<SEC-DOCUMENT>0001144204-17-031339.txt : 20170606
<SEC-HEADER>0001144204-17-031339.hdr.sgml : 20170606
<ACCEPTANCE-DATETIME>20170606170634
ACCESSION NUMBER:		0001144204-17-031339
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20170602
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170606
DATE AS OF CHANGE:		20170606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYAL GOLD INC
		CENTRAL INDEX KEY:			0000085535
		STANDARD INDUSTRIAL CLASSIFICATION:	MINERAL ROYALTY TRADERS [6795]
		IRS NUMBER:				840835164
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13357
		FILM NUMBER:		17894824

	BUSINESS ADDRESS:	
		STREET 1:		1660 WYNKOOP STREET
		STREET 2:		SUITE 1000
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202-1132
		BUSINESS PHONE:		303-573-1660

	MAIL ADDRESS:	
		STREET 1:		1660 WYNKOOP STREET
		STREET 2:		SUITE 1000
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202-1132

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL GOLD INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL RESOURCES CORP
		DATE OF NAME CHANGE:	19870517

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL RESOURCES EXPLORATION INC
		DATE OF NAME CHANGE:	19810716
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v468504_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section&nbsp;13 OR 15(d)&nbsp;of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):
<B>June 2, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ROYAL GOLD,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-13357</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>84-0835164</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 66%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1660 Wynkoop Street, Suite&nbsp;1000, Denver, CO</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>80202-1132</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code:&nbsp;<B>303-573-1660</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&nbsp;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
&sect;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging growth company&nbsp;
&#9;&#9744;</FONT><FONT STYLE="font-family: Wingdings"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&#9;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 2, 2017, Royal Gold,&nbsp;Inc.
(&ldquo;Royal Gold&rdquo; or &ldquo;Company&rdquo;) entered into a Revolving Facility Credit Agreement (&ldquo;New Credit Agreement&rdquo;),
among Royal Gold as borrower, a wholly owned subsidiary of Royal Gold as guarantor, and the Bank of Nova Scotia (&ldquo;BNS&rdquo;),
as administrative agent, and BNS, HSBC Bank USA, National Association (&ldquo;HSBC&rdquo;), Canadian Imperial Bank of Commerce
(&ldquo;CIBC&rdquo;), Bank of America, N.A., Goldman Sachs Bank USA, The Bank of Montreal, National Bank Financial, and Royal Bank
of Canada, as lenders. Other agents under the New Credit Facility include BNS, HSBC and CIBC as Co-Lead Arrangers and Joint Bookrunners,
HSBC as Syndication Agent and CIBC as Documentation Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Credit Facility provides Royal
Gold with a five year, $1.0 billion revolving line of credit with an accordion of up to $250 million, which, subject to satisfaction
of certain conditions and receipt of additional commitments from existing or new lenders, allows the Company to increase the aggregate
commitments under the facility to $1.25 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Credit Agreement replaces Royal
Gold&rsquo;s $650 million revolving credit facility under the Sixth Amended &amp; Restated Revolving Credit Agreement, dated as
of January 29, 2014 (as amended), among Royal Gold, as borrower, certain subsidiaries of Royal Gold, as guarantors, and HSBC, as
agent, and HSBC, BNS, CIBC, Goldman and BofA, as lenders (&ldquo;Prior Credit Facility&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Royal Gold repaid the Prior Credit Facility
using a combination of cash on hand (approximately $50 million) and a borrowing under the New Credit Facility (approximately $250
million), leaving $750 million of availability under the New Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Features of the New Credit Facility include:
(1)&nbsp; a $350 million increase in maximum aggregate commitments over the Prior Credit Facility from $650 million to $1.0 billion;
(2)&nbsp; a final maturity of June 2022 as compared to March 2021 under the Prior Credit Facility; (3)&nbsp;a $250 million accordion
feature, which allows the Company to increase commitments under the facility, subject to satisfaction of certain conditions and
receipt of additional commitments from existing or new lenders, to an aggregate commitment amount of up to $1.25 billion; (4)&nbsp;commitment
fees on undrawn amounts ranging from 0.25% per annum to 0.55% per annum based on the Company&rsquo;s leverage ratio (as defined
therein); (5)&nbsp;an interest rate, as selected by the Company, based on the Company&rsquo;s leverage ratio, which rates range
from either (i) LIBOR + 1.25% per annum to LIBOR + 2.75% per annum or (ii) &ldquo;base rate&rdquo; plus an applicable margin of
0.25% per annum to 1.75% per annum, where &ldquo;base rate&rdquo; is equal to the greatest of (A) the applicable annual interest
rate charged by BNS for U.S. Dollar loans, (B) the aggregate of the Federal Funds Effective Rate (as defined therein) plus 0.5%
per annum and (C) LIBOR for an interest period of one month plus 1.0% per annum; (6)&nbsp; a minimum interest coverage ratio (as
defined therein) of 3.0 to 1.0, and (7)&nbsp;a maximum leverage ratio (as defined therein) of 3.5 to 1.0, increasing to 4.0 to
1.0 for two quarters following completion of a material permitted acquisition of $250 million or more (as further defined therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligations of Royal Gold under the
New Credit Facility are secured by pledges of the Company&rsquo;s direct and indirect subsidiaries representing a minimum of 85%
of the Company&rsquo;s consolidated total assets and consolidated total revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Credit Agreement contains customary
covenants limiting the ability of Royal Gold and its subsidiaries to, among other things, incur debt or liens, dispose of assets,
enter into transactions with affiliates, make certain investments or consummate certain acquisitions, such as mergers. It also
contains customary events of default (as defined therein). Upon the occurrence of an event of default (unless otherwise waived),
the administrative agent, with the approval and instructions of at least the majority of the lenders (other than defaulting lenders
(as defined therein)), may terminate the New Credit Facility and declare all indebtedness under the New Credit Agreement immediately
due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the New Credit
Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the New Credit
Agreement, a copy of which is filed as Exhibit&nbsp;10.1 to this Current Report on Form&nbsp;8-K and is incorporated herein by
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in"><B>Item 2.03</B></TD><TD STYLE="text-align: justify"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
of a Registrant.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth under Item 1.01 of this Current Report
on Form 8-K is incorporated into this Item 2.03 by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in"><B>Item 7.01</B></TD><TD STYLE="text-align: justify"><B>Regulation FD Disclosure.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 2, 2017, the Company announced
its entry into the New Credit Agreement. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 2, 2017, the Company issued a press
release regarding the Peak Gold joint venture, of which its Royal Alaska subsidiary is a party. A copy of the press release is
furnished as Exhibit&nbsp;99.2 hereto and is incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information furnished under this Item
7.01, including Exhibits 99.1 and 99.2, shall not be deemed &ldquo;filed&rdquo; for purposes of Section&nbsp;18 of the Securities
Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as
shall be expressly set forth by reference to such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">10.1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revolving Facility Credit Agreement dated
        June 2, 2017, among Royal Gold, Inc., RG Mexico, Inc., the lenders from time to time party thereto, and HSBC Bank USA, National
        Association, as administrative agent for the lenders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 3pt">10.2</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt">Pledge Agreement by Royal Gold, Inc. in
        favor of The Bank of Nova Scotia dated June 2, 2017.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 3pt">10.3</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt">Pledge Agreement by Royal Gold, Inc. in
        favor of The Bank of Nova Scotia dated June 2, 2017.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 3pt">10.4</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt">Share Pledge Agreement by Royal Gold, Inc.
        in favor of The Bank of Nova Scotia dated June 2, 2017.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 3pt">99.1</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt">Press Release dated June 2, 2017 regarding
        the Company&rsquo;s expansion of its Revolving Credit Facility and payment of $50 million of debt.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 3pt">99.2</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt">Press Release dated June 2, 2017 regarding
        the Peak Gold joint venture.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Royal Gold,&nbsp;Inc.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: &nbsp;June 6, 2017</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Bruce C. Kirchhoff</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bruce C. Kirchhoff</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, General Counsel and Secretary</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0 0 3pt; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">10.1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; padding: 0 0 3pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0 0 3pt; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revolving Facility Credit Agreement dated
        June 2, 2017, among Royal Gold, Inc., RG Mexico, Inc., the lenders from time to time party thereto, and HSBC Bank USA, National
        Association, as administrative agent for the lenders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0 0 3pt; text-indent: 0">10.2</TD>
    <TD STYLE="vertical-align: bottom; padding: 0 0 3pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0 0 3pt; text-indent: 0">Pledge Agreement by Royal Gold, Inc. in
        favor of The Bank of Nova Scotia dated June 2, 2017.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0 0 3pt; text-indent: 0">10.3</TD>
    <TD STYLE="vertical-align: bottom; padding: 0 0 3pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0 0 3pt; text-indent: 0">Pledge Agreement by Royal Gold, Inc. in
        favor of The Bank of Nova Scotia dated June 2, 2017.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0 0 3pt; text-indent: 0">10.4</TD>
    <TD STYLE="vertical-align: bottom; padding: 0 0 3pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0 0 3pt; text-indent: 0">Share Pledge Agreement by Royal Gold, Inc.
        in favor of The Bank of Nova Scotia dated June 2, 2017.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0 0 3pt; text-indent: 0">99.1</TD>
    <TD STYLE="vertical-align: bottom; padding: 0 0 3pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0 0 3pt; text-indent: 0">Press Release dated June 2, 2017 regarding
        the Company&rsquo;s expansion of its Revolving Credit Facility and payment of $50 million of debt.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0 0 3pt; text-indent: 0">99.2</TD>
    <TD STYLE="vertical-align: bottom; padding: 0 0 3pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0 0 3pt; text-indent: 0">Press Release dated June 2, 2017 regarding
        the Peak Gold joint venture.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v468504_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 10.1</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">ROYAL GOLD, INC.<BR>
as Borrower</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">- and -</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">RG MEXICO, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">as a Guarantor</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">THE OTHER GUARANTORS FROM TIME TO TIME
PARTY HERETO,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">as Guarantors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">- and -</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">THE BANK OF NOVA SCOTIA<BR>
as Co-Lead Arranger, Joint Bookrunner and Administrative Agent</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">- and -</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">HSBC SECURITIES (USA) INC.<BR>
as Co-Lead Arranger, Joint Bookrunner and Syndication Agent</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CANADIAN IMPERIAL BANK OF COMMERCE<BR>
as Co-Lead Arranger, Joint Bookrunner and Documentation Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>- and -</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>THE BANK OF NOVA SCOTIA, HSBC BANK USA, NATIONAL
ASSOCIATION, CANADIAN IMPERIAL BANK OF COMMERCE, BANK OF AMERICA, N.A., GOLDMAN SACHS BANK USA, BANK OF MONTREAL, CHICAGO BRANCH,
NATIONAL BANK OF CANADA AND ROYAL BANK OF CANADA<BR>
as Lenders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">REVOLVING FACILITY CREDIT AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Dated as of June 2, 2017</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: right; line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 80%; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Contents</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1 Interpretation</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined Terms</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Usages</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plural and Singular</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headings</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable Law; Submission to Jurisdiction</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.7</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time of the Essence</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Banking Days</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.9</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consents and Approvals</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.10</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount of Credit</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.11</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules and Exhibits</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.12</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extension of Credit</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.13</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule of Construction</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.14</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Terms &ndash; GAAP</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.15</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors and Permitted Assigns of Parties</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2 Credit Facility</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>30</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establishment of Credit Facility</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lenders&rsquo; Commitments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduction of Credit Facility</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination of Credit Facility</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incremental Loans</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3 General Provisions Relating To Credits</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>33</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Types of Credit Commitments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Funding of Loans</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure or Declination of Lender to Fund Loan</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Timing of Credit Commitments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternate Rate of Interest</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time and Place of Payments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remittance of Payments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evidence of Indebtedness</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice Periods</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extensions of Maturity</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4 Drawdowns</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>37</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drawdown Notice</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;5 Rollovers</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>38</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in; width: 10%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; width: 80%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIBOR Loans</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rollover Notice</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;6 Conversions</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>38</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Converting Loan to Other Type of Loan</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion Notice</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Absence of Notice</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion by Lenders</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;7 INTEREST AND FEES</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>39</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Rates</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation and Payment of Interest</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Interest Rules</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection of Interest Periods</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitment Fee</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.6</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable Rate Adjustment</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;8 Reserve, Capital, Indemnity and Tax Provisions</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>42</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions of Credit</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change of Circumstances</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replacement of Lenders</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity Relating to Credits</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;9 REPAYMENTS AND PREPAYMENTS</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>53</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment under Credit Facility</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voluntary Prepayments under Credit Facility</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment Notice</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency of Repayment</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;10 REPRESENTATIONS AND WARRANTIES</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>54</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival of Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;11 COVENANTS</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>60</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affirmative Covenants</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative Covenants</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance of Covenants by Administrative Agent</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permitted Reorganization</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;12 Conditions Precedent to Obtaining Credit</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>71</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions Precedent to All Credit</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions Precedent to Effectiveness of Agreement</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;13 Default and Remedies</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>74</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in; width: 10%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; width: 80%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies Cumulative</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set-Off</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;14 THE ADMINISTRATIVE AGENT</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>77</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment and Authorization of Administrative Agent</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Holders</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultation with Counsel</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.5</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative Agent as Lender</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibility of Administrative Agent</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.7</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Action by Administrative Agent</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.8</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Events of Default</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.9</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibility Disclaimed</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.10</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.11</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit Decision</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.12</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor Administrative Agent</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.13</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delegation by Administrative Agent</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.14</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waivers and Amendments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.15</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination by Administrative Agent Conclusive and Binding</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.16</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments among Lenders after Acceleration</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.17</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redistribution of Payment</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.18</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution of Notices</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.19</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Payments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.20</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.21</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hedging Agreements</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;15 MISCELLANEOUS</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>84</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors and Assigns</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.5</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignment</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.6</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire Agreement</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.7</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Register</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.8</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment Currency</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.9</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USA PATRIOT Act</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.10</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-Money Laundering Laws</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.11</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-Corruption</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.12</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Fiduciary Duty</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.13</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.14</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER OF JURY TRIAL</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.15</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledgment and Consent to Bail-In of EEA Financial Institutions</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.16</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;16 GUARANTEE</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>93</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Guarantee</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.2</FONT></TD>
    <TD STYLE="line-height: 115%; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bankruptcy</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.3</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing Guaranty</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.4</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature of Liability</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.5</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Obligation</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.6</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.7</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.8</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.9</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.10</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.11</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keepwell</FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 115%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Schedule&nbsp;A Lenders and Individual Commitments</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>2</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Schedule&nbsp;10.1(k) &ndash; Subsidiaries and Unrestricted Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Schedule&nbsp;10.1(q) &ndash; Labor Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Schedule&nbsp;11.2(a) &ndash; Existing Liens</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Schedule&nbsp;11.2(e) &ndash; Existing Indebtedness</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Schedule&nbsp;11.2(g) &ndash; Existing Debt Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit A &ndash; Form of Compliance Certificate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit B &ndash; Form of Assignment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit C &ndash; Form of Drawdown Notice</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit D &ndash; Form of Rollover Notice</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit E &ndash; Form of Conversion Notice</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit F &ndash; Form of Joinder Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit G &ndash; Form of Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit H &ndash; Form of Tax Certificates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">This <B>REVOLVING FACILITY
CREDIT AGREEMENT</B>, dated as of June 2, 2017 (this &ldquo;<B>Agreement</B>&rdquo;), is by and among ROYAL GOLD, INC., a corporation
organized under the laws of the State of Delaware (the &ldquo;<B>Borrower</B>&rdquo;), RG MEXICO, INC., a Delaware corporation
(a &ldquo;<B>Guarantor</B>&rdquo;), the other Guarantors from time to time party hereto, THE BANK OF NOVA SCOTIA, in its capacity
as administrative agent and the Lenders (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, the Borrower
has requested that the Lenders make revolving credit loans to the Borrower from time to time and the Lenders have indicated their
willingness to lend on the terms and subject to the conditions set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>NOW THEREFORE</B>, in
consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration (the receipt
and sufficiency of which are hereby acknowledged), the parties hereto covenant and agree as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1<BR>
Interpretation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.1</TD><TD>Defined Terms</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The following defined terms
shall for all purposes of this Agreement, or any amendment, substitution, supplement, replacement or addition hereto, have the
following respective meanings unless the context otherwise specifies or requires or unless otherwise defined herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>$</B>&rdquo;
denotes U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Acquired
EBITDA</B>&rdquo; means, with respect to any Acquired Entity or Asset for any period, the amount of consolidated EBITDA of such
Acquired Entity or Asset for such period, all as determined on a consolidated basis for such Acquired Entity or Asset in accordance
with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Acquired
Entity or Asset</B>&rdquo; means any Person, property, asset, Royalty Transaction, Metal Streaming Transaction or business acquired
by the Borrower or any Restricted Subsidiary thereof during any relevant period to the extent not subsequently sold, transferred,
abandoned or otherwise disposed by the Borrower or a Subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Acquisition</B>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">an acquisition of the Shares of a Person by the Borrower or any Restricted Subsidiary if the Borrower
or such Restricted Subsidiary will acquire more than 35% of the Voting Stock of the entity being acquired;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">an acquisition of all or substantially all of the assets of the vendor (or of a division or unit
of the vendor); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the entry by the Borrower or any Restricted Subsidiary into a Metal Streaming Transaction or a
Royalty Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Additional
Guarantor</B>&rdquo; means any direct or indirect Subsidiary of the Borrower which has become a Guarantor pursuant to Section 11.1(q)(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Additional
Incremental Lender</B>&rdquo; means, at any time, any bank or other financial institution that agrees to provide any portion of
any Incremental Loan or Commitment Increase in accordance with Section 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Administrative
Agent</B>&rdquo; means The Bank of Nova Scotia, in its capacity as administrative agent of the Lenders, and any successor thereto
pursuant to Section&nbsp;14.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Affiliate</B>&rdquo;
means as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person. For purposes of this definition, a Person shall be deemed to be &ldquo;controlled by&rdquo; a Person
if such Person possesses, directly or indirectly, power either (a) to vote 10% of more of the securities having ordinary voting
power for the election of directors of such Person or (b) to direct or cause the direction of the management and policies of such
Person whether by contract or otherwise. Notwithstanding the foregoing, none of the Administrative Agent or any syndication agent,
documentation agent, bookrunner, lead arranger or Lender shall be deemed an Affiliate of the Borrower solely by reason of the relationship
created by the Credit Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Agency
Fee Letter</B>&rdquo; means the fee letter dated as of May 11, 2017 entered into between The Bank of Nova Scotia and the Borrower
with respect to, <I>inter alia</I>, the payment of an agency fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Alternate
Base Rate</B>&rdquo; means, at any particular time, the variable rate of interest per annum, calculated on the basis of a year
of 365 or 366 days, as the case may be, which is equal to the greater of (a) the Base Rate at such time, (b) the aggregate of (i)
the Federal Funds Effective Rate at such time and (ii) &frac12; of 1% and (c) LIBOR for an interest period of 1 month at such time
plus 1%; <I>provided</I> that if at any time the Alternate Base Rate shall be less than 0%, it shall be deemed to be 0% for all
purposes under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Anti-Money
Laundering Laws</B>&rdquo; means (a) the US Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 and the regulations and rules promulgated thereunder, as amended from time to time; the US Money
Laundering Control Act of 1986 and the regulations and rules promulgated thereunder, as amended from time to time; the US Bank
Secrecy Act and the regulations and rules promulgated thereunder, as amended from time to time, (b) the Proceeds of Crime (Money
Laundering) and Terrorist Financing Act (Canada) and (c) other applicable anti-money laundering, anti-terrorist financing, government
sanction and &ldquo;know your client&rdquo; applicable Requirements of Law, whether within the United States, Canada or elsewhere,
including any regulations, guidelines or orders thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Applicable
Rate&rdquo;</B> shall be determined from time to time by reference to the Leverage Ratio, shall be effective as of the applicable
calculation date of such Leverage Ratio and shall be equal to the following, provided that (i) changes in the Applicable Rate shall
be effective as set forth in Section 7.6, (ii) changes in the Applicable Rate shall apply, as at the effective dates of such changes,
to LIBOR Loans outstanding on such dates, but only for those portions of applicable Interest Periods falling within those times
during which the changes in the Applicable Rate are effective, as provided above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 1in">
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Level</b></font></td>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</td>
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Leverage </b></font><br>
<font style="font-size: 10pt"><b>Ratio</b></font></td>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</td>
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>LIBOR Loan </b></font><br>
<font style="font-size: 10pt"><b>Applicable </b></font><br>
<font style="font-size: 10pt"><b>Rate</b></font></td>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</td>
    <TD NOWRAP STYLE="width: 22%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Base Rate Loan </b></font><br>
<font style="font-size: 10pt"><b>Applicable Rate</b></font></td>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</td>
    <TD NOWRAP STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Commitment </b></font><br>
<font style="font-size: 10pt"><b>Fee</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">1</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="text-decoration: none; text-align: center"><font style="font-size: 10pt"><u>&lt;</u> 1.00x</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">1.25% per annum </font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.25% per annum</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.25% per annum</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">2</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="text-decoration: none; text-align: center"><font style="font-size: 10pt"><u>&lt;</u> 1.50x but &gt; 1.00x</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">1.50% per annum </font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.50% per annum</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.30% per annum</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">3</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="text-decoration: none; text-align: center"><font style="font-size: 10pt"><u>&lt;</u> 2.00x but &gt; 1.50x</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">1.75% per annum </font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.75% per annum </font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.35% per annum</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">4</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="text-decoration: none; text-align: center"><font style="font-size: 10pt"><u>&lt;</u> 3.00x but &gt; 2.00x</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">2.25% per annum </font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">1.25% per annum </font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.45% per annum</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">5</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-decoration: none; text-align: center"><font style="font-size: 10pt">&gt; 3.00x</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">2.75% per annum</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">1.75% per annum</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.55% per annum</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">If, as a result of
any restatement of or other adjustment to the financial statements or for any other reason, the Borrower or the Lenders reasonably
determine that (i) the Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper
calculation of Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately be obligated
to pay to the Administrative Agent for the account of the applicable Lender within three (3) days from demand by the Administrative
Agent (or, after the occurrence of an actual or deemed entry of an order for relief under any Debtor Relief Law automatically and
without further action by the Administrative Agent or any Lender), an amount equal to the excess of the amount of interest that
should have been paid for such period over the amount of interest actually paid for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Approved
Fund</B>&rdquo; means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or
an Affiliate of an entity that administers or manages a Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Available
Credit</B>&rdquo; means, at any particular time, the aggregate of the amount, if any, by which the amount of the Credit Facility
at such time exceeds the aggregate amount of credit outstanding thereunder at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Bail-In
Action</B>&rdquo; means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Bail-In
Legislation</B>&rdquo; means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is
described in the EU Bail-In Legislation Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Banking
Day</B>&rdquo; means (x) any day, other than Saturday and Sunday, on which banks generally are open for business in Toronto, Ontario
and New York, New York and (y) when used in respect of LIBOR Loans, means any such day which is also a day on which banks generally
are open for business in London, England and on which transactions can be carried on in the London interbank market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Base Rate</B>&rdquo;
means the variable rate of interest per annum determined by the Administrative Agent from time to time as its base rate for United
States dollar loans made by the Administrative Agent at its headquarters at the relevant time, being a variable per annum reference
rate of interest adjusted automatically upon change by the Administrative Agent, calculated on the basis of a year of 365 or 366
days, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Base Rate
Loan</B>&rdquo; means monies lent by the Lenders to the Borrower hereunder in United States dollars and upon which interest accrues
at a rate referable to the Alternate Base Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Borrower&rsquo;s
Knowledge</B>&rdquo; means the actual knowledge of the Chief Executive Officer, President, Chief Financial Officer, Treasurer,
General Counsel, Vice President or Secretary of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Branch
of Account</B>&rdquo; means the Toronto main branch of the Administrative Agent located at 40 King Street West, Toronto, Ontario,
or such other branch of the Administrative Agent located in Canada as the Borrower and the Administrative Agent may agree upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Canadian
Income Tax Act</B>&rdquo; means the <I>Income Tax Act</I> (Canada), as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Canadian
Pension Plan</B>&rdquo; shall mean a &ldquo;registered pension plan&rdquo;, as that term is defined in subsection 248(1) of the
Canadian Income Tax Act, which is or was sponsored, administered or contributed to, or required to be contributed to by, any Canadian
Restricted Subsidiary or under which any Canadian Restricted Subsidiary has any actual or potential liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Canadian
Pledge Agreement</B>&rdquo; means that certain Pledge Agreement, dated as of the date hereof, between the Borrower and the Administrative
Agent in respect of the Shares of RGLD Gold (Canada) ULC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Canadian
Restricted Subsidiary</B>&rdquo; means any Restricted Subsidiary incorporated or otherwise organized under the laws of Canada or
any province or territory thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Capital
Lease</B>&rdquo;, as applied to any Person, means any lease of any property (whether real, personal or mixed) by that Person as
lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease obligation on the balance sheet
of that Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Cash</B>&rdquo;
means, at any particular time, the aggregate of cash and Cash Equivalents of the Borrower and its consolidated Subsidiaries on
a consolidated basis at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Cash Equivalents</B>&rdquo;
means (i) securities issued or directly and fully guaranteed or insured by the United States or Canadian government or any agency
or instrumentality thereof with maturities of 12 months or less from the date of acquisition, (ii) Canadian dollar denominated
or Dollar denominated certificates of deposit, time deposits, eurodollar time deposits and Eurodollar certificates of deposit with
maturities of one year or less from the date of acquisition, bankers&rsquo; acceptances with maturities not exceeding one year
and overnight bank deposits, in each case with any commercial bank incorporated in the United States or Canada having capital and
surplus in excess of $500,000,000 in the case of any commercial bank incorporated in the United States or CDN$500,000,000 in the
case of any commercial bank incorporated in Canada or any bank whose short-term commercial paper rating from S&amp;P is at least
A-1 or the equivalent thereof, or from Moody&rsquo;s is at least P-1 or the equivalent thereof, or from Dominion Bond Rating Service
Limited is at least R-1 or the equivalent thereof, (iii) repurchase obligations for underlying securities of the types described
in clauses (i) and (ii) entered into with any financial institution having capital and surplus in excess of $500,000,000 or CDN$500,000,000,
as applicable, (iv) commercial paper or other debt securities rated R-1 low by Dominion Bond Rating Service or the equivalent thereof
by Moody&rsquo;s or S&amp;P and in each case maturing within one year after the date of acquisition, (v) investment funds investing
at least 95% of their assets in securities of the types described in clauses (i) to (iv) above and (vi) readily marketable direct
obligations issued by any state of the United States or province of Canada or any political subdivision thereof having one of the
two highest rating categories obtainable from any of Moody&rsquo;s, S&amp;P or Dominion Bond Rating Service with maturities of
24 months or less from the date of acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Cash Management
Bank</B>&rdquo; has the meaning set forth in the definition of Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Cash Management
Services</B>&rdquo; mean any account (including cash management accounts) or other cash management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Change
of Control</B>&rdquo; means that any &ldquo;person&rdquo; or &ldquo;group&rdquo; (within the meaning of Sections 13(d) and 14(d)(2)
of the Securities Exchange Act) becomes the &ldquo;beneficial owner&rdquo; (as defined in Rule 13d-3 under the Securities Exchange
Act) of more than 35% of then outstanding Voting Stock of the Borrower, measured by voting power rather than the number of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Closing
Date</B>&rdquo; means June 2, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&ldquo;<B>Code</B>&rdquo;
means the Internal Revenue Code of 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Collateral</B>&rdquo;
means a collective reference to the collateral which is identified in, and at any time will be, or is intended to be, subject to
or covered by, a Pledge Agreement and other property or assets, whether tangible or intangible, whether real or personal and whether
now or hereafter acquired, in which a security interest is granted or purported to be granted by an Obligor in favor of the Credit
Parties to secure the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&ldquo;<B>Commitment
Increase</B>&rdquo; has the meaning set forth in Section 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Commodity
Exchange Act</B>&rdquo; means the Commodity Exchange Act (7 U.S.C. &sect; 1 et seq.), as amended from time to time, and any successor
statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Confidential
Information</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;15.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Conversion
Notice</B>&rdquo; shall have the meaning ascribed thereto in Section 6.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Consolidated
Total Assets</B>&rdquo; means the total assets less goodwill of the Borrower and its consolidated Subsidiaries on a consolidated
basis determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Credit
Documents</B>&rdquo; means this Agreement, the Pledge Agreements, the Fee Letter and all instruments and agreements executed and
delivered by the Obligors in favor of the Credit Parties from time to time in connection with this Agreement or any other Credit
Document but shall not include Hedging Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Credit
Facility</B>&rdquo; has the meaning ascribed thereto in Section 2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Credit
Parties</B>&rdquo; means the Administrative Agent and the Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Debt Investment</B>&rdquo;
means any Investment by the Borrower or any Restricted Subsidiary consisting of lending of money or other extensions of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Debtor
Relief Law</B>&rdquo; means the Bankruptcy Code of the United States and the <I>Bankruptcy and Insolvency Act</I> (Canada), the
<I>Companies&rsquo; Creditors Arrangement Act</I> (Canada), the <I>Winding Up Act</I> <I>and Restructuring Act</I> (Canada) each
as amended from time to time, and all other liquidation, winding up, conservatorship, bankruptcy, arrangement, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Requirements
of Law of the United States, Canada or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Default</B>&rdquo;
means any event which is or which, with the passage of time, the giving of notice or both, would be an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Default
Rate</B>&rdquo; means (a) when used with respect to Obligations under this Agreement other than Loans, an interest rate from time
to time equal to (i) the Alternate Base Rate <U>plus</U> (ii) the Applicable Rate applicable to Base Rate Loans <U>plus</U> (iii)
2% per annum and (b) when used with respect to a Loan, an interest rate equal to the interest rate (including any Applicable Rate)
otherwise applicable from time to time to such Loan <U>plus</U> 2% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Defaulting
Lender</B>&rdquo; means any Lender that (a) has failed to fund any portion of any extension of credit within two (2) Banking Days
of the date such extension of credit was required to be funded by it, (b) has otherwise failed to pay over to the Administrative
Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Banking Days of the date when due,
unless the subject of a good faith dispute or unless such failure has been cured, (c) has been determined by a court of competent
jurisdiction or regulator to be insolvent or is unable to meet its obligations or admits in writing it is unable to pay its debts
as they generally become due, (d) is the subject of a bankruptcy or insolvency proceeding, (e) is subject to or is seeking the
appointment of an administrator, regulator, conservator, liquidator, receiver, trustee, custodian or other similar official over
any portion of its assets or business, (f) has become the subject of a Bail-In Action, or (g) a Lender who fails, within three
(3) Banking Days after written request from the Administrative Agent or the Borrower, to confirm in writing that it will comply
with its prospective funding obligations hereunder (<I>provided</I> that such Lender shall cease to be a Defaulting Lender pursuant
to this clause (g) upon receipt of such written confirmation by the Administrative Agent or the Borrower) or a Lender who provides
notice in writing, or makes a public statement to the effect that (i) it does not intend to comply with its funding obligations
hereunder or (ii) it does not intend to generally comply with any of its funding obligations under other agreements in which it
commits to extend credit (unless such writing or public statement indicates that such position is based on such Lender&rsquo;s
good faith determination that a condition precedent to extending credit hereunder (specifically identified in such writing including,
if applicable, by reference to a specific Default) cannot be satisfied). For certainty, a Lender shall not become a Defaulting
Lender hereunder solely by virtue of the ownership or acquisition of any equity interest by an Official Body in that Lender or
any direct or indirect parent company of that Lender so long as such ownership interest does not result in or provide such Lender
with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment
on its assets or permit such Lender (or such Official Body) to reject, repudiate, disavow or disaffirm any contracts or agreements
made with such Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Derivative
Exposure</B>&rdquo; in relation to any Person (the &ldquo;relevant party&rdquo;) and any counterparty of the relevant party at
any time means the amount which would be payable by the relevant party to that counterparty, or by that counterparty to the relevant
party, as the case may be, pursuant to all Hedging Agreements entered into between them and in effect at that time if the transactions
governed thereby were to be terminated as the result of the early termination thereof.&nbsp; If the Derivative Exposure becomes
payable by the relevant party to the counterparty of the relevant party at the relevant time of determination, it is referred to
herein as &ldquo;Out-of-the-Money Derivative Exposure&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Designated
Account</B>&rdquo; means, with respect to transactions in U.S. dollars for the Borrower, the account of the Borrower maintained
by the Administrative Agent at the Branch of Account for the purposes of transactions in such currency under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Distribution</B>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the declaration, payment or setting aside for payment of any dividend or other distribution on
or in respect of any Shares in the capital of the Borrower, other than a dividend declared, paid or set aside for payment by the
Borrower which is payable in shares of the Borrower; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the redemption, retraction, purchase, retirement or other acquisition, in whole or in part, of
any Shares in the capital of the Borrower or any securities, instruments or contractual rights capable of being converted into,
exchanged or exercised for Shares in the capital of the Borrower, including, without limitation, options, warrants, conversion
or exchange privileges and similar rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Drawdown
Notice</B>&rdquo; shall have the meaning ascribed thereto in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>EBITDA</B>&rdquo;
means, for any period, Net Income of the Borrower and its consolidated Subsidiaries on a consolidated basis determined in accordance
with GAAP for such period <U>plus</U> (a) without duplication and to the extent deducted in determining such Net Income, the sum
of (i) Interest Expense for such period, (ii) consolidated income tax expense for such period, (iii) all amounts attributable to
depreciation, amortization, depletion and non-cash reclamation for such period, and (iv) any extraordinary or non-recurring charges
or non-cash charges, including non-cash charges resulting from requirements to mark-to-market derivative obligations (including
commodity-linked securities) for such period (<I>provided</I> that any cash payment made with respect to any such non-cash charge
shall be subtracted in computing EBITDA for the period in which such cash payment is made), and <U>minus</U> (b) without duplication
and to the extent included in determining such Net Income, any <FONT STYLE="color: windowtext">extraordinary or non-recurring gains
or non-cash gains for such period, for the Borrower and its consolidated Subsidiaries on a consolidated basis determined in accordance
with GAAP; <I>provided</I> that there shall be included in determining EBITDA for any period (to the extent not included in Net
Income), without duplication, (a) the Acquired EBITDA of any Acquired Entity or Asset (but not the Acquired EBITDA of any related
Person, property, business or assets to the extent not so acquired), based on the actual Acquired EBITDA of such Acquired Entity
or Asset for such period (including the portion thereof occurring prior to such acquisition), and (b) an adjustment in respect
of each Acquired Entity or Asset equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Asset
for such period (including the portion thereof occurring prior to such acquisition) as specified in a Pro Forma Certificate and
delivered to the Administrative Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>EEA Financial
Institution</B>&rdquo; means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an
institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which
is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>EEA Member
Country</B>&rdquo; means any of the member states of the European Union, Iceland, Liechtenstein and Norway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>EEA Resolution
Authority</B>&rdquo; means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>EU Bail-In
Legislation Schedule</B>&rdquo; means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
person), as in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Employee
Benefit Plan</B>&rdquo; means any pension plan or other similar employee benefit plan regulated by or within the meaning of ERISA
or any other similar legislation pursuant to which the Borrower or any of its Restricted Subsidiaries establishes a pension for
or otherwise makes contributions in respect of its employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Environment</B>&rdquo;
means ambient air, indoor air, surface water, groundwater, land surface (including wetlands) and subsurface strata.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Environmental
Laws</B>&rdquo; means any and all applicable Requirements of Law regulating or relating to pollution or protection of human health
or the Environment, as now or hereafter in effect, including Requirements of Law regulating or relating to emissions, discharges,
Releases or threatened Releases of Hazardous Materials, pollutants, contaminants, chemicals or industrial, toxic or hazardous substances
or wastes into the Environment or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or wastes, and the applicable
World Bank Guidelines and Criteria and International Finance Corporation Guidelines, each as in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>ERISA</B>&rdquo;
means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder, each as amended or modified
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>ERISA Affiliate</B>&rdquo;
means any trade or business (whether or not incorporated) under common control with the Borrower or any Subsidiary solely within
the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to
Section&nbsp;412 of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>ERISA Event</B>&rdquo;
means (a) a Reportable Event with respect to an Employee Benefit Plan; (b) a withdrawal by the Borrower, any Subsidiary or any
ERISA Affiliate from an Employee Benefit Plan subject to Section&nbsp;4063 of ERISA during a plan year in which it was a substantial
employer (as defined in Section&nbsp;4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c)&nbsp;a complete or partial withdrawal by the Borrower, any Subsidiary or any ERISA Affiliate from
a Multiemployer Plan, the receipt by the Borrower, any Subsidiary or any ERISA Affiliate of any notice concerning the imposition
of withdrawal liability (as defined in Part 1 of Subtitle E of Title IV of ERISA) or notification that a Multiemployer Plan is,
or is expected to be, insolvent or in &ldquo;endangered&rdquo; or &ldquo;critical&rdquo; status (within the meaning of Section
432 of the Code or Section 305 of ERISA); (d)&nbsp;the filing of a notice of intent to terminate, the treatment of a Plan amendment
as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate an Employee
Benefit Plan or Multiemployer Plan, (e)&nbsp;with respect to an Employee Benefit Plan, the failure to satisfy the minimum funding
standard of Section 412 of the Code; (f) the failure to make by its due date a required contribution under Section 430(j) of the
Code with respect to any Employee Benefit Plan or the failure to make any required contribution to a Multiemployer Plan; (g) the
occurrence of a non-exempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which
could result in liability to the Borrower or any Subsidiary; or (h) the imposition by the PBGC of any liability under Title IV
of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower, any Subsidiary or
any ERISA Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Event of
Default</B>&rdquo; means any one of the events set forth in Section 13.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Excluded
Subsidiary</B>&rdquo; means (a) any Foreign Subsidiary, (b) any Foreign Subsidiary Holding Company, (c) any direct or indirect
Subsidiary of a Foreign Subsidiary or a Foreign Subsidiary Holding Company, (d) any partnership for tax purposes in which a Foreign
Subsidiary or a Foreign Subsidiary Holding Company is a partner, (e) any Unrestricted Subsidiary, (f) any Subsidiary that is not
a wholly owned Subsidiary of the Borrower and (g) any other Subsidiary to the extent that a guarantee of the Obligations by such
Subsidiary would be prohibited by applicable Requirements of Law or contract, would result in an Obligor incurring material tax
liabilities, or would require governmental (including regulatory) consent, approval, license or authorization to provide such guarantee
(unless such consent, approval, license or authorization has been received and, in any event, only for so long as such restriction
exists, and with respect to any such contractual restriction, only to the extent existing on the Closing Date or on the date the
applicable Person becomes a Subsidiary and not entered into in contemplation thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Excluded
Swap Obligations</B>&rdquo; means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor&rsquo;s failure
for any reason not to constitute an &ldquo;eligible contract participant&rdquo; as defined in the Commodity Exchange Act at the
time the Guarantee of such Guarantor becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises
under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that
is attributable to swaps for which such Guarantee or security interest is or becomes illegal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Excluded
Taxes</B>&rdquo; means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by
or on account of any obligation of any Obligor under any Credit Document, (a) Taxes imposed on or measured by its net income (however
denominated), franchise and branch profits Taxes, in each case as a result of such recipient being organized under the laws of,
or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing
such Taxes (or any political subdivision thereof) or&nbsp;as a result of any other present or former connection between such recipient
and the jurisdiction imposing such Taxes (other than any such connection arising solely from such recipient having executed, delivered,
or become a party to, performed its obligations or received payments under, received or perfected a security interest under, entered
into any other transaction pursuant to or enforced any Credit Documents), (b) in the case of a Lender (other than with respect
to any interest in any Loan or commitment acquired pursuant to an assignment request by the Borrower under Section 8.3), any U.S.
Federal withholding Tax that is required to be imposed on amounts payable to or for the account of such Lender pursuant to the
Requirements of Law in force at the time such Lender becomes a party hereto (or designates a new Lending Office) or, with respect
to any additional interest in any commitment, or any Loan not funded pursuant to a commitment by such Lender, acquired after such
Lender becomes a party hereto, at the time such additional interest was acquired by such Lender, except to the extent that such
Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new Lending Office or the acquisition
of such interest (or additional interest) by assignment, as applicable, to receive additional amounts from an Obligor with respect
to such withholding Tax pursuant to Section 8.6(a)(ii), (c) any Tax that is attributable to such Lender&rsquo;s failure to comply
with Section 8.6(e) and (d) any U.S. Federal withholding Tax imposed pursuant to FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Existing
Revolving Credit Agreement</B>&rdquo; means that certain Sixth Amended and Restated Revolving Credit Agreement, dated as of January
29, 2014, among the Borrower, High Desert Mineral Resources, Inc., as a guarantor, RG Exchangeco Inc., as a guarantor, RG Mexico,
Inc., as a guarantor, the other guarantors from time to time party thereto, HSBC Bank USA, National Association, as administrative
agent and the lenders party thereto, as it may have been amended, restated, amended and restated, supplemented or otherwise modified
from time to time prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Extended
Maturity Date</B>&rdquo; shall have the meaning set forth in Section 3.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Extending
Lender</B>&rdquo; shall have the meaning set forth in Section 3.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Extension
Amendment</B>&rdquo; shall have the meaning set forth in Section 3.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Extension
Effective Date</B>&rdquo; shall have the meaning set forth in Section 3.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>FATCA</B>&rdquo;
means 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), and any current and future regulations or other official interpretations
thereof, any agreements entered into pursuant to Section 1471(b) of the current Code (or any amended or successor version described
above) and, for the avoidance of doubt, any intergovernmental agreements in respect thereof (and any legislation, regulations or
other official guidance adopted by an Official Body implementing such intergovernmental agreements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Federal
Funds Effective Rate</B>&rdquo; means, for any particular day, the variable rate of interest per annum, calculated on the basis
of a year of 360 days and for the actual number of days elapsed, equal to the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers as published for such day (or,
if such day is not a Banking Day, for the next preceding Banking Day) by the Federal Reserve Bank of New York or, for any Banking
Day on which such rate is not so published by the Federal Reserve Bank of New York, the average of the quotations for such day
for such transactions received by the Administrative Agent from three (3) Federal Funds brokers of recognized standing selected
by the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fee Letter</B>&rdquo;
means the Agency Fee Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fiscal
Quarter</B>&rdquo; means any of the three-month periods ending on the last day of March, June, September and December in each Fiscal
Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fiscal
Year</B>&rdquo; means the twelve-month period ending on the last day of June in each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Foreign
Subsidiary</B>&rdquo; means a Subsidiary organized under the laws of a jurisdiction other than the United States, any State thereof
or the District of Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Foreign
Subsidiary Holding Company</B>&rdquo; means any Subsidiary substantially all of whose assets consist of Shares of one or more Foreign
Subsidiaries and/or Subsidiaries described in this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Fund</B>&rdquo;
means any person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>GAAP</B>&rdquo;
means generally accepted accounting principles in effect in the United States consistently applied, subject, however, to the provisions
of Section 1.14 for the purpose of determination of compliance with the financial covenants set out in Sections 11.1(m) and (l).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Guarantee</B>&rdquo;
means the guarantee set forth in Article XVI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Guarantors</B>&rdquo;
means RG Mexico and each Additional Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Hazardous
Materials</B>&rdquo; means any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any
hazardous or toxic substances, materials or wastes, pollutants, contaminants or other materials or substances defined or regulated
in or under any Environmental Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&ldquo;<B>Hedge
Bank</B>&rdquo; has the meaning set forth in the definition of Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Hedging
Agreement</B>&rdquo; means any present or future swap, hedging, foreign exchange or cash management agreement or other derivative
transaction entered into by the Borrower or any Restricted Subsidiary which constitutes any silver, gold, oil, gas or other commodity
hedging transaction, spot or forward foreign exchange transaction, interest rate swap transaction, currency swap transaction, forward
rate transaction, rate cap transaction, rate floor transaction, rate collar transaction, and any other exchange or rate protection
transaction, any combination of such transactions or any option with respect to any such transaction entered into by the Borrower
or any Restricted Subsidiary but excludes Metal Streaming Transactions and Royalty Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Immaterial
Restricted Subsidiary</B>&rdquo; means, as of any date of determination, any Restricted Subsidiary that, together with its Subsidiaries
on a consolidated basis, owns assets with a book value of less than $25,000,000 on such date; <I>provided</I> that the aggregate
book value of assets owned by all Immaterial Restricted Subsidiaries shall not at any time exceed $50,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Incremental
Joinder</B>&rdquo; has the meaning set forth in Section 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&ldquo;<B>Incremental
Loan</B>&rdquo; has the meaning set forth in Section 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Indebtedness</B>&rdquo;
of any Person means, without duplication, (i) indebtedness of such Person for borrowed money or for the deferred purchase price
of property and services, other than trade payables incurred in the ordinary course of business and payable in accordance with
customary practices, (ii) other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument,
(iii) obligations of such Person under any Capital Lease as would be required in accordance with GAAP (iv) reimbursement obligations
of such Person under bankers&rsquo; acceptances and contingent obligations of such Person in respect of any letter of credit, bank
guarantee or surety bond, (v) to the extent accelerated, the Out-of-the-Money Derivative Exposure of such Person, and (vi) the
contingent obligations of such Person under any guarantee or other agreement assuring payment of any obligations of any Person
of the type described in the foregoing clauses (i) to (v); <I>provided</I>, <I>however</I>, Indebtedness shall not include any
amounts paid or to be paid to a counterparty in respect of any Metal Streaming Transaction or Royalty Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&ldquo;<B>Indemnified
Taxes</B>&rdquo; means all Taxes other than Excluded Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Individual
Commitment</B>&rdquo; means, with respect to a particular Lender, the amount set forth in Schedule&nbsp;A attached hereto, as reduced
or amended from time to time pursuant to Sections 2.3, 2.5, 3.11, 8.3, 14.14 and 15.5 as the individual commitment of such Lender
with respect to the Credit Facility, provided that, upon the termination of the Credit Facility pursuant to Section 2.4, the Individual
Commitment of each Lender shall thereafter be equal to the Individual Commitment of such Lender immediately prior to the termination
of the Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Interest
Coverage Ratio</B>&rdquo; means, for each four-Fiscal Quarter period, the ratio of EBITDA for such period to the Interest Expense
for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Interest
Expense</B>&rdquo; means, for any period, the interest expense (including imputed interest expense in respect of Capital Leases)
of the Borrower and its consolidated Subsidiaries on a consolidated basis determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Interest
Period</B>&rdquo; means, in the case of any LIBOR Loan, the applicable period for which interest on such LIBOR Loan shall be calculated
pursuant to Article&nbsp;7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Investment</B>&rdquo;
means any advance, loan, extension of credit or capital contribution to, purchase of Shares, bonds, notes, debentures or other
securities of, or any other investment made in, any Person but shall exclude Acquisitions, acquisitions of tangible personal property
and capital or exploration expenditures. The amount of any Investment shall be the original principal or capital amount thereof
less all returns of principal or equity, or distributions or dividends paid, thereon and shall, if made by the transfer or exchange
of property other than cash, be deemed to have been made in an original principal or capital amount equal to the fair value of
such property at the time of such Investment, as determined in good faith by the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Joinder
Agreement</B>&rdquo; means a Joinder Agreement substantially in the form of Exhibit F, executed and delivered by an Additional
Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Lenders</B>&rdquo;
means the financial institutions and other Persons who are, or become, a party to this Agreement in their capacity as lenders to
the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Lending
Office</B>&rdquo; means, as to any Lender, the office or offices of such Lender described as such in such Lender&rsquo;s administrative
questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Leverage
Ratio</B>&rdquo; means for each four Fiscal Quarter period, the ratio of (i) Total Indebtedness less unrestricted Cash as at the
last day of such period to (ii) EBITDA for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>LIBOR</B>&rdquo;
means the rate of interest per annum, calculated on the basis of a year of 360 days, determined by the Administrative Agent for
a particular Interest Period to be the rate of interest per annum that appears as such on the Reuters LIBOR01 Page for a period
equal to the number of days in the applicable Interest Period for deposits in U.S. dollars of amounts comparable to the principal
amount of such LIBOR Loan to be outstanding during such Interest Period, at or about 11:00 a.m. (London, England time) on the second
full Banking Day preceding the commencement of such Interest Period. If the LIBOR01 Page, including any successor or similar service
is not available, LIBOR shall mean the rate at which the Administrative Agent, in accordance with its normal practice, would be
prepared to offer to leading banks in the LIBOR market for delivery by the Administrative Agent on the first day of the applicable
Interest Period for a period equal to the number of days in such Interest Period, deposits in U.S. dollars of amounts comparable
to the principal amount of such LIBOR Loan to be outstanding during such Interest Period; <I>provided</I> that if at any time LIBOR
shall be less than 0%, it shall be deemed to be 0% for all purposes under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>LIBOR Loan</B>&rdquo;
means monies lent by the Lenders to the Borrower in United States dollars and upon which interest accrues at a rate referable to
LIBOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Lien</B>&rdquo;
means any deed of trust, mortgage, charge, hypothec, assignment for the purpose of security, pledge, lien or other security interest
or encumbrance of whatever kind or nature, regardless of form and whether consensual or arising under applicable Requirements of
Law (statutory or otherwise), that secures the payment of any indebtedness or liability or the observance or performance of any
obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Loan Increase
Effective Date</B>&rdquo; has the meaning set forth in Section 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Loans</B>&rdquo;
means Base Rate Loans and LIBOR Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Majority
Lenders</B>&rdquo; means, at any particular time prior to the repayment in full of all indebtedness of the Borrower to the Lenders
hereunder and the termination of all commitments of the Lenders hereunder, such group of Lenders whose Individual Commitments aggregate
more than 50% of the Total Commitment Amount at such time and, at any particular time thereafter, such group of Lenders which have
aggregate Exposure in an amount of at least a majority of the aggregate Exposure of all of the Lenders at such time.&nbsp; Notwithstanding
the foregoing, the unfunded Individual Commitment of, and the outstanding extensions of credit held or deemed to be held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Majority Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Material
Adverse Effect</B>&rdquo; means a material adverse effect on (i) the business, financial condition or results of operations, in
each case, of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the rights and remedies (taken as a whole) of
the Administrative Agent under the Credit Documents or (iii) the ability of the Obligors to perform their payment obligations under
the Credit Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Material
Permitted Acquisition</B>&rdquo; means, to the extent not expressly prohibited by this Agreement, any consummation or acquisition
by the Borrower or any Restricted Subsidiary thereof of (a) any Metal Streaming Transaction for which the aggregate upfront deposit
or similar payment paid by the Borrower or any Restricted Subsidiary exceed $250,000,000 or (b) any Royalty Transaction for which
the aggregate purchase price paid by the Borrower or any Restricted Subsidiary exceeds $250,000,000 (or any combination of the
transactions set forth in clauses (a) and (b) for which the aggregate upfront deposit or similar payment and the aggregate purchase
price exceed $250,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Material
Restricted Subsidiary</B>&rdquo; means any Restricted Subsidiary other than an Immaterial Restricted Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Maturity
Date</B>&rdquo; means June 2, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Metal Streaming
Transaction</B>&rdquo; means a transaction pursuant to which the Borrower and/or a Restricted Subsidiary of the Borrower acquires
a contractual right to purchase Metals produced from or referenced to production from one or more mines on the terms and conditions
set forth in definitive purchase and sale documents related to such transaction, as amended, restated, modified, revised, supplemented,
extended, continued, replaced or renewed in accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Metals</B>&rdquo;
means gold, silver, copper, lead, zinc, molybdenum, nickel, and all other metals, minerals, ores and similar substances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Moody&rsquo;s</B>&rdquo;
means Moody&rsquo;s Investors Service, Inc. or any successor by merger or consolidation to its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Multiemployer
Plan</B>&rdquo; means any employee benefit plan of the type described in Section&nbsp;4001(a)(3) of ERISA, to which the Borrower,
any Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has
made or been obligated to make contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Net Income</B>&rdquo;
means, for any period, the net income (or deficit) of the Borrower and its consolidated Subsidiaries on a consolidated basis determined
in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>New Extending
Lender</B>&rdquo; shall have the meaning set forth in Section 3.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Non-Extending
Lender</B>&rdquo; shall have the meaning set forth in Section 3.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Note</B>&rdquo;
means a promissory note made by the Borrower in favor of the applicable Lender evidencing the Loans provided hereunder, substantially
in the form of Exhibit G, as such promissory note may be amended, modified, supplemented, extended, renewed or replaced from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Notice
Date</B>&rdquo; shall have the meaning set forth in Section 3.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Obligations</B>&rdquo;
shall mean all indebtedness, obligations and liabilities, present or future, absolute or contingent, matured or not, at any time
owing by the Borrower or any Restricted Subsidiary (i) to any of the Credit Parties, or remaining unpaid to any of the Credit Parties,
under or in connection with any of the Credit Documents, (ii) under or in connection with any Hedging Agreement with a Person who
was a Lender at the time of the entry into such Hedging Agreement (or an Affiliate of a Lender at such time, and, for certainty,
regardless of whether such counterparty subsequently ceases to be a Lender or an Affiliate of a Lender) (any such Person, a &ldquo;<B>Hedge
Bank</B>&rdquo;) and (iii) under or in connection with any Cash Management Services provided by a Person who was a Lender at the
time of the entry into such account or cash management service (or an Affiliate of a Lender at such time) (any such Person, a &ldquo;<B>Cash
Management Bank</B>&rdquo;), and Obligations of a particular Obligor shall mean all indebtedness, obligations and liabilities,
present or future, absolute or contingent, matured or not, at any time owing by such Obligor (x) to any of the Credit Parties,
or remaining unpaid to any of the Credit Parties, under or in connection with any of the Credit Documents to which such Obligor
is a party, (y) under or in connection with any Hedging Agreement with a Lender (or an Affiliate of a Lender, and, for certainty,
regardless of whether such counterparty subsequently ceases to be a Lender or an Affiliate of a Lender) and (z) under or in connection
with any account (including cash management accounts) or other cash management services provided by a Lender (or an Affiliate of
a Lender). For certainty, &ldquo;<B>Obligations</B>&rdquo; shall include interest accruing subsequent to the filing of, or which
would have accrued but for the filing of, a petition for bankruptcy, in accordance with and at the rate (including any rate applicable
upon any Default or Event of Default to the extent lawful) specified herein, whether or not such interest is an allowable claim
in such bankruptcy proceeding. &ldquo;<B>Obligations</B>&rdquo; shall not include Excluded Swap Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Obligors</B>&rdquo;
means the Borrower and the Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Official
Body</B>&rdquo; means a government of any nation, and any provincial, territorial, divisional, state, county, regional, city or
other political subdivision thereof, and any entity, court, agency, department, commission, board, bureau, regulatory authority
or other instrumentality of any of them exercising executive, legislative, judicial, taxing, regulatory or administrative functions
of or pertaining to law, and any securities exchange or securities regulatory authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Other
Taxes</B>&rdquo; means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes or any
other excise or property Taxes or similar Taxes arising from any payment made hereunder or under any other Credit Document or from
the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement or any other
Credit Document, except any such Taxes imposed by a jurisdiction described in clause (a) of the definition of &ldquo;Excluded Taxes&rdquo;
with respect to an assignment (other than an assignment made pursuant to Section 8.3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Out-of-the-Money
Derivative Exposure</B>&rdquo; has the meaning given to it in the definition of &ldquo;Derivative Exposure&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&ldquo;<B>Participant
Register</B>&rdquo; has the meaning set forth in Section 15.5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>PBGC</B>&rdquo;
means the Pension Benefit Guaranty Corporation and any successor entity performing similar functions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Permitted
Acquisition</B>&rdquo; means an Acquisition by the Borrower or a Restricted Subsidiary in or with respect to the mining or other
natural resources industries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><I>provided</I> that
no Event of Default exists at the time of any such Acquisition and no Event of Default would exist immediately upon the implementation
of any such Acquisition and, if such Acquisition is a purchase of Shares, the board of directors or equivalent body of the issuer
of such Shares has not taken any specific action to object to or hinder such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Permitted
Debt Investment</B>&rdquo; means any of the following Debt Investments by the Borrower or any Restricted Subsidiary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Receivables owing to the Borrower or any of its Restricted Subsidiaries, and advances to suppliers
and other extensions of trade credit, in each case if created, acquired or made in the ordinary course of business and payable
or dischargeable in accordance with customary trade terms;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">intercompany Debt Investments in (I) Restricted Subsidiaries and (ii) Unrestricted Subsidiaries
(including in connection with a designation of a Restricted Subsidiary as an Unrestricted Subsidiary) in an amount not to exceed
$50,000,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">non-cash consideration received in connection with sales of property or assets permitted hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Debt Investments existing as of the Closing Date as set forth on Schedule 11.2(g);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><I>provided </I>that no Event of Default has occurred and is continuing at the time such transaction
is consummated or would arise immediately upon the consummation thereof, Debt Investments made in connection with or in support
of a Royalty Transaction or Metal Streaming Transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Debt Investments to employees of the Borrower or any Restricted Subsidiary to finance travel, entertainment
and relocation expenses and other ordinary business purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">customary deposits in connection with operating leases and good faith deposits made in connection
with an acquisition otherwise permitted hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Cash Equivalents; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">other Debt Investments in an aggregate amount not to exceed $25,000,000.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="color: windowtext">&ldquo;<B>Permitted
Investment</B>&rdquo; means an Investment (other than a Debt Investment) by the Borrower or any Restricted Subsidiary in or with
respect to the mining or other natural resources industries</FONT>; <I>provided</I> that no Event of Default exists at the time
of any such Investment and no Event of Default would exist immediately upon the implementation of any such Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Permitted
Liens</B>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Liens for taxes, assessments, charges or levies arising under Requirements of Law not at the time
due or as to which the period of grace (not to exceed 30 days), if any, related thereto has not expired or which are being contested
in good faith by appropriate proceedings and as to which reserves are being maintained in accordance with GAAP;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Lien of any judgment rendered to the extent such judgment secured thereby shall not, either
individually or in the aggregate, result in an Event of Default under Section 13.1(g) or the Lien of any claim filed which is being
contested in good faith by appropriate proceedings and as to which reserves are being maintained in accordance with GAAP so long
as forfeiture of any part of such property or assets will not result from the failure to satisfy such judgment or claim during
the period of such contest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Liens and charges incidental to construction or current operations which have not at such time
been filed pursuant to Requirements of Law or which relate to obligations not due or delinquent or the validity of which are being
contested in good faith by appropriate proceedings and as to which reserves are being maintained in accordance with GAAP so long
as forfeiture of any part of such property or assets will not result from the failure to pay such obligations during the period
of such contest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">restrictions, easements, rights-of-way, servitudes or other similar rights in land granted to or
reserved by other Persons which in the aggregate do not materially impair the usefulness, in the operation of the business of the
Borrower or any Restricted Subsidiary, of the property subject to such restrictions, easements, rights-of-way, servitudes or other
similar rights in land granted to or reserved by other persons;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the right reserved to or vested in any Official Body by the terms of any lease, licence, franchise,
grant or permit acquired by the Borrower or any Restricted Subsidiary or by any Requirement of Law, to terminate any such lease,
licence, franchise, grant or permit, or to require annual or other payments as a condition to the continuance thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the Lien resulting from the deposit of cash or securities (i) in connection with contracts, tenders
or expropriation proceedings, or (ii) to secure workers&rsquo; compensation, surety or appeal bonds, costs of litigation when required
by applicable Requirements of Law and public and statutory obligations, or (iii) in connection with the discharge of Liens or claims
incidental to construction and mechanics&rsquo;, warehouseman&rsquo;s, carriers&rsquo; and other similar Liens;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">security given to a public utility or any Official Body when required by such public utility or
Official Body in connection with the operations of the Borrower or any Restricted Subsidiary, all in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">title defects or irregularities which are of a minor nature and in the aggregate will not materially
impair the use of the property for the purpose for which it is held;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">applicable municipal and other Official Body restrictions affecting the use of land or the nature
of any structures which may be erected thereon, provided such restrictions have been complied with and will not materially impair
the use of the property for the purpose for which it is held;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">Liens on minerals or the proceeds of sale of such minerals arising or granted pursuant to a processing
arrangement entered into in the ordinary course and upon usual market terms, securing the payment of the Borrower&rsquo;s or a
Restricted Subsidiary&rsquo;s portion of the fees, costs and expenses attributable to the processing of such minerals under any
such processing arrangement, but only insofar as such Liens relate to obligations which are at such time not past due;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">Liens to secure Indebtedness under Capital Leases and Purchase Money Indebtedness provided the
aggregate amount of such Indebtedness does not, at any particular time, exceed $15,000,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">landlords&rsquo; Liens arising in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">Liens on assets acquired by the Borrower or any Restricted Subsidiary in connection with a Permitted
Acquisition, which Liens existed prior to, and were not created in connection with or in contemplation of, such Permitted Acquisition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">(i) Liens on Shares of joint ventures securing capital contributions to, or obligations of, such
Persons and (ii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">Liens securing payment obligations of the Borrower or a Restricted Subsidiary relating to Indebtedness
in an aggregate outstanding principal amount equal to, at any given time, an amount not exceeding 3% of the value of the Borrower&rsquo;s
and its Restricted Subsidiaries&rsquo; total consolidated assets minus goodwill at such time as reported in the Borrower&rsquo;s
most recent audited<B> </B>financial statements, such amount, for certainty, being exclusive of all other Indebtedness referenced
in this definition of &ldquo;Permitted Liens&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">Liens existing on the Closing Date and set forth on Schedule 11.2(a);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">any Lien with respect to interests in pre-feasibility, feasibility or development stage properties
not currently producing Metals; <I>provided</I> that such Liens do not secure Indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">Liens on assets owned by, and on the Shares of, Subsidiaries whose Shares are not pledged as security
for the Obligations, in each case securing Indebtedness of such Subsidiaries that is permitted hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">Liens on unearned insurance premiums securing the financing thereof to the extent permitted under
Section 11.2(xii); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">the extension, renewal or refinancing of any Permitted Lien, provided that the amount so secured
does not exceed the original amount secured immediately prior to such extension, renewal or refinancing and the Lien is not extended
to any additional property and the Lien has no greater priority than such Permitted Lien prior to giving effect to such extension,
renewal or refinancing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Permitted
Reorganization</B>&rdquo; means (i) conversion of RG Mexico to a Delaware limited liability company to be named RG Royalties, LLC
(and its election to be a disregarded entity for tax purposes), (ii) the transfer of certain documents and instruments evidencing
Royalty Transactions consummated prior to the Closing Date of the Borrower and certain of its direct and indirect Subsidiaries
to RG Royalties, LLC and (iii) certain other conversions and elections by certain Unrestricted Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Person</B>&rdquo;
means any natural person, corporation, firm, partnership, joint venture, joint stock company, incorporated or unincorporated association,
government, governmental agency or any other entity, whether acting in an individual, fiduciary or other capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Pledge
Agreements</B>&rdquo; means the Canadian Pledge Agreement, the US Pledge Agreement and the Swiss Pledge Agreement, and any other
pledge and/or security documents executed pursuant to Section 11.1(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Post-Acquisition
Period</B>&rdquo; shall mean, with respect to any acquisition of any Acquired Entity or Asset, the period beginning on the date
such acquisition is consummated and ending on the last day of the sixth full consecutive fiscal quarter immediately following the
date on which such acquisition is consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Pro Forma
Adjustment</B>&rdquo; means, for any relevant period of measurement that includes all or any part of a Fiscal Quarter included
in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Asset or the EBITDA of
the Borrower and its consolidated Subsidiaries on a consolidated basis determined in accordance with GAAP, the pro forma increase
or decrease in such Acquired EBITDA or such EBITDA, as the case may be, projected by the Borrower in good faith as a result of
the acquisition of an Acquired Entity or Asset during the full Post-Acquisition Period; <I>provided</I> that any such pro forma
increase or decrease to such Acquired EBITDA or such EBITDA, as the case may be, shall be without duplication for amounts already
included in such Acquired EBITDA or such EBITDA, as the case may be, for such relevant period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;<B>Pro Forma Basis</B>&rdquo;
and &ldquo;<B>Pro Forma Compliance</B>&rdquo; means <FONT STYLE="color: windowtext">with respect to compliance with any test or
covenant hereunder, that (a) to the extent applicable, the Pro Forma Adjustment shall have been made, and (b) all Specified Transactions
and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period
of measurement in such test or covenant: (i) income statement items (whether positive or negative) attributable to the assets,
property or Person subject to such Specified Transaction, (A) in the case of a sale, transfer or other disposition of all or substantially
all stock in any Subsidiary shall be excluded, and (B) in the case of an acquisition described in the definition of Specified Transaction,
shall be included, (ii) any retirement of Indebtedness, and (iii) any Indebtedness incurred or assumed by the Borrower or any of
its Restricted Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied
rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be
in effect with respect to such Indebtedness as at the relevant date of determination; provided, that, without limiting the application
of the Pro Forma Adjustment pursuant to (a) above (but without duplication thereof), the foregoing pro forma adjustments may be
applied to any such test or covenant solely to the extent that such adjustments are consistent with the definition of EBITDA and
give effect to events (including operating expense reductions) that are (w) directly attributable to such transaction, (x) expected
to have a continuing impact on the Borrower and its Restricted Subsidiaries, (y) factually supportable, or (z) otherwise consistent
with the definition of Pro Forma Adjustment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Pro Forma
Certificate</B>&rdquo; means any certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent with
respect to any calculation of a Pro Forma Adjustment or to demonstrate Pro Forma Compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Pro Rata
Share</B>&rdquo; means, at any particular time with respect to a particular Lender, the ratio of the Individual Commitment of such
Lender at such time to the aggregate of the Individual Commitments of all Lenders at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Purchase
Money Indebtedness</B>&rdquo; means Indebtedness assumed by the Borrower or any Restricted Subsidiary as part of, or issued or
incurred by the Borrower or any Restricted Subsidiary to pay or provide funds to pay, all or a part of the purchase price of any
equipment hereafter or previously acquired by the Borrower or such Restricted Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Qualified
ECP Guarantor</B>&rdquo; means, in respect of any Swap Obligation, each Obligor that has total assets exceeding $10,000,000 at
the time the guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such
other person as constitutes an &ldquo;eligible contract participant&rdquo; under the Commodity Exchange Act or any regulations
promulgated thereunder and can cause another person to qualify as an &ldquo;eligible contract participant&rdquo; at such time by
entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>RG Mexico</B>&rdquo;
means RG Mexico, Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Release</B>&rdquo;
means any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
disposing, depositing, dispersing or migrating of any Hazardous Material into or through the Environment, or into, from or through
any building, facility or structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Replacement
Lender</B>&rdquo; means a new Lender that has agreed to accept an Individual Commitment pursuant to and in accordance with Section
8.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Reportable
Event</B>&rdquo; means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30-day notice period
has been waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Representative</B>&rdquo;
means any employee, director, financial advisor, attorney or Affiliate of any Credit Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Requirement
of Law</B>&rdquo; means each law, statute, code, ordinance, treaty, order, rule, regulation, judgment, ruling, decree, injunction,
franchise, permit, certificate, license, authorization, regulation, approval or other direction of any Official Body, in each case
applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Responsible
Officer</B>&rdquo; means as to (a) the Borrower, any of the President, the Chief Executive Officer or the Chief Financial Officer
or (b) any other Obligor, any duly authorized officer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Restricted
Subsidiary</B>&rdquo; means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Rollover
Notice</B>&rdquo; shall have the meaning ascribed thereto in Section 5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Royalty
Transaction</B>&rdquo; means a transaction pursuant to which the Borrower or any Restricted Subsidiary acquires (by deed, contract
or otherwise) the right to any share of mineral production (or interest based thereon) from a mine, mining project or similar property,
and all Metals received or receivable with respect thereto, including gross smelter return royalties, net smelter return royalties,
overriding royalties, non-participating royalties, production payments, net profit interests and all other mineral royalties or
other interests in production of every type and characterization, whether constituting a real property or a personal property interest
as set forth in the definitive documents for such transaction, as amended, restated, modified, revised, supplemented, extended,
continued, replaced or renewed in accordance with their terms; provided, however, &ldquo;Royalty Transaction&rdquo; shall not include
a Metal Streaming Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>S&amp;P</B>&rdquo;
means Standard &amp; Poor&rsquo;s Ratings Service or any successor by merger or consolidation to its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Sanctioned
Country</B>&rdquo; means a country, region or territory that is itself the subject or target of Sanctions Laws and for which the
sanctions program extends beyond listed Sanctioned Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Sanctioned
Person</B>&rdquo; means any of the following currently or in the future: (i) an entity, vessel, or individual named on the list
of Specially Designated Nationals or Blocked Persons maintained by OFAC (as defined under Sanctions Laws) currently available at
http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx or on the <FONT STYLE="color: windowtext">consolidated
list of persons, groups, and entities subject to EU financial sanctions currently available at http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm;
or (ii) anyone more than 50-percent owned by an entity or individual described in (i) above; or (iii) (A) an agency or instrumentality
of, or an entity owned or controlled by, the government of a Sanctioned Country, (B) an entity organized under the laws of a Sanctioned
Country, or (C) an individual who is ordinarily resident or located in a Sanctioned Country, each to the extent that the agency,
instrumentality, entity, or individual is the target of a sanctions program administered by OFAC; or (v) any other Person with
whom the Borrower or any of its Subsidiaries is prohibited or restricted from transacting or otherwise dealing under any Sanctions
Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>&ldquo;Sanctions Laws&rdquo;</B>
means the laws, regulations and rules promulgated or administered by the US Office of Foreign Assets Control of <FONT STYLE="color: windowtext">Department
of the Treasury (&ldquo;OFAC&rdquo;) to implement US sanctions programs, including any enabling legislation or Executive Order
related thereto, as amended from time to time; the US Comprehensive Iran Sanctions, Accountability, and Divestment Act and the
regulations and rules promulgated thereunder (&ldquo;CISADA&rdquo;), as amended from time to time; the US Iran Threat Reduction
and Syria Human Rights Act and the regulations and rules promulgated thereunder (&ldquo;ITRA&rdquo;), as amended from time to time;
the US Iran Freedom and Counter-Proliferation Act and the regulations and rules promulgated thereunder (&ldquo;IFCA&rdquo;); the
sanctions and other restrictive measures applied by the European Union in pursuit of the Common Foreign and Security Policy objectives
set out in the Treaty on European Union; and any similar sanctions laws as may be enacted from time to time in the future by the
U.S. (including, without limitation, by OFAC and the U.S. Department of State), the European Union (and its Member States), Her
Majesty&rsquo;s Treasury or the Security Council or any other legislative body of the United Nations; and any corresponding sanctions
laws of jurisdictions in which the Borrower or any of its Subsidiaries operates or in which the proceeds of the Loans will be used
or from which repayments of the Obligations will be derived</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;<B>Securities Exchange Act</B>&rdquo;
means the Securities Exchange Act of 1934, together with any amendment thereto or replacement thereof and any rules or regulations
promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Shares</B>&rdquo;
means, as applied to the shares of any corporation or other entity, the shares or other ownership interests of every class whether
now or hereafter authorized, regardless of whether such shares or other ownership interests shall be limited to a fixed sum or
percentage with respect to the rights of the holders thereof to participate in dividends and in the distribution of assets upon
the voluntary or involuntary liquidation, dissolution or winding-up of such corporation or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Solvent</B>&rdquo;
means, with respect to any Person on any date of determination, that on such date, and after giving effect to any right of contribution,
indemnification, reimbursement or similar right from or among the Obligors, (a) the fair value of the property of such Person is
greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value
of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on
its debts as they become absolute and matured, (c) such Person does not intend to incur, or believes that it will incur, debts
and liabilities beyond its ability to pay such debts and liabilities as they become absolute and matured, (d) such Person does
not have unreasonably small capital with which to conduct the businesses in which it is engaged as such businesses are now conducted
and are proposed to be conducted, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other
commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed
as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Specified
Transaction</B>&rdquo; means, with respect to any period, (i) any event, action or transaction that by the terms of this Agreement
requires &ldquo;Pro Forma Compliance&rdquo; with a test or covenant hereunder or requires such test or covenant to be calculated
on a &ldquo;Pro Forma Basis&rdquo;, (ii) any investment, acquisition, sale, transfer or other disposition of assets (including
Royalty Transactions and Metal Streaming Transactions), and (iii) incurrence or repayment of Indebtedness or dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Subsidiary</B>&rdquo;
means, with respect to any Person, any corporation, company or other similar business entity (including, for greater certainty,
a Canadian chartered bank) of which more than fifty per cent (50%) of the outstanding Shares or other equity interests (in the
case of Persons other than corporations) having ordinary voting power to elect a majority of the board of directors or the equivalent
thereof of such corporation, company or similar business entity (irrespective of whether at the time Shares of any other class
or classes of the Shares of such corporation, company or similar business entity shall or might have voting power upon the occurrence
of any contingency) is at the time directly or indirectly owned by such Person, by such Person and one or more other Subsidiaries
of such Person, or by one or more other Subsidiaries of such Person. Unless context otherwise requires, each reference to a Subsidiary
herein and in any other Credit Document shall be a reference to a Subsidiary of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Swap Obligations</B>&rdquo;
means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a &ldquo;swap&rdquo; within the meaning of section 1a(47) of the Commodity Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Swiss Pledge
Agreement</B>&rdquo; means that certain Share Pledge Agreement, dated as of the date hereof, between the Borrower and the Administrative
Agent, in respect of the Shares of RGLD Gold AG, a company incorporated under the laws of Switzerland, with registered address
at Baarerstrasse 71, 6300 Zug, Switzerland (CHE- <U>116.020.977</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Taxes</B>&rdquo;
means all present or future taxes, levies, duties, withholdings (including backup withholding), assessments, fees or other charges
imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Total Commitment
Amount</B>&rdquo; means, at any particular time, the aggregate of the Individual Commitments of all of the Lenders at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Total Indebtedness</B>&rdquo;
means, at any particular time, the aggregate Indebtedness of the Borrower and its consolidated Subsidiaries on a consolidated basis
determined in accordance with GAAP at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>U.S.</B>&rdquo;
and &ldquo;<B>United States</B>&rdquo; means the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>U.S. Pledge
Agreement</B>&rdquo; means that certain Pledge Agreement, dated as of the date hereof, between the Borrower and the Administrative
Agent, in respect of the Shares of RG Mexico and RGLD Holdings LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Unrestricted
Subsidiary</B>&rdquo; means (i) any Subsidiary of the Borrower set forth on Schedule 11.1(q) and (ii) any Subsidiary of the Borrower
that has been designated as such in accordance with Section 11.1(q).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Voting
Stock</B>&rdquo; means Shares of the class or classes pursuant to which the holders thereof have the general voting power under
ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of a corporation (irrespective
of whether or not at the time Shares of any other class or classes shall have or might have voting power by reason or the happening
of any contingency).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Withholding
Agent</B>&rdquo; means any Obligor, the Administrative Agent and any other withholding agent within the meaning of U.S. Treasury
Regulation Sections 1.1441-7 and 1.1473-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Write-Down
and Conversion Powers</B>&rdquo; means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.2</TD><TD>Other Usages</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">References to &ldquo;this
Agreement&rdquo;, &ldquo;the agreement&rdquo;, &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereto&rdquo; and like references
refer to this Credit Agreement and not to any particular Article, Section or other subdivision of this Agreement. Any references
herein to any agreements or documents shall mean such agreements or documents as amended, modified, supplemented or restated from
time to time in accordance with the terms hereof and thereof. Any reference herein to any provision of any law or regulation shall
be a reference to that provision as amended, supplemented, replaced or re-enacted. References to &ldquo;include&rdquo; and &ldquo;including&rdquo;
shall be read and construed as being followed by the phrase &ldquo;without limitation&rdquo;.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.3</TD><TD>Plural and Singular</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Where the context so requires,
words importing the singular number shall include the plural and vice versa.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.4</TD><TD>Headings</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The division of this Agreement
into Articles and Sections and the insertion of headings in this Agreement are for convenience of reference only and shall not
affect the construction or interpretation of this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.5</TD><TD>Currency</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Unless otherwise specified
herein, all statements of or references to dollar amounts in this Agreement shall mean lawful money of the United States.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.6</TD><TD>Applicable Law; Submission to Jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">This agreement shall be governed
by and construed in accordance with the laws of the State of New York. Each Obligor hereby irrevocably submits to the exclusive
jurisdiction of any state or federal court sitting in New York, New York (and any appellate court thereof) over any legal action
or proceeding with respect to this Agreement or any other Credit Document and each Obligor hereby irrevocably agrees that all claims
in respect of any such proceeding may be heard and determined in such state court, or, to the extent permitted by law, in such
federal court. Each Obligor hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient
forum or improper venue to the maintenance of any such proceeding. Each Obligor irrevocably consents to the service of process
out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified
mail, postage prepaid, to such party to the address prescribed by Section 15.1, such service to become effective five (5) Banking
Days after such mailing. Each Obligor agrees that a final judgment in any such proceeding shall be conclusive and may be executed
upon and enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing herein shall limit
the right of the Administrative Agent or any Lender to serve legal process in any other manner permitted by applicable Requirements
of Law or to commence legal proceedings or otherwise proceed against any Obligor or its property in any other jurisdiction. The
taking of any proceedings in any one or more jurisdictions shall not preclude the taking of any proceedings in any other jurisdiction.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.7</TD><TD>Time of the Essence</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Time shall in all respects
be of the essence of this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.8</TD><TD>Non-Banking Days</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to Section 7.4(c),
whenever any payment to be made hereunder shall be stated to be due or any action to be taken hereunder shall be stated to be required
to be taken on a day other than a Banking Day, such payment shall be made or such action shall be taken on the next succeeding
Banking Day and, in the case of the payment of any amount, the extension of time shall be included for the purposes of computation
of interest, if any, thereon.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.9</TD><TD>Consents and Approvals</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Whenever the consent or approval
of a party hereto is required in a particular circumstance, unless otherwise expressly provided for therein, such consent or approval
shall not be unreasonably withheld, conditioned or delayed by such party.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.10</TD><TD>Amount of Credit</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Any reference herein to the
amount of credit outstanding shall mean, at any particular time, in the case of a LIBOR Loan or Base Rate Loan, the principal amount
thereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.11</TD><TD>Schedules and Exhibits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Each and every one of the
schedules and exhibits which is referred to in this Agreement and attached to this Agreement shall form a part of this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.12</TD><TD>Extension of Credit</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">For the purposes hereof,
each drawdown, rollover and conversion shall be deemed to be an extension of credit to the Borrower hereunder.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.13</TD><TD>Rule of Construction</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Credit Documents have
been negotiated by each party with the benefit of legal representation, and any rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not apply to the construction or interpretation of the Credit Documents.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.14</TD><TD>Accounting Terms &ndash; GAAP</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">All accounting terms not
specifically defined in this Agreement shall be interpreted in accordance with GAAP; <I>provided</I> that, if the Borrower shall
notify the Administrative Agent that it wishes to amend any covenant in Section 11.1(l) or (m) (or the definitions used therein)
to eliminate the effect of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower
that the Majority Lenders wish to amend Section 11.1(l) or (m) or any definition used therein for such purpose), then compliance
with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective,
until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Majority Lenders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.15</TD><TD>Successors and Permitted Assigns of Parties</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Any reference in this Agreement
to a party to this Agreement shall include the successors and permitted assigns of such party.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center">Article&nbsp;2<BR>
Credit Facility</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">2.1</TD><TD>Establishment of Credit Facility</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to the terms and
conditions hereof, the Lenders hereby establish in favor of the Borrower a revolving credit facility (the &ldquo;<B>Credit Facility</B>&rdquo;)
in the amount of $1,000,000,000, as such amount may be reduced pursuant to Section 2.3 and increased pursuant to Section 2.5.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">2.2</TD><TD>Lenders&rsquo; Commitments</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to the terms and
conditions hereof, the Lenders severally agree to extend credit to the Borrower under the Credit Facility from time to time provided
that the aggregate amount of credit extended by each Lender under the Credit Facility shall not at any time exceed the Individual
Commitment of such Lender and further provided that the aggregate amount of credit outstanding under the Credit Facility shall
not at any time exceed the amount of the Credit Facility. All credit requested under the Credit Facility shall be made available
to the Borrower contemporaneously by all of the Lenders. Each Lender shall provide to the Borrower its Pro Rata Share of each credit,
whether such credit is extended by way of drawdown, rollover or conversion. No Lender shall be responsible for any default by any
other Lender in its obligation to provide its Pro Rata Share of any credit under the Credit Facility nor shall the Individual Commitment
of any Lender be increased as a result of any such default of another Lender in extending credit under the Credit Facility. The
failure of any Lender to make available to the Borrower its Pro Rata Share of any credit under the Credit Facility shall not relieve
any other Lender of its obligation hereunder to make available to the Borrower its Pro Rata Share of such credit under the Credit
Facility.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">2.3</TD><TD>Reduction of Credit Facility</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Borrower may, from time
to time and at any time, by notice in writing to the Administrative Agent, permanently reduce the Credit Facility in whole or in
part to the extent it is not being utilized at the time such notice is given, provided that such reduction shall not become effective
until three (3) Banking Days after such notice has been given. The amount of the Credit Facility will be permanently reduced with
respect to the repayment made in accordance with Section 9.1 but shall not be permanently reduced with respect to any voluntary
prepayment made in accordance with Section 9.2. Any repayment of outstanding credit which forms part of any conversion from one
type of credit to another type of credit under Article 3 or Article 6 or of any rollover under Article 5 shall not cause any reduction
in the amount of the Credit Facility. Upon any reduction of the Credit Facility, the Individual Commitment of each Lender shall
thereupon be reduced by an amount equal to such Lender&rsquo;s Pro Rata Share of the amount of such reduction of the Credit Facility.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">2.4</TD><TD>Termination of Credit Facility</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Credit Facility shall terminate upon the earliest to occur of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the termination of the Credit Facility in accordance with Section 13.1;</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the date on which the Credit Facility has been permanently reduced to zero pursuant to Section
2.3; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the Maturity Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Upon the termination of the Credit Facility, the right of the Borrower to obtain any credit thereunder
and all of the obligations of the Lenders to extend credit thereunder shall automatically terminate.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">2.5</TD><TD>Incremental Loans.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Borrower may at any time and from time to time after the Closing Date by written notice to
the Administrative Agent (whereupon the Administrative Agent shall make such notice available to each of the Lenders) request one
or more additional new revolving loan tranches (an &ldquo;<B>Incremental Loan</B>&rdquo;) increasing the aggregate amount of the
commitments hereunder (each such increase, a &ldquo;<B>Commitment Increase</B>&rdquo;) in an aggregate amount not to exceed $250,000,000
from any existing Lender or an Additional Incremental Lender (which Additional Incremental Lender shall become a &ldquo;Lender&rdquo;
hereunder subject to the prior consent of the Administrative Agent and the Borrower, such consent not to be unreasonably withheld,
conditioned or delayed). Each such written notice shall specify: (i) the date on which the Borrower proposes that the Commitment
Increase shall be effective (the &ldquo;<B>Loan Increase Effective Date</B>&rdquo;), which shall be a date not less than ten (10)
Banking Days after the date on which such notice is delivered to the Administrative Agent, (ii) the amount of such proposed Commitment
Increase (which shall not exceed an aggregate of $250,000,000 for all Commitment Increases), and (iii) the identity of each Lender
(including each Additional Incremental Lender) to whom the Borrower proposes each portion of such Commitment Increase and related
Incremental Loan be allocated and the amount of each such allocation. No existing Lender will have any obligation to accept or
make any portion of any Incremental Loan or to make any Loan associated with any Commitment Increase. Each Lender, in its sole
discretion, may either grant or deny any increase in its respective commitment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">A Commitment Increase shall become effective as of the Loan Increase Effective Date; <I>provided</I>
that each of the following conditions precedent is satisfied:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">no Default or Event of Default shall have occurred and be continuing or would result from any borrowing
to be made as of the Loan Increase Effective Date or otherwise with respect to the Commitment Increase;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the representations and warranties made by the Borrower herein shall be true and correct in all
material respects (or in all respects to the extent otherwise qualified by materiality or Material Adverse Effect) on and as of
the Loan Increase Effective Date as if made on and as of such date, except for representations and warranties expressly stated
to relate to a specific earlier date (in which event such representations and warranties shall have been true and correct in all
material respects (or in all respects to the extent otherwise qualified by materiality or Material Adverse Effect) on and as of
such earlier date);</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the Borrower shall have delivered to the Administrative Agent a certificate of a Responsible Officer
certifying clauses (i) and (ii); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the Commitment Increase has been accepted by one or more Lenders or Additional Incremental Lenders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The terms and conditions of any Incremental Loan made pursuant to a Commitment Increase shall be
as follows:</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">on and after each Loan Increase Effective Date, each Lender (including Additional Incremental Lender(s))
shall be obligated, to the extent of its commitment, in accordance with the requirements set forth in this Agreement to provide
Loans to the Borrower under each Incremental Loan subject to the Borrower&rsquo;s compliance with the terms and conditions of this
Agreement applicable to all Loans, including with respect to borrowing procedures and conditions precedent to all Loans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">each Commitment Increase shall be in a minimum amount of $5,000,000 and in integral multiples of
$1,000,000 in excess thereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">each Commitment Increase shall be documented pursuant to an incremental joinder agreement (the
&ldquo;<B>Incremental Joinder</B>&rdquo;) reasonably satisfactory to the Administrative Agent, executed by the Borrower, the Administrative
Agent and each Lender making such Incremental Loan. The Incremental Joinder may, without the consent of any other Lender, effect
such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative
Agent, to effect the provisions of this Section 2.5. In addition, unless otherwise specifically provided herein, all references
in this Agreement or any other Credit Document to Loans shall be deemed to include a reference to Incremental Loans that are Loans
made pursuant to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Prior to each respective Loan Increase Effective Date, the Administrative Agent shall receive from
each Additional Incremental Lender an administrative questionnaire in the form reasonably satisfactory to the Administrative Agent
or, in the case of an existing Lender, an update to such administrative questionnaire and the Administrative Agent shall adjust
each Lender&rsquo;s Pro Rata Share to account for each such Lender and/or Additional Incremental Lender and each Commitment Increase
and related Incremental Loan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Incremental Loans and Commitment Increases established pursuant to this Section 2.5 shall constitute
Loans and Commitments for all purposes under, and shall be entitled to all the rights, benefits and remedies afforded by this Agreement
and the other Credit Documents, and shall, without limiting the foregoing, benefit equally and ratably, on a <I>pari passu</I>
basis, from all security interests created by each Pledge Agreement and the guarantees of the Guarantors. The Obligors shall take
any actions and execute and deliver any instrument reasonably required by the Administrative Agent to evidence and ensure that
the Liens and security interests granted by the Pledge Agreements extend to and benefit the Incremental Loans and continue to be
effective and perfected following the establishment of any such Incremental Loan or Commitment Increase.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Each Lender providing an Incremental Loan or a Commitment Increase on the Loan Increase Effective
Date shall make a Loan, the proceeds of which will be used to prepay the Loans of the other Lenders immediately prior to such Loan
Increase Effective Date, so that, after giving effect thereto, the Loans outstanding are held by the Lenders pro rata based on
their Individual Commitments after giving effect to such Loan Increase Effective Date. If there is a new borrowing of Loans on
such Loan Increase Effective Date, the Lenders after giving effect to such Loan Increase Effective Date shall make such Loans in
accordance with Article 3.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center">Article&nbsp;3<BR>
General Provisions Relating To Credits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.1</TD><TD>Types of Credit Commitments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to the terms and
conditions hereof, the Borrower may obtain credit from the Lenders under the Credit Facility through the Branch of Account by way
of one or more Base Rate Loans and LIBOR Loans. Any extension of credit hereunder by way of Base Rate Loans or LIBOR Loans shall
be in a minimum amount of $1,000,000.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.2</TD><TD>Funding of Loans</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Each Lender shall make available
to the Administrative Agent its Pro Rata Share of the principal amount of each Loan under the Credit Facility prior to 11:00 a.m.
(Toronto time) on the date of the extension of credit. The Administrative Agent shall, upon fulfilment by the Borrower of the terms
and conditions set forth in Article 12 and unless otherwise irrevocably authorized and directed in the Drawdown Notice, make such
funds available to the Borrower on the date of the extension of credit by crediting the Designated Account (or causing such account
to be credited). Unless the Administrative Agent has been notified by a Lender at least one Banking Day prior to the date of the
extension of credit that such Lender will not make available to the Administrative Agent its Pro Rata Share of such Loan, the Administrative
Agent may assume that such Lender has made such portion of the Loan available to the Administrative Agent on the date of the extension
of credit in accordance with the provisions hereof and the Administrative Agent may, in reliance upon such assumption, make available
to the Borrower on such date a corresponding amount. If the Administrative Agent has made such assumption, to the extent such Lender
shall not have so made its Pro Rata Share of the Loan available to the Administrative Agent, such Lender agrees to pay to the Administrative
Agent, forthwith on demand, such Lender&rsquo;s Pro Rata Share of the Loan and all reasonable costs and expenses incurred by the
Administrative Agent in connection therewith together with interest thereon at the then prevailing interbank rate for each day
from the date such amount is made available to the Borrower until the date such amount is paid or repaid to the Administrative
Agent; <I>provided</I>, <I>however</I>, that notwithstanding such obligation, if such Lender fails so to pay, the Borrower shall,
without prejudice to any rights that the Borrower might have against such Lender, repay such amount to the Administrative Agent
forthwith promptly after demand therefor by the Administrative Agent. The amount payable by each Lender to the Administrative Agent
pursuant hereto shall be set forth in a certificate delivered by the Administrative Agent to such Lender and the Borrower (which
certificate shall contain reasonable details of how the amount payable is calculated) and shall constitute prima facie evidence
of such amount payable. If such Lender makes the payment to the Administrative Agent required herein, the amount so paid shall
constitute such Lender&rsquo;s Pro Rata Share of the Loan for purposes of this Agreement and shall entitle the Lender to all rights
and remedies against the Borrower in respect of such Loan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.3</TD><TD>Failure or Declination of Lender to Fund Loan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">If any Defaulting Lender
fails to make available to the Administrative Agent its Pro Rata Share of any Loan under the Credit Facility as required and the
Administrative Agent has not funded pursuant to Section 3.2, the Administrative Agent shall forthwith give notice of such failure
by the Defaulting Lender to the Borrower and the other Lenders and such notice shall state that any Lender may make available to
the Administrative Agent all or any portion of the Defaulting Lender&rsquo;s Pro Rata Share of such Loan (but in no way shall any
other Lender or the Administrative Agent be obliged to do so) in the place and stead of the Defaulting Lender. If more than one
Lender gives notice that it is prepared to make funds available in the place and stead of a Defaulting Lender in such circumstances
and the aggregate of the funds which such Lenders (herein collectively called the &ldquo;<B>Contributing Lenders</B>&rdquo; and
individually called the &ldquo;<B>Contributing Lender</B>&rdquo;) are prepared to make available exceeds the amount of the advance
which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared
to make available its pro rata share of such advance based on the Contributing Lenders&rsquo; relative commitments to advance in
such circumstances. If any Contributing Lender makes funds available in the place and stead of a Defaulting Lender in such circumstances,
then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place and stead, forthwith on
demand, any amount advanced on its behalf together with interest thereon at the then prevailing interbank rate for each day from
the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest
received in respect of the Loan from the Borrower. In addition to interest as aforesaid, the Borrower shall pay all amounts owing
by the Borrower to the Defaulting Lender hereunder (with respect to the amounts advanced by the Contributing Lenders on behalf
of the Defaulting Lender) to the Contributing Lenders until such time as the Defaulting Lender pays to the Administrative Agent
for the Contributing Lenders all amounts advanced by the Contributing Lenders on behalf of the Defaulting Lender;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.4</TD><TD>Timing of Credit Commitments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">No LIBOR Loan under the Credit
Facility may have a maturity date later than the Maturity Date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.5</TD><TD>[Reserved]</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.6</TD><TD>Alternate Rate of Interest</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">If the Majority Lenders determine
for any reason that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market, (b) adequate
and reasonable means do not exist for determining the LIBOR for any requested Interest Period, or (c) the LIBOR for any requested
Interest Period does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent
will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain LIBOR Loans
shall be suspended until the Administrative Agent (upon the instruction of the Majority Lenders) revokes such notice; <I>provided</I>
that any LIBOR Loan outstanding prior to such notice may remain outstanding until the end of the then-applicable Interest Period
with respect thereto (without giving effect to any subsequent continuation or conversion). Upon receipt of such notice, the Borrower
may revoke any pending request for a Borrowing of, conversion to or continuation of LIBOR Loans or, failing that, will be deemed
to have converted such request into a request for a borrowing of Base Rate Loans in the amount specified therein.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.7</TD><TD>Time and Place of Payments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Unless otherwise expressly
provided herein, the Borrower shall make all payments pursuant to this Agreement or pursuant to any document, instrument or agreement
delivered pursuant hereto by deposit to the Designated Account before noon (Toronto time) on the day specified for payment and
the Administrative Agent shall be entitled to withdraw the amount of any payment due to the Administrative Agent or the Lenders
hereunder from such account on the day specified for payment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.8</TD><TD>Remittance of Payments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Forthwith after the withdrawal
from the Designated Account by the Administrative Agent of any payment of principal, interest, fees or other amounts for the benefit
of the Lenders pursuant to Section&nbsp;3.7, the Administrative Agent shall, subject to Sections&nbsp;3.2 and 8.3, remit to each
Lender, in immediately available funds, such Lender&rsquo;s Pro Rata Share of such payment (except to the extent such payment results
from a Loan with respect to which a Defaulting Lender had failed, pursuant to Section&nbsp;3.2, to make available to the Administrative
Agent its Pro Rata Share and, where any other Lender has made funds available in the place and stead of such Defaulting Lender);
provided that if the Administrative Agent, on the assumption that it will receive, on any particular date, a payment of principal
(including, without limitation, a prepayment), interest, fees or other amount under the Credit Facility, remits to each Lender
its Pro Rata Share of such payment and the Borrower fails to make such payment, each Lender agrees to repay to the Administrative
Agent, forthwith on demand, to the extent that such amount is not recovered from the Borrower on demand and after reasonable efforts
by the Administrative Agent to collect such amount (without in any way obligating the Administrative Agent to take any legal action
with respect to such collection), such Lender&rsquo;s Pro Rata Share of the payment made to it pursuant hereto together with interest
thereon at the then prevailing interbank rate for each day from the date such amount is remitted to the Lenders until the date
such amount is paid or repaid to the Administrative Agent, the exact amount of the repayment required to be made by the Lenders
pursuant hereto to be as set forth in a certificate delivered by the Administrative Agent to each Lender, which certificate shall
constitute prima facie evidence of such amount of repayment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.9</TD><TD>Evidence of Indebtedness</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Administrative Agent
shall maintain accounts wherein the Administrative Agent shall record the amount of credit outstanding, each payment of principal
and interest on account of each Loan and all other amounts becoming due to and being paid to the Lenders or the Administrative
Agent hereunder, including, standby fees. The Administrative Agent&rsquo;s accounts constitute, in the absence of manifest error,
prima facie evidence of the indebtedness of the Borrower pursuant to this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.10</TD><TD>Notice Periods</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to the following
sentence, each Drawdown Notice, Rollover Notice, Conversion Notice and Prepayment Notice shall be given to the Administrative Agent
prior to noon (Toronto time) (i) three (3) Banking Days prior to the date of any voluntary prepayment or the date of any drawdown,
rollover or conversion in respect of LIBOR Loans and (ii) on the date of any voluntary prepayment or the date of any drawdown,
rollover or conversion in respect of Base Rate Loans.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.11</TD><TD>Extensions of Maturity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower
may, by notice to the Administrative Agent (who shall promptly notify the Lenders) at any time, request that each Lender extend
such Lender&rsquo;s Maturity Date to a later date (the &ldquo;<B>Extended Maturity Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Lender,
acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date (the &ldquo;<B>Notice
Date</B>&rdquo;) that is twenty (20) days after such Lender receives notice from the Administrative Agent notifying such Lender
of the Administrative Agent&rsquo;s receipt of a notice from the Borrower pursuant to Section 3.11(a), advise the Administrative
Agent whether or not such Lender agrees to such extension; each Lender that determines not to so extend its Maturity Date (a &ldquo;<B>Non-Extending
Lender</B>&rdquo;) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later
than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed
to be a Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.
Notwithstanding anything to the contrary, no extension of the Maturity Date pursuant to this Section 3.11 shall become effective
unless the Majority Lenders have consented thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Administrative
Agent shall promptly notify the Borrower of each Lender&rsquo;s determination under this Section. In connection with any extension
of the Maturity Date, this Agreement and the other Credit Documents may be amended in a writing executed and delivered by the Borrower,
the Administrative Agent, the Extending Lenders and the New Extending Lenders without the consent of any other Lender, to reflect
any changes necessary or appropriate, in the opinion of the Administrative Agent, to give effect to such extension in accordance
with its terms as set forth herein (each, an &ldquo;<B>Extension Amendment</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower
shall have the right to replace each Non-Extending Lender with, and add as &ldquo;Lenders&rdquo; under this Agreement in place
thereof, one or more banks or financial institutions (subject to the consent of the Administrative Agent (not to be unreasonably
withheld or delayed)) (each, a &ldquo;<B>New Extending Lender</B>&rdquo;) as provided in Section 8.3(a);<I> provided</I> that each
of such New Extending Lenders shall enter into an instrument substantially in the form of Exhibit B hereto pursuant to which such
New Extending Lender shall purchase a Loan and commitment (and, if any such New Extending Lender is already a lender, such Loan
and commitment shall be in addition to any other Loan or commitment of such Lender hereunder on such date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
as of the effective date of the applicable Extension Amendment (the &ldquo;<B>Extension Effective Date</B>&rdquo;), the Maturity
Date of each the Lenders that have agreed so to extend their Maturity Date (each, an &ldquo;<B>Extending Lender</B>&rdquo;) and
of each New Extending Lender shall be extended to the Extended Maturity Date and each New Extending Lender shall thereupon become
a &ldquo;Lender&rdquo; for all purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, no extension of the Maturity Date shall become effective under this Section 3.11 unless (i)&nbsp;on the Extension
Effective Date, the conditions set forth Sections 12.1(b) and (c) shall be satisfied and the Administrative Agent shall have received
a certificate to that effect dated the Extension Effective Date and executed by a Responsible Officer of the Borrower, (ii)&nbsp;all
reasonable fees and expenses owing to the Administrative Agent, the Extending Lenders and the New Extending Lenders shall have
been paid, (iii)&nbsp;no Default has occurred and is continuing or would result therefrom and (iv)&nbsp;the Administrative Agent
shall have received (with sufficient copies for each of such Extending Lenders) legal opinions, board resolutions and other closing
certificates reasonably requested by the Administrative Agent and substantially consistent with those delivered on the Closing
Date under Section 12.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Section
shall supersede any provisions in Sections 14.14 or 14.17 to the contrary.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4<BR>
Drawdowns</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">4.1</TD><TD>Drawdown Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to the provisions
hereof and provided that all of the applicable conditions precedent set forth in Article&nbsp;12 have been fulfilled by the Borrower
or waived by the Lenders as provided in Section 14.14, the Borrower may, from time to time, obtain credit hereunder by giving to
the Administrative Agent an irrevocable notice in substantially the form of Exhibit C hereto (&ldquo;<B>Drawdown Notice</B>&rdquo;)
in accordance with Section 3.10 and specifying:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the date the credit is to be obtained;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">whether the credit is to be obtained by way of Base Rate Loan or LIBOR Loan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the principal amount of the Loan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if the credit is to be obtained by way of LIBOR Loan, the applicable Interest Period; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the details of any irrevocable authorization and direction pursuant to Section 3.2.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;5<BR>
Rollovers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">5.1</TD><TD>LIBOR Loans</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to the provisions
hereof and provided that the Borrower has, by giving notice to the Administrative Agent in accordance with Section 5.2, requested
the Lenders to continue to extend credit by way of a LIBOR Loan to replace all or a portion of an outstanding LIBOR Loan as it
matures, each Lender shall, on the maturity of such LIBOR Loan, continue to extend credit to the Borrower by way of a LIBOR Loan
(without a further advance of funds to the Borrower) in the principal amount equal to such Lender&rsquo;s Pro Rata Share of the
principal amount of the matured LIBOR Loan or the portion thereof to be replaced.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">5.2</TD><TD>Rollover Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The notice to be given to
the Administrative Agent pursuant to Section 5.1 (&ldquo;<B>Rollover Notice</B>&rdquo;) shall be irrevocable, shall be given in
accordance with Section 3.10, shall be in substantially the form of Exhibit D hereto and shall specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the maturity date of the maturing LIBOR Loan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the principal amount of the maturing LIBOR Loan and the portion thereof to be replaced; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Interest Period or Interest Periods of the replacement LIBOR Loans.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;6<BR>
Conversions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">6.1</TD><TD>Converting Loan to Other Type of Loan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to the provisions
hereof and provided that the Borrower has, by giving notice to the Administrative Agent in accordance with Section 6.2, requested
the Lenders to convert all or a portion of an outstanding Loan into another type of Loan, each Lender shall, on the date of conversion
(which, in the case of the conversion of all or a portion of an outstanding LIBOR Loan, shall be the date on which such Loan matures),
continue to extend credit to the Borrower by way of the type of Loan into which the outstanding Loan or a portion thereof is converted
(with a repayment and a subsequent advance of funds to the Borrower) in the aggregate principal amount equal to such Lender&rsquo;s
Pro Rata Share of the principal amount of the outstanding Loan or the portion thereof which is being converted.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">6.2</TD><TD>Conversion Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The notice to be given to
the Administrative Agent pursuant to Section 6.1, (&ldquo;<B>Conversion Notice</B>&rdquo;) shall be irrevocable, shall be given
in accordance with Section 3.10, shall be in substantially the form of Exhibit E hereto and shall specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the type of Loan to be converted;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the date on which the conversion is to take place;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the principal amount of the Loan or the portion thereof which is to be converted;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the type and amount of the Loan into which the outstanding Loan is to be converted; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">if an outstanding Loan is to be converted into a LIBOR Loan, the applicable Interest Period.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">6.3</TD><TD>Absence of Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">So long as no Default or
Event of Default has occurred and is continuing, in the absence of a Rollover Notice or Conversion Notice within the appropriate
time periods referred to herein, a maturing LIBOR Loan in favor of the Borrower shall be automatically rolled over with the same
Interest Period originally elected as though a notice to such effect had been given in accordance with Section 5.2; <I>provided</I>
that such Interest Period may not extend beyond the Maturity Date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">6.4</TD><TD>Conversion by Lenders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Upon written notice to such
effect to the Borrower at such time as an Event of Default has occurred and is continuing, the Administrative Agent may, on the
date on which such LIBOR Loan matures, convert such LIBOR Loan into a Base Rate Loan, as though a notice to such effect had been
given in accordance with Section 6.2.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;7<BR>
INTEREST AND FEES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.1</TD><TD>Interest Rates</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Borrower shall pay to
the Lenders, in accordance with Section 3.7, interest on the outstanding principal amount from time to time of each Loan at the
rate per annum equal to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of each Base Rate Loan, the Alternate Base Rate plus the Applicable Rate in respect
of Base Rate Loans; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of each LIBOR Loan, LIBOR plus the Applicable Rate in respect of LIBOR Loans.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.2</TD><TD>Calculation and Payment of Interest</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Interest on the outstanding principal amount from time to time of each Base Rate Loan shall accrue
from day to day from and including the date on which credit is obtained by way of such Loan to but excluding the date on which
such Loan is repaid in full (both before and after maturity and as well after as before judgment) and shall be calculated on the
basis of the actual number of days elapsed divided by 365 or 366, as the case may be.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Accrued interest shall be paid,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in the case of interest on Base Rate Loans, monthly in arrears on the last day of each calendar
month; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in the case of interest on LIBOR Loans, on the last day of the applicable Interest Period; provided
that, in the case of Interest Periods of a duration longer than three (3) months, accrued interest shall be paid no less frequently
than every three (3) months from the first day of such Interest Period during the term of such Interest Period and on the date
on which such LIBOR Loans are otherwise required to be repaid.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.3</TD><TD>General Interest Rules</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference
to the LIBOR) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations
of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest,
as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which
the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid;
<I>provided</I> that any Loan that is repaid on the same day on which it is made shall bear interest for one day. Each determination
by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Interest on each Loan and on overdue interest thereon shall be payable in the currency in which
such Loan is denominated during the relevant period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">If the Borrower fails to pay any principal, interest, fee or other amount of any nature payable
by it to the Administrative Agent or the Lenders hereunder or under any document, instrument or agreement delivered pursuant hereto
on the due date therefor, the Borrower shall pay to the Administrative Agent or the Lenders, as the case may be, interest on such
overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date
of actual payment (as well after as before judgment) at the Default Rate. Such interest on overdue amounts shall become due and
be paid on demand made by the Administrative Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">For the purposes of the <I>Interest Act</I> (Canada) and disclosure thereunder, whenever any interest
or any fee to be paid hereunder or in connection herewith is to be calculated on the basis of a 360-day or 365-day year, the yearly
rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of
days in the calendar year in which the same is to be ascertained and divided by 360 or 365, as applicable. The rates of interest
under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does
not apply to any interest calculation under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">If any provision of this Agreement would oblige the Borrower or any Obligor to make any payment
of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by applicable
Requirements of Law or would results in a receipt by that Lender of &ldquo;interest&rdquo; at a &ldquo;criminal rate&rdquo; (as
such terms are construed under the <I>Criminal Code</I> (Canada)), then, notwithstanding such provision, such amount or rate shall
be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would
not be so prohibited by applicable Requirements of Law or so result in a receipt by that Lender of &ldquo;interest&rdquo; at a
&ldquo;criminal rate&rdquo;, such adjustment to be affected, to the extent necessary (but only to the extent necessary), as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">first, by reducing the amount or rate of interest; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required
to be paid which would constitute interest for purposes of section 347 of the <I>Criminal Code</I> (Canada).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.4</TD><TD>Selection of Interest Periods</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">With respect to each LIBOR
Loan, the Borrower shall specify in the Drawdown Notice, Rollover Notice or Conversion Notice, the duration of the Interest Period
provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Interest Periods shall have a duration from seven days or one, two, three or six months (or, if
available to all Lenders, twelve months) (subject to the aggregate number of Interest Periods with different dates outstanding
being less than ten (10));</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the first Interest Period for a LIBOR Loan shall commence on and include the day on which credit
is obtained by way of such Loan and each subsequent Interest Period applicable thereto shall commence on and include the date of
the expiry of the immediately preceding Interest Period applicable thereto; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">if any Interest Period would end on a day which is not a Banking Day, such Interest Period shall
be extended to the next succeeding Banking Day unless such next succeeding Banking Day falls in the next calendar month, in which
case such Interest Period shall be shortened to end on the immediately preceding Banking Day.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.5</TD><TD>Commitment Fee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Upon the first Banking Day
of each Fiscal Quarter and upon the termination of the Credit Facility, the Borrower shall pay in accordance with Section 3.7,
to the Lenders, in arrears, a commitment fee, calculated at the rate per annum, on the basis of a year of 365 days, equal to the
Applicable Rate under the column &ldquo;Commitment Fee&rdquo; on the daily Available Credit during the most recently completed
Fiscal Quarter or part thereof, such fee to accrue daily from the date of the execution and delivery of this Agreement to and including
the date on which the Credit Facility is terminated. Notwithstanding the foregoing, commitment fees shall cease to accrue on the
unfunded portion of any Individual Commitment of a Lender while it is a Defaulting Lender.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.6</TD><TD>Applicable Rate Adjustment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The changes in the Applicable
Rate shall be effective as of the applicable Leverage Ratio calculation date based upon the compliance certificate contemplated
under Section 11.1(a)(iii) that has been delivered to the Administrative Agent. If a new Applicable Rate becomes effective during
the term of an outstanding Loan, the Administrative Agent shall forthwith determine the amount of any overpayment or underpayment
of interest with respect to such Loan and notify the Borrower and the Lenders of such amounts. Such determination by the Administrative
Agent shall constitute, in the absence of manifest error, <I>prima facie</I> evidence of the amount of such overpayment or underpayment,
as the case may be. In the event of an underpayment, the Borrower shall, upon receipt of such notice, pay to the Lenders in accordance
with Section 3.7, the amount of such underpayment. In the event of any overpayment, the amount of such overpayment shall be credited
to succeeding payments of interest or fees, as the case may be, as they become due until such amount has been fully applied.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;8<BR>
Reserve, Capital, Indemnity and Tax Provisions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.1</TD><TD>Conditions of Credit</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The obtaining or maintaining
of credit hereunder shall be subject to the terms and conditions contained in this Article&nbsp;8.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.2</TD><TD>Change of Circumstances</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">If, with respect to any type of credit, the introduction or adoption of any law, regulation, guideline,
request or directive (whether or not having the force of law) of any governmental authority, central bank or comparable agency
(&ldquo;<B>Restraint</B>&rdquo;) or any change therein or in the application thereof to the Borrower or to any Lender or in the
interpretation or administration thereof or any compliance by any Lender therewith:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">prohibits or restricts extending or maintaining such type of credit or the charging of interest
or fees in connection therewith, the Borrower agrees that such Lender shall have the right to comply with such Restraint, shall
have the right to refuse to permit the Borrower to obtain such type of credit and shall have the right to require, at the option
of the Borrower, the conversion of such outstanding credit to another type of credit to permit compliance with the Restraint or
repayment in full of such credit together with accrued interest thereon on the last day on which it is lawful for such Lender to
continue to maintain and fund such credit or to charge interest or fees in connection therewith, as the case may be; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">shall impose or require any reserve, special deposit requirements or tax (excluding taxes measured
with reference to the net income of such Lender or capital taxes or receipts and franchise taxes), shall establish an appropriate
amount of capital to be maintained by such Lender or shall impose any other requirement or condition which results in an increased
cost to such Lender of extending or maintaining a credit or obligation hereunder or reduces the amount received or receivable by
such Lender with respect to any credit under this Agreement or reduces such Lender&rsquo;s effective return hereunder or on its
capital or causes such Lender to make any payment or to forego any return based on any amount received or receivable hereunder,
then, on notification to the Borrower by such Lender, the Borrower shall pay immediately to such Lender such amounts as shall fully
compensate such Lender for all such increased costs, reductions, payments or foregone returns which accrue up to and including
the date of receipt by the Borrower of such notice and thereafter, upon demand from time to time, the Borrower shall pay such additional
amount as shall fully compensate such Lender for any such increased or imposed costs, reductions, payments or foregone returns.
Such Lender shall notify the Borrower of any actual increased or imposed costs, reductions, payments or foregone returns forthwith
on becoming aware of same and shall concurrently provide to the Borrower a certificate of an officer of such Lender setting forth
the amount of compensation to be paid to such Lender and the basis for the calculation of such amount. Notwithstanding this Section
8.2(a), the Borrower shall not be liable to compensate such Lender for any such cost, reduction, payment or foregone return occurring
more than 60 days before receipt by the Borrower of the aforementioned notification from such Lender; provided, however, that the
aforementioned limitation shall not apply to any such cost, reduction, payment or foregone return of a retroactive nature;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0in"><I>provided, however</I>,
that notwithstanding anything to the contrary in this Section 8.2(a), it shall be a condition to any Lender&rsquo;s exercise of
its rights under this Section 8.2(a) that such Lender shall generally be exercising similar rights with respect to similarly situated
borrowers under similarly affected loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">For certainty, the Dodd-Frank Wall
Street Reform and Consumer Protection Act as well as Basel III and all request, rules, guidelines or directives thereunder or issued
in connection therewith shall be deemed to be a &ldquo;<B>Restraint</B>&rdquo;, regardless of the date enacted, adopted, promulgated
or issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Each Lender agrees that, as promptly as practicable after it becomes aware of the occurrence of
an event or the existence of a condition that would cause it to seek additional amounts from the Borrower pursuant to Section 8.2(a),
it will use reasonable efforts to make, fund or maintain the affected credit of such Lender through another lending office or take
such other actions as it deems appropriate if as a result thereof the additional moneys which would otherwise be required to be
paid in respect of such credit pursuant to Section 8.2(a), would be reduced and if, as determined by such Lender in its sole discretion,
the making, funding or maintaining of such affected credit through such other lending office or the taking of such other actions
would not otherwise adversely affect such credit or such Lender and would not, in such Lender&rsquo;s sole discretion, be commercially
unreasonable.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.3</TD><TD>Replacement of Lenders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any Lender (i) but not
all of the Lenders who have Individual Commitments seeks additional compensation pursuant to Section 8.2(a), (ii) becomes either
a Defaulting Lender or a Lender in respect of which any amounts are paid or become payable by the Borrower pursuant to Section
8.6 or (iii) does not consent to a proposed amendment, modification or waiver of this Agreement requested by the Borrower, which
requires the consent of all of the affected Lenders to become effective (and which is approved by at least the Majority Lenders)
(each such Lender, an &ldquo;<B>Affected Lender</B>&rdquo;), then the Borrower may (i) propose a Replacement Lender subject to
approval by the Administrative Agent (not to be unreasonably withheld or delayed) or (ii) indicate to the Administrative Agent
in writing that it desires to replace the Affected Lender with one or more of the other Lenders, and the Administrative Agent shall
then forthwith give notice to the other Lenders that any such Lender or Lenders may, in the aggregate, advance all (but not part)
of the Affected Lender&rsquo;s Pro Rata Share of the affected credit and, in the aggregate, assume all (but not part) of the Affected
Lender&rsquo;s Individual Commitment and obligations under the Credit Facility and acquire all (but not part) of the rights of
the Affected Lender and assume all (but not part) of the obligations of the Affected Lender under each of the other Credit Documents
to the extent they relate to the Credit Facility (but in no event shall any other Lender or the Administrative Agent be obliged
to do so). If any satisfactory Replacement Lender shall be obtained or one or more Lenders shall agree in writing to advance all
(but not part) of the Affected Lender&rsquo;s Pro Rata Share of the affected credit and to acquire and assume all of the Affected
Lender&rsquo;s Individual Commitment (such Replacement Lender or Lender, as the case may be, is herein collectively called the
<B>&ldquo;Assenting Lenders&rdquo;</B> and individually called an &ldquo;<B>Assenting Lender</B>&rdquo;) with respect to such advance,
acquisition and assumption, the Pro Rata Share of such credit of each Assenting Lender and the Individual Commitment and the obligations
of such Assenting Lender under the Credit Facility and the rights and obligations of such Assenting Lender under each of the other
Credit Documents to the extent they relate to the Credit Facility shall be increased by its respective pro rata share (based on
the relative Individual Commitments of the Assenting Lenders) of the Affected Lender&rsquo;s Pro Rata Share of such credit and
Individual Commitments and obligations under the Credit Facility and rights and obligations under each of the other Credit Documents
to the extent they relate to the Credit Facility on a date mutually acceptable to the Assenting Lenders and the Borrower. On such
date, the Assenting Lenders shall extend to the Borrower the Affected Lender&rsquo;s Pro Rata Share of such credit and shall prepay
to the Affected Lender the advances of the Affected Lender then outstanding, together with all interest accrued thereon and all
other amounts owing to the Affected Lender hereunder, and, upon such advance and prepayment by the Assenting Lenders, the Affected
Lender shall cease to be a &ldquo;Lender&rdquo; for purposes of this Agreement and shall no longer have any obligations hereunder.
Upon the assumption of the Affected Lender&rsquo;s Individual Commitment as aforesaid by an Assenting Lender, Schedule A hereto
shall be deemed to be amended to increase the Individual Commitment of such Assenting Lender by the amount of such assumption.
For certainty, the Borrower shall not be required to pay an Affected Lender that is a Defaulting Lender in respect of breakage
costs or other amounts required to be paid as a result of prepayment to such Lender. In the event that an Affected Lender is not
replaced pursuant to the foregoing provisions and provided (x) no Default or Event of Default has occurred and is continuing at
the time of any such prepayment and cancellation or would arise immediately thereafter and (y) such prepayment and cancellation
is not prohibited by applicable law, the Borrower may, upon five (5) Banking Days&rsquo; notice to the Affected Lender and the
Administrative Agent, cancel the Individual Commitment of such Affected Lender and prepay advances of such Affected Lender then
outstanding, together with all interest accrued thereon and all other amounts owing to such Affected Lender hereunder (such payments
shall be made to the Administrative Agent), and, upon such notice and prepayment by the Borrower, such Affected Lender shall cease
to be a &ldquo;Lender&rdquo; for all purposes of this Agreement and shall no longer have any obligations hereunder.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.4</TD><TD>Indemnity Relating to Credits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Upon notice from a Lender
to the Borrower (which notice shall be accompanied by a detailed calculation of the amount to be paid by the Borrower), the Borrower
shall pay to such Lender such amount or amounts as will compensate such Lender for any loss, cost or expense incurred by them in
the liquidation or redeposit of any funds acquired by the Lenders to fund or maintain any portion of a LIBOR Loan as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the failure of the Borrower to borrow or make repayments on the dates specified under this Agreement
or in any notice from the Borrower to the Administrative Agent (provided that if any notice specifies the repayment of a LIBOR
Loan at any time other than its maturity date, then the Borrower shall be responsible for any loss, costs or expenses referred
to above); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the repayment or prepayment of any amounts on a day other than the payment dates prescribed herein
or in any notice from the Borrower to the Administrative Agent (provided that if any notice specifies the repayment of a LIBOR
Loan at any time other than its maturity date, then the Borrower shall be responsible for any loss, costs or expenses referred
to above).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Notwithstanding the foregoing,
the Borrower shall not be required to indemnify a Lender for any such cost or expense if such cost or expense is incurred while
such Lender is a Defaulting Lender.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.5</TD><TD>Indemnity</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Borrower hereby agrees to indemnify and hold the Administrative Agent, each Lender, their respective
affiliates, successors and assigns and the shareholders, officers, directors, partners, advisors, controlling persons, employees,
and agents (collectively, the &ldquo;<B>Indemnified Parties</B>&rdquo;) free and harmless from and against any and all claims,
demands, actions, causes of action, suits, losses, costs, charges, liabilities and damages, and expenses in connection therewith
(irrespective of whether such Indemnified Party is a party to the action for which indemnification hereunder is sought), and including,
without limitation, reasonable and documented out-of-pocket legal fees (of one primary counsel to the Administrative Agent and
the Lenders, taken as a whole, and, if necessary, of one local counsel in any relevant jurisdiction to such persons, taken as a
whole) and out of pocket disbursements and amounts paid in settlement which are approved by the Borrower (collectively in this
Section&nbsp;8.5(a), the &ldquo;<B>Indemnified Liabilities</B>&rdquo;), incurred or suffered by, or asserted against, the Indemnified
Parties or any of them as a result of, or arising out of, or relating to (i) the extension of credit contemplated herein, (ii)
any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of any credit extended
hereunder, (iii) any actual or threatened investigation, litigation or other proceeding relating to any credit extended or proposed
to be extended as contemplated herein or (iv) the execution, delivery, performance or enforcement of the Credit Documents and any
instrument, document or agreement executed pursuant hereto or thereto, except, in each case, for any such Indemnified Liabilities
(x) that a court of competent jurisdiction determines in a final non-appealable judgment arose on account of an Indemnified Party&rsquo;s
or such Indemnified Party&rsquo;s controlled affiliates gross negligence, bad faith or willful misconduct, (y) that a court of
competent jurisdiction determines in a final non-appealable judgment resulted from a material breach by such Indemnified Party
of its obligations under this Agreement or other Credit Documents or (z) resulting from any claim, litigation or other proceeding
that does not involve an act or omission of the Borrower or any of its Affiliates and that is brought by an Indemnified Person
against any other Indemnified Person (other than any claim, litigation or other proceeding against the Administrative Agent, any
other agent or arranger in its capacity as such). To the fullest extent permitted by applicable law, no Person party hereto shall
assert (and each such Person shall cause its Subsidiaries not to assert), and each such Person hereby waives, and acknowledges
that no other such Person shall have, any claim against any Indemnified Person or against any Obligor or any of their respective
equity holders, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Credit Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of proceeds thereof; <I>provided</I>
that such waiver of special, indirect, consequential or punitive damages shall not limit the indemnification obligations of the
Borrower under this Section 8.5(a) to the extent that such special, indirect, consequential or punitive damages are included in
any claim by a third party unaffiliated with any of the Indemnified Persons with respect to which the applicable Indemnified Person
is entitled to indemnification under this Section 8.5(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Without limiting the generality of the indemnity set out in the preceding clause&nbsp;(a), the
Borrower hereby further agrees to indemnify and hold the Indemnified Parties free and harmless from and against any and all claims,
demand, actions, causes of action, suits, losses, costs, charges, liabilities and damages, and expenses in connection therewith,
including, without limitation, reasonable and documented out-of-pocket legal fees (of one primary counsel to the Administrative
Agent and the Lenders, taken as a whole, and, if necessary, of one local counsel in any relevant jurisdiction to such persons,
taken as a whole) and out-of-pocket disbursements and amounts paid in settlement which are approved by the Borrower (such approval
not to be unreasonably withheld, delayed or conditioned), of any and every kind whatsoever paid (collectively in this Section 8.5(b),
the &ldquo;<B>Indemnified Liabilities</B>&rdquo;), incurred or suffered by, or asserted against, the Indemnified Parties or any
of them for, with respect to, or as a direct or indirect result of, (i) the presence on or under, or the Release from, any real
property legally or beneficially owned (or any estate or interest which is owned), leased, used or operated by the Borrower or
any Subsidiary of any Hazardous Material, and (ii) any other violation of an Environmental Law by the Borrower or any Subsidiary,
and regardless of whether caused by, or within the control of, the Borrower or such Subsidiary, except for any such Indemnified
Liabilities (x) that a court of competent jurisdiction determines in a final non-appealable judgment arose on account of an Indemnified
Party&rsquo;s or such Indemnified Party&rsquo;s controlled affiliates gross negligence, bad faith or willful misconduct, (y) that
a court of competent jurisdiction determines in a final non-appealable judgment resulted from a material breach by such Indemnified
Party of its obligations under this Agreement or other Credit Documents or (z) resulting from any claim, litigation or other proceeding
that does not involve an act or omission of the Borrower or any of its affiliates and that is brought by an Indemnified Person
against any other Indemnified Person (other than any claim, litigation or other proceeding against the Administrative Agent, any
other agent or arranger in its capacity as such).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">All obligations provided for in this Section 8.5 shall survive the permanent repayment of the outstanding
credit hereunder and the termination of the Credit Agreement. The obligations provided for in this Section 8.5 shall not be reduced
or impaired by any investigation made by or on behalf of the Administrative Agent or any of the Lenders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Borrower hereby agrees that, for the purposes of effectively allocating the risk of loss placed
on the Borrower by this Section 8.5, the Administrative Agent and each Lender shall be deemed to be acting as the agent or trustee
on behalf of and for the benefit of their respective shareholders, officers, directors, employees and agents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">If, for any reason, the obligations of the Borrower pursuant to this Section 8.5 shall be unenforceable,
the Borrower agrees to make the maximum contribution to the payment and satisfaction of each obligation that is permissible under
applicable Requirement of Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The indemnity under this Section 8.5 shall not apply to any matters specifically dealt with in
Sections 8.2, 8.4, 8.6 or 15.16.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.6</TD><TD>Taxes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><B>Payments Free of Certain Taxes; Obligation to Withhold; Payments on Account of Certain Taxes</B><U>.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Any and all payments by or on account of any obligation of any Obligor hereunder or under any other
Credit Document shall to the extent permitted by applicable Requirements of Law be made free and clear of and without reduction
or withholding for any Taxes. If applicable Requirements of Law (as determined in the good faith discretion of any applicable Withholding
Agent) require the applicable Withholding Agent to withhold or deduct any Tax from or with respect to any such payment, such Tax
shall be withheld or deducted in accordance with such Requirements of Law as determined by such Withholding Agent upon the basis
of the information and documentation to be delivered pursuant to subsection (e) below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">If the applicable Withholding Agent shall be required by applicable Requirements of Law to withhold
or deduct any Taxes, then (A) such Withholding Agent shall withhold or make such deductions as are determined by such Withholding
Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Withholding
Agent shall timely pay the full amount withheld or deducted to the relevant Official Body in accordance with applicable Requirements
of Law, and (C) to the extent that such withholding or deduction is made on account of Indemnified Taxes imposed on or with respect
to any payment by or on account of any obligation of any Obligor under any Credit Document or on account of Other Taxes, the sum
payable by the applicable Obligor shall be increased as necessary so that after such required withholding or the making of all
such required deductions (including deductions applicable to additional sums payable under this Section 8.6) the Administrative
Agent or the applicable Lender, as the case may be, receives an amount equal to the sum it would have received had no such withholding
or deduction been made; <I>provided</I>, <I>however</I>, that in the case of a Withholding Agent that is not an Obligor or the
Administrative Agent, the amount payable under this clause (C) shall not exceed the amount that would have been required to be
paid had an Obligor or the Administrative Agent been the applicable Withholding Agent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Payment of Other Taxes by the Borrower</U>. Without limiting the provisions of Section 8.6(a),
but without duplication, the Obligors shall timely pay any Other Taxes to the relevant Official Body in accordance with applicable
Requirements of Law, or at the option of the Administrative Agent timely reimburse it for the payment of any Other Taxes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Tax Indemnifications</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Without limiting the provisions of <U>subsection (a)</U> or <U>(b)</U> above, the Borrower shall
indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within ten (10) days after demand
therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this Section 8.6) payable by the Administrative Agent or such Lender, as the case may
be, to the extent imposed on or with respect to any payment made by or on account of any obligation of any Obligor under any Credit
Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other
Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of any such payment
or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on
its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Without limiting the provisions of subsection (a) or (b) above, each Lender, severally and not
jointly, shall indemnify the Obligors and the Administrative Agent, and shall make payment in respect thereof within ten (10) days
after demand therefor, against any and all (i) Excluded Taxes attributable to such Lender that are payable by the Obligors or the
Administrative Agent (and any reasonable expenses arising therefrom or related thereto) as a result of the failure by such Lender
to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender
to the Borrower or the Administrative Agent pursuant to Section 8.6(e) and (ii) Taxes attributable to such Lender&rsquo;s failure
to comply with the provisions of Section 15.5(b) relating to the maintenance of a Participant Register, in each case, whether or
not such Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such
payment or liability delivered to any Lender by the Borrower or the Administrative Agent shall be conclusive absent manifest error.
Each Lender hereby authorizes the Administrative Agent or any Obligor, as the case may be, to set off and apply any and all amounts
at any time owing to such Lender under this Agreement or any other Credit Document against any amount due to the Administrative
Agent or such Obligor, as the case may be, under this clause (ii). The agreements in this clause (ii) shall survive the resignation
and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of
the commitments hereunder and the repayment, satisfaction or discharge of all Obligations.</TD></TR></TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Evidence of Payments</U>. After any payment of Taxes by an Obligor to an Official Body as provided
in this Section 8.6, such Obligor shall deliver to the Administrative Agent for the benefit of the relevant Lender or the Administrative
Agent, as the case may be, the original or a certified copy of a receipt issued by such Official Body evidencing such payment,
a copy of any return required by Requirements of Law to report such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>Status of Lenders; Tax Documentation</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Each Lender shall deliver to the Borrower and to the Administrative Agent, and the Administrative
Agent shall deliver to the Borrower, when reasonably requested by the Borrower or the Administrative Agent, as the case may be,
such properly completed and executed documentation prescribed by applicable Requirements of Law or by the taxing authorities of
any jurisdiction and such other reasonably requested information as will permit the Borrower or the Administrative Agent, as the
case may be, to determine (A) whether or not payments made hereunder or under any other Credit Document are subject to withholding,
(B) if applicable, the required rate of withholding or deduction, (C) such Lender&rsquo;s or the Administrative Agent&rsquo;s entitlement
to any available exemption from, or reduction of, applicable withholding in respect of any payments to be made to such Lender or
the Administrative Agent by an Obligor pursuant to this Agreement or any other Credit Document and (D) whether or not such Lender
or the Administrative Agent is subject to backup withholding or information reporting requirements or otherwise to establish such
Lender&rsquo;s or the Administrative Agent&rsquo;s status for withholding Tax purposes in any applicable jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Without limiting the generality of the foregoing,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">each Lender that is a &ldquo;United States person&rdquo; within the meaning of Section&nbsp;7701(a)(30)
of the Code shall deliver to the Borrower and the Administrative Agent (in such number of signed originals as shall be reasonably
requested by the recipient), on or prior to the date on which such &ldquo;United States person&rdquo; became a Lender under this
Agreement, IRS Form W-9; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">each Lender that is not a &ldquo;United States person&rdquo; within the meaning of Section&nbsp;7701(a)(30)
of the Code that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding Tax with
respect to any payments hereunder or under any other Credit Document shall deliver to the Borrower and the Administrative Agent
(in such number of signed originals as shall be requested by the recipient), on or prior to the date on which such Lender becomes
a Lender under this Agreement, whichever of the following is applicable:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify">in the case of a Lender claiming the benefits of an income tax treaty to which the United States
is a party, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax
pursuant to such tax treaty,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(II)</TD><TD STYLE="text-align: justify">in the case of a Lender for whom any payments under this Agreement constitute income that is effectively
connected with such Lender&rsquo;s conduct of a trade or business in the United States, IRS Form W-8ECI (or successor thereto),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(III)</TD><TD STYLE="text-align: justify">in the case of a Lender that is not the beneficial owner of payments made under this Agreement
(including a partnership or a participating Lender), (1) IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed
in clauses&nbsp;(A) and (B) (I), (II), (IV) and (V) of this paragraph&nbsp;(e)(ii) that would be required of each such beneficial
owner or partner of such partnership if such beneficial owner or partner were a Lender; <I>provided</I>, <I>however</I>, that if
such Lender is a partnership and one or more of its partners are claiming the exemption for portfolio interest under Section&nbsp;881(c)
or 871(h) of the Code, such Lender may provide a Non-Bank Certificate (as described below) on behalf of such partners,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(IV)</TD><TD STYLE="text-align: justify">in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section
881(c) or 871(h) of the Code, (x) a certificate (substantially in the form of <U>Exhibit H</U> (a &ldquo;<U>Non-Bank Certificate</U>&rdquo;))
to the effect that such Lender is not (A) a &ldquo;bank&rdquo; within the meaning of Section 881(c)(3)(A) of the Code, (B) a &ldquo;10
percent shareholder&rdquo; of the Borrower within the meaning of Section 881(c)(3)(B) of the Code or (C) a &ldquo;controlled foreign
corporation&rdquo; described in Section 881(c)(3)(C) of the Code, and that no payments are effectively connected with a U.S. trade
or business, and (y) IRS Form W-8BEN or IRS Form W-8BEN-E,</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(V)</TD><TD STYLE="text-align: justify">any other form prescribed by applicable Requirements of Law or such other evidence satisfactory
to the Borrower as a basis for claiming any available exemption from or reduction in withholding Tax together with such supplementary
documentation as may be prescribed by applicable Requirements of Law to permit the Borrower or the Administrative Agent to determine
the withholding or deduction required to be made, or</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(VI)</TD><TD STYLE="text-align: justify">if a payment made to a Lender would be subject to U.S. Federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent, at the
time or times prescribed by applicable Requirements of Law and at such time or times reasonably requested by the Borrower or the
Administrative Agent, such documentation prescribed by applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary
for the Borrower and the Administrative Agent to comply with their respective obligations under FATCA, to determine whether such
Lender has complied with such Lender&rsquo;s obligations under FATCA or to determine the amount, if any, to deduct and withhold
from such payment. Solely for purposes of this clause (VI), &ldquo;FATCA&rdquo; shall include any amendments made to FATCA after
the date of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(VII)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Section 8.6(e)(ii), in no event will any Lender
be required to provide any documentation such Lender is legally ineligible to deliver.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Each Lender and Administrative Agent shall promptly notify the Borrower and the Administrative
Agent of any change in circumstances which would modify or render invalid any previously delivered form or documentation or any
claimed exemption or reduction and provide updated documentation (or promptly notify the Borrower and the Administrative Agent
of its legal ineligibility to do so). Each Lender or Administrative Agent that has previously delivered any documentation required
herein shall, upon the reasonable request of the Borrower or the Administrative Agent, deliver to the Borrower and the Administrative
Agent additional copies of such form (or successor thereto) on or before the date such form expires or becomes obsolete or promptly
notify the Borrower and the Administrative Agent of its legal ineligibility to do so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Upon execution of this Agreement, the Administrative Agent shall deliver to the Borrower an accurate,
complete, signed copy of IRS Form W-8IMY certifying in Part I that it is a qualified intermediary and checking the boxes in Part
III, Line 14a and Line 14b.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Each Lender hereby authorizes the Administrative Agent to deliver to the Obligors and to any successor
Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to this Section 8.6(e).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><U>Treatment of Certain Refunds</U>. If the Administrative Agent or any Lender determines, in its
sole discretion, that it has received a refund (in cash or applied as an offset against another cash Tax liability) of any Taxes
as to which it has been indemnified by any Obligor or with respect to which any Obligor has paid additional amounts pursuant to
this Section 8.6, it shall pay to such Obligor an amount equal to such refund (but only to the extent of indemnity payments made,
or additional amounts paid, by such Obligor under this Section 8.6 with respect to the Taxes giving rise to such refund), net of
all reasonable out-of-pocket expenses (including Taxes) incurred by the Administrative Agent or such Lender, as the case may be,
and without interest (other than any interest paid by the relevant Official Body with respect to such refund); <I>provided</I>
that such Obligor, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Obligor
(plus any penalties, interest, additions to Tax or other charges imposed by the relevant Official Body) to the Administrative Agent
or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority
and delivers to such Obligor evidence reasonably satisfactory to such Obligor of such repayment. Notwithstanding anything to the
contrary in paragraph&nbsp;(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant
to this paragraph (f) the payment of which would place the indemnified party in a less favorable net after-Tax position than the
indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.
This subsection shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or
any other information relating to its Taxes that it deems confidential) to any Obligor or any other Person,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><U>Survival</U>. Each party&rsquo;s obligations under this Section 8.6 shall survive the resignation
or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of
the commitments and the repayment, satisfaction or discharge of all obligations under any Credit Document.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;9<BR>
REPAYMENTS AND PREPAYMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">9.1</TD><TD>Repayment under Credit Facility</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrower shall repay
to the Lenders in full the outstanding principal amount of the Loans under the Credit Facility together with all accrued and unpaid
interest thereon and all accrued and unpaid fees with respect thereto on the Maturity Date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">9.2</TD><TD>Voluntary Prepayments under Credit Facility</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Subject to Section 9.3,
the Borrower shall be entitled to prepay all or any portion of the outstanding Loans under the Credit Facility at any time, without
penalty, provided that Section 8.4 shall be complied with in connection with any such prepayment. Amounts prepaid pursuant to this
Section 9.2 shall be available for reborrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">9.3</TD><TD>Prepayment Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrower shall give
written notice, including by electronic transmission, to the Administrative Agent of each voluntary prepayment pursuant to Section
9.2. Such notice (a &ldquo;<B>Prepayment Notice</B>&rdquo;) shall be irrevocable, shall be given in accordance with Section 3.10
and shall specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the date on which the prepayment is to take place; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the type and principal amount of the Loan or the portion thereof which is to be prepaid.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">9.4</TD><TD>Currency of Repayment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All payments and repayments
of outstanding credit hereunder shall be made in the currency of such outstanding credit.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;10<BR>
REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.1</TD><TD>Representations and Warranties</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">To induce the Lenders
and the Administrative Agent to enter into this Agreement and to induce the Credit Parties to extend credit under the Credit Documents,
the Borrower hereby represents and warrants to the Credit Parties, as of the date of this Agreement, and as of the date of each
extension of credit hereunder, as follows and acknowledges and confirms that the Lenders and the Administrative Agent are relying
upon such representations and warranties in entering into this Agreement and in extending credit hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><B>Status and Power.</B> The Borrower and each Restricted Subsidiary is duly organized and validly
existing and in good standing (to the extent such concept is known in the relevant jurisdiction) under the laws of its jurisdiction
of organization. The Borrower and each Restricted Subsidiary is duly qualified, registered or licensed in all jurisdictions (including
its jurisdiction of organization) where the failure to do so would reasonably be expected to have a Material Adverse Effect. The
Borrower and each Restricted Subsidiary has all requisite corporate capacity, power and authority to own, hold under licence or
lease its properties, and to carry on its business as now conducted. Each Obligor has all requisite corporate or limited liability
company capacity to enter into, and carry out the transactions contemplated by, the Credit Documents to which is a party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><B>Authorization and Enforcement.</B> All necessary action, corporate or otherwise, has been taken
to authorize the execution, delivery and performance by each Obligor of the Credit Documents to which it is a party. Each Obligor
has duly executed and delivered the Credit Documents to which it is a party. The Credit Documents to which each Obligor is a party
are legal, valid and binding obligations of such Obligor, enforceable against such Obligor in accordance with its terms, except
to the extent that the enforceability thereof may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization
and other laws of general application limiting the enforcement of creditors&rsquo; rights generally and (ii) the fact that the
courts may deny the granting or enforcement of equitable remedies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><B>Compliance with Other Instruments and with Law.</B> The execution, delivery and performance
by each Obligor of the Credit Documents to which it is a party, and the consummation of the transactions contemplated herein and
therein, do not and will not conflict with, result in any breach or violation of, or constitute a default under, (i) the terms,
conditions or provisions of the articles of incorporation, bylaws, articles of organization, operating agreement or other organizational
documents of such Obligor, (ii) of any law, regulation, judgment, decree or order binding on or applicable to such Obligor or to
which its property is subject or require the consent or approval of any applicable Official Body (other than such consents as have
been obtained and are in effect), or (iii) of any agreement, lease, licence, permit or other instrument to which such Obligor is
a party or is otherwise bound or by which such Obligor benefits or to which its property is subject, or require the consent or
approval of any other Person (other than such consents as have been obtained and are in effect), except in the case of the preceding
clauses (ii) and (iii), to the extent such conflict, breach, violation or default could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><B>Financial Statements.</B> The consolidated financial statements of the Borrower for the most
recently completed Fiscal Quarter or Fiscal Year, as the case may be, were prepared in accordance with GAAP. Since June 30, 2016,
there has been no change or event that, individually or in the aggregate, has had or could reasonably be expected to have a Material
Adverse Effect. The audited consolidated financial statements of the Borrower as of and for the twelve-month period ending June
30, 2016, all of which have been furnished to the Administrative Agent, have been prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein, and fairly present the financial condition
and results of operations of the Borrower and its Subsidiaries as of the date or periods covered thereby. Such financial statements
and the notes thereto disclose all material liabilities, direct or contingent, of the Borrower and its Subsidiaries that are required
to be disclosed under GAAP.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><B>Litigation.</B> There are no actions, suits, inquiries, claims or proceedings (whether or not
purportedly on behalf of the Borrower or any Restricted Subsidiary) pending or, to Borrower&rsquo;s Knowledge, threatened in writing
against the Borrower or any Restricted Subsidiary before any applicable Official Body, which, in any case or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><B>Title to Assets.</B> The Borrower and each Restricted Subsidiary has good title (or in the case
of any leased premises, easement properties or licensed properties, valid leasehold, easement or license interests) to all of its
property and assets, free from Liens other than the Permitted Liens.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B>Compliance with Laws. Governmental Approvals.</B> Neither the Borrower nor any of its Subsidiaries
is in violation of any Requirement of Law applicable to itself or to the operation of its business or to its property or assets
(including, without limitation, Environmental Laws) which could reasonably be expected to have a Material Adverse Effect. The Borrower
and each of its Restricted Subsidiaries holds all licenses, certificates of approval, approvals, registrations, permits and consents
which are required by any Requirement of Law to operate its businesses where they are currently being operated except where the
failure to have such licenses, certificates of approval, approvals, registrations, permits and consents could not reasonably be
expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><B>Outstanding Defaults.</B> No event has occurred which constitutes a default of the Borrower
or any Restricted Subsidiary, or to the Borrower&rsquo;s Knowledge, any counterparty, under or in respect of any material agreement,
undertaking or instrument to which the Borrower or such Restricted Subsidiary is a party or to which its property or assets may
be subject, and which could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred
and is continuing.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><B>Tax Returns and Taxes.</B> Each of the Borrower and each of its Subsidiaries has filed all Tax
returns and Tax reports required by applicable Requirements of Law to have been filed by it and has paid all Taxes thereby shown
to be owing, except (i) any such Taxes which are being diligently contested in good faith by appropriate proceedings and for which
adequate reserves in accordance with GAAP shall have been set aside on its books or (ii) where the failure to so file or pay could
not reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><B>Environmental Compliance.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">All facilities and property (including underlying groundwater) owned, leased, used or operated
by the Borrower or any of its Subsidiaries have been, and continue to be, owned or leased in compliance with all Environmental
Laws, except where any non-compliance could not reasonably be expected to have a Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">There are no pending or threatened (in writing)</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">claims, complaints, notices or requests for information received by the Borrower or any of its
Subsidiaries with respect to any alleged violation of any Environmental Law which, if proved, could reasonably be expected to have
a Material Adverse Effect;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">complaints, notices or inquiries to the Borrower or any of its Subsidiaries regarding potential
liability under any Environmental Law which liability could reasonably be expected to have a Material Adverse Effect;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">There have been no Releases of any Hazardous Materials at, on, under or from any property that
is owned, operated, used or leased by the Borrower or any of its Subsidiaries that, singly or in the aggregate, have, or could
reasonably be expected to have, a Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Each of the Borrower and each of its Subsidiaries has been issued and is in compliance with all
permits, certificates, approvals, licenses and other authorizations under any Environmental Laws to carry on its business except
where any non-issuance or non-compliance could not reasonably be expected to have a Material Adverse Effect; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">No conditions exist at, on or under any property that is operated, used or leased to the Borrower
or any of its Subsidiaries that, with the passage of time, or the giving of notice or both, would give rise to liability under
any Environmental Law which liability could reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><B>Subsidiaries.</B> As of the Closing Date, the chart attached hereto as Schedule 10.1(k) accurately
sets out the corporate structure of the Borrower and all of its Subsidiaries and reflects (i) the inter-corporate share ownership
of each such Subsidiary and (ii) each Unrestricted Subsidiary.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><B>Assets Insured.</B> The property and assets of the Borrower and its Restricted Subsidiaries
are insured with insurers, in amounts, for risks and otherwise which are reasonable in relation to such property and assets and
otherwise in accordance with industry standard and past practice.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><B>Margin Regulations</B>. Neither the Borrower nor any Restricted Subsidiary is engaged in the
business of extending credit for the purpose of, and no proceeds of any Loan or other extensions of credit hereunder will be used
for the purpose of, buying or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board) or extending
credit to others for the purpose of purchasing or carrying any such margin stock, in each case in contravention of Regulation T,
U or X of the Federal Reserve Board.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><B>Investment Company Act.</B> Neither the Borrower nor any Restricted Subsidiary is an &ldquo;investment
company&rdquo; or an &ldquo;affiliates person&rdquo; of, or &ldquo;promoter&rdquo; or &ldquo;principal underwriter&rdquo; for,
an &ldquo;investment company&rdquo;, as such terms are defined in the Investment Company Act of 1940.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify"><B>Solvency.</B> The Borrower and its consolidated Subsidiaries on a consolidated basis determined
in accordance with GAAP, are Solvent.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify"><B>Employee Benefit Plans and Canadian Pension Plans. </B>Each Employee Benefit Plan established
or maintained by the Borrower or any of its Restricted Subsidiaries complies with, and has been maintained and administered in
accordance with, in all material respects, applicable Requirements of Law. Each Employee Benefit Plan is fully funded on a going
concern basis in accordance with its terms and applicable Requirements of Law, and the present value of all accrued benefits under
any such plans do not exceed the value of the assets of such plans allocable to such accrued benefits by an amount that could reasonably
be expected to have a Material Adverse Effect. No material liability exists with respect to any Employee Benefit Plan that has
been terminated. Each of the Canadian Pension Plans (if any) is duly registered under the Canadian Income Tax Act and any other
applicable Requirements of Law which require registration, has been administered in accordance with the Canadian Income Tax Act
and such other applicable Requirements of Law and no event has occurred which could reasonably be expected to cause the loss of
such registered status, except to the extent that any failure to do so could not reasonably be expected to have a Material Adverse
Effect. All material obligations of each of the Canadian Restricted Subsidiaries (including fiduciary, funding, investment and
administration obligations) required to be performed in connection with the Canadian Pension Plans and the funding agreements therefor
have been performed on a timely basis, except to the extent that any failure to do so could not reasonably be expected to have
a Material Adverse Effect. There are no outstanding disputes concerning the assets of the Canadian Pension Plans. No promises of
benefit improvements under the Canadian Pension Plans have been made except where such improvement could not reasonably be expected
to have a Material Adverse Effect. All contributions or premiums required to be made or paid by each of the Canadian Restricted
Subsidiaries to the Canadian Pension Plans have been made on a timely basis in accordance with the terms of such plans and all
applicable Requirements of Law. There have been no improper withdrawals or applications of the assets of the Canadian Pension Plans.
None of the Canadian Pension Plans contain or have ever contained a &ldquo;defined benefit provision&rdquo;, as that term is defined
in subsection 147.1(1) of the Canadian Income Tax Act. Each of the Canadian Pension Plans is fully funded on a solvency basis and
going concern basis (using actuarial methods and assumptions which are consistent with the valuations last filed with the applicable
Official Body and which are consistent with GAAP).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify"><B>Labor Matters</B>. As of the Closing Date, except as set forth on Schedule 10.1(q), (i) there
are no material collective bargaining agreements covering the employees of the Borrower or any of its Restricted Subsidiaries and
neither the Borrower nor any Restricted Subsidiary has suffered any material strikes, walkouts, work stoppages or other labor disputes
with respect to the Borrower or any of its Restricted Subsidiaries within the last five (5) years, and (ii) the hours worked by
and payments made to employees of the Borrower or any of its Restricted Subsidiaries have not been in violation in any material
respect of the Fair Labor Standards Act or any other applicable Requirement of Law in any relevant jurisdiction dealing with such
matters, in each case, where such strike, walkout, stoppage or violation, individually or in the aggregate, would reasonably be
expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify"><B>FCPA</B>. For the immediately preceding five (5) year period, neither the Borrower nor any of
its Subsidiaries nor, to Borrower&rsquo;s Knowledge, any director, officer, agent, employee or other Person, in each case acting
in such capacity on behalf of the Borrower or any of its Subsidiaries, has taken any action, directly or indirectly, that would
result in a violation by such Persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder
(&ldquo;<B>FCPA</B>&rdquo;), the <I>Corruption of Foreign Public Officials Act </I>(Canada), as amended, or any other applicable
anti-corruption law. No part of the proceeds of the Loans have been used, directly or indirectly, for any payments to any official
or employee of an applicable Official Body, political party, official of a political party, candidate for political office, or
anyone else acting in an official capacity, in order to obtain, retain, or direct business or obtain any improper advantage of
the FCPA.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify"><B>Anti</B>-<B>Money Laundering; Sanctions</B>. Neither the Borrower nor any of its Subsidiaries
or any director, officer or employee, or to Borrower&rsquo;s Knowledge any agent or affiliate of the Borrower or any of its Subsidiaries
(i) is a Sanctioned Person, (ii) is incorporated or organized in, or is a resident of, a Sanctioned Country, (iii) has any business
affiliation or commercial dealings with, or investments in, any Sanctioned Country or Sanctioned Person in violation of Sanctions
Laws or (iv) is in breach of or is the subject of any action or investigation under any applicable Sanctions Laws or Anti-Money
Laundering Laws. No proceeds from any Loan have been used, directly or indirectly, to lend, contribute, provide, or have otherwise
been or will be made available to fund, any unlawful activity or business with or related to any Sanctioned Person or Sanctioned
Country, or in any other manner that will result in any violation or breach by any person of applicable Sanctions Laws.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify"><B>Accuracy of Disclosure.</B> No factual information furnished by or on behalf of the Borrower
or any of its Subsidiaries to the Administrative Agent or any Lender for purposes of or in connection with this Agreement or any
other Credit Documents contains any untrue statement of a material fact or omits to state a material fact necessary to make the
statements contained therein, in light of the circumstances when made, not materially misleading; provided, however, that projections
contained therein are not to be viewed as factual and that actual results during the periods covered thereby may differ from the
results set forth in such projections by a material amount. There is no fact that, to the Borrower&rsquo;s Knowledge, has or could
reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify"><B>EEA Financial Institutions.</B> No Obligor is an EEA Financial Institution.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.2</TD><TD>Survival of Representations and Warranties</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All of the representations
and warranties of the Borrower contained in Section&nbsp;10.1 shall survive until the execution and delivery of this Agreement
until all credit outstanding hereunder has been repaid in full and the Credit Facility has been terminated, notwithstanding any
investigation made at any time by or on behalf of the any Credit Party.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;11<BR>
COVENANTS</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">11.1</TD><TD>Affirmative Covenants</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrower hereby covenants
and agrees with the Credit Parties that, until all credit outstanding hereunder has been repaid in full and the Credit Facility
has been terminated, and unless waived in writing in accordance with Section 14.14, the Borrower shall, and shall cause each of
its Restricted Subsidiaries to do the following:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><B>Financial Reporting.</B> The Borrower shall furnish the Administrative Agent with the following
statements and reports (the filing of any of the following documents on EDGAR shall satisfy the delivery obligation in relation
to such documents so filed when the Borrower has provided written notice of such filing to the Administrative Agent, which written
notice may be in the form of an RSS feed or link to the respective document provided by email or other electronic transmission):</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">within 90&nbsp;days after the end of each Fiscal Year, copies of the audited consolidated financial
statements of the Borrower for such Fiscal Year and the report thereon (without any qualification or exception as to the scope
of such audit) from an independent accounting firm of nationally-recognized standing to the effect that such consolidated financial
statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">within 60&nbsp;days after the end of each of the first three (3) Fiscal Quarters of each Fiscal
Year, copies of the unaudited consolidated financial statements of the Borrower, all certified by a senior financial officer of
the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Borrower and
its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and the absence of footnotes;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">concurrently with the deliveries of financial statements pursuant to any of clauses&nbsp;(i)&nbsp;and
(ii)&nbsp;above, a duly executed and completed (A) compliance certificate, in the form attached as Exhibit A hereto and signed
by a senior financial officer of the Borrower and (B) during any Post-Acquisition Period, to the extent there is any Pro Forma
Adjustment, a Pro Forma Certificate;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">within 90 days after the beginning of each Fiscal Year of the Borrower, a budget for a period of
at least twelve (12) months for the Borrower and its consolidated Subsidiaries on a consolidated basis in form reasonably satisfactory
to the Administrative Agent; and</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">such other statements, reports and information concerning the operations, business affairs and
financial condition of the Borrower or any of its Subsidiaries or compliance with the terms of this Agreement as the Administrative
Agent on the instructions of the Majority Lenders may reasonably request from time to time, including, any information that may
be reasonably requested in respect of any Acquisition.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><B>Copies of Public Filings.</B> The Borrower shall, upon request, furnish the Administrative Agent
with copies of all documents which are filed by the Borrower or any Restricted Subsidiary with the Securities Exchange Commission
or with any similar Official Body in any other jurisdiction in compliance with applicable securities legislation which are not
available on EDGAR.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><B>Use of Proceeds.</B> The Borrower shall apply all of the proceeds of the Credit Facility towards
its general corporate purposes including, without limitation, to finance Permitted Acquisitions and to permanently prepay in full
all Indebtedness owing by the Borrower under the Existing Revolving Credit Agreement. No proceeds of the Credit Facility will be
used by the Borrower or its Subsidiaries in violation of applicable Requirements of Law.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><B>Insurance.</B> The Borrower shall, and shall cause each Restricted Subsidiary to, insure and
keep insured, with financially sound and reputable insurers, for risks, in amounts and such other terms as are consistent with
standard industry practice, all of the property of the Borrower and its Restricted Subsidiaries except where failure to do so could
not reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><B>[Reserved].</B></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><B>Change of Name, Office or Other Information.</B> Except in connection with the Permitted Reorganization,
the Borrower shall notify the Administrative Agent in writing promptly of any change in (i) the corporate name of any Restricted
Subsidiary or (ii) the jurisdiction of incorporation of any Restricted Subsidiary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B>Corporate Existence.</B> Except in connection with the Permitted Reorganization, the Borrower
shall, and shall cause each of its Restricted Subsidiaries to, maintain its valid existence in good standing (if such concept is
known in the relevant jurisdiction), except, solely with respect to any Restricted Subsidiary, to the extent that failure to do
so could not reasonably be expected to have a Material Adverse Effect. For the avoidance of doubt, the Borrower shall maintain
its jurisdiction of organization or formation in the United States, any State thereof or the District of Columbia. Except in connection
with the Permitted Reorganization, the Borrower shall, and shall cause each of its Restricted Subsidiaries to, qualify and remain
duly qualified to carry on business and own property in each jurisdiction where the failure to do so could reasonably be expected
to result in a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><B>Conduct of Business.</B> Except in connection with the Permitted Reorganization, the Borrower
shall, and shall cause each of its Restricted Subsidiaries to, conduct its business in such a manner so as to comply with all applicable
Requirements of Law (including, without limitation, Environmental Laws and ERISA), so as to observe and perform all its obligations
under leases, licences and agreements necessary for the proper conduct of its business and so as to preserve and protect its property
and assets and the earnings, income and profits therefrom where such non-compliance, non-observance or non-performance could reasonably
be expected to have a Material Adverse Effect. Except in connection with the Permitted Reorganization, the Borrower shall, and
shall cause each of its Restricted Subsidiaries to, obtain and maintain all licenses, permits, government approvals, franchises,
authorizations and other rights necessary for the operation of its business where failure to do so could reasonably be expected
to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><B>Taxes.</B> The Borrower shall pay, and shall cause each of its Subsidiaries to pay, all Taxes
levied, assessed or imposed upon it and upon its property or assets or any part thereof, as and when the same become due and payable,
save and except (i) when and so long as the validity of any such Taxes is being contested in good faith by appropriate proceedings
and reserves are being maintained in accordance with GAAP while forfeiture of any part of its property or assets may result from
the failure to so pay during the period of any such contest or (ii) where the failure to pay could not reasonably be expected to
have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><B>Notice of Litigation.</B> The Borrower shall promptly notify the Administrative Agent of any
actions, suits, inquiries, claims or proceedings (whether or not purportedly on behalf of the Borrower or any Restricted Subsidiary)
commenced or threatened in writing against or affecting the Borrower or any Restricted Subsidiary before any applicable Official
Body which in any case or in the aggregate could reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><B>Environmental Matters.</B> The Borrower shall, and shall cause each Restricted Subsidiary to,
as soon as practicable and in any event within 30 days, notify the Administrative Agent (and provide copies), upon receipt of all
written claims, complaints and notices to or inquiries of, the Borrower or any Restricted Subsidiary relating to the condition
of its facilities and properties, or non-compliance with Environmental Laws, which claims, complaints, notices or inquiries relate
to matters which could reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><B>Leverage Ratio.</B> The Borrower shall maintain the Leverage Ratio (measured as at the end of
each Fiscal Quarter), including, as applicable during any Post-Acquisition Period, calculated, if applicable, on a Pro Forma Basis,
to be (i) for the two Fiscal Quarters immediately following the consummation of a Material Permitted Acquisition, less than or
equal to 4.00:1.00 and (ii) at all other times, less than or equal to 3.50:1.00.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><B>Interest Coverage Ratio.</B>&nbsp; The Borrower shall maintain the Interest Coverage Ratio (measured
as at the end of each Fiscal Quarter), including, as applicable during any Post-Acquisition Period, calculated, if applicable,
on a Pro Forma Basis, to be greater than or equal to 3.00:1.00.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><B>Books and Records.</B> The Borrower shall, and shall cause each Restricted Subsidiary to, keep
proper books of account and records covering all its business and affairs on a current basis, make full, true and correct entries
of its transactions in such books, set aside on its books from their earnings all such proper reserves as required by GAAP and
permit representatives of the Administrative Agent to, subject to Section 15.13, inspect such books of account, records and documents
and to make copies therefrom during reasonable business hours; provided that (1) the Administrative Agent, the Lenders and their
agents and representatives shall provide the Borrower with at least five (5) business days&rsquo; notice of any visit and shall
use commercially reasonable efforts not to disrupt the Borrower&rsquo;s business during any such visit and (2) so long as no Event
of Default shall have occurred and be continuing, the Borrower shall not be responsible for the cost and expense of more than one
inspection per calendar year in the aggregate by the Administrative Agent and the Lenders.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify"><B>Notice of Default or Event of Default.</B> Upon the occurrence of either a Default or an Event
of Default of which the Borrower is aware, the Borrower shall promptly deliver to the Administrative Agent a notice specifying
the nature and date of occurrence of such Default or Event of Default, the Borrower&rsquo;s assessment of the duration and effect
thereof and the action which the Borrower proposes to take with respect thereto.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify"><B>Notice of Certain Other Events.</B> Promptly following the Borrower&rsquo;s Knowledge thereof,
deliver to the Administrative Agent a notice of any other matter not specifically set forth in this Section 11.1 that has resulted
or would reasonably be expected to result in a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify"><B>Designation of Unrestricted Subsidiaries and Restricted Subsidiaries</B>. The Borrower shall
be permitted to designate any of its Subsidiaries as an Unrestricted Subsidiary by written notice to the Administrative Agent;
<I>provided</I> that the Borrower shall only be permitted to so designate a new Unrestricted Subsidiary so long as (i) no Event
of Default has occurred and is continuing or would result therefrom and (ii) after giving effect to such designation, the Borrower
is in compliance with Section 11.1(t); <I>provided, however</I>, that such designation shall constitute an Investment by the Borrower
therein at the date of designation in an amount equal to the portion of the fair market value (as determined by the Borrower in
good faith in consultation with the Administrative Agent) of the net assets of such subsidiary attributable to the Borrower&rsquo;s
equity interest therein (and such designation shall only be permitted to the extent such Investment is permitted hereunder). The
Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary for purposes of this Agreement so long as no Event
of Default has occurred and is continuing or would result therefrom.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify"><B>Further Assurances</B>. Each Obligor shall execute, acknowledge and deliver to the Administrative
Agent such other documents and instruments and do or cause to be done such other acts as the Administrative Agent reasonably determines
to be necessary to effect the intent of the parties to this Agreement or otherwise to protect and preserve the interests of the
Administrative Agent and the Lenders hereunder, promptly upon request of the Administrative Agent, including the execution and
delivery of any and all documents which are necessary or advisable to create, protect or maintain in favor of the Administrative
Agent, for the benefit of the Lenders, Liens on all Collateral of the Obligors as may be required by this Agreement or any Pledge
Agreement that are duly perfected in accordance with all applicable Requirements of Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify"><B>Covenant to Guarantee Obligations and Provide Security.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Subject to clause (iii) below, with respect to any Person that is or becomes a Restricted Subsidiary
after the Closing Date, promptly (and in any event within 30 days (or such longer period as the Administrative Agent may agree
in its sole discretion) after such Person becomes a Restricted Subsidiary), (i) except as provided below, deliver to the Administrative
Agent the certificates, if any, representing all of the Shares of such new Restricted Subsidiary that are directly owned by an
Obligor, together with undated stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly
authorized officer of the holder(s) of such Shares and (ii) cause such new Restricted Subsidiary (other than an Excluded Subsidiary)
(A) to execute a Joinder Agreement and a joinder agreement to the applicable Pledge Agreement (or other comparable documentation)
or a new pledge agreement governed by the laws of the relevant jurisdiction and (B) to take all actions necessary or advisable
in the reasonable opinion of the Administrative Agent to cause the Lien created by the Pledge Agreements to be duly perfected to
the extent required by such agreements in accordance with all applicable Requirements of Law, including the filing of financing
statements in such jurisdictions as may be reasonably requested by the Administrative Agent. Notwithstanding the foregoing, the
Shares required to be delivered to the Administrative Agent pursuant to this Section 11.1(s)(i) shall not include any Shares of
(x) any Restricted Subsidiary, to the extent that the pledge of Shares of such Restricted Subsidiary would be prohibited by applicable
Requirements of Law, (y) a joint venture to the extent that the pledge of Shares of such joint venture would be prohibited by such
joint venture&rsquo;s organizational documents or (z) a Foreign Subsidiary or a Foreign Subsidiary Holding Company (including Shares
of a Restricted Subsidiary that are held directly or indirectly by a Foreign Subsidiary or a Foreign Subsidiary Holding Company)
other than (A) 65% of the Voting Stock of each Restricted Subsidiary owned by an Obligor that is a first-tier Foreign Subsidiary
or a first-tier Foreign Subsidiary Holding Company and (B) 100% of the Shares not constituting Voting Stock of any such Restricted
Subsidiary owned by such Obligor.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Simultaneously with the execution of each Joinder Agreement and each joinder to the applicable
Pledge Agreement (or other comparable documentation) or a new pledge agreement governed by the laws of the relevant jurisdiction
as required by Section 11.1(s)(i), the Borrower shall forthwith deliver, or cause to be delivered to, the Administrative Agent,
in form and substance satisfactory to the Administrative Agent:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">a duly certified copy of the articles of incorporation and by-laws, certificate of formation and
operating agreement or similar organizational documents of such Restricted Subsidiary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">a certificate of status or good standing (if such concept is known in the relevant jurisdiction)
for such Restricted Subsidiary issued by the Official Body responsible therefor in the jurisdiction in which such Restricted Subsidiary
is organized;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">a duly certified copy of the resolutions of the board of directors of such Restricted Subsidiary
authorizing it to execute, deliver and perform its obligations under each Credit Document to which such Restricted Subsidiary is
a party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD STYLE="text-align: justify">a certificate of an officer of such Restricted Subsidiary, in such capacity, setting forth specimen
signatures of the individuals authorized to sign the Credit Documents to which such Restricted Subsidiary is a party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(E)</TD><TD STYLE="text-align: justify">requisite information to identify the Restricted Subsidiary under applicable &ldquo;know your client&rdquo;
legislation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(F)</TD><TD STYLE="text-align: justify">upon request of the Administrative Agent, an opinion of such Restricted Subsidiary&rsquo;s counsel
addressed to the Credit Parties and their counsel, relating to the status and capacity of such Subsidiary, the due authorization,
execution and delivery and the validity and enforceability of the Credit Documents against such Restricted Subsidiary and such
other matters as the Administrative Agent may reasonably request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">whereupon such
Subsidiary shall become an Additional Guarantor for all purposes of this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Section 11.1(s), (i) no Restricted Subsidiary
shall be required to become a Guarantor in circumstances where the Administrative Agent and the Borrower reasonably agree that
the costs or other consequences of providing a guarantee of the Obligations is excessive in relation to the benefit thereof, (ii)
no Shares shall be required to be pledged in circumstances where the Administrative Agent and the Borrower reasonably agree that
the costs of obtaining pledge or security interest in such assets is excessive in relation to the benefit thereof, (iii) no Obligor
shall be required to grant a security interest in any assets of such Obligor other than the Shares owned by such Obligor in any
Restricted Subsidiary, (iv) no joinder or pledge will be required of any Obligor to the extent it would result in any material
tax liability for any Obligor or any Subsidiary thereof and (v) on the Closing Date, neither the Borrower nor any Restricted Subsidiary
shall be required to take any perfection action in any jurisdiction other than the United States, Canada or Switzerland.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify"><B>Restricted Subsidiaries Coverage Test</B>. The Borrower and its Restricted Subsidiaries shall
at all times, collectively, account for at least 85% of the Borrower&rsquo;s consolidated total assets and consolidated total revenue
determined as of the most recently ended Fiscal Quarter.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">11.2</TD><TD>Negative Covenants</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrower hereby covenants
and agrees with the Credit Parties that, until all credit outstanding hereunder has been repaid in full and the Credit Facility
has been terminated, and unless waived in writing in accordance with Section 14.14, the Borrower shall not, nor shall it permit
any Restricted Subsidiary to do the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><B>Liens.</B> The Borrower shall not, and shall not permit or suffer any Restricted Subsidiary
to, enter into or grant, create, assume or suffer to exist any Lien affecting any of their respective properties or assets, whether
now owned or hereafter acquired, save and except only for the Permitted Liens.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><B>Corporate Existence.</B> Except in connection with the Permitted Reorganization, the Borrower
will not, nor will it permit any Restricted Subsidiary to (whether in one transaction or in a series of transactions and whether
directly or indirectly): enter into any transaction of amalgamation, merger, consolidation, partnership, joint venture or other
combination where such combination involves a contribution by the Borrower or a Restricted Subsidiary thereof of all or a substantial
portion of its assets, except, in each case, for the amalgamation, merger or consolidation of (i) a Restricted Subsidiary, including
any Guarantor, with and into the Borrower and (ii) a Restricted Subsidiary, including any Guarantor, with and into another Restricted
Subsidiary, including any Guarantor; <I>provided </I>that (x) if the Borrower is a party thereto, the Borrower will be the surviving
entity and (y) if a Guarantor (and, for avoidance of doubt, not the Borrower) is a party thereto, such Guarantor will be the surviving
entity.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><B>Dispositions.</B> The Borrower shall not, and shall not suffer or permit any Restricted Subsidiary
to sell, dispose, assign or transfer any assets<B> </B>other than the sale, disposition, assignment or transfer of (i) inventory
in the ordinary course of business, (ii) obsolete or redundant equipment, (iii) assets in connection with the Permitted Reorganization,
(iv) non-core assets acquired in a Permitted Acquisition; <I>provided</I> that such sales shall be consummated within 180 days
of the consummation of the Permitted Acquisition, (v) assets (other than the Shares pledged pursuant to the Pledge Agreements)
among Restricted Subsidiaries, or (vi) assets (other than the Shares pledged pursuant to the Pledge Agreements and assets that
are the subject of clauses (i) &ndash; (v) of this Section 11.2(c)) the aggregate consideration for which does not exceed, during
the period up to and including the Maturity Date, an amount equal to 10% of the Consolidated Total Assets, as determined as of
the last day of the Fiscal Year or Fiscal Quarter (as applicable) for which financial statements have been delivered pursuant to
Section 11.1(a) (it being understood and agreed that if at any time, the aggregate amount of such dispositions under clause (vi)
of this Section 11.2(c) would exceed 10% of Consolidated Total Assets solely as a result of a decrease in Consolidated Total Assets
in the applicable Fiscal Quarter from the prior Fiscal Quarter, the prior dispositions shall be deemed to be permitted); <I>provided</I>
that, in each case, no Event of Default exists at the time of such sale, disposition, assignment or transfer, or would occur upon,
any such sale, disposition, assignment or transfer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><B>Distributions.</B> The Borrower shall not make any Distribution (x)&nbsp;if an Event of Default
has occurred and is continuing at the time of making any such Distribution or (y) if an Event of Default would arise immediately
after the making of any such Distribution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><B>Indebtedness.</B> The Borrower shall not, and shall not suffer or permit any Restricted Subsidiary
to, create, incur or assume any Indebtedness, except for the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Indebtedness arising or existing under this Agreement and the other Credit Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Indebtedness existing as of the Closing Date and set forth on Schedule 11.2(e) together with any
refinancing thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Indebtedness incurred after the Closing Date consisting of Capital Leases or Purchase Money Indebtedness;
<I>provided</I> that (i) such Indebtedness when incurred shall not exceed the purchase price or cost of construction of the assets
acquired or constructed, (ii) no such Indebtedness shall be refinanced for a principal amount in excess of the principal balance
outstanding thereof at the time of such refinancing and (iii) the total amount of all such Indebtedness shall not exceed $15,000,000
at any time outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">unsecured intercompany Indebtedness among Obligors, among Restricted Subsidiaries and among Obligors
and Restricted Subsidiaries; <I>provided</I> that any such Indebtedness owing by an Obligor to a Restricted Subsidiary that is
not an Obligor shall be fully subordinated to the Obligations hereunder on terms and conditions reasonably satisfactory to the
Borrower and the Administrative Agent;</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Indebtedness and obligations owing under Hedging Agreements entered into in order to manage existing
or anticipated business risks and not for speculative purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">unsecured Indebtedness of the Borrower; <I>provided</I> that (i) no Default or Event of Default
shall have occurred and be continuing on a pro forma basis immediately prior to and immediately after giving effect to the full
amount of such Indebtedness and (ii) the Borrower shall be in compliance on a Pro Forma Basis with the covenant in Section 11.1(l);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">Indebtedness of any Person that becomes a Restricted Subsidiary (or that is merged or consolidated
with or into the Borrower or any Restricted Subsidiary) after the Closing Date in a transaction permitted hereunder, which Indebtedness
is existing at the time such Person becomes a Restricted Subsidiary (or that is merged or consolidated with or into the Borrower
or any Restricted Subsidiary) (other than Indebtedness incurred solely in contemplation of such Person&rsquo;s becoming a Restricted
Subsidiary, or being merged or consolidated with or into the Borrower or any Restricted Subsidiary), and any refinancing thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">Indebtedness that is subordinated to the Obligations; <I>provided, however, </I>that (A) the subordination
of such Indebtedness is pursuant to a written subordination agreement satisfactory to the Administrative Agent in its sole discretion,
(B) the terms, conditions and amount of any such subordinated Indebtedness shall be satisfactory to the Administrative Agent in
its sole discretion, (C) the stated maturity date or mandatory redemption date of such subordinated Indebtedness shall not be prior
to the Maturity Date, and (D) immediately prior to and immediately after giving pro forma effect to the full amount of such subordinated
Indebtedness, no Default or Event of Default shall occur hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections,
employee credit card programs and other cash management, workers&rsquo; compensation claims, deferred compensation to employees,
bankers&rsquo; acceptances, performance or surety, appeal or similar bonds issued for the account of and completion guarantees
and other similar obligations provided by any Restricted Subsidiary, in each case, in the ordinary course of business consistent
with past practices;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">Indebtedness consisting of guarantees of Indebtedness of any Obligor or Restricted Subsidiary so
long the underlying Indebtedness is permitted to be incurred hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: justify">Indebtedness arising from agreements providing for indemnification, adjustment of purchase price
or similar obligations, in each case entered into in connection with dispositions permitted hereunder, Permitted Acquisitions,
Permitted Debt Investments or other Permitted Investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xii)</TD><TD STYLE="text-align: justify">Indebtedness consisting of the financing of insurance premiums in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xiii)</TD><TD STYLE="text-align: justify">Indebtedness incurred in the ordinary course of business in respect of obligations of the Loan
Parties to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xiv)</TD><TD STYLE="text-align: justify">other Indebtedness the aggregate unpaid principal amount of which shall not at any time exceed
$25,000,000.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><B>Acquisitions.</B> The Borrower shall not, and shall not suffer or permit any Restricted Subsidiary
to, make any Acquisitions other than Permitted Acquisitions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B>Investments.</B> Except in connection with the Permitted Reorganization, the Borrower shall
not, and shall not permit any Restricted Subsidiary to, make any Investments other than Permitted Investments and Permitted Debt
Investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><B>[Reserved]</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><B>Negative Pledge</B>. The Borrower shall not, nor shall it permit any Restricted Subsidiary to,
enter into, assume or become subject to any agreement prohibiting or otherwise restricting (I) the creation or assumption of any
Lien upon its properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security to secure obligations
under such agreement if security is given for some other obligation or (II) the ability of any Restricted Subsidiary to make dividends
or other distributions to any Obligor, except, in each case, (A) pursuant to this Agreement and the other Credit Documents, (B)
pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 11.2(e)(vii); <I>provided</I> that any
such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, (C) in
connection with any Permitted Lien or any document or instrument governing any Permitted Lien; <I>provided</I> that any such restriction
contained therein relates only to the asset or assets subject to such Permitted Lien, (D) customary restrictions on the assignment
of or granting of a Lien on a particular lease, sublease, license or contract set forth in such lease, sublease, license or contract
entered into in the ordinary course of business, (E) restrictions on the pledge of interests in or assets of joint ventures contained
in the applicable joint venture agreement and (F) customary restrictions and conditions relating to a disposition of assets permitted
hereunder pending the consummation of such disposition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><B>Amendments</B>. Except in connection with the Permitted Reorganization, no Restricted Subsidiary
shall enter into any amendment or modification of, or grant any waiver or consent under, any of its organizational documents in
a manner that would be materially adverse to the interest of the Lenders, it being understood and agreed that a change of name,
change of corporate form, or change of any jurisdiction of formation is not materially adverse to the interest of the Lenders so
long as the Borrower complies with Section 11.1(f) and Section 11.1(r) and so long as the security interest in the Collateral securing
the Obligations is not adversely affected in any material respect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><B>Change in Business</B>. Except in connection with the Permitted Reorganization, the Borrower
shall not, and shall not suffer or permit any Restricted Subsidiary to, discontinue its business or any material part thereof or
carry on any business other than the business it carries on as of the date hereof, the purchase and sale of, or royalty arrangements
with respect to, silver, gold and other metals and oil and gas and the acquisition, development, ownership and/or operation, directly
or indirectly, of mining and/or oil and gas properties and/or projects, together with, in each case, other matters reasonably ancillary
thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><B>Change in Fiscal Year</B>. Neither the Borrower nor any Restricted Subsidiary shall change the
end of its Fiscal Year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><B>Affiliate Transactions</B>. Except in connection with the Permitted Reorganization and transactions
in an aggregate amount from the Closing Date through the Maturity Date of not more than $25,000,000, the Borrower shall not, nor
shall it permit any Restricted Subsidiary to, enter into any transaction or series of transactions, whether or not in the ordinary
course of business, with the Borrower or any other Restricted Subsidiary other than on terms and conditions substantially as favorable
as would be obtainable in a comparable arm&rsquo;s-length transaction with a Person other than the Borrower or a Restricted Subsidiary
other than (a) dividends and distributions otherwise permitted hereunder, (b) Debt Investments permitted pursuant to clauses (b)
or (d) of &ldquo;Permitted Debt Investments&rdquo;, (c) dispositions permitted pursuant to Section 11.2(c)(v), (d) Indebtedness
permitted pursuant to 11.2(e)(iv), (vii), (viii) and (x), and (e) expense reimbursement and reasonable salaries and other reasonable
director or employee compensation to officers and directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><B>Sanctions</B>. During the term of this Agreement, neither the Borrower nor any of its Subsidiaries
shall take any action that could reasonably be expected to result in it becoming a Sanctioned Person.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">11.3</TD><TD>Performance of Covenants by Administrative Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Administrative Agent
may, on the instructions of the Majority Lenders and upon notice by the Administrative Agent to the Borrower, perform any covenant
of the Borrower under this Agreement which the Borrower fails to perform or cause to be performed and which the Administrative
Agent is capable of performing, including any covenants the performance of which requires the payment of money, provided that the
Administrative Agent shall not be obligated to perform any such covenant on behalf of the Borrower and no such performance by the
Administrative Agent shall require the Administrative Agent to further perform the Borrower&rsquo;s covenants or shall operate
as a derogation of the rights and remedies of the Administrative Agent and the Lenders under this Agreement or as a waiver of such
covenant by the Administrative Agent. Any amounts paid by the Administrative Agent as aforesaid shall be reimbursed by the Lenders
in their Pro Rata Shares and shall be repaid by the Borrower to the Administrative Agent on behalf of the Lenders on demand.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">11.4</TD><TD>Permitted Reorganization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything
to the contrary in this Agreement or any other Credit Document, the Borrower and its Subsidiaries shall be permitted to effectuate
the Permitted Reorganization; <I>provided</I> <I>that</I>, as a condition to the Permitted Reorganization, (i) the Administrative
Agent and the Lenders shall have received all documentation and other information required by regulatory authorities under applicable
&ldquo;know your customer&rdquo; and anti-money laundering rules and regulations, including without limitation the PATRIOT Act
that has been requested by the Administrative Agent or the Lenders prior to the Permitted Reorganization (ii) the Obligors shall
have taken all necessary steps reasonably requested by the Administrative Agent to ensure the continuing validity, perfection and
priority of the security interest in the Collateral after giving effect to the Permitted Reorganization.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;12<BR>
Conditions Precedent to Obtaining Credit</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">12.1</TD><TD>Conditions Precedent to All Credit</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The obligation of the
Lenders to extend credit hereunder is subject to fulfilment of the following conditions precedent on the date such credit is extended:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Borrower shall have complied with the requirements of Article&nbsp;4, Article&nbsp;5 or Article&nbsp;6,
as the case may be, in respect of the relevant credit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">no Default or Event of Default has occurred and is continuing or would arise immediately after
giving effect to or as a result of such extension of credit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the representations and warranties of the Borrower contained in Section 10.1 shall be true and
correct in all material respects (or in all respects to the extent otherwise qualified by materiality or Material Adverse Effect),
on the date such credit is extended as if such representations and warranties were made on such date, except to the extent that
such representation or warranty relates to a specific earlier date in which case such representation and warranty shall be true
and correct as of such earlier date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the Credit Facility has not been terminated pursuant to Section 2.4.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">12.2</TD><TD>Conditions Precedent to Effectiveness of Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This agreement shall
become effective upon fulfilment of the following conditions precedent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the conditions precedent set forth in Section 12.1 have been fulfilled;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Administrative Agent shall have received evidence that (i) all outstanding Indebtedness of
the Borrower under the Existing Revolving Credit Agreement has been repaid in full or arrangements satisfactory to the Administrative
Agent, in its sole and absolute discretion, have been made for the repayment of such Indebtedness concurrent with a drawdown hereunder,
(ii) all guarantees executed and delivered in connection therewith and all security interests granted in connection therewith have
been terminated and released and (iii) the Existing Revolving Credit Agreement has been terminated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Obligors have duly executed and delivered to the Administrative Agent (i) counterparts of this
Agreement, (ii) a Note for the account of each Lender that has requested the same prior to the Closing Date, (iii) counterparts
to each Pledge Agreement and (iv) counterparts to each other Credit Document;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the Administrative Agent has received, in form and substance reasonably satisfactory to the Administrative
Agent a certificate from the secretary of each Obligor, together with certified copies of each of the following attachments:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">copies of the articles of incorporation or other charter documents, as applicable, of such Obligor
certified to be true and complete as of a recent date by the appropriate governmental authority of the jurisdiction of its incorporation
or organization;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a copy of the bylaws or comparable operating agreement of such Obligor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">copies of certificates of good standing, existence or its equivalent with respect to such Obligor
certified as of a recent date by the appropriate governmental authorities of the jurisdiction of incorporation or organization
and each other jurisdiction in which the failure to so qualify and be in good standing could reasonably be expected to have a Material
Adverse Effect on the business or operations of such Obligor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">copies of resolutions of the board of directors of such Obligor approving and adopting the Credit
Documents, the transactions contemplated therein and authorizing execution and delivery thereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">incumbency signatures of appropriate officers of such Obligor, including each officer executing
a Credit Document.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Administrative Agent shall have received a certificate of a senior officer of the Borrower,
in such capacity, certifying that, to the best of his knowledge after due inquiry, (i) no Default or Event of Default has occurred
and is continuing or would arise immediately upon the initial extension of credit under the Credit Facility and (ii) all representations
and warranties contained herein and in the other Credit Documents are true and correct in all material respects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the Administrative Agent has received, in form and substance reasonably satisfactory to the Administrative
Agent and the Lenders, opinions of legal counsel (including local counsel to the extent required by the Administrative Agent) for
the Obligors dated the Closing Date and addressed to the Administrative Agent and the Lenders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">The Administrative Agent shall have received (or arrangements satisfactory to the Administrative
Agent, in its sole and absolute discretion have been made therefor), in form and substance reasonably satisfactory to the Administrative
Agent:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">searches of all Lien filings, registrations and records deemed necessary by the Administrative
Agent, and copies of any documents, filings and instruments on file in such jurisdictions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">all financing statements, registrations, filings or other instruments for each appropriate jurisdiction
as is necessary, in the Administrative Agent&rsquo;s sole discretion, to perfect, or maintain the perfection of, the Administrative
Agent&rsquo;s security interest in the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">to the extent certificated, all stock or membership certificates evidencing the Shares pledged
to the Administrative Agent pursuant to the Pledge Agreements, together with duly executed in blank, undated stock or transfer
powers (or other appropriate instruments of transfer, including endorsements) attached thereto; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">such other duly executed agreements, consents, notices or instruments as are necessary, in the
Administrative Agent&rsquo;s sole discretion, to formalize, legalize, protect and perfect the Administrative Agent&rsquo;s security
interest in the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">the Administrative Agent shall have received evidence that all material governmental, shareholder,
board of director and third party consents and approvals necessary in connection with the financings and other transactions contemplated
hereby have been obtained;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Administrative Agent and the Lenders shall have received, at least three (3) Banking Days prior
to the Closing Date, all documentation and other information required by regulatory authorities under applicable &ldquo;know your
customer&rdquo; and other Anti-Money Laundering Laws, including without limitation the PATRIOT Act that has been requested by the
Administrative Agent or the Lenders at least ten (10) Banking Days prior to the Closing Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">the Borrower shall have paid to the lead arrangers of the Credit Facility, the Administrative Agent
and the Lenders all fees and expenses required to be paid pursuant to the Credit Documents (including the Fee Letter) and the Commitment
Letter, dated as of May 11, 2017, among the Borrower and the lead arrangers party thereto on or before the initial extension of
credit under the Credit Facility; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">the Administrative Agent shall have received a compliance certificate, signed by a senior financial
officer of the Borrower, setting forth a calculation of the Leverage Ratio as of the Closing Date (on a pro forma basis after giving
effect to the transactions occurring on the Closing Date, including, without limitation, the repayment in full of the Indebtedness
under the Existing Revolving Credit Agreement and the initial borrowing hereunder).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">12.3</TD><TD>Waiver</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The terms and conditions
of Sections 12.1 and 12.2 are inserted for the sole benefit of the Administrative Agent and the Lenders, and the Lenders may waive
them in accordance with Section 14.14, in whole or in part, with or without terms or conditions, in respect of any extension of
credit, without prejudicing their right to assert the terms and conditions of Section 12.1 in whole or in part in respect of any
other extension of credit.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;13<BR>
Default and Remedies</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">13.1</TD><TD>Events of Default</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon the occurrence of
any one or more of the following events, unless expressly waived in writing in accordance with Section 14.14:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the breach by the Borrower of the provisions of Section 9.1 (Repayment under the Credit Facility);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the failure of any Obligor to pay interest, fees or any other amount due under the Credit Documents
(other than amounts due pursuant to any of Section 9.1) within three (3) Banking Days after the payment is due;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the breach or failure of due performance by the Borrower of Sections 11.1(c) (Use of Proceeds),
11.1(g) (Corporate Existence) (with respect to the Borrower only) or 11.1(o) (Notice of Default or Event of Default); <I>provided
</I>that the delivery of any notice of Default or Event of Default at any time will cure any Event of Default arising from the
failure to timely deliver a notice of Default or Event of Default;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the Borrower or any Restricted Subsidiary thereof institutes or consents to the institution of
any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to
the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all
or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer
is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar
days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property
is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief
is entered in any such proceeding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the Borrower or any Material Restricted Subsidiary thereof becomes unable or admits in writing
its inability or fails generally to pay its debts as they become due;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">if any representation or warranty made by any Obligor in this Agreement or in any other Credit
Document proves to have been incorrect, false or misleading in any material respect when made or deemed made;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">if a writ, execution, attachment or similar process is issued or levied against all or any portion
of the property of the Borrower or any Restricted Subsidiary in connection with any judgment against it in an amount of at least
$25,000,000 (to the extent not covered by indemnity or third-party insurance with respect to which coverage has not been disputed
by the insurer) and such writ, execution, attachment or similar process is not released, bonded, satisfied, discharged, vacated
or stayed within sixty (60) days after its entry, commencement or levy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">the failure of the Borrower or any Restricted Subsidiary to comply with any covenant or provision
of Section 11.2;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the breach or failure of due observance or performance by any Obligor of any covenant or provision
of this Agreement (other than those previously referred to in this Section 13.1) or of any other Credit Document and such breach
or failure continues for 30 days after the Administrative Agent has given the Borrower written notice of such breach or failure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">if the Borrower or any Restricted Subsidiary fails to pay Indebtedness of at least $25,000,000
when such Indebtedness is due and payable, whether at maturity, upon acceleration or demand; or any other default occurs under
any Indebtedness and shall continue after the applicable grace period, if any, if the effect of such default is to accelerate,
or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable,
or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">there shall occur a Change of Control;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">any Credit Document shall fail to be in full force and effect or to give the Administrative Agent
and/or the Lenders the rights, powers and privileges purported to be created thereby in any material respect (except as such documents
may be terminated or no longer in force and effect in accordance with the terms thereof, other than those indemnities and provisions
by their terms shall survive); or any Obligor contests the validity or enforceability of any Credit Document;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">any Pledge Agreement shall for any reason (other than pursuant to the terms thereof) cease to create
a valid and perfected first priority (subject to Permitted Liens) lien on and security interest in the Collateral purported to
be covered thereby and required to be perfected thereunder, or any Loan Party contests in any manner the validity, perfection or
priority of any lien or security interest in the Collateral purported to be covered thereby; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">an ERISA Event shall have occurred that, when taken with all other such ERISA Events, could reasonably
be expected to result in a liability to the Borrower or any Restricted Subsidiary in an amount greater than $25,000,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Administrative Agent (with the approval
and instructions of the Majority Lenders) may, by notice to the Borrower, terminate the Credit Facility (provided, however, that
the Credit Facility shall automatically terminate, without notice of any kind, upon the occurrence of an event described in clause&nbsp;(d)
above) and the Administrative Agent (with the approval and instructions of the Majority Lenders) may, by the same or further notice
to the Borrower, declare all indebtedness of the Borrower to the Lenders pursuant to this Agreement to be immediately due and payable
whereupon all such indebtedness shall immediately become and be due and payable without further demand or other notice of any kind,
all of which are expressly waived by the Borrower (provided, however, that all such indebtedness of the Borrower to the Lenders
shall automatically become due and payable, without notice of any kind, upon the occurrence of an event described in clause (d)
above).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">13.2</TD><TD>Remedies Cumulative</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrower expressly
agrees that the rights and remedies of the Administrative Agent and the Lenders under this Agreement are cumulative and in addition
to and not in substitution for any rights or remedies provided by applicable Requirements of Law. Any single or partial exercise
by the Administrative Agent or any Lender of any right or remedy for a default or breach of any term, covenant or condition in
this Agreement does not waive, alter, affect or prejudice any other right or remedy to which the Administrative Agent or such Lender
may be lawfully entitled for the same default or breach. Any waiver by the Administrative Agent with the approval of the Majority
Lenders or all of the Lenders in accordance with Section 14.14 of the strict observance, performance or compliance with any term,
covenant or condition of this Agreement is not a waiver of any subsequent default and any indulgence by the Lenders with respect
to any failure to strictly observe, perform or comply with any term, covenant or condition of this Agreement is not a waiver of
the entire term, covenant or condition or any subsequent default. No failure or delay by the Administrative Agent or any Lender
in exercising any right shall operate as a waiver of such right nor shall any single or partial exercise of any power or right
preclude its further exercise or the exercise of any other power or right.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">13.3</TD><TD>Set-Off</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In addition to any rights
now or hereafter granted under applicable Requirements of Law, and not by way of limitation of any such rights, the Administrative
Agent and each Lender is authorized, at any time that an Event of Default has occurred and is continuing without notice to the
Borrower or to any other Person, any such notice being expressly waived by the Borrower, to set-off, appropriate and apply any
and all deposits, matured or unmatured, general or special, and any other indebtedness at any time held by or owing by the Administrative
Agent or such Lender, as the case may be, to or for the credit of or the account of the Borrower against and on account of the
obligations and liabilities of the Borrower which are due and payable to the Administrative Agent or such Lender, as the case may
be, under the Credit<B> </B>Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;14<BR>
THE ADMINISTRATIVE AGENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.1</TD><TD>Appointment and Authorization of Administrative Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Each Lender hereby appoints and authorizes, and hereby agrees that it will require any assignee
of any of its interests in the Credit Documents (other than the holder of a participation in its interests herein or therein) to
appoint and authorize the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under the
Credit Documents as are delegated to the Administrative Agent by such Lender by the terms hereof, together with such powers as
are reasonably incidental thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Without limiting the appointment and authorization pursuant to clause (a) above, each Lender hereby
appoints and authorizes the Administrative Agent in connection with security interests granted under the Swiss Pledge Agreement
(and under any other Credit Document governed by Swiss law under which Collateral may be given in the future) to act (i) with respect
to security interests of accessory nature, for itself and as a direct representative (direkter Stellvertreter), acting in the name
and on behalf of the Credit Parties and (ii) with respect to security interests of non-accessory nature, for itself and as an indirect
representative (indirekter Stellvertreter), acting in its own name but for the account of the Credit Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Neither the Administrative Agent nor any of its directors, officers, employees or agents shall
be liable to any of the Lenders for any action taken or omitted to be taken by it or them thereunder or in connection therewith,
except for its own gross negligence or wilful misconduct and each Lender hereby acknowledges that the Administrative Agent is entering
into the provisions of this Section 14.1 on its own behalf and as agent and trustee for its directors, officers, employees and
agents.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.2</TD><TD>Interest Holders</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Administrative Agent
may treat each Lender set forth in Schedule&nbsp;A hereto or the Person designated in the last notice delivered to it under Section
15.5 as the holder of all of the interests of such Lender under the Credit Documents.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.3</TD><TD>Consultation with Counsel</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Administrative Agent
may consult with legal counsel selected by it as counsel for the Administrative Agent and the Lenders and shall not be liable for
any action taken or not taken or suffered by it in good faith and in accordance with the advice and opinion of such counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.4</TD><TD>Documents</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Administrative Agent
shall not be under any duty to the Lenders to examine, enquire into or pass upon the validity, effectiveness or genuineness of
the Credit Documents or any instrument, document or communication furnished pursuant to or in connection with the Credit Documents
and the Administrative Agent shall, as regards the Lenders, be entitled to assume that the same are valid, effective and genuine,
have been signed or sent by the proper parties and are what they purport to be.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.5</TD><TD>Administrative Agent as Lender</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">With respect to those
portions of the Credit Facility made available by it, the Administrative Agent shall have the same rights and powers under the
Credit Documents as any other Lender and may exercise the same as though it were not the Administrative Agent. The Administrative
Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower
and its Affiliates and Persons doing business with the Borrower and/or any of its Affiliates as if it were not the Administrative
Agent and without any obligation to account to the Lenders therefor.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.6</TD><TD>Responsibility of Administrative Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The duties and obligations
of the Administrative Agent to the Lenders under the Credit Documents are only those expressly set forth herein. The Administrative
Agent shall not have any duty to the Lenders to investigate whether a Default or an Event of Default has occurred. The Administrative
Agent shall, as regards the Lenders, be entitled to assume that no Default or Event of Default has occurred and is continuing unless
the Administrative Agent has actual knowledge or has been notified by the Borrower of such fact or has been notified by a Lender
that such Lender considers that a Default or Event of Default has occurred and is continuing, such notification to specify in detail
the nature thereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.7</TD><TD>Action by Administrative Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Administrative Agent
shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested
in it on behalf of the Lenders by and under this Agreement; provided, however, that the Administrative Agent shall not exercise
any rights under Section 13.1 or under the Guarantee or expressed to be on behalf of or with the approval of the Majority Lenders
without the request, consent or instructions of the Majority Lenders. Furthermore, any rights of the Administrative Agent expressed
to be on behalf of or with the approval of the Majority Lenders shall be exercised by the Administrative Agent upon the request
or instructions of the Majority Lenders. The Administrative Agent shall incur no liability to the Lenders under or in respect of
any of the Credit Documents with respect to anything which it may do or refrain from doing in the reasonable exercise of its judgment
or which may seem to it to be necessary or desirable in the circumstances, except for its gross negligence or wilful misconduct.
The Administrative Agent shall in all cases be fully protected in acting or refraining from acting under any of the Credit Documents
in accordance with the instructions of the Majority Lenders and any action taken or failure to act pursuant to such instructions
shall be binding on all Lenders. In respect of any notice by or action taken by the Administrative Agent hereunder, the Borrower
shall at no time be obliged to enquire as to the right or authority of the Administrative Agent to so notify or act.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.8</TD><TD>Notice of Events of Default</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the event that the
Administrative Agent shall acquire actual knowledge or shall have been notified of any Default or Event of Default, the Administrative
Agent shall promptly notify the Lenders and shall take such action and assert such rights under Section 13.1 of this Agreement
and under the other Credit Documents as the Majority Lenders shall request in writing and the Administrative Agent shall not be
subject to any liability by reason of its acting pursuant to any such request. If the Majority Lenders shall fail for five (5)
Banking Days after receipt of the notice of any Default or Event of Default to request the Administrative Agent to take such action
or to assert such rights under any of the Credit Documents in respect of such Default or Event of Default, the Administrative Agent
may, but shall not be required to, and subject to subsequent specific instructions from the Majority Lenders, take such action
or assert such rights (other than rights under Section 13.1 of this Agreement or under the other Credit Documents and other than
giving an express waiver of any Default or any Event of Default) as it deems in its discretion to be advisable for the protection
of the Lenders except that, if the Majority Lenders have instructed the Administrative Agent not to take such action or assert
such rights, in no event shall the Administrative Agent act contrary to such instructions unless required by law to do so.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.9</TD><TD>Responsibility Disclaimed</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Administrative Agent
shall be under no liability or responsibility whatsoever as agent hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to the Borrower or any other Person as a consequence of any failure or delay in the performance
by, or any breach by, any Lender or Lenders of any of its or their obligations under any of the Credit Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to any Lender or Lenders as a consequence of any failure or delay in performance by, or any breach
by, the Borrower of any of its obligations under any of the Credit Documents; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">to any Lender or Lenders for any statements, representations or warranties in any of the Credit
Documents or in any other documents contemplated hereby or thereby or in any other information provided pursuant to any of the
Credit Documents or any other documents contemplated hereby or thereby or for the validity, effectiveness, enforceability or sufficiency
of any of the Credit Documents or any other document contemplated hereby or thereby.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.10</TD><TD>Indemnification</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">To the extent that the
Borrower for any reason fails to indefeasibly pay any amount required under Sections 8.5(a), 8.5(b) or 15.16 to be paid by it,
each Lender severally agrees to pay to the applicable party such Lender&rsquo;s Pro Rata Share (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; <I>provided</I> that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
the Administrative Agent (or any sub-agent) in its capacity as such, or against any affiliate, successor and assign, shareholder,
officer, director, partner, advisor, controlling person, employee or agent of the Administrative Agent acting for the Administrative
Agent (or such sub-agent) in connection with such capacity.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.11</TD><TD>Credit Decision</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Lender represents
and warrants to the Administrative Agent that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in making its decision to enter into this Agreement and to make its Pro Rata Share of the Credit
Facility available to the Borrower, it is independently taking whatever steps it considers necessary to evaluate the financial
condition and affairs of the Borrower and that it has made an independent credit judgment without reliance upon any information
furnished by the Administrative Agent; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">so long as any portion of the Credit Facility is being utilized by the Borrower, it will continue
to make its own independent evaluation of the financial condition and affairs of the Borrower.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.12</TD><TD>Successor Administrative Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Subject to the appointment
and acceptance of a successor Administrative Agent as provided below, the Administrative Agent may, with the prior written consent
of the Borrower (which consent shall not be required for so long as an Event of Default has occurred and is continuing), resign
at any time by giving 30 days written notice thereof to the Borrower and the Lenders. Upon any such resignation, the Majority Lenders,
with the prior written consent of the Borrower (which consent shall not be required (x) if the successor Administrative Agent is
an Affiliate or Subsidiary of the Administrative Agent on the date hereof or (y) for so long as an Event of Default has occurred
and is continuing), shall have the right to appoint a successor Administrative Agent who shall be one of the Lenders unless none
of the Lenders wishes to accept such appointment. If no successor Administrative Agent shall have been so appointed and shall have
accepted such appointment by the time of such resignation, then the retiring Administrative Agent may, on behalf of the Lenders
and with the prior written consent of the Borrower (which consent shall not be required for so long as an Event of Default has
occurred and is continuing), appoint a successor Administrative Agent which shall be a bank with an office in Canada or in the
United States or an Affiliate of any such bank with an office in Canada or in the United States. Upon the acceptance of any appointment
as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges, duties and obligations of the retiring Administrative Agent (in its
capacity as Administrative Agent but not in its capacity as a Lender) and the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder (in its capacity as Administrative Agent but not in its capacity as a Lender). After
any retiring Administrative Agent&rsquo;s resignation hereunder as the Administrative Agent, provisions of this Article&nbsp;14
shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the
Administrative Agent.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.13</TD><TD>Delegation by Administrative Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Administrative Agent
shall have the right to delegate any of its duties or obligations hereunder as Administrative Agent to any Affiliate of the Administrative
Agent so long as the Administrative Agent shall not thereby be relieved of such duties or obligations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.14</TD><TD>Waivers and Amendments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Subject to Section 14.14(b), any term, covenant or condition of any of the Credit Documents may
only be amended with the prior consent of the Borrower and the Majority Lenders or compliance therewith may be waived (either generally
or in a particular instance and either retroactively or prospectively) by the Majority Lenders and in any such event the failure
to observe, perform or discharge any such covenant, condition or obligation, so amended or waived (whether such amendment is executed
or such consent or waiver is given before or after such failure), shall not be construed as a breach of such covenant, condition
or obligation or as a Default or Event of Default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding Section&nbsp;14.14(a), without the prior written consent of each Lender, no such
amendment or waiver shall directly:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">increase the amount of the Credit Facility;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">extend the Maturity Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">extend the time for the payment of interest on Loans, forgive any portion of principal thereof,
reduce the stated rate of interest thereon or amend the requirement of pro rata application of all amounts received by the Administrative
Agent in respect of the Credit Facility whether before or after acceleration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">change the percentage of the Lenders&rsquo; requirement to constitute the Majority Lenders or otherwise
amend the definition of Majority Lenders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">reduce the stated amount or postpone the date for payment of any fees or other amount to be paid
pursuant to Article 7 or Article 8 of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">release any of the Guarantee in whole or in part;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">release all of the Collateral or a material portion of the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">alter the terms of this Section 14.14; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">amend the definition of &ldquo;Pro Rata Share&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Notwithstanding Section 14.14(a), no such amendment or waiver shall increase the amount of the
Individual Commitment of any Lender without the consent of such Lender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">No amendment to or waiver of any provision hereof to the extent it affects the rights or obligations
of the Administrative Agent shall be effective without the prior written consent of the Administrative Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Notwithstanding any other provision hereof, no Defaulting Lender shall have any right to approve
or disapprove any amendment, waiver or consent hereunder, except that the Individual Commitment of such Lender may not be increased
or extended without the consent of such Lender.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.15</TD><TD>Determination by Administrative Agent Conclusive and Binding</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any determination to
be made by the Administrative Agent on behalf of or with the approval of the Lenders or the Majority Lenders under this Agreement
shall be made by the Administrative Agent in good faith and, if so made, shall be binding on all parties, absent manifest error.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.16</TD><TD>Adjustments among Lenders after Acceleration</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Lenders agree that, at any time after all indebtedness of the Borrower to the Lenders pursuant
hereto has become immediately due and payable pursuant to Section 13.1 or after the cancellation or termination of the Credit Facility,
they will at any time or from time to time upon the request of any Lender through the Administrative Agent purchase portions of
the commitments made available by the other Lenders which remain outstanding, and make any other adjustments which may be necessary
or appropriate, in order that the amounts of the commitments made available by the respective Lenders which remain outstanding,
as adjusted pursuant to this Section 14.16, will be in the same proportions as their respective Pro Rata Shares thereof immediately
prior to such acceleration, cancellation or termination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Lenders agree that, at any time after all indebtedness of the Borrower to the Lenders pursuant
hereto has become immediately due and payable pursuant to Section 13.1 or after the cancellation or termination of the Credit Facility,
the amount of any repayment made by the Borrower under this Agreement, and the amount of any proceeds of the exercise of any rights
or remedies of the Lenders under the Credit Documents, which are to be applied against amounts owing hereunder as principal, will
be so applied in a manner such that to the extent possible, the commitments made available by the respective Lenders which remain
outstanding, after giving effect to such application, will be in the same proportions as their respective Pro Rata Shares thereof
with respect to the Credit Facility immediately prior to such acceleration, cancellation or termination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">For greater certainty, the Lenders acknowledge and agree that without limiting the generality of
the provisions of Section 14.16(a) and (b), such provisions will have application if and whenever any Lender shall obtain any payment
(whether voluntary, involuntary, through the exercise of any right of set-off, compensation, or otherwise) on account of any monies
owing or payable by the Borrower to it under the Credit Documents in excess of its <I>pro rata</I> share of payments on account
of monies owing by the Borrower to all the Credit Parties thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Borrower agrees to be bound by and to do all things necessary or appropriate to give effect
to any and all purchases and other adjustments made by and between the Lenders pursuant to this Section 14.16.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.17</TD><TD>Redistribution of Payment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If a Lender shall receive
payment of a portion of the aggregate amount of principal and interest due to it hereunder which is greater than the proportion
received by any other Lender in respect of the aggregate amount of principal and interest due in respect of the Credit Facility
(having regard to the respective Individual Commitments of the Lenders), the Lender receiving such proportionately greater payment
shall purchase a participation (which shall be deemed to have been done simultaneously with receipt of such payment) in that portion
of the aggregate outstanding credit of the other Lender or Lenders so that the respective receipts shall be <I>pro rata</I> to
their respective participation in the credits; provided, however, that if all or part of such proportionately greater payment received
by such purchasing Lender shall be recovered from the Borrower, such purchase shall be rescinded and the purchase price paid for
such participation shall be returned by such selling Lender or Lenders to the extent of such recovery, but without interest.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.18</TD><TD>Distribution of Notices</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Except as otherwise expressly
provided herein, promptly after receipt by the Administrative Agent of any notice or other document that is delivered to the Administrative
Agent hereunder on behalf of the Lenders, the Administrative Agent shall provide a copy of such notice or other document to each
of the Lenders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.19</TD><TD>Application of Payments</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any and all payments
received by the Administrative Agent pursuant to the Guarantee prior to the repayment in full of all credit outstanding under the
Credit Facility and the termination of the Individual Commitments of the Lenders hereunder, at any time that an Event of Default
shall have occurred and be continuing, shall be applied and distributed, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">firstly, to the payment of all reasonable costs and expenses incurred by the Administrative Agent
(including, without limitation, all legal fees and disbursements) in the exercise of all or any of the powers granted to it hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">secondly, to the payment of the Obligations (other than those referred to in clause (a)) to the
Credit Parties; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the balance, if any, to payment to the Obligors or otherwise in accordance with applicable Requirements
of Law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Notwithstanding the foregoing,
Obligations arising under Cash Management Services provided by any Cash Management Bank and Hedging Agreements entered into with
any Hedge Bank shall be excluded from the application described above if the Administrative Agent has not received written notice
thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management
Bank or Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the
notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment
of the Administrative Agent pursuant to the terms of Article 14 hereof for itself and its Affiliates as if a &ldquo;Lender&rdquo;
party hereto.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.20</TD><TD>Survival</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The provisions of this
Article (and all other provisions of this Agreement which are necessary to give effect to each of the provisions of this Article)
shall survive the permanent repayment in full of all credit outstanding under the Credit Facility and the termination of the Individual
Commitments of the Lenders hereunder until such time as all of the Obligations of the Borrower have been repaid in full and all
of the Individual Commitments of the Credit Parties have been terminated.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">14.21</TD><TD>Cash Management Services and Hedging Agreements</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Cash Management Bank or Hedge Bank that
obtains the benefits of Section 14.19, the Guarantee or any Collateral by virtue of the provisions hereof or any other Credit Document
shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit
Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity
as a Lender and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision
of this Agreement to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Obligations arising under Cash Management Services provided by any Cash Management
Bank and Hedging Agreements entered into with any Hedge Bank unless the Administrative Agent has received written notice of such
Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management
Bank or Hedge Bank, as the case may be.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;15<BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.1</TD><TD>Notices</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All notices and other
communications provided for herein shall be in writing and shall be personally delivered to an officer or other responsible employee
of the addressee or sent by email or telefacsimile, charges prepaid, at or to the applicable addresses or telefacsimile numbers,
as the case may be, set out opposite the parties name on the signature page hereof or at or to such other address or addresses,
telefacsimile number or numbers as any party hereto may from time to time designate to the other parties in such manner. Any communication
which is personally delivered as aforesaid shall be deemed to have been validly and effectively given on the date of such delivery
if such date is a Banking Day and such delivery was received before 4:00 p.m. (Toronto time); otherwise, it shall be deemed to
have been validly and effectively given on the Banking Day next following such date of delivery. Any communication which is transmitted
by telefacsimile as aforesaid shall be deemed to have been validly and effectively given on the date of transmission if such date
is a Banking Day and such transmission was received before 4:00 p.m. (Toronto time); otherwise, it shall be deemed to have been
validly and effectively given on the Banking Day next following such date of transmission.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.2</TD><TD>Severability</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any provision hereof
which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.3</TD><TD>Counterparts</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This agreement may be
executed and delivered in one or more original, faxed or .pdf signed counterparts, each of which shall be deemed to be an original
and all of which taken together shall be deemed to constitute one and the same instrument.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.4</TD><TD>Successors and Assigns</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This agreement shall
inure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.5</TD><TD>Assignment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Neither the Credit Documents nor the benefit thereof may be assigned by the Obligors without the
prior written consent of the Administrative Agent and each Lender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">A Lender may at any time sell to one or more other persons (&ldquo;<B>Participants</B>&rdquo;)
participating interests in any credit outstanding hereunder, any commitment of the Lender hereunder or any other interest of the
Lender hereunder. In the event of any such sale by a Lender of a participating interest to a Participant, (i) the Lender&rsquo;s
obligations under this Agreement to the Borrower shall remain unchanged, (ii) the Lender shall remain solely responsible for the
performance thereof and the Borrower, Administrative Agent and the other Lenders shall continue to deal solely and directly with
such Lender in connection with such Lender&rsquo;s rights and obligations under this Agreement and the Credit Documents; and (iii)&nbsp;any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <I>provided</I><U>
</U>that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver described in Sections 14.4(b). The Borrower agrees that if amounts outstanding under this Agreement
are due and unpaid, or shall have been declared to be or shall have become due and payable upon the occurrence of an Event of Default,
or any Default which might mature into an Event of Default, each Participant shall be deemed to have the right of setoff in respect
of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest
were owing directly to it as the Lender under this Agreement. The Borrower also agrees that each Participant shall be entitled
to the benefits of Article&nbsp;8 with respect to its participation hereunder; <I>provided</I>, that no Participant shall be entitled
to receive any greater amount pursuant to such Article than the Lender with the relevant Individual Commitment at the date hereof
would have been entitled to receive in respect of the amount of the participation transferred by the Lender to such Participant
had no such transfer occurred. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal and interest
amounts of each Participant&rsquo;s interest in the Loans or other Obligations under this Agreement (the &ldquo;<B>Participant
Register</B>&rdquo;);<I> provided </I>that no Lender shall have any obligation to disclose all or any portion of the Participant
Register to any Person (including the identity of any Participant or any information relating to a Participant&rsquo;s interest
in any commitments, loans, or its other obligations under this Agreement) except to the extent that such disclosure is necessary
to establish that such commitment, loan, or other obligation is in registered form under Section 5f.103-(c) of the United States
Treasury Regulations or, if different, under Sections 871(h) or 881(c) of the Code in connection with any Tax audit or other Tax
proceeding of the Borrower. The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">With the prior written consent of (i) the Borrower (which consent shall not be required (x) if
such sale is to one or more other Lenders, to an Affiliate of any Lender or to any Approved Fund of a Lender or (y) in circumstances
where an Event of Default has occurred and is continuing) (such consent not to be unreasonably withheld or delayed); <I>provided</I>
that the Borrower shall be deemed to have consented to any such sale unless it shall object thereto by written notice to the Administrative
Agent within ten (10) Banking Days after having received notice thereof and (ii) the Administrative Agent (which consent shall
not be required if such sale is to one or more other Lenders, to an Affiliate of any Lender or to any Approved Fund of a Lender)
(such consent not to be unreasonably withheld or delayed), a Lender may at any time sell all or any part of its rights and obligations
under the Credit Documents (but not less than the lesser of (x) $5,000,000 and (y) the entirety of its Individual Commitment) to
one or more Persons (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated
for the primary benefit of, a natural Person) (&ldquo;<B>Purchasing Lenders</B>&rdquo;), provided that such consent is not required
in the case of the sale by a Schedule II Lender to its Affiliate that is listed in Schedule III to the&nbsp; Bank Act (Canada).&nbsp;
Upon such sale, the Lender shall, to the extent of such sale, be released from its obligations under the Credit Documents and each
of the Purchasing Lenders shall become a party to the Credit Documents to the extent of the interest so purchased; provided, however,
no Lender that is a Defaulting Lender shall be released from any obligation in respect of damages arising in connection with it
being or becoming a Defaulting Lender.&nbsp; Any such assignment by a Lender shall not be effective unless and until such Lender
has paid to the Administrative Agent an assignment fee in the amount of $3,500 for each Purchasing Lender, unless and until the
Purchasing Lender has executed an instrument substantially in the form of Exhibit B hereto whereby the Purchasing Lender has agreed
to be bound by the terms of the Credit Documents as a Lender and has agreed to a specific Individual Commitment and a specific
address and telefacsimile number for the purpose of notices as provided in Section 15.1, unless and until the requisite consents
to such assignment have been obtained, unless and until a copy of a fully executed copy of such instrument has been delivered to
the Administrative Agent and the Borrower.&nbsp; Upon any such assignment becoming effective, (i) Schedule A hereto shall be deemed
to be amended to include the Purchasing Lender as a Lender with the specific Individual Commitment, address and telefacsimile number
as aforesaid and the Individual Commitment of the Lender making such assignment shall be deemed to be reduced by the amount of
the Individual Commitment of the Purchasing Lender and (ii) &nbsp;the cover page to this Agreement shall be deemed to be amended
(and counsel to the Administrative Agent is&nbsp;hereby authorized to make any such amendments to the extent requested by the Administrative
Agent) to include a reference thereon to the Purchasing Lender as a Lender and, if applicable, any title awarded to such Purchasing
Lender (for the avoidance of doubt, any such title being awarded strictly upon the unanimous agreement of The Bank of Nova Scotia,
HSBC Bank USA, National Association, Canadian Imperial Bank of Commerce and the Borrower).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Borrower authorizes the Administrative Agent and the Lenders to disclose to any Participant
or Purchasing Lender (each, a &ldquo;<B>Transferee</B>&rdquo;) and any prospective Transferee and authorizes each of the Lenders
to disclose to any other Lender any and all financial information in their possession concerning the Borrower which has been delivered
to them by or on behalf of the Borrower pursuant to this Agreement or which has been delivered to them by or on behalf of the Borrower
in connection with their credit evaluation of the Obligors prior to becoming a party to this Agreement, so long as any such Transferee
agrees to be bound by confidentiality provisions substantially the same as those set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment
to secure obligations to a Federal Reserve Bank; <I>provided</I> that no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.6</TD><TD>Entire Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This agreement and the
agreements referred to herein and delivered pursuant hereto constitute the entire agreement between the parties hereto and supersede
any prior agreements, undertakings, declarations, representations and understandings, both written and verbal, in respect of the
subject matter hereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.7</TD><TD>Register.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Administrative
Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in Toronto, Ontario a copy
of each assignment and assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof
from time to time (the &ldquo;<B>Register</B>&rdquo;). The entries in the Register shall be conclusive absent manifest error, and
the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by
the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.8</TD><TD>Judgment Currency</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">If, for the purpose of obtaining or enforcing judgment against any Obligor in any court in any
jurisdiction, it becomes necessary to convert into a particular currency (such currency being hereinafter in this Section 15.8
referred to as the &ldquo;<B>Judgment Currency</B>&rdquo;) an amount due in another currency (such other currency being hereinafter
in this Section 15.8 referred to as the &ldquo;<B>Indebtedness Currency</B>&rdquo;) under this Agreement, the conversion shall
be made at the rate of exchange prevailing on the Banking Day immediately preceding:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the date of actual payment of the amount due, in the case of any proceeding in the courts of the
Province of Ontario or in the courts of any other jurisdiction that will give effect to such conversion being made on such date;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the date on which the judgment is given, in the case of any proceeding in the courts of any other
jurisdiction (the date as of which such conversion is made pursuant to this Section 15.8(a)(ii) being hereinafter in this Section
15.8 referred to as the &ldquo;<B>Judgment Conversion Date</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">If, in the case of any proceeding in the court of any jurisdiction referred to in Section 15.8(a)(ii),
there is a change in the rate of exchange prevailing between the Judgment Conversion Date and the date of actual payment of the
amount due, the Borrower shall pay to the appropriate judgment creditor or creditors such additional amount (if any, but in any
event not a lesser amount) as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate
of exchange prevailing on the date of payment, will produce the amount of the Indebtedness Currency which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment
Conversion Date.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Any amount due from the Borrower under the provisions of Section 15.8(b) shall be due to the appropriate
judgment creditor or creditors as a separate debt and shall not be affected by judgment being obtained for any other amounts due
under or in respect of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The term &ldquo;rate of exchange&rdquo; in this Section 15.8 means the noon spot rate of exchange
for Canadian interbank transactions applied in converting the Indebtedness Currency into the Judgment Currency published by the
Bank of Canada for the day in question.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.9</TD><TD STYLE="text-align: justify">USA PATRIOT Act. <FONT STYLE="font-weight: normal">Each Lender that is subject to the requirements of the USA PATRIOT Act hereby
notifies the Obligors that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information
that identifies each Obligor, which information includes the name and address of such Obligor and other information that will allow
each such Lender to identify the Obligors in accordance with the USA PATRIOT Act, and each Obligor agrees to provide such information
from time to time to such Lender.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.10</TD><TD>Anti-Money Laundering Laws</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Borrower acknowledges that, pursuant to Anti-Money Laundering Laws, the Lenders and the Administrative
Agent may be required to obtain, verify and record information regarding the Borrower and its Subsidiaries and their directors,
authorized signing officers, direct or indirect shareholders or unitholders or other Persons in control of the Borrower and/or
any such Subsidiary, and the transactions contemplated hereby.&nbsp; The Borrower shall promptly:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">provide all such information, including supporting documentation and other evidence, as may be
reasonably requested by any Lender or the Administrative Agent, or any prospective assignee of a Lender or the Administrative Agent,
in order to comply with any applicable AML Legislation, whether now or hereafter in existence; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">if requested from time to time, notify the recipient of any such information of any changes thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">If, upon the written request of any Lender, the Administrative Agent has ascertained the identity
of the Borrower or any of its Subsidiaries or any authorized signatories of the Borrower or any of its Subsidiaries for the purposes
of applicable AML Legislation on such Lender&rsquo;s behalf, then the Administrative Agent:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">shall be deemed to have done so as an agent for such Lender, and this Agreement shall constitute
a &ldquo;written agreement&rdquo; in such regard between such Lender and the Administrative Agent within the meaning of applicable
AML Legislation; and</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">shall provide to such Lender copies of all information obtained in such regard without any representation
or warranty as to its accuracy or completeness.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Notwithstanding the foregoing,
each of the Lenders agrees that the Administrative Agent has no obligation to ascertain the identity of the Borrower or any of
its Subsidiaries or any authorized signatories of the Borrower or any of its Subsidiaries, on behalf of any Lender, or to confirm
the completeness or accuracy of any information it obtains from the Borrower or any of its Subsidiaries or any such authorized
signatory in doing so.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.11</TD><TD>Anti-Corruption</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrower hereby confirms
to the Administrative Agent and the Lenders that the Borrower and its Subsidiaries&nbsp;have instituted and maintain, and will
continue to maintain, policies and procedures designed to promote and achieve compliance with applicable laws prohibiting or restricting
the offering, promising, payment or giving of money or value to influence official action, to improperly obtain or retain business
or otherwise to secure any improper advantage.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.12</TD><TD>No Fiduciary Duty</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Lender and its Affiliates
(collectively, solely for purposes of this Section 15.12, the &ldquo;<B>Banks</B>&rdquo;), may have economic interests that conflict
with those of the Borrower, its shareholders and/or their Affiliates.&nbsp; The Borrower acknowledges and agrees that (i) the transactions
contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) (the &ldquo;<B>Credit
Document Transactions</B>&rdquo;) are arm&rsquo;s-length commercial transactions between the Lenders, on the one hand, and the
Borrower, on the other, and (ii) in connection with the Credit Document Transactions and with the process leading thereto, (x)
no Bank has assumed an advisory or fiduciary responsibility in favor of the Borrower, its shareholders or its Affiliates with respect
to the Credit Document Transactions or the process leading thereto (irrespective of whether any Bank has advised, is currently
advising or will advise the Borrower, its shareholders or its Affiliates on other matters) or any other obligation to the Borrower
except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as
the agent or fiduciary of the Borrower, its management, shareholders, creditors or any other Person in respect of the Credit Document
Transactions except as otherwise expressly set forth in the Credit Documents.&nbsp; The Borrower acknowledges and agrees that it
has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its
own independent judgment with respect to the Credit Document Transactions and the process leading thereto.&nbsp; The Borrower agrees
that it will not claim that any Bank has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty
to the Borrower, in connection with the Credit Document Transactions or the process leading thereto except as otherwise expressly
set forth in the Credit Documents.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.13</TD><TD>Confidentiality</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In connection with the
Credit Facility and their respective obligations hereunder, each of the Obligors will be furnishing to the Credit Parties certain
confidential information, including financial information relating to Obligors (any such confidential information and any other
materials, documents, and information that the Obligors may furnish in connection with this Agreement and their respective obligations
hereunder, together with any analysis, compilations, studies or other documents prepared by any of the Credit Parties or their
Representatives that contain or otherwise reflect such information or their review thereof, are collectively called the &ldquo;<B>Confidential
Information</B>&rdquo;). Notwithstanding the foregoing, the term &ldquo;Confidential Information&rdquo; does not include information
that (a) is or becomes available to the public other than as a result of a breach of the terms of this Agreement; (b) was or becomes
available to the Credit Parties or their Representatives on a non-confidential basis from a source other than the Obligors or any
other Credit Party provided such source was not known by the recipient Credit Party or its Representatives to be prohibited from
making such disclosure; or (c) was independently developed by or for the Credit Party without use of or reference to the Confidential
Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Credit Party hereby
agrees that neither it nor its Representatives will disclose to, or discuss with, any person, any of the Confidential Information,
except that such Credit Party may, in connection with the ongoing evaluation and participation in the Credit Facility, disclose
the Confidential Information (i) to its Representatives who have a need to know of such information, who are aware of the confidential
nature of such information and who have been instructed to keep such information confidential in accordance with this Section 15.13,
(ii) to any Person if such Credit Party has received the prior written consent of the Borrower, (iii) to Official Bodies having
regulatory authority over such Credit Party or its Affiliates, (iv) as requested pursuant to or as required by applicable Requirements
of Law (in which case such Credit Party agrees to inform you promptly thereof to the extent practicable and not prohibited by relevant
Requirements of Law), (v) in connection with any legal proceeding in which such Credit Party or any of its Affiliates are involved
(in which case such Person agrees to inform you promptly thereof to the extent practicable and not prohibited by relevant Requirements
of Law), (vi) to any actual or prospective Lender or swap counterparty that has agreed to be bound by provisions substantially
the same as the provisions of this Section 15.13 or (vii) on a confidential basis that is substantially the same as the provisions
of this Section 15.13, to any nationally recognized rating agency that requires access to information about a Lender&rsquo;s investment
portfolio in connection with ratings issued with respect to such Lender. In making disclosure contemplated by clauses (iv) and
(v) above, the Credit Party or, as applicable, its Representatives shall only disclose such Confidential Information as advised
by its legal counsel is required or necessary by any applicable Requirement of Law and in a manner reasonably designed to preserve,
to the greatest extent possible, such information&rsquo;s confidential nature. The agreements of each Credit Party set forth in
this Section 15.13 shall not apply to any such information that (a) is or becomes generally available to the public other than
as a result of a disclosure in violation of this Section 15.13 by such Credit Party or its Representatives, (b) becomes available
to such Credit Party on a non-confidential basis from a source other than the Borrower or one of its agents (which source, to the
knowledge (after reasonable inquiry) of such Credit Party, is not bound by any obligation of confidentiality to the Borrower) or
(c) was known to such Credit Party a non-confidential basis prior to its disclosure to such Credit Party by the Borrower or one
of its agents. Each Credit Party hereby agrees that, in the event of any breach by it or any of its Representatives of this Section
15.13, the Obligors will be entitled to seek equitable relief (including injunction and specific performance) in addition to all
other remedies available at law or in equity and that the Credit Party shall be liable for any breach by its Representatives of
the terms of this Section 15.13.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.14</TD><TD>WAIVER OF JURY TRIAL</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.15</TD><TD>Acknowledgment and Consent to Bail-In of EEA Financial Institutions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything
to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document, to the extent such liability
is unsecured, may be subject to the Write-Down and Conversion powers of an EEA Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such
liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the effects of any Bail-In Action on any such liability, including, if applicable:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a reduction in full or in part or cancellation of any such liability;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred
on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Credit Document or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the variation of the terms of liability in connection with the exercise of the Write-Down and Conversion
Powers of any EEA Resolution Authority.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">15.16</TD><TD>Expenses</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Borrower shall, or
shall cause its Restricted Subsidiaries to (i) reimburse the Administrative Agent, within 30 days from written demand therefor
(together with backup documentation supporting such reimbursement request) (except in connection with such reimbursement on the
Closing Date, so long as the applicable fees have been invoiced at least two (2) Banking Days prior to the Closing Date) for all
reasonable and documented out-of-pocket costs, charges and expenses incurred by or on behalf of the Administrative Agent (but limited,
in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges
of one primary counsel to the Administrative Agent and the Lenders, taken as a whole, and, if necessary, of one local counsel in
any relevant jurisdiction to such persons, taken as a whole) in connection with the negotiation, preparation, execution, delivery,
syndication, administration and interpretation of the Credit Documents and the closing documentation ancillary to the completion
of the transactions contemplated hereby and thereby and any amendments, consents and waivers hereto (whether or not consummated
or entered into), the charges of Intralinks and any lien search fees and (ii) reimburse the Administrative Agent and the Lenders,
on demand, for all reasonable and documented out-of-pocket costs, charges and expense incurred by or on behalf of any of them (including
the fees, disbursements and other charges of counsel) in connection with the enforcement of the Credit Documents.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;16<BR>
GUARANTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.1</TD><TD>The Guarantee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to induce the Lenders to enter
into this Agreement and the Notes and to extend credit hereunder and thereunder and in recognition of the direct benefits to be
received by the Guarantors from the Loans hereunder, each of the Guarantors hereby agrees with the Administrative Agent and the
Lenders (and, for the avoidance of doubt, any Persons who were Lenders or Affiliates of Lenders at the time of entry into any Hedging
Agreement) as follows: each Guarantor hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor
and not merely as surety the full and prompt payment when due, whether upon maturity, by acceleration or otherwise, of any and
all Obligations. If any or all of the indebtedness becomes due and payable hereunder or under any other Credit Document, <FONT STYLE="color: windowtext">each
Guarantor unconditionally promises to pay such indebtedness to the Administrative Agent and the Lenders, or their respective order,
on demand, together with any and all reasonable and documented costs, fees and expenses which may be incurred by the Administrative
Agent or the Lenders in collecting any of the Obligations</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any provision to the contrary
contained herein or in any other of the Credit Documents, to the extent the obligations of a Guarantor shall be adjudicated to
be invalid or unenforceable for any reason (including, because of any applicable Requirement of Law relating to fraudulent conveyances
or transfers or similar principles) then the obligations of each such Guarantor hereunder shall be limited to the maximum amount
that is permissible under applicable Requirements of Law, including Debtor Relief Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.2</TD><TD>Bankruptcy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: windowtext">If acceleration
of the time for payment, or the liability of the Borrower to make payment, of any amount specified to be payable by such Borrower
in respect of its Obligations is stayed, prohibited or otherwise affected upon any proceeding under any Debtor Relief Law or other
event affecting such Borrower or payment of any of its Obligations by such Borrower, all amounts that would become due but for
the operation of such Debtor Relief Law shall nonetheless be deemed for all purposes of this Guarantee to be and to have become
due and payable by such Borrower and shall be payable by each Guarantor under this Guarantee immediately forthwith on demand by
the Administrative Agent unless otherwise prohibited or restricted by any Requirement of Law. </FONT>Each of the Guarantors further
agrees that to the extent that the Borrower or a Guarantor shall make a payment or a transfer of an interest in any property to
the Administrative Agent or any Lender, which payment or transfer or any part thereof is subsequently invalidated, declared to
be fraudulent or preferential, <FONT STYLE="color: windowtext">or otherwise is avoided, and/or required to be repaid to the Borrower
or a Guarantor, the estate of the Borrower or a Guarantor, a trustee, monitor, receiver or any other party under any Debtor Relief
Law, common law or equitable cause or other Requirement of Law, then to the extent of such avoidance or repayment, the obligation
or part thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been
made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.3</TD><TD>Continuing Guaranty.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: windowtext">This Guarantee
is a continuing guaranty and shall: (i) remain in full force and effect until the later of (x) the payment in full in cash of the
Obligations and all other amounts payable by the Guarantor, and (y) all the commitments to lend hereunder have been terminated;
(ii) be binding on each Guarantor, its successors and assigns; and (iii) inure to the benefit of and be enforceable by the Administrative
Agent, the Lenders and their successors, pledges, transferees and assigns. Without limiting the generality of the foregoing, any
Lender may pledge, assign or otherwise transfer all or any portion of its rights and obligations under any Credit Document to any
other Person, and such Person shall thereupon become vested with all the benefits in respect thereof granted to such Person herein
or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.4</TD><TD>Nature of Liability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The liability of each Guarantor hereunder
is exclusive and independent of any security for or other guaranty of the Obligations of the Borrower whether executed by any such
Guarantor, any other guarantor or by any other party, and no Guarantor&rsquo;s liability hereunder shall be affected or impaired
by (a) any direction as to application of payment by the Borrower or by any other party, (b) any other continuing or other guaranty,
undertaking or maximum liability of any other guarantor or of any other party as to the Obligations of the Borrower, (c) any payment
on or in reduction of any such other guaranty or undertaking, (d) any dissolution, termination or increase, decrease or change
in personnel by the Borrower, or (e) any payment made to the Administrative Agent or the Lenders on the Obligations which the Administrative
Agent or such Lenders repay to the Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium
or other debtor relief proceeding, and each of the Guarantors waives any right to the deferral or modification of its obligations
hereunder by reason of any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.5</TD><TD>Independent Obligation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligations of each Guarantor hereunder
are independent of the obligations of any other Guarantor or the Borrower, and a separate action or actions may be brought and
prosecuted against each Guarantor whether or not action is brought against any other Guarantor or the Borrower and whether or not
any other Guarantor or the Borrower is joined in any such action or actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.6</TD><TD>Authorization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Guarantors authorizes the Administrative
Agent and each Lender without notice or demand (except as shall be required by applicable statute and cannot be waived), and without
affecting or impairing its liability hereunder, from time to time to (a) amend, modify, renew, restate, compromise, extend, continue,
increase, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Obligations or any part
thereof in accordance with this Agreement and any other Credit Document, as applicable, including any increase or decrease of the
rate of interest thereon, (b) take and hold security from any other party for the payment of this Guarantee or the Obligations
and exchange, enforce, waive and release any such security or any security granted to the Administrative Agent pursuant to the
Credit Documents, (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent and the Lenders
in their discretion may determine and (d) release or substitute any one or more endorsers, Guarantors, the Borrower or other obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.7</TD><TD>Reliance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is not necessary for the Administrative
Agent or the Lenders to inquire into the capacity or powers of the Borrower or the officers, directors, members, partners or agents
acting or purporting to act on its behalf, and any Obligations made or created in reliance upon the professed exercise of such
powers shall be guaranteed hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.8</TD><TD>[Reserved].</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.9</TD><TD>Waiver.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: windowtext">(a)</FONT></TD><TD STYLE="text-align: justify">Each of the Guarantors waives any right (except as shall be required by applicable statute and
cannot be waived) to require the <FONT STYLE="color: windowtext">Administrative Agent or any Lender to (i) proceed against the
Borrower, any other guarantor or any other party, (ii) proceed against or exhaust any security held from the Borrower, any other
guarantor or any other party, or (iii) pursue any other remedy in the Administrative Agent&rsquo;s or any Lender&rsquo;s power
whatsoever. Each of the Guarantors waives any defense based on or arising out of any defense of the Borrower, any other guarantor
or any other party other than payment in full of the Obligations (other than contingent indemnity obligations), including without
limitation any defense based on or arising out of the disability of the Borrower, any other guarantor or any other party, or the
unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the
Borrower other than payment in full of the Obligations. The Administrative Agent may, at its election, foreclose on any security
held by the Administrative Agent by one or more judicial or nonjudicial sales (to the extent such sale is permitted by applicable
Requirements of Law), or exercise any other right or remedy the Administrative Agent or any Lender may have against the Borrower
or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except
to the extent the Obligations have been paid in full and the commitments to lend hereunder have been terminated. Each of the Guarantors
waives any defense arising out of any such election by the Administrative Agent or any of the Lenders, even though such election
operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the Guarantors against the
Borrower or any other party or any security.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Each of the Guarantors waives all presentments, demands for performance, protests and notices,
including without limitation notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this
Guarantee, and notices of the existence, creation or incurring of new, additional, restated or continued Obligations. Each Guarantor
assumes all responsibility for being and keeping itself informed of the Borrower&rsquo;s financial condition and assets, and of
all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks which
such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty
to advise such Guarantor of information known to it regarding such circumstances or risks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Each Guarantor waives all other acts or omissions to act or delay of any kind by the Administrative
Agent, any Lender or any other person or any other circumstance whatsoever that might, but for the provisions of this paragraph,
constitute a legal or equitable discharge of the obligations of any Guarantee, and each Guarantor waives all other defense available
to a guarantor or surety, whether at law or in equity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Borrower and the Guarantors are engaged in related businesses and integrated to such an extent
that the financial strength and flexibility of the Borrower has a direct, tangible and immediate impact on the success of each
Guarantor. Each Guarantor will derive substantial direct and indirect benefit from the extensions of credit to the Borrower hereunder.
Each Guarantor hereby waives any right to revoke this Guarantee, and acknowledges that this Guarantee is continuing in nature and
applies to all Obligations, whether existing now or in the future. Each Guarantor knowingly waives certain rights and defenses
as set forth in this Agreement in contemplation of the benefits that it will receive.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Each of the Guarantors hereby agrees that it will not exercise any rights of subrogation which
it may at any time otherwise have as a result of this Guarantee (whether contractual, under applicable Debtor Relief Law, or otherwise)
to the claims of the Administrative Agent or the Lenders against the Borrower or any other guarantor of the Obligations of the
Borrower owing to the Administrative Agent or the Lenders (collectively, the &ldquo;<B>Other Parties</B>&rdquo;) and all contractual,
statutory or common law rights of reimbursement, contribution or indemnity from any Other Party which it may at any time otherwise
have as a result of this Guarantee until such time as the Obligations shall have been paid in full and the commitments to lend
hereunder have been terminated. Each of the Guarantors hereby further agrees not to exercise any right to enforce any other remedy
which the Administrative Agent or the Lenders now have or may hereafter have against any Other Party, any endorser or any other
guarantor of all or any part of the Obligations of the Borrower and any benefit of, and any right to participate in, any security
or collateral given to or for the benefit of the Administrative Agent and the Lenders to secure payment of the Obligations of the
Borrower until such time as the Obligations (other than contingent indemnity obligations) shall have been paid in full and the
commitments to lend hereunder have been terminated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.10</TD><TD>[Reserved].</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">16.11</TD><TD>Keepwell.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Qualified ECP Guarantor hereby jointly
and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from
time to time by each other Obligor to honor all of its obligations under this Guarantee in respect of Swap Obligations (provided,
however, that each Qualified ECP Guarantor shall only be liable under this Section 16.11 for the maximum amount of such liability
that can be hereby incurred without rendering its obligations under this Section 16.11, or otherwise under this Guarantee, as it
relates to such other Obligor, voidable under applicable Requirements of Law relating to fraudulent conveyance or fraudulent transfer,
and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 16.11 shall remain in full
force and effect until a termination of this Guarantee in accordance with Section 16.3. Each Qualified ECP Guarantor intends that
this Section 16.11 constitute, and this Section 16.11 shall be deemed to constitute, a &ldquo;keepwell, support, or other agreement&rdquo;
for the benefit of each other Obligor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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left blank.]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B>
the parties hereto have executed and delivered this Agreement on the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Royal Gold, Inc.</font></td>
    <td colspan="2"><font style="font-size: 10pt"><b>ROYAL GOLD, INC.</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%"><font style="font-size: 10pt">1660 Wynkoop St., Suite 1000 </font></td>
    <TD STYLE="width: 4%">&nbsp;</td>
    <TD STYLE="width: 46%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Denver, CO 80202-1132&nbsp;&nbsp;</font></td>
    <TD><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Stefan Wenger</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Stefan Wenger</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Attention:&nbsp;&nbsp;General Counsel </font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Telefax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) 595-9385</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">RG Mexico, Inc.</font></td>
    <td colspan="2"><font style="font-size: 10pt"><b>RG MEXICO, INC.</b></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">1660 Wynkoop St., Suite 1000</font></td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 50%"><font style="font-size: 10pt">Denver, CO 80202-1132</font></td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Bruce C. Kirchhoff</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Bruce C. Kirchhoff</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 58.5pt; text-indent: -58.5pt"><font style="font-size: 10pt">Attention:&nbsp;&nbsp;General Counsel</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Secretary</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 58.5pt; text-indent: -58.5pt"><font style="font-size: 10pt">Telefax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) 595-9385</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right">Credit Agreement</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BANK OF NOVA SCOTIA, as Administrative Agent</B></P></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Clement Yu</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Clement Yu</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Director</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:</font></td>
    <TD><font style="font-size: 10pt">/s/ Ryan Moonilal</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-top: Black 1pt solid"><font style="font-size: 10pt">Name:&nbsp;&nbsp;Ryan Moonilal</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Analyst</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 104 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right">Credit Agreement</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HSBC BANK USA, NATIONAL ASSOCIATION,
    as Lender</B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Adam
    Hendley</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT><FONT STYLE="font-size: 10pt">:&nbsp;&nbsp;Adam
    Hendley</FONT></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 105 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right">Credit Agreement</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>THE BANK OF NOVA SCOTIA, as Lender</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Ian Stephenson</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Ian Stephenson</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:</font></td>
    <TD><font style="font-size: 10pt">/s/ Patricia Cernes-Banner</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-top: Black 1pt solid"><font style="font-size: 10pt">Name:&nbsp;&nbsp;Patricia Cernes-Banner</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Associate Director</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right">Credit Agreement</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>CANADIAN IMPERIAL BANK OF COMMERCE, as Lender</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Kazim Mehdi</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Kazim Mehdi</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Executive Director</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Scott Curtis</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Scott Curtis</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 107 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right">Credit Agreement</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>BANK OF AMERICA, N.A., as Lender</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Satish S. Chander</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Satish S. Chander</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Sr. Vice President</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right">Credit Agreement</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>GOLDMAN SACHS BANK USA, as Lender</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Josh Rosenthal</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Josh Rosenthal</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>BANK OF MONTREAL, CHICAGO BRANCH, as Lender</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></P></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Brian L. Banke</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Brian L. Banke</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NATIONAL BANK OF CANADA, as Lender</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></P></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Allan Fordyce</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Allan Fordyce</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ David Torrey</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;David Torrey</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ROYAL BANK OF CANADA, as Lender</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></P></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 4%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Stam Fountoulakis</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;&nbsp;Stam Fountoulakis</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule&nbsp;A<BR>
Lenders and Individual Commitments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify; border-bottom: Black 1pt solid">Lenders</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid">Individual Commitment</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%; text-align: left">The Bank of Nova Scotia</TD><TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">175,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">HSBC Bank USA, National Association</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">175,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Canadian Imperial Bank of Commerce</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">175,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bank of America, N.A.</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">110,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Goldman Sachs Bank USA</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">110,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bank of Montreal, Chicago Branch</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">85,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">National Bank of Canada</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">85,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Royal Bank of Canada</TD><TD NOWRAP>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">85,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>v468504_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>PLEDGE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This PLEDGE AGREEMENT,
dated as of June 2, 2017 (as amended, restated, supplemented or otherwise modified from time to time in accordance with the provisions
hereof, this &ldquo;<U>Agreement</U>&rdquo;), is made and given by ROYAL GOLD, INC., a corporation organized and existing under
the laws of the State of Delaware, as pledgor, assignor and debtor (in such capacity and together with any successors in such capacity,
the &ldquo;<U>Pledgor</U>&rdquo;), in favor of THE BANK OF NOVA SCOTIA (&ldquo;<U>Bank of Nova Scotia</U>&rdquo;), as pledgee,
assignee, secured party and administrative agent (in such capacity and together with any successors in such capacity, the &ldquo;<U>Administrative
Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Recitals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to that certain Revolving Facility Credit Agreement, dated as of June 2, 2017, by and among the Pledgor, RG MEXICO, INC., a corporation
organized and existing under the laws of the State of Delaware (&ldquo;<U>RG Mexico</U>&rdquo;), as a guarantor, those additional
guarantors from time to time party thereto, as guarantors (collectively, the &ldquo;<U>Additional Guarantors</U>&rdquo; and RG
Mexico and the Additional Guarantors being individually referred to herein as a &ldquo;<U>Guarantor</U>&rdquo; and collectively
referred to herein as the &ldquo;<U>Guarantors</U>&rdquo;), those banks and financial institutions identified as a &ldquo;Lender&rdquo;
on the signature pages thereto and such other banks or financial institutions as may from time to time become parties thereto as
lenders (individually, each a &ldquo;<U>Lender</U>&rdquo; and collectively, the &ldquo;<U>Lenders</U>&rdquo;), and The Bank of
Nova Scotia, as administrative agent for the Lenders (together with all amendments, restatements, amendments and restatements,
modifications, revisions, increases, supplements, extensions, continuations, replacements or refinancings from time to time in
accordance with the terms thereof, the &ldquo;<U>Credit Agreement</U>&rdquo;), the Lenders have agreed to make Loans (as defined
in the Credit Agreement) to the Pledgor on the terms and subject to the conditions set forth therein, which will be guaranteed
by the Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to induce the
Lenders to extend credit under the Credit Agreement, this Agreement is given by the Pledgor in favor of the Administrative Agent
for the ratable benefit of each Lender (and each other Person who was a Lender or an Affiliate of a Lender in connection with a
Hedging Agreement) to secure the payment and performance of the Loans and all other Obligations (as defined in the Credit Agreement)
under the Credit Agreement. It is a condition to the obligation of the Lenders to make Loans under the Credit Agreement that the
Pledgor execute and deliver this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in consideration
of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Pledgor and the Administrative Agent hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
II<BR>
DEFINITIONS AND INTERPRETATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 2.1. <U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the UCC shall have the meanings
assigned to them in the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms used but not otherwise defined herein that are defined in the Credit Agreement shall have the meanings given to them in the
Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Additional Guarantors</U>&rdquo;
shall have the meaning assigned such term in <U>Recital A</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Administrative
Agent</U>&rdquo; shall have the meaning assigned to such term in the <U>Preamble</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
shall have the meaning assigned to such term in the <U>Preamble</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Credit Agreement</U>&rdquo;
shall have the meaning assigned to such term in <U>Recital&nbsp;A</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Distribution</U>&rdquo;
shall mean: (i) the declaration, payment or setting aside for payment of any dividend or other distribution on or in respect of
any Shares in the capital of the applicable Issuer, other than a dividend declared, paid or set aside for payment by the applicable
Issuer which is payable in shares of the applicable Issuer; and (b) the redemption, retraction, purchase, retirement or other acquisition,
in whole or in part, of any Shares in the capital of the applicable Issuer or any securities, instruments or contractual rights
capable of being converted into, exchanged or exercised for Shares in the capital of the applicable Issuer, including, without
limitation, options, warrants, conversion or exchange privileges and similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded Securities</U>&rdquo;
shall mean, collectively: (i) the Shares of any Restricted Subsidiary, to the extent that the pledge of Shares of such Restricted
Subsidiary would be prohibited by applicable Requirements of Law, (ii) the Shares of any joint venture to the extent that the pledge
of Shares of such joint venture would be prohibited by such joint venture&rsquo;s Organizational Documents and (iii) the Shares
of any Foreign Subsidiary or any Foreign Subsidiary Holding Company (including Shares of a Restricted Subsidiary that are held
directly or indirectly by a Foreign Subsidiary or a Foreign Subsidiary Holding Company) other than (A) 65% of the Voting Stock
of each Restricted Subsidiary owned by any pledgor (including any pledgor that is a first-tier Foreign Subsidiary or a first-tier
Foreign Subsidiary Holding Company) and (B) 100% of the Shares not constituting Voting Stock of any such Restricted Subsidiary
owned by such Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Guarantor</U>&rdquo;
or &ldquo;<U>Guarantors</U>&rdquo; shall have the meaning assigned such term in <U>Recital A</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer</U>&rdquo;
shall mean any issuer of Shares that are included in, part of or otherwise constitute Pledged Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lender</U>&rdquo;
or &ldquo;<U>Lenders</U>&rdquo; shall have the meaning assigned such term in <U>Recital </U>A hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Organizational
Document</U>&rdquo; shall mean, with respect to any Person, the articles of incorporation, certificate of incorporation, bylaws,
articles of organization, articles of formation, formation certificate, operating agreement, limited liability company agreement,
partnership agreement, joint venture agreement or such other organizational or governing documents, instruments or agreements of
such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pledge Amendment</U>&rdquo;
shall have the meaning assigned to such term in <U>Section&nbsp;5.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pledged Collateral</U>&rdquo;
shall have the meaning assigned to such term in <U>Section&nbsp;2.1</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pledged Securities</U>&rdquo;
shall mean, collectively: (i)&nbsp;all Shares owned by the Pledgor that are listed on Schedule I hereto (as such schedule may be
amended or supplemented from time to time), (ii)&nbsp;all options, warrants, rights, agreements and additional Shares of whatever
class of such Issuer acquired by the Pledgor (including by issuance) in respect of such Shares or any other Shares described in
(i) through (vii) of this definition of &ldquo;Pledged Securities,&rdquo; (iii)&nbsp;all rights, privileges, authority and powers
of the Pledgor relating to such Shares in such Issuer or under any Organizational Document of such Issuer or any other Shares described
in (i) through (vii) of this definition of &ldquo;Pledged Securities,&rdquo; (iv)&nbsp;all certificates, instruments and agreements
representing such Shares or any other Shares described in (i) through (vii) of this definition of &ldquo;Pledged Securities,&rdquo;
(v)&nbsp;Distributions, including all dividends, distributions or returns of capital with respect to such Shares or any other Shares
described in (i) through (vii) of this definition of &ldquo;Pledged Securities,&rdquo; (vi)&nbsp;all additional Shares arising
or resulting from a stock split, stock dividend, revision, reclassification, exchange or otherwise, with respect to such Shares
or any other Shares described in (i) through (vii) of this definition of &ldquo;Pledged Securities,&rdquo; and (vii)&nbsp;all Shares
issued in respect of the foregoing Shares upon any merger or consolidation of any Issuer, in the case of (i) through (vii) whether
now existing or hereafter acquired; <I>provided </I>that, in any case, the Pledged Securities shall not at any time include any
Excluded Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pledgor</U>&rdquo;
shall have the meaning assigned to such term in the <U>Preamble</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Proceeds</U>&rdquo;
shall mean the following property: (i) whatever is acquired upon the sale, lease, license, exchange, or other disposition of the
Pledged Securities or any books and records relating thereto, (ii) whatever is collected on, or distributed on account of, the
Pledged Securities or any books and records relating thereto, (iii) rights arising out of the Pledged Securities and all books
and records relating thereto, (iv) to the extent of the value of the Pledged Securities and all books and records relating thereto,
claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage
to, the Pledged Securities or any books and records relating thereto or (v) to the extent of the value of the Pledged Securities
and all books and records relating thereto and to the extent payable to the Pledgor or the Administrative Agent, insurance payable
by reason of the loss or nonconformity of, defects or infringements of rights in, or damage to, the Pledged Securities or any books
and records relating thereto; <I>provided</I> that, in any case, the Proceeds shall not at any time include any Excluded Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>UCC</U>&rdquo;
shall mean the Uniform Commercial Code as in effect from time to time in such United States jurisdiction that governs the perfection
or priority of the Administrative Agent&rsquo;s Lien on or security interest in any item or portion of the Pledged Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
III<BR>
grant of security and obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 3.1. <U>Grant of
Security Interest</U>. As collateral security for the prompt and complete payment and performance in full of all the Obligations,
the Pledgor hereby pledges, assigns and grants to the Administrative Agent, for the ratable benefit of each Lender (and each other
Person who was a Lender or an Affiliate of a Lender in connection with a Hedging Agreement), a Lien on and continuing security
interest in and to all of the right, title and interest of the Pledgor in, to and under the following property, wherever located,
and whether now existing or hereafter arising or acquired from time to time (collectively, the &ldquo;<U>Pledged Collateral</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Pledged Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all books and records relating to the Pledged Securities; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Proceeds of any of the foregoing clauses (i) and (ii) and all substitutions and replacements for, and profits and products of,
each of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Pledgor from time
to time with respect to the foregoing Pledged Collateral.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
III<BR>
Perfection; Supplements; Further Assurances;<BR>
Use of Pledged Collateral</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 3.1. <U>Delivery
of Certificated Securities Collateral; Perfection</U>. The Pledgor represents and warrants that: (a) all certificates, agreements
or instruments representing or evidencing the Pledged Securities in existence on the date hereof have been delivered to the Administrative
Agent in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignments in blank;
(b) all requisite taxes, fees and other amounts, including stock transfer tax stamps, imposed by applicable Governmental Authorities
in connection with this Agreement and the delivery of the certificates, agreements or instruments referred to in the foregoing
clause (a) have been paid in full; (c) all necessary and appropriate entries, notations, and written descriptions in the books,
records or share registry of the Pledgor and each Issuer of Pledged Securities, which are necessary or desirable to create, evidence,
or perfect the pledge of the Pledged Collateral pursuant hereto, have been made; and (d) the Administrative Agent has (or has made
arrangements for delivery of such Shares and will have, upon the delivery of the certificate representing such Shares) a valid
and perfected first priority security interest in the Pledged Collateral (subject to Permitted Liens). The Pledgor hereby agrees
that the certificates representing the Shares of RG Mexico and all certificates, agreements or instruments representing or evidencing
Pledged Securities acquired by the Pledgor after the date hereof shall promptly (but in any event within five (5) Banking Days
after receipt thereof by the Pledgor (or such longer period as the Administrative Agent may agree in its sole discretion)) be delivered
to and held by or on behalf of the Administrative Agent pursuant hereto, and the Pledgor shall forthwith take all other actions
necessary or advisable in the reasonable opinion of the Administrative Agent pursuant to applicable Requirements of Law to create,
evidence, and perfect the pledge of the Pledged Collateral. All certificated Pledged Securities shall be in suitable form for transfer
by delivery or shall be accompanied by duly executed instruments of transfer or assignments in blank, all in form and substance
reasonably satisfactory to the Administrative Agent. The Administrative Agent shall have the right, at any time upon the occurrence
and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to or to register in the name of the
Administrative Agent or any of its nominees or endorse for negotiation any or all of the Pledged Securities, without any indication
that such Pledged Securities are subject to the security interest hereunder. In addition, upon the occurrence and during the continuance
of an Event of Default, the Administrative Agent shall have the right at any time to exchange certificates representing or evidencing
Pledged Securities for certificates of smaller or larger denominations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 3.2. <U>Financing
Statements and Other Filings; Maintenance of Perfected Security Interest</U>. The Pledgor hereby irrevocably authorizes the Administrative
Agent at any time and from time to time to file any financing statements or other similar filings and amendments thereto covering
the Pledged Collateral that contain the information required, with respect to each applicable jurisdiction, whether pursuant Article&nbsp;9
of the UCC or other applicable Requirements of Law, including (i)&nbsp;whether such Pledgor is an organization, the type of organization
and any organizational identification number issued to the Pledgor and the address of Pledgor, and (ii)&nbsp;any financing or continuation
statements or other documents or instruments, without the signature of the Pledgor where permitted by law. The Pledgor agrees to
provide all information described in the immediately preceding sentence to the Administrative Agent promptly upon request by the
Administrative Agent. The Pledgor agrees, at the sole cost and expense of the Pledgor, to take such actions as the Administrative
Agent may from time to time reasonably request to perfect the Administrative Agent&rsquo;s security interest in the Pledged Securities
to the extent required hereunder.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 3.3. <U>Supplements;
Further Assurances</U>. The Pledgor shall take such further actions, execute and/or deliver to the Administrative Agent such additional
financing statements, amendments, assignments, agreements, supplements, powers and instruments and make or cause to be made such
entries and notations in the books, records or share registry of the Pledgor or the respective Issuer of the Pledged Securities
as the Administrative Agent may in its reasonable judgment deem necessary or appropriate in order to create, perfect, preserve,
record and protect the pledge of and security interest in the Pledged Collateral as provided herein and the rights and interests
granted to the Administrative Agent hereunder, to carry into effect the purposes hereof or to assure and confirm the validity,
enforceability and priority of the Administrative Agent&rsquo;s security interest in the Pledged Collateral or to permit the Administrative
Agent to exercise and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral, including the filing
of financing statements, amendments, continuation statements and other documents (including this Agreement) under the UCC or other
applicable Requirements of Law. Without limiting the generality of the foregoing, the Pledgor shall make, execute, endorse, acknowledge,
file or refile and/or deliver to the Administrative Agent from time to time upon reasonable request by the Administrative Agent
such schedules, descriptions and designations of the Pledged Collateral, additional security agreements, financing statements,
transfer endorsements, powers of attorney, certificates, notations in the books, records and shareholder registry documents of
the Issuer of the Pledged Securities, and other actions, assurances or instruments as the Administrative Agent shall reasonably
request. If an Event of Default has occurred and is continuing, the Administrative Agent may institute and maintain, in its own
name or in the name of the Pledgor, such suits and proceedings as the Administrative Agent may be advised by counsel shall be necessary
or expedient to prevent any impairment of the security interest in or the perfection thereof in the Pledged Collateral. All of
the foregoing shall be at the sole cost and expense of the Pledgor in accordance with <U>Section 8.13</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
IV<BR>
representations, warranties and covenants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Pledgor hereby remakes
and restates its representations, warranties and covenants set forth in the Credit Agreement and incorporates them herein as if
set forth herein and further represents, warrants and covenants as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.1. <U>Title</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pledgor has good title to the Pledged Securities, free from Liens other than the Permitted Liens. Further, none of the Pledged
Securities is subject to any voting agreement, shareholder agreement, voting trust, proxy or other agreement or arrangement with
respect to voting or decision-making or any option or agreement for the sale or transfer of such Pledged Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pledged Securities subject to this Agreement, as described on Schedule 1 hereto, constitute 100% of the Shares of RG Mexico and
65% of the Shares of RGLD Holdings. As of the Closing Date, the Shares set forth on Schedule I hereto constitute the only Shares
of any Restricted Subsidiary organized in the United States or any state thereof in which the Pledgor has any rights and are required
to be pledged pursuant to Section 2.1 hereof and the terms of the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.2. <U>Validity
of Security Interest</U>. The pledge of, security interest in and Lien on the Pledged Collateral granted to the Administrative
Agent for the benefit of the Lenders (and those Persons who were Lenders or Affiliates of a Lender in connection with a Hedging
Agreement) hereunder constitutes (a)&nbsp;a legal and valid security interest in all the Pledged Collateral to the extent required
hereunder, subject to the Permitted Liens, which secures the payment and performance of the Obligations, and (b)&nbsp;subject to
delivery to the Administrative Agent of the certificated Pledged Securities with all necessary indorsements as described in Section&nbsp;3.1
hereof and the filings and other actions described herein, a perfected security interest in all the Pledged Collateral of the Pledgor
to the extent such security interest is required to be perfected in accordance with Article III hereof. The pledge, security interest
and Lien granted to the Administrative Agent for the benefit of the Lenders (and such other Persons) pursuant to this Agreement
in and on the Pledged Collateral will at all times constitute a perfected, continuing security interest therein, prior to all other
Liens on the Pledged Collateral, subject to the Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.3. <U>Defense
of Claims; Transferability of Pledged Collateral</U>. The Pledgor shall, at its own cost and expense, defend title to the Pledged
Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Administrative Agent and the
priority thereof against all claims and demands of all Persons at any time claiming any interest therein materially adverse to
the Administrative Agent or any Lender. There is no agreement, order, judgment or decree, and the Pledgor shall not enter into
any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral or otherwise impair
or conflict with the Pledgor&rsquo;s obligations or the rights of the Administrative Agent hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.4. <U>Other Financing
Statements; Control</U>. The Pledgor has not filed, nor authorized any third party to file (nor will there be), any valid or effective
security agreement, pledge, financing statement or other similar filing or instrument covering or purporting to cover any interest
of any kind in the Pledged Collateral, except such as have been filed in favor of the Administrative Agent pursuant to this Agreement
and the other Credit Documents, or as permitted under the Credit Agreement or have been terminated. The Pledgor shall not execute,
authorize or permit to be filed in any public office any security agreement, pledge, financing statement (or similar statement,
instrument of registration or public notice under the law of any jurisdiction) relating to any Pledged Collateral, except in favor
of the Administrative Agent as provided for hereunder and under the other Credit Documents. The Pledgor shall not cause or permit
any Person other than the Administrative Agent or a Lender to have possession of or control over any part of the Pledged Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.5. <U>Due Authorization
and Issuance</U>. All of the Pledged Securities existing on the date hereof have been, and to the extent any Pledged Securities
are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable.
There is no amount or other obligation owing by the Pledgor to any Issuer of the Pledged Securities in exchange for or in connection
with the issuance of the Pledged Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.6. <U>Consents,
etc</U>. During the occurrence and continuation of an Event of Default, in the event that the Administrative Agent desires to exercise
any remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement and determines it necessary to
obtain any approvals or consents of any Official Body or any other person therefor, then, upon the reasonable request of the Administrative
Agent, the Pledgor agrees to use its best efforts to assist and aid the Administrative Agent to obtain as soon as practicable any
necessary approvals or consents for the exercise of any such remedies, rights and powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.7. <U>Defaults,
etc</U>. The Pledgor is not in default in the payment of any portion of any mandatory capital contribution, if any, required to
be made under any agreement to which the Pledgor is a party relating to the Pledged Securities pledged by it, and the Pledgor is
not in violation of any other provisions of any such agreement to which the Pledgor is a party, or otherwise in default or violation
thereunder. No Pledged Securities pledged by the Pledgor are subject to any defense, offset or counterclaim, nor have any of the
foregoing been asserted or alleged against the Pledgor by any person with respect thereto, and as of the date hereof, there are
no certificates, instruments, documents or other writings (other than the Organizational Documents and certificates representing
Pledged Securities that have been delivered to the Administrative Agent) which evidence any Pledged Securities of the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.8. <U>Pledged
Collateral; Pledgor&rsquo;s Name</U>. All information set forth herein, including the schedules hereto, and all information contained
in any schedules and lists heretofore delivered to any Lender, in connection with this Agreement, in each case, relating to the
Pledged Collateral, is accurate and complete in all respects. The Pledgor&rsquo;s full and complete legal name is accurately set
forth in the preamble hereto. The Pledgor shall not change the location of its principal place of business or chief executive office
without the prior written consent of the Administrative Agent, not to be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 4.9. <U>Permitted
Reorganization</U>. Notwithstanding anything to the contrary in this Agreement or any other Credit Document, the Pledgor and its
Subsidiaries shall be permitted to effectuate the Permitted Reorganization; <I>provided that</I>, as a condition to the Permitted
Reorganization, the Pledgor shall have taken all necessary steps reasonably requested by the Administrative Agent to ensure the
continuing validity, perfection and priority of the security interest in the Pledged Collateral after giving effect to the Permitted
Reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
V<BR>
certain Provisions Concerning Securities Collateral</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.1. <U>Pledge
of Additional Securities Collateral</U>. The Pledgor shall, upon obtaining any Pledged Securities, accept the same in trust for
the benefit of the Administrative Agent and promptly (but in any event within thirty (30) Banking Days after receipt thereof) deliver
to the Administrative Agent a pledge amendment, duly executed by the Pledgor, in substantially the form of <U>Exhibit&nbsp;A</U>
hereto (each, a &ldquo;<U>Pledge Amendment</U>&rdquo;), and the certificates and other documents required under <U>Section&nbsp;3.1</U>
hereof in respect of the additional Pledged Securities which are to be pledged pursuant to this Agreement, and confirming the attachment
of the Lien hereby created on and in respect of such additional Pledged Securities. The Pledgor hereby authorizes the Administrative
Agent to attach each Pledge Amendment to this Agreement and agrees that all Pledged Securities listed on any Pledge Amendment delivered
to the Administrative Agent shall for all purposes hereunder be considered Pledged Collateral. The Pledgor and the Administrative
Agent agree that such additional Pledged Securities shall be, and shall be deemed to be, part of the Pledged Collateral and subject
to the terms of this Agreement whether or not a Pledge Amendment is signed and delivered or this Agreement is otherwise amended
to refer to such additional Pledged Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 5.2. <U>Voting
Rights; Distributions; etc</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So
long as no Event of Default shall have occurred and be continuing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Securities or any
part thereof for any purpose not inconsistent with the terms or purposes hereof, the Credit Agreement or any other Credit Document;
<U>provided</U>, <U>however</U>, that the Pledgor shall not in any event exercise such rights in any manner which could reasonably
be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof, any and all Distributions in
respect of the Pledged Securities; <U>provided</U>, <U>however</U>, that any and all such Distributions consisting of rights or
interests in the form of securities of an Issuer shall, to the extent that such securities do not constitute Excluded Securities,
be forthwith delivered to the Administrative Agent to hold as Pledged Collateral and shall, if received by the Pledgor and to the
extent that such securities do not constitute Excluded Securities, be received in trust for the benefit of the Administrative Agent,
be segregated from the other property or funds of the Pledgor and be promptly (but in any event within five (5) Banking Days after
receipt thereof) delivered to the Administrative Agent as Pledged Collateral in the same form as so received (with any necessary
endorsement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent shall be deemed without further action or formality to have granted to the Pledgor all necessary consents
relating to voting rights and shall, if necessary, upon written request of the Pledgor and at the sole cost and expense of the
Pledgor, from time to time execute and deliver (or cause to be executed and delivered) to the Pledgor all such instruments as the
Pledgor may reasonably request in order to permit the Pledgor to exercise the voting and other rights which it is entitled to exercise
pursuant to <U>Section&nbsp;5.2(a)(i)</U> hereof and to receive the Distributions which it is authorized to receive and retain
pursuant to <U>Section&nbsp;5.2(a)(ii)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence and during the continuance of any Event of Default:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
rights of the Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to
<U>Section&nbsp;5.2(a)(i)</U> hereof shall immediately cease, and all such rights shall thereupon become vested in the Administrative
Agent, which shall thereupon have the sole right to exercise such voting and other consensual rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
rights of the Pledgor to receive Distributions in respect of the Pledged Securities which it would otherwise be authorized to receive
and retain pursuant to <U>Section&nbsp;5.2(a)(ii)</U> hereof shall immediately cease and all such rights shall thereupon become
vested in the Administrative Agent, which shall thereupon have the sole right to receive and hold as Pledged Collateral such Distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Administrative Agent appropriate instruments
and documents as the Administrative Agent may request in order to permit the Administrative Agent to exercise the voting and other
rights which it may be entitled to exercise pursuant to <U>Section&nbsp;5.2(c)(i)</U> hereof and to receive all Distributions which
it may be entitled to receive under <U>Section&nbsp;5.2(c)(ii)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Distributions in respect of the Pledged Securities which are received by the Pledgor contrary to the provisions of <U>Section&nbsp;5.2(c)(ii)</U>
hereof shall be received in trust for the benefit of the Administrative Agent, shall be segregated from the other property and
funds of the Pledgor and shall immediately be paid over to the Administrative Agent as Pledged Collateral in the same form as so
received (with any necessary endorsement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VI<BR>
Transfers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 6.1. <U>Transfers
of Pledged Collateral</U>. The Pledgor shall not sell, convey, assign, transfer or otherwise dispose of, or grant any option with
respect to, any of the Pledged Collateral pledged by it hereunder, or agree to do or undertake any of the foregoing, or permit
or cause any Issuer or any other Person to do or undertake any of the foregoing, except in favor of the Administrative Agent as
provided for herein or as otherwise permitted pursuant to the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VII<BR>
REMEDIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.1. <U>Remedies</U>.
Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent may from time to time exercise
in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to
it, whether in law or in equity, the following remedies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand,
sue for, collect or receive any money or property at any time payable or receivable in respect of the Pledged Collateral, including
instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral
to make any payment required by the terms of such agreement, instrument or other obligation directly to the Administrative Agent,
and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with
respect thereto; <U>provided</U>, <U>however</U>, that, in the event that any such payments are made directly to the Pledgor, prior
to receipt by any such obligor, or in violation, of such instruction, the Pledgor shall receive all such amounts in trust for the
benefit of the Administrative Agent and shall segregate all amounts received from the other property or funds of the Pledgor and
shall promptly (but in no event later than one (1) Banking Day after receipt thereof) pay such amounts to the Administrative Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdraw
all moneys, instruments, securities and other property in any bank, financial securities, deposit or other account of the Pledgor
constituting Pledged Collateral for application to the Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retain
and apply the Distributions in respect of the Pledged Securities to the Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise
any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of and exercising any
and all voting, consensual and other rights and powers with respect to any Pledged Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retain
all or any portion of the Pledged Collateral in satisfaction of the Obligations, but only after providing any notices required
by the UCC or other Requirements of Law and otherwise complying with all applicable Requirements of Law. Unless and until the Administrative
Agent shall have provided such notices and complied with all applicable Requirements of Law in order to retain the Pledged Collateral
in satisfaction of the Obligations, the Administrative Agent shall not be deemed to have retained any Pledged Collateral in satisfaction
of any Obligations for any reason; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise
all the rights and remedies of a secured party on default under the UCC or other applicable Requirements of Law. The Administrative
Agent may also in its sole discretion sell or assign the Pledged Collateral or any part thereof in one or more parcels at public
or private sale, at any exchange, broker&rsquo;s board or at any of the Administrative Agent&rsquo;s offices or elsewhere, for
cash, on credit or for future delivery, and at such price or prices and upon such other terms as may be commercially reasonable.
To the extent permitted by applicable law, the Administrative Agent or any Lender or any of their respective Affiliates may be
the purchaser, assignee or recipient of the Pledged Collateral or any part thereof at any such sale and shall be entitled, for
the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Pledged Collateral
sold or assigned at such sale, to use and apply any of the Obligations owed to such Person as a credit on account of the purchase
price of the Pledged Collateral or any part thereof payable by such Person at such sale. Each purchaser, assignee or recipient
at any such sale shall acquire the property sold or assigned absolutely free from any claim or right on the part of the Pledgor,
and the Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it
now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Administrative
Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having
been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place
fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Pledgor
hereby waives, to the fullest extent permitted by law, any claims against the Administrative Agent arising by reason of the fact
that the price at which the Pledged Collateral or any part thereof may have been sold or assigned at such a private sale was less
than the price which might have been obtained at a public sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.2. <U>Notice
of Sale</U>. The Pledgor acknowledges and agrees that ten (10) Banking Days&rsquo; prior notice to the Pledgor of the time and
place of any public sale or of the time after which any private sale or other intended disposition is to take place shall be given
to the Pledgor and such notice shall be commercially reasonable notification of such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.3. <U>Waiver
of Notice and Claims</U>. The Pledgor hereby waives, to the fullest extent permitted by applicable law, notice or judicial hearing
in connection with the Administrative Agent&rsquo;s taking possession or the Administrative Agent&rsquo;s disposition of the Pledged
Collateral or any part thereof, including any and all prior notice and hearing for any prejudgment remedy or remedies and any such
right which the Pledgor would otherwise have under law, and the Pledgor hereby further waives, to the fullest extent permitted
by applicable law: (i)&nbsp;all damages occasioned by such taking of possession, (ii)&nbsp;all other requirements as to the time,
place and terms of sale or other requirements with respect to the enforcement of the Administrative Agent&rsquo;s rights hereunder
and (iii)&nbsp;all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any
applicable law. Any sale of or any other realization upon any Pledged Collateral shall operate to divest all right, title, interest,
claim and demand, either at law or in equity, of the Pledgor therein and thereto, and shall be a perpetual bar both at law and
in equity against the Pledgor and against any and all persons claiming or attempting to claim the Pledged Collateral so sold or
realized upon, or any part thereof, from, through or under the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.4. <U>Certain
Sales of Pledged Collateral</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pledgor recognizes that, by reason of certain prohibitions contained in law, rules, regulations or orders of any Official Body,
including all applicable federal, provincial or state securities laws, the Administrative Agent may be compelled, with respect
to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Official
Body. The Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Administrative Agent than
those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such
restricted sale shall not be deemed to have been made in other than a commercially reasonable manner by reason thereof and that,
except as may be required by applicable law, the Administrative Agent shall have no obligation to engage in public sales or to
delay the sale of any Pledged Securities for the period of time necessary to permit the issuer thereof to register it for a form
of public sale requiring registration under the United States Securities Act of 1933 or under applicable state securities laws,
even if such Issuer would agree to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Administrative Agent&rsquo;s sale of any or all of the Pledged Securities, upon written request, the Pledgor
shall from time to time furnish to the Administrative Agent all such information as the Administrative Agent may reasonably request
in order to determine the number of securities included in the Pledged Securities which may be sold by the Administrative Agent
as exempt transactions under applicable federal, provincial and state securities laws and the rules promulgated thereunder, as
the same are from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.5. <U>No Waiver;
Cumulative Remedies</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
failure on the part of the Administrative Agent to exercise, no course of dealing with respect to, and no delay on the part of
the Administrative Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or the
exercise of any other right, power, privilege or remedy. All rights and remedies herein provided are cumulative and are not exclusive
of any rights or remedies provided by law or otherwise available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Administrative Agent shall have instituted any proceeding to enforce any right, power, privilege or remedy under
this Agreement or any other Credit Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued
or abandoned for any reason, then and in every such case, the Pledgor, the Administrative Agent and each Lender shall be restored
to their respective former positions and rights hereunder with respect to the Pledged Collateral, and all rights, remedies, privileges
and powers of the Administrative Agent and the Lenders shall continue as if no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 7.6. <U>Application
of Proceeds</U>. The proceeds received by the Administrative Agent in respect of any sale of, collection from or other realization
upon all or any part of the Pledged Collateral pursuant to the exercise by the Administrative Agent of its remedies, including
the Proceeds of the sale of the Pledged Collateral or any part thereof, shall be applied, together with any other sums then held
by the Administrative Agent pursuant to this Agreement, in accordance with the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VIII<BR>
miscellaneous</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.1. <U>Concerning
Administrative Agent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral
in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Administrative Agent,
in its individual capacity, accords its own property consisting of similar instruments or interests, it being understood that Administrative
Agent shall not have responsibility for (i)&nbsp;ascertaining or taking action with respect to calls, conversions, exchanges, maturities,
tenders or other matters relating to any Pledged Securities, whether or not the Administrative Agent or any Lender has or is deemed
to have knowledge of such matters or (ii)&nbsp;taking any necessary steps to preserve rights against any Person with respect to
any Pledged Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent shall be entitled to rely upon any written notice, statement, certificate, order or other document or any
telephone message believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper person,
and, with respect to all matters pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.2. <U>Administrative
Agent May Perform; Administrative Agent Appointed Attorney-in-Fact</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Pledgor shall fail to perform any covenants contained in this Agreement or any other Credit Document, the Administrative Agent
may (but shall not be obligated to) advance funds on behalf of the Pledgor in order to insure the Pledgor&rsquo;s compliance with
any covenant in this Agreement or any other Credit Document; provided, however, that, the Administrative Agent shall in no event
be bound to inquire into the validity of any tax, Lien, imposition or other obligation which the Pledgor fails to pay or perform
as and when required hereby and which the Pledgor does not contest in accordance with the provisions of the Credit Agreement. Any
and all amounts so expended by the Administrative Agent shall be paid by the Pledgor and shall become part of the Obligations.
Neither the provisions of this <U>Section&nbsp;8.2</U> nor any action taken by the Administrative Agent pursuant to the provisions
of this <U>Section&nbsp;8.2</U> shall prevent any such failure to observe any covenant contained in this Agreement nor any breach
of representation or warranty from constituting an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pledgor hereby appoints the Administrative Agent as its attorney-in-fact, with full power and authority in the place and stead
of the Pledgor and in the name of the Pledgor, or otherwise, from time to time during the continuation of an Event of Default,
in the Administrative Agent&rsquo;s discretion, to take any action and to execute any instrument, document or agreement consistent
with the terms of the Credit Agreement and this Agreement, which the Administrative Agent may deem necessary or advisable to accomplish
the purposes hereof (but the Administrative Agent shall not be obligated to and shall have no liability to the Pledgor or any third
party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and
such appointment shall be irrevocable for the term hereof. The Pledgor hereby ratifies all that such attorney shall lawfully do
or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.3. <U>Continuing
Security Interest; Assignment</U>. This Agreement shall create a continuing security interest in the Pledged Collateral and shall
(i)&nbsp;be binding upon the Pledgor, its successors and assigns and (ii)&nbsp;inure, together with the rights and remedies of
the Administrative Agent hereunder, to the benefit of the Administrative Agent, its successors, transferees and assigns and each
of the Lenders, their successors and assigns. Without limiting the generality of the foregoing clause&nbsp;(ii), any Lender may
assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall
thereupon become vested with all the benefits in respect thereof granted to such Lender, herein or otherwise, subject however,
to the provisions of the Credit Agreement. The Pledgor agrees that its obligations hereunder and the pledge and security interest
created hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof,
of all or any part of the Obligations is rescinded or must otherwise be restored by any Lender upon the bankruptcy or reorganization
of the Pledgor or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.4. <U>Termination;
Release</U>. When (a) all of the principal, interest, fees and other amounts due and payable under the Credit Agreement and the
other Credit Documents have been irrevocably paid in full, (b) the Credit Documents have been terminated and discharged and (c)
there exists no commitment by Pledgor which could give rise to any Obligations (other than for contingent Obligations for which
no claim has been made), this Agreement shall terminate. Upon termination of this Agreement, the Pledged Collateral shall be released
from the Lien of this Agreement. Upon such release or any release of Pledged Collateral or any part thereof, the Administrative
Agent shall, promptly upon the request and at the sole cost and expense of the Pledgor, assign, transfer and deliver to the Pledgor,
against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent
has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release)
as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms
hereof, and, with respect to any other Pledged Collateral, proper documents and instruments acknowledging the termination hereof
or the release of such Pledged Collateral, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.5. <U>Modification
in Writing</U>. No amendment, modification, supplement, termination or waiver of or to any provision hereof, nor consent to any
departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of the Credit
Agreement and unless in writing and signed by the Administrative Agent. Any amendment, modification or supplement of or to any
provision hereof, any waiver of any provision hereof and any consent to any departure by the Pledgor from the terms of any provision
hereof in each case shall be effective only in the specific instance and for the specific purpose for which made or given. Except
where notice is specifically required by this Agreement or the Credit Documents, no notice to or demand on the Pledgor in any case
shall entitle the Pledgor to any other or further notice or demand in similar or other circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.6. <U>Notices</U>.
Unless otherwise provided herein or in the Credit Agreement, any notice or other communication herein required or permitted to
be given shall be given in the manner and become effective as set forth in the Credit Agreement, as to the Pledgor, addressed to
it at its address set forth in the Credit Agreement and as to the Administrative Agent, addressed to it at the address set forth
in the Credit Agreement, or in each case at such other address as shall be designated by such party in a written notice to the
other party complying as to delivery with the terms of this <U>Section 8.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.7. <U>Choice
of Law; Forum Selection; Consent to Jurisdiction</U>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York. The Pledgor hereby irrevocably submits to the exclusive jurisdiction of any state or federal court
sitting in New York, New York (and any appellate court thereof) over any legal action or proceeding with respect to this Agreement
and the Pledgor hereby irrevocably agrees that all claims in respect of any such proceeding may be heard and determined in such
state court, or, to the extent permitted by law, in such federal court. The Pledgor hereby irrevocably waives, to the fullest extent
it may effectively do so, the defense of an inconvenient forum or improper venue to the maintenance of any such proceeding. The
Pledgor irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding
as provided in Section 15.1 of the Credit Agreement. The Pledgor agrees that a final judgment in any such proceeding shall be conclusive
and may be executed upon and enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing
herein shall limit the right of the Administrative Agent or any Lender to serve legal process in any other manner permitted by
law or to commence legal proceedings or otherwise proceed against the Pledgor or its property in any other jurisdiction. The taking
of any proceedings in any one or more jurisdictions shall not preclude the taking of any proceedings in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.8. <U>Waiver
of Jury Trial</U>. The Pledgor and the Administrative Agent hereby irrevocably and unconditionally waive, to the extent permitted
by applicable law, trial by jury in any legal action or proceeding relating to this Agreement and for any counterclaim therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.9. <U>Severability
of Provisions</U>. Any provision hereof which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof
or affecting the validity, legality or enforceability of such provision in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.10. <U>Execution
in Counterparts</U>. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed
to be an original, but all such counterparts together shall constitute one and the same agreement. This Agreement may be validly
executed and delivered by facsimile or other electronic transmission (including e-mail), and a signature by facsimile, portable
document format (.pdf) or other electronic transmission shall be as effective and binding as an original signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.11. <U>Banking
Days</U>. In the event any time period or any date provided in this Agreement ends or falls on a day other than a Banking Day,
then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Banking Day, and performance
herein may be made on such Banking Day, with the same force and effect as if made on such other day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.12. <U>No Release</U>.
Nothing set forth in this Agreement or any other Credit Document, nor the exercise by the Administrative Agent of any of the rights
or remedies hereunder, shall relieve the Pledgor from the performance of any term, covenant, condition or agreement on the Pledgor&rsquo;s
part to be performed or observed under or in respect of any of the Pledged Collateral or from any liability to any Person under
or in respect of any of the Pledged Collateral or shall impose any obligation on the Administrative Agent or any Lender to perform
or observe any such term, covenant, condition or agreement on the Pledgor&rsquo;s part to be so performed or observed or shall
impose any liability (other than for gross negligence, bad faith or willful misconduct) on the Administrative Agent or any Lender
for any act or omission on the part of the Pledgor relating thereto or for any breach of any representation or warranty on the
part of the Pledgor contained in this Agreement, the Credit Agreement or the other Credit Documents, or under or in respect of
the Pledged Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the
Administrative Agent nor any Lender shall have any obligation or liability under any contracts, agreements and other documents
included in the Pledged Collateral by reason of this Agreement, nor shall the Administrative Agent or any Lender be obligated to
perform any of the obligations or duties of the Pledgor thereunder or to take any action to collect or enforce any such contract,
agreement or other document included in the Pledged Collateral hereunder. The obligations of the Pledgor contained in this <U>Section&nbsp;8.12</U>
shall survive the termination hereof and the discharge of the Pledgor&rsquo;s other obligations under this Agreement, the Credit
Agreement and the other Credit Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.13. <U>Indemnity
and Expenses</U>. The Pledgor agrees to indemnify the Administrative Agent in its capacity hereunder from and against any and all
claims, demands, actions, causes of action, suits, losses, costs, charges, liabilities and damages, and expenses in connection
therewith incurred or suffered by, or asserted against, the Administrative Agent in any way relating to or arising out of the Pledged
Securities, this Agreement, or any documents contemplated by or referred to herein, the transactions contemplated hereby or any
action taken or omitted by the Administrative Agent under or in connection with any of the foregoing, or otherwise, unless arising
from the gross negligence, bad faith or willful misconduct of the Administrative Agent, subject to the limitations contained in
and without duplication of <U>Sections 8.5</U> and <U>15.16</U> of the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.14. <U>Survival</U>.
All covenants, agreements, representations and warranties made hereunder or made in connection with the Credit Agreement and the
other Credit Documents shall survive the execution and delivery of this Agreement, and shall continue in full force and effect
until the security interest created herein is discharged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SECTION 8.15. <U>Acknowledgments</U>.<U STYLE="text-decoration: none"> </U>The
Pledgor hereby acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
has been advised by its own legal counsel in the negotiation, preparation, execution and delivery of this Agreement and each other
Credit Document;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement shall not be construed against any party or more favorably in favor of any party based upon which party drafted the same,
it being agreed and acknowledged that all parties contributed substantially to the negotiation and preparation of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Administrative Agent nor the Lenders have any fiduciary relationship with or duty to the Pledgor, and the relationship between
the Administrative Agent and Lenders, on the one hand, and the Pledgor, on the other hand, in connection herewith is solely that
of creditor and debtor; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement does not create a joint venture or partnership among the parties hereto, and no joint venture, partnership or other fiduciary
relationship exists, or shall be deemed to exist, among the Administrative Agent, the Lenders and the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">**********************************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>remainder of this page
intentionally blank</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">***********************************</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the
Pledgor has caused this Agreement to be duly executed and delivered by its duly authorized officer as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">ROYAL GOLD INC., as Pledgor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: 0in">/s/ Stefan Wenger</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Name:&nbsp;&nbsp;Stefan Wenger</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Title:&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 243.35pt; text-indent: -27.35pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 243.35pt; text-indent: -27.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in">THE BANK OF NOVA SCOTIA, as Administrative Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 45%; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: 0in">/s/ Clement Yu</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Name:&nbsp;&nbsp;Clement Yu</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Title:&nbsp;&nbsp;Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: 0in">/s/ Ryan Moonilal</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Name:&nbsp;&nbsp;Ryan Moonilal</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Title:&nbsp;&nbsp;Analyst</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PLEDGED SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">ISSUER</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">CLASS<BR> OF STOCK<BR> OR<BR>
INTERESTS</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">PAR<BR> VALUE</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">CERTIFICATE<BR> NO(S).</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">NUMBER OF<BR>
SHARES<BR> OR<BR> INTERESTS</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">PERCENTAGE OF<BR>
ALL ISSUED CAPITAL<BR>
OR OTHER SHARES OF<BR>
ISSUER</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">RG Mexico, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">Common</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0.01</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">C-2</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">RGLD Holdings LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Membership interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>v468504_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 10.3</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PLEDGE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">THIS AGREEMENT is made as of June
2, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BETWEEN:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>ROYAL GOLD, INC.</B>, a corporation
incorporated under the laws of the State of Delaware (the &quot;<B>Pledgor</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>THE BANK OF NOVA SCOTIA</B>,
a Canadian chartered bank, in its capacity as administrative agent for and on behalf of the Beneficiaries (the &quot;<B>Secured
Party</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RECITALS</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">WHEREAS the Pledgor
has agreed to grant a security interest in and pledge the Collateral in order to secure the performance of its Obligations to the
Beneficiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">AND WHEREAS the Beneficiaries
have appointed and authorized the Secured Party to act as their agent and attorney for the purpose of holding security granted
by the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">NOW THEREFORE, in
consideration of the premises and the covenants and agreements herein contained and for other good and valuable consideration (the
receipt and sufficiency of which are hereby conclusively acknowledged), the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1
- INTERPRETATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">1.01</FONT></TD><TD><U>Definitions</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In this Agreement, unless
something in the subject matter or context is inconsistent therewith:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Account Control Agreement</B>&quot;
means, with respect to a Securities Account, a securities account control agreement between the Pledgor, the Secured Party and
the Securities Intermediary which maintains such Securities Account on behalf of the Pledgor, as the same may be amended from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Agreement</B>&quot; means this
agreement, including its recitals and schedules, as amended, modified, supplemented or restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Beneficiaries</B>&quot; means,
collectively, the Secured Party, the Lenders and Affiliates of the Lenders to whom any Obligation is owed pursuant to the terms
of the Credit Documents, Hedging Agreements with such Affiliates or any account (including cash management accounts) with such
Affiliates or any documents governing or relating to cash management services provided by such Affiliates, and &quot;Beneficiary&quot;
means any of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Collateral</B>&quot; has the meaning
set out in Section&nbsp;2.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Credit Agreement</B>&quot; means
the credit agreement dated on or about the date hereof among, <I>inter alios</I>, the Pledgor, as borrower, the Secured Party,
as administrative agent and the Lenders relating to the establishment of certain credit facilities in favour of the Pledgor, as
the same may be amended, modified, supplemented or restated from time to time in accordance with the provisions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Delivery</B>&quot; and the corresponding
term &quot;<B>Delivered</B>&quot; when used with respect to Collateral means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of Collateral constituting Certificated Securities, transfer thereof to the Secured
Party or its nominee by physical delivery of the Security Certificates to the Secured Party or its nominee, such Collateral to
be endorsed for transfer or accompanied by stock powers of attorney duly executed in blank, all in form and content satisfactory
to the Secured Party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of Collateral constituting Uncertificated Securities, (A)&nbsp;registration thereof
on the books and records of the issuer thereof in the name of the Secured Party or its nominee or (B)&nbsp;the execution and delivery
by the issuer thereof of an effective agreement (each, an &quot;Issuer Control Agreement&quot;), pursuant to which such issuer
agrees that it will comply with instructions originated by the Secured Party or its nominee without further consent of the Pledgor
or any other person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in the case of Collateral constituting Security Entitlements in respect of Financial Assets deposited
in or credited to a Securities Account, (A)&nbsp;completion of all actions necessary to constitute the Secured Party or its nominee
the entitlement holder with respect to each such Security Entitlement or (B)&nbsp;the execution and delivery by the relevant Securities
Intermediary of an effective Account Control Agreement pursuant to which such Securities Intermediary agrees to comply with entitlement
orders originated by the Secured Party or its nominee without further consent of the Pledgor or any other person; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">in each case such additional or alternative procedures as may hereafter become reasonably appropriate
to grant control of, or otherwise perfect a security interest in, any Collateral in favour of the Secured Party or its nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Excluded Securities</B>&quot;
means those Voting Securities representing in excess of 65% of the total combined voting power of each class of Voting Securities
at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Issuer Control Agreement</B>&quot;
has the meaning set out in clause&nbsp;(b) of the definition of &quot;Delivery&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Pledged Shares</B>&quot; has the
meaning set out in clause&nbsp;(a) of the definition of &quot;Stock&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Pledged ULC Securities</B>&quot;
means the Pledged Shares which are shares in the capital of a ULC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>PPSA</B>&quot; means the <I>Personal
Property Security Act</I> (Alberta), including the regulations thereunder, as now enacted or as the same may from time to time
be amended, re-enacted or replaced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Stock</B>&quot; means</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">all Securities of RGLD Gold (Canada) ULC described in Schedule&nbsp;A other than any Excluded Securities,
as such Schedule may be amended, supplemented or modified from time to time (collectively, the &quot;<B>Pledged Shares</B>&quot;)
owned by the Pledgor, all Security Certificates, if any, and other instruments evidencing or representing such Pledged Shares,
and all dividends, interest, distributions, cash, instruments and other property, income, profits and proceeds from time to time
received or receivable upon or otherwise distributed or distributable in respect of or in exchange for any and all of the Pledged
Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">all additional or substitute shares of capital stock or other equity interests of any class of
RGLD Gold (Canada) ULC from time to time issued to or otherwise acquired by the Pledgor in any manner in respect of Pledged Shares,
the Security Certificates, if any, and other instruments representing such additional or substitute shares, and all dividends,
interests, distributions, cash, instruments and other property, income, profits and proceeds from time to time received or receivable
upon or otherwise distributed or distributable in respect of or in exchange for any or all of such additional or substitute shares;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">to the extent not otherwise included in the foregoing, all Proceeds thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>ULC</B>&quot; means any unlimited
company, unlimited liability company or unlimited liability corporation or any similar entity existing under the laws of any province
or territory of Canada (including, without limitation, the <I>Companies Act</I> (Nova Scotia), the <I>Business Corporations Act</I>
(Alberta) and the <I>Business Corporations Act</I> (British Columbia)) and any successor to any such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<B>Voting Securities</B>&quot; means,
at any time, Securities or Securities Entitlements of RGLD Gold (Canada) ULC entitled, at such time, to vote for the election of
directors of RGLD Gold (Canada) ULC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The terms &quot;Certificated
Security&quot;, &quot;Financial Asset&quot;, &quot;Proceeds&quot;, &quot;Securities Account&quot;, &quot;Securities Intermediary&quot;,
&quot;Security&quot;, &quot;Security Certificate&quot;, &quot;Security Entitlement&quot;, and &quot;Uncertificated Security&quot;
and whenever used herein have the meanings given to those terms in the PPSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">1.02</FONT></TD><TD STYLE="text-align: justify"><U>Definitions used in the Credit Agreement</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Capitalized terms used
herein without express definition shall, unless something in the subject matter or context is inconsistent therewith, have the
same meanings as are ascribed to such terms in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">1.03</FONT></TD><TD STYLE="text-align: justify"><U>Headings</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The division of this
Agreement into Articles and Sections and the insertion of headings are for convenience of reference only and do not affect the
construction or interpretation of this Agreement. The terms &quot;hereof&quot;, &quot;hereunder&quot; and similar expressions refer
to this Agreement and not to any particular Article, Section or other portion hereof. Unless something in the subject matter or
context is inconsistent therewith, references herein to Articles, Sections and Schedules are to Articles and Sections of and Schedules
to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">1.04</FONT></TD><TD STYLE="text-align: justify"><U>Extended Meanings</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In this Agreement words
importing the singular number only include the plural and <I>vice versa</I>, words importing any gender include all genders and
words importing persons include individuals, corporations, limited and unlimited liability companies, general and limited partnerships,
associations, trusts, unincorporated organizations, joint ventures and governmental authorities. The term &quot;including&quot;
means &quot;including without limiting the generality of the foregoing&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">1.05</FONT></TD><TD STYLE="text-align: justify"><U>Statutory References</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In this Agreement, unless
something in the subject matter or context is inconsistent therewith or unless otherwise herein provided, a reference to any statute
is to that statute as now enacted or as the same may from time to time be amended, re-enacted or replaced and includes any regulation
made thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">1.06</FONT></TD><TD STYLE="text-align: justify"><U>Schedules</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The following are the
Schedules to this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Schedule&nbsp;A &ndash;
List of Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;2
- GRANT OF SECURITY INTEREST AND PLEDGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">2.01</FONT></TD><TD STYLE="text-align: justify"><U>Grant and Pledge of Collateral</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As general and continuing
collateral security for the payment and performance of the Obligations, the Pledgor hereby grants to the Secured Party for the
benefit of the Beneficiaries a security interest in, and pledges to the Secured Party for the benefit of the Beneficiaries the
right, title and interest of the Pledgor in and to, the following, whether now owned or existing or hereafter from time to time
acquired, by way of amalgamation or otherwise, in each case relating solely to the Pledged Shares (collectively, the &quot;<B>Collateral</B>&quot;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all Securities Accounts in the name of the Pledgor to the extent holding any Pledged Shares, including
any Pledged Shares deposited in or credited to such Securities Accounts, including all Financial Assets, all Security Entitlements
related to such Financial Assets, and all certificates and other instruments from time to time representing or evidencing the same,
and all dividends, interest, distributions, cash and other property from time to time received or receivable upon or otherwise
distributed or distributable in respect of or in exchange for any or all of the foregoing, in each case relating solely to the
Pledged Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all Stock relating solely to the Pledged Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all Financial Assets relating solely to the Pledged Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">all Security Entitlements relating solely to the Pledged Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">all other property that may at any time be received or receivable or otherwise distributed or distributable
to or for the account of the Pledgor in respect of, in substitution for, in addition to or in exchange for, any of the foregoing;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">all Proceeds in respect of the foregoing and all rights and interest of the Pledgor in respect
thereof or evidenced thereby, including all money received or receivable from time to time by the Pledgor in connection with the
sale of any of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">2.02</FONT></TD><TD STYLE="text-align: justify"><U>Security Interest Absolute</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Lien granted hereby
and all rights of the Secured Party hereunder and all obligations of the Pledgor hereunder are unconditional and absolute and independent
and separate from any other security for the Obligations, whether executed by the Pledgor or any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">2.03</FONT></TD><TD STYLE="text-align: justify"><U>Continuing Liability of the Pledgor</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement and the
Lien granted hereby is granted as collateral security only and will not subject the Secured Party to, or transfer or in any way
affect or modify, any obligation or liability of the Pledgor with respect to any of the Collateral or any transaction in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">2.04</FONT></TD><TD STYLE="text-align: justify"><U>Delivery of Collateral</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Subject to section 2.05,
all Collateral must be Delivered immediately to the Secured Party or its nominee, including all security certificates, instruments
or other documents representing or evidencing the Collateral, which shall be endorsed for transfer in blank by the Pledgor and
accompanied by stock powers of attorney duly executed in blank or other transfer documents, all as satisfactory to the Secured
Party, acting reasonably. The Secured Party may, at its option, cause all or any of the Collateral to be registered in the name
of the Secured Party or its nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">2.05</FONT></TD><TD STYLE="text-align: justify"><U>Subsequently Acquired Collateral</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">To the extent the Pledgor
acquires, by way of amalgamation or otherwise, any additional Collateral at any time or from time to time after the date hereof,
such Collateral will automatically (and without any further action being required to be taken by the Secured Party) be subject
to the Lien and pledge created hereby. The Pledgor will take, or cause to be taken, as promptly as practicable and, in any event
within 10 days after it obtains such additional Collateral, all steps and actions as the Secured Party, acting reasonably, deems
necessary to ensure that the additional Collateral is Delivered to the Secured Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">2.06</FONT></TD><TD STYLE="text-align: justify"><U>Attachment</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Pledgor acknowledges
that the Lien hereby created attaches upon the execution of this Agreement (or in the case of any after-acquired property, upon
the date of acquisition by the Pledgor of any rights therein), that value has been given by the Beneficiaries and that the Pledgor
has, or in the case of after-acquired property will have, rights in the Collateral or the power to transfer rights in the Collateral
to the Secured Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;3
- REPRESENTATIONS,<BR>
WARRANTIES AND COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">3.01</FONT></TD><TD STYLE="text-align: justify"><U>Representations and Warranties of the Pledgor</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Pledgor represents
and warrants to the Secured Party that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">no Collateral is in the possession or control of any person asserting a claim thereto or Lien therein,
except that the Secured Party or its nominee or a Securities Intermediary acting on its behalf may have possession or control of
the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">no effective financing statement or other instrument similar in effect covering all or any part
of the Collateral and made, consented to or known by the Pledgor is on file in any recording office, except such as may have been
filed in favour of the Secured Party relating to this Agreement or except such as has been agreed to in writing by the Secured
Party or as has been released and is being discharged pursuant to agreements executed and delivered as of even date herewith;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all Collateral consisting of Pledged Shares has been duly authorized and validly issued, is outstanding
as fully paid and non-assessable and, except for the Excluded Securities or as set forth on Schedule&nbsp;A, constitutes all of
the issued and outstanding shares of capital stock or other equity interests of the Pledgor in RGLD Gold (Canada) ULC;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">except to the extent previously disclosed to the Secured Party in writing, there is no existing
agreement, option, right or privilege capable of becoming an agreement or option pursuant to which the Pledgor could be required
to sell or otherwise dispose of any of the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">this Agreement creates a valid security interest in all of the Collateral securing the payment
of all the Obligations; the security certificates pledged by the Pledgor hereunder are, and any securities pledged in substitution
therefor or in addition thereto will be, duly and validly pledged hereunder in accordance with applicable Requirements of Law;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the Pledgor has the right to pledge the Collateral as herein provided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The representations and
warranties set out in this Agreement shall survive the execution and delivery of this Agreement notwithstanding any investigations
or examinations which may be made by any of the Beneficiaries or their legal counsel. Such representations and warranties shall
survive until this Agreement has been terminated and discharged in accordance with the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">3.02</FONT></TD><TD STYLE="text-align: justify"><U>Covenants of the Pledgor</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Pledgor covenants
with the Secured Party that the Pledgor will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">ensure that the representations and warranties set forth in section 3.01 will be true and correct
at all times; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">provide to the Secured Party, promptly upon request, all information and evidence the Secured Party
may reasonably request concerning the Collateral to enable the Secured Party to enforce the provisions hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4
- DEALING WITH COLLATERAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">4.01</FONT></TD><TD STYLE="text-align: justify"><U>Rights and Duties of the Secured Party</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secured
Party may perform any of its rights and duties hereunder by or through agents and is entitled to retain counsel and to act in reliance
upon the advice of such counsel concerning all matters pertaining to its rights and duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the holding
of the Collateral, the Secured Party and any nominee on its behalf is only bound to exercise the same degree of care as it would
exercise with respect to similar property of its own of similar value held in the same place. The Secured Party and any nominee
on its behalf will be deemed to have exercised reasonable care with respect to the custody and preservation of the Collateral if
it takes such action for that purpose as the Pledgor reasonably requests in writing, but failure of the Secured Party or its nominee
to comply with any such request will not of itself be deemed a failure to exercise reasonable care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The powers conferred
on the Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise
any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received
by it hereunder, the Secured Party shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve
rights against prior parties or any other rights pertaining to any Collateral and no such duties shall be implied as arising hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">4.02</FONT></TD><TD STYLE="text-align: justify"><U>Voting Rights</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the
provisions of Section 4.02(2), the Pledgor is entitled to exercise, either directly or, if the Collateral is registered in the
name of the Secured Party or its nominee, by power of attorney or proxy, all the rights and powers of a holder of such Collateral,
including the right to vote from time to time exercisable in respect of the Collateral and to give proxies, consents, ratifications
and waivers in respect thereof. If the Collateral has been registered in the name of the Secured Party or its nominee, the Secured
Party will execute and deliver (or cause to be executed and delivered) to the Pledgor such proxies, directions and other instruments
as the Pledgor may request for the purpose of giving effect to the foregoing. No such action may be taken if it would (i) violate
or be inconsistent with the Credit Agreement or this Agreement or any other Credit Document, (ii) have the effect of materially
reducing the value of the Collateral as security for the Obligations in a manner prohibited by the Credit Documents, or (iii) impose
any restriction on the transferability of any of the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence
and during the continuance of an Event of Default, the Secured Party may give the Pledgor a notice prohibiting the Pledgor from
exercising the rights and powers of a holder of the Collateral, including the right to vote the Collateral, at which time all such
rights of the Pledgor will cease immediately and the Secured Party will have the right to exercise the rights and powers related
to such Collateral, including the right to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">4.03</FONT></TD><TD STYLE="text-align: justify"><U>Dividends and Interest Payments</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the
provisions of Section 4.03(2), the Pledgor is entitled to receive all dividend payments or other distributions or interest payments
in respect of the Collateral. If the Collateral has been registered in the name of the Secured Party or its nominee, the Secured
Party will execute and deliver (or cause to be executed and delivered) to the Pledgor all directions and other instruments as the
Pledgor may request for the purpose of enabling the Pledgor to receive the dividends payments or other distributions or interest
payments that the Pledgor is authorized to receive pursuant to this Section 4.03(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence
and during the continuance of an Event of Default, all rights of the Pledgor pursuant to Section&nbsp;4.03(1) will cease, and all
such rights will thereupon become vested in the Secured Party, and the Secured Party will have the sole and exclusive right and
authority to receive and retain all payments that the Pledgor would otherwise be authorized to retain pursuant to Section&nbsp;4.03(1).
All money and other property received by the Secured Party pursuant to the provisions of this Section&nbsp;4.03(2) may be applied
on account of the Obligations or may be retained by the Secured Party as additional Collateral hereunder and be applied in accordance
with the provisions of this Agreement. All payments which are received by the Pledgor contrary to the provisions of this Section
4.03(2) will be held by the Pledgor in trust for the benefit of the Secured Party and the other Beneficiaries, will be segregated
from other property or funds of the Pledgor and will be forthwith Delivered to the Secured Party or its nominee to be applied on
account of the Obligations or to hold as Collateral, as the Secured Party may see fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;5
- REMEDIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">5.01</FONT></TD><TD STYLE="text-align: justify"><U>Remedies</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon and after
the occurrence and during the continuance of an Event of Default that has not been either cured or waived in accordance with the
provisions of the Credit Agreement, any or all security granted hereby will, at the option of the Secured Party, become immediately
enforceable; and in addition to any right or remedy provided by applicable Requirements of Law or any other agreement (including
the right to give entitlement orders, instructions or a notice of exclusive control to a Securities Intermediary subject to an
Account Control Agreement or an issuer subject to an Issuer Control Agreement), the Secured Party will have the rights and remedies
set out below, all of which rights and remedies will be enforceable successively, concurrently or both:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">transfer any part of the Collateral into the name of the Secured Party or its nominee if it has
not already done so in accordance with Section&nbsp;2.04;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">take such steps as it considers desirable to maintain, preserve or protect the Collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">exercise any and all rights and remedies of the Pledgor under or in connection with the Collateral,
including voting any of the Collateral (whether or not registered in the name of the Secured Party or its nominee) and give or
withhold all consents, waivers and ratifications in respect thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">exercise all rights of conversion, exchange or subscription, or any other rights, privileges or
options pertaining to any of the Collateral, including the right to exchange at its discretion any of the Collateral upon the amalgamation,
arrangement, merger, consolidation or other reorganization of the issuer of the Collateral, all without liability except to account
for property actually received by the Secured Party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">from time to time realize upon, collect, sell, transfer, assign, give options to purchase or otherwise
dispose of and deliver any Collateral in such manner as may seem advisable to the Secured Party. For such purposes each requirement
relating thereto and prescribed by applicable Requirements of Law or otherwise is hereby waived by the Pledgor to the extent permitted
by applicable Requirements of Law and in any offer or sale of any of the Collateral the Secured Party is authorized to comply with
any limitation or restriction in connection with such offer or sale as the Secured Party may be advised by counsel is necessary
in order to avoid any violation of applicable Requirements of Law, or in order to obtain any required approval of the sale or of
the purchase by any governmental or regulatory authority or other Official Body. Such compliance will not result in such sale being
considered or deemed not to have been made in a commercially reasonable manner nor will the Secured Party be liable or accountable
to the Pledgor for any discount allowed by reason of the fact that such Collateral is sold in compliance with any such limitation
or restriction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">purchase any of the Collateral, whether in connection with a sale made under the power of sale
herein contained or pursuant to judicial proceedings or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">accept the Collateral in satisfaction of the Obligations upon notice to the Pledgor of its intention
to do so in the manner required by Requirements of Law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">discharge any claim, Lien, encumbrance or any rights of others that may exist or be threatened
against the Collateral, and in every such case the amounts so paid together with all reasonable costs, charges and expenses incurred
in connection therewith shall be added to the Obligations hereby secured.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secured
Party may (a)&nbsp;grant extensions of time, (b)&nbsp;take and perfect or abstain from taking and perfecting security, (c)&nbsp;give
up securities, (d)&nbsp;accept compositions or compromises, (e)&nbsp;grant releases and discharges, and (f)&nbsp;release any part
of the Collateral or otherwise deal with the Pledgor, debtors of the Pledgor, sureties and others and with the Collateral and other
security as the Secured Party sees fit without prejudice to the liability of the Pledgor to the Secured Party or the other Beneficiaries
or their rights hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Beneficiaries
will not be liable or responsible for any failure to seize, collect, realize, or obtain payment with respect to the Collateral
and are not bound to institute proceedings or to take other steps for the purpose of seizing, collecting, realizing or obtaining
possession or payment with respect to the Collateral or for the purpose of preserving any rights of the Secured Party, the Pledgor
or any other person, in respect of the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secured
Party may apply any proceeds of realization of the Collateral to payment of expenses in connection with the preservation and realization
of the Collateral as above described and the Secured Party shall apply any balance of such proceeds as provided for in the Credit
Agreement. If there is any surplus remaining, the Secured Party may pay it to any person having a claim thereto in priority to
the Pledgor of whom the Secured Party has knowledge and any balance remaining must be paid to the Pledgor. If the disposition of
the Collateral fails to satisfy the Obligations and the aforesaid expenses, the Pledgor will be liable to pay any deficiency to
the Secured Party and the other Beneficiaries forthwith on demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">5.02</FONT></TD><TD STYLE="text-align: justify"><U>Payment of Expenses</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Secured Party may
charge on its own behalf and also pay to others all reasonable out-of-pocket expenses of the Secured Party and others, including
the fees and disbursements of any Securities Intermediary, experts or advisers (including lawyers on a solicitor and client basis)
retained by the Secured Party, incurred in connection with realizing, collecting, selling, transferring, delivering or obtaining
payment for the Collateral, or in connection with the administration or any amendment of this Agreement or incidental to the care,
safekeeping or otherwise of any Collateral and in every such case the amounts so paid together with all costs, charges and expenses
incurred in connection therewith, including interest thereon at a rate per annum equal to the rate of interest payable on Base
Rate Loans outstanding pursuant to the Credit Facility plus 2.0% per annum, shall be added to and form part of the Obligations
not otherwise taken into account. The Secured Party may deduct the amount of such expenses from any proceeds of disposition of
the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;6
- GENERAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.01</FONT></TD><TD STYLE="text-align: justify"><U>Benefit of the Agreement</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement will enure
to the benefit of and be binding upon the respective successors and permitted assigns of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.02</FONT></TD><TD STYLE="text-align: justify"><B><U>Conflict of Terms; Entire Agreement</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement has been
entered into pursuant to the provisions of the Credit Agreement and is subject to all the terms and conditions thereof and, if
there is any conflict or inconsistency between the provisions of this Agreement and the provisions of the Credit Agreement, the
rights and obligations of the parties shall be governed by the provisions of the Credit Agreement. This Agreement together with
the Credit Agreement and all other Credit Documents constitute the entire agreement between the Pledgor and the Secured Party with
respect to the subject matter hereof. There are no representations, warranties, terms, conditions, undertakings or collateral agreements,
express, implied or statutory, between the Secured Party and the Pledgor except as expressly set forth therein and herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.03</FONT></TD><TD STYLE="text-align: justify"><U>Termination of Pledge</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement and the
Lien created hereunder will terminate when the Collateral is no longer subject to the Lien in accordance with the Credit Agreement.
Upon such termination, any Collateral then in the custody of the Secured Party or its nominee must be re-delivered to the Pledgor
as soon as practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.04</FONT></TD><TD STYLE="text-align: justify"><U>Amendments and Waivers</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No amendment to this
Agreement will be valid or binding unless set forth in writing and duly executed by all of the parties. No waiver of any breach
of any provision of this Agreement will be effective or binding unless made in writing and signed by the party purporting to give
the same and, unless otherwise provided in the written waiver, will be limited to the specific breach waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.05</FONT></TD><TD STYLE="text-align: justify"><U>Assignment</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The rights of the Secured
Party under this Agreement may be assigned by the Secured Party in accordance with the terms of the Credit Agreement. The Pledgor
may not assign its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.06</FONT></TD><TD STYLE="text-align: justify"><U>Severability</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If any provision of this
Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability will attach only
to such provision or part thereof and the remaining part of such provision and all other provisions hereof will continue in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.07</FONT></TD><TD STYLE="text-align: justify"><U>Notices</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any demand, notice or
other communication to be given in connection with this Agreement shall be given as set out in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.08</FONT></TD><TD STYLE="text-align: justify"><U>Additional Continuing Security</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement and the
Lien, assignment and mortgage and charge granted hereby are in addition to and not in substitution for any other security now or
hereafter held by the Secured Party and this Agreement is a continuing agreement and security that will remain in full force and
effect until discharged by the Secured Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.09</FONT></TD><TD STYLE="text-align: justify"><U>ULC Limitation</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding any provisions
to the contrary contained in this Agreement, the Credit Agreement or any other Credit Document, the Pledgor is as of the date of
this Agreement the sole registered and beneficial owner of all<B> </B>Pledged ULC Securities more particularly described in Schedule
A to this Agreement and will remain so until such time as such Pledged ULC Securities are fully and effectively transferred into
the name of the Secured Party or any other person on the books and records of the ULC which is the issuer thereof. Nothing in this
Agreement, the Credit Agreement or any other Credit Document<B> </B>is intended to or shall constitute the Secured Party, any other
Beneficiary or any person other than the Pledgor (and RGLD Holdings LLC) as a member or shareholder of any ULC until such time
as written notice is given to the Pledgor and all further steps are taken so as to register the Secured Party or other person as
holder of the Pledged ULC Securities issued by such ULC. The granting of the pledge and Lien pursuant to Section 2.01 is not intended
to make the Secured Party or any other Beneficiary a successor to the Pledgor as a member or shareholder of any ULC, and neither
the Secured Party, any other Beneficiary nor any of their successors or assigns hereunder are intended to be deemed to become a
member or shareholder of any ULC by accepting this Agreement or exercising any right granted herein unless and until such time,
if any, when the Secured Party or any successor or assign expressly becomes a registered member or shareholder of any ULC. The
Pledgor shall be entitled to receive and retain for its own account any dividends or other distributions if any, in respect of
the Collateral, and shall have the right to vote such Pledged ULC Securities and to control the direction, management and policies
of the ULC issuing such Pledged ULC Securities to the same extent as the Pledgor would if such Pledged ULC Securities were not
pledged to the Secured Party or to any other person pursuant hereto. To the extent any provision hereof would have the effect of
constituting the Secured Party or any other Beneficiary to be a member or shareholder of any ULC prior to such time, such provision
shall be severed herefrom and ineffective with respect to the relevant Pledged ULC Securities without otherwise invalidating or
rendering unenforceable this Agreement or invalidating or rendering unenforceable such provision insofar as it relates to the Collateral
other than Pledged ULC Securities. Notwithstanding anything herein to the contrary (except to the extent, if any, that the Secured
Party or any of its successors or assigns hereafter expressly becomes a registered member or shareholder of any ULC), neither the
Secured Party nor any of its successors or assigns are intended to be deemed to have assumed or otherwise become liable for any
debts or obligations of any ULC. Except upon the exercise by the Secured Party or other persons of rights to sell or otherwise
dispose of Pledged ULC Securities or other remedies in accordance with this Agreement, the Pledgor shall not cause or permit, or
enable any ULC in which it holds Pledged ULC Securities to cause or permit, the Secured Party, any other Beneficiary or any of
their successors or assigns to: (a) be registered as member or shareholder of such ULC; (b) have any notation entered in its favour
in the share register of such ULC; (c) be held out as member or shareholder of such ULC; (d) receive, directly or indirectly, any
dividends, property or other distributions from such ULC by reason of the Secured Party or other person holding a Lien in the Pledged
ULC Securities; or (e) act as a member or shareholder of such ULC, or exercise any rights of a member or shareholder of such ULC,
including the right to attend a meeting of such ULC or vote the shares of such ULC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.10</FONT></TD><TD STYLE="text-align: justify"><U>Remedies Cumulative</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The rights and remedies
of the Secured Party hereunder are cumulative and are in addition to and not in substitution for any other security now or hereafter
held by the Secured Party or any other rights or remedies available at law or in equity or otherwise. No single or partial exercise
by the Secured Party of any right or remedy precludes or otherwise affects the exercise of any other right or remedy to which the
Secured Party may be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.11</FONT></TD><TD STYLE="text-align: justify"><U>Continued Perfection</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Pledgor agrees that
it will not take any actions or fail to perform any of its duties or obligations under this Agreement so that after giving effect
to such action or inaction the Secured Party will cease to have, or with the passage of time cease to have, a perfected security
interest in any of the Collateral. The Pledgor hereby further authorizes the Secured Party to file one or more financing statements
or financing change statements, and amendments thereto, relative to all or any part of the Collateral (without the signature of
the Pledgor where required by applicable Requirements of Law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.12</FONT></TD><TD STYLE="text-align: justify"><U>Further Assurances</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Pledgor must at its
expense from time to time do, execute and deliver, or cause to be done, executed and delivered, all such financing statements,
further assignments, documents, agreements, acts, matters and things as may be reasonably requested by the Secured Party for the
purpose of giving effect to this Agreement or for the purpose of establishing compliance with the representations, warranties and
covenants herein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.13</FONT></TD><TD STYLE="text-align: justify"><U>Power of Attorney</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Pledgor hereby irrevocably
constitutes and appoints the Secured Party and any officer or agent thereof the true and lawful attorney of the Pledgor upon the
occurrence of an Event of Default which is continuing, with full power of substitution, to do, make and execute all such statements,
assignments, documents, agreements, acts, matters or things with the right to use the name of the Pledgor whenever and wherever
the officer or agent may deem necessary or expedient and from time to time to exercise all rights and powers and to perform all
acts of ownership in respect to the Collateral in accordance with this Agreement, such power being coupled with an interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.14</FONT></TD><TD STYLE="text-align: justify"><U>Discharge</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Pledgor will not
be discharged from any of the Obligations or from this Agreement except in accordance with the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.15</FONT></TD><TD STYLE="text-align: justify"><U>Governing Law</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement is governed
by and will be construed in accordance with the laws of the Province of Alberta<B> </B>and the laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.16</FONT></TD><TD STYLE="text-align: justify"><U>Attornment</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For the purpose of all
legal proceedings this Agreement will be deemed to have been performed in the Province of Alberta and the courts of the Province
of Alberta will have non-exclusive jurisdiction to entertain any action arising under this Agreement. The Pledgor hereby attorns
to the non-exclusive jurisdiction of the courts of the Province of Alberta. Notwithstanding the foregoing, nothing herein shall
be construed nor operate to limit the right of the Pledgor, the Secured Party or any other Beneficiary to commence any action or
proceeding relating hereto in any other jurisdiction, nor to limit the right of the courts of any other jurisdiction to take jurisdiction
over any action, proceeding or matter relating hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.17</FONT></TD><TD STYLE="text-align: justify"><U>Counterparts</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement may be
executed in any number of counterparts, each of which will be deemed to be an original and all of which taken together will be
deemed to constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.18</FONT></TD><TD STYLE="text-align: justify"><U>No Release</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The loss, injury or destruction
of any of the Collateral shall not operate in any manner to release or discharge the Pledgor from any of its Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.19</FONT></TD><TD STYLE="text-align: justify"><U>No Obligation to Act</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding any provision
of this Agreement or any other Credit Document or the operation, application or effect hereof, the Secured Party, the other Beneficiaries,
or any representative or agent acting for or on behalf of the foregoing, shall not have any obligation whatsoever to exercise or
refrain from exercising any right, power, privilege or interest hereunder or to receive or claim any benefit hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.20</FONT></TD><TD STYLE="text-align: justify"><U>Waiver of Financing Statement, etc.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Pledgor hereby waives
the right to receive from the Secured Party or the other Beneficiaries a copy of any financing statement, financing change statement
or other statement or document filed or registered at any time in respect of this Agreement or any verification statement or other
statement or document issued by any registry that confirms or evidences registration of or relates to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.21</FONT></TD><TD STYLE="text-align: justify"><U>Electronic Execution</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any party may deliver
an executed signature page to this Agreement by electronic transmission and such delivery will be as effective as delivery of a
manually executed copy of the Agreement by such party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-weight: normal">6.22</FONT></TD><TD STYLE="text-align: justify"><U>Executed Copy</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Pledgor acknowledges receipt
of a fully executed copy of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Signature page follows</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">IN WITNESS WHEREOF the parties hereto have executed
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROYAL GOLD, INC.</B>, a Delaware corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Stefan Wenger</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;Stefan Wenger</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;Chief Financial Officer and Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE BANK OF NOVA SCOTIA,</B> as Secured Party</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Clement Yu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;Clement Yu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule&nbsp;A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>List of Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pledged Share Issuer</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number and Class of</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pledged Shares</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent of Pledged Shares</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Owned by Pledgor</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RGLD Gold (Canada) ULC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,801 common shares under certificate C-3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>v468504_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="text-transform: uppercase"><B>Exhibit
10.4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 127.15pt 0pt 121.05pt; text-align: center"><B>SHARE PLEDGE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.5pt 0pt 175.45pt; text-align: center">dated 2 June 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.5pt 0pt 175.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.5pt 0pt 175.45pt; text-align: center">between</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.05pt; text-align: justify"><B>Royal Gold, Inc.,</B>
a corporation organized under the laws of the State of Delaware, USA, with registered address at The Corporation Trust Company,
Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801, USA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(the &quot;<B>Pledgor</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 213.7pt 0pt 207.55pt; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.05pt; text-align: justify"><B>The Bank of Nova Scotia,</B>
a bank organized under the laws of the Canada, with registered address at 40 King Street West, 55th Floor, Toronto, Ontario, M5W
2X6, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.05pt; text-align: justify">as administrative agent,
acting in its own name and for its account, and in the name and for the account of the other Credit Parties (as defined in the
Facility Agreement, as defined herein) or in its own name but for the benefit of each of the Credit Parties, respectively</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 5.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 108.5pt; text-indent: 191.4pt; text-align: right">(the &quot;<B>Administrative
Agent</B>&quot;,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 108.5pt; text-indent: 191.4pt; text-align: right">and
together with the Pledgor and the other Credit Parties, the&quot;<B>Parties</B>&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 108.5pt; text-indent: 191.4pt; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Table of Contents</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 8%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 45%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 47%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitions and interpretation </B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pledge over Shares and Related Rights </B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking to grant a Pledge and Pledge </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future Shares</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Rights</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting Rights </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery of additional documents </B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representations and warranties </B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertakings of the Pledgor </B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Realization of the Security Assets</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting for proceeds </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation / application of proceeds </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Release of Security Assets</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reinstatement</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Role and liability of the Administrative Agent</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replacement of the Administrative Agent </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability of the Administrative Agent </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assignments and transfers</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General provisions.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes, costs and expenses</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2 </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3 </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency conversion </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire agreement.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative rights </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.6</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments and waivers </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.8</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing law and jurisdiction </B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing law</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jurisdiction </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special domicile </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Recitals</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">1)</TD><TD STYLE="text-align: justify">Pursuant to a revolving facility credit agreement dated
on or around the date of this Agreement (the &quot;<B>Facility Agreement</B>&quot;) entered into between, among others, the Pledgor
as borrower (in such capacity, the &quot;<B>Borrower</B>&quot;), the Lenders (as defined therein), The Bank of Nova Scotia, HSBC
Bank USA, National Association, Canadian Imperial Bank of Commerce as co-lead arrangers and joint bookrunners and the Administrative
Agent, the Lenders have agreed to make available to the Borrower a credit facility in the aggregate amount of USD 1,000,000,000.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">2)</TD><TD STYLE="text-align: justify">The Pledgor owns all shares in the Company (as defined
below).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">3)</TD><TD STYLE="text-align: justify">In order to satisfy certain conditions of the Facility
Agreement and in order to provide security for the Credit Parties in relation to the Borrower's obligations under the Facility
Agreement, the Pledgor has agreed to pledge 65% of the shares in the Company (as defined below) to the Credit Parties as security
for the Secured Obligations (as defined below).</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">4)</TD><TD STYLE="text-align: justify">The Administrative Agent has been duly appointed under
section 14.1 of the Facility Agreement to act as Administrative Agent and to execute and deliver, and to perform the rights and
obligations under, this Agreement (i) in relation to the Pledge (as defined below), in the name and for the account of the other
Credit Parties as their direct representative (<I>Direkter Stellvertreter</I>) and (ii) in relation to any assignment of the Subscription
Rights (as defined below), in its own name but for the benefit of each of the other Credit Parties as their agent (<I>Indirekter
Stellvertreter</I>).</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IT IS AGREED</B> as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions and interpretation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 33.4pt; text-align: justify">Unless defined otherwise
as follows, capitalized terms used in this Agreement shall have the meanings assigned to them in the Facility Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 33.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt">&quot;<B>Agreement</B>&quot; means this share
pledge agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt">&quot;<B>Borrower</B>&quot; has the meaning given to it in Recital 1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 33.4pt; text-align: justify">&quot;<B>CC</B>&quot; means
the Swiss Civil Code dated December 10, 1907, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 33.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.25pt 0pt 33.4pt; text-align: justify">&quot;<B>CO</B>&quot; means
the Swiss Code of Obligations dated March 30, 1911, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.25pt 0pt 33.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt; text-align: justify">&quot;<B>Company</B>&quot;
means RGLD Gold AG, a company incorporated under the laws of Switzerland, with registered address at Baarerstrasse 71,
6300 Zug, Switzerland (CHE- 116.020.977) and having a share capital of CHF 1,000,000 divided into 1,000 registered shares of
a par value of CHF 1,000 each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.35pt; text-align: justify">&quot;<B>Credit Parties</B>&quot;
means the Credit Parties (as defined in the Facility Agreement) and each Person who was a Lender or an Affiliate of a Lender in
connection with a Hedging Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.45pt 0pt 33.35pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.5pt 0pt 29.4pt; text-align: justify">&quot;<B>DEBA</B>&quot;
means the Swiss Federal Act on Debt Enforcement and Bankruptcy of April 11, 1889, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; text-align: justify">&quot;<B>Dividends</B>&quot;
mean all kinds of dividends related to the Shares whether in cash or in kind, e.g., in the form of additional Shares or Participation
Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 29.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 221.1pt 0pt 29.35pt; text-align: justify">&quot;<B>Effective Date</B>&quot;
means the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; text-align: justify">&quot;<B>Encumbrance</B>&quot;
means any charge, claim, condition, equitable interest, encumbrance, option, lien, pledge, security interest, right of first refusal,
or restriction of any kind, including any restriction on use, voting, transfer, receipt of income, exercise of any other attribute
of ownership or any other third party right or entitlement, other than Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 29.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 29.35pt; text-align: justify">&quot;<B>Facility Agreement</B>&quot;
has the meaning given to it in Recital 1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.55pt 0pt 29.35pt; text-align: justify">&quot;<B>FISA</B>&quot;
means the Swiss Federal Act on Intermediated Securities (<I>Bucheffektengesetz</I>) of October 3, 2008, as amended from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; text-align: justify">&quot;<B>Participation
Rights</B>&quot; means &quot;<I>Partizipationsscheine</I>&quot; and &quot;<I>Genussscheine</I>&quot; in the Company, if any, within
the meaning of article 656a et seq. CO, and article 657 CO, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.25pt 0pt 29.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.45pt 0pt 29.35pt; text-align: justify">&quot;<B>Pledge</B>&quot;
has the meaning given to it in Section 2.1 (<I>Undertaking to grant a Pledge and </I>Pledge), being a pledge pursuant to
articles 889 et seq. CC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; text-align: justify">&quot;<B>Related Rights</B>&quot;
means all moneys payable and any and all other accessory or other rights, benefits and proceeds in respect of, or derived from,
the Shares, whether present or future and whether by way of capital reduction, redemption, substitution, exchange, bonus or preference,
conversion or otherwise, including Subscription Rights<I>,</I> Dividends, option rights, liquidation proceeds upon liquidation
of the Company (if and to the extent the granting of a security interest over such related rights is permitted under statutory
law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; text-align: justify; text-indent: 0.05pt">&quot;<B>Secured
Obligations</B>&quot; means any and all present or future obligations and liabilities of the Borrower owed to the Credit Parties
under or in connection with the Credit Documents, including all interest and commissions due or to become due thereon, as well
as all costs, fees and expenses, including court or reasonable out-of-court cost and reasonable attorney's expenses arising in
connection therewith or with the protection, preservation, or realization of the Security Assets granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.25pt 0pt 29.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.3pt; text-align: justify">&quot;<B>Security Assets</B>&quot;
means all current and future assets being subject of the Security Interest, including the Shares and the Related Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.3pt; text-align: justify">&quot;<B>Security
Interest</B>&quot; means, jointly, the Pledge and, if applicable, the assignment of Subscription Rights set out in Section
2.3 (<I>Subscription Rights</I>) collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 29.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 29.3pt; text-align: justify">&quot;<B>Shares</B>&quot; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 29.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 29.3pt; text-align: justify">650 registered shares (<I>Aktien</I>) in the Company
pursuant to article 622 CO owned by the Pledgor and representing 65% of the share capital of the Company, as set out in the Schedule
(<I>Shares</I>);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 0.8in; text-align: justify; text-indent: -28.3pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 29.3pt; text-align: justify; width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 29.3pt; text-align: justify">all shares or other rights or interests whatsoever which
may substitute the Shares defined in paragraph (a) by operation of law or otherwise after the date hereof; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">any further shares, Participation Rights or other rights
that will be issued to the Pledgor by the Company after the date hereof, but limited so that at no time more than 65% of the total
voting power of all outstanding Voting Stock of the Company will be subject to the Pledge.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 61.75pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 61.75pt; text-align: justify; text-indent: -28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.3pt; text-align: justify">&quot;<B>Subscription Rights</B>&quot;
means any pre-emptive rights (<I>Bezugsrecht</I>) and any advance subscription right (<I>Vorwegzeichnungsrecht</I>) of a holder
of Shares in relation to such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 33.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 29.3pt; text-align: justify">&quot;<B>Voting Rights</B>&quot;
shall mean the voting rights and any other non-monetary shareholder rights in relation to the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>1.2</B></TD><TD STYLE="text-align: justify"><B>Interpretation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Unless a contrary indication appears, any reference
in this Agreement to:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">an &quot;<B>amendment</B>&quot; includes a supplement,
novation, restatement or re- enactment and &quot;<B>amended</B>&quot; will be construed accordingly;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">the term &quot;<B>including</B>&quot; is by way of example
and shall not limit the meaning of the words to which the example relates, to that example or examples of a similar kind; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">an agreement is a reference to that agreement as amended.
(b)&#9;Section and Schedule headings are for ease of reference only.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 82.65pt 0pt 33.4pt; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
and Schedule headings are for ease of reference only.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 82.65pt 0pt 33.4pt; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Unless a contrary indication appears, a capitalized
term used in any notice given under or in connection with this Agreement has the same meaning as defined in this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Pledge over Shares and Related Rights</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Undertaking to grant a Pledge and Pledge</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Pledgor hereby agrees to grant to the Administrative
Agent and each Credit Party (for these purposes being represented by the Administrative Agent) a first ranking pledge in the Shares
and the Related Rights (the &quot;<B>Pledge</B>&quot;), as a continuing security for the Secured Obligations, free and clear of
any Encumbrance of any nature, effective as from the Effective Date, until such time as they have been released and delivered
back in accordance with Section 7 (<I>Release of Security Assets</I>).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">To perfect the Pledge pursuant to paragraph (a) of
this Section 2.1 (<I>Undertaking to grant a Pledge and</I> Pledge<I>),</I> the Pledgor (i) hereby pledges to the Administrative
Agent and each Credit Party (for these purposes being represented by the Administrative Agent) the Shares and the Related Rights,
as a continuing security for the Secured Obligations, free and clear of any Encumbrance of any nature, effective as from the Effective
Date and (ii) shall, on the Effective Date deliver to the Administrative Agent originals of all share certificates issued representing
the existing Shares (if in registered form, duly endorsed in blank (<I>Blankoindossament</I>) and,&#9;if&#9;applicable,&#9;with&#9;complete&#9;preceding&#9;endorsements&#9;(<I>vollst&auml;ndige
Indossamentenkette</I>)).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.2pt 0pt 61.75pt; text-align: justify; text-indent: -28.3pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Future Shares</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Pledgor shall and/or shall procure that the Company
will, promptly upon the accrual, offer or issue of any future Shares to the Pledgor, deliver to the Administrative Agent the original(s)
of the certificate(s) representing all future Shares (if in registered form, duly endorsed in blank (<I>Blankoindossament</I>)).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">If future Shares are in registered form, the Pledgor
shall procure that the Company establishes or, if applicable, amends its share register (<I>Aktienbuch</I>) to evidence that the
Pledgor is registered as shareholder with respect to the future Shares and that the future Shares are subject to the Pledge.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">If future Shares are in bearer form, the Pledgor shall
procure that the Company amends its register relating to the owners of bearer shares (<I>Verzeichnis der Inhaberaktion&auml;re</I>)
evidencing that the Pledgor has complied with its notification obligations under articles 697i CO.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">The Pledgor shall procure that the Company amends
its register relating to the beneficial ownership (<I>Verzeichnis der wirtschaftlich Berechtigten</I>) evidencing that the Pledgor
has complied with its notification obligations under articles 697j CO.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>2.3</B></TD><TD STYLE="text-align: justify"><B>Subscription Rights</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">As long as no Event of Default has occurred which
is continuing, the Pledgor shall be entitled to exercise any Subscription Rights to which the Pledgor may be entitled (and which
the Pledgor, for the avoidance of doubt, has not waived), provided that all Shares acquired by the Pledgor upon exercise of Subscription
Rights are subject to the Pledge.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">The Pledgor shall notify the Administrative Agent promptly of any grant of
Subscription Rights and it undertakes to notify the Administrative Agent of any intention not to exercise Subscription Rights granted,
if any, not less than 10 days' prior to expiration of the right to exercise such Subscription Rights. In case the Pledgor does
not intend to exercise any Subscription Rights, the Pledgor shall, at the request of the Administrative Agent, assign such Subscription
Rights to the Administrative Agent. The Administrative Agent shall be entitled, but not obliged, to exercise such Subscription
Rights and hold as Security Assets all Shares issued upon such exercise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Upon the occurrence of an Event of Default which is
continuing, all rights of the Pledgor under paragraph (a) of this Section 2.3 (<I>Subscription Rights</I>) shall cease, and the
Pledgor hereby agrees to assign and assigns any Subscription Rights existing at such time free of charge to the Administrative
Agent (and for this purpose only, the Subscription Rights are released from the Pledge). The Administrative Agent, for itself
and on behalf of the Credit Parties, shall be entitled, but not obliged, to (i) exercise the Subscription Rights and hold as Security
Assets all Shares issued upon such exercise or (ii) realize the Subscription Rights pursuant to Section 6.1 (<I>Remedies</I>).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 61.7pt; text-align: justify; text-indent: -28.3pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>2.4</B></TD><TD STYLE="text-align: justify"><B>Dividends</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt; padding: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0">(a)</TD><TD STYLE="text-align: justify; padding: 0">As long as no Event of Default has occurred which
is continuing, the Pledgor shall be entitled to receive and retain all moneys payable on account of Dividends, subject always
to the terms of the Facility Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 61.7pt; text-align: justify; text-indent: -28.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Upon the occurrence of an Event of Default which is
continuing, all rights of the Pledgor with respect to Dividends shall cease, and the Administrative Agent, for itself and on behalf
of the Credit Parties, shall be entitled to receive as Security Asset all moneys payable on account of Dividends, including Dividends
that were approved and became due but have not been paid out prior to the occurrence of the Event of Default.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>2.5</B></TD><TD STYLE="text-align: justify"><B>Voting Rights</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">As long as no Event of Default has occurred which
is continuing, the Pledgor shall be entitled to exercise all Voting Rights, provided that it shall not exercise any such Voting
Rights in a manner which would prejudice the interests of the Credit Parties under this Agreement, in any manner which is inconsistent
with the terms or purposes of this Agreement, or which could reasonably be expected to have a Material Adverse Effect (as defined
in the Facility Agreement).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Upon the occurrence of an Event of Default which is
continuing, the Administrative Agent shall have the right to exercise the Voting Rights on behalf of the Pledgor without notice
to the Pledgor. For this purpose, the Pledgor hereby grants the Administrative Agent a power of attorney to exercise the Voting
Rights at any shareholders' meeting of the Company held following the occurrence and during the continuance of an Event of Default.
Furthermore, the Pledor shall (i) timely execute any and all powers of attorney in favor of the Administrative Agent as may be
requested from time to time by the Administrative Agent to be issued separately from the power of attorney granted herein and
(ii) do all acts and things and permit all acts and things to be done which are necessary for the Administrative Agent to exercise
the Voting Rights following the occurrence and during the continuance of an Event of Default.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Delivery of additional documents</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Pledgor shall deliver to the Administrative Agent
the following documents on the Effective Date (unless already provided under the Facility Agreement):</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 59.85pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">the original of an up-to-date certified excerpt from
the commercial register (<I>Handelsregister</I>) relating to the Company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">the original of a certified copy of the current articles
of association (<I>Statuten</I>) of the Company, containing no restriction on the transfer of Shares; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">a copy of the share register of the Company evidencing
the ownership of the Shares by the Pledgor and reflecting the existence of the Pledge for the benefit of the Administrative Agent
and the Credit Parties, duly signed on behalf of the board of directors of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 90.15pt; text-align: justify; text-indent: -28.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 90.15pt; text-align: justify; text-indent: -28.45pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The originals of the share certificates issued representing
the existing Shares shall be delivered to the Administrative Agent in accordance with Section 2.1(b). The Administrative Agent
shall confirm its receipt of the originals of the share certificates in writing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 90.15pt; text-align: justify; text-indent: -28.45pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Representations and warranties</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 29.35pt; padding-left: 0; text-align: justify">In addition to and without
prejudice to any representations and warranties given by the Pledgor under the Facility Agreement, the Pledgor represents and
warrants to the Administrative Agent on the Effective Date and during the term of this Agreement that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 29.35pt; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">the Company is validly incorporated and existing under
the laws of Switzerland, is duly qualified to do business in each jurisdiction where failure to do so would reasonably be expected
to have a Material Adverse Effect, has full power and authority and holds all requisite governmental licenses, permits and other
approvals to own and hold under lease its property and to conduct its business substantially as currently conducted by it;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">the Shares are validly issued by the Company and are
fully paid up and non- assessable (i.e., there are no further payment obligations by holders of Shares towards the Company) and
they represent 65% of the share capital of the Company (subject to any amendment of the share capital made after the Effective
Date and made in compliance with this Agreement and the Facility Agreement) owned by the Pledgor;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">other than the share certificates delivered by it to
the Administrative Agent, no other share certificates have been issued for the Shares (subject to any share certificates that
have been cancelled on or prior to the Effective Date and/or issued after the Effective Date in compliance with this Agreement
and the Facility Agreement);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">the Pledgor is the legal and beneficial owner of the
Shares, free and clear of any Encumbrance of any nature (except for the Pledge to be perfected by such delivery), and the Pledgor
has full power and authority to grant the Security Interest to the Administrative Agent;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">it is the sole legal and beneficial owner of the Security
Assets, free and clear of any Encumbrance of any nature (except for the Security Interest), as of the date hereof has not assigned,
transferred or otherwise disposed of any of its rights, title and interest in the Security Assets and has the unlimited right
of disposal over the Security Assets, and the Security Assets are assignable and no pre-emption rights and, in case of registered
Shares, subject to the definite registration of the amendment of the articles of association as registered in the daily register
of the commercial register of the Canton of Zug on May 31, 2017, no transfer restrictions (<I>Vinkulierung</I>) exist with regard
to the Shares;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">the granting of a power of attorney for the exercise
of voting rights pertaining to the Shares to the Administrative Agent as set out in paragraph (b) of Section 2.5 (<I>Voting Rights</I>)
is permissible and does, in particular, not contravene the articles of association of the Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 61.7pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">the notification obligations under article 697j CO are not applicable to
it as a result of not having effected any transactions triggering such notification requirements since article 697j CO has entered
into force;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify; padding-right: 9.35pt">the documents referred to in Section 3 (<I>Delivery of additional documents</I>)
are accurate, complete and up-to-date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">the Shares do not constitute intermediated securities
pursuant to the FISA; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">the obligations of the Pledgor under this Agreement are legal, valid, binding
obligations and enforceable against it in accordance with their terms, except to the extent that the enforceability thereof may
be limited by applicable bankruptcy, insolvency, moratorium, reorganization and other laws of general application limiting the
enforcement of creditors&rsquo; rights generally, and subject to the physical delivery of the originals of the share certificates
representing the Shares to the Administrative Agent, duly endorsed in blank (<I>Blankoindossament</I>), this Agreement constitutes
an effective, enforceable and validly perfected first ranking Security Interest over the Security Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Undertakings of the Pledgor</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.45pt 0pt 29.35pt">The Pledgor covenants and agrees, at all times
from the Effective Date and during the term of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.45pt 0pt 33.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(a)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">to procure that no resolution of the Pledgor or the Company is passed and
not to take any action that would (i) limit the granting of a power of attorney for the exercise of the Voting Rights to other
shareholders of the Company or (ii) make the Shares subject to any requirement of the approval of the board of directors of the
Company to the transfer of Shares (<I>Vinkulierung</I>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">not to deposit or register the Shares with SIX SIS AG or any other depository
to the effect that they become intermediated securities (<I>Bucheffekten</I>) pursuant to the FISA;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">to provide the Administrative Agent with all documents, notices, requests
or other written information relating to the Security Assets, which could (or provide information about the occurrence of circumstances
that could) (i) adversely affect the validity or enforceability of the Security Interest created (or to be created) under this
Agreement or (ii) reasonably be expected to result in a Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">from time to time at its own expense, to promptly execute and deliver all
further documents, and take all further action, and provide the Administrative Agent with all information, requests or other communication
relating to the Security Assets that the Administrative Agent reasonably determines are necessary for the purpose of the creation,
perfection, protection, maintenance or realization of the Security Interest or to enable the Administrative Agent to exercise and
enforce its rights and remedies hereunder with respect to any Security Asset; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">upon the Administrative Agent being entitled to act pursuant to Section
                                                                 6.1 (<I>Remedies</I>), to do all acts and things in its control, and procure that all acts and things be done, which are
                                                                 necessary to properly effect the realization of the Security Assets, in particular, to properly effect any transfer of the
                                                                 Shares to a new owner, free of any Encumbrance
of any nature on any of the Security Assets so transferred, and to procure the board of directors of the Company to approve the
registration in the share register of the Company of any future acquirer of any of the Shares as shareholder with voting rights
with respect to the relevant Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.2pt 0pt 61.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Realization of the Security Assets</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>6.1</B></TD><TD STYLE="text-align: justify"><B>Remedies</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">In accordance with the requirements of the Facility Agreement,
upon the occurrence of an Event of Default which is continuing, the Administrative Agent shall be entitled, but not obliged, without
any further prior notice or communication to the Pledgor (except where such notice or communication is mandatory under applicable
law), to enforce the Security Interest by:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.7pt"></TD><TD STYLE="width: 28.45pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 0; padding-top: 0; padding-left: 0; text-indent: 0">initiating enforcement proceedings with respect to the Security Assets, i.e.
a formal enforcement in the Security Assets (<I>Betreibung auf Pfandverwertung</I>) pursuant to any applicable official Swiss enforcement
procedure, including the DEBA; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.7pt"></TD><TD STYLE="width: 28.45pt">(ii)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">realizing the Security Assets in full or in part through private sale (<I>private
Verwertung</I>), a voluntary public auction pursuant to article 229 CO (<I>freiwillige Versteigerung</I>) and/or acquisition of
full ownership and/or entitlement of the Security Assets for the Administrative Agent's account (<I>Selbsteintritt;</I> for cash
consideration equal to the fair market value of the Security Assets, such fair market value to be equal to the value computed by
an independent expert using a valuation methodology generally recognized as standard market practice for the valuation of shares),
in each case and to the extent permitted by law without having to initiate proceedings under, and without regard to the formalities
provided in, the DEBA, and applying the proceeds thereof to the discharge of the Secured Obligations. For this purpose, the Administrative
Agent shall be entitled to execute such third-party notifications as it deems necessary for the realization of the Security Assets
and, in particular, to notify or request the Pledgor to notify (who hereby undertakes to do so), the Company and to give the Company
appropriate instructions, in particular, to register any acquirer of the Shares who acquires the Shares in the course of enforcement
in the share register as shareholder with voting rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing and notwithstanding the
provisions of article 41 DEBA, the Administrative Agent shall be entitled to institute or pursue the enforcement of the Secured
Obligations pursuant to regular debt enforcement proceedings against the Pledgor without having first to institute proceedings
for the enforcement of the Security Interest (<I>Ausschluss des beneficium excussionis realis</I>).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify; padding-right: 9.3pt">The Parties agree in advance that a sale according to article 130 DEBA (<I>Freihandverkauf</I>)
shall be admissible.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(d)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">The Administrative Agent shall, upon the occurrence of an Event of Default
which is continuing, have full discretion as to manner, time and place of enforcement of the Security Interest, except that it
shall enforce the Security Interest in such manner as the Majority Lenders shall instruct.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(e)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">The Administrative Agent may act as Administrative Agent, contracting in
its own name and on its own account and in the name and for the account of the other Credit Parties (as their direct representative)
as well as in its own name for the account of the other Credit Parties (as their indirect representative) or of third parties in
private or official enforcement proceedings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(f)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">References to provisions of DEBA shall be construed to be references to applicable
equivalent provisions in the bankruptcy and/or insolvency laws applicable to the Pledgor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>6.2</B></TD><TD STYLE="text-align: justify"><B>Accounting for proceeds</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; text-align: justify">After the sale or other
disposal of the Security Assets outside of official enforcement proceedings, the Administrative Agent shall account for the sale
and, provided that all Secured Obligations have been discharged in full and no further Secured Obligations are capable of arising,
any surplus of the sale or disposal shall be transferred to the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>6.3</B></TD><TD STYLE="text-align: justify"><B>Allocation / application of proceeds</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; text-align: justify">Any and all proceeds received
by the Administrative Agent in connection with the Security Assets shall, be applied to the discharge of the Secured Obligations
which are due and payable in the respective amount and in accordance with the provisions of the Facility Agreement. If any of the
Secured Obligations are not due at the time when enforcement proceeds are received, the Administrative Agent is entitled to retain
such proceeds until all Secured Obligations are fully discharged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Release of Security Assets</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(a)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">The Security Assets or, in case of realization of the Security Interest,
the remainder thereof, shall be released and returned to the Pledgor if and when all Secured Obligations have been discharged in
full and no further Secured Obligations are capable of arising. The relevant Security Assets or, in case of an enforcement of the
Security Interest, the remainder thereof, shall be released, and the Administrative Agent agrees to deliver, for itself and on
behalf of the Credit Parties, the original(s) of share certificate(s) then held by it back to the Pledgor. The Administrative Agent
agrees to reassign all Subscription Rights assigned to it (if any) with effect at such time when it delivers the share certificates
evidencing the Shares back to the Pledgor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.35pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">(b)</TD><TD STYLE="text-align: justify; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">The Administrative Agent shall not make and shall not be deemed to have made
any representation or warranty, whether express or implied, with respect to any Security Assets so released, except that any such
Security Assets shall be released to the Pledgor free and clear of Encumbrances, if any, granted by the Administrative Agent.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Reinstatement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.4pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 28.3pt; padding: 0; text-indent: 0">(a)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">If any payment received by the Administrative Agent and a Credit Party in
respect of Secured Obligations, whereupon Security Assets (or any part thereof) were released, is avoided or reduced as a result
of insolvency or otherwise:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.7pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 28.45pt; padding: 0; text-indent: 0">(i)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">this Agreement, the liability of the Pledgor and the Security Interest expressed
to be created under this Agreement shall be re-instated and continue as if the payment, release, avoidance or reduction had not
occurred; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.7pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 28.45pt; padding: 0; text-indent: 0">(ii)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">the Pledgor shall return and deliver (as the case may be) to the Administrative
Agent, on behalf of the Credit Parties, any Security Assets, including, for the avoidance of doubt, any proceeds from the disposal
of and any other substitutes for the Security Assets, as if the repayment, release, avoidance or reduction had not occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.45pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"></TD><TD STYLE="width: 28.3pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">(b)</TD><TD STYLE="text-align: justify; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">In addition, the Security Interest shall not be affected in any way by any
intermediate discharge of any but not all of the Secured Obligations and/or by an amendment, transfer (including by way of novation,
if applicable), extension, compromise or release of any or all of the Secured Obligations or of any other security interest from
time to time. To the extent mandatory law applicable to this Agreement works to the effect that the Security Interest would not
be a continuing security by operation of any such act, the Pledgor agrees that the Security Interest created hereunder is, to the
extent required, reinstated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Role and liability of the Administrative Agent</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Appointment</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; text-align: justify">In
connection with the Security Interest, the Administrative Agent is appointed to act (i) with respect to the Pledge, for itself
and as a direct representative (<I>direkter Stellvertreter</I>), acting in the name and on behalf of the Credit Parties and (ii)
with respect to the assignment of Subscription Rights set out in paragraphs (b) and (c) of Section 2.3 (<I>Subscription Rights</I>),
for itself and as an indirect representative (<I>indirekter Stellvertreter</I>), acting in its own name but for the account of
the Credit Parties. In particular, each Credit Party has authorized the Administrative Agent to take such actions as agent on its
behalf and to exercise such powers under the Credit Documents as are delegated to the Administrative Agent by such Credit Party
by the terms hereof, together with such powers as are reasonably incidental thereto all in accordance with section 14.1 of the
Facility Agreement. The Pledgor acknowledges such rights and powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>9.2</B></TD><TD STYLE="text-align: justify"><B>Replacement of the Administrative Agent</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.35pt; text-align: justify">The provisions of section
14.12 of the Facility Agreement shall apply to the replacement of the Administrative Agent. If a successor to the Administrative
Agent is appointed, all rights and obligations of the retiring Administrative Agent shall be deemed to be transferred by way of
transfer of the entire contractual relationship of this Agreement (<I>Vertrags&uuml;bernahme</I>) to the successor Administrative
Agent and the retiring Administrative Agent shall be discharged from any further obligations under this Agreement and its successor
and each of the Parties shall have the same rights and obligations amongst themselves as they would have had if such successor
had been an original Party to this Agreement. For the avoidance of doubt, if such replacement Administrative Agent is appointed
pursuant to the terms of 14.12 of the Facility Agreement, the Pledgor herewith agrees to accept such replacement and to accept
the successor as new Administrative Agent under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.25pt 0pt 33.4pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.2pt 0pt 33.4pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>9.3</B></TD><TD STYLE="text-align: justify"><B>Liability of the Administrative Agent</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt; text-align: justify">The Administrative Agent
shall have no duty or liability to collect any sum due, or to protect or preserve any rights, in respect of the Shares other than
exercising reasonable care to ensure the safe custody of the original certificates representing Shares delivered to it under this
Agreement, and it shall be released from any liability whatsoever upon returning these certificates to the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Assignments and transfers</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.45pt"></TD><TD STYLE="width: 28.3pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 9.4pt">The Pledgor shall not be entitled to assign or transfer rights, benefits
and obligations under this Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 33.45pt"></TD><TD STYLE="width: 28.3pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 33.45pt"></TD><TD STYLE="width: 28.3pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">Each Assenting Lender or Purchasing Lender which has
become a party to the Facility Agreement in accordance with section 8.3 or section 15.5(c), respectively, of the Facility Agreement
shall, by way of a transfer of a contractual position (<I>Vertrags&uuml;bernahme</I>), automatically become a party (<I>Vertragspartei</I>)
to this Agreement, and thereby assume all rights and obligations of a Credit Party as if it would have been an original Party
hereto, to the extent that a Lender has transferred all or parts of its rights and obligations under the Facility Agreement to
that proposed additional Lender. With such accession hereto, each Assenting Lender and Purchasing Lender automatically accepts
its representation by the Administrative Agent pursuant to Section 9.1 (<I>Appointment</I>). In case of a complete transfer of
all of a transferring Lender's rights, benefits and obligations to a Assenting Lender or Purchasing Lender in accordance with
sections 8.3 and 15.5(c) of the Facility Agreement, that transferring Lender shall cease to be a party to this Agreement. For
the avoidance of doubt, the Pledgor herewith agrees to accept, and undertakes to timely do all acts and things and permit all
acts and things to be done which are necessary to give effect to, such a transfer of a contractual position (<I>Vertrags&uuml;bernahme</I>).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>General provisions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>11.1</B></TD><TD STYLE="text-align: justify"><B>Taxes, costs and expenses</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt; text-align: justify">All taxes, reasonable costs
and expenses (including legal, audit, valuation) arising out of or in connection with the perfection, maintenance, protection,
enforcement and release of the Security Interest respectively the Security Assets under this Agreement or the exercise of any of
the Administrative Agent's or the Credit Party's rights granted under this Agreement shall be borne by the Pledgor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 33.35pt; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>11.2</B></TD><TD STYLE="text-align: justify"><B>Notices</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 33.4pt; text-align: justify">All notices or other
communications to be given under or in connection with this Agreement shall be made in accordance with section 15.1 of the
Facility Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>11.3</B></TD><TD STYLE="text-align: justify"><B>Currency conversion</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt; text-align: justify">For the purpose of or pending
the discharge of any of the Secured Obligation, the Administrative Agent or any other Credit Party may convert any money received,
recovered or realized or subject to application by it under this Agreement from one currency to another, as the Administrative
Agent or the relevant Credit Party considers reasonably appropriate. Any such conversion shall be effected at the Administrative
Agent's or such Credit Party spot rate of exchange for the time being for obtaining such other currency with the first currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>11.4</B></TD><TD STYLE="text-align: justify"><B>Entire agreement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt; text-align: justify">This Agreement, including
the Schedule and any other documents referred to herein, constitute the entire agreement and understanding among the Parties with
respect to the subject matter hereof, and shall supersede all prior oral and written agreements or understandings of the Parties
relating hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>11.5</B></TD><TD STYLE="text-align: justify"><B>Cumulative rights</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 33.4pt; text-align: justify">The Security Interest constituted
by this Agreement and the right relating thereto shall be cumulative, in addition to, and independent of, every other security
which the Administrative Agent or any other Credit Party may at any time hold for the Secured Obligations or any rights, powers
and remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>11.6</B></TD><TD STYLE="text-align: justify"><B>Amendments and waivers</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.45pt"></TD><TD STYLE="width: 28.3pt">(a)</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">This Agreement may only be modified or amended by a document signed by the
Pledgor and the Administrative Agent (acting also on behalf of the other Credit Parties). Any provision contained in this Agreement
may only be waived by a document signed by the party waiving such provision.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 33.45pt"></TD><TD STYLE="width: 28.3pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">No failure or delay on the part of the Administrative
Agent or any other Credit Party in exercising any power or right under this Agreement shall operate as a waiver thereof, nor shall
any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any
other power or right.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>11.7</B></TD><TD STYLE="text-align: justify"><B>Severability</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt; text-align: justify">Should any part or provision
of this Agreement be held to be invalid or unenforceable by any competent arbitral tribunal, court, governmental or administrative
authority having jurisdiction, the other provisions of this Agreement shall nonetheless remain valid. In this case, the Parties
hereto shall negotiate in good faith a substitute provision that best reflects the economic intentions of the Parties without being
unenforceable, and shall execute all agreements and documents required in this connection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 33.45pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>11.8</B></TD><TD STYLE="text-align: justify"><B>Counterparts</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.4pt; text-align: justify">This Agreement (or any amendment
thereof) may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were
on a single copy of this Agreement (or the relevant amendment thereof). Delivery of an executed counterpart of a signature page
to this Agreement (or any amendment thereof) by facsimile or other electronic transmission shall be effective as delivery of manually
executed counterpart of this Agreement (or the relevant amendment thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Governing law and jurisdiction</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>12.1</B></TD><TD STYLE="text-align: justify"><B>Governing law</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.45pt; text-align: justify">This Agreement shall in
all respects, including all the rights <I>in rem</I> aspects, be governed by and construed in accordance with the substantive laws
of Switzerland (i.e. with the exception of the collision rules of Swiss international private law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>12.2</B></TD><TD STYLE="text-align: justify"><B>Jurisdiction</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 33.45pt"></TD><TD STYLE="width: 28.3pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">All disputes arising out of or in connection with this
Agreement, including disputes on its conclusion, binding effect, amendment and termination, shall be resolved by the competent
courts of Zurich (city district 1), Switzerland.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 61.75pt; text-align: justify; text-indent: -28.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 33.45pt"></TD><TD STYLE="width: 28.3pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">The Administrative Agent and the other Credit Parties
shall have in addition the right to institute legal proceedings against the Pledgor before any other competent court, in which
case Swiss law shall nevertheless be applicable as provided in Section 12.1 (<I>Governing law</I>).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 29.35pt; text-align: left"><B>12.3</B></TD><TD STYLE="text-align: justify"><B>Special domicile</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.5pt 0pt 33.4pt; text-align: justify">The Pledgor elects Zurich
(city district 1) as its special domicile pursuant to article 50 paragraph 2 DEBA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.7pt 0pt 168.7pt; text-align: center"><I>signature page follow</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.7pt 0pt 168.7pt; text-align: center"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt; text-indent: -5.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C0C0C"><B>Royal Gold</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #414141">,</FONT></B><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C0C0C">Inc.</FONT></B></TD>
    <TD STYLE="width: 65%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">/s/ Stefan Wenger </TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1D1D1D">Name</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5B5B5B">:</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2D2D2D">Stefan Wenge</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C0C0C">r </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt; text-indent: -5.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt; text-indent: -5.1pt"><FONT STYLE="color: #0C0C0C">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>The
    Bank of Nova Scotia</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black">/s/ Clement Yu </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Clement Yu</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 65%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Director</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 0; text-align: right">Execution version</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 171.1pt 0pt 178.95pt; text-align: center"><B>Schedule: Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #DADADA">
    <TD STYLE="width: 16%; border: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt"><B>Type</B></P></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt"><B>Certificate number</B></P></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt"><B>Share number(s)</B></P></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Total nominal value (in CHF)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt">Registered</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 48.95pt; text-align: center">2</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.95pt"><B>351 &ndash; 1,000</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.35pt 0pt 0; text-align: right"><B>650,000</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt">Total</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.35pt 0pt 0; text-align: right"><B>650,000</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>v468504_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Royal Gold
Expands Revolving Credit Facility and Pays Down another $50 million of Debt</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>DENVER, COLORADO.
JUNE 2, 2017:&nbsp; ROYAL GOLD, INC. (NASDAQ:RGLD) </B></FONT>(<FONT STYLE="font-size: 10pt">together with its subsidiaries, &ldquo;Royal
Gold&rdquo; or &ldquo;Company&rdquo;) today announced that it entered into a new $1 billion, 5-year revolving credit facility (&ldquo;New
Credit Facility&rdquo;) with a final maturity in June 2022. The New Credit Facility replaces Royal Gold&rsquo;s prior $650 million
credit facility (&ldquo;Prior Credit Facility&rdquo;) that was set to mature in March 2021. Royal Gold repaid the Prior Credit
Facility using a combination of cash on hand of $50 million and a borrowing under the New Credit Facility of $250 million, leaving&nbsp;$750
million of availability under the New Credit Facility. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;Royal Gold currently has no additional
capital commitments, and all cash going forward will be available for acquisitions, debt reduction and dividends. Over the last
90 days, we have paid down $95 million in debt, including the $50 million announced today,&rdquo; Tony Jensen, President and CEO
commented. &ldquo;It is also prudent to always be prepared for future opportunities. We continually evaluate our capital structure,
and this expanded credit facility reflects a company of our size. We genuinely appreciate the strong financial support from our
expanded banking syndicate.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The New Credit Facility has been entered into
by Royal Gold as borrower, a wholly-owned subsidiary of Royal Gold as guarantor, and the Bank of Nova Scotia (&ldquo;BNS&rdquo;),
HSBC Bank USA, National Association (&ldquo;HSBC&rdquo;), Canadian Imperial Bank of Commerce (&ldquo;CIBC&rdquo;), Bank of America,
N.A., Goldman Sachs Bank USA, The Bank of Montreal, National Bank Financial, and Royal Bank of Canada, as lenders. Agents under
the New Credit Facility include BNS, HSBC and CIBC as Co-Lead Arrangers and Joint Bookrunners, BNS as Administrative Agent, HSBC
as Syndication Agent and CIBC as Documentation Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The New Credit Facility includes an accordion
of up to $250 million, which, subject to satisfaction of certain conditions, allows the Company to increase the aggregate commitments
under the facility to $1.25 billion. The Company will incur commitment fees on undrawn capacity at annual rates ranging from 0.25%
to 0.55% when the Company&rsquo;s leverage ratio is below specified levels. The interest rate range for drawn borrowings in the
New Credit Facility is substantially similar to the Prior Credit Facility, and is specified in more detail in the Company&rsquo;s
8-K filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Royal Gold</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Royal Gold is a precious metals stream and
royalty company engaged in the acquisition and management of precious metal streams, royalties, and similar production based interests.&nbsp;
The Company owns interests on 194 properties on six continents, including interests on 38 producing mines and 22 development stage
projects. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol &ldquo;RGLD.&rdquo; The Company&rsquo;s
website is located at <U>www.royalgold.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For further information, please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Karli Anderson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vice President Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(303) 575-6517</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TYPE>EX-99.2
<SEQUENCE>7
<FILENAME>v468504_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Royal Gold
Announces Peak Gold Resource Estimate </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>DENVER, COLORADO.
JUNE 2, 2017:&nbsp; ROYAL GOLD, INC. (NASDAQ:RGLD) </B></FONT>(<FONT STYLE="font-size: 10pt">together with its subsidiaries, &ldquo;Royal
Gold&rdquo; or the &ldquo;Company&rdquo;) is pleased to report that the Peak Gold joint venture (&ldquo;Peak Gold&rdquo;), of which
our Royal Alaska subsidiary is a party, completed an estimate of mineralized material<SUP>1</SUP> at the Peak and North Peak
deposits located near Tok, Alaska. The estimate of measured and indicated resources<SUP>2</SUP> contained within mineralized
material at a $1,400 per ounce gold pit shell consists of 11.3 million tonnes grading 3.46 grams per tonne (&ldquo;gpt&rdquo;)
gold, 14.09 gpt silver, and 0.16% copper.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;These initial results are a great start
and Peak Gold has identified several additional targets that will be pursued over the balance of the year.&rdquo; commented Tony
Jensen, President and CEO of Royal Gold. &ldquo;We are encouraged by the robust grade and near surface characteristics of the deposits,
which are located just a few miles from the intersection of Alaska Highways 1 and 2. We already own a royalty on the project and
we will continue to focus on opportunities in the future aligned with our core business model. Peak Gold is progressing as we had
hoped it would to this point, and we have appreciated an excellent working relationship with our host community of the Native Village
of Tetlin and our joint venture partner, Contango ORE, Inc.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The measured and indicated resources were calculated
with resource cones at a gold price of $1,200 per ounce with a cut-off grade of 0.5 grams per tonne and at $1,400 gold with a cut-off
grade of 0.43 grams per tonne.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Measured and Indicated within $1200/oz Gold
Pit Shell at a 0.50 g/t AuEq Cut-off Grade</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Grade &gt; Cut-off</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Contained Metal</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tonnage(kt)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Au(g/t)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Ag(g/t)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Cu(%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Au(koz)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Ag(koz)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Cu(Mlbs)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 16%; font-weight: bold">Measured</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-weight: bold; text-align: right">484</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6.25</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">16.73</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">97.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">260.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Indicated</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,117</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,142.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,573.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">M&amp;I</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,601</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.64</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,239.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,833.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 10pt">The U.S. Securities and Exchange Commission does not recognize this term. Mineralized material is
that part of a mineral system that has potential economic significance but cannot be included in the proven and probable ore reserve
estimates until further drilling and metallurgical work is completed, and until other economic and technical feasibility factors
based upon such work have been resolved. Investors are cautioned not to assume that any part or all of the mineral deposits in
this category will ever be converted into reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-size: 10pt">The terms measured and indicated resource are not&nbsp;SEC&nbsp;recognized terms. Estimates of resources
are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will
eventually convert to future reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Measured and Indicated within $1400/oz Gold
Pit Shell at a 0.43 g/t AuEq Cut-off Grade</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Grade &gt; Cut-off</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Contained Metal</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tonnage(kt)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Au(g/t)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Ag(g/t)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Cu(%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Au(koz)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Ag(koz)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Cu(Mlbs)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 16%; font-weight: bold">Measured</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-weight: bold; text-align: right">486</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6.22</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">16.65</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">97.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">260.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Indicated</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,808</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,159.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,854.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">M&amp;I</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,294</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,256.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,114.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Equivalent Gold = Au + 0.0122 x Ag</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineralized material, of which measured and
indicated resources are a subset<SUP>3</SUP>, at various cutoff grades are show below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Grade &gt; Cut-off</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Contained Metal</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Cut-off </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(g/t AuEq)</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tonnage(kt)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Au(g/t)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Ag(g/t)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Cu(%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Au(koz)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Ag(koz)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Cu(Mlbs)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-weight: bold; text-align: right">0.30</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-weight: bold; text-align: right">18,142</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2.62</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">13.64</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,526</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">7,957</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">61</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.40</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,730</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.81</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,656</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.50</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,650</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,502</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,387</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.60</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,702</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.70</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,883</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,864</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.80</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,110</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.90</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">12,378</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1.00</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,663</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,053</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Equivalent Gold = Au + 0.0122 x Ag</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Peak Gold</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Peak Gold, LLC is a joint venture between Royal
Alaska, LLC (&quot;Royal Alaska&quot;), a wholly-owned subsidiary of Royal Gold, and Contango ORE, Inc. (&ldquo;Contango Ore&rdquo;).
Peak Gold holds a 675,000 acre lease with the Native Village of Tetlin and an additional 168,200 acres of State of Alaska mining
claims, all located near Tok, Alaska, on which Peak Gold explores for minerals. Royal Alaska has the right to earn up to a 40%
membership interest in Peak Gold by making total contributions of up to $30.0 million to Peak Gold by October 31, 2018. As of March
31, 2017, Royal Alaska contributed approximately $20.0 million to Peak Gold and held a 24.9% membership interest in the joint venture.
Once Royal Alaska has earned a 40% interest in the joint venture, Royal Alaska will have the additional right to require Contango
Ore to sell up to 20% of its interest in Peak Gold in a sale of Royal Alaska&rsquo;s entire 40% interest to a bona fide third party
purchaser. Royal Gold also holds a 3.0% net smelter return (&ldquo;NSR&rdquo;) royalty over the area of the Tetlin lease and certain
State of Alaska mining claims and a 2.0% NSR royalty over certain other State of Alaska mining claims held by Peak Gold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
<FONT STYLE="font-size: 10pt">The quantity and grade of Inferred Resources included in this estimation are uncertain in nature
and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and
it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Royal Gold</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Royal Gold is a precious metals stream and
royalty company engaged in the acquisition and management of precious metal streams, royalties, and similar production based interests.&nbsp;
The Company owns interests on 194 properties on six continents, including interests on 38 producing mines and 22 development stage
projects. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol &ldquo;RGLD.&rdquo; The Company&rsquo;s
website is located at www.royalgold.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Cautionary &ldquo;Safe Harbor&rdquo; Statement
Under the Private Securities Litigation Reform Act of 1995:</B> With the exception of historical matters, the matters discussed
in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ
materially from projections or estimates contained herein. Such forward-looking statements include estimates of mineralized material
and measured and indicated resources provided by the Peak Gold joint venture. Net gold and metal resources are subject to certain
assumptions and do not reflect actual ounces that will be produced. Like any stream, royalty or similar interest on a non-producing
or not-yet-in-development project, our interests on development projects are subject to certain risks, such as the ability of operators
to bring projects into production and operate in accordance with feasibility studies, and the ability of Royal Gold to make accurate
assumptions regarding production and operating parameters, valuation and timing and amount of payments. Factors that could cause
actual results to differ materially include, among others, precious metals and copper prices; the ability of operators of development
properties to finance project construction to completion and bring projects into production as expected; operators&rsquo; delays
in securing or inability to secure necessary governmental permits; decisions and activities of the operators of the Company&rsquo;s
stream and royalty properties; unanticipated grade, environmental, geological, seismic, metallurgical, processing, liquidity or
other problems the operators of the mining properties may encounter; completion of feasibility studies; changes in operators&rsquo;
project parameters as plans continue to be refined; changes in estimates of reserves and mineralization by the operators of the
Company&rsquo;s stream and royalty properties; contests to the Company&rsquo;s stream and royalty interests and title and other
defects to the Company&rsquo;s stream and royalty properties; errors or disputes in calculating stream deliveries and royalty payments,
or deliveries and payments not made in accordance with stream and royalty agreements; economic and market conditions; risks associated
with conducting business in foreign countries; changes in laws governing the Company and its stream and royalty properties or the
operators of such properties; and other subsequent events; as well as other factors described in the Company&rsquo;s Annual Report
on Form 10-K, Quarterly Report on Form 10-Q, and other filings with the Securities and Exchange Commission. Most of these factors
are beyond the Company&rsquo;s ability to predict or control. The Company disclaims any obligation to update any forward-looking
statement made herein. Readers are cautioned not to put undue reliance on forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For further information, please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Karli Anderson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vice President Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(303) 575-6517</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
