European Metal Recycling Ltd.
Sirius House, Delta Crescent
Westbrook, Warrington, WA5 7NS
June 9, 2003
Mr. X. Xxxxxxxx Xxxxxxxx
00000 Xxx Xxxxxx Xxxxx 0000
Xxxxxx, Xxxxxxxxxx 00000
Dear Xx. Xxxxxxxx:
This letter will evidence our legally binding agreements effective as of June 2,
2003:
(1) European Metal Recycling Ltd. ("EMR") has agreed to provide you with a
bridge loan in an aggregate of up to U.S. $10,000,000 (the "Loan").
(2) The Loan shall be unsecured, shall accrue interest at the rate of Four
Percent (4%) per annum, and shall be due and payable in full no later
than ninety (90) days from the effective date hereof.
(3) EMR hereby acknowledges that you have used proceeds of the Loan to
purchase shares of Common Stock of Metal Management, Inc. EMR hereby
acknowledges and agrees that you currently are not, nor in the future
shall you, be under any obligation to vote, retain or dispose of such
shares as part of, nor otherwise to participate in any way in any
plans or proposals of, any "group" within the meaning of the
applicable federal and state securities laws in regard to the
securities of Metal Management, Inc., including any "group" that may
in the future involve EMR in any way.
If the forgoing is acceptable to you, please sign below and return one copy of
this letter agreement to EMR.
Sincerely,
European Metal Recycling Ltd.
By: /s/ Xxxxx Xxxx
--------------------------------
Title: Managing Director
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Accepted and agreed to this
9th day of June, 2003
/s/ X. Xxxxxxxx Xxxxxxxx
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X. Xxxxxxxx Xxxxxxxx
