Account /Beneficiary GLA111566 

REF: Account 6585768400 
 REF: The
Penn Mutual Life Insurance Co 
 REF: CUSIP # 76131V B@1 – Retail Properties of America, Inc. 

With sufficient information (including interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the
source and application of such funds. 
 All checks, statements and correspondence relating to the payment should be sent to the address below. 

All Notices to: 
 Hare & Co 

The Bank of New York Mellon 
 Attn: P&I Department 

PO Box 392002 
 Pittsburgh, PA 15251-9002 

With a copy of any notices related to scheduled payments, prepayments, rate reset notices to: 

PENN MUTUAL LIFE INSURANCE COMPANY 
 600 Dresher Rd 

Suite 100 
 Horsham, PA 19044 

  
 B-10 

 Tax Identification No.: 23-0952300 

UK Double Tax Treaty Passport Number – 13/P/63580/DTTP 

Upon closing, deliver the Notes to: 
  

			
	  

DTCC/Newport Office Center

570 Washington Blvd

Jersey City, NJ 07310

Attn: BNY Mellon/Branch Deposit Department
  

Reference account 658576

(Please attach wire instructions)
  
	 	

 Upon closing, deliver one (1) electronic set of closing documents, along with one (1) conformed copy of same to:

 Greg Zappin or Jim Faunce 

Penn Mutual Life Insurance 
 600
Dresher Rd, Horsham, PA 19044 
 215-956-8222 

Zappin.Greg@pennmutual.com; Faunce.james@pennmutualam.com 

Operation Contact: (Please include on all emails) 

Tracy Vasger 

Vasger.tracy@pennmutualam.com 

215-956-8674 

  
 B-11 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	
PRINCIPAL AMOUNT
OF NOTES TO BE 
PURCHASED

	 THE PRUDENTIAL INSURANCE COMPANY OF
AMERICA
 c/o Prudential Capital Group
 Two
Prudential Plaza
 180 N. Stetson Ave., Suite 5600
 Chicago, IL
60601
	  	$10,000,000

  

			
	(1)	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
		
		  	 JPMorgan Chase Bank, NA1

New York, NY
 ABA No.: 021000021

		  	 Account Name: PRIVEST
 Account No.: P86189
(please do not include spaces)

		
		  	Each such wire transfer shall set forth the name of the Company, a reference to “4.82% Senior Notes due 28 June 2029, Security No. INV12021, PPN 76131V B@1” and the due date and application (as among principal,
interest and Make-Whole Amount) of the payment being made.
		
	(2)	  	Address for all communications and notices:
		
		  	The Prudential Insurance Company of America
		  	c/o Prudential Capital Group
		  	Two Prudential Plaza 
180 N. Stetson Ave., Suite 5600 
Chicago, IL 60601
		
		  	Attention: Managing Director, Corporate Finance
		  	cc: Vice President and Corporate Counsel
		
		  	and for all notices relating solely to scheduled principal and interest payments to:

  
  

	1	 If Borrower’s account is with JPMorgan Chase, use the following wiring instructions:

 JPMorgan Chase Bank, NA 

New York, NY 
 ABA No.: 021000021

 Account No.: 900-9000-168 

Account Name: North American Insurance 

FFC: P86189 PRIVEST 

  
 B-12 

					
		
		  	 The Prudential Insurance Company of America 
c/o PGIM, Inc. 
Prudential Tower 
655 Broad Street 
14th Floor - South
Tower 
Newark, NJ 07102
  
 Attention: PIM Private Accounting Processing Team

Email: Pim.Private.Accounting.Processing.Team@prudential.com

		
	(3)	  	Address for Delivery of Notes:
			
		  	(a)	  	Send physical security by nationwide overnight delivery service to:
			
		  		  	PGIM, Inc. 
655 Broad Street 
14th Floor - South Tower 
Newark, NJ 07102 
Attention: Trade Management Manager
			
		  	(b)	  	Send copy by email to:
			
		  		  	Thais Alexander 
thais.alexander@prudential.com 
(212) 626-2067
			
		  		  	and
			
		  		  	Private.Disbursements@Prudential.com
		
	(4)	  	Tax Identification No.: 22-1211670

  
 B-13 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL AMOUNT
OF
NOTES TO BE PURCHASED

	 PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY
COMPANY
 c/o Prudential Capital Group

Two Prudential Plaza
 180 N. Stetson Ave., Suite 5600

Chicago, IL 60601
	  	$2,800,000

  

			
	(1)	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
		
		  	 JPMorgan Chase Bank, NA2

New York, NY
 ABA No.: 021000021

		  	 Account Name: PRIAC - SA - Principal Preservation - Privates

Account No.: P86345 (please do not include spaces)

		
		  	Each such wire transfer shall set forth the name of the Company, a reference to “4.82% Senior Notes due 28 June 2029, Security No. INV12021, PPN 76131V B@1” and the due date and application (as among principal,
interest and Make-Whole Amount) of the payment being made.
		
	(2)	  	Address for all communications and notices:
		
		  	Prudential Retirement Insurance and Annuity Company
		  	c/o Prudential Capital Group
		  	Two Prudential Plaza 
180 N. Stetson Ave., Suite 5600 
Chicago, IL 60601
		
		  	Attention: Managing Director, Corporate Finance
		  	cc: Vice President and Corporate Counsel

  
  

	2	 If Borrower’s account is with JPMorgan Chase, use the following wiring instructions:

 JPMorgan Chase Bank, NA 

New York, NY 
 ABA No.: 021000021

 Account No.: 900-9000-168 

Account Name: North American Insurance 

FFC: P86345 PRIAC - SA - Principal Preservation – Privates 

  
 B-14 

					
		  	and for all notices relating solely to scheduled principal and interest payments to:
		
		  	 Prudential Retirement Insurance and Annuity Company 
c/o PGIM, Inc. 
Prudential Tower 
655 Broad Street 
14th Floor -
South Tower 
Newark, NJ 07102
  
 Attention: PIM Private Accounting Processing Team

Email: Pim.Private.Accounting.Processing.Team@prudential.com
  

	(3)	  	Address for Delivery of Notes:
		  	  
 (a)
	  	  
 Send physical security by nationwide overnight delivery service
to:

			
		  		  	 PGIM, Inc. 
655 Broad Street 
14th Floor - South Tower 
Newark, NJ 07102

 
 Attention: Trade Management Manager

			
		  	(b)	  	Send copy by email to:
			
		  		  	Thais Alexander 
thais.alexander@prudential.com 
(212) 626-2067
			
		  		  	and
			
		  		  	Private.Disbursements@Prudential.com
		
	(4)	  	Tax Identification No.: 06-1050034

  
 B-15 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL AMOUNT
OF
NOTES TO BE PURCHASED

	 THE GIBRALTAR LIFE INSURANCE CO., LTD.

c/o Prudential Private Placement Investors, L.P.
 c/o Prudential
Capital Group
 Two Prudential Plaza
 180 N. Stetson Ave., Suite
5600
 Chicago, IL 60601
	  	$8,200,000

  

			
	(1)	  	All principal, interest and Make-Whole Amount payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
		
		  	 JPMorgan Chase Bank, NA3

New York, NY
 ABA No.: 021000021

		  	 Account Name: Gibraltar Private A1
 Account No.:
P86246 (please do not include spaces)

		
		  	Each such wire transfer shall set forth the name of the Company, a reference to “4.82% Senior Notes due 28 June 2029, Security No. INV12021, PPN 76131V B@1” and the due date and application (as among principal,
interest Make-Whole Amount) of the payment being made.
		
	(2)	  	All payments, other than principal, interest or Make-Whole Amount, on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:
		
		  	JPMorgan Chase Bank, NA
		  	New York, NY
		  	ABA No.: 021000021
		  	Account No.: 304199036
		  	Account Name: Prudential International Insurance Service Co.

  
  

	3	 If Borrower’s account is with JPMorgan Chase, use the following wiring instructions:

 JPMorgan Chase Bank, NA 

New York, NY 
 ABA No.: 021000021

 Account No.: 900-9000-168 

Account Name: North American Insurance 

FFC: P86246 Gibraltar Private A1 

  
 B-16 

					
		  	Each such wire transfer shall set forth the name of the Company, a reference to “4.82% Senior Notes due 28 June 2029, Security No. INV12021, PPN 76131V B@1” and the due date and application (e.g.,
type of fee) of the payment being made.
		
	(3)	  	Address for all communications and notices:
		
		  	Prudential Private Placement Investors, L.P.
		  	c/o Prudential Capital Group
		  	Two Prudential Plaza 
180 N. Stetson Ave., Suite 5600 
Chicago, IL 60601
		
		  	Attention: Managing Director, Corporate Finance
		  	cc: Vice President and Corporate Counsel
		
		  	and for all notices relating solely to scheduled principal and interest payments to:
		
		  	 The Gibraltar Life Insurance Co., Ltd.

2-13-10, Nagata-cho Chiyoda-ku, 
Tokyo
100-8953, Japan 
Attention: Osamu Egi, Team Leader of Investment Administration Team
  

and e-mail copy to:

Mail.GIB-SecOpsGA@gib-life.co.jp

		
	(4)	  	Address for Delivery of Notes:
			
		  	(a)	  	Send physical security by nationwide overnight delivery service to:
		  		  	  
 PGIM, Inc. 
655 Broad Street 
14th Floor - South Tower

Newark, NJ 07102
  
 Attention: Trade Management Manager

			
		  	(b)	  	Send copy by email to:
			
		  		  	Thais Alexander 
thais.alexander@prudential.com 
(212) 626-2067
			
		  		  	and
			
		  		  	 Private.Disbursements@Prudential.com
  

	(5)	  	Tax Identification No.: 98-0408643

  
 B-17 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	
PRINCIPAL AMOUNT
        OF NOTES 
TO BE PURCHASED        

	 BLUE CROSS AND BLUE SHIELD OF
MINNESOTA
 c/o Prudential Private Placement Investors, L.P.

c/o Prudential Capital Group
 Two Prudential Plaza

180 N. Stetson Ave., Suite 5600
 Chicago, IL 60601
	  	$1,000,000

 Notes/Certificates to be registered in the name of:  

CUDD & CO. 
  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 JPMorgan Chase Bank, NA 

New York, NY 
 ABA No.: 021000021

 Account Name: Bond Interest Wire Account 

Account No.: 9009002859 
 For
further credit to Account Number: G14027 BCBS of Minnesota 
 Each such wire transfer shall set forth the name of the Company, a reference to
“4.82% Senior Notes due 28 June 2029, PPN 76131V B@1” and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made. 

 

	(2)	 Address for all communications and notices: 

Prudential Private Placement Investors, L.P. 

c/o Prudential Capital Group 
 Two
Prudential Plaza 180 N. Stetson Ave., Suite 5600 
 Chicago, IL 60601 

Attention: Managing Director, Corporate Finance 

cc: Vice President and Corporate Counsel 

and for all notices relating solely to scheduled principal and interest payments to: 

  
 B-18 

 Blue Cross and Blue Shield of Minnesota 

1303 Corporate Center Drive 

Eagan, MN 55121-1204 
 Attention:
John E.Q. Orner, VP, Treasury & CIO 
 Telephone: (651) 662-8381 

Facsimile:    (651) 662-8381 

 

	(3)	 Address for Delivery of Notes: 

 

	 	(a)	 Send physical security by nationwide overnight delivery service to: 

JPMorgan Chase Bank, N.A. 
 4
Metrotech Center, 3rd Floor 
 Brooklyn, NY 11245-0001 

Please include in the cover letter accompanying the Notes a reference to the Purchasers account number (Blue Cross & Blue Shield of
Minnesota; Account Number: G14027). 
  

	 	(b)	 Send copy by email to: 

Thais Alexander 

thais.alexander@prudential.com 

(212) 626-2067 

and 

Private.Disbursements@Prudential.com 
  

	(4)	 Tax Identification No.: 41-0984460 

  
 B-19 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 ALLIANCE UNITED INSURANCE COMPANY

c/o Securian Asset Management, Inc.
 400 Robert Street North

St. Paul, MN USA 55101
	  	$2,860,000

 The Notes being purchased for Alliance United Insurance Company should be registered in the nominee name of
“Hare & Co., LLC”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If Email is unavailable or if the Email is returned
for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Alliance United Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecuiranAMPrivatesMailbox@securianam.com 

Tax ID # 77-0475915 

  
 B-20 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 CATHOLIC UNITED FINANCIAL

c/o Securian Asset Management, Inc.
 400 Robert Street North

St. Paul, MN USA 55101
	  	$950,000

 The Notes being purchased for Catholic United Financial should be registered in the name of “Wells Fargo Bank N.A. FBO
Catholic United Financial”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If Email is unavailable or if the Email is
returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Catholic United Financial 
 c/o
Securian Asset Management, Inc. 
 400 Robert Street North 

St. Paul, MN 55101 
 Attn:
Client Administrator 
 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be
delivered to the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com. 

Tax ID # 41-0182070 

  
 B-21 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	
PRINCIPAL AMOUNT
OF NOTES TO BE 
PURCHASED

	 DELTA DENTAL OF MINNESOTA

c/o Securian Asset Management, Inc.
 400 Robert Street North

St. Paul, MN USA 55101
	  	$240,000

 The Notes being purchased for Delta Dental of Minnesota should be registered in the name of
“Band & Co FBO Delta Dental of Minnesota”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If Email is unavailable or if the Email is
returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Delta Dental of Minnesota 
 c/o
Securian Asset Management, Inc. 
 400 Robert Street North 

St. Paul, MN 55101 
 Attn:
Client Administrator 
 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be
delivered to the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com. 

Tax ID # 41-0952670 

  
 B-22 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 MINNESOTA LIFE INSURANCE COMPANY

c/o Securian Asset Management, Inc.
 400 Robert Street North

St. Paul, MN USA 55101
	  	$7,000,000

 The Notes being purchased on behalf of Minnesota Life Insurance Company should be registered in the nominee name of
“Hare & Co., LLC”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If Email is unavailable or if the Email is
returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Minnesota Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be
delivered to the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com. 

Tax ID # 41-0417830 

  
 B-23 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 MINNESOTA LIFE INSURANCE COMPANY

c/o Securian Asset Management, Inc.
 400 Robert Street North

St. Paul, MN USA 55101
	  	$3,000,000

 The Notes being purchased on behalf of Minnesota Life Insurance Company should be registered in the name of
“Hare & Co., LLC”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If Email is unavailable or if the Email is
returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Minnesota Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be
delivered to the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com. 

Tax ID #41-0417830 

  
 B-24 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	
PRINCIPAL AMOUNT
OF NOTES TO BE 
PURCHASED

	 MINNESOTA LIFE INSURANCE COMPANY

c/o Securian Asset Management, Inc.
 400 Robert Street North

St. Paul, MN USA 55101
	  	$1,000,000

 The Notes being purchased on behalf of Minnesota Life Insurance Company should be registered in the name of
“Hare & Co., LLC”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If Email is unavailable or if the Email is
returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Minnesota Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be
delivered to the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com. 

Tax ID # 41-0417830 

  
 B-25 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 SECURIAN LIFE INSURANCE COMPANY

c/o Securian Asset Management, Inc.
 400 Robert Street North

St. Paul, MN USA 55101
	  	$2,000,000

 The Notes being purchased on behalf of Securian Life Insurance Company should be registered in the nominee name of
“Hare & Co., LLC”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If Email is unavailable or if the Email is
returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Securian Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be
delivered to the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com. 

Tax ID # 41-1412669 

  
 B-26 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 UNITEDHEALTHCARE INSURANCE COMPANY

c/o Securian Asset Management, Inc.
 400 Robert Street North

St. Paul, MN USA 55101
	  	$950,000

 The Notes being purchased for UnitedHealthcare Insurance Company should be registered in the nominee name of
“ELL & Co.”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler LLP. 

All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If Email is unavailable or if the Email is
returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

UnitedHealthcare Insurance Company (AARP) 

c/o Securian Asset Management 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to the Company by
Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact SecurianAMPrivatesMailbox@securianam.com. 

Tax ID # 36-2739571 

  
 B-27 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 SOUTHERN FARM BUREAU LIFE INSURANCE
COMPANY
 1401 Livingston Lane
 Jackson, MS
39205
	  	$2,000,000

  

			
	Tax ID No.:	  	64-0283583
		
	Nominee:	  	 Ell & Co
 c/o Northern Trust
Company
 PO Box 92395
 Chicago, IL 60675

Tax ID#: 36-6412623

		
	Name in which Note is to be drafted:	  	Ell & Co, F/B/O Southern Farm Bureau Life Insurance Company
		
	Payment Information:	  	All payments should be made by wire transfer of immediately available funds to:
	  	  
 The Northern Trust Company

Chicago, IL 60607
 ABA No.: 071 000 152

SWIFT/BIC: CNORUS44
 Acct. Name: Trust Services

Acct. No.: 518 604 1000

Reference:  Attn: Income Collection, Acct# 44-72417; SFBLIC –
FIXED INCOME; Retail Properties of America, Inc.; PPN 76131V B@1; Note Number R-22, **
  

	  	**with sufficient information to identify the source and application of such funds, including the interest amount, principal amount, premium amount, etc.
		
	Address for notices related to scheduled payments:	  	 The Northern Trust Company
 Attn: Income
Collections/Oscell Owens
 801 S Canal St
 Chicago, IL 60607

OOS@ntrs.com; ICPHYS@ntrs.com
  

With a copy to:

    LParker@sfbli.com

					
	Address for audit confirmation requests:	  	 By electronic delivery to:

    OOS@ntrs.com; ICPHYS@ntrs.com

  
 B-28 

					
		
	Address for all other communications, including waivers, amendments, consents and financial information:	  	 By electronic delivery to:

    Attn: Securities Management

    PrivatePlacements@sfbli.com

		
	Address for physical delivery of Notes:	  	 The Northern Trust Company
 Attn:
Trade Securities Processing
 801 S Canal St C2-N

Chicago, IL 60607
  

With an electronic copy of the transmittal to:

    PrivatePlacements@sfbli.com

			
	Contact Persons:	  	 David Divine

Senior Portfolio Manager        

(601) 981-5332 x1010
	  	 Zach Farmer
 Portfolio Manager

(601) 981-5332 x1486

  
 B-29 

			
	 
NAME AND ADDRESS
OF PURCHASER
	  	 PRINCIPAL
AMOUNT
OF NOTES TO BE PURCHASED

	 STATE OF WISCONSIN INVESTMENT BOARD

121 East Wilson Street
 Madison, Wisconsin 53703
	  	$10,000,000

  

	(1)	 All payments are to be made on or before 11:00 a.m. local time on each payment date in immediately available
funds to: 

 THE BANK OF NEW YORK MELLON 

ABA # 021000018 
 Account Number:
GLA111566 
 Acct Name: The Bank of New York P&I Dept 

FFC: State of Wisconsin Investment Boat / 1794468400 

Ref: Retail Properties of America, Inc. / CUSIP# 76131V B@1 

With notice of payment, including a message as to the source (identifying the security by name and CUSIP number) and application of funds, copy
of notice of payment to: 
 Ms. Mai Thor 

Accounting Specialist 
 State of
Wisconsin Investment Board 
 121 East Wilson Street 

P. O. Box 7842 
 Madison,
Wisconsin 53707-7842 
 Phone: (608) 267-3742 

Fax: (608) 266-2436 
  

	(2)	 Address for notices other than confirmation of payment is: 

Postal Address 
 State of
Wisconsin Investment Board 
 121 East Wilson Street 

P. O. Box 7842 
 Madison,
Wisconsin 53707-7842 
 Attention: Portfolio Manager, Private Markets Group – Wisconsin Private Debt Portfolio 

Street Address 
 State of
Wisconsin Investment Board 
 121 East Wilson Street 

  
 B-30 

 Madison, Wisconsin 53703 

Attention: Portfolio Manager, Private Markets Group – Wisconsin Private Debt Portfolio 

With an electronic copy to: 

Jim.vandermeer@swib.state.wi.us 

Chris.prestigiacomo@swib.state.wi.us 
  

	(3)	 Address for Delivery of Note: 

Ms. Mai Thor 
 Accounting
Specialist 
 State of Wisconsin Investment Board 

121 East Wilson Street 
 Madison,
Wisconsin 53707-7842 
  

	(4)	 Name of Nominee in Which Notes are to be Registered: None 

 

	(5)	 US Tax Identification Number: 39-6006423 

  
 B-31 

 IMMATERIAL SUBSIDIARIES 

None. 
  

  
 SCHEDULE
S-1 
 (to Note Purchase Agreement)sbgl_Ex4_36

		
			Exhibit 4.36
		

		
			 
		

		
			EXECUTION
		

		
			 
		

		

		
			 
		

		
			AMENDMENT AND RESTATEMENT AGREEMENT
		

		
			 
		

		
			relating to a ZAR6,000,000,000 REVOLVING FACILITY AGREEMENT
		

		
			 
		

		

		
			 
		

		
			dated    24   August 2018
		

		
			 
		

		
			for
		

		
			 
		

		
			SIBANYE GOLD LIMITED
		

		
			 
		

		
			arranged by
		

		
			 
		

		
			NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION)
		

		
			 
		

		
			FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)
		

		
			 
		

		
			ABSA BANK LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANK DIVISION)
		

		
			 
		

		
			THE STANDARD BANK OF SOUTH AFRICA LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANKING DIVISION)
		

		
			 
		

		
			BANK OF CHINA LIMITED JOHANNESBURG BRANCH
		

		
			as Mandated Lead Arrangers with
		

		
			 
		

		
			NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION)
		

		
			acting as Agent
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			Table of contents
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1.

					
					
						    

					
					
						Definitions and construction

					
1
				
	
					
						2.

					
					
						 

					
					
						Amendment and restatement

					
2
				
	
					
						3.

					
					
						 

					
					
						Guarantees

					
2
				
	
					
						4.

					
					
						 

					
					
						Representations and warranties

					
3
				
	
					
						5.

					
					
						 

					
					
						Further action

					
3
				
	
					
						6.

					
					
						 

					
					
						Costs and expenses

					
3
				
	
					
						7.

					
					
						 

					
					
						Variation

					
3
				
	
					
						8.

					
					
						 

					
					
						Counterparts

					
3
				
	
					
						9.

					
					
						 

					
					
						Governing law and jurisdiction

					
3
				
	
					
						10.

					
					
						 

					
					
						Finance Documents

					
4
				

		
			 
		

		
			Schedule 1 The Existing Obligors
		

		
			 
		

		
			Schedule 2
		

		
			Conditions precedent
		

		
			 
		

		
			Annexure 1
		

		
			Second Amended and Restated Facility Agreement
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			i

		

 

		

		
			Amendment and Restatement Agreement relating to a ZAR6,000,000,000 Revolving Facility Agreement
		

		
			 
		

		
			This Agreement is dated                                                       2018
		

		
			 
		

		
			Between
		

		
			 
		

		
			(1)          SIBANYE GOLD LIMITED (Sibanye Gold);
		

		
			 
		

		
			(2)          THE SUBSIDIARIES of Sibanye Gold listed in Schedule 1 (The Existing Obligors) as borrowers (together with Sibanye Gold, the Existing Borrowers);
		

		
			 
		

		
			(3)          THE SUBSIDIARIES of Sibanye Gold listed in Schedule 1 (The Existing Obligors) as guarantors (together with Sibanye Gold, the Existing Guarantors, and together with the Existing Borrowers, the Existing Obligors); and
		

		
			 
		

		
			(4)          NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION) as agent of the other Finance Parties (the Agent).
		

		
			 
		

		
			Recitals
		

		
			 
		

		
			A.           This Agreement is supplemental to and amends and restates the amended and restated ZAR6,000,000,000 revolving facility agreement originally dated 14 November 2016 and amended and restated on 28 September 2017 between, amongst others, Sibanye Gold, the Lenders, the Agent and the Arrangers (the Facility Agreement).
		

		
			 
		

		
			B.           The Parties have agreed to amend and restate the Facility Agreement on the terms and conditions of this Agreement.
		

		
			 
		

		
			C.           All Lenders (as defined in the Facility Agreement) have consented to the amendments to the Facility Agreement contemplated by this Agreement. Accordingly, the Agent is authorised to execute this Agreement on behalf of the Finance Parties.
		

		
			 
		

		
			It is agreed as follows:
		

		
			 
		

		
			1.           Definitions and construction
		

		
			 
		

		
			1.1         Definitions
		

		
			 
		

		
			Words and expressions defined in the Facility Agreement, as amended and restated by this Agreement, shall have the same meanings in this Agreement unless they are  otherwise defined herein. In addition, in this Agreement:
		

		
			 
		

		
			Agreement means this amendment and restatement agreement relating to the Facility Agreement.
		

		
			 
		

		
			Amended and Restated Facility Agreement means the Facility Agreement as amended and restated by this Agreement.
		

		
			 
		

		
			Continuing Obligor means each Existing Obligor other than Rand Uranium.
		

		
			 
		

		
			Effective Date means the date on which the Agent notifies Sibanye Gold in accordance with Clause 2.2 (Conditions precedent).
		

		
			 
		

		
			Facility Agreement means the facility agreement referred to in Recital A above.
		

		
			 
		

		
			Rand Uranium means Rand Uranium Proprietary Limited.
		

		
			 
		

		
			
		

		
			

		 

		

			1

		

 

		

		
			1.2         Construction
		

		
			 
		

		
			The principles of construction set out in Clauses 1.2 (Construction) and 1.3 (Currency symbols and definitions) of the Facility Agreement, as amended and restated by this Agreement, shall apply to this Agreement as they apply to the Facility Agreement.
		

		
			 
		

		
			1.3         Third party rights
		

		
			 
		

		
			The provisions of Clause 1.4 (Third party rights) of the Facility Agreement shall apply to this Agreement as they apply to the Facility Agreement.
		

		
			 
		

		
			2.           Amendment and restatement
		

		
			 
		

		
			2.1         Amendment and restatement
		

		
			 
		

		
			The Parties agree that with effect from the Effective Date, the Facility Agreement shall be amended and restated so as to be in the form set out in Annexure 1 (Amended and Restated Facility Agreement) hereto, so that with effect on the Effective Date, it shall be read and construed for all purposes in accordance with the Amended and Restated Facility Agreement.
		

		
			 
		

		
			2.2         Conditions precedent
		

		
			 
		

		
			The Agent shall promptly confirm, by written notice to Sibanye Gold, when it has received all of the documents and other evidence listed in Schedule 2 (Conditions precedent) in form and substance satisfactory to it (or shall notify Sibanye Gold that it has, with the consent of the Majority Lenders, waived the receipt of such documents and other evidence).
		

		
			 
		

		
			2.3         Resignation of Guarantor
		

		
			 
		

		
			(a)          The Parties agree that, on the Effective Date, Rand Uranium Proprietary Limited (Rand Uranium) will be released from its obligations as a Guarantor under the Facility Agreement as contemplated in clause 26.6 (Resignation of Guarantor) of the Facility Agreement.
		

		
			 
		

		
			(b)          Sibanye Gold confirms that no Default is continuing as at Signature Date and the Effective Date or would result from such release.
		

		
			 
		

		
			(c)          Provided the provisions of this Agreement have been complied with, the conditions for Rand Uranium to be released as a Guarantor contained in the Facility Agreement shall be considered as having been satisfied on the Effective Date.
		

		
			 
		

		
			3.           Guarantees
		

		
			 
		

		
			3.1         Confirmation
		

		
			 
		

		
			Without prejudice to the rights of any Finance Party which have arisen on or before the Effective Date:
		

		
			 
		

		
			(a)          each Continuing Obligor confirms that, on and after the Effective Date, the Facility Agreement, as amended and restated by this Agreement, and the other Finance Documents will remain in full force and effect;
		

		
			 
		

		
			(b)          each Continuing Obligor shall continue to be bound by all of its obligations, on and after the Effective Date, under (i) the Amended and Restated Facility Agreement and (ii) the other Finance Documents;
		

		
			 
		

		
			(c)          each of the Parties confirm that the amendment (if any) of the Finance Documents pursuant to this Agreement or any other document shall not constitute a novation of the Finance Documents; and
		

		
			 
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			(d)          each Guarantor that is a Continuing Obligor confirms that, on and after the Effective Date, its guarantee, undertaking and indemnity under Clause 19 (Guarantee and Indemnity) of the Facility Agreement will remain in full force and effect and will extend to each Continuing Obligor's obligations under the Finance Documents (including, without limitation, their obligations under the Amended and Restated Facility Agreement).
		

		
			 
		

		
			3.2         New Obligations
		

		
			 
		

		
			To the extent that the guarantee, undertaking or indemnity under Clause 19 (Guarantee and Indemnity) of the Facility Agreement of each Guarantor that is a Continuing Obligor is not, for any reason, enforceable on or after the Effective Date in relation to any Obligor's obligations under the Finance Documents (including, without limitation, their obligations under the Amended and Restated Facility Agreement) that Guarantor guarantees to, undertakes with and indemnifies each Finance Party on the terms of that clause in relation to those obligations on and after the Effective Date.
		

		
			 
		

		
			4.          Representations and warranties
		

		
			 
		

		
			The Repeating Representations are deemed to be repeated by each Obligor by reference to the facts and circumstances then existing on:
		

		
			 
		

		
			(a)          the date of this Agreement; and
		

		
			 
		

		
			(b)          (in the case of each Continuing Obligor only) the Effective Date.
		

		
			 
		

		
			5.           Further action
		

		
			 
		

		
			Each Obligor shall, at its own expense, promptly take any action and sign or execute any further documents which the Agent may reasonably require to give effect to the requirements of this Agreement.
		

		
			 
		

		
			6.           Costs and expenses
		

		
			 
		

		
			Sibanye Gold shall promptly on demand pay any Finance Party the amount of all the costs  and expenses (including legal fees subject to any agreed cap) reasonably incurred by such Finance Party in connection with the negotiation, preparation, printing and execution of this Agreement and any other documents referred to in this Agreement.
		

		
			 
		

		
			7.           Variation
		

		
			 
		

		
			No agreement to vary, add or cancel this Agreement shall be of any force or effect unless it is entered into in accordance with the provisions of Clause 36 (Amendment and Waiver) of the Amended and Restated Facility Agreement.
		

		
			 
		

		
			8.           Counterparts
		

		
			 
		

		
			This Agreement may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.
		

		
			 
		

		
			9.           Governing law and jurisdiction
		

		
			 
		

		
			The provisions of Clauses 45 (Governing law) and 46 (Enforcement) of the Facility Agreement shall apply to this Agreement as they apply to the Facility Agreement.
		

		
			 
		

		
			
		

		
			

		 

		

			3

		

 

		

		
			10.         Finance Documents
		

		
			 
		

		
			This Agreement is designated by the Agent and Sibanye Gold as a Finance Document.
		

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

			4

		

 

		

		
			 
		

		
			Schedule 1
		

		
			 
		

		
			The Existing Obligors
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Name of Existing Borrower

					
					
						Registration number (or equivalent, if any)

				
	
					
						 

					
					
						 

				
	
					
						Sibanye Gold Limited

					
					
						2002/031431/06

				
	
					
						 

					
					
						 

				
	
					
						Sibanye Rustenburg Platinum Mines Proprietary Limited

					
					
						2015/305479/07

				
	
					
						 

					
					
						 

				
	
					
						Kroondal Operations Proprietary Limited

					
					
						2000/000341/07

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Name of Existing Guarantor

					
					
						Registration number (or equivalent, if any)

				
	
					
						 

					
					
						 

				
	
					
						Sibanye Gold Limited

					
					
						2002/031431/06

				
	
					
						 

					
					
						 

				
	
					
						Sibanye Rustenburg Platinum Mines Proprietary Limited

					
					
						2015/305479/07

				
	
					
						 

					
					
						 

				
	
					
						Kroondal Operations Proprietary Limited

					
					
						2000/000341/07

				
	
					
						 

					
					
						 

				
	
					
						Rand Uranium Proprietary Limited

					
					
						2007/007531/07

				
	
					
						 

					
					
						 

				
	
					
						Stillwater Mining Company

					
					
						231761 (Incorporated in the State of Delaware, United State of America)

				

		
			 
		

		
			
		

		
			

		 

		

			5

		

 

		

		
			 
		

		
			Schedule 2
		

		
			 
		

		
			Conditions precedent
		

		
			 
		

		
			The documents and other evidence referred to in Clause 2.2 (Conditions precedent) are as follows:
		

		
			 
		

		
			1.           Obligors
		

		
			 
		

		
			Copies of each of the following:
		

		
			 
		

		
			(a)          A copy of the constitutional documents of each Obligor or, in the case of any such document, that Obligor's written confirmation, as at a date no earlier than the date of this Agreement, that such document has not been amended or varied since it was last provided to the Agent under the Facility Agreement.
		

		
			 
		

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

		
			 
		

		
			(i)          approving the transactions contemplated by this Agreement and the Facility Agreement and resolving that it execute the Facility Agreement and any amendments thereto;
		

		
			 
		

		
			(ii)         authorising a specified person or persons to execute the Facility Agreement on its behalf and any amendments thereto; and
		

		
			 
		

		
			(iii)        authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Facility Agreement and the Finance Documents to which it is a party.
		

		
			 
		

		
			(c)          A specimen of the signature of each person authorised by the resolutions referred to in paragraph (b) above or confirmation that the authorised signatories have not changed since their specimen signatures were last provided to the Agent under the Facility Agreement.
		

		
			 
		

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

		
			 
		

		
			(e)         A certificate of the authorised signatory of Sibanye Gold confirming as at the date of this Agreement that:
		

		
			 
		

		
			(i)           no Default has occurred or is continuing or will result from the execution of this Agreement and/or the Finance Documents (as the case may be) or, if a Default has occurred and is continuing, describing that Default and the steps being taken to remedy it; and
		

		
			 
		

		
			(ii)          the representations and warranties given by it under this Agreement and/or the Finance Documents (as the case may be) are correct in all respects or, if any such representation or warranty is not correct in all respects, describing the relevant misrepresentation and the steps being taken to remedy it.
		

		
			 
		

		
			2.           Finance Documents
		

		
			 
		

		
			A duly executed original of this Agreement.
		

		
			 
		

		
			
		

		
			

		 

		

			6

		

 

		

		
			3.            Legal opinions
		

		
			 
		

		
			(a)          A legal opinion of Baker McKenzie New York, legal advisers to the Obligors in the State of New York in the United States of America, substantially in the form distributed to the Agent prior to signing this Agreement.
		

		
			 
		

		
			(b)          A legal opinion of Bowman Gilfillan Inc., legal advisers to the Arrangers and the Agent in South Africa, substantially in the form distributed to the Agent prior to signing this Agreement.
		

		
			 
		

		
			(c)          A legal opinion of Baker & McKenzie South Africa, legal advisers to the Obligors in South Africa, substantially in the form distributed to the Agent prior to signing this Agreement.
		

		
			 
		

		
			4.            Authorisations
		

		
			 
		

		
			A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified Sibanye Gold accordingly) in connection with the entry into and performance of the transactions contemplated by this Agreement or for the validity and enforceability of this Agreement and/or any Finance Document.
		

		
			 
		

		
			
		

		
			

		 

		

			7

		

 

		

		
			EXECUTION
		

		
			 
		

		
			SIBANYE GOLD LIMITED as an EXISTING BORROWER and an EXISTING GUARANTOR
		

		
			 
		

		
			/s/ Charl Keyter                                                               
		

		
			 
		

		
			By: Charl Keyter
		

		
			 
		

		
			Capacity: Director
		

		
			 
		

		
			Who warrants his/her authority hereto
		

		
			 
		

		
			SIBANYE RUSTENBERG PLATINUM MINES PROPRIETARY LIMITED as an EXISTING GUARANTOR
		

		
			 
		

		
			/s/ Charl Keyter                                                               
		

		
			 
		

		
			By: Charl Keyter
		

		
			 
		

		
			Capacity: Director
		

		
			 
		

		
			Who warrants his/her authority hereto
		

		
			 
		

		
			KROONDAL OPERATIONS PROPREITARY LIMITED as an EXISTING GUARANTOR
		

		
			 
		

		
			/s/ Charl Keyter                                                               
		

		
			 
		

		
			By: Charl Keyter
		

		
			 
		

		
			Capacity: Authorised Signatory
		

		
			 
		

		
			Who warrants his/her authority hereto
		

		
			 
		

		
			RAND URANIUM PROPRIETARY LIMITED as an EXISTING GUARANTOR
		

		
			 
		

		
			/s/ Charl Keyter                                                               
		

		
			 
		

		
			By: Charl Keyter
		

		
			 
		

		
			Capacity: Authorised Signatory
		

		
			 
		

		
			Who warrants his/her authority hereto
		

		
			 
		

		
			
		

		
			

		 

		

			8

		

 

		

		
			 
		

		
			STILLWATER MINING COMPANY as an EXISTING GUARANTOR
		

		
			 
		

		
			/s/ Charl Keyter                                                               
		

		
			 
		

		
			By: Charl Keyter
		

		
			 
		

		
			Capacity: Director
		

		
			 
		

		
			Who warrants his/her authority hereto
		

		
			 
		

		
			
		

		
			

		 

		

			9

		

 

		

		
			 
		

		
			THE AGENT
		

		
			 
		

		
			NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION)
		

		
			 
		

		
			 /s/ Jeanelle Botma                                                              
		

		
			 
		

		
			By:  Jeanelle Botma
		

		
			 
		

		
			Capacity: Authorised Signatory
		

		
			 
		

		
			Who warrants his/her authority hereto
		

		
			 
		

		
			/s/ Dirk Jv Rensburg                                                               
		

		
			 
		

		
			By: Dirk Jv Rensburg
		

		
			 
		

		
			Capacity: Authorised Signatory
		

		
			 
		

		
			Who warrants his/her authority hereto
		

		
			 
		

		
			
		

		
			

		 

		

			10

		

 

		

		
			 
		

		
			Annexure 1
		

		
			 
		

		
			Second Amended and Restated Facility Agreement
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			11

		

 

		

		
			
		

		
			 
		

		
			Execution
		

		
			 
		

		

		
			 
		

		
			SECOND AMENDED AND RESTATED FACILITY AGREEMENT
		

		
			 
		

		

		
			 
		

		
			SECOND AMENDED AND RESTATED REVOLVING FACILITY AGREEMENT
		

		
			 
		

		
			ZAR6,000,000,000
		

		
			 
		

		
			for
		

		
			 
		

		
			SIBANYE GOLD LIMITED
		

		
			 
		

		
			 
		

		
			arranged by
		

		
			 
		

		
			 
		

		
			NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION)
		

		
			 
		

		
			FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)
		

		
			 
		

		
			ABSA BANK LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANK DIVISION)
		

		
			 
		

		
			THE STANDARD BANK OF SOUTH AFRICA LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANKING DIVISION)
		

		
			 
		

		
			BANK OF CHINA LIMITED JOHANNESBURG BRANCH
		

		
			 
		

		
			as Mandated Lead Arrangers
		

		
			 
		

		
			with
		

		
			 
		

		
			NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION)
		

		
			 
		

		
			acting as Agent
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						1. 

					
					
						DEFINITIONS AND INTERPRETATION

					
					
						- 2 -

				
	
					
						2.

					
					
						THE FACILITY

					
					
						- 33 -

				
	
					
						3. 

					
					
						PURPOSE

					
					
						- 34 -

				
	
					
						4. 

					
					
						CONDITIONS OF UTILISATION

					
					
						- 35 -

				
	
					
						5.

					
					
						UTILISATION.

					
					
						- 36 -

				
	
					
						6.

					
					
						REPAYMENT

					
					
						- 37 -

				
	
					
						7.

					
					
						ILLEGALITY, VOLUNTARY PREPAYMENT AND CANCELLATION

					
					
						- 38 -

				
	
					
						8.

					
					
						MANDATORY PREPAYMENT AND CANCELLATION

					
					
						- 39 -

				
	
					
						9.

					
					
						RESTRICTIONS

					
					
						- 44 -

				
	
					
						10. 

					
					
						INTEREST

					
					
						- 45 -

				
	
					
						11. 

					
					
						INTEREST PERIODS

					
					
						- 46 -

				
	
					
						12.

					
					
						CHANGES TO THE CALCULATION OF INTEREST

					
					
						- 47 -

				
	
					
						13. 

					
					
						FEES

					
					
						- 49 -

				
	
					
						14. 

					
					
						TAX GROSS UP AND INDEMNITIES

					
					
						- 49 -

				
	
					
						15. 

					
					
						INCREASED COSTS

					
					
						- 56 -

				
	
					
						16.

					
					
						OTHER INDEMNITIES

					
					
						- 58 -

				
	
					
						17. 

					
					
						MITIGATION BY THE LENDERS.

					
					
						- 60 -

				
	
					
						18.

					
					
						COSTS AND EXPENSES

					
					
						- 61 -

				
	
					
						19. 

					
					
						GUARANTEE AND INDEMNITY

					
					
						- 62 -

				
	
					
						20. 

					
					
						REPRESENTATIONS

					
					
						- 66 -

				
	
					
						21. 

					
					
						INFORMATION UNDERTAKINGS

					
					
						- 73 -

				
	
					
						22. 

					
					
						FINANCIAL COVENANTS

					
					
						- 78 -

				
	
					
						23. 

					
					
						GENERAL UNDERTAKINGS

					
					
						- 81 -

				
	
					
						24. 

					
					
						EVENTS OF DEFAULT

					
					
						- 88 -

				
	
					
						25. 

					
					
						CHANGES TO THE LENDERS

					
					
						- 93 -

				
	
					
						26. 

					
					
						CHANGE OF OBLIGORS

					
					
						- 98 -

				
	
					
						27. 

					
					
						ROLE OF THE AGENT AND THE ARRANGERS

					
					
						- 101 -

				
	
					
						28. 

					
					
						CONDUCT OF BUSINESS BY THE FINANCE PARTIES

					
					
						- 111 -

				
	
					
						29.

					
					
						SHARING AMONG THE FINANCE PARTIES.

					
					
						- 112 -

				
	
					
						30. 

					
					
						PAYMENT MECHANICS

					
					
						- 113 -

				
	
					
						31. 

					
					
						SET-OFF

					
					
						- 118 -

				
	
					
						32. 

					
					
						NOTICES

					
					
						- 118 -

				
	
					
						33. 

					
					
						CALCULATIONS AND CERTIFICATES

					
					
						- 122 -

				
	
					
						34.

					
					
						PARTIAL INVALIDITY

					
					
						- 122 -

				
	
					
						35. 

					
					
						REMEDIES AND WAIVERS

					
					
						- 122 -

				
	
					
						36. 

					
					
						AMENDMENTS AND WAIVERS

					
					
						- 123 -

				
	
					
						37.

					
					
						CONFIDENTIAL INFORMATION.

					
					
						- 127 -

				
	
					
						38.

					
					
						CONFIDENTIALITY OF FUNDING RATES

					
					
						- 132 -

				
	
					
						39. 

					
					
						WAIVER OF IMMUNITY

					
					
						- 133 -

				
	
					
						40.

					
					
						SOLE AGREEMENT

					
					
						- 133 -

				
	
					
						41. 

					
					
						RENUNCIATION OF BENEFITS

					
					
						- 133 -

				
	
					
						42. 

					
					
						NO IMPLIED TERM

					
					
						- 134 -

				
	
					
						43. 

					
					
						INDEPENDENT ADVICE

					
					
						- 134 -

				
	
					
						44. 

					
					
						COUNTERPARTS

					
					
						- 134 -

				
	
					
						45. 

					
					
						GOVERNING LAW

					
					
						- 134 -

				
	
					
						46. 

					
					
						ENFORCEMENT

					
					
						- 134 -

				
	
					
						47. 

					
					
						WAIVER OF TRIAL BY JURY 

					
					
						- 135 -

				
	
					
						48. 

					
					
						USA Patriot Act 

					
					
						- 135 -

				

		 

		

			-  i  -

		

 

	
					
						

					
						SCHEDULE 1 The Original Parties 

					
					
						- 144 -

				
	
					
						SCHEDULE 2 Conditions Precedent.

					
					
						- 146 -

				
	
					
						SCHEDULE 3 Utilisation Request 

					
					
						- 152 -

				
	
					
						SCHEDULE 4 Form of Transfer Certificate

					
					
						- 153 -

				
	
					
						SCHEDULE 5 Form of Substitute Affiliate Lender Designation Notice

					
					
						- 155 -

				
	
					
						SCHEDULE 6 Form of Accession Letter

					
					
						- 157 -

				
	
					
						SCHEDULE 7 Form of Resignation Letter

					
					
						- 158 -

				
	
					
						SCHEDULE 8 Form of Compliance Certificate

					
					
						- 159 -

				
	
					
						SCHEDULE 9 LMA form of Confidentiality Undertaking 

					
					
						- 160 -

				
	
					
						SCHEDULE 10 Timetables 

					
					
						- 166 -

				
	
					
						SCHEDULE 11 LITIGATION 

					
					
						- 167 -

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			-  ii  -

		

 

		

		
			THIS AGREEMENT is originally dated 14 November 2016 and amended and  restated on 28 September 2017, and further amended and restated on _ August 2018
		

		
			 
		

		
			BETWEEN:
		

		
			 
		

		
			(1)       SIBANYE GOLD LIMITED (the Sibanye Gold);
		

		
			 
		

		
			(2)       THE SUBSIDIARIES of Sibanye Gold listed in Part 1A of Schedule 1 as original borrowers;
		

		
			 
		

		
			(3)       THE SUBSIDIARIES of Sibanye Gold listed in Part 1A of Schedule 1 as original guarantors;
		

		
			 
		

		
			(4)       THE SUBSIDIARIES of Sibanye Gold listed in Part 1B of Schedule 1 as additional guarantors;
		

		
			 
		

		
			(5)       NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION) as co-ordinator (the Co-ordinator);
		

		
			 
		

		
			(6)       NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION), FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION), ABSA BANK LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANK DIVISION), THE STANDARD BANK OF SOUTH AFRICA LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANKING DIVISION) AND BANK OF CHINA LIMITED JOHANNESBURG BRANCH as mandated lead arrangers (together with the Co-ordinator the Arrangers);
		

		
			 
		

		
			(7)       THE FINANCIAL INSTITUTIONS listed in Part 2 of Schedule 1 as lenders (the Original Lenders); and
		

		
			 
		

		
			(8)       NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION) as agent of the other Finance Parties (the Agent).
		

		
			 
		

		
			IT IS AGREED as follows:
		

		
			 
		

		
			1.         DEFINITIONS AND INTERPRETATION
		

		
			 
		

		
			1.1            Definitions
		

		
			 
		

		
			In this Agreement:
		

		
			 
		

		
			1.1.1               Acceptable Bank means a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or A2 or higher by Moody’s Investors Service Limited or a comparable rating from an internationally recognised credit rating agency;
		

		
			 
		

		
			1.1.2               Accession Letter means a document substantially in the form set out in Schedule 6 (Form of Accession Letter);
		

		
			 
		

		
			1.1.3               Accounting Principles means the IFRS as adopted by the International Accounting Standards Board, to the extent applicable to the relevant Financial Statements;
		

		
			 
		

		
			
		

		
			

		 

		

			-  2  -

		

 

		

		
			1.1.4               Additional Borrower means a company which becomes an Additional Borrower in accordance with Clause 26 (Change of Obligors);
		

		
			 
		

		
			1.1.5               Additional Guarantor means each company listed as such in Part 1B of Schedule 1 and any other company which becomes an Additional Guarantor in accordance with Clause 26 (Change of Obligors);
		

		
			 
		

		
			1.1.6               Additional Obligor means an Additional Borrower or an Additional Guarantor;
		

		
			 
		

		
			1.1.7               Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company;
		

		
			 
		

		
			1.1.8               Annual Financial Statements means the financial statements for a Financial Year delivered pursuant to Clause 21.1.1;
		

		
			 
		

		
			1.1.9               Applicable Inter-company Loans means inter-company loans which are fully subordinated to the liabilities of the Obligors under the Finance Documents and are between Obligors;
		

		
			 
		

		
			1.1.10             Authorisation means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration;
		

		
			 
		

		
			1.1.11             Availability Period means the period from and including the Signature Date and ending on the earlier of:
		

		
			 
		

		
			1.1.11.1                the date on which the Facility is cancelled; and
		

		
			 
		

		
			1.1.11.2                the date falling one month prior to the Termination Date;
		

		
			 
		

		
			1.1.12             Available Commitment means a Lender’s Commitment minus:
		

		
			 
		

		
			1.1.12.1                the amount of its participation in any outstanding Loans; and
		

		
			 
		

		
			1.1.12.2                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, other than that Lender’s participation in any Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date;
		

		
			 
		

		
			1.1.13             Available Facility means the aggregate for the time being of each Lender’s Available Commitment;
		

		
			 
		

		
			1.1.14             Borrower means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with Clause 26 (Change of Obligors);
		

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

			-  3  -

		

 

		

		
			1.1.15.1          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:
		

		
			 
		

		
			1.1.15.2          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 for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period;
		

		
			 
		

		
			1.1.16             Burnstone means Sibanye Gold Eastern Operations Proprietary Limited (previously known as Southgold Exploration Proprietary Limited);
		

		
			 
		

		
			1.1.17             Business Day means a day (other than a Saturday or Sunday) on which banks are open for general business in Johannesburg;
		

		
			 
		

		
			1.1.18            Code means the US Internal Revenue Code of 1986;
		

		
			 
		

		
			1.1.19            Commitment means:
		

		
			 
		

		
			1.1.19.1                in relation to an Original Lender, the amount set opposite its name under the heading “Commitment” in Part 2 of Schedule 1(The Original Parties) and the amount of any other Commitment transferred to it under this Agreement; and
		

		
			 
		

		
			1.1.19.2                in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement, to the extent not cancelled, reduced or transferred by it under this Agreement;
		

		
			 
		

		
			1.1.20              Companies Act means the Companies Act, 2008 of South Africa and all regulations promulgated under that Act;
		

		
			 
		

		
			1.1.21              Company means:
		

		
			 
		

		
			1.1.21.1                 for the period up to and including the New TopCo Accession Date, Sibanye Gold; and
		

		
			 
		

		
			1.1.21.2                 after the New TopCo Accession Date, New Topco;
		

		
			 
		

		
			1.1.22             Compliance Certificate means a certificate substantially in the form set out in Schedule 8 (Form of Compliance Certificate);
		

		
			 
		

		
			1.1.23             Confidential Information means all information relating to the Company, any Obligor, the Group, the Stillwater Group, the Finance Documents or the Facility of which a Finance Party
		

		
			 
		

		
			
		

		
			

		 

		

			-  4  -

		

 

		

		
			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:
		

		
			 
		

		
			1.1.23.1                any member of the Group or the Stillwater Group or any of their respective advisers; or
		

		
			 
		

		
			1.1.23.2                another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or the Stillwater Group or any of their respective 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:
		

		
			 
		

		
			1.1.23.3                information that:
		

		
			 
		

		
			1.1.23.3.1                    is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 37 (Confidential Information); or
		

		
			 
		

		
			1.1.23.3.2                    is identified in writing at the time of delivery as non-confidential by any member of the Group or the Stillwater Group or any of their respective advisers; or
		

		
			 
		

		
			1.1.23.3.3                    is known by that Finance Party before the date the information is disclosed to it in accordance with Clause 1.1.23.1 or 1.1.23.2 or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and
		

		
			 
		

		
			1.1.23.3.4                    relates to any Funding Rate;
		

		
			 
		

		
			1.1.24             Confidentiality Undertaking means a confidentiality undertaking substantially in a recommended form of the LMA as set out in Schedule 9 (LMA Form of Confidentiality Undertaking) or in any other form agreed between the Company and the Agent;
		

		
			 
		

		
			1.1.25             Consolidated EBITDA has the meaning given to that term in Clause 22.1 (Financial Definitions);
		

		
			 
		

		
			1.1.26             Covenant Adjustment Period means the period from and including 30 June 2017 up to and including 31 December 2018;
		

		
			 
		

		
			1.1.27             Default means an Event of Default or any event or circumstance specified in Clause 24 (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;
		

		
			 
		

		
			
		

		
			

		 

		

			-  5  -

		

 

		

		
			1.1.28              Defaulting Lender means any Lender:
		

		
			 
		

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

		
			 
		

		
			1.1.28.2                which has otherwise rescinded or repudiated a Finance Document; or
		

		
			 
		

		
			1.1.28.3                with respect to which an Insolvency Event has occurred and is continuing, unless, in the case of Clause 1.1.28.1:
		

		
			 
		

		
			1.1.28.4                 its failure to pay is caused by:
		

		
			 
		

		
			1.1.28.4.1                    administrative or technical error; or
		

		
			 
		

		
			1.1.28.4.2                    a Disruption Event; and payment is made within five Business Days of its due date; or
		

		
			 
		

		
			1.1.28.5                 the Lender is disputing in good faith whether it is contractually obliged to make the payment in question;
		

		
			 
		

		
			1.1.29              Disruption Event means either or both of:
		

		
			 
		

		
			1.1.29.1                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
		

		
			 
		

		
			1.1.29.2                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:
		

		
			 
		

		
			1.1.29.3                from performing its payment obligations under the Finance Documents; or
		

		
			 
		

		
			1.1.29.4                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;
		

		
			 
		

		
			1.1.30              DRDGold means DRDGOLD Limited;
		

		
			 
		

		
			1.1.31              EBITDA has the meaning given to that term in Clause 22.1 (Financial Definitions);
		

		
			 
		

		
			
		

		
			

		 

		

			-  6  -

		

 

		

		
			1.1.32             Effective Amendment Date means the Effective Date as defined in the  Second Amendment and Restatement Agreement;
		

		
			 
		

		
			1.1.33             Effective Date means the date of the notice given by the Agent pursuant to Clause 4.1 (Initial conditions precedent), being 15 November 2016;
		

		
			 
		

		
			1.1.34             Encumbrance means:
		

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			1.1.35             ERISA means, at any date, the United States Employee Retirement Income Security Act of 1974 (or any successor legislation thereto), as amended from time to time, and the regulations promulgated thereunder, as the same may be in effect at such date;
		

		
			 
		

		
			1.1.36             ERISA Affiliate means any person that for purposes of Title I and Title IV of ERISA and section 412 of the Code is treated as a single employer with any Obligor under section 414 of the Code or section 4001 of ERISA;
		

		
			 
		

		
			1.1.37             Eskom means Eskom Holdings SOC Limited;
		

		
			 
		

		
			1.1.38             Event of Default means any event or circumstance specified as such in Clause 24 (Events of Default);
		

		
			 
		

		
			1.1.39             Existing Facilities means the term and revolving facilities made available to Sibanye Gold pursuant to a ZAR4,000,000,000 facilities agreement entered into between amongst others, Sibanye Gold, Absa Bank Limited (acting through its Absa Capital Division) Nedbank  Limited (acting through its Nedbank Corporate and Investment Banking Division), The Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking Division), FirstRand Bank Limited (acting through its Rand Merchant Bank division), Bank of China Limited, Johannesburg Branch and Investec Bank Limited (acting through its Corporate and Institutional Banking division), as amended and restated on 6 October 2015;
		

		
			 
		

		
			1.1.40              Existing Facilities Repayment Amount means the amount required by Sibanye Gold to fund the prepayment or repayment (as the case may be) of any amounts owing under the Existing Facilities in full;
		

		
			 
		

		
			
		

		
			

		 

		

			-  7  -

		

 

		

		
			 
		

		
			1.1.41             Facility means the revolving loan facility made available under this Agreement as described in Clause 2 (The Facility);
		

		
			 
		

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

		
			 
		

		
			1.1.43             Fallback Interest Period means a period of one week;
		

		
			 
		

		
			1.1.44             FATCA means:
		

		
			 
		

		
			1.1.44.1                sections 1471 to 1474 of the Code or any associated regulations;
		

		
			 
		

		
			1.1.44.2                any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in Clause 1.1.44.1; or
		

		
			 
		

		
			1.1.44.3                any agreement pursuant to the implementation of any treaty, law or regulation referred to in Clauses 1.1.44.1 or 1.1.44.2 with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;
		

		
			 
		

		
			1.1.45             FATCA Application Date means:
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			1.1.45.3                in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within Clauses 1.1.45.1 or 1.1.45.2, 1 January 2019, or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after the Signature Date;
		

		
			 
		

		
			1.1.46             FATCA Deduction means a deduction or withholding from a payment under a Finance Document required by FATCA;
		

		
			 
		

		
			1.1.47             FATCA Exempt Party means a Party that is entitled to receive payments free from any FATCA Deduction;
		

		
			 
		

		
			
		

		
			

		 

		

			-  8  -

		

 

		

		
			 
		

		
			1.1.48             Fee Letter means any letter or letters dated on or about the Signature Date between each Original Lender and Sibanye Gold (or the Agent and Sibanye Gold) setting out any of the fees referred to in Clause 13 (Fees);
		

		
			 
		

		
			1.1.49             Finance Document means this Agreement, any Fee Letter, the Funds Flow Confirmation Letter, any Accession Letter, any Resignation Letter and any other document designated  as such by the Agent and the Company;
		

		
			 
		

		
			1.1.50             Finance Party means the Agent, the Arrangers or a Lender;
		

		
			 
		

		
			1.1.51             Financial Half Year has the meaning given to that term in Clause 22.1 (Financial Definitions);
		

		
			 
		

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

		
			 
		

		
			1.1.52.1                moneys borrowed or credit granted;
		

		
			 
		

		
			1.1.52.2                any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;
		

		
			 
		

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

		
			 
		

		
			1.1.52.4                the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with IFRS, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would, in accordance with IFRS in force as at the Signature Date have been treated as an operating lease);
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			1.1.52.6.1                    used primarily as a method of raising credit; or
		

		
			 
		

		
			1.1.52.6.2                    not made in the ordinary course of business;
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			1.1.52.9                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
		

		
			 
		

		
			
		

		
			

		 

		

			-  9  -

		

 

		

		
			 
		

		
			transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account);
		

		
			 
		

		
			1.1.52.10              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;
		

		
			 
		

		
			1.1.52.11              the amount raised by the issue of redeemable shares to the extent such shares are redeemable prior to the Termination Date; and
		

		
			 
		

		
			1.1.52.12              the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in Clauses 1.1.52.1 to 1.1.52.11;
		

		
			 
		

		
			1.1.53             Financial Half Year has the meaning given to that term in Clause 22.1 (Financial Definitions);
		

		
			 
		

		
			1.1.54             Financial Quarter has the meaning given to that term in Clause 22.1 (Financial Definitions);
		

		
			 
		

		
			1.1.55             Financial Statements means any financial statements referred to in Clause 21.1 (Financial Statements);
		

		
			 
		

		
			1.1.56             Financial Year has the meaning given to that term in Clause 22.1 (Financial Definitions);
		

		
			 
		

		
			1.1.57             Franco-Nevada Loan means the loan owing by Ezulwini Mining Company to Franco- Nevada GLW Holdings Corp., Gold Wheaton Gold Corp., Franco Nevada (Barbados) Corporation (previously known as Gold Wheaton (Barbados Corporation) and/or any one or more of their respective affiliates;
		

		
			 
		

		
			1.1.58             Franco-Nevada Loan Agreement means a written gold purchase agreement dated 5 November 2009 concluded amongst Ezulwini Mining Company and Franco-Nevada GLW Holdings Corp., Gold Wheaton Gold Corp. and Franco-Nevada (Barbados) Corporation (previously known as Gold Wheaton (Barbados Corporation) pursuant to which the Franco- Nevada Loan is made available to Ezulwini Mining Company;
		

		
			 
		

		
			1.1.59             Funds Flow Confirmation Letter means the written letter agreement entered into between the Finance Parties and Sibanye Gold, pursuant to which certain matters regarding the payments in respect of the first Utilisation are regulated;
		

		
			 
		

		
			1.1.60             Funding Rate means any individual rate notified by a Lender to the Agent pursuant to Clause 12.3 (Cost of Funds);
		

		
			 
		

		
			1.1.61             Group means the Company and its Subsidiaries for the time being;
		

		
			 
		

		
			1.1.62             Group Structure Chart means the group structure chart in agreed form showing at least the following information:
		

		
			 
		

		
			
		

		
			

		 

		

			-  10  -

		

 

		

		
			 
		

		
			1.1.62.1                each member of the Group, including current name and company registration number, its jurisdiction of incorporation and/or its jurisdiction of establishment;
		

		
			 
		

		
			1.1.62.2                a list of shareholders of each member of the Group; and
		

		
			 
		

		
			1.1.62.3                indicating whether it is not a company with limited liability;
		

		
			 
		

		
			1.1.63             Guarantor means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 26 (Change of Obligors);
		

		
			 
		

		
			1.1.64             Guarantor Threshold Test has the meaning given to that term in Clause 23.20 (Guarantors);
		

		
			 
		

		
			1.1.65             Historic Screen Rate means, in relation to any Loan, the most recent applicable Screen Rate for rand and for a period equal in length to the Interest Period of that Loan and which is as of a day which is no more than 3 days before the Quotation Day;
		

		
			 
		

		
			1.1.66             Holding Company means, in relation to a person, any other person in respect of which it is a Subsidiary;
		

		
			 
		

		
			1.1.67             IFRS means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant Financial Statements;
		

		
			 
		

		
			1.1.68             Impaired Agent means the Agent at any time when:
		

		
			 
		

		
			1.1.68.1                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;
		

		
			 
		

		
			1.1.68.2                 the Agent otherwise rescinds or repudiates a Finance Document;
		

		
			 
		

		
			1.1.68.3                (if the Agent is also a Lender) it is a Defaulting Lender under Clause 1.1.28.1or 1.1.28.2 or 1.1.28.3 of the definition of “Defaulting Lender”; or
		

		
			 
		

		
			1.1.68.4                 an Insolvency Event has occurred and is continuing with respect to the Agent; unless, in the case of Clause 1.1.68.1:
		

		
			 
		

		
			1.1.68.5                 its failure to pay is caused by:
		

		
			 
		

		
			1.1.68.5.1                    administrative or technical error; or
		

		
			 
		

		
			1.1.68.5.2                    a Disruption Event; and
		

		
			 
		

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

		
			 
		

		
			1.1.68.7                 the Agent is disputing in good faith whether it is contractually obliged to make the payment in question;
		

		
			 
		

		
			
		

		
			

		 

		

			-  11  -

		

 

		

		
			 
		

		
			1.1.69             Indebtedness for Borrowed Money means Financial Indebtedness save for any indebtedness for or in respect of Clauses 1.1.52.9 and 1.1.52.10 of the definition of “Financial Indebtedness”, or in respect of any guarantee or indemnity of such indebtedness if and to the extent only 1.1.52.9 and 1.1.52.10 are not closed-out and/or called and consequently constitute Financial Indebtedness;
		

		
			 
		

		
			1.1.70             Insolvency Event in relation to an entity means that the entity:
		

		
			 
		

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

		
			 
		

		
			1.1.70.2                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;
		

		
			 
		

		
			1.1.70.3                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;
		

		
			 
		

		
			1.1.70.4                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 Clause 1.1.70.3 and:
		

		
			 
		

		
			1.1.70.4.1                    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
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			1.1.70.6                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 Clause 1.1.70.3);
		

		
			 
		

		
			
		

		
			

		 

		

			-  12  -

		

 

		

		
			1.1.70.7                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;
		

		
			 
		

		
			1.1.70.8                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 Clauses 1.1.70.1 to 1.1.70.7; or
		

		
			 
		

		
			1.1.70.9                takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts;
		

		
			 
		

		
			1.1.71             Interest Period means, in relation to a Loan, each period determined in accordance with Clause 11 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 10.3 (Default Interest);
		

		
			 
		

		
			1.1.72             Interpolated Historic Screen Rate means, in relation to JIBAR for any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between:
		

		
			 
		

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

		
			 
		

		
			1.1.72.2                the most recent applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, each for rand and each of which is as of a day which is no more than 3 days before the Quotation Day;
		

		
			 
		

		
			1.1.73             Interpolated Screen Rate means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between:
		

		
			 
		

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

		
			 
		

		
			1.1.73.2                the most recent applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, each as of the Specified Time for rand;
		

		
			 
		

		
			1.1.74             JIBAR means, in relation to any Loan:
		

		
			 
		

		
			1.1.74.1                the applicable Screen Rate as of the Specified Time for rand and for a period equal in length to the Interest Period of that Loan; or
		

		
			 
		

		
			
		

		
			

		 

		

			-  13  -

		

 

		

		
			 
		

		
			1.1.74.2               as otherwise determined pursuant to Clause 12 (Changes to the Calculation of Interest), and if, in either case, that rate is less than zero, JIBAR shall be deemed to be zero;
		

		
			 
		

		
			1.1.75             JSE means the Johannesburg Stock Exchange, a licensed financial exchange in terms of the Financial Markets Act, 2012, as managed by JSE Limited, a public company duly incorporated in accordance with the laws of South Africa with registration number 2005/022939/06, or any other financial exchange which operates as a successor exchange to the Johannesburg Stock Exchange;
		

		
			 
		

		
			1.1.76             JSE Listings Requirements means the listings requirements published by the JSE, as amended from time to time;
		

		
			 
		

		
			1.1.77             Legal Reservations means:
		

		
			 
		

		
			1.1.77.1                the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;
		

		
			 
		

		
			1.1.77.2                the time barring of claims under the Prescription Act,1969;
		

		
			 
		

		
			1.1.77.3                similar principles, rights and defences under the laws of any relevant jurisdiction; and
		

		
			 
		

		
			1.1.77.4                any other matters which are set out as qualifications or reservations as to matters of law of general application in the legal opinions delivered to the Agent under Clause 4.1 (Initial Conditions Precedent) or Clause 26 (Changes of Obligors);
		

		
			 
		

		
			1.1.78             Lender means:
		

		
			 
		

		
			1.1.78.1                any Original Lender; and
		

		
			 
		

		
			1.1.78.2                any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 25 (Changes to the Lenders), which in each case has not ceased to be a Party in accordance with the terms of this Agreement;
		

		
			 
		

		
			1.1.79             LMA means the Loan Market Association;
		

		
			 
		

		
			1.1.80             Loan means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan;
		

		
			 
		

		
			1.1.81             Lonmin Merger means the merger of Lonmin Plc and the Company to be effected by a share-for-share exchange between the Company and the shareholders of Lonmin Plc pursuant to the offer by Sibanye Gold initially announced on 14 December 2017, or any revised offer approved by the Facility Agent in writing;
		

		
			 
		

		
			
		

		
			

		 

		

			-  14  -

		

 

		

		
			 
		

		
			1.1.82             Majority Lenders means a Lender or Lenders whose Commitments aggregate  more than  66 2/3% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 2/3% of the Total Commitments immediately prior to the reduction);
		

		
			 
		

		
			1.1.83             Margin means:
		

		
			 
		

		
			1.1.83.1                 during the Covenant Adjustment Period, the percentage amount determined by reference to the ratio of Consolidated Net Borrowings to Consolidated EBITDA in respect of the most recent Measurement Period (the Relevant Measurement Period) using the table below:
		

		
			 
		

		
			 
		

			
					
						Ratio of Consolidated Net Borrowings to Consolidated EBITDA

					
					
						Margin %

				
	
					
						Greater than 3.25:1 but less than 3.5:1

					
					
						2.90

				
	
					
						Equal to or less than 3.25:1 and greater than 3.00:1

					
					
						2.65

				
	
					
						Equal to or less than 3.00:1

					
					
						2.40

				

		
			 
		

		
			and
		

		
			 
		

		
			1.1.83.2                after the Covenant Adjustment Period, 2.40%, provided that during the Covenant Adjustment Period:
		

		
			 
		

		
			1.1.83.2.1                    any reduction or increase in the Margin that would otherwise take effect after the start of the Covenant Adjustment Period under Clause 1.1.83.1 shall only take effect from the first day of the Interest Period following receipt by the Agent of the Compliance Certificate pursuant to Clause 21.2 (Compliance Certificate) in respect of the Relevant Measurement Period; and
		

		
			 
		

		
			1.1.83.2.2                    if, following receipt by the Agent of the Compliance Certificate related to  the Annual Financial Statements relating to any Relevant Measurement Period, that Compliance Certificate and those Financial Statements do not confirm the basis for the Margin that had been determined by reference to the ratio of Consolidated Net Borrowings to Consolidated EBITDA calculated on the basis of the Compliance Certificate relating to the unaudited financial statements previously delivered to the Agent in respect of that Relevant Measurement Period, then Clause 10.5 shall apply and the Margin shall be the percentage rate determined using the table in Clause 1.1.83.1 and the revised ratio of Consolidated Net Borrowings to Consolidated EBITDA calculated using the figures in the Compliance Certificate related to the relevant Annual Financial Statements;
		

		
			 
		

		
			1.1.84             Margin Regulations means Regulations T, U and X issued by the Board of Governors of the United States Federal Reserve System;
		

		
			 
		

		
			
		

		
			

		 

		

			-  15  -

		

 

		

		
			 
		

		
			1.1.85             Material Adverse Effect means a material adverse effect on:
		

		
			 
		

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

		
			 
		

		
			1.1.85.2                 the ability of the Obligors together to perform their financial or other obligations under the Finance Documents;
		

		
			 
		

		
			1.1.86             Material Company means any member of the Group (other than an Obligor and a Project Finance Subsidiary) which:
		

		
			 
		

		
			1.1.86.1                has EBITDA (determined on the same basis as Consolidated EBITDA) representing 5% or more of Consolidated EBITDA (provided that any amounts attributable to Project Finance Subsidiaries shall be excluded from the calculation of Consolidated EBITDA); or
		

		
			 
		

		
			1.1.86.2                has gross assets representing 10% or more of the gross assets of the Group (excluding assets of Project Finance Subsidiaries) calculated on a consolidated basis; Compliance with the conditions set out in Clauses 1.1.86.1 and 1.1.86.2 shall be determined by reference to the most recent Compliance Certificate supplied by the Company and/or the latest audited annual financial statements or unaudited half-yearly financial statements of that member of the Group (consolidated in the case of a Subsidiary which itself has Subsidiaries) and the latest audited annual consolidated financial statements or unaudited half-yearly consolidated financial statements of the Company;
		

		
			 
		

		
			1.1.87             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:
		

		
			 
		

		
			1.1.87.1                subject to Clause 1.1.87.3 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;
		

		
			 
		

		
			1.1.87.2                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
		

		
			 
		

		
			1.1.87.3                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;
		

		
			 
		

		
			1.1.88             Multiemployer Plan means any Plan which is described in section 4001(A)(3) of ERISA;
		

		
			 
		

		
			1.1.89             New Lender has the meaning given to that term in Clause 25 (Changes to the Lenders);
		

		
			 
		

		
			
		

		
			

		 

		

			-  16  -

		

 

		

		
			 
		

		
			1.1.90             New TopCo means the company to be incorporated (in South Africa, the United Kingdom or such other jurisdiction approved in writing by the Facility Agent) as a new holding company of Sibanye Gold and interposed between Sibanye Gold and its existing shareholders, and which shall be listed on the JSE, NYSE, Toronto Stock Exchange or London Stock Exchange;
		

		
			 
		

		
			1.1.91             New TopCo Accession Date means the date on which New TopCo accedes to this Agreement as a Party, as contemplated in Clause 23.22 (New TopCo accession);
		

		
			 
		

		
			1.1.92             Non-Obligor means any person that is not an Obligor or a Project Finance Subsidiary;
		

		
			 
		

		
			1.1.93             Non-Obligor Restricted Company means a Restricted Company that is not an Obligor;
		

		
			 
		

		
			1.1.94             Non-Project Finance Group Member means any member of the Group other than a Project Finance Subsidiary;
		

		
			 
		

		
			1.1.95             NYSE means the New York Stock Exchange;
		

		
			 
		

		
			1.1.96             Obligor means a Borrower or a Guarantor;
		

		
			 
		

		
			1.1.97             Original Financial Statements means:
		

		
			 
		

		
			1.1.97.1                in relation to Sibanye Gold, the audited consolidated financial statements of the Group for the Financial Year ended 31 December 2015;
		

		
			 
		

		
			1.1.97.2                in relation to Kroondal Operations Proprietary Limited, its audited financial statements for the Financial Year ended 30 June 2016;
		

		
			 
		

		
			1.1.97.3                in relation to Sibanye Rustenburg Platinum Mines Proprietary Limited, its audited financial statements for its Financial Year ended 31 December 2015; and
		

		
			 
		

		
			1.1.97.4                in relation  to Stillwater, its audited financial statements for  the  Financial Year  ended  31 December 2016;
		

		
			 
		

		
			1.1.98             Original Obligor means an Original Borrower or an Original Guarantor;
		

		
			 
		

		
			1.1.99             Party means a party to this Agreement;
		

		
			 
		

		
			1.1.100           PBGC means the US Pension Benefit Guaranty Corporation or any entity succeeding to all or any of its functions under ERISA;
		

		
			 
		

		
			1.1.101           Permitted Acquisition means:
		

		
			 
		

		
			1.1.101.1              the Stillwater Acquisition;
		

		
			 
		

		
			1.1.101.2              the Lonmin Merger;
		

		
			 
		

		
			1.1.101.3              Project Top Deck;
		

		
			 
		

		
			
		

		
			

		 

		

			-  17  -

		

 

		

		
			 
		

		
			1.1.101.4              any transaction in respect of which the disposing entity is a member of the Group if the disposal falls within Clauses 1.1.102.5 or 1.1.102.6 of the definition of Permitted Disposal;
		

		
			 
		

		
			1.1.101.5              an acquisition of product from another member of the Group which is to be subsequently disposed of by the acquiring company pursuant to a Streaming Transaction provided that if such disposal is made by a Restricted Company it falls within Clause 1.1.102.3 of the definition of Permitted Disposal;
		

		
			 
		

		
			1.1.101.6              an acquisition by Sibanye Gold of shares in K2017449061 (South Africa) Proprietary Limited and subsequent acquisition by Sibanye of shares in DRDGold, initially constituting approximately 38% of the issued share capital of DRDGold, in exchange for shares in K2017449061 (South Africa) Proprietary Limited; or
		

		
			 
		

		
			1.1.101.7              any other acquisition which is not classified as a “Category 1 Transaction” of the Company in terms of the JSE Listings Requirements, provided that no acquisition of a company or business that is completed during the Covenant Adjustment Period shall be treated as a Permitted Acquisition under this Clause 1.1.101.7 if (a) it would result in Indebtedness for Borrowed Money of the Group (as determined on a consolidated basis) increasing by more than ZAR 20,000,000 (or its equivalent in other currencies) at the time of its completion (a “Leverage Acquisition”) and (b) the aggregate amount by which Indebtedness for Borrowed Money of the Group (as determined on a consolidated basis) has increased as a result of all Leverage Acquisitions completed during the Covenant Adjustment Period exceeds ZAR 100,000,000 (or its equivalent in other currencies), unless the Company can demonstrate to the satisfaction of the Majority Lenders that:
		

		
			 
		

		
			1.1.101.7.1                  Consolidated EBITDA to Consolidated Net Finance Charges for the Measurement Period in which the relevant Leveraged Acquisition completes will be equal to or exceed 5.0:1; and
		

		
			 
		

		
			1.1.101.7.2                  Consolidated Net Borrowings to Consolidated EBITDA for that Measurement Period will be equal to or less than 2.5:1, and for the purpose of this definition, Consolidated EBITDA, Consolidated Net Finance Charges and Consolidated Net Borrowings shall be determined after giving pro forma effect to the Leveraged Acquisition giving rise to the need for the determination as if the Leveraged Acquisition had completed, and any resulting increase in Indebtedness for Borrowed Money had been incurred, at the start of the Measurement Period in which the relevant Leveraged Acquisition completes.
		

		
			 
		

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

		
			 
		

		
			1.1.102.1              by a Restricted Company of any other assets which are obsolete, redundant or no longer required for the efficient operation of the business of such Restricted Company
		

		
			 
		

		
			
		

		
			

		 

		

			-  18  -

		

 

		

		
			 
		

		
			(including assets associated with discontinued operations or mines that are under care and maintenance and tailings dumps);
		

		
			 
		

		
			1.1.102.2              by a Restricted Company in the ordinary course of its day-to-day trading if that sale, lease, transfer or other disposal is not otherwise restricted by a term of any Finance Document;
		

		
			 
		

		
			1.1.102.3              by a Restricted Company for cash on arm’s-length terms pursuant to Streaming Transactions (including a disposal of product by a Restricted Company to another member of the Group for cash on arm’s-length terms for the purpose of supplying product for a Streaming Transaction by the acquiring company) provided that the aggregate market value of product delivered to non-Restricted Companies pursuant to all such transactions does not, in aggregate, exceed US$100,000,000 (or its equivalent in any other currency or currencies) in any Financial Year;
		

		
			 
		

		
			1.1.102.4              by a Restricted Company pursuant to receivables discounting arrangements or similar transactions provided that: (i) the value of disposals pursuant to such transactions does not, in aggregate, exceed US$300,000,000 (or its equivalent in any other currency or currencies) in any Financial Year; and (ii) to the extent that such transaction gives rise to any Financial Indebtedness, such Financial Indebtedness is incurred in accordance with the terms of this Agreement;
		

		
			 
		

		
			1.1.102.5              by an Obligor to another Obligor;
		

		
			 
		

		
			1.1.102.6              by a Restricted Company (other than an Obligor) to any other Restricted Company (other than an Obligor);
		

		
			 
		

		
			1.1.102.7              by any Non-Project Finance Group Member to any Project Finance Subsidiary on arm’s length terms, provided that the aggregate value of such disposal (whether in a single transaction or a series of transactions) together with all other disposals from all Non- Project Finance Group Members to all Project Finance Subsidiaries, does not:
		

		
			 
		

		
			1.1.102.7.1                  in respect of Burnstone, exceed ZAR1.8 billion over the term of the Facility; and
		

		
			 
		

		
			1.1.102.7.2                  in respect of other Project Finance Subsidiaries exceed 5% of Consolidated Tangible Net Worth (as determined in accordance with the most recent Financial Statements) at any time over the term of the Facility;
		

		
			 
		

		
			1.1.102.8              by a Restricted Company to a Non-Obligor on arm’s length terms, provided that the aggregate value of such disposals (whether in a single transaction or a series of transactions) does not, in aggregate, exceed 15% (fifteen percent) of Consolidated Tangible Net Worth (as determined in accordance with the most recent Financial Statements) in any Financial Year and 25% (twenty five percent) of Consolidated
		

		
			 
		

		
			
		

		
			

		 

		

			-  19  -

		

 

		

		
			 
		

		
			Tangible Net Worth (as determined in accordance with the most recent Financial Statements) over the term of the Facility;
		

		
			 
		

		
			1.1.102.9              of assets (other than shares or businesses) in exchange for other assets comparable or superior as to type, value and quality;
		

		
			 
		

		
			1.1.102.10            of cash equivalent investments for cash or in exchange for other cash equivalent investments;
		

		
			 
		

		
			1.1.102.11            arising as a result of any Permitted Encumbrance;
		

		
			 
		

		
			1.1.102.12            by Sibanye Gold of its tailings retreatment business to K2017449061 (South Africa) Proprietary Limited in exchange for shares in K2017449061 (South Africa) Proprietary Limited and which shares are then transferred to DRDGold in exchange for shares initially constituting approximately 38% of the issued share capital of DRDGold;
		

		
			 
		

		
			1.1.102.13            by Sibanye Gold of its shares in Sibanye Platinum Proprietary Limited to New TopCo pursuant to the implementation of Project Top Deck; or
		

		
			 
		

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

		
			 
		

		
			1.1.103            Permitted Encumbrance means:
		

		
			 
		

		
			1.1.103.1              any Encumbrance created prior to the Signature Date which:
		

		
			 
		

		
			1.1.103.1.1                  is disclosed in the Financial Statements of Sibanye Gold delivered to the Agent prior to the Signature Date and
		

		
			 
		

		
			1.1.103.1.2                  in all circumstances secures only indebtedness outstanding or a facility available at the Signature Date if the principal amount or original facility thereby secured is not increased after the Signature Date;
		

		
			 
		

		
			1.1.103.2              any Encumbrance created prior to the Signature Date in favour of Opiconsivia Trading 305 (RF) Proprietary Limited;
		

		
			 
		

		
			1.1.103.3              any netting or set-off arrangement entered into by any Restricted Company in the ordinary course of its banking arrangements (which shall include, for the avoidance of doubt, those pursuant to hedging arrangements (which constitute Permitted Financial Indebtedness) in relation to gold, silver, copper and other commodity prices, foreign exchange rates and interest rates where such arrangements are entered into for the purposes of providing protection against fluctuation in such rates or prices in the ordinary course of business and not for speculative purposes), for the purpose of netting debit and credit balances;
		

		
			 
		

		
			
		

		
			

		 

		

			-  20  -

		

 

		

		
			 
		

		
			1.1.103.4              any lien arising by operation of law and in the ordinary course of trading and not by reason of any default (whether in payments or otherwise) of any Restricted Company;
		

		
			 
		

		
			1.1.103.5              any Encumbrance or Quasi-Encumbrance over or affecting any asset acquired by a member of the Group after the Signature Date if:
		

		
			 
		

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

		
			 
		

		
			1.1.103.5.2                  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
		

		
			 
		

		
			1.1.103.5.3                  the Encumbrance or Quasi-Encumbrance is removed or discharged within six Months from the date of the acquisition of that asset, unless such Encumbrance is otherwise permitted to exist in terms of this definition;
		

		
			 
		

		
			1.1.103.6              any Encumbrance or Quasi-Encumbrance over or affecting any asset of any company which becomes a member of the Group after the Signature Date, where the Encumbrance or Quasi-Encumbrance is created prior to the date on which that company becomes a member of the Group, if:
		

		
			 
		

		
			1.1.103.6.1                  the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that company;
		

		
			 
		

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

		
			 
		

		
			1.1.103.6.3                  the Encumbrance or Quasi-Encumbrance is removed or discharged within six Months from the date on which the relevant company became a member of the Group, unless such Encumbrance is otherwise permitted to exist in terms of this definition;
		

		
			 
		

		
			1.1.103.7              any Encumbrance or Quasi-Encumbrance 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;
		

		
			 
		

		
			1.1.103.8              any Encumbrance or Quasi-Encumbrance granted in respect of Financial Indebtedness incurred by a Project Finance Subsidiary over assets of, or the shares in, or any debt or other obligations of, a Project Finance Subsidiary (or the shares in a Holding Company whose only assets are the shares in and claims against a Project Finance Subsidiary);
		

		
			 
		

		
			1.1.103.9              any Encumbrances or Quasi-Encumbrance securing the indebtedness under the Franco-Nevada Loan Agreement pursuant to the agreements in the form delivered to the Agent prior to the Signature Date or in a form no more onerous to the Obligors than the form delivered to the Agent;
		

		
			 
		

		
			
		

		
			

		 

		

			-  21  -

		

 

		

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

		
			 
		

		
			1.1.103.11            any Encumbrance or Quasi-Encumbrance arising as a result of a disposal which is a Permitted Disposal;
		

		
			 
		

		
			1.1.103.12            any Encumbrance or Quasi-Encumbrance arising as a consequence of any finance or capital lease constituting Permitted Financial Indebtedness;
		

		
			 
		

		
			1.1.103.13            in respect of Encumbrances or Quasi-Encumbrances over or affecting any asset of any member of the Group who is not a Restricted Company or a Project Finance Subsidiary;
		

		
			 
		

		
			1.1.103.14            any Encumbrance or Quasi-Encumbrance securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Encumbrance or Quasi-Encumbrance other than any  permitted under Clauses 1.1.103.1 to 1.1.103.13 and Clauses 1.1.103.15 to 1.1.103.19) does not exceed 5% (five percent) of Consolidated Tangible Net Worth (as determined in accordance with the most recent Financial Statements), as most recently measured before the creation of the Encumbrances or Quasi-Encumbrances, (or its equivalent in another currency) (but adjusted to include the net value of new assets acquired since the last date of the latest set of consolidated annual financial statements of the Group);
		

		
			 
		

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

		
			 
		

		
			1.1.103.16            any Encumbrance arising pursuant to or permitted under the Finance Documents;
		

		
			 
		

		
			1.1.103.17            any Encumbrance in respect of any environmental bond which any member of the Group is required to issue under any applicable environmental law;
		

		
			 
		

		
			1.1.103.18            any Encumbrance contemplated in Clause 1.1.104.8 of the definition of “Permitted Financial Indebtedness” provided that the value of the assets encumbered does not exceed US$50,000,000 (or its equivalent in any other currency or currencies) at any time; or
		

		
			 
		

		
			1.1.103.19            any Encumbrance contemplated in Clause 1.1.104.10 of the definition of “Permitted Financial Indebtedness”;
		

		
			 
		

		
			
		

		
			

		 

		

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			1.1.104            Permitted Financial Indebtedness means any Financial Indebtedness:
		

		
			 
		

		
			1.1.104.1              arising under the Finance Documents;
		

		
			 
		

		
			1.1.104.2              arising under any environmental bond, rehabilitation bond or guarantee or any similar arrangement which any member of the Group is required to issue under any applicable environmental law;
		

		
			 
		

		
			1.1.104.3              arising under any derivative transaction, in the ordinary course of business, which does not have the commercial effect of borrowing, entered into in connection with protection against or benefit from fluctuation in any rate or price but not for speculative purposes (other than any amount which constitutes the marked to market value realised on such derivative transaction that has not been discharged within two Business Days of the date on which such amount arose, and other than any amount due as a result of the termination, close-out, restructure or refinancing of that derivate  transaction that has not been discharged within two Business Days of the date on which such amount arose);
		

		
			 
		

		
			1.1.104.4              of the Group existing and available on the Signature Date (including of any person that becomes a member of the Group from time to time, provided that such Financial Indebtedness existed at the time that such person became a member of the Group and was not created in anticipation thereof);
		

		
			 
		

		
			1.1.104.5        between Group companies to the extent incurred for:
		

		
			 
		

		
			1.1.104.5.1           the purpose of financing general corporate and working capital requirements; or 
		

		
			 
		

		
			1.1.104.5.2           the purposes of effecting a push down of amounts borrowed under the Stillwater Bridge Facilities to the Subsidiaries of the Company (whether by way of loans, shareholder contributions, the subscription of equity or otherwise) for the purposes of funding the consideration of the Stillwater Acquisition or the refinancing of such borrowed amounts or for payments to be made to the holders of the Stillwater Convertible Bonds;
		

		
			 
		

		
			1.1.104.6        not falling within Clauses 1.1.104.1, 1.1.104.2, 1.1.104.3, 1.1.104.4 or 1.1.104.5 and 1.1.104.7 to 1.1.104.10 below provided that the aggregate amount of all Financial Indebtedness (other than Financial Indebtedness of Obligors or Project Finance Subsidiaries) permitted under this Clause 1.1.104.6 does not at the time of the incurrence thereof exceed 7.5% (seven point five percent) of the Consolidated Tangible Net Worth (as determined in accordance with the most recent Financial Statements) (or its equivalent in another currency) (without double counting in the case of Financial Indebtedness in respect of which more than one member of the Group is liable, whether by guarantee or otherwise);
		

		
			 
		

		
			
		

		
			

		 

		

			-  23  -

		

 

		

		
			 
		

		
			1.1.104.7              created or incurred with the prior written consent of the Agent (acting on the  instructions of the Majority Lenders);
		

		
			 
		

		
			1.1.104.8              arising under or in connection with a guarantee, bond or escrow arrangement required as a confirmation of certainty of funds available in connection with an offer made or to be made by a member of the Group to acquire shares in another person, provided  that:
		

		
			 
		

		
			1.1.104.8.1                  such Permitted Financial Indebtedness is incurred by an Obligor; and
		

		
			 
		

		
			1.1.104.8.2                  prior to incurring such indebtedness the Company delivers a Compliance Certificate to the Agent confirming that it will be in compliance with its  obligations  under Clause 22 (Financial Covenants) prior to and immediately post incurring such indebtedness;
		

		
			 
		

		
			1.1.104.9              arising under the Stillwater Bridge Facilities or the Stillwater Convertible Bonds;
		

		
			 
		

		
			1.1.104.10            arising pursuant to a bank guarantee procured by any member of the Group in favour of Eskom required by Eskom as a prerequisite to its continued provision of electricity to any member of the Group;
		

		
			 
		

		
			1.1.105           Plan means an employee pension benefit plan which is subject to Title IV of ERISA, section 412 of the Code or section 302 of ERISA and with respect to which any Obligor or any ERISA Affiliate is (or, if such plan were terminated, would under section 4062 of ERISA be deemed to be) an “employer” as defined in section 3(5) of ERISA;
		

		
			 
		

		
			1.1.106           Project Finance Subsidiaries means:
		

		
			 
		

		
			1.1.106.1              Burnstone;
		

		
			 
		

		
			1.1.106.2              K2013164354 Proprietary Limited;
		

		
			 
		

		
			1.1.106.3              DRDGold (if it has become a Subsidiary of the Company and the Company notifies the Agent in writing that it wishes to designate DRDGold as a Project Finance Subsidiary), provided that:
		

		
			 
		

		
			1.1.106.3.1                  since the date the Company became a direct or indirect shareholder of DRDGold, it has not received distributions, loans, assets, guarantees from any member of the Group;
		

		
			 
		

		
			1.1.106.3.2                  the business of DRDGold is a standalone business independent from the businesses operated by other members of the Group; and
		

		
			 
		

		
			1.1.106.3.3                  to the extent that DRDGold owes Financial Indebtedness to persons who are not members of the Group, none of the creditors in respect of such Financial
		

		
			 
		

		
			
		

		
			

		 

		

			-  24  -

		

 

		

		
			 
		

		
			Indebtedness have recourse in respect of such Financial Indebtedness to any other member of the Group other than by way of security over shares in DRDGold; and
		

		
			 
		

		
			1.1.106.4              any other company or other entity (excluding the Obligors):
		

		
			 
		

		
			1.1.106.4.1                  that since the Signature Date has not received distributions, loans, assets or guarantees from any member of the Group which in aggregate together with distributions, loans, assets and guarantees received by Project Finance Subsidiaries (other than DRDGold) from any other Restricted Company, exceeds 5% (five percent) of Consolidated Tangible Net Worth at any time;
		

		
			 
		

		
			1.1.106.4.2                  whose sole business is, and remains, the ownership, development, construction, refurbishment, commissioning and/or operation of a project; and
		

		
			 
		

		
			1.1.106.4.3                  which, to the extent that such company or entity owes Financial Indebtedness to persons who are not members of the Group, has no creditors in respect of such Financial Indebtedness which have recourse in respect of such Financial Indebtedness to any other member of the Group other than that company or entity other than by way of security over shares in or pursuant to obligations owing by such company or entity to other members of the Group;
		

		
			 
		

		
			1.1.107           Project Top Deck means:
		

		
			 
		

		
			1.1.107.1              the interposition of New TopCo as a new direct Holding Company of Sibanye Gold, holding 100% of the shares in Sibanye Gold, between Sibanye Gold and its existing shareholders; and
		

		
			 
		

		
			1.1.107.2              the subsequent transfer of shares in Sibanye Platinum Proprietary Limited from Sibanye Gold to New TopCo;
		

		
			 
		

		
			1.1.108           Qualifying Lender has the meaning given to it in Clause 14 (Tax Gross Up and Indemnities);
		

		
			 
		

		
			1.1.109           Quasi-Encumbrance means an arrangement or transaction under which:
		

		
			 
		

		
			1.1.109.1              an Obligor sells, transfers or otherwise disposes of any of its assets on terms whereby they are or may be leased to or re-acquired by that or any other Obligor;
		

		
			 
		

		
			1.1.109.2              an Obligor sells, transfers or otherwise disposes of its receivables on recourse terms; or
		

		
			 
		

		
			1.1.109.3              money or the benefit of a bank account of an Obligor may be applied, set-off or made subject to a combination of accounts to, against or with that of a person that is not an Obligor, or any other preferential agreement or arrangement to which an Obligor is a party having a similar effect to that described in Clauses 1.1.109.1 to 1.1.109.3, in circumstances where
		

		
			 
		

		
			
		

		
			

		 

		

			-  25  -

		

 

		

		
			 
		

		
			the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness;
		

		
			 
		

		
			1.1.110           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 Market in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days);
		

		
			 
		

		
			1.1.111           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;
		

		
			 
		

		
			1.1.112           Relevant Market means the Johannesburg interbank market;
		

		
			 
		

		
			1.1.113           Repeating Representations means each of the representations set out in Clause 20 (Representations), other than Clause 20.8 (No Filing or Stamp Taxes), Clause 20.11 (No Misleading Information) and Clause 20.13 (No Proceedings Pending or Threatened);
		

		
			 
		

		
			1.1.114           Reportable Event means:
		

		
			 
		

		
			1.1.114.1              an event specified as such in section 4043(c) of ERISA, with respect to any Plan (other than a Multiemployer Plan), other than an event in relation to which the requirement to give 30 days’ notice of that event is waived by any regulation;
		

		
			 
		

		
			1.1.114.2              the filing of a notice of intent to terminate any Plan, pursuant to section 4041(c) of ERISA (including any such notice with respect to a plan amendment referred to in section 4041(c) of ERISA);
		

		
			 
		

		
			1.1.114.3              the institution of proceedings under section 4042 of ERISA by the PBGC for the termination of, or the appointment of a trustee to administer, any Plan;
		

		
			 
		

		
			1.1.114.4              an Obligor or an ERISA Affiliate incurring any liability under Title IV of ERISA with respect to any Plan other than premiums due and not delinquent under section 4007 of ERISA); or
		

		
			 
		

		
			1.1.114.5              a failure of any Plan (other than a Multiemployer Plan) to meet the minimum funding standard under section 412 or 430 of the Code or section 302 of ERISA, whether or not waived, or to make a required contribution under section 412 or 430 of the Code to any Plan (other than a Multiemployer Plan) that would result in the imposition of an encumbrance;
		

		
			 
		

		
			1.1.115            Representative means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian;
		

		
			 
		

		
			
		

		
			

		 

		

			-  26  -

		

 

		

		
			 
		

		
			1.1.116           Resignation Letter means a letter substantially in the form set out in Schedule 7 (Form of Resignation Letter);
		

		
			 
		

		
			1.1.117           Restricted Company means:
		

		
			 
		

		
			1.1.117.1               an Obligor; and
		

		
			 
		

		
			1.1.117.2               a Material Company;
		

		
			 
		

		
			1.1.118           Rollover Loan means one or more Loans:
		

		
			 
		

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

		
			 
		

		
			1.1.118.2              the aggregate amount of which is equal to or less than the amount of the maturing Loan; and
		

		
			 
		

		
			1.1.118.3              made or to be made to the same Borrower for the purpose of refinancing that maturing Loan;
		

		
			 
		

		
			1.1.119           SA Obligor means an Obligor that is incorporated in South Africa;
		

		
			 
		

		
			1.1.120           SA Obligors’ Agent means the Company appointed to act on behalf of each SA Obligor in relation to the Finance Documents pursuant to Clause 2.3 (SA Obligors Agent;
		

		
			 
		

		
			1.1.121           Screen Rate means the mid-market rate for deposits in ZAR for the relevant period which appears on the Reuters Screen SAFEY Page alongside the caption YLD at the applicable time. If the agreed page is replaced or service ceases to be available, the Agent may specify another page or service displaying the appropriate rate after consultation with the Company and the Majority Lenders;
		

		
			 
		

		
			1.1.122           Second Amendment and Restatement Agreement means the amendment and restatement agreement relating to this Agreement entered into between Sibanye Gold, the Agent and others during August 2018;
		

		
			 
		

		
			1.1.123           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;
		

		
			 
		

		
			1.1.124           Signature Date means 14 November 2016;
		

		
			 
		

		
			1.1.125           Specified Time means a day or time determined in accordance with Schedule 10 (Timetables);
		

		
			 
		

		
			1.1.126           Stillwater means Stillwater Mining Company incorporated in the State of Delaware, United States of America;
		

		
			 
		

		
			1.1.127           Stillwater Acquisition means the acquisition by Sibanye Gold of all of the outstanding common stock of Stillwater as described in the announcement issued by Sibanye Gold on 9
		

		
			 
		

		
			
		

		
			

		 

		

			-  27  -

		

 

		

		
			 
		

		
			December 2016 which was effected by the merger of Thor Mergco Inc., an indirect wholly owned Subsidiary of Sibanye Gold, with and into Stillwater, with Stillwater surviving as an indirect wholly-owned Subsidiary of Sibanye Gold;
		

		
			 
		

		
			1.1.128           Stillwater Bridge Facilities means the bridge loan facilities made available to Sibanye Gold and Thor Mergco Inc. by Citibank, N.A., London Branch and HSBC Bank PLC pursuant to a bridge loan facilities agreement dated 9 December 2016 in an aggregate principal amount of up to US$2,650,000,000 for the purposes of funding the consideration payable pursuant to the Stillwater Acquisition, paying fees, costs and expenses, stamp, registration and other Taxes incurred by Sibanye Gold or any other member of the Group in  connection with the Stillwater Acquisition or the related agreements and the refinancing of the Stillwater Convertible Bonds;
		

		
			 
		

		
			1.1.129           Stillwater Convertible Bonds means:
		

		
			 
		

		
			1.1.129.1               the existing US$335,000,000 1.75% convertible bonds issued by Stillwater which are due in October 2032; and
		

		
			 
		

		
			1.1.129.2               the existing US$500,000 8.75% convertible bonds issued by Stillwater which are due in March 2028;
		

		
			 
		

		
			1.1.130           Stillwater Group means Stillwater and its Subsidiaries;
		

		
			 
		

		
			1.1.131           Streaming Transactions means transactions whereby a right to acquire a specified percentage of a specified product if such product is produced, mined extracted or otherwise recovered or derived by one or more members of the Group in the future, is granted to one or more third party acquirors (each a Third Party Acquiror) in exchange for an upfront cash payment, with or without further ongoing cash payments from the Third Party Acquiror, and in respect of which the Third Party Acquiror does not have any right of recourse against any member of the Group if the specified product is not produced, mined extracted or otherwise recovered or derived (as applicable) by the relevant member of the Group except as a result of the failure of members of the Group to comply with obligations to operate their mines and mining and other production facilities in accordance with good industry practices and procedures, including environmental requirements, and other representations and undertakings of similar effect or purpose (Customary Recourse Arrangements), nor does the Third Party Acquiror have any cash settlement entitlement against any member of the Group if the specified product is not produced, mined extracted or otherwise recovered or derived (as applicable) by the relevant member of the Group except in respect of Customary Recourse Arrangements and on terms that do not require the upfront payment made by the Third Party Acquiror to be refunded to such Third Party Acquiror in the event of the premature termination of the relevant transaction;
		

		
			 
		

		
			
		

		
			

		 

		

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			1.1.132           Subsidiary means a “subsidiary” as defined in the Companies Act and shall include any person who would, but for not being a “company” under the Companies Act, qualify as a “subsidiary” as defined in the Companies Act;
		

		
			 
		

		
			1.1.133           Substitute Affiliate Lender Designation Notice has the meaning given to it in Clause 25.9 (Lender Affiliates and Facility Office);
		

		
			 
		

		
			1.1.134           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);
		

		
			 
		

		
			1.1.135           Termination Date means the third anniversary of the Effective Date;
		

		
			 
		

		
			1.1.136           Top Deck Completion Date means the date on which New TopCo becomes the Holding Company of Sibanye Gold in the manner provided in Clause 1.1.107.1;
		

		
			 
		

		
			1.1.137           Total Commitments means the aggregate of the Commitments, being ZAR6,000,000,000 at the Signature Date;
		

		
			 
		

		
			1.1.138           Transfer Certificate means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between the Agent and the Company;
		

		
			 
		

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

		
			 
		

		
			1.1.139.1              the proposed Transfer Date specified in the Transfer Certificate; and
		

		
			 
		

		
			1.1.139.2              the date on which the Agent executes the Transfer Certificate;
		

		
			 
		

		
			1.1.140           UK or United Kingdom means the United Kingdom of Great Britain and Northern Ireland;
		

		
			 
		

		
			1.1.141           Unpaid Sum means any sum due and payable but unpaid by an Obligor under the Finance Documents;
		

		
			 
		

		
			1.1.142           US or United States means the United States of America;
		

		
			 
		

		
			1.1.143           US Bankruptcy Law means the United States Bankruptcy Code of 1978 (Title 11 of the United States Code), as amended, or any other United States federal or state bankruptcy, insolvency or similar law;
		

		
			 
		

		
			1.1.144           US Debtor means an Obligor that is incorporated or organised under the laws of the United States or any state of the United States (including the District of Columbia) or that has a place of business or property in the United States;
		

		
			 
		

		
			1.1.145           US GAAP means the generally accepted accounting principles in the United States;
		

		
			 
		

		
			1.1.146           US Guarantor means any Guarantor that is a US Debtor;
		

		
			 
		

		
			
		

		
			

		 

		

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			1.1.147            US Tax Obligor means:
		

		
			 
		

		
			1.1.147.1               a Borrower which is resident for tax purposes in the US; or
		

		
			 
		

		
			1.1.147.2               an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes;
		

		
			 
		

		
			1.1.148            Utilisation means a utilisation of the Facility;
		

		
			 
		

		
			1.1.149            Utilisation Date means the date of a Utilisation, being the date on which a Loan is to be made;
		

		
			 
		

		
			1.1.150            Utilisation Request means a notice substantially in the form set out in Schedule 3 (Utilisation Request);
		

		
			 
		

		
			1.1.151            VAT means:
		

		
			 
		

		
			1.1.151.1               any value added tax imposed in compliance with the Value added Tax Act, 1991;
		

		
			 
		

		
			1.1.151.2               any general service tax; and
		

		
			 
		

		
			1.1.151.3               any other tax of a similar nature.
		

		
			 
		

		
			1.2             Construction
		

		
			 
		

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

		
			 
		

		
			1.2.1.1                  the Agent, any Arranger, any Finance Party, any Lender, any Obligor or any Party shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, all or any combination of its rights and/or obligations under the Finance Documents;
		

		
			 
		

		
			1.2.1.2                  assets includes present and future properties, revenues and rights of every description;
		

		
			 
		

		
			1.2.1.3                  authority includes any court or any governmental, intergovernmental or supranational body, agency, department or any regulatory, self-regulatory or other authority;
		

		
			 
		

		
			1.2.1.4                  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;
		

		
			 
		

		
			1.2.1.5                  fraudulent transfer law means any applicable United States bankruptcy and fraudulent transfer and conveyance statute of any state of the United States and any related case law;
		

		
			 
		

		
			1.2.1.6                  the use of the word including followed by specific examples will not be construed as limiting the meaning of the general wording preceding it, and the eiusdem generis rule
		

		
			 
		

		
			
		

		
			

		 

		

			-  30  -

		

 

		

		
			 
		

		
			must not be applied in the interpretation of such general wording or such specific examples;
		

		
			 
		

		
			1.2.1.7                  a  group of Lenders includes all the Lenders;
		

		
			 
		

		
			1.2.1.8                  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;
		

		
			 
		

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

		
			 
		

		
			1.2.1.10                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;
		

		
			 
		

		
			1.2.1.11                unconditionally means, in relation to the payment of any amount to a person, where such amount cannot lawfully be required to be repaid or refunded by that person pursuant to the provisions of the Companies Act, 1973, the Companies Act, the Insolvency Act, 1936 or any other law relating to insolvency of general application;
		

		
			 
		

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

		
			 
		

		
			1.2.1.13                a time of day is a reference to Johannesburg time.
		

		
			 
		

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

		
			 
		

		
			1.2.3               Section, Clause and Schedule headings are for ease of reference only.
		

		
			 
		

		
			1.2.4               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.
		

		
			 
		

		
			1.2.5               A Default is continuing if it has not been remedied or waived.
		

		
			 
		

		
			1.2.6               The term including shall be construed to mean "including but not limited to".
		

		
			 
		

		
			1.2.7               If any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it appears only in an interpretation Clause, effect shall be given to it as if it were a substantive provision of the relevant Finance Document.
		

		
			 
		

		
			
		

		
			

		 

		

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			1.2.8               Unless inconsistent with the context, an expression in any Finance Document which denotes the singular includes the plural and vice versa.
		

		
			 
		

		
			1.2.9               The rule of construction that, in the event of ambiguity, a contract shall be interpreted against the party responsible for the drafting thereof, shall not apply in the interpretation of the Finance Documents.
		

		
			 
		

		
			1.2.10             The expiry or termination of any Finance Documents shall not affect those provisions of the Finance Documents that expressly provide that they will operate after any such expiry or termination or which of necessity must continue to have effect after such expiry or termination, notwithstanding that the Clauses themselves do not expressly provide for this.
		

		
			 
		

		
			1.2.11             The Finance Documents shall to the extent permitted by applicable law be binding on and enforceable by the administrators, trustees, permitted cessionaries, business rescue practitioners or liquidators of the Parties as fully and effectually as if they had signed the Finance Documents in the first instance and reference to any Party shall be deemed to include such Party’s administrators, trustees, permitted cessionaries, business rescue practitioners or liquidators, as the case may be.
		

		
			 
		

		
			1.2.12             Where figures are referred to in numerals and in words in any Finance Document, if there is any conflict between the two, the words shall prevail.
		

		
			 
		

		
			1.2.13             Unless a contrary indication appears, where any number of days is to be calculated from a particular day, such number shall be calculated as including that particular day and excluding the last day of such period.
		

		
			 
		

		
			1.3             Currency symbols and definitions
		

		
			 
		

		
			1.3.1               R,  ZAR and rand denote the lawful currency of the Republic of South Africa.
		

		
			 
		

		
			1.3.2               US$ and USD denotes the lawful currency of the United States of America.
		

		
			 
		

		
			1.4              Third party rights
		

		
			 
		

		
			1.4.1               Except as expressly provided for in this Agreement or in any other Finance Document, no provision of any Finance Document constitutes a stipulation for the benefit of any person who is not a party to that Finance Document.
		

		
			 
		

		
			1.4.2               Subject to Clause 36.3 (Other Exceptions) but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.
		

		
			 
		

		
			
		

		
			

		 

		

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			2.         THE FACILITY
		

		
			 
		

		
			2.1              The Facility
		

		
			 
		

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

		
			 
		

		
			2.2              Finance Parties’ rights and obligations
		

		
			 
		

		
			2.2.1              The obligations of each Finance Party under the Finance Documents are separate and independent. 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.
		

		
			 
		

		
			2.2.2               The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with Clause 2.2.3 below. The rights of each Finance Party include any debt owing to that Finance Party  under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in a Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.
		

		
			 
		

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

		
			 
		

		
			2.3              SA Obligors Agent
		

		
			 
		

		
			2.3.1               Each SA Obligor (other than the Company) by its execution of this Agreement or an Accession Letter irrevocably appoints the Company (acting through one or more authorised signatories) to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:
		

		
			 
		

		
			2.3.1.1                  the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions (including, in the case of a Borrower that is an SA Obligor, Utilisation Requests), to execute on its behalf any Accession Letter, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any SA Obligor notwithstanding that they may affect the SA Obligor, without further reference to or the consent of that SA Obligor; and
		

		
			 
		

		
			
		

		
			

		 

		

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			2.3.1.2            each Finance Party to give any notice, demand or other communication in respect of that SA Obligor pursuant to the Finance Documents to the Company, and, subject to any approvals expressly required by applicable law at such time to enable the SA Obligor to be so bound, in each case the SA Obligor shall be bound as though the SA Obligor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.
		

		
			 
		

		
			2.3.2               Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the SA Obligors' Agent or given to the SA Obligors' Agent under any Finance Document on behalf of another SA Obligor or in connection with any Finance Document (whether or not known to any other SA Obligor and whether occurring before or after such other SA Obligor became an SA Obligor under any Finance Document) shall be binding for all purposes on that SA Obligor as if that SA Obligor had expressly made, given or concurred with it.
		

		
			 
		

		
			2.3.3               The respective liabilities of each of the SA Obligors under the Finance Documents shall not be in any way affected by:
		

		
			 
		

		
			2.3.3.1                  any actual or purported irregularity in any act done, or failure to act, by the SA Obligors’ Agent;
		

		
			 
		

		
			2.3.3.2                  the SA Obligors’ Agent acting (or purporting to act) in any respect outside any authority conferred upon it by any SA Obligor; or
		

		
			 
		

		
			2.3.3.3                  any actual or purported failure by, or inability of, the SA Obligors’ Agent to inform any SA Obligor of receipt by it of any notification under the Finance Documents.
		

		
			 
		

		
			2.3.4                     In the event of any conflict between any notices or other communications of the SA Obligors' Agent and any other SA Obligor, those of the SA Obligors' Agent shall prevail.
		

		
			 
		

		
			3.         PURPOSE
		

		
			 
		

		
			3.1              Purpose
		

		
			 
		

		
			Each Borrower shall apply all amounts borrowed by it under the Facility towards:
		

		
			 
		

		
			3.1.1                 refinancing the Existing Facilities;
		

		
			 
		

		
			3.1.2                 payment of all fees and costs due by the Company under the Finance Documents;
		

		
			 
		

		
			3.1.3                 financing the Group’s:
		

		
			 
		

		
			3.1.3.1                    on-going capital expenditure;
		

		
			 
		

		
			
		

		
			

		 

		

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			3.1.3.2                  working capital; and
		

		
			 
		

		
			3.1.3.3                  general corporate expenditure requirements which may include the financing of future acquisitions or business combinations (to the extent such transactions are permitted by the terms of this Agreement).
		

		
			 
		

		
			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
		

		
			 
		

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

		
			 
		

		
			4.1.2               Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause 4.1.1, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.
		

		
			 
		

		
			4.2              Further conditions precedent
		

		
			 
		

		
			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:
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			4.3              Maximum number of Loans
		

		
			 
		

		
			A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation 15 or more Loans would be outstanding.
		

		
			 
		

		
			
		

		
			

		 

		

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			5.         UTILISATION
		

		
			 
		

		
			5.1              Delivery of a Utilisation Request
		

		
			 
		

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

		
			 
		

		
			5.2              Completion of a Utilisation Request
		

		
			 
		

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

		
			 
		

		
			5.2.1.1                  in respect of all Utilisation Requests delivered in respect of the first Utilisation of the Facilities, such Utilisation Requests are accompanied by the Funds Flow Confirmation Letter;
		

		
			 
		

		
			5.2.1.2                  the proposed Utilisation Date is a Business Day within the Availability Period;
		

		
			 
		

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

		
			 
		

		
			5.2.1.4                  the proposed Interest Period complies with Clause 11 (Interest Periods).
		

		
			 
		

		
			5.2.2                 Only one Loan may be requested in each Utilisation Request.
		

		
			 
		

		
			5.3              Currency and amount
		

		
			 
		

		
			5.3.1                 The currency specified in a Utilisation Request must be rand.
		

		
			 
		

		
			5.3.2                 The amount of the proposed Loan must be an amount which is not more than the Available Facility and;
		

		
			 
		

		
			5.3.2.1                  in respect of all Utilisation Requests delivered in respect of the first Utilisation of the Facilities, the aggregate amount to be advanced pursuant to such Utilisation Requests is not less than the Existing Facilities Repayment Amount; and
		

		
			 
		

		
			5.3.2.2                  in respect of each subsequent Utilisation, is a minimum of ZAR50,000,000 or, if less, the Available Facility.
		

		
			 
		

		
			5.4              Lenders’ participation
		

		
			 
		

		
			5.4.1               If the conditions set out in this Agreement have been met and subject to Clause 6.1 (Repayment of Loans) each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office by no later than 2:30pm.
		

		
			 
		

		
			
		

		
			

		 

		

			-  36  -

		

 

		

		
			 
		

		
			5.4.2               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.
		

		
			 
		

		
			5.4.3               The Agent shall notify each Lender of the amount of each Loan, the amount of its participation in that Loan and, if different, the amount of that participation to be made available in accordance with Clause 30.1 (Payments to the Agent), 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.
		

		
			 
		

		
			6.         REPAYMENT
		

		
			 
		

		
			6.1              Repayment of Loans
		

		
			 
		

		
			6.1.1                 Each Borrower which has drawn a Loan shall repay that Loan on the last day of its Interest Period.
		

		
			 
		

		
			6.1.2                 Without prejudice to each Borrower’s obligation under Clause 6.1.1 above, if:
		

		
			 
		

		
			6.1.2.1                    one or more Loans are to be made available to a Borrower:
		

		
			 
		

		
			6.1.2.1.1                      on the same day that a maturing Loan is due to be repaid by that Borrower; and
		

		
			 
		

		
			6.1.2.1.2                      in whole or in part for the purpose of refinancing the maturing Loan; and
		

		
			 
		

		
			6.1.2.2                  the proportion borne by each Lender’s participation in the maturing Loan to the amount of that maturing Loan is the same as the proportion borne by that Lender’s participation in the new Loans to the aggregate amount of those new Loans, the aggregate amount of the new Loans shall, unless the Company notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Loan so that:
		

		
			 
		

		
			6.1.2.3                  if the amount of the maturing Loan exceeds the aggregate amount of the new Loans:
		

		
			 
		

		
			6.1.2.3.1                      the relevant Borrower will only be required to make a payment under Clause 30.1 (Payments to the Agent) in an amount in the relevant currency equal to that excess; and
		

		
			 
		

		
			6.1.2.3.2                      each Lender’s 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 and that Lender will not be required to make a
		

		
			 
		

		
			
		

		
			

		 

		

			-  37  -

		

 

		

		
			 
		

		
			payment under Clause 30.1 (Payments to the Agent) in respect of its participation in the new Loans; and
		

		
			 
		

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

		
			 
		

		
			6.1.2.4.1                      the relevant Borrower will not be required to make a payment under Clause 30.1 (Payments to the Agent); and
		

		
			 
		

		
			6.1.2.4.2                      each Lender will be required to make a payment under Clause 30.1 (Payments to the Agent) in respect of its participation in the new Loans only to the extent that its participation in the new Loans exceeds that Lender’s participation in the maturing Loan and the remainder of that Lender’s 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.
		

		
			 
		

		
			7.         ILLEGALITY, VOLUNTARY 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:
		

		
			 
		

		
			7.1.1                    that Lender shall promptly notify the Agent upon becoming aware of that event;
		

		
			 
		

		
			7.1.2                     upon the Agent notifying the Company, the Available Commitment of that Lender will be immediately cancelled; and
		

		
			 
		

		
			7.1.3                     to the extent that the relevant Lender’s participation has not been transferred pursuant to Clause 36.6 (Replacement of Lender), each Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the Agent has notified the Company or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender’s corresponding Commitment shall be cancelled in the amount of the participations repaid.
		

		
			 
		

		
			7.2              Voluntary cancellation
		

		
			 
		

		
			The Company may, if it gives the Agent not less than 5 Business Days’ prior notice, cancel the whole or any part (being a minimum amount of ZAR50,000,000 and in integral multiples of ZAR10,000,000 of the Available Facility). Any cancellation under this Clause 7.2 (Voluntary Cancellation) shall reduce the Commitments of the Lenders rateably under the Facility.
		

		
			 
		

		
			
		

		
			

		 

		

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			7.3                 Voluntary prepayment of Utilisations
		

		
			 
		

		
			A Borrower to which a Utilisation has been made may, if it or the Company gives the Agent not less than 5 Business Days’ prior notice, prepay the whole or any part of a Utilisation (but if in part, being an amount that reduces the amount of the Utilisation by a minimum amount of ZAR50,000,000 and in integral multiples of ZAR10,000,000).
		

		
			 
		

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

		
			 
		

		
			7.4.1                     If:
		

		
			 
		

		
			7.4.1.1                         any sum payable to any Lender by an Obligor is required to be increased under Clause 14.2 (Tax Gross-Up); or
		

		
			 
		

		
			7.4.1.2                         any Lender claims indemnification from the Company or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased Costs), the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations.
		

		
			 
		

		
			7.4.2                     On receipt of a notice referred to in Clause 7.4.1 in relation to a Lender, the Commitment(s) of that Lender shall immediately be reduced to zero.
		

		
			 
		

		
			7.4.3                     On the last day of each Interest Period which ends after the Company has given notice under Clause 7.4.1 in relation to a Lender (or, if earlier, the date specified by the Company in that notice), each Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents.
		

		
			 
		

		
			8.         MANDATORY PREPAYMENT AND CANCELLATION
		

		
			 
		

		
			8.1              Change of control
		

		
			 
		

		
			8.1.1                     If any person or group of persons acting in concert (other than New TopCo pursuant to the implementation of Project Top Deck) gains control of the Company then the procedure referred to in Clause 8.4 (General Procedure in respect of Specified Prepayment Events) shall be followed.
		

		
			 
		

		
			8.1.2                     For the purpose of Clause 8.1.1 above control means in relation to the Company:
		

		
			 
		

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

		
			 
		

		
			8.1.2.1.1                             cast, or control the casting of, more than:
		

		
			 
		

		
			
		

		
			

		 

		

			-  39  -

		

 

		

		
			 
		

		
			8.1.2.1.1.1                          if the shares are not listed, 50% (fifty percent); or
		

		
			 
		

		
			8.1.2.1.1.2                          for so long as the shares are listed, unless another person or group of persons acting in concert has the power to cast or control the power of casting a higher percentage of such votes, 35% (thirty-five percent), of the maximum number of votes that might be cast at a general meeting of the Company; or
		

		
			 
		

		
			8.1.2.1.2                      appoint or remove all, or the majority, of the directors or other equivalent officers of the Company; or
		

		
			 
		

		
			8.1.2.2                   the holding beneficially and legally of more than 50% (fifty percent) of the issued ordinary share capital of the Company.
		

		
			 
		

		
			8.1.3               For the purpose of Clause 8.1.1 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 directly or indirectly of shares in the Company by any of them, either directly or indirectly, to obtain or consolidate control of the Company.
		

		
			 
		

		
			8.2              Non-Obligor Restricted Companies
		

		
			 
		

		
			8.2.1                 Cross Default
		

		
			 
		

		
			If:
		

		
			 
		

		
			8.2.1.1                  any Financial Indebtedness of a Non-Obligor Restricted Company is not paid when due, or where there is an applicable grace period, within the originally applicable grace period;
		

		
			 
		

		
			8.2.1.2                  any Financial Indebtedness of a Non- Obligor Restricted Company is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described);
		

		
			 
		

		
			8.2.1.3                  any commitment for any Financial Indebtedness of a Non-Obligor Restricted Company is cancelled or suspended by a creditor of such Non-Obligor Restricted Company as a result of an event of default (however described); or
		

		
			 
		

		
			8.2.1.4                  any creditor of a member of a Non-Obligor Restricted Company becomes entitled to declare any Financial Indebtedness of a Non-Obligor Restricted Company due and payable prior to its specified maturity as a result of an event of default (however described); 
		

		
			 
		

		
			and the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness arising pursuant to Clauses 8.2.1.1 to 8.2.1.4 above exceeds an amount of
		

		
			 
		

		
			
		

		
			

		 

		

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			US$15,000,000 (or its equivalent in any other currency or currencies) then the Company shall comply with Clause 8.4 (General Procedure in respect of Specified Prepayment Events).
		

		
			 
		

		
			8.2.2                 Insolvency
		

		
			 
		

		
			If:
		

		
			 
		

		
			8.2.2.1                  any Non-Obligor Restricted Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness;
		

		
			 
		

		
			8.2.2.2                  the board of directors of a Non-Obligor Restricted Company adopts a resolution declaring that relevant Non-Obligor Restricted Company to be Financially Distressed (as defined in the Companies Act) or the board of that Non-Obligor Restricted Company has not timeously delivered the written notice required in terms of section 129(7) of the Companies Act; or
		

		
			 
		

		
			8.2.2.3                  a moratorium is declared or takes effect in respect of any indebtedness of any Non- Obligor Restricted Company; then the Company shall comply with the provisions of Clause 8.4 (General Procedure in respect of Specified Prepayment Events).
		

		
			 
		

		
			8.2.3                 Insolvency Proceedings
		

		
			 
		

		
			If:
		

		
			 
		

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

		
			 
		

		
			8.2.3.1.1                      the suspension of payments, the commencement of business rescue proceedings (whether by any Non-Obligor Restricted Company or by any other person under section 129 of the Companies Act or pursuant to an application by an “affected person” under section 131 of the Companies Act or by the court during any other proceedings in respect of any member of the Group), a moratorium of any Financial Indebtedness, liquidation, winding-up, dissolution, administration, judicial management, or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Non-Obligor Restricted Company;
		

		
			 
		

		
			8.2.3.1.2                      a composition, compromise, assignment or arrangement with any creditor of any Non-Obligor Restricted Company;
		

		
			 
		

		
			
		

		
			

		 

		

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			8.2.3.1.3                      the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager, judicial manager, business rescue practitioner or other similar officer in respect of any Non-Obligor Restricted Company; or
		

		
			 
		

		
			8.2.3.1.4                      enforcement of any Encumbrance over any assets of any Non-Obligor Restricted Company; or
		

		
			 
		

		
			8.2.3.1.5                      any analogous procedure or step is taken in any jurisdiction, and any such procedure or proceedings are not contested in good faith or discharged within 30 (thirty) days (or such shorter period provided for contesting such procedure or proceedings under the laws of the relevant jurisdiction);
		

		
			 
		

		
			8.2.3.2                  a resolution is passed by the board of directors of a Non-Obligor Restricted Company, application is made or an order is applied for or granted, to authorise the entry into or implementation of any business rescue proceedings (or any similar proceedings) in respect of any Non-Obligor Restricted Company or any analogous procedure or step is taken in any jurisdiction, then the Company shall comply with the provisions of Clause 8.4 (General Procedure in respect of Specified Prepayment Events).
		

		
			 
		

		
			8.2.4              Creditors’ Process
		

		
			 
		

		
			If the operation of an attachment, sequestration, distress or execution that affects a material part of the assets or revenues of a Non-Obligor Restricted Company arises and is not discharged within 21 days of such event occurring, then the Company shall comply with the provisions of Clause 8.4 (General Procedure in respect of Specified Prepayment Events).
		

		
			 
		

		
			8.3           Guarantor Threshold Test
		

		
			 
		

		
			If:
		

		
			 
		

		
			8.3.1               the Guarantor Threshold Test is not met on any date upon which it is tested in accordance with Clause 22.3 (General);
		

		
			 
		

		
			8.3.2               at such time all EBITDA contributing wholly-owned Subsidiaries of the Company are or have become Guarantors; and
		

		
			 
		

		
			8.3.3               the Company has failed, after using all reasonable endeavours, to procure that such number of non-wholly-owned Subsidiaries as is required to meet the Guarantor Threshold Test, have bound themselves as Additional Guarantors in accordance with the procedure set out in Clause 26.4 (Additional Guarantors) within 30 days of the Compliance Certificate showing that the Guarantor Threshold Test has not been met,
		

		
			 
		

		
			
		

		
			

		 

		

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			then the Company shall comply with the provisions of Clause 8.4 (General Procedure in respect of Specified Prepayment Events).
		

		
			 
		

		
			8.4                 General procedure in respect of Specified Prepayment Events
		

		
			 
		

		
			If any of the events specified in Clause 8.1 (Change of Control), Clause 8.2 (Non-Obligor Restricted Companies) or Clause 8.3 (Guarantor Threshold) occurs, then:
		

		
			 
		

		
			8.4.1               the Company shall promptly notify the Agent upon becoming aware of that event;
		

		
			 
		

		
			8.4.2               the Company shall enter into negotiations with the Lenders for a period of not more than 60 days from the date of the notice referred to in Clause 8.4.1, with a view to agreeing terms and conditions acceptable to the Company and all of the Lenders for the continuation of the Facility;
		

		
			 
		

		
			8.4.3               during the negotiation period referred to in Clause 8.4.2, a Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan); and
		

		
			 
		

		
			8.4.4               if an agreement is not reached during the negotiation period referred to in Clause 8.4.2, and if a Lender so requires and notifies the Agent after the negotiation period referred to in Clause 8.4.2 has ended, the Agent shall, by not less than 30 days’ notice to the Company, 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 in respect of that Lender due and payable, in which case the Commitment of that Lender will be cancelled and that Lender’s participation in all such outstanding Loans together with accrued interest and all other amounts accrued under the Finance Documents will become due and payable on the date set out in the relevant notice.
		

		
			 
		

		
			8.5                 Sanctions
		

		
			 
		

		
			8.5.1                 If:
		

		
			 
		

		
			8.5.1.1                  a misrepresentation occurs in respect of the representations contained in Clause 20.17 (Anti-Corruption Law and Sanctions); or
		

		
			 
		

		
			8.5.1.2                  a breach of the undertakings contained in Clause 23.6 (Anti-corruption law and sanctions) occurs, each Obligor shall notify the Agent promptly upon becoming aware of that event (unless that Obligor is aware that a notification has already been provided by another Obligor).
		

		
			 
		

		
			8.5.2                 If any event contemplated by Clause 8.5.1 occurs, the following shall apply:
		

		
			 
		

		
			8.5.2.1                 upon the Agent receiving a notice from an Obligor under Clause 8.5.1 or a similar notice from any Finance Party, it shall notify the Lenders as soon as reasonably practicable;
		

		
			 
		

		
			
		

		
			

		 

		

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			8.5.2.2                  a Lender shall not be obliged to fund any Utilisation; and
		

		
			 
		

		
			8.5.2.3                  if a Lender so requires and notifies the Agent, the Agent shall, by not less than 10 days’ notice to the Company, 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 in respect of that Lender due and payable, in which case the Commitment of that Lender will be cancelled and that Lender’s participation in all such outstanding Loans together with accrued interest and all other amounts accrued under the Finance Documents will become due and payable on the date set out in the relevant notice.
		

		
			 
		

		
			9.         RESTRICTIONS
		

		
			 
		

		
			9.1              Notices of cancellation or prepayment
		

		
			 
		

		
			Any notice of cancellation, prepayment, authorisation or other election given by any Party under Clause 7 (Illegality, Voluntary Prepayment and Cancellation) or Clause 8 (Mandatory Prepayment and Cancellation) shall (subject to the terms of those Clauses) 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.
		

		
			 
		

		
			9.2              Interest and other amounts
		

		
			 
		

		
			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.
		

		
			 
		

		
			9.3              Reborrowing of the Facility
		

		
			 
		

		
			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, other than in circumstances where the prepayment or repayment has been made pursuant to Clause 8 (Mandatory Prepayment and Cancellation), in which event the Commitments shall be reduced by the amount prepaid or repaid.
		

		
			 
		

		
			9.4              Prepayment in accordance with Agreement
		

		
			 
		

		
			No Borrower shall repay or prepay all or any part of the Utilisations or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.
		

		
			 
		

		
			9.5              No reinstatement of Commitments
		

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

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			9.6              Agent’s receipt of notices
		

		
			 
		

		
			If the Agent receives a notice under Clause 7 (Illegality, Voluntary Prepayment and Cancellation) or Clause 8 (Mandatory Prepayment and Cancellation), it shall promptly forward a copy of that notice or election to either the Company or the affected Lender, as appropriate.
		

		
			 
		

		
			9.7              Application of prepayments
		

		
			 
		

		
			Any prepayment of a Utilisation under Clause 7.3 (Voluntary Prepayment of Utilisations) shall be applied pro rata to each Lender’s participation in that Utilisation.
		

		
			 
		

		
			10.       INTEREST
		

		
			 
		

		
			10.1            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:
		

		
			 
		

		
			10.1.1              Margin; and
		

		
			 
		

		
			10.1.2              JIBAR.
		

		
			 
		

		
			10.2            Payment of interest
		

		
			 
		

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

		
			 
		

		
			10.3            Default interest
		

		
			 
		

		
			10.3.1             If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to Clause 10.3.2 below is 2% per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 10.3 shall be immediately payable by the Obligor on demand by the Agent.
		

		
			 
		

		
			10.3.2             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:
		

		
			 
		

		
			10.3.2.1                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
		

		
			 
		

		
			
		

		
			

		 

		

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			10.3.2.2                the rate of interest applying to the overdue amount during that first Interest Period shall be 2% per annum higher than the rate which would have applied if the overdue amount had not become due.
		

		
			 
		

		
			10.3.3             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.
		

		
			 
		

		
			10.4            Notification of rates of interest
		

		
			 
		

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

		
			 
		

		
			10.4.2             The Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Loan.
		

		
			 
		

		
			10.5         Margin Adjustment
		

		
			 
		

		
			If the Compliance Certificate received by the Agent which relates to the relevant Annual Financial Statements in relation to a Relevant Measurement Period shows that a higher or lower Margin should have applied during the Covenant Adjustment Period, then the relevant Borrower shall promptly pay to the Agent any amounts, or the Agent shall adjust future payments of interest by amounts (as applicable, in each case necessary to put the Agent and the Lenders and the relevant Borrower in the position they would have been in had the appropriate rate of the Margin applied during such period). Any reduction in interest under this Clause 10.5 will only apply in relation to interest payable to each Lender that, on the date on which such reduced payment is made, retains its participation in the Loans made to the relevant Borrower in respect of which the lower Margin should have applied.
		

		
			 
		

		
			11.       INTEREST PERIODS
		

		
			 
		

		
			11.1            Selection of Interest Periods
		

		
			 
		

		
			11.1.1             A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan.
		

		
			 
		

		
			11.1.2             Subject to this Clause 11, a Borrower (or the Company) may select an Interest Period of one, three or six Months or any other period agreed between the Company, the Agent and all the Lenders.
		

		
			 
		

		
			11.1.3             An Interest Period for a Loan shall not extend beyond the Termination Date.
		

		
			 
		

		
			11.1.4             Each Interest Period for a Loan shall start on the Utilisation Date.
		

		
			 
		

		
			11.1.5             A Loan has one Interest Period only.
		

		
			 
		

		
			
		

		
			

		 

		

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			11.2         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).
		

		
			 
		

		
			12.       CHANGES TO THE CALCULATION OF INTEREST
		

		
			 
		

		
			12.1            Unavailability of Screen Rate
		

		
			 
		

		
			12.1.1              Interpolated Screen Rate
		

		
			 
		

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

		
			 
		

		
			12.1.2              Shortened Interest Period
		

		
			 
		

		
			If no Screen Rate is available for JIBAR for:
		

		
			 
		

		
			12.1.2.1                rand; or
		

		
			 
		

		
			12.1.2.2                the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, the Interest Period of that Loan shall (if it is longer than the applicable Fallback Interest Period) be shortened to the applicable Fallback Interest Period and the applicable JIBAR for that shortened Interest Period shall be determined pursuant to the definition of JIBAR.
		

		
			 
		

		
			12.1.3              Shortened Interest Period and Historic Screen Rate
		

		
			 
		

		
			If the Interest Period of a Loan is, after giving effect to Clause 12.1.2 above, the applicable Fallback Interest Period and no Screen Rate is available for JIBAR for:
		

		
			 
		

		
			12.1.3.1                rand; or
		

		
			 
		

		
			12.1.3.2                the Interest Period of that Loan and it is not possible to calculate the Interpolated Screen Rate, the applicable JIBAR shall be the Historic Screen Rate for that Loan.
		

		
			 
		

		
			12.1.4              Shortened Interest Period and Interpolated Historic Screen Rate
		

		
			 
		

		
			If Clause 12.1.3 above applies but no Historic Screen Rate is available for the Interest Period of the Loan, the applicable JIBAR shall be the Interpolated Historic Screen Rate for a period equal in length to the Interest Period of that Loan.
		

		
			
		

		
			

		 

		

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			12.1.5              Cost of funds
		

		
			 
		

		
			If Clause 12.1.4 above applies but it is not possible to calculate the Interpolated Historic Screen Rate, the Interest Period of that Loan shall, if it has been shortened pursuant to Clause 12.1.2 above, revert to its previous length and there shall be no JIBAR for that Loan and Clause 12.3 (Cost of Funds) shall apply to that Loan for that Interest Period.
		

		
			 
		

		
			12.2            Market disruption
		

		
			 
		

		
			If before close of business in Johannesburg on the Quotation Day for the relevant Interest Period the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35% of that Loan) that the cost to it of funding its participation in that Loan from the wholesale market for rand would be in excess of JIBAR then Clause 12.3 (Cost of Funds) shall apply to that Loan for the relevant Interest Period.
		

		
			 
		

		
			12.3            Cost of funds
		

		
			 
		

		
			12.3.1             If this Clause 12.3 applies, the rate of interest on each Lender’s share of the relevant Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:
		

		
			 
		

		
			12.3.1.1                the Margin; and
		

		
			 
		

		
			12.3.1.2                the rate notified to the Agent by that Lender as soon as practicable and in any event  by close of business on the date falling two Business Days after the Quotation Day (or, if earlier, on the date falling five Business Days prior to the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select.
		

		
			 
		

		
			12.3.2             If this Clause 12.3 applies and the Agent or the Company so requires, the Agent and the Company shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest.
		

		
			 
		

		
			12.3.3             Any alternative basis agreed pursuant to Clause 12.3.2 above shall, with the prior consent  of all the Lenders and the Company, be binding on all Parties.
		

		
			 
		

		
			12.4            Break Costs
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

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			13.       FEES
		

		
			 
		

		
			13.1            Commitment fee
		

		
			 
		

		
			13.1.1             The Company shall pay, or shall procure that an Obligor shall pay to the Agent (for the account of each Lender) a fee computed at the rate of 0,84% per annum on that Lender’s Available Commitment for the Availability Period.
		

		
			 
		

		
			13.1.2             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.
		

		
			 
		

		
			13.2            Participation fee
		

		
			 
		

		
			The Company shall pay to the Original Lenders an arrangement fee in the amount and at the times agreed in a Fee Letter.
		

		
			 
		

		
			13.3            Agency fee
		

		
			 
		

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

		
			 
		

		
			14.       TAX GROSS UP AND INDEMNITIES
		

		
			 
		

		
			14.1            Definitions
		

		
			 
		

		
			14.1.1              In this Agreement:
		

		
			 
		

		
			14.1.1.1               Income Tax Act means the Income Tax Act, 1962 of South Africa.
		

		
			 
		

		
			14.1.1.2               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.
		

		
			 
		

		
			14.1.1.3               Qualifying Lender means a Lender which is beneficially entitled to interest as defined in section 24J(1) of the Income Tax Act) payable to that Lender in respect of an advance under a Finance Document and is:
		

		
			 
		

		
			14.1.1.3.1                    a Lender which is tax resident in South Africa;
		

		
			 
		

		
			14.1.1.3.2                    a Lender which is not tax resident in South Africa if:
		

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

			-  49  -

		

 

		

		
			 
		

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

		
			 
		

		
			14.1.1.3.2.3                        that Lender has by the due date for payment of that interest submitted to the Borrower a declaration (a Tax Declaration) in such form as may be prescribed by the Commissioner for the South African Revenue Service pursuant to section 50E(2) of the Income Tax Act that that Lender is, in terms of section 50D(3) of the Income Tax Act, exempt from the withholding tax on interest in respect of that payment; or
		

		
			 
		

		
			14.1.1.3.2.4                        a Treaty Lender.
		

		
			 
		

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

		
			 
		

		
			14.1.1.5                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.
		

		
			 
		

		
			14.1.1.6                Tax Payment means either the increase in a payment made by an Obligor to a Finance Party under Clause 14.2 (Tax Gross-Up) or a payment under Clause 14.3 (Tax Indemnity).
		

		
			 
		

		
			14.1.1.7                Treaty Lender means a Lender which:
		

		
			 
		

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

		
			 
		

		
			14.1.1.7.2                    does not carry on a business in South Africa through a permanent establishment with which that Lender’s participation in the Loan is effectively connected; and
		

		
			 
		

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

		
			 
		

		
			14.1.1.8                Treaty State means a jurisdiction having a double taxation agreement (a Treaty) with South Africa which makes provision for full exemption from Tax imposed by South Africa on interest.
		

		
			 
		

		
			14.1.2             Unless a contrary indication appears, in this Clause 14 a reference to determines or determined means a determination made in the absolute discretion of the person making the determination.
		

		
			 
		

		
			14.2            Tax gross-up
		

		
			 
		

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

		
			 
		

		
			14.2.2             The Company shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify  the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in
		

		
			 
		

		
			
		

		
			

		 

		

			-  50  -

		

 

		

		
			 
		

		
			respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Company and that Obligor.
		

		
			 
		

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

		
			 
		

		
			14.2.4             A payment shall not be increased under Clause 14.2.3 above by reason of a Tax Deduction on account of Tax imposed by South Africa, if on the date on which the payment falls due:
		

		
			 
		

		
			14.2.4.1                the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published concession of any relevant taxing authority; or
		

		
			 
		

		
			14.2.4.2                the relevant Lender is a Qualifying Lender solely by virtue of Clause 14.1.1.3.2 of the definition of Qualifying Lender and the relevant Lender has not given a Tax Declaration to the Borrower by the due date for the relevant interest payment; or
		

		
			 
		

		
			14.2.4.3                the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under Clause 14.2.7 below.
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			14.2.7             A Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in completing any procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction.
		

		
			 
		

		
			14.3            Tax indemnity
		

		
			 
		

		
			14.3.1             The Company shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party
		

		
			 
		

		
			
		

		
			

		 

		

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			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.
		

		
			 
		

		
			14.3.2             Clause 14.3.1 above shall not apply:
		

		
			 
		

		
			14.3.2.1                with respect to any Tax assessed on a Finance Party 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, 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
		

		
			 
		

		
			14.3.2.2                to the extent a loss, liability or cost:
		

		
			 
		

		
			14.3.2.2.1                    is compensated for by an increased payment under Clause 14.2 (Tax Gross-Up); or
		

		
			 
		

		
			14.3.2.2.2                    would have been compensated for by an increased payment under Clause 14.2 (Tax Gross-Up) but was not so compensated solely because one of the exclusions in Clause 14.2.4 of Clause 14.2 (Tax Gross-Up) applied; or
		

		
			 
		

		
			14.3.2.2.3                    related to a FATCA Deduction required to be made by a Party.
		

		
			 
		

		
			14.3.3             A Protected Party making, or intending to make, a claim under Clause 14.3.1 above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Company.
		

		
			 
		

		
			14.3.4             A Protected Party shall, on receiving a payment from an Obligor under this Clause 14.3, notify the Agent.
		

		
			 
		

		
			14.4            Tax Credit
		

		
			 
		

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

		
			 
		

		
			14.4.1.1                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
		

		
			 
		

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

		
			 
		

		
			14.4.2             Each Finance Party and each of its affiliates have sole and absolute discretion as to how they organise their respective Tax affairs and none of them are under any obligation to utilise any amount of the Tax Payment as a Tax Credit.
		

		
			 
		

		
			
		

		
			

		 

		

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			14.4.3             Each Finance Party and each of its affiliates have no obligation to disclose any information whatsoever regarding their Tax affairs to any other Party.
		

		
			 
		

		
			14.5            Lender status confirmation
		

		
			 
		

		
			14.5.1             Each Lender which becomes a Party to this Agreement after the Signature Date shall indicate, in the Transfer Certificate or Substitute Affiliate Lender Designation Notice which it executes on becoming a Party, and for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in:
		

		
			 
		

		
			14.5.1.1                not a Qualifying Lender;
		

		
			 
		

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

		
			 
		

		
			14.5.1.3                a Treaty Lender.
		

		
			 
		

		
			14.5.2             If a New Lender, Replacement Lender or Substitute Affiliate Lender fails to indicate its status in accordance with this Clause 14.5 then such New Lender, Replacement Lender or Substitute Affiliate Lender (as the case may be) shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Company). For the avoidance of doubt, a Transfer Certificate or Substitute Affiliate Lender Designation Notice shall not be invalidated by any failure of a Lender to comply with this Clause 14.5.
		

		
			 
		

		
			14.6           Stamp taxes
		

		
			 
		

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

		
			 
		

		
			14.7            VAT
		

		
			 
		

		
			14.7.1             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 Clause 14.7.2 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).
		

		
			 
		

		
			14.7.2             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
		

		
			 
		

		
			
		

		
			

		 

		

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			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):
		

		
			 
		

		
			14.7.2.1                (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 Clause 14.7.2.1 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
		

		
			 
		

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

		
			 
		

		
			14.7.3             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.
		

		
			 
		

		
			14.7.4             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.
		

		
			 
		

		
			14.8            FATCA Information
		

		
			 
		

		
			14.8.1              Subject to Clause 14.8.3 below, each Party shall, within ten Business Days of a reasonable request by another Party:
		

		
			 
		

		
			14.8.1.1                 confirm to that other Party whether it is:
		

		
			 
		

		
			14.8.1.1.1                    a FATCA Exempt Party; or
		

		
			 
		

		
			14.8.1.1.2                    not a FATCA Exempt Party;
		

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

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

		
			 
		

		
			14.8.2             If a Party confirms to another Party pursuant to Clause 14.8.1.1 above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.
		

		
			 
		

		
			14.8.3             Clause 14.8.1 above shall not oblige any Finance Party to do anything, and Clause 14.8.1.3 above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:
		

		
			 
		

		
			14.8.3.1                 any law or regulation;
		

		
			 
		

		
			14.8.3.2                 any fiduciary duty; or
		

		
			 
		

		
			14.8.3.3                 any duty of confidentiality.
		

		
			 
		

		
			14.8.4             If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with Clause 14.8.1.1 or 14.8.1.2 above (including, for the avoidance of doubt, where Clause 14.8.3 above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.
		

		
			 
		

		
			14.8.5             If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Lender shall, within ten Business Days of:
		

		
			 
		

		
			14.8.5.1                where an Original Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the Signature Date;
		

		
			 
		

		
			14.8.5.2                where a Borrower is a US Tax Obligor on a Transfer Date and the relevant Lender is a New Lender, the relevant Transfer Date;
		

		
			 
		

		
			14.8.5.3                the date a new US Tax Obligor accedes as a Borrower; or
		

		
			 
		

		
			14.8.5.4          where a Borrower is not a US Tax Obligor, the date of a request from the Agent, supply to the Agent:
		

		
			 
		

		
			14.8.5.5                a withholding certificate on Form W-8, Form W-9 or any other relevant form; or
		

		
			 
		

		
			14.8.5.6                any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status of such Lender under FATCA or that other law or regulation.
		

		
			 
		

		
			
		

		
			

		 

		

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			14.8.6             The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause 14.8.5 to the relevant Borrower.
		

		
			 
		

		
			14.8.7             If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender pursuant to Clause 14.8.5 is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower.
		

		
			 
		

		
			14.8.8             The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause 14.8.5 or 14.8.7 without further verification. The Agent shall not be liable for any action taken by it under or in connection with Clauses 14.8.5, 14.8.6 or 14.8.7.
		

		
			 
		

		
			14.9           FATCA Deduction
		

		
			 
		

		
			14.9.1             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.
		

		
			 
		

		
			14.9.2             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 Company and the Agent and the Agent shall notify the other Finance Parties.
		

		
			 
		

		
			15.       INCREASED COSTS
		

		
			 
		

		
			15.1            Increased costs
		

		
			 
		

		
			15.1.1             Subject to Clause 15.3 (Exceptions) the Company shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the Signature Date or (iii) the implementation or application or compliance with Basel III or CRD IV or any other law or regulation which implements Basel III or CRD IV (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).
		

		
			 
		

		
			15.1.2             In this Agreement Increased Costs means:
		

		
			 
		

		
			
		

		
			

		 

		

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

		
			 
		

		
			15.1.2.2                an additional or increased cost; or
		

		
			 
		

		
			15.1.2.3                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.
		

		
			 
		

		
			15.2            Increased cost claims
		

		
			 
		

		
			15.2.1             A Finance Party intending to make a claim pursuant to Clause 15.1 (Increased Costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Company.
		

		
			 
		

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

		
			 
		

		
			15.2.3             Each Finance Party providing a certificate in terms of Clause 15.2.2, is not required to disclose any information it deems to be confidential or commercially sensitive.
		

		
			 
		

		
			15.3            Exceptions
		

		
			 
		

		
			15.3.1              Clause 15.1 (Increased Costs) does not apply to the extent any Increased Cost is:
		

		
			 
		

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

		
			 
		

		
			15.3.1.2                attributable to a FATCA Deduction required to be made by a Party;
		

		
			 
		

		
			15.3.1.3                compensated for by Clause 14.3 (Tax Indemnity) (or would have been compensated for under Clause 14.3 (Tax Indemnity) but was not so compensated solely because any of the exclusions in Clause 14.3.2 of Clause 14.3 (Tax Indemnity) applied); or
		

		
			 
		

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

		
			 
		

		
			15.3.1.5                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 on the Signature Date (but excluding any Increased Costs arising out of Basel III or CRD IV or any other law or regulation which implements Basel III or CRD IV (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates)).
		

		
			 
		

		
			
		

		
			

		 

		

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			15.3.2              In this Clause 15.3, a reference to:
		

		
			 
		

		
			15.3.2.1                 a  Tax Deduction has the same meaning given to that term in Clause 14.1 (Definitions);
		

		
			 
		

		
			15.3.2.2                 Basel III means:
		

		
			 
		

		
			15.3.2.2.1                    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;
		

		
			 
		

		
			15.3.2.2.2                    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
		

		
			 
		

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

		
			 
		

		
			15.3.2.3                 CRD IV means:
		

		
			 
		

		
			15.3.2.3.1                    Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms; and
		

		
			 
		

		
			15.3.2.3.2                    Directive 2013/36/EU of the European Parliament and the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.
		

		
			 
		

		
			16.       OTHER INDEMNITIES
		

		
			 
		

		
			16.1            Currency indemnity
		

		
			 
		

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

		
			 
		

		
			16.1.1.1                making or filing a claim or proof against that Obligor;
		

		
			 
		

		
			16.1.1.2                obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability
		

		
			 
		

		
			
		

		
			

		 

		

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			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.
		

		
			 
		

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

		
			 
		

		
			16.2            Other indemnities
		

		
			 
		

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

		
			 
		

		
			16.2.1             the occurrence of any Event of Default;
		

		
			 
		

		
			16.2.2             a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 29 (Sharing Among Finance Parties);
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			16.3            Environmental Indemnity
		

		
			 
		

		
			The Obligors agree to indemnify each Finance Party, each Affiliate of a Finance Party and  their respective directors, officers and employees (together, the Indemnified Parties), within three Business Days of demand, against any cost, loss, damages or liability (actual or contingent) suffered or incurred by that Indemnified Party (including all legal costs incurred by any Finance Party) (except to the extent solely caused by such Indemnified Party’s own gross negligence or wilful default) which arises, directly or indirectly, as a result of or in connection with:
		

		
			 
		

		
			16.3.1             the provision by the Lenders of the financing provided pursuant to the Finance Documents and/or the purpose for which such financing was utilised;
		

		
			 
		

		
			16.3.2             any litigation commenced against any Indemnified Party arising out of the execution or performance of, or enforcement by the Lenders of any rights under, any Finance Document;
		

		
			 
		

		
			
		

		
			

		 

		

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			16.3.3             an environmental claim;
		

		
			 
		

		
			16.3.4             any actual or alleged violation of any environmental laws resulting from, or in connection with, the assets or business of the Obligors and/or any transaction financed or to be financed with the proceeds of any advances made under the Finance Documents; or
		

		
			 
		

		
			16.3.5             any enquiry, investigation, subpoena (or similar order) or litigation with respect to any environmental claim and any other enquiry, investigation, subpoena (or similar order) or litigation in respect of any breach of any environmental law that has or is reasonably likely to give rise to a liability for any Finance Party, which relates to the Group, any assets of the Group or the operation of all or part of the business of the Group (or, in each case, any member of the Group) and which would not have arisen if the Finance Documents or any of them had not been executed by that Finance Party. Any Affiliate or any director, officer or employee of a Finance Party or its Affiliate may rely on this Clause 16.3 as a stipulation for its or his benefit.
		

		
			 
		

		
			16.4            Indemnity to the Agent
		

		
			 
		

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

		
			 
		

		
			16.4.1              investigating any event which it reasonably believes is a Default;
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			17.       MITIGATION BY THE LENDERS
		

		
			 
		

		
			17.1            Mitigation
		

		
			 
		

		
			17.1.1             Each Finance Party shall, in consultation with the Company, 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 14 (Tax Gross Up and Indemnities) or Clause 15 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.
		

		
			 
		

		
			17.1.2             Clause 17.1.1 above does not in any way limit the obligations of any Obligor under the Finance Documents.
		

		
			 
		

		
			
		

		
			

		 

		

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			17.2            Limitation of liability
		

		
			 
		

		
			17.2.1             The Company 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 17.1 (Mitigation).
		

		
			 
		

		
			17.2.2             A Finance Party is not obliged to take any steps under Clause 17.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.
		

		
			 
		

		
			18.       COSTS AND EXPENSES
		

		
			 
		

		
			18.1            Transaction expenses
		

		
			 
		

		
			The Company shall promptly on demand pay any Finance Party the amount of all costs and expenses (including legal fees subject to any agreed cap) reasonably incurred by such Finance Party in connection with the negotiation, preparation, printing, execution and syndication of:
		

		
			 
		

		
			18.1.1              this Agreement and any other documents referred to in this Agreement; and
		

		
			 
		

		
			18.1.2              any other Finance Documents executed after the Signature Date.
		

		
			 
		

		
			18.2            Amendment costs
		

		
			 
		

		
			If:
		

		
			 
		

		
			18.2.1              an Obligor requests an amendment, waiver or consent in respect of a Finance Document or any document referred to in this Agreement; or
		

		
			 
		

		
			18.2.2              an amendment is required pursuant to Clause 30.10 (Change of Currency), the Company shall, within three Business Days of demand, reimburse the Agent for the amount of all costs and expenses (including legal fees, subject to any agreed cap) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement.
		

		
			 
		

		
			18.3            Enforcement costs
		

		
			 
		

		
			The Company shall, within three 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.
		

		
			 
		

		
			
		

		
			

		 

		

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			19.       GUARANTEE AND INDEMNITY
		

		
			 
		

		
			19.1            Guarantee and indemnity
		

		
			 
		

		
			Each Guarantor irrevocably and unconditionally jointly and severally:
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			19.1.3             agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 19 if the amount claimed had been recoverable on the basis of a guarantee.
		

		
			 
		

		
			19.2            Continuing guarantee
		

		
			 
		

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

		
			 
		

		
			19.3            Reinstatement
		

		
			 
		

		
			If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 19 will continue or be reinstated as if the discharge, release or arrangement had not occurred.
		

		
			 
		

		
			19.4            Waiver of defences
		

		
			 
		

		
			The obligations of each Guarantor under this Clause 19 will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 19 (without limitation and whether or not known to it or any Finance Party) including:
		

		
			 
		

		
			19.4.1              any time, waiver or consent granted to, or composition with, any Obligor or other person;
		

		
			 
		

		
			
		

		
			

		 

		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			19.4.7             any insolvency or similar proceedings.
		

		
			 
		

		
			19.5            Immediate recourse
		

		
			 
		

		
			Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 19. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.
		

		
			 
		

		
			19.6            Appropriations
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			19.6.2             hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor’s liability under this Clause 19.
		

		
			 
		

		
			
		

		
			

		 

		

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			19.7            Deferral of Guarantors’ rights
		

		
			 
		

		
			Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19:
		

		
			 
		

		
			19.7.1             to be indemnified by an Obligor;
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			19.7.4             to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 19.1 (Guarantee and Indemnity);
		

		
			 
		

		
			19.7.5             to exercise any right of set-off against any Obligor; and/or
		

		
			 
		

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

		
			 
		

		
			If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 30 (Payment Mechanics).
		

		
			 
		

		
			19.8            Release of Guarantors’ right of contribution
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

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

		
			 
		

		
			19.9            Additional security
		

		
			 
		

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

		
			 
		

		
			19.10         US Guarantors
		

		
			 
		

		
			Terms used in this Clause 19.10 are to be construed in accordance with any applicable fraudulent transfer laws.
		

		
			 
		

		
			19.10.1           Each US Guarantor acknowledges that it will receive valuable direct or indirect benefits as a result of the transactions financed by the Finance Documents.
		

		
			 
		

		
			19.10.2           Each Finance Party agrees that each US Guarantor's liability under this Clause 19 is limited so that no obligation of, or transfer by, any US Guarantor under this Clause 19 is subject to avoidance and turnover under any fraudulent transfer law.
		

		
			 
		

		
			19.10.3            Each US Guarantor represents and warrants to each Finance Party that:
		

		
			 
		

		
			19.10.3.1              the aggregate amount of its debts (including its obligations under the Finance Documents) is less than the aggregate value (being the lesser of fair valuation and present fair saleable value) of its assets;
		

		
			 
		

		
			19.10.3.2              its capital is not unreasonably small to carry on its business as it is being conducted;
		

		
			 
		

		
			19.10.3.3              it has not incurred and does not intend to incur debts beyond its ability to pay as they mature;
		

		
			 
		

		
			19.10.3.4              it has not made a transfer or incurred any obligation under any Finance Document with the intent to hinder, delay or defraud any of its present or future creditors; and
		

		
			 
		

		
			19.10.3.5              its obligations under the Finance Documents are not subject to avoidance and turnover under any fraudulent transfer law.
		

		
			 
		

		
			19.10.4            Each representation and warranty in this Clause 19.10:
		

		
			 
		

		
			19.10.4.1               is made by Stillwater on the date on which it accedes to this Agreement;
		

		
			 
		

		
			19.10.4.2               is deemed to be repeated by:
		

		
			 
		

		
			
		

		
			

		 

		

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			19.10.4.2.1                  each Additional Guarantor on the date that Additional Guarantor becomes a US Guarantor; and
		

		
			 
		

		
			19.10.4.2.2                  each US Guarantor on the date of each Utilisation Request and the first day of each Interest Period; and
		

		
			 
		

		
			19.10.4.3               is, when repeated, applied to the circumstances existing at the time of repetition.
		

		
			 
		

		
			20.       REPRESENTATIONS
		

		
			 
		

		
			Each Obligor makes the representations and warranties in respect of itself and, where expressly provided, each Restricted Company or Subsidiary (as the case may be), set out in this Clause 20 to each Finance Party on the Signature Date.
		

		
			 
		

		
			20.1            Status
		

		
			 
		

		
			20.1.1             Each Restricted Company is a limited liability company, duly incorporated and validly existing under the law of its jurisdiction of incorporation.
		

		
			 
		

		
			20.1.2             Each Restricted Company has the power to own its assets and carry on its business as it is being conducted.
		

		
			 
		

		
			20.2            Binding obligations
		

		
			 
		

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

		
			 
		

		
			20.3            Non-conflict with other obligations
		

		
			 
		

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

		
			 
		

		
			20.3.1              any law or regulation applicable to it;
		

		
			 
		

		
			20.3.2              its constitutional documents; or
		

		
			 
		

		
			20.3.3              any material agreement or instrument binding upon it or any of its assets.
		

		
			 
		

		
			20.4            Power and authority
		

		
			 
		

		
			Each Obligor 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.
		

		
			 
		

		
			20.5            Validity and admissibility in evidence
		

		
			 
		

		
			All Authorisations required or desirable:
		

		
			 
		

		
			
		

		
			

		 

		

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

		
			 
		

		
			20.5.2             for the validity or enforceability of any Finance Document to which each Obligor is a party or to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, have been obtained or effected and are in full force and effect including, without limitation, any authorisation required from the South African Reserve Bank.
		

		
			 
		

		
			20.6            Governing law and enforcement
		

		
			 
		

		
			20.6.1             Subject to the Legal Reservations, the choice of law specified as the governing law of the Finance Documents to which each Obligor is a party will be recognised and enforced in its jurisdiction of incorporation.
		

		
			 
		

		
			20.6.2             Subject to the Legal Reservations, any judgment obtained in relation to a Finance Document in the jurisdiction of the governing law of that Finance Document will be recognised and enforced in its jurisdiction of incorporation.
		

		
			 
		

		
			20.7            Insolvency
		

		
			 
		

		
			20.7.1             No Restricted Company has taken any corporate action, nor have any legal proceedings or creditors’ process been started or (to the best of its knowledge and belief) threatened against it, for its winding-up, dissolution or business rescue, or for the appointment of a liquidator, business rescue practitioner or similar officer of it or of its assets.
		

		
			 
		

		
			20.7.2             No Restricted Company is “financially distressed” (as defined in the Companies Act), to the extent that Applicable Inter-company Loans are excluded from the calculation of the fair value of such Restricted Company’s liabilities.
		

		
			 
		

		
			20.8            No filing or stamp taxes
		

		
			 
		

		
			Except to the extent set out in any legal opinion provided pursuant to the Finance Documents, under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents to which it is a party 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.
		

		
			 
		

		
			20.9            No deduction of Tax
		

		
			 
		

		
			As at the Signature Date, it is not required to make any deduction for or on account of tax from any payment it may make under any Finance Document to which it is a party, other than the withholding tax on interest income required to be withheld from interest income payable by South African tax residents to non-Qualifying Lenders.
		

		
			 
		

		
			
		

		
			

		 

		

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			20.10         No default
		

		
			 
		

		
			20.10.1           As at the Signature Date, the Effective Date and the first Utilisation Date, no Default is continuing or might reasonably be expected to result from the entry into of, or the performance of any transaction contemplated by, the Finance Documents or from its making use of any Utilisation.
		

		
			 
		

		
			20.10.2           As at any date falling after the first Utilisation Date, no Event of Default is continuing or  might reasonably be expected to result from the entry into of, or the performance of any transaction contemplated by, the Finance Documents or from it making use of any Utilisation.
		

		
			 
		

		
			20.10.3           No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or to which its assets are subject which could reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			20.11         No misleading information
		

		
			 
		

		
			20.11.1           Any information provided to the Finance Parties in connection with the Finance Documents was true and accurate in all material respects as at the date of the relevant report or document containing the information or (as the case may be) as at the date the information is expressed to be given.
		

		
			 
		

		
			20.11.2           Any financial projections provided to the Finance Parties in connection with the Finance Documents have been prepared on the basis of recent historical information and is believed in good faith to be based on reasonable assumptions.
		

		
			 
		

		
			20.11.3           No information provided to the Finance Parties in connection with the Finance Documents omits as at its date any information which, if disclosed, would reasonably be expected to materially and adversely affect the decision of the Lenders in considering whether or not to provide finance to the Borrowers under this Agreement.
		

		
			 
		

		
			20.11.4           Nothing has occurred since the date of the provision of information to the Finance Parties in connection with the Finance Documents which, if disclosed, would reasonably be expected to materially and adversely affect the decision of the Lenders in considering whether or not to provide finance to the Borrowers under this Agreement.
		

		
			 
		

		
			20.12         Financial statements
		

		
			 
		

		
			20.12.1           In relation to the Company, its latest audited annual financial statements were prepared in accordance with IFRS and fairly represent the Group’s financial condition and operations during the relevant financial period (on a consolidated basis, where applicable).
		

		
			 
		

		
			20.12.2           In relation to any Obligor other than the Company or, if applicable, any US Debtor, its latest audited annual financial statements were prepared in accordance with IFRS and fairly
		

		
			 
		

		
			
		

		
			

		 

		

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			represent its financial condition and operations during the relevant financial period (on a consolidated basis, where applicable).
		

		
			 
		

		
			20.12.3           In relation to any US Debtor (after it has become an Obligor), its latest audited annual financial statements were prepared in accordance with US GAAP or IFRS and fairly represent its financial condition and operations during the relevant financial period (on a consolidated basis, where applicable).
		

		
			 
		

		
			20.13         No proceedings pending or threatened
		

		
			 
		

		
			Other than:
		

		
			 
		

		
			20.13.1           as disclosed in its Financial Statements most recently delivered to the Agent; and
		

		
			 
		

		
			20.13.2           the potential litigation disclosed in Schedule 11 (Litigation), no litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency have been started or (to the best of its knowledge and belief, after due enquiry) threatened in writing against it which are reasonably expected to have a Material Adverse Effect.
		

		
			 
		

		
			20.14         No breach of laws
		

		
			 
		

		
			20.14.1           No Restricted Company is, nor is it likely to be as a result of entering into and performing its obligations under the Finance Documents to which it is a party, in violation of any law or in breach of or in default under any agreement to which it is a party or which is binding on it or any of its assets to an extent or in a manner which would be reasonably expected to have a Material Adverse Effect.
		

		
			 
		

		
			20.14.2           No Restricted Company has breached any law or regulation (including environmental laws) which breach has or would be reasonably expected to have a Material Adverse Effect.
		

		
			 
		

		
			20.15         Environmental laws
		

		
			 
		

		
			20.15.1           Each Restricted Company is in compliance with the undertakings given in Clause 23.3 (Environmental compliance) and Clause 23.5 (Environmental Information and  Undertakings) regarding environmental compliance and claims, save to the extent that such non-compliance would not be reasonably expected to have a Material Adverse Effect and (to the best of its knowledge and belief) no circumstances have occurred which would prevent such compliance in a manner or to an extent which has or would be reasonably expected to have a Material Adverse Effect.
		

		
			 
		

		
			20.15.2           Each Restricted Company has adopted and complies with an environmental policy which requires monitoring of, and all applicable environmental laws and permits applicable to it
		

		
			 
		

		
			
		

		
			

		 

		

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			from time to time, unless non-compliance with such policy would not be reasonably expected to cause a Material Adverse Effect.
		

		
			 
		

		
			20.15.3           No environmental claim has commenced or (to the best of its knowledge and belief (having made due and careful enquiry)) is threatened against any member of the Group where that claim has or would reasonably be expected if adversely determined to have a Material Adverse Effect.
		

		
			 
		

		
			20.16         Taxation
		

		
			 
		

		
			20.16.1           Each Restricted Company has duly and punctually paid and discharged all taxes imposed upon it or its assets within the time period allowed without incurring penalties, except to the extent that:
		

		
			 
		

		
			20.16.1.1               payment is being contested in good faith;
		

		
			 
		

		
			20.16.1.2               it has maintained adequate reserves for those taxes; and
		

		
			 
		

		
			20.16.1.3               payment can be lawfully withheld.
		

		
			 
		

		
			20.16.2           The representation in Clause 20.16.1 shall not apply where the representation or statement relates to taxes, which do not in aggregate exceed US$15,000,000 (or its equivalent in any other currency or currencies) in any Financial Year.
		

		
			 
		

		
			20.17         Anti-corruption law and sanctions
		

		
			 
		

		
			20.17.1           It and its Subsidiaries have conducted their businesses in compliance with applicable anti- corruption and anti-money laundering laws and regulations and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws and regulations.
		

		
			 
		

		
			20.17.2            None of the Company or any of its Subsidiaries or any of their respective directors:
		

		
			 
		

		
			20.17.2.1              is a Person that is, or is owned or controlled by Persons that are, the subject of any Sanctions; or
		

		
			 
		

		
			20.17.2.2              is located, organised or resident in a country or territory that is, or whose government is, the subject of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria.
		

		
			 
		

		
			20.17.3           For the purpose of this Clause 20.17 (Anti corruption law and sanctions) and Clause 23.6 (Anti corruption law and sanctions):
		

		
			 
		

		
			20.17.3.1              Governmental Authority means the government of any jurisdiction, or any political subdivision thereof, whether provincial, state or local, and any department, ministry, agency, instrumentality, authority, body, court, central bank or other entity lawfully
		

		
			 
		

		
			
		

		
			

		 

		

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			exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.
		

		
			 
		

		
			20.17.3.2              Person means an individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership.
		

		
			 
		

		
			20.17.3.3              OFAC means the Office of Foreign Assets Control of the US Department of the Treasury.
		

		
			 
		

		
			20.17.3.4              Sanctions means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any of the Sanctions Authorities.
		

		
			 
		

		
			20.17.3.5             Sanctions Authorities means: 
		

		
			 
		

		
			20.17.3.5.1                  the United States government; 20.17.3.5.2 the United Nations;
		

		
			 
		

		
			20.17.3.5.3                  the European Union;
		

		
			 
		

		
			20.17.3.5.4                  the United Kingdom; or
		

		
			 
		

		
			20.17.3.5.5                  the respective Governmental Authorities of any of the foregoing, including without limitation, OFAC, the US Department of State and Her Majesty’s Treasury of the United Kingdom.
		

		
			 
		

		
			20.18         Security and Financial Indebtedness
		

		
			 
		

		
			20.18.1           No Encumbrance exists over all or any Restricted Company’s assets except for Permitted Encumbrances.
		

		
			 
		

		
			20.18.2           No member of the Group other than an Obligor or a Project Finance Subsidiary has any Financial Indebtedness outstanding other than Permitted Financial Indebtedness.
		

		
			 
		

		
			20.19         Pari passu ranking
		

		
			 
		

		
			Each Obligor’s payment obligations under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally in the jurisdiction of its incorporation.
		

		
			 
		

		
			20.20         Good title to assets
		

		
			 
		

		
			Each Restricted Company has good title to or valid leases or licences of, all of the assets necessary to carry on its business as presently conducted, the absence of which would reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			
		

		
			

		 

		

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			20.21         Intellectual property
		

		
			 
		

		
			No Restricted Company is aware of any adverse circumstances relating to any intellectual property required for use in its business which has or would be reasonably expected to have a Material Adverse Effect.
		

		
			 
		

		
			20.22         Accounting reference date
		

		
			 
		

		
			The accounting reference date of each member of the Group (except for a person that has become a member of the Group in the three Months preceding the date on which this representation is made or deemed to be made) is 31 December.
		

		
			 
		

		
			20.23         No Material Adverse Effect
		

		
			 
		

		
			There has been no material adverse change in the business, operations, properties or financial condition of the Group taken as a whole, in respect of the representations made on the Signature Date, since the date of the audited annual financial statements of the Company for the year ended 31 December 2015 and, in respect of each representation made after the Signature Date, since the date of the most recent audited annual financial statements of the Company.
		

		
			 
		

		
			20.24         US Regulations
		

		
			 
		

		
			It is not:
		

		
			 
		

		
			20.24.1           a public utility (as such term is used in the United States Federal Power Act of 1920) or subject to regulation under the United States Federal Power Act of 1920);
		

		
			 
		

		
			20.24.2           required to be registered as an investment company (as such term is used in the United States Investment Company Act of 1940) or subject to regulation under the United States Investment Company Act of 1940; or
		

		
			 
		

		
			20.24.3           subject to regulation under any United States Federal or State law or regulation that limits its ability to incur or guarantee indebtedness.
		

		
			 
		

		
			20.25         Repetition
		

		
			 
		

		
			20.25.1           All the representations and warranties in this Clause are made by the Obligors on the Signature Date and the Effective Date.
		

		
			 
		

		
			20.25.2           The Repeating Representations are deemed to be made by the Company and each Obligor in respect of itself, and where expressly stated, in respect of each Restricted Company, by reference to the facts and circumstances then existing on:
		

		
			 
		

		
			20.25.2.1               the date of each Utilisation Request and the first day of each Interest Period; and
		

		
			 
		

		
			
		

		
			

		 

		

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			20.25.2.2              in the case of an Additional Obligor, the day on which the company becomes (or it is proposed that the company becomes) an Additional Obligor.
		

		
			 
		

		
			21.       INFORMATION UNDERTAKINGS
		

		
			 
		

		
			The undertakings in this Clause 21 remain in force from the Signature Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.
		

		
			 
		

		
			21.1            Financial statements
		

		
			 
		

		
			The Company shall supply to the Agent in sufficient copies for all the Lenders:
		

		
			 
		

		
			21.1.1              as soon as the same become available, but in any event within 120 days after the end of each of its Financial Years:
		

		
			 
		

		
			21.1.1.1                 its audited consolidated financial statements for that Financial Year; and
		

		
			 
		

		
			21.1.1.2                 the audited financial statements of each Obligor for that Financial Year; and
		

		
			 
		

		
			21.1.2              as soon as the same become available, but in any event within 60 days after the end of each of its Financial Half Years:
		

		
			 
		

		
			21.1.2.1                 its unaudited condensed consolidated financial statements for that Financial Half Year;
		

		
			 
		

		
			21.1.2.2                 the unaudited management accounts of each Obligor for that Financial Half Year; and
		

		
			 
		

		
			21.1.3             as soon as they become available, but in any event within 60 days of the end of each Financial Quarter ending on 31 March or 30 September:
		

		
			 
		

		
			21.1.3.1                   its unaudited management accounts for that Financial Quarter; and
		

		
			 
		

		
			21.1.3.2                   the unaudited management accounts of each Obligor for that Financial Quarter.
		

		
			 
		

		
			21.2            Compliance Certificate
		

		
			 
		

		
			21.2.1             The Company shall supply to the Agent, with each set of Financial Statements delivered pursuant to Clauses 21.1.1.1, 21.1.2.1 or 21.1.3.1, a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 22 (Financial Covenants) and specify each Material Company as at the date as at which those Financial Statements were drawn up.
		

		
			 
		

		
			21.2.2             Each Compliance Certificate shall be signed by two directors of the Company.
		

		
			 
		

		
			21.3            Requirements as to financial statements
		

		
			 
		

		
			21.3.1             Each set of Financial Statements delivered by the Company pursuant to Clause 21.1 (Financial Statements) shall be certified by a director of the relevant company as fairly
		

		
			 
		

		
			
		

		
			

		 

		

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			representing its financial condition (or, if applicable, its consolidated financial condition) as at the date as at which those Financial Statements were drawn up.
		

		
			 
		

		
			21.3.2             The Company shall procure that each set of Financial Statements delivered pursuant to Clause 21.1 (Financial Statements) is prepared using IFRS (or, if delivered in respect of a US Debtor, IFRS or US GAAP).
		

		
			 
		

		
			21.3.3             The Company shall procure that each set of Financial Statements of an Obligor delivered pursuant to Clause 21.1 (Financial Statements) is prepared using IFRS (or, if delivered in respect of a US Debtor, IFRS or US GAAP), accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of Financial Statements, it notifies the Agent that there has been a change in IFRS (or, if delivered in respect of a US Debtor, IFRS or US GAAP), the accounting practices or reference periods and its auditors (or, if appropriate, the auditors of the Obligor) deliver to the Agent:
		

		
			 
		

		
			21.3.3.1                a description of any change necessary for those Financial Statements to reflect the IFRS or US GAAP, as applicable, accounting practices and reference periods upon which that Obligor’s Original Financial Statements were prepared; and
		

		
			 
		

		
			21.3.3.2                sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 22 (Financial Covenants) has been complied with and make an accurate comparison between the financial position indicated in those Financial Statements and that Obligor’s Original Financial Statements, provided that no such notification shall be required to be provided by the Company to the Agent if the matters referred to in Clauses 21.3.3.1 and 21.3.3.2 are adequately disclosed in those financial statements.
		

		
			 
		

		
			21.3.4              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.
		

		
			 
		

		
			21.3.5              The accounting reference date referred to in Clause 20.22 (Accounting Reference Date), shall not be changed.
		

		
			 
		

		
			21.4            Information: miscellaneous
		

		
			 
		

		
			The Company shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):
		

		
			 
		

		
			21.4.1             if requested by the Agent, a report issued by the Company’s auditors confirming the arithmetic computations and the proper extraction of figures applied in determining which
		

		
			 
		

		
			
		

		
			

		 

		

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			members of the Group are Material Companies and that the Guarantor Threshold Test has been met;
		

		
			 
		

		
			21.4.2             all documents dispatched by the Company to its shareholders (or any class of them) or by the Company or any other Obligors to its creditors generally (or any class of them);
		

		
			 
		

		
			21.4.3             promptly upon becoming aware of them, details and copies of any changes proposed to be or made to its constitutional documents or the constitutional documents of it or any other Obligor, including the filing of any Memorandum of Incorporation under the Companies Act;
		

		
			 
		

		
			21.4.4             promptly, notice of any change in authorised signatories of it or any other Obligor signed by a director or company secretary of it or such other Obligor (as the case may be) accompanied by specimen signatures of any new authorised signatories;
		

		
			 
		

		
			21.4.5             promptly, upon request by the Agent, such additional information or documentation as the Facility Agent may reasonably require in order to verify that any signatory referred to in Clause 21.4.4 has been duly authorised;
		

		
			 
		

		
			21.4.6             promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings, winding-up applications, liquidation applications or business rescue applications which are reasonably likely to be adversely determined and, if so determined, would be reasonably likely to have a Material Adverse Effect;
		

		
			 
		

		
			21.4.7             promptly upon it becoming aware of it, of any breach of the terms and conditions of a Streaming Transaction which (a) is reasonably likely to result in a liability for damages or other claim(s) in respect of such breach being imposed on members of the Group in excess of USD50,000,000 (in aggregate) or (b) otherwise has or is reasonably likely to have a Material Adverse Effect;
		

		
			 
		

		
			21.4.8             promptly, an updated share register of Sibanye Gold pursuant to the implementation of Project Top Deck;
		

		
			 
		

		
			21.4.9             promptly such further information requested by the Facility Agent relating to the Lonmin Merger, Project Top Deck, any acquisition of shares in DRD Gold and any Streaming Transaction; and
		

		
			 
		

		
			21.4.10           promptly such further information regarding the financial condition, business and operations of the Group and/or any member of the Group as any Finance Party (through the Agent) may reasonably request.
		

		
			 
		

		
			21.5            Notification of default
		

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

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

		
			 
		

		
			21.6            Use of websites
		

		
			 
		

		
			21.6.1             The Company 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 Company and the Agent (the Designated Website) if:
		

		
			 
		

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

		
			 
		

		
			21.6.1.2                both the Company and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and
		

		
			 
		

		
			21.6.1.3                the information is in a format previously agreed between the Company and the Agent.
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			21.6.4             The Company shall promptly upon becoming aware of its occurrence notify the Agent if:
		

		
			 
		

		
			21.6.4.1                the Designated Website cannot be accessed due to technical failure;
		

		
			 
		

		
			21.6.4.2                the password specifications for the Designated Website change;
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			21.6.4.5                the Company 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.
		

		
			 
		

		
			
		

		
			

		 

		

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			21.6.5             If the Company notifies the Agent under Clause 21.6.4.1 or Clause 21.6.4.5 above, all information to be provided by the Company under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.
		

		
			 
		

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

		
			 
		

		
			21.7           “Know your customer” checks
		

		
			 
		

		
			21.7.1              If:
		

		
			 
		

		
			21.7.1.1                the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the Signature Date;
		

		
			 
		

		
			21.7.1.2                any change in the status of or shareholders of an Obligor (other than the Company) after the Signature Date; or
		

		
			 
		

		
			21.7.1.3                a proposed 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 transfer, obliges the Agent or any Lender (or, in the case of Clause 21.7.1.3 above, any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender  supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in Clause 21.7.1.3 above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in Clause 21.7.1.3 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.
		

		
			 
		

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

		
			 
		

		
			21.7.3             The Company shall, by not less than 10 Business Days’ prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 26 (Change of Obligors).
		

		
			 
		

		
			
		

		
			

		 

		

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			21.7.4             Following the giving of any notice pursuant to Clause 21.7.3 above, if the accession of such Additional Obligor obliges the Agent or any Lender to comply with “know your customer”  or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor.
		

		
			 
		

		
			22.       FINANCIAL COVENANTS
		

		
			 
		

		
			22.1            Financial Definitions
		

		
			 
		

		
			All accounting expressions which are not otherwise defined in this Agreement shall be construed in accordance with the Accounting Principles and, unless the context dictates otherwise, the accounting expressions set forth below shall bear the following meanings:
		

		
			 
		

		
			22.1.1             Consolidated EBITDA means, in respect of any Measurement Period, the consolidated net income of the Group (less the net income of any Project Finance Subsidiaries but including any dividends received in cash by any member of the Group (other than a Project Finance Subsidiary) from a Project Finance Subsidiary), before, without duplication and all as calculated in accordance with IFRS (but adjusted on a pro forma basis to reflect acquisitions and disposals):
		

		
			 
		

		
			22.1.1.1                any provision on account of normal, deferred and royalty taxation;
		

		
			 
		

		
			22.1.1.2                any interest, commission, discounts or other fees incurred or payable, received or receivable by any member of the Group in respect of indebtedness;
		

		
			 
		

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

		
			 
		

		
			22.1.1.4                any non-cash adjustments to the environment rehabilitation and/or reclamation expenses;
		

		
			 
		

		
			22.1.1.5                any amount attributable to the amortisation of intangible assets and depreciation of tangible assets;
		

		
			 
		

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

		
			 
		

		
			22.1.1.7                any losses from (or gains on the reversal of previously recognised) write-downs or impairments of assets and/or investments;
		

		
			 
		

		
			
		

		
			

		 

		

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			22.1.1.8                any gains or losses recognised on the attributable share of results of associates after tax, but including any dividends received in cash by any member of the Group from such an associate;
		

		
			 
		

		
			22.1.1.9                 any share-based payments;
		

		
			 
		

		
			22.1.1.10               any other extraordinary or exceptional items; and
		

		
			 
		

		
			22.1.1.11               any other material non-cash gain or loss that needs to be accounted for under IFRS.
		

		
			 
		

		
			22.1.2             Consolidated Net Borrowings means at any time, the aggregate amount of all obligations of the members of the Group, other than Project Finance Subsidiaries (but including, for the avoidance of doubt, any obligations of any other member of the Group in respect of the obligations of a Project Finance Subsidiary), for or in respect of Indebtedness for Borrowed Money but excluding any such obligation to any member of the Group (other than a Project Finance Subsidiary), adjusted to take into account the aggregate amount of freely available cash and cash equivalents held by any member of the Group, other than Project Finance Subsidiaries, and so that no amount shall be included or excluded more than once.
		

		
			 
		

		
			22.1.3             Consolidated Net Finance Charges means, in respect of any Measurement Period, the aggregate amount of the interest (including the interest element of leasing and hire purchase payments and capitalised interest), commission, fees, discounts and other finance payments payable by any member of the Group, other than Project Finance Subsidiaries, (including any commission, fees, discounts and other finance payment payable by any member of the Group under any interest rate hedging arrangement but deducting any commission, fees, discounts and other finance payments receivable by any member of the Group (other than a Project Finance Subsidiary) under any interest rate hedging instrument) but deducting any other interest receivable by any member of the Group, other than Project Finance Subsidiaries, on any deposit or bank account.
		

		
			 
		

		
			22.1.4             Consolidated Tangible Net Worth means, at any time, the “Total Equity” as reported in the “Consolidated Statement of Changes in Equity” less goodwill and intangibles in the latest audited annual financial statements of the Company delivered to the Agent pursuant to Clause 21.1(Financial Statements).
		

		
			 
		

		
			22.1.5             EBITDA means, in respect of any member of the Group, in respect of any Measurement Period, the net income of that member of the Group before, without duplication and all as calculated in accordance with the Accounting Principles (but adjusted on a pro forma basis to reflect acquisitions and disposals):
		

		
			 
		

		
			22.1.5.1                any provision on account of normal, deferred and royalty taxation;
		

		
			 
		

		
			
		

		
			

		 

		

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			22.1.5.2                any interest, commission, discounts or other fees incurred or payable, received or receivable by that member of the Group in respect of indebtedness;
		

		
			 
		

		
			22.1.5.3                any other interest received or receivable by that member of the Group on any deposit or bank account;
		

		
			 
		

		
			22.1.5.4                any non-cash adjustments to the environment rehabilitation and/or reclamation expenses;
		

		
			 
		

		
			22.1.5.5                any amount attributable to the amortisation of intangible assets and depreciation of tangible assets;
		

		
			 
		

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

		
			 
		

		
			22.1.5.7                any losses from (or gains on the reversal of previously recognised) write-downs or impairments of assets and/or investments;
		

		
			 
		

		
			22.1.5.8                any gains or losses recognised on the attributable share of results of associates after tax, but including any dividends received in cash by any member of the Group from such an associate;
		

		
			 
		

		
			22.1.5.9                any share-based payments;
		

		
			 
		

		
			22.1.5.10              any other extraordinary or exceptional items; and
		

		
			 
		

		
			22.1.5.11              any other material non-cash gain or loss that needs to be accounted for under IFRS;
		

		
			 
		

		
			22.1.6             Financial Half Year means the period commencing on the day after the end of a Financial Year and ending on the next Half Year Date.
		

		
			 
		

		
			22.1.7             Financial Quarter means the period of 3 (three) months ending on each of 31 March, 30 June, 30 September and 31 December of each calendar year.
		

		
			 
		

		
			22.1.8             Financial Year means the annual accounting period of the Obligors ending on 31 December in each year.
		

		
			 
		

		
			22.1.9             Half Year Date means 30 June of each calendar year.
		

		
			 
		

		
			22.1.10           Measurement Date means the last day of each of the Company’s Financial Years, the last day of each of the Company’s Financial Half Years and the last day of each Financial Quarter.
		

		
			 
		

		
			22.1.11           Measurement Period means each period of 12 months ending on each Measurement Date.
		

		
			 
		

		
			
		

		
			

		 

		

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			22.2            General Financial Conditions
		

		
			 
		

		
			The Obligors shall ensure that for so long as any amount is outstanding under the Finance Documents or any Commitment is in force:
		

		
			 
		

		
			22.2.1             the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of any Measurement Period shall be equal to or exceed 4.0:1:
		

		
			 
		

		
			22.2.2             the ratio of Consolidated Net Borrowings to Consolidated EBITDA in respect of any Measurement Period ending on the relevant Measurement Date shall not exceed:
		

		
			 
		

		
			22.2.2.1                 3.5:1, if the relevant Measurement Date falls during the Covenant Adjustment Period; and
		

		
			 
		

		
			22.2.2.2                 2.5:1, if the relevant Measurement Date falls after the Covenant Adjustment Period.
		

		
			 
		

		
			22.3            General
		

		
			 
		

		
			The financial covenants contained in Clause 22.2 (General Financial Conditions) and Clause 23.20 (Guarantors) shall be calculated and tested by reference to each set of the Financial Statements delivered pursuant to Clauses 21.1.1 and 21.1.2 of Clause 21.1 (Financial Statements).
		

		
			 
		

		
			23.       GENERAL UNDERTAKINGS
		

		
			 
		

		
			The undertakings in this Clause 23 are given by each Obligor in respect of itself and, where expressly provided, each Restricted Company or members of the Group or Subsidiary (as the case may be), and remain in force from the Signature Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.
		

		
			 
		

		
			23.1            Authorisations
		

		
			 
		

		
			Each Obligor shall promptly:
		

		
			 
		

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

		
			 
		

		
			23.1.2             upon written request by the Agent, supply certified copies to the Agent of, any Authorisation required or desirable under any applicable law to enable it to perform its obligations under the Finance Documents to which it is a party and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document to which it is a party.
		

		
			 
		

		
			23.2            Compliance with laws
		

		
			 
		

		
			Each Obligor shall comply in all respects with all laws and regulations to which it may be subject (including, but not limited to, environmental law), if failure so to comply would
		

		
			 
		

		
			
		

		
			

		 

		

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			materially impair the ability of the Obligors together to perform their obligations under the Finance Documents to which they are respectively a party.
		

		
			 
		

		
			23.3            Environmental compliance
		

		
			 
		

		
			Each Restricted Company shall comply with all environmental laws and obtain and maintain any environmental permits, take all reasonable steps in anticipation of known or expected future changes to or obligations under the environmental law or environmental permits, and implement procedures to monitor compliance with and to prevent liability under any environmental laws, to the extent required by applicable law if, in each case, failure to do so has or would be reasonably expected to have a Material Adverse Effect.
		

		
			 
		

		
			23.4            Environmental claims
		

		
			 
		

		
			Each Restricted Company shall, promptly upon becoming aware of the same, inform the Agent in writing of:
		

		
			 
		

		
			23.4.1             any environmental claim (not of a frivolous or vexatious nature and other than the potential claims set out in Schedule 11 (Litigation)) against it or any other member of the Group which is current, pending or (to the best of its knowledge and belief, after having made due enquiry) threatened; and
		

		
			 
		

		
			23.4.2             any facts or circumstances which are reasonably likely to result in any environmental claim (not of a frivolous or vexatious nature and other than the potential claims set out in Schedule 11 (Litigation)) being commenced or threatened against it, where the claim, is reasonably likely to be adversely determined and, if so determined, has or would reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			23.5            Environmental information and undertakings
		

		
			 
		

		
			23.5.1             The Company shall, promptly upon becoming aware of the same, inform the Agent in writing of any change to the environmental condition of:
		

		
			 
		

		
			23.5.1.1                 any mine that it owns, operates or holds a beneficial or legal interest in from time to time; and
		

		
			 
		

		
			23.5.1.2                 its contiguous properties, which has or would reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			23.5.2             The Company shall not change the use of the properties on which any mine that it owns, operates or holds a beneficial or legal interest in (or may in the future own, operate or hold a beneficial or legal interest in) such that the change would increase the risk of release of hazardous substances or cause environmental contamination that exceeds regulatory
		

		
			 
		

		
			
		

		
			

		 

		

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			limitations to an extent which has or would be reasonably expected to have a Material Adverse Effect.
		

		
			 
		

		
			23.6            Anti-corruption law and sanctions
		

		
			 
		

		
			23.6.1             It and its Subsidiaries will conduct their businesses in compliance with applicable anti- corruption and anti-money laundering laws and regulations and have instituted and will maintain and enforce policies and procedures designed to promote and achieve compliance with such laws and regulations.
		

		
			 
		

		
			23.6.2             No Restricted Company will directly or indirectly, use all or any of the proceeds of the Facility or lend, contribute, or otherwise make available such proceeds in violation of the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or any other applicable anti-corruption or anti-money laundering laws or regulations.
		

		
			 
		

		
			23.6.3             None of the Company or any of its Subsidiaries or any of their directors:
		

		
			 
		

		
			23.6.3.1                is a Person that is, or is owned or controlled by Persons that are, the subject of any Sanctions; or
		

		
			 
		

		
			23.6.3.2                is located, organised or resident in a country or territory that is, or whose government is, the subject of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria.
		

		
			 
		

		
			23.6.4             No Restricted Company will directly or indirectly use the proceeds of the Facility, or lend, contribute or otherwise make available all or any part of the proceeds of the Facility, to or for the benefit of, any Person:
		

		
			 
		

		
			23.6.4.1                for the purpose of financing any activities or business of or other transactions with or investments in:
		

		
			 
		

		
			23.6.4.1.1                    any Person that is, or is owned or controlled by Persons that are, the subject of Sanctions; or
		

		
			 
		

		
			23.6.4.1.2                    any Person that is located, organised or resident in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria); or
		

		
			 
		

		
			23.6.4.2                in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor or otherwise).
		

		
			 
		

		
			23.6.5             No Restricted Company will fund all or part of any payment in connection with a Finance Document out of proceeds derived from any action which is in breach of any Sanctions.
		

		
			
		

		
			

		 

		

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			23.7            Taxation
		

		
			 
		

		
			23.7.1             Each Restricted Company will duly and punctually pay and discharge all taxes imposed upon it or its assets within the time period allowed without incurring penalties save where:
		

		
			 
		

		
			23.7.1.1                 payment is being contested in good faith;
		

		
			 
		

		
			23.7.1.2                 adequate reserves are being maintained for those taxes; and
		

		
			 
		

		
			23.7.1.3                 payment can be lawfully withheld.
		

		
			 
		

		
			23.8            Listing
		

		
			 
		

		
			23.8.1             The entire issued share capital of the Company shall remain listed on the JSE, NYSE, Toronto Stock Exchange and/or London Stock Exchange.
		

		
			 
		

		
			23.8.2             The Company shall comply in all material respects with the JSE Listing Requirements and/or any other listing requirements applicable to the listing of its shares.
		

		
			 
		

		
			23.9            Restrictions on disposals
		

		
			 
		

		
			No Restricted Company shall enter into a single transaction or series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset except for a Permitted Disposal.
		

		
			 
		

		
			23.10         Restrictions on merger
		

		
			 
		

		
			No Obligor shall enter into any amalgamation, demerger, merger or corporate reconstruction (as defined in the Companies Act) except for:
		

		
			 
		

		
			23.10.1           the Stillwater Acquisition;
		

		
			 
		

		
			23.10.2           any solvent amalgamation, demerger, merger or corporate reconstruction of, or between, members of the Group and where such transaction involves an Obligor merging with another entity provided that:
		

		
			 
		

		
			23.10.2.1              the Finance Documents are preserved as binding upon the surviving entity as a Borrower and/or Guarantor as applicable in place of the merged Obligor;
		

		
			 
		

		
			23.10.2.2              the surviving entity is a member of the Group;
		

		
			 
		

		
			23.10.2.3              the surviving entity is incorporated in the same jurisdiction as the merged Obligor; and
		

		
			 
		

		
			23.10.2.4              such transaction will not have a Material Adverse Effect;
		

		
			 
		

		
			23.10.3            the implementation of Project Top Deck;
		

		
			 
		

		
			23.10.4            the implementation of the Lonmin Merger; or
		

		
			 
		

		
			
		

		
			

		 

		

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			23.10.5           any amalgamation, demerger, merger or corporate reconstruction concluded with the prior written consent of the Majority Lenders.
		

		
			 
		

		
			23.11         No change of business
		

		
			 
		

		
			Each Obligor shall ensure that no substantial change is made to the general nature of the business of the Group being that of a mining business.
		

		
			 
		

		
			23.12         Restriction on acquisitions
		

		
			 
		

		
			No member of the Group shall acquire any company or shares or securities or a business, assets or undertaking, other than:
		

		
			 
		

		
			23.12.1            pursuant to a Permitted Acquisition; or
		

		
			 
		

		
			23.12.2            with the prior written consent of the Majority Lenders.
		

		
			 
		

		
			23.13         Pari passu ranking
		

		
			 
		

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

		
			 
		

		
			23.14         Negative pledge
		

		
			 
		

		
			No Restricted Company shall create or permit to subsist any Encumbrance or Quasi- Encumbrance over any of its assets other than for a Permitted Encumbrance.
		

		
			 
		

		
			23.15         Arm’s length basis dealings
		

		
			 
		

		
			23.15.1           Except as permitted by Clause 23.15.2 below, no Restricted Company shall enter into any transaction with any person except on arm’s length terms and for full market value.
		

		
			 
		

		
			23.15.2           The following transactions shall not be a breach of Clause 23.15.1:
		

		
			 
		

		
			23.15.2.1              intra-Group loans which constitute Permitted Financial Indebtedness;
		

		
			 
		

		
			23.15.2.2              any transactions required to be entered into by the Company to ensure a certain black economic empowerment rating necessary for its business where:
		

		
			 
		

		
			23.15.2.2.1                  it is not possible to enter into such transaction on an arm’s length basis; and
		

		
			 
		

		
			23.15.2.2.2                  failure to enter in such transaction would result in a Material Adverse Effect; and
		

		
			 
		

		
			23.15.2.3              fees, costs and expenses payable under the Finance Documents in the amounts set out in the Finance Documents delivered to the Agent or as otherwise agreed by the Agent.
		

		
			 
		

		
			
		

		
			

		 

		

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			23.16         Restriction on Financial Indebtedness
		

		
			 
		

		
			No member of the Group (other than an Obligor or a Project Finance Subsidiary) shall incur, create or permit to subsist or have outstanding any Financial Indebtedness other than Permitted Financial Indebtedness.
		

		
			 
		

		
			23.17         Insurance
		

		
			 
		

		
			Each Restricted Company will maintain insurances on and in relation to its business, properties and assets with reputable underwriters or insurance companies against those risks and to the extent as is usual for companies carrying on the same or substantially similar business.
		

		
			 
		

		
			23.18         Access
		

		
			 
		

		
			If a Default is continuing or the Agent reasonably suspects a Default is continuing, each Restricted Company shall, and the Company shall ensure that each member of the Group will, permit the Agent and/or accountants or other professional advisers and contractors of the Agent free access at all reasonable times and on reasonable notice at the risk and cost of the Restricted Company or the Company to:
		

		
			 
		

		
			23.18.1            the premises, assets, books, accounts and records of each member of the Group; and
		

		
			 
		

		
			23.18.2            meet and discuss matters with senior management.
		

		
			 
		

		
			23.19         Intellectual property
		

		
			 
		

		
			Each Restricted Company shall maintain its intellectual property where a failure to do so has or would reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			23.20         Guarantors
		

		
			 
		

		
			23.20.1            Subject to Clause 23.20.3, the Company shall ensure that on each Half-Yearly  Measurement Date:
		

		
			 
		

		
			23.20.1.1              the aggregate EBITDA of the Guarantors for the Measurement Period ending on that Half-Yearly Measurement Date; and
		

		
			 
		

		
			23.20.1.2              the aggregate gross assets of the Guarantors on that Half-Yearly Measurement Date; (in each case calculated on an unconsolidated basis and excluding all intra-Group items and investments in Subsidiaries of any member of the Group) represents not less than 85% of the Consolidated EBITDA and 80% of the consolidated gross assets (excluding goodwill) of the Group respectively (the Guarantor Threshold Test).
		

		
			 
		

		
			
		

		
			

		 

		

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			23.20.2           For purposes of the Guarantor Threshold Test, the term “Group” shall exclude Project Finance Subsidiaries and the term "Half Yearly Measurement Date" shall mean the last day of each Financial Year of the Company and the last day of each of its Financial Half Years.
		

		
			 
		

		
			23.20.3           If, on any Half Yearly Measurement Date, the Guarantor Threshold Test has not been met and at such time all EBITDA contributing wholly-owned Subsidiaries of the Company are or have become Guarantors, then the Company shall use all reasonable endeavours to procure that such number of non-wholly-owned Subsidiaries as is required to meet the Guarantor Threshold Test, within 30 days from date on which the Compliance Certificate showing that the Guarantor Threshold Test has not been met is delivered, accede as Additional Guarantors in accordance with the procedure set out in Clause 26.4 (Additional Guarantors) below. If having used such reasonable endeavours, the Company is unable to procure that such non wholly-owned Subsidiaries become Guarantors at the end of the 30 day period, failure to satisfy the Guarantor Threshold Test shall not constitute an Event of Default.
		

		
			 
		

		
			23.21         US regulations
		

		
			 
		

		
			23.21.1           With respect to any Plan (other than a Multiemployer Plan), no Reportable Event has occurred or is reasonably expected to occur where such event, individually or in the aggregate, would have a Material Adverse Effect.
		

		
			 
		

		
			23.21.2           Each Plan (other than a Multiemployer Plan) complies in form and operation with ERISA, the Code and all other applicable laws and regulations except where failure to do so would not reasonably be likely to have a Material Adverse Effect.
		

		
			 
		

		
			23.21.3           Each Obligor shall promptly and in any event within 15 days upon becoming aware of it notify the Agent of any Reportable Event.
		

		
			 
		

		
			23.22         New TopCo accession
		

		
			 
		

		
			23.22.1           Sibanye Gold shall procure that New TopCo accedes to this Agreement as a Guarantor in accordance with Clause 26.4 (Additional Guarantors) as if New TopCo were a Subsidiary and as the Company on the Top Deck Completion Date.
		

		
			 
		

		
			23.22.2           Upon the date of accession of New TopCo, Sibanye Gold shall deliver a certificate to the Agent confirming that no Default has occurred or is continuing.
		

		
			 
		

		
			
		

		
			

		 

		

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			24.       EVENTS OF DEFAULT
		

		
			 
		

		
			Each of the events or circumstances set out in this Clause 24 is an Event of Default (save for Clause 24.18 (Acceleration)).
		

		
			 
		

		
			24.1            Non-payment
		

		
			 
		

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

		
			 
		

		
			24.1.1              its failure to pay is caused by:
		

		
			 
		

		
			24.1.1.1                 administrative or technical error; or
		

		
			 
		

		
			24.1.1.2                 a Disruption Event; and
		

		
			 
		

		
			24.1.2              payment is made within 5 Business Days of its due date.
		

		
			 
		

		
			24.2            Financial covenants
		

		
			 
		

		
			Any requirement of Clause 22 (Financial Covenants) is not satisfied or there is a breach of the undertakings given in Clause 21 (Information Undertakings).
		

		
			 
		

		
			24.3            Other obligations
		

		
			 
		

		
			24.3.1              An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 24.1 (Non-Payment) and in Clause 24.2 (Financial Covenants)).
		

		
			 
		

		
			24.3.2              No Event of Default under Clause 24.3.1 above will occur if the failure to comply is capable of remedy and is remedied within 10 Business Days of the earlier of
		

		
			 
		

		
			24.3.2.1                 the Agent giving notice to the Company; and
		

		
			 
		

		
			24.3.2.2                 the Obligor becoming aware of the failure to comply.
		

		
			 
		

		
			24.4            Misrepresentation
		

		
			 
		

		
			Any representation or statement made or deemed to be made by an Obligor in relation to the Finance Documents or any other document or statement delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made, provided that:
		

		
			 
		

		
			24.4.1              if it is capable of remedy, no Event of Default will occur if the same is remedied within 10 Business Days from the earlier of:
		

		
			 
		

		
			24.4.1.1                 the Agent giving notice to the Company; and
		

		
			 
		

		
			
		

		
			

		 

		

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			24.4.1.2                 any Obligor becoming aware of such incorrect or misleading representation or statement; or
		

		
			 
		

		
			24.4.2             if the representation or statement relates to taxes and the amount of such taxes is equal to or less than an amount of US$15,000,000 (or its equivalent in any other currency or currencies), no Event of Default shall occur.
		

		
			 
		

		
			24.5            Cross default
		

		
			 
		

		
			24.5.1             Any Financial Indebtedness of an Obligor (other than a Project Finance Subsidiary) is not paid when due nor within any originally applicable grace period.
		

		
			 
		

		
			24.5.2             Any Financial Indebtedness of an Obligor (other than a Project Finance Subsidiary) is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).
		

		
			 
		

		
			24.5.3             Any commitment for any Financial Indebtedness of an Obligor is cancelled or suspended by a creditor of such Obligor as a result of an event of default (however described).
		

		
			 
		

		
			24.5.4             Any creditor of an Obligor becomes entitled to declare any Financial Indebtedness of that Obligor and payable prior to its specified maturity as a result of an event of default (however described).
		

		
			 
		

		
			24.5.5             No Event of Default will occur under this Clause 24.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within Clauses 24.5.1 to 24.5.4 above is less than US$15,000,000 (or its equivalent in any other currency  or currencies).
		

		
			 
		

		
			24.6            Insolvency
		

		
			 
		

		
			24.6.1              An Obligor:
		

		
			 
		

		
			24.6.1.1                 is unable or admits inability to pay its debts as they fall due;
		

		
			 
		

		
			24.6.1.2                 suspends making payments on any of its debts; or
		

		
			 
		

		
			24.6.1.3                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.
		

		
			 
		

		
			24.6.2             The board of directors of an Obligor adopts a resolution declaring the relevant Obligor to be Financially Distressed (as defined in the Companies Act) or the board of that Obligor has not timeously delivered the written notice required in terms of section 129(7) of the Companies Act.
		

		
			 
		

		
			24.6.3             A moratorium is declared in respect of any indebtedness of any Obligor.
		

		
			 
		

		
			
		

		
			

		 

		

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			24.7            Insolvency proceedings
		

		
			 
		

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

		
			 
		

		
			24.7.1.1                the suspension of payments, the commencement of business rescue proceedings (whether by any Obligor or by any other person under section 129 of the Companies  Act or pursuant to an application by an “affected person” under section 131 of the Companies Act or by the court during any other proceedings in respect of any member of the Group), a moratorium of any Financial Indebtedness, liquidation, winding-up, dissolution, administration, judicial management or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor;
		

		
			 
		

		
			24.7.1.2                a composition, compromise, assignment or arrangement with any creditor of any Obligor;
		

		
			 
		

		
			24.7.1.3                the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager, judicial manager, business rescue practitioner or other similar officer in respect of any Obligor;
		

		
			 
		

		
			24.7.1.4                enforcement of any Encumbrance over any assets of any Obligor; or
		

		
			 
		

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

		
			 
		

		
			24.7.2             A resolution is passed by the board of directors of an Obligor, application is made or an order is applied for or granted, to authorise the entry into or implementation of any business rescue proceedings (or any similar proceedings) in respect of any Obligor or any analogous procedure or step is taken in any jurisdiction.
		

		
			 
		

		
			24.7.3             Any of the following occurs in respect of a US Debtor:
		

		
			 
		

		
			24.7.3.1                it commences a voluntary case or proceeding under any US Bankruptcy Law; or
		

		
			 
		

		
			24.7.3.2                an involuntary case under any US Bankruptcy Law is commenced against it and is not dismissed or stayed within 60 days after commencement of the case; or
		

		
			 
		

		
			24.7.3.3                an order for relief or other order approving any case or proceeding is entered under any US Bankruptcy Law.
		

		
			 
		

		
			24.8            Creditors’ process
		

		
			 
		

		
			Any attachment, sequestration, distress or execution that affects a material part of the assets or revenues of an Obligor occurs and is not discharged within 21 days of such event occurring.
		

		
			 
		

		
			
		

		
			

		 

		

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			24.9            Unlawfulness and invalidity
		

		
			 
		

		
			24.9.1             It is or becomes unlawful in any applicable jurisdiction for an Obligor to perform any of its obligations under the Finance Documents.
		

		
			 
		

		
			24.9.2             Any Finance Document ceases to be in full force and effect.
		

		
			 
		

		
			24.9.3             Any obligation or obligations of any Obligor under any Finance Documents are not or cease to be legal, valid, binding or enforceable obligations subject to Legal Reservations.
		

		
			 
		

		
			24.10         Failure to comply with final judgment
		

		
			 
		

		
			24.10.1           Any Restricted Company fails within 5 Business Days of the due date to comply with or pay any sum due from it under any material final judgment or any final order (being a judgment or order which is not subject to any rescission or appeal and/or capable of being subject to any such rescission or appeal) made or given by any court of competent jurisdiction.
		

		
			 
		

		
			24.10.2           For purposes of this Clause 24.10 (Failure to Comply with Final Judgment) a “material final judgement” shall be any judgement for the payment of an amount of money in excess of US$15,000,000 (or its equivalent in any other currency or currencies).
		

		
			 
		

		
			24.11         Cessation of business
		

		
			 
		

		
			Any Restricted Company suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a part of its business constituting a material part of the Group’s business as whole, provided that, in the case of a Restricted Company (other than an Obligor) such suspension or termination shall only be an Event of Default if such suspension or termination would reasonably be expected to have a Material Adverse Effect.
		

		
			 
		

		
			24.12         Audit Qualification
		

		
			 
		

		
			The Company’s auditors qualify the audited annual consolidated financial statements of the Company in any material respect.
		

		
			 
		

		
			24.13         Expropriation
		

		
			 
		

		
			24.13.1           The management of any Restricted Company is wholly or partially replaced by any governmental authority; or
		

		
			 
		

		
			24.13.2           All or a majority of the shares of any Restricted Company or a material part of the assets or revenues of any Restricted Company is seized, nationalised, expropriated or compulsorily acquired by any governmental authority, provided that the seizure, nationalisation, expropriation or compulsory acquisition of all or a majority of the shares of any Restricted Company (other than an Obligor) or a material part of the assets or revenues of any Restricted Company (other than an Obligor) shall only constitute an Event of Default if such
		

		
			 
		

		
			
		

		
			

		 

		

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			seizure, nationalisation, expropriation or compulsory acquisition could be reasonably expected to have a Material Adverse Effect.
		

		
			 
		

		
			24.14         Repudiation and rescission of agreements
		

		
			 
		

		
			An Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document to which it is a party or evidences an intention to rescind or repudiate a Finance Document.
		

		
			 
		

		
			24.15         Litigation
		

		
			 
		

		
			24.15.1           Any litigation, arbitration, administrative or regulatory proceedings or disputes are commenced or threatened in relation to the Finance Documents or the transactions contemplated in the Finance Documents or against any Restricted Company or its assets which is reasonably likely to be adversely determined and, if so determined, could be expected to have a Material Adverse Effect.
		

		
			 
		

		
			24.15.2           This Clause will not apply in respect of any litigation, arbitration, administrative or regulatory proceedings:
		

		
			 
		

		
			24.15.2.1              that are disclosed in the Financial Statements of the Company delivered to the Agent as a condition precedent before the Signature Date; or
		

		
			 
		

		
			24.15.2.2              arising from the potential litigation disclosed in Schedule 11 (Litigation).
		

		
			 
		

		
			24.16         Material adverse change
		

		
			 
		

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

		
			 
		

		
			24.17         Loss of Mining Rights
		

		
			 
		

		
			Any loss of a mining right for any reason whatsoever that affects any material part of the assets or revenues of the Group as a whole is not reinstated within 30 days of such loss.
		

		
			 
		

		
			24.18         Acceleration
		

		
			 
		

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

		
			 
		

		
			24.18.1.1              cancel all or any part of the Total Commitments whereupon they shall immediately be cancelled;
		

		
			 
		

		
			24.18.1.2              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
		

		
			 
		

		
			
		

		
			

		 

		

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

		
			 
		

		
			25.       CHANGES TO THE LENDERS
		

		
			 
		

		
			25.1            Transfers by the Lenders
		

		
			 
		

		
			25.1.1              Subject to this Clause 25 (Changes to the Lenders), a Lender (the Existing Lender) may:
		

		
			 
		

		
			25.1.1.1                cede any of its rights; and/or
		

		
			 
		

		
			25.1.1.2                transfer by cession and delegation any of its rights and obligations, under the Finance Documents 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).
		

		
			 
		

		
			25.1.2              No member of the Group is permitted to take:
		

		
			 
		

		
			25.1.2.1                a cession any of any Lender’s rights; or
		

		
			 
		

		
			25.1.2.2                a transfer by cession and delegation of any Lender’s rights and obligations, under the Finance Documents.
		

		
			 
		

		
			25.2            Conditions of transfer
		

		
			 
		

		
			25.2.1              A Transfer will only be effective if the procedure set out in Clause 25.5 (Procedure for Transfer) is followed.
		

		
			 
		

		
			25.2.2              If:
		

		
			 
		

		
			25.2.2.1                a Lender cedes and delegates, or transfers any of its rights or obligations under the Finance Documents, or changes its Facility Office; and
		

		
			 
		

		
			25.2.2.2                as a result of circumstances existing at the date the cession, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 14 (Tax Gross Up and Indemnities) or Clause 15 (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 transfer or change had not occurred.
		

		
			 
		

		
			
		

		
			

		 

		

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			25.2.3             Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer 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.
		

		
			 
		

		
			25.3            Cession or transfer fee
		

		
			 
		

		
			The New Lender shall, on the date upon which a cession or transfer takes effect, pay to the Agent (for its own account) a fee of ZAR35,000.
		

		
			 
		

		
			25.4            Limitation of responsibility of Existing Lenders
		

		
			 
		

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

		
			 
		

		
			25.4.1.1                the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents;
		

		
			 
		

		
			25.4.1.2                the financial condition of any Obligor;
		

		
			 
		

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

		
			 
		

		
			25.4.1.4                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.
		

		
			 
		

		
			25.4.2              Each New Lender confirms to the Existing Lender and the other Finance Parties that it:
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			25.4.3              Nothing in any Finance Document obliges an Existing Lender to:
		

		
			 
		

		
			
		

		
			

		 

		

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			25.4.3.1                accept a re-transfer or re-cession and re-delegation from a New Lender of any of the rights and obligations ceded and delegated or transferred under this Clause 25 (Changes to the Lenders); or
		

		
			 
		

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

		
			 
		

		
			25.5            Procedure for transfer
		

		
			 
		

		
			25.5.1             Subject to the conditions set out in Clause 25.2 (Conditions of Transfer) a transfer is effected in accordance with Clause 25.5.3 below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to Clause 25.5.2 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.
		

		
			 
		

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

		
			 
		

		
			25.5.3             Subject to Clause 25.8 (Pro Rata Interest Settlement), on the Transfer Date:
		

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			25.5.3.4                the New Lender shall become a Party as a “Lender”.
		

		
			 
		

		
			
		

		
			

		 

		

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			25.6            Copy of Transfer Certificate to Company
		

		
			 
		

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

		
			 
		

		
			25.7            Security over Lenders’ rights
		

		
			 
		

		
			In addition to the other rights provided to Lenders under this Clause 25.7, each Lender may without consulting with or obtaining consent from any Obligor, at any time cede, pledge 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:
		

		
			 
		

		
			25.7.1             any cession, pledge or other Security to secure obligations to a federal reserve or central bank; and
		

		
			 
		

		
			25.7.2             in the case of any Lender which is a fund, any cession, pledge 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 cession, pledge or Security shall:
		

		
			 
		

		
			25.7.2.1                release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant cession, pledge or Security for the Lender as a party to any of the Finance Documents; or
		

		
			 
		

		
			25.7.2.2                require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.
		

		
			 
		

		
			25.8            Pro rata interest settlement
		

		
			 
		

		
			25.8.1             If the Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 25.5 (Procedure for Transfer), 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):
		

		
			 
		

		
			25.8.1.1                any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (Accrued Amounts) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and
		

		
			 
		

		
			
		

		
			

		 

		

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			25.8.1.2                the rights ceded or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:
		

		
			 
		

		
			25.8.1.2.1                    when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and
		

		
			 
		

		
			25.8.1.2.2                    the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 25.8, have been payable to it on that date, but after deduction of the Accrued Amounts.
		

		
			 
		

		
			25.8.2            In this Clause 25.8 references to “Interest Period” shall be construed to include a reference to any other period for accrual of fees.
		

		
			 
		

		
			25.9            Lender Affiliates and Facility Office
		

		
			 
		

		
			25.9.1             In respect of a Loan or Loans to a particular Borrower (Designated Loans) a Lender (a Designating Lender) may at any time and from time to time designate (by written notice to the Agent):
		

		
			 
		

		
			25.9.1.1                 a substitute Facility Office from which it will make Designated Loans (a Substitute Facility Office); or
		

		
			 
		

		
			25.9.1.2                 nominate an Affiliate to act as the Lender of Designated Loans (a Substitute Affiliate Lender).
		

		
			 
		

		
			25.9.2             A notice to nominate a Substitute Affiliate Lender must be in the form set out in Schedule 5 (Form of Substitute Affiliate Lender Designation Notice) and be countersigned by the relevant Substitute Affiliate Lender confirming it will be bound as a Lender under this Agreement in respect of the Designated Loans in respect of which it acts as Lender.
		

		
			 
		

		
			25.9.3             The Designating Lender will act as the representative of any Substitute Affiliate Lender it nominates for all administrative purposes under this Agreement. The Obligors, the Agent, and the other Finance Parties will be entitled to deal only with the Designating Lender, except that payments will be made in respect of Designated Loans to the Facility Office of the Substitute Affiliate Lender. In particular the Commitments of the Designating Lender will not be treated as reduced by the introduction of the Substitute Affiliate Lender for voting purposes under this Agreement or the other Finance Documents.
		

		
			 
		

		
			25.9.4             Save as mentioned in Clause 25.9.3, a Substitute Affiliate Lender will be treated as a Lender for all purposes under the Finance Documents and having a Commitment equal to the principal amount of all Designated Loans in which it is participating if and for so long as it continues to be a Substitute Affiliate Lender under this Agreement.
		

		
			 
		

		
			25.9.5             A Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender by notice in writing to the Agent provided that such notice may only take effect
		

		
			 
		

		
			
		

		
			

		 

		

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			when there are no Designated Loans outstanding to the Substitute Affiliate Lender. Upon such Substitute Affiliate Lender ceasing to be a Substitute Affiliate Lender the Designating Lender will automatically assume (and be deemed to assume without further action by any Party) all rights and obligations previously vested in the Substitute Affiliate Lender.
		

		
			 
		

		
			25.9.6             If a Designating Lender designates a Substitute Facility Office or Substitute Affiliate Lender in accordance with this clause:
		

		
			 
		

		
			25.9.6.1                any Substitute Affiliate Lender shall be treated for the purposes of Clause 14.5 (Lender Status Confirmation) as having become a Lender on the date of its designation as such in terms of this Clause 25.9 (Lender Affiliates and Facility Office); and
		

		
			 
		

		
			25.9.6.2                the provisions of Clauses 25.2.2.1 and 25.2.2.2 of Clause 25.2 (Conditions of Transfer) shall not apply to or in respect of the transfer of rights and obligations of the Designating Lender to the or Substitute Affiliate Lender.
		

		
			 
		

		
			25.9.7             Each Substitute Affiliate Lender, by countersigning the relevant Substitute Affiliate Lender Designation Notice, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Designating Lender in accordance with this Agreement on or prior to the date on which the designation becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Designating Lender would have been had it remained a Lender in respect of the Designated Loans.
		

		
			 
		

		
			25.9.8             The Agent shall, as soon as reasonably practicable after it has received a Substitute Affiliate Lender Designation Notice, send the Company a copy of that Substitute Affiliate Lender Designation Notice.
		

		
			 
		

		
			26.       CHANGE OF OBLIGORS
		

		
			 
		

		
			26.1            Cession and delegation by Obligors
		

		
			 
		

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

		
			 
		

		
			26.2            Additional Borrowers
		

		
			 
		

		
			26.2.1             Subject to compliance with the provisions of Clause 21.7.3 and Clause 21.7.4 (“Know your customer” Checks), the Company may request that any of its Subsidiaries (other than a Subsidiary that is incorporated in or organized under the laws of the United States or any state of the United States (including the District of Columbia)) becomes an Additional Borrower. That Subsidiary shall become an Additional Borrower if:
		

		
			 
		

		
			26.2.1.1                the Company has nominated the Subsidiary to become an Additional Borrower;
		

		
			 
		

		
			
		

		
			

		 

		

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			26.2.1.2                 the Subsidiary is:
		

		
			 
		

		
			26.2.1.2.1                    incorporated in the same jurisdiction as an existing Borrower; or
		

		
			 
		

		
			26.2.1.2.2                    approved by all the Lenders (if incorporated in any other jurisdiction);
		

		
			 
		

		
			26.2.1.3                the Company delivers to the Agent a duly completed and executed Accession Letter;
		

		
			 
		

		
			26.2.1.4                the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower;
		

		
			 
		

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

		
			 
		

		
			26.2.1.6                the Additional Borrower also becomes an Additional Guarantor in accordance with the procedure set out in Clause 26.4 (Additional Guarantors).
		

		
			 
		

		
			26.2.2             No Subsidiary of the Company that is incorporated or organized under the laws of the United States or any state of the United States (including the District of Columbia) may become an Additional Borrower.
		

		
			 
		

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

		
			 
		

		
			26.2.4             Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause 26.2.3 above the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.
		

		
			 
		

		
			26.3            Resignation of a Borrower
		

		
			 
		

		
			26.3.1             The Company may request that a Borrower (other than Sibanye Gold) ceases to be a Borrower by delivering to the Agent a Resignation Letter.
		

		
			 
		

		
			26.3.2             The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:
		

		
			 
		

		
			26.3.2.1                no Default or Event of Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and
		

		
			 
		

		
			26.3.2.2                the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents,
		

		
			 
		

		
			
		

		
			

		 

		

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

		
			 
		

		
			26.4            Additional Guarantors
		

		
			 
		

		
			26.4.1             Subject to compliance with the provisions of Clause 21.7.3 and Clause 21.7.4 (“Know your customer” Checks), the Company may request that any of its Subsidiaries become an Additional Guarantor. That Subsidiary shall become an Additional Guarantor if:
		

		
			 
		

		
			26.4.1.1                the Company delivers to the Agent a duly completed and executed Accession Letter; and
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			26.4.3             Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause 26.4.2 above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such  notification.
		

		
			 
		

		
			26.5            Repetition of Representations
		

		
			 
		

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

		
			 
		

		
			26.6            Resignation of a Guarantor
		

		
			 
		

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

		
			 
		

		
			26.6.2             The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case).
		

		
			 
		

		
			
		

		
			

		 

		

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			27.       ROLE OF THE AGENT AND THE ARRANGERS
		

		
			 
		

		
			27.1            Appointment of the Agent
		

		
			 
		

		
			27.1.1             Each of the Arrangers and the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents.
		

		
			 
		

		
			27.1.2             Each of the Arrangers and the Lenders authorises the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.
		

		
			 
		

		
			27.2            Instructions
		

		
			 
		

		
			27.2.1             The Agent shall:
		

		
			 
		

		
			27.2.1.1                unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:
		

		
			 
		

		
			27.2.1.1.1                    all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and
		

		
			 
		

		
			27.2.1.1.2                    in all other cases, the Majority Lenders; and
		

		
			 
		

		
			27.2.1.2                not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with Clause 27.2.1.1 above.
		

		
			 
		

		
			27.2.2             The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.
		

		
			 
		

		
			27.2.3             Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.
		

		
			 
		

		
			27.2.4             The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance
		

		
			 
		

		
			
		

		
			

		 

		

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			Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions.
		

		
			 
		

		
			27.2.5             In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.
		

		
			 
		

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

		
			 
		

		
			27.3            Duties of the Agent
		

		
			 
		

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

		
			 
		

		
			27.3.2             Subject to Clause 27.3.3 below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party.
		

		
			 
		

		
			27.3.3             Without prejudice to Clause 25.6 (Copy of Transfer Certificate to Company), Clause 27.3.2 above shall not apply to any Transfer Certificate or any Substitute Affiliate Lender Designation Notice.
		

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			27.3.7             The Agent shall provide to the Company, within five Business Days of a request by the Company (but no more frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the Lenders as at the date of that request, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the transmission of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance
		

		
			 
		

		
			
		

		
			

		 

		

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			Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.
		

		
			 
		

		
			27.3.8             The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).
		

		
			 
		

		
			27.4            Role of the Arrangers
		

		
			 
		

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

		
			 
		

		
			27.5            No fiduciary duties
		

		
			 
		

		
			27.5.1             Nothing in any Finance Document constitutes the Agent or the Arrangers as a trustee or fiduciary of any other person.
		

		
			 
		

		
			27.5.2             Neither the Agent nor the Arrangers 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.
		

		
			 
		

		
			27.6            Business with the Group
		

		
			 
		

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

		
			 
		

		
			27.7            Rights and discretions
		

		
			 
		

		
			27.7.1              The Agent may:
		

		
			 
		

		
			27.7.1.1                rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;
		

		
			 
		

		
			27.7.1.2                assume that:
		

		
			 
		

		
			27.7.1.2.1                    any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and
		

		
			 
		

		
			27.7.1.2.2                   unless it has received notice of revocation, that those instructions have not been revoked; and
		

		
			 
		

		
			27.7.1.3                 rely on a certificate from any person;
		

		
			 
		

		
			27.7.1.3.1                    as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or
		

		
			 
		

		
			27.7.1.3.2                    to the effect that such person approves of any particular dealing, transaction, step, action or thing,
		

		
			 
		

		
			
		

		
			

		 

		

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			as sufficient evidence that that is the case and, in the case of Clause 27.7.1.3.1 above, may assume the truth and accuracy of that certificate.
		

		
			 
		

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

		
			 
		

		
			27.7.2.1                no Default has occurred (unless it has actual knowledge of a Default arising under Clause 24.1 (Non-Payment));
		

		
			 
		

		
			27.7.2.2                any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and
		

		
			 
		

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

		
			 
		

		
			27.7.3             The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.
		

		
			 
		

		
			27.7.4             Without prejudice to the generality of Clause 27.7.3 above or Clause 27.7.5 below, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary.
		

		
			 
		

		
			27.7.5             The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.
		

		
			 
		

		
			27.7.6             The Agent may act in relation to the Finance Documents through its officers, employees and agents.
		

		
			 
		

		
			27.7.7             Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.
		

		
			 
		

		
			27.7.8             Without prejudice to the generality of Clause 27.7.7, the Agent:
		

		
			 
		

		
			27.7.8.1                may disclose; and
		

		
			 
		

		
			27.7.8.2                on the written request of the Company or the Majority Lenders shall, as soon as reasonably practicable, disclose, the identity of a Defaulting Lender to the Company and to the other Finance Parties.
		

		
			 
		

		
			27.7.9             Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any of the Arrangers is obliged to do or omit to do anything if it would, or might in
		

		
			 
		

		
			
		

		
			

		 

		

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			its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.
		

		
			 
		

		
			27.7.10           Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.
		

		
			 
		

		
			27.8            Responsibility for documentation
		

		
			 
		

		
			Neither the Agent nor any of the Arrangers is responsible or liable for:
		

		
			 
		

		
			27.8.1             the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, any of the Arrangers, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;
		

		
			 
		

		
			27.8.2             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, under or in connection with any Finance Document; or
		

		
			 
		

		
			27.8.3             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.
		

		
			 
		

		
			27.9            No duty to monitor
		

		
			 
		

		
			The Agent shall not be bound to enquire:
		

		
			 
		

		
			27.9.1              whether or not any Default has occurred;
		

		
			 
		

		
			27.9.2              as to the performance, default or any breach by any Party of its obligations under any Finance Document; or
		

		
			 
		

		
			27.9.3              whether any other event specified in any Finance Document has occurred.
		

		
			 
		

		
			27.10         Exclusion of liability
		

		
			 
		

		
			27.10.1           Without limiting Clause 27.10.2 below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent), the Agent will not be liable for:
		

		
			 
		

		
			
		

		
			

		 

		

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			27.10.1.1              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;
		

		
			 
		

		
			27.10.1.2              exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or
		

		
			 
		

		
			27.10.1.3              without prejudice to the generality of Clauses 27.10.1.1 and 27.10.1.2 above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other category of  liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of:
		

		
			 
		

		
			27.10.1.3.1                  any act, event or circumstance not reasonably within its control; or 
		

		
			 
		

		
			27.10.1.3.2                  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.
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			27.10.4           Nothing in this Agreement shall oblige the Agent or any of the Arrangers to carry out:
		

		
			 
		

		
			27.10.4.1              any “know your customer” or other checks in relation to any person; or
		

		
			 
		

		
			
		

		
			

		 

		

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			27.10.4.2              any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender, on behalf of any Lender and each Lender confirms to the Agent and the Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arrangers.
		

		
			 
		

		
			27.10.5           Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability, any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.
		

		
			 
		

		
			27.11       Lenders’ indemnity to the Agent
		

		
			 
		

		
			Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 30.11 (Disruption to Payment Systems), notwithstanding the Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents (unless the Agent  has been reimbursed by an Obligor pursuant to a Finance Document).
		

		
			 
		

		
			27.12         Resignation of the Agent
		

		
			 
		

		
			27.12.1           The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders and the Company.
		

		
			 
		

		
			27.12.2           Alternatively the Agent may resign by giving 30 days’ notice to the Lenders and the Company, in which case the Majority Lenders (after consultation with the Company) may appoint a successor Agent.
		

		
			 
		

		
			27.12.3           If the Majority Lenders have not appointed a successor Agent in accordance with Clause 27.12.2 above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Company) may appoint a successor Agent.
		

		
			 
		

		
			
		

		
			

		 

		

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			27.12.4           If the Agent wishes to resign because it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under Clause 27.12.3, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this Clause 27 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent’s normal fee rates and those amendments will bind the Parties.
		

		
			 
		

		
			27.12.5           The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. The Company shall, within three Business Days of demand, reimburse the retiring Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance.
		

		
			 
		

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

		
			 
		

		
			27.12.7           Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under Clause 27.12.5 above) but shall remain entitled to the benefit of Clause 16.3 (Indemnity to the Agent) and this Clause 27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.
		

		
			 
		

		
			27.12.8           The Agent shall resign in accordance with Clause 27.12.2 above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to Clause 27.12.3 above) if on or after the date which is three Months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:
		

		
			 
		

		
			27.12.8.1              the Agent fails to respond to a request under Clause 14.8 (FATCA Information) and the Company or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;
		

		
			 
		

		
			27.12.8.2              the information supplied by the Agent pursuant to Clause 14.8 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party  on or after that FATCA Application Date; or
		

		
			 
		

		
			
		

		
			

		 

		

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			27.12.8.3              the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; and (in each case) the Company or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires it to resign.
		

		
			 
		

		
			27.13         Replacement of the Agent
		

		
			 
		

		
			27.13.1           After consultation with the Company, the Majority Lenders may, by giving 30 days’ notice to the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Lenders) replace the Agent by appointing a successor Agent.
		

		
			 
		

		
			27.13.2           The retiring 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 Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.
		

		
			 
		

		
			27.13.3           The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under Clause 27.13.2 above) but shall remain entitled to the benefit of Clause 16.3 (Indemnity to the Agent) and this Clause 27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).
		

		
			 
		

		
			27.13.4           Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.
		

		
			 
		

		
			27.14         Confidentiality
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			27.14.3           Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any of the Arrangers is obliged to disclose to any other person (i) any confidential
		

		
			 
		

		
			
		

		
			

		 

		

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			information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.
		

		
			 
		

		
			27.15         Relationship with the Lenders
		

		
			 
		

		
			27.15.1           Subject to Clause 25.8 (Pro Rata Interest Settlement), the Agent may treat the person  shown in its records as Lender at the opening of business (in the place of the Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office:
		

		
			 
		

		
			27.15.1.1              entitled to or liable for any payment due under any Finance Document on that day; and
		

		
			 
		

		
			27.15.1.2              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.
		

		
			 
		

		
			27.15.2           Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 32.7 (Electronic Communication) electronic mail address and/or any other information required to enable the transmission 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 (or such other information), department and officer by that Lender for the purposes of Clause 32.2 (Addresses) and Clause 32.7.1.2 (Electronic Communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.
		

		
			 
		

		
			27.16         Credit appraisal by the Lenders
		

		
			 
		

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

		
			 
		

		
			27.16.1            the financial condition, status and nature of each member of the Group;
		

		
			 
		

		
			
		

		
			

		 

		

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			27.16.2           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;
		

		
			 
		

		
			27.16.3           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
		

		
			 
		

		
			27.16.4           the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by 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.
		

		
			 
		

		
			27.17         Agent’s management time
		

		
			 
		

		
			Any amount payable to the Agent under Clause 16.4 (Indemnity to the Agent), Clause 18 (Costs and Expenses) and Clause 27.11 (Lenders’ Indemnity to the Agent) shall include the cost of utilising the Agent’s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Company and is in addition to any fee paid or payable to the Agent under Clause 13 (Fees).
		

		
			 
		

		
			27.18         Deduction from amounts payable by the Agent
		

		
			 
		

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

		
			 
		

		
			28.       CONDUCT OF BUSINESS BY THE FINANCE PARTIES
		

		
			 
		

		
			No provision of this Agreement will:
		

		
			 
		

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

		
			 
		

		
			28.2            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
		

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

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			29.       SHARING AMONG THE FINANCE PARTIES
		

		
			 
		

		
			29.1            Payments to Finance Parties
		

		
			 
		

		
			If a Finance Party (a Recovering Finance Party) receives or recovers any amount from an Obligor other than in accordance with Clause 30 (Payment Mechanics) (a Recovered Amount) and applies that amount to a payment due under the Finance Documents then:
		

		
			 
		

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

		
			 
		

		
			29.1.2             the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 30 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and
		

		
			 
		

		
			29.1.3             the Recovering Finance Party shall, within three Business Days of demand by the Agent,  pay to the Agent an amount (the Sharing Payment) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 30.6 (Partial Payments).
		

		
			 
		

		
			29.2            Redistribution of payments
		

		
			 
		

		
			The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the Sharing Finance Parties) in accordance with Clause 30.6 (Partial Payments) towards the obligations of that Obligor to the Sharing Finance Parties.
		

		
			 
		

		
			29.3            Recovering Finance Party’s rights
		

		
			 
		

		
			On a distribution by the Agent under Clause 29.2 (Redistribution of Payments) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.
		

		
			 
		

		
			29.4            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:
		

		
			 
		

		
			29.4.1             each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that
		

		
			 
		

		
			
		

		
			

		 

		

			-  112  -

		

 

		

		
			 
		

		
			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
		

		
			 
		

		
			29.4.2             as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.
		

		
			 
		

		
			29.5            Exceptions
		

		
			 
		

		
			29.5.1             This Clause 29 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 relevant Obligor.
		

		
			 
		

		
			29.5.2             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:
		

		
			 
		

		
			29.5.2.1                it notified that other Finance Party of the legal or arbitration proceedings; and
		

		
			 
		

		
			29.5.2.2                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.
		

		
			 
		

		
			30.       PAYMENT MECHANICS
		

		
			 
		

		
			30.1            Payments to the Agent
		

		
			 
		

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

		
			 
		

		
			30.1.2             Payment shall be made to such account in the principal financial centre of the country of that currency and with such bank as the Agent, in each case, specifies.
		

		
			 
		

		
			30.2            Distributions by the Agent
		

		
			 
		

		
			Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 30.3 (Distributions to an Obligor) and Clause 30.4 (Clawback and Pre- Funding) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank specified by that Party in the principal financial centre of the country of that currency.
		

		
			 
		

		
			
		

		
			

		 

		

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			30.3            Distributions to an Obligor
		

		
			 
		

		
			The Agent may (with the consent of the Obligor or in accordance with Clause 31 (Set-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.
		

		
			 
		

		
			30.4            Clawback and pre-funding
		

		
			 
		

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

		
			 
		

		
			30.4.2             Unless Clause 30.4.3 below applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.
		

		
			 
		

		
			30.4.3             If the Agent is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower:
		

		
			 
		

		
			30.4.3.1                the Agent shall notify the Company of that Lender’s identity and the Borrower to whom that sum was made available shall on demand refund it to the Agent; and
		

		
			 
		

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

		
			 
		

		
			30.5            Impaired Agent
		

		
			 
		

		
			30.5.1             If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 30.1 (Payments to the Agent) may instead either:
		

		
			 
		

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

		
			 
		

		
			30.5.1.2                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
		

		
			 
		

		
			
		

		
			

		 

		

			-  114  -

		

 

		

		
			 
		

		
			amount to an interest-bearing account held with an Acceptable Bank within the meaning of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment (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”).
		

		
			 
		

		
			30.5.2             In each case such payments must be made on the due date for payment under the Finance Documents.
		

		
			 
		

		
			30.5.3             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.
		

		
			 
		

		
			30.5.4             A Party which has made a payment in accordance with this Clause 30.5 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.
		

		
			 
		

		
			30.5.5             Promptly upon the appointment of a successor Agent in accordance with Clause 27.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 30.5.6 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 Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 30.2 (Distributions by the Agent).
		

		
			 
		

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

		
			 
		

		
			30.5.6.1                that it has not given an instruction pursuant to Clause 30.5.5; and
		

		
			 
		

		
			30.5.6.2                that it has been provided with the necessary information by that Recipient Party,
		

		
			 
		

		
			30.5.7             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.
		

		
			 
		

		
			30.6           Partial payments
		

		
			 
		

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

		
			 
		

		
			30.6.1.1                first, in or towards payment pro rata of any unpaid amount owing to the Agent (acting in its capacity as such) under the Finance Documents;
		

		
			 
		

		
			
		

		
			

		 

		

			-  115  -

		

 

		

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			30.6.2              The Agent shall, if so directed by the Majority Lenders, vary the order set out in Clauses 30.6.1.1 to 30.6.1.4 above.
		

		
			 
		

		
			30.6.3              Clauses 30.6.1 and 30.6.2 above will override any appropriation made by an Obligor.
		

		
			 
		

		
			30.7            No set-off by Obligors
		

		
			 
		

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

		
			 
		

		
			30.8            Business Days
		

		
			 
		

		
			30.8.1             Any payment under the Finance Documents 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).
		

		
			 
		

		
			30.8.2             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.
		

		
			 
		

		
			30.9            Currency of account
		

		
			 
		

		
			30.9.1             Subject to Clauses 30.9.2 and 30.9.3 below, rand is the currency of account and payment for any sum due from an Obligor under any Finance Document.
		

		
			 
		

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

		
			 
		

		
			30.9.3              Any amount expressed to be payable in a currency other than rand shall be paid in that other currency.
		

		
			 
		

		
			30.10         Change of currency
		

		
			 
		

		
			30.10.1           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:
		

		
			 
		

		
			
		

		
			

		 

		

			-  116  -

		

 

		

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			30.11         Disruption to payment systems, etc.
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			30.11.2           the Agent shall not be obliged to consult with the Company in relation to any changes mentioned in Clause 30.11.1 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;
		

		
			 
		

		
			30.11.3           the Agent shall consult with the Finance Parties in relation to any changes mentioned in Clause 30.11.1;
		

		
			 
		

		
			30.11.4           any such changes agreed upon by the Agent and the Company 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 36 (Amendments and Waivers);
		

		
			 
		

		
			30.11.5           the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 30.11; and
		

		
			 
		

		
			30.11.6           the Agent shall notify the Finance Parties of all changes agreed pursuant to Clause 30.11.4 above.
		

		
			 
		

		
			
		

		
			

		 

		

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			31.       SET-OFF
		

		
			 
		

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

		
			 
		

		
			32.       NOTICES
		

		
			 
		

		
			32.1            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.
		

		
			 
		

		
			32.2            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:
		

		
			 
		

		
			32.2.1            in the case of the Company (for itself and as SA Obligors’ Agent):
		

		
			 
		

		
			Constantia Office Park
		

		
			Cnr 14th Avenue and Hendrik Potgieter Road Weltevreden Park
		

		
			1709
		

		
			South Africa
		

		
			Attention:              Mr Charl Keyter
		

		
			Fax No.:                (011) 278 9863
		

		
			Email:                    charl.keyter@sibanyestillwater.com or charl.keyter@sibanyegold.co.za
		

		
			 
		

		
			32.2.2            in the case of Stillwater:
		

		
			 
		

		
			26 West Dry Creek Circle, Suite 400 Littleton, CO 80120
		

		
			United States of America
		

		
			Attention:              Tony Harris and Chris Bateman
		

		
			Fax No.:                (011) 278 9863 and (+1) 720 502 7481
		

		
			Email:                    tony.harris@sibanyestillwater.com and chris.bateman@sibanyestillwater.com
		

		
			 
		

		
			32.2.3            in the case of the Agent:
		

		
			 
		

		
			3rd floor 
		

		
			F Block
		

		
			Nedbank 135 Rivonia Campus 135 Rivonia Road
		

		
			Sandown 2196
		

		
			Attention:              Head of Transaction Management
		

		
			Fax No.:                (011) 295 1763
		

		
			 
		

		
			
		

		
			

		 

		

			-  118  -

		

 

		

		
			 
		

		
			Email:                   specfinproman@nedbank.co.za
		

		
			 
		

		
			32.2.4            in the case of FirstRand Bank Limited (acting through its Rand Merchant Bank division) its:
		

		
			 
		

		
			14th Floor
		

		
			1 Merchant Place
		

		
			Corner Fredman Drive and Rivonia Road Sandton
		

		
			2196
		

		
			Attention:              Masereko Fihlela
		

		
			Fax No.:                (011) 282 4783
		

		
			E-mail:                  masereko.fihlela@rmb.co.za; and termlendingadmin@rmb.co.za
		

		
			 
		

		
			32.2.5            in the case of The Standard Bank of South Africa Limited:
		

		
			 
		

		
			3rd Floor East 30 Baker Street Rosebank 2196
		

		
			Attention:              PMG Manager, Mining and Metals Fax No.: (086) 587 6769
		

		
			E-mail:                  Paul.Ronquest@standardbank.co.za
		

		
			MEITMU@standardbank.co.za; and
Venorthy.Naidoo@standardbank.co.za
		

		
			 
		

		
			32.2.6            in the case of Bank of China Limited Johannesburg Branch:
		

		
			 
		

		
			Alice Lane Towers 14 – 16th Floors
		

		
			15 Alice Lane
		

		
			Sandton 2146
		

		
			Attention:              Fahim Khan (Senior Manager)
		

		
			Department:          Comprehensive Risk Management Department 
		

		
			Fax No.:                +27 11 520 9685
		

		
			Tel No.:                +27 11 520 9600
		

		
			E-mail:                  jhb_crmd@mail.notes.bank-of-china.com
		

		
			 
		

		
			32.2.7            in the case of Absa Bank Limited in its capacity as an Original Lender and a Co-Arranger:
		

		
			 
		

		
			15 Alice Lane Sandton 2196
		

		
			Attention:              Legal – Documentation and Governance Services 
		

		
			Refer:                    Arlene Roelofse
		

		
			Fax No.:                (011) 895 7847
		

		
			E-mail:                  Arlene.Roelofse@absacapital.com; and
		

		
			xradocmanvalidations@barclayscapital.com
		

		
			 
		

		
			32.2.8             in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and or any substitute address or fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days’ notice.
		

		
			 
		

		
			
		

		
			

		 

		

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			32.3            Domicilia
		

		
			 
		

		
			32.3.1             Each of the Parties chooses its physical address provided under or in connection with Clause 32.2(Addresses) as its domicilium citandi et executandi at which documents in legal proceedings in connection with this Agreement or any other Finance Document may be served.
		

		
			 
		

		
			32.3.2             Any Party may by written notice to the other Parties change its domicilium from time to time to another address, not being a post office box or a poste restante, in South Africa, provided that any such change shall only be effective on the fourteenth day after deemed receipt of the notice by the other Parties pursuant to Clause 32.4 (Delivery).
		

		
			 
		

		
			32.4            Delivery
		

		
			 
		

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

		
			 
		

		
			32.4.1.1                if by way of fax, when received in legible form; or
		

		
			 
		

		
			32.4.1.2                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 32.2 (Addresses), if addressed to that department or officer.
		

		
			 
		

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

		
			 
		

		
			32.4.3             All notices from or to an Obligor shall be sent through the Agent.
		

		
			 
		

		
			32.4.4             Any communication or document made or delivered to the Company in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.
		

		
			 
		

		
			32.4.5             Any communication or document which becomes effective, in accordance with Clauses 32.4.1 to 32.4.4 above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.
		

		
			 
		

		
			32.5            Notification of address and fax number
		

		
			 
		

		
			Promptly upon changing its address or fax number, the Agent shall notify the other Parties.
		

		
			 
		

		
			
		

		
			

		 

		

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			32.6            Communication when Agent is Impaired Agent
		

		
			 
		

		
			If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to  be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed.
		

		
			 
		

		
			32.7            Electronic communication
		

		
			 
		

		
			32.7.1             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 (including, without limitation, by way of posting to a secure website) if those two Parties:
		

		
			 
		

		
			32.7.1.1                notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and
		

		
			 
		

		
			32.7.1.2                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.
		

		
			 
		

		
			32.7.2             Any such electronic communication as specified in Clause 32.7.1 above to be made between an Obligor and a Finance Party may only be made in that way 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.
		

		
			 
		

		
			32.7.3             Any such electronic communication as specified in Clause 32.7.1 above made between any two Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic communication made by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose.
		

		
			 
		

		
			32.7.4             Any  electronic  communication  which  becomes  effective,  in  accordance   with   Clause 32.7.3 above, after 5.00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.
		

		
			 
		

		
			32.7.5             Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 32.7.
		

		
			 
		

		
			32.8            English language
		

		
			 
		

		
			32.8.1              Any notice given under or in connection with any Finance Document must be in English.
		

		
			 
		

		
			32.8.2              All other documents provided under or in connection with any Finance Document must be:
		

		
			 
		

		
			
		

		
			

		 

		

			-  121  -

		

 

		

		
			 
		

		
			32.8.2.1                in English; or
		

		
			 
		

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

		
			 
		

		
			33.       CALCULATIONS AND CERTIFICATES
		

		
			 
		

		
			33.1            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.
		

		
			 
		

		
			33.2            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, prima facie evidence of the matters to which it relates.
		

		
			 
		

		
			33.3            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 365 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice.
		

		
			 
		

		
			34.       PARTIAL INVALIDITY
		

		
			 
		

		
			If, at any time, any provision of a Finance Document 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. The term inoperable in this Clause 34 shall include, without limitation, inoperable by way of suspension or cancellation.
		

		
			 
		

		
			35.       REMEDIES AND WAIVERS
		

		
			 
		

		
			No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document or other document or other indulgence shall operate as a waiver nor shall any single or partial exercise of any right or remedy otherwise affect any of that Party’s rights in terms of or arising from any Finance Document or estop such Party from enforcing, at any time and without notice, strict and punctual compliance with each and every provision or term of any Finance Document. No consent to any waiver or novation of a Party’s rights in terms of or arising from any Finance Document on the part of any Finance Party shall be effective unless
		

		
			 
		

		
			
		

		
			

		 

		

			-  122  -

		

 

		

		
			 
		

		
			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 each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.
		

		
			 
		

		
			36.       AMENDMENTS AND WAIVERS
		

		
			 
		

		
			36.1            Required consents
		

		
			 
		

		
			36.1.1             Subject to Clause 36.2 (All Lender Matters) and Clause 36.3 (Other Exceptions), any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors and any such amendment or waiver will be binding on all Parties.
		

		
			 
		

		
			36.1.2             The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 36.
		

		
			 
		

		
			36.2            All Lender matters
		

		
			 
		

		
			Subject to Clause 36.4 (Replacement of Screen Rate) an amendment or waiver of any term of any Finance Document that has the effect of changing or which relates to:
		

		
			 
		

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

		
			 
		

		
			36.2.2             an extension to the date of payment of any amount under the Finance Documents;
		

		
			 
		

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

		
			 
		

		
			36.2.4             an increase in any Commitment, an extension of the Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the Facility;
		

		
			 
		

		
			36.2.5             a change to the Borrowers or Guarantors other than in accordance with Clause 26 (Change of Obligors);
		

		
			 
		

		
			36.2.6             any provision which expressly requires the consent of all the Lenders;
		

		
			 
		

		
			36.2.7             Clause 2.2 (Finance Parties’ Rights and Obligations), Clause 25 (Changes to the Lender), Clause 29 (Sharing among the Finance Parties), this Clause 36, Clause 45 (Governing Law) or Clause 46.1 (Jurisdiction); or
		

		
			 
		

		
			36.2.8             the nature or scope of the guarantee and indemnity granted under Clause 19 (Guarantee and Indemnity), 
		

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

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			36.3            Other exceptions
		

		
			 
		

		
			An amendment or waiver which relates to the rights or obligations of the Agent or any of the Arrangers (each in their capacity as such) may not be effected without the consent of the Agent or that Arranger, as the case may be.
		

		
			 
		

		
			36.4            Replacement of Screen Rate
		

		
			 
		

		
			Subject to Clause 36.3 (Other Exceptions), if the Screen Rate is not available for rand, any amendment or waiver which relates to providing for another benchmark rate to apply in relation to rand in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Majority Lenders and the Obligors.
		

		
			 
		

		
			36.5            Excluded Commitments
		

		
			 
		

		
			36.5.1             If any 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 15 Business Days of that request being made (unless, the Company and the Agent agree to a longer time period in relation to any request):
		

		
			 
		

		
			36.5.1.1                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
		

		
			 
		

		
			36.5.1.2                its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of Lenders has been obtained to approve that request.
		

		
			 
		

		
			36.6            Replacement of Lender
		

		
			 
		

		
			36.6.1              If:
		

		
			 
		

		
			36.6.1.1                any Lender becomes a Non-Consenting Lender (as defined in Clause 36.6.4 below); or
		

		
			 
		

		
			36.6.1.2                an Obligor becomes obliged to repay any amount in accordance with Clause 7.1 (Illegality) or to pay additional amounts pursuant  to  Clause  14.2  (Tax  Gross-Up), Clause 14.3 (Tax Indemnity) or Clause 15 (Increased Costs) to any Lender, 
		

		
			 
		

		
			then the Company may, on 10 Business Days’ prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 25 (Change 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 (a Replacement Lender) selected by the Company, which is acceptable to the Agent and which confirms its willingness to assume
		

		
			 
		

		
			
		

		
			

		 

		

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			and does assume all the obligations of the transferring Lender in accordance with Clause 25 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer 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 Agent has not given a notification under Clause 25.8 (Pro-Rate Interest Settlement), Break Costs and other amounts payable in relation thereto under the Finance Documents. Such transfer shall be deemed (subject to satisfaction of Clause 25.5.2 (Conditions of Transfer)) to have been completed 10 Business Days after the transferee concerned delivers a Transfer Certificate executed by it to the Lender concerned and pays the relevant amount to the Agent.
		

		
			 
		

		
			36.6.2             The replacement of a Lender pursuant to this Clause 36.6 shall be subject to the following conditions:
		

		
			 
		

		
			36.6.2.1                the Company shall have no right to replace the Agent;
		

		
			 
		

		
			36.6.2.2                neither the Agent nor the Lender shall have any obligation to the Company to find a Replacement Lender;
		

		
			 
		

		
			36.6.2.3                in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 30 days after the date on which that Lender is deemed a Non- Consenting Lender;
		

		
			 
		

		
			36.6.2.4                in no event shall the Lender replaced under this Clause 36.6 be required to pay or surrender to such Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents; and
		

		
			 
		

		
			36.6.2.5                the Lender shall only be obliged to transfer its rights and obligations pursuant to Clause 36.6.1 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.
		

		
			 
		

		
			36.6.3             A Lender shall perform the checks described in Clause 36.6.2.5 above as soon as reasonably practicable following delivery of a notice referred to in Clause 36.6.1 above and shall notify the Agent and the Company when it is satisfied that it has complied with those checks.
		

		
			 
		

		
			36.6.4             In the event that:
		

		
			 
		

		
			36.6.4.1                the Company or the Agent (at the request of the Company) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents;
		

		
			 
		

		
			36.6.4.2                the consent, waiver or amendment in question requires the approval of all the Lenders; and
		

		
			 
		

		
			
		

		
			

		 

		

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			36.6.4.3                the Majority Lenders have consented or agreed to such waiver or amendment, then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a Non-Consenting Lender.
		

		
			 
		

		
			36.7            Right of cancellation in relation to a Defaulting Lender
		

		
			 
		

		
			36.7.1             If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent five Business Days' notice of cancellation of the Available Commitment of that Lender.
		

		
			 
		

		
			36.7.2             On the notice referred to in Clause 36.7.1 becoming effective, the Available Commitment of the Defaulting Lender shall immediately be reduced to zero.
		

		
			 
		

		
			36.7.3             The Agent shall as soon as practicable after receipt of a notice referred to in Clause 36.7.1, notify all the Lenders.
		

		
			 
		

		
			36.8            Replacement of a Defaulting Lender
		

		
			 
		

		
			36.8.1             The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 10 Business Days’ prior written notice to the Agent and such Lender:
		

		
			 
		

		
			36.8.1.1                replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement;
		

		
			 
		

		
			36.8.1.2                require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of the undrawn Commitment of the Lender; or
		

		
			 
		

		
			36.8.1.3                require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its rights and obligations in respect of the Facility, to a Replacement Lender selected by the Company, 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 25 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer which is either:
		

		
			 
		

		
			36.8.1.3.1                    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 Agent has not given a notification under Clause 25.8 (Pro Rate Interest Settlement), Break Costs and other amounts payable in relation thereto under the Finance Documents; or
		

		
			 
		

		
			
		

		
			

		 

		

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			36.8.1.3.2                    in an amount agreed between that Defaulting Lender, the Replacement Lender and the Company and which does not exceed the amount described in Clause 36.8.1.3.1.
		

		
			 
		

		
			36.8.2             Such transfer shall be deemed (subject to satisfaction of Clause 25.2 (Conditions of Transfer) to have been completed 10 Business Days after the transferee concerned delivers a Transfer Certificate executed by it to the Lender concerned and pays the relevant amount to the Agent.
		

		
			 
		

		
			36.8.3             Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 36.7 shall be subject to the following conditions:
		

		
			 
		

		
			36.8.3.1                the Company shall have no right to replace the Agent;
		

		
			 
		

		
			36.8.3.2                neither the Agent nor the Defaulting Lender shall have any obligation to the Company to find a Replacement Lender;
		

		
			 
		

		
			36.8.3.3                the transfer must take place no later than 10 Business Days after the notice referred to in Clause 36.8.1;
		

		
			 
		

		
			36.8.3.4                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
		

		
			 
		

		
			36.8.3.5                the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to Clause 36.8.1 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.
		

		
			 
		

		
			36.8.4             The Defaulting Lender shall perform the checks described in Clause 36.8.3.5 as soon as reasonably practicable following delivery of a notice referred to in Clause 36.8.1 and shall notify the Agent and the Company when it is satisfied that it has complied with those checks.
		

		
			 
		

		
			37.       CONFIDENTIAL INFORMATION
		

		
			 
		

		
			37.1            Confidentiality
		

		
			 
		

		
			Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 37.2 (Disclosure of Confidential Information) and Clause 37.3 (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.
		

		
			 
		

		
			
		

		
			

		 

		

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			37.2       Disclosure of Confidential Information
		

		
			 
		

		
			Any Finance Party may disclose:
		

		
			 
		

		
			37.2.1             to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this Clause 37.2.1 is informed in writing of its confidential nature and that some or all of such Confidential Information may be price- sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;
		

		
			 
		

		
			37.2.2             to any person:
		

		
			 
		

		
			37.2.2.1                to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional advisers;
		

		
			 
		

		
			37.2.2.2                with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers;
		

		
			 
		

		
			37.2.2.3                appointed by any Finance Party or by a person to whom Clause 37.2.2.1 or 37.2.2.2 applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under Clause 27.15.2;
		

		
			 
		

		
			37.2.2.4                who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in Clause 37.2.2.1 or 37.2.2.2;
		

		
			 
		

		
			37.2.2.5                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;
		

		
			 
		

		
			37.2.2.6                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;
		

		
			 
		

		
			
		

		
			

		 

		

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			37.2.2.7                to whom or for whose benefit that Finance Party cedes, pledges or otherwise creates Security (or may do so) pursuant to Clause 25.7 (Security over Lenders’ Rights);
		

		
			 
		

		
			37.2.2.8                who is a Party; or
		

		
			 
		

		
			37.2.2.9                with the consent of the Company;
		

		
			 
		

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

		
			 
		

		
			37.2.2.9.1                    in relation to Clauses 37.2.2.2 and 37.2.2.3, 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;
		

		
			 
		

		
			37.2.2.9.2                    in relation to Clause 37.2.2.4, 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; and
		

		
			 
		

		
			37.2.2.9.3                    in relation to Clauses 37.2.2.5, 37.2.2.6 and 37.2.2.7, 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;
		

		
			 
		

		
			37.2.3             to any person appointed by that Finance Party or by a person to whom Clause 37.2.2.1 or 37.2.2.2 applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this Clause 37.2.3 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 Company and the relevant Finance Party; and
		

		
			 
		

		
			37.2.4             to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency 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.
		

		
			 
		

		
			
		

		
			

		 

		

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			37.3          Disclosure to numbering service providers
		

		
			 
		

		
			37.3.1             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 one or more Obligors the following information:
		

		
			 
		

		
			37.3.1.1                names of Obligors;
		

		
			 
		

		
			37.3.1.2                country of domicile of Obligors;
		

		
			 
		

		
			37.3.1.3                place of incorporation of Obligors;
		

		
			 
		

		
			37.3.1.4                the Signature Date;
		

		
			 
		

		
			37.3.1.5                Clause 45 (Governing Law);
		

		
			 
		

		
			37.3.1.6                the names of the Agent and the Arrangers;
		

		
			 
		

		
			37.3.1.7                date of each amendment and restatement of this Agreement;
		

		
			 
		

		
			37.3.1.8                amounts of, and names of, the Facility (and any tranches);
		

		
			 
		

		
			37.3.1.9                amount of Total Commitments;
		

		
			 
		

		
			37.3.1.10              currency of the Facility;
		

		
			 
		

		
			37.3.1.11              type of the Facility;
		

		
			 
		

		
			37.3.1.12              ranking of the Facility;
		

		
			 
		

		
			37.3.1.13              Termination Date;
		

		
			 
		

		
			37.3.1.14              changes to any of the information previously supplied pursuant to Clauses 37.3.1.1 to 37.3.1.13 above; and
		

		
			 
		

		
			37.3.1.15              such other information agreed between such Finance Party and the Company, to enable such numbering service provider to provide its usual syndicated loan numbering identification services.
		

		
			 
		

		
			37.3.2             The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.
		

		
			 
		

		
			37.3.3             The Company represents that none of the information set out in Clauses 37.3.1.1 to 37.3.1.15 is, nor will at any time be, unpublished price-sensitive information.
		

		
			 
		

		
			
		

		
			

		 

		

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			37.3.4              The Agent shall notify the Company and the other Finance Parties of:
		

		
			 
		

		
			37.3.4.1                the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility and/or one or more Obligors; and
		

		
			 
		

		
			37.3.4.2                the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider.
		

		
			 
		

		
			37.4       Entire agreement
		

		
			 
		

		
			This Clause 37 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.
		

		
			 
		

		
			37.5       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.
		

		
			 
		

		
			37.6       Notification of disclosure
		

		
			 
		

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

		
			 
		

		
			37.6.1                  of the circumstances of any disclosure of Confidential Information made pursuant to Clause 37.2.2.5 except where such disclosure is made to any of the persons referred to in that Clause during the ordinary course of its supervisory or regulatory function; and
		

		
			 
		

		
			37.6.2                   upon becoming aware that Confidential Information has been disclosed in breach of this Clause 37.
		

		
			 
		

		
			37.7       Continuing obligations
		

		
			 
		

		
			The obligations in this Clause 37 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of:
		

		
			 
		

		
			37.7.1                   the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and
		

		
			 
		

		
			37.7.2                   the date on which such Finance Party otherwise ceases to be a Finance Party.
		

		
			 
		

		
			
		

		
			

		 

		

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			38.       CONFIDENTIALITY OF FUNDING RATES
		

		
			 
		

		
			38.1            Confidentiality and disclosure
		

		
			 
		

		
			38.1.1             The Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by Clauses 38.1.2 and 38.1.3 below.
		

		
			 
		

		
			38.1.2             The Agent may disclose:
		

		
			 
		

		
			38.1.2.1                any Funding Rate to the relevant Borrower pursuant to Clause 10.4 (Notification of Rates of Interest); and
		

		
			 
		

		
			38.1.2.2                any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender.
		

		
			 
		

		
			38.1.3              The Agent may disclose any Funding Rate, and each Obligor may disclose any Funding Rate, to:
		

		
			 
		

		
			38.1.3.1                any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this Clause 38.1.3.1 is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it;
		

		
			 
		

		
			38.1.3.2                any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;
		

		
			 
		

		
			38.1.3.3                any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive
		

		
			 
		

		
			
		

		
			

		 

		

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			information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and
		

		
			 
		

		
			38.1.3.4                any person with the consent of the relevant Lender.
		

		
			 
		

		
			38.2        Related obligations
		

		
			 
		

		
			38.2.1             The Agent and each Obligor acknowledge that each Funding Rate is or may be price- sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.
		

		
			 
		

		
			38.2.2             The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender:
		

		
			 
		

		
			38.2.2.1                of the circumstances of any disclosure made pursuant to Clause 38.1.3.2 except where such disclosure is made to any of the persons referred to in that Clause during the ordinary course of its supervisory or regulatory function; and
		

		
			 
		

		
			38.2.2.2                upon becoming aware that any information has been disclosed in breach of  this Clause 38.
		

		
			 
		

		
			38.3        No Event of Default
		

		
			 
		

		
			No Event of Default will occur under Clause 24.3 (Other Obligations) by reason only of an Obligor’s failure to comply with this Clause 38.
		

		
			 
		

		
			39.      WAIVER OF IMMUNITY
		

		
			 
		

		
			Each Obligor irrevocably and unconditionally waives any right it may have to claim for itself or  any of its assets immunity from suit, execution, attachment or other legal process.
		

		
			 
		

		
			40.      SOLE AGREEMENT
		

		
			 
		

		
			The Finance Documents constitute the sole record of the agreement between the Parties in regard to the subject matter thereof.
		

		
			 
		

		
			41.      RENUNCIATION OF BENEFITS
		

		
			 
		

		
			Each Obligor renounces, to the extent permitted under applicable law, the benefits of each of the legal exceptions of excussion, division, revision of accounts, no value received, errore calculi, non causa debiti, non numeratae pecuniae and cession of actions, and declares that it understands the meaning of each such legal exception and the effect of such renunciation.
		

		
			 
		

		
			
		

		
			

		 

		

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			42.         NO IMPLIED TERM
		

		
			 
		

		
			No Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded in any Finance Document in regard to the subject matter thereof.
		

		
			 
		

		
			43.         INDEPENDENT ADVICE
		

		
			 
		

		
			Each Obligor acknowledges that it has been free to secure independent legal and other advice as to the nature and effect of all of the provisions of the Finance Documents and that it has either taken such independent legal and other advice or dispensed with the necessity of doing so. Further, each of the Obligors acknowledges that all of the provisions of each Finance Document and the restrictions therein contained are part of the overall intention of the Parties in connection with the Finance Documents.
		

		
			 
		

		
			44.         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.
		

		
			 
		

		
			45.         GOVERNING LAW
		

		
			 
		

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

		
			 
		

		
			46.         ENFORCEMENT
		

		
			 
		

		
			46.1            Jurisdiction
		

		
			 
		

		
			46.1.1             The Parties hereby irrevocably and unconditionally consent to the non-exclusive jurisdiction of the High Court of South Africa, Gauteng Local Division, Johannesburg (or any successor to that division) (the High Court) in regard to all matters arising from the Finance Documents (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).
		

		
			 
		

		
			46.1.2             The Parties agree that the High Court is the most appropriate and convenient court to settle Disputes and accordingly no Party will argue to the contrary.
		

		
			 
		

		
			46.1.3            This Clause 46.1 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.
		

		
			 
		

		
			
		

		
			

		 

		

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			47.         WAIVER OF TRIAL BY JURY
		

		
			 
		

		
			Each Party waives any right it may have to a jury trial of any claim or cause of action in connection with any Finance Document or any transaction contemplated by any Finance Document. This Agreement may be filed as a written consent to trial by the court.
		

		
			 
		

		
			48.         USA PATRIOT ACT
		

		
			 
		

		
			Each Finance Party that is subject to the requirements of the USA Patriot Act hereby notifies each Obligor that, pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Obligors, which information includes the name and address of the Obligors and other information that will allow that Finance Party to identify the Obligors in accordance with the USA Patriot Act. Each Obligor agrees that it will provide each Finance Party with such information as it may request in order for that Finance Party to satisfy the requirements of the USA Patriot Act.
		

		
			 
		

		
			- SIGNATURES TO FOLLOW -
		

		
			 
		

		
			
		

		
			

		 

		

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			SIGNED at                  on this the             day of    20   .
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						For and on behalf of

				
	
					
						 

					
					
						SIBANYE GOLD LIMITED (AS ORIGINAL BORROWER AND AN ORIGINAL GUARANTOR)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				

		
			 
		

		
			
		

		
			

		 

		

			-  136  -

		

 

		

		
			 
		

		
			SIGNED at            on this the             day of    20   .
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						For and on behalf of

				
	
					
						 

					
					
						SIBANYE RUSTENBURG PLATINUM MINES PROPRIETARY LIMITED (AS ORIGINAL BORROWER AND AN ORIGINAL GUARANTOR)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				

		
			 
		

		
			
		

		
			

		 

		

			-  137  -

		

 

		

		
			 
		

		
			SIGNED at            on this the             day of    20   .
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						For and on behalf of

				
	
					
						 

					
					
						KROONDAL OPERATIONS PROPRIETARY LIMITED

				
	
					
						 

					
					
						(AS ORIGINAL BORROWER AND AN ORIGINAL GUARANTOR)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			-  138  -

		

 

		

		
			 
		

		
			SIGNED at            on this the             day of    20   .
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						For and on behalf of

				
	
					
						 

					
					
						NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CORPORATE AND INVESTMENT BANKING DIVISION)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				

		
			 
		

		
			
		

		
			

		 

		

			-  139  -

		

 

		

		
			 
		

		
			SIGNED at            on this the             day of    20   .
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						For and on behalf of

				
	
					
						 

					
					
						THE STANDARD BANK OF SOUTH AFRICA LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANKING DIVISION)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				

		
			 
		

		
			
		

		
			

		 

		

			-  140  -

		

 

		

		
			 
		

		
			SIGNED at            on this the             day of    20   .
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						For and on behalf of

				
	
					
						 

					
					
						FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				

		
			 
		

		
			
		

		
			

		 

		

			-  141  -

		

 

		

		
			 
		

		
			SIGNED at            on this the             day of    20   .
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						For and on behalf of

				
	
					
						 

					
					
						ABSA BANK LIMITED (ACTING THROUGH ITS CORPORATE AND INVESTMENT BANKING DIVISION)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory: 

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				

		
			 
		

		
			
		

		
			

		 

		

			-  142  -

		

 

		

		
			 
		

		
			SIGNED at            on this the             day of    20   .
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						For and on behalf of

				
	
					
						 

					
					
						BANK OF CHINA LIMITED JOHANNESBURG BRANCH

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signatory:

				
	
					
						 

					
					
						Capacity:

				
	
					
						 

					
					
						Who warrants his authority hereto

				

		
			 
		

		
			
		

		
			

		 

		

			-  143  -

		

 

		

		
			 
		

		
			SCHEDULE 1
		

		
			 
		

		
			THE ORIGINAL PARTIES
		

		
			 
		

		
			 
		

		
			PART 1A
		

		
			 
		

		
			ORIGINAL OBLIGORS
		

		
			 
		

		
			 
		

			
					
						Name of Original Borrower

					
					
						Registration number (or equivalent, if any)

				
	
					
						Sibanye Gold Limited

					
					
						2002/031431/06

				
	
					
						Sibanye Rustenburg Platinum Mines Proprietary Limited 

					
					
						2015/305479/07

				
	
					
						Kroondal Operations Proprietary Limited

					
					
						2000/000341/07

				

		
			 
		

		
			 
		

			
					
						Name of Original Guarantor

					
					
						Registration number (or equivalent, if any)

				
	
					
						Sibanye Gold Limited

					
					
						2002/031431/06

				
	
					
						Sibanye Rustenburg Platinum Mines Proprietary Limited

					
					
						2015/305479/07

				
	
					
						Kroondal Operations Proprietary Limited

					
					
						2000/000341/07

				

		
			 
		

		
			 
		

		
			PART 1B
		

		
			 
		

		
			ADDITIONAL GUARANTORS
		

		
			 
		

			
					
						Name of Additional Guarantor 

					
					
						Registration number (or equivalent, if any)

				
	
					
						 

					
					
						 

				
	
					
						Stillwater Mining Company

					
					
						2317621 (incorporated in the State of Delaware, 
United States of America)

				

		
			 
		

		
			
		

		
			

		 

		

			-  144  -

		

 

		

		
			 
		

		
			PART 2 
		

		
			 
		

		
			LENDERS
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Name of Original Lender

					
					
						Commitment

				
	
					
						 

					
					
						 

				
	
					
						Nedbank Limited (acting through its Nedbank Corporate and Investment Bank Division)

					
					
						ZAR1,200,000,000

				
	
					
						 

					
					
						 

				
	
					
						FirstRand Bank Limited (acting through its Rand Merchant Bank Division)

					
					
						ZAR1,200,000,000

				
	
					
						 

					
					
						 

				
	
					
						The Standard Bank of South Africa Limited (acting through its Corporate and Investment Bank Division)

					
					
						ZAR1,200,000,000

				
	
					
						 

					
					
						 

				
	
					
						Absa Bank Limited (acting through its Corporate and Investment Bank Division)

					
					
						ZAR1,200,000,000

				
	
					
						 

					
					
						 

				
	
					
						Bank of China Limited Johannesburg Branch

					
					
						ZAR1,200,000,000

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ZAR6,000,000,000

				

		
			 
		

		
			
		

		
			

		 

		

			-  145  -

		

 

		

		
			 
		

		
			SCHEDULE 2
		

		
			 
		

		
			CONDITIONS PRECEDENT
		

		
			 
		

		
			1.         Original Obligors
		

		
			 
		

		
			1.1              A copy of the constitutional documents of each Original Obligor.
		

		
			 
		

		
			1.2              A copy of a resolution of the board of directors of each Original Obligor:
		

		
			 
		

		
			1.2.1               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;
		

		
			 
		

		
			1.2.2                in the case of each Original Guarantor:
		

		
			 
		

		
			1.2.2.1                  complying with the requirements of section 45(3)(b) and section 45(4) of the Companies Act in connection with any financial assistance to be granted by that Original Guarantor pursuant to section 45(2) of the Companies Act under the Finance Documents to which it is a party; and
		

		
			 
		

		
			1.2.2.2                  complying with the requirements of section 46 of the Companies Act in connection with any “distribution” (as defined in the Companies Act) that may arise as a result of its entry into the Finance Documents to which it is a party;
		

		
			 
		

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

		
			 
		

		
			1.2.4               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.
		

		
			 
		

		
			1.3         A specimen of the signature of each person authorised by the resolution referred to in Clause 1.2 above.
		

		
			 
		

		
			1.4         To the extent required by the Companies Act, any other applicable law or the constitutional documents of an Original Obligor, a copy of a resolution duly passed by the holders of the issued shares of that Original Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents to which that Original Obligor is a party.
		

		
			 
		

		
			1.5          A copy of a special resolution of the shareholders of each Original Guarantor approving, in accordance with section 45(3)(a)(ii) of the Companies Act, any financial assistance to be granted by that Original Guarantor pursuant to section 45(2) of the Companies Act under the Finance Documents to which it is a party.
		

		
			 
		

		
			
		

		
			

		 

		

			-  146  -

		

 

		

		
			 
		

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

		
			 
		

		
			1.7                  A certificate of the Company (signed by a director) confirming as at the Signature Date that:
		

		
			 
		

		
			1.7.1                     no Default has occurred or is continuing or will result from the execution of the Finance Documents or, if a Default has occurred and is continuing describing that Default and the steps being taken to remedy it; and
		

		
			 
		

		
			1.7.2                     the representations given by it under the Finance Documents are correct in all respects or, if any such representation is not correct in all respects, describing the relevant misrepresentation and the steps being taken to remedy it.
		

		
			 
		

		
			1.8                  A certificate of an authorised signatory of the relevant Original Obligor certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the Signature Date.
		

		
			 
		

		
			2.           Finance Documents
		

		
			 
		

		
			A duly executed original of each of the following Finance Documents:
		

		
			 
		

		
			2.1                 this Agreement; and
		

		
			 
		

		
			2.2                 the Fee Letters.
		

		
			 
		

		
			3.           Legal opinions
		

		
			 
		

		
			3.1                  A legal opinion of Bowmans, legal advisers to the Arrangers and the Agent in South Africa, substantially in the form distributed to the Agent prior to signing this Agreement.
		

		
			 
		

		
			3.2                  A legal opinion of Baker & McKenzie South Africa, legal advisers to the Obligors in South Africa, substantially in the form distributed to the Original Lenders prior to signing this Agreement.
		

		
			 
		

		
			4.           Other documents and evidence
		

		
			 
		

		
			4.1                  A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Company 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.
		

		
			 
		

		
			4.2                 The Original Financial Statements of each Original Obligor.
		

		
			 
		

		
			4.3                  Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 13 (Fees) and Clause 18 (Costs and Expenses) have been paid or will be paid by the first Utilisation Date.
		

		
			 
		

		
			
		

		
			

		 

		

			-  147  -

		

 

		

		
			 
		

		
			4.4                  The Group Structure Chart.
		

		
			 
		

		
			4.5                  A certificate of the Company to the satisfaction of the Agent confirming the arithmetic computations and the proper extraction of figures applied in determining which members of the Group are Material Companies and that the Guarantor Threshold Test has been met.
		

		
			 
		

		
			4.6                  Such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any other Finance Party) in order for the Agent and each other Finance Party to carry out and be satisfied it has complied with all necessary "know your customer" or similar identification procedures under applicable laws and regulations (including the Financial Intelligence Centre Act, 2001) pursuant to the transactions contemplated in the Finance Documents.
		

		
			 
		

		
			4.7                 A copy of any other document, authorisation, opinion or assurance specified by the Agent.
		

		
			 
		

		
			
		

		
			

		 

		

			-  148  -

		

 

		

		
			 
		

		
			PART 2
		

		
			 
		

		
			CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED BY AN ADDITIONAL OBLIGOR
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			3.         A copy of a resolution of the board of directors of the Additional Obligor:
		

		
			 
		

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

		
			 
		

		
			3.2                  in the case of an Additional Guarantor incorporated in South Africa and to the extent applicable:
		

		
			 
		

		
			3.2.1                     complying with the requirements of section 45(3)(b) and section 45(4) of the Companies Act in connection with any financial assistance to be granted by that Additional Guarantor pursuant to section 45(2) of the Companies Act under the Finance Documents to which it is a party; and
		

		
			 
		

		
			3.2.2                     complying with the requirements of section 46 of the Companies Act in connection with any “distribution” (as defined in the Companies Act) that may arise as a result of its entry into the Finance Documents to which it is a party;
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			4.            Each Guarantor as at the date on which each Additional Obligor accedes to the Agreement in accordance with Clause 26 (Change of Obligors) is required to deliver  the following documents to the Agent in a form and substance acceptable to the Agent:
		

		
			 
		

		
			4.1               a resolution of the board of directors of such Guarantor;
		

		
			 
		

		
			4.1.1               complying with the requirements of section 45(3)(b) and section 45(4) of the Companies Act in connection with any financial assistance to be granted by that Guarantor pursuant to section 45(2) of the Companies Act under the Finance Documents to which it is a party;
		

		
			 
		

		
			4.1.2               complying with the requirements of section 46 of the Companies Act in connection with any “distribution” (as defined in the Companies Act) that may arise as a result of its entry into the Finance Documents to which it is a party;
		

		
			 
		

		
			
		

		
			

		 

		

			-  149  -

		

 

		

		
			 
		

		
			4.2                  to the extent required by the Companies Act, any other applicable law or the constitutional documents of the Guarantor, a copy of a resolution duly passed by the holders of the issued shares of that Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which that Guarantor is a party; and
		

		
			 
		

		
			4.3                  a copy of a special resolution of the shareholders of each Original Guarantor incorporated in South Africa approving, in accordance with section 45(3)(a)(ii) of the Companies Act, any financial assistance to be granted by that Original Guarantor pursuant to section 45(2) of the Companies Act under the Finance Documents to which it is a party.
		

		
			 
		

		
			5.           A specimen of the signature of each person authorised by the resolution referred to in Clause 3 above.
		

		
			 
		

		
			6.           To the extent required by the Companies Act, any other applicable law or the constitutional documents of an Additional Guarantor, a copy of a resolution duly passed by the holders of the issued shares of that Additional Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which that Additional Guarantor is a party.
		

		
			 
		

		
			7.           If applicable, in the case of an Additional Guarantor incorporated in South Africa, a copy of a special resolution of the shareholders of the Additional Guarantor approving, in accordance with section 45(3)(a)(ii) of the Companies Act, any financial assistance to be granted by the Additional Guarantor pursuant to section 45(2) of the Companies Act under the Finance Documents to which it is a party.
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			10.         Such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any other Finance Party) in order for the Agent and each other Finance Party to carry out and be satisfied it has complied with all necessary "know your customer" or similar identification procedures under applicable laws and regulations (including the Financial Intelligence Centre Act, 2001) pursuant to the transactions contemplated in the Finance Documents.
		

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

			-  150  -

		

 

		

		
			 
		

		
			12.          If available, the latest audited Financial Statements of the Additional Obligor.
		

		
			 
		

		
			13.          The following legal opinions, each addressed to the Agent and the Lenders:
		

		
			 
		

		
			13.1                a legal opinion of the legal advisers to the Agent in South Africa;
		

		
			 
		

		
			13.2                if the Additional Obligor is incorporated in South Africa, a legal opinion of the legal advisers to the Arrangers and the Agent in South Africa;
		

		
			 
		

		
			13.3                a legal opinion of the legal advisers to the Agent in the jurisdiction of incorporation of the Additional Guarantor; and
		

		
			 
		

		
			13.4                a legal opinion of the legal advisers to the Obligors in the jurisdiction of incorporation of the Additional Guarantor.
		

		
			 
		

		
			14.          If the proposed Additional Obligor is incorporated in or organised under a state of the United States of America or in the District of Columbia:
		

		
			 
		

		
			14.1                a good standing certificate of that Additional Obligor from its jurisdiction of incorporation or organisation, dated not earlier than five Business Days prior to the date of the relevant Accession Letter; and
		

		
			 
		

		
			14.2                a certificate of the chief financial officer, treasurer or assistant treasurer or, if there is no chief financial officer, treasurer or assistant treasurer, the president of that Additional Obligor certifying as to the solvency of the company after the consummation of the transactions contemplated by the Finance Documents.
		

		
			 
		

		
			
		

		
			

		 

		

			-  151  -

		

 

		

		
			 
		

		
			SCHEDULE 3
		

		
			 
		

		
			UTILISATION REQUEST
		

		
			 
		

		
			From:      [Borrower]  
		

		
			 
		

		
			To:          [Agent]  
		

		
			 
		

		
			Dated:
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			Sibanye Gold Limited – ZAR6,000,000,000 Revolving Facility Agreement 
dated 14 November 2016 (as amended and restated) (the Agreement)
		

		
			 
		

		
			1.           We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.
		

		
			 
		

		
			2.           We wish to borrow a Loan on the following terms:
		

		
			 
		

		
			Proposed Utilisation Date: [☐] (or, if that is not a Business Day, the next Business Day) 
		

		
			 
		

		
			Currency of Loan: rand
		

		
			 
		

		
			Amount: [☐] or, if less, the Available Facility 
		

		
			 
		

		
			Interest Period:  [☐]
		

		
			 
		

		
			3.           We confirm that each condition specified in Clause 4.2 (Further Conditions Precedent) is satisfied on the date of this Utilisation Request.
		

		
			 
		

		
			4.           The proceeds of this Loan should be credited to the following bank account (the Account):
		

		
			 
		

		
			Account Name:     [☐]
		

		
			 
		

		
			Bank:                     [☐]
		

		
			 
		

		
			Account Number:  [☐]
		

		
			 
		

		
			Branch:                  [☐]
		

		
			 
		

		
			Branch Code:        [☐]
		

		
			 
		

		
			5.           This Utilisation Request is irrevocable.
		

		
			 
		

		
			 
		

		
			 
		

		
			Yours faithfully 
		

		
			 
		

		
			 
		

		
			authorised signatory for
		

		
			[name of relevant Borrower]
		

		
			 
		

		
			
		

		
			

		 

		

			-  152  -

		

 

		

		
			 
		

		
			SCHEDULE 4
		

		
			 
		

		
			FORM OF TRANSFER CERTIFICATE
		

		
			 
		

		
			To:      [☐] as Agent
		

		
			 
		

		
			From:  [The Existing Lender] (the Existing Lender) and [The New Lender] (the New Lender)  
		

		
			 
		

		
			Dated:
		

		
			 
		

		
			Sibanye Gold Limited – ZAR6,000,000,000 Revolving Facility Agreement 
dated 14 November 2016 (as amended and restated) (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 25.5 (Procedure for Transfer):
		

		
			 
		

		
			2.1                 The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by cession and delegation, and in accordance with Clause 25.5 (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.
		

		
			 
		

		
			2.2                 The proposed Transfer Date is [☐].
		

		
			 
		

		
			2.3                 The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 32.2 (Addresses) are set out in the Schedule.
		

		
			 
		

		
			3.            The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in Clause 25.4.3 (Limitation of Responsibility of Existing Lenders).
		

		
			 
		

		
			4.           The New Lender agrees that it shall assume the same obligations towards each other Finance Party under the Finance Documents as if it had been an original party to the relevant Finance Document.
		

		
			 
		

		
			5.           The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is [a Qualifying Lender (other than a Treaty Lender)][a Treaty Lender][not a Qualifying Lender]1.
		

		
			 
		

		
			6.           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.
		

		
			 
		

		
			7.           This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by South African law.
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			-  153  -

		

 

		

		
			 
		

		
			8.         This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.
		

		
			 
		

		
			 
		

		
			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 Agent and the Transfer Date is confirmed as [☐].
		

		
			 
		

		
			[Agent] 
		

		
			 
		

		
			By:
		

		
			 
		

		
			
		

		
			

		 

		

			-  154  -

		

 

		

		
			 
		

		
			SCHEDULE 5
		

		
			 
		

		
			FORM OF SUBSTITUTE AFFILIATE LENDER DESIGNATION NOTICE
		

		
			 
		

		
			To:          [☐](as Agent) for itself and each of the other parties to the Facilities Agreement referred to below.
		

		
			 
		

		
			From:      [Designating Lender] (the “Designating Lender”)
		

		
			 
		

		
			Dated: 
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			Sibanye Gold Limited – ZAR6,000,000,000 Revolving Facility Agreement 
dated 14 November 2016 (as amended and restated) (the Agreement)
		

		
			 
		

		
			1.           We refer to the Agreement. Terms defined in the Agreement have the same meaning in this Substitute Affiliate Lender Designation Notice.
		

		
			 
		

		
			2.           We hereby designate our Affiliate details of which are given below as a Substitute Affiliate Lender in respect of any Loans required to be advanced to [specify name of borrower or refer to all borrowers in a particular jurisdiction etc] (Designated Loans).
		

		
			 
		

		
			3.           The details of the Substitute Affiliate Lender are as follows: 
		

		
			 
		

		
			Name:
		

		
			 
		

		
			Facility Office: 
		

		
			 
		

		
			Fax Number: 
		

		
			 
		

		
			Attention:
		

		
			 
		

		
			Jurisdiction of Incorporation:
		

		
			 
		

		
			4.           By countersigning this notice below the Substitute Affiliate Lender agrees to become a Substitute Affiliate Lender in respect of Designated Loans as indicated above and agrees to be bound by the terms of the Agreement accordingly.
		

		
			 
		

		
			5.           The Substitute Affiliate Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is [a Qualifying Lender (other than a Treaty Lender)][a Treaty Lender][not a Qualifying Lender]2.
		

		
			 
		

		
			6.           This Substitute Affiliate Lender Designation Notice and any non-contractual obligations arising out of or in connection with it are governed by South African law.
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			-  155  -

		

 

		

		
			......................................................
		

		
			 
		

		
			For and on behalf of 
		

		
			 
		

		
			[Designating Lender]
		

		
			 
		

		
			We acknowledge and agree to the terms of the above.
		

		
			 
		

		
			......................................................
		

		
			 
		

		
			For and on behalf of 
		

		
			 
		

		
			[Substitute Affiliate Lender]
		

		
			 
		

		
			We acknowledge the terms of the above.
		

		
			 
		

		
			......................................................
		

		
			 
		

		
			For and on behalf of 
		

		
			 
		

		
			The Agent
		

		
			 
		

		
			Dated
		

		
			 
		

		
			
		

		
			

		 

		

			-  156  -

		

 

		

		
			 
		

		
			SCHEDULE 6
		

		
			 
		

		
			FORM OF ACCESSION LETTER
		

		
			 
		

		
			To:       [☐] as Agent
		

		
			 
		

		
			From:   [Subsidiary] and [insert name of the Company at the time]  
		

		
			 
		

		
			Dated:
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			Sibanye Gold Limited – ZAR6,000,000,000 Revolving Facility Agreement 
dated 14 November 2016 (as amended and restated) (the Agreement)
		

		
			 
		

		
			1.           We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter.
		

		
			 
		

		
			2.           [Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to Clause [26.2 (Additional Borrowers)]/[Clause 26.4 (Additional Guarantors)] of the Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of relevant jurisdiction].
		

		
			 
		

		
			3.           [The Company confirms that no Default is continuing or would occur as a result of [Subsidiary] becoming an Additional Borrower.].
		

		
			 
		

		
			4.           [Subsidiary’s] administrative details are as follows: 
		

		
			 
		

		
			Address:
		

		
			 
		

		
			Fax No: 
		

		
			 
		

		
			Attention:
		

		
			 
		

		
			5.           This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by South African law.
		

		
			 
		

		
			 
		

		
			[insert name of the Company at the time]                                                      [Subsidiary]
		

		
			 
		

		
			
		

		
			

		 

		

			-  157  -

		

 

		

		
			 
		

		
			SCHEDULE 7
		

		
			 
		

		
			FORM OF RESIGNATION LETTER
		

		
			 
		

		
			To:      [☐] as Agent
		

		
			 
		

		
			From:  [resigning Obligor] and [insert name of the Company at the time]  
		

		
			 
		

		
			Dated:
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			Sibanye Gold Limited – ZAR6,000,000,000 Revolving Facility Agreement 
dated 14 November 2016 (as amended and restated) (the Agreement)
		

		
			 
		

		
			1.           We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.
		

		
			 
		

		
			2.           Pursuant to [Clause 26.3 (Resignation of a Borrower)]/[Clause 26.6 (Resignation of a Guarantor)], we request that [resigning Obligor] be released from its obligations as a [Borrower]/[Guarantor] under the Agreement.
		

		
			 
		

		
			3.           [We confirm that:
		

		
			 
		

		
			3.1              no Default is continuing or would result from the acceptance of this request;
		

		
			 
		

		
			3.2              the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents.]3
		

		
			 
		

		
			4.           [We confirm that no Default is continuing or would result from the acceptance of this request.]4
		

		
			 
		

		
			5.           This Resignation Letter and any non-contractual obligations arising out of or in connection with it are governed by South African law.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						[insert name of the Company at the time]  

					
					
						[Subsidiary]

				
	
					
						 

					
					
						 

				
	
					
						By: 

					
					
						By

				

		
			 
		

		
			 
		

		

		
			3 For resigning Borrower
		

		
			4 For resigning Guarantor
		

		
			 
		

		
			
		

		
			

		 

		

			-  158  -

		

 

		

		
			 
		

		
			SCHEDULE 8
		

		
			 
		

		
			FORM OF COMPLIANCE CERTIFICATE
		

		
			 
		

		
			To:      [☐] as Agent 
		

		
			 
		

		
			From:  [Company]  
		

		
			 
		

		
			Dated:
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			Sibanye Gold Limited – ZAR6,000,000,000 Revolving Facility Agreement 
dated 14 November 2016 (as amended and restated) (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: [Insert details of covenants to be certified]
		

		
			 
		

		
			2.1            We confirm that the following are Material Companies [☐].
		

		
			 
		

		
			3.         [We confirm that no Default is continuing.]*
		

		
			 
		

		
			 
		

			
					
						Signed:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Director 

					
					
						Director 

				
	
					
						 

					
					
						of 

					
					
						of 

				
	
					
						 

					
					
						[insert name of the Company at the time]

					
					
						[insert name of the Company at the time]

				

		
			 
		

		
			 
		

		
			[insert applicable certification language]
		

		
			 
		

		
			 
		

		
			for and on behalf of
		

		
			 
		

		
			[insert name of the Company at the time]
		

		
			 
		

		
			 
		

		

		
			* 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.
		

		
			 
		

		
			
		

		
			

		 

		

			-  159  -

		

 

		

		
			 
		

		
			SCHEDULE 9
		

		
			 
		

		
			LMA FORM OF CONFIDENTIALITY UNDERTAKING
		

		
			 
		

		
			 
		

		
			[Letterhead of Arranger] 
		

		
			 
		

		
			To:
		

		
			 
		

			
					
						 

					
					
						  [insert name of Potential Lender]

				

		
			 
		

		
			 
		

		
			Re:          The Facility
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Company: Sibanye Gold Limited (the “Company”)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Date: 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Amount:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Agent:  [☐] as Agent

					
					
						 

				

		
			 
		

		
			 
		

		
			Dear Sirs
		

		
			 
		

		
			We understand that you are considering participating in the Facility. In consideration of us agreeing to make available to you certain information with the knowledge and approval of the Company, by your signature of a copy of this letter you agree as follows:
		

		
			 
		

		
			(A)        CONFIDENTIALITY
		

		
			 
		

		
			1.           CONFIDENTIALITY UNDERTAKING
		

		
			 
		

		
			You undertake:
		

		
			 
		

		
			1.1                  to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph (A)2 below and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to your own confidential information;
		

		
			 
		

		
			1.2                  to keep confidential and not disclose to anyone except as provided for by paragraph (A)2 below the fact that the Confidential Information has been made available or that discussions or negotiations are taking place or have taken place between us in connection with the Facility;
		

		
			 
		

		
			1.3                  to use the Confidential Information only for the Permitted Purpose; and
		

		
			 
		

		
			1.4                  to use all reasonable endeavours to ensure that any person to whom you disclose any information in accordance with paragraph 2 below (unless disclosed under paragraph 2.2)
		

		
			 
		

		
			
		

		
			

		 

		

			-  160  -

		

 

		

		
			 
		

		
			acknowledges and complies with the provisions of this letter as if that person were also party to it.
		

		
			 
		

		
			2.           PERMITTED DISCLOSURE
		

		
			 
		

		
			We agree that you may disclose such Confidential Information and such of those matters referred to in paragraph (A)1.2 above as you shall consider appropriate:
		

		
			 
		

		
			2.1                  to your Affiliates and their officers, directors, employees, professional advisers and auditors if any person to whom the Confidential Information is to be given pursuant to this paragraph (A)2.1 is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information, except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;
		

		
			 
		

		
			2.2                  to any person to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; and
		

		
			 
		

		
			2.3                  with the prior written consent of us and the Company.
		

		
			 
		

		
			3.           NOTIFICATION OF DISCLOSURE
		

		
			 
		

		
			You agree (to the extent permitted by law and regulation) to inform us:
		

		
			 
		

		
			3.1                 of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (A)2.2 above except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and
		

		
			 
		

		
			3.2                 upon becoming aware that Confidential Information has been disclosed in breach of this letter.
		

		
			 
		

		
			4.           RETURN OF COPIES
		

		
			 
		

		
			If you do not participate in the Facility and we so request in writing, you shall return or destroy all Confidential Information supplied to you by us and destroy or permanently erase (to the extent technically practicable) all copies of Confidential Information made by you and use your reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph (A)2.2 above.
		

		
			 
		

		
			
		

		
			

		 

		

			-  161  -

		

 

		

		
			 
		

		
			5.           CONTINUING OBLIGATIONS
		

		
			 
		

		
			The obligations in this letter are continuing and, in particular, shall survive the termination of any discussions or negotiations between you and us. Notwithstanding the previous sentence, the obligations in Part A of this letter shall cease on the earlier of (a) the date on which you become a party to the Facility Agreement or (b) the date falling [twelve] months after the date of your final receipt (in whatever manner) of any Confidential Information.
		

		
			 
		

		
			6.           NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC
		

		
			 
		

		
			You acknowledge and agree that:
		

		
			 
		

		
			6.1                 neither we nor any of our officers, employees or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or any member of the Group or the assumptions on which it is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or any member of the Group or be otherwise liable to you or any other person in respect of the Confidential Information or any such information; and
		

		
			 
		

		
			6.2                 we or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person or member of the Group may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you.
		

		
			 
		

		
			7.           ENTIRE AGREEMENT; No Waiver; Amendments, etc
		

		
			 
		

		
			7.1                 This letter constitutes the entire agreement between us in relation to your obligations regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.
		

		
			 
		

		
			7.2                 No failure to exercise, nor any delay in exercising any right or remedy under this letter will operate as a waiver of any such right or remedy or constitute an election to affirm this letter. No election to affirm this letter will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other exercise or the exercise of any other right or remedy under this letter.
		

		
			 
		

		
			7.3                 The terms of this letter and your obligations under this letter may only be amended or modified by written agreement between us.
		

		
			 
		

		
			8.           INSIDE INFORMATION
		

		
			 
		

		
			You acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable
		

		
			 
		

		
			
		

		
			

		 

		

			-  162  -

		

 

		

		
			 
		

		
			legislation including securities law relating to insider dealing and market abuse and you undertake not to use any Confidential Information for any unlawful purpose.
		

		
			 
		

		
			9.           NATURE OF UNDERTAKINGS
		

		
			 
		

		
			The undertakings given by you under Part A of this letter are given to us and (without implying any fiduciary obligations on our part) are also given for the benefit of the Company and each other member of the Group.
		

		
			 
		

		
			(B)         MISCELLANEOUS
		

		
			 
		

		
			1.           THIRD PARTY RIGHTS
		

		
			 
		

		
			1.1                 Subject to this paragraph (B)1 and to paragraphs (A)6 and (A)9, a person who is not a party to this letter has no right to enforce or to enjoy the benefit of any term of this letter.
		

		
			 
		

		
			1.2                 The Relevant Persons and each member of the Group may enjoy the benefit of the terms of paragraphs (A)6 and (A)9 subject to and in accordance with this paragraph (B)1.
		

		
			 
		

		
			1.3                 Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person or any member of the Group to rescind or vary this letter at any time.
		

		
			 
		

		
			2.           GOVERNING LAW AND JURISDICTION
		

		
			 
		

		
			2.1                 This letter and the agreement constituted by your acknowledgement of its terms (the “Letter”) and any non-contractual obligations arising out of or in connection with it (including any non- contractual obligations arising out of the negotiation of the transaction contemplated by this Letter) are governed by South African law.
		

		
			 
		

		
			2.2                 The parties hereby irrevocably and unconditionally consent to the non-exclusive jurisdiction of the High Court of South Africa, Gauteng Local Division, Johannesburg (or any successor to that division) in regard to any dispute arising out of or in connection with this Letter (including a dispute relating to any non-contractual obligation arising out of or in connection with either  this Letter or the negotiation of the transaction contemplated by this Letter).
		

		
			 
		

		
			3.           DEFINITIONS
		

		
			 
		

		
			In this letter (including the acknowledgement set out below):
		

		
			 
		

		
			3.1                “Affiliate” means each of your holding companies and subsidiaries and each subsidiary of each of your holding companies (as each such term is defined in the Companies Act 71 of 2008)
		

		
			 
		

		
			3.2                “Confidential Information” means all information relating to the Company, any Obligor, the Group, the Finance Documents and/or the Facility which is provided to you in relation to the Finance Documents or Facility by us or any of our affiliates or advisers, in whatever form, and
		

		
			 
		

		
			
		

		
			

		 

		

			-  163  -

		

 

		

		
			 
		

		
			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:
		

		
			 
		

		
			3.2.1               is or becomes public information other than as a direct or indirect result of any breach by you of this letter; or
		

		
			 
		

		
			3.2.2               is identified in writing at the time of delivery as non-confidential by us or our advisers; or
		

		
			 
		

		
			3.2.3               is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you after that date, from a source which is, as far as you are aware, unconnected with the Group and which, in either case, as far as you are aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.
		

		
			 
		

		
			3.3         “Facility Agreement” means the facility agreement entered into or to be entered into in relation to the Facility.
		

		
			 
		

		
			3.4         “Facility Interest” means a legal, beneficial or economic interest acquired or to be acquired expressly and specifically in or in relation to the Facility, whether as initial lender or by way of cession, transfer, novation, sub-participation (whether disclosed, undisclosed, risk or funded) or any other similar method.
		

		
			 
		

		
			3.5         “Finance Documents” means the documents defined in the Facility Agreement as Finance Documents.
		

		
			 
		

		
			3.6         “Group” means the Company and its subsidiaries for the time being (as such term is defined in the Companies Act 2008).
		

		
			 
		

		
			3.7         “Obligor” means a borrower or a guarantor under the Facility Agreement.
		

		
			 
		

		
			3.8         “Permitted Purpose” means considering and evaluating whether to enter into the Facility.
		

		
			 
		

		
			Please acknowledge your agreement to the above by signing and returning the enclosed copy. 
		

		
			 
		

		
			Yours faithfully
		

		
			 
		

		
			...................................
		

		
			 
		

		
			For and on behalf of 
		

		
			[Arranger]
		

		
			 
		

		
			
		

		
			

		 

		

			-  164  -

		

 

		

		
			 
		

		
			To:          [Arranger]
		

		
			 
		

		
			The Company and each other member of the Group 
		

		
			We acknowledge and agree to the above:
		

		
			 
		

		
			...................................
		

		
			 
		

		
			For and on behalf of 
		

		
			[Potential Lender]
		

		
			 
		

		
			
		

		
			

		 

		

			-  165  -

		

 

		

		
			 
		

		
			SCHEDULE 10 
		

		
			 
		

		
			TIMETABLES
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request))

					
					
						U-3

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						9:30am

				
	
					
						 

					
					
						 

				
	
					
						Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ Participation)

					
					
						U-3

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						noon

				
	
					
						 

					
					
						 

				
	
					
						JIBAR is fixed

					
					
						Quotation Day 11.00 a.m.

				

		
			 
		

		
			 
		

		
			“U”  =  the date of the proposed Utilisation.
		

		
			
		

		
			

		 

		

			-  166  -

		

 

		

		
			 
		

		
			SCHEDULE 11 
		

		
			 
		

		
			LITIGATION
		

		
			 
		

		
			 
		

		
			SILICOSIS LITIGATION
		

		
			 
		

		
			On 21 August 2012, a court application was served on a group of respondents that included Sibanye Gold Ltd (the August Respondents). On 21 December 2012, a further court application was issued and was formally served on a number of respondents, including Sibanye Gold Ltd, (the December Respondents and, together with the August Respondents, the Respondents) on 10 January 2013, on behalf of classes of mine workers, former mine workers and their dependants who were previously employed by, or who are currently employed by, amongst others, Sibanye Gold Ltd and who allegedly contracted silicosis and/or other occupational lung diseases.
		

		
			 
		

		
			On 6 march 2013, a number of applicants instituted class certification applications in the South Gauteng High Court (the High Court) against AASA initially then on 21 august 2013 all of the applicants sought consolidation of their various class applications. The primary relief sought was for the certification of two composite classes of plaintiffs (for silicosis and tuberculosis), to proceed in a single class action against all of the proposed defendants, who are the respondents in the various class applications. The consolidation was approved by the court.
		

		
			 
		

		
			On 13 May 2016 the High Court ordered, amongst other things: (1) the certification of two classes: (a) a silicosis class comprising current and former mine workers who have contracted silicosis, and the dependents of mine workers who have died of silicosis; and (b) a tuberculosis class comprising current and former mine workers who have contracted pulmonary tuberculosis and the dependents of deceased mine workers who died of pulmonary tuberculosis; and (2) that the common law be developed to provide that, where a claimant commences suing for general damages and subsequently dies before close of pleadings, the claim for general damages will transfer to the estate of the deceased claimant. The progression of the matter further will be done in two phases; (i) a determination of common issues, on an opt out basis, and (ii) the hearing and determination of individualized issues, on an opt in basis.
		

		
			 
		

		
			On 3 June 2016, the defendants applied for leave to appeal the High Court’s earlier ruling. The application for leave to appeal was heard on Thursday 23 June 2016 by the same bench of the High Court that issued the class certification ruling on 13 May 2016. On Friday 24 June 2016, the High Court ruled that the defendants (i) be granted leave to appeal to the Supreme Court of Appeal (the SCA) on the ruling developing the common law in relation to general damages; and (ii) be refused leave to appeal their ruling in relation to the certification of a Silicosis Class and a Tuberculosis Class.
		

		
			 
		

		
			The legal process is unfolding accordingly and the defendants have petitioned the SCA directly to allow leave to appeal on the refused grounds. It is expected that the appeal will be heard in the second quarter of 2017.
		

		
			 
		

		
			
		

		
			

		 

		

			-  167  -

		

 

		

		
			 
		

		
			ACID MINE DRAINING LITIGATION
		

		
			 
		

		
			The Group has identified a risk of potential long-term Acid Mine Drainage ("AMD"), on certain of its operations. AMD relates to the acidification and contamination of naturally occurring water resources  by pyrite-bearing ore contained in underground mines and in rock dumps, tailings dams and pits on the surface. The Group has not been able to reliably determine the financial impact that AMD might have on the Group, however, the Group has adopted a proactive approach by initiating projects such as Sibanye Amanzi Project (previously known as Liquid Gold) (long-term water management strategy), and the identification of mine rehabilitation to focus on AMD risk management. The Group also conducts acid base accounting to obtain a more detailed understanding of where the key potential AMD risks are located at identified operations, thereby better informing appropriate long-term mitigation strategies.
		

		
			 
		

		
			 
		

		 

		

			-  168  -

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