SEVENTH AMENDING AGREEMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
Exhibit 99.1
FOURTH
AMENDED AND RESTATED CREDIT AGREEMENT
THIS AGREEMENT dated as of the
14th day
of January, 2021.
BETWEEN:
THE BANK OF NOVA SCOTIA, a Canadian
chartered bank
(herein, in its
capacity as administrative agent for the Lenders, called the
“Administrative
Agent”)
- and
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XXXXXXX MINES INC., a corporation
amalgamated under the laws of the Province of Ontario
(herein in its
capacity as the borrower, “DMI”)
- and
-
XXXXXXX MINES CORP., a corporation
amalgamated under the laws of the Province of Ontario
(herein in its
capacity as the guarantor, “DMC” and, together with DMI, the
“Obligors”)
- and
-
THE SEVERAL LENDERS FROM TIME TO TIME PARTY
THERETO (herein and therein in their capacities as lenders
to the Borrower, collectively called the “Lenders” and individually called a
“Lender”)
WHEREAS the Obligors, the Lenders and
the Administrative Agent entered into a fourth amended and restated
credit agreement dated as of January 30, 2015, (as amended by
amending agreements dated January 27, 2016, January 31, 2017,
January 15, 2018, April 9, 2018, January 29, 2019 and January 29,
2020, the “Credit
Agreement”);
AND WHEREAS the parties hereto wish to,
inter alia, amend a certain
provision of the Credit Agreement;
NOW THEREFORE THIS AGREEMENT WITNESSES
that, in consideration of the mutual covenants and agreements
contained herein, the parties covenant and agree as
follows:
ARTICLE 1
DEFINED
TERMS
1.1 Capitalized
Terms.
All capitalized
terms which are used herein without being specifically defined
herein shall have the meanings ascribed thereto in the Credit
Agreement.
ARTICLE 2
AMENDMENT TO
CREDIT AGREEMENT
2.1 General
Rule.
Subject to the
terms and conditions herein contained, the Credit Agreement is
hereby amended to the extent necessary to give effect to the
provisions of this agreement and to incorporate the provisions of
this agreement into the Credit Agreement.
2.2 Maturity
Date.
The definition of
“Maturity Date” is hereby amended by deleting the
reference therein to “January 31, 2021” and replacing
it with “January 31, 2022”.
ARTICLE 3
CONDITIONS
PRECEDENT
3.1 Conditions
Precedent.
This agreement
shall not become effective until the Administrative Agent, for and
on behalf of the Lenders, has received from the Obligors (i) a
non-refundable extension fee in the amount of $25,000, (ii) an
officer certificate of a senior officer of each Obligor together
with a certified true copy of a resolution of the board of
directors of each Obligor authorizing the execution, delivery and
performance of this agreement by the applicable Obligor, (iii) a
legal opinion of counsel to the Obligors addressed to the
Administrative Agent and the Lenders relating to the status and
capacity of each Obligor and the due authorization, execution and
delivery of this agreement, the enforceability of the Credit
Agreement as amended by this agreement and such other matters as
the Administrative Agent may reasonably request and (iv) except as
delivered under the Existing Credit Agreement, share certificates
representing all of the issued and outstanding shares of the
Borrower duly endorsed in blank for transfer or attached to duly
executed stock transfers and powers of attorney or as otherwise
required under Applicable Law.
ARTICLE 4
MISCELLANEOUS
4.1 No
Default.
The Obligors
represent and warrant to and in favour of the Administrative Agent
and the Lenders that no Default has occurred and is continuing as
at the date this agreement becomes effective and no Default would
arise immediately thereafter.
4.2 Future
References to the Credit Agreement.
On and after the
date of this agreement, each reference in the Credit Agreement to
“this agreement”, “hereunder”,
“hereof”, or words of like import referring to the
Credit Agreement, and each reference in any related document to the
“Credit Agreement”, “thereunder”,
“thereof”, or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit
Agreement as amended hereby. The Credit Agreement, as amended
hereby, is and shall continue to be in full force and effect and is
hereby in all respects ratified and confirmed.
4.3 Governing
Law.
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.
4.4 Enurement.
This agreement
shall enure to the benefit of and shall be binding upon the parties
hereto and their respective successors and permitted
assigns.
4.5 Further
Assurances.
The Obligors
shall do, execute and deliver or shall cause to be done, executed
and delivered all such further acts, documents and things as the
Administrative Agent may reasonably request for the purpose of
giving effect to this agreement and to each and every provision
hereof.
4.6 Counterparts.
This agreement
may be executed and delivered in one or more original, emailed (in
..pdf format), faxed or by other electronic means, signed
counterparts, and by different parties in separate 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.
4.7 Confirmation
of Security.
Each
Obligor 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 such Obligor 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 to the 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, each Obligor 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.
[Remainder of page intentionally blank.]
IN WITNESS WHEREOF, the parties hereto
have executed and delivered this agreement on the date first above
written.
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Xxxxxxx Mines
Inc.
1100 - 00
Xxxxxxxxxx Xxxxxx
Xxxxxxx, XX X0X
0X0
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XXXXXXX MINES INC.
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By:
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“Signed”
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Attention:
Chief Financial Officer
Telefax: (000)
000-0000
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By:
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Name: Xxxxx
Xxxxx
Title: President
& CEO
“Signed”
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Name: Xxxxxxx
XxXxxxxx
Title:
CFO
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Xxxxxxx Mines
Corp.
1100 - 00
Xxxxxxxxxx Xxxxxx
Xxxxxxx, XX X0X
0X0
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XXXXXXX MINES CORP.
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By:
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“Signed”
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Attention:
Chief Financial Officer
Telefax: (000)
000-0000
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By:
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Name: Xxxxx
Xxxxx
Title: President
& CEO
“Signed”
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Name: Xxxxxxx
XxXxxxxx
Title: Exec VP
& CFO
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The Bank of Nova Scotia
Corporate Banking – Loan
Syndications
00 Xxxx Xx. Xxxx – 00xx Xxxxx
Xxxxxxx, Xxxxxxx X0X 0X0
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THE BANK OF NOVA SCOTIA, as
Administrative Agent
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Attention:
Managing Director
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By:
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“Signed”
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Telefax: (000)
000-0000
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Name: Xxxxxxx
Xx
Title:
Director
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By:
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“Signed”
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Name: Xxxx
Xxxxxxxx
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Title:
Analyst
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The Bank of Nova
Scotia
Corporate Banking
– Global Mining
Scotia Plaza,
62nd
Floor
00 Xxxx Xxxxxx
Xxxx
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XXX XXXX XX XXXX XXXXXX, as Lender
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Xxxxxxx, Xxxxxxx
X0X 0X0
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By:
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“Signed”
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Name: Xxxxxxxxx
Xxxxxxx
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Attention:
Managing Director
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Title: Managing
Director
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Telefax: (000)
000-0000
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By:
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“Signed”
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Name: Xxxxx
Xxxxxxx
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Title: Associate
Director
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