<SEC-DOCUMENT>0001279569-19-000779.txt : 20190401
<SEC-HEADER>0001279569-19-000779.hdr.sgml : 20190401
<ACCEPTANCE-DATETIME>20190401151202
ACCESSION NUMBER:		0001279569-19-000779
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190401
FILED AS OF DATE:		20190401
DATE AS OF CHANGE:		20190401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		19720281

	BUSINESS ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		(416) 324-6000

	MAIL ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>newgold6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>Form
6-K</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For the month of April 2019.</P>

<P STYLE="margin: 0">Commission File Number 001-31722</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: center; color: Red"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>New
Gold Inc.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 3510 &ndash; 181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Toronto, Ontario M5J 2T3</P>

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



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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">(Address of principal executive office)</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form 20-F
&#9744;&nbsp;Form 40-F &#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note</B>:
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual
report to security holders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT>&#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note:
</B>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules
of the home country exchange on which the registrant&rsquo;s securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the registrant&rsquo;s security holders, and, if discussing
a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DOCUMENTS
FILED AS PART OF THIS FORM 6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><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%">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT></td>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: bottom"><A HREF="ex991.htm">99.1</A></td>
    <TD>&nbsp;</TD>
    <TD><A HREF="ex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Credit
    Agreement</FONT></A></TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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, thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><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%">
<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">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEW GOLD INC.</B></FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 6%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 37%; border-bottom: black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/
    Lisa Damiani</I></FONT></td>
    <td style="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;April 1,
    2019</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lisa Damiani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">General Counsel, Executive Vice President, Government
Relations and Corporate Secretary</P>



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>AMENDED AND RESTATED CREDIT AGREEMENT
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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



<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">NEW GOLD INC.<BR>
<I>as Borrower</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">and</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">THE BANK OF NOVA SCOTIA AND RBC
CAPITAL MARKETS<BR>
<I>as Co-Lead Arrangers and Joint Book Runners</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">and</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">THE BANK OF NOVA SCOTIA<BR>
<I>as Administrative Agent</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">and</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">ROYAL BANK OF CANADA<BR>
<I>as Syndication Agent</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">and</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">JPMORGAN CHASE BANK, N.A., THE TORONTO-DOMINION
BANK<BR>
and CANADIAN IMPERIAL BANK OF COMMERCE<BR>
<I>as Co-Documentation Agents</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">and</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">THE BANK OF NOVA SCOTIA, ROYAL BANK
OF CANADA,<BR>
JPMORGAN CHASE BANK, N.A., <FONT STYLE="text-transform: uppercase">The Toronto-Dominion Bank,</FONT><BR>
<FONT STYLE="text-transform: uppercase">Canadian Imperial Bank of Commerce, Bank of Montreal, </FONT><BR>
<FONT STYLE="text-transform: uppercase">Export Development Canada </FONT>and <FONT STYLE="text-transform: uppercase">BANK OF AMERICA,
N.A., CANADA BRANCH</FONT><BR>
<I>as Lenders</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><I></I><BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 4.5pt double; border-bottom: Black 4.5pt double; font: 12pt Times New Roman, Times, Serif; padding-top: 14pt; padding-bottom: 14pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>AMENDED AND RESTATED </B></FONT><BR>
<FONT STYLE="font-size: 11pt"><B>CREDIT AGREEMENT</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Dated as of October 30, 2018</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><IMG SRC="fasken_logo.jpg" ALT=""></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Fasken Martineau DuMoulin LLP<BR>
Toronto, Ontario</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt 5.75pt; text-align: right"><B>Page</B></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold; text-align: left; vertical-align: middle"><FONT STYLE="font-size: 11pt">Article&nbsp;1 INTERPRETATION</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 5%; padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.5in; padding-left: 5.4pt">1.1</TD>
    <TD STYLE="width: 70%; padding-right: 0.5in; padding-left: 5.4pt">Defined Terms</TD>
    <TD STYLE="width: 20%; padding: 0 0 0 5.4pt; text-align: right; vertical-align: top">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Other Usages</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Plural and Singular</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Headings</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Currency</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Applicable Law</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.7</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Time of the Essence</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.8</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Non Banking Days</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.9</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Consents and Approvals</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.10</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Amount of Credit</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.11</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Schedules</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.12</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Extension of Credit</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.13</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Rule of Construction</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.14</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Accounting Terms - GAAP</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.15</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Paramountcy</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.16</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Change in Accounting Polices</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.17</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Successors and Permitted Assigns of Parties</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.18</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Meaning of Include</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">1.19</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Amendment and Restatement</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;2 CREDIT FACILITY</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">2.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Establishment of Credit Facility</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">2.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Lenders&rsquo; Commitments</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">2.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Reduction of Credit Facility</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">2.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Termination of Credit Facility</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">2.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Credit Restrictions</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;3 GENERAL PROVISIONS RELATING TO CREDITS</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Types of Credit Availments</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Funding of Loans</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Failure of Lender to Fund Loan</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Funding of Bankers&rsquo; Acceptances</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">BA Rate Loans</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Timing of Credit Availments</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.7</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Inability to Fund U.S. Dollar Advances in Canada</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.8</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Time and Place of Payments</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.9</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Remittance of Payments</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.10</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Evidence of Indebtedness</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.11</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Notice Periods</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.12</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">General Provisions Relating to All Letters</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">50</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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of Contents</B></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 8%; padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 0.5in; padding-left: 5.4pt">3.13</TD>
    <TD STYLE="width: 57%; padding-right: 0.5in; padding-left: 5.4pt">Administrative Agent&rsquo;s Discretion to Allocate</TD>
    <TD STYLE="width: 20%; padding: 0 0 0 5.4pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.14</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Cost of Funds</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">3.15</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">LIBOR</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;4 DRAWDOWNS</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">4.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Drawdown Notice</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">4.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Subsidiary Reimbursement Covenant</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;5 ROLLOVERS</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">5.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Bankers&rsquo; Acceptances</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">5.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">LIBOR Loans</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">5.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Rollover Notice</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">5.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Absence of Notice</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;6 CONVERSIONS</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">6.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Converting Loan to Other Type of Loan</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">6.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Converting Loan to Bankers&rsquo; Acceptances</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">6.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Converting Bankers&rsquo; Acceptances to Loan</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">6.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Conversion Notice</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">6.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Conversion by Lenders</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;7 INTEREST AND FEES</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">7.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Interest Rates</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">7.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Calculation and Payment of Interest</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">7.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">General Interest Rules</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">7.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Selection of Interest Periods</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">7.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Standby Fee</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">7.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Letter Fees</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">7.7</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Acceptance Fees</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">7.8</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Applicable Rate Adjustment</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;8 RESERVE, CAPITAL, INDEMNITY AND TAX PROVISIONS</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">8.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Conditions of Credit</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">8.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Change of Circumstances</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">8.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Failure to Fund as a Result of Change of Circumstances</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">8.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Indemnity Relating to Credits</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">8.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Indemnity for Transactional and Environmental Liability</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">63</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">8.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Gross-Up for Taxes</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;9 REPAYMENTS AND PREPAYMENTS</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">68</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">9.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Repayment of Credit Facility</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">68</TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 8%; padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 0.5in; padding-left: 5.4pt">9.2</TD>
    <TD STYLE="width: 57%; padding-right: 0.5in; padding-left: 5.4pt">Voluntary Prepayments under a Credit Facility</TD>
    <TD STYLE="width: 20%; padding: 0 0 0 5.4pt; text-align: right">68</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">9.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Mandatory Prepayments</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">68</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">9.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Prepayment Notice</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">68</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">9.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Reimbursement or Conversion on Presentation of Letters</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">9.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Letters Subject to an Adverse Order</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">70</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">9.7</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Currency of Repayment</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">70</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">9.8</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Repayment of Credit Excess</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">71</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">9.9</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Extension of Maturity Date</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">71</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;10 REPRESENTATIONS AND WARRANTIES</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">73</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">10.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Representations and Warranties</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">10.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Survival of Representations and Warranties</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">80</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;11 COVENANTS</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">80</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">11.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Affirmative Covenants</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">80</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">11.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Restrictive Covenants</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">87</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">11.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Performance of Covenants by Administrative Agent</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;12 CONDITIONS PRECEDENT TO OBTAINING CREDIT</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">92</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">12.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Conditions Precedent to All Credit</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">92</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">12.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Conditions Precedent to Effectiveness of this Agreement</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">92</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">12.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Waiver</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">12.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Existing Letters</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;13 DEFAULT AND REMEDIES</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">13.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Events of Default</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">94</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">13.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Refund of Overpayments</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">98</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">13.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Remedies Cumulative</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">99</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">13.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Set Off</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">99</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;14 THE ADMINISTRATIVE AGENT</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">99</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Appointment and Authorization of Administrative Agent</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">99</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Interest Holders</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">100</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Consultation with Counsel</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">100</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Documents</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">100</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Administrative Agent as Lender</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">100</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Responsibility of Administrative Agent</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">100</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.7</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Action by Administrative Agent</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">100</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.8</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Notice of Events of Default</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">101</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.9</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Responsibility Disclaimed</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">101</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.10</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Indemnification</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">102</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.11</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Credit Decision</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">102</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 5%; padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 0.5in; padding-left: 5.4pt">14.12</TD>
    <TD STYLE="width: 70%; padding-right: 0.5in; padding-left: 5.4pt">Successor Administrative Agent</TD>
    <TD STYLE="width: 14%; padding: 0 0 0 5.4pt; text-align: right">102</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.13</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Delegation by Administrative Agent</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">103</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.14</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Waivers and Amendments</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">103</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.15</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Determination by Administrative Agent Conclusive and Binding</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">107</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.16</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Adjustments among Lenders after Acceleration</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">107</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.17</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Redistribution of Payment</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">108</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.18</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Distribution of Notices</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">109</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.19</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Decision to Enforce Security</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">109</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.20</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Enforcement</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">109</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.21</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Application of Cash Proceeds of Realization</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">109</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.22</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Security Documents</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">110</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.23</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Entering into Contracts</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">110</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.24</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Discharge of Security</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">110</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.25</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Determination of Exposures</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">111</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">14.26</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Real Property Security</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">112</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;15 GUARANTEE</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">112</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Guarantee</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">112</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Nature of Guarantee</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">112</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Liability Not Lessened or Limited</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">113</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Administrative Agent not Bound to Exhaust Recourse</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">114</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Enforcement</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">114</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Guarantee in Addition to Other Security</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">115</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.7</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Reinstatement</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">115</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.8</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Waiver of Notice, etc.</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">115</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.9</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Subrogation Rights</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">115</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.10</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Advances After Certain Events</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">116</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.11</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Indemnity</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">116</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">15.12</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Keepwell</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">116</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 12pt 0.5in 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">Article&nbsp;16 MISCELLANEOUS</FONT></TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">117</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.1</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Notices</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">117</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Severability</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">117</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.3</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Counterparts</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">117</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Successors and Assigns</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">117</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Assignment</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">117</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Survival</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">119</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.7</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Judgment Currency</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">119</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.8</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Confidentiality</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">120</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.9</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">AML Laws</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">121</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.10</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">USA Patriot Act</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">122</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.11</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Confirmation of Security</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">122</TD></TR>
</TABLE>
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    <TD STYLE="width: 8%; padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 0.5in; padding-left: 5.4pt">16.12</TD>
    <TD STYLE="width: 57%; padding-right: 0.5in; padding-left: 5.4pt">Further Assurances</TD>
    <TD STYLE="width: 20%; padding: 0 0 0 5.4pt; text-align: right">122</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">16.13</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 5.4pt">Entire Agreement</TD>
    <TD STYLE="padding: 0 0 0 5.4pt; text-align: right">123</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE A LENDERS AND INDIVIDUAL COMMITMENTS</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE B COMPLIANCE CERTIFICATE</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE C FORM OF ASSIGNMENT</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE D FORM OF DRAWDOWN NOTICE</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE E FORM OF ROLLOVER NOTICE</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE F FORM OF CONVERSION NOTICE</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE G CORPORATE CHART</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE H LIENS OF MATERIAL PROPERTIES</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE I APPLICABLE RATES</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE J [INTENTIONALLY DELETED]</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE K SECURITY DOCUMENTS</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE L QUALIFIED AFFILIATE INSTRUMENT OF ADHESION</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE M REIMBURSEMENT INSTRUMENT</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 6pt 0 6pt 5.4pt; font-size: 12pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 11pt">SCHEDULE N EXISTING LETTERS OF CREDIT</FONT></TD>
    <TD STYLE="padding: 6pt 0 6pt 5.4pt; text-align: right; font-size: 12pt; text-transform: uppercase; font-weight: bold; vertical-align: middle">1</TD></TR>
</TABLE>


<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"></P>
<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><B>AMENDED AND RESTATED
CREDIT AGREEMENT</B> dated as of October 30, 2018 among New Gold Inc., a corporation incorporated under the laws of British Columbia
(the &ldquo;<B>Borrower</B>&rdquo;), the lending institutions from time to time parties hereto as Lenders (each a &ldquo;<B>Lender</B>&rdquo;
and, collectively, the &ldquo;<B>Lenders</B>&rdquo;) and The Bank of Nova Scotia, as Administrative Agent;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><B>WHEREAS </B>pursuant
to a credit agreement (as amended to but excluding the date hereof, the &ldquo;<B>Existing Credit Agreement</B>&rdquo;) dated August
14, 2014 between New Gold Inc., as borrower, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto, such
Lenders established the Credit Facility (as defined therein) in favour of New Gold Inc.;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><B>AND WHEREAS </B>the
parties hereto wish to amend and restate the Existing Credit Agreement on the terms and conditions set forth herein for the purpose
of, inter alia, extending the Maturity Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"><B>NOW THEREFORE THIS
AGREEMENT WITNESSES</B> that, 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1<BR>
INTERPRETATION</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.1&nbsp;</B></TD>
    <TD><B>Defined Terms</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&ldquo;<B>$</B>&rdquo;
denotes U.S. dollars.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>2017 Note Indenture</B>&rdquo;
means the note indenture to be entered into in 2017 among the Borrower, as issuer, the 2017 Note Guarantors, as guarantors and
the 2017 Senior Note Trustee, as trustee, and pursuant to which the 2017 Senior Notes will be issued.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>2017 Senior Note Guarantee</B>&rdquo;
means a guarantee guaranteeing payment of the 2017 Senior Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>2017 Senior Note Guarantors</B>&rdquo;
means each Person guaranteeing the 2017 Senior Notes pursuant to the 2017 Note Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>2017 Senior Note Trustee</B>&rdquo;
means the trustee under the 2017 Note Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>2017 Senior Notes</B>&rdquo;
means the senior unsecured notes issued by the Borrower pursuant to the 2017 Note Indenture in the aggregate principal amount of
no more than $300,000,000 which will mature May 25, 2025.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>6.25% Note Indenture</B>&rdquo;
means the note indenture dated November 15, 2012 among the Borrower, as issuer, the 6.25% Senior Note Guarantors, as guarantors
and the 6.25% Senior Note Trustee, as trustee, and pursuant to which the 2012 Senior Notes were issued.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>6.25% Senior Note Guarantee</B>&rdquo;
means a guarantee guaranteeing payment of the 6.25% Senior Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>6.25% Senior Note Guarantors</B>&rdquo;
means each Person guaranteeing the 6.25% Senior Notes pursuant to the 2012 Note Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>6.25% Senior Note Trustee</B>&rdquo;
means the trustee under the 6.25% Note Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>6.25% Senior Notes</B>&rdquo;
means the senior unsecured notes issued by the Borrower pursuant to the 6.25% Note Indenture in the aggregate principal amount
of $500,000,000 which mature on November 15, 2022.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Acquisition</B>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">if the acquisition is a share purchase, the Borrower shall Control
the entity being acquired immediately following the completion of such acquisition; but not before or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">if the acquisition is an asset purchase, all or substantially all
of the assets of the vendor (or of a division or unit of the vendor) are being acquired.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Additional 2017 Senior
Note Guarantor</B>&rdquo; means any direct or indirect Subsidiary of the Borrower who is not a Guarantor prior to May 3, 2017 who
becomes a guarantor of the 2017 Senior Notes after May 3, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Additional 6.25% Senior
Note Guarantor</B>&rdquo; means any direct or indirect Subsidiary of the Borrower who is not a Guarantor prior to the effective
date of this Agreement who becomes a guarantor of the 6.25% Senior Notes after the effective date of this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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(t).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Additional Senior Note
Guarantors</B>&rdquo; means the Additional 6.25% Senior Note Guarantors and the Additional 2017 Senior Note Guarantors and &ldquo;<B>Additional
Senior Note Guarantor</B>&rdquo; means any of the Additional Senior Note Guarantors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Adjusted Cash</B>&rdquo;
means, at any particular time, the aggregate Cash and Cash Equivalents of the Borrower calculated on a consolidated basis less
the aggregate of all cash and Cash Equivalents owned by the Excluded Subsidiaries at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Administration</B>&rdquo;
means, in relation to a Lender, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian
or other similar official by a government or government mandated supervisory authority or regulator under or based on the law in
the country where such Lender is subject to home jurisdiction supervision if Applicable Law requires that such appointment not
to be publicly disclosed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Administrative Agent</B>&rdquo;
means The Bank of Nova Scotia, in its capacity as administrative agent of the Finance Parties, and any successor thereto pursuant
to Section&nbsp;14.12.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Adverse Order</B>&rdquo;
means an order, judgment, injunction or other determination restricting payment by any Issuing Lender under or in accordance with
a Letter or extending such Issuing Lender&rsquo;s liability beyond the expiration date stated therein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means
an affiliated body corporate and, for the purposes of this agreement, (i) one body corporate is affiliated with another body corporate
if one such body corporate is the Subsidiary of the other or both are Subsidiaries of the same body corporate or each of them is
Controlled by the same Person and (ii) if two bodies corporate are affiliated with the same body corporate at the same time, they
are deemed to be affiliated with each other; for greater certainty for the purposes of this definition, &ldquo;body corporate&rdquo;
shall include a bank.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Agent Fee Letter</B>&rdquo;
means the agent fee letter dated August 14, 2014 between the Borrower and The Bank of Nova Scotia, as the same may be amended,
modified, supplemented or replaced from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Alternate Base Rate Canada</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)&nbsp;the Base Rate Canada at such time and (b)&nbsp;the aggregate of (i)&nbsp;the
Federal Funds Effective Rate at such time and (ii)&nbsp;&frac12; of 1% per annum.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Applicable Law</B>&rdquo;
means (a) any domestic or foreign statute, law (including common and civil law), treaty, code, ordinance, rule, regulation, restriction
or by-law (zoning or otherwise); (b) any judgement, order, writ, injunction, decision, ruling, decree or award; (c) any regulatory
policy, practice, request, guideline or directive; or (d) any franchise, licence, qualification, authorization, consent, exemption,
waiver, right, permit or other approval of any Official Body, binding on or affecting the Person referred to in the context in
which the term is used or binding on or affecting the property of such Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Applicable Rate</B>&rdquo;
means, for a particular Fiscal Quarter, the rate per annum used to determine the interest rate on various types of Loans, the rate
used to calculate standby fees pursuant to Section&nbsp;7.5, the rate used to calculate Letter fees pursuant to Section 7.6 or
the rate used to calculate acceptance fees pursuant to Section&nbsp;7.7, in each case by reference to the range in which the Net
Leverage Ratio for the relevant period falls as set forth in Schedule&nbsp;I hereto, provided that (i)&nbsp;changes in the Applicable
Rate shall be effective as set forth in Section&nbsp;7.8, (ii)&nbsp;changes in the Applicable Rate shall apply, as at the effective
dates of such changes, to Bankers&rsquo; Acceptances, BA Rate Loans and LIBOR Loans outstanding on such dates, but only for those
portions of applicable terms or Interest Periods, as the case may be, falling within those times during which the changes in the
Applicable Rate are effective, as provided above<B>. </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Approval</B>&rdquo; means
an approval, authorization, license, permit, consent, filing or registration granted by, or made with, any Official Body or any
other Person having legal or regulatory jurisdiction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Approved Investment Policy</B>&rdquo;
means the Investment Policy of the Borrower as it may be amended, supplemented or otherwise modified from time to time by the Board
of Directors of the Borrower.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Approved Investments</B>&rdquo;
means Investments made in accordance with the Approved Investment Policy and Approved Unrestricted Investments;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Approved Unrestricted
Investments</B>&rdquo; means (i) any Investments made with cash received by the Borrower from the exercise of any warrants or employee
stock options; (ii) additional Investments made pursuant to Section 11.2(k)(vi) of this Agreement; and (iii) any Investments made
with the proceeds or distributions of any Approved Unrestricted Investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Arranger Fee Letter</B>&rdquo;
means the co-lead arranger fee letter dated October 30, 2018 between the Borrower, The Bank of Nova Scotia and Royal Bank of Canada
as the same may be amended, modified, supplemented or replaced from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Available Credit</B>&rdquo;
means, at any particular time, the amount, if any, by which the amount of the Credit Facility at such time exceeds the amount of
credit outstanding under the Credit Facility at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>BA Discounted Proceeds</B>&rdquo;
means, in respect of any Bankers&rsquo; Acceptances to be accepted by a Lender on any day, an amount (rounded to the nearest whole
cent and with one-half of one cent being rounded up) calculated on such day by multiplying:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 aggregate face amount of such Bankers&rsquo; Acceptances; by</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">the amount determined by dividing one by the sum of one plus the
product of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the BA Rate which is applicable to such Bankers&rsquo; Acceptance (expressed as a decimal); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a fraction, the numerator of which is the number of days remaining in the term of such Bankers&rsquo;
Acceptances and the denominator of which is 365;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1.5in; text-align: justify">with the amount as so determined
being rounded up or down to the fifth decimal place and .000005 being rounded up.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>BA Proceeds</B>&rdquo;
means, with respect to a particular Bankers&rsquo; Acceptance, the BA Discounted Proceeds with respect thereto less the aggregate
amount of the acceptance fees in respect of such Bankers&rsquo; Acceptance calculated in accordance with Section&nbsp;7.7.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>BA Rate</B>&rdquo; means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">with respect to an issue of Bankers&rsquo; Acceptances with the same maturity date to be accepted
by a Schedule&nbsp;I Lender hereunder, the discount rate per annum, calculated on the basis of a year of 365 days, (i)&nbsp;equal
to, as determined by the Administrative Agent, the arithmetic average (rounded upwards to the nearest multiple of 0.01%) of the
discount rates that appear on the Reuters Screen CDOR Page at or about 10:00&nbsp;a.m. (Toronto time) on the date of issue and
acceptance of such Bankers&rsquo; Acceptances, for bankers&rsquo; acceptances having a comparable face value and an identical maturity
date to the face value and maturity date of such issue of Bankers&rsquo; Acceptances or (ii)&nbsp;if such Page does not appear,
the discount rate per annum, calculated on the basis of a year of 365 days, determined by the Administrative Agent as being the
arithmetic average (rounded upwards to the nearest multiple of 0.01%) of the discount rates of the Schedule I Reference Lenders
determined in accordance with their normal practices at or about 10:00&nbsp;a.m. (Toronto time) on the date of issue and acceptance
of such Bankers&rsquo; Acceptances, for bankers&rsquo; acceptances having a comparable face value and an identical maturity date
to the face value and maturity date of such issue of Bankers&rsquo; Acceptances; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">with respect to an issue of Bankers&rsquo; Acceptances with the same
maturity date to be accepted by a Schedule II or III Lender hereunder, the lesser of (i)&nbsp;the discount rate per annum, calculated
on the basis of a year of 365 days, determined by the Administrative Agent as being the arithmetic average (rounded upwards to
the nearest multiple of 0.01%) of the discount rates of the Schedule II and III Reference Lenders determined in accordance with
their normal practices at or about 10:00&nbsp;a.m. (Toronto time) on the date of issue and acceptance of such Bankers&rsquo; Acceptances,
for bankers&rsquo; acceptances having a comparable face value and an identical maturity date to the face value and maturity date
of such issue of Bankers&rsquo; Acceptances and (ii)&nbsp;the BA Rate with respect to an issue of Bankers&rsquo; Acceptances with
the same maturity date to be accepted by a Schedule&nbsp;I Lender hereunder plus 0.1% per annum. </FONT></TD></TR></TABLE>

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

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

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">If at any time the BA Rate is less
than zero, the BA Rate shall be deemed to be equal to zero.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>BA Rate Loan</B>&rdquo;
shall have the meaning ascribed thereto in Section 3.5.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Bankers&rsquo; Acceptance</B>&rdquo;
means a bill of exchange subject to the <I>Bills of Exchange Act</I> (Canada) or a depository bill subject to the <I>Depository
Bills and Notes Act </I>(Canada) (a)&nbsp;drawn by a Borrower and accepted by a Lender, (b)&nbsp;denominated in Canadian dollars,
(c)&nbsp;having a term to maturity of 30 to 180 days and that corresponds to the term of an Interest Period (subject to availability
and the right of the Administrative Agent, in its discretion, to restrict the term or maturity dates applicable to Bankers&rsquo;
Acceptances), (d)&nbsp;issued and payable only in Canada and (e)&nbsp;having a face amount of not less than CDN$1,000,000 or an
integral multiple of CDN$1,000 in excess thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Banking Day</B>&rdquo;
means (x)&nbsp;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)&nbsp;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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Base Rate Canada</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 in Canada from time to 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. If at any time the Base Rate Canada is less than zero, the Base Rate Canada shall be deemed to be equal to
zero.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Base Rate Canada 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 Canada.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Blackwater Project</B>&rdquo;
means the Borrower&rsquo;s gold and silver project located in central British Columbia, approximately 112 kilometres southwest
of Vanderhoof, British Columbia as described in the Borrower&rsquo;s Annual Information Form dated March 28, 2014 for the Fiscal
Year ended December 31, 2013.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Branch of Account</B>&rdquo;
means the Toronto main branch of the Administrative Agent located at Scotia Plaza, 44 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Canadian Dollar Equivalent</B>&rdquo;
means the Exchange Equivalent in Canadian dollars of any amount of any other currency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Capital Lease</B>&rdquo;,
as applied to any Person, shall mean any lease of any property (whether real, personal or mixed) by that Person as lessee that,
in conformity with generally accepted accounting principles, is, or is required to be, accounted for as a finance lease obligation
on the balance sheet of that Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Capital Reorganization</B>&rdquo;
means any change in the issued and outstanding Shares of an Obligor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Cash</B>&rdquo; means,
at any particular time, cash of the Borrower determined on a consolidated basis at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Cash Equivalents</B>&rdquo;
means (i) securities issued or directly and fully guaranteed or insured by the governments of Australia, the United States or Canada
or any agency or instrumentality thereof with maturities of 12 months or less from the date of acquisition, (ii) certificates of
deposit, time deposits and eurodollar time deposits 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 Kingdom, Switzerland, France, Germany, Australia, the United States or Canada having capital and surplus in excess
of $500,000,000 or any other commercial bank having a rating of at least A3 (Moody&rsquo;s) or A- (S&amp;P), (iii) repurchase obligations
for underlying securities of the types described in clauses (i) and (ii) entered into with any financial institution meeting the
qualifications specified in clause (ii) above, (iv) investment funds investing at least 95% of their assets in securities of the
types described in clauses (i) to (iii) above and (v) readily marketable direct obligations issued by Australia, the United States
or Canada or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody&rsquo;s,
or S&amp;P with maturities of 24 months or less from the date of acquisition.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Cash Management Agreements</B>&rdquo;
means any cash management agreement (including any mirror netting or credit card agreement) which an Obligor enters into in the
ordinary course of business with a Finance Party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Cash Proceeds of Realization</B>&rdquo;
means the aggregate of (i) all Proceeds of Realization in the form of cash and (ii) all cash proceeds of the sale or disposition
of non-cash Proceeds of Realization, in each case expressed in U.S. dollars.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Cerro San Pedro Opco</B>&rdquo;
means Minera San Xavier S.A. de C.V., a corporation incorporated under the laws of Mexico and its successors and permitted assigns.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Cerro San Pedro Property</B>&rdquo;
means the mine and related facilities located on the properties in central Mexico in the State of San Luis Potosi described in
the Borrower's Annual Information Form dated March 28, 2014 for the Fiscal Year ended December 31, 2013.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Change in Law</B>&rdquo;
means the occurrence, after the date of this agreement, of any of the following: (a) the adoption or taking effect of any Applicable
Law, (b) any change in any Applicable Law or in the administration, interpretation or application thereof by any Official Body
or (c) the making or issuance of any Applicable Law by any Official Body or the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Official Body provided that notwithstanding anything herein to the contrary,
(x) the <I>Dodd-Frank Wall Street Reform and Consumer Protection Act</I> and all requests, rules, guidelines or directives thereunder
or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a &ldquo;<B>Change in Law</B>&rdquo;, regardless
of the date enacted, adopted or issued.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Change of Control in the
Borrower</B>&rdquo; means and shall be deemed to have occurred if any Person or group of Persons &ldquo;acting jointly or in concert&rdquo;
(as contemplated by the <I>Securities Act</I> (Ontario)) shall at any time have acquired (i) direct or indirect beneficial ownership
of Voting Shares of the Borrower having attributed to it a majority of the outstanding votes attached to all of the issued and
outstanding Voting Shares of the Borrower or (ii) the right or the ability by voting power, contract or otherwise to elect or designate
for election a majority of the directors of the Borrower.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Code</B>&rdquo; means
the Internal Revenue Code of 1986 of the United States, as amended from time to time, and any successor statute and including all
regulations issued under all such statutes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Companies</B>&rdquo; means,
the Obligors and all other Subsidiaries of the Borrower other than the Excluded Subsidiaries and &ldquo;<B>Company</B>&rdquo; means
any of the Companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Compliance Certificate</B>&rdquo;
means a duly completed certificate in the form set forth in Schedule B hereto signed by a senior financial officer of the Borrower.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Contaminant</B>&rdquo;
means any contaminant, as defined by the EPA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Control</B>&rdquo; means,
with respect to control of a body corporate by a Person, the holding (other than by way of security only) by or for the benefit
of that Person, or Affiliates of that Person, of securities of such body corporate or the right to vote or direct the voting of
securities of such body corporate to which, in the aggregate, are attached more than 50% of the votes that may be cast to elect
directors of the body corporate, provided that the votes attached to those securities are sufficient, if exercised, to elect a
majority of the directors of the body corporate, and &ldquo;<B>Controlled</B>&rdquo; shall have a similar meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Conversion Notice</B>&rdquo;
shall have the meaning ascribed thereto in Section&nbsp;6.4.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Corporate Reorganization</B>&rdquo;
means any change in the legal existence of any Obligor (other than a Capital Reorganization) including by way of amalgamation,
merger, winding up, continuance or plan of arrangement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Credit Agreement Repayment
Date</B>&rdquo; means the date on which the Secured Obligations of the Borrower under the Credit Agreement have been paid in full
and the Individual Commitments have been terminated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Credit Documents</B>&rdquo;
means this agreement, the Guarantees, the Fee Letters, the Security Documents, the Postponement and Subordination Undertaking and
all instruments and agreements executed and delivered by the Companies in favour of the Finance Parties from time to time in connection
with this agreement or any other Credit Document, but specifically excluding Permitted Risk Management Agreements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Credit Excess</B>&rdquo;
means, as at a particular date, the amount, if any, by which the aggregate amount of credit outstanding under the Credit Facility
as at the close of business on such date exceeds the amount of the Credit Facility as at the close of business on such date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Credit Facility</B>&rdquo;
means the revolving term credit facility established by the Lenders in favour of the Borrower pursuant to Section&nbsp;2.1.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Defaulting Lender</B>&rdquo;
means any Lender that (i) has failed to fund any portion of any extension of credit required to be funded by it hereunder within
three Banking Days of the date required to be funded by it hereunder unless such failure has been cured, (ii) 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 Banking
Days of the date when due, unless the subject of a good faith dispute or unless such failure has been cured, (iii) 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, (iv) is the subject of a bankruptcy or insolvency proceeding or (v) 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, with respect to (iv) and (v) other than by way of an Administration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Derivative Exposure</B>&rdquo;
in relation to any Person (the &ldquo;<B>relevant party</B>&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 Risk Management 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. If the Derivative Exposure would be 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;<B>Out-of-the-Money Derivative Exposure</B>&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Designated Account</B>&rdquo;
means, with respect to transactions in a particular currency 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Direct Obligors</B>&rdquo;
means the Persons owing the Direct Secured Obligations to the Finance Parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Direct Secured Obligations</B>&rdquo;
means the Secured Obligations of an Obligor, under this Agreement, each Fee Letter and any Cash Management Agreements or Secured
Risk Management Agreements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Distribution</B>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">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; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">the payment of interest or the repayment of principal with respect
to any consolidated Indebtedness of the Borrower which is subordinated to the consolidated Indebtedness of the Borrower under the
Finance Documents.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Drawdown Notice</B>&rdquo;
shall have the meaning ascribed thereto in Section&nbsp;4.1.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>EBITDA</B>&rdquo; means,
for any particular Fiscal Quarter, Net Income for such Fiscal Quarter:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">plus consolidated income and mining tax expenses for such Fiscal Quarter;</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">plus Interest Expenses for such Fiscal Quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">minus Interest Income for such Fiscal Quarter<B>;</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">minus (to the extent otherwise included) any extraordinary or unusual
gains and unrealized gains for such Fiscal Quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">plus (to the extent otherwise deducted) any extraordinary or unusual
losses and unrealized losses for such Fiscal Quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">minus (to the extent otherwise included) any gain over book value
arising in favour of a Company on any disposal of any business or asset (not being a disposal made in the ordinary course of business)
during such Fiscal Quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">plus (to the extent otherwise deducted) any loss against book value
incurred by a Company on the disposal of any business or asset (not being a disposal made in the ordinary course of business) during
such Fiscal Quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">plus (to the extent otherwise deducted) depreciation of fixed assets
and amortization of goodwill or intangible assets during such Fiscal Quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">plus (to the extent otherwise deducted) the amount of capital expenditures
and other expenditures in respect of exploration activities during such Fiscal Quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">plus (to the extent otherwise deducted) other non-cash expenses deducted
in calculating Net Income, including non-cash stock expenses relating to stock-based compensation, and unrealized losses incurred
in connection with Risk Management Agreements during such Fiscal Quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">minus (to the extent otherwise included) any unrealized gains incurred
in connection with Risk Management Agreements during such Fiscal Quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">minus (to the extent otherwise included) any gains from operations
held for sale and any foreign exchange gains during such Fiscal Quarter; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">plus (to the extent otherwise deducted) any losses from operations
held for sale and any foreign exchange losses during such Fiscal Quarter.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Subject to the last sentence hereof,
the calculation of EBITDA shall be adjusted for non-cash revenues and expenses of the Borrower on a consolidated basis including,
without limitation, deferred revenue and the difference between accrued and cash reclamation costs. For greater certainty, EBITDA
shall not be adjusted for any change in any non-cash operating working capital. EBITDA shall be calculated without any additions
or subtractions on account of any expenses, gains or losses attributable to the Excluded Subsidiaries notwithstanding that Net
Income is calculated on a consolidated basis and includes, for certainty, cash dividends which may from time to time be paid by
the Excluded Subsidiaries to a Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Enforcement Date</B>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 date on which the Administrative Agent notifies the Borrower, pursuant to Section&nbsp;13.1
of the Credit Agreement, that all Secured Obligations of the Borrower to the Finance Parties under the Credit Agreement have become
immediately due and payable or on which such Secured Obligations automatically become due and payable pursuant to Section&nbsp;13.1
of the Credit Agreement, whichever occurs first; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">if all Secured Obligations of the Borrower to the Finance Parties
under the Credit Agreement have been repaid in full and all Individual Commitments of the Finance Parties thereunder have terminated,
the date on which the Administrative Agent notifies any Obligor that the Administrative Agent is entitled to enforce the Security
in accordance with the terms of one or more of the Cash Management Agreements or Secured Risk Management Agreements.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Environmental Laws</B>&rdquo;
means all Applicable Laws regulating, relating to or imposing liability or standards of conduct concerning public health or protection
of the environment (including, without limitation, the EPA).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>EPA</B>&rdquo; means the
<I>Environmental Protection Act </I>(Ontario), as amended from time to time, and any successor statute.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Equity</B>&rdquo; means,
at any particular time, the amount which would, in accordance with generally accepted accounting principles, be classified on the
consolidated balance sheet of the Borrower at such time as shareholders&rsquo; equity of the Borrower.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Event of Default</B>&rdquo;
means any one of the events set forth in Section&nbsp;13.1.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Exchange Equivalent</B>&rdquo;
means, as of any date of determination, with reference to any amount expressed in one currency, the amount of another applicable
currency required to purchase such amount in the first currency on such date either (i) in the case of any amount derived directly
or indirectly from any financial statements of the Borrower, the exchange rate used to convert from one currency to another, as
applicable, in the preparation of such financial statements, (ii) in determining the amount of Available Credit, the spot rate
of exchange for converting from one currency to another quoted by the Bank of Canada at approximately 4:30 p.m. (Toronto time)
on the first Banking Day of the calendar month in which the calculation is being made, and (iii) in all other cases, the spot rate
of exchange for converting from one currency to another quoted by the Bank of Canada at approximately 4:30 p.m. (Toronto time)
on the date before the effective date of such conversion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Excluded Assets</B>&rdquo;
means all present and after-acquired property of the Borrower and its Subsidiaries, other than Secured Assets and the Blackwater
Project.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Excluded Subsidiaries</B>&rdquo;
means (i) New Gold (Barbados) Inc., (ii) Great Frontier Resources Inc. and (iii) Servicios del Plata y Oro, S.A. de C.V. and in
each case all of their respective Subsidiaries and &ldquo;<B>Excluded Subsidiary</B>&rdquo; means any one of the Excluded Subsidiaries.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Excluded Swap Obligation</B>&rdquo;
means, with respect to any Obligor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Obligor
(whether pursuant to Article&nbsp;15 hereof or a Guarantee) of, or the grant by such Obligor of a security interest to secure,
such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act (7 U.S.C. &sect; 1 et seq.)
(the &ldquo;<B>Commodity Exchange Act</B>&rdquo;) 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 Obligor&rsquo;s failure for any reason not to
constitute an &ldquo;eligible contract participant&rdquo; as defined in the Commodity Exchange Act and the regulations thereunder
at the time such guarantee of such Obligor or the grant of such security interest 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Excluded Taxes</B>&rdquo;
means, with respect to any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower
hereunder, (a) taxes imposed on or measured by its net income, and franchise taxes imposed on it (in lieu of net income taxes),
by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its
principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits
taxes, capital taxes or any similar tax imposed by any jurisdiction in which the relevant Lender is located, (c) in the case of
a Foreign Lender (other than (i) an assignee pursuant to a request by the Borrower, (ii) an assignee pursuant to an assignment
and assumption made pursuant to Section 16.5 or (iii) any other assignee to the extent that the Borrower has expressly agreed that
any withholding tax that is imposed or assessed in respect of any payment to such assignee shall be an Indemnified Tax), any withholding
tax that: (x) is solely attributable to such Foreign Lender&rsquo;s failure or inability (other than as a result of a Change in
Law) to comply with Section 8.6(g) or (h); or (y)(A) is not imposed or assessed in respect of a Loan that was made on the premise
that an exemption from such withholding tax would be available where the exemption is subsequently determined, or alleged by a
taxing authority, not to be available, and (B) is required by Applicable Law to be withheld or paid in respect of any amount payable
hereunder or under any Credit Document to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates
a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation
of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant
to Section 8.6, and (d) any U.S. federal withholding tax imposed under FATCA. For greater certainty, for purposes of item (c) above,
a withholding tax includes any Tax that a Foreign Lender is required to pay pursuant to Part XIII of the Tax Act or any successor
provision thereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify"><B>&ldquo;Existing Credit Agreement&rdquo;</B>
has the meaning given to it in the recitals hereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify"><B>&ldquo;Existing Letters&rdquo;
</B>means the letters of credit referenced in Schedule N hereto which were issued pursuant to the Existing Credit Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Existing Risk Management
Agreements</B>&rdquo; means the agreements and instruments in existence prior to or novated on, the date hereof, as they may from
time to time be amended, supplemented or otherwise modified, relating to the Risk Management Obligations of the Obligors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Exposure</B>&rdquo; means,
with respect to a particular Finance Party at a particular time, the amount of the Secured Obligations owing to such Finance Party
at such time, determined by such Finance Party in good faith in accordance with Section 14.25.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>FATCA</B>&rdquo; means
Sections 1471 through 1474 of the Code as in effect on the date hereof (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with) and, in each case, any current or future regulations or current official
interpretations thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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 Federal Funds brokers of recognized standing selected by the Administrative Agent.
If at any time the Federal Funds Effective Rate is less than zero, the Federal Funds Effective Rate shall be deemed to be equal
to zero.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Fee Letters</B>&rdquo;
means, collectively, the Agent Fee Letter, the Upfront Fee Letter, the Arranger Fee Letter and the Issuing Lender Fee Letters and
&ldquo;<B>Fee Letter</B>&rdquo; means any of the Fee Letters.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Finance Documents</B>&rdquo;
means the Credit Documents, the Cash Management Agreements and the Secured Risk Management Agreements and all instruments and agreements
executed and delivered by the Obligors in favour of the Finance Parties from time to time in connection with this agreement or
any other Finance Document.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Financial Letter</B>&rdquo;
means a standby letter of credit or guarantee in a form satisfactory to an Issuing Lender and issued by such Issuing Lender at
the request of the Borrower in favour of a third party to secure the payment of an obligation owed to the third party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Finance Parties</B>&rdquo;
means the Administrative Agent, the Lenders, the Issuing Lenders and the Qualified Finance Parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Fiscal Year</B>&rdquo;
means the twelve-month period ending on the last day of December in each year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Flood Insurance Laws</B>&rdquo;
means the <I>National Flood Insurance Act </I>1968, the <I>Flood Disaster Protection Act</I> of 1973, the <I>National Flood Insurance
Reform Act</I> of 1994, the <I>Biggert-Waters Flood Insurance Act</I> of 2012, as such statues may be amended or re-codified from
time to time, any substitution therefor, any regulations promulgated thereunder, and all other Applicable Law relating to flood
insurance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Foreign Lender</B>&rdquo;
means any Lender that is not organized under the laws of the jurisdiction in which the Borrower is resident for tax purposes and
that is not otherwise considered or deemed in respect of any amount payable to it hereunder or under any Credit Document to be
resident for income tax or withholding tax purposes in the jurisdiction in which the Borrower is resident for tax purposes by application
of the laws of that jurisdiction. For purposes of this definition Canada and each Province and Territory thereof shall be deemed
to constitute a single jurisdiction and the United States of America, each State thereof and the District of Columbia shall be
deemed to constitute a single jurisdiction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Forward Sale Transaction</B>&rdquo;
means a forward sale of a quantity of metal or other commodity (allocated or unallocated) at a fixed price where the purchase price
(or any substantial part thereof) is paid more than ninety days prior to the date on which such metal or commodity (allocated or
unallocated) is to be delivered. For the avoidance of doubt, a derivative transaction entered into in order to hedge commodity
pricing that does not require delivery of the commodity in question shall not constitute a Forward Sale Transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>generally accepted accounting
principles</B>&rdquo; or &ldquo;<B>GAAP</B>&rdquo; means IFRS generally accepted accounting principles in effect in Canada from
time to time consistently applied, as recommended by the Handbook of the Canadian Institute of Chartered Accountants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Guarantees</B>&rdquo;
means the one or more guarantees to be entered into by the Guarantors in favour of the Administrative Agent for the benefit of
the Finance Parties, including, without limitation, those set forth in Section I of Schedule K hereto, each in form and substance
satisfactory to the Administrative Agent as the same may be amended, modified, supplemented or replaced from time to time, and
pursuant to which each Obligor shall guarantee on a full recourse basis the Direct Secured Obligations of each other Obligor under
this Agreement, each Fee Letter and any Cash Management Agreements or Secured Risk Management Agreements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Guarantors</B>&rdquo;
means Cerro San Pedro Opco and New Gold CSP Ltd., each Additional Guarantor pursuant to Section 11.1(t) and &ldquo;<B>Guarantor</B>&rdquo;
means any one of the Guarantors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Hazardous Materials</B>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">any petroleum product, asbestos, polychlorinated biphenyl (PCB), natural gas, natural gas liquids,
liquefied natural gas or synthetic gas usable for fuel; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">any pollutant or contaminant or hazardous or toxic chemical, material
or substance within the meaning of any applicable federal, state, provincial or local law, regulation, ordinance or requirement
(including consent decrees and administrative orders) relating to or imposing liability or standards of conduct concerning any
hazardous or toxic waste, substance or material or concerning the environment or public health, all as in effect on the applicable
date.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>IFRS</B>&rdquo; means
International Financial Reporting Standards.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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 (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, (vi) delivery obligations of such Person on account of Forward
Sale Transactions calculated, at the relevant time of determination, at the London Metal Exchange spot price for the subject metal
or other commodity and (vii) 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 (vi) (for greater certainty, the contingent
obligations assuring payment of any Out-of-the-Money Derivative Exposure will only be treated as Indebtedness if such Out-of-the-Money
Derivative Exposure has in fact been accelerated). Indebtedness for purposes of calculating the ratios in Sections 11.1(o), 11.1(p)
and 11.1(q) shall not include any Indebtedness under clause (iv) above (other than any Secured Obligations) that is cash collateralized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Indemnified Taxes</B>&rdquo;
means Taxes other than Excluded Taxes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Individual Commitment</B>&rdquo;
means, with respect to a particular Lender, the amount set forth in Schedule A attached hereto, as reduced or amended from time
to time pursuant to Sections 2.3, 8.3, 9.3 and 16.5 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 with
respect to the Credit Facility shall thereafter be equal to the Individual Commitment of such Lender under the Credit Facility
immediately prior to the termination of the Credit Facility.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Intellectual Property</B>&rdquo;
shall mean all issued patents and patent applications, industrial design registrations, trade-marks, registrations and applications
therefor, trade-names and styles, logos, copyright registrations and applications therefor, all of the foregoing owned by or licensed
to the Obligors and used in or necessary to the operation of their respective business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Interest Coverage Ratio</B>&rdquo;
means, for any particular period, the ratio of Rolling EBITDA for such period to the Rolling Interest Expenses for such period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Interest Income</B>&rdquo;
means, for any particular period, the amount which would, in accordance with generally accepted accounting principles, be classified
on the consolidated income statement of the Borrower for such period as interest accrued due to the Borrower (in each case other
than such interest accruing due from any Company) during such period whether or not paid.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Interest Expenses</B>&rdquo;
means, for any particular period, the amount which would, in accordance with generally accepted accounting principles, be classified
on the consolidated income statement of the Borrower for such period as gross interest expenses (including, for greater certainty,
issuance fees with respect to letters of credit and stamping fees with respect to bankers&rsquo; acceptances). Interest Expenses
shall be calculated without reference to any interest expenses attributable to the Indebtedness of the Excluded Subsidiaries notwithstanding
that Interest Expenses are stated to be calculated on a consolidated basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Investment</B>&rdquo;
shall mean 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 any Acquisition, any Permitted Indebtedness, any acquisition
of tangible personal property and any capital or exploration expenditures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Issuing Lender Fee Letters</B>&rdquo;
means one or more fee letters from time to time entered into by the Borrower with any one or more Issuing Lenders for the purpose
of establishing a fronting fee payable by the Borrower to the relevant Issuing Lender as consideration for the fronting risk undertaken
by such Issuing Lender on behalf of each other Lender.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Issuing Lenders</B>&rdquo;
means The Bank of Nova Scotia, Royal Bank of Canada and any other Lender selected by the Administrative Agent and acceptable to
the Borrower who assumes in writing the obligation of issuing Letters under the Credit Facility on behalf of the Lenders and &ldquo;<B>Issuing
Lender</B>&rdquo; means any one of the Issuing Lenders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Lead Arrangers</B>&rdquo;
means The Bank of Nova Scotia and Royal Bank of Canada (referenced by its trade name RBC Capital Markets) and &ldquo;<B>Lead Arranger</B>&rdquo;
means either Lead Arranger.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Letters</B>&rdquo; means
Financial Letters or Non-Financial Letters (including, for certainty, the Existing Letters) issued by an Issuing Lender at the
request, and on the credit, of the Borrower, each being denominated in United States, Canadian, Australian dollars or such currency
as may be agreed by the Issuing Lender and being issued to a named beneficiary acceptable to the relevant Issuing Lender and in
the case of Letters denominated in United States or Canadian dollars, having a term of not more than one year and being renewable
in the sole discretion of the applicable Issuing Lender and otherwise all such Letters being otherwise in a form satisfactory to
the relevant Issuing Lender.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Level</B>&rdquo; means
a level set out in the first column of the table contained in Schedule I corresponding to the range within which the Net Leverage
Ratio as of any Fiscal Quarter end falls.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>LIBOR</B>&rdquo; means,
with respect to any Interest Period applicable to a LIBOR Loan, determined by the Administrative Agent, based on a three hundred
sixty (360) day year as the rate for deposits in United States dollars as set by ICE Benchmark Administration Limited (or any successor
to, or substitute for, such service, providing rate quotations comparable to those currently provided by ICE Benchmark Administration
Limited) applicable to U.S. Dollar deposits in the London interbank market (as published by any service selected by the Administrative
Agent that has been nominated by ICE Benchmark Administration Limited (or any successor thereto) as an authorized information vendor
for the purpose of displaying such rates), as determined by the Administrative Agent at approximately 11:55 a.m., London time,
on the date that is two (2) Banking Days prior to the first day of such Interest Period and having a maturity equal to such Interest
Period. In the event that no such rate is available, then &ldquo;LIBOR&rdquo; shall mean, with respect to any such Interest Period,
the per annum rate of interest, based on a three hundred sixty (360) day year (rounded upwards, if necessary, to the nearest 1/100th
of one percent) determined by the Administrative Agent at approximately 11:00&nbsp;a.m. (London, England time) (or so soon thereafter
as practicable) on the second Banking Day prior to the first day of such Interest Period offered to the Administrative Agent by
leading banks in the London interbank market for the placing of United States dollar deposits with the Administrative Agent having
a term comparable to such Interest Period and in an amount comparable to the principal amount of the Pro Rata Share of the Administrative
Agent in respect of the applicable LIBOR Loan. If at any time LIBOR is less than zero, LIBOR shall be deemed to be equal to zero.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>LIBOR Loans</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 and &ldquo;<B>LIBOR Loan</B>&rdquo; means any one of the LIBOR Loans.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Lien</B>&rdquo; means
any deed of trust, mortgage, charge, hypothec, assignment, pledge, lien, vendor&rsquo;s privilege, vendor&rsquo;s right of reclamation,
royalty or other security interest or encumbrance of whatever kind or nature, regardless of form and whether consensual or arising
by 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Loans</B>&rdquo; means
Base Rate Canada Loans, LIBOR Loans, Prime Rate Loans and BA Rate Loans.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Majority Lenders</B>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">at any particular time up to the termination of the Credit Facility pursuant to Section 2.4, such
group of Lenders (and, if there is more than one Lender, at least two Lenders) whose Individual Commitments with respect to the
Credit Facility aggregate at least 66% of the Total Commitment Amount for the Credit Facility at such time (provided that, at any
such time the Majority Lenders are determining whether either to accelerate or terminate the Credit Facility, Majority Lenders
shall mean such group of Finance Parties whose Individual Commitments with respect to the Credit Facility (in the case of the Lenders)
and Exposure (in the case of any Yank-a-Banked Lender) under Cash Management Agreements and Secured Risk Management Agreements
with a Yank-a-Banked Lender aggregate at least 66% of the aggregate of (x) the Total Commitment Amount for the Credit Facility
at such time and (y) the Exposure of each such Yank-a-Banked Lender at such time); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">at any particular time after the termination of the Credit Facility
pursuant to Section 2.4 such group of Finance Parties which have aggregate Exposure in an amount at least 66% of the aggregate
Exposure of all of the Finance Parties at such time.</FONT></TD></TR></TABLE>

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

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

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Material Adverse Change</B>&rdquo;
and &ldquo;<B>Material Adverse Effect</B>&rdquo; each mean any material adverse change in or material adverse effect on (i) the
business, operations, affairs, assets or properties or financial condition of the Companies, taken as a whole, (ii) the ability
of the Obligors, taken as a whole, to observe, perform and or comply with their obligations under any of the Credit Documents;
or (iii) the rights and remedies of, as applicable, the Administrative Agent or any Lender under any of the Credit Documents. For
the avoidance of doubt, a Material Adverse Change shall not include any event or change resulting from a decrease in the price
of commodities generally unless, in the opinion of the Lenders, acting reasonably, such event or change has a greater adverse effect
the Obligors as compared to other mining companies of similar size operating in one or more of the jurisdictions in which the Obligors
operate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Material Properties</B>&rdquo;
means the Rainy River Property and the New Afton Property and &ldquo;<B>Material Property</B>&rdquo; means either of the Material
Properties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Material Property Assets</B>&rdquo;
means collectively, the New Afton Property Assets and the Rainy River Property Assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Material Property Title
Opinions</B>&rdquo; means the New Afton Title Opinion and the Rainy River Title Opinion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Material Subsidiaries</B>&rdquo;
means any direct or indirect Subsidiary of the&nbsp;Borrower (other than an Excluded Subsidiary) which is incorporated or otherwise
formed under the laws of a Permitted Jurisdiction and in respect of which:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">the gross EBITDA of such Subsidiary (such EBITDA to be calculated
for each such Subsidiary by substituting each reference to the Borrower in such definition and each constituent definition thereof
for such Subsidiary, <I>mutatis mutandis</I>) for the most recently completed&nbsp;Fiscal&nbsp;Year of such Subsidiary constitutes
at least&nbsp;10% of the EBITDA of the&nbsp;Borrower on a consolidated basis for such Fiscal Year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">the book value of the assets of such Subsidiary as at the last day
of the most recently completed&nbsp;Fiscal&nbsp;Year of such Subsidiary constitutes at least&nbsp;10% of the book value of the
assets of the&nbsp;Borrower on a consolidated basis as at the last day of the most recently completed Fiscal Year; or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">each Subsidiary designated as a Material Subsidiary by the Borrower
by a notice in writing to the Administrative Agent for the duration of that designation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Maturity Date</B>&rdquo;
means August 14, 2021, as the same may be extended from time to time pursuant to Section 9.9.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify"><B>Net Cash Proceeds</B>&rdquo;
means, with respect to any Prepayment Trigger Event, an amount equal to the gross cash proceeds (including payments from time to
time in respect of instalment obligations, if any) received by or on behalf of a Secured Obligor in respect of such Prepayment
Trigger Event less the sum of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">the amount, if any, of all Taxes paid or estimated to be payable
by or on behalf of such Secured Obligor in connection with such Prepayment Trigger Event; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">reasonable and customary fees, commissions, expenses, issuance costs,
discounts and other costs paid by or on behalf of such Secured Obligor in connection with such Prepayment Trigger Event.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Net Debt</B>&rdquo; means,
at any particular time, Total Debt at such time less the Adjusted Cash at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Net Income</B>&rdquo;
means, for any particular period, the amount which would, in accordance with generally accepted accounting principles, be classified
on the consolidated income statement of the Borrower for such period as the net income of the Borrower excluding any extraordinary
items.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Net Leverage Ratio</B>&rdquo;
means, for any particular period, the ratio of (i) Net Debt at the last day of such Fiscal Quarter to (ii) Rolling EBITDA for such
period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>New Afton Account</B>&rdquo;
means the deposit account in the name of the Borrower numbered 476961644815 maintained by The Bank of Nova Scotia at its branch
with transit number 47696.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>New Afton Mineral Claims
and Mining Leases</B>&rdquo; means, as of the relevant date, the mineral claims (patented and unpatented) and mining leases in
respect of the New Afton Property set out in Schedule 2 to the Borrower&rsquo;s Perfection Certificate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>New Afton Property Assets</B>&rdquo;
means all now owned or hereafter acquired real or personal property owned by the Borrower which comprises part of, or is used in
the operation of, the New Afton Property.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>New Afton Property</B>&rdquo;
(also known as the New Afton Mine) means the Borrower&rsquo;s gold, silver and copper mine and related facilities located approximately
350 kilometres northeast of Vancouver, British Columbia, consisting of those mineral claims, mining leases and real property interests
set forth in Schedule 1 of the Borrower&rsquo;s Perfection Certificate relating to the New Afton Property and dated as of the date
hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>New Afton Title Opinion</B>&rdquo;
means the legal opinion of Lawson Lundell LLP dated August 14, 2014 with respect to, inter alia, ownership of the New Afton Mineral
Claims and Mining Leases and all real property forming part of the New Afton Property.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Non-Financial Letter</B>&rdquo;
means a standby letter of credit or guarantee in a form satisfactory to an Issuing Lender and issued by such Issuing Lender at
the request of a Borrower in favour of a third party to secure the non-financial performance of an obligation owed to the third
party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Obligors</B>&rdquo; means
the Borrower and the Guarantors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Official Body</B>&rdquo;
means any national, state, provincial or municipal government or government of any political subdivision thereof, or any agency,
authority, board, central bank, monetary authority, commission, department or instrumentality thereof, or any court, tribunal,
grand jury, mediator, arbitrator or referee, whether foreign or domestic having jurisdiction and the ability to make decisions
having the force of law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Ordinary Course Disposition</B>&rdquo;
means (i) any sale or other disposition of any Material Property Assets comprising inventory or obsolete equipment in the ordinary
course of business, (ii) any sale or other disposition of any Material Property Assets comprising exploration properties or not
integral to the current mine plan of the applicable mine and (iii) any sale or other disposition of any Material Property Assets
(other than (x) mining properties on which there are proven or probable reserves, (y) property described in (i) and (ii) above
and (z) Shares of any Company) on an arm&rsquo;s length basis and for fair market value, provided the net aggregate and consolidated
value of all such sales and other dispositions do not exceed $35,000,000 in any Fiscal Year and (iv)&nbsp;sales or other dispositions
of Approved Unrestricted Investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Ordinary Course Forward
Sale or Supply Agreement</B>&rdquo; means any agreement entered into by a Company in the ordinary course of business pursuant to
which it agrees to (i) sell refined metals to a refinery or other Person and to deliver such metals on a date that is not more
than 45 days after the date of the sale; or (ii) fixed term purchases of fuel, water, electricity and other utilities from suppliers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Other Taxes</B>&rdquo;
means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise
with respect to, this Agreement or any other Credit Document.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Out-of-the-Money Derivative
Exposure</B>&rdquo; has the meaning given to it in the definition of &ldquo;<B>Derivative Exposure</B>&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Perfection Certificate</B>&rdquo;
means, in respect of each Secured Obligor, the certificate of a senior officer of such Secured Obligor, addressed to the Administrative
Agent, in form and substance satisfactory to the Administrative Agent and pursuant to which certain factual matters relating to
such Obligor and the Secured Assets of such Obligor are certified true and correct, together with all schedules and exhibits attached
thereto or referred to therein, as the same may be updated from time to time pursuant to Section 11.1(i).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Acquisition</B>&rdquo;
means any Acquisition with respect to which:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 business of the entity being acquired is, (in the case of a share Acquisition) or the assets
being acquired are used in or relate to, (in the case of an asset Acquisition) the business of mineral exploration, mine development,
mining and activities related or incidental thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">no Default or Event of Default exists at the time of such proposed
Acquisition and no Default or Event of Default would exist immediately after the implementation of any such proposed Acquisition;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">the financial covenants set out in Sections 11.1(o), (p) and (q)
would be met, on a <I>pro forma</I> basis, immediately after giving effect to the implementation of any such Acquisition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">in the case of any Acquisition of assets, the assets are located
in a Permitted Jurisdiction or in the case of any Acquisition of Shares, the subject target and each of its Subsidiaries is incorporated
or otherwise formed under the laws of a Permitted Jurisdiction; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">in the case of any Acquisition of Shares, at least 75% of the consolidated
book value of the subject target&rsquo;s assets are located in a Permitted Jurisdiction; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">in the case of Acquisitions where the consideration payable is greater
than an aggregate consolidated amount of $5,000,000 per annum, the only cash consideration paid for the subject Acquisition are
cash proceeds received by the Borrower from (i) an issuance or sale of Shares of the Borrower which was completed within 90 days
of the subject Acquisition and/or (ii) a disposition of the Blackwater Project.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Acquisition
Indebtedness</B>&rdquo; means any Indebtedness resulting from a Permitted Acquisition which existed prior to, and not in contemplation
of, the Permitted Acquisition and any Indebtedness incurred upon and following the Permitted Acquisition pursuant to any commitment
(an &ldquo;<B>Existing Commitment</B>&rdquo;) which existed prior to, and not in contemplation of, the Permitted Acquisition, provided
(x)&nbsp;no Default exists at the time of the Permitted Acquisition, (y)&nbsp;no Default would exist immediately thereafter and
(z)&nbsp;the financial covenants set out in Section&nbsp;11.1(o), (p) and (q) would be met, on a pro forma basis, immediately after
the Permitted Acquisition.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Acquisition
Risk Management Agreements</B>&rdquo; means any Risk Management Agreements relating to a Permitted Acquisition which existed prior
to, and not in contemplation of, the Permitted Acquisition and all transactions entered into prior to the date of the Permitted
Acquisition with respect to such Risk Management Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Capital Reorganization</B>&rdquo;
means (a) any change in the issued and outstanding Shares of the Borrower (other than a change in connection with an Acquisition
that is not a Permitted Acquisition or a change that would result in an Event of Default) and (b) any Capital Reorganization (i)
that does not result in any change in the combined direct and indirect percentage ownership interest of the Borrower in any Obligor;
(ii) notice of which (and reasonable details thereof) has been provided by the Borrower to the Administrative Agent in writing
ten Banking Days before its proposed completion date (where the Capital Reorganization only involves the change in the capital
structure of an Obligor, the notice referred to in this clause (ii) shall be reduced to three Banking Days), (iii) where at the
time of the delivery of the aforesaid notice by the Borrower to the Administrative Agent, the Borrower delivers to the Administrative
Agent a certificate (A) certifying that the completion of the Capital Reorganization will not have a Material Adverse Effect and
(B) in which the Borrower shall covenant to deliver or cause to be delivered to the Administrative Agent, contemporaneously with
the completion of such Capital Reorganization, any Guarantees and Security Documents and/or amendments thereto, or Postponement
and Subordination Undertaking, financing statements, certificates, opinions and other things as the Administrative Agent may request
to ensure the completion of such Capital Reorganization shall not adversely affect any rights of any Finance Party under any Guarantee
or Security Document and (iv) where no Default or Event of Default has occurred and is outstanding at the time of the completion
of the Capital Reorganization or would arise immediately thereafter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Corporate Reorganization</B>&rdquo;
means any Corporate Reorganization (i)&nbsp;notice of which (and reasonable details thereof) has been provided by the Borrower
to the Administrative Agent in writing ten Banking Days before its proposed completion date, (ii) where at the time of the delivery
of the aforesaid notice by the Borrower to the Administrative Agent, the Borrower delivers to the Administrative Agent a certificate
(A) certifying that the completion of the Corporate Reorganization will not have a Material Adverse Effect and (B) in which the
Borrower shall covenant to deliver or cause to be delivered to the Administrative Agent, contemporaneously with the completion
of such Corporate Reorganization, any Guarantees and Security Documents and/or amendments thereto, Postponement and Subordination
Undertaking, financing statements, certificates, opinions and other things as the Administrative Agent may request to ensure the
completion of such Corporate Reorganization shall not adversely affect any rights of any Finance Party under any Guarantee, Security
Document or Postponement and Subordination Undertaking and (iii) where no Default or Event of Default has occurred and is outstanding
at the time of the completion of the Corporate Reorganization or would arise immediately thereafter; provided that, (x) with respect
to any merger or amalgamation involving the Borrower, the continuing or surviving Person shall be the Borrower hereunder, (y) with
respect to any merger or amalgamation involving any other Obligor, the continuing or surviving Person shall be an Obligor hereunder
(or, in the case of a merger or amalgamation involving a Secured Obligor, a Secured Obligor hereunder), and (z) no liquidation,
winding up or dissolution of any Obligor shall constitute a &ldquo;Permitted Corporate Reorganization&rdquo; unless (I) such Obligor
is not an operating entity and has only nominal assets and nominal liabilities, or (II) all of the assets of such Obligor (including
any interest in any Shares) are transferred to an Obligor that is not liquidating, winding up or dissolving.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Indebtedness</B>&rdquo;
means any one or more of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Secured Obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">Indebtedness of the Borrower or any other Obligor on a consolidated
basis arising under Capital Leases, Purchase Money Indebtedness and Indebtedness in respect of receivables financings provided
that the aggregate principal amount of all such Indebtedness incurred and outstanding at any time shall not exceed an aggregate
$100,000,000; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">any Permitted Acquisition Indebtedness or any Indebtedness under
Permitted Acquisition Risk Management Agreements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">Indebtedness in respect of bonds, letters of credit or bank guarantees
in favour of a public utility or any other Official Body when required by such utility or other Official Body in connection with
the operations of any Company (including for the reclamation or remediation of mining properties), all in the ordinary course of
business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">Indebtedness of the Companies permitted to be incurred pursuant to
Section&nbsp;11.2(g);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">Indebtedness owing by (i) any Obligor to any Subsidiary of the Borrower
that is subordinated and postponed pursuant to the Postponement and Subordination Undertaking and (ii) any Obligor to any other
Obligor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">Indebtedness under the Senior Notes, the Senior Note Guarantees and
Subordinated Indebtedness; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">any Indebtedness relating to employee benefit plans or compensation;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">any guarantee by any Obligor of any Indebtedness permitted under
paragraphs (b), (c), (d) or (e) of this definition; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">Indebtedness of the Borrower on a consolidated basis, not otherwise
permitted under paragraphs (a) - (h), in an aggregate amount at any particular time of not more than $70,000,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Jurisdictions</B>&rdquo;
means Canada, the United States of America, Mexico, Greenland, Bermuda, all countries of South America (excluding Venezuela, Paraguay
and Bolivia), the European Union, Norway, Switzerland, Turkey, Croatia, Macedonia, Albania, Andorra, Bosnia &amp; Herzegovina,
Montenegro, Serbia, New Zealand, Australia, Tasmania, Papua New Guinea, British Virgin Islands, Barbados, the Cayman Islands, Curacao,
Antilles, Channel Islands, Belize, Honduras, Costa Rica, Panama, Tanzania, Namibia, South Africa, Botswana, and Ghana.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Liens</B>&rdquo;
means any one or more of the following with respect to the property and assets of the Companies:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 or governmental charges or levies not at the time due or delinquent
or the validity or amount of which are being contested in good faith by appropriate proceedings and as to which reserves are being
maintained in accordance with generally accepted accounting principles so long as forfeiture of any part of such property or assets
will not result from the failure to pay such taxes, assessments or governmental charges or levies during the period of such contest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 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 generally accepted accounting
principles 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 law or which relate to obligations not due or delinquent or the validity or amount of which are being contested
in good faith by appropriate proceedings and as to which reserves are being maintained in accordance with generally accepted accounting
principles 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 any
Company, 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 any Company or by any statutory provision, 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="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Liens 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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 other Official Body when required by such utility or
other Official Body in connection with the operations of any Company, all in the ordinary course of business (whether such security
is given directly or indirectly (ie. as security for a letter of credit or bank guarantee that is given as security to the public
utility or other Official Body));</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">the reservations, limitations, provisos and conditions, if any, expressed in any original grants
from the Crown or in comparable grants, if any, in jurisdictions other than Canada;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 on concentrates or minerals or the proceeds of sale of such concentrates or minerals arising
or granted pursuant to a processing arrangement entered into in the ordinary course and upon usual market terms, securing the payment
of a Company&rsquo;s portion of the fees, costs and expenses attributable to the processing of such concentrates or minerals under
any such processing arrangement, but only insofar as such Liens relate to obligations which are at such time not past due 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 generally accepted accounting principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">the Security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">royalties on the production or profits from mining and other Liens arising under Third Party Mining
Arrangements provided such royalties (x) are in existence as at the date hereof or (y) do not relate to a property in production
at the time the royalty was granted;</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">customary Liens in respect of service charges and other obligations, other than Indebtedness, in
respect of bank, custodian, investment, customs and other accounts opened in the ordinary course of business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Indebtedness to be incurred and outstanding pursuant to paragraph (b) of the definition
of &ldquo;<B>Permitted Indebtedness</B>&rdquo;; provided, however, that any such Lien shall attach only to the asset in respect
of which such Indebtedness is incurred and any proceeds thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 securing Indebtedness referenced in paragraph (c) of the definition of &ldquo;<B>Permitted
Indebtedness</B>&rdquo; and guarantees of the Obligors therefor; provided, however, the Liens securing such Indebtedness shall
only be permitted on the present and after-acquired property of, or the Shares in, a Subsidiary or mine or mining project acquired
pursuant to a Permitted Acquisition and not on any other Excluded Assets or the Blackwater Project;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">the Liens and other encumbrances disclosed in Schedule H hereto and in the Material Property Title
Opinions, or qualifying the Material Property Title Opinions, other than the Liens that were required to be discharged as a condition
precedent prior the initial drawdown under the Credit Facility;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 over the Excluded Assets for the sole purpose of securing Indebtedness of the Borrower referenced
in paragraph (j) of the definition of Permitted Indebtedness; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">a Lien on the Rainy River Stream Collection Account pursuant to the Rainy River Stream Account
Security Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Reorganizations</B>&rdquo;
means Permitted Corporate Reorganizations and Permitted Capital Reorganizations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Permitted Risk Management
Agreement</B>&rdquo; means (a) an Existing Risk Management Agreement or (b) a Risk Management Agreement entered into by an Obligor
with any Person that has not been entered into for speculative purposes nor on a margined basis and would not result, at the time
of the transaction effected pursuant thereto, to more than 65% of the consolidated projected future gold, silver or copper production
of the Borrower for any Fiscal Year being hedged (such 65% excluding, however, the hedging of quotational period pricing choices
by customers of the Companies).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Person</B>&rdquo; means
any natural person, corporation, firm, partnership, joint venture, trust, 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Pollutant</B>&rdquo; means
any pollutant, as defined by EPA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Postponement and Subordination
Undertaking</B>&rdquo; means the postponement and subordination undertaking to be entered into by certain Companies in favour of
the Administrative Agent pursuant to Section&nbsp;11.1(r), in form and substance satisfactory to the Administrative Agent as the
same may be amended, modified, supplemented or replaced from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Prepayment Notice</B>&rdquo;
shall have the meaning ascribed thereto in Section&nbsp;9.3.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Prepayment Trigger Event</B>&rdquo;
means the receipt by any Secured Obligor of any proceeds under any property insurance policy in respect of Secured Assets in excess
of $35,000,000 or the Exchange Equivalent thereof, where such proceeds or any portion thereof have not been used or committed by
such Secured Obligor to repair or replace the subject Secured Assets within 180 days of such Secured Obligor&rsquo;s receipt thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Prime Rate</B>&rdquo;
means the greater of (a) the variable rate of interest per annum equal to the rate of interest determined by the Administrative
Agent from time to time as its prime rate of Canadian dollar loans made by the Administrative Agent in Canada from time to 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 days and (b) the sum of (A) the BA Rate for a Schedule&nbsp;I Lender for a 30 day term on the date
of determination and (B) 5/8 of 1% per annum. If at any time the Prime Rate is less than zero, the Prime Rate shall be deemed to
be equal to zero.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Prime Rate Loans</B>&rdquo;
means monies lent by the Lenders to the Borrower hereunder in Canadian dollars and upon which interest accrues at a rate referable
to the Prime Rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Proceeds of Realization</B>&rdquo;
means all cash and non-cash proceeds derived from any sale, disposition or other realization of the Secured Assets (i) after the
Enforcement Date, (ii) upon any dissolution, liquidation, winding-up, reorganization, bankruptcy, insolvency or receivership of
any of the Obligors (or any other arrangement or marshalling of the Secured Assets that is similar thereto) or (iii) upon the enforcement
of, or any action taken with respect to, any of the Security Documents or the Guarantees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Pro Rata Share</B>&rdquo;
means (x) at any particular time with respect to a particular Lender, the ratio of the Individual Commitment of such Lender with
respect to the Credit Facility at such time to the aggregate of the Individual Commitments of all relevant Lenders with respect
to such Credit Facility at such time and (y) at a particular time with respect to a particular Lender with respect to Section 14.21(b)(iii),
the ratio of the Secured Obligations of the Borrower owing to such Lender at such time to the aggregate Secured Obligations of
the Borrower to all Lenders at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Purchase Money Indebtedness</B>&rdquo;
means Indebtedness assumed by any Company as part of, or issued or incurred by any Company to pay or provide funds to pay, all
or a part of the purchase price of any equipment hereafter or previously acquired by such Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Qualified Affiliate</B>&rdquo;
means an Affiliate of a Lender who has executed and delivered to the Administrative Agent an instrument of adhesion in the form
set forth in Schedule L.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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 relevant 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Qualified Finance Party</B>&rdquo;
means (x) any Person that is a party to a Cash Management Agreement or Risk Management Agreement at a time when such Person is
a Lender or (y) any Qualified Affiliate that is a party to a Cash Management Agreement or Risk Management Agreement at a time when
the Lender with which such Qualified Affiliate is affiliated is a Lender, provided such Lender or such Qualified Affiliate ceases
to be a Qualified Finance Party if (x) such Lender is a Voluntary Exiting Lender, (y) such Lender is a Yank-a-Banked Lender and
such Lender or its Qualified Affiliate has novated the Transactions to which it is a party or (z) such Lender is a Yank-a-Banked
Lender who benefits from a Yank-a-Banked Lender Lien.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Account</B>&rdquo;
means the deposit account in the name of the Borrower numbered 47696 2247216 maintained by The Bank of Nova Scotia at its branch
with transit number 47696.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Crown Leases
and Approvals</B>&rdquo; means any lease, agreement, licence, permit, compliance certificate or other grant of right, use, occupancy
or permission, or any other Approval, where the transfer, assignment, sublet, mortgage, charge or grant of security interest in,
to or of such lease, agreement, licence, permit, certificate or grant of right, use, occupancy or permission or other Approval,
requires the consent or further Approval of an Official Body, relating to the Rainy River mine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Mining Claims
and Mining Leases</B>&rdquo; means, collectively, as of the relevant date, the mining claims (patented and unpatented) and mining
leases (including the Rainy River Crown Leases and Approvals) in respect of the Rainy River Property set out in the Borrower&rsquo;s
Perfection Certificate dated the date hereof and relating to the Rainy River Property Assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Property</B>&rdquo;
(also known as the Rainy River mine) means the mine and related facilities located approximately 50 kilometres northwest of Fort
Frances, Ontario, consisting of those patented and unpatented claims, mining leases and real property interests set forth in Schedule
1 of the Borrower&rsquo;s Perfection Certificate relating to the Rainy River Property Asset and dated the date hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify"><B>&ldquo;Rainy River Property Assets&rdquo;</B>
means all now owned or hereafter acquired real or personal property owned by the Borrower which comprises part of, or is used in
the operation of, the Rainy River Property.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Security Date</B>&rdquo;
means the date on which (i) the Administrative Agent has obtained a valid and perfected first ranking security interest (subject
to Permitted Liens) in all Rainy River Mining Claims and Mining Leases and such security interest was properly registered, recorded
and filed in all places which, in the opinion of the Administrative Agent&rsquo;s counsel (acting reasonably) are required to make
effective such security to ensure the perfection and the intended priority of such security; and (ii) the Borrower has delivered,
or caused to be delivered, (A) the Rainy River Title Opinion; and (B) an opinion or opinions of its counsel, addressed to the Finance
Parties relating to the status and capacity of the Borrower, the due authorization, execution and delivery and the validity and
enforceability of the Security Document referenced at Section II of Schedule K hereto, the validity and perfection of the security
interests under such Security Document, the due registration and filing of such Security Document in all places necessary to ensure
the perfection and the intended priority of such security.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Stream Account
Security Agreement</B>&rdquo; means the security agreement dated July 20, 2015 between the Borrower and RGLD Gold AG pursuant to
which the Borrower granted RGLD Gold AG a security interest in the Rainy River Stream Collection Account as security for its obligations
under the Rainy River Stream Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Stream Agreement</B>&rdquo;
means the gold and silver purchase and sale agreement dated July 20, 2015 among the Borrower as seller, RGLD Gold AG as purchaser
and Royal Gold, Inc. as covenantor with respect to certain provisions thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Stream Cash
Deposits</B>&rdquo; means the applicable percentage of cash proceeds (or cash proceeds from the sale of) each Offtake Payment (as
defined in the Rainy River Stream Agreement) received by the Borrower or its Affiliates which is required to be deposited into
the Rainy River Stream Collection Account in accordance with Section 9.13 of the Rainy River Stream Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Stream Collection
Account</B>&rdquo; means the deposit account in the name of the Borrower numbered 47696 0521310 maintained by The Bank of Nova
Scotia at its branch with transit number 47696 pursuant to which the Rainy River Stream Cash Deposits are credited and over which
RGLD Gold AG has a security interest pursuant to the Rainy River Stream Account Security Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rainy River Title Opinion</B>&rdquo;
means the legal opinion of Cassels Brock &amp; Blackwell LLP to be dated on or before the Rainy River Security Date, in form and
substance satisfactory to the Administrative Agent, acting reasonably, with respect to, inter alia, ownership of the Rainy River
Mining Claims and Mining Leases and all fee simple real property forming part of the Rainy River Property.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Receiver</B>&rdquo; means
a receiver, receiver and manager or the person having similar powers or authority appointed by the Administrative Agent or by a
court at the instance of the Administrative Agent in respect of the Secured Assets or any part thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Release</B>&rdquo; means
a &ldquo;discharge&rdquo;, as such term is defined in the EPA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Representatives</B>&rdquo;
means any employees, directors, financial advisors, attorneys or Affiliates of any Finance Party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Restricted Activities</B>&rdquo;
means business activities that are subject to sanctions/embargos imposed by the Canadian government, the Swiss State Secretariat
for Economic Affairs, the United Nations, the European Union and/or the United States Office of Foreign Assets Control.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Restricted Countries</B>&rdquo;
means, at any particular time, any country subject to Sanctions at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Restricted Persons</B>&rdquo;
means (i) persons named on any sanctions lists issued by one of the Canadian government, the Swiss State Secretariat for Economic
Affairs, the United Nations, the European Union and/or the United States Office of Foreign Assets Control or (ii) Persons otherwise
the target of Sanctions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Risk Management Agreement</B>&rdquo;
means (a) any Existing Risk Management Agreement and (b) any other instrument or agreement evidencing any Risk Management Obligation
of any Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Risk Management Obligations</B>&rdquo;
means, with respect to any Person, all liabilities of such Person under interest rate swap agreements, interest rate cap agreements,
interest rate collar agreements, forward sales contracts, and all other agreements, options or arrangements designed to protect
such Person against fluctuations in interest rates, currency exchange rates or commodities (including precious and base metals)
prices but shall not include any liabilities under any Ordinary Course Forward Sale or Supply Agreements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rockcliff</B>&rdquo; means
Rockcliff Group Limited, a corporation incorporated under the laws of Ontario.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rolling EBITDA</B>&rdquo;
means, for any Fiscal Quarter, the aggregate of (without duplication):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 sum of EBITDA (exclusive of any portion thereof attributable to any Rolling Permitted Acquisition
EBITDA) for such Fiscal Quarter and for the three immediately preceding Fiscal Quarters; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">any Rolling Permitted Acquisition EBITDA for such Fiscal Quarter.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rolling Interest Expenses</B>&rdquo;
means, for any Fiscal Quarter, the aggregate of (without duplication):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 sum of Interest Expenses (exclusive of any portion thereof attributable to any Rolling Permitted
Acquisition Interest Expenses) plus the Borrower&rsquo;s consolidated capitalized interest expenses for such Fiscal Quarter and
for the three immediately preceding Fiscal Quarters; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><FONT STYLE="font-size: 11pt">any Rolling Permitted Acquisition Interest Expenses for such Fiscal
Quarter.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rolling Permitted Acquisition
EBITDA</B>&rdquo; means, for any Fiscal Quarter as concerns any Permitted Acquisition with respect to which four Fiscal Quarter
ends or less have occurred since the date of the completion of such Permitted Acquisition, <I>pro forma</I> EBITDA attributable
to such Permitted Acquisition during such Fiscal Quarter and the three immediately preceding Fiscal Quarters as if such Permitted
Acquisition had occurred on the first day of such four Fiscal Quarter period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rolling Permitted Acquisition
Interest Expenses</B>&rdquo; means, for any Fiscal Quarter as concerns any Permitted Acquisition with respect to which four Fiscal
Quarter ends or less have occurred since the date of the completion of such Permitted Acquisition, <I>pro forma</I> Interest Expenses
attributable to such Permitted Acquisition during such Fiscal Quarter and the three immediately preceding Fiscal Quarters as if
such Permitted Acquisition had occurred on the first day of such four Fiscal Quarter period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Rollover Notice</B>&rdquo;
shall have the meaning ascribed thereto in Section&nbsp;5.3.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Sale Leaseback</B>&rdquo;
shall mean any transaction or series of related transactions pursuant to which any Company (a) sells, transfers or otherwise disposes
of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents
or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property
being sold, transferred or disposed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Sanctions</B>&rdquo; means
economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 U.S. government, including those administered by the Office of Foreign Assets Control of the
U.S. Department of Treasury or the U.S. Department of State; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Canadian government, the United Nations, the European Union or Her Majesty&rsquo;s Treasury
of the United Kingdom.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Schedule I Lenders</B>&rdquo;
means the Lenders that are listed in Schedule I to the <I>Bank Act</I> (Canada).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Schedule I Reference Lenders</B>&rdquo;
means The Bank of Nova Scotia and such other Schedule I Lenders as may be agreed upon by the Borrower and the Administrative Agent
from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Schedule II and III Lenders</B>&rdquo;
means Lenders that are not Schedule I Lenders that are otherwise residents of Canada for purpose of the <I>Income Tax Act </I>(Canada).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Schedule II and III Reference
Lenders</B>&rdquo; means such group of Schedule II and III Lenders (other than Bank of America, N.A. Canada Branch) as may be agreed
upon by the Borrower and the Administrative Agent from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Secured Assets</B>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 New Afton Property Assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">prior to the Rainy River Security Date, the Rainy River Property Assets other than the Rainy River
Crown Leases and Approvals and on and after the Rainy River Security Date, all Rainy River Property Assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 New Afton Account and the Rainy River Account and all balances from time to time credited thereto;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">all rights of any kind whatsoever with respect to paragraphs (a)&nbsp;-&nbsp;(c) above.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">For certainty, the Secured Assets
shall cease to be Secured Assets to the extent such assets are sold or otherwise disposed of in a manner which is not prohibited
by this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Secured Leverage Ratio</B>&rdquo;
means, for any particular period, the ratio of (i) Total Debt which is secured by a Lien at the last day of such period to (ii)
Rolling EBITDA for such period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Secured Obligations</B>&rdquo;
shall mean all indebtedness, obligations and liabilities (other than Excluded Swap Obligations), present or future, absolute or
contingent, matured or not, at any time owing by any of the Obligors to any of the Finance Parties, or remaining unpaid to any
of the Finance Parties, under or in connection with any of the Finance Documents and Secured Obligations of a particular Obligor
shall mean all indebtedness, obligations and liabilities (other than Excluded Swap Obligations), present or future, absolute or
contingent, matured or not, at any time owing by such Obligor to any of the Finance Parties, or remaining unpaid to any of the
Finance Parties, under or in connection with any of the Finance Documents to which such Obligor is a party. For certainty, &ldquo;<B>Secured
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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Secured Obligations Termination
Date</B>&rdquo; means the date on which all Secured Obligations of the Obligors (other than those provisions which by their terms
survive the termination of the Finance Documents) have been paid in full and the Finance Parties have no Individual Commitments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Secured Obligor</B>&rdquo;
means any Obligor which has granted security over its Secured Assets to the Administrative Agent pursuant to one or more Security
Documents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Secured Risk Management
Agreements</B>&rdquo; means Risk Management Agreements between an Obligor on the one hand and a Qualified Finance Party on the
other hand (but only for so long as such Person remains a Qualified Finance Party).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Security</B>&rdquo; means
the collateral security constituted by the Security Documents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Security Documents</B>&rdquo;
shall mean the security documents (as the same may be amended, modified, supplemented, restated or replaced from time to time)
which, in the reasonable opinion of the Administrative Agent, are required to be entered into from time to time by the Secured
Obligors in favour of the Administrative Agent for the benefit of the Finance Parties in order to grant directly or indirectly
to the Administrative Agent a first-ranking Lien on the Secured Assets, subject only to Permitted Liens, as continuing collateral
security for the payment and performance of the Secured Obligations, such security documents to be in form and substance satisfactory
to the Administrative Agent and to include, without limitation, the security documents described in Section II of Schedule K.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Senior Note Guarantee</B>&rdquo;
means the 6.25% Senior Note Guarantees and the 2017 Senior Note Guarantees and &ldquo;<B>Senior Note Guarantee</B>&rdquo; means
any of the Senior Note Guarantees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Senior Note Guarantors</B>&rdquo;
means the 6.25% Senior Note Guarantors and the 2017 Senior Note Guarantors and &ldquo;<B>Note Guarantor</B>&rdquo; means any of
the Note Guarantors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Senior Note Indentures</B>&rdquo;
means the 6.25% Note Indenture and the 2017 Senior Note Indenture and &ldquo;<B>Note Indenture</B>&rdquo; means either of the Senior
Note Indentures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Senior Notes</B>&rdquo;
means the 6.25% Senior Notes and the 2017 Senior Notes and &ldquo;Senior Note&rdquo; means any of the Senior Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Shares</B>&rdquo;, as
applied to the shares of any corporation or other entity, means 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Standalone Provisions</B>&rdquo;
shall have the meaning ascribed thereto in Section&nbsp;16.6.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Standalone Risk Management
Agreement</B>&rdquo; shall have the meaning ascribed thereto in Section&nbsp;16.6.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Subordinated Indebtedness</B>&rdquo;
means unsecured Indebtedness of any Obligor which by its terms has the payment of principal subordinated in right of payment upon
liquidation or bankruptcy to the Secured Obligations owing by such Obligor to the Finance Parties under the Credit Agreement or
any Permitted Risk Management Agreement which at the time that it is incurred, matures at least one year after the Maturity Date
and there are no scheduled principal repayments thereof until such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Swap Obligation</B>&rdquo;
means, with respect to any Guarantor, any obligation (each, a &ldquo;<B>Swap Obligation</B>&rdquo;) 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Tax Act</B>&rdquo; means
the <I>Income Tax Act</I> (Canada), as amended from time to time, and regulations promulgated thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Taxes</B>&rdquo; means
all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed, levied,
collected, withheld or assessed by any Official Body, including any interest, additions to tax or penalties applicable thereto,
and whether disputed or not.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Third Party Mining Arrangements</B>&rdquo;
means any arrangement with another Person or Persons of a nature that is, or shall have become customary in, the mining business
for the purposes of sharing the risks or costs of exploring, acquiring, developing or producing minerals from property owned by
an Obligor, including, operating, processing, farm-in, farm-out, development, area of mutual interest, unitization, pooling, joint
bidding, joint venture, service, partnership, subscription and stock purchase agreement and other similar agreements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Total Commitment Amount</B>&rdquo;
means, at any particular time, the aggregate of the Individual Commitments with respect to all of the Lenders at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Total Debt</B>&rdquo;
means, at any particular time, the aggregate Indebtedness of the Borrower on a consolidated basis at such time less all Indebtedness
of the Excluded Subsidiaries.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Transaction</B>&rdquo;
means a transaction entered into with a Qualified Finance Party pursuant to a Cash Management Agreement and otherwise, when used
in the context of a Secured Risk Management Agreement, shall have the meaning ascribed thereto in any Secured Risk Management Agreement
or Standalone Risk Management Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Upfront Fee Letter</B>&rdquo;
means the upfront fee letter dated October 30, 2018 entered into among the Borrower and the Administrative Agent, for and on behalf
of the Lenders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>U.S.</B>&rdquo; and &ldquo;<B>United
States</B>&rdquo; means the United States of America.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>U.S. Dollar Equivalent</B>&rdquo;
means the Exchange Equivalent in United States dollars of any amount of any other currency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Voluntary Exiting Lender</B>&rdquo;
means any Lender that has sold all of its rights and obligations under the Credit Documents (other than any such sale pursuant
to Section 14.14(d)) and any Qualified Affiliate of such Lender that is a party to any Standalone Risk Management Agreements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Voting Shares</B>&rdquo;
means Shares of a Person which carries voting rights or the right to Control such Person under any circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Waste</B>&rdquo; means
any waste, as defined by EPA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Yank-a-Banked Lender</B>&rdquo;
means any Lender that has sold all of its rights and obligations under the Credit Documents pursuant to Section 14.14(d).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&ldquo;<B>Yank-a-Banked Lender Lien</B>&rdquo;
has the meaning ascribed thereto in Section&nbsp;14.14(d)(iii).</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.2&nbsp;</B></TD>
    <TD><B>Other Usages</B></TD></TR>
</TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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, supplemented or otherwise modified from
time to time in accordance with the terms hereof and thereof.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.3</B></TD>
    <TD><B>Plural and Singular</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.4</B></TD>
    <TD><B>Headings</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.5</B></TD>
    <TD><B>Currency</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.6</B></TD>
    <TD><B>Applicable Law</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">This agreement shall
be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.
Any legal action or proceeding with respect to this agreement may be brought in the courts of the Province of Ontario and, by execution
and delivery of this agreement, the parties hereby accept for themselves and in respect of their property, generally and unconditionally,
the non-exclusive jurisdiction of the aforesaid courts. Nothing herein shall limit the right of any party to serve process in any
manner permitted by law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.7</B></TD>
    <TD><B>Time of the Essence</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Time shall in all
respects be of the essence of this agreement.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.8</B></TD>
    <TD><B>Non Banking Days</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.9</B></TD>
    <TD><B>Consents and Approvals</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 or delayed by such party.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.10</B></TD>
    <TD><B>Amount of Credit</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Any reference herein
to the amount of credit outstanding shall mean, at any particular time:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 a Prime Rate Loan or a BA Rate Loan, the U.S. Dollar Equivalent of the principal
amount thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 a Bankers&rsquo; Acceptance, the U.S. Dollar Equivalent of the face amount thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">in the case of a LIBOR Loan or Base Rate Canada Loan, the principal amount thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">in the case of a U.S. dollar denominated Letter, the contingent liability of the relevant Issuing
Lender thereunder; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">in the case of a Letter denominated in a currency other than U.S. dollars, the U.S. Dollar Equivalent
of the contingent liability of the relevant Issuing Lender thereunder.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.11</B></TD>
    <TD><B>Schedules</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Each and every one
of the schedules which is referred to in this agreement and attached to this agreement shall form a part of this agreement.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.12</B></TD>
    <TD><B>Extension of Credit</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.13</B></TD>
    <TD><B>Rule of Construction</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Finance 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 Finance
Documents.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.14</B></TD>
    <TD><B>Accounting Terms - GAAP</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">All accounting terms
not specifically defined in this agreement shall be interpreted in accordance with GAAP.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.15</B></TD>
    <TD><B>Paramountcy</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">In the event of any
conflict or inconsistency between the provisions of this agreement and the provisions of any other Credit Document, the provisions
of this agreement shall prevail and be paramount. If any covenant, representation, warranty or event of default contained in any
other Credit Document is in conflict with or is inconsistent with a provision of this agreement relating to the same specific matter,
such covenant, representation, warranty or event of default shall be deemed to be amended to the extent necessary to ensure that
it is not in conflict with or inconsistent with the provision of this agreement relating to the same specific matter.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.16</B></TD>
    <TD><B>Change in Accounting Polices</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Whereas the Borrower
may adopt new accounting policies from time to time, whereby such adoption is compelled by accounting or regulatory bodies having
jurisdiction or at its own discretion, and whereas these accounting changes may result in a material change in the calculation
of the financial covenants or financial covenant thresholds or terms used in this agreement or any other Credit Document, then
the Borrower, the Administrative Agent and the Lenders agree to enter into negotiations in order to amend such provisions of this
agreement or such Credit Document, as applicable, so as to equitably reflect such accounting changes with the desired result that
the criteria for evaluating the Borrower&rsquo;s financial condition, financial covenants, financial covenant thresholds or terms
used in this agreement or any other Credit Document shall be the same after such accounting changes as if such accounting changes
had not been made; provided, however, that the agreement of the Majority Lenders to any required amendments of such provisions
shall be sufficient to bind all Lenders. If the Borrower and the Majority Lenders cannot agree upon the required amendments immediately
prior to the date of implementation of any accounting policy change, then all calculations of financial covenants, financial covenant
thresholds or terms used in this agreement or any other Credit Document shall be prepared and delivered without reflecting the
accounting policy change.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.17</B></TD>
    <TD><B>Successors and Permitted Assigns of Parties</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.18</B></TD>
    <TD><B>Meaning of Include</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The words &ldquo;include&rdquo;,
&ldquo;includes&rdquo; and &ldquo;including&rdquo;, when used in this agreement, shall be deemed to be followed by the phrase &ldquo;without
limitation&rdquo;.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>1.19</B></TD>
    <TD><B>Amendment and Restatement</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">This agreement is
an amendment and restatement of the Existing Credit Agreement and not a novation of the Existing Credit Agreement.&nbsp; This agreement
reflects amendments to the Existing Credit Agreement and has been restated solely for the purposes of reflecting amendments to
the Existing Credit Agreement which the Lenders, the Borrower and the other parties thereto have agreed upon. For greater certainty,
all obligations under the Existing Credit Agreement continue as obligations under this Agreement. All references to the &ldquo;Credit
Agreement&rdquo; or similar references contained in the documents delivered prior to the effectiveness of this Agreement in connection
with or under the Existing Credit Agreement shall be references to the Existing Credit Agreement as amended and restated pursuant
to this agreement without further amendment to those documents</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;2<BR>
CREDIT FACILITY</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>2.1</B></TD>
    <TD><B>Establishment of Credit Facility</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Subject to the terms
and conditions hereof, the Lenders hereby establish in favour of the Borrower a revolving term credit facility (the &ldquo;<B>Credit
Facility</B>&rdquo;) in the amount of $400,000,000, as such amount may be reduced pursuant to Section 2.3.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>2.2</B></TD>
    <TD><B>Lenders&rsquo; Commitments</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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. Subject to the terms and conditions hereof, 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 relevant 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 a 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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>2.3</B></TD>
    <TD><B>Reduction of Credit Facility</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 the Credit Facility, is not being utilized at the time such notice is given, provided that such
reduction shall not become effective until five Banking Days after such notice has been given. The amount of the Credit Facility
will be permanently reduced at the time, and in the amount, of the repayment made pursuant to Section 9.1 and prepayment made pursuant
to Section 9.3. Any repayment or prepayment of credit outstanding under the Credit Facility (other than as set forth above) shall
not cause a reduction in the amount of the Credit Facility. Any repayment of outstanding credit which forms part of any conversion
from one type of credit to another type of credit under Article&nbsp;3 or Article&nbsp;6 or of any rollover under Article&nbsp;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 with respect to the Credit Facility 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>2.4</B></TD>
    <TD><B>Termination of Credit Facility</B></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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&nbsp;13.1;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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&nbsp;2.3;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>2.5</B></TD>
    <TD><B>Credit Restrictions</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Notwithstanding any
other provision of this Agreement, the Borrower (i)&nbsp;acknowledges and agrees that, until the Rainy River Security Date, it
shall not submit a Drawdown Request for, and the Lenders shall not be obligated to extend credit (whether by way of Loans, Bankers&rsquo;
Acceptances or Letters or any combination of the foregoing) to the Borrower hereunder in excess of $225,000,000 and (ii) shall
not drawdown credit under the Credit Facility solely for the purpose of accumulating cash in deposit or investment accounts outside
the ordinary course of business.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;3<BR>
GENERAL PROVISIONS RELATING TO CREDITS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.1</B></TD>
    <TD><B>Types of Credit Availments</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Subject to the terms
and conditions hereof, the Borrower may obtain credit from the Lenders by way of one or more Loans, Bankers&rsquo; Acceptances
and Letters.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Any extension of credit
hereunder by way of Base Rate Canada Loans or LIBOR Loans shall be in a minimum amount of $1,000,000 and by way of Prime Rate Loans,
BA Rate Loans or Bankers&rsquo; Acceptances shall be in a minimum amount of CDN$1,000,000. At no time shall the aggregate amount
of Letters exceed $150,000,000 or the Exchange Equivalent thereof.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.2</B></TD>
    <TD><B>Funding of Loans</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Subject to the terms
and conditions hereof, 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 12:00&nbsp;p.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&nbsp;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; provided, however, 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 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 <I>prima facie</I> 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.3</B></TD>
    <TD><B>Failure of Lender to Fund Loan</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">If any Lender fails
to make available to the Administrative Agent its Pro Rata Share of any Loan as required and the Administrative Agent has not funded,
or has funded and demanded repayment from the Borrower, pursuant to Section&nbsp;3.2, the Administrative Agent shall forthwith
give notice of such failure by such 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 <I>pro rata</I> 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.4</B></TD>
    <TD><B>Funding of Bankers&rsquo; Acceptances</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 the Administrative Agent receives from the Borrower a Drawdown Notice, Rollover Notice or Conversion
Notice requesting a drawdown of, a rollover of or a conversion into Bankers&rsquo; Acceptances, the Administrative Agent shall
notify each Lender, prior to 11:00&nbsp;a.m. (Toronto time) on the second Banking Day prior to the date of such extension of credit
of such request and of each Lender&rsquo;s Pro Rata Share of such extension of credit. The Administrative Agent shall also at such
time notify the Borrower of each Lender&rsquo;s Pro Rata Share of such extension of credit. Each Lender shall, not later than 11:00&nbsp;a.m.
(Toronto time) on the date of each extension of credit by way of Bankers&rsquo; Acceptance, accept drafts of the Borrower which
are presented to it for acceptance and which have an aggregate face amount equal to such Lender&rsquo;s Pro Rata Share of the total
extension of credit being made available by way of Bankers&rsquo; Acceptances on such date, as advised by the Administrative Agent.
Each Lender shall purchase the Bankers&rsquo; Acceptances which it has accepted for a purchase price equal to the BA Discounted
Proceeds therefor. Each Lender may at any time and from time to time hold, sell, rediscount or otherwise dispose of any and all
Bankers&rsquo; Acceptances accepted and purchased by it.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower shall provide for payment to the accepting Lenders of the face amount of each Bankers&rsquo;
Acceptance at its maturity, either by payment of such amount or through an extension of credit hereunder or through a combination
of both. The Borrower hereby waives presentment for payment of Bankers&rsquo; Acceptances by the Lenders and any defence to payment
of amounts due to a Lender in respect of a Bankers&rsquo; Acceptance which might exist by reason of such Bankers&rsquo; Acceptance
being held at maturity by such Lender which accepted it and agrees not to claim from such Lender any days of grace for the payment
at maturity of Bankers&rsquo; Acceptances.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">In the case of a drawdown by way of Bankers&rsquo; Acceptance, each Lender shall, forthwith after
the acceptance of drafts of the Borrower as aforesaid, make available to the Administrative Agent the BA Proceeds with respect
to the Bankers&rsquo; Acceptances accepted by it. The Administrative Agent shall, upon fulfilment by the Borrower of the terms
and conditions set forth in Article&nbsp;12, make such BA Proceeds available to the Borrower on the date of such extension of credit
by crediting the applicable Designated Account. In the case of a rollover of or conversion into Bankers&rsquo; Acceptances, each
Lender shall retain the Bankers&rsquo; Acceptance accepted by it and shall not be required to make any funds available to the Administrative
Agent for deposit to the applicable Designated Account; however, forthwith after the acceptance of drafts of the Borrower as aforesaid,
the Borrower shall pay to the Administrative Agent on behalf of the Lenders an amount equal to the aggregate amount of the acceptance
fees in respect of such Bankers&rsquo; Acceptances calculated in accordance with Section 7.7 plus the amount by which the aggregate
face amount of such Bankers&rsquo; Acceptances exceeds the aggregate BA Discounted Proceeds with respect thereto.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Any Bankers&rsquo; Acceptance may, at the option of the Borrower, be executed in advance by or
on behalf of the Borrower, by mechanically reproduced or facsimile signatures of any two officers of the Borrower who are properly
so designated and authorized by the Borrower from time to time. Any Bankers&rsquo; Acceptance so executed and delivered by the
Borrower to the Lenders shall be valid and shall bind the Borrower and may be dealt with by the Lenders to all intents and purposes
as if the Bankers&rsquo; Acceptance had been signed in the executing officers&rsquo; own handwriting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower shall notify the Lenders as to those officers whose signatures may be reproduced and
used to execute Bankers&rsquo; Acceptances in the manner provided in Section 3.4(d). Bankers&rsquo; Acceptances with the mechanically
reproduced or facsimile signatures of designated officers may be used by the Lenders and shall continue to be valid, notwithstanding
the death, termination of employment or termination of authorization of either or both of such officers or any other circumstance.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower hereby indemnifies and agrees to hold harmless the Lenders against and from all losses,
damages, expenses and other liabilities caused by or attributable to the use of the mechanically reproduced or facsimile signature
instead of the original signature of an authorized officer of the Borrower on a Banker&rsquo;s Acceptance prepared, executed, issued
and accepted pursuant to this agreement, except to the extent determined by a court of competent jurisdiction to be due to the
gross negligence or wilful misconduct of the Lenders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">Each Lender agrees that, in respect of the safekeeping of executed drafts of the Borrower which
are delivered to it for acceptance hereunder, it shall exercise the same degree of care which it gives to its own property, provided
that it shall not be deemed to be an insurer thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">All Bankers&rsquo; Acceptances to be accepted by a particular Lender shall, at the option of such
Lender, be issued in the form of depository bills made payable originally to and deposited with The Canadian Depository for Securities
Limited pursuant to the <I>Depository Bills and Notes Act </I>(Canada).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">In order to facilitate the issuance of Bankers&rsquo; Acceptances pursuant to this agreement, the
Borrower hereby authorizes each Lender, and appoints each Lender as its attorney, to complete, sign and endorse drafts or depository
bills (each such executed draft or bill being herein referred to as a &ldquo;BA Draft&rdquo;) on its behalf in handwritten form
or by facsimile or mechanical signature or otherwise in accordance with the applicable Drawdown Notice, Rollover Notice or Conversion
Notice and, once so completed, signed and endorsed to accept them as Bankers&rsquo; Acceptances under this agreement and then if
applicable, purchase, discount or negotiate such Bankers&rsquo; Acceptances in accordance with the provisions of this agreement.
BA Drafts so completed, signed, endorsed and negotiated on behalf of the Borrower by such Lender shall bind the Borrower as fully
and effectively as if so performed by an authorized officer of the Borrower. Each draft of a Bankers&rsquo; Acceptance completed,
signed or endorsed by a Lender shall mature on the last day of the term thereof.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.5</B></TD>
    <TD><B>BA Rate Loans</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">If in the sole judgement
of a Lender, such Lender is unable to extend credit by way of Bankers&rsquo; Acceptances in accordance with this agreement, such
Lender shall give an irrevocable notice to such effect to the Administrative Agent and the Borrower prior to 10:00&nbsp;a.m. (Toronto
time) on the date of the requested credit extension and shall make available to the Borrower prior to 11:00 a.m. (Toronto time)
on the date of such requested credit extension a Canadian dollar loan (a &ldquo;<B>BA Rate Loan</B>&rdquo;) in the principal amount
equal to such Lender&rsquo;s Pro Rata Share of the total credit to be extended by way of Bankers&rsquo; Acceptances, such BA Rate
Loan to be funded in the same manner as a Loan is funded pursuant to Sections 3.2 and 3.3. Notwithstanding the foregoing, it is
hereby acknowledged and agreed that Export Development Canada, as Lender, is unable to extend credit by way of Bankers&rsquo; Acceptances
and shall not be required to deliver the aforementioned irrevocable notices but otherwise all provisions of this Section 3.5 shall
apply to Export Development Canada each time that the Borrower requests credit by way of Bankers&rsquo; Acceptances. If the Borrower
requests an extension of credit by way of Prime Rate Loan, each Canadian Dollar-LIBOR Funded Lender shall make available to the
Borrower prior to 11:00 a.m. (Toronto Time) on the date of such requested credit extension a BA Rate Loan in the principal amount
equal to such Lender&rsquo;s Pro Rate Share of the total credit to be extended by way of Prime Rate Loans, such BA Rate Loan to
be funded in the same manner as a Loan is funded pursuant to Sections 3.2 and 3.3. If such BA Rate Loan is a substitute for Bankers&rsquo;
Acceptances, such BA Rate Loan shall have the same term as such Bankers&rsquo; Acceptances. If such BA Rate Loan is a substitute
for Prime Rate Loans, such BA Rate Loan shall have a term equal to the shortest Interest Period displayed on the &ldquo;LIBOR 01
Page&rdquo; for CDN$1,000,000. A BA Rate Loan shall bear such rate of interest per annum throughout the term thereof as shall permit
such Lender to obtain the same effective rate as if such Lender had accepted and purchased a Bankers&rsquo; Acceptance at the same
acceptance fee and pricing at which a Schedule II Lender would have accepted and purchased such Bankers&rsquo; Acceptance at approximately
11:00 a.m. (Toronto time) on the date such BA Rate Loan is made, on the basis that, and the Borrower hereby agrees that, for such
a BA Rate Loan, interest shall be payable in advance on the date of the extension of credit by the relevant Lender deducting the
interest payable in respect thereof from the principal amount of such BA Rate Loan. All BA Rate Loans to be made by a particular
Lender shall, at the option of such Lender, be evidenced by a promissory note in the form of a depository note made payable originally
to and deposited with The Canadian Depository for Securities Limited pursuant to the <I>Depository Bills and Notes Act</I> (Canada).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.6</B></TD>
    <TD><B>Timing of Credit Availments</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">No Bankers&rsquo;
Acceptance, BA Rate Loan or LIBOR Loan may have a maturity date later than the Maturity Date. If, upon termination of the Credit
Facility and release of the Security, an Issuing Lender, in its sole and absolute discretion, agrees to continue to provide a Letter
or Letters on behalf of the Borrower, the Borrower shall post cash collateral security with such Issuing Lender as collateral security
for the maximum aggregate exposure under such Letter or Letters. Following such payment by the Borrower to such Issuing Lender,
the Borrower shall have no further liability to such Issuing Lender with respect to any such Letter. Prior to the expiry of any
such cash collateralized Letter, the relevant Issuing Lender may, in its sole and absolute direction, pay the beneficiary of such
Letter the face amount thereof from the proceeds of said cash collateral as if such beneficiary had presented such Letter to such
Issuing lender for payment and thereafter cancel such Letter. Upon the expiry of any such cash collateralized Letter (or the return
thereof by the beneficiary to the relevant Issuing Lender) which (i) has not been presented to the relevant Issuing Lender for
payment or (ii) which has been presented to the relevant Issuing Lender for payment of less than the full face value thereof, such
Issuing Lender shall promptly return the balance of such cash collateral to the Borrower.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.7&nbsp;</B></TD>
    <TD><B>Inability to Fund U.S. Dollar Advances in Canada</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">If a Lender determines
in good faith, which determination shall be final, conclusive and binding on the Borrower, and the Administrative Agent notifies
the Borrower that (i) by reason of circumstances affecting financial markets inside or outside Canada, deposits of United States
dollars are unavailable to such Lender in Canada, (ii) adequate and fair means do not exist for ascertaining the applicable interest
rate on the basis provided in the definition of LIBOR or Alternate Base Rate Canada, as the case may be, (iii) the making or continuation
of United States dollar advances in Canada has been made impracticable by the occurrence of a contingency (other than a mere increase
in rates payable by such Lender to fund the advance) which materially and adversely affects the funding of the advances at any
interest rate computed on the basis of the LIBOR or the Alternate Base Rate Canada, as the case may be, or by reason of a change
in any applicable law or government regulation, guideline or order (whether or not having the force of law but, if not having the
force of law, one with which a responsible Canadian chartered bank would comply) or in the interpretation thereof by any Official
Body affecting such Lender or any relevant financial market, which results in LIBOR or the Alternative Base Rate Canada, as the
case may be, no longer representing the effective cost to such Lender of deposits in such market for a relevant Interest Period,
or (iv) any change to present law or any future law, regulation, order, treaty or official directive (whether or not having the
force of law but, if not having the force of law, one with which a responsible Canadian chartered bank would comply) or any change
therein or any interpretation or application thereof by any Official Body has made it unlawful for such Lender to make or maintain
or give effect to its obligations in respect of United States dollar advances in Canada as contemplated herein, then:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 53; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 right of the Borrower to obtain any affected Base Rate Canada Loan or LIBOR Loan from such
Lender shall be suspended until such Lender determines that the circumstances causing such suspension no longer exist and such
Lender so notifies the Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">if any affected Base Rate Canada Loan or LIBOR Loan is not yet outstanding, any applicable Drawdown
Notice shall be cancelled and the advance requested therein shall not be made;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 LIBOR Loan is already outstanding at any time when the right of the Borrower to obtain credit
by way of a LIBOR Loan is suspended, it shall, subject to the Borrower having the right to obtain credit by way of a Base Rate
Canada Loan at such time, be converted on the last day of the Interest Period applicable thereto (or on such earlier date as may
be required to comply with any Applicable Law) to a Base Rate Canada Loan in the principal amount equal to the principal amount
of the LIBOR Loan or, if the Borrower does not have the right to obtain credit by way of a Base Rate Canada Loan at such time,
such LIBOR Loan shall be converted on the last day of the Interest Period applicable thereto (or on such earlier date as may be
required to comply with any Applicable Law) to a loan in such other currency as may be mutually agreed upon in the principal amount
equal to the Exchange Equivalent of such LIBOR Loan; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 any Base Rate Canada Loan is already outstanding at any time when the right of the Borrower
to obtain credit by way of a Base Rate Canada Loan is suspended, it shall, subject to the Borrower having the right to obtain credit
by way of a LIBOR Loan at such time, be converted to a LIBOR Loan on the third Banking Day thereafter in the principal amount equal
to the principal amount of the Base Rate Canada Loan and having an Interest Period of one month or, if the Borrower does not have
the right to obtain credit by way of a LIBOR Loan at such time, it shall be immediately converted to a loan in such other currency
as may be mutually agreed upon in the principal amount equal to the Exchange Equivalent of the principal amount of the Base Rate
Canada Loan.</TD></TR></TABLE>

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

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

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


<!-- Field: Page; Sequence: 54; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.8</B></TD>
    <TD><B>Time and Place of Payments</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 relevant Designated Account before 1:00&nbsp;p.m. (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 accounts on the day specified for payment.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.9</B></TD>
    <TD><B>Remittance of Payments</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 relevant Lenders pursuant to Section 3.8, the Administrative Agent shall, subject to Sections 3.3 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 Lender had failed, pursuant to Section 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 a 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 <I>prima
facie</I> evidence of such amount of repayment.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.10</B></TD>
    <TD><B>Evidence of Indebtedness</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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, each Bankers&rsquo; Acceptances accepted and cancelled 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, <I>prima facie</I> evidence of the indebtedness of the Borrower pursuant
to this agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.11&nbsp;&nbsp;</B></TD>
    <TD><B>Notice Periods</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Each Drawdown Notice,
Rollover Notice, Conversion Notice and Prepayment Notice shall be given to the Administrative Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">prior to 10:00&nbsp;a.m. (Toronto time) on the third Banking Day prior to the date of any voluntary
prepayment or the date of a drawdown of, rollover of, conversion into or conversion of a Bankers&rsquo; Acceptance or LIBOR Loan
or the issuance of any Letter; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">prior to 10:00&nbsp;a.m. (Toronto time) on the second Banking Day prior to the date of any other
drawdown, rollover or conversion.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.12&nbsp;&nbsp;</B></TD>
    <TD><B>&nbsp;General Provisions Relating to All Letters</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 acknowledges and confirms to the Issuing Lenders that the Issuing Lenders shall
not be obliged to make any inquiry or investigation as to the right of any beneficiary to make any claim or draft or request any
payment under a Letter and payment by an Issuing Lender pursuant to a Letter shall not be withheld by such Issuing Lender by reason
of any matters in dispute between the beneficiary thereof and the Borrower. The sole obligation of the Issuing Lenders with respect
to Letters is to cause to be paid a draft drawn or purporting to be drawn in accordance with the terms of the applicable Letter
and for such purpose the relevant Issuing Lender is only obliged to determine that the draft purports to comply with the terms
and conditions of the relevant Letter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Issuing Lenders shall not have any responsibility or liability for or any duty to inquire into
the form, sufficiency (other than to the extent provided in the preceding paragraph), authorization, execution, signature, endorsement,
correctness (other than to the extent provided in the preceding paragraph), genuineness or legal effect of any draft, certificate
or other document presented to it pursuant to a Letter and the Borrower unconditionally assumes all risks with respect to the same.
The Borrower agrees that it assumes all risks of the acts or omissions of the beneficiary of any Letter with respect to the use
by such beneficiary of the relevant Letter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 obligations of the Borrower hereunder with respect to Letters shall be absolute, unconditional
and irrevocable and shall not be reduced by any event or occurrence including, without limitation:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 lack of validity or enforceability of this agreement or any such Letter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">any amendment or waiver of or any consent to departure from this agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 existence of any claim, set-off, defence or other rights which the Borrower may have at any
time against any beneficiary or any transferee of any such Letter (or any person or entities for whom any such beneficiary or any
such transferee may be acting), any Lender, the Issuing Lenders or any other Person;</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">any draft, statement or other document presented under any such Letter proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect whatsoever;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">payment by an Issuing Lender under such Letter against presentation of a sight draft or certificate
which does not comply with the terms of such Letter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">any non-application or misapplication by the beneficiary of such Letter of the proceeds of any
drawing under such Letter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">the surrender or impairment of any Security; or;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">any reduction or withdrawal of an Issuing Lender&rsquo;s credit rating by any rating agency.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The obligations of the Borrower
hereunder with respect to Letters shall remain in full force and effect and shall apply to any amendment to or extension of the
expiration date of any such Letter.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Any action, inaction or omission taken or suffered by an Issuing Lender or any of such Issuing
Lender&rsquo;s correspondents under or in connection with a Letter or any draft made thereunder, if in good faith and in conformity
with foreign or domestic laws, regulations or customs applicable thereto, shall be binding upon the Borrower and shall not place
such Issuing Lender or any of its correspondents under any resulting liability to the Borrower. Without limiting the generality
of the foregoing, each Issuing Lender and its correspondents may receive, accept or pay as complying with the terms of a Letter,
any draft thereunder, otherwise in order which may be signed by, or issued to, the administrator or any executor of, or the trustee
in bankruptcy of, or the receiver for any property of, or other Person or entity acting as the representative or in the place of,
such beneficiary or its successors and assigns. The Borrower covenants that it will not take any steps, issue any instructions
to any Issuing Lender or any of its correspondents or institute any proceedings intended to derogate from the right or ability
of an Issuing Lender or its correspondents to honour and pay any draft or drafts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower agrees that the Lenders, the Issuing Lenders and the Administrative Agent shall have
no liability to it for any reason in respect of or in connection with any Letter, the issuance thereof, any payment thereunder,
or any other action taken by the Lenders, the Issuing Lenders or the Administrative Agent or any other person in connection therewith,
other than on account of an Issuing Lender&rsquo;s gross negligence or wilful misconduct.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Save to the extent expressly provided otherwise in this Section 3.12, the rights and obligations
between each Issuing Lender and the Borrower with respect to each Letter shall be determined in accordance with the applicable
provisions of the (i) Uniform Customs and Practice for Documentary Credits (2006 Revision), ICC Publications 600 or (ii) the International
Standby Practices - ISP98, ICC Publication No. 590, as applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">Letters issued hereunder shall be denominated only in United States, Canadian or Australian dollars
or such other currency as may be agreed by the relevant Issuing Lender.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.13&nbsp;</B></TD>
    <TD><B>Administrative Agent&rsquo;s Discretion to Allocate</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Notwithstanding the
provisions of Section 3.2 with respect to the funding of Loans and Bankers&rsquo; Acceptances in accordance with each Lender&rsquo;s
Pro Rata Share, the Administrative Agent shall be entitled to reallocate the funding or reimbursement obligations among the relevant
Lenders in order to ensure, to the greatest extent practicable, that after such funding the aggregate amount of credit extended
hereunder by each Lender coincides with such Lender&rsquo;s Pro Rata Share of the aggregate amount of credit extended under the
Credit Facility by all of the Lenders, provided that no such allocation shall result in the aggregate amount of credit extended
hereunder by any Lender exceeding such Lender&rsquo;s Individual Commitment.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.14&nbsp;&nbsp;&nbsp;</B></TD>
    <TD><B>Cost of Funds</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">If the Majority Lenders
notify the Administrative Agent at least one Banking Day before the date of any proposed drawdown, conversion or rollover of a
LIBOR Loan that LIBOR, for any interest period for such LIBOR Loans will not adequately reflect the cost to such Majority Lenders
of making, funding or maintaining their respective LIBOR Loans for such Interest Period, the Administrative Agent shall forthwith
so notify the Borrower and the Lenders, whereupon (i) each LIBOR Loan will automatically, on the last day of the then existing
interest period therefor, convert into a Base Rate Canada Loan and (ii) the obligation of the Lenders to make or to convert into,
LIBOR Loans shall be suspended until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances
causing such suspension no longer exist.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>3.15&nbsp;</B></TD>
    <TD><B>LIBOR</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">At any time the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section
3.7 in respect of LIBOR have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in
Section 3.7 have not arisen but the supervisor for the administrator of LIBOR or an Official Body having jurisdiction over the
Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be used for determining
interest rates for loans (the &ldquo;<B>LIBOR Discontinuation Date</B>&rdquo;), then the Administrative Agent will promptly notify
the Borrower of such determination and the Administrative Agent and the Borrower shall negotiate in good faith to establish an
alternate rate of interest to LIBOR that gives due consideration to the then prevailing market convention for determining a rate
of interest for LIBOR Loans made in Canada at such time so that the all-in interest rate paid by the Borrower under this Agreement
based on the replacement index will be substantially equivalent to the all-in interest rate applicable to LIBOR Loans made hereunder
prior to LIBOR&rsquo;s replacement, and upon an agreement being reached, shall enter into an amendment to this agreement to reflect
such alternate rate of interest and such other related changes to this agreement as may be applicable. Until an amendment reflecting
the transition to a new reference rate becomes effective as contemplated by this Section, each LIBOR Loan shall continue to bear
interest calculated with reference to LIBOR; <I>provided that</I> if the Administrative Agent determines (which determination shall
be conclusive, absent manifest error) that a LIBOR Discontinuation Date has occurred, then following the LIBOR Discontinuation
Date, all LIBOR Advances shall automatically be converted to Base Rate Canada Loans until such time as an amending agreement adopting
a new reference rate of interest becomes effective as contemplated by this Section. Notwithstanding anything to the contrary in
Section 14.14, such amendment shall become effective without any further action or consent of any other party to this agreement
so long as the Administrative Agent shall not have received, within five (5) Banking Days of the date notice of such alternate
rate of interest is provided to the Lenders, a written notice from the Majority Lenders stating that such Majority Lenders object
to such amendment. Provided that, if such alternate rate of interest to replace LIBOR shall be less than zero, such rate shall
be deemed to be zero for the purposes of this agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4<BR>
DRAWDOWNS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>4.1</B></TD>
    <TD><B>Drawdown Notice</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Subject to Sections
3.1 and 3.7 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 14.4, the Borrower may, from time to time, obtain credit hereunder by
giving to the Administrative Agent a duly executed irrevocable notice in substantially the form of Schedule D hereto (&ldquo;<B>Drawdown
Notice</B>&rdquo;) in accordance with Section 3.11 and specifying:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Prime Rate Loan, Base Rate Canada Loan, LIBOR Loan,
Bankers&rsquo; Acceptances or Letter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">in the case of any credit to be obtained by way of a Loan, the principal amount of the Loan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Bankers&rsquo; Acceptances, the aggregate face amount
of the Bankers&rsquo; Acceptances to be issued and the term of the Bankers&rsquo; Acceptances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 the credit is to be obtained by way of LIBOR Loan, the applicable Interest Period;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">if the credit is to be obtained by way of Letter, the named beneficiary of the Letter, the maturity
date and amount of the Letter, the currency in which the Letter is to be denominated and all other terms of the Letter (including,
without limitation, the proposed form of the Letter; and</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>4.2&nbsp;</B></TD>
    <TD><B>Subsidiary Reimbursement Covenant</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">If credit is to be
obtained by way of Letter and if such Letter is to be issued on behalf of a Subsidiary of the Borrower as well as on behalf of
the Borrower, the Borrower shall ensure that accompanying such Drawdown Notice is an instrument, substantially in the form of Schedule
M hereto, and pursuant to which such Subsidiary shall agree, without qualification, to reimburse the relevant Issuing Lender on
demand for the full amount of each and any Letter presented to and paid by the relevant Issuing Lender in accordance with such
Letter.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;5<BR>
ROLLOVERS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>5.1&nbsp;&nbsp;</B></TD>
    <TD><B>Bankers&rsquo; Acceptances</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Provided that the
Borrower has, by giving notice to the Administrative Agent in accordance with Section 5.3, requested the Lenders to accept its
drafts to replace all or a portion of outstanding Bankers&rsquo; Acceptances as they mature, each Lender shall, on the maturity
of such Bankers&rsquo; Acceptances and concurrent with the payment by the Borrower to such relevant Lender of the face amount of
such Bankers&rsquo; Acceptances or the portion thereof to be replaced, accept the Borrower&rsquo;s draft or drafts having an aggregate
face amount equal to its Pro Rata Share of the aggregate face amount of the matured Bankers&rsquo; Acceptances or the portion thereof
to be replaced in accordance with Section 3.4.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>5.2</B></TD>
    <TD><B>LIBOR Loans</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Subject to Section
3.7 and provided that the Borrower has, by giving notice to the Administrative Agent in accordance with Section 5.3, 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 relevant 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>5.3</B></TD>
    <TD><B>Rollover Notice</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The notice to be given
to the Administrative Agent pursuant to Section 5.1 or 5.2 (&ldquo;<B>Rollover Notice</B>&rdquo;) shall be irrevocable, shall be
given in accordance with Section 3.11, shall be in substantially the form of Schedule E hereto and shall specify:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Bankers&rsquo; Acceptances or the maturing LIBOR Loan, as the
case may be;</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 face amount of the maturing Bankers&rsquo; Acceptances or the principal amount of the maturing
LIBOR Loan, as the case may be, and the portion thereof to be replaced;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">in the case of a maturing LIBOR Loan, the maturity date of the maturing LIBOR Loan, the principal
amount of the maturing LIBOR Loan and the portion thereof to be replaced and the Interest Period or Interest Periods of the replacement
LIBOR Loans; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">in the case of maturing Bankers&rsquo; Acceptances, the aggregate face amount of the new Bankers&rsquo;
Acceptances to be issued and the term of the new Bankers&rsquo; Acceptances.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>5.4</B></TD>
    <TD><B>Absence of Notice</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Subject to Section
3.7, in the absence of a Rollover Notice or Conversion Notice within the appropriate time periods referred to herein, a maturing
LIBOR Loan in favour of the Borrower shall be automatically rolled over to a LIBOR Loan with an Interest Period of one month and
a maturing Bankers&rsquo; Acceptance or BA Rate Loan shall be automatically rolled over to a Bankers&rsquo; Acceptance or BA Rate
Loan with a term of 30 days, as though a notice to such effect had been given in accordance with Section 5.3.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;6<BR>
CONVERSIONS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>6.1</B></TD>
    <TD><B>Converting Loan to Other Type of Loan</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 6.4, requested
the Lenders to convert all or a portion of an outstanding Loan (other than a BA Rate Loan) into another type of Loan (other than
a BA Rate 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 relevant 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>6.2&nbsp;&nbsp;&nbsp;</B></TD>
    <TD><B>Converting Loan to Bankers&rsquo; Acceptances</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Provided that the
Borrower has, by giving notice to the Administrative Agent in accordance with Section 6.4, requested the relevant Lenders to accept
its drafts to replace all or a portion of an outstanding Loan and, if a LIBOR Loan or a BA Rate Loan is to be replaced the date
of conversion is the date on which such Loan matures, each Lender shall, on the date of conversion and concurrent with the payment
by the Borrower to each relevant Lender of the principal amount of such outstanding Loan or the portion thereof which is being
converted, accept the Borrower&rsquo;s draft or drafts having an aggregate face amount equal to its Pro Rata Share of the aggregate
principal amount of such Loan or the portion thereof which is being converted or the Canadian Dollar Equivalent thereof, as the
case may be, such acceptance to be in accordance with Section 3.4.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>6.3</B></TD>
    <TD><B>Converting Bankers&rsquo; Acceptances to Loan</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Each Lender shall,
on the maturity date of a Bankers&rsquo; Acceptance which such Lender has accepted, pay to the holder thereof the face amount of
such Bankers&rsquo; Acceptance. Subject to Sections 3.1 and 3.7 and provided that the Borrower has, by giving notice to the Administrative
Agent in accordance with Section 6.4, requested the Lenders to convert all or a portion of outstanding maturing Bankers&rsquo;
Acceptances into a Loan, each Lender shall, upon the maturity date of such Bankers&rsquo; Acceptances and the payment by such Lender
to the holders of such Bankers&rsquo; Acceptances of the aggregate face amount thereof and concurrent with the payment by the Borrower
to such relevant Lender of the aggregate face amount of such Bankers&rsquo; Acceptances, extend credit to the Borrower by way of
the Loan into which the matured Bankers&rsquo; Acceptances or a portion thereof are converted in the aggregate principal amount
equal to its Pro Rata Share of the aggregate face amount or the U.S. Dollar Equivalent of the aggregate face amount, as the case
may be, of the matured Bankers&rsquo; Acceptances or the portion thereof which are being converted. Where a particular relevant
Lender has funded the Borrower by way of a BA Rate Loan rather than by way of Bankers&rsquo; Acceptances, the provisions of this
Section 6.3 as they relate to Bankers&rsquo; Acceptances shall apply <I>mutatis mutandis</I> to such BA Rate Loan.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>6.4</B></TD>
    <TD><B>Conversion Notice</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The notice to be given
to the Administrative Agent pursuant to Section 6.1, 6.2 or 6.3 (&ldquo;<B>Conversion Notice</B>&rdquo;) shall be irrevocable,
shall be given in accordance with Section 3.11, shall be in substantially the form of Schedule F hereto and shall specify:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">whether an outstanding Loan or Bankers&rsquo; Acceptances are to be converted and, if an outstanding
Loan is to be converted, the type of Loan to be converted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 face amount of the Bankers&rsquo; Acceptances or the portion thereof which is to be converted
or the principal amount of the Loan or the portion thereof which is to be converted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 or Bankers&rsquo; Acceptances into which the outstanding Loan or
Bankers&rsquo; Acceptances are to be converted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 or Bankers&rsquo; Acceptances are to be converted into a LIBOR Loan, the
applicable Interest Period; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">if an outstanding Loan is to be converted into Bankers&rsquo; Acceptances, the aggregate face amount
of the new Bankers&rsquo; Acceptances to be issued and the term of the new Bankers&rsquo; Acceptances.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>6.5</B></TD>
    <TD><B>Conversion by Lenders</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Upon written notice
to such effect to the Borrower at such time as a Default has occurred and is continuing, the Administrative Agent may, as applicable,
on the maturity date of a Bankers&rsquo; Acceptance, BA Rate Loan or a LIBOR Loan, convert such Bankers&rsquo; Acceptance, BA Rate
Loan or LIBOR Loan into Prime Rate Loan or Base Rate Canada Loan, as applicable, as though a notice to such effect had been given
in accordance with Section 6.4.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;7<BR>
INTEREST AND FEES</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>7.1</B></TD>
    <TD><B>Interest Rates</B></TD></TR>
</TABLE>
<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in">
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Borrower shall
pay to the relevant Lenders, in accordance with Section 3.8, interest on the outstanding principal amount from time to time of
each Loan (other than a BA Rate Loan) at the rate per annum equal to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Prime Rate Loan, the Prime Rate plus the Applicable Rate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Base Rate Canada Loan, the Alternate Base Rate Canada plus the Applicable Rate;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">in the case of each LIBOR Loan, the applicable LIBOR plus the Applicable Rate.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>7.2</B></TD>
    <TD><B>Calculation and Payment of Interest</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Prime Rate Loan and Base
Rate Canada 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 the outstanding principal amount from time to time of each LIBOR 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 360.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Accrued interest shall be paid,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Prime Rate Loans and Base Rate Canada Loans, in arrears monthly on the
22<SUP>nd</SUP> day of each calendar month; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 months, accrued interest shall be paid no less frequently
than every three 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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>7.3</B></TD>
    <TD><B>General Interest Rules</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">For the purposes hereof, whenever interest is calculated on the basis of a year of 360 or 365 days,
each rate of interest determined pursuant to such calculation expressed as an annual rate for the purposes of the <I>Interest Act
</I>(Canada) is equivalent to such rate as so determined 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 days, respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 fee or other amount of any nature payable by them to any Finance
Party hereunder or under any document, instrument or agreement delivered pursuant hereto on the due date therefor, the Borrower
shall pay to such Finance Party, 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 rate per annum, calculated
and compounded monthly, which is equal to (x) the Prime Rate plus the Applicable Rate plus 2% in the case of overdue amounts denominated
in Canadian dollars and (y) the Alternate Base Rate Canada plus the Applicable Rate plus 2% in the case of overdue amounts denominated
in U.S. dollars. Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>7.4</B></TD>
    <TD><B>Selection of Interest Periods</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 of one, two, three or six months (subject to availability
and to the aggregate number of Interest Periods with different dates outstanding being not more than ten (10));</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>7.5</B></TD>
    <TD><B>Standby Fee</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Upon the first Banking
Day following completion of each Fiscal Quarter and on the termination of the Credit Facility, the Borrower shall pay in accordance
with Section 3.8, to the Lenders, in arrears, a standby fee calculated at the rate per annum, on the basis of a year of 365 days,
equal to the Applicable Rate on the daily Available Credit during the most recently completed Fiscal Quarter, such fee to accrue
daily from the date of the execution and delivery of this agreement to and including the termination of the Credit Facility. Notwithstanding
the foregoing, standby fees shall cease to accrue on the unfunded portion of the Individual Commitment of any Lender while it is
a Defaulting Lender.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>7.6</B></TD>
    <TD><B>Letter Fees</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Borrower shall
pay to the Lenders in respect of each Letter, in accordance with Section 3.8, an issuance fee quarterly in arrears on the first
Banking Day of each Fiscal Quarter, calculated at a rate per annum equal to the Applicable Rate on the basis of a year of 365 days
and on the amount of each such Letter for a period of time equal to the number of days in the preceding Fiscal Quarter on which
such Letter was outstanding. In addition, with respect to all Letters, the Borrower shall from time to time pay to the Issuing
Lender a fronting fee as specified in the relevant Issuing Lender Fee Letter along with its usual and customary fees (at the then
prevailing rates) for the amendment, delivery and administration of letters of credit such as the Letters. Each such payment is
non-refundable and fully earned when due.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>7.7</B></TD>
    <TD><B>Acceptance Fees</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Upon the acceptance of any draft of the Borrower under the Credit Facility pursuant hereto, the
Borrower shall pay to the Lenders, in the manner provided herein, in advance, an acceptance fee calculated at the rate per annum,
on the basis of a year of 365 days, equal to the Applicable Rate on the face amount of such Bankers&rsquo; Acceptance for its term,
being the actual number of days in the period commencing on the date of acceptance of the Borrower&rsquo;s draft and ending on
but excluding the maturity date of the Bankers&rsquo; Acceptance; provided, however, that such fee shall not be less than CDN$500
with respect to any single transaction involving the issuance of one or more Bankers&rsquo; Acceptances.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">With respect to each drawdown by way of Bankers&rsquo; Acceptances, such acceptance fees shall
be paid by the Lenders deducting the amount thereof from the BA Discounted Proceeds before advancing the BA Proceeds to the Administrative
Agent as provided in Section 3.4(c). With respect to each rollover or conversion into Bankers&rsquo; Acceptances, such acceptance
fees shall be paid by the Borrower to the Administrative Agent as provided in Section 3.4(c). Each such payment is non-refundable
and fully earned when due.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>7.8</B></TD>
    <TD><B>Applicable Rate Adjustment</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">On the third Banking
Day following each date the Borrower delivers a Compliance Certificate to the Administrative Agent pursuant to Section 11.1(a)(iii)
which discloses a Net Leverage Ratio at a Level which differs from the Level then in effect, the Applicable Rate shall change to
reflect that new Level. The Applicable Rate applicable to all Loans and Letters outstanding on the date any such change takes effect
and the Standby Fees will be adjusted immediately, but without retroactive effect. There will be no adjustments made with respect
to outstanding Bankers&rsquo; Acceptances. Notwithstanding the foregoing: (i) if the Borrower fails to deliver a Compliance Certificate
to the Administrative Agent by the date required to do so under Section 11.1(a)(iii), the Net Leverage Ratio shall be deemed as
from such date to be at Level V until such failure is cured, at which time the Applicable Rate shall be determined in accordance
with the table set forth in Schedule I, but without any adjustments having retroactive effect, and (ii) if an Event of Default
has occurred and is continuing, the Applicable Rate applicable to all Levels shall, to the extent permitted by Applicable Law,
be increased by 2% per annum, but without duplication of the rate specified in Section 7.3(c) as being applicable on overdue amounts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>8.1</B></TD>
    <TD><B>Conditions of Credit</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>8.2</B></TD>
    <TD><B>Change of Circumstances</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>Increased Costs Generally.</B> If from time to time any Change in Law shall:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge
or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">subject any Lender to any Tax of any kind whatsoever with respect to this Agreement, any Letter,
any participation in a Letter, or any Loan made by it or Bankers&rsquo; Acceptance accepted by it or change the basis of taxation
of payments to such Lender in respect thereof, except for (A)&nbsp;Indemnified Taxes or Other Taxes covered by Section 8.6, and
(B)&nbsp;the imposition, or any change in the rate, of any Excluded Tax payable by such Lender; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">impose on any Lender or any applicable interbank market any other condition, cost or expense affecting
this Agreement or Loans made by such Lender or any Letter or participation therein;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">and the result of any of the foregoing
shall be to increase the cost to such Lender of making or maintaining any Loan (or of maintaining its obligation to make any such
Loan) or accepting any Bankers&rsquo; Acceptance, or to increase the cost to such Lender or the Issuing Lender of participating
in, issuing or maintaining any Letter (or of maintaining its obligation to participate in or to issue any Letter), or to reduce
the amount of any sum received or receivable by such Lender or the Issuing Lender hereunder (whether of principal, interest or
any other amount), then upon request of such Lender from time to time the Borrower will pay to such Lender such additional amount
or amounts as will compensate such Lender for such additional costs incurred or reduction suffered, such amount or amounts to be
determined in the sole and absolute discretion of the relevant Lender.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Capital and Liquidity Requirements.</B> If any Lender determines in its sole and absolute discretion
that any Change in Law affecting such Lender or any lending office of such Lender or such Lender&rsquo;s holding company, if any,
regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender&rsquo;s
capital or on the capital of such Lender&rsquo;s holding company, if any, as a consequence of this Agreement, the Individual Commitment
of such Lender or the Loans made by, Bankers&rsquo; Acceptances accepted by it or the Letters issued or participated in by such
Lender, to a level below that which such Lender or its holding company could have achieved but for such Change in Law (taking into
consideration such Lender&rsquo;s policies and the policies of its holding company with respect to, as applicable, capital adequacy
or liquidity requirements), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will
compensate such Lender or its holding company for any such reduction suffered.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Certificates for Reimbursement.</B> A certificate of a Lender setting forth the amount or amounts
necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section,
including reasonable detail of the basis of calculation of the amount or amounts, and delivered to the Borrower from time to time
shall be <I>prima facie </I>evidence of such amounts absent manifest error. The Borrower shall pay such Lender the amount shown
as due on any such certificate within 10 days after receipt thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Delay in Requests.</B> Failure or delay on the part of any Lender to demand compensation pursuant
to this Section 8.2 shall not constitute a waiver of such Lender&rsquo;s right to demand such compensation, except that the Borrower
shall not be required to compensate a Lender pursuant to this Section 8.2 for any increased costs incurred or reductions suffered
more than four months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased
costs or reductions and of such Lender&rsquo;s intention to claim compensation therefore, unless the Change in Law giving rise
to such increased costs or reductions is retroactive, in which case the four-month period referred to above shall be extended to
include the period of retroactive effect thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Alternate Booking Points.</B> 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, 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, 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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>8.3</B></TD>
    <TD><B>Failure to Fund as a Result of Change of Circumstances</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">If any Lender but
not all of the Lenders who have Individual Commitments seeks additional compensation pursuant to Section 8.2 or any Lender becomes
a Defaulting Lender (the &ldquo;<B>Affected Lender</B>&rdquo;), then the Borrower may 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 Finance 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
one or more Lenders shall so agree in writing (herein collectively called the &ldquo;Assenting Lenders&rdquo; 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 Finance 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 Finance 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 Commitments 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 respective amounts of such assumption. For certainty, the Borrower shall not be required
to pay an Affected Lender that is a Defaulting Lender breakage costs or any other amounts required to paid as a result of any prepayment
to such Lender.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>8.4</B></TD>
    <TD><B>Indemnity Relating to Credits</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Upon notice from the
Administrative Agent 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 the Administrative Agent or the Lenders such amount or amounts as will compensate the Administrative
Agent or the Lenders for any loss, cost or expense incurred by them:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 liquidation or redeposit of any funds acquired by the Lenders to fund or maintain any portion
of a LIBOR Loan or a BA Rate Loan as a result of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 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 or a BA Rate 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 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 or a BA Rate 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">with respect to any Bankers&rsquo; Acceptance arising from claims or legal proceedings, and including
reasonable legal fees and disbursements, respecting the collection of amounts owed by the Borrower hereunder in respect of such
Bankers&rsquo; Acceptance or the enforcement of the Administrative Agent or the Lenders&rsquo; rights hereunder in respect of such
Bankers&rsquo; Acceptance including, without limitation, legal proceedings attempting to restrain the Administrative Agent or the
Lenders from paying any amount under such Bankers&rsquo; Acceptance.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>8.5</B></TD>
    <TD><B>Indemnity for Transactional and Environmental Liability</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 each Finance Party and each of their respective
shareholders, officers, directors, 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 legal fees and out of pocket disbursements
and amounts paid in settlement which are approved by the Borrower (collectively in this Section 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)&nbsp;the execution, delivery, performance or enforcement of the Credit Documents and any instrument, document or agreement
executed pursuant hereto or thereto, except for any such Indemnified Liabilities that a court of competent jurisdiction determines
arose on account of an Indemnified Party&rsquo;s gross negligence or wilful misconduct.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 legal fees and out of pocket disbursements and amounts paid in settlement which are approved
by the Borrower, of any and every kind whatsoever paid (collectively in this Section&nbsp;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 escape, seepage, leakage, spillage, discharge, emission or release from, any real
property legally or beneficially owned (or any estate or interest which is owned), leased, used or operated by any Company of any
Hazardous Material, Contaminant, Pollutant or Waste, and (ii) any other violation of an Environmental Law by any Company, and regardless
of whether caused by, or within the control of, such Company, except for any such Indemnified Liabilities that a court of competent
jurisdiction determines arose on account of an Indemnified Party&rsquo;s gross negligence or wilful misconduct.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 indefinitely 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 any Finance Party.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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, each Finance Party 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 11.1(f).</TD></TR></TABLE>

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

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

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


<!-- Field: Page; Sequence: 70; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>8.6</B></TD>
    <TD><B>Gross-Up for Taxes</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Any and all payments made by or on behalf of the Borrower under this agreement or under any other
Credit Document (any such payment being hereinafter referred to as a &ldquo;<B>Payment</B>&rdquo;) to or for the benefit of the
Administrative Agent or any Lender shall be made without set-off or counterclaim, and free and clear of, and without deduction
or withholding for, or on account of, any and all present or future Taxes except to the extent that such deduction or withholding
is required by law or the administrative practice of any Official Body. If any such Taxes are so required to be deducted or withheld
from or in respect of any Payment made to or for the benefit of the Administrative Agent or any Lender, the Borrower shall:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">promptly notify the Administrative Agent of such requirement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">with respect to Indemnified Taxes, pay to the Administrative Agent or such Lender in addition to
the Payment to which the Administrative Agent or such Lender is otherwise entitled, such additional amount as is necessary to ensure
that the net amount actually received by such Lender (free and clear of, and net of, any such Taxes, including the full amount
of any Taxes required to be deducted or withheld from any additional amount paid by the Borrower under this Section 8.6(a), whether
assessable against the Borrower, the Administrative Agent or such Lender) equals the full amount the Administrative Agent or such
Lender, would have received had no such deduction or withholding been required;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">make such deduction or withholding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">pay to the relevant Official Body in accordance with Applicable Law the full amount of Taxes required
to be deducted or withheld (including the full amount of Taxes required to be deducted or withheld from any additional amount paid
by the Borrower to the Administrative Agent or such Lender under this Section 8.6(a)), within the time period required by Applicable
Law; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">as promptly as possible thereafter, forward to the Administrative Agent or the relevant Lender,
as the case may be, an original official receipt (or a certified copy), or other documentation reasonably acceptable to the Administrative
Agent and such Lender, evidencing such payment to such Official Body.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 addition, the Borrower agrees to pay any and all present or future Other Taxes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower hereby indemnifies and holds harmless each Lender, on an after-Taxes basis, for the
full amount of Taxes and Other Taxes, interest, penalties and other liabilities, levied, imposed or assessed against (and whether
or not paid directly by) the Administrative Agent or such Lender, as applicable, and for all expenses, resulting from or relating
to the Borrower&rsquo;s failure to:</TD></TR></TABLE>

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

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

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


<!-- Field: Page; Sequence: 71; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">remit to the Administrative Agent or such Finance Party the documentation referred to in Section
8.6(a)(v); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">pay any Taxes or Other Taxes when due to the relevant Official Body (including, without limitation,
any Taxes imposed by any Official Body on amounts payable under this Section 8.6.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The provisions of this Section 8.6(c)
shall apply whether or not such Taxes or Other Taxes were correctly or legally assessed. The Administrative Agent or any Lender
who pays any Taxes, Other Taxes (or to the extent contemplated above), interest, penalties, liabilities and expenses), shall promptly
notify the Borrower of such payment, provided, however, that failure to provide such notice shall not detract from, or compromise,
the obligations of the Borrower under this Section 8.6. Payment pursuant to this indemnification shall be made within 30 days from
the date the Administrative Agent or the relevant Lender, as the case may be, makes written demand therefor accompanied by a certificate
as to the amount of such Taxes, Other Taxes (or to the extent contemplated above), interest, penalties, liabilities and expenses)
and the calculation thereof, which calculation shall be <I>prima facie</I> evidence of such amount.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower determines in good faith that a reasonable basis exists for contesting any Indemnified
Taxes for which a payment has been made under this Section&nbsp;8.6, the relevant Lender or the Administrative Agent, as applicable,
shall, if so requested by the Borrower, cooperate with the Borrower in challenging such Indemnified Taxes at the Borrower&rsquo;s
expense.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Lender or the Administrative Agent, as applicable, receives a refund of, or credit for,
Taxes for which a payment has been made by the Borrower under this Section 8.6, which refund or credit in the good faith judgment
of such Lender or the Administrative Agent, as the case may be, is attributable to the Indemnified Taxes giving rise to such payment
made by the Borrower, then the Lender or the Administrative Agent, as the case may be, shall reimburse the Borrower for such amount
(if any, but not exceeding the amount of any payment made under this Section 8.6 that gives rise to such refund or credit), net
of out-of-pocket expenses of such Lender or the Administrative Agent, as the case may be, which the Administrative Agent or such
Lender, as the case may be, determines in its absolute discretion will leave it, after such reimbursement, in no better or worse
position than it would have been in if such Indemnified Taxes had not been exigible. The Borrower, upon the request of the Administrative
Agent or any Lender, agrees to repay the Administrative Agent or such Lender, as the case may be, any portion of any such refund
or credit paid over to the Borrower that the Administrative Agent or such Lender, as the case may be, is required to pay to the
relevant Official Body and agrees to pay any interest, penalties or other charges paid by such Lender or the Administrative Agent,
as the case may be, as a result of or related to such payment to such Official Body. Neither the Administrative Agent nor any Lender
shall be under any obligation to arrange its tax affairs in any particular manner so as to claim any refund or credit. None of
the Lenders nor the Administrative Agent shall be obliged to disclose any information regarding its tax affairs or computations
to the Borrower or any other Person in connection with this Section 8.6(e) or any other provision of this Section 8.6.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower also hereby indemnifies and holds harmless the Administrative Agent and each Lender,
on an after-Taxes basis, for any additional taxes on net income that the Administrative Agent or such Lender may be obliged to
pay as a result of the receipt of amounts under this Section 8.6.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">Any Lender that is entitled to an exemption from or reduction of withholding Taxes or Other Taxes
under the law of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction
is a party, with respect to Payments shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by Applicable Law and reasonably requested by the Borrower or the Administrative Agent, such properly completed and
executed documentation prescribed by Applicable Law (if any) as will permit such payments to be made without withholding or at
a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver
such other documentation prescribed by Applicable Law (if any) or reasonably requested by the Borrower or the Administrative Agent
as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to withholding or information
reporting requirements. Notwithstanding the foregoing, no Lender shall be required to deliver any documentation pursuant to this
Section 8.6(g) that such Lender is not legally able to deliver.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Each Lender represents that as of the date of this agreement it is a resident of Canada for purposes
of Part XIII of the Tax Act and covenants that it will inform the Borrower and the Administrative Agent of (i) any change to its
residency for purposes of Part XIII of the Tax Act or (ii) any assertion by a governmental body or agency of a change to its residency
that would have effect for purposes of Part XIII of the Tax, within five Business Days of such change or assertion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Additional amounts payable under Section 8.6(a) have the same character as the Payments to which
they relate. For greater certainty, for example, additional amounts payable under Section 8.6(a), in respect of interest payable
under a Credit Document, shall be payments of interest under such Credit Document. All payments made under this Section 8.6 shall
be subject to the provisions of this Section 8.6.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><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&rsquo;s obligations under this Section 8.6 shall survive without limitation the termination
of the Credit Facility and this agreement and all other Credit Documents and the permanent repayment of the outstanding credit
and all other amounts payable hereunder.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;9<BR>
REPAYMENTS AND PREPAYMENTS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>9.1</B></TD>
    <TD><B>Repayment of Credit Facility</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Borrower shall
repay to the Lenders in full the outstanding credit granted to the Borrower under the Credit Facility on the Maturity Date together
with all accrued and unpaid interest thereon and all accrued and unpaid fees with respect thereto.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>9.2</B></TD>
    <TD><B>Voluntary Prepayments under a Credit Facility</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Subject to Section
9.4, 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 and the Borrower gives
the Administrative Agent not less than five Banking Days&rsquo; prior written notice of the proposed prepayment. Amounts which
are prepaid as aforesaid may be reborrowed.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>9.3</B></TD>
    <TD><B>Mandatory Prepayments</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">On each occasion that
a Prepayment Trigger Event occurs, the Borrower shall give written notice thereof to the Administrative Agent and shall, within
two Banking Days after the occurrence of such Prepayment Trigger Event, cause to be prepaid outstanding credit granted to the Borrower
under the Credit Facility in an amount equal to the relevant Net Cash Proceeds provided that Section 8.4 shall be complied with
in connection with any such prepayment. Amounts which are prepaid as aforesaid may not be reborrowed. As concerns any Bankers&rsquo;
Acceptances that otherwise would be subject to prepayment pursuant to this Section 9.3, the Borrower shall forthwith upon demand
by the Administrative Agent cause to be paid to the Administrative Agent an amount equal to the aggregate face amount of such Bankers&rsquo;
Acceptances, such amount to be held by the Administrative Agent against any amount owing by the Borrower to the Lenders in respect
of such Bankers&rsquo; Acceptances. Any such amount paid to the Administrative Agent shall be held on deposit by the Administrative
Agent until the maturity date of such Bankers&rsquo; Acceptances, at which time it shall be applied against the indebtedness of
the Borrower to the Lenders thereunder. While on deposit with the Administrative Agent, such amount shall bear interest at the
rate applicable to short-term deposits.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>9.4</B></TD>
    <TD><B>Prepayment Notice</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Any written notice
to the Administrative Agent of any voluntary prepayment pursuant to Section 9.2 (a &ldquo;<B>Prepayment Notice&rdquo;</B>) shall
be irrevocable, shall be given in accordance with Section 3.11 and shall specify:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 on which the prepayment is to take place; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 type and principal amount of the Loan or the portion thereof which is to be prepaid.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>9.5</B></TD>
    <TD><B>Reimbursement or Conversion on Presentation of Letters</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">On presentation of a Letter and payment thereunder by an Issuing Lender, the Borrower shall be
deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan (if such
Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in
Canadian dollars) to the extent of the payment of the relevant Issuing Lender thereunder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">If an Issuing Lender makes payment under any Letter, then Section&nbsp;9.5(a) shall apply to deem
a Base Rate Canada Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if
such Letter is denominated in Canadian dollars) to be outstanding to the Borrower in the manner therein set out regardless of whether
the conditions set forth in Section 12.1 are satisfied. Each Lender shall, on request by the relevant Issuing Lender, immediately
pay to such Issuing Lender an amount equal to such Lender&rsquo;s Pro Rata Share of the amount paid by such Issuing Lender in the
deemed Loan in accordance with its Pro Rata Share. The obligation of each Lender to pay an Issuing Lender its Pro Rata Share of
each such deemed Loan shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff,
counterclaim, recoupment, defence or other right which such Lender may have against the relevant Issuing Lender, the Borrower or
any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event
or condition, whether or not similar to any of the foregoing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Each Lender shall immediately on demand indemnify the relevant Issuing Lender to the extent of
such Lender&rsquo;s Pro Rata Share of any amount paid or liability incurred by such Issuing Lender under each Letter issued by
it to the extent that the Borrower does not fully reimburse such Issuing Lender therefor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Until each Lender funds its Loan pursuant to this Section 9.5 to reimburse the relevant Issuing
Lender for any amount drawn under any Letter, interest in respect of such Lender&rsquo;s Pro Rate Share of such amount shall be
solely for the account of such Issuing Lender.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Lender fails to immediately make available to the Administrative Agent for the account of
the relevant Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section
9.5, such Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such
amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to such Issuing Lender at a rate per annum equal to (i) Alternative Base Rate New York, in the case of Letters denominated
in U.S. or Australian dollars or (ii) the Prime Rate in the case of Letters denominated in Canadian dollars, in each case plus
the Applicable Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the
relevant Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid),
the amount so paid shall constitute such Lender&rsquo;s Pro Rata Share of the relevant Loan. A certificate of an Issuing Lender
submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 9.5(e) shall be
conclusive absent manifest error.</TD></TR></TABLE>

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

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

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


<!-- Field: Page; Sequence: 75; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>9.6</B></TD>
    <TD><B>Letters Subject to an Adverse Order</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Subject to Section 13.2, the Borrower shall pay to the relevant Issuing Lender an amount equal
to the maximum amount available to be drawn under any unexpired Letter which becomes the subject of any Adverse Order. Payment
in respect of each such Letter shall be due forthwith upon demand.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Notwithstanding anything in this agreement to the contrary, no Issuing Lender shall be under any
obligation to issue any Letter if:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 issuance of such Letter would violate one or more policies of the relevant Issuing Lender applicable
to Letters generally;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">except as otherwise agreed by the Administrative Agent and the relevant Issuing Lender, such Letter
is to be denominated in a currency other than U.S., Canadian or Australian dollars;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">any order, judgment or decree of any Official Body or arbitrator shall by its terms purport to
enjoin or restrain an Issuing Lender from issuing such Letter, or any law applicable to an Issuing Lender or any request or directive
(whether or not having the force of law) from any Official Body with jurisdiction over such Issuing Lender shall prohibit, or request
that such Issuing Lender refrain from, the issuance of letters of credit generally or such Letter in particular or shall impose
upon such Issuing Lender with respect to such Letter any restriction, reserve or capital requirement (for which such Issuing Lender
is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such Issuing Lender any unreimbursed
loss, cost or expense which was not applicable on the date hereof and which such Issuing Lender in good faith deems material to
it; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">such Letter contains any provisions for automatic reinstatement of the stated amount after any
drawing thereunder;</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>9.7</B></TD>
    <TD><B>Currency of Repayment</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>9.8</B></TD>
    <TD><B>Repayment of Credit Excess</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">In the event that
there is a Credit Excess at any time, the Borrower shall repay to the Lenders on demand the amount of such Credit Excess. Each
such repayment shall first be applied to repay outstanding Prime Rate Loans and Base Rate Canada Loans as selected by the Borrower
and, to the extent that the amount of such repayment exceeds the aggregate amount of credit outstanding by way of such Loans which
have been repaid, shall then be deposited by the Administrative Agent in a segregated account and held in trust for the Lenders
to be applied to repay outstanding BA Rate Loans or LIBOR Loans or to satisfy reimbursement obligations with respect to outstanding
Bankers&rsquo; Acceptances or Letters as such Loans or Bankers&rsquo; Acceptances mature or as such Letters are drawn upon, as
the case may be.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>9.9</B></TD>
    <TD><B>Extension of Maturity Date</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">At any time not earlier than 90 days prior to the anniversary date of this agreement in each year
nor later than 60 days prior to the anniversary date of this agreement in each year, the Borrower may, by written request to the
Administrative Agent (the &ldquo;<B>Extension Request</B>&rdquo;), request that this agreement be amended to extend the then current
Maturity Date to a date up to one year later than the then current Maturity Date. A copy of the Extension Request shall be provided
by the Administrative Agent to each of the Lenders in accordance with Section 14.18. Each Lender may, in its sole discretion and
regardless of whether or not there is any Default hereunder, by written notice to the Administrative Agent (the &ldquo;<B>Extension
Response Notice</B>&rdquo;), not later than 25 days after receipt of the Extension Request (the &ldquo;<B>Extension Response Period</B>&rdquo;),
approve or decline the Extension Request. If any Lender does not provide an Extension Response Notice within the Extension Response
Period, such Lender shall be deemed to have declined the Extension Request. If the Majority Lenders approve the Extension Request,
the Administrative Agent shall notify the Borrower and the Lenders of such approval and confirm the new Maturity Date, which new
Maturity Date shall become effective on and from the then current Maturity Date. If the Majority Lenders do not approve the Extension
Request, the Administrative Agent shall notify the Borrower and the Lenders and the Maturity Date shall not be extended.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">If the Majority Lenders but less than all of the Lenders approve the Extension Request within the
Extension Response Period (the &ldquo;<B>Approving Lenders</B>&rdquo;), the following shall apply:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 or before the second Banking Day after the Extension Response Period, the Administrative Agent
shall give written notice (the &ldquo;<B>Acquisition Request Notice</B>&rdquo;) to the Borrower and each Lender identifying the
Approving Lenders and Lender or Lenders that have declined or are deemed to have declined the Extension Request (the &ldquo;<B>Declining
Lenders</B>&rdquo;) and their respective Individual Commitments.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Any Approving Lender may, at its option, acquire all or any portion of the rights and obligations
of the Declining Lenders under the Credit Documents (all of such rights and obligations being herein called the &ldquo;<B>Available
Amount</B>&rdquo;) by giving written notice to the Administrative Agent (an &ldquo;<B>Acquisition Notice</B>&rdquo;) of the portion
of the Available Amount which it is prepared to acquire (the &ldquo;<B>Desired Acquisition Amount</B>&rdquo;). Such Acquisition
Notice shall be given within 10 days following the giving of the Acquisition Request Notice (such deadline being herein called
the &ldquo;<B>Acquisition Deadline</B>&rdquo;). If only one Approving Lender gives an Acquisition Notice to the Administrative
Agent or if more than one Approving Lender gives an Acquisition Notice to the Administrative Agent but the aggregate of their Desired
Acquisition Amounts is less than or equal to the Available Amount, then each such Approving Lender shall be entitled to acquire
its Desired Acquisition Amount of the rights and obligations of the Declining Lenders under the Credit Documents. If more than
one Approving Lender gives an Acquisition Notice to the Administrative Agent and the aggregate of the Desired Acquisition Amounts
is greater than the Available Amount, then each such Approving Lender shall be entitled to acquire a pro rata share of the rights
and obligations of the Declining Lenders under the Credit Documents, such pro rata share being determined based on the relative
Desired Acquisition Amount of each such Approving Lender. On or before the second Banking Day following the Acquisition Deadline,
the Administrative Agent shall give to the Borrower and each Lender a written notice identifying the Available Amount of each Declining
Lender and the portion thereof to be acquired by each Approving Lender. Each of such acquisition shall be completed on or before
the date which is at least one year prior to the then current Maturity Date (without giving effect to the Extension Request) in
accordance with the procedures set out in Section 16.5(c). If the Available Amount is not completely acquired by the Approving
Lenders, the Borrower may locate other Persons (&ldquo;<B>Substitute Lenders</B>&rdquo;) who qualify as Lenders, are satisfactory
to the Administrative Agent and the Issuing Lenders, acting reasonably, and who acquire all or a portion of the balance of the
rights and obligations of the Declining Lenders under the Loan Documents on the date which is two years prior to the then current
Maturity Date (without giving effect to the Extension Request) in accordance with the procedures set out in Section 16.5(c). Any
outstanding credit extended by the Declining Lenders to the Borrower which is not so acquired by Approving Lenders or Substitute
Lenders shall remain outstanding hereunder subject to the terms and conditions hereof but shall be repaid by the Borrower to the
Declining Lender in full on the then current Maturity Date (without giving effect to the Extension Request).</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;10<BR>
REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>10.1</B></TD>
    <TD><B>Representations and Warranties</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">To induce the Finance
Parties to enter into this agreement and to induce the Lenders to extend credit hereunder, the Borrower hereby represents and warrants
to the Finance Parties, as of the date of this agreement, as of the date of each extension of credit hereunder made to the Borrower,
as of each date on which a Transaction is entered into and as of the last day of each Fiscal Quarter, as follows and acknowledges
and confirms that the Finance Parties are relying upon such representations and warranties in entering into this agreement and
in the Lenders extending credit hereunder and under the other Finance Documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>Status and Power</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Each Company is a corporation or
other juridical entity duly created and validly subsisting in good standing under the laws of the jurisdiction governing its existence.
Each Company is duly qualified, registered or licensed in all jurisdictions where such qualification, registration or licensing
is required except where the lack of such qualification, registration or licensing could not reasonably be expected to have a Material
Adverse Effect, and has all requisite corporate or other like capacity, power and authority to own, hold under license or lease
its properties, to carry on its business as now conducted, except where the failure to have such capacity, power and authority,
could not reasonably be expected to have a Material Adverse Effect. Each Company has all requisite corporate or other like capacity
to enter into, and carry out the transactions contemplated by, the Finance Documents to which is a party.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Authorization and Enforcement</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">All necessary action, corporate
or otherwise, has been taken to authorize the execution, delivery and performance by each Company of the Finance Documents to which
it is a party. Each Company has duly executed and delivered the Finance Documents to which it is a party. The Finance Documents
to which each Company is a party are legal, valid and binding obligations of such Company enforceable against such Person 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, (ii) the fact
that the courts may deny the granting or enforcement of equitable remedies and (iii) the fact that, pursuant to the <I>Currency
Act</I> (Canada), no court in Canada may make an order expressed in any currency other than lawful money of Canada.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Compliance with Other Instruments</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The execution, delivery and performance
by each Company of the Finance Documents to which it is a party, and the consummation of the transactions and incurrence of Indebtedness
and Liens contemplated herein and therein, do not and will not conflict with, result in any breach or violation of, or constitute
a default under, the terms, conditions or provisions of the charter or constating documents or by laws of, or any shareholder agreement
or declaration relating to, such Company or of any law, regulation, judgment, decree or order binding on or applicable to such
Company or to which its property is subject or of any material agreement (including, without limitation, the Rainy River Stream
Agreement), lease, licence, permit or other instrument to which such Company is a party or is otherwise bound or by which such
Company benefits or to which its property is subject and do not require the consent or approval of any Official Body or any other
party, other than consents and approvals that have been obtained and which remain in full force and effect, and consents and approvals
that if not obtained, could not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Financial Statements</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">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 and no Material Adverse Change has occurred in the condition, financial or otherwise, of the Borrower since the date
of such financial statements. The consolidated statement of financial position of the aforesaid financial statements presents a
fair statement of the financial condition and assets and liabilities of the Borrower as at the date thereof and the consolidated
statements of income, changes in equity and cashflows contained in the aforesaid consolidated financial statements fairly presents
the results of the operations of the Borrower throughout the period covered thereby. Except to the extent reflected or reserved
against in the aforesaid consolidated balance sheet (including the notes thereto) and except as incurred in the ordinary and usual
course of the business of the Borrower, the Borrower does not have any outstanding Indebtedness or any liability or obligations
(whether accrued, absolute, contingent or otherwise) of a material nature customarily reflected or reserved against in a consolidated
balance sheet (including the notes thereto) prepared in accordance with generally accepted accounting principles.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Litigation</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">There are no actions, suits, inquiries,
claims or proceedings (whether or not purportedly on behalf of any Company) pending or threatened in writing against or affecting
any Company before any Official Body which (x) contest the enforceability of any of the Credit Documents or any part thereof or
(y) in the aggregate could reasonably be expected to have a Material Adverse Effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Title to Assets</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Each Obligor has good title to all
of its property, assets and undertaking, free from any Liens other than the Permitted Liens.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B>Conduct of Business</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">No Company is in violation of any
agreement, mortgage, franchise, licence, judgment, decree, order, statute, statutory trust, rule, regulation or Applicable Law
relating in any way to itself or to the operation of its business or to its property or assets (including, without limitation,
Environmental Laws) and which could reasonably be expected to have a Material Adverse Effect. Each Company holds all licenses,
certificates of approval, approvals, registrations, permits and consents which are required 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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><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></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">No event has occurred which constitutes
or which, with the giving of notice, lapse of time or both, would constitute a default under or in respect of any material agreement,
undertaking or instrument to which any Company is a party or to which its respective property or assets may be subject, and which
could reasonably be expected to have a Material Adverse Effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><B>Solvency Proceedings</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">No Obligor has:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">admitted its inability to pay its debts generally as they become due or failed to pay its debts
generally as they become due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 respect of itself, filed an assignment or petition in bankruptcy or a petition to take advantage
of any insolvency statute;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">made an assignment for the benefit of its creditors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">consented to the appointment of a receiver of the whole or any substantial part of its assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">filed a petition or answer seeking a reorganization, arrangement, adjustment or composition in
respect of itself under any applicable bankruptcy, insolvency or other Applicable Laws; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">been adjudged by a court having jurisdiction a bankrupt or insolvent, nor has a decree or order
of a court having jurisdiction been entered for the appointment of a receiver, liquidator, trustee or assignee in bankruptcy of
any Company with such decree or order having remained in force and undischarged or unstayed for a period of 30 days.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><B>Tax Returns and Taxes</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Each Obligor has filed all material
Tax returns and Tax reports required by law to have been filed by it and has paid all Taxes thereby shown to be owing, except any
such Taxes which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance
with generally accepted accounting principles shall have been set aside on its books.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><B>Expropriation</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">There is no present or threatened
(in writing) expropriation of the property or assets of any Company, which expropriation could reasonably be expected to have a
Material Adverse Effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><B>Environmental Compliance</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">All facilities and property (including underlying groundwater) owned, leased, used or operated
by any Company have been, and continue to be, owned or leased in compliance with all Environmental Laws where any such non-compliance
could reasonably be expected to have a Material Adverse Effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">There are no pending or threatened (in writing)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">claims, complaints, notices or requests for information received by any Company with respect to
any alleged violation of any Environmental Law which could reasonably be expected to have a Material Adverse Effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">complaints, notices or inquiries to any Company regarding potential liability under any Environmental
Law which could reasonably be expected to have a Material Adverse Effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">There have been no Releases of any Hazardous Materials or any escape, seepage, leakage, spillage,
discharge, emission or release of any Contaminants, Pollutants or Waste at, on, under or from any property now or previously owned,
operated, used or leased by any Company that, singly or in the aggregate, have, or could reasonably be expected to have, a Material
Adverse Effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Each Company 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 such non-issuance or non-compliance
could not reasonably be expected to have a Material Adverse Effect; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">No conditions exist at, on or under any property now or previously owned, operated, used or leased
by any Company which, 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>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><B>Partnerships and Joint Ventures</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">No Company is, directly or indirectly,
a member of, or a partner or participant in, any partnership, joint venture or syndicate where the liability of the relevant Company
arising from such partnership, joint venture or syndicate could reasonably be expected to have a Material Adverse Effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><B>Corporate Structure</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">As at the date hereof, and hereafter,
except as such information may change as a result of a transaction permitted hereby and is reported or is to be reported to the
Administrative Agent in accordance with Section 11.1(a)(iii), the chart attached hereto as Schedule G accurately sets out the corporate
structure of the Borrower and all of its Subsidiaries and evidences (i) intercorporate Share ownership and (ii) ownership of each
mine and each project owned by the relevant Company.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify"><B>Assets Insured</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The property of each Obligor is
insured with insurers, in amounts, for risks and otherwise which are reasonable in relation to such property (subject to the amount
of such deductibles as are reasonable and normal in the circumstances) against loss or damage except where failure to so insure
could not reasonably be expected to have a Material Adverse Effect, and there has been no default or failure by the party or parties
insured under the provisions of such policies of insurance maintained which would prevent the recovery by such Obligor insured
thereunder of the full amount of any material insured loss.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify"><B>Consents, Approvals, etc.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">No consents, approvals, acknowledgements,
undertakings, non-disturbance agreements, directions or other documents or instruments are required to be entered into by any Person
(i) to make effective the Security created or intended to be created by the Obligors in favour of the Administrative Agent pursuant
to the Security Documents or (ii) to ensure the perfection and intended priority of such Security.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify"><B>French Form of Corporate Name</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Except as reported or to be reported
to the Administrative Agent in accordance with Section 11.1(t), the Borrower has no French form of the corporate name.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify"><B>Perfection Certificates</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Other than as may be updated from
time to time pursuant to Section 11.1(i), all information in the most recently delivered Perfection Certificate is hereby certified
to be true and correct in all material respects. For the purpose of this Section 10.1(r), information shall be deemed to be &ldquo;material&rdquo;
only if it is required for the Secured Assets to be subject to a valid and perfected first ranking Lien (subject to Permitted Liens)
in favour of the Administrative Agent pursuant to one or more Security Documents.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify"><B>Intellectual Property</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Each Obligor owns or is licensed
or otherwise has the right to use all Intellectual Property that is used in the operation of its business without conflict with
the rights of any other Person (other than any Intellectual Property the absence of which or any such conflict with respect to
which would not have a Material Adverse Effect). No Obligor has received any notice of any claim of infringement or similar claim
or proceeding relating to any of the Intellectual Property which could reasonably be expected to have a Material Adverse Effect
and, to the best knowledge of the Borrower, no present or former employee of any Obligor and no other Person owns or claims to
own or has or claims to have any interest, direct or indirect, in whole or in part, in any of the Intellectual Property of such
Obligor that could reasonably be expected to have a Material Adverse Effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify"><B>Employment and Labour Agreements</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">A true and complete copy of each
collective bargaining agreement or other labour agreement covering any employees of any Obligor has been furnished to the Administrative
Agent as and when reasonably requested. Each Obligor is in compliance with the terms and conditions of all such collective bargaining
agreements and other labour agreements except where the failure to so comply could not reasonably be expected to have a Material
Adverse Effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify"><B>Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower&rsquo;s most recent
audited balance sheet states that the Borrower has net assets of at least CDN$75,000,000. The Borrower&rsquo;s shares are traded
on a Canadian stock exchange or a stock exchange designated under subsection 262(1) of the Tax Act. The Borrower operates in a
country that is a member of the Financial Action Task Force. The Borrower is not a charity registered with the Canada Revenue Agency
and it does not solicit charitable financial donations from the public.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><B>Sanctions</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">No Obligor nor any of its Affiliates,
or directors or officers, is a Restricted Person. No Obligor nor any of its Affiliates has engaged in any dealings or transactions
with or for the benefit of a Restricted Person, or with or in a Restricted Country, nor does such Obligor or any of its Affiliates
have any plans to deal or transact with Restricted Persons or Restricted Countries. No Obligor nor any of its Affiliates has engaged
in any activity or conduct that would result in a violation of, or be sanctionable under, any Sanctions. There are not pending,
nor to the best of the Borrower&rsquo;s knowledge, threatened, claims, charges, investigations, violations, settlements, civil
or criminal enforcement actions, lawsuits, or other court actions against any Obligor or any of its Affiliates alleging a violation
by such Obligor or any of its Affiliates of any applicable Sanctions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify"><B>US Plans</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">As of the date of this Agreement,
neither the Borrower nor any ERISA Affiliate maintains, contributes to or has any liability in any way, directly or indirectly
(whether contingent or otherwise), for any &ldquo;multiemployer plan&rdquo; (as defined under Section 3(37) or 4001(a)(3) of ERISA)
(&ldquo;<B>Multiemployer Plan</B>&rdquo;), or any benefit plan covered by Title IV of the Employee Retirement Income Security Act
of 1974, as amended (&ldquo;<B>ERISA</B>&rdquo;), or that is subject to the minimum funding standards under Section 412 of the
Code. Except as could not reasonably be expected to result in a Material Adverse Effect, individually or in the aggregate, each
benefit plan (other than a Multiemployer Plan) that is maintained or contributed to by any Company or ERISA Affiliate and covered
by Title IV of ERISA, is in compliance with all applicable requirements of ERISA and the Code. None of the following events has
occurred or is reasonably expected to occur that would subject any Loan Party to any Tax, penalty or other liabilities, which Tax,
penalty or other liabilities individually or in the aggregate could reasonably be expected to result in a Material Adverse Effect:
(i) a complete or partial withdrawal (within the meanings of Section 4203 or 4205 of ERISA) by any Company or, to the knowledge
of such Company, any ERISA Affiliate from a Multiemployer Plan, or (ii) notification received by any Company that a Multiemployer
Plan is in &ldquo;reorganization&rdquo; (within the meaning of Sections 4245 or 4241 of ERISA). For purposes of the foregoing,
&ldquo;<B>ERISA Affiliate</B>&rdquo; means any entity that, together with the Borrower, is treated as a single employer under Section
414(b), (c), (m), or (o) of the Code.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify"><B>No Omissions</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">None of the representations and
statements of fact set forth in this Section 10.1 omits to state any material fact necessary to make any such representation or
statement of fact not misleading in any material respect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>10.2</B></TD>
    <TD><B>Survival of Representations and Warranties</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">All of the representations
and warranties of the Borrower contained in Section 10.1 shall survive the execution and delivery of this agreement in accordance
with Section 16.6, notwithstanding any investigation made at any time by or on behalf of any Finance Party.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;11<BR>
COVENANTS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>11.1</B></TD>
    <TD><B>Affirmative Covenants</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Borrower hereby
covenants and agrees with the Finance Parties that, until the Secured Obligations Termination Date and unless waived in writing
in accordance with Section 14.14:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>Financial Reporting</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall furnish the Administrative
Agent with the following statements and reports (with sufficient copies for all of the Lenders) (the filing of any of the following
documents on SEDAR 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):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">within 120 days after the end of each Fiscal Year, copies of the audited consolidated financial
statements of the Borrower for such Fiscal Year and the auditors&rsquo; report thereon in form and substance satisfactory to the
Administrative Agent, acting reasonably and an updated list of Approved Unrestricted Investments and the market value thereof as
at the end of such prior Fiscal Year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">within 60 days after the end of each the first three Fiscal Quarters in each Fiscal Year, copies
of the unaudited consolidated financial statements of the Borrower in form and substance satisfactory to the Administrative Agent,
acting reasonably;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">concurrent with the deliveries of financial statements pursuant to either of clauses (i) and (ii)
above, a duly executed and completed Compliance Certificate together with (i) an updated Schedule G to the extent the information
therein has changed since the most recently delivered Compliance Certificate (ii) written notification of any change and a report
in form and substance satisfactory to the Lenders, detailing Borrower&rsquo;s consolidated risk management activities during such
Fiscal Quarter and the Derivative Exposure of each counterparty to each Secured Risk Management Agreement as at the last day of
the relevant Fiscal Quarter or Fiscal Year, as applicable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">on or before April 30 in each year, (A) an updated consolidated life of mine plan for all material
mining properties owned by the Companies delivered to the Administrative Agent and (B) the Borrower&rsquo;s annual consolidated
budget; and</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">such other statements, reports and information as the Administrative Agent on the instructions
of the Majority Lenders may reasonably request from time to time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Copies of Public Filings</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall, upon request,
furnish the Administrative Agent with copies of all documents which are publicly filed by the Borrower with the Ontario Securities
Commission or with any similar Official Body in any other jurisdiction in compliance with applicable securities legislation which
are not available on SEDAR.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Use of Proceeds</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Subject to the following two sentences,
the Borrower shall apply all of the proceeds of the Credit Facility towards general corporate purposes of the Borrower, including,
without limitation, investments not prohibited by Section 11.2(k) which permitted investments include investments in the Cerro
San Pedro Property, the Rainy River Property and the Blackwater Project. The Borrower shall not, directly or indirectly, use the
proceeds of the Credit Facility, or lend, contribute or otherwise make available such proceeds to any Person, for the purpose of
funding or facilitating any business of or with any Restricted Person or any Restricted Country, nor in any other manner, in each
case as will result in a violation of any Sanctions by, or could result in the imposition of Sanctions against, any Person (including
any Person participating in the transactions contemplated hereby, whether as Lender or otherwise). The Borrower shall not drawdown
credit under the Credit Facility: (i) for Permitted Acquisitions; or (ii) solely for the purpose of accumulating cash in deposit
or investment accounts outside the ordinary course of business.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Insurance</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall, and shall cause
each other Obligor to, insure and keep insured, with insurers, for risks, in amounts in a manner consistent with industry practice
and otherwise upon terms satisfactory to the Administrative Agent acting reasonably, all of such Obligors&rsquo; assets, property
and undertaking. The Borrower shall cause the Administrative Agent to be named as additional insured in respect of each policy
of liability insurance and lender loss payee in respect of each policy property insurance of each Secured Obligor. All proceeds
of any insurance policy of any such Obligor, other than the Net Cash Proceeds relating to an Prepayment Trigger Event, shall be
payable directly to such Secured Obligor unless a Default has occurred and is continuing at the time of payment. If, however, a
Default exists, the Administrative Agent shall collect the insurance proceeds directly and no Obligor shall enter into any settlement
agreement with the applicable insurance company without the prior written consent of the Administrative Agent. All such proceeds
shall, at the discretion of the Administrative Agent, acting on the instruction of the Majority Lenders, be applied as a mandatory
prepayment under the Credit Agreement or delivered to the Borrower for repair, replacement or such other purpose as the Borrower
may see fit. For certainty, any insurance proceeds arising from the relevant Secured Assets on or after the Enforcement Date shall
be applied in accordance with Section 14.21 of the Credit Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Access to Senior Financial Officers</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Upon the request of the Administrative
Agent at reasonable intervals, the Borrower shall, and shall cause each other Obligor to, make available its senior financial officers
to answer questions concerning such Obligor&rsquo;s business and affairs.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Reimbursement of Expenses</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall (i) reimburse
each of the Administrative Agent and Lead Arrangers, on demand, for all reasonable out-of-pocket costs, charges and expenses incurred
by or on behalf of any of the Administrative Agent or the Lead Arrangers (including, without limitation, the reasonable fees, disbursements
and other charges of one primary counsel and any local or special counsel to the Administrative Agent as well as of any environmental,
insurance or other consultants retained by the Administrative Agent and, if no Default has occurred and is continuing, approved
by the Borrower, acting reasonably) in connection with the negotiation, preparation, execution, delivery, administration and interpretation
of the Finance Documents and the closing documentation ancillary to the completion of the transactions contemplated hereby and
thereby and any amendments and waivers hereto (whether or not consummated or entered into), the charges of any virtual document
sharing or data room service and any lien search fees and (ii) reimburse the Administrative Agent, the Lead Arrangers and the Lenders,
on demand, for all reasonable 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 Finance Documents.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B>Notice of Expropriation or Condemnation and Litigation </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall promptly notify
the Administrative Agent in writing of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 commencement or the written threat of any expropriation or condemnation of any material assets,
property or undertaking of any Obligor or of the institution of any proceedings related thereto; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">any actions, suits, inquiries, disputes, claims or proceedings (whether or not purportedly on behalf
of any Obligor) commenced or threatened in writing against or affecting any Obligor before any Official Body which in any case
or in the aggregate could reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><B>Inspection of Assets and Operations</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">As and when reasonably requested
at any time that no Default has occurred and is continuing, and immediately after prior written notice at any time that a Default
has occurred and is continuing, the Borrower shall, and shall cause each other Obligor to, permit representatives of the Administrative
Agent from time to time and representatives of the Lenders to inspect the assets, property or undertaking of any such Obligor and
for that purpose to enter on any property which is owned and controlled by any such Obligor and where any of the assets, property
or undertaking of the Obligors may be situated during reasonable business hours.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><B>Change to Perfection Certificate Information</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">The Borrower shall
notify the Administrative Agent in writing promptly of any material change in the information set forth in any Perfection Certificate.
For the purpose of this Section 11.1(i), a change shall be deemed to be &ldquo;material&rdquo; only if the non-notification of
same to the Administrative Agent would result in any Secured Assets not being subject to a valid and perfected first ranking Lien
(subject to Permitted Liens) in favour of the Administrative Agent pursuant to one or more Security Documents.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><B>Corporate Existence</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Except as contemplated by any Permitted
Corporate Reorganization, the Borrower shall, and shall cause each other Obligor to, maintain its existence in good standing. Subject
to the following sentence, the Borrower shall, and shall cause each other Company 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. On or before December 31, 2019, the Borrower shall terminate the legal existence of New Gold Netherlands Co&ouml;peratie
U.A. and New Gold Finance Inc.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><B>Conduct of Business</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall, and shall cause
each other Company to, conduct its business in such a manner so as to comply with all Applicable Laws (including, without limitation,
Environmental Laws), so as to observe and perform all its obligations under such Applicable Laws, 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. The Borrower shall, and shall cause each other Company to, perform all obligations incidental to any trust imposed
upon it by statute where the failure to do so could reasonably be expected to have a Material Adverse Effect. The Borrower shall,
and shall cause each other Company 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 89; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><B>Taxes</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall pay, and shall
cause each other Company to pay, all material 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 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 generally accepted
accounting principles.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><B>Notice of Event of Default</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Upon the occurrence of either a
Default or an Event of Default of which a senior officer of the Borrower is aware, such Person shall promptly notify the Administrative
Agent in writing of the nature and date of occurrence of such Default or Event of Default, such Person&rsquo;s assessment of the
duration and effect thereof and the action which such Person proposes to take with respect thereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><B>Environmental Matters</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall, and shall cause
each other Company 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, notices or inquiries relating to the condition of its facilities and properties
or compliance with Environmental Laws which claims, complaints, notices or inquiries relate to matters which could reasonably be
expected to have a Material Adverse Effect and shall proceed diligently to resolve any such claims, complaints, notices or inquiries
relating to compliance with Environmental Laws and provide such information and certifications which the Administrative Agent may
reasonably request from time to time to evidence compliance with this Section 11.1(n).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify"><B>Interest Coverage Ratio</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall, at all times
cause the Interest Coverage Ratio to be greater than or equal to 3.00:1, such ratio to be measured at the conclusion of each Fiscal
Quarter.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify"><B>Net Leverage Ratio</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall, at all times,
cause the Net Leverage Ratio to be less than or equal to 4.50:1.00 and such ratio to be measured at the conclusion of each Fiscal
Quarter.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify"><B>Secured Leverage Ratio</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall, at all times,
cause the Secured Leverage Ratio to be less than or equal to 2.00:1.00 and such ratio to be measured at the conclusion of each
Fiscal Quarter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 90; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify"><B>Intercompany Indebtedness</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall cause all Indebtedness
owing by any Obligor to any Subsidiary of the Borrower which is not an Obligor to be subordinated and postponed, pursuant to the
Postponement and Subordination Undertaking, to the Secured Obligations of such Obligor for so long as a Default has occurred and
is continuing. The Borrower shall cause any Subsidiary of the Borrower which is not an Obligor, prior to the incurrence of any
such Indebtedness, to execute and deliver to the Administrative Agent the Postponement and Subordination Undertaking or an instrument
of adhesion thereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify"><B>Books and Records</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall, and shall cause
each other Company 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 generally accepted accounting principles and permit representatives of the Administrative Agent to inspect such
books of account, records and documents and to make copies therefrom during reasonable business hours.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify"><B>Additional Guarantors</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Upon the direct or indirect formation
or acquisition by the Borrower of a Material Subsidiary or upon a Subsidiary of the Borrower becoming a Material Subsidiary and
prior to or concurrently with any Subsidiary of the Borrower becoming an Additional Senior Note Guarantor:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Borrower shall forthwith cause each such Subsidiary (the &ldquo;<B>Prospective Guarantor</B>&rdquo;)
to duly execute and deliver to the Administrative Agent the Guarantee to which it is a party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">a duly certified copy of the articles of incorporation and by-laws or comparable constitutional
documents of such Subsidiary;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">a certificate of status or good standing for such Subsidiary issued by the appropriate governmental
body or agency of the jurisdiction in which such Subsidiary is incorporated or otherwise formed (other than with respect to any
Subsidiary whose jurisdiction of incorporation or formation does not customarily offer such certificates);</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><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 resolution of the board of directors of such Subsidiary or other comparable
authorization authorizing it to execute, deliver and perform its obligations under each Finance Document to which such Subsidiary
is a signatory;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><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 Subsidiary, in such capacity, setting forth specimen signatures
of the individuals authorized to sign the Finance Documents to which such Subsidiary is a signatory;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(E)</TD><TD STYLE="text-align: justify">an opinion of such Subsidiary&rsquo;s counsel addressed to the Lenders, the Administrative Agent
and its 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 to which such Subsidiary is a party in the jurisdiction of incorporation or
formation of such Subsidiary and in the Province of Ontario and such other matters as the Administrative Agent may reasonably request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(F)</TD><TD STYLE="text-align: justify">an opinion of the Lenders&rsquo; counsel with respect to such matters as may be reasonably required
by the Administrative Agent in connection with such Subsidiary (including, without limitation, the legality, validity and binding
nature of the obligations of such Subsidiary under, and the enforceability against such Subsidiary of, the Credit Documents which
are governed by the laws of the Province of Ontario); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Administrative Agent and its counsel shall be satisfied, acting reasonably, that all necessary
approvals, acknowledgements, directions and consents have been given and that all relevant laws have been complied with in respect
of all agreements and transactions referred to herein,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">whereupon the Prospective Guarantor
shall become an Additional Guarantor.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify"><B>Material Property Accounts</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall cause:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">all revenue derived from the New Afton Property and New Afton Property Assets (including, for the
avoidance of doubt, revenue from the sale of all gold, silver and copper derived therefrom) to be deposited or credited to the
New Afton Account; and</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">all revenue derived from the Rainy River Property and Rainy River Property Assets (including, for
the avoidance of doubt, revenue from the sale of gold and silver derived therefrom), other than the Rainy River Stream Cash Deposits,
to be deposited or credited to the Rainy River Account;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">it being understood that prior to
the occurrence of a Default or an Event of Default, the Borrower shall be entitled to withdraw funds from the New Afton Account
and the Rainy River Account without any notice to the Administrative Agent or any other restriction whatsoever.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><B>Flood Insurance</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">With respect to
any real property located in the United States (and which are subject to Flood Insurance Laws) in which any Liens have been granted
to the Administrative Agent in any of the Security Documents that is located in an area identified by the Federal Emergency Management
Agency (or any successor agency) as a &ldquo;special flood hazard area&rdquo; with respect to which flood insurance has been made
available under Flood Insurance Laws, the Borrower shall: (A) have obtained and will maintain such flood insurance in such reasonable
total amount as the Administrative Agent or any Lender may from time to time reasonably require; and (B) promptly upon request
of the Administrative Agent or any Lender, provided any such request is made no more frequently than on an annual basis, deliver
to the Administrative Agent or such Lender, as applicable, evidence of such compliance in form and substance reasonably acceptable
to the Administrative Agent and such Lender, including, without limitation, evidence of annual renewals of such insurance.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>11.2</B></TD>
    <TD><B>Restrictive Covenants</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Borrower hereby
covenants and agrees with the Finance Parties that, until the Secured Obligations Termination Date and unless waived in writing
in accordance with Section 14.14:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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>Liens</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not, and shall
not permit or suffer any other Obligor to, enter into or grant, create, assume or suffer to exist any Lien affecting any of their
respective properties, assets or undertaking, whether now owned or hereafter acquired, save and except only for the Permitted Liens.
The Borrower shall not, and shall not suffer or permit any other Obligor to, enter into or grant, create, assume or suffer to exist
any Lien securing any of the Indebtedness under the Senior Notes and/or the Senior Note Guarantees.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Corporate Existence</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Except for Permitted Reorganizations,
the Borrower shall not, and shall not permit or suffer any other Obligor, to, change its legal existence (including by way of amalgamation,
merger, winding up, continuance or plan of arrangement) or change its issued and outstanding Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Change in Business</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not, and shall
not suffer or permit any other Obligor to, engage in any business other than the business of mining and activities related or incidental
thereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Disposition of Material Properties, Material Assets and Guarantors</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Except in connection with a Permitted Reorganization, Ordinary Course Dispositions and Sale Leasebacks
permitted by Section 11.2(j), the Borrower shall not, and shall not suffer or permit any other Company to, sell, transfer or otherwise
dispose (by way of Sale Leaseback or otherwise) of any direct or indirect ownership interest (whether by way of a sale or disposition
of Shares of any Company or by way of sale or disposition of assets) in (i) any Material Property or (ii) any Material Assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Subject to Section 11.2(d)(i), the Borrower shall not, nor shall it suffer or permit any Obligor
to, sell, dispose or transfer any ownership interest in any assets (whether by way of a sale or disposition of Shares of any Guarantor
or by way of sale or disposition of assets) except if:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">such sale or disposition is on an arm&rsquo;s length basis or to another Obligor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">no Default or Event of Default exists at the time of such sale or disposition or would arise immediately
thereafter; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">upon completion of such sale or disposition, the Borrower would not, on a pro forma basis, be in
breach of any of the financial covenants under Sections 11.1(o), (p) and (q) as at the date of such sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Distributions</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not make any
Distributions other than payments of interest on the Subordinated Indebtedness provided any such Distributions may only be made
at any time that no Default or Event of Default has occurred and is continuing and no Default or Event of Default would arise upon
making any such Distribution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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"><B>Indebtedness</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not, and shall
not suffer or permit any other Obligor to create, incur, assume or suffer to exist any Indebtedness other than Permitted Indebtedness.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B>Risk Management</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not, nor shall
it suffer or permit any other Obligor to, enter into any Risk Management Agreements other than Permitted Risk Management Agreements.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><B>Acquisitions</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not, and shall
not suffer or permit any other Company to make any Acquisitions other than Permitted Acquisitions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><B>Amendments</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not, and shall
not suffer or permit any of the other Obligor to, amend their articles of incorporation, other than to effect a transaction permitted
hereunder or for changes that are to be reported to the Administrative Agent pursuant hereto, provided that the Borrower is not
in default of such reporting obligation. The Borrower shall not, and shall not suffer or permit, any amendment or modification
of the Senior Note Indentures, the Senior Notes or the Rainy River Stream Agreement which would be materially adverse to the Borrower.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall forthwith provide
to the Administrative Agent a copy of any amendment, modification, waiver or consent to: (x) the Rainy River Stream Agreement;
and/or (y) the Senior Notes or the Senior Note Indentures not otherwise prohibited hereby which is required to be filed on SEDAR
(the filing of any of the foregoing documents on SEDAR 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).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><B>Sale Leasebacks</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not, and shall
not suffer or permit any of the other Obligor to, enter into any Sale Leasebacks with any Person that is not a Secured Obligor.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><B>Investments</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not, and shall
not permit any other Obligor to, make any Investments, except:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">extensions of trade credit and asset purchases in the ordinary course of business;</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Investments in any Obligor and Investments by any Company in an Obligor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Investments constituting Permitted Acquisitions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Investments in the Cerro San Pedro Property, the Blackwater Project and any Material Property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Approved Investments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">additional Investments up to a maximum aggregate consolidated amount of $70,000,000 per annum in
a business of the nature referred to in Section 11.2(c) provided:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">such Investment is made at a time when no Default has occurred and is continuing or would arise
as a result of such Investment and, immediately after making such Investment, the Borrower would be in <I>pro forma</I> compliance
with each of Sections 11.1(o), (p) and (q); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">such Investment is made strictly from the proceeds of (i) the net cash proceeds received by the
Borrower from any issuance or sale of Shares of the Borrower which was completed within 90 days of the subject Investment and/or
(ii) the net cash sale proceeds received by the Borrower&nbsp; from a disposition of the Blackwater Project; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">additional Investments up to a maximum aggregate consolidated amount of $5,000,000 per annum in
a business of the nature referred to in Section 11.2(c) provided such Investment is made at a time when no Default has occurred
and is continuing or would arise as a result of such Investment.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">Notwithstanding
any of the foregoing, the Borrower shall not, and shall not suffer or permit any Obligor to, make any Investments in any Person
or asset unless at least 75% of the consolidated book value of such Person&rsquo;s assets are located in a Permitted Jurisdiction.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><B>Transactions with Affiliates</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not, and shall
not suffer or permit any other Obligor to, enter into any transaction including, without limitation, any management or consulting
agreement, with any of its Affiliates which could reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><B>Senior Notes; Senior Note Indentures</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">The Borrower shall not:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">redeem or purchase any of the Senior Notes or exercise any right of legal or covenant defeasance
with respect to any of the Senior Notes unless</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">at the time of such redemption, purchase or defeasance, no Default or Event of Default exists or
would exist and, immediately thereafter, the Borrower would be in pro forma compliance with each of Sections 11.1(o), (p) and (q);
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">the aggregate redemption or purchase price of the Senior Notes does not exceed an aggregate consolidated
amount equal to (i) 100% of the net cash proceeds received by the Borrower from any issuance or sale of Shares of the Borrower
which was completed within 90 days of the subject redemption or purchase and (ii) the net cash sale proceeds received by the Borrower
from a disposition of the Blackwater Project; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">make any amendments to either Senior Note Indenture that would shorten the maturity date of the
applicable Senior Notes. The Borrower shall provide promptly to the Administrative Agent a copy of any amendments, waivers or consents
to either Senior Note Indenture or the Senior Note Guarantees not otherwise prohibited by this Section 11.2(m).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><B>Business Activities</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify; text-indent: 0in">The Borrower shall
not, and shall not suffer or permit any other Obligor to, carry on any business that relates to Restricted Activities. The Borrower
shall not suffer or permit New Gold Netherlands Co&ouml;peratie U.A. and/or New Gold Finance Inc. to own assets or incur liabilities
in excess of $1,000,000 in the aggregate among both such entities.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>11.3</B></TD>
    <TD><B>Performance of Covenants by Administrative Agent</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 such Person 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 such Person and no such performance by the
Administrative Agent shall require the Administrative Agent to further perform such Person&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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;12<BR>
CONDITIONS PRECEDENT TO OBTAINING CREDIT</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>12.1</B></TD>
    <TD><B>Conditions Precedent to All Credit</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 shall have complied with the requirements of Article&nbsp;4, 5 or 6, as the case may
be, in respect of the relevant credit;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">no 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 representations and warranties of the Borrower contained in Section 10.1 shall be true and
correct in all respects on the date such credit is extended as if such representations and warranties were made on such date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Credit Facility has not been terminated pursuant to Section 2.4.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>12.2</B></TD>
    <TD><B>Conditions Precedent to Effectiveness of this Agreement</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Existing Credit
Agreement shall be amended and restated pursuant to this Agreement upon the prior or concurrent satisfaction of all of the following
conditions precedent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 conditions precedent set forth in Section 12.1 have been fulfilled;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Obligor has executed and delivered to the Administrative Agent the Credit Documents (including,
in respect of any Credit Documents delivered pursuant to the Existing Credit Agreement, confirmation thereof) to which it is a
party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">each relevant Subsidiary of the Borrower has executed and delivered to the Administrative Agent
(i) the Postponement and Subordination Undertaking in form and substance satisfactory to the Administrative Agent and (ii) to the
extent necessary in connection with the issuance of a Letter for and on behalf of a Subsidiary of the Borrower, a reimbursement
instrument in the form of Schedule M hereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Administrative Agent has received, in form and substance satisfactory to the Administrative
Agent:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">a duly certified copy of the articles of incorporation and by-laws or comparable documents of each
Obligor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">a certificate of status or good standing for each Obligor issued by the appropriate governmental
body or agency of the jurisdiction in which such Obligor is incorporated (other than with respect to any Obligor whose jurisdiction
of incorporation does not customarily offer such certificates);</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">a duly certified copy of the resolution of the board of directors (and, where applicable, of the
shareholders) of each Obligor authorizing it to execute, deliver and perform its obligations under the Finance Documents to which
it is a signatory;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">a certificate of an officer of each Obligor, in such capacity, setting forth specimen signatures
of the individuals authorized to sign the Finance Documents to which it is a signatory;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">a certificate of a senior officer of the Borrower, in such capacity, certifying that, to the best
of its knowledge after due inquiry, no Default has occurred and is continuing or would arise immediately upon the execution and
delivery of this Agreement and the Security Documents referenced at Section II of Schedule K hereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">an opinion or opinions of counsel to each Obligor, addressed to the Finance Parties, the Administrative
Agent and its counsel, relating to the status and capacity of such Obligor, the due authorization, execution and delivery and the
validity and enforceability of the Credit Documents dated on or about the date hereof to which such Obligor is a party in the jurisdiction
of incorporation of such Obligor and in the Province of Ontario continuing perfection under the Security Documents executed and
delivered prior to the date hereof and such other matters as the Finance Parties may reasonably request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">a list of Approved Unrestricted Investments as at the date of the execution and delivery of this
Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">a Perfection Certificate for the Borrower in form and substance satisfactory to the Administrative
Agent signed by a senior officer of the Borrower in relation to the New Afton Property; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">a Perfection Certificate for the Borrower in form and substance satisfactory to the Administrative
Agent signed by a senior officer of the Borrower in relation to the Rainy River Property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower shall have paid to the Lead Arrangers, the Administrative Agent and the Lenders all
fees and expenses due and owing pursuant to the Fee Letters and the Borrower shall have paid all reasonable fees and disbursements
of counsel to the Finance Parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower has sold all of the issued and outstanding Shares in the capital of NewGold Mesquite
Inc. to Solius AcquireCo Inc. and the Administrative Agent has received satisfactory evidence that Solius AcquireCo Inc. has wired
to the Borrower&rsquo;s account number 03020 88550 13 no less than $158,000,000 cash as consideration for such sale; and</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the Borrower has executed and delivered an executed irrevocable direction and authorization to
the Administrative Agent authorizing and instructing the Administrative Agent to pay a portion of the proceeds received pursuant
to the wire referenced in Section 12.2(f); (A) as a prepayment of the Credit Facility pursuant to Section 9.2 such that no more
than $225,000,000 shall be outstanding under the Credit Facility thereafter; (B) a pledge of $781,693 of cash collateral as collateral
security for the Letters referenced in Schedule N hereto issued on behalf of Western Mesquite Mines Inc.; and (C) in settlement
of fees payable pursuant to the Upfront Fee Letter and the Arranger Fee Letter.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>12.3</B></TD>
    <TD><B>Waiver</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 Sections 12.1 and 12.2 in whole or in part in respect
of any other extension of credit.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>12.4</B></TD>
    <TD><B>Existing Letters</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The parties acknowledge
that The Bank of Nova Scotia and JPMorgan Chase Bank, N.A. have previously issued the Existing Letters for the account of the Companies
referenced in Schedule N hereto. The parties hereby agree that, contemporaneously with the fulfillment of the conditions precedent
set forth in Section 12.2, the Existing Letters shall be deemed to be Letters issued by The Bank of Nova Scotia and JPMorgan Chase
Bank, N.A., as Issuing Lenders, at the request of the Borrower under the Credit Facility and the provisions of this agreement shall
henceforth apply thereto and supersede any reimbursement or other agreement (collectively, the &ldquo;<B>Existing BNS Reimbursement
Agreements</B>&rdquo;) previously executed by any relevant Company. The parties hereto acknowledge that the provisions of Section
7.6 shall apply to the Existing Letters as of and from the date of the fulfillment of the conditions precedent set forth in Section
12.2.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;13<BR>
DEFAULT AND REMEDIES</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>13.1&nbsp;</B></TD>
    <TD><B>Events of Default</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 breach by the Borrower of the provisions of any of Section 9.1, 9.3 or 9.8;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 failure of any Obligor to pay any amount due under the Finance Documents (other than amounts
due pursuant to any of Section 9.1, 9.3 or 9.8) within two Banking Days after (i) the Administrative Agent has given the Borrower
notice of such failure or (ii) a senior officer of the Borrower obtaining actual knowledge of such missed payment;</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 commencement by any Obligor or by any other Person of proceedings for the dissolution, liquidation
or winding up of such Obligor or for the suspension of operations of such Obligor (other than such proceedings that are part of
a Permitted Corporate Reorganization or commenced by another Person which are diligently defended and are discharged, vacated or
stayed within thirty days after commencement);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 any Obligor ceases or threatens to cease to carry on its business (other than as part of a Permitted
Corporate Reorganization) or is adjudged or declared bankrupt or insolvent or admits its inability to pay its debts generally as
they become due or fails to pay its debts generally as they become due or makes an assignment for the benefit of creditors, petitions
or applies to any tribunal for the appointment of a receiver or trustee for it or for any part of its property (or such a receiver
or trustee is appointed for it or any part of its property), or commences (or any other Person commences) any proceedings relating
to it under any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute
of any jurisdiction whether now or hereafter in effect (other than such proceedings commenced by another Person which are diligently
defended and are discharged, vacated or stayed within thirty days after commencement), or by any act indicates its consent to,
approval of, or acquiescence in, any such proceeding for it or for any part of its property, or suffers the appointment of any
receiver or trustee, sequestrator or other custodian;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 representation or warranty made by any Obligor in this agreement or in any other document,
agreement or instrument delivered pursuant hereto or referred to herein or any material information furnished in writing to the
Administrative Agent by any Obligor proves to have been incorrect when made or furnished and continues to be incorrect for thirty
days after the Administrative Agent has given the Borrower notice thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">if a writ, execution, attachment or similar process is issued or levied against all or any portion
of the property of any Obligor in connection with any judgment against it in an amount of at least $50,000,000 and such writ, execution,
attachment or similar process is not released, bonded, satisfied, discharged, vacated or stayed within thirty days after its entry,
commencement or levy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the breach or failure of due observance or performance by the Borrower of Section 11.1(o), (p)
or (q), any provision of Section 11.2 or 16.11;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">the breach or failure of due observance or performance by any Obligor of any covenant or provision
of any Finance Document (other than those previously referred to in this Section 13.1) or of any other document, agreement or instrument
delivered pursuant hereto or thereto or referred to herein or therein to which the Administrative Agent or any of the Lenders is
a party and such breach or failure continues for 15 Banking Days after the Administrative Agent has given the Borrower notice of
such breach or failure;</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">if one or more encumbrancers, lienors or landlords take possession of any part of the property
of any Obligor or attempt to enforce their security or other remedies against such property (other than at the expiry of the relevant
lease) and their claims remain unsatisfied for such period as would permit such property to be sold thereunder and such property
which has been repossessed or is capable of being sold has an aggregate fair market value of at least $50,000,000;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">if any Indebtedness of any Obligor, other than Indebtedness owing to another Company, in an amount
of at least $50,000,000 is not paid when due and payable (whether on demand, maturity, acceleration or otherwise) (provided, however,
no Event of Default shall occur under Section 13.1(j) with respect to any payment default under any Transaction with a Yank-a-Banked
Lender who benefits from a Yank-a-Banked Lender Lien if such payment default is remedied in full within 10 Banking Days of such
default, whether through realization on the Yank-a-Banked Lender Lien or otherwise);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">a default shall occur in the performance or observance of any obligation or conditions with respect
to any Indebtedness (other than Indebtedness hereunder) of any Obligor if the effect of such default would reasonably be expected
to have a Material Adverse Effect (provided, however, no Event of Default shall occur under Section 13.1(k) with respect to any
payment default under any Transaction with a Yank-a-Banked Lender who benefits from a Yank-a-Banked Lender Lien if such payment
default is remedied in full within 10 Banking Days of such default, whether through realization on the Yank-a-Banked Lender Lien
or otherwise);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">the occurrence of a Change of Control of the Borrower without the prior written consent of the
Majority Lenders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">any Finance Document shall terminate (other than in accordance with its terms) or cease in whole
or in any material part to be the legal, valid, binding and enforceable obligation of any Obligor party thereto (other than pursuant
to a Permitted Corporate Reorganization) and such Finance Document has not been replaced by a legal, valid, binding and enforceable
document which is equivalent in effect to such Finance Document, assuming such Finance Document had originally been legal, valid,
binding and enforceable, in form and substance acceptable to the Administrative Agent, within 21 days of the Administrative Agent
giving written notice to the Borrower, or a senior officer of the Borrower or the Borrower obtaining actual knowledge, of such
termination or cessation, provided, however, that such grace period shall only be provided if such Obligor actively co-operates
with the Administrative Agent to so replace such Finance Document;</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">the Postponement and Subordination Undertaking shall terminate (other than in accordance with its
terms) or ceases in whole or in any material part to be the legal, valid, binding and enforceable obligations of any party thereto
and the Postponement and Subordination Undertaking has not been replaced by a legal, valid, binding and enforceable document which
is equivalent in effect to the Postponement and Subordination Undertaking, assuming the Postponement and Subordination Undertaking
had originally been legal, valid, binding and enforceable, in form and substance acceptable to the Administrative Agent, within
21 days of the Administrative Agent giving written notice to the Borrower, or a senior officer of the Borrower obtaining actual
knowledge, of such termination or cessation, provided, however, that such grace period shall only be provided if the Companies
actively cooperate with the Administrative Agent to so replace the Postponement and Subordination Undertaking;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">any Company shall, contest in any manner the effectiveness, validity, binding nature or enforceability
of any Finance Document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">any Lien securing any Secured Obligation shall, in whole or in part, cease to be a perfected Lien
which, subject to any Permitted Liens, ranks first in priority and in a case where such an event occurs through no fault of any
Obligor, the Borrower is in default of its obligations under Section 16.8;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">a Material Adverse Change occurs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">subject to Section 11.2(d), the Borrower shall cease to own, directly or indirectly, 100% of the
Material Property Assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">any Additional Senior Note Guarantor is not a Guarantor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">the Rainy River Security Date has not occurred on or before March 31, 2019; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">the occurrence of a Seller Event of Default (as defined in the Rainy River Stream Agreement as
of the date hereof) which has resulted in a proceeding against the Borrower to recover Purchaser&rsquo;s (as defined in the Rainy
River Stream Agreement) direct damages in an amount of at least $50,000,000 arising out of such Seller Event of Default,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; 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 (c) or (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 (including
the face amount of all Bankers&rsquo; Acceptances issued and outstanding hereunder) to be immediately due and payable whereupon
all such indebtedness shall immediately become and be due and payable and the Security shall become immediately enforceable 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 and the Security shall become immediately
enforceable, without notice of any kind, upon the occurrence of an event described in clause (c) or (d) above). Upon the payment
by the Borrower to the Lenders of the face amount of all Bankers&rsquo; Acceptances issued and outstanding hereunder, the Borrower
shall have no further liability to the Lenders with respect to such Bankers&rsquo; Acceptances. Upon all indebtedness of the Borrower
hereunder becoming immediately due and payable pursuant to this Section, the Administrative Agent (on the instructions of the Majority
Lenders) shall give written notice to the Finance Parties and any Voluntary Exiting Lenders to terminate all and Secured Risk Management
Agreements between such Financing Parties and any Obligors and all Standalone Risk Management Agreements between such Voluntary
Exiting Lenders and any Obligors and to close all Transactions entered into pursuant thereto. At any time after the Credit Agreement
Repayment Date and notwithstanding any other provision of any other Finance Document, the Guarantees (including, for certainty,
the guarantee in Article&nbsp;15 of this Agreement) and the Security Documents shall only become enforceable upon the occurrence
of an Event of Default (for the purpose of this sentence only, as defined in any Secured Risk Management Agreement) relating to
an Obligor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>13.2</B></TD>
    <TD><B>Refund of Overpayments</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">With respect to each
Letter for which an Issuing Lender has been paid all of its contingent liability pursuant to Sections 9.1, 9.6 or 13.1 and provided
that all amounts due by the Borrower to such Issuing Lender under Sections 9.1, 9.6 or 13.1 have been paid, such Issuing Lender
agrees to pay to the Borrower, upon the later of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 the Letter is subject to an Adverse Order, the date on which any final and non-appealable order,
judgment or other determination has been rendered or issued either permanently enjoining such Issuing Lender from paying under
such Letter or terminating any outstanding Adverse Order; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 earlier of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 date on which either the original counterpart of such Letter is returned to such Issuing Lender
for cancellation or such Issuing Lender is released by the beneficiary thereof from any further obligations in respect of such
Letter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 expiry of such Letter; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">(where the contingent liability under such Letter is less than the face amount thereof), all amounts
possibly payable under such Letter have been paid;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">an amount equal to any excess
of the amount received by such Issuing Lender hereunder in respect of its contingent liability under such Letter over the total
of amounts applied to reimburse such Issuing Lender for amounts paid by it under or in connection with such Letter (such Issuing
Lender having the right to so appropriate such funds).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>13.3</B></TD>
    <TD><B>Remedies Cumulative</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Borrower expressly
agrees that the rights and remedies of the Finance Parties under this agreement are cumulative and in addition to and not in substitution
for any rights or remedies provided by law. Any single or partial exercise by any Finance Party 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 such Finance Party 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 any Finance
Party 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>13.4</B></TD>
    <TD><B>Set Off</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">In addition to any
rights now or hereafter granted under Applicable Law, and not by way of limitation of any such rights, each Lender is authorized,
at any time that an Event of Default and 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 such Lender to or for the credit of or the account
of the Borrower, as applicable against and on account of the obligations and liabilities of the Borrower which are due and payable
to such Lender under the Finance Documents.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;14<BR>
THE ADMINISTRATIVE AGENT</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.1</B></TD>
    <TD><B>Appointment and Authorization of Administrative Agent</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Each Lender, for and
on behalf of itself and each Qualified Finance Party with which it is affiliated, hereby appoints and authorizes, and hereby agrees
that it will require any assignee of any of its interests in the Finance 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 Finance Documents as are delegated to the Administrative Agent by such Finance Party by the
terms hereof, together with such powers as are reasonably incidental thereto. Neither the Administrative Agent nor any of its directors,
officers, employees or agents shall be liable to any Finance Party 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.2</B></TD>
    <TD><B>Interest Holders</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Administrative
Agent may treat each Lender set forth in Schedule A hereto or the Person designated in the last notice delivered to it under Section
16.5 as the holder of all of the interests of such Lender under the Finance Documents.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.3</B></TD>
    <TD><B>Consultation with Counsel</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Administrative
Agent may consult with legal counsel selected by it as counsel for the Finance Parties 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.4</B></TD>
    <TD><B>Documents</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Administrative
Agent shall not be under any duty to the Finance Parties to examine, enquire into or pass upon the validity, effectiveness or genuineness
of the Finance Documents or any instrument, document or communication furnished pursuant to or in connection with the Finance Documents
and the Administrative Agent shall, as regards the Finance Parties, 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.5</B></TD>
    <TD><B>Administrative Agent as Lender</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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
Finance 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.6</B></TD>
    <TD><B>Responsibility of Administrative Agent</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The duties and obligations
of the Administrative Agent to the Finance Parties under the Finance Documents are only those expressly set forth herein. The Administrative
Agent shall not have any duty to the Finance Parties 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 Finance Party that such Finance Party 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.7</B></TD>
    <TD><B>Action by Administrative Agent</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 Finance Parties by and under this agreement; provided, however, that the Administrative Agent shall
not exercise any rights under Section 13.1 or under the Guarantees or the Security Documents 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 Finance Parties under or in respect of any of the Finance 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 Finance 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 Finance Parties. 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.8</B></TD>
    <TD><B>Notice of Events of Default</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 Finance 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 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 Finance 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 Finance 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.9</B></TD>
    <TD><B>Responsibility Disclaimed</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Administrative
Agent shall be under no liability or responsibility whatsoever as agent hereunder:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">to any Obligor or any other Person as a consequence of any failure or delay in the performance
by, or any breach by, any Finance Party or Finance Parties of any of its or their obligations under any of the Finance Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">to any Finance Party or Finance Parties as a consequence of any failure or delay in performance
by, or any breach by, any Obligor of any of its obligations under any of the Finance Documents; or</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">to any Finance Party or Finance Parties for any statements, representations or warranties in any
of the Finance Documents or in any other documents contemplated hereby or thereby or in any other information provided pursuant
to any of the Finance Documents or any other documents contemplated hereby or thereby or for the validity, effectiveness, enforceability
or sufficiency of any of the Finance Documents or any other document contemplated hereby or thereby.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.10</B></TD>
    <TD><B>Indemnification</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Lenders agree
to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower) in their respective Pro Rata Shares from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any way relating
to or arising out of any of the Finance Documents or any other document contemplated hereby or thereby or any action taken or omitted
by the Administrative Agent under any of the Finance Documents or any document contemplated hereby or thereby, except that no Lender
shall be liable to the Administrative Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from the gross negligence or wilful misconduct of the Administrative
Agent.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.11</B></TD>
    <TD><B>Credit Decision</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">Each Lender represents
and warrants to the Administrative Agent that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 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 Obligors and that it has made an independent credit judgment without reliance upon any information
furnished by the Administrative Agent; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">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 Obligors.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.12</B></TD>
    <TD><B>Successor Administrative Agent</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 a 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 a 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 a Default has occurred and is continuing), appoint
a successor Administrative Agent which shall be a bank organized under the laws of Canada which has combined capital and reserves
in excess of CDN$250,000,000 and has an office in Toronto. 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.13</B></TD>
    <TD><B>Delegation by Administrative Agent</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1in"><B>14.14</B></TD>
    <TD><B>Waivers and Amendments</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Subject to Sections 14.14(b)-(d) 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Notwithstanding Section 14.14(a), without the prior written consent of each Lender and subject
to the last sentence of this Section 14.14(b), no such amendment or waiver shall directly:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">increase the amount of the Credit Facility or the amount of the Individual Commitment of any Lender;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">subject to Section 9.9, extend the Maturity Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">extend the time for the payment of interest on Loans, forgive any portion of principal of any Loan
or any repayment or reimbursement obligation under any Bankers&rsquo; Acceptance or Letter, reduce the stated rate or amount 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 or amend or waive any provision providing for the pro rata nature of payments to, or distributed by, the
Lenders;</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">amend the definition of Enforcement Date, Majority Lenders, Material Adverse Change, Material Adverse
Effect, Finance Document, Finance Parties, Secured Obligations or Permitted Risk Management Agreement nor any definitions forming
part thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">reduce the stated amount or postpone the date for payment of any fees or other amount to be paid
pursuant to Article&nbsp;7 or Article&nbsp;8 of this agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">permit any subordination of any of the Secured Obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">other than pursuant to Section 14.24, release or discharge any of the Security Documents or the
Guarantees or any Security, in whole or in part; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><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 the fourth sentence of Section 16.5(c).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">Without the prior written consent
of each Yank-a-Banked Lender (other than any Yank-a-Banked Lender (x) who has been granted a Yank-a Banked Lender Lien or (y) all
of whose Transactions have been novated pursuant to the provisions of the relevant Cash Management Agreements or Secured Risk Management
Agreements), no such amendment or waiver shall be effected pursuant to any of Sections 14.14(b)(i),(iv) or (vi)-(viii).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Borrower may at any time, by written request to the Administrative Agent (each, a &ldquo;<B>Unanimous
Lender Request</B>&rdquo;), request an amendment or waiver that requires the prior written consent of each Lender pursuant to Section
14.14(b). A copy of the Unanimous Lender Request shall be provided by the Administrative Agent to each of the Lenders in accordance
with Section 14.18. Each Lender may in its sole discretion, by written notice to the Administrative Agent (the &ldquo;<B>Unanimous
Lender Response Notice</B>&rdquo;), within 15 Banking Days of the Administrative Agent&rsquo;s receipt of the Unanimous Lender
Request (the &ldquo;<B>Unanimous Lender Response Period</B>&rdquo;), approve or decline the Unanimous Lender Request. If any Lender
does not provide a Unanimous Lender Response Notice within the Unanimous Lender Response Period, such Lender shall be deemed to
have declined the Unanimous Lender Request. If Lenders with Individual Commitments that in the aggregate are greater than 30% of
the aggregate Individual Commitments of all Lenders do not approve the Unanimous Lender Request, the Administrative Agent shall
notify the Borrower and the Lenders that the Unanimous Lender Request has been declined;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 Lenders with Individual Commitments that in the aggregate are equal to or greater than 70% but
less than 100% of the aggregate Individual Commitments of all Lenders approve the Unanimous Lender Request within the Unanimous
Lender Response Period (the &ldquo;<B>Approving Lenders</B>&rdquo;), the following shall apply:</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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 or before the second Business Day after the Unanimous Lender Response Period, the Administrative
Agent shall give written notice (the &ldquo;<B>Acquisition Request Notice</B>&rdquo;) to the Borrower and each Lender identifying
the Approving Lenders and Lender or Lenders that have declined or are deemed to have declined the Unanimous Lender Request (the
&ldquo;<B>Declining Lenders</B>&rdquo;) and their respective Individual Commitments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; 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">Any Approving Lender may, at its option, acquire all or any portion of the rights and obligations
of the Declining Lenders under the Credit Documents (all of such rights and obligations being herein called the &ldquo;<B>Available
Amount</B>&rdquo;) by giving written notice to the Administrative Agent (an &ldquo;<B>Acquisition Notice</B>&rdquo;) of the portion
of the Available Amount which it is prepared to acquire (the &ldquo;<B>Desired Acquisition Amount</B>&rdquo;). Such Acquisition
Notice shall be given within 15 days following the giving of the Acquisition Request Notice (such deadline being herein called
the &ldquo;<B>Acquisition Deadline</B>&rdquo;). If only one Approving Lender gives an Acquisition Notice to the Administrative
Agent or if more than one Approving Lender gives an Acquisition Notice to the Administrative Agent but the aggregate of their Desired
Acquisition Amounts is less than or equal to the Available Amount, then each such Approving Lender shall be entitled to acquire
its Desired Acquisition Amount of the rights and obligations of the Declining Lenders under the Credit Documents. If more than
one Approving Lender gives an Acquisition Notice to the Administrative Agent and the aggregate of the Desired Acquisition Amounts
is greater than the Available Amount, then each such Approving Lender shall be entitled to acquire a pro rata share of the rights
and obligations of the Declining Lenders under the Credit Documents, such pro rata share being determined based on the relative
Desired Acquisition Amount of each such Approving Lender. On or before the second Business Day following the Acquisition Deadline,
the Administrative Agent shall give to the Borrower and each Lender a written notice identifying the Available Amount of each Declining
Lender and the portion thereof to be acquired by each Approving Lender. Each of such acquisitions shall be completed on the date
which is fifteen days following the Acquisition Deadline in accordance with the procedures set out in Section 16.5(c). If the Available
Amount is not completely acquired by the Approving Lenders, the Borrower may locate other Persons (&ldquo;<B>Substitute Lenders</B>&rdquo;)
who qualify as Lenders, are satisfactory to the Administrative Agent, acting reasonably, and who acquire all or a portion of the
balance of the rights and obligations of the Declining Lenders under the Credit Documents on the date which is fifteen days following
the Acquisition Deadline in accordance with the procedures set out in Section 16.5(c).</TD></TR></TABLE>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1.5in; text-align: justify; text-indent: 0in">Any outstanding
credit extended by the Declining Lenders to the Borrower under the Credit Facility which is not so acquired by Approving Lenders
or Substitute Lenders shall be repaid and the Individual Commitments of the Declining Lenders not so acquired shall be cancelled
on the date which is fifteen days following the Acquisition Deadline and the amount of the Credit Facility shall thereupon be reduced
by the aggregate of the Individual Commitments so cancelled. The Borrower shall comply with Section 8.4 in connection with any
such prepayment. As concerns any Bankers&rsquo; Acceptances or BA Rate Loans that otherwise would be subject to prepayment pursuant
to this Section 14.14(d), the Borrower shall forthwith pay to the Administrative Agent an amount equal to the aggregate of the
aggregate face amount of such Bankers&rsquo; Acceptances and the aggregate principal amount of such BA Rate Loans, such amount
to be held by the Administrative Agent against any amount owing by the Borrower to such Declining Lenders in respect of such Bankers&rsquo;
Acceptances and BA Rate Loans. Any such amount paid to the Administrative Agent shall be held on deposit by the Administrative
Agent until the maturity date of such Bankers&rsquo; Acceptances or BA Rate Loans, at which time it shall be applied against the
indebtedness of the Borrower to such Declining Lenders thereunder. While on deposit with the Administrative Agent, such amount
shall bear interest at the rate applicable to short term deposits. As concerns any Letter that otherwise would be subject to prepayment
pursuant to this Section 14.14(d), the Borrower shall forthwith pay to the Issuing Lender an amount equal to the aggregate contingent
liability of the relevant Declining Lenders under such Letter, such amount to be held by the Issuing Lender subject to Section
13.2. As concerns any Declining Lender which is an Issuing Lender who has issued and has outstanding one or more Letters, the Borrower
on whose behalf such Letters or Letters are issued the remaining Lenders shall agree among themselves and the Borrower as to a
replacement Issuing Lender and such replacement Issuing Lender shall issue replacement Letters for, and arrange with the Borrower
for the return to the Declining Lender of, the Letters issued by the Declining Lender. If the remaining Lenders and the Borrower
fail to issue, or cause to be issued, replacement Letters or the Borrower has not been able to arrange for the return of Letters
issued by the Declining Lender prior to the Declining Lender ceasing to be a Lender, the Borrower shall deliver cash collateral
to such Declining Lender in an amount equal to the face amount of each such outstanding Letter and such Declining Lender may, at
its option in its sole and absolute discretion, pay the beneficiary of any such outstanding Letter the face amount thereof in cash
as if such beneficiary had presented such Letter to such Issuing Lender for payment. For certainty, no Declining Lender which is
an Issuing Lender with Letters outstanding shall cease to be a Lender hereunder until all such Letters are either returned to it
for cancellation or cash collateralized as afore-said. For certainty, upon the acquisition of the Available Amount by the Approving
Lenders and/or the Substitute Lenders and, if applicable, repayment of outstanding credit extended by the Declining Lenders to
the Borrower under the Credit Facility which is not so acquired, the Unanimous Lender Request shall be deemed to have been consented
to by all of the Lenders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">The Borrower may request, at any time with respect to a Yank-a-Banked Lender, that the Secured
Obligations of the Obligors owing to a Yank-a-Banked Lender be collateralized in full by Cash, letter of credit or letter of guarantee
(the &ldquo;<B>Yank-a-Banked Lender Lien</B>&rdquo;). Subject to the consent of all Lenders, such Secured Obligations shall be
so collateralized and the Yank-a-Banked Lender Lien shall constitute a first-ranking Lien in subject collateral and the Security
a second-ranking Lien therein. Upon the granting of a Yank-a-Banked Lender Lien in favour of a Yank-a-Banked Lender, such Yank-a-Banked
Lender shall cease to be a Finance Party.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</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 or an Issuing Lender shall be effective without the prior written consent of the Administrative Agent
or such Issuing Lender, as the case may be.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(f)</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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.15</B></TD>
    <TD STYLE="width: 86%"><B>Determination by Administrative Agent Conclusive and Binding</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.16</B></TD>
    <TD STYLE="width: 86%"><B>Adjustments among Lenders after Acceleration</B></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(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 availments 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 availments 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 with respect
to the Credit Facility immediately prior to such acceleration, cancellation or termination.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">The Finance Parties 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 Finance Parties under the Finance Documents, which are to be applied against amounts owing hereunder
or thereunder as principal and/or other indebtedness then due and payable under any Finance Document, will be so applied in a manner
such that to the extent possible, (i) the Exposure of each of the Finance Parties, after giving effect to such application, will
be pro rata in accordance with the Finance Parties&rsquo; relative Exposures that are then due and payable and (ii) the amount
of credit outstanding under the Credit Facility which is owing to each Lender, after giving effect to such application, will be
pro rata in accordance with the Lenders&rsquo; Pro Rata Shares of the Credit Facilities immediately prior to such acceleration,
cancellation or termination.</TD></TR></TABLE>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">For greater certainty, each Finance Party acknowledges and agrees that without limiting the generality
of the provisions of Section 14.16(a) and (b), such provisions will have application if and whenever any Finance Party shall obtain
any payment (whether voluntary, involuntary, through the exercise of any right of set-off, compensation, or otherwise), other than
on account of any monies owing or payable by the Borrower to it under the Finance Documents in excess of its pro rata share of
payments on account of monies owing by the Borrower to all the Finance Parties thereunder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(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 Finance Parties pursuant to this Section 14.16.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.17</B></TD>
    <TD STYLE="width: 86%"><B>Redistribution of Payment</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">If a Finance Party
shall receive payment, 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, of a portion of the aggregate
amount of Secured Obligations then due and payable by an Obligor to the Finance Party (whether by set-off, repayment, the proceeds
of the exercise of any rights or remedies of the Finance Parties under the Finance Documents or otherwise) which is greater than
the proportion received by any other Finance Party in respect of the aggregate amount of Secured Obligations then due and payable
to it (having regard to the respective Exposures of the Finance Parties that are then due and payable), the Finance Party 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 Secured Obligations due and payable to the other Finance
Party or Finance Parties so that the respective receipts shall be pro rata to their respective participation in the Secured Obligations
that are then due and payable; provided, however, that if all or part of such proportionately greater payment received by such
purchasing Finance Party 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 Finance Party or Finance Parties to the extent of such recovery, but without
interest.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.18</B></TD>
    <TD STYLE="width: 86%"><B>Distribution of Notices</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Except as otherwise
expressly provided herein, promptly after receipt by the Administrative Agent of any notice or other document which 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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.19</B></TD>
    <TD STYLE="width: 86%"><B>Decision to Enforce Security</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The Security shall
become enforceable as provided in Article&nbsp;13. Upon the Security becoming enforceable as aforesaid, the Administrative Agent
shall promptly so notify each of the Lenders. Any Lender may thereafter provide the Administrative Agent with a written request
to enforce the Security. Forthwith after the receipt of such a request, the Administrative Agent shall seek the instructions of
the Majority Lenders as to whether the Security should be enforced and the manner in which the Security should be enforced. In
seeking such instructions, the Administrative Agent shall submit a specific proposal to the Lenders. The Administrative Agent shall
promptly notify the Lenders of all instructions and approvals of the Majority Lenders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.20</B></TD>
    <TD STYLE="width: 86%"><B>Enforcement</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The Administrative
Agent reserves the sole right to enforce, or otherwise deal with, the Security and to deal with the Obligors in connection therewith;
provided, however, that the Administrative Agent shall so enforce, or otherwise deal with, the Security as the Majority Lenders
shall instruct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.21</B></TD>
    <TD STYLE="width: 86%"><B>Application of Cash Proceeds of Realization</B></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">All Proceeds of Realization not in the form of cash shall be forthwith delivered to the Administrative
Agent and disposed of, or realized upon, by the Administrative Agent in such manner as the Majority Lenders may approve so as to
produce Cash Proceeds of Realization.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">Subject to the claims, if any, of secured creditors of the Obligors whose security ranks in priority
to the Security, all Cash Proceeds of Realization shall be applied and distributed, and the claims of the Lenders shall be deemed
to have the relative priorities which would result in the Cash Proceeds of Realization being applied and distributed, as follows:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">firstly, to the payment of all reasonable costs and expenses incurred by or on behalf of 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 or under the Security Documents or the Guarantees and in payment of all of the remuneration of any Receiver and all
costs and expenses properly incurred by such Receiver (including, without limitation, all legal fees and disbursements) in the
exercise of all or any powers granted to it under the Security Documents;</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 108pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">secondly, in payment of all amounts of money borrowed or advanced by the Administrative Agent or
such Receiver pursuant to the Security Documents and any interest thereon;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">thirdly, to the payment of interest and fees forming part of the Secured Obligations of the Borrower
to the Lenders and the Administrative Agent <I>pro rata </I>in accordance with their relative Exposures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(iv)</TD><TD STYLE="text-align: justify">fourthly, to the payment or prepayment of all other Secured Obligations (including holding as cash
collateral to be applied against Secured Obligations which have not then matured) to the Finance Parties <I>pro rata</I> in accordance
with their relative Exposures; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(v)</TD><TD STYLE="text-align: justify">the balance, if any, to the Borrower or otherwise in accordance with Applicable Law.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.22</B></TD>
    <TD STYLE="width: 86%"><B>Security Documents</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">As continuing collateral
security for the Secured Obligations, the Borrower shall, and shall cause the Obligors to, execute and deliver the Guarantees and
shall, and shall cause the Secured Obligors to execute and deliver the Security Documents. The Guarantees and the Security Documents
shall be entered into in favour of the Administrative Agent for the rateable benefit of the Finance Parties. The Administrative
Agent declares that it shall hold the Security, the Secured Assets charged by the Security Documents and the rights granted to
it under the Finance Documents for its own benefit and in its capacity as agent for the rateable benefit of each Finance Party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.23</B></TD>
    <TD STYLE="width: 86%"><B>Entering into Contracts</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Each Finance Party
hereby irrevocably authorizes the Administrative Agent to enter into the Guarantees and Security Documents as agent for and on
behalf of each such Lender and the Borrower hereby expressly acknowledges the authority of the Administrative Agent to so enter
into the Guarantees and Security Documents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.24</B></TD>
    <TD STYLE="width: 86%"><B>Discharge of Security</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">To the extent a sale or other disposition of the Secured Assets (including, without limitation,
the sale or disposition of a Guarantor) is permitted pursuant to the provisions hereof, the Finance Parties hereby authorize the
Administrative Agent, at the cost and expense of the Borrower, to execute such discharges and other instruments which are necessary
for the purposes of releasing and discharging the security interest of the Finance Parties therein or for the purposes of recording
the provisions or effect thereof in any office where the Security Documents may be registered or recorded or for the purpose of
more fully and effectively carrying out the provisions of this Section 14.24;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">Notwithstanding Section 14.24(a), the Borrower hereby acknowledges and agrees that, notwithstanding
any sale or disposition of a Guarantor not prohibited by this agreement or the release of a Guarantor from the Guarantee to which
it is a party (in each such case, a &ldquo;<B>Released Guarantor</B>&rdquo;), in each case at any time that such Released Guarantor
has outstanding Direct Secured Obligations, the Borrower&rsquo;s Guarantee set forth in Article&nbsp;15 hereof and the Guarantees
of each Guarantor shall continue to guarantee the payment and performance of the Direct Secured Obligations of such Released Guarantor.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.25</B></TD>
    <TD STYLE="width: 86%"><B>Determination of Exposures</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Concurrent with any
request for any approval or instructions of the Majority Lenders and prior to any distribution of Cash Proceeds of Realization
to the Finance Parties, the Administrative Agent shall request each Finance Party to provide to the Administrative Agent a written
calculation of such Finance Party&rsquo;s Exposure, each such calculation to be certified true and correct by the Finance Party
providing same. Each Finance Party shall so provide such calculation within two Banking Days following the request of the Administrative
Agent. Any such calculation provided by a particular Finance Party shall, absent manifest error, constitute <I>prima facie</I>
evidence of such Finance Party&rsquo;s Exposure at such time. With respect to each determination of the Exposure of the Finance
Parties, the Administrative Agent shall promptly notify the Finance Parties. For the purposes of determining a particular Finance
Party&rsquo;s Exposure:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">the Exposure of a Finance Party under any Credit Documents shall be the aggregate amount (expressed
in United States dollars) owing to such Finance Party thereunder on such date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">the Exposure of a Finance Party in respect of Permitted Risk Management Agreements shall be measured
as the net exposure of such Finance Party under all Permitted Risk Management Agreements with each Obligor to which such Finance
Party is a party, being the aggregate exposure of such Finance Party thereunder less the aggregate exposure of the Obligors thereunder;
the exposure of party to a Permitted Risk Management Agreement shall be, in the case of a Permitted Risk Management Agreement which
has not been terminated as of such date, the total amount which would be owing to such party by the other party under such Permitted
Risk Management Agreements in the event of the early termination as of such date of such Permitted Risk Management Agreements as
a result of the occurrence of a default, event of default or termination event (however specified or designated) with respect to
such party thereunder or, in the case of a Permitted Risk Management Agreement which has been terminated as of such date, the total
amount which is owing to such party by the other party under such Permitted Risk Management Agreement, in each case expressed in
United States dollars; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">the Exposure of a Finance Party in respect of any Cash Management Agreement shall be the consolidated
amount (expressed in United States dollars) which would be owing by the Obligors thereunder on such date if such agreement was
terminated on such date.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>14.26</B></TD>
    <TD STYLE="width: 86%"><B>Real Property Security</B></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">The Administrative Agent shall not enter into any Security Document in respect of any real property
located in the United States (and which are subject to Flood Insurance Laws) acquired by the Borrower or any other Obligor after
the date of the Credit Agreement until (1) the date that occurs 45 days after the Administrative Agent has delivered to the Lenders
(which may be delivered electronically) the following documents in respect of such real property: (i) a completed flood hazard
determination from a third party vendor; (ii) if such real property is located in a &ldquo;special flood hazard area&rdquo; as
identified by the Federal Emergency Management Agency (or any successor agency), (A) a notification to the Borrower (or applicable
Obligor) of that fact and (if applicable) notification to the Borrower (or applicable Obligor) that flood insurance coverage is
not available and (B) evidence of the receipt by the Borrower (or applicable Obligor) of such notice; and (iii) if such notice
is required to be provided to the Borrower (or applicable Obligor) and flood insurance is available in the community in which such
real property is located, evidence of required flood insurance and (2) the Administrative Agent shall have received written confirmation
from the Lenders that flood insurance due diligence and flood insurance compliance have been completed by the Lenders (such written
confirmation not to be unreasonably conditioned, withheld or delayed).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">If any Lender determines, acting reasonably, that any applicable law has made it unlawful, or that
any governmental authority has asserted that it is unlawful, for such Lender to hold or benefit from a Lien over real property
pursuant to any law of the United States or any State thereof, such Lender may notify the Administrative Agent and disclaim any
benefit of such security interest to the extent of such illegality; provided, that such determination or disclaimer shall not invalidate
or render unenforceable such Lien for the benefit of any other Lender.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;15<BR>
GUARANTEE</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.1</B></TD>
    <TD STYLE="width: 86%"><B>Guarantee</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The Borrower hereby
unconditionally, absolutely and irrevocably guarantees the full and punctual payment to the Finance Parties as and when due, whether
at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, of all of the Direct Secured Obligations
of the other Direct Obligors in the same currency (the &ldquo;<B>Designated Currency</B>&rdquo;) as the currency of the Direct
Secured Obligations of such Direct Obligors, whether for principal, interest, fees, expenses, indemnities or otherwise.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.2</B></TD>
    <TD STYLE="width: 86%"><B>Nature of Guarantee</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">This guarantee shall
in all respects be a continuing, absolute, unconditional and irrevocable guarantee of payment when due and not of collection, and
shall remain in full force and effect until all Direct Secured Obligations have been paid in full and all Individual Commitments
of the Finance Parties have been permanently terminated. For certainty, notwithstanding the repayment in full of all Indebtedness
owing under this Agreement, the termination of the Credit Facility and any release of the Borrower of its obligations hereunder,
this Article&nbsp;15 shall survive until all Direct Secured Obligations under all Permitted Risk Management Agreements have been
repaid in full and satisfied. The Borrower guarantees that the Direct Secured Obligations of the other Direct Obligors will be
paid strictly in accordance with their respective terms, regardless of any law, regulation or order now or hereafter in effect
in any jurisdiction affecting any of such terms or the rights of the Finance Parties with respect thereto.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.3</B></TD>
    <TD STYLE="width: 86%"><B>Liability Not Lessened or Limited</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Subject to the provisions
hereof, the liability of the Borrower under this guarantee shall be absolute, unconditional and irrevocable irrespective of, and
without being lessened or limited by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">any lack of validity, legality, effectiveness or enforceability of any of the agreements or instruments
evidencing any of the Secured Obligations of any Obligor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">the failure of any Finance Party:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">to assert any claim or demand or to enforce any right or remedy against any Obligor or any other
Person (including any other guarantor) under the provisions of any of the agreements or instruments evidencing any of the Secured
Obligations of any Obligor, or otherwise, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">to exercise any right or remedy against any other guarantor of, or collateral securing, any of
the Secured Obligations of any Obligor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">any change in the time, manner or place of payment of, or in any other term of, all or any of the
Secured Obligations of any Obligor, or any other extension, compromise, indulgence or renewal of any Secured Obligations of any
Obligor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">any reduction, limitation, variation, impairment, discontinuance or termination of the Secured
Obligations of any Obligor for any reason (other than by reason of any payment which is not required to be rescinded), including
any claim of waiver, release, discharge, surrender, alteration or compromise, and shall not be subject to (and the Borrower hereby
waives any right to or claim of) any defence or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality, nongenuineness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting, the Secured
Obligations of any Obligor or otherwise (other than by reason of any payment which is not required to be rescinded);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">any amendment to, rescission, waiver or other modification of, or any consent to any departure
from, any of the terms of any of the agreements or instruments evidencing any of the Secured Obligations of any Obligor or any
other guarantees or security;</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD STYLE="text-align: justify">any addition, exchange, release, discharge, renewal, realization or non-perfection of any collateral
security for the Secured Obligations of any Obligor or any amendment to, or waiver or release or addition of, or consent to departure
from, any other guarantee held by the Administrative Agent or any of the other Finance Parties as security for any of the Secured
Obligations of any Obligor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(g)</TD><TD STYLE="text-align: justify">the loss of or in respect of or the unenforceability of any other guarantee or other security which
the Administrative Agent or any of the other Finance Parties may now or hereafter hold in respect of the Secured Obligations of
any Obligor, whether occasioned by the fault of the Administrative Agent or any of the other Finance Parties or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(h)</TD><TD STYLE="text-align: justify">any change in the name of any Obligor, the articles of incorporation, capital structure, capacity
or constitution of any Obligor, the bankruptcy or insolvency of any Obligor, the sale of any or all of the business or assets of
any Obligor being consolidated, merged or amalgamated with any other Person;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">any payment received on account of the Secured Obligations of any Obligor by the Administrative
Agent or any of the other Finance Party that it is obliged to repay pursuant to any Applicable Law or for any other reason; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(j)</TD><TD STYLE="text-align: justify">any other circumstance which might otherwise constitute a defence available to, or a legal or equitable
discharge of, any Obligor, any surety or any guarantor other than payment of any Direct Secured Obligation.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.4</B></TD>
    <TD STYLE="width: 86%"><B>Administrative Agent not Bound to Exhaust Recourse</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The Administrative
Agent shall not be bound to pursue or exhaust its recourse against any particular Obligor or others or any security or other guarantees
it may at any time hold before being entitled to payment hereunder from the Borrower to enforce its rights against the Borrower
under the Security Documents to which the Borrower is a party.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.5</B></TD>
    <TD STYLE="width: 86%"><B>Enforcement</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Upon any of the Secured
Obligations of any Obligor becoming due and payable, the Borrower shall forthwith pay to the Administrative Agent in immediately
available funds at the address of the Administrative Agent set forth on its signature page hereto, the total amount of such Secured
Obligations of such Obligor and the Administrative Agent shall apply the sums so paid and realized in such manner as provided for
in this Agreement. A written statement of the Administrative Agent as to the amount of the Secured Obligations of an Obligor remaining
unpaid to the Finance Parties at any time shall be <I>prima facie</I> evidence against the Borrower, absent manifest error, as
to the amount of the Secured Obligations of such Obligor remaining unpaid to the Finance Parties at such time.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.6</B></TD>
    <TD STYLE="width: 86%"><B>Guarantee in Addition to Other Security</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The guarantee contained
herein shall be in addition to and not in substitution for any other guarantee or other security which the Administrative Agent
may now or hereafter hold in respect of the Secured Obligations of an Obligor, and the Administrative Agent shall be under no obligation
to marshal in favour of the Borrower any other guarantee or other security or any moneys or other assets which the Administrative
Agent may be entitled to receive or may have a claim upon.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.7</B></TD>
    <TD STYLE="width: 86%"><B>Reinstatement</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The guarantee contained
herein and all other terms of this agreement shall continue to be effective or shall be reinstated, as the case may be, if at any
time any payment (in whole or in part) of any of the Secured Obligations of an Obligor is rescinded or must otherwise be returned
or restored by the Finance Parties by reason of the insolvency, bankruptcy or reorganization of an Obligor or for any other reason
not involving the wilful misconduct of the Administrative Agent or any other Finance Party, all as though such payment had not
been made.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.8</B></TD>
    <TD STYLE="width: 86%"><B>Waiver of Notice, etc.</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The Borrower hereby
waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Secured Obligations of the Obligors
and this agreement, other than written demand for payment.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.9&nbsp;</B></TD>
    <TD STYLE="width: 86%"><B>Subrogation Rights</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Except to the extent
necessary to preserve its rights, the Borrower will not exercise any rights which it may acquire by way of subrogation under this
agreement, by any payment made hereunder or otherwise, until the prior satisfaction in full of all of the Secured Obligations of
the Obligors. Any amount paid to the Borrower on account of any such subrogation rights prior to the satisfaction in full of all
Secured Obligations of any Obligor shall be held in trust for the benefit of the Finance Parties and shall immediately be paid
to the Administrative Agent and credited and applied against the Secured Obligations of such Obligor, whether matured or unmatured;
provided, however, that if</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">the Borrower has made payment to the Administrative Agent of all or any part of the Secured Obligations
of the Obligors, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">all Secured Obligations of all Obligors (other than those provisions which by their terms survive
the termination of relevant Finance Document) have been paid in full and all Individual Commitments have been permanently terminated,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">the Administrative Agent agrees that,
at the Borrower&rsquo;s request, the Administrative Agent will execute and deliver to the Borrower appropriate documents (without
recourse and without representation or warranty) necessary to evidence the transfer by subrogation to the Borrower of an interest
in the Secured Obligations of the Obligors resulting from such payment by the Borrower.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.10</B></TD>
    <TD STYLE="width: 86%"><B>Advances After Certain Events</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">All advances, renewals
and credits made or granted by the Finance Parties to or for any Obligor under the Finance Documents after the bankruptcy or insolvency
of such Obligor, but before the relevant Finance Party has received notice thereof, shall be deemed to form part of the Secured
Obligations of such Obligor, and all advances, renewals and credits obtained from the Finance Parties by or on behalf of such Obligor
under the Finance Documents shall be deemed to form part of the Secured Obligations of such Obligor, notwithstanding any lack or
limitation of power, incapacity or disability of such Obligor or of the directors or agents thereof and notwithstanding that of
such Obligor may not be a legal entity and notwithstanding any irregularity, defect or informality in the obtaining of such advances,
renewals or credits, whether or not the relevant Finance Party has knowledge thereof.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.11&nbsp;</B></TD>
    <TD STYLE="width: 86%"><B>Indemnity</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The Borrower hereby
agrees to indemnify and save the Finance Parties harmless from and against all loss, cost, damage, expense, claims and liability
which they may at any time suffer or incur in connection with:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">any failure by any Obligor to duly and punctually pay or perform its Secured Obligations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">any loss for any reason whatsoever, including by operation of law or otherwise, of any right of
any Finance Party against the Obligors.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>15.12</B></TD>
    <TD STYLE="width: 86%"><B>Keepwell</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The Borrower shall,
and shall cause each Qualified ECP Guarantor to, jointly and severally absolutely, unconditionally and irrevocably undertake to
provide such funds or other credit support (the form of which shall be in the sole discretion of the Borrower) as may be needed
from time to time by each Guarantor to guaranty all Direct Secured Obligations in respect of Swap Obligations (provided, however,
that each Qualified ECP Guarantor shall only be liable under such guaranty for the maximum amount of such liability that can be
incurred without rendering its obligations under such guaranty, or otherwise under the Finance Documents, voidable under applicable
law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of the Borrower
and each Qualified ECP Guarantor under this provision and the other Finance Documents shall remain in full force and effect until
payment in full of the Direct Secured Obligations in accordance with the provisions of this agreement. This Section 15.12 constitutes,
and this Section 15.12 shall be deemed to constitute, a &ldquo;keepwell, support, or other agreement&rdquo; for the benefit of
each Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center; text-indent: 0cm">Article&nbsp;16<BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.1</B></TD>
    <TD STYLE="width: 86%"><B>Notices</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">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 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&nbsp;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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.2</B></TD>
    <TD STYLE="width: 86%"><B>Severability</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.3</B></TD>
    <TD STYLE="width: 86%"><B>Counterparts</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">This agreement may
be executed and delivered in one or more original or faxed 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.4&nbsp;</B></TD>
    <TD STYLE="width: 86%"><B>Successors and Assigns</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">This agreement shall
enure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.5</B></TD>
    <TD STYLE="width: 86%"><B>Assignment</B></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">Neither the Credit Documents nor the benefit thereof may be assigned by the Borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(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, the Lender&rsquo;s obligations
under this agreement to the Borrower shall remain unchanged, the Lender shall remain solely responsible for the performance thereof
and the Borrower shall continue to be obligated to the Lender in connection with the Lender&rsquo;s rights under this agreement.
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 relevant 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 and for the purposes of Article&nbsp;8 such Participant shall be deemed to be a Lender to the extent
of such participation; provided, that, no Participant shall be entitled to receive any greater amount pursuant to such Article
than the relevant Lender would have been entitled to receive in respect of the amount of the participation transferred by such
Lender to such Participant had no such transfer occurred.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">With the prior written consent of, (w) the Borrower (which consent shall not be required (i) if
such sale is to one or more other Lenders or to an Affiliate of any Lender and such assignment would not impose on the Borrower
at the time of the assignment any liability under Section 8.6 or (ii) in circumstances where an Event of Default has occurred and
is continuing), (x) the Issuing Lender and (y) the Administrative Agent, a Lender may at any time sell all or any part of its rights
and obligations under the Credit Documents to one or more Persons (&ldquo;<B>Purchasing Lenders</B>&rdquo;). No consent shall be
required in the case of the sale by a Lender listed in Schedule I, Schedule II or Schedule III of the <I>Bank Act </I>(Canada)
to its Affiliate that is listed in Schedule I, Schedule II or Schedule III to the <I>Bank Act </I>(Canada). 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 any damages arising in connection with it being or becoming
a Defaulting Lender. Any such assignment shall be for Individual Commitments of at least $10,000,000 and, following such assignment,
the Lender shall either retain an Individual Commitment of $10,000,000 or have assigned the entirety of its Individual Commitment.
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 Schedule C hereto whereby the Purchasing Lender has agreed to be bound by the terms of the Finance Documents as
a Lender and has agreed to specific Individual Commitments with respect to the Credit Facility and a specific address and telefacsimile
number for the purpose of notices as provided in Section 16.1 and 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 each of the Administrative
Agent and the Borrower. Upon any such assignment becoming effective, Schedule A hereto shall be deemed to be amended to include
the Purchasing Lender as a Lender with the specific Individual Commitment with respect to the Credit Facility, 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 with respect to the Credit Facility.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(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 Companies 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 Companies prior to becoming a party to this agreement, so long as any such Transferee
agrees not to disclose any confidential, non-public information to any Person other than its non brokerage affiliates, employees,
accountants or legal counsel on a need-to-know basis, unless required by law.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.6</B></TD>
    <TD STYLE="width: 86%"><B>Survival</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The provisions of
Articles 10, 11, 13, 14 and 15 (and all other provisions of this agreement which are necessary to give effect to each of the provisions
of such Articles) shall survive repayment in full of all credit outstanding under the Credit Facility and the termination of the
Individual Commitments of the Lenders hereunder for the benefit of the Finance Parties until the Secured Obligations Termination
Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The provisions of
Articles 10, 11 and 13 (and all other provisions of this agreement which are necessary to give effect to each of the provisions
of such Articles) other than Sections 10.1(p), (q) and (r), 11.1(c), (d), (h), (i), (r) and (t) and 13.1(n) and (p), as amended
by this Section or at time hereafter in accordance with this agreement (collectively, the &ldquo;<B>Standalone Provisions</B>&rdquo;),
shall continue for the benefit of each Voluntary Exiting Lender until all Risk Management Agreements (the &ldquo;<B>Standalone
Risk Management Agreements</B>&rdquo;) entered into between an Obligor and such Voluntary Exiting Lender at a time when it was
a Qualified Finance Party or a Qualified Affiliate, have been terminated. After the Secured Obligations Termination Date, all references
in the Standalone Provisions to the Administrative Agent shall be read and construed as a reference to each Voluntary Exiting Lender
and all references to Finance Documents shall be read and construed as a reference to Standalone Risk Management Agreements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.7</B></TD>
    <TD STYLE="width: 86%"><B>Judgment Currency</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">If, for the purpose of obtaining or enforcing judgment against the Borrower in any court in any
jurisdiction, it becomes necessary to convert into a particular currency (such currency being hereinafter in this Section 16.7
referred to as the &ldquo;<B>Judgment Currency</B>&rdquo;) an amount due in another currency (such other currency being hereinafter
in this Section 16.7 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>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(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 16.7(a)(ii) being hereinafter in this Section
16.7 referred to as the &ldquo;<B>Judgment Conversion Date</B>&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">If, in the case of any proceeding in the court of any jurisdiction referred to in Section 16.7(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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">Any amount due from the Borrower under the provisions of Section 16.7(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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">The term &ldquo;rate of exchange&rdquo; in this Section 16.7 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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.8</B></TD>
    <TD STYLE="width: 86%"><B>&nbsp;Confidentiality</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Each Finance Party
agrees to use commercially reasonable efforts to ensure that financial statements or other information relating to the Obligors
which may be delivered to it pursuant to this agreement and which are not publicly filed or otherwise made available to the public
generally will be treated confidentially by such Finance Party and that such financial statements or other information will not,
except with the written consent of the Borrower, be distributed or otherwise made available by any Finance Party to any Person
other than its affiliates or its directors, officers, employees, authorized agents, counsel, auditors or other representatives
(provided the other representatives have agreed or are under a duty to keep all information confidential) who that Finance Party
considers appropriate to have such information. Each Finance Party is authorized to deliver a copy of any financial statements
or any other information which may be delivered to it pursuant to this agreement, to (i) another Finance Party, (ii) any actual
or potential Transferee provided the Transferee agrees to keep all such information confidential, (iii) any Official Body having
jurisdiction over such Finance Party in order to comply with any applicable law, regulation or legal process in connection with
the exercise of any remedies hereunder or under any other Finance Document or any action or proceeding relating to this agreement
or any other Finance Document or the enforcement of rights hereunder or thereunder, (iv) any organization for league table purposes
provided that any information provided is limited to what has reasonably been requested by such organization, (v) any rating agency,
insurer or insurance broker of, or direct or indirect provider of credit protection to any Finance Party; and (vi) to any credit
insurance or reinsurance provider relating to any Obligor and its Secured Obligations or to any credit rating agency; provided,
however, that the foregoing confidentiality provisions shall not apply to information which is already known to the relevant Finance
Party at the time of disclosure or is lawfully obtained by such Finance Party after disclosure and that, as concerns clauses (v)
and (vi) herein, any such rating agency, insurer or insurance broker or credit insurance or reinsurance provider, so long as any
such entity agrees not to disclose any confidential, non-public information to any Person other than its non-brokerage affiliates,
employees, accountants or legal counsel, unless required by law.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.9&nbsp;</B></TD>
    <TD STYLE="width: 86%"><B>AML Laws</B></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">The Obligors are in compliance with all anti-money laundering laws, rules, regulations and orders
of jurisdictions applicable to the Obligors (collectively, &ldquo;<B>AML Laws</B>&rdquo;), including without limitation, the USA
PATRIOT Act (as hereinafter defined); (ii) to the knowledge of the Borrower, no investigation, action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator, involving any Obligor, with respect to AML Laws is
currently pending or threatened; and (iii) the Borrower agrees to provide the Lenders with all information reasonably required
by the Lenders to carry out their obligations under applicable AML Laws and the Lenders&rsquo; anti-money laundering policies and
procedures.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">The Obligors and their respective employees, directors, officers and any agent, in each case, acting
on any Obligor&rsquo;s behalf, have not corruptly paid, offered or promised to pay, or authorized payment of any monies or a thing
of value, directly or indirectly, to any Person, including without limitation any government official (including employees of government-owned
or -controlled entities or of a public international organization, or any Person acting in an official capacity for or on behalf
of any of the foregoing) or any political party or party official or candidate for political office, for the purpose of obtaining
or retaining business, or directing business to any Person, or obtaining any other improper advantage, in each case in violation
of the U.S. Foreign Corrupt Practices Act or any other applicable anti-corruption law (collectively, &ldquo;<B>Anti-Corruption
Laws</B>&rdquo;), and to the knowledge of the Borrower, no investigation, action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator, involving any Obligor, with respect to Anti-Corruption Laws, is currently
pending or threatened.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">The Borrower shall, and shall cause the other Obligors to, (i) maintain in effect and enforce policies
and procedures designed to ensure compliance by the Borrower, any Person that is an Affiliate of the Borrower, including the other
Obligors, and, to the extent commercially reasonable, its agents with Anti-Corruption Laws and applicable Sanctions and (ii) ensure
at all times the truth and accuracy of the representations and warranties, and adherence to, the provisions hereof.</TD></TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.10&nbsp;</B></TD>
    <TD STYLE="width: 86%"><B>USA Patriot Act</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Each Lender subject
to the Patriot Act (as hereinafter defined) hereby notifies the Borrower that pursuant to the requirements of the <I>USA Patriot
Act</I> (Title III of Pub. L. 107 56 (signed into law October 26, 2001)) (the &ldquo;<B>Patriot Act</B>&rdquo;), it is required
to obtain, verify and record information that identifies the borrower, guarantor or grantor (the &ldquo;<B>Loan Parties</B>&rdquo;),
which information includes the name and address of each Loan Party and other information that will allow such Lender to identify
such Loan Party in accordance with the Patriot Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.11&nbsp;</B></TD>
    <TD STYLE="width: 86%"><B>Confirmation of Security</B></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The Borrower confirms
and agrees that the Liens and other obligations expressed to be created under or pursuant to each Security Document to which it
is a party shall be binding upon it and its collateral (as described in each such Security Document) shall be unaffected by and
shall continue in full force and effect notwithstanding the amendment and restatement of the Existing Credit Agreement as constituted
hereby and the execution and delivery and effectiveness of this Agreement shall not in any manner whatsoever reduce, release, discharge,
impair or otherwise prejudice or change the rights of the Finance Parties arising under, by reason of or otherwise in respect of
such Liens and other obligations constituted by each such Security Document. For the avoidance of doubt, the Borrower hereby confirms
that each Security Document to which it is a party secures its Secured Obligations and that each such Security Document continues
in full force and effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.12</B></TD>
    <TD STYLE="width: 86%"><B>Further Assurances</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">The Borrower shall,
and shall cause the Guarantors to, from time to time and at all times hereafter, upon every reasonable request of the Administrative
Agent, make, do, execute, and deliver or cause to be made, done, executed and delivered all such further acts, deeds, assurances
and things as may be necessary in the opinion of the Administrative Agent for more effectually implementing and carrying out the
true intent and meaning of the Finance Documents or any agreement delivered pursuant hereto or thereto and such additional security,
legal opinions, consents, approvals, acknowledgements, undertakings, non-disturbance agreements, directions and negotiable documents
of title in connection with the Secured Assets, in form and substance satisfactory to the Administrative Agent, as the Administrative
Agent may from time to time request, to ensure (i) that all Secured Assets are subject to a Lien in favour of the Administrative
Agent and (ii) the intended first ranking priority of such Liens, subject to Permitted Liens.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0cm"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%"><B>16.13</B></TD>
    <TD STYLE="width: 86%"><B>Entire Agreement</B></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">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 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><I>[The remainder of this page is
intentionally blank.]</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><I>&nbsp;</I></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt"><B>IN WITNESS WHEREOF</B>
the parties hereto have executed and delivered this agreement on the date first written above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">New Gold Inc.</FONT><BR>
<FONT STYLE="font-size: 11pt">Brookfield Place</FONT><BR>
<FONT STYLE="font-size: 11pt">181 Bay Street, Suite 3510</FONT><BR>
<FONT STYLE="font-size: 11pt">Toronto, Ontario&nbsp;&nbsp;&nbsp;M5J 2T3</FONT></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NEW GOLD INC.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Paula Myson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 13%"><FONT STYLE="font-size: 11pt">Attention:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 38%; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;Martin Wallace</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 4%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 11pt">Name:&#9;Paula Myson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&#9;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Vice President, Treasury and<BR>
Technology</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Title:&#9;Executive Vice President and Chief &nbsp;&nbsp;&nbsp;Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Telefax:&#9;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NEW GOLD INC.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Martin Wallace</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&#9;Martin Wallace</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&#9;Vice President, Treasury and Technology </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Bank of Nova Scotia</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Corporate Banking - Loan Syndications</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>THE BANK OF NOVA SCOTIA, as Administrative Agent</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Clement Yu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Clement Yu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%"><FONT STYLE="font-size: 11pt">Attention: </FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-size: 11pt">Director &amp; Head of Agency Services</FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Telefax:</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Ryan Moonilal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Ryan Moonilal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Analyst</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Bank of Nova Scotia</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Corporate Banking - Global Mining</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>THE BANK OF NOVA SCOTIA, as Lender</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Stephen MacNeil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Stephen MacNeil </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Associate Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Telefax:</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Ian Stephenson</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Ian Stephenson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Managing Director</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Royal Bank of Canada</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ROYAL BANK OF CANADA, as Lender</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 51%"><FONT STYLE="font-size: 11pt">Attention:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Stam Fountoulakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Telefax:&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&#9;Stam Fountoulakis</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&#9;Authorized Signatory</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><B>Amended and Restated Credit Agreement</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">JPMorgan Chase Bank, N.A.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">JPM-Bangalore Loan Operations<BR>
        <BR>
        <BR>
        <BR>
        </P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>JPMorgan Chase Bank,
        N.A.</B></FONT><B>, as Lender</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 51%"><FONT STYLE="font-size: 11pt">Attention:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prasanna Govinda </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Katherine L. Hurley</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Telefax:&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Katherine L. Hurley</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Email:&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Vice President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>

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

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Toronto-Dominion Bank<BR>
        <BR>
        <BR>
        <BR>
        </P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>The Toronto-Dominion
        Bank</B></FONT><B>, as Lender</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 51%"><FONT STYLE="font-size: 11pt">Attention:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liza Straker, Vice President </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Liza Straker</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Telefax:&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Liza Straker</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Matt Hendel</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: 11pt">Name:&nbsp;&nbsp;Matt Hendel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Managing Director</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Canadian Imperial Bank of Commerce</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Global Mining<BR>
        Corporate Banking<BR>
        <BR>
        <BR>
        <BR>
        </P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Canadian Imperial Bank
        of Commerce</B></FONT><B>, as Lender</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 12%"><FONT STYLE="font-size: 11pt">Attention: </FONT></TD>
    <TD STYLE="vertical-align: top; width: 37%"><FONT STYLE="font-size: 11pt">Peter Rawlins, Executive</FONT><BR>
<FONT STYLE="font-size: 11pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Peter Rawlins</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Telefax:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Peter Rawlins</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Managing Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Warren Flannery</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Warren Flannery</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Executive Director</FONT></TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Bank of Montreal<BR>
        <BR>
        <BR>
        <BR>
        </P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Bank of Montreal</B></FONT><B>,
        as Lender</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%"><FONT STYLE="font-size: 11pt">Attention:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Robert H. Wright</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Telefax:&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Robert H. Wright</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Export Development Canada<BR>
        <BR>
        </P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Export Development Canada</B></FONT><B>,
        as Lender</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 51%"><FONT STYLE="font-size: 11pt">Attention:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans Services</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Bassam Hammoud</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Telefax:&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Bassam Hammoud</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Email:&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Senior Financing Manager</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Adam Smith</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: 11pt">Name:&nbsp;&nbsp;Adam Smith</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Financing Manager</FONT></TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Bank of America, N.A., Canada Branch </FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt; text-transform: uppercase"><B>BANK OF AMERICA, N.A., CANADA<BR>
BRANCH</B></FONT><B><FONT STYLE="font-size: 11pt">, as Lender</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 12%"><FONT STYLE="font-size: 11pt">Attention: </FONT></TD>
    <TD STYLE="vertical-align: top; width: 37%"><FONT STYLE="font-size: 11pt">Marc Ahlers, Vice President</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;/s/ Marc Ahlers</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Telefax:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Marc Ahlers</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:&nbsp;&nbsp;Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 138 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><B>Amended and Restated Credit Agreement</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
A<BR>
LENDERS AND INDIVIDUAL COMMITMENTS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD STYLE="width: 51%; border: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Lenders</B></FONT></TD>
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Individual Commitment</B></FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Bank of Nova Scotia</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$80,000,000</FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Royal Bank of Canada</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$80,000,000</FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">JPMorgan Chase Bank, N.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$46,667,000</FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Toronto-Dominion Bank</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$46,667,000</FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Canadian Imperial Bank of Commerce</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$46,667,000</FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Bank of Montreal</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$33,333,000</FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Export Development Canada</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$33,333,000</FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Bank of America, N.A., Canada Branch</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$33,333,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><B>Amended and Restated Credit Agreement</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
B<BR>
COMPLIANCE CERTIFICATE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>TO:&#9;THE BANK OF NOVA SCOTIA</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">I, ____________________,
the [senior financial officer] of New Gold Inc. (the &ldquo;<B>Borrower</B>&rdquo;), hereby certify for and on behalf of New Gold
Inc. (and without personal liability) that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">1.</TD><TD STYLE="text-align: justify">I am the duly appointed &lt;<FONT STYLE="background-color: aqua">@</FONT>&gt; of New Gold Inc.,
the Borrower named in the amended and restated credit agreement dated as of October 30, 2018 as amended from time to time, (the
&ldquo;<B>Credit Agreement</B>&rdquo;) between New Gold Inc., as Borrower, the Lenders named therein and The Bank of Nova Scotia,
as administrative agent of the Lenders and as such I am providing this Certificate for and on behalf of New Gold Inc. pursuant
to the Credit Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">2.</TD><TD STYLE="text-align: justify">I am familiar with and have examined the provisions of the Credit Agreement including, without
limitation, those of Article&nbsp;10, Article&nbsp;11 and Article&nbsp;13 therein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">3.</TD><TD STYLE="text-align: justify">To the best of my knowledge, information and belief and after due inquiry, no Default has occurred
and is continuing.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">As at or for the
relevant period ending _______________________, the amounts and financial ratios as contained in Sections 11.1(o), (p) and (q)
of the Credit Agreement are as follows and detailed calculations thereof are attached hereto:<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>[1]</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 12pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 11pt">Actual Amount or Ratio</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 11pt">Required Amount or Ratio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 35.1pt; text-indent: -35.1pt"><FONT STYLE="font-size: 11pt">(a) </FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 35.1pt; text-indent: -35.1pt"><FONT STYLE="font-size: 11pt">Interest Coverage Ratio</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">_______</FONT></TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&gt;3</U>.00:1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.1pt; text-indent: -35.1pt"><FONT STYLE="font-size: 11pt">(b) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.1pt; text-indent: -35.1pt"><FONT STYLE="font-size: 11pt">Net Leverage Ratio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&lt;</U> 4.50:1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.1pt; text-indent: -35.1pt"><FONT STYLE="font-size: 11pt">(c) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 35.1pt; text-indent: -35.1pt"><FONT STYLE="font-size: 11pt">Secured Leverage Ratio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&lt;</U> 2.00:1</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">4.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>Attached hereto is
a revised updated Schedule G of the Credit Agreement.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><SUP>1</SUP></FONT>In
addition to the attached Calculation Worksheet, Borrower shall provide detailed calculations demonstrating its calculation of Interest
Expenses, EBITDA and Net Debt for the purposes hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>2</SUP></FONT>Only
required to extent necessary pursuant to Section 10.1(n) of the Credit Agreement.</P>


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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">5.</TD><TD STYLE="text-align: justify">Unless the context otherwise requires, capitalized terms in the Credit Agreement which appear herein
without definitions shall have the meanings ascribed thereto in the Credit Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">6.</TD><TD STYLE="text-align: justify">As at the last day of the Fiscal Quarter ending &lt;<FONT STYLE="background-color: aqua">@</FONT>&gt;,
&lt;<FONT STYLE="background-color: aqua">@</FONT>&gt;, the Permitted Jurisdictions are &lt;<FONT STYLE="background-color: aqua">@</FONT>&gt;,
&lt;<FONT STYLE="background-color: aqua">@</FONT>&gt; and &lt;<FONT STYLE="background-color: aqua">@</FONT>&gt;.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">DATED this _______
day of _____________, 20____.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(Signature)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(Name - please print)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(Title of Senior Financial Officer)</FONT></TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Calculation
Worksheet<BR>
<BR>
</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B><U>Interest Coverage Ratio</U></B></FONT></TD>
    <TD STYLE="width: 57%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B><U>Description</U></B></FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B><U>Amount</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Rolling Interest Expenses</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">$____________________(B)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Rolling EBITDA</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">$____________________(C)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Interest Coverage Ratio (Actual)</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">$____________________(D = C:B)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Minimum Requirement: 3.00:1</FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Net Leverage Ratio</B></FONT></TD>
    <TD STYLE="width: 36%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Consolidated Indebtedness</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">$____________ (A)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Indebtedness of Excluded Subsidiaries </FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">$____________ (B)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Adjusted Cash</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">$____________ (C)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Net Debt A - B - C</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">$____________ (D)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Rolling EBITDA</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">$____________ (E)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Net Leverage Ratio (Actual)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">____________ (D:E)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Minimum Requirement: 4.50:1</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0"></P></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><I>Compliance</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Yes]/[No]</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 142 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><B>Amended and Restated Credit Agreement</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
C<BR>
FORM OF ASSIGNMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Dated __________, 20___</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Reference is made
to the amended and restated credit agreement dated as of October 30, 2018 (as amended, modified or supplemented to the date hereof,
the &ldquo;<B>Credit Agreement</B>&rdquo;), between New Gold Inc., as Borrower, the Lenders named therein and The Bank of Nova
Scotia, as administrative agent of the Lenders (in that capacity, the &ldquo;<B>Administrative Agent</B>&rdquo;). Terms defined
in the Credit Agreement are used herein as therein defined.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 36pt">_________________
(the &ldquo;<B>Assignor</B>&rdquo;) and _________________ (the &ldquo;<B>Assignee</B>&rdquo;) agree as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes
from the Assignor, a ______% interest in and to all of the Assignor&rsquo;s rights and obligations under the Credit Agreement as
of the Effective Date (as defined below) (including, without limitation, such percentage interest in the Assignor&rsquo;s Individual
Commitment as in effect on the Effective Date, the credit extended by the Assignor thereunder and outstanding on the Effective
Date and the corresponding rights and obligations of the Assignor under all of the Finance Documents).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">The Assignor (i)&nbsp;represents and warrants that as of the date hereof its Individual Commitment
is $_______________ (without giving effect to assignments thereof which have not yet become effective, including, but not limited
to, the assignment contemplated hereby), and the aggregate outstanding amount of credit extended by it under the Credit Facility
is $___________ (without giving effect to assignments thereof which have not yet become effective, including, but not limited to,
the assignment contemplated hereby); (ii)&nbsp;represents and warrants that it is the legal and beneficial owner of the interest
being assigned by it hereunder and that such interest is free and clear of any adverse claim; (iii)&nbsp;makes no representation
or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection
with the Finance Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Finance
Documents or any other instrument or document furnished pursuant thereto; (iv)&nbsp;makes no representation or warranty and assumes
no responsibility with respect to the financial condition of any of the Obligors or the performance or observance by the Obligors
of any of their obligations under the Finance Documents or any other instrument or document furnished pursuant thereto; and (v)&nbsp;gives
notice to the Administrative Agent and the Borrower of the assignment to the Assignee hereunder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">The effective date of this Assignment (the &ldquo;<B>Effective Date</B>&rdquo;) shall be the later
of ___________ and the date on which a copy of a fully executed copy of this Assignment has been delivered to the Borrower and
the Administrative Agent in accordance with Section&nbsp;16.5(c) of the Credit Agreement.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 143; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">The Assignee hereby agrees to the specific Individual Commitment of $___________ and to the address
and telefacsimile number set out after its name on the signature page hereof for the purpose of notices as provided in Section&nbsp;16.1
of the Credit Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">As of the Effective Date (i)&nbsp;the Assignee shall, in addition to any rights and obligations
under the Finance Documents held by it immediately prior to the Assignment Date, have the rights and obligations under the Finance
Documents that have been assigned to it pursuant to this Assignment and (ii)&nbsp;the Assignor shall, to the extent provided in
this Assignment, relinquish its rights and be released from its obligations under the Finance Documents.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify">The Assignor and Assignee shall
make all appropriate adjustments in payments under the Finance Documents for periods prior to the Effective Date directly between
themselves.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">This Assignment shall
be governed by, and construed in accordance with, the laws of the Province of Ontario and the laws of Canada applicable therein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>[ASSIGNOR]</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>[ASSIGNEE]</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Address</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 14%"><FONT STYLE="font-size: 11pt">Attention:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Telefax:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Acknowledged and agreed to as of this
_________ day of _______________, 20____.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>THE BANK OF NOVA SCOTIA, as Administrative Agent</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 92%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Acknowledged and agreed to as of this
_________ day of______________ , 20____<U></U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>THE BANK OF NOVA SCOTIA, as Issuing Lender</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 92%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ROYAL BANK OF CANADA, as Issuing Lender</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 92%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 145 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><B>Amended and Restated Credit Agreement</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
D<BR>
FORM OF DRAWDOWN NOTICE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>TO:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Bank of Nova Scotia, as Administrative Agent</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">WBO - Loan Administration and Agency Services</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Att: Senior Manager</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Facsimile:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">With a copy to Corporate Banking - Loan Syndications</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 396pt; text-align: justify; text-indent: -396pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Att: Director &amp; Head of Agency Services</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Facsimile:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>RE:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Amended and Restated Credit Agreement dated as of October 30, 2018 as amended, modified, supplemented or replaced from time to time (the &ldquo;<B>Credit Agreement</B>&rdquo;) between New Gold Inc., as Borrower, the Lenders named therein and The Bank of Nova Scotia, as administrative agent of the Lenders </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Pursuant to the terms
of the Credit Agreement, the undersigned hereby irrevocably notifies you that it wishes to draw down under the Credit Facility
on <B>[date of drawdown]</B> as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Availment Option:
_____________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Amount: ___________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">If LIBOR Loan, Interest
Period: __________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">If Bankers&rsquo;
Acceptance, term: ___________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">If Letter<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">Term: ___________________________</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">Beneficiary: ___________________________</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">Currency: ___________________________</TD></TR></TABLE>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><SUP>3</SUP></FONT>This
drawdown notice shall be accompanied by a duly executed Reimbursement Instrument in the form of Schedule M if a Letter is to be
issued on behalf of a subsidiary of the Borrower.</P>





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

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


<!-- Field: Page; Sequence: 146; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 72pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">Other terms and conditions: ___________________________</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">[Financial Letter][Non-Financial Letter]</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">No Default has occurred
and is continuing or would arise immediately after giving effect to or as a result of the extension of credit requested hereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt"><B>[You are hereby
irrevocably authorized and directed to pay the proceeds of the drawdown to _______________ and this shall be your good and sufficient
authority for so doing.]</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">All capitalized terms
defined in the Credit Agreement and used herein shall have the meanings ascribed thereto in the Credit Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">DATED the ______
day of _______________, 20___.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NEW GOLD INC.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 147 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><B>Amended and Restated Credit Agreement</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
E<BR>
FORM OF ROLLOVER NOTICE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>TO:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Bank of Nova Scotia, as Agent</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">WBO - Loan Administration and Agency Services</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Att: Senior Manager</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Facsimile:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">With a copy to Corporate Banking - Loan Syndications</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 396pt; text-align: justify; text-indent: -396pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Att: Director &amp; Head of Agency Services</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Facsimile:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>RE:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Amended and Restated Credit Agreement dated as of October 30, 2018 as amended, modified, supplemented or replaced from time to time (the &ldquo;<B>Credit Agreement</B>&rdquo;) between New Gold Inc., as Borrower, the Lenders named therein and The Bank of Nova Scotia, as administrative agent of the Lenders </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Pursuant to the terms
of the Credit Agreement, the undersigned hereby irrevocably requests a rollover of outstanding credit under the Credit Facility
on <B>[date of rollover]</B> as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Bankers&rsquo; Acceptances</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">Maturity Date of Maturing Bankers&rsquo; Acceptances</FONT></TD>
    <TD STYLE="width: 49%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">Aggregate Face Amount of Maturing Bankers&rsquo; Acceptances</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">CDN$_____________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">Portion Thereof to be Replaced</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">CDN$_____________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">Term of New Bankers&rsquo; Acceptances</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">______________________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>LIBOR Loans</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">Type of Maturing LIBOR Loan</FONT></TD>
    <TD STYLE="width: 49%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">_____________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">Maturity Date of Maturing LIBOR Loan</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">Principal Amount of Maturing LIBOR Loan</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">$_____________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">Portion Thereof to be Replaced</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">_____________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">Interest Period of New LIBOR Loan</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 11pt">_______ months</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>


<!-- Field: Page; Sequence: 148; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">No Default has occurred
and is continuing or would arise immediately after giving effect to or as a result of the extension of credit requested hereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">All capitalized terms
defined in the Credit Agreement and used herein shall have the meaning ascribed thereto in the Credit Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">DATED the _________
day of ________________, 20____.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NEW GOLD INC.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 149 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><B>Amended and Restated Credit Agreement</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
F<BR>
FORM OF CONVERSION NOTICE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>TO:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Bank of Nova Scotia, as Agent</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">WBO - Loan Administration and Agency Services</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Att: Senior Manager</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Facsimile:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">With a copy to Corporate Banking - Loan Syndications</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 396pt; text-align: justify; text-indent: -396pt">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Att: Director &amp; Head of Agency Services</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Facsimile:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>RE:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Amended and Restated Credit Agreement dated as of October 30, 2018 as amended, modified, supplemented or replaced from time to time (the &ldquo;<B>Credit Agreement</B>&rdquo;) between New Gold Inc., as Borrower, the Lenders named therein and The Bank of Nova Scotia, as administrative agent of the Lenders </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Pursuant to the terms
of the Credit Agreement, the undersigned hereby irrevocably requests a conversion of outstanding credit under the Credit Facility
on <B>[date of conversion]</B> as follows:</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">[Choose as appropriate]</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Converting From </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Bankers&rsquo; Acceptances</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Converting Into </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Bankers&rsquo; Acceptance</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Maturity of Bankers&rsquo; Acceptances</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">to be converted ______________________</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Aggregate Face Amount<BR>
CDN$______________</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">of New Bankers&rsquo; Acceptances</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Aggregate</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Face Amount of said Bankers&rsquo;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Acceptances</P></TD>
    <TD STYLE="width: 25%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CDN$_____________</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">Term of New Bankers&rsquo; Acceptances </FONT></TD>
    <TD STYLE="width: 25%; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">__________&nbsp;days</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">Portion Thereof to be converted</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CDN$_____________</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt"><B>Prime Rate Loans</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt"><B>Prime Rate Loans</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">Principal Amount of Prime Rate Loan to be converted</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CDN$_____________</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">Principal Amount of New Prime Rate Loan</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CDN$_____________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">Portion Thereof to be converted</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">CDN$_____________</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: bold 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">Amended and Restated Credit Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; vertical-align: middle; text-align: center">&nbsp;- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt"><B>Converting From </B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt"><B>Converting Into </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>LIBOR Loans</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Type of Maturing LIBOR Loan __________</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Maturity Date of&#9;______</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Maturing LIBOR Loan</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Principal Amount of&#9;_____________</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Maturing LIBOR Loan</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Portion Thereof to&#9;_____________</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">be converted</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>LIBOR Loans</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Type of New LIBOR Loan ______________</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Principal&#9;_____________</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Amount of</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New LIBOR Loan $_____________</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Interest&#9;_____ months</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Period of</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New LIBOR Loan</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Base Rate Canada Loans</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Base Rate Canada Loan</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">Principal Amount of Base Rate Canada Loan to be converted</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">$_____________</P></TD>
    <TD STYLE="width: 25%; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">Principal Amount of New Base Rate Canada Loan</FONT></TD>
    <TD STYLE="width: 25%; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">$_____________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">Portion Thereof to be converted</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11pt">$_____________</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">No Default has occurred
and is continuing or would arise immediately after giving effect to or as a result of the extension of credit requested hereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">All capitalized terms
defined in the Credit Agreement and used herein shall have the meaning ascribed thereto in the Credit Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">DATED the ________
day of _____________, 20____.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NEW GOLD INC.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
G<BR>
CORPORATE CHART</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">[REDACTED]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 152 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><B>Amended and Restated Credit Agreement</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
H<BR>
LIENS OF MATERIAL PROPERTIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 36pt; text-align: center; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">[REDACTED]</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><B>Amended and Restated Credit Agreement</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
I<BR>
APPLICABLE RATES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Level</FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Net Leverage Ratio</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Financial Letter fee rate, Acceptance fee rate and LIBOR Loan interest rate margin per annum</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Prime Rate Canada and Base Rate Loan interest rate margin per annum</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Non-Financial Letter fee rate per annum</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Standby Fee rate per annum</FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">I</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&lt; 1.0:1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">2.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">1.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">1.35%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">0.5063% </FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">II</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&ge; 1.0:1 to &lt; 2.0:1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">2.50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">1.50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">1.50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">0.5625% </FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">III</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;&ge; 2.0:1 to &lt; 2.5:1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">2.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">1.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">1.65%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">0. 6188% </FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">IV</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&ge; 2.5:1 to &lt; 3.5:1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">3.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">2.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">1.95%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">0. 7313% </FONT></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-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">V</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">&ge; 3.5:1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">3.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">2.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">2.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">0.8438%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
J<BR>
[INTENTIONALLY DELETED]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
K<BR>
SECURITY DOCUMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>SECTION I</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">Downstream Guarantee between the Borrower and the Administrative Agent (Ontario law) set forth
in Article&nbsp;15 of the Credit Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">Guarantee made as of August 14, 2014 between Cerro San Pedro Opco and the Administrative Agent
(Ontario and Mexican law);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">Omnibus Guarantee made as of August 14, 2014 between New Gold CSP Ltd. and the Administrative Agent
(Ontario law);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">Debenture dated as of August 14, 2014 between the Borrower and the Administrative Agent in respect
of the New Afton Property, the New Afton Property Assets and the New Afton Account (BC law); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify">Postponement and Subordination Undertaking dated as of August 14, 2014 between each of Metallica
Management Inc., Servicios del Plata y Oro, S.A. de C.V., Datawave Sciences Inc., Calumet Mining Company and MMM Exploraciones
SA de C.V. in favour of the Administrative Agent (Ontario law).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>SECTION II</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">Debenture dated as of October 26, 2018 between the Borrower and the Administrative Agent in respect
of the Rainy River Property and the Rainy River Property Assets and the Rainy River Account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">Letter of Credit Cash Collateral Agreement dated as of October 30, 2018 between the Administrative
Agent and the Borrower in respect of cash collateral for the Letters referenced in Schedule N which were issued on behalf of Western
Mesquite Mines, Inc.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 36pt; text-align: justify; text-indent: 0cm">&nbsp;</P>


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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
L<BR>
QUALIFIED AFFILIATE INSTRUMENT OF ADHESION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>TO:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>THE BANK OF NOVA SCOTIA</B>, as Administrative Agent</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>AND TO:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>THE OTHER PARTIES TO THE CREDIT AGREEMENT REFERRED TO BELOW</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">Reference is made
to the amended and restated credit agreement dated as of October 30, 2018 (as amended, modified or supplemented to the date hereof,
the &ldquo;<B>Credit Agreement</B>&rdquo;), between New Gold Inc., as Borrower, the Lenders named therein and The Bank of Nova
Scotia, as administrative agent of the Lenders (in that capacity, the &ldquo;<B>Administrative Agent</B>&rdquo;). Terms defined
in the Credit Agreement are used herein as therein defined.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt"><B>WHEREAS</B> the
Credit Agreement provides that an Affiliate of a Lender may become a Qualified Affiliate under the Credit Agreement if it executes
this instrument and delivers it to the Administrative Agent;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt"><B>NOW THEREFORE</B>,
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the undersigned, the undersigned
hereby represents, warrants and covenants as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">By executing this instrument, the undersigned hereby covenants and agrees to be bound by the terms
and conditions of the Credit Agreement as a Qualified Affiliate, including all amendments, supplements and additions thereto, deletions
therefrom and restatements thereof, solely as relates to the terms and conditions set forth in Article&nbsp;14 of the Credit Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">The undersigned hereby acknowledges that it has been provided with a copy of the Credit Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">DATED this ______
day of ____________, ______.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>[INSERT NAME OF QUALIFIED
        AFFILIATE]</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="width: 3%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">&nbsp;</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
M<BR>
REIMBURSEMENT INSTRUMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>TO:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Bank of Nova Scotia, as Administrative Agent</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">WBO - Loan Administration and Agency Services</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Att: Senior Manager</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Facsimile:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>WITH A COPY TO:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Corporate Banking - Loan Syndications</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Att: Director &amp; Head of Agency Services</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Facsimile:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>RE:</B></FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Amended and Restated Credit Agreement dated as of October 30, 2018 as amended, modified, supplemented or replaced from time to time (the &ldquo;<B>Credit Agreement</B>&rdquo;) between New Gold Inc., as Borrower, the Lenders named therein and The Bank of Nova Scotia, as administrative agent of the Lenders </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">For good and valuable
consideration, the undersigned hereby agrees to immediately reimburse each Issuing Lender (as defined in the Credit Agreement)
the amount of each and any demand or other request for payment presented to and paid by the relevant Issuing Lender in accordance
with each Letter (as defined in the Credit Agreement) issued by such Issuing Lender on behalf of the undersigned (even if, under
laws applicable to the rights of the beneficiary of such Letter, a demand or other request for payment is validly presented after
expiry of such Letter).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 72pt">DATED as of the _______
day of ________________, ______.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>[NAME OF SUBSIDIARY]</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center"></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-transform: uppercase; text-align: center">SCHEDULE
N<BR>
EXISTING LETTERS OF CREDIT</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
