SUBORDINATION AGREEMENTSubordination Agreement • July 2nd, 2014 • Golden Queen Mining Co LTD • Metal mining • New York
THIS SUBORDINATION AGREEMENT (this “Agreement”), dated as of July 2, 2014, is delivered by and among GOLDEN QUEEN MINING COMPANY, INC., a California corporation (the “Borrower”), GOLDEN QUEEN MINING CO. LTD., a British Columbia company (“Guarantor”), each entity listed on the signature page hereof (each individually a “Subordinated Creditor”, and collectively, the “Subordinated Creditors”), in favor of Leucadia National Corporation, a New York corporation and Auvergne, LLC, a Delaware limited liability company (each individually a “Senior Creditor”, and collectively, the “Senior Creditors”), in light of the following:
