EX-10.1



 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT NO. 4
AND WAIVER TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN POSSESSION CREDIT, SECURITY AND GUARANTY AGREEMENT 
 This AMENDMENT NO. 4 AND WAIVER
TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT, SECURITY AND GUARANTY AGREEMENT, dated as of August 1, 2016 (this “Amendment”), is entered into by and among HORSEHEAD CORPORATION, a company organized under
the laws of the State of Delaware (“Horsehead”), THE INTERNATIONAL METALS RECLAMATION COMPANY, LLC, a limited liability company organized under the laws of the State of Delaware (“INMETCO”), HORSEHEAD METAL
PRODUCTS, LLC, a limited liability company organized under the laws of the State of North Carolina (“HMP”), ZOCHEM INC., a corporation incorporated pursuant to the Canada Business Corporations Act (“Zochem”) and
HORSEHEAD HOLDING CORP., a corporation organized under the laws of the State of Delaware (“Horsehead Holding” and, together with Horsehead, INMETCO, HMP and Zochem, each a “Borrower” and, collectively, the
“Borrowers”), the Lenders party hereto and CANTOR FITZGERALD SECURITIES, as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement referred to
below. 
 PRELIMINARY STATEMENTS: 

WHEREAS, the Borrowers, the Lenders from time to time party thereto, Cantor Fitzgerald Securities, as Administrative Agent, and the other
parties named therein are parties to the Senior Secured Superpriority Debtor-in-Possession Credit, Security and Guaranty Agreement, dated as of February 8, 2016 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”); 
 WHEREAS, the Borrowers hereby inform the Administrative Agent and the
Lenders that certain Defaults or Events of Default exist under Section 7.01(c) of the Credit Agreement as a result of (i) the order approving the Disclosure Statement being entered by the Bankruptcy Court on July 11, 2016 and not
July 7, 2016 as required under Section 5.18(f) of the Credit Agreement and (ii) Schedule 6.02 to the Credit Agreement failing to identify that certain promissory note dated as of January 4, 2016 by and among Horsehead, as maker,
and Tecnicas Reunidas S.A., as holder (the foregoing Defaults and/or Events of Default, collectively, the “Specified Events of Default”); 

WHEREAS, in accordance with Section 9.01 of the Credit Agreement, the Borrowers have requested that the Required Lenders agree to
(i) waive the Specified Events of Default and (ii) make certain modifications to the Credit Agreement; and 
 WHEREAS, the
Required Lenders have consented to (i) waive the Specified Events of Default and (ii) amend the Credit Agreement as provided herein. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 1. Limited Waiver. Subject to the terms and conditions set forth herein,
the Required Lenders hereby waive the Specified Events of Default. 







 2. Amendment to Credit Agreement. 

2.1 Schedule 6.02(b) is hereby amended by adding the following: 

“Promissory Note dated January 4, 2016 by and among Horsehead Corp., as maker, and Tecnicas Reunidas S.A., as holder.” 

3. Effectiveness of Amendment. The effectiveness of the agreements contained herein is conditioned upon (the date on which such
condition having been satisfied being referred to herein as the “Amendment Effective Date”), the Administrative Agent having received duly executed counterparts hereof which, when taken together, bear the authorized signatures of
(i) the Borrowers and (ii) the Required Lenders. 
 4. Reassertion of Representations and Warranties; No Default. After
giving effect to this Amendment, on the Amendment Effective Date, each Borrower hereby (i) confirms that the representations and warranties set forth in Article IV of the Credit Agreement and each other Loan Document are true and correct in all
material respects (provided that such materiality qualifier shall not apply if such representation or warranty is already subject to a materiality qualifier under Article IV of the Credit Agreement or such other Loan Document), except for
representations and warranties made as of a specific earlier date, which shall be true and correct in all material respects (provided that such materiality qualifier shall not apply if such representation or warranty is already subject to a
materiality qualifier under Article IV of the Credit Agreement or such other Loan Document) as of such earlier date, and (ii) there will exist no Default or Event of Default under the Loan Documents. The parties hereto agree that this Amendment
shall constitute a Loan Document. 
 5. Ratification by Guarantors. Each of the Guarantors acknowledges that its consent to this
Amendment is not required, but each of the undersigned nevertheless does hereby agree and consent to this Amendment and to the documents and agreements referred to herein. Each of the Guarantors agrees and acknowledges that (i) notwithstanding
the effectiveness of this Amendment, such Guarantor’s Guaranty under the Credit Agreement shall remain in full force and effect without modification thereto and (ii) nothing herein shall in any way limit any of the terms or provisions of
such Guarantor’s Guaranty or any other Loan Document executed by such Guarantor (as the same may be amended from time to time), all of which are hereby ratified, confirmed and affirmed in all respects. Each of the Guarantors hereby agrees and
acknowledges that no other agreement, instrument, consent or document shall be required to give effect to this section. Each of the Guarantors hereby further acknowledges that the Borrowers, the Administrative Agent and any Lender may from time to
time enter into any further amendments, modifications, terminations and/or waivers of any provisions of this Amendment or other Loan Documents without notice to or consent from such Guarantor and without affecting the validity or enforceability of
such Guarantor’s Guaranty or giving rise to any reduction, limitation, impairment, discharge or termination of such Guarantor’s Guaranty. 

6. No Amendments; Confirmation; Limited Purpose Amendment and Waiver. Except as expressly set forth herein, this Amendment
(a) shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document and (b) shall not
alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants 

  
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or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect as modified hereby.
Nothing herein shall be deemed to entitle the Borrower Parties to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document in similar or different circumstances. Notwithstanding anything to the contrary herein, the limited waiver set forth herein (i) is a limited waiver, (ii) is limited to the express terms hereof, (iii) is effective
only with respect to the specific instance and the specific purpose for which it is given and (iv) shall not be deemed a waiver for any other purpose and of any term, condition, representation or covenant applicable to the Borrower Parties
under the Credit Agreement and any other Loan Document except as expressly set forth in this Amendment. NOTWITHSTANDING THE LIMITED WAIVER SET FORTH IN THIS AMENDMENT, THE LENDERS REQUIRE STRICT COMPLIANCE BY THE BORROWER PARTIES AT ALL TIMES WITH
ALL TERMS, CONDITIONS AND PROVISIONS OF THE CREDIT AGREEMENT AND ANY OTHER LOAN DOCUMENT. On or after the Amendment Effective Date, any reference to the Credit Agreement contained in the Loan Documents shall mean the Credit Agreement as amended
hereby. 
 7. Release. Notwithstanding anything herein to the contrary, effective as of the Amendment Effective Date, each Borrower
Party covenants and agrees that the Borrower Parties unconditionally release and irrevocably discharge (i) the Lenders, (ii) the Administrative Agent, and (iii) the respective officers, directors, attorneys, financial advisors,
employees, managers, members, partners, agents, accountants and other professionals of the parties listed in clauses (i) and (ii), in each case, in their respective capacities as such, (collectively clauses (i) through (iii) being the
“Released Parties,” and each a “Released Party”) from any and all claims, obligations, suits, judgments, damages, rights, causes of action and liabilities whatsoever, whether known or unknown, foreseen or unforeseen, existing or
hereafter arising, in law, equity or otherwise, in all cases with respect to this Amendment, the Credit Agreement or any other Loan Document, based in whole or in part on any act, omission, transaction or occurrence from the beginning of time
through the Amendment Effective Date (collectively, the “Released Claims”); provided, however, to the extent that a Released Claim is determined by a court of competent jurisdiction to have actually been caused by (x) the gross
negligence or willful misconduct of a Released Party or (y) the material breach of the obligations of a Released Party (other than the Administrative Agent or any sub-agent thereof) under the Loan Documents, such release shall not be available
to such Released Party with respect to such Released Claim. 
 8. No Adverse Claim. Each Borrower warrants, acknowledges and agrees
that no events have taken place and no circumstances exist at the date hereof which would give such Borrower a basis to assert a defense, offset or counterclaim to any claim of the Administrative Agent or the Lenders with respect to the Obligations.

 9. Successors and Assigns. This Amendment shall inure to the benefit of and be binding upon each of the parties hereto, each
Lender, and the successors and permitted assigns of each of the parties hereto and each Lender (subject to and in accordance with Section 9.07 of the Credit Agreement). 

10. Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate
counterparts, and all of said counterparts taken 

  
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together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Amendment by facsimile transmission or other electronic transmission (i.e., a
“.pdf” or “.tif”) shall be effective as delivery of a manually executed counterpart hereof. 
 11. Entire
Agreement. This Amendment, the other Loan Documents and the agreements, certificates and other documents contemplated thereby constitute the entire contract between the parties relative to the subject matter hereof. Any other previous agreement
among the parties with respect to the subject matter hereof is superseded by this Amendment, the other Loan Documents and the agreements, certificates and other documents contemplated thereby. 

12. Governing Law; Waiver of Jury Trial. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO ANY CHOICE-OF-LAW PROVISIONS THAT WOULD REQUIRE THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE. 

13. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning
hereof. 
 14. Instruction to Administrative Agent. Each of the Lenders signatory hereto (constituting Required Lenders) directs the
Administrative Agent to execute this Amendment and authorizes the Administrative Agent to take action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement and the other Loan Documents as are delegated to the
Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto. The Borrowers and Lenders agree that the indemnifications provided in Section 9.05 of the Credit Agreement apply to the
foregoing instruction and the execution of this Amendment. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers as of the day and year first above written. 
  

			
	HORSEHEAD CORPORATION
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer
	
	THE INTERNATIONAL METALS RECLAMATION COMPANY, LLC
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer
	
	HORSEHEAD METAL PRODUCTS, LLC
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer
	
	HORSEHEAD HOLDING CORP.
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer
	
	ZOCHEM, INC.
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	CANTOR FITZGERALD SECURITIES,
	as Administrative Agent
		
	By:	 	 /s/ James Bond

	Name:	 	James Bond
	Title:	 	Chief Operating Officer



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	 Hotchkis and Wiley High Yield Fund,

as Lender

		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the Hotchkis and Wiley High Yield Fund



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	Hotchkis and Wiley Capital Income Fund,
	as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the Hotchkis and Wiley Capital Income Fund



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	San Diego County Employees Retirement Association, as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the San Diego County Employees Retirement Association



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	Santa Barbara County Employees Retirement System, as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the Santa Barbara County Employees Retirement System



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	National Elevator Industry Pension Fund,
as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the National Elevator Industry Pension Fund



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	 University of Dayton,
 as
Lender

		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the University of Dayton



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	Greywolf Capital Management LP, on behalf of Greywolf Event Driven Master Fund, as Lender
		
	By:	 	 /s/ Christopher Samios

	Name:	 	Christopher Samios
	Title:	 	General Counsel



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	 Greywolf Capital Management LP, on behalf of Greywolf Strategic Master Fund SPC, Ltd. -MSP 2,

as Lender

		
	By:	 	 /s/ Christopher Samios

	Name:	 	Christopher Samios
	Title:	 	General Counsel



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	MAK Capital Fund LP, as Lender
		
	By:	 	 /s/ Michael Kaufman

	Name:	 	Michael Kaufman
	Title:	 	Managing Member



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	MAK-ro Capital Master Fund LP, as Lender
		
	By:	 	 /s/ Michael Kaufman

	Name:	 	Michael Kaufman
	Title:	 	Managing Member



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	LCPF I Holdings (E), L.P., as Lender
		
	By:	 	LCP I GP, LLC
	Its:	 	General Partner
		
	By:	 	LCPC, LLC
	Its:	 	Sole Member
		
	By:	 	 /s/ L. Andy Mitchell

	Name:	 	L. Andy Mitchell
	Title:	 	Authorized Person



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 








 
			
	WFF Cayman II Ltd., as Lender
	by Wolverine Asset Management, LLC
		
	By:	 	 /s/ Kenneth L. Nadel

	Name:	 	Kenneth L. Nadel
	Title:	 	Chief Operating Officer



  
 Amendment to
Senior Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement