Document:

Confidentiality and Non-Competition Agreement between Co. & Stephen Makarewicz

 EXHIBIT 10.22 
  
 CONFIDENTIALITY AND NON-COMPETITION AGREEMENT 
 (conformed) 
  
 THIS AGREEMENT, by and between Ryerson Inc. (the “Company”) and Stephen E. Makarewicz (the “Executive”) effective as of June 1, 2000 (the “Effective Date”) and as amended and restated
January 1, 2006. 
  
 WITNESSETH THAT: 
  
 WHEREAS, the Company has appointed Executive to the position of
President Ryerson South, and Executive has served as same since October 1994; and 
  
 WHEREAS, in connection with such appointment, the Company and Executive desire to enter into this Agreement; 
  
 WHEREAS, this Agreement is amended and restated effective January 1, 2006 to conform to the requirements of the Internal Revenue Code
Section 409A; 
  
 NOW, THEREFORE, in consideration of
the Executive’s appointment as President Ryerson South, and for other good and valuable consideration the receipt of which is hereby acknowledged, it is agreed by the Executive and Company as follows: 
  
 1. Confidential Information. Except as may be required by the
lawful order of a court or agency of competent jurisdiction, or except to the extent that the Executive has express authorization from the Company, the Executive agrees to keep secret and confidential indefinitely all non-public information
concerning the Company or any affiliate of the Company which was acquired by or disclosed to the Executive during the course of his employment with the Company or its affiliates, including but not limited to customer lists, price lists, customer
services requirements, costs of providing services, supplier information, and other data of or pertaining to the Company or to any affiliate of the Company which are not a matter of public knowledge, and not to disclose the same, either directly or
indirectly, to any other person, firm or business entity or to use it in any way. 

 2. Nonsolicitation. While the Executive is employed by the Company and its affiliates and
for a period of two years after the date the Executive terminates employment with the Company and its affiliates for any reason, the Executive covenants and agrees that he will not, whether for himself or for any other person, business, partnership,
association, firm, company or corporation, directly or indirectly, call upon, solicit, divert or take away or attempt to solicit, divert or take away, any of the customers or employees of the Company or its affiliates in existence from time to time
during his employment with the Company and its affiliates. 
  
 3.
Noncompetition. While the Executive is employed by the Company and its affiliates, and for a period of two years after the date the Executive terminates employment with the Company and its affiliates, the Executive covenants and agrees
that he will not, directly or indirectly, engage in, assist, perform services for, plan for, establish or open, or have any financial interest (other than (i) ownership of 1% or less of the outstanding stock of any corporation listed on the New
York or American Stock Exchange or included in the National Association of Securities Dealers Automated Quotation System or (ii) ownership of securities in any entity affiliated with the Company) in any person, firm, corporation, or business
entity (whether as an employee, officer, director or consultant) that engages in an activity in any state in which the Company or its affiliates is conducting or has reasonable expectations of commencing business activities at the date of the
Executive’s termination of employment, which is the same as, similar to, or competitive with the metals service center, processing and distribution business of the Company and its affiliates. 
  
 4. Rights and Payments Upon Termination. The Executive’s
right to benefits and payments, if any, for periods after the date on which his employment with the Company terminates for any reason (his “Termination Date”) shall be determined in accordance with this Section 4: 
  
 (A) Termination by the Company for Reasons Other Than Cause;
Termination by the Executive for Good Reason. If the Executive’s termination by the Company occurs for any reason other than Cause or is a result of the Executive’s termination of employment for Good Reason (and is not on account
of the Executive’s death, disability, or voluntary resignation, the mutual agreement of the parties or any other reason), then the period (the “Benefit Period”) commencing on his Termination Date and ending on the earliest of

  
 (i) the twenty-fourth month after the Executives Termination
Date; (ii) the date on which the Executive violates the provisions of Sections 1, 2 or 3 of this Agreement; or (iii) the date of the Executive’s death, the Executive shall continue to receive from the Company bi-weekly base salary and
Bonus payments (based on his Salary in effect on 

 
his Termination Date and on his Bonus as defined below. Such continued bi-weekly base salary payments shall be made on the regularly scheduled pay dates
following the Executive’s Termination Date. Notwithstanding the foregoing provisions of this Paragraph 3(A), if the Executive is a “specified person” (within the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended (“Code”)) on the Termination Date and payments under this Agreement are not exempt from Code Section 409A under the exception for separation payments on involuntary termination that do not exceed two times the limit under
Section 401(a)(17) of the Code, then the first payment of continued Annual Base Salary shall not be made until the first regularly scheduled pay date that is six months after the Termination Date and shall consist of (a) an initial payment
equal to the sum of (1) the total bi-weekly payments the Executive would have been entitled to receive during the first six months following the Termination Date if the Executive were not a specified person plus (2) the first bi-weekly
payment due in the seventh month following the Termination Date, and (b) subsequent to the initial payment, bi-weekly payments based on his or her Annual Base Salary to the extent not paid with the initial payment. Benefits that will continue
will include medical, dental, basic life insurance, any optional life insurance and any optional accidental death and dismemberment insurance. “Bonus” shall mean two payments of the average annual amount of the award paid to the Executive
pursuant to the annual incentive plan or successor plan with respect to the three years immediately preceding that in which the Termination Date occurs. 
  
 Base salary payments to the Executive during the aforementioned Benefit Period shall not preclude the Executive’s eligibility for payments under the
Company’s severance plan. 
  
 Twenty-four months of
additional age and service credit will be provided to the Executive’s Ryerson Pension and the Ryerson Supplemental Plan using the methodology described in the Executive’s Change in Control Agreement except that any lump sum payment will be
made twenty-four months after the Executive’s Termination Date and only if the Executive has not violated the Confidentiality, Nonsolicitation and Noncompetition provisions of this Agreement. 
  
 (B) Termination By Company for Cause. If the Executive’s
termination is a result of the Company’s termination of the Executive’s employment on account of Cause, then, except as agreed in writing between the Executive and the Company, the Executive shall have no 

  

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right to future payments or benefits under this Agreement (and the Company shall have no obligation to make any such future payments or provide any such
future benefits) for periods after the Executive’s Termination Date. 
  
 (C) Termination for Death or Disability. If the Executive’s termination is caused by the Executive’s death or permanent disability, then the Executive (or in the event of his death, his estate)
shall be entitled to continuing payments of his Salary for the period commencing on his Termination Date and ending on the earlier of (i) the last day of the calendar month in which his Termination Date occurs or (ii) the date on which the
Executive violates the provisions of Sections 4, 5 or 6 of this Agreement. 
  
 (D) Termination for Voluntary Resignation, Mutual Agreement or Other Reasons. If the Executive’s termination occurs on account of his voluntary resignation, mutual agreement of the parties, or any
reason other than those specified in Paragraphs (A) or (B) above then, except as agreed in writing between the Executive and the Company, the Executive shall have no right to future payments or benefits under this Agreement (and the
Company shall have no obligation to make any such future payments or provide any such future benefits) for periods after the Executive’s Termination Date. The Executive’s termination of employment for Good Reason shall not be treated as a
voluntary resignation for purposes of this Agreement. 
  
 (E)
Definitions. For purposes of this Agreement: 
  
 (i) The term “Cause” shall mean: 
  
 (a) the
continuous performance of his duties (under this Agreement) in a manner that is inconsistent with past, acceptable performance over a normal business cycle; or in a way that has a demonstrable negative impact on the results of the business unit as
determined by the Executive Vice President. The Executive Vice President must provide a notice of unsatisfactory performance and a reasonable corrective action period. The Chairman and CEO must review and approve the action; or 
  
 (b) the willful engaging by the Executive in conduct which is demonstrably
and materially injurious to the Company or its affiliates, monetarily or otherwise, as determined by the Executive Vice President; or 
  

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 (c) conduct by the Executive that involves theft, fraud or dishonesty; or 
  
 (d) the Executive’s violation of the provisions of Sections 1, 2 or 3
hereof. 
  
 (ii) The term “Good Reason” means
(a) the assignment to the Executive duties which are materially inconsistent with his duties as President Ryerson South of the Company, including, without limitation, a material diminution or reduction in his title, office or responsibilities
or a reduction in his rate of Salary, or (b) the relocation of the Executive to a location that is not within the greater Norcross, Georgia, metropolitan area. 
  
 Notwithstanding any other provision of this Agreement, the Executive shall automatically cease to be an employee of the Company and its
affiliates as of his Termination Date and, to the extent permitted by applicable law, any and all monies that the Executive owes to the Company shall be repaid before any post-termination payments are made pursuant to the Executive pursuant to this
Agreement. 
  
 5. Remedies. The Executive
acknowledges that the Company would be irreparably injured by a violation of Sections 1, 2 or 3, and he agrees that the Company, in addition to other remedies available to it for such breach or threatened breach, shall be entitled to a preliminary
injunction, temporary restraining order or other equivalent relief, restraining Executive from any actual or threatened breach of any such paragraph. If a bond is required to be posted in order for the Company to secure an injunction or other
equitable remedy, the parties agree that the bond need not be more than a nominal sum. 
  
 6. Severability and Entire Agreement. The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, and
this Agreement will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified). The Agreement is intended to be the entire agreement between the
parties regarding the subject matter hereof and shall supersede any prior agreements to the contrary. 
  
 7. Applicable Law. The provisions of this Agreement shall be construed in accordance with the laws of the State of Georgia. 
  
 8. Successors. This Agreement shall be binding upon, and
operate for the benefit of the Company and its successors and assigns. 
  

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 9. Acknowledgment by Executive. The Executive acknowledges that he has read this Agreement,
understands the undertakings and restrictions it contains, and intends to be fully bound by its terms. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  

					
	 	 	 	 	RYERSON INC.
			
	Dated:	 	  

	 	  

	 	 	 	 	William Korda
	 	 	 	 	Vice President Human Resources
			
	Dated:	 	  

	 	  

	 	 	 	 	Stephen E. Makarewicz
	 	 	 	 	President Ryerson South

  

 6Third Amendment, dated as of February 22, 2006

 Exhibit 10.31 
 THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 This THIRD AMENDMENT, dated as of
February 16, 2006 (this “Third Amendment”), is by and among ICG, LLC, a Delaware limited liability company (“Borrower”), ICG, INC. (f/k/a International Coal Group, Inc.) (“ICG, Inc.”), UBS AG,
STAMFORD BRANCH, as administrative agent (in such capacity, the “Administrative Agent”), and the Lenders (as defined below) party hereto, and is with respect to the Amended and Restated Credit Agreement, dated as of November 5,
2004 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Borrower, ICG, Inc., the Guarantors party thereto, the lenders party thereto (the
“Lenders”), UBS Securities LLC, as Arranger, Bookmanager and Syndication Agent, General Electric Capital Corporation, as Documentation Agent, the Administrative Agent, UBS AG, Stamford Branch, as Issuing Bank and Collateral Agent,
and UBS Loan Finance LLC, as Swingline Lender. Capitalized terms used but not defined in this Third Amendment have the meanings given to such terms in the Credit Agreement. 
 RECITALS 
 WHEREAS, Borrower wishes to make certain amendments to the Credit
Agreement which are more particularly described herein; 
 WHEREAS, the Required Lenders party hereto are willing to agree to such amendments
on the terms and subject to the conditions contained herein. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE I.

 AMENDMENTS TO CREDIT AGREEMENT 
 Section 1.01 Amendments Related to Real Estate Collateral. The Credit Agreement is amended by deleting Schedule 5.15A in its entirety and replacing it with a new version of Schedule 5.15A
(New Post Closing Real Estate Collateral Requirements) which is attached hereto as Annex I. 
 Section 1.02 Amendments
Regarding Reporting Requirements. 
 (a) The following terms are added to Section 1.01 of the Credit Agreement in their
proper alphabetical order: 
 “Anker” shall mean Anker Coal Group, Inc. and its Subsidiaries on a consolidated basis.

 “CoalQuest” means CoalQuest Development LLC. 
 “Reporting Subsidiaries” means Borrower, ICG, Inc., each Subsidiary of ICG, Inc., CoalQuest and Anker. 
 (b) Sections 5.01(a), (b) and (c) of the Credit Agreement are amended and restated in their entirety as follows:

 “(a) Annual Reports. 
 (i) As soon as available and in any event within 120 days of the fiscal year ending December 31, 2004, (A) the consolidated balance sheet of Holdings as of the end of such fiscal year and related consolidated statements of income,
cash flows and stockholders’ equity for such fiscal year, in comparative form with such financial statements as of the end of, and for, the preceding fiscal year, and notes thereto, all prepared in accordance with Regulation S-X under the
Securities Act and accompanied by an audit report of Deloitte & Touche LLP or other independent public accountants of recognized national standing satisfactory to the Administrative Agent (which audit report shall not be qualified as to
scope or contain any going concern or other qualification), stating that such financial statements fairly present, in all material respects, the consolidated financial condition, statements of income and cash flows of Holdings as of the dates and
for the periods specified in accordance with GAAP consistently applied (except any inconsistencies in the application of GAAP as are approved by such independent public accountants and disclosed in their audit report), (B) a management report
in a form reasonably satisfactory to the Administrative Agent setting forth, (x) on a consolidated basis, the financial condition, statements of income and cash flows as of the end of and for such fiscal year, compared to the end of and for the
previous fiscal year and, with respect to the period from October 1, 2004 through December 31, 2004, to budgeted amounts for such period, and (y) on a consolidating basis, the statements of income of each Subsidiary as of the end of
and for such fiscal year, and (C) a management’s discussion and analysis of the financial condition and statements of income for such fiscal year, as compared to the previous fiscal year and, with respect to the period from October 1,
2004 through December 31, 2004, to budgeted amounts for such period; provided, however, that with respect to the notes delivered in connection with the consolidated statements of income delivered pursuant to clause (A) above,
such notes shall include a note with a consolidating statement of income separating out Holdings and each of its Subsidiaries; and 
 (ii) As
soon as available and in any event within 90 days after the fiscal year ending December 31, 2005 (but no later than the date on which Holdings would be required to file a Form 10-K under the Exchange Act if it were subject to
Section 15 and 13(d) of the Exchange Act), (A) the consolidated balance sheet of Holdings as of the end of such fiscal year and related consolidated statements of income, cash flows and stockholders’ equity for such fiscal year, and
notes thereto (including a note with a consolidating balance sheet and statements of income and cash flows as of the end of such fiscal year separating out Holdings and its Reporting Subsidiaries, all prepared in accordance with Regulation S-X under
the Securities Act and accompanied by an audit report of Deloitte & Touche LLP or other independent public accountants of recognized national standing satisfactory to the Administrative Agent (which audit report shall not be qualified as to
scope or contain any going concern or other 

  

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qualification), stating that such financial statements fairly present, in all material respects, the consolidated financial condition, statements of income
and cash flows of Holdings as of the dates and for the periods specified in accordance with GAAP consistently applied (except any inconsistencies in the application of GAAP as are approved by such independent public accountants and disclosed in
their audit report), and (B) a management report in a form reasonably satisfactory to the Administrative Agent setting forth, on a consolidating basis, (x) the financial condition, statements of income and cash flows of each Subsidiary of
ICG, Inc. as of the end of and for such fiscal year, and (y) with respect to the period from October 1, 2005 through December 31, 2005, (1) the financial condition and cash flows of each Subsidiary of ICG, Inc. as of the end of
and for such period, compared to the comparable period in the previous fiscal year and (2) the statements of income of each Subsidiary of ICG, Inc. as of the end of, and for, such period, compared to (I) budgeted amounts for such period
and (II) the comparable period in the previous fiscal year; 
 (iii) As soon as available and in any event within 90 days after the
fiscal year ending December 31, 2006 (but no later than the date on which Holdings would be required to file a Form 10-K under the Exchange Act if it were subject to Section 15 and 13(d) of the Exchange Act), (A) the consolidated
balance sheet of Holdings as of the end of such fiscal year and related consolidated statements of income, cash flows and stockholders’ equity for such fiscal year, in comparative form with budgeted amounts for such period, and notes thereto
(including a note with a consolidating balance sheet and statements of income and cash flows as of the end of such fiscal year separating out Holdings and its Reporting Subsidiaries), all prepared in accordance with Regulation S-X under the
Securities Act and accompanied by an audit report of Deloitte & Touche LLP or another independent public accountants of recognized national standing satisfactory to the Administrative Agent (which audit report shall not be qualified as to
scope or contain any going concern or other qualification), stating that such financial statements fairly present, in all material respects, the consolidated financial condition, statements of income and cash flows of Holdings as of the dates and
for the periods specified in accordance with GAAP consistently applied (except any inconsistencies in the application of GAAP as are approved by such independent public accountants and disclosed in their audit report), (B) a management report
in a form reasonably satisfactory to the Administrative Agent setting forth, on a consolidating basis, the financial condition, statements of income and cash flows of each Reporting Subsidiary as of the end of and for such fiscal year, compared to
budgeted amounts for such period and (C) a management’s discussion and analysis of the financial condition and statements of income of Holdings for such fiscal year, as compared to budgeted amounts for such period; and 
 (iv) As soon as available and in any event within 90 days after the end of each fiscal year ending on or after December 31, 2007 (but no later
than the date on which Holdings would be required to file a Form 10-K under the Exchange Act if it were subject to Section 15 and 13(d) of the Exchange Act), (A) the consolidated balance sheet of Holdings as of the end of such fiscal year
and related consolidated statements of income, cash flows and stockholders’ equity for such fiscal year, in comparative form with such financial statements as of the end of, and for, the preceding fiscal year, and notes thereto (including a
note with a consolidating balance sheet and statements of income and cash flows as of the end of such fiscal year separating out Holdings and its Reporting Subsidiaries), all prepared in accordance with Regulation S-X under 

  

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the Securities Act and accompanied by an audit report of Deloitte & Touche LLP or other independent public accountants of recognized national
standing satisfactory to the Administrative Agent (which audit report shall not be qualified as to scope or contain any going concern or other qualification), stating that such financial statements fairly present, in all material respects, the
consolidated financial condition, statements of income and cash flows of Holdings as of the dates and for the periods specified in accordance with GAAP consistently applied (except any inconsistencies in the application of GAAP as are approved by
such independent public accountants and disclosed in their audit report), (B) a management report in a form reasonably satisfactory to the Administrative Agent setting forth, on a consolidating basis, the financial condition, statements of
income and cash flows of each Reporting Subsidiary as of the end of and for such fiscal year, compared to (1) budgeted amounts for such period and (2) the comparable period in the previous fiscal year and (C) a management’s
discussion and analysis of the financial condition and statements of income of Holdings for such fiscal year, as compared to budgeted amounts for such period and the previous fiscal year. 
 (b) Quarterly Reports. 
 (i) As soon
as available and in any event by December 20, 2004 for the fiscal quarter ending September 30, 2004, (A) the consolidated balance sheet of Holdings as of the end of such fiscal quarter and related consolidated statements of income and
cash flows for such fiscal quarter and for the then elapsed portion of the fiscal year, all prepared in accordance with Regulation S-X under the Securities Act and accompanied by a certificate of a Financial Officer of Holdings stating that such
financial statements fairly present, in all material respects, the consolidated financial condition, statements of income and cash flows of Holdings as of the date and for the periods specified in accordance with GAAP consistently applied (except
any inconsistencies in the application of GAAP as are approved by such independent public accountants and disclosed in their audit report delivered pursuant to clause (a) above), and on a basis consistent with audited financial statements
referred to in clause (a) of this Section 5.01, subject to normal year-end audit adjustments, and (B) a management’s discussion and analysis of the financial condition and statements of income for such fiscal quarter;

 (ii) As soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of the fiscal year
ending on December 31, 2005 (but no later than the date on which Holdings would be required to file a Form 10-Q under the Exchange Act if it were subject to Section 15 and 13(d) of the Exchange Act), (A) the consolidated balance sheet
of Holdings as of the end of such fiscal quarter and related consolidated statements of income and cash flows for such fiscal quarter and for the then elapsed portion of the fiscal year, in comparative form with the consolidated statements of income
and cash flows for the comparable periods in the previous fiscal year and budgeted amounts for such fiscal quarter and for the then elapsed portion of the fiscal year, and notes thereto (including a note with a consolidating balance sheet and
statements of income and cash flows as of the end of such fiscal quarter and for the then elapsed portion of the fiscal year separating out Holdings and its Subsidiaries), all prepared in accordance with Regulation S-X under the Securities Act and
accompanied by a certificate of a Financial Officer of Holdings stating that such financial statements fairly present, in all material respects, the consolidated financial condition, statements of income and cash flows of Holdings as of the date and
for the periods specified in accordance with GAAP 

  

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consistently applied (except any inconsistencies in the application of GAAP as are approved by such independent public accountants and disclosed in their
audit report delivered pursuant to clause (a) above), and on a basis consistent with audited financial statements referred to in clause (a) of this Section 5.01, subject to normal year-end audit adjustments, (B) a
management report in a form reasonably satisfactory to the Administrative Agent setting forth, on a consolidating basis, (x) the financial condition and cash flows of each Subsidiary of Holdings as of the end of and for such fiscal quarter and
for the then elapsed portion of the fiscal year, compared to (in the case of any fiscal quarter ending on or after March 31, 2006) the end of such fiscal quarter and for the comparable periods in the previous fiscal year and (y) the
statements of income of each Subsidiary of Holdings as of the end of and for such fiscal quarter and for the then elapsed portion of the fiscal year, compared to the end of such fiscal quarter and for the comparable periods in the previous fiscal
year and budgeted amounts for such fiscal quarter and for the then elapsed portion of the fiscal year, and (C) a management’s discussion and analysis of the financial condition and statements of income for such fiscal quarter and the then
elapsed portion of the fiscal year, as compared to budgeted amounts for such periods and the comparable periods in the previous fiscal year; 
 (iii) As soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of the fiscal year ending on December 31, 2006 (but no later than the date on which Holdings would be required to
file a Form 10-Q under the Exchange Act if it were subject to Section 15 and 13(d) of the Exchange Act), (A) the consolidated balance sheet of Holdings as of the end of such fiscal quarter and related consolidated statements of income and
cash flows for such fiscal quarter and for the then elapsed portion of the fiscal year, in comparative form with budgeted amounts for such fiscal quarter and for the then elapsed portion of the fiscal year, and notes thereto (including a note with a
consolidating balance sheet and statements of income and cash flows as of the end of such fiscal quarter and for the then elapsed portion of the fiscal year separating out Holdings and its Reporting Subsidiaries as of the end of such fiscal
quarter), all prepared in accordance with Regulation S-X under the Securities Act and accompanied by a certificate of a Financial Officer of Holdings stating that such financial statements fairly present, in all material respects, the consolidated
financial condition, statements of income and cash flows of Holdings as of the date and for the periods specified in accordance with GAAP consistently applied (except any inconsistencies in the application of GAAP as are approved by such independent
public accountants and disclosed in their audit report delivered pursuant to clause (a) above), and on a basis consistent with audited financial statements referred to in clause (a) of this Section 5.01, subject to normal
year-end audit adjustments, (B) a management report in a form reasonably satisfactory to the Administrative Agent setting forth, on a consolidating basis, (x) the financial condition and cash flows of each Subsidiary of ICG, Inc. as of the
end of and for such fiscal quarter and for the then elapsed portion of the fiscal year, compared to budgeted amounts for such periods and (y) the statements of income of each Subsidiary of ICG, Inc. as of the end of and for such fiscal quarter
and for the then elapsed portion of the fiscal year, compared to budgeted amounts for such periods, and (C) a management’s discussion and analysis of the financial condition and statements of income of Holdings for such fiscal quarter and
the then elapsed portion of the fiscal year, as compared to budgeted amounts for such periods; and 
  

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 (iv) As soon as available and in any event within 45 days after the end of each of the first three
fiscal quarters of each fiscal year ending on or after December 31, 2007 (but no later than the date on which Holdings would be required to file a Form 10-Q under the Exchange Act if it were subject to Section 15 and 13(d) of the Exchange
Act), (A) the consolidated balance sheet of Holdings as of the end of such fiscal quarter and related consolidated statements of income and cash flows for such fiscal quarter and for the then elapsed portion of the fiscal year, in comparative
form with the consolidated statements of income and cash flows for the comparable periods in the previous fiscal year and budgeted amounts for such fiscal quarter and for the then elapsed portion of the fiscal year, and notes thereto (including a
note with a consolidating balance sheet and statements of income and cash flows as of the end of such fiscal quarter and for the then elapsed portion of the fiscal year separating out Holdings and its Reporting Subsidiaries), all prepared in
accordance with Regulation S-X under the Securities Act and accompanied by a certificate of a Financial Officer of Holdings stating that such financial statements fairly present, in all material respects, the consolidated financial condition,
statements of income and cash flows of Holdings as of the date and for the periods specified in accordance with GAAP consistently applied (except any inconsistencies in the application of GAAP as are approved by such independent public accountants
and disclosed in their audit report delivered pursuant to clause (a) above), and on a basis consistent with audited financial statements referred to in clause (a) of this Section 5.01, subject to normal year-end audit
adjustments, (B) a management report in a form reasonably satisfactory to the Administrative Agent setting forth, on a consolidating basis, (x) the financial condition and cash flows of each Reporting Subsidiary as of the end of and for
such fiscal quarter and for the then elapsed portion of the fiscal year, compared to the comparable periods in the previous fiscal year and (y) the statements of income of each Reporting Subsidiary as of the end of and for such fiscal quarter
and for the then elapsed portion of the fiscal year, compared to (1) budgeted amounts for such periods and (2) the comparable periods in the previous fiscal year and (C) a management’s discussion and analysis of the financial
condition and statements of income of Holdings for such fiscal quarter and the then elapsed portion of the fiscal year, as compared to budgeted amounts for such periods and the comparable periods in the previous fiscal year. 
 (c) Monthly Reports. 
 (i) Within
45 days after October 31, 2004 and November 30, 2004, respectively, (A) the consolidated balance sheet of Holdings as of the end of each such month and the related consolidated statements of income and cash flows of Holdings for
each such month and, with respect to the information delivered for November 2004, for the then elapsed portion of the fiscal year, accompanied by a certificate of a Financial Officer of Holdings stating that such financial statements fairly present,
in all material respects, the consolidated statements of income and cash flows of Holdings as of the date and for the periods specified in accordance with GAAP consistently applied (except any inconsistencies in the application of GAAP as are
approved by such independent public accountants and disclosed in their audit report delivered pursuant to clause (a) above) subject to normal year-end audit adjustments, and (B) a management report in a form reasonably satisfactory to the
Administrative Agent setting forth on a consolidating basis the statements of income and cash flows for each Subsidiary of Holdings for such month and, with respect to the report delivered for November 2004, for the elapsed portion of the fiscal
year; 
  

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 (ii) Within 45 days after the end of each of the first two months of each fiscal quarter from
January 1, 2005 through September 30, 2005, (A) the consolidated balance sheet of Holdings as of the end of each such month and the related consolidated statements of income and cash flows of Holdings for each such month and for the
then elapsed portion of the fiscal year, compared to budgeted amounts for such periods, accompanied by a certificate of a Financial Officer of Holdings stating that such financial statements fairly present, in all material respects, the consolidated
statements of income and cash flows of Holdings as of the date and for the periods specified in accordance with GAAP consistently applied (except any inconsistencies in the application of GAAP as are approved by such independent public accountants
and disclosed in their audit report delivered pursuant to clause (a) above) subject to normal year-end audit adjustments, and (B) a management report in a form reasonably satisfactory to the Administrative Agent setting forth on a
consolidating basis, (x) the cash flows of each Subsidiary of Holdings for each such month and for the then elapsed portion of the fiscal year and (y) the statements of income of each Subsidiary of Holdings for each such month and for the
then elapsed portion of the fiscal year, compared to budgeted amounts for such periods; 
 (iii) Within 45 days after October 31, 2005
(A) the consolidated balance sheet of Holdings as of the end of such month and the related consolidated statements of income and cash flows of Holdings for such month and for the then elapsed portion of the fiscal year, in comparative form with
the consolidated statements of income and cash flows for the comparable periods in the previous fiscal year and budgeted amounts for such month and for the then elapsed portion of the fiscal year, accompanied by a certificate of a Financial Officer
of Holdings stating that such financial statements fairly present, in all material respects, the consolidated statements of income and cash flows of Holdings as of the date and for the periods specified in accordance with GAAP consistently applied
(except any inconsistencies in the application of GAAP as are approved by such independent public accountants and disclosed in their audit report delivered pursuant to clause (a) above) subject to normal year-end audit adjustments, and
(B) a management report in a form reasonably satisfactory to the Administrative Agent setting forth, on a consolidating basis, (x) the statements of income and cash flows of each Subsidiary of Holdings for such month and for the then
elapsed portion of the fiscal year, compared to the comparable periods in the previous fiscal year and (y) the statements of income of each Subsidiary of Holdings for such month and for the then elapsed portion of the fiscal year, compared to
budgeted amounts for such periods; 
 (iv) Within 45 days after November 30, 2005 (A) the consolidated balance sheet and a
consolidated pro forma statement of cash flows of Holdings as of the end of such month and the related pro forma consolidating statements of income of Holdings and its Reporting Subsidiaries for such month and for the elapsed portion of the current
fiscal year; (B) the pro forma statements of income of Anker and CoalQuest as of the end of such month and for the elapsed portion of the current fiscal year; and (C) a management report setting forth on a consolidating basis, the pro
forma statements of income of each Subsidiary of ICG, Inc. (including ICG, LLC) for November 30, 2005 and November 30, 2004 and for the elapsed portion of the current fiscal year compared to prior year and budgeted amounts for such
periods, accompanied by a certificate of a Financial Officer of Holdings stating that the financial statements referred to in subparts (A), (B) and (C) above fairly present, in all material respects, the consolidated 

  

 7 

 
pro forma statements of income and cash flows of Holdings and ICG, Inc. (including ICG, LLC) as of the date and for the periods specified therein, subject to
normal year-end audit adjustments; 
 (v) Within 45 days after the end of each of the first two months of each fiscal quarter from
December 31, 2005 through December 31, 2006, (A) the consolidated balance sheet of Holdings as of the end of each such month and the related consolidated statements of income and cash flows of Holdings for each such month and for the
then elapsed portion of the fiscal year, in comparative form with budgeted amounts for such month and for the then elapsed portion of the fiscal year, accompanied by a certificate of a Financial Officer of Holdings stating that such financial
statements fairly present, in all material respects, the consolidated statements of income and cash flows of Holdings as of the date and for the periods specified in accordance with GAAP consistently applied (except any inconsistencies in the
application of GAAP as are approved by such independent public accountants and disclosed in their audit report delivered pursuant to clause (a) above) subject to normal year-end audit adjustments and (B) a management report in a form
reasonably satisfactory to the Administrative Agent setting forth, on a consolidating basis, the statements of income and cash flows of each Subsidiary of ICG, Inc. for each such month and for the then elapsed portion of the fiscal year, compared to
budgeted amounts for such periods; and 
 (vi) Within 45 days after the end of each of the first two months of each fiscal quarter after
December 31, 2006, (A) the consolidated balance sheet of Holdings as of the end of each such month and the related consolidated statements of income and cash flows of Holdings for each such month and for the then elapsed portion of the
fiscal year, in comparative form with the consolidated statements of income and cash flows for the comparable periods in the previous fiscal year and budgeted amounts for such month and for the then elapsed portion of the fiscal year, accompanied by
a certificate of a Financial Officer of Holdings stating that such financial statements fairly present, in all material respects, the consolidated statements of income and cash flows of Holdings as of the date and for the periods specified in
accordance with GAAP consistently applied (except any inconsistencies in the application of GAAP as are approved by such independent public accountants and disclosed in their audit report delivered pursuant to clause (a) above) subject to
normal year-end audit adjustments and (B) a management report in a form reasonably satisfactory to the Administrative Agent setting forth, on a consolidating basis, (x) the statements of income and cash flows of each Reporting Subsidiary
for each such month and for the then elapsed portion of the fiscal year, compared to the comparable periods in the previous fiscal year and (y) the statements of income of each Reporting Subsidiary for each such month and for the then elapsed
portion of the fiscal year, compared to budgeted amounts for such periods.” 
 Section 1.03 Amendments Regarding Budget
Requirement. Section 5.01(h) of the Credit Agreement is amended and restated in its entirety as follows: 
 “(h)
Budgets. No later than 45 days (or 60 days in the case of the fiscal year ending December 31, 2005) after the first day of each fiscal year of Holdings, commencing with the fiscal year ending December 31, 2005, a budget in form
reasonably satisfactory to the Administrative Agent (including, but not limited to, budgeted statements of income for each of the Companies’ business units and sources and uses of cash and balance sheets as well as a line item for Capital
Expenditures) prepared by Holdings for (i) each fiscal month of such fiscal year 

  

 8 

 
prepared in detail and (ii) each year in the five years immediately following such fiscal year prepared in summary form, in each case, of the Companies,
with appropriate presentation and discussion of the principal assumptions upon which such budgets are based, accompanied by the statement of a Financial Officer of Holdings to the effect that the budget of the Companies is, in the good faith opinion
of such Financial Officer, a reasonable estimate for the period covered thereby; 
 ARTICLE II. 
 MISCELLANEOUS 
 Section 2.01
Execution of this Third Amendment; Authorization. 
 This Third Amendment is executed and shall be construed as an amendment to the
Credit Agreement and forms a part of the Credit Agreement to the extent applicable thereto. By its signature below, each of the undersigned Required Lenders hereby authorizes and directs the Administrative Agent to execute this Third Amendment. The
effectiveness of the amendments contained herein is conditioned upon receipt by the Administrative Agent of signed written counterparts of the consent of the Guarantors attached hereto as Exhibit A. 
 Section 2.02 Representations and Warranties. 
 Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, as of the date hereof: 
 (a) Authority; Enforceability. (i) All consents, approvals and authorizations necessary for Borrower’s execution, delivery and performance of this Third Amendment have been obtained or made and (ii) this Third
Amendment has been duly executed and delivered by Borrower and constitutes a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (b) No Conflict. Neither the execution and delivery of this Third Amendment or any other agreement or instrument contemplated hereby nor the
performance of, and compliance with the terms and provisions of, this Third Amendment or any such other agreement or instrument by any Loan Party will, at the time of such performance, (i) violate or conflict with any provision of such Loan
Party’s articles or certificate of incorporation or bylaws or other organizational or governing documents of such Loan Party, (ii) violate, contravene or materially conflict with any Requirements of Law or any other law, regulation, order,
writ, judgment, injunction, decree or permit applicable to such Loan Party, except for any violation, contravention or conflict which would not reasonably be expected to have a Material Adverse Effect, (iii) (A) violate, contravene or
conflict with the contractual provisions of, or cause an event of default under, any Loan Document or (B) violate, contravene or conflict with the contractual provisions of, or cause an event of default under, any other loan agreement,
indenture, mortgage, deed of trust, contract or other agreement or instrument to which such Loan Party is a party or by which such Loan Party may be bound, except for any violation, 

  

 9 

 
contravention, conflict or default that would not reasonably be expected to have a Material Adverse Effect, or (iv) result in or require the creation of
any Lien (other than those contemplated in or created in connection with the Loan Documents) upon or with respect to such Loan Party’s properties. No consent or authorization of, filing with, notice to or other act by or in respect of, any
Governmental Authority or any other person is required in connection with the performance of and compliance with the terms and provisions of this Third Amendment or any other agreement or instrument contemplated hereby. 
 (c) No Default. Except with respect to any Default intended to be cured by the amendments contained in this Third Amendment, both before and after
giving effect to this Third Amendment, no event has occurred and is continuing that constitutes a Default or an Event of Default. 
  

	 	Section	2.03 No Waiver. 

 Except as specifically modified
pursuant to the terms of this Third Amendment, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. Nothing herein shall limit in any way the rights and remedies of the Administrative Agent
and the Lenders under the Credit Agreement and the other Loan Documents. The execution and delivery by the Lenders of this Third Amendment shall not constitute a waiver, forbearance or other indulgence with respect to any Default or Event of Default
now existing or hereafter arising. 
  

	 	Section	2.04 Counterparts; Integration; Effectiveness. 

 This Third Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Third Amendment and any agreements referred to herein constitute the entire contract among the parties hereto relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. This Third Amendment shall become effective when it shall have been executed by each of Borrower and each of the Required Lenders, and thereafter shall be binding upon and inure to the benefit of the parties to the Credit
Agreement and, subject to and in accordance with Section 11.04 of the Credit Agreement, their respective successors and assigns; provided that the effectiveness of the consent, waiver and amendments contained herein is conditioned
upon the satisfaction of the applicable conditions set forth in Article III. Delivery of an executed counterpart of a signature page of this Third Amendment by telecopy shall be as effective as delivery of a manually executed counterpart of this
Third Amendment. 
  

	 	Section	2.05 Severability. 

 Any provision of this Third
Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality or enforceability of
the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  

 10 

 Section 2.06 GOVERNING LAW. 
 THIS THIRD AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES
THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 Section 2.07 Headings. 
 Article and Section headings used herein are for convenience of reference only, are not part of this Third Amendment and shall not affect the construction
of, or be taken into consideration in interpreting, this Third Amendment. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 11 

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

			
	 ICG, LLC,
 as
Borrower

	
	
		
	By:	 	 /s/ William D. Cambell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	 UBS AG, STAMFORD BRANCH,
 as Administrative
Agent

		
	By:	 	 /s/ Richard L. Tavrow

		
	Name:	 	Richard L. Tavrow
		
	Title:	 	Director
		
	By:	 	 /s/ Irja R. Osta

		
	Name:	 	Irja R. Osta
		
	Title:	 	Associate Director
	
	                                       
          ,

	 [NAME OF INSTITUTION]
 as
Lender

		 	
	By:	 	  
	Name:	 	  
	Title:	 	  

 CONSENT OF GUARANTORS 
 Each of the undersigned is a Guarantor of the Obligations of Borrower under the Credit Agreement and hereby (a) consents to the foregoing Third
Amendment, (b) acknowledges that notwithstanding the execution and delivery of the foregoing Third Amendment, the obligations of each of the undersigned Guarantors are not impaired or affected and all guaranties given to the holders of
Obligations and all Liens granted as security for the Obligations continue in full force and effect, and (c) confirms and ratifies its obligations under the Credit Agreement and each other Loan Document executed by it. Capitalized terms used
herein without definition shall have the meanings given to such terms in the Third Amendment to which this Consent is attached or in the Credit Agreement referred to therein, as applicable. 
 IN WITNESS WHEREOF, each of the undersigned has executed and delivered this Consent of Guarantors as of February 16, 2006. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

			
	 INTERNATIONAL COAL GROUP, INC.

		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ICG, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	COALQUEST DEVELOPMENT LLC
		
	By:	 	 /s/ O. Eugene Kitts

		
	Name:	 	O. Eugene Kitts
		
	Title:	 	Vice President
	
	ANKER COAL GROUP, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ICG NATURAL RESOURCES, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ICG ADDCAR SYSTEMS, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President

			
	 ICG EAST KENTUCKY, LLC

		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ICG ILLINOIS, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ICG EASTERN, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ICG HAZARD, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ICG KNOTT COUNTY, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ICG EASTERN LAND, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President

			
	 ICG HAZARD LAND, LLC

		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ICG TYGART VALLEY LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ANKER GROUP, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	SIMBA GROUP, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	HUNTER RIDGE COAL COMPANY (F/K/A ANKER ENERGY CORPORATION)
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President
	
	ANKER POWER SERVICES, INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary

			
	WHITE WOLF ENERGY, INC. (F/K/A ANKER VIRGINIA MINING COMPANY, INC.)
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	BRONCO MINING COMPANY, INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	HAWTHORNE COAL COMPANY, INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	JULIANA MINING COMPANY, INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	MARINE COAL SALES COMPANY
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	WOLF RUN MINING COMPANY (F/K/A ANKER WEST VIRGINIA MINING COMPANY, INC.)
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary

			
	HEATHER GLEN RESOURCES, INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	VANTRANS, INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	VINDEX ENERGY CORPORATION
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	PATRIOT MINING COMPANY, INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	MELROSE COAL COMPANY, INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary

			
	 UPSHUR PROPERTY, INC.

		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	KING KNOB COAL CO., INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary
	
	NEW ALLEGHENY LAND HOLDING COMPANY, INC.
		
	By:	 	 /s/ Roger L. Nicholson

		
	Name:	 	Roger L. Nicholson
		
	Title:	 	Secretary

 SCHEDULE 5.15A 
 NEW POST-CLOSING REAL ESTATE COLLATERAL REQUIREMENTS 
 Post Closing Obligations. Borrower shall take
the following actions and make the following deliveries no later than April 30, 2006. All costs incurred in connection with all of the following post-closing actions shall be borne by Borrower in accordance with Section 11.03.

  

	 	1.	Borrower shall deliver to the Administrative Agent valid legal descriptions, each in form sufficient to record an enforceable mortgage or other security interest against the
property described in the applicable jurisdiction (a “Legal Description”), covering the property owned in fee by Anker and/or CoalQuest and their subsidiaries, as such property is described on Schedule 3.14(a) to the Anker BC
Agreement and Schedule 3.14(a) to the CoalQuest BC Agreement (collectively, the “Owned Property”). 

  

	 	2.	Borrower shall deliver to the Administrative Agent Legal Descriptions covering the property in which Anker and/or CoalQuest and their subsidiaries previously owned a
leasehold interest, as such property is described on Schedule 3.14(a) to the Anker BC Agreement and Schedule 3.14(a) to the CoalQuest BC Agreement (collectively, the “Leased Property” and, together with the Owned
Property, the “Post Closing Mortgaged Property”). 

  

	 	3.	a. Borrower shall review all Leases and other property interests underlying the Post-Closing Mortgaged Properties and shall submit to the Administrative Agent a list of
unrecorded Leases on the Post Closing Mortgaged Property (the “Post Closing Mortgaged Property Unrecorded Leases”). Borrower shall deliver to the Administrative Agent, along with the list of Post Closing Mortgaged Property
Unrecorded Leases, a certificate signed by a senior officer of Borrower stating that the list of Post Closing Mortgaged Property Unrecorded Leases is a true, correct and complete list of every unrecorded Lease on the Post Closing Mortgaged Property.
The Administrative Agent reserves the right to review any of the Leases reviewed by Borrower or its counsel. 

 b. Borrower
shall record the Post-Closing Mortgaged Property Unrecorded Leases (or memorandum thereof) in the appropriate county records office. Notwithstanding the foregoing, Borrower shall have no such obligation with respect to any particular lease if:
(x) recording such Lease would violate the terms of the Lease or (y) a particular lease is not in recordable form and the landlord under such lease refuses to execute a memorandum of such lease. 
  

	 	4.	Borrower shall deliver to the Administrative Agent Mortgages encumbering all of the Post-Closing Mortgaged Property in form and substance reasonably acceptable to the
Administrative Agent (the “Post-Closing Mortgages”). Borrower and the Administrative Agent acknowledge that each Post-Closing Mortgage may (1) encumber more than one Post-Closing Mortgaged Property and (2) require the
attachment of more than one corresponding Legal Description. 

  

	 	5.	Borrower shall deliver to the Administrative Agent local counsel opinions similar to the local counsel opinions delivered in connection with the Credit Agreement, each in
form and substance reasonably acceptable to Administrative Agent, regarding the enforceability of the Post-Closing Mortgages.

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