AMENDED AND RESTATED U.S. PLEDGE AGREEMENT
Exhibit 10.5
EXECUTION COPY
AMENDED AND
RESTATED U.S. PLEDGE AGREEMENT
AMENDED AND RESTATED U.S. PLEDGE AGREEMENT, dated as of
August 1, 2006 and amended and restated as of December 19, 2006 (as the same may be amended, restated, modified and/or supplemented from time to time, this “Agreement”) among each of the undersigned pledgors (each, a “Pledgor” and, together with any other entity that becomes a pledgor hereunder
pursuant to Section 30 hereof, the “Pledgors”) and DEUTSCHE
BANK AG NEW YORK BRANCH., as collateral agent (together with any successor collateral agent, the “Pledgee”), for the benefit of the Secured Creditors (as defined below). Except as otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement
(as defined below) shall be used herein as therein defined.
WITNE SSETH:
WHEREAS, Aurora Acquisition Merger Sub, Inc., Aleris International, Inc., a Delaware corporation (“Aleris”), each Subsidiary of Aleris party thereto from time to time, the lenders
party thereto from time to time, (the “Lenders”), Deutsche
Bank AG New York Branch, as administrative agent (together with any successor administrative agent, the “Administrative Agent”), and Deutsche Bank AG, Canada Branch, as Canadian administrative agent (together with any successor Canadian administrative agent, the “Canadian Administrative Agent”) (the Lenders, each Issuing Lender, the
Administrative Agent, the Canadian Administrative Agent and the Collateral Agent are herein called the “Lender Creditors”) have entered into an Amended and Restated Credit Agreement, dated as of August 1, 2006 and amended and restated as of the date hereof, providing for the making and
continuation of Loans to the Borrowers and the issuance of, and participation in, Letters of Credit for the account of the Borrowers, all as contemplated therein (as used herein, the term “Credit Agreement” means the Amended and Restated Credit Agreement described above
in this paragraph, as the same may be amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to time, and including any agreement extending the maturity of, or refinancing or restructuring (including, but not
limited to, the inclusion of additional borrowers or guarantors thereunder or any increase in the amount borrowed) all or any portion of, the indebtedness under such agreement or any successor agreement, whether or not with the same agent, trustee,
representative, lenders or holders; provided that, with respect to any
agreement providing for the refinancing or replacement of indebtedness under the Credit Agreement, such agreement shall only be treated as, or as part of, the Credit Agreement hereunder if (i) either (A) all obligations under the Credit Agreement
being refinanced or replaced shall be paid in full at the time of such refinancing or replacement, and all commitments and letters of credit issued pursuant to the refinanced or replaced Credit Agreement shall have terminated in accordance with
their terms or, with respect to certain Letters of Credit, been continued, with the consent of the respective issuer thereof, under such refinancing or replacement indebtedness or (B) the Required Lenders shall have consented in writing to the
refinancing or replacement indebtedness being treated as indebtedness pursuant to the Credit Agreement, and (ii) a notice to the effect that the refinancing or replacement indebtedness shall be treated as issued under the Credit Agreement shall be
delivered by Aleris to the Collateral Agent);
WHEREAS, each Borrower, one or more of their respective Subsidiaries and any bank (and/or one or more of its banking affiliates) reasonably acceptable to
the Administrative Agent, in each case designated to the Administrative Agent in writing by Aleris as a provider of Treasury Services (as defined below), (collectively, the “Treasury Service Creditors” and, together with the Lender Creditors and the Other
Creditors, the “Secured Creditors”) in the future may enter
into, credit arrangements providing for treasury, depositary or cash management services (including without limitation, overnight overdraft services) to Aleris and such Subsidiaries by the Treasury Service Creditors, and automated clearinghouse
transfers of funds to the Treasury Service Creditors, in each case pursuant to uncommitted lines of credit (collectively, “Treasury Services,” and with any written agreement evidencing such credit arrangements (to the extent expressly stated therein that the liabilities and indebtedness thereunder are
“Obligations” for the purposes of this Agreement), as amended, modified, supplemented, replaced or refinanced from time to time, herein called a “Treasury Services Agreement”);
WHEREAS, each Pledgor has obtained and will continue to obtain benefits from the incurrence of Loans by the Borrowers and the issuance of, and participation
in, Letters of Credit for the respective accounts of the Borrowers under the Credit Agreement and the entering into by the Borrowers and/or one or more of their respective Subsidiaries of Secured Hedging Agreements and, accordingly each Pledgor,
desires to execute this Agreement in order to (i) satisfy the condition described in the preceding paragraph and (ii) to induce (x) the Lenders to make Loans to the
Borrowers and issue, and/or participate in, Letters of Credit for the respective accounts of the Borrowers and the Other Creditors to enter into Secured Hedging Agreements with the Borrowers and/or one or more of their respective
Subsidiaries;
(i) the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation,
unpaid principal (or Face Amount, as applicable), premium, interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or
similar proceeding of any Pledgor or any Subsidiary thereof at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) and reimbursement obligations under Letters of
Credit, fees, costs and indemnities) of such Pledgor owing to the Secured Creditors, whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and the other Credit Documents to which such Pledgor
is a party (including, in the event such Pledgor is a Guarantor, all such obligations, liabilities and indebtedness of such Pledgor under its Guaranty) and the due performance and compliance by such Pledgor with all of the terms, conditions and
agreements contained in the Credit Agreement and in such other Credit Documents (all such obligations, liabilities and indebtedness under this clause (i), except to the extent consisting of obligations, liabilities or indebtedness with respect to
Secured Hedging Agreements or Treasury Services Agreements, entitled to the benefits of this Agreement being herein, collectively, the “Credit Document
Obligate”);
(ii) the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations,
liabilities and indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor at the
rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing by such Pledgor to the Other Creditors now existing or hereafter incurred under, arising out of or in
connection with any Secured Hedging Agreement, whether such Secured Hedging Agreement is now in existence or hereinafter arising (including, in the case of a Pledgor that is a Guarantor, all obligations, liabilities and indebtedness of such Pledgor
under its Guaranty in respect of the Secured Hedging Agreements), and the due performance and compliance by such Pledgor with all of the terms, conditions and
agreements contained in each such Interest Rate Protection Agreement (all such obligations, liabilities and indebtedness under this clause (ii) being herein collectively called the “Other Obligations”);
(iii) the full and prompt payment when due (whether at the stated maturity, by required prepayment, declaration, acceleration, demand or otherwise) of all obligations, liabilities and
indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding at the rate provided for in the
respective documentation, whether or not such interest is allowed in any such proceeding) owing by Aleris or any of its Subsidiaries to each Treasury Service Creditor with respect to Treasury Services, whether now in existence or hereafter arising
in each case under any Treasury Services Agreement (all such obligations, liabilities and indebtedness described in this clause (iii) being herein collectively called the “Treasury Service Obligations”);
(iv) any and all sums advanced by the Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its security interest in the Collateral;
(v) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations, or liabilities of such Pledgor referred to in clauses (i) through (iii) above,
after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Pledgee of its
rights hereunder, together with reasonable attorneys’ fees and court costs;
(vi) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 11 of
this Agreement; and
(vii) all amounts owing to any Agent or any of its affiliates pursuant to any of the Credit Documents in its capacity as
such.
All such obligations, liabilities, indebtedness, sums and
expenses set forth in clauses (i) through (vii) of this Section 1 being herein collectively called the “Obligations”, it being acknowledged and agreed that the “Obligations” shall, subject to the immediately succeeding sentence, include extensions of credit of the types
described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement.
NOTWITHSTANDING ANYTHING
HEREIN TO THE CONTRARY, THE LIENS AND SECURITY INTERESTS GRANTED TO THE ABL COLLATERAL AGENT PURSUANT TO THIS AGREEMENT IN ANY TERM PRIORITY COLLATERAL AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE ABL COLLATERAL AGENT WITH RESPECT TO ANY TERM
PRIORITY COLLATERAL HEREUNDER ARE SUBJECT TO THE PROVISIONS OF THE AMENDED AND RESTATED INTERCREDITOR AGREEMENT, DATED AS OF AUGUST 1, 2006 AND AMENDED AND RESTATED AS OF DECEMBER 19, 2006 (AS AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED
FROM TIME TO TIME, THE “INTERCREDITOR AGREEMENT”), AMONG
AURORA ACQUISITION MERGER SUB, INC., ALERIS INTERNATIONAL, INC., A DELAWARE CORPORATION (THE “COMPANY”), THE OTHER GRANTORS FROM TIME TO TIME PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, (“DBNY”) AS ABL COLLATERAL AGENT AND TERM COLLATERAL AGENT, AND CERTAIN OTHER
PERSONS PARTY OR THAT MAY BECOME PARTY THERETO FROM TIME TO TIME. IN THE EVENT OF
ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND THIS AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.
(b) The following capitalized terms used herein shall have the definitions specified below:
“ABL Priority Collateral” shall have the meaning set forth in the Intercreditor Agreement.
“Administrative Agent” shall have the meaning set forth in the recitals hereto.
“Adverse Claim” shall have the meaning given such term in Section 8-102(a)(1) of the UCC.
“Agreement” shall have the meaning set forth in the recitals hereto.
“Aleris” shall have the meaning set forth in the recitals hereto.
“Borrower” and “Borrowers” shall have the meaning set forth in the recitals hereto.
“Canadian Borrower” shall have the meaning set forth in the recitals hereto.
“Certificated Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC.
“Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC.
“Collateral” shall have the meaning set forth in Section 3.1 hereof.
“Collateral Accounts” shall mean any and all accounts established and maintained
by the Pledgee in the name of any Pledgor to which Collateral may be credited.
“Credit Agreement” shall have the meaning set forth in the recitals
hereto.
“Credit Document Obligations” shall have the meaning set forth in Section 1
hereof.
“Credit Documents” shall have the meaning provided in the Credit Agreement and
shall include any documentation executed and delivered in connection with any replacement or refinancing of the Credit Agreement.
“Discharge of Term Obligations” shall have the meaning provided in the
Intercreditor Agreement.
“Domestic Corporation” shall have the meaning set forth in the definition of
“Stock”.
“Event of Default” shall mean (i) at any time when any Credit Document Obligations
or Letters of Credit are outstanding or any Commitments under the Credit Agreement exist, any Event of Default under, and as defined in the Credit Agreement and (ii) at any time after all of the Credit Document Obligations have been paid in full and
all Commitments under the Credit Agreement have been terminated and no further Commitments and Letters of Credit may be provided thereunder, any payment default on any of the Obligations after the expiration of any applicable grace
period.
“Excess Foreign Corporation Voting Equity Interests” shall have the meaning
provided in Section 3.1.
“Financial Asset” shall have the meaning given such term in Section 8-102(a)(9) of
the UCC.
“Foreign Corporation” shall have the meaning set forth in the definition of
“Stock”.
“Indemnitees” shall have the meaning set forth in Section 11 hereof.
“Instrument” shall have the meaning given such term in Section 9-102(a)(47) of the UCC.
“Investment Property” shall have the meaning given such term in Section 9-102(a)(49) of the UCC.
“Lender Creditors” shall have the meaning set forth in the recitals hereto.
“Lenders” shall have the meaning set forth in the recitals hereto.
“Limited Liability Company Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all limited liability company capital and
interest in other limited liability companies), at any time owned by any Pledgor and represented by any Limited Liability Company Interest.
“Limited Liability Company Interests” shall mean the entire limited liability company interest at any time owned by any Pledgor in any limited liability company.
“Location” of any Pledgor shall mean such Pledgor’s “location” as determined pursuant to Section 9-307 of the UCC.
“Non-Voting Equity Interests” shall mean all Equity Interests of any Person which are not Voting Equity Interests.
“Noticed Event of Default” shall mean (i) an Event of Default under Section 11.01 or 11.05 of the Credit Agreement and (ii) any other Event of Default in respect of which the Pledgee has given
Aleris notice that such Event of Default constitutes a “Noticed Event of Default”.
“Notes” shall mean (x) all intercompany notes at any time issued to each Pledgor
and (y) all other promissory notes from time to time issued to, or held by, each Pledgor.
“Obligations” shall have the meaning set forth in Section 1 hereof.
“Other Creditors” shall have the meaning set forth in the recitals hereto.
“Other Obligations” shall have the meaning set forth in the recitals hereto.
“Partnership Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all partnership capital and interest in other
partnerships), at any time owned by any Pledgor or represented by any Partnership Interest.
“Partnership Interest” shall mean the entire general partnership interest or
limited partnership interest at any time owned by any Pledgor in any general partnership or limited partnership.
“Pledged Notes” shall mean all Notes at any time pledged or required to be pledged
hereunder.
“Pledgee” shall have the meaning set forth in the first paragraph
hereof.
“Pledgor” shall have the meaning set forth in the first paragraph hereof.
“Registered Organization” shall have the meaning given such term in Section 9-102(a)(70) of the UCC.
“Required Secured Creditors” shall have the meaning provided in the U.S. Security Agreement.
“Secured Creditors” shall have the meaning set forth in the recitals hereto.
“Secured Debt Agreements” shall mean and include (w) this Agreement, (x) the other Credit Documents, (y) the Secured Hedging Agreements entered into with any Other Creditors and (z) the Treasury
Services Agreements entered into with any Treasury Services Creditors.
“Secured Hedging Agreement” shall mean each Interest Rate Protection Agreement
and/or Other Hedging Agreements provided that (i) such Interest Rate
Protection Agreement and/or Other Hedging Agreement expressly states that (x) it constitutes a “Secured Hedging Agreement” for purposes of the Credit Agreement and the other Credit Documents and (y) does not constitute a “Secured
Hedging Agreement” for purposes of the Term Security Documents or any guaranties relating to the Term Loan Agreement, (ii) Aleris and the other parties thereto shall have delivered to the Collateral Agent a written notice specifying that such
Interest Rate Protection Agreement and/or Other Hedging Agreement (x) constitutes a “Secured Hedging Agreement” for purposes of the Credit Agreement and the other Credit Documents, (y) does not constitute a “Secured Hedging
Agreement” for purposes of the Term Security Documents or any guaranties relating to the Term Loan Agreement and (z) in the case of Aleris, that such Interest Rate Protection Agreement and/or Other Hedging Agreement and the obligations of
Aleris and its Subsidiaries thereunder have been, and will be, incurred in compliance with the Credit Agreement, (iii) on the effective date of such Interest Rate Protection Agreement and/or Other Hedging Agreement and from time to time thereafter,
at the request of the Collateral Agent, Aleris and the other parties thereto shall have notified the Administrative Agent in writing of the aggregate amount of exposure under such Interest Rate Protection Agreement and/or Other Hedging Agreement and
(iv) such Other Creditor, if it is not a Lender or an affiliate thereof (even if such Lender subsequently ceases to be a Lender under the Credit Agreement for any reason), has entered into an intercreditor agreement with respect to the relevant
Interest Rate Protection Agreement or Other Hedging Agreement on terms reasonably satisfactory to the Collateral Agent.
“Securities Account” shall have the meaning given such term in Section 8-501(a) of
the UCC.
“Securities Act” shall mean the Securities Act of 1933, as amended, as in effect
from time to time.
“Securities Intermediary” shall have the meaning given such term in Section
8-102(14) of the UCC.
“Security” and “Securities” shall have the meaning given such term in Section 8-102(a)(15) of the
UCC and shall in any event also include all Stock.
“Security Entitlement” shall have the meaning given such term in Section
8-102(a)(17) of the UCC.
“Stock” shall mean (x) with respect to corporations incorporated under the laws of
the United States or any State or territory thereof or the District of Columbia (each, a “Domestic Corporation”), all of the issued and outstanding shares of capital stock of any Domestic Corporation at any time owned by any Pledgor and (y) with respect to corporations which are
not Domestic Corporations (each, a “Foreign Corporation”), all
of the issued and outstanding shares of capital stock or other Equity Interests of any Foreign Corporation at any time owned by any Pledgor.
“Termination Date” shall have the meaning set forth in Section 20 hereof.
“Term Collateral Agent” shall have the meaning set forth in the Intercreditor
Agreement.
“Term Documents” shall have the meaning set forth in the Intercreditor
Agreement.
“Term Obligations” shall have the meaning set forth in the Intercreditor
Agreement.
“Term Pledge Agreement” shall have the meaning set forth in the Intercreditor
Agreement.
“Term Secured Parties” shall have the meaning set forth in the Intercreditor
Agreement.
“Transmitting Utility” has the meaning given such term in Section 9-102(a)(80) of
the UCC.
“Term Priority Collateral” shall have the meaning set forth in the Intercreditor
Agreement.
“TL Credit Document Obligations Termination Date” shall mean the date on which the
Discharge of Term Obligations shall have occurred.
“UCC” shall mean the Uniform Commercial Code as in effect in the State of New York
from time to time; provided that all references herein to specific
Sections or subsections of the UCC are references to such Sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of New York on the Effective Date; provided, further, that if by reason of mandatory provisions of law, the perfection, the effect of perfection or non-perfection or the priority of the Liens of the Pledgee in any Collateral is
governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority.
“Uncertificated Security” shall have the meaning given such term in Section
8-102(a)(18) of the UCC.
“U.S. Borrower” shall have the meaning set forth in the recitals
hereto.
“Voting Equity Interests” of any Person shall mean all classes of Equity Interests
of such Person entitled to vote.
3.1 Pledge. (i) To secure the Obligations now or hereafter owed or to be performed by such
Pledgor (but subject to clause (x) of the proviso at the end of this Section 3.1 in the case of Voting Equity Interests of Foreign Corporations pledged hereunder), each Pledgor does hereby grant and pledge to the Pledgee for the benefit of the
Secured Creditors, and does hereby create a continuing security interest (subject to those Liens permitted to exist with respect to the Collateral pursuant to the terms of all Secured Debt Agreements then in effect) in favor of the Pledgee for the
benefit of the Secured Creditors in, all of its right, title and interest in and to the following, whether now existing or hereafter from time to time acquired (collectively, the “Collateral”):
(a) each of the Collateral Accounts (to the extent a security interest therein is not created pursuant to the U.S. Security Agreement), including any and all assets of whatever type
or kind deposited by such Pledgor in any such Collateral Account, whether now owned or hereafter acquired, existing or arising, including, without limitation, all Financial Assets, Investment Property, monies, checks, drafts, Instruments, Securities
or interests therein of any type or nature deposited or required by the Credit Agreement or any other Secured Debt Agreement to be deposited in such Collateral Account, and all investments and all certificates and other Instruments (including
depository receipts, if any) from time to time representing or evidencing the same, and all dividends, interest, distributions, cash and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of the foregoing;
(b) all Securities owned or held by such Pledgor from time to time and all options and warrants owned by such Pledgor
from time to time to purchase Securities;
(c) all Notes owned or held by such Pledgor from time to time;
(d) all Limited Liability Company Interests owned by such Pledgor from time to time and all of its right, title and interest in each limited liability company to which each such
Limited Liability Company Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Limited Liability
Company Interests and applicable law:
(A) all its capital therein and its interest in all profits, income, surpluses, losses, Limited Liability Company Assets
and other distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests;
(B) all other payments due or to become due to such Pledgor in respect of Limited Liability Company Interests,
whether under any limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise;
(C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited liability company agreement or operating
agreement, or at law or otherwise in respect of such Limited Liability Company Interests;
(D) all present and future claims, if any, of such Pledgor against any such limited liability company for monies loaned
or advanced, for services rendered or otherwise;
(E) all of such Pledgor’s rights under any limited liability company agreement or operating agreement or at law to
exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Limited Liability Company Interests, including any power to terminate, cancel or modify any such limited liability company agreement or
operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of any such Pledgor in respect of such Limited Liability Company Interests and any such limited liability company, to make
determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce,
collect or receipt for any of the foregoing or for any Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing;
and
(F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates
and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all thereof;
(e) all Partnership Interests owned by such Pledgor from time to time and all of its right, title and interest in each
partnership to which each such Partnership Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such
Partnership Interests and applicable law:
(A) all its capital therein and its interest in all profits, income, surpluses, losses, Partnership Assets and other
distributions to which such Pledgor shall at any time be entitled in respect of such Partnership Interests;
(B) all other payments due or to become due to such Pledgor in respect of Partnership Interests, whether under
any partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise;
(C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies,
if any, under any partnership agreement or operating agreement, or at law or otherwise in respect of such Partnership Interests;
(D) all present and future claims, if any, of such Pledgor against any such partnership for monies loaned or
advanced, for services rendered or otherwise;
(E) all of such Pledgor’s rights under any partnership agreement or operating agreement or at law to exercise and
enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Partnership Interests, including any power to terminate, cancel or modify any partnership agreement or operating agreement, to execute any
instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Partnership Interests and any such partnership, to make determinations, to exercise any election (including, but not limited to,
election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Partnership Asset,
to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and
(F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property
and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof;
(f) all Financial Assets and Investment Property owned by such Pledgor from time to time;
(g) all Security Entitlements owned by such Pledgor from time to time in any and all of the foregoing; and
(h) all Proceeds of any and all of the foregoing;
provided that (x) no Voting Equity Interests (which shall include, for this purpose,
the Convertible Preferred Equity Certificates issued by Aleris Luxembourg S.à.x.x.) of any Foreign Corporation which represents more than 65% of the total combined voting power of all classes of Voting Equity Interests of the respective Foreign
Corporation (with all Voting Equity Interests of the respective Foreign Corporation in excess of said 65% limit being herein called “Excess Foreign
Corporation Equity Interests”), shall secure any direct Obligations of any U.S. Borrower or any of its Domestic Subsidiaries (or guarantees of such
Obligations by the respective Pledgor) and such Excess Foreign Corporation Equity Interests shall secure Obligations of the respective Pledgor only as a guarantor of the Obligations of the Canadian Borrowers, the European Borrower and their
Subsidiaries, (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Foreign Corporation at any time and from time to time acquired by such Pledgor, which Non-Voting Equity Interests shall not be
subject to the limitations described in preceding clause (x) and (z) notwithstanding anything to the contrary contained in this Section 3.1 or elsewhere in this Agreement, each Pledgor and the Pledgee (on behalf of the Secured Creditors)
acknowledges and agrees that:
(i) the security interest granted pursuant to this Agreement (including pursuant to this Section 3.1) to the Pledgee for
the benefit of the Secured Creditors (A) in the ABL Priority Collateral, shall be a First Priority Lien and (B) in the TL Priority Collateral, shall be a Second Priority Lien in the TL Priority Collateral fully junior, subordinated and subject to
the security interest granted to the Term Collateral Agent for the benefit of the Term Secured Parties in the TL Priority Collateral on the terms and conditions set forth in the Term Documents and the Intercreditor Agreement and all other rights and
benefits afforded hereunder to the Secured Creditors with respect to the TL Priority Collateral are expressly subject to the terms and conditions of the Intercreditor Agreement; and
(ii) the Secured Creditors’ security interests in the Collateral constitute security interests separate and apart (and of a different class and claim)
from the Term Secured Parties’ security interests in the Collateral.
3.2 Procedures. (a) To the
extent that any Pledgor at any time or from time to time owns, acquires or obtains any right, title or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by such Pledgor) be pledged pursuant to
Section 3.1 of this Agreement and, in addition thereto (but subject to the terms of the Intercreditor Agreement), such Pledgor shall (to the extent provided below and not inconsistent with the terms of the Intercreditor Agreement) take the following
actions as set forth below (as promptly as practicable and, in any event, within 10 days after it obtains such Collateral) for the benefit of the Pledgee and the other Secured Creditors:
(i) with respect to a Certificated Security (other than a Certificated Security credited on the books of a Clearing Corporation or Securities Intermediary), such Pledgor shall
physically deliver such Certificated Security to the Pledgee, endorsed to the Pledgee or endorsed in blank;
(ii) with respect to an Uncertificated Security (other than an Uncertificated Security credited on the books of
a Clearing Corporation or Securities Intermediary), such Pledgor shall cause the issuer of such Uncertificated Security to duly authorize, execute, and deliver to the Pledgee, an agreement for the benefit of the Pledgee and the other Secured
Creditors substantially in the form of Annex G hereto (appropriately completed to the satisfaction of the Pledgee and with such modifications, if any, as shall be satisfactory to the Pledgee) pursuant to which such issuer agrees to comply with any
and all instructions originated by the Pledgee without further consent by the registered owner and not to comply with instructions regarding such Uncertificated Security (and any Partnership Interests and Limited Liability Company Interests issued
by such issuer) originated by any other Person other than a court of competent jurisdiction;
(iii) with respect to a Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company
Interest credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust Company), such Pledgor shall promptly notify the Pledgee thereof and shall
promptly take (x) all actions required (i) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and (ii) to perfect the
security interest of the Pledgee under applicable law (including, in any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC) and (y) such other actions as the Pledgee deems necessary or desirable to effect the
foregoing;
(iv) with respect to a Partnership Interest or a Limited Liability Company Interest (other than a Partnership Interest or
Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), (1) if such Partnership Interest or Limited Liability Company Interest is represented by a certificate and is a Security for purposes of
the UCC, the procedure set forth in Section 3.2(a)(i) hereof, and (2) if such Partnership Interest or Limited Liability Company Interest is not represented by a certificate or is not a Security for purposes of the UCC, the procedure set forth in
Section 3.2(a)(ii) hereof;
(v) with respect to any intercompany Note or any other Note evidencing a principal amount in excess of $1,000,000,
physical delivery of such Note to the Pledgee, endorsed in blank, or, at the request of the Pledgee, endorsed to the Pledgee; and
(vi) with respect to cash proceeds from any of the Collateral described in Section 3.1 hereof which are
required to be delivered to an held by the Collateral Agent pursuant to Section 6 hereof, (i) establishment by the Pledgee of a cash account in the name of such Pledgor over which the Pledgee shall (to the extent not inconsistent with the
Intercreditor Agreement) have “control” within the meaning of the UCC and at any time any Event of Default is in existence no withdrawals or transfers may be made by any Person except with the prior written consent of the Pledgee
(subject to the terms of the Intercreditor Agreement) and (ii) deposit of such cash in such cash account.
(b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each Pledgor shall take the
following additional actions with respect to the Collateral:
(i) with respect to all Collateral of such Pledgor whereby or with respect to which the Pledgee may obtain
“control” thereof within the meaning of Section 8-106 of the UCC (or under any provision of the UCC as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the State of New York), such
Pledgor shall take all actions (to the extent not inconsistent with the Intercreditor Agreement) as may be reasonably requested from time to time by the Pledgee so that “control” of such Collateral is obtained and at all times held by
the Pledgee; and
(ii) each Pledgor shall from time to time cause appropriate financing statements (on appropriate forms) under the Uniform
Commercial Code as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be reasonably satisfactory to the Pledgee), to be filed in the relevant filing offices so that at all times
the Pledgee’s security interest in all Investment Property and other Collateral which can be perfected by the filing of such financing statements (in each case to the maximum extent perfection by filing may be obtained under the laws of the
relevant States, including, without limitation, Section 9-312(a) of the UCC) is so perfected.
3.3 Subsequently Acquired Collateral. If any Pledgor shall acquire (by purchase, stock
dividend, distribution or otherwise) any additional Collateral at any time or from time to time after the date hereof, such Collateral shall automatically (and without any further action being required to be taken) be subject to the pledge and
security interests created pursuant to Section 3.1 hereof and, furthermore, such Pledgor will, to the extent not inconsistent with the Intercreditor Agreement, thereafter take (or cause to be taken) all action (as promptly as practicable and, in any
event, within 10 days after it obtains such Collateral) with respect to such Collateral in accordance with the procedures set forth in Section 3.2 hereof, and will to the extent not inconsistent with the terms of the Intercreditor Agreement,
promptly thereafter deliver to the Pledgee (i) a certificate executed by an authorized officer of such Pledgor describing such Collateral and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of the Secured
Creditors) hereunder and (ii) supplements to Annexes A through F hereto as are necessary to cause such Annexes to be complete and accurate at such time. Without limiting the foregoing, (A) each Pledgor shall be required to pledge hereunder the
Equity Interests of any Foreign Corporation at any time and from time to time after the date hereof acquired by such Pledgor, provided that (x) any such pledge of Voting Equity Interests of any Foreign Corporation shall be subject to the provisions of clause (x) of the proviso to Section 3.1 hereof and (y) each
Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Foreign Corporation at any time and from time to time acquired by such Pledgor and (B) each Pledgor shall be required to pledge hereunder any Notes at any
time and from time to time after the date hereof acquired by such Pledgor, subject to the threshold described in Section 3.2(a)(v) above for the delivery of such Notes, providedthat any such pledge or Note shall be subject to the provisions of clause (z)
of the proviso to Section 3.1 hereof.
3.4 Transfer Taxes. Each
pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by any transfer tax stamps required in connection with the pledge of such Collateral.
3.5 Certain Representations and Warranties Regarding the Collateral. Each Pledgor
represents and warrants that as of the Effective Date: (i) each Subsidiary of such Pledgor, and the direct ownership thereof, is listed on Schedule VIII-A to the Credit Agreement hereto; (ii) the Stock (and any warrants or options to purchase Stock)
held by such Pledgor consists of the number and type of shares of the stock (or warrants or options to purchase any stock) of the corporations as described in Annex B hereto; (iii) such Stock referenced in clause (ii) of this paragraph constitutes
that percentage of the issued and outstanding capital stock of the issuing corporation as is set forth in Annex B hereto; (iv) the Pledged Notes held by such Pledgor consist of the promissory notes described in Annex C hereto where such Pledgor is
listed as the lender; (v) the Limited Liability Company Interests held by such Pledgor consist of the number and type of interests of the Persons described in Annex D hereto; (vi) each such Limited Liability Company Interest referenced in clause (v)
of this paragraph constitutes that percentage of the issued and outstanding equity interest of the issuing Person as set forth in Annex D hereto; (vii) the Partnership Interests held by such Pledgor consist of the number and type of interests of the
Persons described in Annex E hereto; (viii) each such Partnership Interest referenced in clause (vii) of this paragraph constitutes that percentage or portion of the entire partnership interest of the Partnership as set forth in Annex E hereto; (ix)
the exact address of each chief executive office of such Pledgor is listed on Annex F hereto; (x) the Pledgor has complied with the respective procedure set forth in Section 3.2(a) hereof with respect to each item of Collateral described in Annexes
B through E hereto; and (xi) on the date hereof, such Pledgor owns no other Securities, Stock, Pledged Notes, Limited Liability Company Interests or Partnership Interests.
3.6 Overriding Provisions with respect to TL Priority Collateral. Notwithstanding anything to the contrary contained above in this Section 3, or elsewhere in this Agreement or any other Security Document, to the extent the provisions of this
Agreement (or any other Security Documents) require the delivery of, or control over, TL Priority Collateral to be granted to the Pledgee at any time prior to the TL Credit Documents Obligations Termination Date, then delivery of such TL Priority
Collateral (or control with respect thereto) shall instead be granted to the Term Collateral Agent, to be held in accordance with the Term Documents and the Intercreditor Agreement. Furthermore, at all times prior to the TL Credit Document
Obligations Termination Date, the Collateral Agent is authorized by the parties hereto to effect transfers of TL Priority Collateral at any time in its possession (and any “control” or similar agreements with respect to TL Priority
Collateral) to the Term Collateral Agent.
5. VOTING, ETC., WHILE
NO NOTICED EVENT OF DEFAULT. Unless and until there shall have occurred and be continuing any Noticed Event of Default, each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral owned by
it, and to give consents, waivers or ratifications in respect thereof; provided that, in each case, no vote shall be cast or any consent, waiver or ratification given or any action taken or omitted to be taken which would violate or result in a breach of
any covenant contained in the Intercreditor Agreement or any Secured Debt Agreement, or which could reasonably be expected to have the effect of materially impairing the value of the Collateral or any part thereof or the position or interests of the
Pledgee or any other Secured Creditor in the Collateral, unless permitted by the terms of the Secured Debt Agreements. All such rights of each Pledgor to vote and to give consents, waivers and ratifications shall cease in case a Noticed Event of
Default has occurred and is continuing, and Section 7 hereof shall become applicable.
(i) all other or additional stock, notes, certificates, limited liability company interests, partnership
interests, instruments or other securities or property (excluding cash dividends) paid or distributed by way of dividend or otherwise in respect of the Collateral;
(ii) all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (other than cash) paid
or distributed in respect of the Collateral by way of stock-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement;
(iii) all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (excluding cash) which
may be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate or other reorganization; and
(iv) all cash distributions in respect of the Collateral after a Noticed Event of Default.
Except as set forth in the Intercreditor Agreement, nothing contained in this Section 6 shall limit or restrict in any way the Pledgee’s right to receive the proceeds of
the Collateral in any form in accordance with Section 3 of this Agreement. To the extent not inconsistent with the terms of the Intercreditor Agreement, all dividends, distributions or other payments which are received by any Pledgor contrary to the
provisions of this Section 6 or Section 7 hereof shall be received in trust for the benefit of the Pledgee, shall be segregated from other property or funds of such Pledgor and shall be forthwith paid over to the Pledgee as Collateral in the same
form as so received (with any necessary endorsement).
(i) to receive all amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to the respective Pledgor;
(ii) to transfer all or any part of the Collateral into the Pledgee’s name or the name of its nominee or nominees;
(iii) to accelerate any Pledged Note which may be accelerated in accordance with its terms, and take any other lawful action to collect upon any Pledged Note (including, without
limitation, to make any demand for payment thereon);
(iv) to vote (and exercise all rights and powers in respect of voting) all or any
part of the Collateral (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each
Pledgor hereby irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so);
(v) at any time and from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or private
sale, without demand of performance, advertisement or, notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise purchase or dispose (all of which are hereby waived by each Pledgor), for cash, on
credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on such terms as the Pledgee in its absolute discretion may determine, provided at least 10 days’ written notice of the time and place of any such sale
shall be given to the respective Pledgor. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. Each Pledgor hereby waives and releases to the fullest extent
permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security or the Obligations or otherwise. At any such
sale, unless prohibited by applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. Neither the Pledgee nor any other Secured
Creditor shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and
(vi) to set off any and all Collateral against any and all Obligations, and to withdraw any and all cash or other Collateral from any and all Collateral Accounts and to apply such
cash and other Collateral to the payment of any and all Obligations.
(b) If there shall have occurred and be continuing a Noticed Event of Default, then and in every such case, the Pledgee
shall be entitled to vote (and exercise all rights and powers in respect of voting) all or any part of the Collateral (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the
Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution
to do so).
(b) It is understood and agreed that each Pledgor shall remain jointly and severally liable with respect to its Obligations to the extent of any deficiency between the amount of the
proceeds of the Collateral pledged by it hereunder and the aggregate amount of such Obligations.
(c) It is understood and agreed by all parties hereto that the Pledgee shall have no liability for any determinations
made by it in this Section 9 (including, without limitation, as to whether given Collateral constitutes TL Priority Collateral or ABL Priority Collateral), in each case except to the extent resulting from the gross negligence or willful misconduct
of the Pledgee (as determined by a court of competent jurisdiction in a final and non-appealable decision). The parties also agree that the Pledgee may (but shall not be required to), at any time and in its sole discretion, and with no liability
resulting therefrom, petition a court of competent jurisdiction regarding any application of Collateral in accordance with the requirements hereof and of the Intercreditor Agreement, and the Pledgee shall be entitled to wait for, and may
conclusively rely on, any such determination.
11. INDEMNITY. Each Pledgor jointly and severally agrees (i) to indemnify, reimburse and hold harmless the Pledgee and each other Secured Creditor and their respective successors,
assigns, employees, agents and affiliates (individually an “Indemnitee”, and collectively, the “Indemnitees”) from and against any and all obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities
for penalties) of whatsoever kind or nature, and (ii) to reimburse each Indemnitee for all reasonable costs, expenses and disbursements, including reasonable attorneys’ fees and expenses, in each case arising out of or resulting from this
Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder or under any other Secured Debt Agreement (but excluding any obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities
(including, without limitation, liabilities for penalties) or expenses of whatsoever kind or nature to the extent (x) incurred or arising by reason of gross negligence or willful misconduct of such Indemnitee (as determined by a court of competent
jurisdiction in a final and non-appealable decision)) or (y) brought solely by an Affiliate of the Person to be indemnified); providedthat the Pledgors shall not be required to reimburse the legal fees and expenses of more than one outside counsel (in addition to and necessary or advisable special counsel and
up to one local counsel in each applicable local jurisdiction) for all Indemnitees unless, in the written opinion of outside counsel reasonably satisfactory to the Pledgors and the Pledgee, representation of all such Indemnitees would be
inappropriate due to the existence of an actual or potential conflict of interest. In no event shall the Pledgee hereunder be liable, in the absence of gross negligence or willful misconduct on its part (as determined by a court of competent
jurisdiction in a final and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies or other property actually received by it in accordance with the terms hereof. If and to the extent that
the obligations of any Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. The
indemnity obligations of each Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full payment of all the Notes issued under the Credit Agreement, the termination of all Secured Hedging Agreements,
Treasury Services Agreements and Letters of Credit, and the payment of all other Obligations and notwithstanding the discharge thereof and the occurrence of the Termination Date.
12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER. (a) Nothing herein shall be construed to make the Pledgee or any other Secured Creditor liable as a member of any
limited liability company or as a partner of any partnership and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or otherwise (except as referred to in the following sentence) shall have any of the duties, obligations
or liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the Pledgee shall become the absolute owner of Collateral consisting of a Limited Liability Company
Interest or a Partnership Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other Secured Creditor, any Pledgor and/or any other Person.
(b) Except as provided in the last sentence of paragraph (a) of this Section 12, the Pledgee, by accepting this Agreement, did not intend to become a member of any limited liability
company or a partner of any partnership or otherwise be deemed to be a co-venturer with respect to any Pledgor, any limited liability company, partnership and/or any other Person either before or after an Event of Default shall have occurred. The
Pledgee shall have only those powers set forth herein and the Secured Creditors shall assume none of the duties, obligations or liabilities of a member of any limited liability company or as a partner of any partnership or any Pledgor except as
provided in the last sentence of paragraph (a) of this Section 12.
(c) The Pledgee and the other Secured Creditors shall not be obligated to perform or discharge any obligation of any
Pledgor as a result of the pledge hereby effected.
(d) The acceptance by the Pledgee of this Agreement, with all the rights, powers, privileges and authority so created,
shall not at any time or in any event obligate the Pledgee or any other Secured Creditor to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to
expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Collateral.
(b) Each Pledgor hereby constitutes and appoints the Pledgee its true and lawful attorney-in-fact, irrevocably, with
full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time after the occurrence and during the continuance of a Noticed Event of Default, in the Pledgee’s discretion, to act, require,
demand, receive and give acquittance for any and all monies and claims for monies due or to become due to such Pledgor under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file
any claims or take any action or institute any proceedings and to execute any instrument which the Pledgee may deem necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorney is coupled with an
interest.
(i) it is the legal, beneficial and record owner of, and has good and marketable title to, all of its Collateral
consisting of one or more Securities, Notes, Partnership Interests and Limited Liability Company Interests and that it has sufficient interest in all of its Collateral in which a security interest is purported to be created hereunder for such
security interest to attach (subject, in each case, to no pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens and security interests created by this Agreement or
permitted under the Secured Debt Agreements);
(ii) it has full power, authority and legal right to pledge all the Collateral pledged by it pursuant to this
Agreement;
(iii) this Agreement has been duly authorized, executed and delivered by such Pledgor and constitutes a legal, valid and
binding obligation of such Pledgor enforceable against such Pledgor in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law);
(iv) except to the extent already obtained or made and except for the filing of the UCC financing statements required to be filed on or about the date hereof in accordance with the
U.S. Security Agreement, no consent of any other party (including, without limitation, any stockholder, partner, member or creditor of such Pledgor or any of its Subsidiaries) and no consent, license, permit, approval or authorization of, exemption
by, notice or report to, or registration, filing or declaration with, any governmental authority is required to be obtained by such Pledgor in connection with (a) the execution, delivery or performance of this Agreement by such Pledgor, (b) the
validity or enforceability of this Agreement against such Pledgor (except as set forth in clause (iii) above), (c) the perfection or enforceability of the Pledgee’s security interest in such Pledgor’s Collateral or (d) except for
compliance with or as may be required by applicable securities laws, the exercise by the Pledgee of any of its rights or remedies provided herein;
(v) neither the execution, delivery or performance by such Pledgor of this Agreement, or any other Secured Debt Agreement to which it is a party, nor compliance by it with the terms
and provisions hereof and thereof nor the consummation of the transactions contemplated therein: (i) will contravene in any material respect any provision of any material applicable law, statute, rule or regulation, or any applicable order, writ,
injunction or decree of any court, arbitrator or governmental instrumentality, domestic or foreign, applicable to such Pledgor; (ii) will conflict or be inconsistent with or result in any breach of any of the material terms, covenants, conditions or
provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security Documents) upon any of the properties or assets of such Pledgor or any of its
Subsidiaries pursuant to the terms of any indenture, lease, mortgage, deed of trust, credit agreement, loan agreement or any other material agreement, contract or other instrument to which such Pledgor or any of its Subsidiaries is a party or is
otherwise bound, or by which it or any of its properties or assets is bound or to which it may be subject; or (iii) will violate any provision of the certificate of incorporation, by-laws, certificate of partnership, partnership agreement,
certificate of formation or limited liability company agreement (or equivalent organizational documents), as the case may be, of such Pledgor or any of its Subsidiaries;
(vi) all of such Pledgor’s Collateral (consisting of Securities, Limited Liability Company Interests and Partnership Interests) has been duly and validly issued, is fully paid
and non-assessable and is subject to no options to purchase or similar rights;
(vii) to the knowledge of the Pledgor, each of such Pledgor’s Pledged Notes constitutes, or when executed by the
obligor thereof will constitute, the legal, valid and binding obligation of such obligor, enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law);
(viii) the pledge, collateral assignment and delivery to the Pledgee of such Pledgor’s Collateral consisting of Certificated Securities and Pledged
Notes pursuant to this Agreement creates a valid and perfected first priority security interest in such Certificated Securities and Pledged Notes, and the proceeds thereof, subject to no prior Lien or encumbrance or to any agreement purporting to
grant to any third party a Lien or encumbrance on the property or assets of such Pledgor which would include the Securities and/or Pledged Notes (other than the liens and security interests permitted under the Secured Debt Agreements then in effect)
and the Pledgee is entitled to all the rights, priorities and benefits afforded by the UCC or other relevant law as enacted in any relevant jurisdiction to perfect security interests in respect of such Collateral; and
(ix) “control” (as defined in Section 8-106 of the UCC) has been obtained by the Pledgee over all of such Pledgor’s Collateral consisting of Securities and/or
Pledged Notes) with respect to which such “control” may be obtained pursuant to Section 8-106 of the UCC, except to the extent that the obligation of the applicable Pledgor to provide the Pledgee with “control” of such
Collateral has not yet arisen under this Agreement; providedthat in the
case of the Pledgee obtaining “control” over Collateral consisting of a Security Entitlement, such Pledgor shall have taken all steps in its control so that the Pledgee obtains “control” over such Security
Entitlement.
(b) Each Pledgor covenants and agrees that it will defend the Pledgee’s right, title and security interest in and
to such Pledgor’s Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.
(c) Each Pledgor covenants and agrees that it will take no action which would violate any of the terms of any
Secured Debt Agreement.
17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION
OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. The exact legal name of each Pledgor, the type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of
organization of such Pledgor, such Pledgor’s Location, the organizational identification number (if any) of such Pledgor, and whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto for such Pledgor. No Pledgor shall
change its legal name, its type of organization, or its organizational identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Secured Debt Agreements and so
long as same do not involve any Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the United States or a State thereof)
if (i) it shall have given to the Collateral Agent not less than 15 days’ prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes thereto previously made in accordance with this
sentence), together with a supplement to Annex A which shall correct all information contained therein for such Pledgor, and (ii) in connection with the respective change or changes, it shall have taken all action reasonably requested by the
Collateral Agent to maintain the security interests of the Collateral Agent in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. In addition, to the extent that any Pledgor does not have an
organizational identification number on the date hereof and later obtains one, such Pledgor shall promptly thereafter deliver a notification of the Collateral Agent of such organizational identification number and shall take all actions reasonably
satisfactory to the Collateral Agent to the extent necessary to maintain the security interest of the Collateral Agent in the Collateral intended to be granted hereby fully perfected and in full force and effect.
(i) any renewal, extension, amendment or modification of, or addition or supplement to or deletion from any Secured Debt
Agreement (other than this Agreement in accordance with its terms), or any other instrument or agreement referred to therein, or any assignment or transfer of any thereof;
(ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement or instrument including, without limitation, this Agreement
(other than a waiver, consent or extension with respect to this Agreement in accordance with its terms);
(iii) any furnishing of any additional security to the Pledgee or its assignee or any acceptance thereof or any release of
any security by the Pledgee or its assignee;
(iv) any limitation on any party’s liability or obligations under any such instrument or agreement or any
invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or
(v) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other
like proceeding relating to any Pledgor or any Subsidiary of any Pledgor, or any action taken with respect to this Agreement by any trustee or receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or
knowledge of any of the foregoing.
20. TERMINATION; RELEASE. (a) On the Termination Date (as defined below), this Agreement shall terminate (provided that all indemnities set forth herein including, without limitation in
Section 11 hereof, shall survive such termination) and the Pledgee, at the request and expense of the respective Pledgor will, subject to the provisions of the Intercreditor Agreement, promptly execute and deliver to such Pledgor a proper instrument
or instruments (including Uniform Commercial Code termination statements on form UCC-3) acknowledging the satisfaction and termination of this Agreement, and will duly assign, transfer and deliver to such Pledgor (without recourse and without any
representation or warranty) such of the Collateral as may be in the possession of the Pledgee or any of its sub-agents hereunder and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement, together with any
moneys at the time held by the Pledgee or any of its sub-agents hereunder and, with respect to any Collateral consisting of an Uncertificated Security, a Partnership Interest or a Limited Liability Company Interest (other than an Uncertificated
Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), a termination of the agreement relating thereto executed and delivered by the issuer of such
Uncertificated Security pursuant to Section 3.2(a)(ii) or by the respective partnership or limited liability company pursuant to Section 3.2(a)(iv)(2). As used in this Agreement, “Termination Date” shall mean the date upon which the Total Commitment under the
Credit Agreement has been terminated, no Note (as defined in the Credit Agreement) is outstanding (and all Loans have been paid in full) and all Obligations under Secured Hedging Agreements and all other Obligations appearing therein (other than
indemnities under the Secured Debt Agreements which are not then due and payable) have been paid in full and all Secured Hedging Agreement have been terminated.
(b) In the event that any part of the Collateral and all Obligations is sold or otherwise disposed of (to a Person other than a Credit Party) (x) at any time prior to the time at
which all Credit Document Obligations have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated in connection with a sale or disposition permitted by Section 10.02 of the Credit Agreement, or is
otherwise released at the direction of the Required Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement) or (y) at any time thereafter, to the extent permitted by the other Secured Debt Agreements, and in the case of
clauses (x) and (y), and the proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or such other Secured Debt Agreement, as the case may be, to the extent required to be so
applied, the Pledgee, at the request and expense of Aleris, will duly release from the security interest created hereby (and will execute and deliver such documentation, including termination or partial release statements and the like in connection
therewith) and assign, transfer and deliver Aleris, on behalf of the applicable Pledgor (without recourse and without any representation or warranty) such of the Collateral (as defined in the Credit Agreement) as is then being (or has been) so sold
or otherwise disposed of, or released, and as may be in the possession of the Pledgee (or any of its sub-agents hereunder) and has not theretofore been released pursuant to this Agreement. Furthermore, upon the release of any Guarantor from any
Guaranty in accordance with the provisions thereof or in accordance with Section 13.12(b) of the Credit Agreement, such Pledgor (and the Collateral at such time assigned by the respective Pledgor, grantor, pledgor or assignor pursuant hereto) shall
be released from this Agreement.
(c) At any time that any Pledgor desires that the Pledgee take any action to acknowledge or give effect to any release
of Collateral pursuant to the foregoing Section 20(a) or (b), such Pledgor shall deliver to the Pledgee (and the relevant sub-agent, if any, designated hereunder) a certificate signed by a principal executive officer of such Pledgor stating that the
release of the respective Collateral is permitted pursuant to Section 20(a) or (b) hereof. If reasonably requested by the Pledgee (although the Pledgee shall have no obligation to make any such request), the respective Pledgor shall furnish
appropriate legal opinions (from counsel, reasonably acceptable to the Pledgee) to the effect set forth in the immediately preceding sentence. At any time that the U.S. Borrower or the respective Pledgor desires that a Subsidiary of the U.S.
Borrower which has been released from the U.S. Subsidiaries Guaranty be released hereunder as provided in the penultimate sentence of Section 20(b), it shall deliver to the Pledgee a certificate signed by a principal executive officer of the U.S.
Borrower and the respective Pledgor stating that the release of the respective Pledgor (and its Collateral) is permitted pursuant to such Section 20(b).
(d) The Pledgee shall have no liability whatsoever to any other Secured Creditor as the result of any release of Collateral by it in accordance with, or which the Pledgee believes to
be in accordance with, this Section 20.
(a) if to any Pledgor, c/o:
00000 Xxxxxxx Xxxx Xxxxx, Xxxxx 000,
Xxxxxxxxx, XX 00000,
Attention: General Counsel
Telephone No.: (000) 000-0000
Telecopier No.: (000) 000-0000
(b) if to the Pledgee or Administrative Agent, at:
Deutsche Bank AG New York Branch
00 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
Attention: Xxxxxxxxxx Xxxxxx
Telephone No.: (000) 000-0000
Telecopier No.: (000) 000-0000
(c) if to any Lender Creditor, either (x) to the Administrative Agent, at the address of the Administrative Agent specified in the Credit Agreement, or (y) at such address as such
Lender Creditor shall have specified in the Credit Agreement;
(d) if to any Other Creditor, at such address as such Other Creditor shall have specified in writing to Aleris and the
Pledgee;
(e) if to any Treasury Services Creditor, at such address as such Treasury Services Creditor shall have specified in
writing to Aleris and the Collateral Agent;
or at such other address or addressed to such other
individual as shall have been furnished in writing by any Person described above to the party required to give notice hereunder.
23. SUCCESSORS AND ASSIGNS. This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect, subject to release and/or
termination as set forth in Section 20, (ii) be binding upon each Pledgor, its successors and assigns; provided, however, that no Pledgor shall assign any of its rights or obligations hereunder without the prior written consent of the Pledgee (with the prior written consent of the Required Secured
Creditors), and (iii) inure, together with the rights and remedies of the Pledgee hereunder, to the benefit of the Pledgee, the other Secured Creditors and their respective successors, transferees and assigns. All agreements, statements,
representations and warranties made by each Pledgor herein or in any certificate or other instrument delivered by such Pledgor or on its behalf under this Agreement shall be considered to have been relied upon by the Secured Creditors and shall
survive the execution and delivery of this Agreement and the other Secured Debt Agreements regardless of any investigation made by the Secured Creditors or on their behalf.
25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS
OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PLEDGOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF
AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES
ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH PLEDGOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT
ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER SUCH PLEDGOR. EACH PLEDGOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED
OR CERTIFIED MAIL, POSTAGE PREPAID, TO ANY SUCH PLEDGOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF
PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL
AFFECT THE RIGHT OF THE PLEDGEE UNDER THIS AGREEMENT, OR ANY SECURED CREDITOR, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PLEDGOR IN ANY OTHER JURISDICTION.
(b) EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
32. RESTATEMENT AND AMENDMENT. This Agreement shall amend and restate in its entirety the U.S. Pledge Agreement, dated as of August 1, 2006 among certain of the Guarantors and the
Administrative Agent (the “Existing U.S. Pledge Agreement”) and all obligations of the Pledgors thereunder shall be deemed replaced and extended as obligations under this Agreement and be governed hereby without novation. In no event
shall such amendment and restatement be construed as a termination of the obligations under the Existing U.S. Pledge Agreement.
* * * *
Each assignor’s address is as listed
on Annex A attached hereto
| as
a Pledgor | |||
| By: |
/s/ Xxxxxxx X. Xxxxxx | ||
| Name: |
Xxxxxxx X. Xxxxxx | ||
| Title: |
Executive Vice President and Chief Financial Officer | ||
| AURORA ACQUISITION MERGER SUB, | |||
| INC., as a Pledgor | |||
| By: |
/s/ Xxxxx Xxxx | ||
| Name: |
Xxxxx Xxxx | ||
| Title: |
Vice President | ||
| ALCHEM ALUMINUM, INC. as a Pledgor | |
| ALCHEM ALUMINUM SHELBYVILLE INC., as a Pledgor | |
| ALERIS, INC., as a Pledgor | |
| ALERIS OHIO MANAGEMENT, INC., as a Pledgor | |
| ALSCO HOLDINGS, INC.,as a Pledgor | |
| ALSCO METALS CORPORATION, as a Pledgor | |
| ALUMITECH OF CLEVELAND, INC., as a Pledgor | |
| ALUMITECH OF WABASH, INC., as a Pledgor | |
| ALUMITECH OF WEST VIRGINIA, INC., as a Pledgor | |
| ALUMITECH, INC., as a Pledgor | |
| AWT PROPERTIES, INC., as a Pledgor | |
| CA LEWISPORT, LLC, as a Pledgor | |
| CI HOLDINGS, LLC, as a Pledgor | |
| COMMONWEALTH ALUMINUM CONCAST, INC., as a Pledgor | |
| COMMONWEALTH ALUMINUM LEWISPORT, LLC, as a Pledgor | |
| COMMONWEALTH ALUMINUM METALS, LLC, as a Pledgor | |
| COMMONWEALTH ALUMINUM SALES CORPORATION, as a Pledgor | |
| COMMONWEALTH ALUMINUM TUBE, ENTERPRISES, LLC, as a Pledgor | |
| COMMONWEALTH ALUMINUM, LLC, as a Pledgor | |
| COMMONWEALTH FINANCING CORP., as a Pledgor | |
| COMMONWEALTH INDUSTRIES, INC., as a Pledgor | |
| ETS XXXXXXXX CORPORATION, as a Pledgor | |
| GULF REDUCTION CORPORATION, as a Pledgor | |
| IMCO INTERNATIONAL, INC., as a Pledgor | |
| IMCO INVESTMENT COMPANY, as a Pledgor | |
| IMCO RECYCLING OF CALIFORNIA, INC., as a Pledgor | |
| IMCO RECYCLING OF IDAHO INC., as a Pledgor | |
| IMCO RECYCLING OF ILLINOIS INC., as a Pledgor | |
| IMCO RECYCLING OF INDIANA INC., as a Pledgor | |
| IMCO RECYCLING OF MICHIGAN L.L.C., as a Pledgor | |
| IMCO RECYCLING OF OHIO INC., as a Pledgor | |
| IMCO RECYCLING OF UTAH INC., as a Pledgor | |
| IMCO RECYCLING SERVICES COMPANY, as a Pledgor | |
| IMSAMET, INC., as a Pledgor | |
| ALERIS BLANKING AND RIM PRODUCTS, INC. (f/k/a INDIANA ALUMINUM INC.), as a Pledgor | |
| INTERAMERICAN ZINC, INC., as a Pledgor | |
| METALCHEM, INC., as a Pledgor | |
| MIDWEST ZINC CORPORATION, as a Pledgor | |
| ROCK CREEK ALUMINUM, INC., as a Pledgor | |
| SILVER FOX HOLDING COMPANY, as a Pledgor | |
| U.S. ZINC CORPORATION, as a Pledgor | |
| U.S. ZINC EXPORT CORPORATION, as a Pledgor | |
| WESTERN ZINC CORPORATION, as a Pledgor |
| By: |
/s/ Xxxxxxx X. Xxxxxx | ||
| Name: |
Xxxxxxx X. Xxxxxx | ||
| Title: |
Director | ||
| IMCO INDIANA PARTNERSHIP L.P., | |||
| By: IMCO International, Inc. its General | |||
| Partner, | |||
| as
a Pledgor | |||
| By: |
/s/ Xxxxxxx X. Xxxxxx | ||
| Name: |
Xxxxxxx X. Xxxxxx | ||
| Title: |
President | ||
| IMCO MANAGEMENT PARTNERSHIP, L.P., | |||
| By: Aleris International, Inc., its General | |||
| Partner, | |||
| as
a Pledgor | |||
| By: |
/s/ Xxxxxxx X. Xxxxxx | ||
| Name: |
Xxxxxxx X. Xxxxxx | ||
| Title: |
Executive Vice President and Chief Financial Officer | ||
| CORUS ALUMINUM CORP., as a Pledgor | |||
| HOOGOVENS ALUMINUM EUROPE INC., | |||
| as
a Pledgor | |||
| By: |
/s/ Xxxxxxx X. Xxxxxx | ||
| Name: |
Xxxxxxx X. Xxxxxx | ||
| Title: |
Director | ||
Accepted and Agreed to:
| DEUTSCHE BANK AG NEW YORK BRANCH, |
|||||
| As Collateral Agent and Pledgee |
|||||
| By: |
/s/ Xxxxx Xxxxxx |
||||
| Name: Xxxxx Xxxxxx |
|||||
| Title: Vice President |
|||||
| By: |
/s/ Xxxxxxx Xxxxxxx |
|||
| Name: Xxxxxxx Xxxxxxx |
||||
| Title: Director |
||
Address: 00 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
TABLE OF CONTENTS
| Page | ||||
| 1.
|
SECURITY FOR OBLIGATIONS |
3 | ||
| 2.
|
DEFINITIONS |
5 | ||
| 3.
|
PLEDGE OF SECURITIES, ETC. |
10
| ||
| 3.1
|
Pledge |
10
| ||
| 3.2
|
Procedures |
13
| ||
| 3.3
|
Subsequently
Acquired Collateral |
15
| ||
| 3.4
|
Transfer
Taxes |
15
| ||
| 3.5
|
Certain
Representations and Warranties Regarding the Collateral |
15
| ||
| 3.6
|
Overriding
Provisions with respect to TL Priority Collateral |
16
| ||
| 4.
|
|
16
| ||
| 5.
|
VOTING, ETC., WHILE NO NOTICED EVENT OF DEFAULT |
16
| ||
| 6.
|
DIVIDENDS AND OTHER DISTRIBUTIONS |
16
| ||
| 7.
|
REMEDIES IN CASE OF A NOTICED EVENT OF DEFAULT |
17
| ||
| 8.
|
REMEDIES, CUMULATIVE, ETC. |
18
| ||
| 9.
|
APPLICATION OF PROCEEDS |
19
| ||
| 10.
|
PURCHASERS OF COLLATERAL |
19
| ||
| 11.
|
INDEMNITY |
19
| ||
| 12.
|
PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER |
20
| ||
| 13.
|
FURTHER ASSURANCES; XXXXX-XX-XXXXXXXX |
00
| ||
| 00.
|
THE PLEDGEE AS COLLATERAL AGENT |
21
| ||
| 15.
|
TRANSFER BY THE PLEDGORS |
22
| ||
| 16.
|
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS |
22
| ||
Table of Contents
(continued)
| Page | ||
| 17.
|
LEGAL
NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. |
24 |
| 18.
|
PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. |
24
|
| 19.
|
SALE OF
COLLATERAL WITHOUT REGISTRATION |
25
|
| 20.
|
TERMINATION; RELEASE |
26
|
| 21. |
NOTICES,
ETC. |
27
|
| 22. |
WAIVER;
AMENDMENT |
28
|
| 23.
|
SUCCESSORS
AND ASSIGNS |
28
|
| 24.
|
HEADINGS
DESCRIPTIVE |
28
|
| 25.
|
GOVERNING
LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL |
28 |
| 26.
|
PLEDGOR’ S DUTIES |
29
|
| 27.
|
COUNTERPARTS |
29
|
| 28.
|
SEVERABILITY |
30
|
| 29.
|
RECOURSE |
30
|
| 30.
|
ADDITIONAL
PLEDGORS |
30
|
| 31.
|
LIMITED
OBLIGATIONS |
30
|
Table of Contents
(continued)
| Page | ||
| 32. |
RESTATEMENT AND AMENDMENT. |
30 |
Table of Contents
(continued)
| ANNEX
A - |
SCHEDULE OF
LEGAL NAMES, TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY), JURISDICTION OF ORGANIZATION, LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS |
| ANNEX
B - |
SCHEDULE OF
STOCK |
| ANNEX C
- |
SCHEDULE OF
NOTES |
| ANNEX D
- |
SCHEDULE OF
LIMITED LIABILITY COMPANY INTERESTS |
| ANNEX E
- |
SCHEDULE OF
PARTNERSHIP INTERESTS |
| ANNEX F
- |
SCHEDULE OF
CHIEF EXECUTIVE OFFICES |
| ANNEX
G - |
FORM OF
AGREEMENT REGARDING UNCERTIFICATED SECURITIES, LIMITED LIABILITY COMPANY INTERESTS AND PARTNERSHIP INTERESTS |
