AMENDMENT NO. 8 TO THIRD AMENDED AND RESTATED PRECIOUS METALS AGREEMENT
Exhibit 99.2
AMENDMENT NO. 8
TO
THIRD AMENDED AND RESTATED PRECIOUS METALS AGREEMENT
THIS AMENDMENT NO. 8 TO THIRD AMENDED AND RESTATED PRECIOUS METALS AGREEMENT (this “Amendment”) is made as of February 28, 2017, by and among THE BANK OF NOVA SCOTIA, a Canadian chartered bank (the “Metal Lender”); MATERION CORPORATION (f/k/a Brush Engineered Materials Inc.), an Ohio corporation (“BEM”); MATERION ADVANCED MATERIALS TECHNOLOGIES AND SERVICES INC. (f/k/a Xxxxxxxx Advanced Materials Inc.), a New York corporation (“WAM”); MATERION TECHNICAL MATERIALS INC. (f/k/a Technical Materials, Inc.), an Ohio corporation (“TMI”); MATERION BRUSH INC. (f/k/a Brush Xxxxxxx Inc.), an Ohio corporation (“BWI”); MATERION TECHNOLOGIES INC. (f/k/a Zentrix Technologies Inc.), an Arizona corporation (“ZTI”); MATERION XXXXXXXX LLC (f/k/a Xxxxxxxx Acquisition, LLC), a New York limited liability company d/b/a Pure Tech (“Pure Tech”); MATERION PRECISION OPTICS AND THIN FILM COATINGS CORPORATION (f/k/a Thin Film Technology, Inc.), a California corporation (“TFT”); MATERION LARGE AREA COATINGS LLC (f/k/a Techni-Met, LLC), a Delaware limited liability company (“TML”); MATERION ADVANCED MATERIALS TECHNOLOGIES AND SERVICES CORP. (f/k/a Academy Corporation), a New Mexico corporation (“AC”); and such other Subsidiaries of BEM who may from time to time become parties by means of their execution and delivery with the Metal Lender of a Joinder Agreement under the Precious Metals Agreement (as defined below). BEM, WAM, TMI, BWI, ZTI, Pure Tech, TFT, TML, AC and such Subsidiaries are herein sometimes referred to collectively as the “Customers” and each individually as a “Customer”.
WITNESSETH:
WHEREAS, the Metal Lender and the Customers are parties to a certain Third Amended and Restated Precious Metals Agreement, effective as of October 1, 2010, as amended by that certain Amendment No. 1, dated as of March 31, 2011, that certain Amendment No. 2, dated as of August 18, 2011, that certain Amendment No. 3, dated as of October 17, 2011; that certain Amendment No. 4, dated as of September 13, 2013; that certain Amendment No. 5, dated as of January 13, 2015; that certain Amendment No. 6, dated as of April 10, 2015; and that certain Amendment No. 7, dated as of September 30, 2016 (as amended, the “Precious Metals Agreement”); and
WHEREAS, the parties hereto desire to amend certain provisions of the Precious Metals Agreement as hereinafter provided;
NOW, THEREFORE, for value received and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby amend the Precious Metals Agreement and agree, effective as of the date first written above, as follows:
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1.Amendment. The definition of “Consignment Limit” appearing in Section 1 of the Precious Metals Agreement is hereby amended and restated in its entirety to read as follows:
“Consignment Limit” means (a) the lesser of: (i) One Hundred Twenty-Five Million Dollars ($125,000,000); and (ii) the value (as determined in accordance with Section 2.2 hereof) of the Customers’ Inventory of Precious Metal (including any Precious Metal obtained or, at the time of determination, proposed to be obtained, by a Customer pursuant to this Agreement) at Approved Locations or in transit between any Approved Locations which is (A) not outstanding on consignment, loan or lease to the Customers from Approved Consignors under Permitted Precious Metals Agreements, and (B) is free and clear of all Liens other than Permitted Metal Liens, minus (b) the Gold Loan Facility Indebtedness.
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2. Representations and Warranties. To induce the Metal Lender to enter into this Amendment, each Customer hereby represents and warrants to the Metal Lender that: (a) such Customer has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to fulfill its obligations hereunder and to consummate the transactions contemplated hereby; (b) the making and performance by such Customer of this Amendment do not and will not violate any law or regulation of the jurisdiction of its organization or any other law or regulation applicable to it; (c) this Amendment has been duly executed and delivered by such Customer and constitutes the legal, valid and binding obligation of such Customer, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and except as the same may be subject to general principles of equity; and (d) on and as of the date hereof, after giving effect to this Amendment, no Default or Event of Default exists under the Precious Metals Agreement.
3. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and performed in such State.
4. Integration. The Precious Metals Agreement, as amended hereby, together with the other Precious Metal Documents, is intended by the parties as the final, complete and exclusive statement of the transactions evidenced by the Precious Metals Agreement. All prior or contemporaneous promises, agreements and understandings, whether oral or written, are deemed to be superseded by the Precious Metals Agreement, as amended hereby, and no party is relying on any promise, agreement or understanding not set forth in the Precious Metals Agreement, as amended hereby. The Precious Metals Agreement, as amended hereby, may not be amended or modified except by a written instrument describing such amendment or modification executed by the Customers and the Metal Lender. The parties hereto agree that this Amendment shall in no manner affect or impair the liens and security interests evidenced or granted by the Precious Metals Agreement or in connection therewith.
5. Ratification. Except as amended hereby, the Precious Metals Agreement shall remain in full force and effect and is in all respects hereby ratified and affirmed.
6. Signatures. This Amendment may be executed by the parties hereto in several counterparts hereof and by the different parties hereto on separate counterparts hereof, each of which shall be an original and all of which shall together constitute one and the same agreement. Delivery of an executed signature page of this Amendment by electronic transmission shall be effective as an in hand delivery of an original executed counterpart hereof.
[signature page follows]
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IN WITNESS WHEREOF, the undersigned parties have caused this Amendment to be executed by their duly authorized officers as of the date first written above.
CUSTOMERS: | |
MATERION CORPORATION By: /s/ Xxxxxxxxxxx X. Xxxxxxxxx Xxxxxxxxxxx X. Xxxxxxxxx Vice President, Tax and Treasury | MATERION ADVANCED MATERIALS TECHNOLOGIES AND SERVICES INC. By:/s/ Xxxxxxxxxxx X. Xxxxxxxxx Xxxxxxxxxxx X. Xxxxxxxxx Vice President, Tax and Treasury |
MATERION TECHNICAL MATERIALS INC. By: /s/ Xxxxxxxxxxx X. Xxxxxxxxx Xxxxxxxxxxx X. Xxxxxxxxx Vice President, Tax and Treasury | MATERION BRUSH INC. By:/s/ Xxxxxxxxxxx X. Xxxxxxxxx Xxxxxxxxxxx X. Xxxxxxxxx Vice President, Tax and Treasury |
MATERION TECHNOLOGIES INC. By: /s/ Xxxxxxxxxxx X. Xxxxxxxxx Xxxxxxxxxxx X. Xxxxxxxxx Vice President, Tax and Treasury | MATERION XXXXXXXX LLC By: /s/ Xxxxxxxxxxx X. Xxxxxxxxx Xxxxxxxxxxx X. Xxxxxxxxx Vice President, Tax and Treasury |
MATERION PRECISION OPTICS AND THIN FILM COATINGS CORPORATION By:/s/ Xxxx X. Xxxxxxxxx Xxxx X. Xxxxxxxxx Secretary | MATERION LARGE AREA COATINGS LLC By: /s/ Xxxx X. Xxxxxxxxx Xxxx X. Xxxxxxxxx Asst. Secretary and Asst. Treasurer |
MATERION ADVANCED MATERIALS TECHNOLOGIES AND SERVICES CORP. By: /s/ Xxxx X. Xxxxxxxxx Xxxx X. Xxxxxxxxx Asst. Secretary and Asst. Treasurer | |
METAL LENDER: | |
THE BANK OF NOVA SCOTIA By: /s/ Xxxxxxx X. Dinneny Name: Xxxxxxxx X. Dinneny Title: Managing Director | By: /s/ Xxxx Herrnstein Name: Xxxx Herrnstein Title: Director |
[Signature Page – Amendment No. 8]
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